ROSENBERG, TEXAS — Construction will begin this month for a new 60,000-square-foot service center for National Oilwell Varco. Situated on approximately 11 acres on Reese Road in Rosenberg, the facility will be used to service drilling equipment. Completion is scheduled for mid-2009. Denver-based Site West Development is developing the project in partnership with National Oilwell. The project is estimated to cost $12 million. The company’s current facility is located just outside of Rosenberg; 50 jobs will be retained from that facility, and 100 more will relocate from other regional facilities.
AUSTIN, TEXAS — Spear Street Capital has acquired Riata Corporate Park and Riata Crossing, a 1.1 million-square-foot, Class A office complex located in Austin. The sale included the eight-building Riata Corporate Park, the five-building Riata Crossing and two development sites that comprise the remaining developable space in the Riata master-planned development. The complex is approximately 99 percent occupied; tenants include Apple, Centex, NVIDIA Corp., Computer Associates, Janus Capital Group and Pervasive Software. The seller, an institutional investment partnership advised by JPMorgan Asset Management and Equity Office, was represented by the Dallas office of Holliday Fenoglio Fowler. The acquisition price was not disclosed.
OKLAHOMA CITY — The groundbreaking has been held for the new AAA Operations Center in Oklahoma City. The three-story, 147,000-square-foot building will be located at 3100 Quail Springs Pkwy., and will also include 1,000 surface parking spaces. It is applying for LEED-Silver certification from the U.S. Green Building Council. AAA will occupy the entire building upon completion in September 2009. Dallas-based Koll Development Co. is developing the project, with St. Louis-based Forum Studio serving as project architect. Locally based Timberlake Construction is providing general contracting services.
AUSTIN, TEXAS — A partnership between Chicago-based Strategic Capital Partners and Austin-based Belco Equities has acquired Hampton Apartments, a 308-unit, distressed multifamily property located at the interchange of Interstate 35 and Wells Branch Parkway in Austin. The property was damaged by fire in 2006, and will be rebuilt and re-tenanted by the joint venture. The seller and the acquisition price were not disclosed.
HOUSTON — Cypressbrook Development Co. has acquired Interchange Business Center, a three-building, 102,278-square-foot industrial property located at 301-305 Wells Fargo Dr. in Houston. The property is situated on 7.71 acres at the corner of Interstate 45 and FM 1960. Tim Warren provided in-house representation for Cypressbrook in the transaction. The seller, K.B. Fund, was represented by Brian Gammill and Darryl Noon of Transwestern Commercial Services. The acquisition price was not disclosed.
HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed.
IRVING, TEXAS — Construction is under way for DFW/161 Distribution Center, a 374,000-square-foot speculative warehouse project located at the corner of Northgate Drive and Valley View Lane in Irving. Situated on 25 acres, the project comprises a three-building complex. The first phase will include the construction of 176,000- and 103,700-square-foot buildings. The larger building will be cross-docked, contain 30-foot clear ceiling heights, and be able to accommodate tenants needing 45,000 square feet of space or more. It will lease for $4.25 per square foot with a $5 per square foot tenant improvement allowance. The $24 million project is being developed by Atlanta-based Republic Property Co., which recently opened a new office in Irving.
LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.
SAN ANTONIO — Austin-based B. Knightly Development has acquired the former Lone Star Brewery in San Antonio and plans to redevelop the site into a mixed-use project. Located on 23 acres, the development will feature 190 residential units, with prices starting at $129,000. Initial plans also include a 3-acre park, an Olympic-size swimming pool, concert venues, bars and beer gardens, and a movie theater. The Lone Star Brewery also features 1,100 feet of frontage on the Mission Reach section of the San Antonio Riverwalk. B. Knightly is seeking LEED certification for the project. Sustainable features will include rainwater collection systems and rooftop photovoltaic solar panels. The first residences are scheduled for completion in summer 2009. The brewery, which was built in 1884, closed 12 years ago after Lone Star moved its brewing operations to Longview, Texas.
DALLAS — AT&T has disposed of One AT&T Plaza, a 37-story office tower located at 208 W. Akard St. in Dallas, in a sale-leaseback transaction. The property was acquired by Icahn Enterprises. AT&T will remain in the building, and is in the process of relocating its corporate headquarters from San Antonio to One AT&T Plaza. The sale price was not disclosed.