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Category Archives: Trades

Hines Buys Archstone Stake in DC Project

WASHINGTON, D.C. – The Washington D.C. office of Hines announced the acquisition of the ownership interest of their partner, Archstone, in the mixed-use CityCenterDC project that is currently under construction in downtown Washington, D.C. The acquisition of Archstone’s interest in CityCenterDC was completed in connection with the acquisition by Equity Residential and AvalonBay Communities of Archstone Enterprises LP. The Hines ... Read More »

Shorenstein Buys Exxon Mobil Tower for $50 Million

By Ralph Bivins HOUSTON – Shorenstein Properties has acquired the 45-story Exxon Mobil building in downtown Houston for a redevelopment that will restore the property to Class A status. The Exxon Mobil building, located at 800 Bell at Travis, was built in 1962 as the headquarters of Humble Oil & Refining, a predecessor to Exxon Mobil. The sales price was ... Read More »

Wells REIT Buys San Fran Tower

SAN FRANCISCO – Wells Real Estate Investment Trust II has acquired 333 Market Street, a 33-story office tower in the heart of San Francisco’s Financial District. The Class A asset was purchased from the Korean Federation of Community Credit Cooperatives.  The 657,000-sf building, constructed in 1979, has undergone over $80 million in capital investments and tenant improvements over the past ... Read More »

Houston Office Property Sells for $124 Million

HOUSTON – Parkway Properties purchased Phoenix Tower, a 626,000-sf office building in Houston’s Greenway Plaza area, for $123.8 million, or $198 per square foot. Phoenix Tower was built in 1984 and fully renovated in 2011. It is a LEED Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage. The building is currently 84.5% leased with ... Read More »

Shorenstein Eyes Exxon Mobil Tower in Downtown Houston

By Ralph Bivins HOUSTON – Shorenstein Properties of San Francisco is negotiating to buy the 1.1 million sf Exxon Mobil tower at 800 Bell in downtown Houston. The oil company is selling the 44-story tower in conjuction with its plan to relocate some 11,000 employees to its 385-acre corporate campus in Houston’s northern suburbs. Shorenstein is expected to pay around ... Read More »

Embrey Buys 29 acres in San Antonio for New Multi-Family Project

SAN ANTONIO – San Antonio-based apartment developer Embrey Partners, Ltd. has closed on a new urban infill site, located on West Avenue along the Wurzbach Parkway extension in north central San Antonio. Groundbreaking on the 29-acre site will begin in mid-November 2012, with the first apartment residents beginning in early 2014. The 360-unit project will feature floor plans ranging from 613 square feet ... Read More »

Hines/Oaktree Venture Buys Vegas Buildings for $120 Million

LAS VEGAS — The Houston-based Hines real estate firm and Oaktree Capital Management of Los Angeles had purchase 32 buildings in Las Vegas for $120 million or $109 per sf, according to Real Estate Alert. The buildings are in the Summerlin master-planned community, one of the largest projects in the nation. Located on 13 separate campuses in Summerlin, the institutional-quality ... Read More »

Tamlyn Brokers Sale of Northline Retail in Houston

HOUSTON –Northline Commons, a 478,584-sf retail power center in Houston, has been sold, according to HFF. Northline Commons is a redevelopment of the Northline Mall that was originally built in the 1960s. Completed in 2009, the new center is 86 percent leased and anchored by Marshalls, Ross Dress for Less, Burlington Coat Factory, Conn’s and Palais Royal. The property is ... Read More »

Thomas Properties and CalSTRS Buy 3 Million-SF Austin Portfolio

AUSTIN – Thomas Properties Group and California State Teachers’ Retirement System (CalSTRS) have jointly acquired an eight-building, 3 million-sf portfolio of office properties in downtown and suburban Austin. The Austin portfolio includes five downtown Austin properties known as Frost Bank Tower, 300 West 6th Street, One American Center, San Jacinto Center and One Congress Plaza, as well as three suburban ... Read More »

Beacon Buys 3 Buildings in Houston’s Energy Corridor

HOUSTON – Beacon Investment Properties purchased a three-building office portfolio totaling 566,308 square feet in Houston’s Energy Corridor. HFF marketed the property on behalf of sellers Falcon Southwest and CarVal Investors. The portfolio consists of three “best of class” Class B, multi-tenant office buildings located in Houston’s Energy Corridor at the intersection of Interstate 10 and Dairy Ashford Road across ... Read More »

1 Million SF Portfolio Sold in Houston

HOUSTON– Mayfield Properties purchased a 1 million-sf industrial portfolio in Houston. The seller was DCT Industrial Trust Inc. The  13-property portfolio is 98 percent occupied by 46 tenants. The properties are:  Corporate IV      12603, 12613 Executive; 79,252 sf; Stafford Julie Rivers at 505, 525 Julie Rivers Rd. and 12505      Reed Rd.; 219,703 sf; Sugar Land Greenbriar at 4000 ... Read More »

Magic Johnson Group and Midway Buy Downtown Houston Project

By Ralph Bivins Canyon-Johnson, a group headlined by former Los Angeles Lakers star Magic Johnson, and Houston-based developer Midway have acquired the Houston Pavilions mixed-used project in downtown Houston. The 560,000-sf project, built in 2008, covers several blocks near the intersection of Fannin and Dallas streets. The property, developed with government assistance designed to enhance downtown, was taken into receivership last ... Read More »

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