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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.

Novare Group Unveils Plans for SkyHouse Main Luxury Tower in Houston CBD

25 Sep 2014, 3:49 am

By Liviu Oltean, Associate Editor

SkyHouse Main Rendering

Atlanta-based real estate developer Novare Group recently submitted plans for the development of a 24-story luxury tower in Houston’s Central Business District. Named SkyHouse Main, the tower represents the company’s second multifamily project in the CBD and the third in the city of Houston.

The new tower will rise along Main Street and will feature 336 residential units and 7,200 square feet of retail space. Similar to its counterpart SkyHouse Houston, the project will boast floor-to-ceiling glass, nine-foot-plus ceiling heights with high-end finishes, stainless-steel appliances, granite countertops, wood floors, expansive balconies and high-speed Internet. In addition, consistent with the SkyHouse vision, the tower will have a “Sky House on the 24th floor, which includes a fitness center, a club room, a pool and a grilling area.

Upon completion, the residential tower will be within walking distance of approximately 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium.

“We are excited to be working on the second tower in our SkyHouse development in downtown Houston,” said Jim Borders, president of Novare Group. “Early indications are that the market is responding well, as we thought it would, to the central business district location, public transit access, rooftop amenity package and exciting views of SkyHouse Houston. The next step is the critical mass of residents who will create a great neighborhood, and that is the vision of the city of Houston and Central Houston Inc. that we are a part of.”

The company is currently developing the SkyHouse River Oaks, which is situated in Cypress Real Estate Advisors’ new master-planned redevelopment of the Westcreek at River Oaks community in the River Oaks neighborhood in Houston. SkyHouse River Oaks broke ground in January 2014 and is expected to be completed in the first quarter of 2015.

Rendering courtesy of Novare Group

Milestone Apartments REIT Acquires Pearland’s Villas at Shadow Creek

20 Sep 2014, 3:53 am

By Liviu Oltean, Associate Editor

Milestone Apartments Real Estate Investment Trust just increased its Houston footprint by entering into an agreement of purchase and sale for Villas at Shadow Creek, a 560-unit multifamily community located in the Pearland submarket.

The acquisition, which is expected to close by the 30th of October, was facilitated by the REIT’s negotiations for a new fixed-term mortgage of approximately $41.2 million. The rest of the funding will be obtained from the company’s revolving line of credit. While the final financing terms remain undisclosed, the deal will go through at approximately $74 million, which represents an estimated year-one capitalization rate of 6.52 percent.

Situated in the Shadow Creek Ranch Master Planned Community, the multifamily asset was constructed in two phases, in 2006 and 2007. It has an occupancy rate of 95 percent, and its average monthly rent is around $1,200 per unit. The apartments come with one-, two- and three bedroom layouts, and community amenities include a business center, a strength training facility with a yoga and meditation room, a billiards room and wading pools.

“We look forward to adding this property to our existing portfolio of multifamily apartment communities in the greater Houston area. There is potential to further enhance the value of this asset through the implementation of Milestone’s operating efficiencies and unit enhancement program,” said Robert Landin, CEO of Milestone. “Shadow Creek is being acquired through a direct negotiation with the seller. Our strong networks of industry relationships continue to provide us with attractive off-market investment opportunities.”

Image Courtesy of Villas At Shadow Creek’s Official Website  

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