AUSTIN, TEXAS — Developer/owner JMI Realty is partnering with management firm Kimpton Hotels & Restaurants on a new four-star hotel in Austin’s historic Rainey District. The project, to be known as Hotel Van Zandt, will feature 322 guest rooms over 16 floors, 12,000 square feet of event and meeting space, a gourmet restaurant and pool deck with bar. The award-winning Mark Zeff will oversee interior design of the hotel, expected to open in early 2015. San Francisco-based Kimpton, which specializes in boutique hotels, expands its Texas footprint to four properties with this development.
Texas
FORNEY, TEXAS — The firm of Henry S. Miller has brokered the sale of a 25,000-square-foot industrial property in Forney, located 20 miles east of Dallas. Henry S. Miller’s Jerry Averyt and Greg Trout represented the seller, First State Bank of Mesquite. The facility, situated on 1.25 acres, will be the new home of Willard Heat and AC, which is relocating from their current smaller facility in Forney. Stephen Cooper of NAI Robert Lynn represented Willard.
HOUSTON — The Houston Independent School District (HISD) Board of Education has chosen construction management firm Kwame Building Group for four of its upcoming new construction and renovation projects in the Houston school district. The undertakings, valued at a total of $35 million, include two new Early College High Schools, major improvements for Washington High School and sizeable additions and repairs to Worthing High School. Construction is set to begin in 2014. These projects are part of HISD’s larger $1.89 billion bond program, which was approved by Houston voters in November 2012 and is scheduled to last eight years.
SAN ANTONIO — ARA has brokered the sale of Vista Ridge, a 271-unit community in the Dominion neighborhood of San Antonio. The garden-style apartment property offers one-, two- and three-bedroom floorplans plus a business center, activity center, swimming pool and fitness center. Located in close proximity to the University of Texas at San Antonio and major area employers NuStar, Medtronic, Valero, USAA and South Texas Medical Center, Vista Ridge was 95 percent occupied at the time of sale. Patton Jones and Casey Fry of ARA represented the seller, Raia Properties of New Jersey. The buyer was an undisclosed private investment firm.
DALLAS — Legendary Dallas Cowboys running back Emmitt Smith has launched his own national real estate services firm, E Smith Realty Partners. Industry veterans Sharon Morrison and Brant Landry, both previously with Transwestern, join the former star in this new venture. Since retiring from the NFL in 2004, Smith has also founded a construction company, EJ Smith Construction, and a real estate development and management firm, ESmith Legacy.
HOUSTON — Houston-based real estate services firm Midway has added the Four Points by Sheraton Houston West to its CITYCENTRE development. The 171-room full-service hotel was originally part of the Town & Country Mall complex, which was razed to make way for Midway’s project in 2007. The Four Points will provide a lower price point for travelers than the development’s existing hospitality property, Hotel Sorella. The acquisition increases the footprint of CITYCENTRE by approximately three acres and extends its northern boundary to Interstate 10.
DALLAS — CBRE’s Private Capital Group in Dallas has arranged the sale of the 68,440-square-foot Mockingbird Depot retail property near Dallas Love Field Airport. Located at 2601-2727 W Mockingbird Lane, the shopping center was 100 percent leased at the time of sale and features a J. Hilburn Men’s Clothing store. ATR & Associates of Dallas purchased the property for an undisclosed amount. Jennifer Pierson and Beth Pierson of CBRE represented the seller.
DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.
ARLINGTON, TEXAS — KTR Property Trust III has purchased an industrial asset comprising three buildings and 543,000 total square feet in Arlington, a suburb of Dallas/Fort Worth. Located at 600 109th Street in the Lower Great Southwest submarket, the property includes two trailer yards and was 100 percent leased at the time of sale. Michelle Hudson of Hudson Peters Commercial represented the buyer, an investment vehicle of KTR Capital Partners. John Brewer of CBRE represented the seller.
MCKINNEY, TEXAS — VanTrust Real Estate LLC has started construction on a 120,000-square-foot speculative office development in the Craig Ranch mixed-use community of McKinney, a northern suburb of Dallas. The building, designed by architects O’Brien & Associates, is the first phase of a larger planned office park to be known as McKinney Corporate Center. MYCON General Contractors has been awarded the design-build contract for the project. Burson Holman and Shannon Brown of CBRE Dallas will represent owner VanTrust in leasing the building.