SAN ANTONIO — San Antonio-based SWBC has purchased the remaining interest in Dallas-based Royalton Real Estate Capital. The new name of the company will be SWBC Real Estate, and it will continue to focus on investing, acquiring and developing commercial real estate properties, especially multifamily, in San Antonio, Dallas/Fort Worth, Austin and Houston.
HOUSTON — Jones Lang LaSalle has arranged the sale of two office buildings totaling 141,265 square feet, located at 16350 and 16360 Park Ten Place inside the Park 10 Regional Business Center in Houston's Energy Corridor submarket. Rudy Hubbard and Leah Gallagher of Jones Lang LaSalle's Capital Markets team in Houston represented the seller, American Spectrum Realty, in the transaction. The buyer was Hicks Ventures, Ltd.
ROSENBERG — Hi Tec Power has purchased a 20,000-square-foot industrial building, located at 25707 SW Freeway in Rosenberg. Taylor Schmidt and Neil Martin of Houston-based Finial Group represented both the buyer and the undisclosed seller in the transaction.
CORPUS CHRISTI — La Palmera, a 1.02 million-square-foot super-regional mall located at 5488 S. Padre Island Dr. in Corpus Christi, has added five new retailers to its tenant roster. The new tenants include the 3,453-square-foot White House Black Market, the 2,313-square-foot Soma Intimates, the 4,885-square-foot 2b bebe, the 1,105-square-foot Traffic Shoes and the 6,350-square-foot Papaya. The mall will undergo a major redesign and renovation scheduled to begin in late 2012 and wrap up in 2013. The mall will be known as The Shops at La Palmera.
CONROE AND AUSTIN — Marcus & Millichap Capital Corp. has arranged a $9.5 million permanent loan for a 70,000-square-foot retail property in Conroe and a $7.72 million interim/bridge loan for a 294-unit multifamily property in Austin. Peter Dunn of Marcus & Millichap's Houston office arranged both loans. The retail loan has a 10-year term and a 30-year amortization schedule, while the multifamily loan has a 18-month term.
DENTON — A joint venture between McCarthy Building Cos. and GCC Enterprises has commence construction on a $12 million Army Reserve Center in Denton. The U.S. Army Corps of Engineers, Fort Worth district is overseeing construction of the project, which will serve as the headquarters, training and maintenance facilities for the Army Reserve. The facility includes a 37,000-square-foot administrative/training center, a maintenance shop, storage buildings and support facilities.
SAN ANTONIO — San Antonio-based 4M Realty Co. has arranged the sale of a 163,000-square-foot industrial building, located on a 9-acre lot at 6351 Rittiman Road in San Antonio. Michael Weiss and Nick Prater of 4M Realty Co. represented the seller, City Bank Texas, in the transaction. Todd Hess of Keller Williams Commercial Realty's San Antonio office represented the buyer, Daily Bread Ministries.
HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of a 7,312-square-foot industrial property, located at 2301 McAllister Road in northwest Houston. Randy Connell of Coldwell Banker's Houston office represented the buyer, SIngle Source Events, in the transaction. Michael Holmes of Weichert Realty's Houston office represented the undisclosed seller.
KYLE — HFF has secured $4.7 million in refinancing for The Village at Kyle, a 26,000-square-foot shopping center located at 5695 Kyle Pkwy. in Kyle, a suburb of Austin. The retail center is leased to tenants including AT&T, Select Physical Therapy, SportsClips and Dickey's Barbecue Pit. Tyler Ford and Tucker Knight of HFF's Houston office arranged the 5-year, fixed-rate loan through Texas Exchange Bank on behalf of the borrower, SCC Development.
For years El Paso was thought of as a sleepy little outpost in far West Texas on the Mexican border. Many people from the rest of the state knew little about the city, and thought it well suited to be part of New Mexico. The economy was always fairly stable especially in the commercial real estate sector. There was never boom nor bust, just steady growth fueled internally. Arguably the biggest things to happen in El Paso were the construction of Interstate 10 and the Sun Bowl. That was of course until recently with the opening of the Texas Tech School of Medicine, and explosive growth at Fort Bliss. The Army post is in the last phases of a $4.5 billion expansion. That does not include a $1.5 billion, 250-acre Army medical campus, and VA Hospital that recently broke ground. It is estimated that Ft Bliss’s population will expand by 40,000 troops and their families during the next few years. In spite of the economic downturn, El Paso’s future is as bright as ever. It has received many national accolades. Forbes Magazine recently ranked the city as having the 2nd best performing economy nationally in 2011. El Paso is the …