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.
Texas
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.
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.
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.
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.
SAN ANTONIO — New York-based Ashkenazy Acquisition Corp. (AAC) has acquired the Joske’s building, a historic, 500,000-square-foot building located at Rivercenter Mall in San Antonio, from Dillard’s. AAC had previously purchased Rivercenter Mall, and plans to redevelop the mall in three phases. This summer, redevelopment work will commence with the renovation of the mall’s lagoon area along Commerce Street. New retail and restaurant venues will be added, including San Antonio’s first Fogo de Châo restaurant. The final phase of the redevelopment will also include updates to the existing mall interior. AAC is currently working with locally based architecture firm S.A. Partnership to create conceptual plans for the Joske’s building. The historic design review process is expected to begin this fall, with construction beginning as early as summer 2009. The Dillard’s that currently occupied the Joske’s building will remain open through August.
ROUND ROCK, TEXAS — Chicago-based Lillibridge has completed Seton Williamson Medical Plaza I, a 120,000-square-foot medical office building located at 301 Seton Pkwy. in Round Rock. Situated adjacent to a hospital owned by Seton Family of Hospitals, the four-story structure is connected to the hospital by a sky bridge located on the second floor. The office building features an integrative health center, a women’s imaging center, outpatient rehab facilities and childcare facilities. A surgery center is also being planned.
GRANBURY, TEXAS — Arlington, Texas-based Ascension Group Architects has been awarded the contract to design the approximately $15 million expansion of Lake Granbury Medical Center located in Granbury. Initial plans call for the construction of a third floor to the two-story building, which will add 24 patient rooms. Additional construction will include another operating room, a new cardiac services area, renovations to the outpatient surgery area, an expansion of the surgical support area, a new front entrance with a covered drop-off area and upgrades to the parking lot. The project will include 21,000 square feet of new construction and 4,500 square feet of renovations. Construction is likely to begin in late July and is expected to take approximately 12 months to complete.
DALLAS — Chicago-based BB&T Real Estate Funding has provided $11.45 million in first-mortgage financing for Oakwood Tower and One Lee Park West, two Class B, multi-story office buildings located in the Uptown and Turtle Creek areas of Dallas, respectively. The two properties comprise 118,370 square feet of leasable space. The bridge loan carries a 3-year term with 1 year interest-only, and some levels of amortization in the second and third years. Adam Levinson of Chicago-based Cohen Financial originated the transaction.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has secured a $165 million construction loan for the new W Hotel & Residences located at Second Street and Lavaca in downtown Austin. Scheduled for completion in 2011, the project will contain 252 guest rooms on the lower floors of the tower, and 165 residential units on floors 18 to 37. Residences will contain one to four units. Residents and guests will have access to a 24-hour concierge service, restaurants and clubs, an elevated garden incorporating a pool and a bar, 5,000 square feet of meeting space, 4,300 square feet of banquet space, and an 8,000-square-foot spa and fitness center. Whitaker Johnson of HFF represented Stratus Properties and the Canyon-Johnson Urban Fund in securing the loan. The lender is Corus Bank, N.A.