Texas

WEST AVE TOPS OUT

by admin June 2, 2008

HOUSTON — Dallas-based Urban Partners and Gables Residential have topped out Phase I construction of WEST AVE, a mixed-use development located at the corner of Kirby Drive and Westheimer Road in Houston. Located on 5 acres, the project’s first phase will consist of a seven-story building containing 180,000 square feet of retail space on the bottom two floors, and 390 luxury apartments on the top five floors. Residential units will average 1,070 square feet, and will be available for occupancy this August. The retail space will become available in August 2009; 45,000 square feet of the space has already been designated for food and beverage tenants, including a small grocery concept. Restaurants already committed to WEST AVE include Pie Bar, The Social House, Swig, Cru and Wildfish. A new road named West Ave. Street, which runs north to south through the project, is scheduled for completion in June. WEST AVE is being designed by Memphis, Tenn.-based Looney Ricks Kiss. Additional phases of WEST AVE will be announced at a later date.

June 2, 2008

SEEFRIEND, AMB COMPLETE 400,000-SQUARE-FOOT INDUSTRIAL BUILDING

by admin June 2, 2008

DFW AIRPORT, TEXAS — A partnership between Seefried Industrial Properties and AMB Property Corp. has completed a 400,000-square-foot building, located at 1901 W. Airport Dr. on the grounds of Dallas/Fort Worth International Airport, for CEVA Logistics. The facility, which is situated on 21 acres, includes a two-story, 35,000-square-foot office area, as well as tri-dock warehouse space. CEVA Logistics will use the new facility to consolidate its existing area operations.

June 2, 2008

Retail Texas

TRAMMELL CROW BEGINS FINAL PHASES OF ATASCOCITA COMMONS

by admin May 30, 2008

HARRIS COUNTY, TEXAS — The Houston office of Trammell Crow Co. has begun construction of the remaining phases of Atascocita Commons Shopping Center, a 53-acre retail development located northeast of Houston on FM 1960 in northeast Harris County. Construction will consist of a 177,000-square-foot SuperTarget, an 88,000-square-foot Kohl’s, a 50,000-square-foot TJ Maxx/Home Goods and a 30,000-square-foot Ross Dress For Less — all of which will co-anchor the 500,000-square-foot development. Additional tenants will include Dress Barn, Famous Footwear, Panera Bread, Zales Jewelers and Johnny Carino’s. Tenants previously announced include Palais Royal, Petco and Office Depot. Construction of the shopping center first began in late 2005, and more than 182,000 square feet of space already is open. Completion of the remaining phases is scheduled for later this year. Matt Keener and Alex Makris of CB Richard Ellis will handle leasing for the remaining space.

May 30, 2008

Hospitality Texas

GREAT WOLF LODGE EXPANSION TOPS OUT

by admin May 30, 2008

GRAPEVINE, TEXAS — Turner Construction has topped out construction of the expansion of Great Wolf Lodge – Grapevine, an indoor water park and resort located at 1400 Highway 26 in Grapevine. The expansion will add 203 guest suites to the resort, bringing the total up to 605 upon completion. The expansion also will bring the resort’s meeting space to 27,000 square feet, comprising a 7,500-square-foot ballroom, six meeting rooms, two board rooms, more than 4,000 square feet of pre-function space and six outdoor event areas. Completion is scheduled for December.

May 30, 2008

Multifamily Texas

MARCUS & MILLICHAP BROKERS 144-UNIT APARTMENT SALE

by admin May 30, 2008

COLLEGE STATION, TEXAS — Marcus & Millichap has brokered the sale of Renaissance Park, a 144-unit apartment community located at 603 Southwest Pkwy. in College Station. The property, which is located just off-campus from Texas A&M University, features two-bedroom units totaling 900 square feet, and was 95 percent occupied at the time of closing. Nick Fluellen of Marcus & Millichap’s Dallas office represented the seller, a Texas-based limited liability corporation; George Miller of the firm’s Seattle office represented the buyer, a Washington-based private investor. College Station-based The Galindo Group has been retained by the buyer to manage the property.

May 30, 2008

Multifamily Texas

H&P COMPLETES APARTMENT SALE FOR REDEVELOPMENT

by admin May 30, 2008

HOUSTON — Hendricks & Partners (H&P) has completed the sale of Northline, a 34-unit multifamily property located at 7406 and 7410 Fulton in Houston. Jeff Eisenhardt and Kevin McCarthy of H&P’s Houston office represented the seller, Houston-based Copia. The buyer, Chicago-based Bob-Dan of Texas, plans to demolish the property to make way for the construction of a new PLS Check Cashiers.

May 30, 2008

Multifamily Texas

HANOVER BUYS PARCEL FOR 37-STORY APARTMENT TOWER

by admin May 29, 2008

HOUSTON — Houston-based The Hanover Company has partnered with MetLife for the purchase of a 1.45-acre parcel within BLVD Place, Wulfe & Co.’s mixed-use development located in downtown Houston. Hanover plans to develop a 37-story multifamily tower on the site, which is situated at the project’s South Post Oak Road entrance at San Felipe Boulevard. The tower will contain 236 apartment units averaging 1,650 square feet. Amenities include valet, concierge and bellman services; a private resident lounge with a catering kitchen; a screening room and library; a fitness club; and a 19,000-square-foot rooftop terrace with a pool. Chicago-based Solomon Cordwell Buenz is designing the tower. Groundbreaking is scheduled for fall, with completion scheduled for 2011.

May 29, 2008

Hospitality Texas

CITY’S SECOND HOTEL INDIGO UNDER DEVELOPMENT

by admin May 29, 2008

SAN ANTONIO — Development is under way for San Antonio’s second Hotel Indigo, located at 830 N. St. Mary’s on the San Antonio Riverwalk. Construction will consist of the conversion of a former Hawthorne Suites. Amenities at the 149-suite hotel will include a fitness center, a 24-hour business center, two meeting rooms, an outdoor pool with a courtyard patio and wireless Internet access throughout the hotel. The hotel is owned by RW Hotel Associates, and will be managed by Trans Inns Management through a license agreement with Atlanta-based InterContinental Hotels Group. Kraemer Design Group is serving as project architect. Completion is scheduled for this fall.

May 29, 2008

Industrial Texas

WOLFF COS. COMPLETES FOUR BUILD-TO-SUIT TRANSACTIONS AT INTERWOOD

by admin May 29, 2008

HOUSTON — Houston-based Wolff Cos. has completed four build-to-suit transactions within Interwood, the developer’s 440-acre, master-planned business park located at the intersection of Beltway 8 and John F. Kennedy Boulevard in Houston. Schultz USA purchased 16 acres of land located on Interwood North Parkway for the construction of a 56,880-square-foot industrial building. The new facility, which is scheduled to break ground this fall, will serve as the company’s new North American headquarters and distribution center. Bob Berry and Jeff Venghaus of The Staubach Company represented Shultz. CCIB, an affiliate of Austin-based Capital Commercial Investments, purchased a 12.5-acre site located between FM 525 and Interwood South Parkway for future light industrial development. Mark Nicholas and Richard Quarles of Staubach represented the buyer. Marc Drumright of Southwest Realty Advisors represented the seller, Essex Capital. Additionally, Scomi Oiltools purchased 6.3 acres located at the northeast corner of Interwood South Parkway and Heathrow Forest Parkway. Lucian Bukowski and Ryan Fuselier of Staubach represented the buyer. Development plans were not disclosed. Finally, Austin-based Live Oak-Gottesman acquired a site located at the southwest corner of Interwood South and Heathrow Forest parkways for the construction of a 35,000-square-foot facility for the U.S. Customs and Border Control Protection …

May 29, 2008

Multifamily Texas

CAPMARK ARRANGES $32.1 MILLION LOAN FOR PORTFOLIO PURCHASE

by admin May 29, 2008

HOUSTON — Capmark Finance has originated $32.1 million in floating-rate, interim financing for the acquisition of a five-property, 1,265-unit multifamily portfolio located in Houston. The loan carries a 2-year term with two 1-year extension options and a 75 percent loan-to-value ratio. The terms of the loan also provide for partial collateral releases in case the borrower decides to sell properties from the portfolio. Brant Smith and Andy Hill of Capmark’s Houston office originated the transaction. The undisclosed borrower plans to use the loan proceeds to upgrade and renovate the properties.

May 29, 2008

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