Texas

CORUS CLOSES $165 MILLION LOAN FOR W HOTEL AND RESIDENCES

by admin May 8, 2008

AUSTIN, TEXAS — Corus Bank has closed a $165 million loan to finance the construction of the W Hotel and Residences in Austin. The 37-story condominium and hotel project, which is located at 308 W. Second St., will feature 198 residential condominiums, 252 hotel guest rooms, 60,000 square feet of retail and office space and a live performance venue. Amenities at the W Hotel and Residences include a signature restaurant with an outdoor terrace, an outdoor grill area, a spa and fitness center, two outdoor pools, a courtyard garden with private cabanas, meeting space and concierge services. The borrower, CJUF II Stratus Block 21 LLC, is an affiliate of Stratus Properties and Canyon-Johnson Urban Fund II LP.

May 8, 2008

TCC TO DEVELOP 62-ACRE CAMPUS FOR KBR

by admin May 8, 2008

KATY, TEXAS — Trammell Crow Co. (TCC) is developing a 62-acre campus for KBR, a global engineering, construction and services company, in Katy. The 910,000-square-foot facility will be located on a 124-acre site, which TCC owns in a joint venture, at the southwest corner of Grand Parkway and Interstate 10. Construction is set to begin later this year, and completion is expected in 2010. KBR’s facility is being designed within LEED specifications.

May 8, 2008

Multifamily Texas

POST COMPLETES 952-UNIT MULTIFAMILY ACQUISITION

by admin May 8, 2008

DALLAS — Los Angeles-based Post Investment Group has directed the acquisition of a two-property, 952-unit multifamily portfolio in Dallas. The garden-style, Class B properties were acquired on behalf of one of Post’s institutional investors, Lagovent Real Estate Group. The portfolio includes the 440-unit Wimberley Park and the 512-unit Camelot Village. First mortgage financing was arranged by Wachovia’s Fannie Mae DUS.

May 8, 2008

Retail Texas

STAN JOHNSON CO. COMPLETES $123 MILLION PORTFOLIO SALE

by admin May 7, 2008

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 14-property portfolio comprising more than 900,000 square feet. The portfolio, which includes retail, office and industrial properties in nine states, sold for $123 million. Gill Warner and Craig Kenney of Stan Johnson Co. represented the buyer, Cole Cos., in the transaction. Mark Allison at Investors Real Estate Agency represented the undisclosed seller. The portfolio included one retail and one office property in Texas.

May 7, 2008

Industrial Texas

GE PROVIDES $21 MILLION TO OPTIVEST FOR SELF-SELF STORAGE FACILITIES

by admin May 7, 2008

DALLAS/FORT WORTH, TEXAS — GE Real Estate has provided a $21 million loan to Dana Point, Calif.-based Optivest Properties for the acquisition of five self-storage facilities in the Dallas/Fort Worth Metroplex. The Class A and B properties comprise 2,663 units in the cities of Allen, Murphy, Forney, Terrell and Grand Prairie. Chuck Mills of CEM Capital was the mortgage banker for the transaction, which was the first between GE and Optivest Properties.

May 7, 2008

Retail Texas

HFF ARRANGES REFINANCING FOR TOWN & COUNTRY SHOPPING CENTER

by admin May 7, 2008

CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $7.21 million in refinancing for Town & Country Shopping Center in Corpus Christi. The 94,736-square-foot retail center, which was renovated in 2007, is 62 percent leased to tenants such as TCBY, Subway, Schlotzsky’s Deli and Hollywood Video. The property sits on a 6.2-acre site at 4250 S. Alameda St. Tucker Knight and Steve Gautier of HFF worked on behalf of the borrower, Fowler Property Acquisitions, to secure the loan through The Mission Bank.

May 7, 2008

Hospitality Texas

MK STRUCTURES SALE OF RESIDENCE INN

by admin May 7, 2008

LUBBOCK, TEXAS — Vienna, Va.-based Molinaro Koger (MK) has facilitated the sale of a Residence Inn by Marriott in Lubbock. Lion ES Hotels II LLC sold the 80-suite, extended-stay property to SA Laredo Enterprises Inc., which has obtained a long-term franchise agreement with Marriott International to continue operating the hotel as a Residence Inn. Greenbelt, Md.-based Baywood Hotels has assumed management of the hotel. Andy Kern of MK’s headquarters office represented the seller in the transaction.

May 7, 2008

Office Texas

HINES REIT ACQUIRES WILLIAMS TOWER

by admin May 6, 2008

HOUSTON — Hines REIT has acquired Williams Tower, a 64-story office building located at 2800 Post Oak Blvd. in Uptown Houston. Amenities at the 1.5-million-square-foot tower include a retail bank and ATM in the lobby; a conference center; a lobby-level art gallery; a sundry shop; a drycleaners; a deli; and a coffee bar. Transcontinental Gas Pipe Line Corp., Black Box Network Services; Hines and Hines REIT (corporate headquarters); Rowan Cos.; Van Kampen Investments; Citicorp North America; CBRE Melody of Texas; Wachovia Bank; and Williams Field Services Co. are a few of the major tenants at the 94 percent-leased building. Cushman & Wakefield represented the seller, Transco Tower Ltd., in the transaction, which also included an undivided interest in the adjacent 2.8-acre Waterwall Park and another 2.3-acre undeveloped land parcel across the street. Hines developed Williams Tower, and has managed and leased the building since its completion in 1982.

May 6, 2008

Industrial Texas

GRUBB & ELLIS CLOSES 191,537-SQUARE-FOOT INDUSTRIAL SALE

by admin May 6, 2008

HOUSTON — First Industrial Realty Trust has sold a 191,537-square-foot industrial building to TA Associates Realty. The facility is located at 8705 City Park Loop East in Houston. Doug Nicholson and John Nicholson of Grubb & Ellis Co. represented the seller.

May 6, 2008

Industrial Texas

NAI CRAVEY NEGOTIATES TWO-BUILDING SALE

by admin May 6, 2008

CORPUS CHRISTI, TEXAS — Josh Gaines of NAI Cravey Real Estate Services has represented both the buyer and the seller in a two-building transaction in Corpus Christi. The sale included a 12,500-square-foot office/warehouse building and a 10,250-square-foot retail building located on 5.35 acres at 585 South Padre Island Dr. RSC Equipment Rentals currently occupies the space. Both the buyer and the seller were private investors.

May 6, 2008

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