October 23, 2011
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 these transactions. Jon Silberman and Kelly Torian of NAI Houston represented the tenant.
DALLAS – The Cogent Group LLC has renewed 6,065 sf of office space in Danari Office Building I, 15150 Preston RD., Dallas. Sharon Friedberg and Melanie Hughes, senior vice presidents of Bradford Commercial Real Estate Services, negotiated the direct deal on behalf of the landlord.
HOUSTON – Meriplex renews 24,944 square feet at the 10111 Richmond Ave building, Houston, Texas. Derek F. Beck of Moody Rambin Interests represented the building owner, CRT Westchase. Joseph Peddie, David Guion and Kevin Saxe with Cushman & Wakefield of Texas represented the tenant in negotiations.
HOUSTON – TCG Interests, Ltd, dba The Care Group leased 4,077 square feet at the Westwood Plaza One, 9301 Southwest Fwy building, Houston, Texas. Lee Jeane of Moody Rambin Interests represented the building owner, Tomorrow 32 Westwood Plaza, LP. Randy Frnka with Great Southwest Realty Services represented the tenant in negotiations.
October 23, 2011
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 averaged $25.10 per square foot in the third quarter, a $1.18 decrease from the second quarter. Chevron Corporation’s recent acquisition and occupancy of a 150,000-sf building at 5200 Rogers Road reduced vacancy, Grubb & Ellis reported.
October 23, 2011
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 Delaware limited liability company, receiver of Dallas.The transaction was negotiated by Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners on behalf of the Seller.
RICHLAND, Wash. – The 142-unit Orchard Hills, located at 1845 Leslie Road in Richland, WA. The 142-unit apartment community was sold for $7,950,000. Constructed in 1994, Orchard Hills consists of 32 one-bedroom, 56 two-bedroom, 40 three-bedroom, and 14 four-bedroom units. The seller was Orchard Hills ICG, LLC, a Washington limited liability company of Seattle, WA. The Buyer was Strata Orchard LLC of San Diego, CA.The transaction was negotiated by Phil Oester of the Portland office and Tim Ufkes of the Seattle office of Hendricks & Partners on behalf of the Seller.
SAN DIEGO – San Diego-based MG Properties Group announced its $11,750,000 acquisition of Ocean Village, a 63,000-square-foot mixed-use residential and retail property, including 33 condo units that will be converted to rental apartments, in downtown Oceanside, California. Completed in 2009, the property is located at 401 N. Coast Highway. The project includes 10,676 square feet of ground-level retail space fronting Pacific Coast Highway, served by street and tuck-under parking.
October 20, 2011
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 the building as part of its $7.6 billion purchase of Trizec in 2006.
The property was just over 60% leased upon Brookfield’s acquisition in 2006; today the leased rate stands at 89%. Anchor tenants of the property include BNP Paribas and AXA Equitable.
CB Richard Ellis represented Brookfield Office Properties in the transaction. MEPT was advised by Bentall Kennedy.