EDMOND, OKLA. — The LaSalle Group has plans to build the 28,000-square-foot Autumn Leaves of Edmond, an $8.8 million memory care community located at 1001 S. Bryant Ave. in Edmond. The community will serve residents living with Alzheimer's, dementia and memory impairment. The project is the result of a partnership between The LaSalle Group and Silverado Interests. The community is scheduled for a fourth quarter 2013 opening.
AUSTIN — Starwood Hotels & Resorts Worldwide and White Lodging Services Corp. plan to open a second Westin hotel in Austin. The Westin Austin Downtown will be located on the northeast corner of East Fifth Street and San Jacinto Boulevard in downtown Austin. The 17-story, 326-room hotel is scheduled to break ground in 2013 and open in spring 2015. The hotel will feature a White Lodging-managed restaurant, fitness center and 13,500 square feet of state-of-the-art meeting and banquet space. The hotel is anticipated to bring more than 130 permanent jobs to the area, as well as $4.5 million in taxes annually. White Lodging has formed a joint venture with the Harry Whittington family and REI Real Estate Services for the hotel's development.
HOUSTON — An affiliate of Wheelock Street Capital has purchased the 297-room Hilton Houston Westchase Hotel, located on Westheimer Road in Houston's Westchase District. The hotel includes 11,200 square feet of meeting space and the Rio Ranch Restaurant. The buyer acquired the hotel from an affiliate of Interstate Hotels & Resorts, which will continue to manage the hotel on behalf of Wheelock.
LAGO VISTA, TEXAS — SRS Real Estate Partners, a Dallas-based retail real estate brokerage firm, has arranged the sale of the 66,230-square-foot Lago Vista Village, a mixed-use development located at 20900 FM 1431 in Lago Vista. The development includes 55,085 square feet of retail space and 11,145 square feet of second-story office space. The development is 100 percent vacant. Jason Middlebrook of SRS represented the seller in the transaction.
COPPELL, TEXAS — Johnson Capital has arranged a $7.82 million FHA Section 223(f) loan secured by the 56-unit Estates of Coppell, a townhome community located in Coppell. Scott Graber of Johnson Capital's Denver office arranged the 35-year loan on behalf of the borrower, a family business that originally developed the community. Huntoon Hastings, a subsidiary of Johnson Capital, funded the loan.
SAN ANTONIO AND OKLAHOMA CITY — Inland American Real Estate Trust has acquired two shopping centers in San Antonio and Oklahoma City for approximately $94.7 million. The properties include the 218,436-square-foot Stone Ridge Market in San Antonio and the 254,690-square-foot Rockwell Plaza in Oklahoma City. Stone Ridge's tenants include PetSmart, Sports Authority and Half Price Books. Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men's Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree.
HOUSTON — A joint venture between Trammell Crow Co. and Principal Real Estate Investors (PREI) has broken ground on the 546,372-square-foot Energy Center Three, a 20-story office building located on the southwest corner of Interstate 10 and North Eldridge Parkway in Houston's Energy Corridor. Trammell Crow and PREI expect to deliver the project in the fourth quarter of 2014. The office building is the first phase of a multi-phase office development. The property will also include a nine-level, free standing parking garage, double-height lobby, fitness center, conference center and dining facilities. Kirksey Architects designed the project, which is pre-certified LEED Gold. The joint venture between Trammell Crow Co. and PREI has developed five Class A office projects in the Houston area, including Energy Center Three. These projects include Hess Tower, Energy Center I and II and Noble Energy Center One.
DALLAS — Dallas-based UCR Investment Sales has arranged the sale of seven retail properties in Texas totaling 87,652 square feet. The properties include: The Shops at Carter Ranch located in Celina Roanoke Center located in Roanoke 7-Eleven located in Richardson North Main Street Center located in Fort Worth Lake June Commons located in Balch Springs O'Reilly Auto Parts and Cashmax located in Childress Hibbett Sports and Cashmax located in Athens Tommy Tucker of UCR Investment Sales represented the six different sellers in seven separate transactions.
IRVING, TEXAS — Dallas-based American Communities has acquired Chaparral Creek, a multifamily property with more than 500 units located at 3701 N. O'Connor Road in the Las Colinas neighborhood in Irving. Amenities include a newly renovated fitness center, community center, four swimming pools, covered parking and onsite laundry facilities. American Communities was founded in May 2012.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has secured a $12.5 million refinance for Westchase Shopping Center, located in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year loan to amortize over 30 years through a CMBS lender. The LTV on the loan is 75 percent.
