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Houston’s Galleria to Welcome Hyatt Regency Hotel

30 Oct 2014, 2:21 pm

By Liviu Oltean, Associate Editor

Houston’s Galleria will be home to a new Hyatt Hotel in the fall of 2015. The Hyatt Hotels Corp. recently announced that a Hyatt affiliate has entered into a franchise agreement with Songy HighRoads, an Atlanta-based company, for the development of the Hyatt Regency Houston Galleria.

The new hotel will be located at 2626 Sage Road, on the northwest corner of Sage Road and West Alabama Street. It will be developed on a 7.6-acre plot adjacent to the mixed-use project Galleria Plaza. Upon build-out, it will join a Whole Foods Market, retail and specialty stores, luxury apartments and office towers.

The hotel will encompass 325 rooms on 14 stories, and it will feature 12,000 square feet of meeting and conference space, a large fitness center and a pool deck. Songy HighRoads currently  has a second hotel under development in the Galleria submarket, the 162-room, limited service Hyatt Place.

“We began construction of Hyatt Regency Houston Galleria in December 2013, and are looking forward to a fall 2015 opening,” stated Todd Nocerini, COO of Songy HighRoads. “The Galleria area is one of Houston’s most important commercial submarkets, and we are delighted to be bringing the Hyatt Regency brand, in tandem with Aimbridge Hospitality as our hotel manager, to business and leisure travelers visiting the area.”

“The Galleria area of Houston offers an incredible opportunity to interface with the formidable office and retail population in the vicinity. We are pleased to add Hyatt Regency Houston Galleria to our portfolio, and look forward to working with the great team at Songy HighRoads,” stated Dave Johnson, Aimbridge Hospitality’s president & CEO.

 



Cabot Properties Closes on Houston Industrial Portfolio

24 Oct 2014, 3:59 am

By Liviu Oltean, Associate Editor

Clay Campbell Distribution Center

Cabot Properties Inc., a Boston-based private equity REIT, has just closed on a three-building industrial portfolio in Houston. The announcement was made through HFF, which brokered the transaction on behalf of the seller, East Group Properties. Totaling 243,100 square feet, the portfolio consists of Clay Campbell I and II and the Kirby Business Center. At the time of the transaction, the assets were fully leased.

Clay-Campbell I and II are located at 4300-4320 and 4444-4456 Campbell Road in northwest Houston, one of the city’s most thriving industrial submarkets. As we have reported last week, the northwest region has about 133.4 million square feet of developed industrial space, of which only 5.5 million square feet are vacant. The industrial buildings were completed in 1982 and encompass about 117,000 square feet.

Kirby Business Center is located at 9350-9370 South Point Drive, south of NRG Stadium and the Texas Medical Center. Due to its proximity to Loop 610, the asset allows easy access to all major freeways. The south industrial market has also been prospering, according to CBRE research data. For the third quarter of 2014, south Houston registered a 3.3 percent vacancy rate.

“Because of their tremendous functionality, these assets have enjoyed a strong historical performance under EastGroup’s ownership and generated significant interest from both institutional and private capital investors,” said HFF Director Trent Agnew. “Like EastGroup, Cabot continues to be bullish on Houston’s long-term prospects, and these assets are a great complement to their current holdings and give them exposure to the market within their latest fund.”

Image Courtesy of EastGroup via Official Website 



Triten Real Estate Partners Breaks Ground on Final Building in Intrepid Business Park

16 Oct 2014, 6:25 am

By Liviu Oltean, Associate Editor

Triten Real Estate Partners, a subsidiary of Triten Corp., announced the ground-breaking for the final industrial building at Intrepid Business Park. Located in Houston’s northwest industrial market, the Class A industrial park fronts Brittmoore Road and features easy access to Beltway 8, Interstate 10 and Highway 290.

Stream Realty Partners will handle leasing for the project, with Justin Robinson and Jeremy Lumbreras in charge. “Intrepid has already been an overwhelming success, and we are looking forward to continuing that momentum. We were fortunate to add a high-caliber, Fortune 500-ranked company to the tenant roster in the project’s last building, and we are confident the new delivery will appeal to the same type of tenants,” said Jeremy Lumbreras, senior associate with Stream Realty.

Upon build out, the 86,250-square-foot asset will be a front-load, tilt-wall distribution building that will feature various amenities – 30-foot clear heights, an ESFR sprinkler system, a spacious truck court and an acre of outside storage. The asset is designed to accommodate one or more tenants and has been slated for completion in the first quarter of 2015.

“The first three buildings in the project, totaling nearly 200,000 square feet, were very well received by the market. Our latest state-of-the-art building will be built on the last remaining land parcel and will round out Intrepid Business Park. We are very excited to deliver it at a time of continued robust industrial fundamentals and look forward to the continued success of the park,” said Scott Arnoldy of Triten Real Estate Partners.

Houston’s northwest industrial market has been doing quite well. According to CBRE’s research data for the third quarter of 2014, from 133.4 million square feet of developed industrial space, only 5.5 million square feet remains vacant, giving it a 4.1 percent vacancy rate.

Rendering courtesy of Triten Real Estate Partners



KB Home Acquires Land for New Spring Branch Community

9 Oct 2014, 6:50 am

By Liviu Oltean, Associate Editor

Houston seems to be KB Home’s go-to multifamily market, seeing as the company just acquired a new tract of land in Spring Branch for the development of Hollister Commons, a residential community consisting of 44 single-family units.

With pricing expected to begin in the low $300,000s, the project will be developed inside the Beltway near the I-10 and Highway 290 and has been slated to open in the summer of 2015.

Consistent with KB Home’s homebuilding approach, residents will be able to customize almost everything about their future homes: lot location, floor plans, structural features, décor, technology and sustainability-focused components. This process will be facilitated by design consultants, who will work one-on-one with the buyers.

“Location is one of the most important factors buyers consider when deciding to purchase a home, and Hollister Commons presents an ideal opportunity to live in an established area that offers short commutes to thriving business and employment centers, well-regarded schools and shopping, entertainment and other metropolitan conveniences,” said Jim Harrison, president of KB Home’s Houston division. “KB homeowners at Hollister Commons will be able to take advantage of everything this vibrant area has to offer from the comfort of a smartly designed home personalized for the way they want to live.”

Founded in 1957, KB Home has developed more than half a million homes since its foundation. Because of the emphasis it puts on sustainable features, the company has received the ENERGY STAR Partner of the Year Sustained Excellence Award for four consecutive years.



Fidelis Realty Acquires 112-Acre Tract North of The Woodlands for New Shopping Center

2 Oct 2014, 4:13 am

By Liviu Oltean, Associate Editor

Houston-based Fidelis Realty Partners recently completed the acquisition of a 112-acre tract at the former Camp Strake, where it plans to develop a 750,000-square-foot shopping, dining and entertainment center.

The acquired tract is located north of The Woodlands, at the southwest corner of Loop 336 and I-45 in the city of Conroe. The asset was acquired from The Johnson Development Corp. and is part of a 2,046-acre mixed-use, master-planned project.

“The opportunity to create a regional shopping experience at such a prominent location was very appealing,” said Lynn Davis, principal & chief marketing officer of Fidelis Realty Partners. “We’re looking forward to working with Johnson Development on this project.”

“This project will provide a tremendous economic boost for the area,” added Conroe Mayor Webb Melder. “We are excited to be working with Johnson Development and its development partners.”

Comprising 40 professionals, Fidelis Realty Partners manages a portfolio of approximately 7 million square feet, of which 1 million is under acquisition, development or pre-development. The company’s footprint covers nine cities across three states, with the majority of assets located in the greater Houston metropolitan area.

With construction slated to begin in late 2016, the mixed-use center represents Fidelis Realty Partners’ biggest project. As CPE reported, The Woodlands is becoming more and more crowded with new, large-scale developments, which has shifted attention to the areas around it: In August 2014, Howard Hughes Corp. acquired 2,000 acres of land for a residential development just 13 miles north of The Woodlands. Similarly, The Toll Brothers recently announced plans for a 600-acre, master-planned development west of The Woodlands, along FM 2978.







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