Houston Office Space
Commercial Real Estate in Houston
November 22, 2009 by HSACQ · 16 Comments
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US Oncology Taps CBRE for 5M-SF Portfolio
By Amy Wolff Sorter
http://www.globest.com
EXCLUSIVE Last updated: November 19, 2009 09:00am
US Oncology Taps CBRE for 5M-SF Portfolio
The Woodlands
THE WOODLANDS, TX-US Oncology Inc. hired CB Richard Ellis Group Inc. to provide real estate services for its nationwide, five-million-square-foot portfolio. The agreement calls for CB to handle transaction management, lease administration, lease audit and other services for the cancer-care delivery network’s 525 leased and owned sites.
In addition to handling transaction management for its client, “we’re also in the process of leveraging our entire platform to help them improve their real estate performance,” says CBRE senior VP Matt Flaherty, who is leading the real estate team for US Oncology. He tells GlobeSt.com that CBRE is working with its client to help it manage real estate costs, especially on the leasing side.
For example, a lot of TI dollars go into the buildings used in the system. “We can work with them on the cost management side as they structure leases and manage their obligations,” Flaherty notes.
US Oncology supports one of the nation’s foremost cancer treatment and research networks. The company is involved in every aspect of cancer care delivery, from drug development, to distribution, to outcomes measurement. At last count, US Oncology was affiliated with 1,236 physicians operating in 476 locations, and 94 radiation oncology facilities throughout 39 states.
The company’s vast real estate portfolio consists of specialty cancer centers, PET, radiology and other diagnostic imaging clinics and pharmacies. Also in the mix is the company’s locally based headquarters and administrative office space. Flaherty says CB is looking at everything to help US Oncology manage costs as it continues to provide state-of-the-art service to patients.
“Service delivery is so important; in this industry you’re managing healthcare patients with critical needs,” Flaherty explains. “US Oncology really cares about the value of their facilities, and understands that the way buildings are maintained is important when it comes to getting service to their clients.”
http://www.hsacq.com
This is a good article and is an indicator that the landscape is quickly changing in terms of medical office buildings and how they compete with other types of Houston Office buildings. Medical office buildings are having to compete more and more for business whereas in the past they didn’t. I believe that over time more and more medical buildings will turn for assistance from commercial real estate professionals to help guide them through the change instead of trying to manage their portfolios internally. Over time this will benefit these medical services group and the Houston office building market as a whole.
30,000-SF Office Attracts 18 Offers
By Amy Wolff Sorter
http://www.globest.com
Houston
HOUSTON-Locally based Pacific Sun Investments LP beat out 17 other offers for the privilege of owning, and operating, a 30,000-square-foot office building in the Westchase submarket. The class A building, sold by Brookfield Real Estate Opportunity Fund, was 50% leased by JPMorgan Chase, which was part of the asset’s appeal.
H. Dan Miller, senior managing director of Holliday Fenoglio Fowler LP’s Houston office says the building belonged to JPMorgan Chase several years ago before the company sold to the Brookfield Asset Management’s fund. Miller, who led the marketing effort on behalf of the seller with help from HFF analyst Trent Agnew, tells GlobeSt.com that the portfolio had included major buildings downtown as well as branch-banking facilities such as the one at 10411 Westheimer Rd.
“They sold the major buildings downtown, then went about leasing and stabilizing the branches around town,” he explains. “They got this building to 100% occupied, then put it on the market to harvest the capital.” Though he declined to discuss the sales price, he says the building had a 8% cap rate.
But Miller and Agnew were bemused by the attention this asset received during the marketing period. Miller set a call for offers and said that, within a week, he had 18; four of which were willing to put money at risk on the first day to buy. “The level of interest was refreshing,” Miller acknowledges.
Agnew says Pacific Sun Investments ultimately made the most aggressive offer, all cash, and were willing to close quickly. “They actually wanted to close faster than the seller could close,” Agnew adds. “The buyer wanted to do it in 10 days, but it took us close to 30.”
Miller explains that the building represented a perfect storm in which everything aligned. There was the fact that half the building was leased, long-term, to a national credit tenant. There was the fact the asset was on an almost four-acre tract, which allows potential future development.
Then there was the location. “You had an irreplaceable location at the corner of Westhemier and Beltway 8 and three streets of frontage,” Miller comments. He goes on to say that the deal was unique, with everything in alignment and it proves that with the right asset, buyers will come out with checkbooks in hand. “I wish I had 10 of these types of buildings,” Miller comments.
http://www.hsacq.com It seems that activity in the sale of Houston commercial real estate is starting to increase quietly. Investors apparently see upside in Houston office space and apparently have been waiting on the sidelines for opportunities.
http://www.chron.com/disp/story.mpl/business/sarnoff/6742506.htmlREAL ESTATE
Foreclosures are up sharply
By NANCY SARNOFF Copyright 2009 Houston Chronicle
Nov. 28, 2009, 2:07AM
years after agreeing to lease the former Compaq Center to Lakewood Church for up to 60 years, the city of Houston is considering selling it.
The city recently hired an appraiser to put a price tag on the well-known property along the Southwest Freeway.
The city evaluates and sells property on a regular basis, said city spokesman Frank Michel, adding that the city will honor Lakewood’s long-term lease unless another agreement is made. “So far it’s just discussions,” Michel said.
The original lease with the church was for a 30-year term with an option for another 30 years, according to Bob Christy, the city’s director of real estate.
Lakewood agreed to pay nearly $12 million up front for the lease, and it would total $35 million over the 60 years.
The city, which is in talks with Lakewood about selling it the 606,050-square-foot complex on seven acres, would not reveal what it believes the property is worth because discussions are ongoing.
The city, which is in talks with Lakewood about selling it the 606,050-square-foot complex on seven acres, would not reveal what it believes the property is worth because discussions are ongoing.
A church appraisal can be complicated because so many components of the building are worship-specific, said Kim Kobriger, senior consultant with Houston-based Lewis Realty Advisors, the firm hired by the city.
Pews, baptismal fonts, altars and choir areas must be considered part of the property for valuation. Stained glass windows may be considered works of art and require special consideration.
“While churches are classified as commercial buildings, there is no commerce occurring in the typical sense of the word,” Kobriger said.
Selling the church property “would be a win for the city because it takes an asset off their books which at this time would be hard to get rid of,” Kobriger said.
Interesting article about a landmark commercial property for sale. This is a good decision by the city to try and sell the property, especially to this lessee.
http://www.hsacq.com Houston Site Acquisitions. Houston Commercial Real Estate. Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space.
Houston Commercial Real Estate News Article.
http://www.globest.com/news/1551_1551/houston/182485-1.html?st=rss
JV Buys Out Interest in 330-Unit Eclipse
By Amy Wolff Sorter
Eclipse
HOUSTON-Behringer Harvard Multifamily REIT I, Inc. and partner PGGM Private Real Estate Fund bought out the developer’s ownership interest in the recently completed, 330-unit Eclipse. As part of the transaction, the partners paid off $21 million remaining on the mezzanine construction loan and obtained fee simple title to the land, owned by the state of Texas, for $4.6 million.
Behringer Harvard chief administrative officer Jason Mattox says the joint venture provided initial capital for the development at 1725 Crescent Plaza, which was being built by Simmons Vedder Partners of Houston. Steinberg Design Collaborative was the designer. Greystar Management’s local office will oversee leasing and property management.
Mattox tells GlobeSt.com that the asset is in a great location, with outstanding amenities. “This complements our overall multifamily portfolio, and we’re pleased to have complete control of the asset,” says Mattox, adding that the complex is close to lease-up. Behringer Harvard Multifamily REIT I Inc.’s portfolio consists of 17 complexes in 10 states, with a total of 4,937 units.
According to a recent SEC filing, Behringer Harvard Multifamily REIT I and PGGM owned a 50.1% limited partnership interest in Eclipse, with an $8.1 million investment in a 9.5% mezzanine loan. The property entity was also subject to a senior mortgage loan of $38.1 million and a long-term ground lease with the state of Texas.
In conducting the deal, the joint venture acquired the remaining interest for $100,000, assuming the senior mortgage loan and long-term ground lease. At the time, the partnership converted the mezzanine loan investment to an equity investment and paid off the entire balance of the senior mortgage loan plus accrued interest and obtained the feel simple title from the state. The filing also noted that the transaction was funded through capital contributions coming from the proceeds of its IPO.
News Article about the purchase/sale of a commercial property in Houston involving a ground lease with the State of Texas.
http://www.hsacq.com Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property.
http://blogs.chron.com/primeproperty/industrial_market/
December 01, 2009
Commercial real estate outlook
The latest economic and commercial real estate report from Delta Associates said Houston’s job market should recover faster than in previous cycles becase of the potential in green energy research and the relatively steady performance of the energy industry during the recession.
The company predicts 30,000 jobs will be created in 2011.
It gave the following predictions about each sector of Houston’s property market.
The office market
* Occupancy will shrink and rental rates will decline over the next several quarters with businesses still cutting jobs.
* Some large blocks of space will come back on the market during the fourth quarter and in early 2010.
Stabilization: Late 2010/early 2011
The industrial market
* Demand will suffer into 2010 from weakness in the consumer and trade sectors.
* Rents will pull back and the overall vacancy rate likely will remain below 7 percent, before leveling off next year.
Stabilization: Late 2010
The apartment market
* Demand likely will remain weak through mid-2010, as the regional economy – which has lost 80,000 jobs – searches for traction.
Stabilization: Late 2010
The retail market
* Because of its large employment base and spending power, retail is heavily dependent on the strength of the energy industry.
Stabilization: The short-term performance may be volatile.
Houston Commercial Real Estate-Market Overview that was posted on December 01, 2009.
http://www.hsacq.com Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property.
Houston Commercial Real Estate.-Condition -Overview
Business is downsizing globally so it would make sense that Houston Texas will see contraction in the commercial real estate market creating several large blocks of contiguous office space and warehouse space to become available. Along with this contraction in the market lower rents or rents returning to more sustainable levels is expected along with over leveraged properties returning to the lender especially in the high quality office buildings- Houston commercial real estate sector. We anticipate this occuring through the end of 2010. We estimate that the industrial property market will outperform or perform head to head with the office building market in 2010. Industrial tenants will continue buying Houston commercial real estate due to their nature of also being ideal users for the property that they purchase, while office space tenants to an extent tend to have less interest in purchasing their own office over leasing it. Additionally, Houston’s energy business has created a barrier to the national downturn in the economy and this coupled with rents lowering should allow to the Houston commercial real estate market to continue to sustain itself and even grow stronger as a optimism slowly returns over time in other industries outside of energy. Houston’s population continues to grow with corporate clients moving their locations to the Houston area. Houston’s proximity to Mexico has also contributed to new business development and the growth of the Houston commercial real estate market. Over the years Houston commercial real estate has tended to be anti-cyclical in terms of following patterns of the national economy. We believe Houston commercial real estate will continue to do well and will outperform other major cities in 2010.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
http://blogs.chron.com/primeproperty/industrial_market/December 08, 2009
Commercial real estate on the mend?
There’s been much hand-wringing over the coming wave of commercial real estate defaults, but some believe the market is stabilizing faster than pundits expected.
The rate of decline in commercial real values is slowing across the country and through all property sectors, according to a fourth-quarter report from Integra Realty Resources.
The report was based on a survey of 59 of Integra’s managing directors throughout the United States to determine the rate of change across the country and in all property types, including multifamily, lodging, industrial, retail and office.
To be sure, the value of commercial real estate is expected to decline further. Integra estimates 5 percent nationally over the next six months.
That rate, however, is well below the 11 to 17 percent depreciation across asset classes in 2009.
New York-based Integra, an independent commercial real estate valuation and consulting firm, said lodging and retail sectors saw the biggest value declines in the current market downturn, with the western part of the country hit the hardest.
The office, industrial, and multifamily sectors have only experienced a 3 percent drop in value in the past three months, with the lodging and retail sectors experiencing a 5 percent drop, according to the study.
This graph shows the stabilization in commercial real estate valuation for the past 18 months in the office, retail, industrial, multifamily and lodging sectors.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
http://www.globest.com/news/1553_1553/houston/182533-1.html?st=rss
Lynd & McCombs Acquire $32M Note
By Amy Wolff Sorter
HOUSTON-The partnership acquired the loan, at a discount, on the 289-unit Metropole Apartments before foreclosing on the asset.
http://www.globest.com/news/1562_1562/houston/182760-1.html?st=rss
Four Chasewood Almost Full, More Planned
By Amy Wolff Sorter News
Four Chasewood
HOUSTON-Four leases totaling 16,667 square feet have pushed the 105,223-square-foot Four Chasewood office building to 90% occupancy a little more than a year after coming online. Owner GenCap Partners Inc. is readying for the next step at Chasewood Technology Park: the 235,000-square-foot Five Chasewood.
“We’ve completed design development on Five Chasewood, and we’re looking for a lead tenant,” comments David Lee, senior vice president with Transwestern’s Houston office. Lee partners with Transwestern senior property management-management services Ray Kubiak and broker associate Courtney Carnahan on leasing and managing the 30-acre Chasewood Technology Park at State Highway 249 and Chasewood Park Drive in the far northwest submarket.
Four Chasewood’s newest additions are US InfraManagement LLC; InEnTec Chemical LLC, Advanced Micro Devices Inc. and Terrabon Technology Corp. Four Chasewood broke ground in early 2007, came online in September 2008, and Lee tells GlobeSt.com that 60% of the class A office building was leased by 2009.
Lee says location played a main factor in the building’s lease-up, especially in light of the economic slowdown. But it wasn’t always that way. “When I first started working with Chasewood Technology Park in 1996, brokers didn’t know how to get there,” he says. “Three Chasewood had just come on line, and I had to draw people a map to get there.”
Over the years, he continues, residential and retail moved northwest. It also didn’t hurt that Compaq Computer’s main campus was right across the way. Compaq was eventually taken over by Hewlett-Packard, and the campus sold earlier this year to the Lone Star Educational System. But the rebranding of the campus during the late 1990s and early 2000s helped boost leasing at Chasewood Technology Park, Lee notes.
The remaining 20 acres are being targeted for two additional office towers and a hotel. Lee says discussions are underway for the hotel component, adding that, upon build-out Chasewood Technology Park will have 1.2-million square feet of office space, some retail and a hotel.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
January 10, 2010 at 8:17 pm
New year doesn’t erase old office vacancy troubles
http://www.chron.com/disp/story.mpl/business/sarnoff/6806662.html
By NANCY SARNOFF
HOUSTON CHRONICLE
Jan. 9, 2010, 4:22PM
Share Print Share Del.icio.usDiggTwitterYahoo! BuzzFacebookStumbleUponIn some ways, Houston’s commercial real estate (http://www.hsacq.com)market in 2010 could look a lot like it did last year.
Demand for office space was the worst it had been since the oil bust.
Houston companies slashed some 90,000 jobs, and the year posted 2.74 million square feet of negative absorption, meaning more space emptied out than was occupied, according to CB Richard Ellis.
The overall office vacancy rate rose to 15.9 percent from 11.9 percent in 2008.
Oil prices recovered in 2009, but it didn’t matter, as energy companies made cuts based on weakened global demand.
“We have a long way to go until we get back to needing the amount of space we did,” Sanford Criner, executive vice president of CB Richard Ellis in Houston, said last week at a commercial real estate outlook luncheon.
Transaction volume was dismal during the year, too.
The commercial real estate (http://www.hsacq.com)market topped out in 2006 and 2007 and has since fallen off a cliff.
Activity won’t return until banks holding real estate loans made when prices peaked realize losses on those that are now under water.
“Most every building bought in 2006 and 2007 with a loan is a troubled asset,” said Mark Dotzour, chief economist at the Texas A&M Real Estate Center.
When activity does return, high net worth individuals willing to take risk will be the first in the game, he said.
Institutional investors like pension funds, endowments and insurance companies will follow once they’re sure prices have stabilized.
In 2010, experts anticipate more negative absorption, deteriorating rental rates and increased foreclosures.
Not all the news was bad in 2009.
Absorption in the best quality office properties was almost flat. Asking rents were mostly unchanged. And construction of buildings in the suburbs was essentially completed.
Last year, developers built 5.4 million square feet of office space. Another 2.4 million square feet remains in the pipeline.
Most of that space is BP’s Helios Plaza on the Katy Freeway and downtown’s Hess Tower and MainPlace.
For now, though, new construction is a thing of the past.
Developers won’t start building again until 2012, Criner said.
Texas or bust
While the number of moves into Houston are down quite a bit from before the recession hit, Texas is still in the lead when it comes to states that folks are packing up for.
A report from Allied Van Lines said Texas had nearly 2,000 net relocations last year, meaning the company had more trucks en route to Texas than it had shipping people out of the state.
That was more than any other place in the United States and the fifth straight year Texas took the lead, according to the annual report.
Last year, Texas logged 1,900 net relocations.
Arizona placed a distant second in the most recent study with 566 net relocations, followed by North Carolina, Colorado and Florida.
The states with the biggest net losses were Michigan, Illinois, Penn-sylvania, New Jersey and California.
Attention, fence-sitters
Pulte Homes hopes to make some sales in what’s a typically slow month by putting a little pressure on buyers who may be on the fence.
On Monday, the company is hosting a Tax Credit Blitz at its 22 Houston-area communities where employees will be calling potential homebuyers and real estate agents to make sure they know if they want to use the government’s $8,000 first-time home buyer tax credit, they’d better start looking soon.
Even though the deadline to qualify for the credit is six months away, Pulte said if buyers don’t decide by March, they might not meet the June 30 closing deadline because of the time it takes to permit a new house, build one and close.
Congress recently extended the tax credit for first-time homebuyers and expanded the program for repeat buyers.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
One of the most interesting points in this article about houston office buildings(http://www.hsacq.com) to me was the following:
“Absorption in the best quality office properties was almost flat. Asking rents were mostly unchanged.”
Absorption was flat in the best quality Houston office buildings and asking rents were mostly unchaged. The rents have maintained most of the gain made prior to any downswing in the national economy. The real softness in the marketplace in my opinion exists more so with the Landlord’s who bought Houston office buildings within the past app. 4 years and that paid too much for those buildings at the time then they were worth. Based from a rental rate standpoint, I believe that Landlord’s of most office building classes purchased prior to 4 years ago have to be happy with the rents they are able to actually command for their office buildings. Tenants are having a difficult time realizing this and feel that they should get a better deal, and these dissapointments over not getting lower rents in a lease negotiation or a renewal are going to quickly turn into nightmares for these tenants when the Landlord’s start standing on their rates and holding their ground.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
http://www.dbusinessnews.com/shownews.php?newsid=198532&type_news=past
Houston Pavilions Adds Four New Restaurants
Houston –
HOUSTON — Houston Pavilions, the first downtown mixed-use development of its kind in 20 years, with dining, entertainment, retail and office space, today announced the second wave of high-profile restaurant openings totaling more than 21,000 square feet. New restaurants include III Forks Steakhouse, Andalucia Tapas Restaurant & Bar, Mia Bella Trattoria and Yao Restaurant and Bar.
This is the first major announcement in 2010 of restaurant openings and builds on the momentum generated by the opening of Lucky Strike Lanes and Lounge, an upscale bowling alley and entertainment venue during the fourth quarter of 2009. The 25,000-square-foot Lucky Strike Lanes and Lounge at Houston Pavilions includes 14 bowling lanes, a DJ booth, full bar and lounge, pool tables, state-of-the-art projection and sound systems, and gourmet food. The Houston location also boasts a Luxe Lounge, a VIP area with four bowling lanes and a private bar that can be booked for parties and events.
The four new restaurants include two concepts from Houston restaurateur Youssef Nafaa – Andalucia Tapas Restaurant & Bar, which offers traditional Spanish dishes, and Mia Bella Trattoria specializing in hand-made pizzas and other Italian fare.
Andalucia Tapas Restaurant & Bar serves up great food, music and entertainment. The menu includes traditional Spanish paella, hot and cold tapas, as well as selected Spanish wines from Rioja to Carmona. The weekends bring live music and Flamenco dancing on Thursday, Friday and Saturday nights from 7:30 p.m. to 10:30 p.m.
Mia Bella Trattoria is the fourth location of this Houston favorite, serving lunches and dinners of traditional Italian cuisine with regional American twists. Wine lovers will find an extensive list of well-priced offerings, while those seeking a cocktail will find a full spectrum of classic recipes and creative mixings that set the bar menu apart.
From the family of Houston Rockets superstar Yao Ming comes Yao Restaurant and Bar, which offers an eclectic mix of Chinese dishes as well as a fresh sushi bar. Along with its extensive menu of traditional Chinese favorites, Yao Restaurant and Bar creates more than 30 sushi rolls, sushi, sashimi and sashimi appetizers. The bar mixes special Houston Rocket’s inspired drinks such as Long Shot Ice Tea, Slam Dunk Sling and the Reach-in Lychee Martini.
III Forks Steakhouse, a sophisticated concept from Fort Worth, offers elegant surroundings and a robust Texas-French menu that showcases U.S.D.A. Prime steaks and fresh seafood. The menu includes hearty portions of pepper steak, sirloin, bone-in rib-eye, pecan-crusted Idaho trout, and Dover sole, as well as an impressive wine cellar with varietals from around the globe.
“We’re so pleased that the dining and entertainment mix we’re creating at Houston Pavilions reflects the balance we’ve always had in mind, and seems to be just right for those seeking something new and different,” said Phil Hudson, director of marketing for Houston Pavilions. “From large venues like House of Blues and Lucky Strike Lanes to intimate treasures like Andalucia, Houston Pavilions is emerging as a destination unlike any place in the city.”
Houston Pavilions brings together the best of city life in downtown Houston, offering visitors top-notch restaurants, nightclubs and retail all in an open-air center with easy access to the light rail, valet and covered parking.
Retail space and dining venues occupy the first two levels of the center, with entertainment venues located on the third floor. A central courtyard and people-friendly streetscapes allow for alfresco dining and lots of window-shopping. In the anchor positions are House of Blues, XXI Forever, Lucky Strike Lanes, and Books-A-Million. Each of the anchors is in excess of 24,000 square feet. The second and third floors of the development are connected by bridges, called the Houston Pavilion “Sky Rings,” spanning Fannin and San Jacinto streets.
Houston Site Acquisitions. Let us help you find your next Houston retail space location.
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Houston Site Acquisitions offers free location service citywide and they specialize in Houston Commercial Real Estate including Houston Office Space, Houston Industrial Space, Houston Warehouse Space, Houston retail Space, and investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
KTRK NEWS VIDEO LINK: http://abclocal.go.com/ktrk/video?id=7297506
Will light rail construction cause businesses to relocate or remain in place ?
Moved to this section:
http://www.hsaleasing.com/what-impact-will-houston-light-rail-construction-have-on-businesses
March 7, 2010 at 6:46 pm
149,000-SF Spec Groundbreaking Imminent
Globestst.com :March 2, 2010
http://www.globest.com/news/1610_1610/houston/183796-1.html?st=rss
HOUSTON-In what could be a rare sighting this year, the construction crane will hover over Carson Cos.’ next speculative building, Portwall Distribution Center IV. The Newport Beach, CA developer will launch construction on its 148,793-square-foot center next week.
Upon its completion by October of this year, Portwall IV at 531 Portwall St. will join Carson Cos.’ Portwall Distribution Centers I, II and III, which are nearby. Carson Cos. acquired Portwall I in October 2006, and broke ground on Portwall II and III in early 2008.
“Portwall II and III were finished about a year ago, and that project is 100% leased,” explains Daniel Zoch, Texas’ managing director for Carson Cos. He tells GlobeSt.com that a very tight market for distribution space in the near east submarket prompted Carson Cos. to build on a speculative basis. “We believe in this submarket, and think the building will be successful,” he adds. Research reports put industrial vacancies in this submarket at between 3% and 3.4%. The area-wide vacancy is just under 8%.
Another reason for the likely success of Portwall IV, Zoch explains, is the lack of modern distribution buildings inside the Interstate 610 loop. “There’s some third-generation space available, but no first-generation,” he remarks. “Many tenants today need ESFR, but the nearest available ESFR buildings are in the southeast market, about 17 miles away.”
Carson Cos. is developing the project on an all-cash basis; Zoch acknowledges obtaining a construction loan for a speculative distribution center right now would have been difficult. Rosenberger Construction is the general contractor, while Powers Brown Architecture is the designer.
Once Portwall IV is built and online, that’ll finish Carson Cos.’ Portwall Center project. The company will continue the distribution centers, Zoch says.
In the meantime, Carson Cos. is in the market for more acquisitions. “We’re looking for land to hold for future development, as well as existing facilities,” Zoch comments. “We’ll build or buy, whichever’s cheaper.”
HSACQ:
This artilce discusses the construction of a speculative148,793-square-foot distribution center building located in Portwall Distribution Center in Houston, Texas.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including , Houston Industrial Space, Houston Warehouse Space, and industrial investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
July 14, 2011 at 1:08 pm (Edit)
Real estate transactions HOUSTON CHRONICLEJuly 10, 2011, 8:31PM
http://www.chron.com/disp/story.mpl/business/realestate/7647720.html
Leases
OFFICE: ION Geophysical Corp., a global provider of geophysical technology, services, and solutions for the oil and gas industry, has renewed its headquarters lease for 115,056 square feet in CityWestPlace, 2105 CityWest Blvd. Chip Colvill, Michael Anderson and Win Haggard Jr. of Colvill Office Properties represented the landlord, TPG/Cal/STRS, a joint venture of Thomas Properties Group and the California State Teachers’ Retirement System. Mark O’Donnell of Studley Houston represented the tenant.
INDUSTRIAL: Houston Sound Service has leased 6,600 square feet at 352 Garden Oaks. Jeff Kuper and Preston Jaggi with the National Realty Group represented the tenant. Steve Hazel with InSite Realty represented the landlord, Houston Pine Forest.
RETAIL: Buffalo Wild Wings has leased 5,700 square feet at The Crossing at Fry Road in Katy. James Doyle of Texas-Southwest Group represented the tenant. Dale Davison represented the landlord, Centro Properties Group.
OFFICE: Association Management has leased 1,150 square feet at 4722 Riverstone Blvd. in Missouri City. Michael S. Holmes of Weichert Realtors-Wayne Murray Properties represented the landlord, Wayne Murray Holdings. Syd Talley of Association Management represented the tenant.
RETAIL: Subway Real Estate has leased 1,200 square feet in Price Plaza Shopping Center at 1215 Fry Road. Alex Makris, Matt Keener and Jazz Hamilton of CB Richard Ellis represented the landlord.
RETAIL: Southside Skate Shop has leased 1,310 square feet at Shoppes at First Colony, 1930 Texas 6. Matt Keener, Alex Makris and Jazz Hamilton of CB Richard Ellis represented the landlord.
INDUSTRIAL: Nextel of Texas has renewed a 15,140-square-foot lease at 10718 Fallstone in the Sugar Land area and has renewed a 7,892-square-foot lease at 1291 N. Post Oak. Glynn Mireles and Jeff Everist of CB Richard Ellis represented Nextel. Steve Carter with Granite Properties represented the landlord at the Post Oak location, while Paul Magaziner represented the landlord at the Fallstone building.
RETAIL: Nova Healthcare has leased 5,995 square feet in The Loop Shopping Center at 9565 S. Main from Malladi Reddy, trustee. Abe Charski of ACI represented the landlord. Mark Davis of Davis Commercial represented the tenant.
RETAIL: Wonderwild has leased 7,483 square feet at The Grogan’s Mill Village Shopping Center, 2230 Buckthorne Place, for an arts-themed indoor party playground. Tim Maczko of the J. Beard Real Estate Co. represented the landlord.
OFFICE: Depression and Bipolar Support Alliance of Greater Houston has leased 3,470 square feet at 3800 Buffalo Speedway. Collin Grimes of CB Richard Ellis represented the tenant. Warren Savery represented the landlord, Crescent Real Estate.
RETAIL: Molina’s Restaurant has leased 5,600 square feet in Braes Heights at Bellaire Boulevard and Stella Link Road. Patrick Berna of Shanks & Associates represented the tenant. Stephen Swope represented the landlord, Centro Properties Group.
INDUSTRIAL: Southern Fasteners and Supply has leased 13,645 square feet of warehouse space at 3341 Rauch St. from First Industrial Realty Trust. David Munson of Boyd Commercial represented the landlord. Richard Glass of CRC Real Estate represented the tenant.
RETAIL: Hilti has renewed a lease for 4,374 square feet at 6306 Fairbanks North Houston. Russell Janicek, Matt Keener and Mark Raines of CB Richard Ellis represented the tenant.
RETAIL: CiCi’s Pizza has leased 4,000 square feet at Clear Lake Center at 20700 Gulf Freeway. Mark Raines, Matt Keener and Russell Janicek of CB Richard Ellis represented the tenant.
Etc.
CITYCENTRE: Midway Cos. is adding a second conference venue to its mixed-use development near Interstate 10 and Beltway 8 in partnership with Hotel Sorella/Valencia Group. Construction is under way on the 8,500-square-foot Hotel Sorella Meetings & Events Centre, with completion planned in August to coincide with the hotel’s second anniversary. Houston-based Proem Design-Build is overseeing the build-out, and Los Angeles-based Jennifer Skaife is providing interior design services. The project includes the La Scala Ballroom, nearly 4,000 square feet, with seating for 300; four boardrooms; a 200-square-foot conference room; several pre-function areas — the largest approximately 1,300 square feet; and a partially open pantry kitchen. Bistro Alex’s culinary team will oversee food and beverage for the venue.
FINANCING: HFF has arranged financing for 712 Main on behalf of an entity owned by Brookfield Real Estate Opportunity Fund. John Ahmed led the HFF team in securing the non-recourse loan through Capital One Bank. Built in 1929, the 35-story gothic/art deco-style building contains 794,186 square feet and is the Texas headquarters of JP Morgan Chase’s southwest banking operations.
SERVICE KING: Service King has opened a 32,000-square-foot location at 5919 Westheimer. Service King redeveloped the long-vacated former Truluck’s restaurant location on Westheimer for its offices and built the collision repair center behind it. It is the 10th Houston-area location opened for the collision repair company since 2009.
APARTMENTS: Allied Realty is targeting a summer 2012 opening for its first project in The Woodlands: The Retreat at The Woodlands, a 240-unit luxury apartment community at 4400 College Park Drive. The property is designed by Steinberg Design Collaborative and will be managed by Orion Real Estate Services, a division of Allied Realty. Financing and capital is being provided by JP Morgan Chase and a partnership between Allied Realty and De Anda Sandoval Group.
APARTMENTS: Transwestern announced that its Houston-area multifamily services group has completed six transactions totaling over 2,000 units in the last six months. Most recently, The Brazos, a 160-unit apartment community at 1440 Brazos Drive in Huntsville, was purchased by a local private investor. Transwestern represented a California-based seller.
CHRISTIAN BROTHERS: Andy and Christie Miller have opened a Christian Brothers Automotive franchise at 1515 W. FM 646 at Walker Road in League City. The 5,000-square-foot location includes nine service bays and an upscale lobby with leather couches, decorative lighting, artwork and hardwood floors. The Millers opened their first Christian Brothers location in February 2007 in Clear Lake. The automotive service and repair franchise operates in 14 states and has 81 locations plus 35 under development.
LEASING: Rosemont Realty of Santa Fe, N.M., has chosen Moody Rambin Interests to handle leasing at 12621 Featherwood.
LEASING: The Finial Group has been selected to provide leasing for 1001 Texas- The Binz Building. Keith Bilski, Neil Martin and Ben Debayle will handle leasing of the 121,392-square-foot building.
APARTMENTS: Jones Lang LaSalle’s Capital Markets has been hired to market Legends at Cinco Ranch in Houston for sale for Sterling Investco, a Dallas-based multifamily developer. The new 260-unit community is expected to fetch in excess of $40 million. The firm has also been hired to secure $8 million in construction financing for the project’s second phase.
CITY VIEW LOFTS: Orion Real Estate Services has been selected to manage City View Lofts, a newly renovated historic property at 15 N. Chenevert, scheduled to open in August. The former Nabisco cookie factory has been converted into 57 loft-style units with original exposed brick and pipes, 14-to-30-foot barrel-vaulted ceilings, large factory windows and original maple floors. City View Lofts is two blocks from Minute Maid Park.
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