Monday , 24 February 2020
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Exxon Mobil Moving 2,000 to Houston from Fairfax, Va. and Akron

By Ralph Bivins HOUSTON – Exxon Mobil will relocate 2,000 employees from Fairfax, Va. and Akron, Ohio, to its new 385-acre corporate campus which is under construction on the north side of Houston, the energy firm announced in a press release. Some 10,000 Exxon Mobil employees will work at the new corporate campus, about 8,000 of them relocated from other ... Read More »

Spec Office Project Under Construction In Houston’s Energy Corridor

By Ralph Bivins HOUSTON — With no tenants signed, Myers Crow & Saviers, Ltd., will begin construction on the 135,000-square-foot Mason Creek Office Center near Interstate 10 west of Houston in the red-hot Energy Corridor office market. West Houston, along Interstate 10 is known as the Energy Corridor because scores of energy related companies and engineering firms involved in drilling ... Read More »

Magic Johnson Group Developing 257-Unit Apartment in Austin

AUSTIN — Forestar Group has formed a venture with Magic Johnson’s Canyon-Johnson Urban Funds for development of a downtown multifamily community located in Austin. The project, to be called Eleven, is at the southeast corner of East 11th Street and Interstate 35. Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure. The ... Read More »

Weingarten Leaves the Warehouse Business, Selling 52 Properties for $382 Million

HOUSTON -Weingarten Realty Investors, a Houston-based REIT, has sold 52 industrial properties for $382.4 million, enabling Weingarten to focus solely on shopping centers. “The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the ... Read More »

Lehman Bros. Buys Remainder of Archstone

NEW YORK – Bank of America and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, an apartment firm, for a purchase price of $1.58 billion to Lehman. Bank of America and Barclays will pay an ... Read More »

Historic St. Anthony Hotel of San Antonio Sold

SAN ANTONIO – The St. Anthony Hotel, a 352-room, historic hotel in San Antonio, has been purchased by San Antonio-based BC Lynd, which will spend $24 million to renovate the 103-year-old property. The St. Anthony Hotel is located at 300 East Travis Street at the intersection of Navarro Street in downtown San Antonio.  The 10-story property offers 22 meeting rooms ... Read More »

Centennial Buys Retail in North Texas

NORTH RICHLAND HILLS, Texas  – Centennial Real Estate bought The Crossing, a 247,720-square-foot community center located in North Richland Hills, Texas. The Crossing is anchored by Kohl’s and shadow anchored by a Kroger Signature store. It is positioned at the northwest corner of the intersection of Grapevine Highway and the newly-widened Precinct Line Road, and lies within the civic core ... Read More »

Hines/Ivanhoe Cambridge JV to Build 45-story Tower in Chicago

CHICAGO – Ivanhoé Cambridge, one of the 10 largest real estate companies in the world, announce that  $300 million will be spent to build a 45-story office tower in the West Loop in downtown Chicago. The tower, River Point, is being developed by co-investor and international real estate firm Hines, on land co-owned by local business leader Larry Levy. The investment ... Read More »

Deal Sikes: ‘Unprecedented’ Eminent Domain Play in NW Houston

HOUSTON — Deal Sikes & Associates, a Houston real estate valuation firm, has performed extensive valuations for a massive property acquisition project that will widen Interstate 610 along a stretch of urban freeway known as the West Loop North. The Texas Department of Transportation is acquiring 73.4 acres along Houston’s West Loop near US Highway 290. “This unprecedented expansion of ... Read More »

Insurance Companies Make Major Realty Buys

Insurance firms are on a commercial realty buying spree, according to an article by Ben Johnson on Major deals include: 1. Metropolitan Life purchase of  Reynolds Plantation 70 miles east of Atlanta, which includes The Ritz-Carlton Lodge, six  golf courses, four  marinas and nearly 5,000 acres of undeveloped golf and waterfront property. 2. Prudential Real Estate Investors,  in a joint ... Read More »

Bass Brother Starts 3 Mixed-Use Buildings in Downtown Ft. Worth

FORT WORTH – Sundance Square has started work on three new buildings in the center of the 35-block office, retail, and entertainment district in downtown Fort Worth. The building names were also revealed and in keeping with Sundance Square’s heritage, the new buildings will be known as The Commerce Building located at 420 Commerce Street; The Westbrook situated at 425 ... Read More »

Prediction: Home Prices to Rise Significantly

By Ralph Bivins Houston home prices will increase over the next couple of years as the city’s economy adds new jobs while home inventory shrinks, Houston economist Ted C. Jones predicted at an economic forecast luncheon. “We have the highest home prices in the history of Houston, Texas. The market is back,” Jones said. Jones, speaking at the Spring Symposium ... Read More »

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