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.
AUSTIN, TEXAS — ATCO Advisory Services has acquired The Shops at 360, the retail component of Austin's 360 high-rise condominium tower. The space totals approximately 14,000 square feet and comprises nine retail spaces situated on the building's ground floor. All but one of the spaces are occupied by a tenant roster that includes Garrido's Restaurant, Royal Blue Grocery, Optique, Lora Reynolds Gallery, Thundercloud Sandwiches, Yummy Yo, Blu Café and Mulberry Bistro. The purchase also included 24 paid parking spaces for condo owners directly above the retail shops. The seller and the acquisition price were not disclosed.
HOUSTON — A 33,862-square-foot Family Thrift Center has opened at Sharpstown Plaza in Houston. The center is located on Bellaire Boulvard, across from Sharpstown Mall. Ronnie Turboff of Prime Capital Corp. represented Family Thrift Center in lease negotiations. Mike Partners provided in-house representation for Centro Properties Group, the owner of Sharpstown Plaza.
HOUSTON — The Houston office of Turner Construction Co. has been selected by the Archdiocese of Galveston-Houston to construct a new church in Houston. Our Lady of Lourdes Catholic Church will be located at the intersection of Highway 290 and Fairbanks Road. The 18,000-square-foot building will be constructed of king-sized brick and cast-iron, and it will be topped off with three copper-shingled spires. Interior work includes vaulted ceilings with acoustical soundproofing, glass fiber-reinforced gypsum columns, and marble stone and red oak wood trim. The new church will be able to accommodate more than 1,200 worshipers. Jackson & Ryan Architects is designing the project. Completion is slated for May 2010.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Fielder Terrace Shopping Center, a 32,450-square-foot retail property located in Arlington. Situated at 1300 W. Arkansas Lane, the center was 90 percent leased at the time of closing. Marcus & Millichap's Dallas office negotiated the deal on behalf of the seller, a private investor. The buyer was also a private investor. The acquisition price was not released.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $22.6 million loan for the refinancing of Lincoln Park, a 148,806-square-foot retail center located in Dallas. The center is situated at the corner of West Northwest Highway and North Central Expressway, across from NorthPark Mall. The center is anchored by a Tom Thumb supermarket; additional tenants include The Cheesecake Factory, The Container Store and Barnes & Noble. Occupancy was 98 percent at the time of closing. HFF's Kevin MacKenzie and Trey Morsbach arranged the loan, which carries a 5-year term and a fixed interest rate, on behalf of the borrower, a joint venture between a Inland Western REIT and a client of Invesco Real Estate. The lender was not disclosed.
ALLEN, TEXAS — The first building of a new office condominium park located in Allen has been completed and sold. Watters Creek Professional, which is located along Watters Road, consists of three small condo buildings suitable for professional or medical office uses. The first building, a 3,500-square-foot structure situated at 614 Watters Rd., was acquired by Dr. Jacqueline Le. The site is approved for two additional buildings totaling approximately 3,000 square feet or more each. Matt Anding of Henry S. Miller Brokerage represented the seller, KRG-Barklay, along with the buyer. The acquisition price was not disclosed.