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Unilev Revamping Galleria Office Buildings

HOUSTON – Unilev Management Corp. is undertaking an $8 million renovation campaign for two Galleria office buildings. The two buildings are: the Galleria Office Tower I, a 493,456-square-foot office tower located at 2700 Post Oak Boulevard, and the Galleria Financial Center, a 251,974-square-foot building located in the middle of Houston’s Galleria Mall at 5065/5075 Westheimer. Class A office buildings, developed ... Read More »

Korean Investors Buy Lakes on Post Oak Project Near Houston’s Galleria

HOUSTON – FG Asset Management, a Korean syndicator, has paid about $175 million to purchase the 3000 Post Oak Boulevard building, a 441,000 square feet in the Lakes on Post Oak development in Houston. The 23-acre Lakes on Post Oak development, developed by Hines in 1982, consists of three office buildings totaling 1.2 million square feet. The site is just ... Read More »

Avera Developing Distribution Center in Dallas

DALLAS – Avera, a commercial real estate development, construction and investment firm, has announced the development of an institutional quality distribution center in Dallas. The 345,150 square-foot project will be situated on 18.8 acres, at the northwest corner of State Highway 161 (George Bush Tollway) and January Lane. Avera, a Houston-based firm led by Trey Odom, reported: “The development is centrally located ... Read More »

TMCx Commercialization Cluster Opening in Texas Medical Center

Houston – Texas Medical Center has announced the opening of its accelerator program, TMCx, one of the core components of the Texas Medical Center’s Innovation Institute and the first step in the Texas Medical Center’s long-term plans to become one of the world’s premiere life science commercialization clusters. TMCx, housed in a 100,000-square-foot facility in a former Nabisco plant on Holcombe ... Read More »

$67 Million for Hanover Montrose Apartment Tower

HOUSTON – Hanover Co., a Houston-based multifamily developer, has secured a $67 million loan to finance Hanover Montrose, a high-rise rental tower under construction at 3400 Montrose Blvd., just south of Westheimer Road in Houston. Q10 | Kinghorn, Driver, Hough & Co. Senior Vice President Buddy Hopson secured the construction to permanent loan for the new multi-family high-rise  in the ... Read More »

RNR Apartment Briefs

HOUSTON— Toronto-based Milestone Apartments REIT purchased Villas at Shadow Creek , a 560-unit multifamily apartment community for $74.0 million The acquisition is expected to be accretive to the REIT. Villas at Shadow Creek, currently 95% occupied, is located in Pearland, Texas. The property was acquired through a direct negotiation with the seller. BROOKLYN— The Kalikow Group, in a joint venture ... Read More »

Operator of Being Sold to News Corp for $950 Million

NEW YORK– – News Corp, the owner of the Wall Street Journal, has agreed pay about $950 million to acquire Move, the operator of the massive web site, which carries thousands of listings of homes for sale. Move has an exclusive arrangement with the National Association of Realtors, a trade group with 1 million members. REA Group Limited, which is ... Read More »

Condolences – Journalist Jerry Urban Passes

We extend sympathy to the family of journalist Jerry Urban, who passed away Tuesday after an illness. Jerry was a contributor to RealtyNewsReport and he was an outstanding journalist. Jerry was a tenacious reporter, a bulldog who never gave up. He worked as a reporter at the Houston Chronicle for 14 years. Jerry also worked at the San Antonio Express-News ... Read More »

Hertz Pays $88 Million to Buy Tallest Tower in Jacksonville, Fla.

Jacksonville, Fla. –Parmenter Realty Partners, a Miami-based realty firm, has sold the  Bank of America Tower in Jacksonville, Florida for $88 million. The 42-story, granite cladded, trophy office tower comprises 696,672 square feet, and has been Jacksonville’s perennial skyline landmark since its completion in 1990. Jubeen Vaghefi and Jeff Morris of Jones Lang LaSalle represented Parmenter in the sale. The buyer is Hertz Investment Group, ... Read More »

Transwestern Development’s Carleton Riser to Lead ULI Houston

HOUSTON – Carleton Riser, president of Transwestern Development Co., has been appointed chair of the Houston District Council of the Urban Land Institute (ULI), effective July 1. Riser succeeds Greg Erwin, who served as District Council Chair from 2011 to 2013. Riser has been a ULI member since 1996 and serves on a national ULI product council on urban and mixed-use development. He previously served as ULI Houston sponsorship co-chair for ... Read More »

Mallick/Keating Group Buys Westchase Office

HOUSTON – A real estate investment company led by Mallick Group, Inc. and Keating Investments, purchased the Oak Park Office Center III, a 151,000-square-foot office building in Houston’s Westchase district. Mallick Group is a real estate and energy related investment firm based in Fort Worth, Texas and Keating Investments is a real estate and energy related investment firm based in Oklahoma City, ... Read More »

Southern Calif. Tower Sells for $102 Million

LONG BEACH, Calif. — Marking its second major Southern California commercial real estate purchase in less than two weeks, San Diego-based Parallel Capital Partners has acquired Shoreline Square, a Class A office tower overlooking the coastline in Long Beach, Calif. The property was purchased for $101.7 million from Guggenheim Real Estate. According to Matt Root, CEO of Parallel Capital Partners, the ... Read More »

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