HOUSTON-Developer Moody National shifts gears on the business plan a month before delivery to take the 176-unit "for rent" project to "for sale" product after number crunching shows the payout would surpass $34 million.
HOUSTON-WH Linder & Associates will turn on lights in July in a class B office with 11,083 sf at Bridgewood II, driving a lateral move for about the same amount of space in the North Belt/Greenspoint submarket.
HOUSTON-The 22,000-sf Green Trails shopping center lands a new anchor and two renewals in the triple signing for five-year leases in a six-year-old asset undergoing a tenant shuffle.
HOUSTON-In a just-released first-quarter industrial report, Grubb & Ellis says the region's market absorbed more than one million sf in its 364.5-million-sf inventory. The region's leader was the far northwest, where vacancy lost a full point as a result.
SUGAR LAND, TX-The Woman's Hospital of Texas will relocate Aug. 1 into 5,916 sf at Colony Square. The deal adds about 1,000 sf of extra room and gets the operation away from the Sugar Land Freeway's construction zone.
HOUSTON-The Educational Commission for Foreign Medical Graduates and the National Board of Examiners will open a third testing center in July, backfilling a portion of 140,000 sf emptied at the year's start by Burlington Resources.
CLEAR LAKE, TX-A pair of small office buildings will go up in the Gulf Freeway submarket, bringing marginal relief for an area with no open blocks of contiguous space above 25,000 sf. Clear Lake gains positive office leasing traction from two power centers.
BAY CITY, TX-The new owner's upside in the Wildwood Apartments is a 60%-leased complex delivering just 50% of the scheduled gross income, the broker says. The property passes to a Virginia physician, one of 15 chasing the deal.
HOUSTON-A seller and two buyers, all from California, close on the sale of a pair of restaurant properties leased until 2023 to the Denny's chain. The buyers, both placing the top offer, ante up more than $1.8 million apiece.
KATY, TX-The Farmington sells for about $9.5 million to a Houston-based investment group. The 8.5% cap rate offsets a $6.6 million assumption to attract a buyer who closes the deal 36 days after placing the contract.