October 31, 2011
HOUSTON — Developers are expected to break begin ground on more speculative industrial projects as a result of increased demand and decreased vacancy.
Houston’s industrial vacancy rate decreased to 5.9 percent during the third quarter of 2011, down 10 basis points from the second quarter, Grunn & Ellis reported.
The Houston industrial market experienced approximately 908,000 square feet of positive net absorption during the quarter, raising year-to-date absorption to roughly 2.6 million. The significant third quarter absorption growth was offset by nearly 530,000 square feet of newly vacant space delivered in the quarter, Grubb & Ellis said.
October 26, 2011
HOUSTON – Inland Real Estate Acquisitions, Inc., the purchasing arm of The Inland Real Estate Group of Companies announced its $172 million acquisition of a five-property portfolio from NewQuest Properties in Houston and League City, Texas.
The portfolio includes a variety of multi-tenant and single tenant assets with over 710,000 square feet of retail space. Four of the five properties are developments that are adjacent or additions to assets that Inland American already owns. The average occupancy for the portfolio is over 90% and includes a high quality tenant lineup of Kohl’s, Kroger, Lowe’s, Sports Authority, 24 Hour Fitness, Best Buy, Cinemark and Dollar Tree.
Summary of Properties
Bay Colony Town Center – League City, Texas
- This adds 121,000 sq. ft. to the center Inland American already owns.
- 95% occupied
Cy Fair Town Center – Houston, Texas
- This adds 177,064 sq. ft. to the center Inland American already owns.
- 100% occupied
Antoine Town Center – Houston, Texas
- One Pad added to a center Inland American already owns.
Victory Lakes Town Center – League City, Texas
- New center adds 367,000 sq. ft. to Inland American’s portfolio.
- 90% occupied
Eldridge Lakes – Houston, Texas
- This adds 45,000 sq. ft to a center Inland American already owns.
- 100% occupied
October 25, 2011
ATLANTA – A new downtown office tower has been proposed by developers Bob Voyles and David Marvin, according to a report by OKCReview.com. It would be the first new office project to be built in downtown Atlanta since 2007.
Known as 285 Marietta, the developers say the new $150 million building, complete with proposed ground-floor video billboards, would be geared to progressive Generation Y companies, including high-tech firms. The project is slated at 350,000 sf.
October 23, 2011
AUSTIN – GSL Welcome Group of Houston has purchased its third Austin property.
BoyarMiller’s Timothy Heinrich and Blake Royal represented GSL Welcome Group in connection with the purchase of the Tuscany Technology Center, Building 4, in Austin, Texas from McShane Development Company.
The single-tenant building is leased to Gila Corporation and sits on approximately 7.7 acres within the Tuscany Technology Center, a 600,000 square-foot multi-building office and industrial park development in northeast Austin, Texas.
GSL Welcome is a family-owned group of companies that own and lease single tenant office, lab, industrial and manufacturing facilities in Texas. GSL Welcome has developed over 180 single-tenant properties currently owns over 88 buildings with 4 million sf.
The company was founded by Gustave S. Levey in 1979 and the single tenant development company was purchased by the Wilson family in 1998. GSL’s principals are Welcome Wilson, Sr., Welcome Wilson, Jr. and Craig Wilson.