Infill locations are highly desired in San Antonio’s multifamily market, as the last available tracts of land suitable for development are being picked off. Areas popular with developers are north central San Antonio, the South Texas Medical Center, and the area of the city just north of downtown, known as Alamo Heights/Fort Sam Houston. A recent trend is for multifamily developers to raze existing commercial buildings to make way for new projects, such as Chancellor Property’s site on Austin Highway, Regent Communities’ site across from the Pearl Brewery, or Bakke Development’s redevelopment of El Chaparral on Harry Wurzbach. With the high price of gas, renters have a stronger desire to live in close proximity to where they work and play. This is driving developers to create urban infill communities. The new development that will have the greatest impact on San Antonio is River North, the city’s initiative of an expansion of the River Walk just north of downtown. The city of San Antonio is creating a new urban lifestyle that will invigorate the urban core. The overall goal with this new development is to produce a downtown that is as attractive to locals as it is to tourists. The Stone …
DALLAS — Mountain West Industrial Properties has acquired Hutton Court Commerce Center in Dallas. It marks the Colorado-based company’s first acquisition in Dallas. The 52,613-square-foot distribution building is located at 1920 Hutton Ct. The property is 58 percent leased to three tenants, and renovations to two vacant units currently are underway. The seller and acquisition price were not disclosed.
HOUSTON — Jones Lang LaSalle Hotels has brokered the sale of The Doubletree Hotel Houston Intercontinental Airport in Houston. CH Realty IV/IAH Hotel, an affiliate of Crow Holdings Realty Partners IV, acquired the 313-room property from DHM Houston Hotel. The property features 16,011 square feet of meeting space, a fitness facility, an outdoor pool and Jacuzzi, three food and beverage outlets and a business center. The newly renovated property is located less than 1 mile from the airport.
ARLINGTON, TEXAS — La Joya, a 185-unit apartment community in Arlington, has traded hands. Wells Fargo Bank, N.A., as Trustee for CSFB 2003-C3 c/o Centerline Servicing of Irving, Texas, sold the property to La Joya Arlington Apartments of Dallas. The property is located at 1707 New York Ave. Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners represented the seller in the transaction. The acquisition price was not disclosed.
DALLAS — Dallas-based Trammell Crow Company has completed a two-building industrial project located near Interstate 30, between Loop 12 and Interstate 35, in Dallas. The project consists of two 362,200-square-foot, cross-docked distribution centers. Each building features four entries, 32-foot clear ceiling heights, 60 dock doors and an independent truck court. Additional construction consisted of a water retention pond and a 700-foot extension to the existing Adler Road. Arlington, Texas-based Bob Moore Construction served as general contractor, with Richardson, Texas-based Alliance Architects and Halff Associates providing design services.
CARROLLTON, TEXAS — CB Richard Ellis (CBRE) has brokered the sale of the Valwood Industrial Portfolio, a seven-property industrial portfolio located in Carrollton. The seven Class A facilities total 705,209 square feet and are all located with Valwood Business Park. The portfolio is currently 88 percent occupied by a tenant roster that includes B. Braun Medical, ADT Security and Direct Mail Partners. The portfolio also includes 7.15 acres of adjacent land for development. Jack Fraker, Josh McArtor and Conor Feeney of CBRE represented the seller, The Principal Financial Group. The portfolio was acquired by TA Associates Realty for an undisclosed amount.
SAN ANTONIO — Houston-based Live Oak Capital has arranged $29 million in permanent financing for two San Antonio shopping centers. The first is Pavilions North Shopping Center, which is located at 25 NE Loop 410. The shopping center totals 165,480 square feet and is anchored by Jo-Ann Fabric & Craft Store, Conn’s, Sam Ash, and K&G Menswear. The second property is Exchange Plaza Retail Center, which is located at 5819 I-410 Loop. The property comprises 144,371 square feet and is anchored by ApplianceSmart, National Career Education, and Bally’s Total Fitness. David Anderson of Live Oak arranged the permanent financing, which carries a 5-year term and a 25-year amortization. RD Catalyst borrower the funds from Wells Fargo and MezzCap.
LANCASTER, TEXAS — Atlanta-based IDI has acquired a 35-acre site in Lancaster for the development of Interstate Commerce Center South, a 617,760-square-foot, cross-docked distribution facility. The facility will be situated at the intersection of interstates 20 and 35, and will boast close proximity to the Union Pacific rail intermodal facility. It is being designed for tenants seeking space of 200,000 square feet or more. The project is currently in the engineering, designing and permitting stage. Pax Glenn of Glenn Commercial Real Estate represented IDI in the land purchase. Shawn Valk of The Assured Realty Group represented the seller, Don Valk.
AMARILLO, TEXAS — Los Angeles-based Post Investment Group has acquired Foxfire Apartments, a 328-unit multifamily property located at 4101 W. 45th St. in Amarillo. Situated on 13.9 acres, the community comprises 41 two-story buildings. Post acquired it out of foreclosure from CW Capital Asset Management, and plans to stabilize and reposition the property, which had an occupancy rate of less than 40 percent at the time of closing. Unit interiors will be renovated and upgraded, exterior improvements will be made and the property will be re-branded. Post’s joint venture partner in the acquisition is a Los Angeles-based private asset management company. Financing for the capital improvements plan is being provided by Chicago-based Wrightwood Capital.
COCKRELL HILL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $8.78 million in construction financing for Plaza Del Oro, a planned 84,600-square-foot shopping center located in Cockrell Hill. The project is already 55 percent pre-leased; it will be anchored by El Rancho SuperMercado. Todd McNeill of MCA originated the loan with Wachovia Bank. He also secured $2.19 million in new market tax credit equity financing to cover the total cost of construction. The loan has a term of 7 years with a floating interest rate. The borrower was a partnership sponsored by Donald Silverman, principal of Dallas-based Margaux Development.