Pioneer Exploration LLC has purchased a former law firm's property in the prestigious River Oaks/Montrose submarket near downtown Houston in a fast-moving deal to position the headquarters closer to its corporate executives' new homes.
The just-bought property is a two-story, 4,100-sf structure on 0.12 acres at 3501 Allen Parkway. "It's very rare to find a purchase opportunity with an Allen Parkway address for a small boutique office," says Austen Baldridge, associate of Houston-based NewQuest Properties, who teamed with colleague Brad Elmore to represent the buyer of record, State Venture LLC.
The NewQuest team had started its search on the same day the listing hit the market. "We called immediately. When the client toured it, they loved it from the get-go," Baldridge says, "and they put in an offer the next day."
Pioneer Exploration's 20-employee headquarters team, led by Yousuf Chaudhary, executive vice president, will move into a high-end, law office finish with ready-to-occupy offices, conference rooms, work stations and reception area. The "plug 'n play" deal includes furniture and equipment.
The oil and gas company plans to immediately relocate its headquarters from Spring in north Houston to the Allen Parkway building, which was developed in 1940 and significantly upgraded through the years. Mark Nicholas and Cliff West of Jones Lang LaSalle represented the seller, Canret LLC.
"It's super convenient with proximity to future developments like Regent Square, direct access to Allen Parkway and the Buffalo Bayou Park right across the street," Baldridge says. "It's a perfect location."
River Oaks is one of Houston's most affluent and historic districts, featuring tree-lined streets and noteworthy Art Deco commercial and residential structures. Pioneer Exploration's new headquarters has a Walk Score of 73, a "very walkable" rating in a vibrant pedestrian-friendly neighborhood of retail, restaurants and community services.
Pioneer Exploration, incorporated in 1983, is a privately held company with oil and gas wells in Texas, Louisiana, Oklahoma, Kansas, California and Wyoming. It also operates a gas plant in Kansas.
SOUTH TEXAS SALE
State Venture LLC has purchased a 4,100-sf building on 0.12 acres at 3501 Allen Parkway, Houston, from Canret LLC. Austen Baldridge and Brad Elmore of NewQuest Properties represented the buyer. Mark Nicholas and Cliff West of Jones Lang LaSalle represented the seller.
SOUTH TEXAS LEASES
Express Oil Change & Tire has ground-leased a 0.94-acre pad site to develop a 40,917-sf retail building in Grand Morton Town Center, located at the intersection of Grand Parkway (TX 99)/Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Greg Slusky of Sluco Realty Services represented the tenant.
Valvoline Inc. has ground-leased a 1.21-acre retail pad site in Brazos Town Center, located at the intersection of Interstate 69/US Hwy. 59 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell of NewQuest Properties represented the landlord. James Namken and Kyle Knight of the Weitzman Group represented the tenant.
First Watch the Daytime Café has leased 3,500 sf of retail space in Grand Crossing, located at the intersection of Interstate 10 and Grand Parkway/TX 99, Katy, from NewQuest Properties. Josh Friedlander of NewQuest Properties represented the landlord. Ron Marshall of Mac Haik Realty represented the tenant.
Fondren Food Store has renewed 1,861 sf of retail space in Fondren Southwest Village, located at the intersection of West Bellefort Avenue and Fondren Road, Houston, from Garrison Fondren LLC. Brad Elmore and Austen Baldridge of NewQuest Properties represented the landlord in the direct deal.
Mathnasium of Morton Ranch has leased 1,190 sf of retail space in Grand Morton Town Center, located at the intersection of Grand Parkway/TX 99 and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Garrett Aries of ESR Commercial represented the tenant.
