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Monthly Archives: July 2012

Deer Park Industrial Building Sold for $17.8 Million

DEER PARK, Texas  – Inland Diversified Real Estate Trust has purchased the 160,000-square-foot Siemens Gas Turbine Division North American headquarters in Deer Park for $17.8 million. Completed this year, the manufacturing building houses Siemens Gas Turbine Service Division, a division of Siemens Corp., and is used for the production of gas turbines. The building is located in the Deerwood Glen ... Read More »

CapLease REIT Purchases Woodlands Building for $40.5 Million

THE WOODLANDS – CapLease has purchased the fully leased Reserve at Sierra Pines office building in The Woodlands, just north of Houston, for $40.5 million. The 175,000-sf building, 1585 Sawdust Road, was developed by Stream Realty. the Woodlands property is 100% leased with two       investment grade rated large corporate tenants occupying about 70% of  the space. Approximately 61% of the ... Read More »

Houston Home Sales Up Sharply in June

By Ralph Bivins The Houston Association of Realtors reported Houston area home sales were up 14 percent over June of last year. For the month of June $1.7 billion worth of residential properties were sold – the highest monthly sales total since August 2007, the Houston Association of Realtors said. Inventory of homes for sale is low. Only 42,207 properties ... Read More »

Marvy Finger Developing Multi-Family Next to Minute Maid Park

HOUSTON — Apartment developer Marvy Finger is developing a seven-story apartment building adjacent to the left field wall of Minute Maid Park, home of the Houston Astros. The 380 unit project will be located  on two downtown blocks bounded by Preston, Crawford, Texas and La Branch streets, according to a report in the Houston Chronicle. When the stadium was new Trammell Crow ... Read More »

Hines Selling Shell Plaza in Houston for $550 Million

HOUSTON – Hines is selling the 1.8 million square foot Shell Plaza office complex in downtown Houston for $550 million. The buyer is an affiliate of Enterprise Products Company, which was founded by the late billionaire Dan Duncan. Completed in 1970, Shell Plaza, a two-building complex, was developed by Hines and designed by Skidmore, Owings & Merrill. Shell Plaza is the ... Read More »

Office Building Sold in Houston’s Energy Corridor

HOUSTON — Frontier Equity purchased  Kirkwood Tower, a 285,682-square-foot, Class A office building in Houston’s Energy Corridor. Kirkwood Tower, 11757 Katy Freeway, was built in 1984. The 15-floor office tower, which is 74.4 percent leased, has  a six-level parking garage and 10-story glass enclosed atrium. HFF marketed the property on behalf of Equastone Kirkwood, LP. Frontier Equity purchased the property ... Read More »

Marvy Finger to Demo Houston Office Building for Apartment Site

HOUSTON – Houston apartment developer Marvy Finger has purchased old the Art Institute of Houston office building at 1900 Yorktown in the Galleria area. Finger Cos.  will demolished the six-story, 94,000-sf building, which is located near San Felipe street and the Marathon Oil office tower. The Art Institute vacated the building about a year ago. Finger will construct a mid-rise ... Read More »

Houston Briefs

Newpark Drilling Fluids, an oilfield supplier, is moving into a new 100,000-sf building being constructed for it in Houston’s Energy Corridor, according to the Houston Business Journal. The project is located just north of Interstate 10 and west of Mason Road on land purchased from Interfin Corp. Newpark is relocating from The Woodlands. CBRE Group has closed on three leases totaling 26,796 sq. ... Read More »

Hines Buys Salt Lake City Project

SALT LAKE CITY – Hines,  in a joint venture with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired South Towne Corporate Center in Sandy, UT, from KBS Realty Advisors.  The two-building, 248,352-square-foot Class A office complex is located off of Interstate 15 just 15 miles south of downtown Salt Lake City and the Salt ... Read More »

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