DALLAS — Post Properties is developing a mixed-use project located at the southeast corner of Campbell Street and Central Expressway in Dallas. The property will include 80,000 square feet of retail, approximately 200,000 square feet of office space, 435 residential units, a 1-acre park and an amphitheater all near the DART rail line. The complex, which broke ground in November 2006, will house four, four-story buildings. Amenities included at Post Eastside include two swimming pools, an outdoor cabana, a club room, free Wi-Fi in common areas, a fitness center and an Internet Caf. Retailers at the development will include Panera Bread, Boudreaux’s Cajun Kitchen, Dr. Goad Dentistry and Frost Bank. The first building in the residential portion of the property is scheduled for completion on May 1.
Texas
SAN ANTONIO — Fort Worth, Texas-based Commercial Mortgage Connection has arranged an acquisition loan to finance the purchase of an ambulatory surgical center located at Louis Pasteur Drive in the University of Texas Southwest Medical Center in San Antonio. A private, Hawaii-based investor purchased the property with a $2.5 million fixed-rate, 10-year loan from an undisclosed seller. Bill Jackson of Monticello Properties represented the buyer in the transaction, and Pete Tassos of Sullivan Commercial represented the seller.
AUSTIN, TEXAS — Grubb & Ellis Realty Investors has finalized the purchase of a Walgreens building located at 5011 W. Slaughter Ln. in Austin. The buyer, a private investor involved in the Grubb & Ellis Wealth Management Program, purchased the 15,000-square-foot property from Maddaro Ltd. for an undisclosed amount. The property, which is built on approximately 2.5 acres of land and includes 74 parking spaces and a drive-thru pharmacy window, is 100 percent leased to Walgreens Co. Grubb & Ellis Realty Investors represented the buyer in the transaction, and Hunington Properties represented the seller.
SAN ANTONIO — USAA Real Estate Co. will develop The Town Center at La Cantera, a mixed-use project located at the intersection of Interstate 10 and Loop 1604 in San Antonio. The development, which is being built on 178 acres adjacent to The Shops at La Cantera, will include approximately 1 million square feet of office space, retail, a hotel and spa and 500 residential units. The new center will extend out from The Shops at La Cantera, which has a new boulevard attaching La Cantera and its future development sites directly to Interstate 10.
SAN ANTONIO — KBS Realty Advisors has completed the sale of the 156,657-square-foot Cypress Tower located at 1222 N. Main Ave. in San Antonio. H-E-B Grocery Co. purchased the office property from KBS Realty Advisors for an undisclosed amount. San Antonio-based H-E-B Grocery Co. is the major tenant in the building, which was 54 percent leased at the time of sale. Bill Rogalla of KBS Realty Advisors represented the company in the transaction, and Chuck King of Travis Commercial represented the buyer.
DALLAS — Addison, Texas-based Silver Tree Partners has acquired The Summit at Preston Trails, a three-building office property located at 17101 Preston Rd. in Dallas. The company purchased the 142,000-square-foot office complex from Atlanta-based U.S. Office Holdings LP for $11.25 million. Silver Oak Investments and First Texas Realty Group Inc. represented the buyer in the transaction, and Cushman & Wakefield of Texas Inc. represented the seller.
IRVING, TEXAS — Henry S. Miller Co. has finalized the purchase of a Tom Thumb store located at the Towne North Shopping Center in Irving. The 55,359-square-foot grocery store, which is located at the intersection of Beltline and Northgate roads, was the only portion of the center that Henry S. Miller Co. did not own. The store was purchased from EIGFW Irving LLC and increases the company’s total space owned at Towne North Shopping Center to approximately 123,606 square feet. Greg Miller represented his company, Henry S. Miller Co., in the transaction.
CEDAR HILL, TEXAS — Dallas-based The MGHerring Group has completed development on the Uptown Village at Cedar Hill, a lifestyle center located at FM 1382 and Highway 67 in Cedar Hill. The 725,000-square-foot retail center, which initially broke ground in June 2006, has opened various retailers and will continue to do so through this summer. Retailers currently open at the shopping center include Dillard’s, Coldwater Creek, Victoria's Secret, Bath & Body Works, Hollister, American Eagle Outfitters, Buckle, Aeropostale, Aveda, Finish Line, Champs and Matt’s Rancho Martinez. Dillard’s will anchor Uptown Village along with Barnes & Noble (opening in April) and Dick’s Sporting Goods (opening in July). The center also houses 27,000 square feet of office space.
HOUSTON — Starwood Hotels & Resorts Worldwide Inc. has opened Four Points by Sheraton Houston, Memorial City, a new hotel located at 10655 Katy Freeway in Houston. The 171-room property, which is owned by MetroNational Corp., is the first of three hotels that will open in the Memorial City Project mixed-use community. Starwood plans to open the remaining hotels in fall 2008 and spring 2009. Amenities at the hotel include four meeting rooms totaling 2,790 square feet, an outdoor pool, a 24-hour fitness center and a full-service restaurant and bar. All rooms at Four Points by Sheraton Houston, Memorial City also will feature flat-screen TVs, free bottled water and high-speed internet access.
MCKINNEY, TEXAS — Venture Development Group is developing a 69,000-square-foot Sprouts Farmers Market, which will be located on the northeast corner of Virginia Parkway and Hardin Road in McKinney. This will be Sprouts’ eighth location in the greater Dallas/Fort Worth area for the Phoenix-based grocer that specializes farm-fresh produce and other organic groceries. Sprouts will be housed in Venture Development Group’s shopping center project the company is building on 15 acres. Aside from Sprouts, the project will feature 25,000 square feet of retail space and three pads, totaling six buildings. Phase I of the project is scheduled to break ground in the first quarter of 2009 with completion slated for the third quarter of 2009.