Three Office Buildings to be Built in Sundance Square, Alliance Residential Breaks Ground, Skilled Nursing Facility Sells for $2.1M

NOVEMBER 8, 2011

Subscribe for Free | News Submission | Contact | Advertise

Colliers International, Q3 2011 Houston Office Market Report

THREE OFFICE BUILDINGS TO BE BUILT IN SUNDANCE SQUARE

FORT WORTH -- Three new office buildings, totaling approximately 275,000 square feet, are scheduled to break ground in spring 2012 at Sundance Square, a 35-block entertainment, office and retail district in Fort Worth. The buildings will be located at 420 Commerce St.; 425 Houston St.; and 407 Throckmorton St. The Throckmorton Street building will be approximately 99,000 square feet, including 12,196 square feet of residential space. The Houston Street building will be approximately 93,000 square feet, including 12,393 square feet of retail space. The Commerce Street building will be approximately 83,000 square feet, including 17,000 square feet of retail and restaurant space. Washington, D.C.-based David M. Schwarz Architects designed the project to meet LEED certification. Fort Worth-based The Projects Group is the project manager, Fort Worth-based Bennett Benner Pettit, Planners + Architects is the architect of record and The Beck Group is the construction manager for all three buildings.

ALLIANCE RESIDENTIAL CO. BREAKS GROUND ON APT. COMPLEX

HOUSTON -- Phoenix-based Alliance Residential Co. has begun construction on the 246-unit Broadstone West Dallas, an apartment community located at the intersection of West Dallas and Gillette streets in Houston. The finished apartments will feature granite countertops, a washer and dryer package, stained-wood cabinets, track lighting and Berber-style carpeting. The complex will have a 5,000-square-foot clubhouse with a demonstration kitchen, massage room and iCafe. Other amenities will include a large swimming pool, outdoor cooking facilities, fitness center, central courtyard and separate park area. Final completion is slated for second quarter 2013.

SKILLED NURSING FACILITY IN UVALDE SELLS FOR $2.1M

UVALDE -- Marcus & Millichap has brokered the $2.1 million sale of the 115-bed Uvalde Healthcare & Rehabilitation Center, located at 535 N. Park St. in Uvalde. Douglas O'Toole Marcus & Millichap's Houston office and Rob Reis of the firm's San Francisco office represented the seller, a limited liability company, in the transaction and procured the buyer, a partnership.

MORGAN KEEGAN RELOCATES TO SAN FELIPE PLAZA IN HOUSTON

HOUSTON -- Morgan Keegan, a brokerage and investment banking firm, has leased the entire 43rd floor and part of the 41st floor, a total of 24,357 square feet, in San Felipe Plaza, a Class A office building located at 5847 San Felipe St. in Houston. San Felipe Plaza spans 980,472 square feet and is currently 89 percent leased. Chip Colvill, Michael Anderson and Win Haggard represented the landlord, TPG/CalSTRS, a joint venture between Los Angeles-based Thomas Properties Group and the California State Teachers' Retirement System, in the lease transaction. Brad Marnitz of NAI Houston represented the tenant.

DELTA ASSOCIATES: DISTRESSED PROPERTIES IN HOUSTON ON THE RISE

HOUSTON -- Houston's volume of distressed commercial properties stands at $3.9 billion as of October, a huge leap from its $1.7 billion standing in January 2010, according to a report conducted by Delta Associates, a research affiliate of Transwestern. Leading the way, office properties represent 40 percent of the distressed and stressed volume in Houston at $1.6 billion. Distressed multifamily and retail properties account for $1.2 billion and $900 million, respectively.

The increase in distressed properties in Houston conflicts with the downward trend occurring in the rest of the U.S. As of October, distressed commercial real estate totaled $171.6 billion, down $9.5 billion since June. Last year around this time, the volume of distressed properties peaked at $191.5 billion. The report indicates that the amount of distressed properties will continue to decline in 2012. To access the report, click here.

REBO TOP STORY

REAL ESTATE ECONOMISTS: EXPECT 2012 TO FEEL A LOT LIKE 2011

Job growth is proceeding at an "agonizingly slow pace," observes Victor Calanog, head of research and economics for New York-based Reis. This raises the big question: What is the short-term outlook for commercial real estate?

"With the exception of apartments, which are in a full-scale recovery, commercial real estate will follow a similar pattern of gradual improvement in occupancies with meaningful rent growth not emerging until 2013-2014," says Hessam Nadji, managing director of research for Encino, Calif.-based Marcus & Millichap.

To read the rest of Matt Valley's article, click here.

REBO TOP STORY

COMMERCIAL/MULTIFAMILY LOAN ORIGINATIONS UP IN THIRD QUARTER

WASHINGTON, D.C. -- In the third quarter, there was a 98 percent increase in commercial and multifamily loan origination volume compared to the third quarter of last year and a 10 percent increase compared to the second quarter of this year, according to the Mortgage Bankers Association's (MBA) "Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations."

To read the rest of Savannah Duncan's article, click here.

RIGHTQUEST BREAKS GROUND ON PHASE II OF VILLAGES AT PASO REAL

SAN BENITO -- Dallas-based RightQuest has broken ground on Phase II of the 180-unit Villages at Paso Real, a luxury multifamily community in San Benito. Phase II includes the addition of 70 apartment units, a playground, poolside cabana, laundry facility and detached garages. RightQuest is working on behalf of Brownsville-based Villages at Paso Real, LP. Austin-based Journeyman Construction is the general contractor of the project, Capstone Real Estate Services' San Antonio office is providing management services and IBC Bank is providing the financing for the development. The project is slated for a April 2012 occupancy.

COLLIERS INTERNATIONAL

DALLAS -- Colliers International has selected David Pinsel as the managing director for the north Texas region, where he will oversee brokerage, daily operations and asset/property management. Prior to his promotion, Pinsel was working in the Greater Los Angeles Investment Services division with Colliers as a managing director. Pinsel worked with Sperry Van Ness and Marcus & Millichap before he joined Colliers, and he earned his bachelor's degree from UCLA.

VENTURE COMMERCIAL

DALLAS -- Dallas/Fort Worth-based Venture Commercial Management has promoted Chasity Terry to marketing director, where she will focus on social media packages, event planning and public relations for clients. Before her promotion, Terry served as a property manager. Venture has also hired Ross McCook as transaction manager, where he will work with Larry Leon to expand the Venturetainment division. McCook's main focus will be in tenant representation services for clients in the restaurant and entertainment industries.