Texas

TRADEMARK ACQUIRES PADRE STAPLES MALL, LAUNCHES $50 MILLION RENOVATION

by admin July 18, 2008

CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property has acquired the approximately 1 million-square-foot Padre Staples Mall located in Corpus Christi, and will undertake a $50 million renovation of the property. The name of the mall will be changed to La Palmera. Renovations include a transformation of the main entrance into an outdoor lifestyle court with lush palm seating areas and new entrances to the stores. Indoor landscaping will be installed, and the food court will be given an aquatic theme, which includes a large aquarium. A children’s play area also will be built. The project will be applying for LEED certification from the U.S. Green Building Council. Trademark’s joint venture partner in the mall renovation is Institutional Mall Investors, an institutional investment entity jointly owned by the California Public Employee’s Retirement System and an affiliate of Skokie, Ill.-based Miller Capital Advisory. Completion is scheduled for fall 2009.

July 18, 2008

CONSTRUCTION ADVANCING FOR TOWER RESIDENCES AT THE RITZ-CARLTON

by admin July 18, 2008

DALLAS — Construction is advancing for The Tower Residences at The Ritz-Carlton in Dallas. The 23-story tower will contain 96 residences in a mix of one- to three-bedroom units and penthouses. Prices range from $700,000 to $8 million. In addition to access to The Ritz-Carlton’s hotel amenities, The Tower Residences will feature a private swimming pool and fitness center, as well as a private elevated walkway that joins the tower with the adjacent hotel building. The project was designed by New York City-based Robert A.M. Stern Architects. The building is anticipated to top out in September, with completion scheduled for mid-2009.

July 18, 2008

Hospitality Texas

JOHN Q. HAMMONS ADVANCES CONSTRUCTION FOR EMBASSY SUITES

by admin July 18, 2008

NORMAN, OKLA. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts is advancing construction for the 283-room Embassy Suites Norman Hotel & Conference Center located at 2501 Conference Dr. in Norman. The 10-story building will be part of the new University North Park mixed-use development, which is located two miles away from the University of Oklahoma. In addition to the suites, the hotel will feature 75,000 square feet of flexible meeting space. The new hotel will mark John Q. Hammons’ fifth hotel in Oklahoma. The grand opening is scheduled for late October.

July 18, 2008

Office Texas

SCM REAL ESTATE BROKERS SALE OF 75,057-SQUARE-FOOT OFFICE BUILDING

by admin July 17, 2008

EULESS, TEXAS — Arlington, Texas-based SCM Real Estate Services has brokered the tenant-in-common purchase of a 75,057-square-foot office building located at 150 Westpark Way in Euless. SCM represented the tenant-in-common buyer group in the transaction; the seller was undisclosed. SCM has also been brought on to manage the property. A capital improvement plan will be implemented that will include a new HVAC system, roof and interior aesthetics, as well as parking lot improvements. Darrel Higginbotham of SCM will serve as exclusive marketing agent for the property’s remaining space.

July 17, 2008

Industrial Texas

CBRE BROKERS 315,000-SQUARE-FOOT INDUSTRIAL LEASE

by admin July 17, 2008

SAN ANTONIO — Fiesta Warehousing & Distribution Co. has signed a lease to occupy 315,000 square feet within Phase I of East Kelly Railport, a multi-modal industrial facility located in San Antonio. Fiesta will use the new facility, located at 302 Tayman, to expand its current operations. Terry Warth of CB Richard Ellis’s San Antonio office represented Fiesta in lease negotiations. Ron Mills with Santa Barbara Development Services represented the industrial park’s developer and owner, RREEF Real Estate. Phase I of East Kelly Railport, which was completed in March, comprises 360,000 square feet of industrial space. Phase II, which broke ground in May, will include 275,000 square feet of rail-served industrial space. Completion is expected in January 2009.

July 17, 2008

Industrial Texas

NAI HOUSTON ARRANGES WAREHOUSE/OFFICE SALE

by admin July 17, 2008

HOUSTON — NAI Houston has arranged the sale of a newly constructed, 13,300-square-foot warehouse/office building located at 4923 Cranswick In Houston. The speculative facility was sold by BRG Cornerstone Development & Construction LP, which was represented by Travis Land and John Ferruzzo of NAI Houston. Bo Petit and Conrad Bernard of Boyd Commercial represented the buyer, MHDH Properties. The acquisition price was undisclosed.

July 17, 2008

Multifamily Texas

ARA BROKERS THREE APARTMENT COMMUNITY SALES

by admin July 16, 2008

VICTORIA, BROWNWOOD AND COLLEGE STATION, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has completed the sales of three Texas multifamily communities. In Victoria, ARA brokered the sale of Towne Park Apartments, a 168-unit property located at 2107 N. Ben Jordan St. The community was 97 percent occupied at the time of closing. Property amenities include a swimming pool, a clubhouse, two tennis courts, laundry facilities and barbecue grills. Jeff Patterson and Jon Boone of ARA’s Austin, Texas, office represented the buyer, a private, Houston-based investor. The seller, a group of California-based investors, was represented by Ron Mazzola of San Diego-based Ron Mazzola Realty. In Brownwood, Patterson and Boone represented a locally based investor in the sale of Wayside Apartments, an 80-unit community located at 2001 Brady Ave. Fully occupied at the time of closing, the community includes a swimming pool, covered parking, 48 self-storage units, three laundry facilities and 24-hour maintenance. The property was acquired by a Mansfield, Texas-based investment group, which provided in-house representation in the transaction. Finally, in College Station, Patterson and Kelly Witherspoon of ARA’s Austin office represented a California-based seller in the disposition of Cedar Creek Condominiums, a 67-unit property located at 1000 University East near …

July 16, 2008

Office Texas

PHASE I OF LAKEVIEW BUSINESS PARK BEGINS

by admin July 16, 2008

MISSOURI CITY, TEXAS — Construction had begun for Phase I of Lakeview Business Park, a 168-acre industrial park located in Missouri City. Phase I construction will consist of three buildings totaling 240,000 square feet; the buildings will range in size from 38,000 to 153,000 square feet. Each will feature 24- to 30-foot clear ceiling heights, ESFR sprinkler systems and concrete tiltwall construction. The project will also be applying for LEED certification. Upon full build-out, Lakeview Business Park will include approximately 2.5 million square feet of light industrial space. Phase I is scheduled for completion in February 2009. The project is being developed by a joint venture involving Dallas-based Trammell Crow Co. and its affiliate Crow Holdings. CB Richard Ellis is serving as exclusive listing agent for the industrial park.

July 16, 2008

Retail Texas

RAM ARRANGES $3.4 MILLION SALE OF HOME DEPOT LANDSCAPE CENTER

by admin July 16, 2008

ARLINGTON, TEXAS — Palm Beach Gardens, Fla.-based Ram has arranged the sale of a former Home Depot Landscape Supply Center, located at 5301 S. Cooper St. in Arlington, for $3.4 million. The property comprises a 12,383-square-foot building and an adjacent 25,890-square-foot outdoor landscape area. Casey Cummings of Ram, along with Mike Stevens of Steveco Commercial Real Estate Group, arranged the transaction. The property was acquired by Fort Worth, Texas-based North Texas Acquisition. The seller was undisclosed.

July 16, 2008

Market Reports Texas Texas Market Reports

Medical office continues climb.

by admin July 16, 2008

High construction costs and slow absorption have limited the amount of speculative office construction in most of El Paso, with the exception of medical developments near the new hospitals and surgical centers. The current trends are for highly efficient, high-profile buildings with plentiful parking and state-of-the-art amenities. Energy efficiency is also a high priority, but the cost of construction has delayed many plans to upgrade to better office space. The predominant areas of new development are concentrated on the peripheries of El Paso to the northeast, east and far west sides. The availability of large tracts of land and the immediate proximity to the highest population centers and employers are what is driving this development. On the east side, Sierra Providence Health Network is completing a new 110-bed, general acute-care hospital that opened at 3280 Joe Battle Boulevard at the beginning of June. A planned expansion will accommodate 290 beds. Adjacent to the hospital, Trammell Crow Company is developing a medical office building. The company is one of the newest and most aggressive office-specific developers to locate in El Paso. In the downtown market, Borderplex Community Trust is extremely aggressive and is active in acquiring downtown properties for redevelopment. Mills …

July 16, 2008

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