Texas

NAI Partners Arranges Sale of 151,835 SF Office Building in Houston

by Taylor Williams March 9, 2018

HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.

March 9, 2018

Cushman & Wakefield Brokers Sale of 61,082 SF Medical Office Building in Metro Houston

by Taylor Williams March 9, 2018

KATY, TEXAS — Cushman & Wakefield has brokered the sale of Katy Medical Arts Center, a 61,082-square-foot medical office building in Katy. The property was 100 percent leased at the time of sale to local and national medical practices spanning a variety of disciplines. Katy Med-Arts Partners Ltd., a partnership of 20-plus physicians associated with practices in the building, sold the property to a private equity-backed investor for an undisclosed price. Gino Lollio and Scott Niedergang of Cushman & Wakefield brokered the transaction.

March 9, 2018

Office Texas

Tech Startup Expands to 5,400 SF Office Space in Downtown Houston

by Taylor Williams March 9, 2018

HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.

March 9, 2018

Market Reports Office Texas Texas Market Reports

New Breed of Millennials, Adaptive Reuse Drive San Antonio’s Office Market

by Taylor Williams March 9, 2018

Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …

March 9, 2018

Industrial Texas

CARDONE Industries Underway on $50M Distribution Center in Harlingen

by Taylor Williams March 8, 2018

HARLINGEN, TEXAS — CARDONE Industries, a Philadelphia-based remanufacturer of car parts, is underway on a $50 million distribution center within Harlingen Industrial Park in the Rio Grande Valley. The facility will span 920,000 square feet upon completion, which is slated for December. The project became the largest industrial development to ever break ground in Harlingen when construction began in December 2017. Operations at the facility are expected to begin over the summer.

March 8, 2018

Office Texas

Harvey Builders Completes 860,000 SF Office Building in Houston

by Taylor Williams March 8, 2018

HOUSTON — Houston-based general contractor Harvey Builders has completed Amegy Bank Tower, an 860,000-square-foot office building located within the Post Oak office development in Houston. Hines developed the 23-story, Class A building, which consists of 15 floors of office space situated atop an eight-story parking garage. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project. The building will serve as the new headquarters of Houston-based Amegy Bank.

March 8, 2018

Multifamily Texas

Oden Hughes Breaks Ground on 300-Unit Apartment Community in South Austin

by Taylor Williams March 8, 2018

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on a 300-unit apartment community on 14.6 acres at 135 Foremost Drive in south Austin. The community, which is scheduled to open in 2019, will offer one-, two- and three-bedroom units as well as two-bedroom townhomes. Rents are expected to range from roughly $1,127 per month to just under $2,000 per month. Amenities will include a resort-style pool with two cold spas and cabanas, a 24-hour fitness center, a sky lounge and a dog park. The project marks the sixth community that Oden Hughes has built in south Austin in as many years. This community has yet to be branded.

March 8, 2018

Texas

Wolff Cos. to Develop 84-Acre Cricket Complex in Houston

by Taylor Williams March 8, 2018

HOUSTON — Wolff Cos. will develop Prairie View Cricket Complex, an 84-acre athletic facility that will be located at the interchange of U.S. Highway 290 and Liendo Parkway in Houston. In January, Wolff sold the 68-acre Liendo Park and an adjoining 16-acre tract to Houston businessman Tanweer Ahmed, who plans to have two cricket fields ready for play next month and all 12 to 14 fields ready by the second quarter of 2019.

March 8, 2018

Loans Multifamily Texas

LMI Capital Arranges $6M Acquisition Loan for Apartment Community in Houston

by Taylor Williams March 8, 2018

HOUSTON — LMI Capital has arranged a $6 million loan for the acquisition of a 100-unit apartment community in the Heights area of Houston. The loan featured a fixed 4.76 percent interest rate and a 10-year term. Jamie Safier of LMI Capital placed the loan on behalf of the undisclosed borrower. The lender and the name of the property were also withheld.

March 8, 2018

Office Texas

Hines Completes 48-Story Office Tower in Houston’s CBD

by Taylor Williams March 7, 2018

HOUSTON — Hines has completed 609 Main at Texas, a 48-story office tower in Houston’s CBD. The Class A property totals 1.85 million square feet and features 28,000-square-foot flexible floor plates, under-floor HVAC systems and floor-to-ceiling glass. In addition, the podium of the building allows for concealed parking for 1,500 vehicles. Amenities include a café, fine dining restaurant, a shared conference facility and a fitness center. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project and Harvey Builders served as general contractor. The property will serve as the regional headquarters for United Airlines, which will bring approximately 1,400 employees from other offices into the building.

March 7, 2018

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