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Electro Tech Industries Buys Industrial Building

HOUSTON –NAI Partners represented Electro Tech Industries in the acquisition of 115,000 square-foot industrial building located at 303 West Little York in Houston. Founded in 2000, Electro-Tech Industries offers custom design, manufacturing, testing, and field service for electrical power distribution equipment and systems. According to Chris Caudill, with NAI Partners, who represented Electro-Tech Industries in the negotiations, “with this acquisition, ETI has more than ... Read More »

World’s Most Expensive Office Markets: London No. 1; Hong Kong No. 2 and Houston No. 47

London office buildings have the highest office rents/occupancy costs in the world, while Hong Kong is second according to a new study by CBRE Group The Downtown Houston office market ranks No. 47 in rent/occupancy costs, the CBRE study reported. It is the highest priced office market in Texas. Markets with the fastest growing office space occupancy costs are Dublin, ... Read More »

Dallas Hotel Group Buys Three Hotels, Including French Quarter Hostelry

DALLAS – The Ashford hotel organization, which is affiliated with two hotel REITS, has announced several hotel acquisitions. Ashford Hospitality Trust has bought the 226-room Le Pavillon Hotel in New Orleans for $62.5 million of $277,000 per key. At closing, Remington Lodging assumed property management. The hotel is located next to the French Quarter, five blocks from Bourbon Street. Ashford Trust ... Read More »

RealPage Apartment Data Firm Leases 400,000 SF for New HQ

CARROLLTON, Texas— The RealPage apartment data firm has leased 400,000 square feet  of office space in the Telecom Corridor, in Richardson, near Dallas for its new headquarters. RealPage will move 1,400 employees into a building at 2201 Lakeside Blvd. near the North Central Expressway.  Stream Realty represented RealPage, a provider of on-demand software and software-enabled services to the rental housing industry. “We ... Read More »

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 »

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