Houston, TX (PRWEB) July 6, 2006
American Ventures Realty Investors, one of the largest real estate investment managers in the U.S., announced today that it has completed the sale of a land parcel to the Omni Houston Hotel. American Ventures owns and manages Three Riverway Office Tower, which is adjacent to the Omni Hotel and sold the 11,967 square-foot land parcel to facilitate the Omni’s potential expansion plans. The transaction price was $400,000, net of closing costs, or $33.43 per square foot.
“While a small transaction monetarily, the deal illustrates the ongoing growth of the Galleria Area and further enhances the value of the Three Riverway office property,” said American Ventures’ Johnny Winton. “Our office tower and Omni Houston Hotel have augmented each other’s presence nicely for years, providing state-of-the-art business meeting space, office headquarters and four-star accommodations in a prime city location. We sold the parcel to facilitate Omni’s expansion, which we understand includes plans for a spa, conference center and executive meeting facility. The many Omni Hotel amenities available to Three Riverway tenant companies and their employees will be further expanded with the eventual addition of these services.”
American Ventures, based in Miami, has owned the 400,000 square-foot Three Riverway Office Tower since November 2000. The Class A office building’s tenants include Texas State Bank, King Ranch, Colonial Oil, New England Financial and Liberty Mutual.
“The deal shows the growth and attractiveness of commercial real estate in Houston,” said Winton. “Given the improving office environment, we’re looking to expand our presence in the city.”
Founded in 1979 by CEO Philip Blumberg, the American Ventures investment group specializes in U.S. commercial real estate, including acquisitions and divestments, market research, due diligence, and the management and leasing of commercial properties. Its investment portfolios have comprised some $500 million in commercial real estate assets around the United States. American Ventures is a member of the National Council of Real Estate Investment Fiduciaries. Investors in the American Ventures property fund include high net worth individuals in the U.S., Asia, Europe and the Middle East, as well as foundations, pension funds and banks.
Contact: Sean Healy, 212-453-2438