Texas

CADENCE MCSHANE DELIVERS ELEMENTARY SCHOOL

by admin September 10, 2012

SEAGOVILLE — Cadence McShane Construction Co. has completed the development of the 106,462-square-foot Seagoville North Elementary School, located at 1900 Seagoville Road in Seagoville. The school is within the Dallas Independent School District and will serve approximately 810 pre-kindergarten through fifth-grade students. The school will feature 39 classrooms, science labs, computer labs, a media center, multipurpose room, kitchen, cafeteria, library and gymnasium space. PageSoutherlandPage designed the school to meet the Collaborative for High Performance School Design Guidelines. The school is part of the 2008 Dallas ISD Bond Program, a $1.35 billion capital improvement plan.

September 10, 2012

JPMORGANCHASE TOWER SIGNS SEVERAL LEASES

by admin September 10, 2012

HOUSTON — The 1.7 million-square-foot JPMorganChase Tower, a 75-story office tower located at 600 Travis St. in downtown Houston, has experienced a frenzy of leasing activity. The tower is now more than 96 percent leased, thanks to leases totaling more than 145,000 square feet. Linn Energy has expanded its lease by 58,944 square feet, which brings the total to 175,000 square feet. Trey Strake and Chris Oliver of Cushman & Wakefield represented the tenant in lease negotiations. Hines is the property manager of JPMorganChase Tower. Other leasing activity includes Breitburn Energy Partners expanding its lease by 22,561 square feet for a total of 66,045 square feet; Indigo Minerals and M2 Midstream renewed leases for 21,900 square feet; Denham Capital Management renewed its lease for 13,191 square feet; Crest Investment Co. renewed its lease for 11,493 square feet; KKR has expanded its lease by 9,286 square feet for a total of 23,291 square feet; McMurrey Investment Advisors signed a lease for 5,281 square feet; and KeyBank National Association signed a lease for 2,533 square feet.

September 10, 2012

Multifamily Texas

LMI ARRANGES TWO MULTIFAMILY LOANS

by admin September 10, 2012

BEDFORD AND FORT WORTH — LMI Capital has arranged $7 million in loans for two multifamily properties: Cottages of Bedford Apartments at 2000 Park Place Blvd. in Bedford and Travis Gardens Apartments at 2901 Travis Ave. in Fort Worth. Chris Pollard of LMI Capital arranged $5 million in acquisition financing with a 10-year term through Fannie Mae for Cottages of Bedford. Pollard also arranged a $2 million loan with a 10-year term for the borrower to pay off existing debt for Travis Gardens.

September 10, 2012

Office Texas

ARPT PURCHASES WESTERN PLACE I & II FOR $34M

by admin September 7, 2012

FORT WORTH — American Recovery Property Trust (ARPT) has acquired Western Place I & II, a 425,000-square-foot office complex in Fort Worth, for $34 million. The complex consists of two 10-story buildings and features tenants such as Lockheed Martin, BAE Information Systems, APEX Capital Corp. and Computer Science Corp. The transaction was ARPT's first real estate acquisition.

September 7, 2012

Retail Texas

QUIKTRIP BEING BUILT IN RIVER OAKS

by admin September 7, 2012

RIVER OAKS — QuikTrip is developing a new Generation III store in River Oaks. The store will employ approximately 15 to 18 people and will feature a made-to-order barista, which serves specialty coffees, ice cream and smoothies. Construction of the QuikTrip includes demolishing the Caravan Inn, which is located on the site. The River Oaks Economic Development Corp. and River Oaks City Council recently approved a $300,000 incentive package for the new store, which is slated for a March 2013 opening.

September 7, 2012

Office Texas

HFF CLOSES SALE, FINANCING FOR HOUSTON OFFICE PORTFOLIO

by admin September 7, 2012

HOUSTON — HFF has arranged the sale of a three-building office portfolio totaling 566,308 square feet, located at the intersection of Interstate 10 and Dairy Ashford Road in Houston's Energy Corridor. The three eight-story office buildings are 93.6 percent leased. Robert Williamson and H. Dan Miller of HFF represented the sellers, Falcon Southwest and CarVal Investors, in the transaction. Susan Hill of HFF arranged the acquisition financing through JPMorgan Chase Bank on behalf of the buyer, Beacon Investment Properties.

September 7, 2012

Healthcare Texas

REIT PROVIDES $15M INVESTMENT FOR HOSPITAL REDEVELOPMENT

by admin September 7, 2012

DALLAS — Carter Validus Mission Critical REIT has closed a $15 million preferred equity investment to redevelop an existing medical office building in Dallas. The hospital will be renamed Walnut Hill Doctors Hospital, which will span 200,000 square feet and include 84 in-patient beds, 16 intensive care units and six operating rooms. The hospital will feature emergency, urgent care, diagnostic imaging, surgery, cardiology and general acute care capabilities. The REIT also has the option to acquire the property after completion of the renovations. The equity investment will be used along with a $34 million construction loan and a $21 million equity investment by a private development group.

September 7, 2012

Mixed-Use Texas

STRATFORD LAND PROVIDES $14M LOAN FOR DEVELOPMENT

by admin September 7, 2012

SAN ANTONIO — Stratford Land has funded a $14 million, non-recourse loan to Carlton Holdings for its development of the 182-acre Monterrey Village, a mixed-use development located at Interstate 410 and State Highway 151 in western San Antonio. Carlton Holdings has owned the land since 2006. The loan is Stratford Land's first in San Antonio.

September 7, 2012

Market Reports Texas Texas Market Reports

Unique off-campus housing market in Austin.

by admin September 7, 2012

The off-campus student housing market in Austin is unique when compared to the majority of student markets around the country. From a macro perspective, the University of Texas at Austin (UT) is situated in one of the leading markets in the country in terms of population growth (42 percent from 2000-2011 Austin/Round Rock MSA), job growth (6.1 percent unemployment vs. 8.8 percent national average) business-friendly local and state economies and overall quality of life (“No. 1 best city to live in for the next 10 years” — Kiplinger’s Personal Finance, June 2011). UT has a current enrollment of more than 51,000 students and is the fifth largest institution in the country. UT regards itself as a leader in academics, athletics and as one of the leading research institutions in the U.S. For all the above reasons and more, UT continues to be a huge draw for students both in Texas and from out of state. Despite legislative enrollment limits of approximately 50,000 students, the student housing market in and around UT is one of the strongest student markets in the country today. West Campus (a roughly 10 by 10 block area due west of UT) reported market occupancy for the …

September 7, 2012

Hospitality Texas

WYNDHAM LAS COLINAS SELLS

by admin September 6, 2012

IRVING — Rockwood Real Estate Advisors has brokered the sale of the 168-room Wyndham Las Colinas, a hotel located in the Las Colinas community in Irving. The hotel features a business center, an indoor pool, fitness center, concierge, guest laundry and shuttles to area attractions. Andrew Kern and David Altobello of Rockwood's Bethesda, Md., office represented the seller, an affiliate of Investcorp International, in the transaction. Rockwood also sourced local investors to purchase the property.

September 6, 2012

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