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Houston-Sugar Land-Baytown

CBRE: Houston industrial market's record numbers 2014 

(1/30/2015 7:45:00 AM)

HOUSTON - The Houston area absorbed a record-breaking 8.1 million sf of industrial space in 2014, according to CBRE's fourth quarter 2014 report.

In 2014, nearly 12 million sf of industrial space was delivered to the market, the highest since 2008. The past quarter was the 15th consecutive quarter of positive absorption at 2.2 million sf.

Much of the recent industrial activity involves distribution. In October 2014, a 400,000-sf warehouse for Houston-based Silver Eagle Distributors, Anheuser-Busch's biggest U.S. distributor, was completed.

A big project underway is Aldi's new 650,000-sf division headquarters and distribution center that's slated to open in early 2016 in Rosenberg.

Dallas-based Crow Holdings Industrial has broken ground on a 415,000-sf Class A industrial park, Apex Distribution Center, on Tanner Rd. near Beltway 8, on the site of New Jersey-based Goya Foods' former manufacturing site.

Houston Industrial Market Statistics 4Q 2014*
Market Rentable
Area SF
4Q Net
2014 Net
Avg. Asking
Northwest 133,718,928 3.9% 468,712 1,880,729 3,501,971 0.78
North 77,566,092 8.5% 551,112 1,907,599 2,251,284 0.71
Southeast 75,697,565 5.0% 647,309 1,766,981 1,241,888 0.68
Southwest 61,059,279 5.6% 104,649 653,856 1,122,926 0.78
CBD 52,582,252 4.8% 176,922 404,611 0 0.53
Total** 474,015,067 5.0% 2,216,488 2,216,488 8,392,470 0.67

*Ranked by market rentable area.
**Totals are based on all submarkets. Only top five of the seven submarkets are shown.

Click here to see the full Industrial 4Q 2014 report from CBRE.

Read more at the Houston Business Journal.

tags: Houston industrial, Houston Industrial Data

Spring: 400,000-SF retail center planned near Grand Pkwy. 


SPRING - A 400,000-sf retail power center — to be called Grand Parkway Marketplace — is planned for the intersection of Spring Stuebner Rd. and Kuykendahl Rd. in the Woodlands area.

New York-based Kimco Realty Corp. has acquired 64 acres for the project. Kimco owns and operates multiple Houston-area shopping centers, including Copperwood Village, Cypress Town Centre, Tomball Crossing and the Centre at Copperfield.

Growth in the area has been robust due to construction on the Grand Pkwy. extension and Exxon's new campus.

"Our leasing is moving along briskly," said Rob Nadler, the central region president for Kimco. "For many retailers operating in the Houston market, this (location) is a void for them. Given the growth between residential and community development in the area, it's quite a remarkable site."

The leg of Grand Pkwy. from I-45 to US 290 is slated to be complete at the end of 2015. Grand Parkway Marketplace is expected to open during fourth quarter 2016.

Read more at the Houston Business Journal.

Houston: 94,000-SF Timbercreek, Copperfield offices sold 


HOUSTON - Hartman Highway 6 LLC has purchased the Timbercreek Atrium and Copperfield office buildings, two Class B office buildings totaling 93,656 sf. The multi-story office buildings are located along Hwy. 6 between I-10 and FM 529.

Timbercreek Atrium is a three-story, 51,035-sf building located at US 6 North and & Timbercreek Place. As of Dec. 2014, the property was 79 percent leased to tenants including The Loken Group, H2O and the Harris County Hospital District.

Copperfield Building is a three-story, 42,621-sf office building located on Spencer Rd. and US 6. As of Dec. 2014, the property was 80 percent leased to tenants including J. P. Morgan Chase Bank, Deep Sea Development and Harvey Home Health.

Read more at Realty News Report.

Memorial Hermann underway on $168M Cypress campus 


CYPRESS - Memorial Hermann Health System has broken ground on its $168 million full-service medical campus. It is located on a 32-acre site at the northeast side of Hwy. 290 and the Grand Pkwy., between Mason Rd. and Mueschke Rd.

The first phase includes a six story, 125,000-sf medical office building with a 40,000-sf Convenient Care Center.

Phase two involves an 80-bed hospital. Besides the eight operating rooms, the hospital is set to house a 16-bed intensive care unit, neonatal intensive care unit, cardiac catheterization lab, with room to accommodate future growth.

Plans also include Life Flight helipad, an air ambulance service who has 15 minutes access to any location within a 150-mile radius of Houston.

The Convenient Care Center is set to open early 2016, and the hospital is expected to be completed by 2017.

As the area continues to grow, the campus has room for two additional medical office buildings and two additional patient bed towers.

The Cypress campus is said to be designed with a “forward-looking focus” taking into consideration the area’s current population of more than 355,000 residents and an expected growth of nearly 100,000 more people over the next decade.

Read more at Your Houston News.

Houston's apartment market outlook for 2015 not as rosy? 

(1/28/2015 7:30:00 AM)

HOUSTON - The multifamily market in Houston has been booming with sky-high occupancy rates and rents, hordes of new people moving to the city and thousands of brand-new apartment units under construction.

But the forecast for 2015 — in light of tumbling in oil prices — is far less rosy, a panel of industry leaders said at the annual Houston Apartment Association meeting.

Rent growth will drop off and job growth will shrink as construction crews bring even more units online.

Jesse Thompson, business economist with the Federal Reserve Bank of Dallas, Houston branch, predicted that job growth in Houston will shrink by about half of that in recent years to about 50,000 to 55,000 a year.

He does not predict Houston is heading toward a recession, however.

He said while Houston is certainly affected by a dip in oil prices, the economy is much more diversified than it was in the mid-1980s during the oil bust.

Last year, 18,000 new apartment units came to the market to keep up with the demand.

This year, 27,000 are expected to come to the market, said Bruce McClenny, president of Houston-based Apartment Data Services. Last year, rent growth reached 8.1 percent and McClenny predicted that would fall to 4 percent this year.

For the top-end Class A product, McClenny said there will be concessions on the horizon, such as first-month free or other discounts.

The lower-end products may still see growth, as people priced out of the higher-end complexes move down. However, there is much less inventory in that category. There were 6,000 units torn down since 2012.

At the meeting, Orion CEO Kirk Tate said Houston has been “red-lighted” by lenders. He said developers have opportunities in lower-end Class B and C apartments to refurbish those products.

Brandt Bowden with the Hanover Company agreed that capital for new construction has dried up in Houston. He said the drop could be a positive, as things were heating up very fast in the last few years and construction costs became inflated.

Read more at the Houston Chronicle.

Houston: Villas at West Road part of 1,941-unit sale 

(1/28/2015 7:20:00 AM)

HOUSTON - Miami-based Atlantic Pacific Cos. (APC) struck a deal with Richmond, Va.-based McCann Realty Partners to acquire a 1,941-unit portfolio across Texas and Georgia for a sales price over $200 million.

As part of the portfolio, the company will acquire the Villas at West Road, a 240-unit community constructed in 2006 at 9500 West Rd. in Houston. It measures 273,568 sf on nearly 20 acres.

It offers one- to three-bedroom floor plans, and features 24-hour maintenance, a pool with poolside grilling area and a business center. Villas at West Roads is APC's first investment in the Houston market.

APC's property leasing and management platform will manage the newly acquired communities. APC also intends to make select capital improvements at certain communities which will include interior upgrades and common area improvements.

Read more at CoStar Group.

Texas City rubble to 56,000-SF H-E-B 


TEXAS CITY - Demolition work is underway and construction will soon begin at the site of the new H-E-B grocery store located at the Palmer Shopping Center at the corner of Hwy. 146 and north of Palmer Hwy.

In place of what was an 87,237-sf Kmart building will be a new approximately 56,000-sf H-E-B, scheduled for completion by the end of the year.

Construction should begin as soon as the rubble is cleared away.

City commissioners approved a $1.4 million tax incentive package to bring a new H-E-B store to the city in November 2014.

H-E-B operates a store at 918 20th St. N. that will close once the new location opens.

Read more at the Galveston Daily News.

Houston: 294-unit Oaks of Cypress Station sold 


HOUSTON - The Oaks of Cypress Station, a 294-unit community located on 11.24 acres at 1000 Cypress Station Dr., has been sold.

Renovated in 2002, the community features three swimming pools, a clubhouse, spa, fitness center and some units come equipped with a fireplace. The unit mix consists of one- and two-bedroom floor plans.

Just west of I-45, the community sits in close proximity to major area employers the Northwest Medical Center and Greenspoint Business District, and five miles north of the 389-acre ExxonMobil office campus.

Fort Worth-based Panther FW Investments teamed up with a local multifamily investment group to acquire the property. Panther plans to increase rental revenue with extensive interior and exterior upgrades.

Read more at CoStar Group.

152-Room Aloft Houston Galleria sold 


HOUSTON - The 152-room, five-story Aloft Houston Galleria has been sold. The boutique hotel at 5415 Westheimer Rd. was built in 2009.

The pet-friendly property targets younger, active guests and families. It has electronic check-in kiosks, a lounge with a pool table, a 24-hour fitness center, indoor pool and an activity program for children aged 2 to 12.

Norwalk, Ct.-based HEI Hotels & Resorts, which will continue to manage the hotel, sold the property to a Westpark I of Melville, New York.

Read more at the Houston Chronicle.

Houston: Rockwell buys 187,000-SF Westchase office 


HOUSTON - A 186,964-sf office building at 9900 Richmond Ave. in Westchase has traded hands. The property is located on 5.7 acres at the northeast corner of Richmond and Briarpark.

The building is 92 percent leased with Seismic City, Costello, Norris Conference Centers, U.S. Navy Recruiting, DBR Engineering and Selene Finance among its tenants.

The recently renovated four-story building has an attached three-story parking garage. 

A joint venture between Houston-based Fuller Realty Partners and Harbert Management Corp. sold the property to Houston-based Rockwell Management Corp.

Read more at the Houston Chronicle.

Pearland: 165,000-SF center adds more national retailers 


PEARLAND - More retailers have opened in The Center at Pearland Parkway, a 165,000-sf power center developed by Stream Realty Partners at FM 518 and Pearland Pkwy.

The center opened last year with anchors Petco, TJ Maxx and Palais Royal opening in November. The next stores to open will be Ross Dress for Less and Five Below, with openings planned in March, followed by Salons by JC in April.

Other tenants include Rack Room, Rue 21, Payless, America’s Best Contacts & Eyewear, MOD Pizza, Mattress Firm, Massage Envy,

Read more at the Houston Chronicle.

City of Houston building permits set record in 2014 


HOUSTON - Construction permitting in the City of Houston set a record in 2014, according to a report by the Greater Houston Partnership.

The City of Houston issued $8.7 billion in construction permits in 2014, a 41 percent increase over 2013 when $6.1 billion in permits were issued.

Nonresidential permits made up the highest value, growing 47.2 percent to $5.6 billion, while residential permits were up 30.9 percent to $3 billion.

Permit activity in December, however, was down slightly from the same month a year earlier. Residential permits slowed down the most, falling 17.4 percent to $214.1 million. In contrast, permits for non-residential construction was up 11.1 percent to $413.3 million.

Read more at the Houston Chronicle. To see the 'Building Permits Update' from the Greater Houston Partnership, click here.

Pearland: 98,000-SF Boat & RV Storage sold 


PEARLAND - Pearland Boat & RV Storage, a 97,560-sf self-storage facility, has been sold. The facility is located at 3600 Old Chocolate Bayou.

The seller was a Houston-based private investor, and the buyer was a limited liability company.

Read more at Texas Real Estate Business.

Downtown Houston: $60M City View Terrace underway 

(1/23/2015 10:00:00 AM)

HOUSTON - A $60 million development, City View Terrace, is underway in downtown. City View Terrace will comprise a full city block, with residential and full retail.

City View Terrace will also have 12 stories and 336 residential units. To date, this is the largest development ever in its category.

The anticipated date of completion is 2017. The project is anticipated to generate over 700 jobs for Houston.

The City View Terrace project is a joint venture between two partners, Abdul Dawood and Dan Nip at City View LLC.

It is being developed by Premier Regional Center, a real estate investment company in Sugar Land, Texas.

Read more at PRWeb.

tag: Houston apartments, Houston shopping list for data

Houston: Grocery game of chain, chain, chain  

(1/23/2015 7:15:00 AM)

HOUSTON - New grocery stores will make up nearly half of the 3.7 million sf of new retail space that will be built and opened in Houston this year, according to an annual retail survey by Houston-based developer Wulfe & Co.

Grocery chains are slated to open 32 new locations across Houston. H-E-B Grocery Co. will have the greatest expansion with seven new stores. Additionally, Wal-Mart Stores Inc. will build four, and Kroger Co. will build four and expand two.

Sprouts Farmers Market Inc. will open two, Whole Foods Market Inc. will open two, and Fiesta Mart and Trader Joe's will each open one. Aldi Inc. will add 11 smaller stores across Houston.

In addition to supermarkets, a 180,000-sf Walmart superstore and a 165,000-sf Gallery Furniture will contribute to the 3.7 million sf of new retail, which is the highest since 2008. The number represents a 56 percent increase over last year's 2.37 million sf.

The report attributes these numbers to low fuel prices and consumers' increased disposable income, which has benefited the retail sector.

"With this high activity of new retail growth, we project that higher retail occupancy rates will exceed a seldom-achieved rate of 92 percent this year," CEO Ed Wulfe said in the report.

Read more at the Houston Business Journal.

For the full press release from Wulfe & Co. click here.

Downtown Houston: Hines' 32-story apartment tower underway 


HOUSTON - Hines has broken ground on a 32-story, 300,000-sf apartment building next to Market Square Park in the northern part of downtown.

One Market Square will consist of 274 units and an eight-story podium garage. The average unit size will be 1,200 sf.

The tower will be built on about one-half of a block bounded by Prairie, Preston, Travis and Main. The block is known as “Block 44.”

Houston-based Ziegler Cooper Architects designed the building. The project will be complete in 2016, said Hines spokesman Mark Clegg.

A number of projects are under construction in downtown Houston following a city-backed Downtown Living Initiative, which provides a $15,000 per unit tax credit for new multifamily development.

Read more at Realty News Report and the Houston Business Journal.

Houston: 320-unit Villas at Hermann Park sold 

(1/22/2015 7:30:00 AM)

HOUSTON - The 320-unit garden-style Villas at Hermann Park, located at 6301 Almeda Rd., has been purchased.

Built in 2000 with a combination of one-, two- and three-bedroom units, Villas at Hermann Park has rents that range from $1,300 to $2,600 per month. Units average 1,020 sf, and the complex is 94 percent occupied.

The location is directly across from Hermann Park and near major employers such as the Texas Medical Center and close to Texas 288.

Chicago-based Waterton Associates purchased the property from Falcon Southwest. On the first-floor units, the firm plans to add fences at 55 units to create private outdoor areas.

Along with upgrades, the firm is projecting an increase in rents by about $150 over the next two years.

Read more at the Houston Chronicle.

Houston: Midtown eyesore to 300,000-SF beauty 


HOUSTON - Central Square Plaza, originally developed in 1957 by legendary Texas oilman Glenn McCarthy, is being redeveloped into 300,000 sf of office and retail space after laying vacant for more than ten years.

Located at 2100 Travis St., the property is owned by Houston-based Claremont Properties Co.

The property received a building permit for the core-and-shell work for $6 million. The building does not yet have any tenants signed on, but is going for $21 to $30 per sf, according to an online listing.

Claremont Properties also bought an adjoining space, and the renovated property will occupy the entire block bordered by Travis St., Milam St., Gray St. and Webster St.

Central Square Plaza originally consisted of a connected 12-floor and 14-floor office building as well as a parking garage and was formerly the Central Bank building. 

Keeley Megarity, owner of Claremont Properties, said they were able to use the original engineers of the building, Houston-based Walter P. Moore, for the remodel.

Megarity said he expects renovations to be finished early in the second quarter of this year, and could see restaurant and retail tenants open in July.

Read more at the Houston Business Journal.

HCC Stafford centers on $27M workforce training 


STAFFORD - It doesn't take a four-year degree to earn a salary above $50,000.

That's why Houston Community College (HCC) has broken ground on its $27 million, 57,000-sf workforce training facility at the HCC Southwest Stafford campus. 

It is designed to provide training for high-growth, advanced manufacturing trades, including welding, pipefitting and robotics.

"The manufacturing companies that we have in Stafford and the complimentary companies, those who supply and work with them, pay salaries of $50,000 to $80,000 a year," said Stafford Mayor Leonard Scarcella.

The new workforce training facility will include eight classrooms, seven labs and a large "maker space" where students and community members will be able to work with advanced equipment, including 3D printers and CNC routers (computer-controlled cutting machines).

Students will also be able to move through high-tech training quickly at the new workforce development center, with most working toward industry recognized certifications or two-year associate of applied science degrees.

HCC plans to work with local employers to help the community grow and provide the skilled workforce that businesses need.

Classes aren't just for recent high school graduates. "Workforce training is for people who want to explore a new career and/or retrain for jobs that have become obsolete," said Southwest College President Fena Garza.

"It's also for veterans coming out of the military who are looking for additional training," Garza said.

The groundbreaking in Stafford is the third of 14 under the $425 million HCC Groundbreaker Bond Program, a capital improvement program involving all six of the district's campuses.

For more information, see previous story Houston Community College's $24M and $18M projects.

Read more at the Houston Chronicle.

Galveston: 100-room Best Western Plus underway 


GALVESTON - Crews have begun foundation work on what will be a five-story 100-room Best Western Plus at 8502 Seawall Blvd. on a parcel previously occupied by Reef Resort Apartments.

The Reef Resort Apartments, dating back to the 1970s, had been badly damaged by Hurricane Ike, which struck in 2008.

The Gandhi family, who is behind the hotel, initially considered renovating the 36-unit complex, but decided that would not be cost effective. The building was demolished nearly five years ago.

The Gandhi family already owns La Quinta Inn & Suites, 8710 Seawall; Holiday Inn Express, 8628 Seawall; and Econo Lodge 3924 Ave.

Read more at the Galveston Daily News.

HAR: Houston area cities' home sales Dec. 2014 

(1/16/2015 10:45:00 AM)

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

•  The median price of existing single-family homes increased to $210,000 — up 5.8 percent from November 2014.
•  Existing single-family home sales increased 21.7 percent from November 2014 for a December 2014 total of 6,168 units sold.
•  Condos decreased in price to $167,250 — down 3.0 percent from November 2014.
•  Existing condo sales increased 15.9 percent in December 2014 over November 2014 for a total of 612 units sold.

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

HAR Dec. 2014 Regional Sales and Price Activity
MLS Wide Median Price
  Dec. 2014
Price Chg.
vs. Dec. 2013
Units Sold
  Dec. 2014
Sales Chg.
vs. Dec. 2013
$210,000 10.5% 6,168 7.3%
HAR (condo) $167,250 -5.2% 612 2.0%
Region Cities*        
Houston $195,000 4.8% 1,911 4.4%
Katy $239,750 8.8% 470 2.6%
Spring $205,000 10.8% 453 6.8%
Cypress $242,500 21.3% 255 4.1%
Richmond $248,500 14.0% 221 -1.8%
Humble $174,000 8.3% 204 5.7%
Pearland $223,655 15.0% 170 30.8%
Sugar Land $331,675 3.6% 168 -9.7%

*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.

Transwestern Houston Office Market Watch Dec. 2014 

(1/16/2015 9:42:00 AM)

HOUSTON - Transwestern has released the Market Watch for Houston Office December 2014. Here's the latest:

Office Market Indicators Dec. 2014*
Submarket Total
SF Available
SF Under
Asking Rental
Rate (FSG**)
Class A
Asking Rental
Rate (FSG)
Class B
Katy Fwy./Energy Corridor 196 1,902,633 7.0% 5,670,188 $35.40 $22.78
The Woodlands 79 501,252 5.7% 4,565,837 $37.14 $26.80
Westchase 85 1,272,259 8.6% 1,817,000 $37.31 $20.87
Downtown 117 3,861,025 8.0% 1,631,162 $42.10 $27.84
Northwest 96 1,374,354 12.2% 1,193,336 $26.47 $19.25
Total** 1,271 21,002,128 9.9% 17,116,898 $34.52 $20.80

*Top five submarkets ranked by SF under construction.
**FSG; Full Service Gross
***Total includes all 15 submarkets.

Click here for the full Market Watch report from Transwestern.

tag: Houston-Sugar Land-Baytown Market Data Sources for more office reports.

Cypress: Towne Lake's mixed-use Boardwalk underway 


CYPRESS - Construction has begun on a mixed-use development, The Boardwalk, located in the master-planned community of Towne Lake off of Hwy. 290 and Barker Cypress Rd.

The development is centered around what will be the largest private lake in the region. When completed, The Boardwalk will feature waterfront dining, 61,000 sf of retail and 57,500 sf of office space accessible by both land and water.

In addition to office, shops and restaurants, The Boardwalk consists of five freestanding buildings, a central green area for concerts and events, a breezeway plaza and a boulder play area for kids.

The Boardwalk is set to open fourth quarter 2015. 

Read more at Texas Real Estate Business.

Houston: final spec building to Sam Houston Business Park 


HOUSTON - Levey Group has started construction on the second phase of its Sam Houston Business Park development in northwest Houston. The 263,000-sf park is located along Beltway 8 between US 290 and SH 249.

Phase two, which will complete the project, is a 56,600-sf building on 3.9 acres set for completion in May. It can be used by a single tenant or divided into space as small as 27,720 sf.

Sam Houston Business Park is configured to provide tenants with the opportunity to combine office or showroom space with manufacturing, laboratory, warehouse and distribution areas.

Started in 2012, the business park was developed entirely on a speculative basis.

The first phase, consisting of three buildings, is 95 percent leased. Among the largest tenants is Flotek Industries, which signed a 50,000-sf, 15-year lease. Flotek will build-out a laboratory research facility in the park.

Other tenants inside the park include Ringers Gloves, Tyndale USA, NDLI Logistics, Westermann and Doorscapes.

The park is located at 8844, 8846, 8848 and 8850 N. Sam Houston Pkwy. West.

Read more at the Houston Chronicle.

Colliers 4Q 2014: Houston office 2.2M SF net absorption 

(1/15/2015 6:45:00 AM)

HOUSTON - Houston’s office market recorded 2.2 million sf of positive net absorption fourth quarter 2014, bringing the year-end total to 6.8 million sf, according to a report released by Colliers International.

With over 2.1 million sf of new inventory delivered during 4Q, the year-end delivered inventory was over 6.6 million sf in 2014.

ExxonMobil is one of the key motivators. The company began moving into a portion of its new north campus headquarters, and Southwestern Energy moved into its new corporate headquarters just south of the ExxonMobil campus.

Houston's office construction pipeline still contains over 17 million sf, and 7.5 million sf of that is speculative development which is 28.8 percent preleased. The majority of the space is located in the suburban submarkets and is scheduled to deliver in 2015.

The citywide average rental rate decreased 1.6 percent from $27.08 to $26.78 per sf between quarters, but it is still 3.2 percent higher than it was a year ago.

Both CBD and suburban Class A average rental rates decreased over the quarter, however, both Class B average rental rates rose.

Houston Office Market Indicators
  3Q 2014 4Q 2014
Citywide net
absorption (SF)
674,000 2.2 million
Citywide avg.
11.9% 11.5%
Citywide avg.
rental rate
$27.08 $26.79
Citywide delivered
inventory (SF)
1.5 million 2.1 million
Class A Rental Rate    
CBD $42.36 $42.01
Suburban $32.13 $31.61
Class A Vacancy    
CBD 9.9% 8.6%
Suburban 9.6% 9.9%

Read more at GlobeSt.

To see Colliers' Houston Office Market Report 4Q 2014 with submarkets, click here.

tag: Houston-Sugar Land-Baytown Market Data Sources

Houston: DCT Phase I preleases 172,000 SF 


HOUSTON - DCT Industrial Trust executed three preleases totaling 172,000 sf in its Northwest Houston development, DCT Northwest Crossroads Logistics Centre located at 11747 Windfern Rd.

The execution of these leases brings the first phase of the development, a 362,000-sf multitenant building, to 100 percent preleased.

The company preleased 52 percent of Northwest Crossroads Logistics Centre I in June 2014 through the execution of a 190,000-sf lease with Lennox.

The development is expected to be completed first quarter 2015 with tenants also taking occupancy in 1Q 2015.

DCT Northwest Crossroads Logistics Centre is a 682,000-sf, two-building development. The company commenced construction on Phase II, a 320,000-sf building in 3Q 2014, which is slated for completion in 2Q 2015.

Read more at BusinessWire.

Houston-area housing market to cool off, not collapse 


HOUSTON - Houston's red-hot real estate market will most likely cool off a bit in 2015 but not crash with the price of oil as inventory remains extremely low, mortgage rates are favorable and major home builders report no letup in demand for new homes, according to real estate experts.

Dr. Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M, told a sold-out crowd that Houston-area builders will tap the brakes on new home construction in 2015 after several years of increases.

Dotzour expects builders to start construction on between 20,000 and 30,000 homes in 2015.

Home builders started 30,100 homes last year, according to an estimate from housing research firm Metrostudy. That was up 7 percent from 2013.

Dotzour, who dedicated much of his talk to global politics and the reason oil prices will rebound, stayed away from dire predictions about the local housing market. Despite a possible construction slowdown, home prices will continue to rise as inventory remains at extremely low levels, Dotzour said.

One threat to the market is a psychological one, as some would-be homebuyers may decide not to purchase a house this year after seeing headlines and hearing news about plunging oil prices and corporate cutbacks.

A drilling boom, which has increased the supply of oil and helped fuel economic growth in Texas, is beginning to slow, Dotzour said. That, combined with an eventual tapering off of production on wells already drilled, should help lift oil prices, he added.

Some of the positive aspects that could show up this year include an increase in sales of entry-level homes, as new lending programs make homebuying more accessible to a wider range of buyers, Dozer noted.

And a long-lasting labor shortage may also loosen up as construction workers leave oil-related jobs and move into the residential sector. Mortgage rates, too, are expected to remain low.

Even if home sales were to fall this year, overall prices should rise, based on the diminished housing supply, Dotzour said. "There's no chance you're going to see a generalized price decline with houses in Houston even if home sales fall off 50 percent," he said.

Still, Dotzour cautioned the crowd to be cautious this year. "There's a lot of risk, but it's not the end of the world," he said. "Try to avoid getting too heavy in debt."

Read more at the Houston Chronicle.

tags: Houston housing, Houston data

HAR: Houston history-making home sales in 2014 

(1/14/2015 2:00:00 PM)

HOUSTON - The year 2014 was a record year for the Houston housing market, according to the Houston Association of Realtors (HAR).

There were 75,319 single-family closings and 91,202 total closings, representing the most transactions in the history of Houston real estate.

The December 2014 monthly report prepared by HAR shows that housing inventory decreased to a 2.5-months supply, the lowest level of all time.

Housing inventory has been below a four-month supply since November 2012. It first fell below a three-month supply in November 2013.

The single-family home average price rose 6.6 percent year-over-year to $280,863 while the median price rose 11.2 percent to $209,590, representing historic highs for a December in Houston. They did not top the all-time record prices (average of $284,569 and median of $215,000) reached in June 2014.

December sales of townhouses and condominiums rose 7.3 percent from one year earlier. Rentals of single-family homes jumped 11.7 percent compared to December 2013, while year-over-year townhouse/condominium rentals increased 11.5 percent.

Housing Market Summary: Dec. 2013 vs. Dec. 2014
  Dec. 2013 Dec. 2014 Chg.
Total sales 6,932 7,695 11.0%
Total dollar volume $1,750,080,206 $2,066,438,709 18.1%
Total active listings 28,147 25,821 -8.3%
Total pending sales 3,122 3,414 9.4%
Single-family sales 5,781 6,451 11.6%
Single-family home avg. price $263,403 $280,863 6.6%
Single-family home median price $188,500 $209,590 11.2%
Single-family inventory* 2.6 2.5 -6.2%

* 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.

Houston 843-unit Trails at Dominion Park brings $52M 

(1/14/2015 7:30:00 AM)

HOUSTON - The Trails at Dominion Park, an 843-unit apartment complex at 200 Dominion Park, has been purchased for $52.5 million.

The property consists of 17 apartment buildings plus a clubhouse, according to tax records. It was built in the early 1990s on 50 acres along the I-45 corridor. It was 95 percent occupied at the time of purchase.

The property offers one-, two- and three-bedroom floor plans from 600 sf to 1,500 sf.

Philadelphia-based GoldOller Real Estate Investments purchased the complex from Dallas-based Presidium Group.

GoldOller plans to bring residents its signature GO lifestyle services, including free fitness programs and nutritional counseling, enhanced amenities, and a staff fully committed to exceeding resident expectation.

Read more at the Houston Chronicle.

tags: apartments, multifamily data

Humble: 300-unit Township Apartments sold 

(1/14/2015 6:45:00 AM)

HUMBLE - Township Apartments, a residential community located at 401 South Bender Ave., has been sold. The property is close to George Bush Intercontinental Airport and the Greenspoint Business District.

The 300-unit property was built in 1972 and is comprised of 41 residential buildings spread through 15 acres. The complex offers one-, two- and three-bedroom floor plans ranging from 555 sf to 1,500 sf.

Gaia Real Estate sold the property. After acquiring the property in January 2012, Gaia updated amenities including new roofs, exterior paint, and a redesigned fitness center, business center and pool.

Source: Township Apartments

Read more at GlobeSt.

Downtown Houston to see 290 more multifamily units 


HOUSTON - A 290-unit multifamily project is planned for a downtown site bounded by Main, Jefferson, St. Joseph and Travis, with its address being 902 Jefferson. The property is now a parking lot.

The project is being developed by national multifamily firm Fairfield Residential. The project has been accepted into Houston's Downtown Living Initiative, a tax rebate program created to entice residential developers to build in the urban core.

The program offers up to $15,000 for each unit a developer builds in a multifamily complex of at least ten units.

The property also must meet certain design guidelines. The Fairfield project could amount to nearly $4.4 million in rebates.

The average unit will be 880 sf and the first floor along Main will have live/work units, a cafe and fitness center, according to materials the developer submitted to the redevelopment authority.

Renderings show the ten-story building with recessed balconies and a mix of brick, stucco, wood and metal materials on the exterior.

Read more at the Houston Chronicle.

Reframing Houston fine arts to $450M heartbeat 


HOUSTON - The Museum of Fine Arts has released a $450 million redevelopment plan that will create a pedestrian-friendly cultural hub with a lively landscape, two distinctive new buildings, ample underground parking and smooth circulation patterns for vehicles and people.

The plan, named the Fayez S. Sarofim Campus, is designed by Steven Holl Architects. It has garnered hefty donations, with lead gifts of $70 million by Sarofim; $50 million by board chairman Richard Kinder and his wife, Nancy; and $10 million each from eight other donors.

The most prominent new structure will be the three-story 164,000-sf Nancy and Rich Kinder Building, on what's now the museum's parking lot. The building will also have a new theater, a fine restaurant and a cafe.

There will be a new 80,000-sf Glassell School of Art, also three stories at its highest point.

A block farther east, the Sarah Campbell Blaffer Foundation Conservation Center will rise two stories above the existing parking garage to create a 20,000-sf topper to house studios and art labs as well as a cafe at street level, adjacent to the museum's Metrorail stop.

There will be 190,000 sf of parking underground. Museum director Gary Tinterow, Kinder and Holl all say flooding should not be an issue, and the underground areas will have pumps.

Construction will begin summer 2014 with the Glassell. The whole project won't be complete until 2019.

Read more at the Houston Chronicle.

Missouri City: 525,000-SF industrial project going up 


MISSOURI CITY - A 36.24-acre tract of land in the northeast quadrant of Beltway 8 & US 90A has been sold. It will be developed into a three-building, 525,800-sf industrial project.

A joint venture of Conor Commercial Real Estate and USAA Real Estate Co. will develop the project.

The land seller was Patricia Al-Attas Barret. The buildings will be handled by Cadence McShane Construction Co. and Powers Brown Architecture.

Read more at Realty News Report.

League City: 36 acres of retail to Marketplace at Ninety-Six 


LEAGUE CITY - NewQuest Properties will begin this year on Marketplace at Ninety-Six, a 36-acre retail development in featuring a 123,000-sf Kroger Marketplace as well as several pad sites and 25,000 sf of retail.

The project is set for completion early 2016. There are more than 6,000 homes within the immediate area, with nearby residential communities including Brittany Lakes, Brittany Bay, Sedona, Westover Park and Magnolia Creek.

The development is located less than half a mile from I-45.

Read more at Texas Real Estate Business.

Del Webb to build 550-home gated community in The Woodlands 


THE WOODLANDS - Del Webb, a national brand of residential communities for those at or nearing retirement age, will develop a new gated community expected to have 550 single-family homes on 200 acres at the southeast corner of FM 1488 and Old Conroe Rd.

It will be the second Del Webb development in this Houston area. The first, Del Webb Sweetgrass, opened in 2011 in Richmond. It is still under development and has room for a total of 1,500 homes.

Construction on model homes should begin early 2016. Presales will start then as well. The homes, designed with one story, will range from 1,650 to 2,900 sf, but some will have options for attic storage space or a second-floor study or bedroom and bathroom.

Plans are still in the works for the amenities, but the company said its other projects include fitness centers, gathering rooms, outdoor pools, walking and jogging trails, and tennis.

David Kalosis, a senior vice president of John Burns Real Estate Consulting, said many of the baby boomers being targeted for these communities still work and want to be near job centers. They also like to stay close to family.

Read more at the Houston Chronicle.

Havenwood Office Park to Spring with 250,000 SF 


SPRING - Havenwood Office Park is planned for construction at 25700 I-45 North, between Woodlands Pkwy. and Sawdust Rd., replacing the current Brookhaven Business Park.

Havenwood Office Park will feature a four-story building offering approximately 250,000 sf of Class A office space.

Construction is anticipated to be completed by fourth quarter 2015.

The project will feature amenities including an adjacent parking garage, covered walkways with high quality finishes throughout and an outdoor plaza with seating area.

Read more at Woodlands Online.

Houston: Alfa Laval to consolidate into 106,000 SF 


HOUSTON - The U.S. subsidiary of Swedish manufacturer Alfa Laval has signed a long-term lease for 105,800 sf in a building under construction in the Pinto Business Park located at I-45 and the North Belt.

The new manufacturing facility will consolidate the company’s three local operations into one facility that will include 25,000 sf of office space. The building will house more than 150 employees.

The project is scheduled for completion second quarter 2015. The company makes heat transfer, separation and fluid handling equipment, systems and technology.

Hines and partners KKR and Pinto Real Estate Development are developing the business park. Over the past year, more than 3.2 million sf has opened or been announced for the project, Hines said.

When completed, Pinto Business Park could have more than 8 million sf representing more than $900 million.

Read more at the Houston Chronicle.

Houston: 81,000-SF 1500 CityWest trades hands 


HOUSTON - California-based Unilev Capital Corp. purchased 1500 CityWest, a 192,313-sf Class A ten-story office building in the Westchase submarket, from Metro National Corp.

The building is currently 80 percent leased. Geokinetics is the building's largest tenant, occupying just over 81,000 sf.

The Westchase District has transformed from a suburban outlier to a business mecca as several companies including Phillips 66 have decided to relocate there.

Hubbard called Westchase a "wish-list" submarket for investors and tenants, due to its proximity to the Energy Corridor and Beltway 8.

Read more at the Houston Business Journal.

Three Clear Lake office buildings bring $10.3M 

(1/9/2015 8:00:00 AM)

CLEAR LAKE - Whitestone REIT has sold three non-core office buildings for $10.3 million, or a 7.7 percent cap rate on trailing 12-month net operating income (NOI).

The portfolio consists of 

  1. the 37,740-sf Zeta Building at 1020 Bay Area Blvd.;
  2. the 24,900-sf Royal Crest Townhome Offices at 16815 Royal Crest Dr.; and
  3. the 49,760-sf Featherwood at 12727 Featherwood Dr.

The two-story properties were sold because they did not fit Whitestone’s Community Center Properties business model. Whitestone expects to re-invest the proceeds of the sale into the purchase of assets that fit its core strategy.

Read more at CoStar Group.

Where is apartment development gaining momentum? 

(1/9/2015 7:44:00 AM)

HOUSTON - Houston ranked No. 2 nationally for the number of multifamily units permitted between January and November 2014, based on an analysis of U.S. Census building permit data by CBRE Group Inc.

Houston saw 21,550 multifamily units permitted year-to-date 2014 through November, topped only by New York City with 30,397 units permitted.

Houston ranked No. 3 in the country for multifamily development momentum, which CBRE defined as the ratio of multifamily units permitted to the city's population.

The Bayou City permitted one multifamily unit for every 293 residents, only beaten by Austin (1:236) and San Jose, California (1:265), according to CBRE.

The City of Houston's Downtown Living Initiative and revitalization efforts to Hermann Park and the Astrodome is spurring residential construction in the city's Central Business District and Museum District.

The Grand Parkway extension project and the new Exxon Mobil campus is fueling multifamily growth in the suburbs, like Conroe, Katy, Springwoods Village, The Woodlands and Tomball.

The top ten cities ranked by the number of multifamily units permitted between January and November 2014, according to CBRE's analysis of U.S. Census building permit data:

1. New York City: 30,397
2. Houston: 21,550
3. Los Angeles: 16,448
4. Dallas-Fort Worth: 15,218
5. Washington: 12,173
6. Seattle: 11,397
7. Miami: 8,440
8. Austin: 7,968
9. Atlanta: 7,575
10. San Jose: 7,240

Read more at the Houston Business Journal.

tag: apartments, Houston Multifamily data

Low oil prices to slow Houston's luxury housing market? 


HOUSTON - Houstonians purchased 1,411 homes that each sold for at least $1 million last year, up from 688 five years earlier, according to the Houston Association of Realtors (HAR). But the market's swift surge is now threatened by strains in the energy industry that fueled much of the city's high-end real estate boom.

Houston had the highest number of luxury home sales among Texas' four major cities last year, a report released by the Texas Association of Realtors showed. That represents almost 2 percent of the area's total housing transactions.

Million-dollar-plus home sales were up 13 percent in 2014 over the previous year, according to the second-annual Texas Luxury Home Sales Report, which looks at high-end home sales in the state's largest cities based on sales data from the first ten months of the year.

Texas economist Dr. Jim Gaines, who remains bullish on the local property market, has reasons to believe demand for luxury properties will continue.

"The statistics will look different, but it'll still be a decent year," said Gaines of the Real Estate Center at Texas A&M, which analyzed the data in the association's report.

He cited lower rates on jumbo mortgages, those hefty home loans too big to be sold to Fannie Mae and Freddie Mac that make high-dollar borrowing more accessible.

While layoffs are expected and forecasts for Houston-area job growth are at least half of what they were last year, Gaines said the most skilled, high-paying energy jobs are less at risk.

There could be a shift in buying patterns, however. "A lot of people who might have been buying $3, $4 or $5 million homes might buy a $1 million home," Gaines said.

He posed another caveat: If the price of oil falls into the $30-per-barrel range and stays there a while, "there will be some readjustment," Gaines said.

Here's the number of homes that sold for at least $1 million across the Houston area, by year, according to HAR:

2014: 1,411
2013: 1,252
2012: 896
2011: 728
2010: 668

Read more at the Houston Chronicle.

Ice cold: $417M 'Comfortplex' hot on Houston 

(1/8/2015 11:00:00 AM)

HOUSTON - Daikin Industries Ltd. will build a new $417 million campus in the Houston area to expand its Goodman operations in the U.S. — the largest single investment in Goodman's four-decade history.

Construction will start in the coming months, and the new campus, called Comfortplex, is expected to be operational in mid-2016.

The 3 million- to 4 million-sf campus will be on a 90-acre parcel near US 290, three miles west of Texas SH 99.

The new campus will include one of the largest and most technologically advanced HVAC manufacturing facilities in the country.

It will manufacture both ducted and ductless HVAC products, which is a first for Daikin, and the manufacturing operations will consist of Daikin-, Goodman- and Amana-branded residential and commercial heating and cooling systems.

At the campus, the company will consolidate its engineering, logistics, procurement, manufacturing and marketing operations from Texas and Tennessee.

The Japan-based manufacturer of heating, cooling and refrigerant products acquired Houston-based Goodman Global Group Inc., a manufacturer of HVAC products for residential and light commercial use, in 2012.

Read more at the Houston Business Journal.

Houston Arium Westheimer, Villas sold by Carroll 

(1/8/2015 6:30:00 AM)

HOUSTON - ARIUM Westheimer and ARIUM Westheimer Villas have been sold by Carroll Organization.

ARIUM Westheimer and ARIUM Westheimer Villas, at 13099 Westheimer Rd., contain 330 units each.

"The transactions produced an IRR greater than 50 percent and further enhances our track record of performance with our investors,” said M. Patrick Carroll.

Built in 2009 and 2006, the properties are adjacent to each other and located within a block of the southern boundary of Houston’s Energy Corridor, which contains more than 18 million sf of office space, 1.4 million sf of retail, and 1.4 million sf of industrial.


Houston: 580-unit combo sale of Country Place, Saddle Ridge  


HOUSTON - The Radco Cos. has purchased the 122-unit Country Place apartments at 1015 Country Place Dr. and the 458-unit Saddle Ridge apartments at 12800 Woodforest Blvd. as part of a three-property portfolio deal that marks its entry into Texas.

The Atlanta-based real estate acquisition and redevelopment firm acquired 916 units total in the deal, which included a community in San Antonio.

The three properties were built between 1975 and 1984 and were foreclosed on in 2011 by Fannie Mae, which was the seller.

The 17-building Country Place, which will be rebranded as City Terrace, is in the Energy Corridor. Its townhome units average 1,204 sf, including a mix of one- to four-bedroom apartments. Amenities include a clubhouse, pool, gazebo and covered parking for residents.

Saddle Ridge, which will be known as City Crossing, is accessible to the Port of Houston. The site is divided into the 16-building Saddle Ridge North and 26-building Saddle Ridge South.

Read more at the Houston Chronicle.

tag: Houston apartment, Houston data

Houston dominates Top 20 master-planned communities in 2014 


HOUSTON - Houston dominated a list of the nation’s Top 20 master-planned communities in 2014, according to John Burns Real Estate Consulting.

The top ranked of the seven local communities on the list was Riverstone, which moved up two positions to the No. 4 spot with 719 sales. Johnson Development Corp. is the developer of that community as well as top sellers Woodforest and Cross Creek Ranch, which both fell in the ranking.

New to the list was Wildwood at Northpointe, a 700-acre project of Friendswood Development Co. in the Tomball area where homes sales more than doubled to 442 in 2014.

Two communities fell off the 2014 list: Sienna Plantation, which ranked No. 17 in 2013 with 445 sales, and Canyon Lakes West, which ranked No. 18 with 378 sales.

The Villages, a community for age 55 and up in Florida, again topped the 2014 list with 2,601 sales.

Orange County, Calif. claimed the second highest number of master-planned communities nationally behind Houston.

Here's are the Houston communities among the Top 20 master-planned communities in the U.S. ranked by home sales in 2014.

Houston's Top Master-Planned Communities 
Community 2014
Home Sales
4. Riverstone 719
8. Aliana 500
12. The Woodlands 468
13. Cinco Ranch 451 (tie)
15. Wildwood 442
19. Woodforest 417
20. Cross Creek Ranch 411

Read more and see the full list in the Houston Chronicle.

Pearland businesses pop as population booms  

(1/7/2015 7:29:00 AM)

PEARLAND - Pearland's business picture is shining bright, as evidenced by the phenomenal growth in retail and office space as the city's population rises.

There are 106,500 residents in the city limits and another 26,900 in the city's extraterritorial jurisdiction, according to city figures updated in January 2014.

Matt Buchanan, who heads the Pearland Economic Development Corp., said Pearland has become an "emerging market" in the realm of retail and office space availability.

Construction is underway at the Memorial Hermann Medical Office, which will boast 110,000 sf of office space at Texas 288 and Memorial Hermann Dr., according to the Pearland EDC.

Retail and office space that is completed and occupied, according to the Pearland EDC, include

  • Kelsey Seybold headquarters (170,000 sf) at 11511 Shadow Creek Pkwy.,
  • Kelsey Seybold Medical Office (52,000 sf) at 2515 Business Center Dr.,
  • Ref-Chem (39,000 sf) at 3014 S. Sam Houston Parkway East, and
  • Shadow Creek Business Center-Phase 1 (80,000 sf) at 11233 Shadow Creek Pkwy.

Source: Houston Chronicle

tag: Houston news

Size does matter: Houston homes second largest in U.S. 


HOUSTON - With a median size of 1,900 sf, homes in the Houston area are the second largest in the nation, according to recent study released by 24/7 Wall St.

"Unlike many other areas with larger-than-average homes, the housing market in the Houston area is relatively affordable," the report notes.

A typical home in the area had an estimated price of just $75 per sf, one of the lower figures nationwide. Put another way, a median-sized home with 1,900 sf of living space typically costs less than $145,000.

The study says the Greater Houston households earned $57,366 in 2013 — among the highest figures statewide and more than the national median household income of $52,250.

The report based its findings on median square footage in the 200 largest core-based statistical areas (CBSAs).

Taking a look at the top ten areas ranked by median size of the average home.

1. Provo-Orem, Utah, 1,980 median sf;
2. Houston-The Woodlands-Sugar Land, Tex., 1,900 median sf;
3. Colorado Springs, Colo., 1,899 median sf;
4. Atlanta-Sandy Springs-Roswell, Ga., 1,872 median sf;
5. Raleigh, N.C., 1,871 median sf;
6. Boulder, Colo., 1,865 median sf;
7. Greely, Colo., 1,854 median sf;
8. Fort Collins, Colo., 1,851 median sf;
9. Austin-Round Rock, Tex., 1,837 median sf; and 
10. Dallas-Fort Worth-Arlington, Tex., 1,828 median sf.

Read more at Culture Map Houston.

REIT 'Traces' $41 million buy to Sugar Land 

(1/5/2015 8:00:00 AM)

SUGAR LAND - Whitestone REIT has acquired the Williams Trace Plaza and The Shops at Williams Trace shopping centers for $40.7 million or about $155 per sf.

The Williams Trace Plaza and The Shops at Williams Trace shopping centers are located along Texas 6 between Williams Trace and Settlers Way Boulevards and total 262,213 sf.

Williams Trace Plaza totals 129,222 sf on 15 acres and is 95 percent leased. Williams Trace Plaza was purchased for $20.1 million.

The Shops at Williams Trace totals 132,991 sf on 12 acres and is 87 percent leased. Shops at Williams Trace was purchased for $20.6 million.

Combined, the centers were 91 percent occupied at the time of sale with an in-place NOI of $3.1 million, or a 7.62 percent cap rate. The tenant roster includes Petco, Dollar Tree, Luby’s, Walgreens, GNC, Los Tios Mexican, Design Source, China King and State Farm.

The centers are in a region where household incomes average $115,000 in the 72,000 surrounding homes and more than 50,000 cars pass by each day.

The deal marks Whitestone’s first acquisition in the Houston market since the company became publicly traded in 2010.

A partnership between Dallas-based Henry S. Miller Cos. and New York City-based Dome Equities sold the property.

Sources: Houston Chronicle, CoStar Group

StorQuest moves into Houston area with $28 million buy 

(1/5/2015 7:50:00 AM)

RICHMOND, SPRING, SUGAR LAND - William Warren Group (WWG), operator of StorQuest Self Storage, has acquired four Texas properties in a $27.9 million transaction.

WWG purchased the properties, which total 349,169 rentable sf across 2,257 units, from the Jenkins Organization.

Properties purchased include:

•  Richmond: Brazos Storage & Retail — 364 units in 94,893 sf at 210 Gonyo Lane
•  Spring: Gosling Rd. Self Storage — 654 units in 85,400 sf at 23103 Gosling Rd.
•  Sugar Land: New Territory Self Storage — 564 units in 79,726 sf at 420 Sartartia Rd.

Near Austin in Kyle, the Plum Creek Self Storage also included in the purchase.

The properties have been rebranded under the StorQuest name.

WWG also owns properties in Dallas, El Paso and Fort Worth. It now has 112 locations in ten states.

Read more at the Houston Chronicle.

Atlantic Clothing wraps up 103,950 SF in Houston lease 


HOUSTON - Atlantic Clothing Inc. signed a lease to fully occupy the industrial facility at 8605 City Park Loop.

Constructed in 1979, the 103,950-sf building is part of the Citypark East Industrial Park in Houston's Northeast Hwy. 90 Industrial submarket.

The facility is situated on 40 acres and features three rail docks, seven front docks and a 22-foot clear height.

Source: CoStar Group

JV acquires 442,000-SF 3000 Post Oak in Houston 


HOUSTON - FG Asset Management has closed on 3000 Post Oak, a 19-story office building in the Galleria area leased to engineering and construction firm Bechtel.

The South Korean alternative asset management and financial services firm purchased the 23-acre, 441,523-sf property from Five Mile Capital Partners and Crocker Partners.

The purchase price was not disclosed, but an earlier report pegged it at $175 million or $400 per sf.

The 3000 Post Oak tower has two neighbors in the Lakes on Post Oak development: 3050 Post Oak and 3040 Post Oak. Both of these Post Oak developments sold earlier in 2014.

The combined transactional value of the three Post Oak office buildings is $400 million.

The Chinese oil and gas company Sinopec and New Jersey-based MetLife Real Estate Investors each bought the 3050 Post Oak and 3040 Post Oak towers, respectively.

FG specializes in real estate, private equity and other alternative investment strategies for Korean institutional investors. The company’s headquarters is in Seoul, and it has an office in Manhattan.

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

As the dirt turns: I-45 at Holland Rd. in Texas City news 


TEXAS CITY - Lago Mar, a long-awaited residential project along I-45 at Holland Rd., is underway.

Crews are working on infrastructure and preparing land for houses. Houston-based developer Land Tejas Cos., which is behind the project, is working on filling lot positions with builders.

So far, Land Tejas has contracted with home builders D.R. Horton, Westin Homes, Long Lake Ltd., Anglia Homes and Censeo Homes.

Those builders, however, have not made any announcements on home prices, according to Collin S. Campbell, a development manager with Land Tejas.

Lots in the first phase won’t be complete until mid-summer, with the second phase scheduled to be complete by the end of 2015.

The first phase consists of 170 lots ranging between 50 feet by 120 feet and 65 feet by 120 feet. The second phase will consist of 120 lots with lots of 45 feet by 120 feet and 55 feet by 120 feet.

Lago Mar is on land east and west of I-45, but Land Tejas’ 2,033 acres is all on the west side. Another 1,300 acres on the east side of I-45 is owned by two companies not affiliated with Land Tejas.

Land Tejas alone plans more than 4,000 home sites in gated and non-gated communities.

Commercial projects in the development include the 350,000-sf Tanger Outlets and the 60,000-sf Buc-ee’s convenience store and gas station.

Read more at the Galveston County Daily News.

Sweeny ethylene plant expansion fires up in Old Ocean 


OLD OCEAN, BRAZORIA COUNTY - Chevron Phillips Chemical Company has completed an expansion of its ethylene facility at its Sweeny complex.

Construction on the expansion began in 2013, and it has been completed with the addition of a tenth furnace to ethylene unit 33 at the complex.

The latest expansion is expected to increase annual ethylene production at the complex by 200 million pounds.

The Sweeny complex is one of the world’s largest single-site ethylene facilities and its capacity has now increased to roughly 12 million pounds of ethylene per day, or 4.3 billion pounds annually.

Read more at Fibre2Fashion.

Watch out, Ivy League: Rice University ranked 7th for value 


HOUSTON - Rice University ranked No. 7 on Kiplinger’s Best College Values list, which sorted and compared the top 300 best college values in the U.S.

Rice University ranked behind notable names like Harvard University, Princeton University and Swarthmore College.

Some of the factors that Kiplinger ranked the schools on were admittance rates, student per faculty, four-year graduation rate, total cost per year and average debt at graduation.

Rice University has a 17 percent admittance rate, with a 6:1 student to faculty ratio, a 79 percent four-year graduation rate, costs about $55,000 a year and students who graduate do so with about $18,000 of debt.

Rice University was recently ranked as the No. 1 college in Texas by College Factual.

It was also the only Texas school to land on U.S. News & World Report's 2015 Best Colleges.

Read more at the Houston Business Journal.

See the full rankings at Kiplinger.

Stewart Title extends 230,000-SF Post Oak Central lease 

(12/19/2014 8:14:00 AM)

HOUSTON - Stewart Information Services Corp., the parent company of Stewart Title, signed a 230,000-sf lease extension for its headquarters offices at the Post Oak Central office complex on Post Oak Blvd., north of Westheimer Rd. and west of Loop 610 near the Galleria.

Atlanta-based Cousins Properties, owner of Post Oak Central, announced the lease extension.

Stewart, whose lease was scheduled to expire in September 2016, extended its term for three years to September 2019.

Cousins bought the 1.3 million-sf Post Oak Central in 2013 for $233 million.

Last year Cousins made its $950 million purchase of the 4.4 million-sf Greenway Plaza office complex.

Stewart handles closings and title policies in 80 countries — spanning Asia, the Americas, Europe and Africa — through a network of regional offices in Australia, Canada, the Caribbean, Europe, Latin America and the U.S.

Read more at Realty News Report.

Buckin' in Baytown with 60,000-SF Buc-ee's 

(12/19/2014 6:59:00 AM)

BAYTOWN - It's now easier than ever for Southeast Texans to get their fix of beaver nuggets and habanero jerky.

Buc-ee's, the iconic Texas rest stop chain known for its clean restrooms and unique snacks, opened its 60,000-sf Baytown location on December 17.

It houses 96 gas pumps on an 18-acre lot. Located on I-10 at John Martin Rd., the store opened with appearances by Santa and the Buc-ee's beaver.

The store is expected to bring 200 jobs to the area.

Read more at the Beaumont Enterprise.

Houston's home sales to drop with oil prices? 


HOUSTON - Houston home sales surged in November toward a record-setting year, but the Houston Association of Realtors (HAR) warns that falling oil prices will bring a slowdown in 2015.

HAR is predicting that home sales activity will drop 10 to 12 percent over the next year.

Falling oil prices could reduce job creation in Houston, which is known as the Energy Capital of the World, next year to only 65,000 new jobs — nearly half of the 120,000 new jobs gained in 2014.

Houston is having its strongest year ever for home sales in 2014. So even if sales slowdown more than 10 percent in 2015, the local housing market will still be fairly good.

The low-end of the housing market will be getting a boost from new rules just established by the government-chartered Fannie Mae and Freddie Mac, which will allow some buyers to get a mortgage with only 3 percent down payment.

The lenders have many of stipulations and require homebuyers to have a minimum FICO credit score of 620.

The lower down-payment programs could also help the home building industry, which has been highly focused on upscale homes with few low-priced offerings for first-time buyers.

Houston home sales have been stampeding ahead in a bull market for several years, showing amazing gains in sales velocity and prices. The question has been: “How long can it last?"

It appears the bull run in Houston housing is about over.

Nobody can predict oil prices and they could rise again in 2015. But 2014 will be the strongest year ever for Houston and the records set this year may not be broken for years.

Read more at Culture Map Houston.

Houston: 159,000-SF Sam Houston Crossing sells for $26M 

(12/18/2014 1:00:00 PM)

HOUSTON - Sam Houston Crossing I, a 159,175-sf office building in northwest Houston has been purchased for $26.2 million. The buyer ia a joint venture between Houston-based Fuller Realty Partners and Independencia.

The three-story building was completed in 2007 with a typical floor plate offering 53,000 sf of rentable space.

The building is 100 percent leased to six tenants, including U.S. Steel; Farmers Insurance Exchange; C.H. Robinson Project Logistic; Brock Enterprises, Inc.; Axon EP, Inc.; and AMEC Oil & Gas, Inc.

Sam Houston Crossing I is located in Houston’s West Belt Corridor off of the Sam Houston Parkway (Beltway 8) between the Northwest Freeway (US 290) and Hwy. 249 at 10343 Sam Houston Park Dr.

SH Crossing I, LP — a joint venture between Fuller Realty Partners and Independencia — purchased the building from Duke Realty Corp. and Chambers Street Properties.

The acquisition follows Fuller Realty Partners’ recent purchase of a building being vacated by Exxon Mobil at 13401 North Fwy. in the Greenspoint area.

Read more at Realty News, Houston Chronicle.

Houston: Parkway inks two office leases totaling 213,000 SF 

(12/18/2014 9:00:00 AM)

HOUSTON - Parkway Properties Inc. has signed two leases totaling 213,000 sf with Nabors Industries and Bristow Group Inc.

"These two leases help to quickly mitigate some upcoming known move-outs in our Houston portfolio with little to no downtime," stated James R. Heistand, president of Parkway.

Nabors Industries signed a 98,000-sf expansion lease at One Commerce Green, located in the Greenspoint submarket, that expires September 2025.

The Nabors expansion will immediately back-fill space that Southwestern Energy Company will vacate during first quarter 2015.

Bristow Group Inc. signed a 115,000-sf new lease at CityWestPlace, located in the Westchase submarket, that expires January 2025.

The Bristow lease will back-fill known move-outs at CityWestPlace of approximately 39,000 sf of 2014 expirations and approximately 76,000 sf of 2017 expirations.

Read more at PRNewswire.

Houston: green to glam for 14 acres in Memorial 

(12/18/2014 7:45:00 AM)

HOUSTON - A vacant 14-acre site at 12601 Memorial Dr. has been sold to development firm Midway who plans to fill the property with million-dollar homes, luxury apartments and commercial space.

The project, called Memorial Green, is about a mile away from Midway's CityCentre complex near the intersection of I-10 and Beltway 8.

Midway's new plan includes a gated complex of 57 two- and three-story homes, averaging between 3,000 and 5,000 sf to be built along the back of the property.

Along the Memorial side of the property, Midway will develop a six-story, 250-unit apartment complex and a four-story office building with 47,000 sf of office space.

Builders will include Jeff Paul Custom Homes, McCollum Custom Homes and Pelican Builders.

It is expected to break ground in January and be completed summer 2016.

Read more at the Houston Chronicle.

Katy: 172,000-SF spec office underway in Grand Crossing 


KATY - One Grand Crossing, a three-story, 172,000-sf office building, is going up on an eight-acre site within the Grand Crossing development at the southwest corner of Grand Pkwy. and I-10.

The new Class A office building will be a tilt-wall concrete structure with a minimum parking ratio of 4.5 spaces per 1,000 sf of office space. The building will be ready for occupancy fourth quarter 2015.

The office project will be a multiphase development potentially including 350,000 sf in two buildings. Trammell Crow Co. and Prudential Real Estate Investors are developing the project.

In addition to office space, the 124-acre Grand Crossing project expected to include hotel rooms, retail, restaurants and housing.

A luxury garden apartment community with 311 traditional apartment homes and 40 townhome units is also being built within the mixed-use development, according to Kansas City-based Price Development Group LLC's website.

According to Price Development, Grand Crossing will include approximately 15 acres for multifamily development, a 1.8-acre hotel site, approximately 300,000 sf of office space and at least 500,000 sf of big box, junior anchor, in-line and pad retail space.

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

tag: Houston office

Houston: 319-unit CityLake sells near Texas Medical Center 


HOUSTON - Grayco Partners sold its 319-unit mid-rise wrap apartment complex at 8877 Lakes at 610 Dr. to Carroll Organization.

Formerly known as CityLake Apts., the community was completed in 2013 near the Texas Medical Center.

Carroll Organization has rebranded the community as ARIUM City Lake.

The community offers studio, one- and two-bedroom floor plans from 638 sf to 1498 sf.

Read more at CoStar Group.

Source: ARIUM City Lake

Houston: 127-acre Fallbrook Pines Business Park underway 


HOUSTON - Fallbrook Pines Business Park is now the largest industrial park project underway in Houston, according to Trammell Crow. The 127-acre park is located near the intersection of Beltway 8 and Hwy. 249 on Fallbrook Dr.

The first phase is scheduled for completion first quarter 2015. It will be composed of four tilt-wall office/warehouse buildings totaling 709,045 sf.

The project will incorporate 28 to 32-foot clear heights, 52-foot-wide column spacing, extra trailer parking/outside storage, ample car parking, wide truck courts and ESFR sprinkler systems.

Dallas-based Trammell Crow Co. and New York-based Clarion Partners are developing the project. They expect the project's versatile design to target a wide range of tenants, including consumer goods distributors, oilfield service companies and light manufacturers.

The remaining 66 acres in the park are available for build-to-suit projects.

Read more at Houston Business Journal and GlobeSt.

Houston: 256-unit Alta Heights sells to MIG 


HOUSTON - Alta Heights, a 256-unit apartment community located at 145 Heights Blvd., just north of Washington Ave., has been sold.

Sitting on a 3.5-acre site, Alta Heights consists of a four-story building with studio, one- and two-bedroom floor plans and a five-story parking structure.

The project was developed by Wood Partners and was completed about a year ago.

MIG Real Estate, a Newport Beach, California-based real estate investment company, purchased the property.

“Alta Heights has strong upside potential, benefiting from its excellent amenity package and proximity to major employers,” said Greg Merage, CEO of MIG Real Estate.

Read more at Realty News Report.

tag: Houston apartment

The Woodlands: Memorial Hermann $17 million redo 


THE WOODLANDS - Memorial Hermann Health System plans to renovate its emergency department at its Woodlands hospital in a $17.4 million project.

The project, slated to start in 2015, will include approximately 3,400 sf of new space, seven additional treatment rooms including three trauma rooms, as well as an area designed for pediatric patients, according to a statement.

The reason for the new renovation is the fast-growing population in The Woodlands and surrounding area, Josh Urban, CEO of Memorial Hermann The Woodlands, said.

It's estimated that over the next five years, Montgomery County and the surrounding area will grow 11.4 percent, or by 70,000 residents.

The new space will bring the department's total to 32,400 sf and its room count to 35, according to a statement. Memorial Hermann's Life Flight helipad will move to a new east tower.

The plan is to make The Woodlands a Level II trauma center, said Urban. To achieve that designation, patients would need access to a variety of specialists 24 hours a day. Memorial Hermann in the Texas Medical Center is one of the city's two Level I Trauma Centers.

Read more at the Houston Business Journal.

Room to breathe in 80,000-SF Kelsey-Seybold Clinic 


THE WOODLANDS - Kelsey-Seybold Clinic has relocated to its new three-story building with 80,000 sf at 106 Vision Park Blvd.

The clinic relocated from a 41,000-sf space in the Medical Arts Center II building at 17350 St. Luke's Way.

"We are all very excited. This is the first time that our Woodlands Clinic will have its own free-standing building, hassle-free parking and plenty of space to care for our patients," said Hugh Poindexer, M.D., managing physician.

The new clinic has room for 38 physicians in select specialties. Planned new medical specialties will include Optometry and Orthopedics.

The Woodlands location is a part of a $200 million capital investment Kelsey-Seybold is making in the Houston area.

It is one of four major construction projects to be completed in 2014 along with new clinics in Clear Lake and Humble and the remodeled Tanglewood Clinic in the Galleria area.

Kelsey-Seybold operates 19 clinics in the Houston area.

Read more at the Houston Chronicle.

Houston: 900-unit apartment portfolio sold 


HOUSTON - A 900-unit portfolio of four Class A apartments has been sold.

The portfolio, located in the Texas Medical Center and Galleria submarkets, is 95 percent leased overall and will be managed by Lincoln Property Company.

Property Name Location Submarket Units
Mirage Apartments 2100 Bering Dr. Galleria 200
Parque Del Oro Apartments 8380 El Mundo St. Texas Medical Center 224
San Melia Apartments 6383 El Mundo St. Texas Medical Center 252
Versailles Park Apartments 7200 Almeda Rd. Texas Medical Center 224

Southwest Multifamily Partners, a commingled fund jointly led by Los Angeles-based CityView and Dallas-based Lincoln Property Co. purchased the portfolio in a joint venture with an institutional co-investment partner.

Read more at HFF and Realty News Report.

tag: Houston apartment

Houston stage right for 168,000-SF arts high school 


HOUSTON - Construction begins today on a sleek five-story, 168,000-sf building for Houston ISD's High School for Performing and Visual Arts at the corner of Rusk and Austin.

The $80 million project will include a 200-seat mini-theater, 200-seat black box theater, 150-seat recital hall, rooftop garden and outdoor art studio.

The centerpiece will be an 800-seat main theater, complete with a balcony, that will fit the magnet school's entire faculty and student body with room to spare.

"We're downtown and so close to the arts district, you can just feel the energy down here. It's going to be amazing to have the kids down here," said HSPVA principal R. Scott Allen.

The new space, approved by voters in a 2012 bond, will allow the school to move from its current Montrose campus. It will also provide room for the new creative writing program, whose students currently take classes in the library and in portable trailers.

Read more at the Houston Chronicle.

Houston Energy Corridor 286,000-SF Kirkwood Tower sold 

(12/12/2014 7:15:00 AM)

HOUSTON - The 15-story Kirkwood Tower, a 286,000-sf Class A office building, has been sold. The 92 percent occupied tower at 11757 Katy Fwy. is located in Houston's Energy Corridor submarket.

Tenants include Texon LP, Skyline Executive Suites Ltd., KCA Deutag LLC, First Solar Inc., Greene's Energy Group LLC and Mac Haik Holding Co. Inc.

Santa Fe, New Mexico-based Rosemont Realty acquired the building. The purchase was a joint venture through a new arm of the company — Rosemont Investor Central Properties. The sellers were co-investors Denver-based Amstar and Dallas-based Frontier Equity.

Rosemont now owns 16 buildings representing nearly 2.5 million sf of office space in the Houston area, including Kirkwood Atrium II next door.

Read more at the Houston Business Journal.

Spike in Houston rents outpaces U.S. average 

(12/12/2014 6:04:00 AM)

HOUSTON - Renters in the Houston metro area this year paid about $600 more on average than they did in 2013 as rents have increased at twice the national rate, according to data analyzed by San Francisco-based Apartment List.

In November, Apartment List found that Houston one-bedroom rents averaged $910 and two-bedrooms averaged $1,040. Rents here are 9 percent more expensive than the national average based on two-bedroom rents.

Even Houston’s suburbs are seeing sky-high rents, although they vary. Renters in The Woodlands pay 75 percent more than those in Pasadena.

The Woodlands, Katy and Pearland are the most expensive markets, with two-bedrooms averaging more than $1,330 a month. Tomball, Houston proper and Spring average $1,050.

Humble and Pasadena — at $900 and $760, respectively — are the only two suburbs where rents are below the $950 national average.

In Houston, Downtown is the most expensive neighborhood, with the average rent at $2,600 per month.

The least expensive neighborhoods in the city are Northshore, Sharpstown and greater Greenspoint, where rents hover at $750 per month.

Read more at the Houston Chronicle.

tag: Houston apartment

Houston home sales Nov. 2014 (HAR) 


HOUSTON - The Houston real estate market grew in all categories in November, with total property sales, total dollar volume and average and median pricing all up when compared to November 2013.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), single-family home sales totaled 5,092 units, an increase of 1.8 percent compared to November 2013.

Months of inventory, the estimated time it would take to deplete the current active housing inventory based on the previous 12 months of sales, dipped to a 2.7-months supply versus a 2.9-months supply last November.

Houston Real Estate Milestones in November

    Single-family home sales rose 1.8 percent versus November 2013;
    Total property sales were up 2.8 percent year-over year;
    Total dollar volume increased 12.3 percent, from $1.4 billion to $1.6 billion on a year-over-year basis;
    At $194,800, the single-family home median price achieved a record high for a November;
    At $271,232, the single-family home average price also reached a November high;
    Days on Market for single-family homes was 54 days;
    Rentals of single-family homes rose 4.2 percent year-over-year and the cost of renting those homes increased 5.0 percent to $1,669.
    Townhouse/condominium rentals climbed 5.7 percent, with rents up 3.6 percent at $1,520.

Housing Market Summary: Nov. 2013 vs. Nov. 2014
  Nov. 2013 Nov. 2014 Chg.
Total sales 6,044 6,212 2.8%
Total dollar volume $1,430,952,766 $1,606,455,376 12.3%
Total active listings 30,341 27,374 -9.8%
Total pending sales 3,273 3,404 4.0%
Single-family sales 5,000 5,092 1.8%
Avg. price single-family home $245,933 $271,232 10.3%
Median price single-family home $182,500 $194,800 6.7%
Single-family inventory* 2.9 2.7 -7.3%

* 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.

The Woodlands: IMT Capital sells Alden Landing 


THE WOODLANDS - General Electric Capital Corp. purchased Alden Landing at 7575 Gosling Rd. from IMT Capital.

The three-story, 292-unit multifamily community was constructed in 1998. The property was 97.3 percent occupied at the time of sale.

The new owner intends to upgrade unit interiors and increase rents at the value-add community.

Read more at CoStar Group.

HAR: Houston area cities' home sales Nov. 2014 


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

•  The median price of existing single-family homes increased to $198,000 — up 1.5 percent from October 2014.
•  Existing single-family home sales decreased 23.6 percent from October 2014 for a November 2014 total of 4,940 units sold.
•  Condos increased in price to $172,000 — up 6.8 percent from October 2014.
•  Existing condo sales decreased 25.3 percent in November 2014 over October 2014 for a total of 518 units sold.

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

HAR Nov. 2014 Regional Sales and Price Activity
MLS Wide Median Price
  Nov. 2014
Price Chg.
vs. Nov. 2013
Units Sold
  Nov. 2014
Sales Chg.
vs. Nov. 2013
$198,000 7.6% 4,940 -1.8%
HAR (condo) $172,000 7.5% 518 -8.3%
Region Cities*        
Houston $175,000 3.0% 1,572 1.9%
Spring $182,500 8.6% 344 -11.3%
Katy $242,000 7.6% 327 -3.3%
Cypress $238,783 11.1% 210 -9.5%
Richmond $245,000 15.8% 179 -3.8%
Humble $170,000 4.9% 135 -36.0%
Sugar Land $335,000 8.1% 129 -9.8%
Pearland $237,266 18.6% 124 -9.5%

*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.

Rockspring Capital acquires 157-acre Katy site 


KATY - Rockspring Capital has acquired a 157-acre site located off of Katy Hockley Rd., just north of FM 529.

The tract, targeted for single-family residential, is adjacent to the 2,705-acre Newland Communities site, and is within the Katy Independent School District, which grew by 2,000 students this year.

The property is nearby North Cypress Medical Center and the Houston Premium Outlets.

Less than five miles northeast is the 11,400-acre master planned community, Bridgeland, which includes dining, retail, medical offices and employment.

Read more at GlobeSt.

Katy: Academy Sports 200,000-SF expansion 

(12/11/2014 7:30:00 AM)

KATY - The 200,000-sf office building on the corporate campus of Academy Sports & Outdoors is more than halfway completed. This is the second office building on the site.

The new four-story headquarters office building will include a six-story parking garage. It will be connected with the existing office building by a walkway. Completion is scheduled for spring 2015.

The sprawling campus at 1800 N. Mason Rd. is already the workplace of about 2,900 people between the corporate office and distribution center.

The current distribution center is over 1.4 million sf, and the existing office is over 270,000 sf. The entire Katy campus sits on 118 acres.

With annual sales of $4 billion, Academy Sports & Outdoors is one of the Houston area's largest privately held companies. The sporting goods and lifestyle retailer operates 190 stores.

Read more at the Houston Chronicle.

Houston No. 7 market for luxury retailers in U.S. 


HOUSTON - Houston ranked No. 7 on JLL’s top ten markets for luxury retailers in a report released at the International Council of Shopping Centers New York City conference.

The Bayou City, along with Dallas and Orlando, were cited as emerging retail markets, driven by ongoing population and income growth.

JLL’s The New World of Retail Index tracks the expansion of 350 retailers across 19 markets in the United States and assesses the vitality and attractiveness of retail markets.

The ranking factors in variables such as household income growth, the number of total retailers, rental rates, vacancy levels, total leasable area and the balance of supply and demand.

Houston’s current population of 6.4 million residents has experienced a 9 percent growth over the past five years thanks in large part to the energy markets growth within the city.

White-collar expansion has given Houston an influx of households with incomes greater than $100,000.

In turn, this increase in disposable income has spurred a growth within the mid to high-end luxury retail market of nearly 1.6 million sf, projected to arrive in 2014.

Also on the luxury retail radar are Atlanta, Orlando, San Diego, Washington, D.C. and Seattle. The other Texas cities on the list are Austin (No. 17) and San Antonio (No. 18.).

Read more at the Houston Chronicle.

Builders Firstsource opens doors in Conroe; Schertz 

(12/10/2014 6:30:00 AM)

CONROE, SCHERTZ - Builders FirstSource, a leading supplier and manufacturer of structural and related building products for residential new construction in the U.S., has announced the planned opening of a new distribution facility in Conroe, as well as the relocation of its existing San Antonio facility.

The Conroe facility is located on the I-45 corridor approximately 40 miles north of downtown Houston. It is an 11.5 acre site that includes 60,000 sf of warehouse, showroom and office space.

Product offerings will include dimensional lumber and lumber sheet goods, interior and exterior doors, millwork and other distributed building products.

The new San Antonio facility is located in Schertz, approximately 20 miles northeast of downtown. This rail served site sits on 15 acres and has approximately 90,000 sf of warehouse and office space as well as multiple outside storage sheds.

Products initially distributed from this location will include dimensional lumber and lumber sheet goods but will eventually include interior and exterior doors, as well as millwork.

Read more at NASDAQ.

Spring: 268 luxury units to Mark Cityplace 


SPRING - The Mark at CityPlace Springwoods Village, a six-story, 268-unit apartment project, is planned for 3.75 acres at the southeast corner of Springwoods Village Pkwy. and Lake Plaza Dr.

The Mark will be located in CityPlace, a $10 billion urban district on 60 acres within the 1,800-acre master-planned community Springwoods Village.

CityPlace will feature 4 million sf of Class A office space, retail space and a full-service luxury hotel.

Proposed plans call for one-, two- and three-bedroom apartments ranging in size from 572 sf to nearly 1,600 sf with spaces for restaurants and retail stores on the first floor along Lake Plaza Dr.

Martin Fein Interests Ltd. is developing the project, which is expected to break ground by mid-2015, with an estimated completion date of third quarter 2017.

Earlier this year, Fein opened its first apartment project in Springwoods Village. Residents have signed 100 leases at The Belvedere, a four-story, 342-unit luxury apartment complex located at 2323 East Mossy Oaks Rd.

Developers hope The Mark at CityPlace will attract young professionals from ExxonMobil's new corporate campus, Southwestern Energy's new headquarters and the CHI St. Luke's medical campus.

Read more at the Houston Business Journal and the Houston Chronicle.
EZ find Texas real estate news

Houston: 109-room Holiday Inn Express sold  


HOUSTON - A two-building, 109-room Holiday Inn Express Hotel & Suites located at 125 Airtex Dr. has been sold.

Amenities include an outdoor pool, gym, guest laundry, business center and meeting room.

The three-story hotel was built in 1999 and was converted into a Holiday Inn Express & Suites in early 2012. The hotel is located five miles away from George Bush Intercontinental Airport.

Read more at Texas Real Estate Business.

Warehousing site for dangerous goods sold near Houston's IAH 

(12/9/2014 7:00:00 AM)

HUMBLE - The Netherlands-based DGM, a global organization that provides services related to the transport of dangerous goods, has purchased a 21.5-acre site at 18727 Kenswick Dr. from the Houston Intercontinental Trade Center.

Phase I of the project will consist of 150,000 sf of warehousing and office space with four acres of concrete laydown yard, which will house 120 employees. That phase will break ground in February and is expected to be complete summer 2015.

Phase II will consist of another 100,000 sf of warehouse space.

DGM's current 70,000-sf facility at 1813 Greens Rd. will remain open throughout the construction and will remain as the hazmat parking facility.

The company will use the added space to provide general packaging services of nonhazmat freight.

DGM specializes in classification, marking and labeling, hazmat packing, drumming/re-drumming, and full export and project packaging services.

Read more at the Houston Business Journal.
Texas real estate news

Polk County OKs $280M tax abatement for plant 


CORRIGAN, POLK COUNTY - The Polk County Commissioners have approved a ten-year tax abatement for Corrigan OSB LLC’s new $280 million plant, which will have 160 full-time employees, create 1,854 construction jobs and hire 200 truckers.

The company will spend $5 million for a plot of land on the southwest corner of US Hwy. 59 and SH 287. The plant could open as early as 2017, and will use pulp wood from a 55-mile radius around Corrigan.

The company's president told the Polk County commissioners that construction also depends on approvals from Union Pacific, Corrigan-Camden ISD, Entergy and Centerpoint Gas.

Read more at KTRE-TV.

USAA, Crimsom plan 266-unit Residences at CityWest 


HOUSTON - A Class A apartment complex in the Westchase submarket of Houston is set to start by Crimsom Real Estate Fund and USAA Real Estate Company.

The Residences at CityWest, a 266-unit apartment complex, is set to break ground in December.

The four-story complex will offer one- to three- bedroom floor plans ranging from 600 sf to 1,900 sf. The units will be built around a center parking structure and courtyard.

The project will be built on three acres next to the 2500 City West Blvd. office building. Crimson and USAA Real Estate acquired 2500 City West and the adjacent development site in November 2011.

Patrinely Group is developing the project, which is scheduled for completion July 2016.

Read more at GlobeSt.
Texas real estate news

Galveston apartment market overview Oct. 2014 


GALVESTON - Apartment MarketData Research Services LLC has released October 2014 data. The multifamily market data represent three months trailing (Aug.-Oct. 2014).

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

Multihousing Market Condition Comparison Aug.-Oct. 2014
Galveston Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 1,337 91.7% $0.874 856 132,294 96.4% $0.852 832
1970's 3,321 97.9% $0.905 809 383,819 95.8% $0.841 818
1980's 4,999 98.1% $0.914 794 488,257 96.9% $0.928 780
1990's 1,577 98.8% $1.022 862 226,024 97.4% $1.080 922
2000's 3,634 98.6% $0.959 984 366,007 97.4% $1.046 963
2010's 1,384 98.8% $0.964 932 70,963 97.2% $1.194 927
Totals 16,252 97.8% $0.935 863 1,667,364 96.8% $0.966 859

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 full October 2014 Houston Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

See Houston-Sugar Land-Baytown Market Data Sources for pages of data you will love.
Texas real estate news

Houston 'fleas' market to $41M Village at Palm Center 

(12/8/2014 11:00:00 AM)

HOUSTON - ITEX Group will soon start work on turning the former King's flea market into a $41 million mixed-use project, The Village at Palm Center. The project will feature about 222 housing units — 154 apartments and 68 townhomes — and 14,500 sf of retail space.

Located at 5330 Griggs Rd., the project received $15.3 million in federal funding from the Hurricane Ike Disaster Recovery Program, which is meant to spur the creation of affordable housing for low- to moderate-income individuals affected by the hurricane.

Most of the apartments will be affordable housing for low- and moderate-income renters, but a portion will be priced at market rents. The retail space will be located on a portion of the ground floor of the apartment complex.

Amenities will include a promenade, pools, playgrounds, gazebos, a splash pad, barbecue pits and picnic tables. The center of the project will be a 4,000-sf community building with a computer lab, a gym, meeting areas, a coffee bar and a daycare center.

Parking will be supplemented with a parking garage for apartment residents and individual garages for townhome tenants.

Port Arthur-based ITEX builds and manages affordable apartment complexes and rental housing. The Palm Center complex will be its first Houston development.

Read more at the Houston Chronicle and Commercial Property Executive.
Texas real estate news

Santiago, Chile hot ticket! United Airlines nonstop from IAH 


HOUSTON - United Airlines launched its new daily flights between Houston's George Bush Intercontinental Airport (IAH) and Santiago, Chile, on December 7.

It is the only nonstop service between Houston and Chile's capital city, according to Chicago-based United Continental Holdings Inc.

Flight 847 will depart IAH at 9:35 p.m. and arrive at Santiago's Arturo Merino Benitez International Airport at 10:10 a.m. the following day. Flight 846 will depart Santiago at 11 p.m. and arrive in Houston at 5:55 a.m. the next day.

United will also add its new weekly Saturday service from Houston to Punta Cana, Dominican Republic, on December 20. That flight will operate year-round and increase to daily service from June 4 to August 17, 2015.

Read more at the Houston Business Journal.
Texas real estate news

Dornin acquires Columbia Centre in Houston 


HOUSTON - Dornin Investment Group has acquired Columbia Centre, a 166,720-sf, Class B+, nine-story office building and structured parking garage situated on approximately 4.05 acres in Houston’s Westchase District.

Located at 11011 Richmond Ave., the building and the parking garage were completed in 1983.

In-place rents are approximately 34 percent below market, and 92 percent of the rent roll expires within the first five years of the holding period, allowing for immediate NOI growth.

“The property was 93 percent occupied at the time of acquisition with no tenant exceeding 12 percent of the building, so we felt extremely comfortable with the risk profile and ability to push rents,” said Dornin, president and CEO of Dornin Investment Group.

Source: Globe St.
Texas real estate news

CHI 400,000-SF Houston industrial park underway 

(12/5/2014 10:59:00 AM)

HOUSTON - Crow Holdings Industrial (CHI) has broken ground on a new 24-acre industrial business park. CHI purchased an existing building and adjacent land located on Tanner Rd., just west of Beltway 8, to assemble the acreage to develop the 410,000-sf, Class A Apex Distribution Center.

The park will consist of three warehouses. The park’s two new buildings will be 204,000-sf and 66,000-sf front-load, light-industrial warehouses.

The buildings will offer the option for divisibility and the site will provide trailer parking and options for outside storage. Stream Realty will handle leasing and property management.

The third building is an existing 140,000-sf warehouse. Previously occupied by Goya Foods, the building offers potential distribution or manufacturing tenants more than 16,000 sf of office space and 21,000 sf of cooler/freezer storage, in addition to 100,000 sf of warehouse space.

Read more at GlobeSt. (Texas real estate news)

Houston apartment market overview Oct. 2014 

(12/5/2014 10:00:00 AM)

HOUSTON - Apartment MarketData Research Services LLC released October 2014 data. The multifamily market data represent three months trailing (Aug.-Oct. 2014).

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

Multihousing Market Condition Comparison Aug.-Oct. 2014
Houston Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 34,856 95.3% $0.897 850 132,294 96.4% $0.852 832
1970's 155,488 94.6% $0.833 833 383,819 95.8% $0.841 818
1980's 111,176 95.9% $0.906 797 488,257 96.9% $0.928 780
1990's 60,177 96.4% $1.174 932 226,024 97.4% $1.080 922
2000's 111,852 97.2% $1.096 988 366,007 97.4% $1.046 963
2010's 17,191 96.5% $1.325 952 70,963 97.2% $1.194 927
Totals 490,740 95.8% $0.983 878 1,667,364 96.8% $0.966 859

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 full October 2014 Houston Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

Visit Houston Market Data Sources for more about Houston.

tag: Texas apartment data

Automaker to drive into Galveston's $10M Pier 10 facility 

(12/5/2014 8:05:00 AM)

GALVESTON - Plans for development of a $10 million-plus vehicle-processing center on nearly 18.9 acres of Port of Galveston property advanced considerably late November with the hiring of an engineering firm for an amount not to exceed $275,000.

Wallenius Wilhelmsen Logistics, which leases the property at the public docks, will split the costs of building the vehicle-processing center with the landlord port, which is kicking in $5.8 million for the project.

Port officials aren’t naming the tenant of the building at Pier 10. Wallenius will sublet the property to an automaker, which is expected to process about 20,000 cars a year from the facility.

The vehicle-processing center would provide 30 to 35 well-paying jobs, Port Director Michael Mierzwa said. And, it would be good for the island port’s image, he said.

Last year, the city’s seven-member Industrial Development Corp. agreed to contribute $1.4 million for the vehicle processing center and paving at Pier 10.

The port owns most of the 18.9 acres needed for project, but will have to negotiate to lease about four from the The Sealy & Smith Foundation.

Read more at the Galveston Daily News.
(Texas real estate news)

11,000-Acre sale! One of Houston area's biggest land deals 

(12/5/2014 8:00:00 AM)

BAYTOWN - Cedar Crossing, a 10,897-acre industrial park, has been sold to Trans-Global Solutions (TGS) Cedar Port Partners. Also included in the transaction was a 312,000-sf on-site warehouse. The Park is located 20 miles east of Houston in Chambers County.

Cedar Crossing is considered the fifth largest industrial park in the world and it is equal to three-fourths that of New York’s Manhattan Island, according to Cushman & Wakefield.

Approximately 65 percent of the park remains undeveloped and is available for future expansion.

Cedar Crossing offers dual rail service (Union Pacific Railroad and BNSF) with considerable rail infrastructure — 57 miles of rail within the park, with existing storage for over 2,000 railcars.

TGS said it will to expand the industrial park’s rail capacity to 3,000 railcars by 2018 to accommodate increasing petrochemical and refining demand.

Cedar Crossing has water access for barges and docking facilities. It is not far from the Port of Houston, Bayport and Barbour’s Cut, which are major shipping outlets. The site is a few miles from the Exxon Mobil Baytown Refinery, which is the largest refinery in America.

TGS will have approximately 1,500 plastic pellet railcars committed to the facility. The many chemical plants on the Gulf Coast produce plastic pellets which are shipped around the world for manufacturing consumer products and other plastic goods.

Prior to the acquisition, TGS executed a ten-year extension of a railcar storage agreement with Union Pacific Railroad that originally dates back to the 1990s. TGS will continue to operate the railroad and assume operations and development of the industrial park.

To date, Cedar Crossing has attracted many top-tier companies with significant operations:

  • Home Depot’s 755,000-sf distribution hub,
  • Walmart’s 4.2 million-sf import center (their largest in the U.S.),
  • JSW Steel’s plate and pipe manufacturing facilities, and
  • Borusan Mannesmann’s $148 million steel pipe manufacturing facility.

Other occupants include Exel, S&B Engineers, National Oilwell, GE Water, TMK-IPSCO, Century Asphalt, Samson Controls and LS Energy Fabrication.

Read more at Realty News Report.
(Texas real estate news)

British School to open 2,000-seat campus in west Houston 


HOUSTON - The British International School of Houston will move to a newly acquired piece of land at the southwest corner of Westgreen Blvd. and Franz Rd. that will allow its student body to double.

The new 274,000-sf and 2,000-seat campus will open September 2016. The land is just a mile north of I-10 and a little over two miles from the Grand Pkwy.

The school’s current campus will close and relocate to the new building at that time.

Founded in 2000, the British International School of Houston has grown in recent years in response to demand from expatriate and local families.

Read more at the Houston Chronicle.

Houston: $75M apartments park in Museum District 


HOUSTON - Hermann Park Residences, a $75 million apartment project located at 1699 Hermann Dr. near Jackson St., is underway. The seven-story, 224-unit building will sit on 2.25 acres across from Hermann Park, within the Museum District.

The complex will feature 311,000 sf of studios, one- and two-bedroom units and five penthouse suites.

The units, which boast high-end fixtures, millwork materials and stainless steel appliances, will overlook Hermann Park or a courtyard.

Common amenities include a 12,000-sf courtyard with fountain, 9,000-sf amenity area, rooftop sky lounge, cafe bar, club, conference area, fitness center, yoga room, swimming pool with a sunbathing ledge, fire pit, barbecue area, bicycle storage and an electric car-charging station.

There will be a 144,000-sf, five-story structured parking garage behind the apartment project. Residents can drive into the garage, park in one of 351 spaces and enter into the apartment complex at each level.

Tema Development Inc. is developing the project, which is expected to be completed late 2016. The company is planning two other projects in the Museum District.

Read more at the Houston Business Journal.
Texas real estate news

Atlanta Post(s) $81 million in Galleria apartments  


HOUSTON - Post Galleria, a five-story apartment complex, is planned on the site of a now-demolished hotel along the West Loop just north of Richmond Ave.

Post Galleria will consist of 388 luxury units with an average size of approximately 867 sf. The first apartment unit is anticipated to deliver in third quarter 2016.

The community has a total estimated development cost of approximately $80.7 million. Atlanta-based Post Properties is developing the project.

Read more at the Houston Chronicle.

Houston: 18-story Park Place at Buffalo Bayou underway 

(12/2/2014 6:59:00 AM)

HOUSTON - An 18-story office building, Park Place at Buffalo Bayou, has broken ground. The building is located on 1.3 acres on Willia St., just north of Spotts Park and near the intersection of Memorial and Waugh.

It will contain 250,000 sf of office space and have a fitness center with locker rooms on the first floor, as well as eight levels of parking.

Rents are expected to be in the low- to mid-$30-per-sf range.

The building will be close to Buffalo Bayou Park, which runs from downtown to Shepherd and is undergoing a $58 million restoration. Upgrades to the park include new lighting, pedestrian bridges and separate bicycle and jogging trails.

Pinto Realty Partners is developing the project, which is scheduled for completion in summer 2016.

Read more at the Houston Chronicle.

Liberty trims five Houston industrial facilities for $30M 

(12/2/2014 6:56:00 AM)

HOUSTON - Malvern, Penn.-based Liberty Property Trust trimmed its 6.3 million-sf Houston portfolio with the sale of five warehouse and distribution facilities for $29.7 million.

Portfolio Overview:

•  9500-9450 Clay Rd. — a 228,900-sf warehouse constructed in 1981 on six acres within the Clay-Campbell Business Park.

•  11502 S. Main St. — known as Willowbend Distribution Center II — a 100,866-sf flex building constructed in 1983 on four acres.

•  5910 West by Northwest Blvd. — a 96,000-sf distribution facility constructed in 1998 on nine acres within the West by Northwest Industrial Park.

•  8801 Wallisville Rd. — a 69,300-sf warehouse constructed in 1980 on six acres within the Wallisville Industrial Park.

•  8811 Wallisville Rd. — a 58,444-sf warehouse constructed in 1979 on two acres, also within the Wallisville Industrial Park.

Read more at CoStar Group.

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