Real Estate log

Nov. 27, 2007 - Gaylord Entertainment of Nashville has agreed to buy the Westin La Cantera Resort in San Antonio for $252.5 million. The 691-acre resort includes 508 hotel rooms, 39,000 sf of meeting space and two golf courses. Gaylord has also purchased 90 acres of adjacent land. Gaylord plans a $250 million expansion that will bring the resort to 1,000 rooms and 160,000 sf of meeting space. San Antonio is one the nation’s most popular tourist destinations, with nearly 21 million people visiting the city each year.

Nov. 26, 2007 - Cameron Management has acquired a 24-story tower at 1001 McKinney in downtown Houston. Built in 1947 and hailed as the first post-war skyscraper of the southwest, 1001 McKinney is a 372,000-sf concrete and steel structure designed by noted Houston architect Alfred Finn and originally commissioned by renowned Houston lawyer and banker, James A. Elkins, Sr. Beginning in 1999, the building underwent a three-year, $19 million renovation that preserved the timeless architectural features while adding state-of-the-art systems and an adjacent 12-level parking garage. Dougal Cameron is CEO of Houston-based Cameron Management. Cameron also purchased two office buildings in San Antonio. For more information please go to Texas Roundup.

Nov. 21, 2007 - Hines REIT has acquired Chase Tower in Dallas from 2200 Ross, L.P. The 55-story, Class A office tower is located at 2200 Ross Avenue in the Arts District/Midtown area of Dallas. The seller was represented by Holliday Fenoglio Fowler in the transaction. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets. The 1.3 million sf office tower was designed by Skidmore, Owings & Merrill and was completed in 1987. It is recognizable by its unique architecture, which includes a curved glass top and a seven-story keyhole in the center of the building near the top. Parking is provided on six floors beneath the building, as well as in an adjacent 14-story garage. The property is 92 percent leased to tenants including: JPMorgan Chase; Locke Lord Bissell & Liddell LLP; Deloitte & Touche LLP; and Fulbright & Jaworski.

Nov. 20, 2007 - The Texas General Land Office (GLO) of the State of Texas has sold 134 acres on behalf of the Permanent School Fund to investor Jeffrey A. Read of Read King Commercial Real Estate. The Permanent School Fund was created specifically for the benefit of Texas’ public schools. The tract, located 22 miles southwest of downtown Houston in Sugar Land is situated in Fort Bend County along the south frontage of the Grand Parkway (SH 99) and Harlem Road. The site is located at the entrance into Aliana, a 2,044 acre master planned residential community featuring over 5,000 homes, office, retail and apartment sites. The buyer plans to develop a mixed use development and has tracts available for both sale and lease. Read King is a local retail development and brokerage company that has been active in the Houston Market since 1987. Donna Kolius, Pierce Owens, Cody Persyn and Jeremy Richmond of CB Richard Ellis’ Portfolio Services along with Hudson and Marshall of Texas represented the GLO in the sale of the property. The buyer was represented by Walter Salek of Read King.

Nov. 19, 2007 - A pair of Bellaire office buildings has been purchase by a joint venture of Chase Merritt, a Newport Beach, Calif.-based investment firm, and Pacific Coast Capital Partners. The mid-rise buildings, located in the 6500 block of West Loop South, contain a total of 313,873 sf and are called West Loop I and II. The seller, Lionstone Group, was represented in the transaction by Robert Williamson of Holliday Fenoglio Fowler. Financing for Chase Merritt was provided by GE Capital Corp. Transwestern's David Baker is exclusive leasing and management representative.

Nov. 18, 2007 - A new office project is under way in Northwest Houston -- the 168,000-sf Sam Houston Technology Park, 1717 North Sam Houston Parkway West. A project of LoneStar Alliance, a Houston real estate investment and development company, Sam Houston Technology Park is a two-building, office park on 18 acres, situated on North Sam Houston Parkway, between SH 249 and IH-45. Phase I of the park, an 84,125-sf, one-story office building, is currently under construction with completion scheduled for May 2008. Phase II is planned as an 84,000-sf, one-story office building. Mark Preston, Senior Vice-President of Moody Rambin Interests, will handle leasing for the property. Ambrose, McEnany and House, Architects, Houston, is the architect for Sam Houston Technology Park, Phase I. Rosenberger Construction, Sugar Land, is the general contractor.

Nov. 14, 2007 - LAS VEGAS - The nation's housing market should be pulling out of its slump in 2008, according to Lawrence Yun, chief economist of the National Association of Realtors. Some real estate markets in the nation, including Texas, are still performing well. Yun told reporters at the annual convention of the NAR that the overall market is probably near the bottom right now and appears to be poised for a mild upswing next year. Existing-home sales are projected at 5.67 million this year, edging up to 5.69 million in 2008, in comparison with 6.48 million in 2006 which was the third highest year on record.

Nov. 9, 2007 - The new 2,800-acre Woodforest community north of Houston is taking shape. The project is being developed by Larry Johnson of Johnson Development Corp. Woodforest, which is in the preliminary stages of development, is located in Montgomery County, six miles west of Interstate 45, four miles north of The Woodlands and three miles south of FM 2854. It will be a large-scale master-planned community with a population that could approach 18,000. A ceremony was held today to mark the groundbreaking of the community's 4,300-sf information center.

Nov. 8, 2007 Houston's economy is outpacing most cities because of strong job growth and a strong energy industry, said Dr. Barton Smith, economist for the University of Houston. Smith said Houston will create about 55,000 new jobs in 2008, which will be enough to continue to propel the housing market forward. The Houston area will have about 42,000 new households in 2008, which is enough to create demand for 30,000 new homes, Smith said at his annual fall symposium at the Hyatt Regency in downtown Houston. Home prices are still rising in Houston, unlike many housing markets on the east and west coasts.

Nov. 6, 2007 - PinPoint Commercial is developing Hobby Business Center, a 350-acre business park, just southwest of Hobby Airport. It is the biggest business park to open inside the Beltway in a decade, PinPoint said. David Toone is principal in PinPoint. For more information please go to the Houston Deals page.

Nov. 1, 2007 - There are plenty of dark clouds on the economic horizon, but Texas is in pretty good shape and can weather the storm, according to a panel of economists and researchers speaking to the D/FW Real Estate Research Forum in Dallas Thursday. Job growth in Dallas is still very positive. Editor's note: I had the pleasure of visiting the D/FW RERF luncheon and the presentations there were very enlightening. I still feel positive about the Texas economy. It was great to see friends in the crowd including Jeanette Rice of Verde Realty, Robert Kramp of RR Donnelly, Ariel Guerrero of Grubb & Ellis, Charlotte Wheeler of HHF and Tamara Adamson of Arledge Partners.

October Blog

Oct. 29, 2007 - Cameron Management has purchased the Minute Maid Building located at 2000 St. James Place in the Galleria area from The Coca-Cola Company. The 2000 St. James Place building is a 12-story structure comprised of approximately 350,899 sf of rentable office space located in the Galleria/Uptown submarket. The building is located between Westheimer Road and San Felipe Street, just a few blocks west of Post Oak Boulevard. Built in 1978 on a 6.23 acre site, the building received over $11.8 million in capital improvements in 2006. Please go to the Houston Deals page for more details.

Oct. 26, 2007 - Mac Haik will develop Energy Tower II, a 17-story, 447,000-sf office tower at the corner of the Katy Freeway and Kirkwood, according to a report by Nancy Sarnoff of the Houston Chronicle. Technip USA has leased much of the building. ... In other news items, the 314-room Hotel Derek, located at the northeast corner of Westheimer and Loop 610, has been sold to a partnership involving Warburg Pincus and Crestline Hotels, according to an article by Amy Wolff Sorter of GlobeSt. The hotel sold for more than $60 million.

Oct. 23, 2007 - Two Extended-Stay hotels located in Houston have been sold. Lisa Hankamer, CB Richard Ellis’ Hotels Group, announced the sale of the Baymont Suites Hotel I-10 West Corridor and the Baymont Suites Hotel in Sugar Land. Highly visible within their respective marketplaces, the properties will immediately be converted by the new Owner, The Lightstone Group, to their upscale Extended Stay Deluxe hotel brand, a division of Extended Stay of America.

Oct. 21, 2007 - LA Fitness will anchor a 60,000-sf shopping center, the first major retail center in the Tuscan Lakes community in League City. The center, being developed by Steve Chandler of Cencor Realty Services, will be at the northwest corner of League City Parkway (Texas 96) and South Egret Bay Boulevard (FM 270). Houston-based Johnson Development, led by Larry Johnson, is the developer of Tuscan Lakes.

Oct. 19, 2007 - Ground has been broken for JW Marriott San Antonio Hill Country Resort & Spa in northeast Bexar County. Upon its opening in March 2010, the project will offer a 1,002-room JW Marriott and two 18-hole Tournament Players Club (TPC) golf courses. The hotel will be part of the 2,800-acre Cibolo Canyons, which is being developed by Forestar Real Estate Group, a Temple-Inland company. It is located near Bulverde Road, north of Loop 1604.

Oct. 16, 2007 Houston's office market has hit its lowest vacancy rate since 1999, according to Grubb & Ellis. During the third quarter, Houston’s overall vacancy fell by 30 basis points to 12.4 percent in third quarter of 2007, down 3.7 percentage points from the year ago quarter. Overall asking rents increased by $1.24 or 5.5 percent to $23.64 psf annually, which marks a new record high for citywide asking rents, according to a report by Ariel Guerrero of Grubb & Ellis. Office construction is at its highest point since 1998 with 4.3 million sf of spec space being built. Much of the construction is centered around the Energy Corridor, Westchase and Northwest Freeway. Some major towers have been announced for downtown also.

Oct. 15, 2007 - Keller Williams Southwest, part of a nationwide real estate company, has leased 10,835 sf in The Offices at Kensington, 1650 Highway 6, Sugar Land, for its area headquarters. Keller Williams Southwest is expanding by 2,700 square feet and relocating from 2415 Town Center Drive, Sugar Land. With the Keller Williams lease, The Offices at Kensington is 94 percent leased.
Kim Grizzle and John Spafford of PM Realty Group, Houston, represented the landlord, KBS Capital Advisors Houston Portfolio, in lease negotiations. Keller Williams Metropolitan represented Keller Williams Southwest. The Offices at Kensington is a two-building, 170,436-sf office complex.

Oct. 11, 2007 - About 50 Rise & Dine restaurants will be built in Texas over the next 10 years. The average Rise & DIne is 2,400 sf to 2,800 sf, according to the Columbus, Ohio-based franchisor. Joseph Spates, an experienced, multiple-unit restaurant operator and developer, signed on in late 2006 to lead development of 20 units in Dallas/Ft. Worth. The early success of Spates’ first location for Rise & Dine, which opened at 4135 Beltline Road in Addison in August, spurred his interest in securing statewide development rights. Spates has invited David Wehner and Michael Krell, co-founders of Krell Commercial Construction, to join him in developing 50 Texas units.

Oct. 10, 2007 - Lowe Enterprises and Buchanan Street Partners have acquired 3D/International Tower, a 406,415-square-foot, Class A office tower near the intersection of San Felipe and the West Loop in the Galleria area of Houston. The seller was Transwestern, which was represented by Rudy Hubbard and Leah Gallagher. The 21-story building, 1900 West Loop South, was developed in 1979.

For more information, please go to our Houston Deals page.

Oct. 9, 2007Houston-based Dienna Nelson Augustine Company announced the groundbreaking of two speculative office buildings totaling 436,300 sf in Westway Park, which is located in Northwest Houston off Beltway 8, near Clay Road. The two Class A office buildings – a 250,000 sf, ten-story office tower and a 186,300 sf three-story office building will be built to LEED specifications as green buildings. Transwestern is leasing the buildings. The land purchase is the last parcel in Westway Park, a business park developed by David Wolff of Wolff Cos.

Oct. 8, 2007 - Levcor, a Houston firm led by Larry Levine, has acquired the Northwest Mall for $19 million from Glimcher Realty Trust. The mall is located at Highway 290 and Loop 610.

Oct. 7, 2007 - CB Richard Ellis is has been awarded the assignment to bring to market one of downtown Houston’s most noted landmarks, 71-story Wells Fargo Plaza, located at 1000 Louisiana Street. ”Wells Fargo Plaza has been a prominent asset in MetLife’s real estate portfolio for almost 25 years,” said Robert Merck, Senior Managing Director, Real Estate Investments for MetLife. “Scarcity of available space in the CBD, strong office market fundamentals, and Houston’s stature as one of the most dynamic and fastest growing economies in the nation were some of the key factors in our decision to gauge market interest in this property.” Wells Fargo Plaza is 91 percent leased. The property is owned by Metropolitan Life Insurance Company and its affiliate, Metropolitan Tower Realty Company, Inc. The Houston marketing team is headed by Richard Rudd and Kent Peters.

Oct. 4, 2007 - Hines and architect Cesar Pelli have been selected to create the Transbay transit center and office tower in San Francisco. The project will include 1.7 million sf of office space. It will be the tallest building west of Chicago. The project will include City Park, a 5.5-acre public park that will sit atop the new transit center. In addition to being an amenity for a growing neighborhood, City Park will double as a “green roof” for the transit facility. Crowning these elements, Hines' 1,200-foot office tower will become a landmark addition to the San Francisco skyline.

Oct. 2, 2007 - Mosaic on Hermann Park has announced the start of construction on the second tower of its $211 million residential high-rise property, located near Hermann Park and Highway 288. Recently, Phillips Development and Realty (PDR) gathered with Mosaic partners near the construction site to celebrate the groundbreaking of the second 30-story tower. The second tower has an expected completion date in Fall 2008. Bridging the two towers will be a one-acre amenity deck complete with a resort-style pool and 7,000 sf athletic center. In addition, the towers will feature approximately 800 residences; a six-story parking garage; and 22,500 sf of ground-level retail. Mosaic on Hermann Park is located at 5925 Almeda Road........ ...The office market in downtown Fort Worth is getting a big lift from the energy boom. Vacancy rates are low and rents are strong. Prescott Realty of Dallas, a firm led by Jud Pankey, has just purchased the Summit Office Park on the edge of downtown Fort Worth. “We are bullish on the Fort Worth economy and especially the Central Business District which enjoys 90 percent occupancy rates - among the strongest Metroplex submarkets,” said Pankey. For more details, please go to our Texas Roundup page.

Oct. 1, 2007 - More warehouse development is on the way in Houston. Colliers International handled the sale of 2.9 acres of land on Rankin Circle North for intended development of freestanding industrial warehouses. Todd Edmonds and Cody Christoph of Colliers represented the seller, Rankin Circle North LLC. The buyer, National Realty Group, was represented by Jim Nelson.

September Blog

Sept. 29, 2007 - HFF (Holliday Fenoglio Fowler, L.P.) has announced that it arranged a $93 million construction/mini-permanent loan for a three-property, 649-unit multifamily portfolio in Dallas and Houston, Texas. Working on behalf of Conservatory Senior Residences, HFF senior managing director Whit Johnson placed a three-year, adjustable-rate loan with Merrill Lynch Capital Real Estate Finance. Due for completion in late 2007, the Class A portfolio includes a senior housing community and two traditional multifamily properties. Amenities at the properties include clubhouses, fitness centers, 40-seat movie theatres, business centers, game rooms, pools and libraries. Included in the portfolio are: the 237-unit Conservatory at Alden Bridge at 6203 Alden Bridge Road in The Woodlands; the 190-unit Conservatory at Champion Forest at 8215 Cypresswood Drive in Spring; and the22-unit Conservatory at Plano at 6401 Ohio Drive in Plano.

Sept. 20, 2007 - Tighter credit for home mortgages will measurably dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008, according to the latest forecast by the National Association of Realtors. Existing-home sales are projected at 5.92 million this year and then rise to 6.27 million in 2008, compared with 6.48 million in 2006. New-home sales should total 801,000 in 2007 and 741,000 next year, below the 1.05 million in 2006. Housing starts, including multifamily units, are expected to total 1.37 million this year and 1.26 million in 2008, compared with 1.80 million in 2006.

Sept. 19, 2007 - General Growth Properties has acquired 1,234 acres of land in Northwest Houston from the state of Texas for $21.6 million, according to an article by Nancy Sarnoff in the Houston Chronicle. The land will be used for an expansion of the Bridgelands community, an 11,000-acre master planned community south of Highway 290 near Fry Road.

Sept. 18, 2007 - Most commercial real estate markets are enjoying relatively low vacancy rates and healthy rent growth from a fundamentally sound economy, according to the latest Commercial Real Estate Outlook report by the National Association of Realtors. NAR Senior Economist Lawrence Yun said, “Commercial real estate responds to economic growth and job creation, which have been fairly strong over the past two years and have created the need for additional commercial space,” he said. “These fundamentals will continue to support commercial real estate markets in 2008. There has not been much overbuilding in the commercial sectors, and investors are more diverse.” For more on this report go to: National Items.

Sept. 17, 2007 - Houston's Cypressbrook Company announced the following transaction: Cypressbrook 2920, LP purchased 23.59 acres of land located on FM 2920 near FM 2978. Todd Edmonds of Colliers International represented the buyer and Bob Nagy with R.H. Nagy and Company represented the seller.

Sept. 14, 2007 - KBS Real Estate Investment Trust purchased 2200 West Loop South, an 11-story, 196,217-sf office building in the Galleria/Uptown submarket of ouston. The seller was CCD Acquisitions. For more details go to Houston Deals.

Sept. 11, 2007 - Construction has begun on the first phase of Beltway Lakes, the newest “green” office project to be developed in Northwest Houston. The first phase of Beltway Lakes under construction includes a 165,000 sf, 6-story office building and a parking garage. Beltway Lakes Phase I recently become Pre-Certified at the Gold level under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Green Building Rating System. Beltway Lakes Phase I is part of a six building master planned office development owned and developed by Radler Enterprises, Inc. Yancey-Hausman Interests. is co-developing and marketing the first building of the Beltway Lakes development, which was designed by Morris Architects and is being built by D.E. Harvey Builders, Sterling Bank is providing the construction financing for the project. Beltway Lakes is located along SH 249 and Beltway 8.

Sept. 7 , 2007 A major construction project has begun near the Port of Houston. Vantage Companies has begun Phase II at Bayport North Distribution Center. This second phase totals 772,500 sf of warehouse/distribution space on 41.7 acres at the corner of Fairmont Parkway and Underwood Drive in LaPorte. The site is minutes from Barbours Cut and the new Bayport Terminal, with easy access to Beltway 8 and Highways 146 and 225. For more details please go to the Houston Deals page.

Sept. 4, 2007 - Crown Team Texas has sold a 2,795-acre land tract located on Bolivar Peninsula near High Island in Galveston County. The site, known as Cade Ranch, is considered one of the largest remaining beachfront properties on Texas’ Gulf Coast with over 13,000 feet of frontage on the Gulf of Mexico and the Intracoastal Waterway. Bruce Endendyk and John Endendyk of CB Richard Ellis’ Land Services Group represented the seller. The buyer, Provident Realty Advisors, represented themselves

Sept. 3, 2007 - Oilfield service companies are leasing space in close proximity to the Port of Houston. Christopher Klein, Senior Vice President of Colliers International in conjunction with Cidema Three Limited Partnership announced three crane-served leases. Made Well Company leased 45,686 sf at 1410 Harris St. Another firm, Welding & Machine Services leased 31,580 sf on Clinton Drive. Crescent Directional Drilling leased 16,400 sf at 7775 East Little York.

Sept. 1, 2007 - KBS Realty Advisors has purchased 3355 West Alabama, a 12-story, 234,231-sf office building in the Greenway Plaza submarket of Houston. The seller was School Employees’ Holding Corp., Dallas. Bill Rogalla, Senior Vice President/Acquisition Officer, represented his firm, KBS Realty Advisors, in the transaction. Danny Miller, Marty Hogan and Rusty Tamlyn of HFF (Holliday Fenoglio Fowler, LP), Houston, represented the seller. Mike Hackett and John Spafford of PM Realty Group, Houston, will handle leasing at 3355 W. Alabama. PM Realty Group will also manage the property. With the acquisition of 3355 W. Alabama, the BS portfolio in the Houston area now totals 4.1 million sf in 27 office, retail and office/warehouse properties.

August Blog

August 31, 2007 - Approximately 1,226 acres in the Jacintoport project in east Houston has been purchased for an industrial park with deep water and rail access. A venture of Houston-based Pinto Realty Partners and ING Clarion purchased the property. "By providing deep water access that is connected to major rail and interstate highway infrastructure, companies with global demands are afforded an opportunity to receive and distribute products by truck, rail, ship or barge. The efficiency of a true multimodal location is essential for logistics-based companies in today’s global marketplace,” says Ernest D. Cockrell of Pinto Realty Partners. The Houston office of Colliers International represented both the purchaser and seller in this transaction with Michael J. Taetz, Principal/Director and Gary A. Mabray, Principal negotiating on behalf of the purchaser, and James H. Glanville, Principal/Director representing the seller. The site is at the intersecton of Beltway 8 and Interstate 10 East.

August 25, 2007 - IS AUSTIN HEADING FOR A CONDO GLUT? Seven projects (high-rise and mid-rise) are under construction in downtown Austin. Those projects have a total of 1,400 units and additional proposed projects could add another 3,200 units, according to an excellent article by Shonda Novak in the Austin American-Statesman. Mayor Will Wynn advocates expansion of residential in downtown. He wants Austin's downtown population to grow from 6,000 to 25,000 by 2015, Novak reported..... The ULI Houston Chapter played to a packed house at their event at the Hilton Americas Houston Hotel last week. More details on that meeting will be posted in an upcoming story on this blog soon.

August 24, 2007 - The Bank of America Center, a 1.2 million-sf office property in downtown Houston has been purchased by a joint venture of Dallas-based Novati Group and an affiliate of General Electric Pension Trust, advised by GE Asset Management. Holliday Fenoglio Fowler managing director Jeff Hollinden, executive managing director Scott Galloway and senior managing director Glenn Whitmore represented the seller, Hines U.S. Office Value Added Fund. An HFF debt placement team arranged the acquisition loan through Principal Global Investors for the acquisition of the property.The Bank of America Center is located at 700 Louisiana Street in Houston’s downtown Theatre District. Designed by architects Philip Johnson and John Burgee, the property features 56 stories of office space, a 12-story banking hall and underground parking for 295 vehicles, all in a neo-gothic Dutch renaissance style building. Also included in the sale was the adjacent 966-space Alley Theatre garage. Bank of America Center is currently 93 percent occupied.

August 23, 2007- Hines is embracing Main Street. The world's largest real estate developer has announced plans to build a million-sf tower at 811 Main Street in downtown Houston. Hines is also looking at another building proposal for the corner of Main and Texas, catty-cornered from the Rice Hotel. An article by Nancy Sarnoff of the Houston Chronicle gives an excellent overview of all of the proposed downtown office developments. Crescent Real Estate is moving ahead with Six Houston Center at the southeast corner of Rusk and San Jacinto, Sarnoff reported. The energy companies are filling Houston's office towers. Occupancy and rents are rising, making new buildings feasible. For more information on the new Hines tower please click here to go to our Houston Deals page.

August 22, 2007 - Remington Growth Partners, LP has purchased 13.7 acres of land located at Fallbrook and FM 1960 in northwest Houston. Scott Davis, Larry McWherter and Laura Smith of CB Richard Ellis’ Land Services Group represented the seller, Isleworth Adult Community, Inc. in the transaction. Josh Jacobs and Charlie Christ of Page Partners represented the buyer.

August 20, 2007 - MOSCOW NEEDS A GALLERIA - Hines, a Houston-based real estate firm, has announced plans to develop a mixed use project near Moscow in a joint venture with Belaya Dacha Agrofirma. The first phase will be a planned retail development as part of a 120-hectare integrated multi-use project to be jointly developed over the next several years. This multi-phased development will comprise a mixture of retail, office and residential uses, which when combined with diverse social and sporting facilities, will create a European-style suburban community unique to the Moscow Region. The first phase of this development will create 968,400 square feet of mixed retail space, and will attract a range of local and international retailers. Construction is scheduled to start early in 2008. Visit www.belaya-dacha.ru for more information.

August 16, 2007 - END OF AN ERA - The Estate of Harold Farb has retained CB Richard Ellis to market the last three Harold Farb Apartment Communities in Houston. Harold Farb, who died in October 2006 at the age of 83, gained fame as one of Houston’s most successful developers. At one time, Mr. Farb was noted by Forbes magazine as the largest private owner of multi-housing properties in America.

“Harold Farb chose outstanding locations and developed apartment complexes with amenities no one else had at the time,” said Craig LaFollette, executive vice president of CB Richard Ellis. “He built the best, the biggest and the most desired communities in Houston. The properties that we are bringing to market are strategically located, well built and have been well maintained.”

The exclusive property offering is comprised of three notable Houston communities: Broadway Square, a 2,469-unit community located at the entry to Hobby Airport; Nob Hill, a 1,326-unit community located 1.25 miles west of Loop 610 near Meyerland Plaza Mall; and West Point/Creekside, a 1,280-unit community fronting the north side of Westheimer, just 3 miles west of the Galleria.

Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CB Richard Ellis are exclusive advisors for this 3-property, 5,075-unit multi-housing investment opportunity.

August 13, 2007 - The Houston office of Trammell Crow Company announced that it has begun construction on three new buildings in its Cole Creek Business Park. These distribution facilities, at 252,000 sf, 80,000 sf and 94,930 sf, feature modern designs with stone accents and reflective glass. The project is located at the northwest corner of West Little York and Fairbanks North Houston. The new buildings are owned in a partnership of Trammell Crow Co. and ING Clarion, as part of a national industrial development program. The development team includes Powers Brown Architects; Cobb Fendley Associates; Haynes Whaley Associates; Redding, Linden, Burr; Rosenberger Construction; and Wong & Associates. Faron Wiley with CB Richard Ellis will continue to lead the leasing team for the project

August 12, 2007 - OliverMcMillan LLC is advancing with its plans to develop River Oaks District, a large mixed-use project planned the Inner Loop, according to the Houston Business Journal. The project will include two hotels, 350,000 sf of retail space, office space and residential units, according to an article by Jennifer Dawson of the HBJ. The site is just east of Loop 610, between Westheimer and San Felipe, including the old Westcreek Apartments.

August 11, 2007 - Hines, in a joint venture with Chicago entrepreneur, Larry Levy, has announced plans for a new 50-story, 1.1 million-sf office tower in downtown Chicago. The building will be constructed in the West Loop on a prime 2.5-acre site along the Chicago River at Lake and Canal streets. The anchor tenant is expected to be Chicago investment firm William Blair & Co., which has signed a letter of intent to lease 325,000 sf. Construction on the building is expected to begin in late 2008 with a projected delivery date of June 2011. The office tower was designed by New Haven, Conn.-based Pickard Chilton Architects.

August 10, 2007 - Morgan Stanley Real Estate has completed its $6.5 billion acquisition of Crescent Real Estate, a publicly traded company headquartered in Fort Worth. Crescent was one of the largest owners of office buildings in Texas. When Crescent was a new company, it made its smartest buy ever --purchasing the 127-acre Greenway Plaza mixed use development in 1996 for only $206 million. Greenway, which has over 4.3 million sf of office space, a hotel, retail and other development, is now worth significanly more. The Crescent portfolio includes a portfolio of 54 premier office buildings totaling 23 million sf located in Dallas, Houston, Denver, Miami, and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Ariz.; Vail Valley, Colo.; and Lake Tahoe, Calif.

August 9, 2007 - The Sugar Land Medical Pavilion office building in suburban Houston has been sold to Triple Net Properties, LLC. The property is a 79,629 sf medical office building located in the Sugar Land on the southwest side of Houston. The property is 97 percent leased. Rudy Hubbard and Leah Gallagher of Transwestern, represented the seller, Park Medical Pavilion, Ltd.

August 8, 2007 - Weaver Davis & Jacob Realty Group will develop a new retail development at Highway 6 and Sienna Parkway in Missouri City. The development, called Sienna Village, will feature 90,000 square feet of retail including five pad sites for banks, shops and restaurants and a new 113,771-square-foot H-E-B Plus that will open in late 2008. Weaver Davis & Jacob purchased 28 acres of land from Sienna/Johnson, the developer of Sienna Plantation, and sold 16 of those acres to San Antonio-based grocery chain, H-E-B........ In other news, a subsidiary of Todd Land Co. has contracted to buy 287 acres of waterfront property in the Texas City/Dickinson area for a development that will residential units, a marina, a hotel and other development. The sales price is anticipated to be $16 million, according to the seller, American International Industries Inc. of Kemah.

August 7, 2007 - Houston-based Hines REIT has acquired One Wilshire from Carlyle One Wilshire II, L.P., a subsidiary of The Carlyle Group, a global private equity firm. The 30-story office tower is prominently located at the junction of South Grand Avenue and Wilshire Boulevard, in the central business district of Los Angeles. The seller was represented by Eastdil Secured in the transaction. The building, which opened in 1966, has 664,000 sf of Class A office space.

August 6, 2007 - Trammell Crow Co. has announced plans for one of the finest infill development sites in Houston - 24 acres at the northeast corner of Richmond Avenue and Weslayan. The land was formerly housed the headquarters building (called the Taj Mahal by critics) of the Houston Independent School District. HISD sold the land in 2006. The Trammell Crow project, called Greenway Commons, will include 256,700 sf of retail space, including a Costco store and LA Fitness.The Morgan Group will build a 536-unit mid-rise apartment project on the northern portion of the tract. Construction will begin in December. Institutional investors advised by Prudential Real Estate Investors (PREI) are backing Greenway Commons. For the full story please go to Houston Deals.

August 5, 2007 - Existing home sales were up in July in Houston, compared to July of last year. According to the Houston Association of Realtors, a total of 8,114 properties were sold in July, a 1.1 percent increase over July 2006. Properties sold during the month reached a total of nearly $1.7 billion, a 5.3 percent increase over $1.6 billion in July 2006. "While the Houston housing market has held up much better than the rest of the nation, the mortgage finance problems that have been widely reported have resulted in some volatility in our market in the lower price ranges,” said Rob Cook, HAR Chairman and broker/owner of Robert D. Cook Properties. “The good news for Houston is that energy prices remain strong, job growth continues and the local economy shows resilience. If any market in the country can withstand the impact of the lending woes it will be this region.”

August 2, 2007 - Macfarlan Capital Partners and Buchanan Street Partners joint venture has purchased three vacant office buildings and one flex building formerly occupied by Hewlett-Packard in northwest Houston. The joint venture partnership plans to renovate the project for office use. Transwestern, in an effort led by Michelle Wogan, has been retained to provide management, leasing and marketing services on the renamed Centre at Cypress Creek. The project includes three, four-story, Class A office buildings and one office/flex building, which will be converted to 100 percent office space during the renovation. Upon completion in 2008, the properties will total over 630,000 sf and will have four parking garages. Situated on a 44.5-acre site within the former Hewlett-Packard campus, the properties are located on State Highway 249, just south of Louetta Road. Holliday Fenglio Fowler arranged financing.

August 1, 2007 - Houston-based US Oncology has announced plans to relocate to a new corporate campus in The Woodlands. An 8-story, 200,000 sf building will be constructed.The Woodlands is a 28,000-acre community located 27 miles north of downtown Houston. It is home to more than 85,000 people and 1,500 companies. Over 42,000 people work in The Woodlands. The Woodlands is being developed by The Woodlands Development Co., a limited partnership of Morgan Stanley and General Growth Properties.

July Blog

July 31, 2007 - Crescent Real Estate Equities has sold 13 Dallas office buildings for $382 million. The 2.9 million sf portfolio was purchased by San Diego-based Equastone. The largest building in the Dallas portfolio is the 634,000-sf Stemmons Place. Crescent will be acquired in early August by Morgan Stanley Real Estate.

July 26, 2007 - Ralph Howard, the CEO of Houston-based Situs Cos., is leading the firm on a big expansion. Situs has undertaken a five-city expansion, adding offices in Tokyo, Los Angeles and Atlanta and laying the groundwork to open locations in Delhi, India and Berlin, Germany before year’s end. The expansion brings Situs’ base of operation to 11 cities worldwide. The firm, founded in 1985, added offices earlier this year in Little Rock, Ark., and Robbins, N.C., and more than doubled the size of its offices in London and Boca Raton, Fla. Situs provides commercial real estate services and consulting solutions for all property types to financial institutions, institutional investors, private owners and developers.

July 25, 2007 - CB Richard Ellis delivered a load of new trends and tidbits a roundtable luncheon at its downtown office this week. New retailers coming into the market and looking for locations include: Wild Oats Markets (upper-end health oriented grocery), Staples office supplies and Dick's Sporting Goods. Land prices in the Inner Loop are exceptionally strong. Banks are paying big bucks for pad sites on prime corners, pricing service stations out of the market for corners. However, some strip center developments have overbuilt in suburbia. Speakers at the CBRE program included Paul House, Matt Keener, Simmi Jaggi, Sanford Crinerand Derek Hargrove.

July 24, 2007 - Colliers International has handled the sale of 44 acres of land at the corner of Interstate 10 and the Grand Parkway in West Houston. The seller, the Ernstes family, was represented by Charlie Herder of Colliers. Todd Edmonds of Colliers and Ron Dagley of Raymond R. Betz Interests represented the buyer, I-10 Katy Ltd.

July 23, 2007 - Corrections Corporation of America has purchased a 108,900 square foot industrial/warehouse facility located at 16038 Vickery Lane in north Houston. Glynn Mireles and Jeff Everest of CB Richard Ellis represented the seller, World Houston Air Cargo Center, Ltd.

July 22, 2007 - Hines is reportedly planning another office tower in downtown Houston. The project, to be built at the corner of Main and Rusk, will be 47 stories tall, according to a report by Jennifer Dawson of the Houston Business Journal. The building is slated for a 2010 completion, the Business Journal said. Houston's office market has been exceptionally tight as energy firms and other companies have been expanding. The last major tower completed in downtown Houston, the 717 Texas Avenue, opened in 2003.

July 20, 2007 - The Khoshbin Company, a commercial real estate management and investment company based in Irvine, California, has purchased approximately 338,012 square feet of industrial space consisting of three projects situated in the north Houston market. The portfolio includes three industrial centers with 11 buildings that are 83% occupied to 58 tenants. Bill Rudolf and Glynn Mireles of CB Richard Ellis represented the seller, First Industrial Realty Trust.

The portfolio consisted of the following properties:

• Intercontinental Business Center located at 16611 – 16651 W. Hardy

Includes four buildings with a total of 103,199 sf and is situated on 7.69 acres.

• Central Park North Business Center located at 600 Kenrick

Includes 5 buildings with a total of 155,131 sf and is situated on 10.68 acres.

• North Freeway Business Center located at 16745 – 16749, I-45 North

Includes two buildings with a total of 79,682 sf and is situated on 3.86 acres.

July 19, 2007 - Take note of this significant land sale in the NASA area. Aaron Howes of CB Richard Ellis and Kirk Laguarta of Land Advisors Organization – Houston recently represented Kinder Morgan in the sale of approximately 411 acres located east of Space Center Blvd and north of West Clear Lake Blvd in southeastern Harris County. The Buyer was Fidelis Realty Partners, which is owned by Alan Hassenflu and Lynn Davis. Fidelis was represented by Marvin Stapper of M. M. Stapper Commercial Real Estate.

July 17, 2007 - Saad Development Corp. has purchased 25 acres of land located directly southwest of Hobby Airport at Orem & Mykawa Road. The land is the Houston Business Center, a 351-acre business park development by PinPoint Commercial, LP. Jeff Pittman and Brendan Lynch of CB Richard Ellis represented the seller, PinPoint Commercial in the transaction. Billy Gold and John Simon with CBRE represented the buyer.

July 12, 2007 - Galveston's East End is hot. Prudential Gary Greene, Realtors has opened a new office on Galveston's East End at 823 Broadway.The firm's Kelly Kelley said that the new office gives the company a larger stake in the single-family residential market, as well as multi-family properties and the growing number of resort properties on the East End. "The office is close to the University of Texas Medical Branch and the new developments on East Beach," said Kelley. Prudential Gary Greene, Realtors also has offices at Pirates Beach, Tiki Island, and an affiliate office in the Bolivar-Crystal Beach area.

July 11, 2007 - Cabot Properties has purchased over 191,122 sf of industrial space consisting of four projects located in Houston and Stafford, Texas. The portfolio included seven buildings that are approximately 92% leased to 46 tenants. Tom Lynch and Alisha Renshaw of CB Richard Ellis represented the seller, First Industrial Realty Trust. The portfolio consisted of the 17401 Village Green in Houston and three properties in Stafford: 4007 Greenbriar, 4111-4115 Greenbriar, and 4230-4234 Bluebonnet.

July 10, 2007 - Holliday Fenoglio Fowler has closed the sale of Kempwood Tech Center, a 113,052-sf flex service center in Houston. The HFF investment sales team was led by senior managing director Rusty Tamlyn and associate director Mike Parker who marketed the property exclusively on behalf of the seller, Midway Companies, a Houston-based real estate development and investment firm. Colette Farms, represented by Frank Fitzgerald at Newquest Properties, purchased Kempwood Tech Center for an undisclosed price free and clear of existing debt. Kempwood Tech Center is located on a 7.2-acre site at 2704-2778 Bingle Road close to Highway 290, Sam Houston Parkway, Hempstead Highway and Interstate 10 in northwest Houston. The property is fully leased to seven tenants including Page International, Amerisciences and Aqua-Sol Controllers.

July 9, 2007 - Houston home builders are expected to see reduced volume in the lower-end home sales market in 2007. But the Houston area will still have about 40,000 home starts, which means 2007 will still be one of the strongest years ever for home construction, says Mike Inselmann of MetroStudy. The Houston area had 50,000 starts and about 100,000 new jobs in 2006. While the entry-priced market is the most affected by current trends, the upscale housing market is still strong, Inselmann said. Inner-city urban housing demand remains strong, move-up home builders are enjoying steady demand, upscale master-planned communities are experiencing demand at levels close to the past three or four years and the prime neighborhoods of Memorial, Tanglewood, River Oaks, West University and Bellaire remain in high demand.

July 4, 2007 - Celebrate the existence of our great nation.

July 3, 2007 - International Business Machines (IBM) leased 55,600 sf at the 12301 Kurland Building in Houston. Eric Anderson of Transwestern and Rob Evans of Capital Commercial represented the landlord, Capital Commercial. John Pruitt of CB Richard Ellis, Inc. represented IBM in the transaction.

12301 Kurland is a four-story, 200,000-sf, Class B office building, conveniently located at the intersection of I-45 South and Beltway 8 near both Hobby Airport and Ellington Field. Capital Commercial, a real estate investment firm based in Austin, Texas purchased 12301 Kurland when the building was 100% vacant and in January 2006 completed a full renovation of the asset....... In other news, Hines REIT bought an office building in downtown Seattle.Hines REIT bought Fifth & Bell, a Class A office building located on 5th Avenue between Bell and Battery Streets in Seattle’s dynamic north Central Business District. The building was purchased from Touchstone Seattle Venture II, which was represented by Pacific Real Estate Partners, Inc. (PREP). Hines represented Hines REIT in the transaction. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.Completed in 2002, the six-story property consists of 197,140 rentable sf of office space and street-level retail.

June Blog

June 28, 2007 - Scott M. and Toni C. Hairston sold 1,481. acres on County Road 208 near County Road 210 in Danbury, Texas to Ancona Properties, LLP. Daniel O. Perrier and Carlos Bujosa of McDade, Smith, Gould, Johnston, Mason + Company represented the sellers.

June 25, 2007 - An office building developed by Harold Farb has been sold. Transwestern announced it has brokered the disposition of the Centre One office building on behalf of Phoenix Life Insurance Company to Pacifica Companies LLC. Centre One is a 217,381 sf Class A multi-tenant office building located in the Southwest Beltway 8 submarket of Houston. Rudy Hubbard, Eric Johnson and Leah Gallagher of Transwestern, represented the seller, Phoenix Life Insurance Company. ...... ... In other news, The Seattle office of Hines, the international real estate firm, announced today that Hines REIT has acquired the Seattle Design Center a 390,000-sf project located at 5701 Sixth Avenue South, just minutes from downtown Seattle. The complex was purchased from Bay West Seattle, LLC, on behalf of Hines Real Estate Investment Trust, Inc. (Hines REIT). Bay West was represented in the sale by Pacific Real Estate Partners, Inc. (PREP).

June 24, 2007 - Johnson Development is developing a master planned community called Woodforest, about 38 miles north of downtown Houston. The property is near Honea Egypt Road. McDade, Smith, Gould, Johnson Mason + Co. has been involved in Johnson's assemblage.

June 22, 2007 - Holliday Fenoglio Fowler, L.P. handled the sale of Northwest Place Distribution Center II, a multi-tenant warehouse in northwest Houston. Senior managing director Rusty Tamlyn and associate director Mike Parker led the HFF investment sales team exclusively on behalf of the seller, RREEF. DCT Industrial purchased the property for an undisclosed price free and clear of debt. Ralph Tullier of Trammell Crow Company also assisted with the marketing efforts. Located at 7170 West 43rd Street, Northwest Place Distribution Center II is positioned on 10.5 acres between US 290 and the Hempstead Highway in northwest Houston. The 10,432-sf building was completed in 1997 and is fully leased. DCT Industrial Trust is a leading real estate company specializing in the ownership, acquisition, development and management of bulk distribution and light industrial properties located in 24 of the highest volume distribution markets in the U.S. as well as Mexico.

June 21, 2007 - Trammell Crow Co. is building a business park to service the rapidly expanding Port of Houston area. It is the second phase at East Belt Business Park. The 12-acre light industrial development will feature two concrete tilt-wall uildings totaling 170,000 sf. Located on East Sam Houston Parkway South in Pasadena, it offers frontage on Beltway 8 and access to Highway 225.Phase I of East Belt Business Park was completed in 2004 and was recently purchased by Morgan Stanley’s Prime Property Fund.

June 20, 2007 - Florida-based DCL Investment Corp. has purchased another property in Houston -- the Northborough Atrium I and II buildings. Holliday Fenoglio Fowler, L.P handled the sale of Northborough Atrium I and II, office buildings totaling 168,799 sf. The HFF investment sales team was led by senior managing directors Dan Miller and Rusty Tamlyn and associate director Marty Hogan who exclusively represented the seller, Goddard Investment Group. DCL Investment Corporation purchased the property for an undisclosed amount free and clear of debt. Goddard Investment Group is an Atlanta-based real estate investor that has been investing in Houston office properties for a number of years. DCL Investment Corporation is based in Naples, Florida and has also been investing in Houston office buildings for several years.
Northborough Atrium I and II are located at 12600 Northborough Drive and 350 Glenborough Drive, west of Interstate 45 and north of Beltway 8 in the Greater Greenspoint District of Houston. Northborough Atrium I has 84,882 sf of space that is 87.5% occupied. Northborough Atrium II has three stories of office space totaling 83,917 sf that is currently 89.6% leased.

June 19, 2007 - The Energy Corridor sector of west Houston remains hot as energy firms pump up that market. A recently constructed office building in the Energy Corridor drew significant interest from buyers, according to the Transwest firm that marketed the property, 1401 Enclave Parkway. The seller was Triple Net Properties. The buyer was Parkway Properties Office Fund, Inc. The 1401 Enclave Parkway building is a 207,435 sf Class A multi-tenant office building located in the Energy Corridor submarket of Houston. The six-story property was approximately 100% leased at the time of sale. Investor interest in the project was extremely high, over two dozen offers were received in the first round of bidding from institutional investors. In the end, Parkway Properties acquired a newly constructed, Class A asset in arguably Houston’s strongest submarket. The project's tenant roster includes The Meridian Resource Company , Parker Drilling Company, and the Shaw Group, Inc.

June 18, 2007 - Transwestern announced that construction should be substantially complete this summer for its new Shadow Creek Ranch Town Center, which is being built on one of the hot corners in Pearland. La Madeleine restaurant just closed on a ground lease there and expects to open in October. The project is located at the northwest corner of FM 518 and Highway 288. For more details please go to Houston Deals.

June 12, 2007 - Sterling American Property Inc., in a joint venture with Hines, announced today the $281 million acquisition of 333 Bush Street. The 542,743-sf Class A office property is located in the heart of the Financial District of San Francisco. The 43-story building is 75 percent leased to a roster of tenants including America Online (AOL) and the San Francisco law offices of Heller Ehrman LLP.

June 7 , 2007 - A 22-story office tower in downtown Austin has been acquired by a joint venture of Hines and CalPERS. The seller was Crescent Real Estate Equities of Fort Worth. The office tower, 301 Congress, is 87 percent leased and is located near the state capitol. For more information please go to our Texas Roundup page

June 6, 2007 - TAEP Stafford, LP has purchased 53,000 sf of industrial space at 10101 Stafford Centre Drive. John Simons, Micheal Palmer and Susana Rosas epresented the seller, Wycoff Stafford Centre, LLC in the transaction. The property is in Greenbriar Southwest Business Park and is 100% occupied by long-term tenants on Triple Net Leases.

June 5, 2007 - The Woodlands Country Club and two public golf course in The Woodlands have been purchased by Sequoia/Canongate Golf LLC. The seller was The Woodlands Development Co. As of midnight on May 31, all employees of The Woodlands Country Club became employees of Sequoia/Canongate, which owns a number of golf courses in Atlanta.

June 4, 2007 - Newport Beach, Calif.-based John Laing Homes announced today that the company has agreed to acquire Lindenwood Homes and all of its assets in Houston. Jim Lemming, founder of Lindenwood Homes, will lead John Laing's operations in Texas. Lemming founded Lindenwood in 2003 after a career that included leading Ryland Homes in Houston and a management position at General Homes.

June 3, 2007 - Concern is apparent within the business community -- particularly among larger employers -- about the lack of affordable housing for employees, with companies reporting the shortage as being problematic in hiring and retaining entry- and mid-level workers, according to a new survey released by the Urban Land Institute (ULI).

The survey was unveiled in Philadelphia at the 41st Annual Conference of the National Association of Real Estate Editors (NAREE) . For more information, please go to the National Items page.

June 2 , 2007 - The nation's real estate markets haven't hit bottom yet and the fallout from the subprime market will continue for awhile. While housing is fine in some parts of the nation, the overall recovery won't begin until later in the year, according to economists and experts at the National Association of Real Estate Editors (NAREE) conference in Philadelphia. The speakers included Ted Jones, chief economist of Stewart Title. Bernard Markstein, vice president of forecasting and analysis for the National Association of Home Builders, Doug Duncan, chief economist for the Mortgage Bankers Association, Frank Nothaft, chief economist for Freddie Mac and Mark Obrinsky, chief economist of National Multi Housing Council.

June 1 , 2007 - Sales of the nation's existing home including single-family, townhomes, condominiums and co-ops fell 2.6 percent to a seasonally adjusted annual rate of 5.99 million units in April from an upwardly revised level of 6.15 million in March, and are 10.7 percent lower than the 6.71 million-unit pace in April 2006. Lawrence Yun, NAR senior economist, isn’t surprised. “We’ve been anticipating slower home sales because many subprime loan products are no longer available,” he said. “In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community. Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24 months will help to stabilize the market going forward. ” The national median existing-home price for all housing types was $220,900 in April, down 0.8 percent from April 2006 when the median was $222,600