Archive for ‘Capital Markets’

« Older Entries  |  
May 30, 2012

Multi-Family Wire

HOUSTON – The Cranbrook Portfolio, a 1,038-unit portfolio including the Polo Club Apartments, Monticello Apartments and Timbers Apartments.  Transwestern’s Ed Cummins and Clint Duncan represented the seller in the transaction. Located on Ella Boulevard in Houston, the three properties span across 33 acres and were 87.7 percent occupied at the time of sale. The largest of the complexes is the Polo Club Apartments with 520 units, followed by Timbers Apartments with 274 units and Monticello Apartments with 244 units. The transaction was a distressed asset sale on behalf of the lender, and the portfolio was purchased for an undisclosed amount by a California investor.

ALBUQUERQUE, NM — The 232-unitLa Ventana  located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale,  the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer.  Investors Real Estate Trust (IRET) owns a majority interest in the project.

HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.

 FOR MORE APARTMENT NEWS  click here.

Posted in Capital Markets, Multi-Family, National, Trades | Leave a Comment »

Tags: , ,
May 14, 2012

Insurance Companies Make Major Realty Buys

Insurance firms are on a commercial realty buying spree, according to an article by Ben Johnson on OKCReview.com. Major deals include:

1. Metropolitan Life purchase of  Reynolds Plantation 70 miles east of Atlanta, which includes The Ritz-Carlton Lodge, six  golf courses, four  marinas and nearly 5,000 acres of undeveloped golf and waterfront property.

2. Prudential Real Estate Investors,  in a joint venture with Lodging Capital Partners, acquired the 291-room Austin Four Seasons hotel in Austin.  In April, PREI purchased the Axis apartment development on Atlanta’s perimeter for $53.5 million. PREI also is expectd to buy the 20-story Ten Peachtree Place in midtown Atlanta from a partnership between Cousins Properties and Coca-Cola.

3. USAA Real Estate Co. and GlenStar Properties LLC purchased the landmark Chicago Board of Trade Building, a 1.3 million sf project.

For the full story: http://www.okcreview.com/nationalnews.php?nationalnews_id=357&page=1

Posted in Capital Markets, Trades | Leave a Comment »

Tags: , ,
April 19, 2012

Pat Hicks Makes Value-Add Investment in Energy Corridor

HOUSTON -   Hicks Ventures, led by Patrick Hicks, purchase two office buildings in the Energy Corridor of West Houston. The buildings, located at 16350 Park Ten Place and 16360 Park Ten Place, include a total of 141,265 square feet.

Managing Director Rudy Hubbard and Vice President Leah Gallagher led the Jones Lang LaSalle Capital Markets team on this transaction.  American Spectrum Realty, a Houston REIT, was the seller.

These properties represent a classic underperforming value-add opportunity for the buyer. The two buildings are a combined 73 percent occupied and there is the ability to put together 30,000 square feet of contiguous space, said Hubbard.

The Energy Corridor is one of Houston’s most dynamic submarkets and leasing opportunities here will be tremendous. Built in 1979, 16350 Park Ten Place is a Class B multi-tenant property with 72,599 square feet of space. The Class B+ property at 16360 Park Ten Place was built in 1981 and has 68,666 square feet of space. Both buildings are located in Park 10 Regional Business Center, a master-planned mixed-use development comprising a major portion of the West Houston Energy Corridor.

Posted in Capital Markets, Houston, Office, Trades | Leave a Comment »

Tags: , , ,
April 19, 2012

Khoshbin Buys Pair of Office Properties in Houston’s Greenspoint

HOUSTON -  The Khoshbin Company purchased two office buildings in the Greenspoint market in North Houston. The two properties are: 333 North Sam Houston Parkway East and 10700 Interstate 45 North, multi-tenant office buildings totaling 395,424 square feet.

333 North Sam Houston Parkway East and 10700 Interstate 45 North are located within the Greenspoint submarket of Houston close to the George Bush Intercontinental Airport north of downtown Houston. 333 North Sam Houston Parkway East is a 12-story, 213,777-square-foot building with a four-level, 704-space parking garage. The property is currently 72 percent leased. 10700 Interstate 45 North has 181,647 square feet of space that is currently 47 percent leased. The property features a five-level, 434-space parking garage.

HFF marketed the property under leadership of HFF’senior managing director Dan Miller and director Martin Hogan.

“The very positive and improving real estate fundamentals in Houston present one of the best buying opportunities in decades,” said Manny Khoshbin, head of The Khoshbin Company.

The Khoshbin Company, headed by Manny Khoshbin, is a privately-held commercial real estate company based in Irvine, California that specializes in acquiring, managing and repositioning of Class A and Class B industrial, retail and office properties.

The Greenspoint market is expected to be challenged when ExxonMobil vacates a large amount of space and relocates to its new corporate campus, which is under cosntruction.

Posted in Capital Markets, Houston, Office, Trades | Leave a Comment »

Tags: , ,
« Older Entries  |  
Follow

Get every new post delivered to your Inbox.