Texas

WATTERS CREEK PHASE I COMPLETE

by admin October 29, 2008

ALLEN, TEXAS — Phase I construction is completed for Watters Creek at Montgomery Farm, a $333 million, 1.15 million-square-foot mixed-use development located in Allen. The 52-acre project serves as the town center for the 500-acre Montgomery Farm master-planned residential community. The project currently totals 620,000 square feet, including 300,000 square feet of retail and restaurant space, 90,000 square feet of office space and 230 residential units. Future phases will include additional residential, retail, restaurant and office space, as well as a lifestyle hotel. Amenities at Watters Creek include a pedestrian green corridor with a sandstone-lined pond and creek; a natural amphitheater with a town green for performances and other events; a central plaza that runs parallel to the town green; nature walks; and bike trail connections. The project is pursuing LEED certification and, upon receiving the designation, will be the largest LEED-certified mixed-use development in the state. Watters Creek is being developed by a joint venture between Fort Worth, Texas-based Trademark Property Co., New York City-based Coventry Real Estate Advisors, Beachwood, Ohio-based Developers Diversified Corp. and Franklin, Tenn.-based Southern Land Co. The architect of record is Dublin, Ohio-based Meacham & Apel Architects; Texas-based TBG Partners and Baltimore-based Development Design Group …

October 29, 2008

K PARTNERS BREAKS GROUND FOR $24 MILLION HOTEL COMPLEX

by admin October 29, 2008

EL PASO, TEXAS — San Antonio-based K Partners Hospitality Group has broken ground for the construction of a $24 million, two-hotel complex in San Antonio. The 5–acre, $24 million project is located at Remcon Circle, at the southeast intersection of Interstate 10 and North Mesa Street. Construction will consist of a four-story, 103-room Springhill Suites and a four-story, 95-room Fairfield Inn & Suites, both of which are Marriott brands. The Springhill Suites will feature an outdoor swimming pool, a fitness center, 1,100 square feet of meeting space, an executive boardroom and complimentary Internet access. The Fairfield Inn & Suites will feature an indoor swimming pool and whirlpool, 600 square feet of meeting space, an executive boardroom, a business library, ergonomic work areas and complimentary Internet access. The former hotel is expected to open in the second quarter of 2009, while the latter hotel is expected to open in the third quarter of 2009. Construction financing is being provided by Atlanta-based Specialty Finance Group.

October 29, 2008

Office Texas

TWO RIVERWAY OFFICE TOWER SOLD

by admin October 28, 2008

HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has completed the sale of Two Riverway, a 17-story, Class A office tower located in the Galleria submarket of Houston. Two Riverway is situated within the 27-acre Riverway master-panned community, which is located on the corner of Post Oak and Woodway Drive. The 369,479-square-foot property is currently 92 percent leased; Chicago Bridge & Iron and IBM are the tower’s two main tenants, jointly occupying 55 percent of the building’s total space. HFF’s H. Dan Miller, Robert Williamson, Marty Hogan and Trent Agnew represented the seller, Coventry Fund X, which is an affiliate of Coventry Realty Advisors. The buyer was Two Riverway Holdings LLC, which is a subsidiary of Donerail Corp. The acquisition price was not disclosed.

October 28, 2008

Retail Texas

JC PENNEY BREAKS GROUND FOR FIRST GREEN STORE

by admin October 28, 2008

FAIRVIEW, TEXAS — JC Penney Co. has broken ground for the construction of a new store in Fairview. The 115,000-square-foot location will serve as one of the anchors for The Village at Fairview, a 1 million-square-foot lifestyle center that is currently under construction. The store is also the first JC Penney to register for LEED certification. Upon completion, it is expected to use 41 percent less energy that an average JC Penney location. Sustainable features include a reflective white roof, native landscaping, low-flow plumbing fixtures, the recycling of construction waste, the use of recycled and local construction materials and an energy-efficient HVAC system. In addition to registering for LEED certification, the project also is anticipated to receive the Energy Star designation. Completion is scheduled for August 2009.

October 28, 2008

Mixed-Use Texas

RIALTO VILLAGE UNDER WAY

by admin October 27, 2008

SAN ANTONIO — Development is under way for Rialto Village, a 24-acre, mixed-use project located at the intersection of Interstate 10 and Ralph Fair Road in San Antonio’s I-10 Hill Country corridor. The project will include 185,000 square feet of boutique retail space, 41,000 square feet of office condominiums and an upscale apartment component located above the shops — all in a village setting with outdoor plazas, walking trails and native landscaping. Rialto Village also will be surrounded by a permanent greenbelt along an undeveloped flood plain. The project will be topped off by a 121-foot tall decorative tower. Additionally, the existing Ralph Fair Road overpass, which spans I-10, will extend directly into the main street of the project, known as Calle Rialto. Completion is scheduled for mid-2009. Rialto Village is being developed by San Antonio-based Schuparra Properties; leasing is being undertaken by locally based Reata Real Estate Services. Walgreen’s has already signed a lease to build its only location between Loop 1604 and Boerne, Texas, within the project.

October 27, 2008

Office Texas

COHEN ARRANGES $42 MILLION BRIDGE LOAN FOR OFFICE PORTFOLIO

by admin October 27, 2008

PLANO, TEXAS — Newport Beach, Calif.-based Cohen Financial has arranged a $42 million bridge loan for the refinancing of a three-property office portfolio totaling approximately 500,000 square feet. One of the buildings in the portfolio is located at 2805 Dallas Pkwy. in Plano. Terms of the non-recourse loan include a 65 percent loan-to-value ratio, a floating interest rate and a 3-year term with two 1-year extension options. Bruce Krall of Cohen Financial arranged the financing on behalf of the borrower, a joint venture between Newport Beach, Calif.-based The Koll Company and Boise-based Public Employee Retirement System of Idaho. The other two office properties are located at 1873 S. Bellaire St. in Denver and 10851 N. Black Canyon Hwy. in Phoenix.

October 27, 2008

Industrial Texas

CBRE BROKERS 5.41-ACRE DEVELOPMENT SITE SALE

by admin October 27, 2008

LEAGUE CITY, TEXAS — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 5.41-acre development site located at the intersection of State Highway 96 and FM 1266 in League City. Laura Smith and Larry McWherter of CBRE represented the seller, locally based South Shore Harbour Development Ltd. The undisclosed buyer, which was represented by Ward Arnold of Reward Realty, plans to develop the property into a self-storage facility.

October 27, 2008

Mixed-Use Texas

SPORTS AUTHORITY COMING TO PEARLAND TOWN CENTER

by admin October 24, 2008

PEARLAND, TEXAS — Englewood, Colo.-based retailer Sports Authority has announced plans to open a 42,000-square-foot location at Pearland Town Center, a 1.2 million-square-foot, mixed-use development located in Pearland. Construction on the store has already commenced, and completion is scheduled for summer 2009. The sports retailer will join a tenant mix that includes recently opened stores Coach, Cork Wine Bar, Children’s Place, Lee Nails, Mimi’s Café, Paciugo and Red Robin, as well as Dillard’s, which is scheduled to hold its grand opening at the end of October. Pearland Town Center officially opened in July; the project is owned by Chattanooga, Tenn.-based CBL & Associates Properties.

October 24, 2008

Retail Texas

HSMC ARRANGES 25,265-SQUARE-FOOT RETAIL PURCHASE

by admin October 24, 2008

CARROLLTON, TEXAS — Henry S. Miller Commercial (HSMC) has arranged the purchase of Beltline Venture, a 25,265-square-foot retail strip center located at 2717 E. Beltline Rd. in Carrollton. The property is located on a 2.25-acre land parcel. Jerry Yoder of HSMC’s Dallas retail division represented the buyer, Epsilon Ventures LLC. Yoder was also retained by the company to direct leasing efforts for the property. The seller, Beltline Venture Court LLC, was represented by Martina Crevecoeur of Dallas-based International Capital. The acquisition price was not disclosed.

October 24, 2008

Office Texas

CUSHMAN & WAKEFIELD NEGOTIATES OFFICE LEASE

by admin October 24, 2008

TULSA, OKLA. — The Houston office of Cushman & Wakefield of Texas has negotiated the lease of a 7,972-square-foot office building, located at 1327 N. 105th Ave. in Tulsa. The building will be occupied by Houston-based Total Safety US, which was represented by James Foreman and Louis Kaleel of Cushman & Wakefield in the transaction. The landlord is locally based Pine Street Investment Group. Terms of the lease were not disclosed.

October 24, 2008

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