Thursday , 2 July 2015
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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 »

286-Acre Project Underway Near The Woodlands

THE WOODLANDS, Texas – A new master-planned community called Lakes at Creekside is under construction on a 286-acre tract north of Houston, near The Woodlands. David Alexander, vice president of Newcor Commercial Real Estate, worked with 14 landowners for more than three years to assemble the 286-acre parcel, near the southwest corner of Kuykendahl and Hufsmith roads. When completed, the ... Read More »

Kinghorn Driver Takes Galleria Area Space

HOUSTON – Q10 Kinghorn, Driver, Hough & Co. , one of the oldest commercial real estate firms in Texas, has relocated its offices to the 2000 West Loop South building in the Galleria area. “The Galleria remains a high-demand market and this building has a lot to offer at a reasonable rate,” said Ray Driver, a principal with the firm. “The ... Read More »

Rockspring Sells Tract Near Houston Heights

HOUSTON – Rockspring Capital, a Houston-based, real estate investment firm, has sold its 4-acre site at the corner of Yale Street and North Loop 610 in the Garden Oaks and Greater Heights neighborhoods. The location is situated among multiple single-family and commercial developments four miles northwest of downtown Houston. The property itself is a redevelopment parcel, which is unique to ... Read More »

Standard Pacific Homes and Ryland to Merge to Form Fourth Largest Home Builder

IRVINE and WESTLAKE VILLAGE, Calif. — Standard Pacific Corp. The Ryland Group and planning to merge in a $5.2 billion deal that will make the combined home building firm the fourth largest home builder in the nation. The builders announced Sunday night that their respective boards of directors have unanimously approved a merger agreement. The companies characterized the transaction as a “merger ... Read More »

Canadian Firm Buys GEICO Building Near Houston’s Energy Corridor

HOUSTON – Nicola Crosby Real Estate, a Canadian investor, purchased Mason Creek I, a two-story 135,716-square-foot office building in west Houston near the Energy Corridor and the suburb of Katy. The building, which fetched a $39 million sales price,  is fully leased by GEICO. Holliday Fenoglio Fowler marketed the property on behalf of the seller, a Boston-based institutional real estate ... 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 »

Sold: The Biggest Warehouse in New Orleans

NEW ORLEANS – Cushman & Wakefield has brokered the sale of what is believed to be the largest warehouse in New Orleans. The price was $15.5 million. With occupancy of 96 percent, the 1420 Sams Avenue building is a 358,060-square-foot distribution building in New Orleans’ Elmwood Business Park. The seller, Columbis Nova, was represented by Cushman & Wakefield’s Mike David, ... Read More »

With Track Record for Accuracy, Marcus & Millichap Forecasts 50,000 New Jobs for Houston

HOUSTON – Marcus & Millichap, which has a track record for accurate economic forecasting, is projecting Houston will gain 50,000 new jobs in 2015. While the drop in oil prices and the layoffs in the energy industry has sobered the Houston economic outlook, the realty market has held up fairly well in 2015. The dire forecasts of local economists just ... Read More »

Houston Home Prices Hit an All-Time High

HOUSTON – Houston home prices have reached an all-time high as the median home price hit $233,000 in May, the Houston Association of Realtors reported. The low inventory of homes for sale has driven Houston home prices upward sharply for the last two years. The median price – the midpoint where half the homes for more and half for less ... Read More »

Silverwest Buys San Antonio Hotels

SAN ANTONIO – Silverwest Hotels, LLC purchased a select-service hotel portfolio of three hotels totaling 313 rooms in San Antonio. Silverwest Hotels, LLC is a joint venture by Mariner Real Estate Management based in Kansas City; Silverwest Hotel Partners, LLC and an affiliate of Global Endowment Management based in Charlotte, N.C.  The Silverwest joint venture was founded in 2014 by ... Read More »

Henry Cisneros Firm Sells Three Multifamily Projects for $153 Million

LOS ANGELES — CityView,  an multifamily firm founded by former San Antonio mayor Henry Cisneros, has sold three multifamily rental properties in the Los Angeles area for $153 million. The Venue, a 147-unit multifamily complex in Woodland Hills, sold for $38 million. The Enclave, a 306-unit multifamily project in Paramount, Calif., sold for $61.2 million. The 251-unit Torrey Pines, in West Covina ... Read More »

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