RECON

Real Estate Center Online News

September 19, 2014


Austin's Centennial Tower Changes Hands

AUSTIN (CBRE) – CBRE today announced the sale of Centennial Towers on behalf of Houston-based Braun Enterprises. Taurus Investment Holdings LLC of Boston was the buyer.

Centennial Towers is a six-story, 156,293-sf office building at 505 East Huntland Dr. in the north central part of the city.

It is 95 percent occupied. Tenants include KBR, TRC Environmental Corporation, The University of Texas and Texas A&M University.

It has received several updates since it was built in 1986.

LCRA Approves New Colorado River Plan

AUSTIN (Texas Tribune) – The Lower Colorado River Authority (LCRA) this week approved a new plan to manage the Colorado River and its Central Texas reservoirs, known as the Highland Lakes.

Austin and other Central Texas cities rely on the Highland Lakes for water. So do some coastal farmers, who irrigate their farms with water from the lakes. Most of them grow rice, a water-intensive crop.

Under the new plan, which still has to be approved by the Texas Commission on Environmental Quality, the LCRA would not deliver any water to farmers until the Highland Lakes are more than half full. That's a higher "trigger level" than the previous plan, which cuts off water for irrigation only when the lakes are less than 30 percent full.

What Does Dallas Want to Be? Find Out at Upcoming Conference

DALLAS (Coulter Group) – Internationally known experts on cities, urban planning and architecture will join city officials and business and civic leaders for “What Makes a City: Character and Calling, What Does Dallas Want to Be?”

The conference will be Thursday, Oct. 23, at the Latino Cultural Center at 2600 Live Oak St. It's presented by The Dallas Institute of Humanities and Culture, The Trinity Trust Foundation and Dallas CityDesign Studio.

Admission is $60 for members of the Dallas Institute and its co-presenters, $75 for nonmembers and $25 for member teachers.

To register, visit www.dallasinstitute.org or call (214) 871-2440.

Azrieli Goes 8 West

HOUSTON (HFF) – Azrieli Group has purchased the 227,000-sf 8 West Centre office building from Core Real Estate.

Completed in 2013, the Class-A property stands four stories with a 938-space parking garage on nine acres at 3505 West Sam Houston Pkwy. It was purchased free and clear of debt.

The building’s tenants are Cameron International Corporation and Helix Energy Solutions.

HFF marketed the property for the seller and assisted Azrieli in securing a five-year, fixed-rate acquisition loan through Aegon USA Realty Advisors LLC.

Azrieli paid $76 million for the building, according to RealtyNewsReport.com.

Three-Building Austin Office Portfolio Sold

AUSTIN (HFF) – A three-building, Class-A office portfolio totaling around 314,400 sf has been sold to two buyers.

Stonecreek I and II were purchased by a private real estate fund advised by Crow Holdings Capital-Real Estate, while CapRidge Partners LLC bought Canyon at Wild Basin.

Located at 11920 and 11921 North Mopac Expy., Stonecreek I and II contain 239,819 sf on nearly ten acres. The properties are 97.9 percent leased.

Canyon at Wild Basin is on 10.68 acres at 115 Wild Basin Rd. Its three stories total 74,580 sf. The property also includes an adjacent two-story garage and executive parking under the building. Canyon at Wild Basin is currently 80 percent leased.

HFF marketed the property for the seller, Intercontinental Real Estate Group. Both properties sold free and clear of existing debt.

Rosenberg Outlet Mall Planned

ROSENBERG (Houston Business Journal) – An approximately 400,000-sf outlet mall is coming to this city west of Houston.

Paragon Outlet Partners has reached an agreement with the City of Rosenberg and Rosenberg Development Corp. to build the mall at I-69 and Spacek Rd.

The project is estimated to create 400 construction jobs and 1,000 permanent jobs once it opens.

Paragon expects to break ground on the project in spring 2015.

Haven at Main Touching Down Near NRG Stadium

HOUSTON (Houston Chronicle) – Ground broke on a five-story apartment complex near NRG Stadium this week.

Haven at Main will be on a former motel site at 8700 S. Main St. It will offer 256 one- and two-bedroom units.

Units will range from 634 to 1,274 sf. One-bedroom units will rent between $1,225 and $1,375, and two-bedroom units will be priced between $1,650 and $1,825.

Steinberg Design Collaborative designed the complex. Initial move-ins are expected in November 2015.

Clarion Partners Catch Westchase Corporate Center

HOUSTON (RealtyNewsReport.com) – Westchase Corporate Center has been purchased by Clarion Partners for about $53 million.

With the acquistion, Clarion is gaining the opportunity to build a 93,000-sf, four-level, second-phase office building on land now used as a parking lot.

Westchase Corporate Center is a Class-A, 184,259-sf office building on Richmond Ave., just west of the Sam Houston Tollway.

Built in 1999, the six-story property is 98 percent leased. Leases for 82 percent of that space are slated to expire within five years.

JLL Capital Markets represented the seller, DRA Advisors.

Plaza at Legacy Comes to MetLife

PLANO (CBRE) – A subsidiary of MetLife Inc. is the new owner of a Class-A office tower in the Legacy Business Park.

The nearly 259,500-sf Plaza at Legacy was purchased by a subsidiary of MetLife Inc. An adjacent two-level parking garage and a surface parking lot were part of the purchase.

More than $2.2 million in capital improvements have been done on the property since 2012. The property is currently completely leased.

CBRE represented the seller, a joint venture between Hines Interests Limited Partnership and institutional investors advised by J.P. Morgan Asset Management. MetLife used in-house representation.

Farm Bill Education Program Slated Oct. 1 in Frost

FROST (Texas A&M AgriLife Extension Service) – The Texas A&M AgriLife Extension Service will offer training on the new farm bill provisions Oct. 1 in the Frost High School auditorium at 208 N. Wyrick St.

The free, three-hour program will start at 9 a.m. It will cover general farm program provisions, including the producer’s selection of the Price Loss Coverage or Agricultural Risk Coverage. The presentation will also cover any base and yield update options available and illustrate the data needed to complete the decision-making process.

Presenters include Dr. Jason Johnson, AgriLife Extension economist in Stephenville, and Scott Reed, state commodity compliance program specialist with the U.S. Department of Agriculture Farm Service Agency in College Station.

St. James Place Office Project Breaks Ground

HOUSTON (RealtyNewsReport.com) – Nelson Murphree Legacy Partners LLC broke ground on its boutique-style office project at 1885 St. James Place.

The 15-story, 165,146-sf project will have nine floors of office space on top of six levels of above-ground parking.

The property owner is 1885 St. James Place Partners LP. Jackson & Ryan is the architect, and the general contractor is Tellepson Builders.

The building could be ready for tenants as early as March 2016.

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