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Stream Realty Announces Houston CBD Acquisition, Retail Center Grand Opening

30 Jan 2015, 5:22 am

By Liviu Oltean, Associate Editor

The 600 Jefferson

It’s been a busy new year for Stream Realty Partners. Already, the Dallas-based firm announced the grand opening of its Center at Pearland Parkway in Pearland and the acquisition of 600 Jefferson in the Houston CBD.

Located at the intersection of FM 518 and Pearland Parkway, The Center at Pearland Parkway is a 165,000-square-foot retail development that features anchor and junior-anchor, inline and pad-site space. Its tenant roster includes companies such as T.J. Maxx, Ross Dress for Less, Petco and Palais Royal.

“This project features a great combination of strong national retailers and amazing access for an extremely underserved area of Pearland,” said Mark Sondock, managing director at Stream Realty. “As evidenced by the great reception we’ve received from the market, we’re really looking forward to providing the community with a great mix of tenants they can be excited about.”

Located a few blocks from Midtown, 600 Jefferson was acquired in partnership with DRA Advisors LLC from Brookfield Office Properties. Plans are to reposition the Class B office tower as Class A through such means as extensively renovating the lobby, common areas and exterior.

“600 Jefferson provides a unique opportunity to take a position in one of the most dynamic markets in the nation, Houston’s Central Business District,” said Stewart Lyman, vice president at Stream Realty, in an official statement. “The building’s structural efficiency and exceptional location make it a perfect candidate for a repositioning strategy. Upon completion of renovations, the building will fit a demand set that’s not currently served in the CBD.”

Image courtesy of Stream Realty

Trammell Crow Residential, Bluerock to Develop Luxury Apartments Near Texas Medical Center

24 Jan 2015, 2:58 pm

By Liviu Oltean, Associate Editor

Trammell Crow Residential and Bluerock Residential Growth REIT have joined forces for the development of a 269-unit apartment community. Dubbed Alexan Blaire House, the luxury community will be developed on a 4.2-acre tract just two miles from the renowned Texas Medical Center.

“TCR, with which we partnered on our recent Alexan CityCentre development project, is a nationally prominent developer with deep roots in Houston. With its tremendous local knowledge and development expertise, we expect that our partnership will deliver measurable value, both strategic and operational, on behalf of our investors,” said Ramin Kamfar, chairman & CEO of BRG, in an official statement.

In order to cater to the area’s high-income demographic, the community will feature best-in-class interior finishes, larger-than-average floor plans on account of limited supply, premium appliances, a resort-style pool, a state-of-the-art fitness facility, a concierge and a business center.

BRG and its affiliates will contribute about 90 percent of the equity needed for development, whereas TCR will contribute the balance of the required equity. The two companies are collaborating on another Houston-based project, the Alexan CityCentre, a 340-unit, Class A community slated for completion in 2016.

GoldOller Picks North Houston Luxury Community for First Texas Buy

16 Jan 2015, 4:02 pm

By Liviu Oltean, Associate Editor

The Trails at Dominion Park

GoldOller Real Estate Investments, a Philadelphia-based owner and operator of apartment communities, recently entered the Texas market with the acquisition of the Trails at Dominion Park for $52.5 million. The 843-unit, luxury apartment complex is located on a 50-acre tract in North Houston, along the I-45 corridor.

“Now that we are here, we intend to continue our expansion in Texas as part of our growth strategy in 2015,” said Chairman Richard Oller in a company statement. “The Trails at Dominion Park rings all the bells of what we look for in an acquisition. It is a beautiful property, priced right, 95 percent occupied and in the path of Houston’s growing employment centers. We are thrilled to be a part of the Houston growth story and very excited to bring our unique GoldOller management experience to the residents of the Trails at Dominion Park.”

Residents of the Trails at Dominion Park have access to five resort-style pools, heated spas, a fitness center, tennis courts, a sand volleyball area and a dog park. The community features one-, two- and three-bedroom apartments, with floor plans that range in size from 600 to 1,500 square feet. Apartment amenities include washer/dryer connections, balconies, patios, fireplaces and vaulted ceilings.

Transwestern Tapped to Lease New Medical/Office Project in Cypress

8 Jan 2015, 6:00 am

By Liviu Oltean, Associate Editor

The Houston office of Transwestern won the leasing of Cypress Creek Lakes, a 29,000-square-foot medical and office development. Owned by Mischer Investments, the project will break ground as soon as it is 50 percent pre-leased.

“We are excited to market this Class A medical office project in such a sought-after location,” said Ashley Cassel, Transwestern Medical leasing associate. “The payer mix and insured population in this area will draw top-level physicians to the development, especially as average household income and number of projected households continues to grow exponentially.”

Located at 19414 Cypress N. Houston Road, the project will rise in a residential area that has doubled its population between 2002 and 2013, according to an official statement. The asset is also close to other important residential communities, such as Bridgeland, Canyon Lake West, Town Lake and Cypress Creek Lakes.

“The quality of life for families can’t be beat in this area of Cypress,” said Randy Corson, vice president of Mischer Investments. ”It has grown so much and offers everything from national retailers and restaurant chains to locally owned boutiques and dining spots.”


Cousins Secures 230 KSF Lease; Chambers Street Cashes In $26M for Sam Houston Crossing IInc.

26 Dec 2014, 3:23 pm

By Eliza Theiss, Associate Editor

Post Oak Central

Fully integrated, self-administered and self-managed REIT Cousins Properties Inc. has secured a 230,000-square-foot lease extension at Post Oak Central. Tenant Stewart Information Services Corp.’s contract was set to expire in September 2016. It has now been expanded until September 2019. The deal put Cousins’ 5.6 million-square-foot Houston portfolio at 96 percent occupancy, with a six-year weighted average lease term.

Located in the heart of Uptown Houston, Post Oak Central comprises 1.3 million square feet of LEED Gold-certified, Energy Star-rated commercial space in three 24-story office towers. Amenities include a 125-person conference room, full-service banking, 24-hour monitored security, a 20,000-square-foot fitness center, a child-care center, an outdoor fountain plaza and 4,550 parking spaces.

In other commercial news, Chambers Street Properties completed the sale of four multi-tenant office properties totaling 534,849 square feet.  The $66.3 million sale included one wholly-owned property and three assets jointly owned with Duke Realty Corp. After paying off $19.2 million in mortgage loans, Chambers Street reported $47.1 million in sale proceeds, bringing the company’s 2014 dispositions volume to $184.8 million.

Among the sold properties was the 159,175-square-foot Sam Houston Crossing I office building in northwest Houston. Chambers Street cashed in $26.2 million for its 80 percent pro rata share in the asset. According to the Houston Chronicle, the three-story multi-tenant office building was picked up by Fuller Realty Partners. HFF marketed the property and represented the sellers.

Sam Houston Crossing I is fully leased to tenants such as Brock Enterprises, Framers Insurance Exchange, U.S. Steel, Axon EP, AMEC Oil & Gas and C.H. Robinson Project Logistics.

Chambers Street also sold the 253,705-square-foot One and Two Easton Oval in Columbus, Ohio, which brought in $20.7 million, based on the company’s 80 percent pro rata share of the Columbus and Houston properties, and the wholly-owned 121,969-square-foot Deerfield Commons I and II in Alpharetta, Ga., which fetched $19.4 million.

Click here for additional Houston market data.

Image courtesy of Cousins Properties

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