HOUSTON-A 232-unit neighbor to the prestigious Galleria has a for sale sign hanging on it. It's the submarket that's driving the demand, with rents spiking 10.5% in just the past three months, says the broker.

HOUSTON-A Philadelphia-based hotel repositioning specialist now owns the Houston Galleria Red Lion. The $20-million deal is mortared with a short-term franchise agreement with Hilton calling for a shutdown in late spring for a complete overhaul.

HOUSTON-Fewer new apartments will boost rents in Houston, now lagging behind the national average by 3%, says Dallas-based M/PF Research's quarterly apartment report. The metro's average rent now totals $638, with the exception of areas like the Galleria and West Inner Loop.

HOUSTON-Baker Hughes has secured a sale-leaseback deal for $100 million for four properties with Texan Western LP. The more than one million-sf ownership transfer marks the region's largest deal last year.

HOUSTON-A Cooper Cameron Corp. division is making plans for a 215,000-sf headquarters in Wolff Cos.' Westway Park. Hines Co. will develop the 8.6-acre parcel with a class-A building that's been designed by HOK.

HOUSTON-A growing market coupled with a 5% vacancy rate has sparked the sale of the 576-unit Madison Park Apartments. A CB Richard Ellis team had the buyer and the seller in its client roster.

HOUSTON-Wal-Mart has grabbed a 17-acre tract at First Crossing in Sugar Land, where it is now pushing dirt on the region's 12th Sam's Club. The Wolff Cos. First Crossing is now looking for office and restaurant developers for the balance of the development.

HOUSTON-Aspen Technology has found a taker for 17,187 sf at Ashford V in the city's west corridor. MEI Consultants is subleasing the spot through a deal handled by a Trammell Crow team.