Tanglewood luxury multifamily project nears completion

A new luxury multifamily development nestled between a park, a Whole Foods Market and other apartments, is nearly complete near the Tanglewood neighborhood.

Tenants have already begun moving in at The Hayworth, 1414 Wood Hollow Drive. The $9 million tower has 246 units and construction is expected to be complete around March 2018.

“The build of The Hayworth was not formulaic,” said Mark Culwell, managing director at Houston-based Transwestern Development Co., which developed The Hayworth, in a press release. “We researched the surrounding neighborhood and designed the building to fit in with the Tanglewood area.”

Click to read more at Houston Business Journal. 

Developer to break ground on 3M SF spec industrial project in Baytown

Houston-based Pontikes Development will soon break ground on a 3 million-square-foot speculative warehouse and distribution park near Port Houston.

JLL’s John Talhelm, who will be marketing the property alongside Kevin Erck, said the park will sit at one of the last available tracts of Port-adjacent land that could accommodate such a park.

“This is the last large developable tract sitting on a major freeway,” Talhelm said.

In the coming weeks, Pontikes will break ground on Port 10 Logistics Center on 246 acres at Interstate 10 and Thompson Road in the southeast Houston community of Baytown. The first phase of the multiphase project will deliver in the third quarter of 2018. Around 2 million square feet of the project’s 3 million square feet will be directly rail-served; the park will be around a 10- to 15-minute drive from both the Barbours Cut and Bayport terminals in the Port Houston.

Click to read more at Houston Business Journal. 

H-E-B to break ground on Houston Heights store

 year after voters approved the removal of a ban on certain alcohol sales, H-E-B Grocery Co. will begin construction on its newest store in the Heights.

On Oct. 24, the San Antonio-based grocer will host a groundbreaking ceremony for a new 92,000-square-foot store at 2300 N. Shepherd Drive, per a release. Construction will not begin until November, but the store’s expected to open fall 2018.

The location had depended on whether Houston voters would change a rule prohibiting the sale of alcohol for off-premise consumption — and they did last November.  

Click to read more at Houston Business Journal. 

CBRE Hotels Arranges Sale Of Holiday Inn Express & Suites In Bay City, Texas

CBRE Hotels arranged the sale of Holiday Inn Express & Suites, a 74-room, limited-service hotel at 5618 7th Street in Bay City. Houston-based SNI 5618 Investment, LP purchased the asset from San Antonio-based Baywood Hotels for an undisclosed price.

Michael Yu, Rahul Bijlani and Agrama Mannapperuma represented the seller and assisted the buyer in the transaction.

“The hotel market is booming in Bay City due to the development of several industrial projects. This is the second hotel that we have sold in Bay City in 2017,” said Mr. Yu, CBRE Hotels.

The buyer currently has a portfolio of apartments across Houston and has been actively looking to enter the hotel market. This is their first hotel acquisition and they were attracted to the asset for its high cash flow and location near the Houston metro.

“We appreciate what Michael Yu, Rahul Bijlani and Agrama Mannapperuma at CBRE Hotels do for us. They understand how we work and find the right buyers for our assets in a very expeditious manner,” said BJ Patel of Baywood Hotels.

CBRE Hotels is a specialized group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe. 

 

World’s largest bank to open first Houston office

China-based Industrial and Commercial Bank of China, the world’s largest bank with roughly $3.5 trillion in assets, plans Oct. 9 to open its first office in Houston, according to a release.

The office is located on the 51st floor of Williams Tower at 2800 Post Oak Blvd., a representative of the bank said in an email. The Houston office will be led by Jianzhong He, who will also serve as senior vice president.

ICBC also operates U.S. offices in New York, San Francisco, Los Angeles and Seattle. It’s the first China-based bank to open an office in Houston, according to a statement from the Greater Houston Partnership.

Click to read more at Houston Business Journal. 

Israel-based plastics co. to base U.S. manufacturing operations in Houston

Israel-based plastics manufacturer Starplast signed a 181,540-square-foot industrial lease in north Houston, which will serve as the base of its U.S. manufacturing operations.

The lease is at 8111 FM 1960, a 250,660-square-foot building called Point North 8111, according to JLLRyan Fuselier and Travis Secor with JLL represented Starplast in the lease, and David Hudson of Duke Realty represented the landlord.

According to Duke Realty’s website, Point North 8111 is within the Point North Cargo Park near George Bush Intercontinental Airport and U.S. Highway 59.

Click to read more at Houston Business Journal.