National REIT sells local H-E-B, more grocery deals in the works

An H-E-B-anchored retail center in northeast Houston traded hands this week. An H-E-B-leased retail property going on the market is a rarity, but this deal is far from the only noteworthy grocery-anchored retail sale in the works.

The 101,791-square-foot H-E-B at the Market at Lake Houston Parkway in Atascocita sold for an undisclosed price to Los Angeles-based Westwood Financial Corp., a grocery-facing REIT, according to statement from HFF.

Click to read more at Houston Business Journal.

Houston firm buys North Dallas office property

Dallas-based real estate investor Caddo Holdings has sold one of its North Texas properties to Houston-based Tanglewood Property Group for an undisclosed sum.

The 31-year-old office building, called Preston Plaza, totals 259,009 square feet and sits at the intersection of Preston and Frankford roads in North Dallas.

At the time of the closing, the building was 91 percent occupied by office tenants, including Sovereign Bank, The Ayco Company and Progressive Casualty Insurance.

Click to read more at Houston Business Journal.

More details revealed about Midtown building renovation

Current Standing Development has big plans for a mid-century modern office building in the heart of Midtown.

The Houston real estate firm, formerly known as PLC Capital Corp., plans to start renovation work this fall on the former Greensheet building, a 50,000-square-foot office building at 1000 McGowen Street, across from the Midtown “Super Block” Park. The four-story office building, which currently houses the weekly shopper paper, will be transformed into a mixed-use office, retail, bar and rooftop event space, said Brent Friedman, president of Current Standing.

Click to read more at Houston Business Journal.

Exclusive: Australian developer acquires more land in Midtown

Caydon Property Group has acquired more land in Midtown for a mixed-use project anchored by a luxury apartment tower.

The Melbourne, Australia-based developer purchased a 41,000-square-foot site on a half city block bounded by Main, Dennis and Fannin streets. Current Standing Developments — formerly known as PLC Capital Corp. — sold the property to Caydon for an undisclosed amount. The deal closed on Aug. 2.

Click to read more at Houston Business Journal.

Best Buy on the hunt for 600,000 SF in Houston distribution space

Minnesota-based Best Buy Co. Inc. (NYSE: BBY) is on the hunt for industrial space in Houston between 500,000 square feet and 600,000 square feet, multiple sources close to the deal told the Houston Business Journal.

Avison Young’s Jeff Lindenberger, who’s representing Best Buy, confirmed that the company’s looking in Houston but declined to comment further.

Click to read more at Houston Business Journal.

New self-storage facility to be built out of shipping containers

A new project in Pearland will unite two growing real estate trends: increasing development of self-storage facilities and repurposing surplus shipping containers.

Houston-based developer GreenSpace Holdings broke ground on the 1,017-unit self-storage facility late last week. It is being built on a 2-acre land parcel at 2515 Westminister Road in Pearland.

Click to read more at Houston Business Journal.