The Woodlands, a 28,000-acre master-planned community north of Houston, is being sold. The Howard Hughes Corporation has entered into an agreement to acquire from Morgan Stanley Real Estate Investing its 57.5% legal interest, which equates to a 47.5% economic interest based on the parties’ financial arrangement, in The Woodlands for $117.5 million. In 2010, The Woodlands sold 789 residential lots for $70.1 million and 57 acres of commercial land for $23.9 million. Remaining in inventory, The Woodlands has approximately 1,372 acres of unsold residential land, representing 4,532 lots, and about 936 acres of unsold commercial land.
Gables Residential has broken ground on the 316-unit Gables Post Oak apartments in Houston, near Loop 610 and San Felipe at the SE corner of Post Oak Park and Post Oak Place, according to a report by Jennifer Dawson of the Houston Business Journal. Northwestern Mutual is JV partner with Gables, Dawson said.
Two convention hotel proposals are being floated in Austin. Manchester Financial of San Diego has proposed to build a 1,035-room hotel at the northeast corner of Red River and Cesar Chavez streets, on a block owned by local developers Perry Lorenz and Robert Knight. A few blocks away, on Congress Avenue, White Lodging Services has proposed a 1,003-room Marriott Marquis.
CB Richard Ellis has closed on six office deals totaling 146,987 SF at Sage Plaza, a 519,966 SF, 25-story, Class A office development located at 5151 San Felipe Street in Houston’s Galleria/Uptown area. Bonnie Kelley of CB Richard Ellis represented the landlord, a fund managed by BlackRock, in all five transactions, which include a 55,500 SF office lease to Columbia Gas Transmissions, LLC; a 41,132 SF lease to Science Applications; a 21,150 SF lease to OTC Global Holdings; a 20,841 SF office lease to Higginbotham Insurance Agency, Inc.; a 6,255 SF office lease to Black & Veatch Corporation; and a 2,109 SF lease to Global Ground Transport.