Sunday , 19 April 2015
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Dateline Houston: When Oil Dropped Below $50, Some Investors High-Tailed-It Out of Town; But German Investor Martin Bruhl Bought a $440 Million Tower on Main Street

HOUSTON – A compelling investment story can be told in Energy Capital of the World, even with oil at $50 a barrel, says Martin Brühl, the German investment manager who just engineered one of the biggest deals in Houston’s real estate history. Brühl says Union Investment is not stopping with the Houston trophy. It is looking for more investments in ... Read More »

Fed’s Beige Book: Texas Economy Growing at Moderate Pace

DALLAS – The Texas economy grew at a “moderate pace” at the end of the first quarter, despite pressure from lower oil prices, according to the latest Federal Reserve Beige Book. Real estate and manufacturing showed strength and job growth was reported in a number of sectors, said the report, which covers a six-week period beginning in mid-February and ending ... Read More »

EastGroup Starts New Projects in Texas

HOUSTON – EastGroup, a REIT based in Jackson, Miss., has several new projects under construction in Houston and San Antonio. West Road IV, a 65,000 square foot business distribution building in Houston; and World Houston 42, a 100 percent pre-leased, 94,000 square foot business distribution building. The West Road project has an estimated construction cost of $5.4 million. The World ... Read More »

Multifamily Construction Boom: 63,000 Units Permitted in Texas

AUSTIN – More than 63,000 multifamily units were permitted in Texas last year and the apartment building binge is continuing to run fast in 2015, according to a report by CBRE. In February 2015, a total of 5,938 multifamily units were permitted in Texas, up from 4,268 in February of 2014, CBRE reports. Apartment construction is expected to taper off ... Read More »

Trammell Crow Residential Buys Apartment Site Near Galleria

HOUSTON – Apartment developer Trammell Crow Residential has purchased land in the Lakes on Post Oak development just south of The Galleria in Houston. HFF marketed the property on behalf of the sellers, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. The 3.86-acre development site is located within the 1.2 million-square-foot Lakes on ... Read More »

Invesco: M&A is the Biggest Threat to Houston Office Market; Energy Company Mergers to Empty Office Space

HOUSTON – Mergers and acquisitions are the most threatening cloud on the horizon for the Houston office market, says an executive with one of the biggest investors in Texas. “In the short term, we think the greatest risk is the M&A activity that is going to occur,” says Ron Miller, director of acquisitions for Invesco Real Estate of Dallas. Miller ... Read More »

Mass Mutual: Houston is Not Redlined

HOUSTON – A major institutional investor says it remains open to buying Houston properties. “We have not redlined any property type and we have not redlined Houston,” says Pam Boneham, managing director of Cornerstone Real Estate Advisors, a subsidiary of Massachusetts Mutual Life Insurance Co. Boneham told the recent RealShare conference that Cornerstone will be sure to carefully underwrite Houston ... Read More »

85 Warehouses Under Construction in Houston

HOUSTON – Eighty-five industrial buildings, totaling 8.9 million sq. ft. are under construction in the Greater Houston industrial market, according to CBRE. Last year was exceptionally strong for construction of warehouses and industrial buildings. Some 12 million square feet of new space was completed in 2014, the highest annual total since 2008, CBRE reported. The strength in the market is powered ... Read More »

High Hopes: Whisper Number is $40M for Houston Chronicle HQ

HOUSTON – Hearst Corp. is hoping to fetch as much as $40 million in the sale its downtown Houston Chronicle property. Employees of the nation’s sixth largest newspaper are expected to relocate to the company’s facilities on the Southwest Freeway near Loop 610 in the fall of 2016. HFF is marketing the Chronicle’s downtown property, covering 99,184 square feet of ... Read More »

58-Story Condo Tower Planned in Austin

AUSTIN – Austin developers have announced plans for The Independent, a proposed 58-story residential tower that reportedly would be the tallest building in Austin and the tallest residential tower west of the Mississippi River, the developers said. The 370-unit condominium project will be located in downtown Austin at the northeast corner of West Third Street and West Avenue. The site ... Read More »

Fracking Firm Reworks Its HQ Lease in Energy Corridor

HOUSTON – Carbo Ceramics, which supplies ceramic proppant (resin-coated sand) to fracking wells in the shale oilfields, has re-worked its headquarters lease in the Energy Corridor. Carbo’s stock traded as high as $156 a share last summer but it is now trading for $30 a share and the company has announced layoffs. Carbo amended and extended its lease of 27,259 ... Read More »

Home Sales in Houston Up 3.8 Percent in March

HOUSTON – Home sales in Houston were strong in March, as a downturn in the energy industry failed to inflict serious damage to the housing market. In March, 6,232 single-family homes were sold in the Houston area, up 3.8 percent from the 6,005 homes sold in March of last year, the Houston Association of Realtors reported. “At the first of ... Read More »

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