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Category Archives: Texas

Two Houston Hotels Part of $107 Million Purchase

PALM BEACH, Fla. – Chatham Lodging Trust a hotel real estate investment trust, has acquired four hotels, including two Marriott-related properties in Houston’s Inner Loop, for $107 million. The four hotels, purchased for $186,000 per room, are: •   179-room Hilton Garden Inn Burlington, Mass. •   176-room Courtyard by Marriott Dallas in Addison, Texas. •   120-room Residence Inn by Marriott West University, at 2939 ... Read More »

All-Cash Home Buyers: Houston, San Antonio Lead Nation in Gainers

HOUSTON – If cash isn’t king in Texas home buying, then it’s at least the Crown Prince of the Texas home market. According to a third quarter study by RealtyTrac, all-cash home purchases accounted for 32.4 percent of Texas home sales compared to 21.5 percent a year ago. Houston led the nation, followed by San Antonio, as the nation’s biggest ... Read More »

Edens Agrees to Buy AmREIT for $763 Million

HOUSTON — Edens Investment Trust has agreed to acquire AmREIT Inc., a Houston-based real estate development firm for $763 million. AmREIT controls a number of significant retail centers and mixed-use projects including the Uptown Park, a Houston center that is undergoing a major redevelopment and high-rise densification. Edens will pay $26.55 per share in an all-cash transaction for AmREIT’s shares, ... Read More »

Texas A&M’s Dotzour: Labor Shortage Keeping a Lid on Texas Construction Boom

HOUSTON – A lack of construction labor is restraining the Texas housing market, says Dr. Mark Dotzour, chief economist for the Texas A&M Real Estate Center. “We have a major labor shortage in the construction industry across the state,” Dotzour said in a speech to the Entrepreneurs Organization Thursday evening. The inventory of homes for sale is exceptionally tight in ... Read More »

Austin Group Acquires Office Properties in Fort Worth

FORT WORTH –  Pennybacker Capital of Austin purchased the Summit Office Park, a two-building, 242,482-square-foot office complex in Fort Worth. HFF marketed the property on behalf of the seller, Prescott Group.  Pennybacker Capital purchased the asset and HFF assisted in securing acquisition financing on behalf of the buyer.  The seven-year loan was provided by ViewPoint Bank. Summit Office Park is located ... Read More »

CapRidge Partners Snags Austin Office Complex

AUSTIN – CapRidge Partners purchased Caynon at Wild Basin from Boston-based Intercontinental Real Estate Corporation. Mesa West Capital provided CapRidge with the $12.6 million financing for the acquisition and lease up of the 74,580-square-foot office complex.  The three-story building is 81 percent leased. Canyon at Wild Basin is located at 115 Wild Basin Road along Loop 360. According to CBRE, ... Read More »

Austin’s First Downtown Tower Since 2003 to Open Almost Fully Leased

AUSTIN – The 29-story Colorado Tower, the first downtown office tower built in Austin since 2003, will be completed at the end of the year almost fully leased. Cousins Properties I has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. Leasing at the 373,000 square-foot, Class-A office development is now 95 percent, up from 51 ... Read More »

Barton Springs Office Building Sold in Austin

AUSTIN – Transwestern  brokered the disposition of 811 Barton Springs on behalf of the Seller to a fund managed by Cornerstone Real Estate Advisers. 811 Barton Springs is a 143,183 square foot Class A multitenant office building located in between Austin’s Central Business District and Southwest submarkets, two of the most desirable submarkets in Austin. The 9-story property was 99% leased at the ... Read More »

Gaedeke Group Announces Renovation

DALLAS – Gaedeke Group LLC is renovating its 128,795-sf Oak Lawn Plaza with a $3.8 million ground-breaking redesign. “It’s going to be a major change,” says CEO Sabine Gaedeke Stener, whose firm has commissioned architect Mark Dilworth of Dallas-based Morrison, Dilworth + Walls to create a new design. Construction tentatively is slated to start in October. The award-winning architectural firm ... Read More »

Marriott to Build Next to Billy Bob’s – The World’s Largest Honky Tonk

FORT WORTH – A hotel developer has purchased a site next to Billy Bob’s Texas, which bills itself as the “world’s largest honky-tonk” in Fort Worth’s well-known tourist area, the Stockyards National Historic District. The site was acquired by Sunbelt-CFX, LLC, which intends to start construction on a 124-room Marriott Courtyard immediately. It is within walking distance of the Texas ... Read More »

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