ARLINGTON, TEXAS — SCM Real Estate has brokered the sale of a 4,425-square-foot commercial building located at 2005 E. Lamar Blvd. within Governor's Row in Arlington. Beaux Riley of SCM arranged the sale between the buyer, Hinckley Properties, and the undisclosed seller. This transaction marks the fifth building at Governor's Row that SCM has sold. Five buildings are still available for sale at the business campus.
SAN ANTONIO — Denver-based ProLogis has leased the last building at its Eisenhauer 35 Distribution Center in San Antonio, bringing the industrial park to full occupancy. Texas-based Millennium Distribution signed a lease for 52,800 square feet at Building Seven. Additionally, Las Vegas L.A. Express signed a lease for the remaining 44,000 square feet in the building. Eisenhauer 35 consists of seven buildings totaling 835,000 square feet of distribution space. Other tenants at the park include Kimberly-Clark, Tire Centers, GE Supply Co., Children's Hunger Fund, T.A.S. Air Cargo, Applied Indsutrial Technologies and Impact Floors of Texas.
Historically, hotel rooms in San Antonio have either been in the central business district (CBD) or near the airport and “loop land.” In the 1980s and ’90s, there were two top golf resort properties built — Hyatt Hill Country Golf Resort near Sea World and Westin La Cantera Golf Resort near Six Flags Fiesta Texas — that attracted a new set of business. Additionally, the highway-located budget properties began posting strong numbers. In more recent years, hotel chains have recognized the need to cater to a mid-to-upscale market of tourists and small business road warriors who were unable to find hotel rooms during special events (such as The Final Four) for large conventions or during the busy summer months. Mid-upscale properties, including Marriott, Intercontinental Hotels, Hilton, Starwood, Sheraton, Hyatt, Doubletree, Drury, as well as boutique CBD/River Walk properties such as The Valencia, Watermark Hotel & Spa and Hotel Contessa, were developed and changed the entire complexion of the hospitality market in San Antonio. This year, there have been three major developments that are impacting the hospitality market in San Antonio: • The completion of a 1,000-room Hyatt Regency hotel/condo project adjacent to the Convention Center on the River Walk • …
ARLINGTON, TEXAS — The University of Texas System Board of Regents has finalized the design for the new special events center for the University of Texas – Arlington (UTA). Designed by HKS Inc., the $78 million project will consist of a 218,000-square-foot arena with seating for up to 6,500 people. The building will serve as the home of UTA's basketball and volleyball teams as well as host commencement ceremonies and other community events. The project is applying for LEED-Silver certification, with sustainable features that include almost building-height, low-e glazed exterior windows to let natural light in, a reflective roof, a low-use water system, and the use of regional construction materials and native landscaping. Groundbreaking is scheduled for 2010 and completion is expected in early 2012. The center is part of an effort to establish the university's east campus. The event center will open onto a new pedestrian mall that will be built on what is now Second Street, between Center and Pecan streets. Additionally, a four-story, mixed-use residence hall and parking garage will be built immediately north of the events center.
HOUSTON — Marcus & Millichap Capital Corp. has arranged $22.7 million in construction financing for Clearpointe Residences, a multifamily project currently under development in Houston. The construction-to-permanent loan carries a non-recourse feature, a 40-year term, a 5.8 percent interest rate and a 90-percent loan-to-cost ratio. Peter Dunn of Marcus & Millichap's Houston office arranged the financing. The borrower was not disclosed.
CARROLLTON, TEXAS — NorthMarq Capital has secured $6.88 million in first-mortgage financing for the Crosby Industrial Building located in Carrollton. The multi-tenant property totals 219,780 square feet. The loan includes a 3-year term, a 25-year amortization schedule and a 74 percent loan-to-value ratio. John Stewart of NorthMarq's Dallas office arranged the loan on behalf of Sean Porter with Seaport Interests. The lender was Wells Fargo.
SAN ANTONIO — Aries Capital's Urban Development Fund (UDF) has provided $21.5 million in financing for the development of the new Embassy Suites Riverwalk in San Antonio. The hotel will be located on Houston Street along the San Antonio Riverwalk. It will total 16 floors and 285 rooms. Amenities will include a 7,500-square-foot ballroom, a 7,000-square-foot grand atrium and two levels of below-ground parking. The new Embassy Suites is set to anchor the redevelopment of the Houston Street area. UDF's financing package consists of a $17 million senior loan, a $2.25 million junior loan and a $2.25 million equity investment. The investment also includes an allocation of New Market Tax Credits. The borrower's name was not disclosed.
SEABROOK, TEXAS — The Houston office of Grubb & Ellis has completed the sale of Seagate Village Shopping Center, a 13,315-square-foot retail property located at 3659 Nasa Rd. 1 in Seabrook. Keith Lloyd, Gus Lagos and Tony Ricci of Grubb & Ellis represented the undisclosed seller. The buyer, 3659 NR-1 LLC, provided in-house representation. The acquisition price was not disclosed.
CEDAR HILL, TEXAS — John T. Evans Co. has brokered the sale of a 4,700-square-foot restaurant building located in Cedar Hill. The building is situated on 1.12 acres at the intersection of Highway 67 and Belt Line Road, and it was formerly occupied by Bennigan's. The buyer is a local Japanese hibachi restaurant operator. Craig Johnson and Ben Johnson of John T. Evans Co. represented the seller, a Chicago-based investor. The acquisition price was not disclosed.
FRISCO, TEXAS — Schulman Partners has announced that it will build a new 14-screen, 50,000-square-foot movie theater at Hermansen Land Development's Frisco Market City master-planned project in Frisco. The $10 million project, which will be known as City Lights Theatre, is slated to break ground next May and will be complete by May 2011. It will feature stadium seating along with an art deco design. Schulman currently operates two theaters in Georgetown and Weatherford, Texas.
