Archive for August, 2011

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August 31, 2011

Hines Sells Chicago Skyscraper

CHICAGO — Hines’ U.S. Core Office Fund sold Three First National Plaza to Downtown Properties, the U.S. associate of Hong Kong-based Gaw Capital Partners, along with a South Korean consortium.

The 57-story, 1.4 million sf building is 92 percent leased. Hines, which developed the building in 1981, will manage the property for the new owners.

Wells Fargo Securities Asia represented the buyer in the transaction, while Eastdil Secured represented Hines.

Three First National Plaza, designed by Skidmore, Owings & Merrill, is located at 70 West Madison Street in the center of Chicago’s business and financial community.

Posted in Capital Markets, Office, Trades | Leave a Comment »

August 29, 2011

Houston is the Mexican Food Capital of the World

HOUSTON — National Mexican food chains have a difficult time breaking into the Houston market, which has a number of powerful regional brands and independent Tex-Mex eateries. 

“Houston is ground zero for stateside Mexican food,” says shopping center leasing specialist Matt Keener of the CB Richard Ellis commercial real estate firm. “Southern California, you hear about that a little bit. But it’s nothing like this. If you want good Mexican food and lots of opportunities to eat it at good Mexican joints, Houston is the place.”

No official statistic exists, but Houston may have 1 million square feet of retail space devoted to Mexican food in its various forms.  

For more: http://houston.culturemap.com/newsdetail/08-29-11-houston-is-a-mexican-food-capital-that-eats-national-chains-alive-limp-giants-cannot-compete-with-beloved-locals/

Posted in Uncategorized | Leave a Comment »

August 27, 2011

Houston Leads the Nation in New Home Construction’s Weak Market

HOUSTON – Houston is leading the nation in residential construction, one of the weakest sectors in the economy.

Houston led the nation in 2010 with $4.17 billion in new residential projects, according to the U.S. Census Bureau.  Dallas was second with $3.87 billion and New York was third with $3 billion.

New home sales, however, are off sharply and the nation is headed for one of its worst years ever. The Commerce Department reported sales of new homes fell nearly one percent in July to a seasonally adjusted rate of 298,000 homes.

Journalist Andrew Schneider of Houston Public Radio KUHF 88.7 FM interviewed RealtyNewsReport Editor Ralph Bivins about the market. To review Schneider’s report please click http://app1.kuhf.org/articles/1314141856-July-New-Home-Sales-Are-Down.html

Posted in Houston, Ralph Bivins, Realty News Report, Residential | Leave a Comment »

August 27, 2011

Houston Apartment Project Sold

HOUSTON – Sunstone Realty Advisors  has purchased Broadstone Grand Parkway, a 342-unit multi-housing community in the far west Houston suburban area near Katy, Texas

HFF marketed the property on behalf of the seller,  Phoenix-based Alliance Residential Company, and investors advised by Prudential Real Estate Investors.

Broadstone Grand Parkway is located at 1111 Falcon Park Drive about one mile south of Interstate 10 along Grand Parkway just east of Katy.  The property, developed Alliance, was completed in 2010 and is 96 percent leased

The HFF investment sales team representing the seller included Todd Stewart, Craig LaFollette and Todd Marix,  Tre Banks and Chris Curry. 

HFF’s debt placement team representing the borrower included  Matt Kafka and  John Brownlee. Allstate Investments, LLC provided the fixed-rate acquisition loan.

 FOR MORE APARTMENT NEWS  click here.

Posted in Houston, Multi-Family | Leave a Comment »

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