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Monthly Archives: November 2011

Canadian REIT Buying Hess Tower for a Record Price in Houston

HOUSTON — Hess Tower, a new 29-story building in downtown Houston, is reportedly being sold to H and R REIT, a Canadian-based real estate investor, for a record $445 million. The deal, if completed as planned, would amount to a sales price of $527 per square foot for the 845,000 sf tower, according to Real Estate Alert newsletter, a respected ... Read More »

Houston Briefs

Houston – Colliers International notes Saroj Kirby, LLC has purchased a 20,750 sf medical office building at 1325 LaConcha Lane, near the Texas Medical Center. Jim Houmani of Xander Properties represented the buyer. Chris Winters of Colliers International represented the seller, Treeline Partners. Houston — Cushman and Wakefield of Texas negotiated the lease renewal by Exel Inc. of 11,650 square ... Read More »

Apartment Update

HOUSTON — A significant number of new apartment projects are under construction in Houston’s Inner Loop area, which is the central city near downtown, the Galleria and the Texas Medical Center. The Houston Chronicle reports more than 3,500 units in a dozen complexes are under construction in the Inner Loop and 8,700 more are proposed, according to Houston-based Apartment Data ... Read More »

National Real Estate Recovery: A Gradual Reality

By Ralph Bivins ANAHEIM, Calif. — The nation’s residential realty market is improving, but it may be two or three years or so until the market is completely healthy again, according to Lawrence Yun, chief economist of the National Association of Realtors. Existing-home sales are forecast to increase about 1 percent in 2011, and then rise another 4 to 5 ... Read More »

Houston Power Center Sold

HOUSTON – HFF has closed the sale of The Crossing at Fort Bend, a 116,064-square-foot retail power center in Sugar Land, Texas. HFF marketed the property on behalf of the seller. MCOM SHOPPING CENTERS LLC purchased the asset for an undisclosed amount and Prosperity Bank provided third party financing for the buyer. The Crossing at Fort Bend is situated on ... Read More »

Apartment Briefs

HOUSTON – Greystar, has purchased a 6-acre tract near the Galleria in Houston for future development. Greystar bought the land, located at 3315 Barrington at Richmond Avenue in the Galleria area from Houston Independent School District for $9.7 million. John L. Guess III of the Guess Group and Doug Elliott of CB Richard Ellis represented the seller. Greystar Vice President ... Read More »

Forty-Two Story Museum Tower Topped Out

DALLAS — The developers of Museum Tower residential project announced  that the building’s construction has reached the 42nd floor.  With construction rapidly progressing toward a completion date in late 2012, a topping out lunch for the over 1,500 workers will be hosted by the general contractor, Austin Commercial, to mark the milestone.    “Museum Tower is truly a unique project. The ... Read More »

Houston Home Sales Continue Major Upward Swing

 By Ralph Bivins HOUSTON – Houston’s existing home sales rose 9.1 percent in October compared to a year ago, extending a string of strong sales totals, Houston Association of Realtors reported Wednesday. Sales increases have been reported five months in a row. Houston’s inventory of homes for sale dropped sharply. A total of 46,674 properties were listed for sale, a ... Read More »

NBA Star David Robinson’s Admiral Fund Buys Stake in Houston Hotel

HOUSTON – The Admiral Capital Real Estate Fund LP  announced the acquisition of a preferred equity interest in the Hilton Garden Inn Houston Energy Corridor in west Houston. The investment marks Admiral’s first in the hotel sector and third acquisition of the fund. The 190 room hotel is situated in the heart of the Energy Corridor and caters to the ... Read More »

Prediction: CRE to Improve in 2012

ANAHEIM, Calif. — A majority of the commercial real estate sectors are still experiencing rising absorption and little improvement in rents, according to Lawrence Yun, chief economist for the National Association of Realtors. The multifamily apartment sector remains the strongest with net absorption rates increasing and vacancies decreasing, causing rents to rise across the country, said Yun, who was speaking ... Read More »

Apartment Briefs

ANAHEIM – Rental rates will rise about 3 percent annually over the next three years, predicted Lawrence Yun, chief economist of the National Association of Realtors. Yun, speaking Friday at the annual NAR convention, predicted a slow, gradual recovery for the nation’s housing market. HOUSTON — – Hines, the international real estate firm, announced that John Favreau has joined the firm ... Read More »

MetLife Sell Stake in 71-story Wells Fargo Plaza

HOUSTON -MetLife has sold a 50% interest in the 71-story Wells Fargo Plaza in downtown Houston to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50% interest.  “Selling a partial interest in Wells Fargo Plaza is an excellent opportunity for MetLife to diversify its portfolio while still holding a stake in this top tier ... Read More »

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