WACO, TEXAS — The city of Waco has held the grand opening for the new Greater Waco Chamber of Commerce Building, located at 101 S. Third St. The $4 million project totals 13,916 square feet over two stories. Also, it is striving for LEED-Gold certification and, upon designation, will be the first certified green building in Waco and the first green chamber of commerce building in the nation. Waco-based RBDR Architects designed the project, with Waco-based Barsh Construction Co. serving as general contractor. The chamber building is part of a three-block, $75 million mixed-use project currently being developed by Waco Town Square Partners. The project will contain residential, retail and office components, as well.
HOUSTON — Capmark Finance has secured a $21.5 million loan for the refinancing of Norfolk Tower, an 11-story office tower located at 2211 Norfolk St. in the Greenway Plaza submarket of Houston. The Class B property comprises 206,671 square feet of rentable space. It was 83 percent occupied at the time of closing, with notable tenants including Frost National Bank, Comprehensive Health Management and Groundwater Services. Jim Adams of Capmark’s Houston office originated the financing on behalf of the borrower, Younan Properties. The loan carries a 3-year, variable-rate term with a 75 percent loan-to-value ratio and interest-only payments.
PORT ARANSAS, TEXAS — Houston-based architect Meeks + Partners has finished the design for The Palmilla at Port Aransas, a 30-acre luxury condominium community located on Mustang Island at Port Aransas. The project will include four residential buildings with 94 condos over structured parking. The buildings will contain a mix of two- and three-bedroom residences ranging in size from 1,441 to 1,830 square feet. The unit mix also will include eight four-bedroom penthouses averaging 2,584 square feet. The community will contain three levels of recreation amenities, including a game room with billiards, card tables and gaming systems; and Internet café with a coffee bar; a fitness center; and a large deck on the third level. Outdoor amenities include a fully equipped outdoor kitchen, and a resort-style, negative edge pool with tanning decks, poolside cabanas, and tropical landscaping. The project is owned and is being developed by San Antonio-based Koontz McCombs. Groundbreaking is expected to occur in spring 2009.
AUSTIN, TEXAS — Chicago-based Lillibridge has broken ground for the development of a 43,000-square-foot medical office building located on the Seton Southwest Healthcare Center campus in Austin. The two-story structure will house a pulmonary rehab clinic, an MRI facility and a café. Additionally, the adjacent hospital will relocate its physical therapy and sport medicine centers to the new building. The building also will feature a covered walkway attaches to the hospital. Completion is scheduled for the summer of 2009. Lillibridge will own and manage the facility upon completion.
TYLER, TEXAS — George Smith Partners has arranged $22.3 million in non-recourse, permanent financing for the acquisition of The Cambridge, a 204-unit student housing property located adjacent to the University of Texas at Tyler. Constructed in 2007, the community features amenities such as tanning beds, a fitness center, a pool with a deck area and a computer/study room. Steve Bram and Allison Higgins of George Smith Partners arranged the financing. The loan includes a 5-year term and an interest rate 2.9 percent above LIBOR. The lender and the borrower were not disclosed.
DALLAS — Fort Worth, Texas-based Sperry Van Ness / Visions Commercial has brokered the sale of a 34,960-square-foot industrial flex property located at 2503 Butler St. in Dallas. The buyer, Dallas-based Pimental Holdings, plans to renovate and occupy the facility. Trevor Dyck, Scott Henderson and Steve Fithian of Visions Commercial represented the seller, Don Robinson of Dallas. The acquisition price was not disclosed.
BENBROOK, TEXAS — The Dallas office of Marcus & Millichap has arranged the sale of a 7,250-square-foot retail strip center located at the intersection of Interstate 20, Loop 820 and Benbrook Boulevard in the Fort Worth suburb of Benbrook. Situated on more than a half acre, the property is tenanted by Blockbuster Video and Trendsetters. It is surrounded by several national retailers, including Wal-Mart Supercenter and The Home Depot. Philip Levy of Marcus & Millichap represented the Texas-based seller and brought the Dallas-based buyer to the table. The acquisition price was not disclosed.
SAN ANTONIO — The Houston office of BMC Capital has originated a $2.5 million acquisition loan for Interchange Parkway, an industrial center located at 8102-8146 Interchange Pkwy. in San Antonio. The financing carries a 5-year fixed rate with a 25-year amortization schedule. The borrower is a California-based party participating in a 1031 exchange.
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.