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Second SkyHouse Luxury Community to Break Ground in Houston

3 Feb 2014, 5:59 am

By Amalia Otet, Associate Editor

A joint venture consisting of Simpson Housing LLP of Denver, Atlanta-based Novare Group and Batson-Cook Development Co., and Houston-based Peter W. Dienna announced plans to break ground on SkyHouse River Oaks, a 25-story, 352-home luxury apartment community in Houston’s River Oaks neighborhood.

SkyHouse River Oaks will be located in Cypress Real Estate Advisors’ new master-planned redevelopment of the Westcreek at River Oaks community, within Loop 610 near the Houston Galleria. It will feature one- and two-bedroom residential units with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse,” to be situated on the 25th floor, will showcase a club room, fitness area and outdoor plazas that include two swimming pools, fireplaces, a demonstration kitchen and an outdoor kitchen with covered outdoor lounges and 360-degree views of the city.

Designed to be environmentally sustainable, SkyHouse River Oaks also seeks Energy Star certification.

The project is slated for completion in the first quarter of 2015. JP Morgan is providing construction financing, with Simpson Housing, NGI Investments LLC and Batson-Cook providing equity.

This is the partnership’s second foray into the Houston multifamily market. Construction is currently underway on SkyHouse Houston, a 24-story, 336-unit luxury apartment complex with street-level retail at 1625 Main St. in the Central Business District.

“Houston is a dynamic, thriving city, with several submarkets that are highly attractive to the target demographic for SkyHouse: Gen Y professionals who are looking for live-work-play options in major cities,” said Jim Borders, president of Novare Group.

SkyHouse River Oaks is the 10th SkyHouse luxury apartment high-rise, an innovative multi-family program representing an investment of more than $600 million across the Southeastern United States, according to a statement for the press. The partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where strong demographic trends favor in-town living but where apartment cost economics are otherwise difficult for high-rise towers directed at a younger population.

“This is a demographically driven program targeting younger residents who desire a high-rise urban lifestyle with entertainment and leisure options close by. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year, and for many in this demographic, they will find SkyHouse to be an ideal place to call home,” commented Mark Stewart, director of investments at Batson-Cook.

Rendering of the SkyHouse River Oaks Luxury Community via Novare Group

Brookhollow Central II & III Awarded LEED Gold; Skanska’s Capitol Tower Earns LEED v4 Platinum Pre-Certification

27 Jan 2014, 5:27 am

By Amalia Otet, Associate Editor

Brookhollow Central II and III, two office properties on Houston’s Brookhollow Central campus, along with Buckhead Tower at Lenox Square in Atlanta, were recently awarded a certification for LEED™ Gold for Existing Buildings: Operations and Maintenance by the U.S. Green Building Council. All three buildings are owned and managed by Miami-based Parmenter Realty Partners.

Brookhollow Central is a three-building, 800,000-square-foot office park located on a 10-acre tract at Highway 290 and the 610 Loop. On-site amenities include postal and courier services, an auditorium, shoe shine  and car wash services, a delicatessen and a fitness center. The compound was awarded Energy Star labels in 2009, 2010 and 2011 for its operating efficiency, according to the development’s website.

“The award of LEED Gold certification at our three properties demonstrates Parmenter’s dedication to providing value to our tenants by delivering more efficient and cost-effective services and supporting our desire to be responsible global citizens,” said Steve Harrison, managing director of facilities and sustainability at Parmenter.

Sustainable features recognized by the LEED Gold certification include improved operations and tenant comfort through implementation of a comprehensive re-commissioning program for the building operations, HVAC equipment and lighting, to identify opportunities to optimize performance, and direction of the janitorial services vendor’s operation to deliver environmentally friendly cleaning services.

As a leader in sustainability in the commercial real estate industry, Parmenter Realty Partners strives to maximize building performance portfolio-wide. With the latest achievements, the company now owns and operates 12 LEED-certified properties, representing more than 4.6 million square feet.

In other news, Citybizlist reports that Skanska USA Commercial Development’s Capitol Tower has received LEED v4 Platinum pre-certification from the U.S. Green Building Council. The Gensler-designed office building is one of only three core and shell projects nationally to be pre-certified under the new version of LEED.

To be located at 808 Capitol St. in downtown Houston, the 750,000-square-foot Class A tower will feature innovative design features and sustainability elements, including a high-performance building façade that significantly reduces solar gain; daylight harvesting technology to save energy; a garage with occupancy lighting sensors and a green rooftop; alternative vehicle charging stations; as well as a rainwater collection system for reuse in landscape irrigation and water closets.

“Skanska made it clear from the beginning of the design process that they wanted this to be the most sustainable building in Houston,” said Gensler Principal Kristopher Stuart in a statement. “We really pushed our team to move beyond anything we have done before to create a building that offers an exceptional work environment in a high-performance envelope that will dramatically reduce operating costs. The design also places an extraordinary emphasis on public spaces and pedestrian experiences, which we believe will greatly enhance and enrich Houston’s urban fabric.”

Photo credits: Brookhollow Central courtesy of Parmenter Realty Partners via official website; Rendering of Capitol Tower via Citybizlist

W.P. Carey Expands Houston Footprint with 22-Story Office Acquisition; New Hyatt Place Opens in The Woodlands

20 Jan 2014, 4:39 am

By Amalia Otet, Associate Editor

W.P. Carey Inc., a real estate investment trust specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties, announced two acquisitions completed on behalf of its managed REITs at year-end 2013.

CPA®:17 – Global picked up a 22-story office tower located at 500 Jefferson St. in downtown Houston. The 390,479-square-foot building is anchored by KBR Inc., a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial and commercial markets. KBR is on a long-term lease through June 2030, according to official statements. Nine other tenants occupy 9 percent of the property. CPA®:17 – Global also owns KBR’s headquarters at 601 Jefferson, which it acquired in 2012.

CPA®:18 – Global purchased a three-property portfolio totaling 636,857 square feet in Madison and Logansport, Ind., and Marion, S.C. The three facilities are being leased to Crowne Group under a 25-year triple-net lease with annual CPI increases. The total acquisition price was approximately $22.3 million.

“We are pleased to have closed out 2013 with two solid acquisitions for our managed portfolios,” said Gino Sabatini, W. P. Carey managing director & co-head of global investments. “With its acquisition of the Houston office tower, CPA®:17 – Global has secured another long-term lease with KBR, a strong company located in a growing market. CPA®:18 – Global’s sale-leaseback with the Crowne Group is a prime example of how we provide capital to growing companies. The transaction provides Crowne with the necessary funding for future acquisitions of businesses that are complimentary to Crowne’s overall corporate strategy, while adding a 25-year lease to CPA®:18 – Global’s portfolio.”

In hospitality news, Hyatt Hotels Corp. and New Horizons Hospitality announced the opening of the 146-key Hyatt Place Houston/The Woodlands hotel, the third Hyatt Place in the Houston area.

Located at 1909 Research Forest Drive, the hotel offers easy access to The Woodlands’ main attractions, including The Woodlands Mall, Market Street and the Cynthia Woods Mitchell Pavilion.

The facility features studio-like suites with 46-inch HDTVs and a series of functional amenities, such as free Wi-Fi, more than 6,100 square feet of flexible, high-tech meeting and function space, a Coffee to Cocktails Bar and a 24-hour StayFit Gym.

Photo credits: W. P. Carey Inc. via PRNewswire

200-Unit Luxury Apartment Complex Changes Hands

6 Jan 2014, 5:19 am

By Adrian Maties, Associate Editor

A multifamily apartment complex in the Greater Houston area recently changed hands. Marcus & Millichap Real Estate Investment Services announced on Dec. 23 it had arranged the sale of The Palms at Cinco Ranch in Richmond, Texas, 15 miles southwest of Houston. The terms of the sale were not disclosed.

The Palms at Cinco Ranch was constructed in 2010 on more than 13 acres of land at 23600 Farm-to-Market 1093 Road. The 218,388-square-foot property is close to State Highway 99 and just 20 miles from the George Bush Intercontinental Airport. It features 200 one-, two- and three-bedroom units, ranging in size from 801 square feet to 1,496 square feet. Apartment amenities include gourmet kitchens with deluxe appliances, crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms. This gated, pet-friendly community also offers its residents a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.

Hudson Capital Investments of Charleston, S.C., acquired the property. Norman Eastwood, senior vice president of investments in Marcus & Millichap’s Dallas office, and Jerry Goldstein, first vice president of investments, and Juan Cuevas, associate, in the firm’s Houston office represented the buyer and the seller, an out-of-state private investor, in the transaction.

“The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” Eastwood said in a statement for the press. “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”

“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” Cuevas added. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”

According to a Marcus & Millichap Houston Metro Area Apartment Market Report for the fourth quarter of the year, the elevated apartment construction has not diminished investors’ appetites, and demand for multifamily properties is still high, as transactions continue to occur at an elevated pace across all investor segments, from small local players to institutions. This past year, the number of properties sold with more than 100 units increased more than 40 percent.

Photo credits: The Palms at Cinco Ranch
Charts courtesy of Marcus & Millichap Real Estate Investment Services

Exxon to Expand Houston Footprint, Inking 478,000-SF Lease

30 Dec 2013, 6:20 am

By Amalia Otet, Associate Editor

Exxon Mobil Corp. signed a deal to lease approximately 478,000 square feet of office space at Hughes Landing, a 66-acre mixed-use community situated on Lake Woodlands.

The energy giant will take over an entire office building and a portion of a second structure at the master-planned development, with plans to move in during the first half of 2016, according to The Woodlands Development Co., a wholly-owned subsidiary of The Howard Hughes Corp. (NYSE: HHC).

Each building will feature approximately 300,000 square feet of Class A office space. The compound will also include an adjacent 13-story, 800,000-square-foot parking garage.

“We are very pleased to welcome ExxonMobil as a tenant in Hughes Landing, only a short distance from their new campus,” said Paul Layne, executive vice president of master-planned communities for The Howard Hughes Corp. “Their offices in Hughes Landing are ideally situated, only steps away from all that Hughes Landing has to offer, providing their employees a one-of-a-kind setting where they can work in a vibrant lakeside community.”

Designed by Houston-based Kirksey Architects, the buildings are seeking LEED certification. Harvey Builders will oversee the work as general contractor.

At full build-out, Hughes Landing will feature as many as 11 Class A office buildings; shopping, dining and entertainment; a 40,000-square-foot Whole Foods Market®, an upscale hotel; a state-of-the-art fitness center; and as many as 800 multi-family residences.

The first office building, One Hughes Landing, opened almost fully leased less than 10 months after starting construction; according to the developers, that is an excellent indicator of the strong demand for premium commercial, residential and retail space in The Woodlands.

Construction is currently underway on Two Hughes Landing, a 197,000-square-foot, Class A building expected to be complete in mid-2014.

Restaurant Row in Hughes Landing will house a variety of culinary establishments, including Escalante’s Fine Tex-Mex & Tequila and Whiskey Cake Kitchen & Bar, which have already signed leases and will soon begin construction.

Photo credits: ExxonMobil in The Woodlands -View Rendering via Business Wire

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