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Monthly Archives: September 2011

Millions of Burned Acres in Texas to Lose Half Its Value

HOUSTON – The Texas acreage blackened by wildfires may lose 50 or 60 percent of its value and a full recovery could take years, according to Lewis Realty Advisors, a Texas-based real estate appraisal and consulting firm. Extreme drought conditions across Texas have led to scores of wildfires that have burned over 3 million acres of land and over 1,500 residences, ... Read More »

Apartment Report

 PHOENIX –  CB Richard Ellis  has negotiated the sale of Aldea at Estrella Falls, a 328-unit luxury apartment community in Goodyear, Ariz. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office acted on behalf of the seller, a partnership between Scottsdale, Ariz.-based Globe Corporation and Austin, Texas-based Trammell Crow Residential, to structure the $32.8 million transaction. The buyer ... Read More »

Two Residential Towers Announced in Downtown Austin

AUSTIN – Riverside Resources, an Austin development group, is constructing a 16-story residential tower with 277 units, according to the Austin American-Statesman. The Whitley Printing Co. buuilding at East Third and Brazos is being demolished to make room for the new apartments. Another firm is building a mixed-use tower with 350 apartment units, according to Austin American-Statesman writer Shonda Novak.  ... Read More »

Tractor Manufacturer Signs Large Industrial Lease

Houston  – Houston-based Mahindra USA (MUSA) has leased 134,815 square feet of space at Satsuma Distribution Center, a 315,120 square-foot new industrial building located at 9020 Jackrabbit Road, in northwest Houston. MUSA, a wholly owned subsidiary of Mahindra & Mahindra Ltd., is the first tenant to enter into a lease agreement at the new Class A facility. The company began ... Read More »

Biggest Increase Ever: Houston Home Sales Up 30 Percent

HOUSTON – Houston’s home sales were up 30.2 percent in August, compared to August of 2010 – the largest month-over-month gain ever reported by the Houston Association of Realtors. HAR, which has been reporting home sales data for decades, reports that sales have increased for three consecutive months. Part of the reason for the unusually large increase is the fact ... Read More »

Hines Breaks Ground on Denver Office Project

DENVER — Hines has broken ground on a 186,000-sf office project in the Interlocken Business Park in Bloomfield, Colo. in suburban Denver. Houston-based Hines is building the project on a spec basis, based on “the belief that the environmentally sustainable building will satisfy strong current demand from tenants seeking to improve energy efficiency as well as their image of corporate ... Read More »

Multi-Family Wrap

HOUSTON – Post Investment Group has purchased the 700-unit Palms on Westheimer apartment project at 6425 Westheimer. Maury Bronstein and David Malev of Situs Asset Solutions represented  New York-based Petra Capital Management in the sale.  The project covers 18 acres at the intersection of Westheimer and Briarhurst Drive.                                                                            — SAN ANTONIO – Leon Capital Group has purchased the 264-unit ... Read More »

LaSalle Investment Enters JV With Midway in City Centre

HOUSTON -  LaSalle Investment Management, Inc. and Midway Cos. have formed a joint venture for the City Centre II and City Centre III mixed-use buildings in west Houston near the Katy Freeway and Beltway 8. CityCentre II is comprised of 128,499 square feet of office space plus 21,328 square feet of ground floor retail space.  The six-story property, which was ... Read More »

Houston Housing Market in Recovery

HOUSTON — The Houston housing market has been posting some impressive results, a signal that a recovery is underway. Home sales were up 17 percent in July. Home prices hit a record high this summer. And the inventory of homes for sale is about 10 percent smaller than last year. “We are in the early part of a recovery,” says ... Read More »

David Weekley Homes Assumes Control of Phoenix Home Builder T.W. Lewis

PHOENIX — David Weekley Homes of Houston has taken over the T.W. Lewis building firm on Phoenix and will begin building there under the name the “T.W. Lewis Collection built by David Weekley Homes.” Weekley purchased the remaining lots of T.W. Lewis and in a cash and options transaction. Lewis, a luxury home builder, has 35 employees, according to the Big Builder publication, ... Read More »

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