GALVESTON, TX-The Palisades Palms is on track to break ground in late October, bringing the first new product to the East Beach in nearly two decades. The 250-unit first phase, with prices from $225,000 to $1 million, has been three years in the making.
HOUSTON-Architect Lamoureux Associates buys an 8,512-sf office building for about $815,000 and veterinarian, Dr. Michael Huddleston, closes on the takeover of the 4,513-sf Westheimer Animal Clinic, now in line for a name change, in the $700,000 range.
HOUSTON-Triple Net Properties scores the win of the Beltway 8 Corporate Centre, a fully leased, three-year-old building along Sam Houston Parkway. The marketing campaign took a turn when Triple Net entered the picture.
HOUSTON-The Inner Loop location of the Timber Grove Condominiums and a restructured JV ownership with another partner parlay an $8.6-million loan for a holding with a low occupancy. More than $2 million will be pumped into upgrades.
HOUSTON-A Louisiana syndication group lays down cash for the 92%-leased Serrano Apartments, a five-year-old gated community with rents up to $1,129 per month. Seller Jupiter Realty had several offers to weigh before giving the go-ahead.
HOUSTON-The Paramount Transportation Systems' lease is one of two office deals with medium terms closing in the northwest sector. The California firm takes 16,000 sf at 3009 Claymoore Rd. while a law firm renews and expands to 20,515 sf at 2900 N. Loop West.
HOUSTON-The Rouse Co. hires Addicks Services Inc. to prepare land and excavate two million cubic yards of earth for the Bridgelands, a 9,000-acre, master-planned community. The local firm wins the nod with a $4.5-million bid.
HOUSTON-Despite present traffic woes, local executives say significant upgrades to the transportation infrastructure and events like the Super Bowl and All-Star game are image-makers that showcase Houston as a good place to do business.
HOUSTON-Schmid Investment will raise a 26,500-sf office building on 1.6 acres in Coles Crossing South, a 96-acre, mixed-use project in the northwest submarket. Ground will break within 30 days.
HOUSTON–Aggreko, a supplier of controlled air systems, will shift the national support center into 10,931 sf in September from Ellington Field. The dealmakers say the "flight to quality" trend is the motivation for the move.