The Hines U.S. Property Partners fund acquired a $454M portfolio that includes an infill industrial portfolio in Houston. Boulevard Oaks Business Park is a 1.5M SF industrial park developed by Hines in southwest Houston, just north of Beltway 8 along West Fuqua Street. The acquisition also included two multifamily investments, The Lenox & Quinn in Jersey City, New Jersey, and The Rise in Walnut Creek, California. The purchase brings the fund’s gross asset value to $2B. Read more here. The Best Of Bisnow CRE is hoping Beryl will teach CenterPoint Energy an important lesson. Back in 2001, a tropical storm wiped out 25 years of medical research, and the Texas Medical Center quickly upgraded its infrastructure to ensure it would never happen again. Now, Houston residents, politicians and CRE players hope utility CenterPoint can rise to the occasion in similar fashion so they aren't left in a power and information blackout after the next major storm.
A North Dallas office building struggling with vacancy is about to hit the market. Houston-based Tanglewood Property Group had been covering shortfalls at the 10-story Preston Plaza for months, according to special servicer notes. But now TPG is crying uncle at the building, which has fallen from 91% to 65% occupancy. A receiver appointed earlier this year is preparing the building for sale.
A Houston foreclosure filing signals more trouble for a $481M multifamily portfolio. An apartment complex in Baytown is scheduled to be sold at the Harris County foreclosure auction next month. That complex is part of the Chetrit Group’s $481M portfolio, parts of which it has offloaded since first defaulting in 2022.
Wilmer, population 6,300, could get a whole lot bigger. A tiny south Dallas County town that has brought in more than its fair share of logistics heavy hitters in recent years is considering a proposal for a massive mixed-use development. The Wilmer City Council is set to vote next month on a plan making way for 1,000 new housing units and 243K SF of hotel, retail, office and warehouse space.
Galveston County developers aren’t scared of a little weather. While Beryl will likely impact small businesses on the island because it hit during a peak tourist month, developers of high-quality hospitality and residential projects aren’t backing down. They explained the appeal of Galveston, which is in a position to focus on quality over quantity, at Bisnow’s Future of Galveston County event Thursday.
The Best Of The Rest Longtime Houston Congresswoman Sheila Jackson Lee Dies At 74 (MSNBC): Jackson Lee, who was first elected to Congress in 1994, died Friday after being diagnosed with pancreatic cancer. Political leaders have spoken fondly of her tireless passion for Houston and her leadership in making Juneteenth a federal holiday. Jackson Lee spoke to Bisnow last year during her run for Houston mayor.
Investment Firm Behind Texas Stock Exchange Spreads Its Wings In Dallas (DBJ): Fortress Investment is building out a 20K SF addition in Weir Plaza. The expansion brings the firm, co-headquartered in Dallas and New York, to 68K SF in the building. Fortress is among more than two dozen investors to back the TXSE.
Houston Average Rent Hits Record High (Chron): Houstonians are still delaying plans to become homeowners, boosting average rental prices to a new high of $2,373 in June. Many renters are demanding single-family rentals, explaining the unprecedented rise in lease prices.
Texas CHIPS Act Could Offer Major CRE Opportunities (GlobeSt): The Lone Star State’s own version of the federal CHIPS and Science Act is bearing fruit with several multibillion-dollar semiconductor projects underway — and commercial real estate players are poised to clean up by investing in properties near manufacturing and logistics clusters. The legislation, passed last June, is expected to spur a surge of office, housing and manufacturing developments.
A ‘Retail-To-Raucous’ Development Headed To San Antonio’s River Walk? (TRD): San Antonio’s Rivercenter could be home to shark tanks, climbing walls and a host of other entertainment options if Ashkenazy Acquisition Corp. is allowed to proceed with a plan to transform the 1M SF mall. The New York-based firm is also planning a food hall featuring local celebrity chefs like Jason Dady.
Number Of The Week $221.1M — The amount outstanding on a loan for Forest View Apartments in Baytown, which is slated to go on the block at Harris County’s Aug. 6 foreclosure auction. The complex is part of a troubled 43-property national portfolio purchased by the Chetrit Group with a $481M CMBS loan. The firm had been looking to offload properties ahead of a looming loan default.
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