They come from Arkansas, Florida, and South Carolina and all corners of the United States to help out. They chase disaster after disaster to provide moisture removal, debris removal, and tree & chain saw services. Anyone with a pickup and trailer can go into business to help in the massive disaster cleanup that has besieged our city. It has put pressure on the Federal, State and City to provide services for the influx of these helpers and they in turn fill up the hotel, RV parks and take on office space and ware house space to house their temporary business. We need them, we are glad to have them and the problems they some times bring.
Houston was all ready a tight commercial real estate market prior to the Hurricane Ike. Warehouse rates and office services centers have been leasing space at such a rapid pace that brokers and developers were in high gear to keep up with the demand from the oil & gas services company that have explode here with a price of $120.00 + barrel of oil. Now we have clients who lost there offices in the hurricane competing with the influx of day labor companies and mold remediation companies. It makes a tight market even tighter. Any new project on the drawing board has shut down due to the tight credit market and bank melt down. Will the “NO BANKER LEFT BEHIND BILL” help our city recover is anyone’s guess, you got to remember for very square foot of additional office space the major oil & gas firm commit to, all their service companies, such as , accounting, public relations, and law firms must keep up and expand too. This was keeping Houston on track to help pace positive absorption numbers to near record levels again in our 2008 commercial real estate economy:
Mid-Year 2008
A National Leader
Total payroll employment growth grew by 71,100 jobs in Houston--a 2.8% rate of growth--for the 12 months ending April 2008. This far exceeds Houston's long-term average employment growth of 41,000 jobs.
The Houston metro unemployment rate was 3.8% in April 2008, down from 3.9% a year ago and a cyclical high of 7.6% in the summer of 2003. The national unemployment rate was 5.0% in April.
Office Market: Mid-Year 2008
Office Market Conditions Remain Healthy
The Houston office market showed continued growth at mid-year 2008, with the overall vacancy rate ticking down to 10.7%. This expansion reflects the areas's strong job growth and the robust performance of Houston's core industries. Rents continued to rise and as a result, the construction pipeline swelled to 10 million SF, a 32% increase from the previous quarter. Investment sales volume increased after a sluggish first quarter.
Highlights:
· Net absorption of office space in the Houston metro area remained strong, totaling 984,000 SF in the 2nd quarter 2008, bringing 1st half 2008 net absorption to 1.8 million SF. Houston is on pace to slightly exceed the long-term average annual absorption of 3.5 million SF.
· Available sublease space increased by 79,000 SF in the Houston metro area during the 2nd quarter 2008 and represents just 0.6% of standing inventory.
· The overall office vacancy rate in the Houston metro edged down to 10.7% at mid-year 2008, from 10.9% in the 1st quarter and 11.3% a year ago. The direct vacancy rate is 10.1% at 2nd quarter 2008, down from 10.3% in the 1st quarter and 10.5% a year ago.
· There is 10.0 million SF of office space under construction or renovation in the Houston metro area at mid-year 2008, up from 7.6 million SF in the 1st quarter and 5.0 million SF a year ago. 23% pre-leased, up from 19% in the 1st quarter and down from 24% a year ago.
· Houston office deliveries (including renovations) totaled 1.8 million SF in the 1st half of 2008, compared to 3.8 million SF in all of 2007. 74% was leased upon delivery.
· Class A office rents rose by an annualized rate of 13.2% in the 1st half of 2008, while Class B rents rose by an annualized rate of 6.9%. Class A asking rents averaged $27.16/SF, full service; Class B asking rents averaged $19.00/SF, full service.
· Office investment sales totaled $662 million during the 1st half of 2008, down 31% from the $962 million recorded in the same period in 2007. Sales prices averaged $165/SF in the 1st half of 2008, up from the $147/SF in the 1st quarter and $148/SF in 2007.
Industrial Market: Mid-Year 2008
Modest Absorption
Highlights:
· Net absorption of industrial space totaled 1.9 million SF in the 2nd quarter of 2008, bringing the 1st half total to 3.4 million SF, significantly lower than the 7.4 million SF recorded in the 1st half of 2007.
· The overall Houston metro industrial vacancy rate held steady at 5.4% at mid-year 2008 from the previous quarter, but edged down from 5.5% a year ago
· There is 7.1 million SF of industrial space under construction in metro Houston at mid-year 2008, down from 7.4 million SF in the 1st quarter and 7.8 million SF a year ago.
· Deliveries of industrial space in Houston totaled 3.6 million SF in the 1st half of 2008, down from 7.1 million SF delivered in the same period last year.
· Industrial rents held steady in the 1st half of 2008.
· Industrial investment sales volume totaled $79 million in metro Houston in the 2nd quarter of 2008, bringing the 1st half 2008 total to $123 million -- well below the $467 million recorded in the same period last year. Industrial sale prices averaged $120/SF in the 2nd quarter of 2008, compared to $67/SF in the 1st quarter.
Retail Market: Mid-Year 2008
Population and Job Growth Continue to Fuel Retail Demand
Highlights:
· The Houston metro area’s population grew from 4.74 million people in 2000 to 5.54 million in 2006, an increase of 16.9% in six years.
· The Houston metro area gained 7,500 retail jobs over the 12-month period ending April 2008 -- a 2.9% increase. With 262,900 employees in the metro area, the retail industry reflects a thriving local economy, despite a nationwide slowdown in the retail sector.
· The Houston metro area provides its residents with a wide variety of retail options with 31.8 SF of retail space per capita -- well above the national average of 20 SF and third-highest amont U.S. metro markets. Houston's retail inventory will be receiving a boost in the near future with the aid of several high profile developments currently under construction.
· Houston’s retail vacancy decreased to 17.1% in the 1st quarter of 2008 from 17.4% at year-end 2007 and 17.2% one year ago.
· Retail rents experienced a slight decrease in the 1st quarter of 2008 to $1.62/SF/month from $1.63/SF/month at year-end 2007, a quarterly decrease of 0.6%.
· Retail sales in 2007 totaled a record $83.76 billion in the Houston area, up 6.9% from 2006. From 1997 through 2007, retail sales have grown at a compounded 2.5% each year.
Houston and NASA put a man on the moon from this town, no large or small hurricane will stop the entrepreneur sprit that drives this town forward into the 21st century. We have been dodging the hurricane bullet for several years now, it was just our turn and the city withstood the pain then showed the true metal of what we are made of and why people come from all over the world to live and work here. We are use to these growing problems in a modern day city that has become our 4th largest. The old bumper sicker “ GOD PLEASE SEND US ANOTHER OIL BOOM, WE PROMISE NOT TO SCREW THIS ONE UP” are coming back around on the bumpers of cars here. We pray and hope all of Hurricane Ike’s wrath on our fair city will just blow through as we pick up and move forward again because Texas loves a bubba, no matter where they come from!!
For more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net or www.edayres.com
Saturday, October 4, 2008
Thursday, October 2, 2008
3 BUILDING COMPLEX POST OAK CENTRAL SELLS
CB Richard Ellis Investors is said to be paying $250 million for Post Oak Central, a 1.3 million sf office complex in Houston.The Los Angeles investment manager is buying the three-building complex from a venture between JPMorgan Asset Management, GE Pension Trust and Morgan Stanley Real Estate, which had offered it through Holliday Fenoglio Fowler.A CBRE spokesperson declined to comment on the transaction.CBRE is paying roughly $192/sf for the property, which is expected to result in a capitalization rate of 5.12%, based on the $12.8 million of net operating income that Post Oak Central is expected to produce this year.The purchase is expected to be completed by the end of the year. Post Oak Central would be the second largest office transaction in Houston this year behind Hines REIT's $271.5 million acquisition of Williams Tower in March. JPMorgan and GE Pension entered their investments in Post Oak Central in 2004 when they bought a total interest of 76%. Morgan Stanley had assumed its stake through its acquisition of Crescent last year.The property sits on 17 acres at 1980, 1990 and 2000 Post Oak Blvd. in Houston's Galleria submarket. It is 92% leased to tenants that include Apache Oil Co., Stewart Tile and Suez, an energy company.The property has 86,500 sf of retail space that is leased to a fitness center, salon, restaurant and bank.Post Oak Central is encumbered by $97.5 million of mortgage debt that was securitized via Banc of America Commercial Mortgage, Inc., 2004-6. It carries a coupon of 5.12% and matures in December 2014. fOR MORE INFORMATION SEE : www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
6 Clear Lake Buildings sell at once!
Six office buildings in the Clear Lake area are under new ownership after an abbreviated marketing campaign.
John Cole of Twenty Twenty Properties Inc. recently acquired the 226,000-square-foot office portfolio from KBS Realty Advisors for an undisclosed amount.
“The marketing campaign had just begun when a very compelling preemptive offer was received and the ownership decided to take it,” said Dan Miller of Holliday Fenoglio Fowler LP, who along with colleague Marty Hogan represented KBS in the transaction.
The properties include the four-building Armand Plaza at 16441 Space Center Blvd., which is 100 percent leased; Camino Center I at 17629 El Camino Real, which is 92 percent leased; and Camino Center II at 17625 El Camino Real, which is nearly 75 percent leased.
Susan Hill of Holliday Fenoglio Fowler arranged acquisition financing through Viewpoint Bank for Twenty Twenty Properties, which owns, manages and leases 20 office buildings in the Houston area. For more information see : www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
John Cole of Twenty Twenty Properties Inc. recently acquired the 226,000-square-foot office portfolio from KBS Realty Advisors for an undisclosed amount.
“The marketing campaign had just begun when a very compelling preemptive offer was received and the ownership decided to take it,” said Dan Miller of Holliday Fenoglio Fowler LP, who along with colleague Marty Hogan represented KBS in the transaction.
The properties include the four-building Armand Plaza at 16441 Space Center Blvd., which is 100 percent leased; Camino Center I at 17629 El Camino Real, which is 92 percent leased; and Camino Center II at 17625 El Camino Real, which is nearly 75 percent leased.
Susan Hill of Holliday Fenoglio Fowler arranged acquisition financing through Viewpoint Bank for Twenty Twenty Properties, which owns, manages and leases 20 office buildings in the Houston area. For more information see : www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
Tip of the Iceberg: More Banking Problems Could Surface
Bad Real Estate Loans Are at the Core of Financial Market Turmoil and Those Problem Loans are Still Growing
Bailout or no bailout, the country's commercial banks are facing an industry-altering round of consolidations, restructuring and tighter federal regulation as they grapple with confronting nearly a trillion dollars of bad debt. The latest federal government data shows a growing number of failed banks, problem banks and problem loans. And according to private industry research, the federal government data doesn't even begin to reveal the full size of the iceberg under the surface of the financial ocean. In the past few weeks, the financial services industry has already witnessed unprecedented corporate wreckage on Wall Street and an extraordinary transformation of the financial markets. Gone is the independent investment banking industry (Bear Stearns, Lehman Brothers and Merrill Lynch). Re-emerged has been the often-criticized universal banking model in which financial services companies offer both investment services and commercial savings and loans services (Goldman Sachs, Morgan Stanley and Bank of America). And the federal government has virtually taken over the securities markets (Fannie Mae, Freddie Mac), imposed itself into the insurance industry (AIG) and proposed a $700 billion bailout plan for Wall Street. And more of the same may be coming. See related CoStar Advisor coverage by Senior News Editor Randyl Drummer: Wall Street Crisis Hammers Development Financing The Top of the Iceberg: Current State of Banking The Federal Deposit Insurance Corp. (FDIC) has been called in as receiver for 11 banks so this year through today, and the federal regulator expects bank failures in the near term to increase. The FDIC's "problem list" of banks grew to 117 institutions as of June 30, up from 90 at the end of the first quarter. That is largest number on the list since the middle of 2003. Total assets of problem institutions increased from $26 billion to $78 billion. A concentration in real estate has been a common theme among the bank failures in 2008. Rising levels of troubled real estate loans has led many institutions to increase their provisions for loan losses. Loss provisions at the end of the second quarter totaled $50.2 billion, more than four times the $11.4 billion the industry set aside in the second quarter of 2007. Almost a third of the industry's net operating revenue went to building up loan-loss reserves and not to making more loans. However, for the ninth consecutive quarter, increases in delinquent loans surpassed the growth in reserves. The amount of delinquent loans and leases (90 days or more past due or in nonaccrual status) increased by $26.7 billion (20%) during the second quarter, following a $26.2 billion increase in the first quarter and a $27 billion increase in the fourth quarter of 2007. Almost 90% of the increase in delinquencies in the last three quarters consisted of real estate loans. Also, the net charge-off rate of bad loans has risen to its highest level since 1991. To be fair, the primary culprit behind the banking mess has been residential real estate loans and most of the government action and media attention has been focused on problems in the housing market. However, banks are beginning to see an increase in troubled commercial real estate loans, even though the ratio of these troubled assets is far less than in the early 1990s during the last major upheaval in the financial markets. The total amount of multifamily and commercial real estate loans delinquent more than 30 days at the nation's commercial banks is up 65% from June 30, 2007, to more than $20 billion. The amount of commercial properties taken over by banks through foreclosures is up 23% from the second quarter 2007 to $14 billion. Current delinquent commercial real estate loans represent only 4.24% of all outstanding CRE loans at commercial banks. While that is the highest it has been since 1995, is not even close to the peak of 12.07% at the start of 1991. And year to date, commercial banks have charged off more than $870 million in commercial real estate loans and recovered only $79 million of that amount. The current charge off rate for all commercial real estate loans is still less than 1% (0.93%) and that compares to high of 2.54% in the second quarter of 1992. Private Research Peers Beneath the Surface Martin D. Weiss, Ph.D. and president of Weiss Research Inc. sent a report to Congress this past week that painted a more drastic picture than current conditions. Weiss said there are 1,479 U.S. banks and 158 U.S. thrifts at risk of failure, with total assets of $3.2 trillion - more than four times the amount of the proposed federal bailout and 41 times the amount of assets of banks on the FDIC's list of troubled institutions. "There should be no illusion that the $700 billion estimate proposed by the administration will be enough to end the crisis," Weiss said in announcing his report. "Nor should there be any false hopes that the market for U.S. government securities can absorb the additional burden of a $700 billion bailout without putting major upward pressure on U.S. interest rates, aggravating the very debt crisis that the government is seeking to alleviate." The bailout plan whether it passes Congress or not, is an insufficient step to deal with our current credit crisis, agreed Campbell R. Harvey, professor of finance, The Fuqua School of Business, Duke University. "While most of the focus has been on Wall Street, there are hundreds, if not a thousand banks, that may be insolvent if their assets, which include capital market instruments, were marked-to-market. Over the next six months, we are faced with the specter of a massive number of bank failures," Harvey wrote in a report this week entitled: The Financial Crisis of 2008: What Needs To Happen after TARP. TARP stands for Troubled Asset Relief Program, the moniker given to the U.S. Treasury's bailout program. As a way of comparison, Harvey noted that the Resolution Trust Corp. initiated in 1989 took over and disposed of more that $550 billion in assets in its lifetime, which is roughly $900 billion in 2008 dollars, he added. "Today's situation is larger in scale than the S&L crisis. The combined assets of just two firms, Lehman Brothers and Washington Mutual, $946 billion, exceeds the assets targeted during the S&L crisis," Harvey said. "Note the total assets of Wachovia Corp. were $812 billion as of June 30, 2008." "It is naïve to think that the $700 billion TARP program will solve our financial crisis," Harvey added. What's on the Horizon New research this week from TowerGroup found that the weeks and months to come will bring more mergers and restructuring for the US banking industry, even as the drive for greater regulation, transparency, and cooperation continues to be debated. At the same time, financial institutions will return to a focus on more traditional banking activities, as credit terms become tighter, capital is withheld from the market, and economic growth is further stifled. TowerGroup said it believes the banking industry is on the verge of a new hierarchy. Strong banks will press their advantage with new products and services; new competitors will enter the market as the industry industrializes; and the need for greater integration across client databases, risk management capabilities, and products will cause bankers to realize they must abandon the cultural silos that have hindered their progress toward make the whole greater than the sum of its parts. "This market crisis, the worst in our long-term collective memory, is not over," Standard & Poor's Ratings Services wrote in a report this week entitled: When the Smoke Clears, What Happens Next with U.S. Financial Institutions. "Although we anticipate more difficulties, we should still begin to consider what the financial institutions industry may look like when the smoke clears. We believe the landscape is likely to be vastly different, but the changes could contribute to a healthier and more fiscally sound U.S. financial system." In the short term, the Darwinian effect of survival of the fittest could eliminate the weakest players and lead to less robust competition but could also bring an element of stability, S&P reported. "We can envision a major overhaul of the established, 75-year-old regulatory regime," S&P wrote. "A final outcome seems to be the possibility of the Federal Reserve playing a central role in examining and supervising financial institutions, as well as promoting the safety and soundness of the financial system. The national regulators may turn their sights on containing systemic risk if another large institution fails, regulating hedge funds and private equity funds, and regulating the over-the-counter market for trading complex financial instruments." for more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
Bailout or no bailout, the country's commercial banks are facing an industry-altering round of consolidations, restructuring and tighter federal regulation as they grapple with confronting nearly a trillion dollars of bad debt. The latest federal government data shows a growing number of failed banks, problem banks and problem loans. And according to private industry research, the federal government data doesn't even begin to reveal the full size of the iceberg under the surface of the financial ocean. In the past few weeks, the financial services industry has already witnessed unprecedented corporate wreckage on Wall Street and an extraordinary transformation of the financial markets. Gone is the independent investment banking industry (Bear Stearns, Lehman Brothers and Merrill Lynch). Re-emerged has been the often-criticized universal banking model in which financial services companies offer both investment services and commercial savings and loans services (Goldman Sachs, Morgan Stanley and Bank of America). And the federal government has virtually taken over the securities markets (Fannie Mae, Freddie Mac), imposed itself into the insurance industry (AIG) and proposed a $700 billion bailout plan for Wall Street. And more of the same may be coming. See related CoStar Advisor coverage by Senior News Editor Randyl Drummer: Wall Street Crisis Hammers Development Financing The Top of the Iceberg: Current State of Banking The Federal Deposit Insurance Corp. (FDIC) has been called in as receiver for 11 banks so this year through today, and the federal regulator expects bank failures in the near term to increase. The FDIC's "problem list" of banks grew to 117 institutions as of June 30, up from 90 at the end of the first quarter. That is largest number on the list since the middle of 2003. Total assets of problem institutions increased from $26 billion to $78 billion. A concentration in real estate has been a common theme among the bank failures in 2008. Rising levels of troubled real estate loans has led many institutions to increase their provisions for loan losses. Loss provisions at the end of the second quarter totaled $50.2 billion, more than four times the $11.4 billion the industry set aside in the second quarter of 2007. Almost a third of the industry's net operating revenue went to building up loan-loss reserves and not to making more loans. However, for the ninth consecutive quarter, increases in delinquent loans surpassed the growth in reserves. The amount of delinquent loans and leases (90 days or more past due or in nonaccrual status) increased by $26.7 billion (20%) during the second quarter, following a $26.2 billion increase in the first quarter and a $27 billion increase in the fourth quarter of 2007. Almost 90% of the increase in delinquencies in the last three quarters consisted of real estate loans. Also, the net charge-off rate of bad loans has risen to its highest level since 1991. To be fair, the primary culprit behind the banking mess has been residential real estate loans and most of the government action and media attention has been focused on problems in the housing market. However, banks are beginning to see an increase in troubled commercial real estate loans, even though the ratio of these troubled assets is far less than in the early 1990s during the last major upheaval in the financial markets. The total amount of multifamily and commercial real estate loans delinquent more than 30 days at the nation's commercial banks is up 65% from June 30, 2007, to more than $20 billion. The amount of commercial properties taken over by banks through foreclosures is up 23% from the second quarter 2007 to $14 billion. Current delinquent commercial real estate loans represent only 4.24% of all outstanding CRE loans at commercial banks. While that is the highest it has been since 1995, is not even close to the peak of 12.07% at the start of 1991. And year to date, commercial banks have charged off more than $870 million in commercial real estate loans and recovered only $79 million of that amount. The current charge off rate for all commercial real estate loans is still less than 1% (0.93%) and that compares to high of 2.54% in the second quarter of 1992. Private Research Peers Beneath the Surface Martin D. Weiss, Ph.D. and president of Weiss Research Inc. sent a report to Congress this past week that painted a more drastic picture than current conditions. Weiss said there are 1,479 U.S. banks and 158 U.S. thrifts at risk of failure, with total assets of $3.2 trillion - more than four times the amount of the proposed federal bailout and 41 times the amount of assets of banks on the FDIC's list of troubled institutions. "There should be no illusion that the $700 billion estimate proposed by the administration will be enough to end the crisis," Weiss said in announcing his report. "Nor should there be any false hopes that the market for U.S. government securities can absorb the additional burden of a $700 billion bailout without putting major upward pressure on U.S. interest rates, aggravating the very debt crisis that the government is seeking to alleviate." The bailout plan whether it passes Congress or not, is an insufficient step to deal with our current credit crisis, agreed Campbell R. Harvey, professor of finance, The Fuqua School of Business, Duke University. "While most of the focus has been on Wall Street, there are hundreds, if not a thousand banks, that may be insolvent if their assets, which include capital market instruments, were marked-to-market. Over the next six months, we are faced with the specter of a massive number of bank failures," Harvey wrote in a report this week entitled: The Financial Crisis of 2008: What Needs To Happen after TARP. TARP stands for Troubled Asset Relief Program, the moniker given to the U.S. Treasury's bailout program. As a way of comparison, Harvey noted that the Resolution Trust Corp. initiated in 1989 took over and disposed of more that $550 billion in assets in its lifetime, which is roughly $900 billion in 2008 dollars, he added. "Today's situation is larger in scale than the S&L crisis. The combined assets of just two firms, Lehman Brothers and Washington Mutual, $946 billion, exceeds the assets targeted during the S&L crisis," Harvey said. "Note the total assets of Wachovia Corp. were $812 billion as of June 30, 2008." "It is naïve to think that the $700 billion TARP program will solve our financial crisis," Harvey added. What's on the Horizon New research this week from TowerGroup found that the weeks and months to come will bring more mergers and restructuring for the US banking industry, even as the drive for greater regulation, transparency, and cooperation continues to be debated. At the same time, financial institutions will return to a focus on more traditional banking activities, as credit terms become tighter, capital is withheld from the market, and economic growth is further stifled. TowerGroup said it believes the banking industry is on the verge of a new hierarchy. Strong banks will press their advantage with new products and services; new competitors will enter the market as the industry industrializes; and the need for greater integration across client databases, risk management capabilities, and products will cause bankers to realize they must abandon the cultural silos that have hindered their progress toward make the whole greater than the sum of its parts. "This market crisis, the worst in our long-term collective memory, is not over," Standard & Poor's Ratings Services wrote in a report this week entitled: When the Smoke Clears, What Happens Next with U.S. Financial Institutions. "Although we anticipate more difficulties, we should still begin to consider what the financial institutions industry may look like when the smoke clears. We believe the landscape is likely to be vastly different, but the changes could contribute to a healthier and more fiscally sound U.S. financial system." In the short term, the Darwinian effect of survival of the fittest could eliminate the weakest players and lead to less robust competition but could also bring an element of stability, S&P reported. "We can envision a major overhaul of the established, 75-year-old regulatory regime," S&P wrote. "A final outcome seems to be the possibility of the Federal Reserve playing a central role in examining and supervising financial institutions, as well as promoting the safety and soundness of the financial system. The national regulators may turn their sights on containing systemic risk if another large institution fails, regulating hedge funds and private equity funds, and regulating the over-the-counter market for trading complex financial instruments." for more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
Friday, September 26, 2008
Behringer Harvard buys One Briar Lake Plaza
Behringer Harvard has added One Briar Lake Plaza to its local collection of office properties.
The Dallas-based real estate company, through Behringer Harvard REIT I Inc., recently purchased the 20-story, Class A office building in West Houston from Crescent Real Estate Equities LLC, which is owned by Morgan Stanley. Terms of the deal were not disclosed.
Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler LP represented Crescent in the sale.
One Briar Lake Plaza is located at 2000 W. Sam Houston Parkway S. The 502,000-square-foot building, constructed in 2000, received only minor damage to windows and landscaping during Hurricane Ike.
Following the local acquisition, Behringer Harvard REIT I owns an interest in 74 properties in the United States with approximately 25.6 million square feet of space. For more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net or www.edayres.com
The Dallas-based real estate company, through Behringer Harvard REIT I Inc., recently purchased the 20-story, Class A office building in West Houston from Crescent Real Estate Equities LLC, which is owned by Morgan Stanley. Terms of the deal were not disclosed.
Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler LP represented Crescent in the sale.
One Briar Lake Plaza is located at 2000 W. Sam Houston Parkway S. The 502,000-square-foot building, constructed in 2000, received only minor damage to windows and landscaping during Hurricane Ike.
Following the local acquisition, Behringer Harvard REIT I owns an interest in 74 properties in the United States with approximately 25.6 million square feet of space. For more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net or www.edayres.com
Thursday, September 25, 2008
Samco buys Dollar General stores and leases
Samco Properties purchased 24 stores leased to Dollar General from Capital Growth Properties for $20 million, or approximately $86.50 per square foot. The 24 retail buildings total 231,635 square feet and are currently leased to Dollar General, a chain of variety stores. They sold at an estimated cap rate of 7.93%. The stores are all in strong demographic locations throughout Texas and Alabama. Doug Passon and Brandon Duff of Marcus & Millichap represented Samco. Tim Speck, first vice president, and Andrew Clark represented Capital Growth for more info see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
Tuesday, September 23, 2008
1800 West Loop South signs leases
TRANSWESTERN LEASES TOP TWO FLOORS OF OFFICE TOWERHOUSTON — Houston-based Transwestern has leased the top two floors of 1800 West Loop South, a 399,777-square-foot office tower located in Houston’s Uptown Galleria submarket. Advertising agency Fogarty Klein Monroe will use the space, which totals 39,506 square feet, as its Houston office. The lease brings occupancy in the tower up to 95 percent. Michelle Wogan and Monte Calvert of Transwestern represented the landlord, 1800 West Loop South Ltd. Kevin Gardner of CresaPartners’ Houston office represented Fogarty Klein Monroe. The tenant is working with the Houston office of architect PageSoutherlandPage to design the office’s interior.
THE WOODLANDS GRILL OPENS FOURTH LOCATIONALLEN, TEXAS — The Woodlands Grill has held the grand opening for its fourth location at 932 Garden Park Dr. in Allen. The new restaurant is situated within Watters Creek at Montgomery Farm, a 1.15 million-square-foot, mixed-use development. The restaurant seats 220, and also contains an outdoor dining patio and a semi-private dining area for special events. The design of the restaurant is inspired by Frank Lloyd Wright’s famous Fallingwater House. For more information see ; www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
THE WOODLANDS GRILL OPENS FOURTH LOCATIONALLEN, TEXAS — The Woodlands Grill has held the grand opening for its fourth location at 932 Garden Park Dr. in Allen. The new restaurant is situated within Watters Creek at Montgomery Farm, a 1.15 million-square-foot, mixed-use development. The restaurant seats 220, and also contains an outdoor dining patio and a semi-private dining area for special events. The design of the restaurant is inspired by Frank Lloyd Wright’s famous Fallingwater House. For more information see ; www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net
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