Friday , 27 February 2015
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SImon Planning to Upgrade Luxury Offerings in $250 Million Renovation of Houston’s Galleria

HOUSTON – Simon, the global retail real estate company, has announced a $30 million renovation of Houston Galleria’s luxury wing as part of $250 million re-do of the landmark mixed-use project. Complementing the previously announced construction of a new, state-of-the-art flagship Saks store, the addition of 110,000 square feet of new retail space and the creation of a 14,000 square ... Read More »

JLL’s Dan Bellow: Landlords Cut Rents as Houston Becomes a Tenants Market Again

HOUSTON – Long-time Houston broker Dan Bellow, president of Jones Lang LaSalle-Houston, says some Houston office buildings owners have reduced rents and overall rental rates are under pressure as Houston’s office market has become a “tenants’ market.” With energy company cutbacks and oil patch layoffs, oil companies are putting excess Houston office space  – some of it in brand new ... Read More »

Libitzky Buys Dallas Office Property, Looking for More Deals

DALLAS – CBRE’s Capital Markets Office Investment Group announces the sale of Canal Centre, a Class A office property in Las Colinas’ Urban Center. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s ... Read More »

Hines, Novak Break Ground on Sheraton Hotel Near Austin

GEORGETOWN, Texas – Hines, the Houston-based real estate firm, along with joint venture partner Novak Brothers, recently held a groundbreaking ceremony celebrating the start of construction of a Sheraton hotel that will be part of a mixed-used project in in Georgetown, which is 25 miles north of downtown Austin. The developers are building a 222-room Sheraton Georgetown Texas Hotel and ... Read More »

Houston Medical Office Market Gains Occupancy in 2014

HOUSTON – Houston’s medical office market demonstrated strength in 2014, according to a medical office report by Colliers International. The citywide average vacancy rate was 11 percent at year-end 2014, down from 12 percent at the end of 2013, Colliers said. “Disciplined medical office development activity has helped prevent major upheavals in current vacancy levels,” the report said. Sublease space ... Read More »

Griffis Buys Austin Apartment Complex

AUSTIN – Griffis Residential has acquired Avendaro at Canyon Creek, a 296-unit apartment complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.56 percent, fixed-rate loan through a correspondent life insurance company.  Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated ... Read More »

Dinerstein Developing 375-Unit High Rise Near Texas Medical Center

Houston – Dinerstein Cos. is developing the 21-story Cambridge & Holcombe apartment tower near the Texas Medical Center in Houston. With a large employment base in the Texas Medical Center, which is the largest medical center in the world, Dinerstein is banking on hospital employment outweighing the negative influence of the decline in Houston’s energy industry. The 375-unit high rise ... Read More »

Nation’s Home Market Off to a Slow Start in January

WASHINGTON – The nation’s existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight month, the National Association of Realtors announced Monday. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.9 percent to a seasonally adjusted annual ... Read More »

Stag Industrial Buys Houston Building for $7.1 Million

HOUSTON – NAI Partners represented Stag Industrial Holdings in the acquisition of a 185,000 SF manufacturing building on 16.8 acres at 1020 Rankin Road in Houston. The price was $7.1 million. STAG Industrial is a self-administered and self-managed full-service real estate company focused on the acquisition, ownership and management of single tenant industrial properties throughout the United States. John Ferruzzo and ... Read More »

Hess Tower Receives BOMA Recognition

HOUSTON— Hess Tower in downtown Houston has been designated a BOMA 360 Performance Building by the Building Owners and Managers Association (BOMA) International. The BOMA 360 Performance Program validates and recognizes commercial properties that demonstrate best practices in building operations and management. “The BOMA 360 Performance Program has given us a meaningful way to demonstrate our commitment to excellence, and ... Read More »

Kimco Buys Center in Northwest Houston

HOUSTON – Kimco Realty has purchased the Copperfield Village Shopping Center, a 165,293-square-foot, dual-anchored retail center in northwest Houston. HFF arranged the sale of the property on behalf of the seller, Copperfield Village Investors, L.P. Copperfield Village Shopping Center is situated on 16.43 acres at 7081 State Highway 6 North.  The property’s location in the 2,000-plus-acre Copperfield master-planned community places ... Read More »

Hines REIT Sells Dallas Building to Bradford; Uptown Tower is HQ of Balfour Beatty Construction

DALLAS – A Bradford Commercial Real Estate Services partnership has purchased the Citymark office building in Uptown Dallas from Hines Real Estate Investment Trust. The 11-story tower houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction. CBRE Capital Markets’ Institutional Group represented Hines in the transaction. The office building offers a total of 218,926 rentable square feet and ... Read More »

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