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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 »

Houston Gains 91,300 New Jobs in Last 12 Months

HOUSTON  — Houston gained 91,300 new jobs over the last 12 months, the Texas Workforce Commission reported Friday. The results, measuring job creation between January 2013 and January 2104, highlight the fact that the energy industry and virtually every sector of the Houston area economy is surging. Houston’s unemployment rate dipped to 5.7 percent in January, the lowest since November ... Read More »

ULI Houston Names Developments of Distinction

HOUSTON – The 46-story BG Group Place, The Woodlands master-planned community and the redeveloped Fire Station No. 6 on Washington Ave. were among the winners in 2014 Development of Distinction Awards presented by The Houston District Council of the Urban Land Institute (ULI). BG Group Place was developed by Hines and is owned by Invesco. With its grand design, technological ... Read More »

Grocer Aldi to Build 650,000 SF Facility in Rosenberg Near Houston

ROSENBERG, Texas – Aldi Inc., a leading low price grocer will build a 650,000 sf distribution center and divisional headquarters in Rosenberg, a community located southwest of Houston. The new ALDI facility in Rosenberg will serve the company’s emerging Houston market. As of May 2013, Batavia, Illinois-based ALDI had opened 12 new stores in the Houston area, and plans to grow ... Read More »

Home Sales Continue Surge Despite Rising Mortgage Rates

WASHINGTON — Existing-home sales increased in August and reached the highest level in six-and-a-half years, while the median price shows nine consecutive months of double-digit year-over-year increases, according to the National Association of Realtors. Total sales rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August from 5.39 million in July, and are 13.2 percent higher than ... Read More »

Eminent Domain Action Heavy on Houston’s Gulf Freeway

HOUSTON – Deal Sikes & Associates has represented the majority of property owners in eminent domain cases involved in the recent widening of the heavily congested Interstate 45 South, also known as the Gulf Freeway. State officials have designated the Gulf Freeway as the third-most congested stretch of freeway in Texas. Texas Department of Transportation (TxDOT) exercised its power of ... Read More »

Midway Buys Hotel Next To CityCentre

HOUSTON – Midway Cos. has acquired the Four Points by Sheraton Hotel adjacent to its CityCentre mixed-use development near the southeast corner of Beltway 8 and the Katy Freeway in west Houston. The 171-room, 14-story full-service hotel, 10655 Katy Freeway, on the southeast corner of the Beltway 8 interchange. Originally built in the early 1980s as the Sheraton Town & ... Read More »

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