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HOUSTON-Uretek USA closes a sale to Royal Reporting for an office building at 9422 Hammerly in the near northwest submarket. The property was on the market for four months at an asking price of $695,000.
HOUSTON-Building owners will be tweaking portfolios to meet demands for enhanced fire protection systems, larger truck aprons and rail accessibility. The changes come along with a prediction for two years of slowed construction.
PHOENIX-More than 300 hotels around the world will carry the Best Western name, either through new development or re-branding. Of the total, 155 will be in North America. The opening of trade relations in China brings two hotels.
ALBUQUERQUE-Rent concessions are disappearing and investors appearing in Albuquerque, particularly in the multifamily sector. A 59-unit, class B plus complex brings $2.5 million from another out-of-state investment group.
HOUSTON-A two-building, 60,240-sf acquisition with a Fortune 500 tenant sparks a sale to an investment group, actively scouting for other buys in the region. Sources say the area is bringing $30 per sf for comparable properties.
PHOENIX-NDC Health weighs relocation and then decides to stay put at the Biltmore Financial Center. The 128,000-sf, 10-year pact has property owners in the Camelback Corridor breathing easier, says one of the dealmakers.
HOUSTON-A 10,000-sf industrial building is sold as a result of a January merger of Houston's Mitchell Energy & Development and Oklahoma City's Devon Energy. The 10-year lease to an oil field supplier made it a good investment purchase, says the broker.
MESA, AZ-A Las Vegas developer is ready to recoup his investment from a premier 676-unit complex in East Mesa. The plan is to divert proceeds into his Las Vegas holdings, according to the broker doing the marketing.
LAS VEGAS-A group of institutional investors wins Park Place Entertainment's control in Jupiters Ltd., an Australian casino company. It's a double deal that is supposed to close in the second quarter.
HOUSTON-A Houston team for Granite Partners heads up a new initiative by CalSTRS to seek outside advice on investments. Granite's Richard Rudd and Robert Williamson lead the team for the plum assignment.