9 posts tagged “texas”
PCCP LLC, a California property investor, purchased Opus West's largest property at bankruptcy auction for $29.9 million according to a Dallas Business Journal article. Opus West Corporation and some of its subsidiaries filed voluntary petitions in July for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to facilitate its "ongoing financial restructuring".
PCCP bought the property for $29.9 million, or approximately $24 per square foot. The industrial property is at 2525 E. State Highway 121 in Lewisville, Texas. The property is comprised of three buildings with the Class A asset totaling 1.25 million square feet and is currently 65% leased. The purchase was made using the buyer’s $746 million investment fund.
For more news and information, visit Blumberg Capital Partners.
NRG Texas and its retail business Reliant Energy have executed a long-term lease at Pavilions Tower in the Houston Pavilions complex, an agreement that includes the space in floors one through ten (Sheehy, Serpe & Ware occupy the top floor). Eric Anderson and Greg Tilton of Transwestern represented the owner, Houston Pavilions LP. NRG Texas was represented by George Strake and Christopher Oliver with Cushman & Wakefield of Texas, Inc.
With the completion of the NRG lease, the second largest lease to be completed within the last year in downtown Houston, the office section of the project is now completely leased. "Even in the best of economic times, it's not often that a 240,000-square-foot tenant comes along," said Geoff Jones, co-developer/principal of Houston Pavilions. "In today's climate, we feel extremely fortunate to have executed a lease of this size with a tenant like NRG."
For more news and information, visit Blumberg Capital Partners.
A joint venture between CB Richard Ellis Realty Trust and Duke Realty Corp. acquired three fully-leased office buildings in Orlando and Houston for $41 million. Prior to the transaction, Duke owned the newly constructed portfolio, totaling nearly 327,000 square feet. In Texas, the venture acquired the 89,750-square-foot office building at 22535 Colonial Parkway in Katy, a property fully occupied by Det Norske Veritas, a Norwegian risk management firm. The Florida properties include 1390 Celebration Blvd., a 101,000-square-foot office building leased to Disney Vacation Development, and Fairfield Distribution Center IX, a 136,200-square-foot warehouse at 4543-4561 Oak Fair Blvd. leased to Iron Mountain, a records storage and protection firm.
The CBRE Duke joint venture plans to acquire up to $800 million of newly developed build-to-suit projects over a three-year period. "There is always an interest in finding good yielding properties with good cash flow and high quality tenants," Jack Cuneo, president & CEO of CB Richard Ellis Realty Trust, told CPN. "The sellers may not get the pricing they had projected in the past, but certainly there are buyers and cash around for good quality properties. The buyer has to be willing to not be dependant upon leverage to be successful in the market today, though."
For more news and information, visit Blumberg Capital Partners.
The Silveron Office Center, a 64,267 square foot multi-tenant office building in Flower Mound, Texas, has been put on the market for sale according to a crefeed.com report. The Dallas-suburb office property at 601. Silveron Blvd. was built in 2006 and is currently 95% leased, with recent rates of $22.50/square foot. The two-story structure boasts stone accented entries, 4/1,000 parking and a two-story lobby with a monumental staircase.
"Silveron Office Center currently has a favorable operating income ratio with a 9 percent cap rate and 11.5 percent cash flow on actual occupancy," said Ron Hebert, associate vice president investments and director of Marcus & Millichap Real Estate Investment Services, representing the seller.
For more news and information, visit Blumberg Capital Partners.
Just in time for Earth Week 2009, Houston, TX is marking its second year of the LightsOutHouston initiative, a commitment to become the "Energy Conservation Capital" by turning off the lights. Top property owners and their tenants, in conjunction with the Greater Houston Partnership, the City of Houston, Central Houston, Inc. and CenterPoint Energy, have joined the program to establish a sustained reduction in the use of non-essential electricity in commercial buildings.
In addition to signing sign a pledge of their commitment to energy conservation, participating buildings will "go dark" for the weekend, beginning at 10pm on Friday evening. Security lighting, any obstruction lighting, emergency lighting and lights in occupied offices will remain lit. The 2008 LightsOutHouston avoided 43,000 tons of CO2, which is equal to taking about 7,500 passenger vehicles off the road. The electricity saved is enough to power 4,600 average Texas homes for a year. If participating owners and tenants put this practice into action year-round it could mean a potential savings of $8 million in electric bills, according to a Houston Business Journal article.
For more news and information, visit Blumberg Capital Partners.
Dan Danielak, a senior associate at Marcus & Millichap, is representing an unnamed seller in the marketing of a three-property office and industrial portfolio, according to a crefeed.com article. The portfolio includes properties located in Colorado, Texas and Missouri and totals 306,688 square feet of space.
The following properties are being offered for $58.44 million:
SI International Inc., located at 1050 and 1090 North Newport road in Colorado Springs, CO, includes a three-story 91,088 square foot office building and a single-story 30,800 square foot office building.
Aker Solutions, located at 2201 North Sam Houston Parkway in West Houston, TX with 94,800 square feet of space.
Nooter Eriksen Inc., located at 1509 Ocello Drive in Fenton, MO with 90,000 square feet.
For more news and information, visit Blumberg Capital Partners.
KBS Realty Advisors has purchased the 12-story Providence Towers, a class A office building in Dallas' Far North Tollway submarket, according to a Dallas Business Journal article. KBS purchased the building from CB Richard Ellis Investors LLC, which had owned the building since 2006; a sale price was not available, but the Dallas County Appraisal District valued the building at $72 million.
Providence Towers is 87% leased to 47 tenants including Henry S. Miller Commercial, Time Warner Cable, Transwestern Property Co. and Morgan Stanley. According to the Providence Towers marketing flyer, approximately 282,032 square feet of the space, or 55% of the property, is leased at least until 2012. The flyer also stated that leases scheduled to expire in 2010 and 2011 have in-place rents averaging 15% to 20% below current market rate.
For more news and information, visit Blumberg Capital Partners.
BlackBerry maker Research in Motion has acquired Riverside Commons, an office campus featuring 460,297 square feet of space and six office buildings in Las Colinas, Texas, a submarket of Irving.
The seller, Dallas-based Westmount Realty, has owned the complex since 2006 and completed a $5.7 million renovation program on campus. Occupancy was 86 percent at the time of closing. The largest tenant presently at Riverside Commons is Sprint Nextel Corp., which occupies 211,315 square feet. Research in Motion had previously occupied 134,177 square feet at the property, which it was using as its company headquarters according to a GlobeSt article.
For more real estate news and information, visit Blumberg Capital Partners.
Market Exceptions: Philip Blumberg of Blumberg Capital Partners discusses the distinction between the contradiction in advising to sell and not buy in the current economy, and where the exceptions are. For more real estate news and information, visit Blumberg Capital Partners.
