Texas

High Street Residential Begins Construction on M-Line Tower in Dallas

by John Nelson December 8, 2015

DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co. (TCC), in partnership with Principal Real Estate Investors (PrinREI), has broken ground on M-Line Tower, a new 20-story, 262-unit residential tower located at 3200 McKinney Ave. in Dallas. The tower will also include ground-floor retail anchored by a 5,548-square-foot Café Express and a new McKinney Avenue Transit Authority (MATA) trolley barn and executive office. Sitting on 1.3 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one- and two-bedroom luxury rental units. Resident amenities include a resort-style pool, two-story fitness center, outdoor living space, clubroom, business center and a rooftop sky lounge with unobstructed views of downtown, Uptown and Turtle Creek. High Street Residential and PrinREI will be providing MATA with an allowance for a seventh trolley car, 1,730 square feet of space, a build-out allowance for its new space and new trolley tracks and switch along Bowen Street. U.S. Bank provided construction financing for the project. Andres Construction Services LLC is serving as the project’s general contractor.

December 8, 2015

Alamo Drafthouse Cinema at Imperial Market Sugar Land

Alamo Drafthouse Cinema to Open New Location in Metro Houston

by John Nelson December 8, 2015

SUGAR LAND, TEXAS — Alamo Drafthouse Cinema will open a new location in the Imperial Market development located in Sugar Land known as Alamo Drafthouse Cinema at Imperial Market. Imperial Market is an 850,000-square-foot mixed-use lifestyle center slated to open in the summer of 2017. Located at the historic home of the original Imperial Sugar Co. refinery, the development will retain a number of the architectural features of the building, which dates back to 1843. Construction will begin on the nine-screen theater in 2016 as part of a newly constructed, two-story retail building. Developed by Imperial Market LLC, the mixed-use development will feature a 274-unit apartment complex, 106,000 square feet of Class A office space and a 185-room hotel. Amenities will include the new Fort Bend Children’s Discovery Center, which is affiliated with the Houston Children’s Museum, the Sugar Land Heritage Foundation and more than two acres of greenery and park space. The development will also include 275,000 square feet of retail space.

December 8, 2015

Loans Multifamily Texas

HFF Secures Financing for Class A Apartment Community in Houston

by John Nelson December 8, 2015

HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.

December 8, 2015

Retail Texas

NewQuest Properties Buys First Retail Property In Rio Grande Valley

by John Nelson December 8, 2015

MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.

December 8, 2015

Retail Texas

Whataburger to Open First Location in Royse City

by John Nelson December 8, 2015

ROYSE CITY, TEXAS — A new Whataburger of Mesquite in Royse City will open at the northwest corner of I-30 and Erby Campbell. The one-acre pad site is located at the front of the new Walmart Super Center in Royse City. Construction is set to begin in January with an anticipated opening in summer 2016. W. Thurston Witt Jr. of CBRE|UCR represented the buyer, and Jim Wier with The Retail Connection represented the seller, Royse City 114.

December 8, 2015

Hospitality Texas

League City Resort and Conference Center to Receive Multi-Million Dollar Renovation

by Haisten Willis December 7, 2015

LEAGUE CITY, TEXAS — South Shore Harbour Resort and Conference Center is set to undergo a multi-million dollar renovation, themed “A new look. A new experience.” The renovation is designed to energize the hotel with a new design and enhanced guest experiences. Highlights will include a marina-side pool and deck, a re-appointed restaurant, 238 redesigned guest rooms and two multi-level penthouses, new exterior appointments and a lobby bar with panoramic views of the water, as well as an upgraded air conditioning system and LED energy-efficient lighting. The resort hotel and 25,000-square-foot conference center will remain open during the renovation, which is slated for completion in the second quarter of 2016. The property’s owner, American National Insurance Co., and management company, 1859 Historic Hotels, committed to the renovation based on recommendations from hospitality consultant T.R. Engel Group, which is also project manager for the renovation. Dallas-based Flick-Mars will redesign the hotel’s entrance, public spaces and guest rooms. Gilbane is the general contractor for the project, and landscape architect firm Landology will execute the redesign for the resort pool area. Looking onto the pool area will be a new fitness center outfitted with cardio and weightlifting equipment. The property’s total conference space …

December 7, 2015

Multifamily Texas

The RADCO Cos. Acquires The Stratford Apartments in San Antonio for $20.6M

by Haisten Willis December 7, 2015

SAN ANTONIO — The RADCO Cos. has acquired Stratford Apartments in San Antonio for $20.6 million. Now renamed City Summit, the property’s amenities include two swimming pools, barbeque areas, a business center, fitness facility and a newly upgraded soccer field and playground. City Summit is located two miles north of the perimeter and within walking distance to one of the largest Medical Center Districts in Texas. RADCO financed the acquisition with private capital and financing from Alostar Bank of Commerce. CBRE brokered the transaction. Built in 1982, one-third of the property comprises townhome-style units. Atlanta-based RADCO plans to spend $4 million to upgrade the exterior amenities and interior finishes. With this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central U.S.

December 7, 2015

Loans Multifamily Texas

BMC Secures $3.7M Refinancing of Apartment Property in Tyler

by Haisten Willis December 7, 2015

TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.

December 7, 2015

Restaurant Retail Texas

Roka Akor Steak, Seafood & Sushi Opens First Texas Location in Houston

by Haisten Willis December 7, 2015

HOUSTON — Roka Akor Steak, Seafood & Sushi has signed a lease for 6,591 square feet of ground floor space at 2929 Weslayan, a 40-story residential building at the northeast corner of Weslayan and West Alabama streets in Houston. This will be Roka Akor’s first location in Texas. Developed in 2015 by PMRG, 2929 Weslayan features 254 multifamily units and 11,880 square feet of retail and restaurant space. Property amenities include a 20-foot wall fountain in the lobby, stone and wood material palette throughout, a half-acre terrace, pool, fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, terraces, downtown views and direct-access elevators. James Namken, Kyle Knight and Edward Heap with The Weitzman Group represented PMRG in the lease. Mike Wheeler with Streetwise Retail Advisors represented the restaurant.

December 7, 2015

Restaurant Retail Texas

Hunington Properties Arranges Sale of 4,826 SF Shopping Center in Brownsville

by Haisten Willis December 7, 2015

BROWNSVILLE, TEXAS — Hunington Properties Inc. has arranged the sale of a 4,826-square-foot Burger King restaurant located at 925 US-77 in Brownsville. The restaurant was rebuilt in 2014. The tenant is one of the largest franchisees in the Burger King system, operating 275 Burger King restaurants in Texas and Florida. The tenant occupies the property subject to a long-term triple net lease.

December 7, 2015

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