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The Good, Bad and Ugly of Houston Real Estate: The Midyear Assessment by NAI Partners

HOUSTON – (By Michelle Leigh Smith) – Houston’s commercial real estate market presents some highs and some lows at midyear 2017. The retail and industrial sectors show strength while the office market has seen better days. And the failure of West Texas Intermediate crude to rise above $60 a barrel puts a damper on hopes for another major growth spurt ... Read More »

$10 Million Renovation Set for Museum Medical Tower

HOUSTON – The Museum Medical Tower, near Houston’s Hermann Park, is undergoing a $10 million renovation. The 177,476-SF medical office tower is on the north side of the Texas Medical Center at 1213 Hermann Drive, near Park Plaza Hospital and the Museum District. HCP Inc., the building owner, engaged Cassetty Architecture of Hendersonville, Tenn. to design the renovation. HCP owns ... Read More »

Transwestern Opens Office in Nashville

HOUSTON – Transwestern has expanded its operations to Nashville, Tenn. to provide agency leasing, tenant advisory, capital markets and asset services to real estate owners and users in Nashville. It is the thirty-fifth office for Houston-based Transwestern. “Nashville is increasingly a target market for investors that require strategic real estate advisory services,” said Chip Clarke, Transwestern’s President Americas. “With the ... Read More »

270-Acre Business Park Underway in NE Houston

HOUSTON – Mesa Business Park, a 270-acre development in northeast Houston near the intersection of Mesa Drive and East Mount Houston Road, is under development. Lee & Associates – Houston is marketing the new project, which is not far from the 4,000-acre Generation Park, a McCord Development project along Beltway 8. The first spec building in the Mesa Business Park ... Read More »

Midas Hospitality Buys Hotel Near Medical Center

HOUSTON – St. Louis-based Midas Hospitality purchased the 120-room Staybridge Suites near the Texas Medical Center. The hotel, 9000 South Main, is the first acquisition in Texas for Midas, which owns 41 hotels in 14 states. The seller, Pride Management of Beaumont, was represented by CBRE Hotel’s Michael Yu, Rahul Bijani, Eric Guerrero and Agrama Mannapperuma. The hotel has the ... Read More »

Goldman Sachs Provides $163.5 Million Refi for 717 Texas Building in Downtown Houston

HOUSTON – Goldman Sachs provided $163.5 million to refinance the 717 Texas Avenue building in downtown Houston on behalf Hines and Prime Asset Management. JLL’s Executive Managing Director Tom Melody and Senior Vice President John Ream led JLL’s capital markets team on the financing. The 33-story, 696,000-SF trophy office tower is located at the corner of Texas Avenue and Milam, ... Read More »

Construction (and Demolition) to Begin at Bellaire Town Center

BELLAIRE, Texas – The wrecking ball is rolling toward a 68-year-old shopping center with a parking lot studded with big, mature oak trees. The existing Bellaire Town Center has all the trappings of a shopping center built in another era: a two-story property with a microscopic set-back from South Rice Avenue. Most of the tenants interviewed recently say they would ... Read More »

Realty News Report Editor Wins NAREE Award for Real Estate News Coverage

DENVER – Realty News Report Editor Ralph Bivins has been named a winner in the National Association of Real Estate Editors’ 67th Annual Journalism Awards. Bivins was recognized for his work in social media with tweeting. “A visual buffet of news and features, ranging from office vacancy rates in Houston to the future of the Astrodome, highlighted this entry. The tweeter drew ... Read More »

Nation’s Home Prices of a Rising Trend Amid Tight Supply, Says Harvard State of Nation’s Housing Report

DENVER — After nearly a decade of anemic appreciation, home prices across America are on the rise, fueled by strong demand and lessening supply, according to the State of the Nation’s Housing study by the Joint Center for Housing Studies of Harvard University released Wednesday during the 51st conference of the National Association of Real Estate Editors (NAREE) in Denver. Chris Herbert, the Center’s managing ... Read More »

The Top 10 Issues Affecting Real Estate: CRE Chair Tells NAREE Political Polarization, Immigration Among Big Issues Facing Realty

DENVER – Global uncertainty and political polarization are expected to heavily impact the real estate sector this year and next, according to The Counselors of Real Estate (CRE), the invitation-only professional association for the industry’s real estate advisors. “Real estate is impacted as uncertainty about changes to trade, travel and immigration policy threaten cross-border investing, hospitality properties, retail and manufacturing ... Read More »

Realty Record: May was Strongest Month Ever for Home Sales in Houston – More Than 8,000 Homes Sold

HOUSTON – May was a record-setting month for single-family home sales in Houston as 8,156 houses were sold – the highest monthly sales total in the history of Houston real estate, according to the Houston Association of Realtors. The May sales total represented an 11.5 percent increase over May of 2016, HAR reported. “The Houston housing market had another strong ... Read More »

First Multifamily Deal in Three Years: West Texas Apt. Project Sells as Rig Count Rises in Permian Basin

ODESSA, Texas – A 300-unit apartment project has been sold in Odessa, the first significant multifamily deal in this West Texas oil patch city in three years. Florida-based A&R Management bought the Faundee Ranch Apartments, which were constructed in 2014. The seller was the developer, a Houston-based joint venture between Juniper Investment Group and Ascension. Bart Wickard of ARA Newmark  ... Read More »

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