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Monthly Archives: October 2011

Spec Construction to Surge

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 ... Read More »

Inland Buys Houston Retail for $172 Million

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 ... Read More »

Downtown Office Tower Proposed

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 ... Read More »

GSL Welcome Group of Houston Buys Another Austin Property

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 ... Read More »

Texas Office Leasing Briefs

HOUSTON – CBRE has closed on a renewal of an office lease expansion totaling 19,742 sq. ft. to VAALCO Energy, Inc. at 4600 Post Oak Place, an 87,500 sq.-ft. office building in Houston’s Galleria area which is professionally managed by Unilev Management Corporation. Steve Rocher, Kristen Rabel and Louann Pereira of CBRE represented the property owner, Unilev Capital Corporation, in ... Read More »

San Antonio Office Vacancy Declines

SAN ANTONIO – San Antonio’s office vacancy rate was 17.4 percent at the end of the third quarter, down 20 basis points from the second quarter, Grubb & Ellis reported. The market experienced 46,746 square feet of negative net absorption during the third quarter, lowering the year-to-date total of positive absorption to 112,636 square feet. Class A asking rental rates ... Read More »

Apartment Roundup

  IRVING, Texas – Oak Villas, a 548-unit property located at 2414 North MacArthur Boulevard in Irving has been sold to Oak Villas Apartments, LLC of Brooklyn, NY. Built in 1964, Oak Villas underwent a significant rehab in 2002, and the Buyer plans to continue toupgrade unit interiors and push rents higher. The Seller was Orix Capital Markets, LLC, a ... Read More »

Office Sells for Record Price

NEW YORK — Brookfield Office Properties has sold the Newport Tower office building in Jersey City, NJ to Multi-Employer Property Trust for $377.5 million. It is the largest single office asset transaction in the history of New Jersey. Newport Tower is a 36-story, 1.1-million-square-foot class A office building located on the Hudson River in Jersey City. Brookfield Office Properties acquired ... Read More »

Austin Office Market Reports Strong 3rd Quarter

AUSTIN – Austin’s office leasing market had an strong third quarter performance, posting 644,297 square feet of positive absorption, the Grubb & Ellis firm reported.  Tenant demand has increased over the last several quarters as companies continued to demonstrate a willingness to take on multi-year space commitments by expanding or relocating to the Capital City.  Job growth has been a catalyst ... Read More »

National Apartment Round Up

DALLAS – Estancia at Ridgeview Ranch, a 500-unit, Class A multi-housing community in Plano, Texas has been sold. HFF  arranged acquisition financing for the project. Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the loan with MetLife Real Estate Investments. Completed in 2007, the property has 23 apartment buildings with an average ... Read More »

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