Check it out......The Howard Hughes Corp., (NYSE:HHC) bought an interest in The Woodlands, a master-planned community in Texas, from a unit of Morgan Stanley (MS) for $117.5 million.
Howard Hughes, spun off last year from General Growth Properties Inc. (NYSE: GGP), will control the Houston development by taking a 47.5% interest through a definitive agreement with Morgan Stanley Real Estate. The consideration includes $20 million in cash payable at closing and a $97.5 million non-interest-bearing note due Dec. 1, 2011.
Howard Hughes and its predecessors has been an investor in The Woodlands since 2004 and its partner, Morgan Stanley Real Estate Investing, has been an investor since 1997. Upon completion of the purchase, Howard Hughes will wholly own The Woodlands as a subsidiary, including all unsold property.
As of March 31, unsold property in included 1,372 acres of residential land representing 4,532 lots, and 936 acres of land earmarked for commercial use.
The Woodlands also has full or part ownership in 434,000 square feet of office space, 203,000 square feet of retail and service space, 865 rental apartment units. It also owns a 440-room conference center facility and 36-hole country club.
For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Offer opportunities for Houston office space. Thank you for your interest.
Ed A. Ayres
Houston Realty Advisors, Inc.