HOUSTON — A partnership led by Houston-based Wile Interests has acquired two land parcels totaling more than 16 acres at the intersection of Katy Freeway and Greenhouse Road in the Energy Corridor submarket of Houston. The parcels comprise a more than 13-acre tract located at the southeast corner of the intersection and a 3-acre tract located at the southwest corner. Combined, the parcels feature more than 1,600 feet of frontage along Katy Freeway. They sit across the freeway from two new hospitals under construction, which are scheduled to open in 2010. To the immediate west of the property is the 93-acre west campus of Second Baptist church, and to the immediate south is the approximately 1,600-home Green Trails subdivision. Stan Creech of Stan Creech Properties represented the buyer. The seller, Barker Venture, was represented by Mavis Kelsey of Kelsey Commercial Real Estate Services. Future plans for the property were not released.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged a loan for the refinancing of Dairy Ashford Plaza, a two-building office property located in the Westchase submarket of Houston. Located at 2000 and 2020 S. Dairy Ashford Rd., the two buildings comprise 105,419 square feet and 107,890 square feet, respectively. Tucker Knight and Steven Gautier of HFF originated the fixed-rate, non-recourse financing on behalf of the borrower, DAP Plaza Ltd. The lender is Cincinnati-based Ohio National Financial Services. The amount and terms of the loan were not disclosed.
HOUSTON AND DALLAS — Glendale, Calif.-based DineEquity Inc., a franchisor and operator of Applebee’s Neighborhood Bar & Grill restaurants, has sold 66 company-owned restaurants located in Houston, Dallas and Albuquerque, N.M. The 22 Houston-area restaurants were purchased by Wellington Yu, president of Peterson Group Inc. The 37 Dallas-area restaurants were sold to Sunil Dharod, president and CEO of Synned Inc. The seven Albuquerque-area restaurants were sold to Andy Patel, president of Anand Enterprises and Mina Inc. The Texas transactions are expected to close in the fourth quarter of 2008, and the New Mexico transaction is expected to close in the first quarter of 2009. The 66 Applebee’s sold in Texas and New Mexico are part of 110 company-owned locations that DineEquity has sold this year. Other restaurants are located in Nevada, Southern California and Delaware. DineEquity expects to generate approximately $63 million in after-tax proceeds from the sales, as well as approximately $50 million in sale-leaseback agreements related to the franchising agreements. Proceeds will be used to reduce DineEquity’s consolidated funded debt obligations.
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 …
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.
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.
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.