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.
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.
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.
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.
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.
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.
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.
AUSTIN, TEXAS —Hendricks & Partners (H&P) has completed the sale of two Austin apartment communities. The first property, Princeton, is a 90-unit community located at 4411 Airport Blvd. Princeton is situated on approximately 2.75 acres, and it contains an average unit size of 814 square feet. The property was remodeled in 2007. The second property, Stony Creek, is a 132-unit community located at 4911 Manchaca Rd. It comprises two- and three-story, garden-style buildings situated on approximately 5.9 acres. Unit sizes range from 481 to 917 square feet. Ellen Muskin and George Deuillet III of H&P’s Austin office represented the seller, San Antonio Alternative Housing Corporation No. 4. The properties were acquired by Santa Barbara, Calif.-based M3 Multifamily. The acquisition price was not disclosed.
WEBSTER, TEXAS — Capmark Finance has arranged $9.45 million in acquisition financing for El Dorado Ranch, a 324-unit apartment community located at 265 El Dorado Blvd. in Webster. Situated on 9.7 acres, the community comprises 21 two-story, garden-style buildings. The property was 95 percent occupied at the time of closing. Brant Smith of Capmark’s Houston office originated the financing on behalf of the borrower, El Dorado Ranch LLC, which is an affiliate of Houston-based Concierge Asset Management. Terms of the loan include a 6.11 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The lender was Freddie Mac.
SAN ANTONIO — CB Richard Ellis Hotels Group (CBRE) has assisted in securing a developer for the hotel portion of Éilan, a 120-acre mixed-use project currently under development in the La Cantera neighborhood of San Antonio. Through an RFP, CBRE helped bring aboard Park City, Utah-based Gemstone Hotels & Resorts to develop an approximately 200-room, boutique hotel on the site. Bert Stevens and Lisa Hankamer of CBRE helped negotiate the agreement. Upon completion, Éilan will contain 1.5 million square feet of new development, including two Class A office buildings totaling more than 200,000 square feet, approximately 1,400 upscale residential units, 30,000 square feet of boutique retail space, a chapel, an amphitheater, a specialty grocer and the hotel component. The project is being developed by Wereldhave USA, a division of Wereldhave Belgium.