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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 »

Houston Medical Office Portfolio Sold for $58 Million

HOUSTON – Everest Medical Properties, in conjunction with a pension fund, has acquired three medical office properties in Fort Bend County, near Houston, for $58 million. Institutional Property Advisors a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of the portfolio of fully leased medical office properties – Memorial Hermann Surgical ... Read More »

Daikin’s New HVAC Plant – 94 Acres Under Roof, 22 Assembly Lines and a Work Force that May Swell to 6,000 in the Future

WALLER, Texas – (By Dale King) – On a lofty stage, amidst a flurry of confetti, executives from Goodman Global Group, a North American subsidiary of Daikin Industries, Ltd., recently cut a long, blue-and-white ribbon to signal the official opening of its expansive, new indoor heating and cooling systems and refrigerants manufacturing plant here in Waller, a Houston suburb of ... Read More »

7-Story Buffalo Heights Mixed-Use Project Under Construction in Houston

HOUSTON – Midway, a Houston development firm, has started construction near The Heights on a 7-story mixed-use building, anchored by urban-influenced H-E-B grocery. The project, owned by the Gordy family interests, is phase one of the Buffalo Heights District, a new development located on Washington Avenue between South Heights Boulevard and Studemont Street. “We’re marking a significant milestone for Buffalo ... Read More »

Average Monthly Rent for Houston Apartment Down $38 Over Last Year

HOUSTON – (By Dale King) – The average rent for an apartment in Houston has dropped $38 a month over the last 12 months, says a report by the Axiometrics, multifamily data firm. The cost of an average rental unit in Houston was $1,060 a month in March down from the $1,098 recorded in March 2016, the Axiometrics report says. ... Read More »

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