THE WOODLANDS, TEXAS — Groundbreaking is set to occur this summer for a 91-room Candlewood Suites hotel within The Woodlands, a 28,000-acre master-planned community located 27 miles north of Houston. The project is being developed by Odom Woodlands Hotel LLC, an affiliate of Scott T. Odom Land Development Co. The site, located at the corner of Interstate 45 and St. Luke’s Way, was purchased by Odom from The Woodland Development Company, a limited partnership between Morgan Stanley and General Growth Properties. The extended-stay hotel features studio and one-bedroom suites with fully equipped kitchens, executive desks and flat-screen televisions. The hotel also will feature a convenience store, a fitness center and complimentary guest laundry.
SAN ANTONIO — North Carolina-based Oaks Development Group has closed on the land sale for the development of a 95,000-square-foot, Class A medical office building. The new building will be situated on 7.9 acres in the Westover Hills neighborhood of San Antonio; it is part of a mixed-use project currently under development by Great American Co. that also will include a Staybridge hotel, restaurants and retail. Completion of the medical office building is expected in the first half of 2009. Tenants already signed on include Alamo Medical Group and Urology San Antonio; an MRI facility is being planned for the first floor. Sarah Teel of MSL Investments represented Oaks Development in the land purchase, and will handle leasing of the building.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of a 173.56-acre land parcel in San Antonio. Known as Redbird Ranch, the site fronts Potranco Road in the western suburbs of the city. Donna Kolius, Pierce Owens, Cody Persyn and Jeremy Richmond of CBRE, along with Karen Woodward of Hudson & Marshall of Texas, represented the seller, The General Land Office of the State of Texas. Potranco Limited LP acquired the parcel for an undisclosed amount.
HOUSTON — Behringer Harvard has acquired One City Centre, a 31-story office tower located at 1021 Main St. in the central business district of Houston. The property comprises more than 608,000 square feet of space, and includes amenities such as two multi-level parking garages, a lobby bank and two delicatessens. It is 93 percent leased, with three major tenants occupying 50 percent of the office space. The office tower was acquired by Behringer Harvard REIT I, the firm’s flagship investment program, for an undisclosed amount.
HOUSTON — Glazier Foods Co. (GFC) has sold its 286,000-square-foot headquarters and distribution facility in a sale/leaseback transaction to Houston-based GSL Welcome Group. The headquarters is situated on approximately 33 acres at 11303 Antoine Dr. in Houston. GFC has subsequently commenced construction of a $14 million expansion to the facility, which will add 160,000 square feet to the freezer and dry storage areas. Construction is expected to be complete within 1 year. GE Capital provided financing for the acquisition and the expansion. The acquisition price was not disclosed.
CORPUS CHRISTI AND SAN ANTONIO, TEXAS — Capmark Finance has secured a total of $42.82 million in financing for four Texas multifamily properties. In Corpus Christi, Scott Bryant of Capmark’s Austin office originated $25.12 million in acquisition financing for a three-property portfolio. Totaling 682 units, the portfolio consists of The Shores Apartments, The Yardarm Apartments and Kingston Port Apartments. The loan carries a 10-year term with a fixed rate and an 80 percent loan-to-value ratio. Capmark originated the financing on behalf of Newport Beach, Calif.-based DMT Investments through Freddie Mac. In San Antonio, Bryan Leonard of Capmark’s San Antonio office originated $17.7 million for the refinancing of Quarry Townhomes, a 13-building multifamily community located at 250 Treeline Park. The floating-rate loan features a 7-year term with interest-only payments for the first 3 years, and payments for the rest of the term based on a 30-year amortization schedule. The borrower was Redhills Quarry LP and the lender was Freddie Mac.
HOUSTON — Groundbreaking has occurred for the $220 million Texas Children’s Hospital West Campus, which will be situated on 55 acres within Wolff Cos. Ten Oaks mixed-use development at the intersection of Interstate 10 and Barker-Cypress Road in suburban west Houston. The facility will include a 280,000-square-foot inpatient facility, as well as a 198,000-square-foot outpatient facility with physician offices. David and Mary Wolff donated 10 acres of the site to Texas Children’s Hospital for the development of the new campus. Additionally, The Methodist Hospital System has acquired 86 acres adjacent to Ten Oaks, and will break ground this summer for the $300 million first phase of a hospital and medical office project. Both projects are expected to be complete in 2010.
DALLAS — Trammell Crow Co. has begun construction of Trade Center IV at International Commerce, a 243,500-square-foot industrial facility located near Dallas – Fort Worth International Airport in Dallas. Situated on 16 acres near the north entrance of the airport, the building features 30-foot minimum clear ceiling heights, 50-foot by 50-foot column spacing, a 60-foot staging bay, a 140-foot truck court with 50 feet of trailer storage, an ESFR sprinkler system, and Foreign Trade Zone and Triple Freeport Zone status. The project, which is being developed by Trammell Crow, is owned by Kennedy Associates Real Estate Counsel. Steve Trese of CB Richard Ellis’ Dallas office is handling marketing and leasing of the property. Valeo Compressor North America has already signed a long-term lease for 88,200 square feet of the building.
CARROLLTON, TEXAS — Cobalt Capital Partners has acquired a two-property industrial portfolio located in Carrollton. The portfolio includes a 100,000-square-foot office/warehouse facility located at 1135 W. Trinity Mills Rd., as well as a 91,000-square building located at 2425 Carter Dr. The former property contains 46,000 square feet of vacant space, while the latter is fully leased to two tenants. Cobalt acquired the portfolio from Commonfund Realty of Connecticut for an undisclosed amount. Tom Smolik of TIG Real Estate Services negotiated the transaction. TIG also will handle leasing and management of both properties.
DALLAS — Dallas-based Prescott Realty Group has signed a lease for the top three floors of the Walnut Glen Tower, an 18-story, Class A office building located in Dallas. Insurance and risk management firm McQueary Henry Bowles Troy (MHBT) has signed a 7-year lease to occupy 65,000 square feet of the building, which is located at 8144 Walnut Hill Lane. The firm will take occupancy in June 2009 after it relocates from its current office at 12700 Park Central Dr. Duane Henley of Brandywine Realty Trust represented Prescott in lease negotiations; MHBT was represented by Barclay Commercial Group.