RECON for August 13, 2019RECON for August 13, 2019Bryan PopePope

RECON Real Estate Center
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Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Sept. 14 at the Fort Worth Convention Center. Pictured, from left to right: Center Managing Editor Bryan Pope; Graphic Designer Alden DeMoss; and Research Data Scientist Gerald Klassen. (Photo by Center Photographer JP Beato.)
August 13, 2019

Houston Methodist to anchor former Chevron campus

BELLAIRE (Houston Business Journal) – Houston Methodist Hospital has signed a 100,812-sf lease to become the anchor tenant at Bellaire Place, a 30-acre former Chevron Campus.

The health system will occupy the top three floors of a ten-story building at 4800 Fournace Pl. when it moves in first quarter 2020.

The location will serve as administrative office space for Houston Methodist.

Built in 1976, ​the Class B building was once part of Chevron's 547,370-sf campus. SLS Properties acquired the two-building campus in October after the oil and gas company vacated the property in 2017. ​

Colliers International represented the tenant while the landlord was represented in-house.

​Yearly rents in the building start at $22 per sf.​​

Kirskey Architecture has been tapped to redevelop portion of Bellaire Place into a mixed-use project.
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Austin making room for 17-story office project

AUSTIN (Connect Media) – Demolition is underway on the 1.2-acre Block 164 where an existing three-story building will be replaced by a 17-story office building.

Located near the former University Medical Center Brackenridge, the downtown building will house some University of Texas Dell Medical School operations, among​ other tenants.

The development will include a proposed straightening of Red River St. through the property.

The site is being leased to Central Health by the 2033 Higher Educational Foundation.

Completion is set​ for early 2022.
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.

200,000-sf shopping center coming to Richmond

​​​​​​​RICHMOND (REBusiness Online) ​​– Houston-based NewQuest Properties will soon start on the ​first phase of the Grand at Aliania, a 200,000-sf retail project.

Tenants will include 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works, and Sketchers. 

There will also be a 10,454-sf urgent and primary care clinic by Baylor St. Luke's Medical Group. 

Out-parcels have been ground-leased to McDonald's, Jason's Deli, Freddy's Frozen Custard & Steakburgers, Timewise, and Express Oil.

​​Opening is set for second quarter 2020.
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Three-property multifamily portfolio sold in East Texas 

LONGVIEW, LUFKIN (Institutional Property Advisors) – A three-property, 658-unit multifamily portfolio in East Texas has been sold.

Saxony Capital Management purchased Pine Knoll, a 310-unit asset at 2019 Toler Rd. in Longview. The 26-building property near Loop 281 was built in 1983.

Haley Residential acquired the 168-unit Deer Cross and 180-unit Deer Wood​ communities in Lufkin. The assets were built in 1986 and 1979, respectively, at 3000 S. 1st St. and 110 Champions Dr. in Lufkin.​ They are off SH 59 near Angelina Junior College.

Institutional Property Advisors represented the seller and procured the buyers. ​​
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ORIX USA relocating to Trammell Crow Center

DALLAS (Connect Media) – ORIX Corporation USA has signed a 100,000-sf lease in J.P. Morgan Asset Management's Trammell Crow Center at 2001 Ross Ave.

Approximately 300 employees will move into the space​ in the first half of 2020.

The 1.1 ​million-sf center recently underwent a $130 million renovation, which added ground-floor retail space, a tenant lounge, larger gym, new conference center, and an updated lobby.

Stream Realty Partners is leasing out and managing the space.​
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

First Industrial's new project fully leased

​​​HOUSTON (Realty News Report) – First Industrial Realty Trust's brand-new First 290 building at 6913 Guhn Rd. is now fully leased.

Iron Mountain and Black Horse Carriers ​signed leases for 45,990 and 80,260 sf, respectively. 

The 126,250-sf bulk warehouse delivered four months ago.

Stream Realty Partners represented the landlord. JLL represented Iron Mountain, and Cushman & Wakefield worked on behalf of Black Horse.​
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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