JLLCapital Markets announced today that it has closed the sale of River Oaks District, a landmark, 663,408-square-foot, luxury mixed-use asset located in Houston, Texas.

The property includes 302,668 square feet of luxury retail, 279 premier apartment units and 67,060 square feet of jewel-box office space.

JLL represented the seller in this transaction and procured the buyer, Fertitta Entertainment, Inc.

The retail portion of River Oaks District is leased to luxury, and modern contemporary brands with a vibrant mix of food and beverage and service-oriented tenancy. Retailers include Hermes, Cartier, Dior, Harry Winston, Van Cleef & Arpels, Brunello Cucinelli and Balmain, as well as Le Colonial, Toulouse, Bari, Steak48, Little Hen, Equinox and IPIC.

The five-story Grey House Apartments serves as the upscale multi-housing component, offering units with wood flooring, stainless steel appliances, quartz countertops, custom European cabinetry, nine-foot ceilings and floor-to-ceiling windows. The property also offers residents resort-style pools and spas, clubhouses with modern décor, a full-service onsite concierge, an elegant screening room, conference rooms and a state-of-the-art fitness facility.

Situated at 4444 Westheimer Road in the heart of Houston, River Oaks District’s location provides visitors and residents connectivity throughout the Houston MSA with immediate access to Interstate 610 (263,000 VPD).  In addition, the property benefits from an affluent and robust population with an average household income of $158,600 and a population of over 200,000 within a three-mile radius.

The JLL Capital Markets team was led by Retail Group Co-Leader and Senior Managing Director Barry Brown. Brown, alongside Director Erin Lazarus, Senior Managing Directors Colby Mueck, Ryan West and Jeff Hollinden and Managing Director Dustin Selzer, advised in the transaction.

The construction industry has long been a male-dominated field, but the tides are changing as an increasing number of women are finding rewarding careers in construction. This shift is driven by a multitude of factors. From abundant opportunities to low barriers of entry and a collaborative work environment, women are finding their place in an industry that is facing unprecedented demand for employees of all backgrounds.

Kristin Kalous, Market Leader, Alberici

1. Surge in Demand Creates More Opportunities for Women

The U.S. construction industry needs to hire an additional 501,000 workers in 2024 and 454,000 in 2025, on top of normal hiring, to meet industry demand¹.  This hiring surge is driven by record construction volumes, the 2021 Bipartisan Infrastructure Law, which allocated $1.2 trillion for projects including rebuilding roads, bridges, and other civil work such as locks and dams, and the Inflation Reduction Act of 2022 that provided over $360 billion for manufacturing and renewable energy projects.

The Bureau of Labor Statistics estimates that women make up only 11% of the construction workforce, and the industry must do a better job of welcoming women. At Alberici, we are embracing a diverse workforce by enhancing our benefits like paid maternity leave and developing employee resource groups that support and empower women on our team. We know that tapping into a broader talent pool allows us to meet the growing demand for a skilled workforce while providing our clients with high performing teams that reflect the communities they serve.

2. On-the-Job Training

An appealing aspect of a construction career is the low barrier to entry. At a time when many are looking for good-paying jobs without the debt that can come with a four-year degree, the construction industry often provides on-the-job training, allowing newcomers to earn a wage while learning their craft.

3. Collaborative Work Environment

Construction projects are inherently collaborative endeavors, requiring teamwork and effective communication. Team collaboration is greatly improved by the presence of women according to the American Psychological Association. In their research, they found that teams with more women exhibited better problem-solving and innovation.

The collaborative nature of construction work naturally fosters mentorships. Some of my most effective mentors empowered me to share my views and gain experience in areas that were critical to my professional development. I joined the industry at a time when there were few women mentors but there are a growing number of women’s groups and professional organizations such as CREW that provide support, networking and encouragement to women.

4. Financial Security – Great Pay and Benefits

Traditionally, women-dominated careers, such as teaching and childcare, have been associated with lower pay. In contrast, the construction industry offers competitive wages and attractive benefits. The financial security provided by a career in construction extends beyond competitive salaries. Alberici offers comprehensive benefits packages, including healthcare, retirement plans, and other perks. This financial stability empowers women to pursue rewarding and lucrative careers, challenging the gender pay gap that persists in other industries.

5. A Career That Makes an Impact

I can’t count how many times I’ve pointed out a building to my daughters and said, “We built that!” How many jobs give us tangible evidence of our hard work that we can proudly point out to our family and friends?

Whether it’s constructing hospitals, water treatment plants, or solar fields, women in construction play a crucial role in building the critical structures that improve lives and strengthen communities. This sense of accomplishment makes a career in construction fulfilling on many levels.

Ready to Get Started?

If you’re considering a career in construction, many resources are available to help you get started. Careers at Alberici are flexible and allow employees to explore a variety of interests and career paths across multiple functional areas. Our project engineers have followed career paths as varied as preconstruction, virtual design and construction (VDC), safety, quality or marketing and business development.

Those interested in trades also have a number of resources available as well. Local trade schools, union halls, or community colleges that offer training in construction-related fields. Here are some links to get you started:

• Alberici Careers Page
• Alberici Craft Construction Careers
• Hillsdale Fabricators
• MOKAN Pre-Apprenticeship Program
• Missouri Works Initiative
• Saint Louis Construction Cooperative

As Market Leader for Alberici’s commercial and healthcare markets, Kristin Kalous is responsible for overall operations, client satisfaction, and the financial success of her business unit. She drives strategy and builds relationships with clients and trade partners to lead successful pursuits.

Since joining Alberici 17 years ago, Kristin has steadily advanced through various roles including Sr. Project Manager and served as Director of Project Development prior to assuming her current role. Her work experience includes projects such as SSM Health Saint Louis University Hospital, St. Louis CITY SC’s CITYPARK Stadium and Downtown West Campus, the Missouri Botanical Garden’s new Jack C. Taylor Visitor Center and Mercy Health’s Center for Performance Medicine.

In the face of Houston’s challenging commercial real estate market conditions, entrepreneur Eduardo Morales, chief executive officer of Mexcor International and Morales Capital Group, has acquired the 2.3-million-square-foot former HPE/Compaq Computer Campus in Houston.

Morales envisions the newly rebranded Viva Center as, “a transformative tech hub that seamlessly blends Houston’s rich history with futuristic innovations. With a focus on integrating cutting-edge infrastructure and next-gen application platforms, Viva Center aims to lead the charge in shaping Houston’s technological landscape for years to come.”

Brandi Sikes and Liz Westcott, both of SVN | J. Beard Real Estate – Greater Houston, have been appointed to lease the office buildings at Viva Center. Recently, Sikes and Westcott facilitated a 54,247-square-foot lease on behalf of Morales Capital Group. The tenant, SynergenX, was represented by Chris Sacco of Lumicre.

At the forefront of the Viva Center revitalization is Freddy Vaca, a dynamic tech entrepreneur based in Dallas. Morales and Vaca have teamed up to found VivaVerse Solutions, a pioneering venture specializing in cutting-edge, high-density, immersion-cooling data center solutions aimed at catering to the needs of hyperscalers.

Strategically located on SH 249 between Beltway 8 and the Grand Parkway, Viva Center offers 1.3 million square feet of industrial space, one million retail square feet of office and tech lab space, and two million square feet of parking garages.

The campus features a host of amenities designed to support its vibrant community of innovators. These include versatile conference facilities, 6,000-plus garage parking spaces with climate-controlled skywalks, a full-service cafeteria, a fitness center, and an outdoor pavilion. Hike and bike trails connect to the adjacent 80-acre Kickerillo-Mischer Preserve. Morales invites the community to join Viva Center’s transformative journey, encouraging collaboration and the exploration of synergistic ideas to drive innovation forward.

Hines has unveiled plans to deliver two new Class-A self-storage facilities, Custer Self-Storage in Frisco, Texas, and Jupiter Self-Storage in Garland, Texas, later this year.

Both state-of-the-art, multi-level facilities will feature masonry exterior, climate-controlled environments, and are designed to integrate seamlessly with the neighborhoods that they will serve. The addition of these two facilities will expand Hines’ portfolio in the Dallas-Fort Worth area to a total of 16 self-storage locations.

Custer Self-Storage in Frisco is a two-story building offering 76,675 net rentable square feet and 709 climate-controlled units. Additional features include drive-up units, 19 boat/RV spaces, oversized covered loading zones, and state of the art security. Located on a 4.6-acre site in the Shops at Custer Bridges at the major intersection of Custer Road and Sam Rayburn Tollway, the facility is ideally positioned to serve the suburban home growth in the area, including the neighboring Hunter’s Creek HOA and several high-end residential communities. Hines worked extensively with residents, a water municipality, and the City of Frisco for almost a year to secure a Special Use Permit to build the facility.

Jupiter Self-Storage in Garland consists of two buildings, each with three stories, offering 90,650 net rentable square feet of 100% climate-controlled storage space. The design features state of the art security, masonry exterior, and is located on a 2.5-acre site at the major intersection of Jupiter Road and Buckingham Road, adjacent to Home Depot, thus catering to the needs of this urban corridor.  Hines worked with residents and the City of Garland to secure a Special Use Permit to build the facility.

SVN|J. Beard Real Estate – Greater Houston facilitated a 5,000-square-foot office lease at the new Woodforest National Bank building at 400 W. Davis in Conroe, Texas, for Griffin, Cain & Herbig, Attorneys at Law, PLLC.

Situated on a full city block in the heart of downtown Conroe off the courthouse square, the new 30,000-square-foot three-story, Class-A mixed-use office retail building boasts clean finishes and modern architecture.

Senior Advisor Lisa Hughes of SVN | J. Beard Real Estate – Greater Houston represented Woodforest National Bank in the execution of a lease with Griffin & Cain Attorneys at Law.

Last year was a tough one for the U.S. office market. That doesn’t mean, though, that the sector didn’t see its share of big deals.

And some of those deals? They took place in the Midwest.

CommercialEdge recently ranked the 50 largest office transactions of 2023. And when CommercialEdge says “largest,” it means most expensive, ranking its top-50 office deals by sales price, not square footage.

So which office sale topped the list last year? Italian fashion house Prada purchased two Wharton Properties buildings on Fifth Avenue in Manhattan for $822 million in December of last year. The properties at 720 and 740 Fifth Avenue total 178,302 square feet.

Coming in second place was Alaska Permanent Fund’s purchase of The Gauge and Centerpoint office properties at 41 Seyon St. and 43 Foundry Ave. in Boston for $578 million. The two buildings total 578,130 square feet.

Overall, CommercialEdge’s top-50 office sales totaled $8.7 billion in 2023. This is a big number, but it’s also indicative of the struggles of the office sector. That $8.7 billion total represents a drop of 67% when compared to 2022’s figure.

What about the Midwest? What were its biggest office sales in 2023?

• A sale in Minneapols-St. Paul topped all Midwest office transactions last year. That was the $225 million purchase of RBC Gateway by Spear Street Capital from sellerr United Properties. This ranked as the 9th most expensive office sale of 2023.
• A Detroit office sale came in 20th in CommercialEdge’s rankings. That was the $150 million sale of Huntington Tower by The Herrick Company from seller Richards & Robbins.
• Texas’ first big sale came next, the $142 million purchase of the VA Outpatient Clinic in Austin by Boyd Watterson Asset Management. That sale ranked as the 21st most expensive office transaction of last year, according to CommercialEdge.
• Coming in 35th place, was the $103 million NuStar Energy Corporate Heaquarters purchase in San Antonio by Truist Bank.
• The 36th spot on CommercialEdge’s rankings also came in Austin, the $102.2 million purchase of the Offices at Braker Center by MIG Real Estate.
• A Houston transaction — the $100.7 million purchase of Noble Energy Center II by Acquest Development — ranked 39th on Commercial Edge’s list.
• Chicago finally made the list at spot 45, with the 96.5 million purchase of 300 South Wacker Drive by Agave Holdings.
• Not too far behind, was the $95.3 million purchase by Woods Capital of Saint Paul Place in Dallas, which CommercialEdge ranked as the 47th most expensive office sale of 2023.