Whether your business is in the exploration of space, firmly grounded in oil and gas exploration or focused on residential and commercial development, Midland — center of the country’s fastest-growing and richest economy — is clearly the place to be in 2014. Continued growth in all sectors of the economy, strong public-private partnerships and a development plan that welcomes diversity are driving a continued resurgence of demand for locations in our downtown district. Current real estate development in the downtown area includes both renovation and new construction and ranges from office space to new retail stores and eateries, as well as hotels and lofts for downtown living. These new locations are supported with improvements in public transportation and multi-story parking garages, enhancing the rapidly expanding clientele and customer base. In line with Midland’s long-standing “Tall City” nickname, the hottest topic in town is the proposed Energy Tower at City Center. The tower is a 58 story mixed-use development, with 53 floors above ground and five subterranean floors provide parking for the Tower and surrounding developments. The property features 99,000 square feet of retail space, a four-star hotel, residential and office space and is topped by a sky restaurant/bar. And just …
Texas
RICHARDSON, TEXAS — Developer KDC will break ground this summer on a three-building, 489,000-square-foot office complex in the Metroplex suburb of Richardson for Raytheon, a technology company serving the defense, security and civil industries. The property will be located on the southwest corner of President George Bush Freeway and Wyndham Lane, within KDC’s CityLine mixed-use development. HKS is serving as architect and Kimley-Horn and Associates is working as civil engineer on the Raytheon’s facilities, which are slated for completion in 2015. Brad Selner, Stephen Holley, Michael Condon and Brendan O’Shaughnessy of JLL represented Raytheon in the negotiations.
SAN ANTONIO — Presidium Group LLC has acquired and will rebrand Villages of Cinnamon Creek, a 348-unit multifamily property in northwest San Antonio. The community offers studio and one- to three-bedroom residences, as well as communal amenities such as a swimming pool, tennis court, basketball court, volleyball court, picnic area, fitness center and business center. Located at 8722 Cinnamon Creek Drive, the complex is in proximity to the University of Texas at San Antonio, the University of Texas Health Science Center and the headquarters of major employer USAA. Presidium Group, which has acquired four properties in San Antonio, is planning $3 million in capital improvements, including upgrades to the units’ plumbing, lighting fixtures and appliances.
HOUSTON — A partnership between Midway and Valencia Group will develop a new 225-room hospitality property, known as Hotel Alessandra, in Houston. The 25-story hotel will anchor the GreenStreet mixed-use development, located in the downtown district and in proximity to the George R. Brown Convention Center, Toyota Center and Discovery Green Park. Plans call for oversized bathrooms, meeting rooms, event spaces and indoor-outdoor areas. GreenStreet, located at 1201 Fannin Street, includes the 11-story regional headquarters of NRG Energy, as well as retailers, restaurants and entertainment venues. Midway is a Houston-based investment and development firm, and Valencia Group, also based in Houston, is a hospitality management and development company.
HOUSTON — LMI Capital has arranged a $6.2 million loan for the acquisition of Chancellor Apartments, a 224-unit multifamily complex in Houston. Located at 311 Parramatta Lane, the Class B property is in proximity to the 385-acre site of the future ExxonMobil campus. The community offers one- and two-bedroom floor plans, as well as communal amenities including two swimming pools. Brandon Brown worked on behalf of the Florida-based borrower to arrange the non-recourse, 10-year CMBS loan, which includes three years of interest-only payments and a 30-year amortization schedule.
PFLUGERVILLE, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $19 million construction take-out loan for Oaks at Techridge, a 336-unit multifamily property in the northern Austin suburb of Pflugerville. Located at 14000 The Lakes Blvd., the Class A, garden-style community offers one- and two-bedroom apartments, as well as a swimming pool, fitness center and business center. Matt Franke of Q10 | KDH worked on behalf of the borrower, the U.S. affiliate of a diversified construction and development company, to secure the long-term, fixed-rate loan through Quadrant Real Estate Advisors.
AUSTIN, TEXAS — Avesta Communities has acquired Anderson Springs Apartment Complex, a 325-unit multifamily property in Austin. The community, which will be rebranded as Avesta Agave Falls, offers one- and two-bedroom apartments in flat and townhome styles, as well as two swimming pools, a fitness center and playground. Constructed in 1974, the asset is located along U.S. Highway 183, in proximity to the Walnut Creek business park. Avesta Communities is based in Tampa, Fla.
NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of the 87-room Best Western Northeast Mall Inn & Suites in the Fort Worth suburb of North Richland Hills. Located at 8709 Airport Freeway, the select-service hotel includes a fitness center, outdoor swimming pool and business center. Chris Gomes, Skyler Cooper and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gomes also procured the buyer, a private investor.
NEW BRAUNFELS, TEXAS — CBRE has brokered the sale of an 18,855-square-foot healthcare facility in New Braunfels. The property, known as Christus Santa Rosa Physicians’ Ambulatory Surgical Center, is located at 1738 E. Common St., equidistant from Christus Santa Rosa Hospital and the new Resolute Health Hospital, slated to open later this year. A partnership between Christus Santa Rosa and multiple physicians fully occupies the building. Scott Herbold of CBRE represented the unnamed sellers in the transaction. Austin-based Long View Equity Partners purchased the asset.
HOUSTON — CBRE has arranged the construction financing for Airtex Distribution Center, a 225,360-square-foot warehouse to be located at 300 W. Airtex Blvd. in Houston. International Airport Centers (IAC), an owner, manager and developer of warehouse and distribution facilities, is the developer on the project and broke ground earlier this month. The Class A property will feature 32-foot clear heights, trailer parking, T-5 lighting and ESFR sprinklers. Powers Brown Architecture designed the facility, and Satterfield & Pontikes is providing construction services. Tom Lynch and John Fenoglio of CBRE arranged the financing. Ed Frantz and Faron Wiley, also of CBRE, will lease the property.