Hines Starts 40-Story Spec Tower in Denver

 DENVER -- Hines on Tuesday broke ground on a 40-story spec tower in downtown Denver, one of the tallest projects built in Denver's CBD in nearly three decades.

 The 662,000-square-foot project, called 1144 Fifteenth, will be located between Arapahoe and Lawrence Streets. The site is one block from the historic Latimer Square.

 Hines is starting the Denver building on a spec basis at the same time it is building a 1 million square foot spec building in downtown Houston.

 Denver, like Houston, has a strong energy presence and starting the $300 million building now "is a testament to the strength of the Denver market and the firm's confidence in its future growth," Hines said in a press release.

 The Denver project, designed by Pickard Chilton, will consist of 27 floors of office space atop a 13-story podium comprising retail, restaurants, and a fitness facility.

 With rents expected in the $32 to $40 per square foot range, Hines has selected JLL to lease the project.

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 With Accurate Track Record, Marcus & Millichap Forecasts 50,000 New Jobs for Houston Economy

 HOUSTON - Marcus & Millichap, which has a track record for accurate economic forecasting, is projecting Houston will gain 50,000 new jobs in 2015.

 While the drop in oil prices and the layoffs in the energy industry has sobered the Houston economic outlook, the realty market has held up fairly well in 2015. The dire forecasts of local economists just aren't playing out.

 Marcus & Millichap in its Retail Research Market Overview said retail center construction will remain modest this year and shopping center rents will rise 2.7 percent.

 Editor's Comment: In the past, the California-based Marcus & Millichap realty firm has been amazingly accurate in its jobs forecasts, while Houston economists have been way off.

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 Chicago Investors Buy the Biggest Apartment Project in Texas  

 HOUSTON - Acquisition Broadway Square LLC of Chicago has acquired the 2,470-unit Broadway Square, the biggest apartment project in Texas.

 Broadway Square was developed in the 1970s by Harold Farb, a legendary Houston apartment magnate. Mr. Farb passed away in 2006, leaving behind a remarkable portfolio and a reputation for quality communities.

 Broadway Square, located near Hobby Airport, will be divided into two communities to enhance management and marketing.

 Miami-based Monument Real Estate Services, will manage a 1,039-unit portion of the property. Monument President Stuart Zook said the market for workforce multifamily in Houston is exceptionally strong.

Jeffrey Fript, vice president investments in Marcus & Millichap's Houston office, represented the buyer. A partnership including Post Investment was the seller.

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 Read King Developing 130-Acre Mixed-Use Project Near Grand Parkway

 HOUSTON - Read King Commercial has announced plans for Waterview Town Center, a 130-acre mixed-use project, proposed at the northwest corner of the Grand Parkway (State Highway 99) and Grand Mission in Fort Bend County on the southwest side of Houston.

 Houston-based Read King Commercial said the proposed project will have retail, restaurants, medical, office and multi-family at this intersection.

 The Garrett Cos. of Indianapolis recently purchased 11 acres from Read King for a 256-unit multifamily development.

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 Henry Cisneros Firm Sells Three MF Projects for $153 Million

 LOS ANGELES --- CityView,  an multifamily firm founded by former San Antonio mayor Henry Cisneros, has sold three multifamily rental properties in the Los Angeles area for $153 million.

 The Venue, a 147-unit multifamily complex in Woodland Hills, sold for $38 million. The Enclave, a 306-unit multifamily project in Paramount, Calif., sold for $61.2 million. The 251-unit Torrey Pines, in West Covina sold for $53.8 million. The projects were acquired between April 2010 and June 2012.

 Cisneros, the HUD secretary in the Clinton administration, authored a new book, recently published by ULI, titled: Urban Real Estate Investment: A New Era of Opportunity.

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 RealPage Apartment Data Firm Leases 400,000 SF in Telecom Corridor

 RICHARDSON, Texas- The RealPage apartment data firm has leased 400,000 square feet of office space in the Telecom Corridor, in Richardson, near Dallas for its new headquarters. RealPage will move 1,400 employees into a building at 2201 Lakeside Blvd. near the North Central Expressway.  

Stream Realty represented RealPage, a provider of services to the rental housing industry.

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 Hartman Pays $10.2 Million for Greenspoint Office Building

 HOUSTON - Hartman Short Term Income Properties XX purchases 400 North Belt, a 230,872-square-foot office project in Houston's Greenspoint submarket in north Houston.

 Holliday Fenoglio Fowler marketed the property on behalf of the seller.  Hartman purchased the building for $10.2 million from Parkway Properties.

 400 North Belt is located at the southeast corner of the Sam Houston Parkway/Beltway 8 at Imperial Valley Drive. Built in 1982, the 12-story property is 64 percent leased.

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 Sold: The Biggest Warehouse in New Orleans

 NEW ORLEANS - Cushman & Wakefield has brokered the sale of what is believed to be the largest warehouse in New Orleans. The price was $15.5 million.

 With occupancy of 96 percent, the 1420 Sams Avenue building is a 358,060-square-foot distribution building in New Orleans' Elmwood Business Park.

 The seller, Columbis Nova, was represented by Cushman & Wakefield's Mike Davis, Michael Lerner and Rick Brugge.

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 Hillwood Seeking Architect for Skyscraper in Downtown Dallas

 DALLAS - Hillwood Urban is conducting a design competition for architectural firms for what may lead to Dallas' first downtown skyscraper since the 1980s, according to a report by Steve Brown, real estate editor of the Dallas Morning News.

 The proposed 1 million square foot tower is planned for a site at the corner of Field Street and Woodall Rodgers Freeway. Hillwood, led by Ross Perot Jr., recently formed Hillwood Urban to develop downtown and urban-style projects, a spokesman for the firm told me recently.

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 Hotel Breaks Ground Near New Exxon Mobil Campus North of Houston

 HOUSTON - Woodbine Development Corporation and InterMountain Management started construction June 1 on a hotel in Springwoods Village where the new 3 million square-foot Exxon Mobil campus is nearing completion.

The hotel developers bought three acres from Springwoods Village developer CDC Houston to develop a 125-room Courtyard by Marriott hotel.

 "With ExxonMobil's campus and Southwestern Energy's headquarters now open for business, Springwoods Village has stimulated a new hotel submarket to serve the expanding employment center in north Harris County," said Keith Simon, executive vice president of CDC Houston.

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Atlanta Firm Snags Houston Hotel

 HOUSTON - Noble Investment Group of Atlanta has acquired the SpringHill Suites Houston Northwest, a new 139-roon hotel near the site of the former Compaq Computer Campus.

 Located within the Chasewood Technology Park, just steps from the Hewlett Packard Campuses and Lone Star College - University Park, the newly built property is the second Houston-area hotel in Noble's portfolio.

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 June 10, 2015

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