Texas

KWAME SELECTED FOR $45 MILLION COLLEGE EXPANSION

by admin June 11, 2008

RICHARDSON, TEXAS — Kwame Building Group has been selected to provide construction management services for the $45 million renovation of Richland College in Richardson. Plans call for 205,000 square feet of new construction, including a two-story science building, the expansion of the central utilities building and parking additions. Renovations also will include the adaptive remodeling of existing buildings on the campus. The college will be applying for LEED-Platinum certification for the new science building. Completion is scheduled for February 2010.

June 11, 2008

LALANI TO DEVELOP TWO HILTON HOTELS

by admin June 11, 2008

WACO AND WICHITA FALLS, TEXAS — Wichita Falls-based Lalani Hospitality Group I is developing two Hilton hotels in Texas. The first is an 88-room Homewood Suites by Hilton located in the 150-acre Legends Crossing mixed-use development in Waco. Groundbreaking is set to occur in the third quarter. The second hotel is an 88-room Hilton Garden Inn located in Wichita Falls, adjacent to a Homewood Suites developed by Lalani in 2005. Construction will begin in the second quarter of 2009. Lalani Lodging, an affiliate of Lalani Hospitality Group I, will manage both properties.

June 11, 2008

Office Texas

HENRY S. MILLER BROKERS 68,000-SQUARE-FOOT OFFICE SALE

by admin June 11, 2008

DALLAS — Dallas-based Henry S. Miller Commercial has brokered the sale of a 68,000-square-foot office building located at 2828 Forest Lane in Dallas. Jerry Avery and Huntley Luna of Henry S. Miller represented the seller, Great North American Properties. The buyer, Jorest Property, was represented by Brian Min. The acquisition price was not disclosed.

June 11, 2008

Office Texas

KBS ACQUIRES 14-STORY OFFICE TOWER

by admin June 10, 2008

ADDISON, TEXAS — KBS Real Estate Investment Trust has acquired Millennium Tower, a 14-story, Class A office tower located 15455 N. Dallas Pkwy. in the Dallas suburb of Addison. Situated on 3.34 acres, the property includes the 353,461-square-foot building, as well as a six-level parking garage. The building features a café, a bank and property management offices. It is currently 87 percent leased to a tenant roster that includes Dresser Inc., SAS Institute, UnumProvident Corp., and HBO Time Warner. KBS acquired the property from San Francisco-based RREEF North America for an undisclosed price. Bill Rogalla provided in-house representation to KBS; Gary Carr and Russell Ingram of CB Richard Ellis’ Dallas office represented the seller. Kim Brooks and Matt Didyk of Transwestern Commercial Services’ Dallas office will handle leasing of the remaining space in the tower; Dallas-based PM Realty Group will manage the property.

June 10, 2008

Office Texas

ASR PURCHASES TWO-BUILDING OFFICE COMPLEX

by admin June 10, 2008

HOUSTON — Houston-based American Spectrum Realty (ASR) has acquired a two-building office complex located in the Uptown Galleria submarket of Houston. The properties include Westheimer I, a four-story, 90,123-square-foot office building located at 2640 Fountain View; and Westheimer II, a four-story, 87,953-square-foot building located at 2650 Fountain View. The two properties are situated on 6.28 acres. ASR provided in-house representation in the transaction. The seller, Laguna Hills, Calif.-based Foremost Fountainview, was represented by Alan Pekarcik and Dan Vittone of the Irvine, Calif., office of Voit Commercial Brokerage, and Darrell Betts of the Houston office of Grubb & Ellis.

June 10, 2008

Retail Texas

HANLEY COMPLETES 99,331-SQUARE-FOOT RETAIL SALE

by admin June 10, 2008

RICHLAND HILLS, TEXAS – Hanley Investment Group Real Estate Advisors has completed the sale of Rufe Snow Village, a 99,331-square-foot retail center located at 6238-6244 Rufe Snow Dr. in Richland Hills. The property, which was 85 percent occupied at the time of closing, is anchored by 99 Cents Only. Additional tenants include Aaron Rents, American General Finance, Baskin Robbins, Jackson Hewitt and Shear Cuts. Eric Werner and Kevin Fryman of Hanley represented the seller, a private Los Angeles-based investment company, as well as the buyer, Littleton, Colo.-based Lamar Cos. The acquisition price was not disclosed.

June 10, 2008

Retail Texas

FINAL PHASE OF THE VILLAGE AT FORUM PARKWAY NEARING COMPLETION

by admin June 10, 2008

SAN ANTONIO — Developer Cencor Realty Services is nearing completion for a new phase for The Village at Forum Parkway, a shopping center located at the interchange of Interstate 35 and Loop 1604 in San Antonio. The new phase, which will expand the center by approximately 60,000 square feet, will consist of a 20,304-square-foot Circuit City, a 20,898-square-foot Office Depot, a 6,500-square-foot Houlihan’s restaurant and 12,000 square feet of multi-tenant space. Construction of the new phase, which will complete the 16-acre development, will be complete this summer, with the Circuit City expected to open this month. The Village at Forum Parkway is located across I-35 from the 1.2 million-square-foot The Forum at Olympia Parkway shopping center.

June 10, 2008

Seniors Housing Texas

FORMATION BREAKS GROUND FOR THE SIENNA AT CINCO RANCH

by admin June 9, 2008

KATY, TEXAS — Formation Development Group has broken ground for the construction of The Sienna at Cinco Ranch, a 183,000-square-foot upscale senior living community located at 24001 Cinco Village Center Blvd. in Katy. The community will be composed of 126 independent living units and 32 assisted living units in a combination of two- and four-story buildings. Amenities will include concierge service, multiple dining options, a wine bar and a terrace club activities room. Additional features include a fitness center and spa, a wellness and therapy center, a heated pool, a putting green and a bocce court. Completion is scheduled for the third quarter of 2009. Monthly rents for units start at $2,795 for independent living and $3,995 for assisted living. The project is being developed by Formation Development Group, its affiliate Formation Capital and a U.S.-based institutional investment firm. General contracting services are being provided by Spawglass Construction Corp., with architectural services being provided by Dallas-based Three Architecture.

June 9, 2008

Office Texas

CIRRUS GROUP ACQUIRES MEDICAL OFFICE BUILDING

by admin June 9, 2008

TEXARKANA, TEXAS — The Cirrus Group has acquired a 31,600-square-foot medical office building located at 1902 Moores Lane in Texarkana. The facility is situated adjacent to the Christus St. Michaels Health System Campus. Collom and Carney Clinic Association will continue to lease space on the first floor of the building. The Northeast Texas Surgery Center will relocate to the second floor of the building from its previous location at 1801 Galleria Oaks Dr. The acquisition price and the seller were undisclosed.

June 9, 2008

Hospitality Texas

HOTELBROKERONE COMPLETES HOTEL SALE

by admin June 9, 2008

CLINTON, OKLA. — Oklahoma City-based HotelBrokerOne has completed the sale of the Travelodge Clinton, located near exit 65 of Interstate 40 in Clinton, for approximately $1 million. The two-story hotel is situated near Historic Route 66, as well as the Historic Route 66 Museum. It features a seasonal pool. The property was acquired by Dutt Corp. from Sunny Inn and Starker Services.

June 9, 2008

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