HOUSTON-Francis Property Management of Beverly Hills, CA, makes its third multifamily buy in the region, picking up the 156-unit Retreat at Westpark in the Westchase submarket. The asset was on the market for $14 million.
CONROE, TX-With the land in the family for 50 years, the Martin brothers partner with three others to build the Heritage at Hooper Hill, a 200-unit, class A complex near the city's historic downtown. Completion is set for late 2005.
ANTHEM, AZ-Voit Development Co. purchases five acres at the city's main entrance for $1.7 million. The plan is to break ground in the spring on a 65,000-sf, class A office building, set to rise as spec in a suburb that's tight on space.
TEMPE, AZ-A PODS franchisee's business grows faster than expected, driving an immediate need for more warehouse space in the East Valley. Franchisee Coyote Portable Storage inks a 55-month lease for 800 W. Carver Rd.
PHOENIX-Patrick Industries Inc. implements a new business strategy that requires a rail-served facility. The Elkhart, IN-based manufacturer signs a three-year lease and gets an extra 15,544 sf of operating room with the move.
HOUSTON-A private investor from Bellaire plans to raze a pair of apartment complexes and redevelop the 2.3-acre tract. The complexes, Richport Place and Mimosa, are located near Rice University in the heart of the historic Montrose neighborhood.
HOUSTON-The 37-story Orion Towers project gets under way, with the first delivery planned for spring 2007. To date, 106 of the 180 residences in the first phase have been sold for a combined $100 million. A second tower breaks ground in winter 2005.
SCOTTSDALE, AZ-The Alter Group's Riverwalk Arizona project gets a 10-year tenant for 100,000 sf of the under-construction, 140,000-sf building. The Arizona Design Center, now working out of a strip mall, gets its class A showroom/office keys in May.