CBRE Sells Three Retail Projects in Houston

HOUSTON – CBRE coordinated the sale of three shopping centers in the Houston area.The properties total approximately 313,344 sf and are located in Houston, Pasadena and Katy, Texas. … Northwest Village, an 189,968 sf community center at 17360 Northwest Freeway in Houston, was purchased by Gordon Partners. The seller was Baceline Investments of Denver. It is 90 percent leased. … Fairway Centre III is a 103,876 sf Power Center, which is currently 100 percent leased by Sports Authority, Conn’s and Office Depot. Located at 3931 Fairway Drive in Pasadena, the center was purchased by Fidelis Realty Partners in Houston from Trammell Crow. David Aaronson and Jeff Stein with CBRE’s Debt & Equity Finance group, secured the equity and debt through a life insurance company. …  The Plazas at Grand Parkway is a strip center located at 1575 West Grand Parkway South in Katy. It totals 19,500 square feet is 83 leased. It was sold by Sun Life Assurance Company based in Wellesley Hills, Mass. to Vista Equities Group of Houston.

Kevin Holland, Chris Cozby and Chris Gerard with CBRE’s National Retail Investment Group represented the sellers in each transaction.

Office Sells for $35 Million in Houston’s Energy Corridor

HOUSTON – The Reserve at Park Ten, a 145,114-sf, Class A office building located in Houston’s Energy Corridor was purchased by a subsidiary of CapLease for $35.5 million.

The building, constructed in 2009, is 100 percent leased. The Energy Corridor, located in west Houston along Interstate 10, is one of the strongest submarkets in Houston with occupancy ovr 90 percent.

Bernard Branca, Jared Chua and Russell Ingrum of CBRE arranged the transaction on behalf of the seller, Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.

“The Reserve at Park Ten opportunity generated significant investor interest due to the global appeal of the Houston market and its projections for further growth. Also driving investor interest was the property’s location within the Energy Corridor, which is widely recognized as one of the world’s most important energy centers and a perennial leader in Houston market fundamentals,” said Branca, Senior Vice President with CBRE.

New Office Buildings Under Development in Midland, Texas as Permian Basin Drilling Boosts Economy

MIDLAND, Texas — Houston-based Satterfield & Pontikes Construction, is planning construction of multiple, new 100,000-square-foot office buildings in Midland, Texas. The site for the project is located in Westridge Park, a 100+-acre master-planned development situated in Midland’s premier high-growth Western Corridor. Midland’s soaring economy has benefited from increased energy production as a result of new drilling technologies in the liquids-rich Permian Basin. These economic conditions have fueled a demand for new development in retail, hotel and residential sectors. S&P’s new development is a first-of-its-kind in the rapidly expanding area.

“Business is booming in Midland and we want to be a part of helping build the foundation for their next chapter in the city’s history,” said George A. Pontikes, JR, S&P’s President and CEO. “The demand for space is up-and-rising and we’re excited to have the opportunity to help provide a community with a second-to-none facility that delivers the resources to meet the area’s current demands.”

Employing a timeless design from Kirksey Architects, S&P’s new energy efficient four-story, multi-building development is located just ten minutes from Midland International Airport and offers easy access to Loop 250 and HWY 191. The site is minutes from downtown Midland and Odessa and is conveniently located near Midland’s residential neighborhoods, restaurants and hotels.

Ron McWherter of CBRE’s Houston office and Bill Scott of Midland Texas Real Estate will handle the leasing effort on behalf of S&P.

West Loop Office Building Sold in Houston

Houston – CBRE announced the sale of 1800 West Loop South, a 400,101-square-foot, Class A office building located in Houston’s Galleria/Uptown office submarket.

Strategically located along Houston’s 610 West Loop, 1800 West Loop South was 81.5% occupied at the time of sale. In recent years, approximately $3.7 million was invested in capital improvements at the property.The building was purchased by KBS Capital Advisors LLC, for an undisclosed amount.

Jared Chua, Bernard Branca and Russell Ingrum of CBRE arranged the transaction on behalf of the seller, Pearlmark Real Estate Partners, Edward Easton, Jorge Perez, and Chuck Cobb.

“The sale of 1800 West Loop South is the culmination of a highly competitive process that saw strong investor interest in the Houston market due to the strength of existing fundamentals along with projections for continued future growth,” said Jared Chua, vice president at CBRE.