Texas

NEW HYATT PLACE HOTEL ANNOUNCED

by admin July 17, 2009

SUGAR LAND, TEXAS — Planned Community Developers has announced that a new Hyatt Place hotel will be coming to Lake Pointe Town Center, the company’s urban-style, mixed-use development located at the intersection of highways 6 and 59 in Sugar Land. The 135,000-square-foot hotel will be constructed on 3.7 acres along Brooks Lake and will contain 214 rooms. The Hyatt Place project will be developed by a joint venture between Chicago-based Hyatt Hotels & Resorts and Dallas-based Woodbine Development Corp. Upon completion, it will be the second Hyatt Place in the greater Houston area. The construction timetable was not released.

July 17, 2009

HENDRICKS & PARTNERS BROKERS TWO-PROPERTY MULTIFAMILY SALE

by admin July 17, 2009

BEAUMONT, TEXAS — Hendricks & Partners has brokered the sale of two multifamily communities located in Beaumont. The first property, Cornwall, is a 150-unit community located at 6650 Prutzman Rd. The second property, Lancaster, is a 115-unit community located at 6550 Phelan Rd. Ed Cummins, Jim Hearn and Clint Duncan of Hendricks & Partners’ Houston office, along with Tom Warren of the firm’s Dallas office, represented the seller, Venice, Calif.-based partnerships MOS Lone Star Investment LP and Vo-Beaumont Cornwall LP. The buyer was Dallas-based Lancaster Cornwall LP. The acquisition price was not disclosed.

July 17, 2009

Office Texas

RCC SELLS BUILDING WITHIN CHAPEL HILL OFFICE PARK

by admin July 17, 2009

COLLEYVILLE, TEXAS — Colleyville-based Realty Capital Corp. (RCC) disposed of 261 East Southlake Boulevard, a 7,056-square-foot office building located within Colleyville’s Chapel Hill Office Park. The building is fully occupied by Ravi Doctor DDS and Kumon Learning Center. The building was purchased by Southlake Chapel Hill 34 LLC, a partnership of Dallas-based real estate investors managed by Stephen Swann of Expedition Capital Partners. This most recent sale is the fifth office building to be sold at Chapel Hill. RCC currently owns two remaining development sites at the park.

July 17, 2009

Healthcare Texas

MEDCAPITAL GROUP SECURES $3.11 MILLION MEDICAL CONSTRUCTION LOAN

by admin July 17, 2009

LUBBOCK, TEXAS — MedCapital Group has secured $3.11 million on construction financing for the development of a 10,000-square-foot radiation center located in Lubbock. The loan carries a 6 percent fixed interest rate with interest-only payments for the first 18 months, followed by a 3-year term with a 30 year-amortization schedule thereafter. The financing package also included a $300,000 revolving line of credit with a variable interest rate based off of prime plus 1 percent, and a 6.5 percent floor. The borrower is a partnership between seven urologists and a professional management company. The lender was undisclosed.

July 17, 2009

Hospitality Texas

SPRINGHILL SUITES BREAKS GROUND

by admin July 16, 2009

BAYTOWN, TEXAS — Houston-based Arch-Con Construction has broken ground for a new SpringHill Suites hotel, located at 5179 East Freeway in Baytown. The four-story building will contain 101 rooms and more than 7,500 square feet of meeting space. The design is a new prototype for Marriott Hotels, the franchisor of the SpringHill Suites brand. Completion is scheduled for 2010.

July 16, 2009

Office Texas

BELTWAY II OFFICE BUILDING COMPLETE

by admin July 16, 2009

HOUSTON — Construction is complete for Beltway II, a Class A office building located in Houston. The building is part of Beltway Lakes, a 46-acre, master-planned project situated at the intersection of Beltway 8 and Highway 249 in northwest Houston. The initial phase of development for the park comprises Beltway I and II, two six-story office buildings that total 323,000 square feet. Both have been pre-certified for the Gold level of LEED-Core & Shell and both are ready for immediate occupancy. Beltway Lakes is owned, developed and managed by locally based Radler Enterprises.

July 16, 2009

Retail Texas

STAN JOHNSON CO. COMPLETES SALE OF CVS/PHARMACY

by admin July 16, 2009

SPRING, TEXAS — Stan Johnson Co. (SJC) has completed the sale of a 13,013-square-foot, freestanding CVS/pharmacy, located in Spring. The building is situated on 1.82 acres at 8754 Spring Cypress Rd. Hunter Jaggard and Daniel Herrold of SJC’s Houston office represented the seller, Houston-based Gulf Coast Commercial Group. Steve Weiss of Baltimore-based Colliers Pinkard represented the buyer, a Maryland-based individual investor. The acquisition price was not disclosed.

July 16, 2009

Civic Texas

CORGAN PICKED FOR LOVE FIELD RENOVATION

by admin July 16, 2009

DALLAS — Corgan Associates has been selected as the architect of record for the renovation of Dallas’ Love Field airport. The Love Field Modernization Program will begin with the demolition and consolidation of the airport’s three original concourses into one central concourse. The check-in and baggage claim areas will be redesigned and the main lobby space will be renovated. The number of airport concession areas will be more than doubled. The project plans to pursue LEED certification. Demolition work will begin in the fall, with Phase I construction scheduled for a 2012 completion. The project will wrap up by fall 2014. Corgan Associates has been involved in several renovation projects for the airport and was part of the original design team when it was constructed in 1956.

July 16, 2009

Hospitality Texas

STARWOOD HOTELS & RESORTS WORLDWIDE OPENS FOUR POINTS HOTEL

by admin July 15, 2009

SAN ANTONIO — Starwood Hotels & Resorts Worldwide has opened the Four Points by Sheraton San Antonio Northwest. The six-story, 130-room hotel is owned by Galo Properties and managed by DePalma Hotels. Four Points is the first of three prototype hotels to open in North America as part of the rejuvenation campaign. The hotel features a fitness center, a heated outdoor swimming pool and 1,400 square feet of meeting space. The hotel anchors Promenade Place, a 12-acre lifestyle center, and is situated across from the University of Texas – San Antonio.

July 15, 2009

Retail Texas

SALON PURCHASES 14,700-SQUARE-FOOT PROPERTY

by admin July 15, 2009

NORTH ARLINGTON, TEXAS — Daired’s Salon & Day Spa has acquired a two-story, 14,700-square-foot retail building located at 915 Skyline Dr. in North Arlington. The buyer plans to open a new location for its business this fall. Theron Bryant of SCM represented the undisclosed seller. Steve Chilton of Chilton Development represented the buyer. The acquisition price was not released.

July 15, 2009

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