ADDISON, TEXAS — UDR has broken ground on its $1 billion dollar Vitruvian Park, a 99-acre mixed-use development located approximately 1 mile north of Interstate 635/LBJ Freeway between Midway Road and Marsh Lane in Addison. Featuring multifamily, retail and commercial components, the project is introducing a new green initiative program created by the Town of Addison. The program, which is a combination of Energy Star and LEED standards, will be included in all 5,500 residential units and 300,000 square feet of office and retail space. The first phase will feature 667 multifamily units and a 12-acre public park, and leasing is scheduled to begin by the end of next year. Occupancy is expected to be ready at the beginning of 2010. All phases of Vitruvian Park are projected for completion in 2017.
HOUSTON — A joint venture between Houston-based Mission Equities GP and Baltimore, Md.-based Alex Brown Realty has acquired the 18-story St. Joseph Professional Building in downtown Houston. ORIX sold the 138,586-square-foot medical office building. Located at 2000 Crawford, the tower features ground-level retail with five floors of structured parking above. The upper 12 floors house medical office space, and the building’s basement includes additional office space and a tunnel connecting directly to St. Joseph’s Medical Center. The building will undergo a $7.8 million renovation. Alex Brown Realty Chesapeake Fund III, which is a value-added real estate investment fund sponsored by Alex Brown Realty, provided an equity commitment along with Mission’s equity to the venture. Robert LaRue of Live Oak Capital arranged equity capital and debt, and Whitney National Bank provided the acquisition and redevelopment loan for the project. Tim Gregory of Transwestern Houston represented the seller. Transwestern’s healthcare advisory team will continue to handle leasing at the building for the new owners.
SAN MARCOS, TEXAS — Arlington, Texas-based Ascension Group Architects has received the contract to design Central Texas Medical Center’s $35 million expansion and renovation in San Marcos. Plans call for a new childbirth center, a Level II neonatal critical care unit, a new cardiac telemetry inpatient nursing unit and an expansion/improvement of the hospital’s surgical unit. The more than 64,000-square-foot, two-story addition is scheduled to break ground in the third quarter. Parsons Corp. is the program manager.
FORT WORTH, TEXAS — Fort Worth-based NAI Huff Partners has closed the sale of 13,000 square feet of industrial space located at 3029 E. Randol Mill Rd. in Fort Worth. Grayscale LLC purchased the property from Ramco Laundry Machinery for an undisclosed amount. Frank Jester of NAI Huff Partners represented the buyer.
LUBBOCK, TEXAS — Portland, Ore.-based NBS Real Estate Capital has acquired a $4 million note from a national conduit lender secured by a grocery distribution facility in Lubbock. The 494,142-square-foot property is leased on a long-term basis to a strong credit tenant. The first mortgage is composed of a senior A note and a junior B note.
AUSTIN, TEXAS — Transwestern-Austin has brokered the sale of the Savannah Apartments, a 290-unit complex in Austin. The community is located at the corner of Hart Lane and Far West Boulevard, a few blocks west of North MoPac Expressway. Jeff Rogers and Chris Stutzman of Transwestern-Austin’s Central Texas multifamily group represented the seller, Falcon Southwest. Atlanta-based Lane Strategic Investment, a subsidiary of The Lane Company, purchased the property for an undisclosed price.
HOUSTON — A Houston-based partnership has sold Hobby Commerce Center Buildings 4 and 5 to an out-of-state buyer. The 24,000-square-foot industrial property, which was built in 2006, sits on 2.56 acres at 8600 Telephone Rd. in Houston. Jerry Goldstein and Justin Miller in Marcus & Millichap’s Houston office negotiated the transaction on behalf of the buyer and the seller.
HOUSTON — Waste Management Inc. has signed a 10-year lease extension through 2020 for its space at downtown Houston’s One City Centre office tower. The company occupies 181,000 square feet in the 31-story, 608,622-square-foot building, which is located at 1021 Main St. in the central business district. David Baker and Eric Anderson of Transwestern represented the landlord, Broadway Partners.
AUSTIN, TEXAS — Corus Bank has closed a $165 million loan to finance the construction of the W Hotel and Residences in Austin. The 37-story condominium and hotel project, which is located at 308 W. Second St., will feature 198 residential condominiums, 252 hotel guest rooms, 60,000 square feet of retail and office space and a live performance venue. Amenities at the W Hotel and Residences include a signature restaurant with an outdoor terrace, an outdoor grill area, a spa and fitness center, two outdoor pools, a courtyard garden with private cabanas, meeting space and concierge services. The borrower, CJUF II Stratus Block 21 LLC, is an affiliate of Stratus Properties and Canyon-Johnson Urban Fund II LP.
KATY, TEXAS — Trammell Crow Co. (TCC) is developing a 62-acre campus for KBR, a global engineering, construction and services company, in Katy. The 910,000-square-foot facility will be located on a 124-acre site, which TCC owns in a joint venture, at the southwest corner of Grand Parkway and Interstate 10. Construction is set to begin later this year, and completion is expected in 2010. KBR’s facility is being designed within LEED specifications.