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Hurricane didn't stop sale of $10M home (PHOTO)
Some big real estate deals stop for nothing, and that apparently includes hurricanes.<\p> 3244 Chevy Chase Drive was the biggest residential real estate sale for the week of July 7, according to the Houston Association of Realtors.<\p>
Longtime US Rep. Sheila Jackson Lee dies at 74
U.S. Rep. Sheila Jackson Lee, a Democrat who represented a Houston district in Congress for nearly 30 years, died at the age of 74 on July 19. <\p> Less than seven weeks earlier, she announced on June 2 she had been diagnosed with and was being treated for pancreatic cancer. Previously, she had been declared free of breast cancer in 2012. <\p>
Cedar Port gains 800K-SF spec warehouse
Georgia-based Capital Development Partners has finished a second warehouse building in Baytown and is in advanced discussions to lease the entire space.<\p> The 800,405-square-foot speculative rail service building is Capital Development Partners’ second in TGS Cedar Port Industrial Park, the largest master-planned rail- and barge-served industrial park in the U.S.<\p>
Local NASA project shuts down
A rover built at NASA's Johnson Space Center in Houston will never go on its original mission — but the space industry has a chance to get an up-close look at it.<\p> NASA said July 18 that it will wind down the Volatiles Investigating Polar Exploration Rover, or VIPER, project after costs ballooned beyond expectations. <\p>
Houston hotel industry sees Beryl boon
While many businesses saw negative impacts from Hurricane Beryl, Houston's hotel industry overall wasn't among them.<\p> There are 1,170 hotels across the Houston area, including Galveston, and most saw significant year-over-year increases the week of Hurricane Beryl, according to data from Houston First Corp. Across the area, the average occupancy rate was 72.2% for the week, up 13.4% from the same week a year earlier. <\p>
Occidental mulls $3.6B deal
As Houston-based Occidental Petroleum Corp. (NYSE: OXY) approaches the close of its acquisition of Midland, Texas-based CrownRock LP, the company could choose to sell off a significant amount of interest in CrownRock’s assets.<\p> Occidental has been in discussions to sell a 30% stake in CrownRock’s assets to Colombia-based EcoPetrol for approximately $3.6 billion, according to a new filing with the U.S. Securities and Exchange Commission.<\p>
Fitness studio joining East End mixed-use
Midway’s East River mixed-use development has added a 24-hour fitness studio to its tenant lineup.<\p> Hotworx has leased a 1,700-square-foot space on the ground floor of the development’s parking garage and plans to open the new location this fall.<\p>
Roughnecks hire new GM after tough season
The Houston Roughnecks are making a change ahead of the United Football League's second season.<\p> The team announced July 19 it hired Will Lewis as general manager. He replaces Lionel Vital, who recently retired following the 2024 season.<\p>
Businesses, agencies ramp up backup systems after global tech outage
The global technology outage caused by a CrowdStrike update pushed to Microsoft Windows devices impacted everything from airlines to banks Friday morning — and reinforced the need for companies to have procedures in place to handle disruptions when they occur.<\p> Systems were gradually coming back on line by late morning.<\p>
Microsoft outage disrupts port, flights, more
Updates: At 1 p.m., United Airlines — the busiest carrier in Houston — said, "We have resumed some flights but expect schedule disruptions to continue throughout Friday as we continue to troubleshoot many systems and programs."<\p> Harris Health System announced at 11:28 a.m. that it had resumed appointments at its outpatient and clinic sites, but some of its network systems remain unavailable. Elective hospital procedures are still canceled for Friday, July 19, and Harris Health will contact affected patients directly to reschedule.<\p>
Why craft breweries keep closing
When John Sorensen launched Frost Town Brewing Co. near downtown two years ago, Houston’s craft beer scene was in a tough spot. <\p> The Covid-19 pandemic was just starting to subside, but accessing beer ingredients and raw materials such as steel and aluminum was no easy task. Production costs soared to new heights at the same time inflation drove customers to seek out beers they knew well rather than spending money to try something new. <\p>
New, fully leased warehouse sold
A new distribution center in Katy has traded hands a year after being completed and months after being leased.<\p> Dallas- and Shreveport, Louisiana-based Sealy & Co. acquired Pederson Logistics Center from Houston-based Triten Real Estate Partners about six weeks ago, said Derrick Jones, Sealy’s Houston regional director.<\p>
$12B energy deal nears closing
Houston-based Occidental Petroleum Corp. (NYSE: OXY) is on its way to closing its $12 billion acquisition of Midland, Texas-based CrownRock LP after months of delay. <\p> After announcing the deal in December, Occidental and CrownRock received a request for additional information from the Federal Trade Commission, which has targeted many energy megadeals with antitrust investigations in recent months. <\p>
Big bank backs another Beryl relief fund
San Antonio-based nonprofit LiftFund, which has an office in Houston, has received the necessary capital to launch its Beryl Relief Loan Program to help aid small businesses during the recovery.<\p> The nonprofit announced on July 11 that it was mobilizing to raise $4.5 million to launch the relief program, which will provide interest-free loans for businesses in need of post-hurricane relief. San Francisco-based Wells Fargo (NYSE: WFC), the second-largest bank in Houston, became the lead funder of the program with a $250,000 grant, LiftFund said July 17.<\p>
New-to-Texas ramen restaurant opens near Heights
A new-to-Houston ramen restaurant is opening in the booming Washington Avenue corridor just south of the Heights. <\p> Kazzan Ramen & Bar is located in a 3,600-square-foot space at 191 Heights Blvd. The space has been home to various restaurant concepts over the years, most recently 1751 Sea and Bar until it closed in March 2023. <\p>
United Airlines breaks passenger record
United Airlines, the busiest carrier at Houston's largest airport, said it flew a record number of passengers in the second quarter, also setting a record in the quarter for flying the most passengers in one day.<\p> Chicago-based United Airlines Holdings Inc. (Nasdaq: UAL) reported second-quarter net income rose 23% to $1.3 billion from $1.075 billion during the same time frame in 2023. Adjusted earnings fell nearly 18% to $4.14 per share from $5.03 per share a year earlier. And total revenue rose 5.7% to nearly $15 billion from $14.2 billion in the year-ago period.<\p>
Floating bar sunk by Beryl faces reopening hurdles
After a popular floating bar on Clear Lake fell victim to Hurricane Beryl, its owners say the city of Seabrook is stifling their efforts to reopen.<\p> Barge 295 has been a staple at 2613 ½ E. NASA Parkway in Seabrook for decades, including as Turtle Club. It’s a two-story boat with a bar and patio on top and bar and kitchen downstairs, anchored off a pier.<\p>
Energy COO retires
Houston-based Vertex Energy Inc.’s (Nasdaq: VTNR) COO is retiring just a few months after the company announced plans to transition its renewable diesel facility back to conventional fuel production.<\p> James Rhame’s retirement is effective July 25, but he will remain in a consulting role through the end of 2024. Chief Commercial Officer Doug Haugh will also assume the role of interim COO. <\p>
The National Observer: Distress rises for apartment owners
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we'll take a look at the challenges of finding new tenants as two prominent drug store chains close stores, uncertainty around new rules on brokers in the home buying sector, and Big Lots' plan to close dozens of stores as doubts arise around its solvency over the next year. But for our top story we're going to examine distressed debt in the multifamily sector.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
Energy leaders raise $300M for new co.
Several executives formerly at Houston-based renewable energy developers are embarking on a new project tapping into one of the biggest current technology trends: data centers.<\p> Houston- and Seattle-based Cloverleaf Infrastructure raised $300 million from private equity investors Dallas-based NGP and Connecticut-based Sandbrook Capital. The company's three current co-founders — CEO David Berry, COO Brian Janous and Chief Technical Officer Jonathan Abebe — also contributed to the funding round.<\p>
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