Realty News Report Covering Commercial and Residential News
HOUSTON — (By Dale King) – The housing and neighborhood location choices of immigrants will have a significant impact on urban growth in the US for decades to come, particularly as more foreign-born residents seek to own homes in suburban communities, says new research from the Urban Land Institute’s Terwilliger Center for Housing. The data are contained in a report called ... Read More »
Class C Multifamily Purchased by PPA Group and Israeli Investors
HOUSTON – The PPA Group of Austin, in partnership with an Israeli investment group, has acquired the 236-unit Citation North Apartments on Highland Cross Drive in north Houston. Grandbridge Real Estate Capital facilitated the deal for the Class C project. Under its new ownership, the property will be renamed Highland Cross Apartments. “The current economic climate is driving a need for ... Read More »
Site Work Begins on Massive Amazon Project, Says Growth Hunter Chris Caudill
HOUSTON – (By Michelle Leigh Smith) – Land is being cleared for one of the Houston area’s biggest warehouses and job-growth projects so far in 2017 – the 1 million SF Amazon distribution center in Katy, says Chris Caudill of NAI Partners. For Amazon, it’s a place where 1,000 new employees will handle products and packages for distribution. For Caudill, ... Read More »
Parkway Finalizes $512 Million Greenway Plaza Deal
HOUSTON – Parkway Inc. has finalized the sale of a 49 percent stake in its Greenway office portfolio for $512 million or $210 per SF. Parkway sold off a stake in a 5 million-SF, 11-building office campus near Buffalo Speedway and the Southwest Freeway in Houston’s Inner Loop. It includes the 10-building Greenway Plaza development and the adjacent 630,000-SF Phoenix ... Read More »
Texas Leads the Nation in Warehouse and Retail Construction; No. 2 in Office
HOUSTON – (By Dale King) – Texas leads the nation in commercial development of warehouse, flex and retail real estate space, according to a study by the NAIOP commercial real estate organization. The Lone Star State comes in second for office development behind New York, and finishes Number 2 overall (ranking for all 50 states), slightly outdone again by the ... Read More »
Pair of Bellaire Office Buildings Sold
BELLAIRE, Texas – CBRE Capital Markets arranged the sale of Bellaire Atrium I and II, a pair of six-story office buildings on Loop 610 in Bellaire, near Fournace Street. SLS Properties purchased both office buildings, located at 5909 and 5959 West Loop South in Bellaire, Texas, from 5909-5959 Realty, Ltd., an entity affiliated with Braun Enterprises. The buildings contain a total of 152,304 ... Read More »
The ‘Green Shoots’ of Recovery Emerging in Houston Office Market, CBRE Says
HOUSTON – Houston office vacancy rate is high, but office construction is dwindling and the big supply of sublease space is gradually fading, according to CBRE. “The worst is behind us,” said Cody Armbrister, senior managing director of the Houston office of CBRE, at a press briefing Wednesday. The “early green shoots” of recovery are beginning to emerge, he said. ... Read More »
BLVD Place Mixed-Use Development in Uptown Houston Being Sold to Whitestone REIT
HOUSTON – Houston-based Whitestone REIT, a community-centered retail real estate investment trust (REIT) whose properties are primarily in business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, is buying BLVD Place in Houston’s Uptown Houston area. Whitestone is purchasing the 216,944 square foot Class-A lifestyle center on Post Oak Boulevard — anchored by a Whole Foods — as well as 1.43 ... Read More »
NAI: Industrial Buildings Sold
HOUSTON – NAI Partners has brokered the sale of two buildings, totaling 54,740 SF, in the Pineway Business Park located at 13230 & 13240 Hempstead Hwy in Houston. The buildings are located in Northwest Houston, near Highway 290, one of Houston’s primary industrial/warehouse corridors. Additionally, NAI represented KP Westway LLC in brokering the sale of 62,210 SF of industrial flex ... Read More »
TriGate Buys Major Retail Center in Fort Bend County
HOUSTON – Holliday Fenoglio Fowler, L.P. has closed the sale of First Colony Commons, a 410,121-SF retail center with multiple big box tenants in the Houston suburb of Sugar Land. HFF represented the seller, Chicago-based Covington Realty Partners. Dallas-based TriGate Capital purchased the property for an undisclosed price. Additionally, working on behalf of the new owner, HFF placed the five-year, ... Read More »
The “Missing Mile” in the Energy Corridor is Finally Complete
HOUSTON – The “Missing Mile” roadway in the Energy Corridor has been completed. The “Missing Mile” is a recently constructed stretch of Park Row, a street that runs parallel to Interstate 10 in west Houston. “The completion of Park Row not only represents a dramatic improvement in transportation in West Houston, but also Houston’s can-do attitude. This was a very ... Read More »
Expansion Era: Q&A with New Arch-Con President Jason Cooper
Houston’s real estate market has seen better times but Houston-based Arch-Con Construction is not feeling the effects since they have diversified across product types and into other metropolitan areas. Headed by CEO Michael Scheurich, Arch-Con has nearly 4 million-square-feet of commercial projects currently under construction with a projected revenue of $300 million for 2017, a 33 percent increase over last year. In Houston alone, the ... Read More »
