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Saudi Basic Industries Moving Headquarters to Westchase Office Building

HOUSTON — Saudi Basic Industries Corp. has leased additional space in the Westchase District of Houston as part of its relocation of its Americas headquarters from Massachusetts to Houston. Colvill Office Properties and Cushman & Wakefield have closed on a 52,822 SF lease to Saudi Basic Industries, a petrochemical manufacturer, at 2500 CityWest, a 578,284-SF office building located in Houston’s ... Read More »

6,000 Apartment Units Sold in Institutional Deal

HOUSTON –  IPA, a division of Marcus & Millichap, handled the sale of a 21-property apartment portfolio, including a 13 apartment complexes in Houston. The portfolio consists of 5,995 multifamily units in Texas, Georgia, Maryland, South Carolina and Virginia. The properties were built between 1969 and 1982, and all have interior and exterior value-add potential. “The 13-property Houston piece of ... Read More »

Lake Charles Casino/Hotel Selling for $134.5 Million

LAKE CHARLES, La. — Isle of Capri Casinos, Inc.  has agreed to sell the Isle of Capri Casino Hotel Lake Charles to an affiliate of Laguna Development Corp, a Pueblo of Laguna-owned business based in Albuquerque, N.M. for $134.5 million. The Lake Charles facility includes a 50,000-SF riverboat casino, 490 hotel rooms, 1,150 slot machines, 35 table games, 13 poker ... Read More »

RNR’s Multifamily Magazine – Apartment News Items from Realty News Report

AUSTIN — Holliday Fenoglio Fowler, L.P., has arranged $65 million in financing to acquire Cielo and Madrone, two Class A, garden-style multihousing communities totaling 554 units in west Austin. The firm worked exclusively on behalf of Toronto-based Starlight Investments Ltd. to place the seven-year, floating-rate loan with a national bank. The newly developed properties were completing lease-up when the financing ... Read More »

Calif. Firm Buys New Austin Office Project

AUSTIN – Menlo Equities has purchased the Champion Office Park, a recently-completed, Class AA office park totaling 221,136 SF in Austin. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property on behalf of the seller, Endeavor Real Estate Group of Austin and Granite Properties. HFF also procured the buyer, Palo Alto, Calif.-based Menlo Equities, who acquired the fully leased property for ... Read More »

Major Upgrade Complete at 1415 Louisiana Building

HOUSTON – The WEDGE Group completed a $10-million capital improvement effort at 1415 Louisiana, a 43-story Class A office tower in Houston’s Central Business District. Improvements were completed to the lobby, elevator cabs and tunnel space. The tower’s new lobby displays a 16’ x 22’ custom glass wall designed by renowned architectural glass artist, Paul Housberg. Built in 1983 and ... Read More »

The Long and Winding Road to Growth: Houston’s Grand Parkway

(By Dale King) HOUSTON – There’s good news and not-so-good news to report about Greater Houston’s “Grand Parkway” road project. The good news is that the 180-mile highway which will eventually encircle Houston and its environs will provide “improved access and greater demand for office space” in various submarkets. It will also “help suburban commuters get around Houston easier and ... Read More »

How to Elevate Houston’s Downtown, Midtown and EaDo

(Editor’s Comment) – Realty News Report urges Houston Mayor Sylvester Turner  to support a plan to demolish the Pierce Elevated, a barrier that has discouraged growth from spreading from Downtown to Midtown. Keeping the Pierce Elevated intact with a contrived plan to transform this ugly freeway into an elevated park are well-intentioned, but a misguided misfit for the climate of Houston ... Read More »

Transwestern Handles 11 Leases for Pizza Chain

HOUSTON – Transwestern represented MOD Pizza in 11 new leases in Houston, bringing the restaurant chain to 15  Houston locations. MOD operates 150 stores across the U.S. and the United Kingdom and plans to open 50 more stores by the end of 2016, including five U.K. locations. Transwestern’s Grant Walker and Chris Reyes represented MOD Pizza in the Houston leases. ... Read More »

How to Transform Houston – Mayor Turner Tells It All To ULI

HOUSTON – City officials are participating in discussions of a transformative proposal to re-work the freeways in downtown Houston, Mayor Sylvester Turner said Thursday in an appearance before the Urban Land Institute organization. The freeway changes could result in the destruction of the Pierce Elevated freeway, a much-maligned and ugly barrier between Downtown and Midtown Houston. “The Pierce Elevated will ... Read More »

Colliers Assists Woodside in its Medical Office Acquisition Quest

MISSOURI CITY, Texas – Rotunda Medical Properties, LP, an entity of Woodside Health/Crescendo Commercial Realty, made its first purchase in the fast-growing Sugar Land submarket of Houston Texas according to their broker Beth Young, senior vice president of Colliers International’s Houston office. Woodside has other properties under contract and is looking to acquire more, said Ted Barr, principal of the ... Read More »

The Heights: Historic Rooftops Attracting Retail

THE HEIGHTS, Texas – The sale of a 20,500 square foot warehouse building at the southwest corner of N. Shepherd and W. 18th — expected to be transformed into retail — is the latest in a series of adaptive reuse developments in the Houston’s trendy Heights, which lies just northwest of downtown. “The sale says what by now everyone knows – ... Read More »

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