HOUSTON—Online real estate company, Ten-X, recently released its latest US office market outlook, including the top five buy and sell markets for office real estate assets. The forecast indicates Portland, Oakland, CA, Palm Beach, FL, Orange County, CA and Miami are the top markets in which investors should consider buying office assets. These regions, concentrated in Florida and the West Coast, are being fueled by growing economies, where strong demographics and consistent job growth are boosting robust demand for office space.
Houston, Cleveland, Suburban Maryland, Memphis and Milwaukee are the top markets where Ten-X projects market conditions might cause office investors to consider selling properties. These cities are being undermined by weakening labor markets, which have reduced demand for office space and significantly slowed absorption rates, GlobeSt.com learns. However, across almost all property types, there is recent activity among investors for Houston-area properties, with retail showing a particularly strong interest level.
One recent office sale was that of the DOW Administration Building, a suburban class-A office building in Lake Jackson, TX. The seller was CORE Real Estate LLC and the buyer was Cole Corporate Income Trust II Inc.
Completed in 2015, the property consists of a four-story LEED Gold-certified office building with 230,000 square feet fully leased to The Dow Chemical Company. The building is situated on a 13.4-acre site at 322 State Highway 322, just north of Abner Jackson Parkway approximately 42 miles south of Houston.
Holliday Fenoglio Fowler LP marketed the property on behalf of the seller and procured the buyer. The HFF investment sales team representing the seller was led by senior managing directors Danny Miller and Mark West, and director Martin Hogan.
Another HFF-marketed sale was of Renaissance Center, a 97,279-square-foot value-add grocery-anchored retail center less than 2 miles from the Texas Medical Center. The retail center is inside of Houston's Interstate 610 inner loop, near the medical center and downtown, two of the major employment bases in the city. The transaction reflects the re-gentrification occurring in several different pockets inside the Interstate 610 Loop. The property's dense infill location has more than 135,000 residents living within a 3-mile radius.
HFF marketed the property on behalf of the seller, Lionstone Investments. Williamsburg Enterprises Limited purchased the asset for an undisclosed price, free and clear of existing debt. HFF's investment sales team was led by senior managing directors, Ryan West and Rusty Tamlyn.
Renaissance Center is anchored by H.E.B, one of the largest independent US food retailers and the premier grocer in Texas. Completed in 1996, the center is also home to eight office/retail tenants, including Taco Bell, BB&T Bank, Texas Department of Human Services, Watermill Express and US Renal Care.
HFF also arranged $65 million in interim financing for the 307,509-square-foot retail component of CityCentre, a mixed-use urban development in Houston. HFF worked on behalf of the borrower, a partnership between Midway and L&B Realty Advisors, to secure financing through JPMorgan and First Tennessee Bank.
Originally developed by the borrower in 2007, CityCentre includes retail, office, hotel and residential space surrounded by open-air plazas and green spaces. The retail component is a shopping and entertainment destination lifestyle center that is leased to a variety of high-end national and regional retailers and restaurants, including Studio Movie Grill, west elm, Sur La Table, Eddie V's, BRIO Tuscan Grille, Charming Charlie, H&M, Urban Outfitters and Anthropologie. Located at 800 Town and Country Boulevard, CityCentre is at the southeastern corner of Interstate 10 and Beltway 8 near the Energy Corridor. CityCentre is located in one of the wealthiest ZIP codes in Texas, as more than 10,800 residents earning an average annual household income of more than $169,800 live within a 1-mile radius of the property.
The HFF debt placement team representing the borrower was led by executive managing director Scott Galloway and managing director Colby Mueck.
HOUSTON—Online real estate company, Ten-X, recently released its latest US office market outlook, including the top five buy and sell markets for office real estate assets. The forecast indicates Portland, Oakland, CA, Palm Beach, FL, Orange County, CA and Miami are the top markets in which investors should consider buying office assets. These regions, concentrated in Florida and the West Coast, are being fueled by growing economies, where strong demographics and consistent job growth are boosting robust demand for office space.
Houston, Cleveland, Suburban Maryland, Memphis and Milwaukee are the top markets where Ten-X projects market conditions might cause office investors to consider selling properties. These cities are being undermined by weakening labor markets, which have reduced demand for office space and significantly slowed absorption rates, GlobeSt.com learns. However, across almost all property types, there is recent activity among investors for Houston-area properties, with retail showing a particularly strong interest level.
One recent office sale was that of the DOW Administration Building, a suburban class-A office building in Lake Jackson, TX. The seller was CORE Real Estate LLC and the buyer was Cole Corporate Income Trust II Inc.
Completed in 2015, the property consists of a four-story LEED Gold-certified office building with 230,000 square feet fully leased to
Holliday Fenoglio Fowler LP marketed the property on behalf of the seller and procured the buyer. The HFF investment sales team representing the seller was led by senior managing directors Danny Miller and Mark West, and director Martin Hogan.
Another HFF-marketed sale was of Renaissance Center, a 97,279-square-foot value-add grocery-anchored retail center less than 2 miles from the Texas Medical Center. The retail center is inside of Houston's Interstate 610 inner loop, near the medical center and downtown, two of the major employment bases in the city. The transaction reflects the re-gentrification occurring in several different pockets inside the Interstate 610 Loop. The property's dense infill location has more than 135,000 residents living within a 3-mile radius.
HFF marketed the property on behalf of the seller, Lionstone Investments. Williamsburg Enterprises Limited purchased the asset for an undisclosed price, free and clear of existing debt. HFF's investment sales team was led by senior managing directors, Ryan West and Rusty Tamlyn.
Renaissance Center is anchored by H.E.B, one of the largest independent US food retailers and the premier grocer in Texas. Completed in 1996, the center is also home to eight office/retail tenants, including
HFF also arranged $65 million in interim financing for the 307,509-square-foot retail component of CityCentre, a mixed-use urban development in Houston. HFF worked on behalf of the borrower, a partnership between Midway and L&B Realty Advisors, to secure financing through JPMorgan and First Tennessee Bank.
Originally developed by the borrower in 2007, CityCentre includes retail, office, hotel and residential space surrounded by open-air plazas and green spaces. The retail component is a shopping and entertainment destination lifestyle center that is leased to a variety of high-end national and regional retailers and restaurants, including Studio Movie Grill, west elm, Sur La Table, Eddie V's, BRIO Tuscan Grille, Charming Charlie, H&M,
The HFF debt placement team representing the borrower was led by executive managing director Scott Galloway and managing director Colby Mueck.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.