December 28, 2012
HOUSTON – Whitestone REIT, a Houston based REIT has closed on the off-market purchase of The Shops at Pecos Ranch, a 78,767 square foot 100% leased Community Center in Chandler, Arizona, for $18.95 million in an all-cash transaction. The Center has in-place cash flow of approximately $1.6 million, or 8.4% of the purchase price.
“The Shops at Pecos Ranch, a class-A stabilized Community Center completed in 2010, is located in a densely populated trade area serving Chandler, a Phoenix suburb in the growing Southeast Valley, “ said James C. Mastandrea, Whitestone’s Chairman and CEO.
December 28, 2012
EMERYVILLE, Calif. – ZipRealty, an online technology-enabled residential real estate brokerage company, has launched the second generation of Zap, a real estate technology solution for agents, brokers and home buyers. Zap combines ZipRealty’s industry-leading CRM with its website and mobile application, the most powerful suite of real estate marketing tools in the United States. Zap fully integrates these dynamic platforms to give prospective home buyers superior customer service, while providing agents with insight into their clients’ online home search activity.
“Zap is an end-to-end real estate solution,” says Van Davis, President of Brokerage Operations for ZipRealty. “It helps agents identify ‘high-probability’ customers – those more likely to execute transactions – monitor their online search parameters, such as their preferred neighborhoods and pricing preferences, and respond when and how the customer prefers,” he says.
December 21, 2012
HOUSTON – The University of Texas’ MD Anderson Cancer Center purchased 34.5 acres in the Energy Corridor of west Houston for a major medical facility.
The site is in Wolff Cos.’ 78-acre Central Park development,located on the north side of I-10 between North Eldridge Parkway and SH 6, was assembled by Wolff in late 2011 and early 2012.
“Central Park is the largest remaining parcel available for development in The Corridor, and MD Anderson’s purchase here is indicative of the area’s concentration of not only energy companies, but also the entire range of commercial and institutional property users,” said David S. Wolff, Chairman and President of Wolff Cos.
Since The Energy Corridor was introduced to the market in the late 1970s, more than 300 multinational, national and local companies have located there. The Energy Corridor has seen a surge in activity this year with more than 2 million sf of office space currently under construction or starting imminently, while construction on another 4.5 million sf is expected to start in the next two years. Currently, the Energy Corridor area employs over 78,000 workers.
Since 1972 Wolff Cos. has developed over 1,000 acres in the Energy Corridor, including the Park 10 Regional Business Center, Westlake Center and Ten Oaks at the Texas Medical Center West Campus.
December 19, 2012
HOUSTON – The Reserve at Park Ten, a 145,114-sf, Class A office building located in Houston’s Energy Corridor was purchased by a subsidiary of CapLease for $35.5 million.
The building, constructed in 2009, is 100 percent leased. The Energy Corridor, located in west Houston along Interstate 10, is one of the strongest submarkets in Houston with occupancy ovr 90 percent.
Bernard Branca, Jared Chua and Russell Ingrum of CBRE arranged the transaction on behalf of the seller, Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.
“The Reserve at Park Ten opportunity generated significant investor interest due to the global appeal of the Houston market and its projections for further growth. Also driving investor interest was the property’s location within the Energy Corridor, which is widely recognized as one of the world’s most important energy centers and a perennial leader in Houston market fundamentals,” said Branca, Senior Vice President with CBRE.