Sunday , 8 December 2019
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A New Trend: The Ground-Sale Leaseback is Sweeping the Country

SOUTHLAKE, Texas – (Realty News Report) – A new Westin hotel will be built in North Texas, demonstrating a new trend – the ground-sale leaseback, CBRE reports. The ground-sale leaseback structure is quickly gaining popularity because it lowers equity requirements for developers and hoteliers. SRH Hospitality, led by Jerry Crenshaw, is developing the 261-room Westin Southlake near Highway 114 and ... Read More »

Tampa Firm Buys Two Multifamily Projects in Houston

HOUSTON – (Realty News Report)– American Landmark Apartments has acquired the 234-unit Newport on the Lake and 250-unit Harbor View Apartments in Houston. The properties will undergo a combined $5.9 million capital improvements program and be renamed Lakefront Villas and The JaXon, respectively. The acquisitions raise Tampa-based American Landmark’s portfolio of properties in Texas to 38, with 14 properties in ... Read More »

Austin Firm Buys Energy Corridor Project

HOUSTON – (Realty News Report) – F&B Capital has acquired Alexan Enclave, a 354-unit apartment community located in West Houston’s Energy Corridor. JLL marketed the property on behalf of the seller, Trammell Crow Residential and Cigna Investment Management. F&B Capital, an Austin-based real estate investment firm, purchased the project free and clear of existing financing. Additionally, JLL worked on behalf ... Read More »

Houston has 51 Million Square Feet of Vacant Office Space – Can It Ever Be Filled?

HOUSTON – (Realty News Report) – Houston has 51.1 million SF of vacant office space, according to a third quarter report by NAI Partners. The city’s office vacancy problem was amassed following an energy industry downturn and layoffs in the energy workforce. Houston, which has a total of 236 million square feet of existing office space, has a 21.6 percent ... Read More »

ClearWorth Buys Houston Project; Says it is Looking for More

HOUSTON – (Realty News Report) — ClearWorth Capital has acquired the 260-unit Steeplecrest Apartments in the Jersey Village area of Northwest Houston. Steeplecrest will be the thirteenth renovation undertaken by ClearWorth Capital. ClearWorth is teaming up with Houston-based NOI Property Management, continuing a partnership between the two companies. ClearWorth Capital, based in Addison, Texas, said it “is seeking value-add multifamily opportunities” throughout the Lone Star State, ... Read More »

NIT Industrial Buys Building Adjacent to Amazon Facility

HOUSTON – (Realty News Report) – NIT Industrial has acquired a 151,260-SF distribution building near Highway 290 in Northwest Houston. The building, 12614 Hempstead Highway, is adjacent to an Amazon facility. The seller, STAG Houston 3, LP was represented by Ryan Byrd and Walker Barnett of Colliers International. Jason Tangen, also with Colliers International, represented the buyer, NIT Industrial. NIT Industrial purchased ... Read More »

Prologis Buying Liberty Property Trust for $12.6 Billion

HOUSTON – (Realty News Report) – Prologis Inc., one of the world’s largest industrial real estate companies, has agreed the to acquire Liberty Property Trust in a $12.6 billion all-stock transaction. The companies both have large holdings in Houston. The Houston office of Prologis has a 18.5 million SF portfolio and Liberty controls 69 buildings with 10.4 million SF in ... Read More »

Best Seller: Q&A with Bill Brownfield, Author of a Commercial Real Estate Classic

HOUSTON – (Realty News Report) – The devil, they say, is in the details, and no one is more aware of that than Bill Brownfield. Along with Larry Mayerhofer (CPA), Brownfield co-authored The Escalation Handbook for Office Buildings, first published by the Building Owners and Managers Association (BOMA) in 1991. The book remains very popular with property managers, property accountants and ... Read More »

Hines Partnership Acquires the Tallest Office Tower in Texas

HOUSTON – (Realty News Report) – Hines, in partnership with Cerberus Capital, has acquired the 600 Travis building, a 75-story office property known as the tallest tower in Texas. The sales price was not disclosed. But, according to Real Estate Alert, the price was estimated to be around $627 million or $300 per SF in a recent report. The sale also includes the adjacent ... Read More »

PNC Bank Leases 59,000 SF of Office Space in New Braunfels – with 500 Employees

NEW BRAUNFELS, Texas – (Realty News Report) – PNC Bank has leased Parkview Plaza, a new 58,574 SF class A office building in New Braunfels. San Antonio-based Koontz Corp. developed the building and is developing a 47,000-SF office building nearby. Pittsburgh-based PNC Bank one of the largest diversified financial institutions in the U.S., will use the building as its new operations ... Read More »

KHOU’s Big Lease – Plus a $10 Million Redo – Generates Upswing at Westheimer Office Tower

HOUSTON – (Realty News Report) – The arrival of flood-impacted KHOU-TV Channel 11 as a key tenant – along with a hefty $10 million renovation budget – has triggered new leasing activity in the 5718 Westheimer office tower near the Galleria. CBRE’s Marilyn Guion and Parker Duffie have inked over 18,000 square-feet in recent leases. “The KHOU-TV station lease was a significant win ... Read More »

People in Real Estate – Promotions, Hiring and Advancement

NAI Partners’ Landlord Services Division has hired veteran Houston office leasing executive David Bateman as Senior Vice President – Office Project Leasing. He has been with Hartman REIT. Jay Kraft joined Arch-Con Corp. as senior vice president of office and corporate interiors. Paul Layne was named CEO of Howard Hughes Corp., which relocated its headquarters to The Woodlands. David Weinreb, formerly CEO,  has ... Read More »

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