High above Hermann Park, a dramatic transformation is underway at The Parklane, a 35-story residential high-rise in Houston’s Museum District. Located at 1701 Hermann Drive, the iconic building was at one time the tallest high-rise residential tower in the city. Today, it is being completely reimagined with modernized residences and first-class amenities. Upon completion, The Parklane will debut 195 modern residences available exclusively for purchase, with prices starting from the $300s. “We built The Parklane in 1983 and were one of the first to introduce high-rise residential living to Houston’s thriving Museum District,” said Nadim Zabaneh, vice president of Houston-Based Tema Development, Inc. “We came to realize there was a niche in the market with a price range conducive to all buyer types, including first-time homebuyers, real estate investors, second homeowners and empty nesters. This drove our decision to convert rental residences into condominiums. Already some of our residents have jumped at the chance to purchase their units.” Tema Development, Inc. has engaged Mirador Group as the architect, interior designer and landscape architect for the project. The Houston-based architecture and interior design firm has a track record for condominium buildings. Click to read more at www.rejournals.com.
JLL Capital Markets closed the sale and arranged acquisition financing for Rayford Village, a 19,950-square-foot, fully leased retail center in the north Houston-area suburb of Spring, Texas. JLL marketed the properties on behalf of the seller, BNS Rayford Partners, LP, represented by Adam Soffar and Rob Naggar. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with First Community Credit Union. Rayford Village comprises two adjacent buildings that are home to a variety of national and local retailers, including Cole Veterinary Services, SK Salon, Goodwill, Pizza Hut, Papa John’s, DC Cleaners and Nail Bar. Situated on 2.7 acres at 2725 and 2757 Rayford Rd, the property’s surrounding retail is one of the fastest-growing residential areas in Houston. Click to read more at www.rejournals.com.
Axiom Space Inks Clear Lake’s Largest Deal Since COVID-19 Stay-at-Home Order
(May 12, 2020 – Houston) – Transwestern Real Estate Services (TRS) announces Axiom Space Inc. has signed a lease for an entire floor at 1290 Hercules Ave. in Houston, taking the building from full vacancy to 52% occupancy. The 31,327-square-foot deal marks the largest new lease signed in the Clear Lake submarket since Houston’s stay-at-home order took effect. Transwestern Senior Associate Matthew Seliger, Senior Managing Director Doug Little and Senior Vice President Louann Pereira provide office leasing services on behalf of the building owner, Capital Commercial Investments Inc. “We are extremely pleased to have developed a creative solution with Axiom Space, especially during the current situation with COVID-19,” said Seliger. “Despite the challenges of working from home during a global pandemic, we stayed highly focused to ensure the execution of this complicated and fast-paced transaction and we are excited to have Axiom Space as a valued tenant at the Hercules project.” Because Axiom Space has been selected by NASA to build a privately funded attachment to the International Space Station, they needed modern space with proximity to Johnson Space Center and room for future growth. “Capital Commercial Investments has been active in the Clear Lake market for several years, and we are thrilled to add Axiom to our fine list of tenants at Hercules. We developed and implemented a renovation plan with new lobbies, elevator cabs and spec suites that enabled our success,” said Chuck Kemp EVP/Head of Asset Management at CCI. Hercules II is a two-story, 65,233-square-foot, Class A office building less than a mile from the main entrance to Johnson Space Center and surrounded by large Clear Lake institutions, including University of Houston – Clear Lake, Clear Lake Regional Medical Center and Baybrook Mall. The property’s ideal location along Hercules Avenue offers convenient access to Interstate 45 and other major Clear Lake area thoroughfares. Ownership of the property has invested a substantial amount of capital in a complete renovation of the common areas, including custom landscaped green space. New move-in ready speculative suites with custom finishes range from 2,600 to 16,400 square feet in the adjacent building at 1300 Hercules Ave. Noah Kruger and Derrell Curry of Savills Inc. provided tenant representation services.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
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Note to Editors: We have changed the company name from Transwestern Commercial Services to Transwestern Real Estate Services. However, “Transwestern” is acceptable on second reference.
Stefanie Lewis Peeler
Media Relations Manager
National Marketing and Communications
1900 West Loop South, Suite 1300
Houston, TX 77027
FOR IMMEDIATE RELEASE
HOUSTON, TX (May 12, 2020)
Edge Realty Partners, Capital Markets (“Edge”) brokered the sale of I-45 & Monroe Blvd located at 8452 – 8464 Gulf Freeway in Houston, Texas. Burdette Huffman of Edge represented the seller. I-45 & Monroe Blvd is a 49,865 SF retail center featuring a value-add redevelopment opportunity with in-place cash flow. The property, located along Interstate 45 South, features incredible access and exposure to 207,000+ cars per day. Further, the property is surrounded by dense demographics with a population exceeding 335,000 people within a five-mile radius.
About Edge Realty Partners, Capital Markets
Edge Realty Partners, Capital Markets (“Edge”), the investment services platform for Edge Realty Partners, has deep ties in the capital markets industry and a transaction history that represents over $6.0 billion in sales across asset categories located throughout the nation. With significant market insight and a long-term approach to building client relationships, Edge provides third-party property disposition and note sale representation. Edge, with offices in Dallas, Houston, Austin/San Antonio, and Southern California, offers services across the country. For more information on Edge, please visit www.edge-re.com.
Edge Realty Partner
Edge Realty Partners
In many ways, the City of Seabrook had prepared for a disaster of this level. Even before Hurricane Ike slammed into Galveston Bay in 2008, the city had
developed a plan in case the inevitable occurred. But the COVID-19 storm that started brewing in early 2020 hit in an entirely new way. “It was certainly like a tidal wave that hit shore so fast. We saw it coming, we started to prepare and then it hit. We just went straight into emergency mode,” says Paul Chavez, director of the Seabrook Economic Development Corporation. “It’s unprecedented because the whole world is experiencing something as significant as Ike. Everybody is affected by it.” He says that in early February, the city started reaching out to citizens and businesses, trying to prepare them for what lay ahead. “A lot of hard decisions had to be made, but we knew that for the safety of everybody, we had to make those decisions and enforce them,” Chavez says. In some cases, it means abiding by and enforcing decisions made at a higher level, such as Harris County’s Stay Home, Work Safe order. “We’re asking our residents to work from home if they can and that’s the same policy we’re using at the city,” says Chavez. There are exceptions to the rule, such as EMS crews, firefighters, police officers, and public works. In addition to responding to emergencies
throughout the city, Chavez says first responders are also checking on local businesses, which may or may not be open. “They make sure that there isn’t any kind of suspicious activity going on inside because we know a lot of people are scared about looting and burglaries,” he explains. Click to read more at www.rednews.com.
CBRE announced April 23 that Russell Ingrum will lead office institutional investment sales for CBRE Capital Markets in Texas. Ingrum, an accomplished office investment sales professional with a long and successful track record in Texas, is returning to the region from the San Francisco Bay area where he was a senior leader in the firm’s Northern California Capital Markets team for the past eight years. Ingrum, a vice chairman, will be based in CBRE’s Dallas office. “We are thrilled to have Russell return to Texas where he started his career. He has extensive experience and strong relationships in these markets and he knows the investment community in Texas well, allowing him to advise our clients immediately,” said Michael Caffey, president, South-Central Division & Latin America for CBRE. “Russell has deep national and international investor relationships developed from his role as the national office practice leader and as a leading producer on the West Coast. We believe Russell will have real success assisting investors in deploying capital across markets from the West Coast into Texas markets,” said Chris Hipps, senior managing director, Investor Services for CBRE. Ingrum has closed more than 850 equity sales transactions in the U.S., consisting of 605 million square feet for a total consideration of $36 billion. He has consistently been a top national producer for CBRE in investment sales, representing some of the country’s largest equity/opportunity funds, life insurance companies and REITs. Click to read more at www.fortworthbusiness.com.