This Week's Houston Deal Sheet
Farha International purchased Monroe Medical Plaza, a 74.5K SF medical and retail strip center.
The property at 8525 Gulf Freeway is on 6.79 acres. David Luther of NewQuest Properties' investment sales group represented the buyer.
"It truly is a unique asset in this submarket because of the high number of destination-oriented medical tenants with hospital-quality build-outs with top-of-the-line equipment and back-up generators," Luther said in a release.
The property is 90.7% leased to 10 tenants, mostly medical clinics like Harris Health Clinic and Grifols-BioMat Plasma, though it also has several retailers and two restaurants.
Farha International will lease and manage the property, which was built in 1979.
"Properties at this intersection rarely come to market," Luther said. "Farha International acted quickly and decisively because of Monroe Medical Plaza's irreplaceable location and prominent long-term tenants."
SALES
Better World Holdings and Crown Capital Ventures acquired Serenity at Cityside, a Galleria-area multifamily complex.
The 362-unit property at 6061 Beverly Hill St. will be renamed Aura Galleria. It was built in 1968. The new owners will spend $6M on modernization.
LEASES
Lighthouse Immersive, an experimental retailer that hosts art exhibits like the popular Immersive Van Gogh, will lease 26.3K SF at White Oak Station at 600 West Sixth St. in the Heights.
The concept was housed at 1314 Brittmoore Road in west Houston. The new location, when it opens in November, will have two gallery spaces, taller ceilings and updated acoustics. The company said in a release it has more future plans for Houston, though it did not give specifics.
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East End Transfer & Storage leased 19.8K SF at 6505 Dixie Drive. NAI Partners' Travis Land and A.J. Williams represented landlord Hoffman-Glass Family. Get Realty's Key Love represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Olive Tree Affordable Housing will spend $7.8M to modernize The Life at Westpark, a 312-unit affordable housing complex. Construction is already underway, with completion estimated for the first quarter of 2023.
Upgrades are slated for 188 units, 78 of which are Fair Housing Accessibility units. Improvements include new flooring, kitchen finishes and appliances, new water heaters and HVAC, and exterior upgrades. The building was built in 1994.
