SAN ANTONIO — Laurus Corp., a Los Angeles-based real estate investment and development firm, has completed a reposition project for the Hilton San Antonio Airport hotel. The full-service hotel, located two miles from the San Antonio International Airport, has undergone a $12 million update, including a new restaurant, the Asado Seafood & Grill, and lounge. The hotels 384 guest rooms were also remodeled. Laurus’ hospitality portfolio also includes The Hunt Valley Inn in Baltimore, The Hilton Garden Inn in Philadelphia, The Marriott San Antonio Hotel and the 16-story, 474-room Warner Center Marriott Hotel in Los Angeles.
DUNCANVILLE, TEXAS — Transwestern has arranged the sale of Wimberly Park Apartments, a 440-unit property in Duncanville, to a local buyer. Taylor Snoddy Philip Wiegand and James Roberts of Transwestern represented the unnamed seller. The buyer was self-represented and plans significant renovations on the property. The Class B asset is located on 21 acres and has floor plans of 869 square feet with a washer and dryer connection in every unit. Property amenities include a clubhouse, fitness center, business center, three swimming pools and a playground. Wimberly Park was 93 percent occupied at the time of sale.
CYPRESS, TEXAS — Three new tenants have signed leases at Caldwell Cos.’ Boardwalk at Towne Lake development, including Jaxton’s, Taisho and Copper Creek Orthodontics. The Boardwalk at Towne Lake is a 150,000-square-foot, waterfront development that is accessible by car and boat. The development will provide 40,000 square feet of waterfront office space and 60,000 square feet of retail space across four buildings. Jason Howard, the maître d’ at Tony’s Restaurant for the last eight years, is founding Jaxton’s, a new restaurant concept that will combine French and Italian cuisine. The team that has opened 11 Shogun Grill restaurants around Texas will open Taisho, a Japanese establishment that specializes in the hibachi and teppanykai style of cooking. Copper Creek Orthodontics will be relocating to a second-floor waterfront office in The Boardwalk at Towne Lake, set to open in spring 2015.
GRAND PRAIRIE, TEXAS — AutoWash Services has purchased a 29,480-square-foot office/warehouse space in Dallas’ Great Southwest Industrial District to relocate its headquarters and operations center from downtown Arlington. Casey Tounget and Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer, whose current location at 1305 E. Abrams Road is being impacted by a city project to widen the east-west thoroughfare. Upon completion of the transaction, AutoWash Services will immediately relocate to 2925 114th St. in Grand Prairie, ending nearly one year of searching for a new location in the greater Arlington area. AutoWash Services is a wholesale supplier of car wash equipment and supplies and provides construction/design services. Michael Stanzel of NAI Robert Lynn represented the seller, Ralph McMillan, who owns RAMCO Laundry Machinery Inc. Situated on 1.6 acres, the light-industrial structure features a 3,504-square-foot office space, 24-foot clear heights, four dock doors, one drive-up ramp, a staging bay, 120-foot truck court and 37 parking spaces. The infrastructure includes heavy power and a sprinkler system.
WESTLAKE, TEXAS — Echo Locum Tenens Inc. has leased 34,188 square feet of office space in Solana at 7 Village Circle in Westlake. Josh White and Neal Puckett of CBRE represented Echo Locum Tenens Inc. Chris Taylor, Rodney Helm, Trey Smith and Layne Mayfield with DTZ represented the landlord, Equity Office Properties, an affiliate of The Blackstone Group.
DALLAS — Henry S. Miller Cos. has negotiated the sale of a 49 percent ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153-square-foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the southeast corner of Preston Road and Beltline Road; and Central Forest Shopping Center, a 94,879-square-foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane. Jim Brownlow of HSM Equities arranged the sale. Robert DuBois of Henry S. Miller negotiated the terms of the transaction on behalf of the seller.
COLLEGE STATION, TEXAS — The Texas A&M University System has selected Servitas LLC to develop 48 acres on the west side of Texas A&M University’s campus into student housing. According to school officials, the project will cost approximately $360 million to build and develop. The land will be ground leased to NCCD-College Station Properties LLC, a Texas nonprofit corporation, which will engage Servitas to develop the property, and contract with Servitas Management Group LLC to serve as manager of the development. Under the terms of the ground lease, NCCD-College Station will pay $18.5 million upfront to Texas A&M University, and future revenues are projected to average $20 million annually over 30 years. The facilities will revert to The Texas A&M University System upon termination of the ground lease. Raymond James served as the underwriter for the project and managed the financing process, which included coordinating the legal, structural and approval process through the issuer, The New Hope Cultural Education Facilities Finance Corp. Once the transaction was structured, Raymond James took the bonds to market garnering an overall cost of funds of 4.82 percent with a final maturity in 2047. The 48-acre site, which is currently pasture, is adjacent to a …
TULSA, OKLA. — KeyBank Real Estate Capital has provided a $7.2 million non-recourse, CMBS first mortgage for Park Villas Apartments, an apartment community located in Tulsa. The Class B property was 95 percent occupied at the time of financing. John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the financing.
SUGAR LAND, TEXAS — A report from SmartAsset, a personal finance technology company, ranks Fort Bend County, a county in the Houston metropolitan area, as No. 1 in Texas and No. 5 in the United States as the area with the most incoming investments. The data, aggregated from various sources including the U.S. Census Bureau, showed that the county ranked highly in several further categories including gross domestic product (GDP) growth, new building permits and municipal bonds. The county ranked No. 10 in Texas with a GDP growth of over $3.5 million from 2013 to 2014. Fort Bend also ranked No. 1 in Texas and No. 2 in the United States for the highest number of new building permits granted per 1,000 homes. From 2013 to 2014, the county had a municipal bonds index of 2.13, earning the No. 8 spot in Texas. These bonds have been used to enhance quality of life such as mobility, water and safety, and are responses to the high growth in employment and residential opportunities available in the county.
DALLAS — CBRE Capital Markets has arranged the sale of Brandywine Apartments, a 100-unit, value-add multifamily community in Dallas. 4710 Lake LLC purchased the complex from Brandywine Investments LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District, and is 95 percent occupied. Current growth at Parkland Hospital and in Uptown Dallas is driving demand for upper end and workforce-level housing in the area. Planned improvements could support increased rental rates and property value. The average rental rate at Brandywine is approximately 23 percent less than the average rental rate in the immediate area.