Texas

ARA BROKERS SALE OF FAIRFIELD CREEK IN HOUSTON

by admin July 22, 2013

HOUSTON — ARA has arranged the sale of Fairfield Creek, a 696-unit multifamily community in Houston's Gulfgate submarket. The property was 93 percent occupied at the time of sale. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA represented the seller, Harbor Group International, a Norfolk, Va.-based real estate investment company, in the transaction. RB Associates, a Houston-based multifamily owner/operator, purchased the property and plans to divide the asset into two separate apartment communities, complete interior upgrades and raise rents by $50 to $75 per month. The property features four swimming pools, four spas and a jogging trail.

July 22, 2013

GAIA, GRAND CHINA FUND ACQUIRE METRO HOUSTON APARTMENTS

by admin July 22, 2013

PEARLAND, TEXAS — Gaia Real Estate Investments has partnered with Grand China Fund to acquire Whispering Winds, a 286-unit apartment community in Pearland. The property was built in 1986 and renovated in 2005. Gaia intends to renovate the property's common areas, amenity package and apartment units. Whispering Winds' amenities include two swimming pools, courtyards, barbecue grills, laundry facilities, clubhouse and business center, playground, dog park and lighted tennis court. Gaia owns 6,548 apartment units in 23 properties in Houston, Dallas and Corpus Christi.

July 22, 2013

Office Texas

FLEX OFFICE BUILDING IN HOUSTON SELLS

by admin July 22, 2013

HOUSTON — Moody Rambin has arranged the sale of a 8,354-square-foot office/industrial building, located at 6807 Wynnwood Lane in Houston. Christopher Dray of Moody Rambin represented the seller, The Daily Court Review, in the transaction. Steven O'Connor of Southwest Realty represented the buyer, Matex Property Group LLC. The property served as The Daily Court Review's corporate headquarters until last year when it moved to 8 Greenway Plaza.

July 22, 2013

Market Reports Texas Texas Market Reports

Houston's Retail Market Benefits from Strong Economy

by admin July 22, 2013

The Houston metro retail market is attracting retailers and investors from across the world because of its booming economy and impressive job growth, primarily in the energy and healthcare sectors. Since 2012, Houston’s local employment has grown, on average, around 4 percent year over year. As developers continue building and leasing large office and medical developments, notably in The Woodlands and Energy Corridor, retail space has been and will continue to be in high demand. ExxonMobil is currently developing its 385-acre campus near the intersection of Interstate 45 and the Hardy Toll Road in The Woodlands. The development alone has more than 3,000 workers on site every day. With completion slated for 2015, nearly 10,000 workers will re-locate to the campus from the Houston area, as well as from Virginia and Ohio. Another notable development recently announced is ConocoPhillips’ 850,000-square-foot lease of Trammell Crow’s Energy Center Three and Four in the Energy Corridor. Energy Center Three, with expected occupancy in the second quarter of 2015, and Energy Center Four, with expected delivery in the second quarter of 2016, will house approximately 2,100 employees in the submarket. In addition to ConocoPhillips, The University of Texas MD Anderson recently acquired approximately 35 …

July 22, 2013

Retail Texas

MCCARTHY COMPLETES AT&T PERFORMING ARTS CENTER INFO CENTER

by admin July 19, 2013

DALLAS — McCarthy Building Cos. Inc. has completed the AT&T Performing Arts Center Information Center, a 1,800-square-foot facility located on the west end of Sammons Park in the Dallas Arts District. Foster + Partners is the architect for the project. The facility features a box office, AT&T Experience Wall and a café operated by Pearl Cup Coffee. Justin Nunn of McCarthy is the project manager.

July 19, 2013

Industrial Texas

CBRE BROKERS SALE OF AUSTIN INDUSTRIAL PORTFOLIO

by admin July 19, 2013

AUSTIN, TEXAS — CBRE has brokered the sale of Austin Industrial Park and Wall Street Business Park, two complexes totaling 163,750 square feet, to Industry Capital Advisors LLC. Austin Industrial Park is a 93,750-square-foot, 54-unit complex located at 5214 Burleson Road in Austin’s Southeast submarket. The property is currently 84 percent occupied. Wall Street Business Park is a 70,000-square-foot, 44-unit complex located at 8900-8906 Wall St. within the Walnut Creek Business Park in Austin. The property is currently 81 percent occupied. Mark Emerick and John Barksdale of CBRE represented the seller, RLA Real Estate.

July 19, 2013

Industrial Texas

COBALT INDUSTRIAL REIT III PURCHASES 96,285 SF WAREHOUSE

by admin July 19, 2013

HOUSTON — Cobalt Industrial REIT III has purchased a 96,285-square-foot warehouse facility at 14516 Heathrow Forest Parkway. John Ferruzzo of NAI Houston and Michael Morgan of Interstate Tenant Advisors represented the seller, Primesource Building Products, in the transaction. Ed Bane and Jon Michael, also of NAI Houston, represented the buyer.

July 19, 2013

Retail Texas

STOCKDALE INVESTMENT BUYS THE SHOPS OF HIGHLAND PARK

by admin July 19, 2013

DALLAS — Stockdale Investment Group has purchased The Shops of Highland Park, a 45,000-square-foot retail property located at 4200 Oak Lawn Ave. in Dallas. The center is home to retailers and restaurants including La Duni, Carbone’s, Flywheel and The Dry Bar. The property also includes an adjacent 50,000-square-foot parking lot. The Shops of Highland Park has undergone two major renovations since its original development in 1940. The seller was Corrigan Properties, the original owner of The Shops for more than 70 years.

July 19, 2013

Office Texas

TWO NEW TENANTS MAKE 2100 ROSS THEIR HQ

by admin July 19, 2013

DALLAS — Netherland, Sewell & Associates Inc. (NSAI) and Turner Construction Co. have signed leases with Cousins Properties Inc. at 2100 Ross, an 844,000-square-foot, Class A office tower located at Ross Avenue and Pearl Street in the Dallas Arts District. The two leases will total 90,000 square feet and take up three floors of the 33-story building. The property is currently 81 percent occupied, and 130,000 square feet of the complex is still available for lease. Construction is currently underway on new amenities, such as a complimentary Pulse Fitness center, an improved conference center, updated common areas in the lobby and restaurant improvements. Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield represented 2100 Ross in the two lease deals. Sanders Thompson and Alan Harrington of Transwestern represented NSAI, and Phil Puckett and Harlan Davis of CBRE represented Turner Construction.

July 19, 2013

Multifamily Texas

BALFOUR BEATTY TO DEVELOP 514-BED RESIDENCE HALL

by admin July 18, 2013

STEPHENVILLE, TEXAS — Balfour Beatty has entered into an agreement to develop a 514-bed, four-story student housing project located adjacent to the University Dining Center on Tarleton State University’s main campus in Stephenville. Tarleton State is a member of the Texas A&M University System. BOKA Powell Architects is in charge of design. Balfour Beatty Campus Solutions is the lead developer on the $25 million project, and Balfour Beatty Construction will act as construction partner. The university will operate and maintain the building, which includes management of all resident activities. The building will feature community spaces, kitchens and study areas on each floor. The project has been financed through the issuance of tax-exempt bonds underwritten by RBC Capital Markets. An affiliate of Collegiate Housing Foundation owns the on-campus project under a 32-year ground lease with the university. The project is scheduled to break ground later this month and open in August 2014.

July 18, 2013

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