Houston

Murdoch Capital LLC and Parkway Partners, two Houston-based privately held real estate investment companies, formed a joint venture for the acquisition and redevelopment of the former Toys R Us.

With oil recently falling to 18-month lows in late December, there are concerns that the recovery of the Houston economy could stall if oil's market price remains below $50 per barrel for an extended period.

Avenue Center, a three-story mixed-use community complex, will feature approximately 30,500 square feet of community programing designed to meet the needs of Near Northside residents.

Backed by experienced ownership and as one of the only historic office buildings in downtown Houston, Esperson presented lenders with a one-of-a-kind opportunity as lenders remain active in the market.

The $88 million project is part of the Houston Independent School District's voter-approved 2012 bond program, which calls for the renovation or rebuilding of 40 schools including 29 high schools in the district.

The site provides 1,500 feet of Katy Freeway visibility to 46,032 vehicles daily and is the first development in the 106.6-acre Pederson Distribution Park, situated between Brookline, Pederson and I-10.

The sale of Five Points represents a recurring trend of private equity capitalizing on stabilized secondary market retail centers at value-add pricing as institutional owners shift portfolios toward primary market core/core-plus assets.

Private capital's demand for industrial, coupled with the already strong appetite from buyers, has been a contributing factor in the cap rate compression during the last few years, says Moore in this <b>EXCLUSIVE</b>.