Texas

EDC PURCHASES LAND FOR APARTMENT COMMUNITY EXPANSION

by admin July 23, 2008

THE WOODLANDS, TEXAS — Eastern Development Co. (EDC) has acquired a 5.8-acre site for the construction of Phase II of The Plantation Apartments, located with The Woodlands master-planned community. The first phase of the project currently comprises 312 luxury apartment units at the corner of Windsor Hills and College Park drives. It features a clubhouse with a swimming pool, a fitness center, a basketball court, a playground, a computer room, a movie screening room and a community meeting room. The second phase of the project will add 120 apartments and a second swimming pool. One-, two- and three-bedroom units will be offered, with apartment sizes ranging from 800 to 1,400 square feet. Covered parking and enclosed garages also will be built as an option for residents. Groundbreaking is expected to occur this month, with completion scheduled for late summer 2009. Steinberg Design Collaborative is serving as project architect. Jim Easterling of EDC represented his company in-house in the land purchase; Greg Jordan of The Woodlands Development Co. provided in-house representation for the land seller. The Plantation Apartments is EDC’s third apartment community to be built in The Woodlands.

July 23, 2008

MARCUS & MILLICHAP COMPLETES 88-UNIT MULTIFAMILY SALE

by admin July 23, 2008

IRVING, TEXAS — Marcus & Millichap has completed the sale of Metker Place Apartments, an 88-unit multifamily community located off of State Highway 183 in Irving. Al Silva and Jason Heard of the firm’s Fort Worth, Texas, office represented the locally based seller, and John Baker of the firm’s Dallas office represented the locally based buyer. Both parties were undisclosed. The acquisition price was not released, but the apartment community listed for $2.45 million.

July 23, 2008

Healthcare Texas

TURNER BREAKS GROUND FOR $27 MILLION HOSPITAL EXPANSION

by admin July 22, 2008

WEATHERFORD, TEXAS — New York City-based Turner Construction Co. has broken ground for the $27 million expansion of Weatherford Regional Medical Center in Weatherford. Phase I of the multi-phase project will comprise a 50,000-square-foot expansion to the hospital and renovations to 15,000 square feet of existing hospital space. The expansion will add a 23-bed emergency room, a 12-bed intensive care unit, and a testing and diagnostic center to the hospital. The imaging, laboratory and pharmacy departments also will be expanded. Completion of Phase I is scheduled for November 2009. The Dallas office of Perkins + Will is serving as project architect.

July 22, 2008

Multifamily Texas

ARA BROKERS MULTIFAMILY SALE

by admin July 22, 2008

IRVING, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sale of Montego Bay Apartments, a 61-unit multifamily community located in Irving. The community is situated on 2.3 acres, and was fully occupied at the time of closing. Average rents for the community are $559 per month. Brian O’Boyle, Sr.; Brian O’Boyle, Jr.; Chris Epp; Jordan Cortez; and Brian Murphy of ARA’s Dallas office negotiated the transaction on behalf of the seller, Texas-based Montego Management II. The property was acquired by an undisclosed, Denver-based investor.

July 22, 2008

Office Texas

OPUS WEST BREAKS GROUND FOR 55,000-SF OFFICE BUILDING

by admin July 22, 2008

IRVING, TEXAS — The Dallas office of Opus West Corp. has begun construction for Regent Center II, a 55,000-square-foot office building located in Irving. The new two-story building is situated within the DFW Freeport office complex, and is adjacent to Regent Center I, which was developed by Opus in 1993. The project is scheduled for completion in December. Stream Realty Partners will handle leasing for the new building and the vacant space in Regent Center I.

July 22, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS TWO APARTMENT SALES TOTALING 428 UNITS

by admin July 21, 2008

EL PASO, TEXAS — Hendricks & Partners (H&P) has brokered the sale of two El Paso apartment communities. The first is Ryan’s Mill, a 248-unit property located at 601 South Mesa Hills. The second is Spring Park Apartments, a 180-unit property located at 9535 Acer. Centennial, Colo.-based Ryan’s Mill LLP sold Ryan’s Mill, and Centennial-based Spring Park LLP sold Spring Park. Both properties were acquired by San Francisco-based Hamilton Zanze & Co. The transaction was negotiated by Winston Black of H&P’s Colorado Springs, Colo., office; the listing broker was William Doogan of Interurban Cos.

July 21, 2008

Office Texas

G&E, CBRE COMPLETE 117,000-SQUARE-FOOT OFFICE SALE

by admin July 21, 2008

RICHARDSON, TEXAS — Grubb & Ellis Realty Investors and CB Richard Ellis (CBRE) have completed the sale of a two-story office building on behalf of tenant-in-common investors. Located at 1410 E. Renner Rd. in the Dallas suburb of Richardson, the approximately 7-acre property features a 117,000-square-foot building and 516 parking spaces. Peter Danna of CBRE represented the tenant-in-common buyer, LBA Realty LLC, with Grubb & Ellis providing advisory services. Russell Ingram and Eric Mackey, also of CBRE, represented the undisclosed seller. The acquisition price was undisclosed.

July 21, 2008

Hospitality Texas

WHITE LODGING BREAKS GROUND FOR 145-UNIT HOTEL

by admin July 21, 2008

AUSTIN, TEXAS — Merrillville, Ind.-based White Lodging has broken ground for the construction of a 145-room Courtyard by Marriott in Austin. Individual rooms will include flat-screen televisions; the hotel will also contain kiosk reception stations and an interactive go-board that displays local traffic, weather and other information. Completion is scheduled to open in late 2009. White Lodging is Austin’s largest hotel owner/operator with a local portfolio of 16 hotels.

July 21, 2008

Retail 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

Multifamily Texas

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

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