Tuesday , 16 September 2014
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Hines Sells the 24-Story 101 North Wacker Building in Chicago

CHICAGO — The Chicago office of Hines, the international real estate firm, announced that a subsidiary of the firm’s U.S. Office Value Added Fund II sold its 101 North Wacker, a 24-story, 600,000-square-foot office tower in Chicago, to an affiliate of LaSalle Investment Management on behalf of a European investor. Hines was advised by JLL on the transaction. Starling Cousley, ... Read More »

Landry’s Planning 30-story Hotel Near Houston’s Galleria

HOUSTON – The Landry’s organization, which owns four Golden Nugget casino hotels and 500 restaurants, is planning a 30-story hotel and conference center adjacent to its corporate headquarters on Loop 610 in Houston. The 9-acre site already includes Landry’s headquarters building and a Rolls Royce and Bentley auto dealership controlled by Landry’s chairman and CEO Tilman J. Fertitta. The Landry’s ... Read More »

Attention Office Building Managers: IREM and the City of Houston Announce Green Building Competition

HOUSTON – The Institute of Real Estate Management  (IREM) and the City of Houston have joined forces to promote competiitions to encourage Houston building owners to step-up sustainability efforts. An IREM statement reports: Participating properties and tenant spaces will engage in a sustainability “challenge” comprised of two parts: the Houston Green Office Challenge and the IREM Sustainable Property Challenge.  The goal: ... Read More »

Avera Breaks Ground on Industrial Building in Odessa, Texas, Where Fracking Has Created Boom

ODESSA, Texas – Avera, a commercial development, construction and investment firm, has broken ground on a crane-served spec building situated on 4 acres in the Permian Basin of West Texas. Houston-based Avera, led by Trey Odom, has developed a number of industrial properties recently in hot energy exploration regions including the Eagle Ford Shale, Bakken Shale and Permian Basin. Avera’s ... Read More »

Houston Home Sales Have Strongest August Ever

HOUSTON – The Houston housing market had its strongest August ever with 7,505 single-family home sales, up 1.1 percent over August 2013, according to the latest monthly report prepared by the Houston Association of Realtors. The average price of a single-family home rose 6.4 percent year-over-year to $275,369, HAR said. The median price—the figure at which half the homes sold for ... Read More »

Summit Pays $36 Million for Hotel in Houston’s Energy Corridor

HOUSTON -Summit Hotel Properties  has bought the Hilton Garden Inn located in the Energy Corridor of Houston at 12245 Katy Freeway. The acquisition marks the second Hilton Garden Inn owned by Summit in the Houston area. Summit acquired the 190-room Hilton Garden Inn located in Houston on August 15, 2014 for a total purchase price of $36 million and entered ... Read More »

Shipley Do-Nuts to Open 60 Stores in Dallas-Fort Worth

DALLAS – Shipley Do-Nuts is launching a major expansion into Dallas and Fort Worth, bringing new 60 doughnut outlets into north Texas. Shipley has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market.  The agreement requires Adkins to open a minimum of 60 stores over a 15-year period.  The President of Adkins Development ... Read More »

Austin’s First Downtown Tower Since 2003 to Open Almost Fully Leased

AUSTIN - The 29-story Colorado Tower, the first downtown office tower built in Austin since 2003, will be completed at the end of the year almost fully leased. Cousins Properties I has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. Leasing at the 373,000 square-foot, Class-A office development is now 95 percent, up from 51 ... Read More »

Houston Leads Nation with 112,000 New Jobs (Marcus & Millichap Forecast Nailed the Number Dead-On)

(Commentary by Ralph Bivins) – Houston leads the nation in job growth with 112,200 new jobs created for the 12 months ending in July – almost exactly what one research group forecasted. That represented a 4 percent gain for Houston’s job market to top the nation’s major metropolitan areas, followed by Dallas/Fort Worth at 3.9 percent and Miami at 3.3 ... Read More »

Transwestern Investment Group Buys Office Building in Reston, Va.

RESTON, Va. – Transwestern Investment Group announces the Parkridge III, a 107,400-square-foot office building located at 10701 Parkridge Blvd. in the Reston submarket of Washington, D.C., was acquired on behalf of Diversified International Partners, a private equity real estate fund for Latin American institutional investors and qualified high net-worth investors. Transwestern Investment Group (TIG), the fund manager, found this opportunity ... Read More »

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