SAN ANTONIO — Development is under way for San Antonio’s second Hotel Indigo, located at 830 N. St. Mary’s on the San Antonio Riverwalk. Construction will consist of the conversion of a former Hawthorne Suites. Amenities at the 149-suite hotel will include a fitness center, a 24-hour business center, two meeting rooms, an outdoor pool with a courtyard patio and wireless Internet access throughout the hotel. The hotel is owned by RW Hotel Associates, and will be managed by Trans Inns Management through a license agreement with Atlanta-based InterContinental Hotels Group. Kraemer Design Group is serving as project architect. Completion is scheduled for this fall.
Texas
HOUSTON — Houston-based Wolff Cos. has completed four build-to-suit transactions within Interwood, the developer’s 440-acre, master-planned business park located at the intersection of Beltway 8 and John F. Kennedy Boulevard in Houston. Schultz USA purchased 16 acres of land located on Interwood North Parkway for the construction of a 56,880-square-foot industrial building. The new facility, which is scheduled to break ground this fall, will serve as the company’s new North American headquarters and distribution center. Bob Berry and Jeff Venghaus of The Staubach Company represented Shultz. CCIB, an affiliate of Austin-based Capital Commercial Investments, purchased a 12.5-acre site located between FM 525 and Interwood South Parkway for future light industrial development. Mark Nicholas and Richard Quarles of Staubach represented the buyer. Marc Drumright of Southwest Realty Advisors represented the seller, Essex Capital. Additionally, Scomi Oiltools purchased 6.3 acres located at the northeast corner of Interwood South Parkway and Heathrow Forest Parkway. Lucian Bukowski and Ryan Fuselier of Staubach represented the buyer. Development plans were not disclosed. Finally, Austin-based Live Oak-Gottesman acquired a site located at the southwest corner of Interwood South and Heathrow Forest parkways for the construction of a 35,000-square-foot facility for the U.S. Customs and Border Control Protection …
HOUSTON — Capmark Finance has originated $32.1 million in floating-rate, interim financing for the acquisition of a five-property, 1,265-unit multifamily portfolio located in Houston. The loan carries a 2-year term with two 1-year extension options and a 75 percent loan-to-value ratio. The terms of the loan also provide for partial collateral releases in case the borrower decides to sell properties from the portfolio. Brant Smith and Andy Hill of Capmark’s Houston office originated the transaction. The undisclosed borrower plans to use the loan proceeds to upgrade and renovate the properties.
OKLAHOMA CITY, OKLA. — Koll Development Co. (KDC) has been selected to develop a new 198,000-square-foot regional operations center for ACA Member Services Co. in Oklahoma City. The facility, which will be located in Quail Springs Business Park at the corner of Quail Springs Parkway and Quail Pointe Drive, is expected to employ more than 1,200 people. Construction will begin in July, and completion is scheduled for late 2009. The building is designed to attain LEED-certification. Tom Maloney of The Staubach Company represented the tenant in the new regional center transaction. Forum Studio Inc. is the project architect, and a general contractor will be secured at a later date.
DEER PARK, TEXAS — Doug Bates and Joel Hill of Henry S. Miller Commercial have arranged the purchase of 149 acres in Deer Park. Clay Development & Construction Inc. acquired the property, which is located at the 4900 block of Highway 225, to develop build-to-suit office/warehouse and office/manufacturing facilities.
EL PASO, TEXAS — Sierra Providence East Medical Center has opened its doors at 3280 Joe Battle Blvd. on the east side of El Paso. The 110-bed acute-care facility, which began construction in spring 2006, represents a total initial investment of $143.9 million. Sierra Providence East Medical Center is part of the Sierra Providence Health Network and is owned by Tenet Healthcare Corp.
HOUSTON — Paul Gardaphe of iCap's Houston office has arranged a $5 million bridge loan for a 103,000-square-foot retail property in Houston. Gardaphe arranged the loan through affiliate Amegy Mortgage. The retail center, which sits on more than 7.8 acres of land, is 83 percent occupied. The five-building property was built in 1985.
TEMPLE, TEXAS — The Houston office of Live Oak Capital has arranged $1.15 million in fixed financing for two restaurant ground leases in Temple. The restaurants Cracker Barrel and Jack in the Box sit on a combined 5.7-acre site located at the southeast corner of the intersection of Interstate 35 and Loop 363. Morris Development, the borrower, purchased the site in March 2004. Greg Young with Live Oak Capital worked on behalf of the borrower to capitalize the commercial real estate with Ohio National Insurance Co.
DALLAS — Saxon Capital and Morgan Stanley Credit Corp. recently leased 71,174 square feet of office space at Intellicenter Dallas. Dennis Barnes with CB Richard Ellis (CBRE) represented Koll Development Co., the landlord. Bob Edge, Matt Heidelbaugh and Mari Jones with Cushman & Wakefield represented the tenant.
IRVING, TEXAS — InterContinental Hotels Group (IHG) has plans for a project that will incorporate a new 150-room Crowne Plaza and a new 85-room Hotel Indigo in the Las Colinas community in Irving. The hotels, which are expected to open in 2010, will be developed in one building. Crowne Plaza and Hotel Indigo will have separate entrances but will share public areas such as the fitness center and the swimming pool. Platinum Hospitality LLC will own the hotels; Patriot Hospitality, under a license agreement with a company in IHG, will manage them.