STAFFORD, TEXAS — Dallas-based StreetLevel Investments and joint venture partner Provident Realty Advisors have purchased 192 acres in Stafford, including the former Texas Instruments (TI) campus. The firms plan to create a mixed-use development at the site that will feature 350,000 square feet of destination retail space, 2,400 residential units, Class A office space, two hotels, a health club, entertainment and green space in a walkable urban center. The finished product will include parking garages as well as street parking. Portions of the original TI buildings will be preserved and repurposed. Houston-based Gensler and TBG are project consultants. The first phase of the $500 million, multi-phase project is slated to open summer 2017.
GRAPEVINE, TEXAS — Ryman Hospitality Properties will develop a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine, a suburb of Dallas. The expansion will add 300 rooms to the resort’s 1,511-room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest non-gaming convention center hotel in the United States, behind Gaylord Opryland Resort and Convention Center in Nashville and ahead of Gaylord National Resort and Convention Center near Washington, D.C. The meeting space addition for Gaylord Texan includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and wrap up during the second quarter of 2018. The project also includes a $5 million expansion of the property’s pool complex, which is expected to be complete for the 2016 summer season. The city of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a 10-year period upon the completion of the expansion. In 2007, the company announced plans to expand …
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Red Roof Inn Dallas DFW Airport North, a 156-room hospitality property located in Irving. Steve Swenholt, Jake Gaddy, Chris Gomes and Allan Miller of Marcus & Millichap’s Austin, Dallas and San Antonio offices, respectively, marketed the property on behalf of the seller, an individual/personal trust. Gomes and Miller secured and represented the buyer, a limited liability company. Red Roof Inn Dallas DFW Airport North is located at 8150 Esters Blvd., less than one mile east of the Dallas/Fort Worth International Airport. Built in 1985, the hotel offers amenities such as shuttle service, a conference room, coin-operated laundry facility and elevators.
VAIL, COLO. — Ethika Investments has funded the acquisition and repositioning of the 292-room Vail Cascade Resort and Spa. The resort is located at 1300 Westhaven Drive in Vail, approximately 90 miles west of Denver. Vail Cascade is one of the city’s only true ski-in/ski-out hotels. Ethika has also allocated additional capital for a $35 million property repositioning. This project will commence in the second quarter of 2016. The renovations will completely redesign the resort, including upgrades to the ski valet, enhanced outfitting services, refreshed culinary alternatives, and updates to the resort’s 45,000 square feet of meeting space and 78,000-square-foot athletic club. Amenity upgrades will include luxury bedding, new four- and five-fixture bathrooms and a new on-site spa. This project represents the 17th investment from Ethika’s Diversified Opportunity Real Estate Fund and the fund’s first investment in Colorado.
WASHINGTON, D.C. — The Peebles Corp. has partnered with sbe to develop SLS Lux Hotel & Residences, a luxury hotel and condominium project at 901 5th St. in Washington, D.C. This will be the first SLS property in the nation’s capital. The development will comprise 198 hotel rooms, 59 condominium residences and 7,600 square feet of retail space. Los Angeles-based sbe, and its real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development, known as 5th and I. As part of its agreement with The District of Columbia, The Peebles Corp. will also develop workforce housing in an under-developed area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks, Milian Park and Seaton Park.
SEATTLE — Sonnenblick-Eichner Co. has arranged $65.2 million in first-mortgage financing for a pair of Hyatt House properties situated in the Pacific Northwest. The transaction includes the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue. The non-recourse, 10-year fixed rate financing was priced in the low 4 percent range with interest-only payments for the first five years. The loans were not cross-collateralized. A life insurance company provided the capital.
YUMA, ARIZ. — MCR Development LLC has completed the renovation of the 108-room Homewood Suites by Hilton Yuma. The hotel is located at 1955 E. 16th St. in Yuma. The renovation included an update to the hotel’s public gathering spaces and guest suites. Homewood now features modern furniture and décor in each guestroom, while the lobby was redesigned to provide open gathering space. Yuma is home to the U.S. Army Proving Ground, the principal demand testing facility for weapons and missile systems, which is one of the largest military installations in the world. The hotel is also situated near a variety of other government and healthcare demand generators. MCR Development owns and operates the property.
CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …
MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.