NewsTalk Texas

Houston-Sugar Land-Baytown

Lodge at Kingwood to Duck Pond; Cardinal takes wing 

(7/24/2014 10:00:00 AM)

KINGWOOD - The Lodge at Kingwood, a 312-unit multifamily community at 938 Kingwood Dr., has been sold. The garden-style community totals 273,768 sf and was constructed in 1999.

The community is 95 percent leased and offers one- and two-bedroom apartments averaging 877 sf.

New York-based Duck Pond Corp. purchased the community from Cardinal Commercial Development.

Tenants have access to a swimming pool, newly renovated fitness center, barbecue and picnic areas, resident lounge with billiards table, cyber cafe and 32-seat movie theater.

Read more at CoStar Group.

Sold! 520,000-SF Residences at Cinco Ranch in Richmond 

(7/24/2014 8:10:00 AM)

RICHMOND - The 300-unit Residences at Cinco Ranch have been sold. The 519,627-sf apartment community consists of one-, two- and three-bedroom units in 13 buildings. The complex was built in 2008.

Apartment features include a central clubhouse, 24-hour athletic club, remote controlled entry access, business and conference center, coffee bar and pool with cabana.

The Michelson Organization sold the property to Starlight Investments' U.S. Multifamily No. 3 Core Fund (The Fund). The Fund secured a first mortgage loan of $23.9 million.

Alliance Residential Co. will manage the complex.

Read more at CoStar Group.

Skybox Houston One: 90,000-SF data center to Energy Corridor 

(7/24/2014 3:20:00 AM)

KATY - Skybox Houston One, an 86,960-sf center located on a 20-acre campus on Franz Rd., is underway in the Energy Corridor. The center will have four private 10,000-sf data halls with the option to expand to 12 data halls.

Skybox Houston One will include 12.5 megawatts of critical load and is powered by a loop-fed, 300-megawatt electric utility substation immediately adjacent to the site.

All data halls will be column-free with directly adjacent dedicated power and cooling distribution galleries close to the server loads. The truck delivery dock will include security features such as security cameras, man traps, card access and biometrical identification.

The center is being developed by Dallas-based Skybox Datacenters. It is slated for completion in November.

Read more at the Dallas Business Journal.

Sugar Land: TI opens 160,000-SF R&D center 

(7/24/2014)

SUGAR LAND - Texas Instruments Inc. (TI) has opened a new 160,000-sf research and development center. The seven-acre site at the northeast corner of US 59 and University Blvd. will house 375 employees to work in TI’s embedded processing business.

The staff relocated from TI’s 45-year-old silicon wafer factory about five miles away in Stafford that was shut down last year.

The new building includes an Innovation Center showcasing TI’s latest technology, collaboration spaces, an employee courtyard, a fitness center, outdoor basketball and volleyball courts, and a walking path around the building.

In late 2012, the City of Sugar Land approved an incentive package for TI: 50 percent tax abatement for ten years based on the company’s $35 million investment and creation of 375 jobs.

TI makes semiconductor chips used in a variety of electrical and electronic products. Embedded processors and related software are used in a number of innovative applications — from smart thermostats to medical imaging to automotive navigation systems.

Read more at the Dallas Morning News.

Houston Zoo goes bananas for $29M gorilla exhibit 

(7/24/2014)

HOUSTON - Construction of the $29 million “Gorillas of the African Forest” exhibit at the Houston Zoo is more than halfway done. The two acres will soon be home to ten gorillas.

The exhibit will give the experience of being right in the middle of an African forest. There will be walking paths and a platform overlooking the thick green vegetation. The gorillas will have "bedrooms" that are separate from their social area.

"We will have Western Lowland gorillas. The males will be 500 pounds. The females are smaller. They are about 250 each," said Beth Schaefer, the Curator of Primates and Carnivores at the Houston Zoo.

"You'll be about 15 feet above where the gorillas are. They can't jump that high, so you'll be just looking out at them without any walls. Without anything between you and the gorillas," said Deborah Cannon, the CEO and President of the Houston Zoo.

Guests will get a unique opportunity for special events. "We will have some feeding tubes to feed grapes to the gorillas and be right there with a window in between," said Cannon. The exhibit will open next spring.

Read more at KHOU-TV.

Webster's $160M Bay Area Medical Center opening 

(7/24/2014)

WEBSTER, HARRIS COUNTY - The $160 million Bay Area Regional Medical Center, 200 Blossom St., is set to open July 2014. The 375,000-sf first phase includes 104 patient suites and 22 intensive care unit rooms.

The hospital also has a full-service emergency room with 11 treatment rooms, five operating suites, three cardiac cath suites and one hybrid operating room that functions as a cardiac cath suite and an operating suite.

The second phase will expand the hospital to 202 beds. The designing and planning is scheduled to begin in October. Completion of the second phase is expected in September 2015.

The hospital is expected to employ 520 people full-time with a payroll of about $36 million in fiscal year 2014, and approximately 98 percent of its jobs are filled. When it is fully built out, the hospital will have 275 patient rooms in 11 floors.

Read more at the Houston Business Journal and the Houston Chronicle.

Nothing 2nd about Second Baptist's 165,000-SF Katy campus 

(7/23/2014 10:00:00 AM)

KATY - Second Baptist Church broke ground on its sixth campus earlier this year at FM 1463 and FM 1093. The new 165,000-sf campus is being built on 45 acres.

The campus will have about 1,100 parking spots and seat more than 3,000 people for weekend church services. The church is on track to complete the building between Easter weekend and the start of summer 2015.

Church officials plan to start with just one service at the new campus, but growth may dictate more worship times.

Once the Fort Bend campus is completed, the church will likely build a new campus in Cypress, which will then negate the need to meet in the Berry Center, where Cypress residents who attend the church currently meet.

Read more at the Houston Chronicle.

Union Crossing to 104-acre expansion in NW Houston 

(7/23/2014 9:00:00 AM)

HOUSTON - Union Crossing Development has purchased an additional 104 acres to expand its Union Crossing Industrial Park at Telge Rd. and Northwest Lake Dr. This brings the project to more than 130 acres.

The park, which is served by Union Pacific rail, contains multiple sites for build-to-suit projects. The tract includes all utilities for light- to heavy-industrial projects.

The project is anticipated for completion in summer 2015, but nearly 40 acres are ready for immediate development. American Commercial Contractors is constructing a 45,000-sf tilt-wall building for DTL Technologies and three other sites in the park are under negotiation.

Wyman Gordon Forgings, a maker of forged products used in the aerospace, power plant and oil and gas industry, sold the property. American Commercial Contractors is managing the development for the project.

Read more at the Houston Chronicle.

Houston Chron! Hear all about it! 440,000-SF office move 

(7/23/2014)

HOUSTON - The Houston Chronicle Media Group will consolidate most of its downtown workforce at 801 Texas into the former Houston Post building at 4747 Southwest Fwy. The location is a four-story structure on 21 acres.

Executives said they anticipate an 18-month timeline for the move, which would include a significant renovation of the 40-year-old property. Ideally, the renovations will be completed in January 2016.

The move will involve employees from the Houston Chronicle, La Voz, Chron.com and HoustonChronicle.com, though a portion of the newsroom will remain downtown to support local coverage of business and government.

The Chronicle's downtown building houses 473 employees. A little more than 500 employees work in the southwest facility. Approximately 100 employees who work outside of the company's two main facilities will not be consolidated into the new campus.

The Southwest Fwy. structure contains more than 440,000 sf in seven buildings, most of which are connected.

The main building most visible from the freeways will undergo the most extensive renovations. That property contains about 126,000 sf in four stories of largely unobstructed space.

The property housed the Houston Post until April 1995, when that newspaper closed and its assets were sold to Hearst, parent company of the Houston Chronicle. Today, it is home of the Chronicle's press operations, distribution, circulation and local sales teams.

Read more at the Houston Chronicle.

BLVD Place Phase II adds 215,000 SF to Uptown Houston 

(7/22/2014 8:30:00 AM)

HOUSTON - BLVD Place, a mixed-use development under construction on the southwest corner of Post Oak Blvd. and San Felipe, is scheduled to open its 215,000-sf Phase II in early fall 2014.

Phase II is 80 percent leased. Major tenants include a 52,000-sf Whole Foods Market and a 55,000-sf regional headquarters for Frost Bank. Wulfe & Co. is the project’s developer.

Phase I of BLVD Place is a four level 70,000-sf retail/office building and is 100 percent occupied. Tenants include RDG Restaurant+Bar Annie, The Table Restaurant, Hermes, Herman Miller, New Balance and numerous other tenants.

Read more at Realty News Report.

Richmond Sam's Club opening 136,000-SF store 

(7/22/2014)

RICHMOND - A 136,000-sf Sam's Club is set to open November 6 at the Shops at Bella Terra off the Grand Parkway.

The membership-only warehouse club will be located at 22402 Bellaire Blvd, The company has already hired 15 people and said it expects to hire 175 employees at the location.

This will be the 80th Sam’s Club in Texas and the 20th in the greater Houston area, said Sam’s Club spokeswoman Valerie Anderson.

Sam’s Club, which is owned by Walmart, has 640 locations in the U.S. and Puerto Rico.

Read more at the Houston Chronicle and the Houston Business Journal.

Colliers: Houston office report 2Q 2014 

(7/22/2014)

HOUSTON - Houston’s strong economy continues to spur office development according to Colliers International's second quarter 2014 report. Over 17.8 million sf of office space is currently under construction.

Over 1.7 million sf of new inventory delivered during 2Q 2014, bringing 2014 year-to-date delivered inventory to 3.7 million sf.

The citywide average rental rate increased 1.0 percent from $26.25 per sf to $26.52 per sf over 2Q.

The metropolitan area added 93,300 jobs between May 2013 and May 2014, an annual increase of 3.3 percent over the prior year’s job growth. Houston’s unemployment fell to 5.0 percent from 6.1 percent one year ago.

Houston Office Market Summary
    Inventory Vacancy Rate Net Absorption (SF) Rental Rate
Submarket Class No. of
Bldgs.
Total SF 2Q 2014 1Q 2014 2Q 2014 1Q 2014 Average
($/SF)
CBD A 31 30,778,455 9.8% 10.6% 227,672 -30,481 $40.54
B 31 10,517,518 11.6% 12.2% 59,895 11,485 $27.51
Suburban A 294 75,225,262 9.3% 8.4% 948,944 2,194,677 $31.95
B 938 78,395,002 14.4% 14.7% 324,097 61,661 $19.71
Overall A 325 106,003,717 9.5% 9.2% 1,176,616 2,164,196 $34.09
B 969 88,912,520 14.1% 14.5% 383,992 73,146 $20.39


Click here to see the full 2Q report, including the previous quarter.

Source: Colliers International

CenterPoint buys 1.4M SF, doubles Houston portfolio 

(7/21/2014)

HOUSTON - CenterPoint Properties, an Illinois-based industrial real estate developer, has closed on two separate deals for facilities totaling 1.4 million sf, doubling its presence around the city.

The first deal was the acquisition of four buildings in the Cedar Crossing Industrial Park in Baytown totaling 1.2 million sf. Exel Logistics occupies all four buildings, where the company manufactures and packages plastic resin.

The second deal was 3240 South Loop E. The company bought a 212,961-sf facility currently occupied by another logistics and commodities company, Gulf Winds International, which ships coffee and rice.

CenterPoint is targeting customers doing business with the Port of Houston.

Read more at the Houston Business Journal.

Texas takes a Gander for #20: 52,000 SF to Houston 

(7/21/2014)

HOUSTON - Gander Mountain is expanding with a new 52,000-sf location set to open in the fall. It will be located in the Market Square at Eldridge Pkwy. shopping center near the intersection of Eldridge Pkwy. and Westheimer Rd.

The store will feature one of the largest selections of new and used firearms in Texas, together with the best selection of gear and accessories for hunting, fishing, camping, boating and archery.

Read more at AmmoLand.

Houston: 455,000-SF Two WestLake Park sold for $130M 

(7/21/2014)

HOUSTON - Hicks Ventures is buying the Two WestLake Park office building in the Energy Corridor for $130 million. The project, developed by Hines in 1982, is located at 580 Westlake Park Blvd., east of Hwy. 6, between I-10 and Memorial Dr.

The deal represents a $286 per sf price for the 455,000-sf property. The seller is KBS Realty.

The project is part of the business park that houses BP’s North American headquarters. BP leases 91,000 sf in the building and Conoco-Phillips leases 200,000 sf.

Read more at Realty News Report.

Trails at Katy 200-acre development to bring 300 homes 

(7/21/2014)

KATY - Ventana Development is breaking ground this fall on a new 200-acre residential development — the Trails at Katy. The first homes are expected to be complete in late 2014 or early 2015. The location is at the future intersection of Cane Island Pkwy. and an extension of Kingsland Blvd.

The Trails of Katy will contain more than 300 new homes when complete. Pulte Homes, Westin Homes and Devon Street Homes are building the houses. Prices range from the low $300,000s, potentially reaching the $800,000s, said Jim Grover, vice president of Ventana.

Community amenities include hike-and-bike trails, a community center, swimming pool and tennis courts.

Grover said there will be approximately eight acres of developable commercial space when Cane Island is extended to connect with FM 1463.

The Trails of Katy will be adjacent to this space, providing residents with easy access to any retail and restaurants that may be built in that space.

Read more at Community Impact Newspaper.

Colliers: Houston industrial report 2Q 2014 

(7/18/2014 6:46:00 AM)

HOUSTON - Houston’s industrial market remains one of the healthiest U.S. industrial markets primarily due to the expansion in the oil and gas industry, according to Colliers International second quarter 2014 industrial report.

Leasing activity, which includes renewals, reached 3.3 million sf, almost 1 million sf less than seen in 1Q. New delivery totaled 2.6 million sf during 2Q, pushing 2014 year-to-date deliveries to 5.6 million sf. Additionally, 3.9 million sf of industrial space is currently under construction.

Houston Industrial Market 2Q 2014*
  Vacancy Net
Absorption (SF)
Submarket Rentable
Area
Total
Vacant
SF
Total
Vacancy
Rate
2Q
2014
1Q
2014
Northwest Corridor 136,932,884 5,565,281 4.1% 284,086 774,031
North Corridor 79,662,123 6,382,940 8.0% 821,071 624,648
Southeast Corridor 78,727,192 5,803,190 7.4% -95,788 -70,379
Southwest Corridor 63,779,391 3,224,535 5.1% 259,871 76
CBD Corridor 55,589,901 2,939,035 5.3% 45,388 96,092
Southern Corridor 44,624,902 1,857,445 4.2% 221,969 436,023
Northeast Corridor 32,404,112 1,046,079 3.2% 47,328 -104,625
Greater Houston total 491,720,505 26,818,505 5.5% 1,583,925 1,755,866

*ranked by rentable area

Source: Colliers International

Click here to see the full 2Q report, including the previous quarter.

Don't forget Houston Market Data Sources for more sources.

Houston: 202,596-SF midrise 2411 Washington sold 

(7/18/2014 6:33:00 AM)

HOUSTON - A 206-unit multifamily building, 2411 Washington, has been sold. The 202,596-sf midrise apartment building opened in 2013 and is located at 2411 Washington Ave.

The gated property offers one- and two-bedroom floor plans ranging in size from 585 sf to 1421 sf. Prices range from $1,500 to $2,715 per month.

The property features a breakfast/coffee concierge, cabana, clubhouse, fitness center, game room and pool. The property was 92 percent occupied at the time of the sale.

Goldman, Sachs & Co. acquired the building from M-M Properties.

Source: 2411 Washington

Read more at CoStar Group.

Katy: Det Norske Veritas will expand lease to 137,000 SF 

(7/18/2014)

KATY - Norway-based Det Norske Veritas (DNV), an international energy inspection company, reached an agreement with Chambers Street Properties to expand the property it leases at 22535 Colonial Pkwy. by 47,250 sf.

The two-story expansion to the existing 89,750 sf will increase the size of the existing office building to 137,000 sf. Additionally, a new four-story parking deck will be built adjacent to the building.

The capacity of the new facility will grow from 350 to 700 workers. DNV will consolidate its operations and move 300 employees to the Katy property.

Upon completion of the expansion, DNV’s lease will roll into a ten-year term for the entire property. Chambers Street will oversee the general contracting services for the expansion project, which is expected to be completed by summer 2015.

The expansion will be built to LEED Gold specifications and, like the existing property, will be ENERGY STAR certified.

Read more at CoStar Group and the Houston Business Journal.

302-Room Westin to set sale to The Woodlands Waterway 

(7/17/2014)

THE WOODLANDS - The Westin will open its fifth hotel in the greater Houston area with The Westin, The Woodlands. It will open at the end of 2015 in Waterway Square. The 302-room hotel will feature 15,000 sf of meeting space.

The hotel will overlook The Woodlands Waterway.

Guests will be able to cross an adjacent pedestrian bridge spanning the waterway to access the performance stage at Waterway Square.

The hotel will be within walking distance to several corporate offices, the shops and restaurants in the Waterway Square District, The Woodlands Mall and Market Street, as well as the Cynthia Woods Mitchell Pavilion.

Read more at the Houston Business Journal.

Houston: 40 stories, 463 units, sky pool to downtown 

(7/16/2014 6:40:00 AM)

HOUSTON - Market Square Tower, a 40-story building housing 463 apartments, will be built just off Market Square Park at 777 Preston. Excavation work is expected to start by mid-August, and initial occupancy is slated for January 2017.

Typical units will range from 550-sf efficiencies to three-bedroom, three-bath spaces with around 1,950 sf. Rents will range from around $1,800 to $5,800 per month. There will be a limited number of larger penthouses as well.

A second-story deck will overlook Market Square Park and have palm trees, cabanas, a swimming pool and a hot tub. A spa with sauna, steam rooms and treatment rooms will be next to the pool.

"It's big," said Jack Lee, president of Oakmont Group, the project manager. "It's bigger than any other downtown Houston high-rise rental property we know of."

The wraparound rooftop amenities with panoramic views of the city skyline and Buffalo Bayou Park will include a gym, sundeck and "sky pool" that will be encased in glass and cantilever beyond the southern face of the building.

Woodbranch Investments Corp. is the developer of the project.

A ten-story garage that shares the tower's block will serve residents of the new building. The garage has 1,100 spaces now, but spaces will be reduced to about 950. About 150 spaces will be reserved for residents' guests and visitors of about 22,000 sf of retail space planned for the first floor.

Apartment construction has been on the rise downtown and in surrounding neighborhoods to the west where some 4,000 units are under construction, according to MPF Research.

Read more at the Houston Chronicle.

Houston: 130,000-SF Long Point Plaza sold 

(7/16/2014)

HOUSTON - Long Point Plaza Shopping Center, a 130,000-sf neighborhood center located at 8315 Long Point Rd., has been purchased.

The 54-year-old center was fully occupied at the time of sale. Built in 1960, the multitenant center is situated on 11.5 acres of which 7.99 acres were purchased.

The tenants at the center include New Flea Market, Spring Branch Discount Furniture, Taqueria Huarache Mexicano, All Texas Insurance Loans and more.

CND-Long Point LLC, an entity of David Weekley Homes, purchased the center from H T & Associates Inc.

Read more at O'Connor and Associates.

Angleton's 400,000-SF 288 Industrial Park underway 

(7/15/2014 7:30:00 AM)

ANGLETON, BRAZORIA COUNTY - Angleton 288 Industrial Park, a 35-acre industrial park at Texas 288 and County Rd. 341, is underway. The initial phase consists of 18,000 sf and 24,000 sf of crane-ready manufacturing and distribution buildings.

Completion is planned for first quarter 2015.

The developers, 288 Industrial Park, plan to have about ten buildings that could total 400,000 sf when the park is completed. Commercial real estate firm JLL is marketing the project.

Buildings will be added most likely two at a time, as the first ones are leased up. Each building is designed so it could be expanded to suit a tenant's or buyer's needs. The buildings will be offered for lease or for sale, and land sites will also be marketed.

The City of Angleton has agreed to install utilities for the development. The utilities could open up opportunities for retail and other developments.

"The added infrastructure will launch the area to new businesses and potentially housing developments in the future," Angleton Mayor Randy Rhyne said in a statement announcing the deal. "For Angleton, this will be the initial project to push growth into the city."

The project is expected to attract service providers to the petrochemical industry as well as oil field service companies.

The project is about 20 miles from Freeport, where Dow is spending more than $4 billion to expand its petrochemical complex, and 11 miles from Lake Jackson, where Dow is building a campus to house 2,000 employees at its Texas Innovation Center for research and development.

Among the other companies expanding in the region are BASF, Chevron Phillips Chemical Co., Freeport LNG and Tenaris.

Read more at the Houston Chronicle.

Fort Bend County: W.A. Parish $1B carbon capture project 

(7/15/2014)

THOMPSONS, FORT BEND COUNTY - Petra Nova Holdings LLC has formed a 50/50 joint venture with a subsidiary of JX Nippon Oil & Gas Exploration Corp. to build a $1 billion carbon capture project near Houston.

The Petra Nova Carbon Capture Project will capture 90 percent, or 1.6 million tons, of the carbon dioxide (CO2) in the 240-MW slipstream of processed flue gas from the 610-MW Unit 8 at the W.A. Parish coal-fired power plant.

The captured CO2 will be used in enhanced oil recovery at the West Ranch oilfield, owned by the joint venture and Hilcorp Energy Co.

Construction on the project has already started and is expected to take two years. The unit is expected to be operational by the end of 2016.

Read more at PennEnergy.

HAR: Houston home sales by units sold June 2014 

(7/14/2014 11:00:00 AM)

HOUSTON - Houston Association of Realtors (HAR) released home sales data for June 2014. Some quick facts include:

•  The median price of existing single-family homes increased to $215,000 up 4.9 percent vs. May 2014.
•  Existing single-family home sales increased 4.1 percent from May 2014 for a June 2014 total of 7,346 sold units.
•  Condos increased in price to $170,000 up 3.0 percent vs. May 2014.
•  Existing condo sales decreased 2.1 percent in June 2014 over May 2014 for a total of 752 sold units.

Select region cities are represented below along with statistics from the HAR MLS area as a whole.

HAR June 2014 Regional Sales and Price Activity
MLS Wide Median Price
  June 2014
Price Chg.
vs. June 2013
Units Sold
  June 2014
Sales Chg.
vs. June 2013
HAR
(single-family)
$214,000 10.8% 7,346 2.2%
HAR (condo) $170,000 3.7% 752 5.5%
Region Cities*        
Houston $208,000 16.2% 2,089 6.4%
Katy $256,250 17.2% 582 -4.1%
Spring $203,180 14.8% 582 1.0%
Cypress $239,163 8.5% 340 -8.6%
Richmond $241,250 24.6% 254 12.4%
Humble $172,950 10.2% 244 9.4%
Pearland $224,250 13.3% 244 -2.8%
Sugar Land $335,500 17.7% 219 -12.7%

*Region Cities' data include single-family only and represent eight cities sorted by number of units sold.

See Housing under Houston-Sugar Land-Baytown Market Data Sources or see the full report from Houston Association of Realtors.

Houston's NOV energy preleases 417,000 SF 

(7/14/2014 9:30:00 AM)

HOUSTON - Houston's largest energy employer, National Oilwell Varco Inc. (NOV), has preleased the entire new Millennium II Tower in the Westchase area. The 22-story, 417,000-sf tower is expected to be completed sometime in 2015.

The new tower will have a 1,780-car parking garage at Richmond Ave. on three acres adjacent to the existing Millennium Tower.

"NOV has grown and become too spread out throughout the Houston area," said Chairman, President and CEO Clay Williams.

NOV will still keep its global headquarters at its campus by Beechnut St. and Sam Houston Pkwy., even after the Millennium Tower II is completed.

"This is really for engineering, for sales, finance, personnel. It's really just office space," Williams said. "We're bringing in employees that are presently housed at about ten different facilities."

Read more at the Houston Business Journal.

Houston: 218,000-SF 10333 Richmond sold for $46M 

(7/14/2014)

HOUSTON - The 218,680-sf 10333 Richmond has been purchased for $46.3 million. The 11-story building is 91 percent occupied.

Beacon Investment Properties purchased the building located in the Westchase area. This is the 15th building for Beacon's Houston portfolio, bringing the total sf to 2.89 million.

Read more at the Houston Chronicle.

Woodlands' 144,000-SF Woodpark Plaza sold! 

(7/14/2014)

THE WOODLANDS - Woodpark Plaza, a 143,850-sf shopping center, has been sold. The center is located on the northwest corner of I-45 and Briar Rock Rd.

The shopping center is 100 percent occupied, with anchor tenants Jo-Ann Stores, Ashley Furniture and Golfsmith. Other tenants include SAS Shoes, HoneyBaked Ham, The Rustic Mile and Fitness Unlimited.

The Retail Connection and Long Wharf Real Estate Partners purchased the retail center from a joint venture of Eagle Equity and NDC Capital Partners.

This purchase is The Retail Connection’s second in the Houston area and brings the company’s local portfolio to more than 500,000 sf.

Read more at GlobeSt.

Going up: Houstonís 312,000-SF Westway Plaza 

(7/11/2014)

HOUSTON - Westway Plaza, a 312,000-sf office property, is underway at the northwest corner of Sam Houston Tollway and Clay Rd. It will deliver by second quarter 2015. GE Electric has already preleased 150,000 sf in the building

The Class A five-story building, which was designed by Powers Brown Architecture, will include a two-story lobby, granite flooring, marble walls and a glass curtain wall entry.

Transwestern Development Co. is developing the property.

Read more at GlobeSt and CoStar Group.

Houston $10M pipeline research centers on real-world speed 

(7/11/2014)

HOUSTON - The Pipeline Research Council International is developing a $10 million Technology Development Center in northwest Houston aimed at developing new technologies to bolster safety in the pipeline industry.

Located on eight acres on Langfield Rd., the complex will feature longer lengths of pipeline, up to 700 feet, to assess tools at real-world speed not readily accessible to the energy industry before.

The center will be the largest independent pipeline testing facility of its kind. The council expects to complete construction by February.

Read more at the Houston Chronicle.

300,000 Jobs! Lone Star College oil & gas to EMI 

(7/11/2014)

HOUSTON - As the oil and gas and manufacturing booms occur in the Houston region, the area is expected to have nearly 300,000 job openings in the "middle-skills" occupations within the next three years.

Seeking to fill the void,  the Lone Star College System is opening its new $20 million 70,000-sf Energy and Manufacturing Institute (EMI) in August. The EMI is located in northwestern Houston at Lone Star's University Park campus.

Construction was largely completed this spring, but it will not fully open until August.

Incoming Lone Star College System Chancellor Steve Head said most of the EMI students will go through academic and training programs at Lone Star's North Harris and Cy-Fair campuses.

Students will then receive "higher level" training at the EMI, which features 28 classrooms and labs, as well as industrial training spaces, one of which is shared with Houston-based FMC Technologies Inc.

Read more at the Houston Business Journal.

Humble: 157,000-SF Atascocita Plaza sold 

(7/11/2014)

HUMBLE - Atascocita Plaza, a 157,000-sf community center located between FM 1960 and West Lake Houston Pkwy., has been purchased. Built in 1984, the multitenant center is situated on 16.73 acres.

The 30-year-old center was 91.1 percent occupied at the time of sale. The tenants at the center include Aldi, Specs Liquor, Goodwill, Dollar Tree and more. The total space available for lease is 14,007 sf.

QEH Atascocita LLC purchased the center from FPA Atascocita Associates LP.

Read more at O'Connor and Associates.

Going up, 50% leased: 330,000-SF West Memorial Place 

(7/10/2014 10:00:00 AM)

HOUSTON - West Memorial Place, the 12-story 330,000-sf building under construction in the Energy Corridor, is now 50 percent leased. The building at 15375 Memorial Dr. will be completed in January 2015.

Offshore exploration and production company Venari Resources has leased 28,655 sf.

Last year, Petroleum Geo-Services said it would occupy the top four floors of the building with 122,000 sf.

Amenities include a fitness center, lockers and showers, and an on-site café offering healthy dining options.

Developer Skanska USA Commercial Development has plans for a second building at the site, which encompasses 12 acres.

The land was once part of a larger greenspace that included a beloved body of water known as “Lake Thicket”.

For more on the building, see previous story Petroleum Geo-Services first tenant for West Memorial.

Read more at the Houston Chronicle.

Houston MLS: June home sale rebound 

(7/10/2014 7:15:00 AM)

HOUSTON - The housing market experienced solid gains in total property sales, total dollar volume, average pricing and median pricing when compared to June 2013, according to Houston Association of Realtors (HAR).

June 2014 sales of all property types totaled 9,099 units, a 5.3 percent increase compared to June 2013. Total dollar volume for properties sold rose 12.9 percent to $2.4 billion versus $2.2 billion a year earlier.

The average price of a single-family home jumped 6.6 percent year-over-year to $283,697. The median price increased 11.3 percent to $214,000. Both are historic highs for Houston.

Days on Market — the number of days a home takes to sell — reached 46, the lowest level of all time.

June townhouse and condominium sales climbed 11.5 percent from one year earlier. A total of 680 units sold in June 2014 compared to 610 properties in June 2013.

Single-family home rentals shot up 18.6 percent compared to June 2013 while year-over-year townhouse/condominium rentals rose 7.5 percent.

Housing Market Summary: June 2014 vs. June 2013
  June
2013
June
2014
Change
Total sales 8,638 9,099 5.3%
Total dollar volume $2,170,941,948 $2,451,878,131 12.9%
Total active listings 32,518 29,513 -9.2%
Total pending sales 4,416 4,611 4.4%
Single-family sales 7,227 7,553 4.5%
Avg. price single-family home $266,017 $283,697 6.6%
Median price single-family home $192,320 $214,000 11.3%
Single-family inventory* 3.3 2.9 -12.2%

* The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.

Source: Houston Association of Realtors.

Also see 'Housing' under Houston Market Data Sources.

Huntsville: 532-bed Brook Place sold near SHSU 

(7/9/2014)

HUNTSVILLE - The 532-bed Brook Place apartments at 5020 Sam Houston Ave. has been sold. The community, which is located near Sam Houston State University, was built in 2004 and is 95 percent leased for the upcoming acadmic year.

The complex offers three- and four-bedroom units ranging from 1,105 sf to 1,515 sf.

Dallas-based Rockstreet Partners and Houston-based ApexOne Investment Partners acquired the student housing community, marking their second Texas student housing acquisition in recent months.

Earlier this year, Rockstreet and ApexOne bought the 400-bed College Edge, which is near both Blinn College and Texas A&M University in Bryan.

Read more at GlobeSt.com and at Multi-Housing News.

For more, see previous story Bryan's 400-unit College Edge sharp with sale.

Houston: 370-unit Nob Hill sold 

(7/9/2014)

HOUSTON - Nob Hill Southeast, a 370-unit, Class B community located at 5410-5415 N Braeswood Blvd., has been sold. The garden-style community is situated on 10.87 acres.

The 43-year-old community is 99 percent occupied with average rents at $1.14 per sf. It offers one-, two- and three-bedroom floor plans ranging in size from 670 sf to 1,440 sf.

Property amenities include social activities, valet trash service, fitness center, clubhouse, access gates, laundry rooms and swimming pools.

NOB Hill LLC purchased the community from CRV PCM Portfolio II LP.

Read more at O'Connor and Associates.

Houston: 52,000 SF on Kinghurst Street sold for $3.2M 

(7/9/2014)

HOUSTON - P Investments recently purchased the 52,000-sf industrial building at 10506 Kinghurst St. for $3.2 million, or about $62 per sf.

The building sits on three acres and has a 20' ceiling height, 14 bays loading with four high decks and two ramps.

There are four main entrances of the building with eight front doors. The building can be easily divided for multitenant use.

In 2012, approximately $500,000 was spent on renovations which included a brand new roof, nine new AC units and 12 security cameras around the building.

Read more at CoStar Group.

Houston: 121,000-SF 2950 and 3030 South Gessner sold 

(7/9/2014)

HOUSTON - A renovated, two-building office property, 2950 and 3030 South Gessner, has been sold. The two adjacent facilities total 121,700 sf and are 80 percent occupied.

Located just south of Westheimer Rd. and one mile east of Beltway 8, the buildings are convenient to the Westpark Tollway and US 59. The property features an above-market parking ratio, covered parking and several speculative suites, which have significantly increased leasing activity.

The offices are anchored by ITT Educational Services Inc. which has been a tenant since 1994. Other tenants include CVS Pharmacy and the offices of several healthcare providers.

InSite Realty Partners acquired the asset from a joint venture of Peloton Capital Partners and Pennybacker Capital.

Read more at Realty News Report.

Cameras, panic buttons to Cy-Fair $55M school security 

(7/9/2014)

CYPRESS - Cypress-Fairbanks ISD (Cy-Fair) will spend $55 million to tighten school security, including installing strategically placed panic buttons on campuses and replacing existing entry windows with bullet-resistant glass.

Voters approved the improvement, which will be completed districtwide by 2020, in a $1.2 billion bond election in May.

Cy-Fair plans to add security vestibules to the front office area of 50 schools to keep unapproved visitors from gaining access, upgrade security cameras and install lockdown buttons and stand-alone emergency phones at all schools. They are also installing bullet-resistant glass at the front of schools.

This will make Cy-Fair — Texas' third largest school system — one of the only districts in the region with bullet-resistant glass.

Read more at the Houston Chronicle.

Listen to Podcast 221 for this story and more.

Galveston Apartment MarketData stats: May 2014 

(7/8/2014)

GALVESTON - Apartment MarketData Research Services LLC released May 2014 data. The multifamily market data represent three months trailing (March–May 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison
Age
Group
Galveston Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 1,337 95.4% $0.874 856 134,614 96.5% $0.837 832
1970's 3,322 97.1% $0.884 809 385,921 95.7% $0.818 818
1980's 4,807 97.0% $0.899 794 489,131 97.0% $0.906 780
1990's 1,577 97.8% $1.022 862 225,076 97.6% $1.064 922
2000's 3,634 98.0% $0.949 984 365,322 97.4% $1.032 963
2010's 1,384 97.2% $0.964 932 62,245 97.3% $1.176 926
Totals 16,061 97.2% $0.925 864 1,662,309 96.8% $0.946 858


Rate: Rental Rate is the average market rate expressed as ($/SF/month).
Size: The average size of each unit expressed as (SF/unit).

Click to see May 2014 Houston-Galveston full report, including historical data.

Source: Apartment MarketData Research Services LLC, San Antonio

See more multihousing data under Multifamily in Houston-Sugar Land-Baytown Market Data Sources!

Beltway North underway with 352,000 SF in Houston 

(7/7/2014 2:00:00 PM)

HOUSTON - Ground has broken at Beltway North Commerce Center, a 352,000-sf industrial facility located at 971 North Sam Houston Pkwy. E.

The location has over 1,200 feet of frontage on Beltway 8 just east of the Hardy Toll Road. Davis Commercial Development LLC is developing the project.

The architect for the new industrial project is Munson/Kennedy Partnership, and the general contractor is Rosenberger Construction. Stream Realty is the leasing broker.

Read more at Realty News Report.

Marriott springs 57,000 SF to Cypress 

(7/7/2014)

CYPRESS - A four-story, 57,000-sf Marriott Spring Hill Suites located at 20350 NW Freeway is underway. The 78-room hotel is minutes from Weiser Airport and Texas Children’s Hospital.

Level Construction is developing the hotel.

The oil boom has provided ample opportunity throughout Houston and will continue to spur future development which Level intends to play a huge role in moving forward.

Read more at Nassau News Live.

Opening: 330-Unit Highpoint at Cypresswood Houston 

(7/7/2014)

HOUSTON - Highpoint at Cypresswood, located at 13920 Mandolin Dr. just off Tomball Pkwy., is set to open this month. The four-story apartment community with more than 330 apartments offers a variety of one-bedroom and two-bedroom floor plans.

The floor plans vary from 574 sf to 1,188 sf. The 15-acre complex will include elevator access to each apartment, private garages, a poolside social lounge, health club and a tech center.

Construction on the complex began last year, and the leasing office has opened.

Each apartment has wood flooring, walk-in closets, full-sized washers and dryers.

Read more at the Houston Chronicle.

$76M backs Houston Ortho & Spine Hospital sale 

(7/7/2014)

BELLAIRE - The Houston Orthopedic & Spine Hospital located at 5410 Southwest Fwy. has been sold for $76 million, or about $335 per sf. The 226,714-sf, Class A facility was constructed in 2007.

The campus includes a 126,946-sf hospital, 99,768-sf multitenant medical office building and two parking structures.

CNL Healthcare Properties, a real estate investment trust that focuses on senior housing and healthcare facilities, acquired the hospital from Health Care REIT. The acquisition marks the largest single-property investment in CNL's portfolio.

Read more at CoStar Group.

512-Mile Seaway Pipeline Okla. to Freeport done 

(7/7/2014)

FREEPORT - The 512-mile Seaway Pipeline system loop (twin) pipeline from Cushing, Okla., to the Jones Creek storage and terminal facility near Freeport is mechanically complete.

The new 30-inch Seaway Loop (Twin) Pipeline is expected to more than double the capacity of the Seaway system to 850,000 BPD.

The Jones Creek facility is connected to Enterprise's ECHO crude oil storage facility in Houston by a 65-mile, 36-inch pipeline. Construction of a 100-mile, 30-inch pipeline from ECHO to Beaumont-Port Arthur is expected to be completed July 2014.

Commissioning of the Seaway Loop (Twin), as well as the new pipeline from ECHO to Beaumont-Port Arthur, will continue throughout third quarter 2014.

In addition to the pipeline that transports crude oil from Cushing to the Gulf Coast, the Seaway system comprises a terminal and distribution network originating in Texas City which serves refineries locally and in the Houston area.

The Seaway system also includes dock facilities at Freeport and Texas City.

The Seaway Pipeline system is owned by Seaway Crude Pipeline Company LLC, a 50/50 joint venture owned by affiliates of Enterprise Products Partners LP and Enbridge Inc.

Read more at Marketwired.

Houston: 380-unit San Marcos sold 

(7/7/2014)

HOUSTON - San Marcos, a 380-unit apartment community located at 6301 West Bellfort, has been purchased. The community is situated on 10.51 acres in the Braeswood submarket.

The 37-year-old community is 97 percent occupied with average rents at $0.56 per sf. The community features one- and two-bedroom floor plans ranging in size from 626 sf to 1,002 sf.

Property amenities include 24-hour emergency maintenance, park & ride nearby, perimeter fence, access gates, laundry rooms and shuttle route.

Pristine Energy LLC purchased the community from VXL Houston Properties LLC.

Read more at O'Connor and Associates.

Katy works and shops! 58,000-SF Marcel Commons coming 

(7/7/2014)

KATY - A 58,500-sf office and retail center, Marcel Commons, will break ground October 2014. The center is located at Westheimer Pkwy. and Greenbusch Rd. The development is expected to open in 2015.

Marcel Commons will consist of 32,000 sf of retail space, a 24,000-sf two-story office building and a 24,000-sf drive thru pad site. The shopping center will contain both locally owned and national businesses.

The Marcel Group is the developer of the center. They expect the center to be 75 percent preleased by the groundbreaking.

Read more at the Community Impact Newspaper.

League City: $44M strolls to 352-unit Walker Commons 

(7/2/2014 10:08:00 AM)

LEAGUE CITY - Walker Commons, a 352-unit apartment complex, has sold for $43.8 million, or approximately $124,000 per unit.

Walker Commons was constructed in 2008 on 18.7 acres. The community consists of 12 two- and three-story buildings.

On-site amenities include a clubhouse, athletic center, swimming pool, outdoor living room with a fireplace and a poolside cabana with grills.

Canadian-based Pure Multi-Family REIT LP purchased the property from Sunstone U.S. Opportunity Realty Trust. Sunstone originally acquired the Walker Commons in June 2010 for $29.5 million.

Read more at CoStar Group.

Houston Aerovillas home to planes, pilots 

(7/2/2014 8:00:00 AM)

HOUSTON - A unique neighborhood will break ground this month at the West Houston Airport located at 18000 Groschke Rd. The airport has a 4,000-foot runway, more than 300 aircraft, and soon about 40 new homes with access to the taxiway.

The concept, known as Aerovillas, was the idea of Woody Lesikar, general manager of the West Houston Airport. The Aerovilla communities are hardly new, and often are known by other names, such as fly-in communities or residential airparks.

Most Aerovillas are multilevel homes between 3,000 and 5,000 sf that include an attached 1,600- to 3,600-sf aircraft hangar. The Aerovillas have a starting price of about $1.2 million.

There is a homeowners association and dues that must be collected to maintain the area landscaping, as well as the lighting for the taxiways and the valet fuel service that will be available to residents. Deed restrictions call for residents to have an airplane in the hangar.

The West Houston Airport has become one of the closest private airports to the Energy Corridor.

The next closest airport is in Sugar Land. Thirteen Aerovillas are planned in the first phase, and each will have a different floor plan. The first plan is designed and will be built this year.

Read more at the Houston Chronicle.

League City ventures to 44-home community 

(7/2/2014)

LEAGUE CITY - A 44-home community, the Township, will be developed east of I-45 and south of Pearce Lake. It will feature one- and two-story colonial-style homes starting in the $200s.

Lot sizes will range from 50 to 90 feet. Grand View Builders will be the exclusive builder, and presales have already begun.

Grohman Ventures W3 Limited is the developer of the community.

Read more at the Houston Business Journal.

Lennox preleases 190,000 SF in Houston's DCT Northwest 

(7/2/2014)

HOUSTON - Lennox International has preleased 190,000 sf of the 362,000-sf building under construction at DCT Northwest Crossroads Logistics Centre. Construction commenced on Phase I of the DCT Centre in Q2 2014.

Lennox International is a leading manufacturer of climate control solutions for the heating, air conditioning and refrigeration industries and plans on taking occupancy when construction is complete in late 2014 or early 2015.

DCT Industrial Trust Inc. is developing DCT Northwest Crossroads Logistics Centre, a 682,000-sf, two-building project. The Company plans to commence construction on Phase II, a 320,000-sf building, in the second half of 2014.

Read more at BusinessWire.

Houston: Academy's 200,000-SF HQ home run 

(7/1/2014 9:00:00 AM)

HOUSTON - Academy Sports + Outdoors' headquarters expansion is underway. The expansion will include a 200,000-sf building to be built at the headquarters, as well as a six-story parking garage at 1800 N. Mason Rd.

Nearly 3,000 people are currently employed at Academy's HQ, and those employees will move into the new building in 2015.

Birmingham-based Hoar Construction is responsible for the expansion.

Read more at the Houston Business Journal.

Chevron expands NAO production in Baytown 

(7/1/2014)

BAYTOWN - Chevron Phillips Chemical will expand normal alpha olefins (NAO) production capacity at its Cedar Bayou plant. The investment will provide an additional 100,000 tpy of capacity.

Construction completion is anticipated in July 2015. Houston-based S&B Engineers and Constructors will execute the engineering, procurement and construction, and expects to support up to 600 jobs during the construction phase.

NAOs and its derivatives are used extensively as polyethylene co-monomers, synthetic motor oils, lubricants, automotive additives and in a wide range of specialty applications.

Chevron has recently announced the construction of a world-scale ethylene cracker in Baytown, two world-scale polyethylene reactors in Old Ocean, and the start-up of the world’s largest 1-hexene facility in Baytown.

The 1-hexene plant, capable of producing up to 250,000 tpy, is co-located with this expansion project at the Cedar Bayou plant. The two plants will enjoy synergies as they both share the same infrastructure and workforce talent.

Read more at Hydrocarbon Processing.

San Marin's 212 units sold in Houston 

(7/1/2014)

HOUSTON - San Marin, a 212-unit, Class A community located at 8181 El Mundo St., has been purchased.

The 19-year-old community is 96 percent occupied with average rents at $1.13 per sf. The community features one-, two- and three-bedroom floor plans ranging in size from 1,015 sf to 1,467 sf.

Property amenities include attached garages, business center, fitness center, jogging hall, shuttle route, clubhouse and swimming pools.

TMC San Marin Investors LLC purchased the community from HKL San Marin LP.

Read more at O'Connor and Associates.

Moody Gardens chills Galveston with $5M Ice Land 

(7/1/2014)

GALVESTON - Moody Gardens will turn 28,000 feet of parking lot space into an ice-sculpture park this November. The Ice Land exhibit will cost $5 million and is expected to open November 15. Parkas will be issued to people entering the exhibit.

Moody Gardens will set up a large tent in July. By November, the tent will be more than 30 feet high and chilled to a temperature of 9 degrees in order to accommodate 900 tons of ice carved into a Christmasy SpongeBob SquarePants-themed Ice Land.

The ice for the exhibit is already being created in College Station and stored in a facility in Galveston County. The exhibit will be paid for entirely by The Moody Foundation, which funds, operates and supports the city-owned tourist attraction.

Moody Gardens will continue its Festival of Lights, which will run consecutively with the Ice Land exhibit, and they will debut an educational Ice Age exhibition in November. The Ice Land exhibit will coincide with Dickens on The Strand in downtown Galveston.

Tourism officials said Monday that the Moody Gardens exhibit would be included in a concerted push to make Galveston the “Christmas Capital” of Texas — competing with places such as Grapevine and Fredericksburg.

Read more at the Galveston Daily News.

Houston Apartment MarketData stats: May 2014 

(7/1/2014)

HOUSTON - Apartment MarketData Research Services LLC released May 2014 data. The multifamily market data represent three months trailing (March–May 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison
Age
Group
Houston Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 36,136 95.7% $0.876 848 134,614 96.5% $0.837 832
1970's 157,179 94.8% $0.806 834 385,921 95.7% $0.818 818
1980's 111,244 96.0% $0.880 797 489,131 97.0% $0.906 780
1990's 60,177 97.1% $1.154 932 225,076 97.6% $1.064 922
2000's 111,575 97.4% $1.084 988 365,322 97.4% $1.032 963
2010's 16,316 97.9% $1.309 952 62,245 97.3% $1.176 926
Totals 492,627 96.1% $0.960 877 1,662,309 96.8% $0.946 858

Rate: Rental Rate is the average market rate expressed as ($/SF/month).
Size: The average size of each unit expressed as (SF/unit).

Click to see the May 2014 Houston-Galveston full report, including historical data.

Source: Apartment MarketData Research Services LLC, San Antonio

See more multihousing data under Houston-Sugar Land-Baytown Market Data Sources.

Houston: Jefferson Heights rises with 198 units  

(7/1/2014)

HOUSTON - Construction is underway on Jefferson Heights, a 198-unit luxury multifamily community within the Heights, located at 1520 N. Memorial Way. Construction is expected to be completed fall 2016.

Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one- and two-bedroom floor plans ranging from 607 to 1,253 sf.

The community will offer amenities including a pool overlooking downtown, three courtyards, Wi-Fi in common areas, coffee bar and a fitness center.

JPI/TDI companies is the developer of the project.

Read more at PRNewswire.

New Caney: 610 acres of Grand Texas fun! 

(7/1/2014)

NEW CANEY, MONTGOMERY COUNTY - Grand Texas, the future 610-acre sports and entertainment district, will break ground on the first phase late this summer.

Features will include:

•  a 150-acre theme park;
•  a 40-acre water park;
•  an 83-acre sports complex;
•  a 144-lot RV park;
•  more than 240 hotel rooms; and
•  450,000 sf of retail and dining.

Grand Texas is estimated to draw 1.2 million annual visitors and will be located near the intersection of Hwy. 242 and Hwy. 59, about 35 miles east of Magnolia. It will feature Texas history and culture elements throughout the property.

The theme park is expected to span 71 acres in the first phase slated to open May 2016. The theme park has room to expand attractions on up to 150 acres in the future.

The Big Rivers Water Park will begin its first phase of construction on 28 acres in September 2014 and open in June 2015. The water park has space to accommodate up to 40 acres of development.

The sports complex will include indoor facilities and 20 sports fields with turf able to withstand up to eight inches of rain per hour without game delays.

The fields are designed to accommodate a variety of sports teams, including baseball, softball, soccer, lacrosse, football and rugby. Construction is expected to begin in August 2014 and open in March 2015.

The RV park will break ground in July and open in February 2015. The first hotels will be completed around the same period. There will be a 50-acre parking lot for visitors. A trolley shuttle system is planned in the coming years once the park opens.

Read more at Community Impact Newspaper.

Katy: Weatherford lifts production with 354,000 SF 

(6/30/2014 7:06:00 AM)

KATY - Weatherford, an oil and gas services company, is now operating from its newest 354,000-sf manufacturing and office facility located on 174 acres in Waller County, off Hwy. 90.

So far, Weatherford has brought on 135 employees. The company expects to hire 335 more by the end of 2015.

The company provides artificial lift technology and services, which help oil and gas companies maximize the profit and productivity of their extraction operations.

The Katy location, in addition to manufacturing products and technology, will also be an education center. The facility is equipped to provide large group training for Weatherford employees from across the world, as well as energy industry employees from other companies.

The strong workforce living in the area will allow the facility to increase its output from 120 rod pumping units per month to 600 units, Ernest Dunn, vice president of production systems said.

Read more at Community Impact Newspaper.

Kirkwood's 80,000-SF center sold in Houston 

(6/30/2014)

HOUSTON - Kirkwood Shopping Center, an 80,000-sf neighborhood center located at 11980 Westheimer Rd., has been purchased. The 35-year-old center is 91.6 percent occupied. Built in 1979, the center is situated on 7.8 acres.

The space available for lease is 6,729 sf and the contiguous space available is 2,300 sf.

Kirkwood Market Place Station LLC, an entity of Phillips Edison & Company, purchased the center from SW Kirkwood Key LP, an entity of Revesco Properties.

Read more at O'Connor and Associates.

Oceans Behavioral dives into Katy with 34,000 SF  

(6/29/2014)

KATY - Construction on the first Oceans Behavioral Hospital in the Houston area is underway. The 48-bed, 34,000-sf facility is located at 455 Park Grove Dr. It is expected to open in April 2015.

The facility will target the fast-growing senior population.

The hospital will also provide specialized psychiatric treatment to the local adult and senior population. It will offer dedicated facilities to deliver specific care and therapeutic intervention for mood and behavior disturbances or progressive, degenerative illnesses.

Louisiana-based Oceans Healthcare and SRP Medical, a Dallas-based health care investment and development company, are developing the project.

Read more at the Houston Business Journal.

Bull's eye on $26M, 664,000-SF industrial in NW Houston 

(6/27/2014 12:15:00 PM)

HOUSTON - Panattoni Development Co. has broken ground on a three-building warehouse/distribution project. The development cost is estimated to be $26 million.

The buildings will be 441,000 sf, 155,400 sf and 67,200 sf. Located in Beltway Crossing Northwest at 11802 N. Gessner, the buildings will be offered for sale or lease.

Panattoni Partner, Todd King, says this project is the largest distribution center under construction in Houston’s Northwest industrial market.

“This location is the bull’s eye for tenant and user demand in Houston. We’ll deliver a critical mass Class A business park well suited to meet their needs,” King says.

Read more at GlobeSt.com.

Houston's new Vintage with 44,000-SF Whole Foods 

(6/27/2014)

HOUSTON - Whole Foods Market Inc. is open. The 44,000-sf store located at 10133 Louetta Rd. will anchor the new Vintage Marketplace at the southeast corner of Louetta and Cutten roads in the Vintage, a 630-acre northwest Houston community.

Included in the store will be a Peruvian chicken grilling station, a wine and beer bar with 16 beer taps, wood-fired pizza, and a juice and coffee bar.

Customers will also be able to call in or email their grocery order for a personal shopper to collect their items and load them into their car. The service starts at $7 and requires a 48-hour notice.

Austin-based Whole Foods Market also plans to open a location this year in Blvd Place, a mixed-use development near the Galleria, which will include the company’s first-ever in-house brewery.

Read more at the Houston Business Journal.

Wood Glen's 67,000-SF senior housing Spring(s) up 

(6/26/2014)

SPRING - Wood Glen Court Assisted Living Facility, a 67,750-sf senior housing project located at 5000 Cypresswood Dr., is scheduled to open in early August.

One of four facilities located along Cypresswood Dr., the facility sits on nearly ten acres of land and will include 72 apartments for seniors, six of which will be two-bedroom living spaces or shared apartments. Potential residents already have been applying to live at the community.

The community will have an active approach to assisted living, and there will be recreational, educational and wellness programs, in addition to planned activities.

The facility also will offer restaurant-style dining, housekeeping, laundry service and enhanced transportation services for residents.

Read more at the Houston Chronicle.

600,000 SF Shop at West Lake Houston 

(6/26/2014)

HOUSTON - A new development, the Shops at West Lake Houston, is planned for the land in front of Summer Creek High School adjacent to Memorial Hermann Convenient Care Center.

Fidelis Realty Partners recently purchased the land and has plans for a 600,000-sf shopping center, which will be predominantly retail.

Fidelis is in the process of acquiring additional tenant contracts and expects for construction of the development to occur in just more than a year.

Read more at Your Houston News.

Class C, 84,000-SF office at 2990 Richmond sold in Houston 

(6/26/2014)

HOUSTON - Yield Master Fund Il LP has purchased an 84,000-sf, Class C building located on 1.94 acres at 2990 Richmond Ave. in the Greenway Plaza sector. The 43-year-old building is 76.3 percent occupied with average rents of $22.00 per sf.

The tenants at the building include Allied Warranty LP, Avalon School of Massage LLC, Inner Loop Physical Therapy, Occupational Health Systems and more.

The space available for lease is 19,842 sf and the contiguous space available for lease is 5,857 sf. The seller was Houston DLM Investment Group LLC.

Read more at O'Connor and Associates.

More details on Magnolia's 600-acre community 

(6/26/2014)

MAGNOLIA - As homes in The Woodlands come close to selling out, a new master-planned community will break ground about a mile away this summer to help fill the ever-growing demand for upscale houses in north Houston.

Construction will begin in August on Toll Brothers' new, yet-to-be-named 600-acre master-planned community, located about half of a mile northwest of The Woodlands and within the Magnolia Independent School District east of FM 2978.

The first phase includes 160 lots offering 60, 70 or 85 feet with the 85-foot lots constructed in a gated portion of the community, as well as a 6,000-sf community center. Prices will range from the mid-$300s to the mid-$600 thousand, with presales beginning in spring 2015.

About 200 acres of the master-planned community will remain undeveloped and include hiking and biking trails for residents. Space may also be reserved for an elementary school.

A portion of the community fronts FM 2978 and could be used to build additional homes or retail space. Homebuilders will be announced over the next few weeks. The entire project will include 850 to 900 homes.

Read more at the Houston Business Journal.

Houston: Boxer turns 135,000-SF office into knockout! 

(6/25/2014 6:45:00 AM)

HOUSTON - Boxer Property has acquired the 135,571-sf Northwest Crossing II, a three-story building at 7676 Hillmont in northwest Houston.

Built in 1982, Northwest Crossing II features card-key access, an onsite cafe and parking.

Boxer is planning a multimillion-dollar revitalization to create its "Boxer Workstyle" brand of collaborative office spaces.

Boxer Workstyle is a type of upscale co-working space with executive suites. Available office spaces range from open desk space to private executive offices or large multi-office suites. Updates also will include all common areas, lobby, restrooms and lounge space.

Read more at the Houston Chronicle.

Houston $100M inmate processing center 

(6/25/2014)

HOUSTON - A $100 million city-county inmate-processing center will be built across the street from the main county jail. The 254,000-sf facility is expected to help expedite inmate booking by allowing some to bypass certain time-consuming processes.

The county and City of Houston are splitting the cost to build the facility, which will allow the city to shutter its two aging jails when it opens in about three years. The county will contribute $70 million with a bond issue approved by voters last November, and the city will provide $30 million.

Construction will begin this fall.

Read more at the Houston Chronicle.

Ten Oaks' 382 units pump up Energy Corridor 

(6/25/2014)

HOUSTON - A new 382-unit multifamily development in Wolff Cos.' 82-acre Ten Oaks master-planned community, at the corner of Barker Cypress and Park Row in the Energy Corridor, will break ground this fall.

The high-end amenity, multifamily community will include 28 two- and three-bedroom townhomes from 1,500 to 1,800 sf, as well as one- and two-bedroom apartments. Hunington plans to wrap up construction in summer 2015.

Hunington Residential is the developer of the project. Steinberg Design Collaborative LLP is designing the project.

Read more at CoStar Group.

Dow brings world-scale ethylene facility to Freeport 

(6/25/2014)

FREEPORT - The Dow Chemical Company will begin construction of its world-scale ethylene production facility at the end of June. Start-up of the facility is planned for the first half of 2017.

With a nameplate capacity of approximately 1500 KTA, Dow’s new ethylene production facility is part of a multibillion-dollar investment.

“When combined with our on-purpose propylene PDH project, which is more than 30 percent complete, this ethylene production facility takes Dow yet another step closer to realizing the full financial benefit of our Gulf Coast investment effort,” said Jim Fitterling, Executive Vice President, Feedstocks, Energy and Performance Plastics.

The projects announced for the Freeport site will require 4,000 employees for construction of multiple feedstocks, derivatives and supporting infrastructure projects.

Dow Texas Operations in Freeport is Dow’s largest integrated manufacturing site worldwide and the largest chemical complex in North America with more than 4,200 employees and 3,800 contractors on site daily.

Read more at BusinessWire.

The Woodlands: 40,000-SF Whole Foods underway 

(6/25/2014)

THE WOODLANDS - Construction is underway on the new 40,000-sf Whole Foods Market located at Lake Front Circle and Lake Woodlands Dr. The store is slated to open in 2015.

The new store will be part of Hughes Landing, the 66-acre mixed-use development under construction in The Woodlands. Hughes Landing will have 11 office buildings, shopping, dining, an upscale hotel, fitness center and 800 multifamily residences.

Read more at the Houston Chronicle.

Houston's 15 Topaz Villas coming to Montrose 

(6/24/2014)

HOUSTON - Topaz Villas, a 15-home condominium community at 4520 Yoakum Blvd., just south of Richmond Ave. and one block west of Montrose Blvd., will break ground in the next 30 days.

The 3,000-sf condos will have three bedrooms with three full bathrooms and one-half bathroom. Prices range from $900,000 to $1.15 million with three floor plans to choose from. Three units have been presold since June 1.

CondoSmart Realty LLC is the developer of the project. Clerkley Watkins Group Inc. designed the exterior and 2 Scale Architects Inc. designed the interior.

Delivery is slated for 12 months after the groundbreaking.

Read more at the Houston Business Journal.

Crosby lands 80-unit affordable apartments: Newport Village 

(6/24/2014)

CROSBY, HARRIS COUNTY - Newport Village, an 80-unit affordable apartment project, has broken ground. The $13.5 million project will be located at 5925 FM 2100, northeast of Houston.

The property will offer one-, two- and three-bedroom units to income-restricted families. Residents will have access to a furnished fitness center, business center equipped with computers and complimentary Wi-Fi, plus a community room.

Outdoor amenities will include covered patios and balconies near a sitting area complete with a decorative gazebo and a playground for residents.

LDG Development is constructing the project. Capstone Real Estate Services as the management company upon completion. Crosby is a small town (population about 2,300) in Harris County, northeast of Houston and part of the metro area.

Read more at Multi-Housing News.

Bridgeland completes first section of 400 homes 

(6/23/2014)

CYPRESS - Construction will begin in July in Bridgeland, a master-planned community, on the last phase of the first section of the development. This phase will add more than 400 houses to the community, located between the Grand Pkwy. and Hwy. 290.

Prices range from $250,000 to the millions. Future plans for the neighborhood also call for additional amenities, such as a heated lap pool, splash pad, skateboard park, basketball and tennis courts, and a canoe launch.

The community also features walk and bike trails, lakes and water parks. Massachusetts-based Sasaki Associates designed the master plan for the community, as well as plans for most of The Woodlands.

The Howard Hughes Corp., the Dallas-based parent company of The Woodlands Development Co., is the developer of the community.

Established in 2006, Bridgeland currently has 2,100 occupied homes with thousands of lots left for development, making it a contender for the largest master-planned community in Houston.

Read more at the Houston Business Journal.

New Caney sets the 'table' for Tavola's 1,000 acres  

(6/23/2014)

NEW CANEY - Stemming from the Italian word meaning “table,” Friendswood Development’s newest community, Tavola, celebrated their impending opening with the community. The total tract of land is approximately 1,000 acres on the east side of Hwy. 59 and around 560 acres on the west side that has been set aside for future development.

Construction has already begun on a few of the homes near the entrance while crews continue to work on the entrance into the community that will include a fountain and pond. The projected price range of the homes is from the $190,000s to $300,000s.

Friendswood has partnered with the New Caney ISD for a new elementary school to be built and open in fall 2015 to accommodate continued growth in the area.

Read more at Your Houston News.

Houston's 171,000-SF 1800 Bering sold in Galleria area 

(6/23/2014)

HOUSTON - The ten-story 1800 Bering office building has been purchased in the Galleria area. The 171,510-sf property was built in 1982. The building's two biggest tenants are Alamo Title with 17,610 sf and Link Staffing Services with 13,875 sf.

KBS Realty Advisors purchased the building from Fuller Realty Partners. The company aims to move the so-called Class B-plus building up a notch by making cosmetic improvements — such as the HVAC and elevator systems.

Fuller Realty Partners bought the building in a joint venture with Harbert Management Corp. in 2011. Since then, occupancy went from 80 percent to its current level of 95 percent.

Read more at the Houston Chronicle.

Orthopedic facility slated for Houston Methodist Sugar Land 

(6/23/2014)

SUGAR LAND - A new orthopedics facility is underway for Houston Methodist's campus at the Hwy. 59 and Sweetwater Blvd. interchange.

Once complete, the 60,000-sf structure will allow the hospital system to relocate its Orthopedics and Sports Medicine Department from its location at Hwy. 6 and Brooks St.

The new facility is expected to add additional services to the Sugar Land hospital. The building is expected to have space for a variety of services, including physical therapy, occupational therapy, aquatic therapy, an outdoor training facility and a sports medicine urgent care clinic.

The new orthopedics facility is estimated to be complete by mid-2015.

The project is part of Houston Methodist Sugar Land Hospital’s overall $131 million expansion plan in Fort Bend County. The expansion includes a new emergency room at 8200 Hwy. 6, Missouri City and a 104-bed patient tower at the Sugar Land campus.

Read more at Community Impact Newspaper.

Montgomery County Food Bank now 60,000 SF 

(6/23/2014)

CONROE - The new 60,000-sf Montgomery County Food Bank is six times larger than the previous facility. It can feed 70,000 people a month in the area. Previously, only 40,000 individuals a month could be fed.

Now the 75th largest food bank in the nation, the facility can store 42 million pounds of food, compared to the 220,000 pounds of food that the former facility could store.

The new facility also has the space for ten times the number of volunteers.

Besides the Montgomery County Food Bank, the Houston Food Bank is the only other food bank in the Greater Houston area.

Read more at the Houston Chronicle.

Old Ocean: Chevron Phillips' $6B part deux underway 

(6/23/2014)

OLD OCEAN, BRAZORIA COUNTY - Chevron Phillips Chemical Company LP broke ground on the second part of its U.S. Gulf Coast Petrochemicals Project, a $6 billion investment.

The construction includes two polyethylene units that will both produce 500,000 metric tons of plastic resin every year.

The resin will be used for a variety of products, including new flexible packaging options that extend the shelf life of fruits and vegetables, as well as in the creation of plastic piping, merchandise bags and bottles.

The project also includes installing 45 miles of railroad track to hold and transport the output from the facility. More than 400 long-term direct jobs and 10,000 engineering, construction and fabrication jobs will be created due to the project.

Chevron Phillips kicked off the first part of the $6 billion investment with an April 2 groundbreaking for its new ethane cracker facility at its Cedar Bayou Plant in Baytown.

It also recently completed the world’s largest on-purpose 1-hexene plant at the company’s Cedar Bayou Chemical Complex in Baytown.

Read more at the Houston Business Journal.

Humble: Sierra's 252 units at Fall Creek sold 

(6/23/2014)

HUMBLE - Sierra at Fall Creek, a 252-unit multifamily community in the master-planned community of Fall Creek, has been purchased by Bascom Group. The property is located at 14951 Bellows Fall Ln., northeast of Houston.

Built in 2004, the property consists of 13 residential buildings and one stand-alone leasing center on 13 acres.

The unit mix is comprised of 61 percent one-bedroom units, 26 percent two-bedroom and two-bathroom units, and 13 percent three-bedroom units. Select units offer attached garages and additional study rooms.

Read more at CoStar Group.

Houston May 2014 construction permits another record 

(6/20/2014 8:00:00 AM)

HOUSTON - Construction permitting set another record in May. Permits for office buildings increased from $14.8 million in May 2013 to $265.1 million in May 2014.

Permits for parking garage buildings increased from $9.6 million in May 2013 to $105.1 million in May 2014.

Multifamily permits nearly tripled from $84.3 million in May 2013 to $222.1 million in May 2014.

Houston Building Permits May 2014
  Monthly Data Year-to-Date Total
  Most Recent Year Earlier Change Most Recent Year Earlier Change
Building Permits
($, City of Houston)
971,764,397 439,967,600 120.9% 3,644,067,547 2,404,951,597 51.5%
Nonresidential total 604,507,316 216,768,453 178.9% 2,425,455,752 1,558,403,490 55.6%
New nonresidential 439,366,231 69,906,182 528.5% 1,573,542,661 769,608,924 104.5%
Nonresidential additions/
alterations/conversions
165,141,085 146,862,271 12.4% 851,913,091 788,794,566 8.0%
Residential total 367,257,081 223,199,147 64.5% 1,218,611,795 846,548,107 44.0%
New residential 340,298,206 202,480,889 68.1% 1,085,846,664 755,879,714 43.7%
Residential additions/
alterations/conversions
26,958,875 20,718,258 30.1% 132,765,131 90,668,393 46.4%

 

Read more at the Greater Houston Partnership. For more economic indicators, check out the full report.

To see MLS data from May, check out the previous story First decline since 2011 for Houston May home sales.

99,000-SF Mission Bell rings new owner in Houston 

(6/20/2014)

HOUSTON - Mission Bell Shopping Center, a 99,000-sf neighborhood center located at 15102 Bellaire Blvd., has been purchased.

The 30-year-old multitenant center is fully occupied. Built in 1983, the center is situated on 7.86 acres.

The tenants at the center include A&M Liquor, Kay Beauty Supply, Skyline Electrical Service, and World Deliverance, among others.

Anwin LP purchased the center from Bimillennium Property Investment Group LLC.

Read more at O'Connor and Associates.

Get the scoop! Details released for Springwood's CityPlace 

(6/20/2014)

SPRING - Project details for the new CityPlace, formerly known as Springwoods Village Town Center, have been announced. The 60-acre, mixed-use development is located at the nexus of I-45, Grand Pkwy. and the Hardy Toll Rd.

The initial office phase will include two Class A office buildings with a combined 440,000 sf for single or multitenant users, shopping and dining.

The first building, a five-story structure, will offer 147,000 sf with flexible 28,000-sf floor plates. The second structure, a ten-story office building, will have nearly 295,000 sf and efficient floor plates that total 29,200 sf.

Both buildings will be located at the eastern end of CityPlace, near the full service hotel, public plaza, and the lake and park system, just west of I-45. The first building will be delivered in fourth quarter 2015.

Martin Fein Interests LTD will build a 268-unit, Class A multifamily apartment community within CityPlace. The property will include retail space on the ground floor.

Additionally, Woodbine Development Corporation is developing a full service hotel with expansive meeting space and amenities that will overlook the public plaza and the lake and park system, as well as a Residence Inn by Marriott, located on the western end of CityPlace.

CDC Houston is the creator of the Springwoods Village community. There is a dedicated focus on the preservation of the area's ecosystems and the balance between nature, urbanism and diversity.

Read more at PRNewswire.

Houston: $19M buys 378,000-SF Mitchelldale Business Park 

(6/19/2014 8:54:00 AM)

HOUSTON - The 12-building 377,752-sf Mitchelldale Business Park on Mitchelldale St. just south of US 290 has been purchased for $19.17 million. It is 92 percent occupied.

Among the tenants are Craven Carpet, A Better Trip moving company, GC Services and LOYC Investments.

Hartman Short Term Income Properties XX acquired the property from an affiliate of Falcon Southwest.

Read more at the Houston Chronicle and SEC filings.

$14M sale of Gulf Plaza in Houston's energy corridor 

(6/19/2014 6:45:00 AM)

HOUSTON - Gulf Plaza, a six-story, 120,651-sf, single-tenant office building in the Energy Corridor, has been sold for $13.95 million.

Gulf Plaza is located in west Houston at 16010 Barkers Point just east of Hwy. 6 and south of I-10 in close proximity to the North American headquarters of BP and Mustang Engineering.

The property is 100 percent leased to Gulf Interstate Engineering and underwent extensive renovations totaling nearly $1 million in 2012 when the company renewed their lease term.

Hartman Gulf Plaza LLC, an affiliate of Hartman Short Term Income XX, Inc., purchased the asset from Hartman Gulf Plaza Acquisitions LP.

Read more at Realty News Report and SEC filings.

Kroger checks out old Humble store with new 100,000-SF store 

(6/19/2014)

HUMBLE - Shoppers will say goodbye to one Kroger and hello to a new one. Kroger will open a new 100,000-sf store at Hwy. 59 and FM 1960, replacing a nearby store in a leased space at 19611 Eastex Fwy.

The new store is approximately 45,000 sf larger, and will open in late August. A closing date for the old store, which opened in 1989, has yet to be announced, but a company spokesperson said it will take place around the time of the new store’s opening.

Supermarkets will dominate aggressive retail development in Houston over the next year, representing half of 2014’s retail growth with 28 new grocery stores planned, according to Houston-based Wulfe & Co.

Read more at the Houston Business Journal.

Two new phases: Avalon at Riverstone to debut in Sugar Land 

(6/19/2014)

SUGAR LAND - Darling Homes is unveiling two new luxury home phases in Avalon at Riverstone featuring oversized home sites, dedicated green spaces and plenty of cul-de-sac lots. The two new home phases include 70-foot and 80-foot home sites.

Each collection at Avalon at Riverstone offers a unique experience, starting with the 70-foot homes, which offer up to five bedrooms, 5.5 baths and three-car garages. The six floor plans in the collection range from approximately 2,800 sf to 3,900 sf and start in the $490,000s.

The larger 80-foot homes come with even more, including floor plans that offer more than 5,200 sf, up to five bedrooms and 5.5 baths. Like the smaller series, these homes also include three-car garages and two-story layouts. Prices start in the $580,000s.

Also debuting this summer is a brand-new amenity, The Club at Riverstone, where residents will be able to enjoy eight tennis courts, a pool that includes two twisting slides, a zero-entry lagoon and a toddler’s splash pad.

Drawing on a nature-inspired theme, the area will also include play structures, a zip line and a rope bridge.

Read more at Your Houston News.

Galveston's historic building to 37 lofty condos 

(6/19/2014)

GALVESTON - A five-story property at 2400 Mechanic St. is being converted into 37 condominiums. The developer, Atlanta-based SF Capital, is spending more than $100,000 upgrading each unit.

One- and two-bedroom units range from 900 sf to nearly 1,900 sf. Prices start in the low $200,000s.

The building, called the Strand Historic Lofts, was developed in 1890 for Clarke & Courts Printing. It is part of the Strand Historic District, a National Historic Landmark District of primarily Victorian-era buildings.

The condominiums will feel like authentic lofts with exposed brick and wood beams, iron arches and tongue and groove pine wood floors. The units will incorporate modern amenities including USB-charging ports in the walls, high-end closet systems, upscale kitchen appliances and double-height cabinets with rolling-ladder access.

SF Capital bought the building last fall from Houston residential developer Randall Davis, who had renovated it in 1994 and turned it into rentals.

Read more at the Houston Chronicle.

Houston's 352,000-SF Marq*E entertains new owner 

(6/18/2014 7:40:00 AM)

HOUSTON - The 35-acre Marq*E Entertainment Center property at 7620 Katy Fwy. has been purchased. The 351,811-sf shopping center, built in 1999, is about 95 percent occupied and houses Edwards Cinema, Dave & Buster's and LA Fitness.

Other tenants include Bank of America, Chick-Fil-A, Cafe Adobe and Red Robin.

The previous owner, a joint venture between Los Angeles-based Canyon-Johnson and Houston-based Fidelis Realty Partners, completed a $15 million renovation of the property in 2011. The group had purchased the center in 2006, when it had fallen on hard times after serious crimes occurred there.

A 50,000-sf section of the development was demolished to make the property more open and increase visibility to the stores and restaurants. In addition, more parking was added.

The joint venture put the property on the market about a year ago. The buyer, a group affiliated with Levcor Inc., has not discussed plans for the site moving forward.

Read more at the Houston Chronicle.

Parkside living to Lakes of Bella Terra with 342 units 

(6/18/2014)

RICHMOND - Oden Hughes has begun construction on The Parkside Bella Terra, a 342-unit complex near the Grand Pkwy. and the Westpark Tollway. It will be part of the Lakes of Bella Terra master-planned community.

Plans will range from one-­ to three- bedrooms with sizes from 565 to 1,700 sf. Rents will range from $800 to $2,200 a month.

The property is part of the Lamar Consolidated School District and is west of the Energy Corridor.

The Parkside Bella Terra is Oden Hughes' third apartment project in the Houston area. The first local project, Parkside Grand Parkway in Katy, opened in February. Parkside Place, near the Exxon Mobil campus, is scheduled to open early next year.

Read more at the Houston Chronicle.

Arium Briar 476 units sold in Houston's Energy Corridor 

(6/18/2014)

HOUSTON - A 476-unit garden-style apartment community in the Energy Corridor has been purchased. The project, Arium Briar Forest, is a recently renovated apartment complex located at 12951 Briar Forest Dr.

Provident Realty Advisors of Dallas purchased the community from Carroll Organization. The project has proximity to major thoroughfares I-10, Hwy. 6 and Beltway 8 on the west side of Houston where dozens of major energy companies have offices.

Read more at Realty News Report.

Houston: 378-Unit Millennium Kirby tech-laden apartments 

(6/18/2014)

HOUSTON - The Dinerstein Cos. has started construction on The Millennium Kirby located at 7600 Kirby. The project will replace a 1970s-era apartment complex, the Crossing on Kirby, which consisted of 15 two-story apartment buildings.

The 378-unit Millennium Kirby will be five stories with two buildings and a parking garage. The complex mix of 67 percent one-bedroom, 28 percent two-bedroom and 5 percent three-bedroom units.

"The units come with smart systems where you can control everything through your iPad, from the TV to the Internet to the lighting to the music," Dinerstein said.

Dinerstein expects to attract renters primarily from workers at the Texas Medical Center, and secondarily Rice University and Upper Kirby as a lifestyle choice. It is also near NRG Park.

The units themselves will be efficiently designed, averaging about 875 sf. Leasing is expected to begin at the end of next year.

Developers are adding about 80 apartment projects totaling more than 22,600 units across the Houston area, according to Apartment Data Services.

Read more at the Houston Chronicle.

West Lake Park(s) 330 units near Towne Lake in Houston 

(6/18/2014)

HOUSTON - West Lake Park Apartments, a new 330-unit apartment complex, is expected to open at 18100 West Rd. in fourth quarter 2014.

The project includes studio apartments, as well as one- and two-bedroom flats and two- and three-bedroom townhouses. Every one-, two- and three-bedroom floor plan will come with access to an attached garage.

Amenities of the overall complex will include a cabana with gas grills, playground and a community club house featuring a coffee bar, fitness center, pool and theater with stadium seating. The community will also be gated.

Judwin Properties is the developer of the complex. The location of the apartment complex was strategically selected to cater to new residents to the area who are still looking for homes around Towne Lake and other master-planned communities.

Read more at the Community Impact Newspaper.

World's largest ethane export terminal coming to Houston 

(6/17/2014)

HOUSTON - The world's largest ethane export terminal is coming to the Houston Ship Channel. Enterprise Products Partners LP will construct a refrigerated ethane export facility.

The company has signed a 30-year agreement with the Port of Houston Authority for use of facilities adjacent to Enterprise's existing Morgan’s Point terminal.

The facility is expected to begin operations in third quarter 2016. The export terminal will be able to load fully refrigerated ethane at approximately 10,000 barrels per hour.

Enterprise also plans to build a pipeline from its Mont Belvieu natural gas liquids fractionation and storage complex to provide direct access to the ethane supply.

The Mont Belvieu complex is connected to growing supplies of ethane from the Marcellus and Utica shale regions through Enterprise’s recently completed ATEX ethane pipeline.

"The agreement is exciting for the port and the entire region in terms of creating jobs and fostering positive economic impact," said Janiece Longoria, chairman of the Port Commission of the Port of Houston Authority.

Read more at the Houston Business Journal.

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