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PHOENIX-Scottsdale leads the metro in the average asking rent, but there really isn't any market that's drastically sagging in rent or absorption, according to DAUM's midyear report. To date, 8.6 million sf have been absorbed.
THE WOODLANDS, TX-A 4,329-sf inline spot in Lake Woodlands Plaza is reserved by a Houston restaurateur for a second location. Meanwhile, Popeye's buys a tract along Spring Cypress Road in Houston.
PHOENIX-Without warning, Best Western's president and CEO James P. Evans says he's bidding adieu in November. The board of directors, caught off guard, says the only reason he gave is "to pursue other interests.
PHOENIX-A 214,173-sf, two-building complex goes to Bedford Property Investors, shortly after an eight-year, 40,637-sf lease is signed with Siemens Building Technologies. The purchase price equates to $113 per sf.
HOUSTON-Hydraulics of Texas' CEO makes the buy and then leases it back to the company, says the broker on the deal. The 6800 Northwinds Dr. purchase is a class B warehouse and a hot ticket around town.
HOUSTON-The 65%-leased medical office building sells on a 10 cap. It's a definite value-add opportunity, with plans being made for an immediate renovation. The repositioning promise is good since it's nestled in a medical district.
HOUSTON-Horizon Hotels, a Hilton franchisee in Houston, buys 2.4 acres near the intersection of Six Pines and Lake Woodlands drive. Ground breaks in November on the hotel, with delivery coming a year later.
SCOTTSDALE, AZ-DFD CornoyerHedrick takes the grand prize from a field of 430 entries in the 39th annual Gold Nugget Competition. The local firm wins with its Scottsdale's Galleria Corporate Centre makeover.
HOUSTON-The New York City-based firm will occupy floors 11 through 15 at 5 Houston Center in a 29,558-sf lease add-on coming on the eve of delivery. The high-rise is now 86% pre-leased, with E&Y holding 147,790 sf.
PHOENIX-Buyer Lippow Development of Martinez, CA closes the deal with proceeds from a San Francisco multifamily sale. The 14,539-sf acquisition at 3063 W. Agua Fria Freeway comes with a 20-year lease.