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Monthly Archives: August 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 ... Read More »

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 ... Read More »

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 ... Read More »

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 ... Read More »

CBRE Real Estate Investors Buys Office in Houston’s Galleria Area

HOUSTON – CB Richard Ellis Investors, the global real estate investment management firm, has purchased 2603 Augusta, a 242,447 square foot  office property in Houston. The purchase was made on behalf of the CBRE Strategic Partners US Value 5 fund.  The 2603 Augusta is located in the Galleria submarket area a half block north of Westheimer Road. The 16-story granite ... Read More »

Top Ten College Cities for Residential Investment

Sending a child to college can mean moving into a dorm. Or it can be a time to think about buying a house as an investment that can provide housing for a few years, until your son or daughter graduates. The Move Inc. organization has created a list of 10 cities that are promising spots for back to school investments. ... Read More »

Santikos Starts Construction on 22-Screen Movie Theater in West Houston

HOUSTON – Santikos Theatres will build a 22-screen movie theater on 20 acres the firm acquired in west Houston in the master-planned community of Long Meadow Farms, located along Highway 99, The Grand Parkway, at the intersection of West Bellfort.   Santikos, a San Antonio-based firm led by John Santikos, will name the theater the Palladium. The movie complex will be part ... Read More »

Apartment Trade Roundup

TRADE BRIEFS TUCSON,  Ariz. – The 410-unit Casa Bella, located at 175 West Valencia Road in Tucson, AZ. The 410-unit apartment community was sold for $9,100,000.  The Buyer was BH Properties of Los Angeles, CA. The transaction was negotiated by Art Wadlund of the Tucson office of Hendricks & Partners.  CHICAGO — Aspen Place Apartments, a 416-unit, value-add multi-housing community ... Read More »

Five Office Buildings Sold in Houston

HOUSTON – Peloton Capital  Partners purchased a five-building portfolio of offfice properties in West Houston. The portfolio totals 347,272 square feet and is 78 percent occupied overall.  The portfolio is comprised of: 1250 Wood Branch and 11931 Wickchester in Houston’s Energy Corridor submarket and 10200 Richmond and 2950 and 3030 South Gessner in Houston’s Westchase submarket. The HFF team representing ... Read More »

280-Unit Project Sold for $32,325,000

PHOENIX – Broadstone Canyon Crossroads, a 280-unit apartment project in Phoenix has been sold for $32,325,000. The Seller was Broadstone Canyon Crossroads, a Delaware limited liability company of Phoenix, AZ.  The Buyer was Baron Real Property Holdings LLC of Greenwood Village, Colo.  The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks & Partners on behalf ... Read More »

Hines to Develop Office Tower in New York

NEW YORK – Hines, along with partner Pacolet Milliken Enterprises announced the development of an office tower on Avenue of the Americas overlooking Bryant Park. Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the planned 28-story, 450,000-rentable-square-foot tower will be built on property that Pacolet Milliken has owned since 1954. Houston-based Hines ... Read More »

Hines to Spend $1 Billion to Buy/Develop Office Buildings with NY Fund

HOUSTON – Hines has formed a  joint venture with New York State Common Retirement Fund (NYSCRF) to invest in more than $1 billion of office and medical office projects in the U.S.  The venture, called Hines Corporate Properties II (HCP II), capitalized with $500 million of equity, will develop, acquire, own and manage buildings primarily occupied by single-tenant users. Read More »

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