River Oaks Equity Brokers Inverness at Westador

River Oaks Equity Partners, as exclusive advisor and agent, is pleased to announce the sale of the Inverness at Westador apartments located in Houston, Texas. The firm represented the seller and procured an established local investor to acquire the offering which traded at 97.4 percent of full list price. Inverness at Westador is located at 17417 Red Oak Drive, Houston, Texas 77090.

These are Houston’s long-term commercial real estate strengths and challenges

Though there’s a few more weeks left in 2017, the year has proved itself as one of the most eventful for Houston’s commercial real estate market.

Hurricane Harvey sent demand for the city’s multifamily and hotel sectors skyrocketing as displaced Houstonians continue to seek out temporary lodging. Houston’s industrial market, in large part due to an influx of demand from e-commerce giants like Amazon and others, has maintained a vacancy rate of less than 5 percent and established Houston as a formidable distribution hub. Meanwhile, the city’s office market continues to buckle under the weight of its 10 million square feet of available sublease space.

Click to read more at Houston Business Journal. 

Hillwood Communities to build new $1.5B master-planned community in DFW

Hillwood Communities, a division of Ross Perot Jr.‘s Hillwood, has closed on its largest residential development yet — a 1,157-acre tract near Interstate 35W and FM 407 in Northlake that will bring more than 3,000 homes to North Texas.

The $1.5 billion mixed-use, master-planned community, called Pecan Square, is slated to get underway next spring, with the initial phase bringing 609 home lots to the region.

The houses will be priced from $270,000 to the $500,000s upon completion, depending on lot and home sizes. Pecan Square will also include commercial real estate uses in the future.

Click to read more at Dallas Business Journal. 

$200M project with homes, shops, offices headed to Round Rock; Officials say it would ‘raise the bar’ for area

A California real estate firm wants to invest $200 million in a mixed-use development at the busy intersection of State Highway 45 and I-35 in Round Rock.

Round Rock is considering offering incentives for the master-planned project, which would include at least 1 million square feet of commercial and residential development. That’s roughly equivalent to what Barton Creek Square mall has to offer, in terms of square footage.

Click to read more at Austin Business Journal.

Saudi Aramco subleases 200,000 SF in downtown tower

The state-owned Saudi oil company, Saudi Aramco, will soon relocate to downtown from its building in Bellaire, which flooded during Hurricane Harvey.

Saudi Aramco subleased approximately 200,000 square feet in Two Allen Center, sources close to the deal told the Houston Business Journal. The company has long occupied around 160,000 square feet in the 419,260-square-foot 9009 West Loop South, which Saudi Aramco has owned since 1988, per city records.

Click to read more at Houston Business Journal. 

Global co-working company to open first Houston location in Kirby Grove

Another company that operates co-working spaces is entering the Houston market.

Spaces, which bills itself as a “creative workspaces pioneer,” plans to open its first Houston location in the Kirby Grove mixed-use development. Spaces expects to open in the spring and will occupy the entire sixth floor — about 25,000 square feet — of the development’s office building.

Founded in Amsterdam, Spaces has locations in the Netherlands, the U.K., Australia and Asia, plus other U.S. cities. It offers a “creative working environment for the corporate shaker, freelancer, energetic entrepreneur, international worker, mobile worker, startups and well-established companies,” according to a press release from Kirby Grove developer Midway Cos.

Click to read more at Houston Business Journal.