THE WOODLANDS, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced construction of AVIA – The Woodlands, a 70-room boutique hotel located in The Woodlands. The hotel will be part of Market Street – The Woodlands, a 560,000-square-foot mixed-use town center that features retail and office space. Hotel amenities will include a wine bar, a tasting kitchen, outdoor living space with seating nooks and cabanas, and 24,000 square feet of ground-floor retail space. Completion is scheduled for fall 2009. The AVIA hotel brand is owned by Kansas-based LodgeWorks.
SAN ANTONIO — Marcus & Millichap Capital Corp. has arranged a $10.6 million loan for the refinancing of Bandera Heights, a 159,528-square-foot retail center located at 7098-7102 Bandera Rd. in San Antonio. Sharone Sabar of Marcus & Millichap’s Encino, Calif., headquarters office arranged the financing on behalf of the undisclosed seller. Terms of the loan include a 5-year term with a 30-year amortization schedule, a 65 percent loan-to-value ratio and an adjustable interest rate priced at the 1-month LIBOR plus 310 basis points.
SAN MARCOS, TEXAS — Groundbreaking has occurred for the $35 million expansion and renovation of Central Texas Medical Center in San Marcos. Designed by Arlington, Texas-based Ascension Group Architects, the project will include more than 64,000 square feet of construction, including a childbirth center, a Level II neonatal critical care unit and a 22-bed obstetrics unit. The project will also include the expansion of the hospital’s surgical suite, as well as a new nursing unit. Completion is scheduled for 2010.
FORT WORTH, TEXAS — Jones Lang LaSalle (JLL) has brokered the purchase of a former Carnival Food Store, located at 1719 8th Ave. in Fort Worth. Situated on more than 2 acres, the two-building, 28,000-square-foot property was acquired by Cook Children’s Health Care System, which plans to substantially renovate the property. Ryan Matthews and David Walters of JLL represented Cook in the transaction. The undisclosed seller was represented by Quine & Associates. The purchase price was also not released.
PEARLAND, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged a $12.84 million construction loan for the development of ZT Shadow Creek Business Center, a Class A, speculative office project located within the Shadow Creek Ranch master-planned community in Pearland. Situated on 3.5 acres, construction will consist of an 80,000-square-foot building, which is due for completion in fall 2009. The project represents the first phase of a multi-phase office development in Shadow Creek Ranch. The loan carries a 24-month term with an 80 percent loan-to-value ratio. Charlie Gasper and Colby Mueck of HFF secured the loan through Sterling Bank, which was represented by Lance Schielack. The borrower was ZT Group Business Center One LP. The project is being developed by a partnership between T.A.B. Lone Star Holdings, which is an affiliate of the Houston-based ZT Group of Companies, and Houston-based Wallace Bajjali Development Partners.
HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.
AUSTIN, TEXAS — A joint venture between Los Angeles-based Lowe Enterprises and McShane Corp. has completed development for two industrial buildings totaling 161,600 square feet that are located at 8024 Exchange Dr. in Austin. Situated on 19.4 acres within Tuscany Center at Walnut Creek, Tuscany 7 is a 72,000-square-foot facility and Tuscany 8 is an 89,600-square-foot facility. Both buildings feature 24-foot clear ceiling heights, 40-foot by 40-foot bay spacing, one drive-in door each and ESFR sprinkler systems. Tuscany 7 is divisible by 16,800 square feet and includes six exterior truck docks with expansion capability to 16. Tuscany 8 is divisible by 19,200 square feet and includes five exterior truck docks with the capacity for 22. Lowe and McShane acquired the site in 2007. Dallas-based Cadence McShane Corp., a construction division of McShane Corp., served as design/builder for the project. McShane Corp. served as development manager, with TAG International providing architectural services.
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of Ye Olde Colony Apartments, an 88-unit multifamily community located at 1631 Aquarena Springs Dr. in San Marcos. The property contains 70,126 rentable square feet, and is located less than 1 mile from the campus of Texas State University. Todd Sherrer of Marcus & Millichap’s Austin, Texas, office listed the property on behalf of the undisclosed seller. An out-of-state investor acquired the property for an undisclosed amount; the buyer was represented by Marcus & Millichap’s Kansas City, Missouri, office.
HOUSTON — Houston-based Hartman Income REIT, on behalf of Hartman Income REIT Property Holdings, has completed a $67.6 million credit facility with an affiliate of J.P. Morgan. The non-recourse loan is secured by a 12-property, approximately 3.2 million-square-foot portfolio owned by Hartman. The properties are located in Houston, Dallas and San Antonio, and comprise office, flex and retail buildings. The debt was structured by Tom Melody and Bernard Branca of CBRE Melody on behalf of Hartman. The proceeds will be used to refinance all of the properties’ existing credit facilities, fund the redemption of non-accredited investors in connection with the company’s earlier formation transactions, and provide additional working capital. Terms of the loan were not disclosed.
ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodstock, a 128-unit apartment community located at 712 Washington Dr. in Arlington. The seller, New Albany, Ohio-based The Bank of New York Trust Company, was represented by Mike Miller of H&P’s San Antonio office, and Tome Burns and Jay Gunn of the firm’s Dallas office. Brookfield, Wis.-based MLG Capital 2008 acquired Woodstock for an undisclosed amount.