Texas

CEDAR PARK TOWN CENTER BREAKS GROUND

by admin June 14, 2013

CEDAR PARK, TEXAS — The Ainbinder Co. and Costco Wholesale Inc. have broken ground on Cedar Park Town Center, a 49-acre retail project located at the intersection of U.S. Highway 183A and Whitestone Boulevard in Cedar Park, just north of Austin. Seventeen acres of the land will house a 154,000-square-foot Costco warehouse. The center is expected to include over 350,000 square feet of retail and restaurant space upon completion. Phase I of the project will open this fall, and house tenants including In-N-Out Burger and BJ’s Restaurant & Brewhouse. Rodger Anderson and Neal Kieschnik of UCR’s Austin office represented Ainbinder, and Steve McArthur of Northwest Atlantic, along with David Darr of The Place Commercial Real Estate in San Antonio, represented Costco in the transaction. Lee Mitchell and Zack Harris of Whitney Bank in Houston are providing construction financing. Hermes Architects of Houston and Mulvanny G2 of Bellevue are the architects for the complex, Kimley-Horn is the project engineer and Parkes Construction is the project’s general contractor.

June 14, 2013

SPRINGHILL SUITES SELLS IN WOODWAY

by admin June 14, 2013

WOODWAY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Marriott’s SpringHill Suites Waco Woodway, located at 200 Colonnade Parkway in Woodway. The four-story hotel contains 82 guestrooms, two meeting rooms, a full-service bar, an indoor swimming pool and spa and fitness center. Chris Gomes, Allan Miller, Jake Gaddy, David Greenberg and Skyler Cooper of Marcus & Millichap represented the seller, a Texas-based investor. Jonathan Ruprai of Marcus & Millichap’s Tampa, Fla., office represented the buyer, an investment group from Ohio.

June 14, 2013

Multifamily Texas

ARA BROKERS SALE OF 289-UNIT MULTIFAMILY COMMUNITY IN AUSTIN

by admin June 14, 2013

AUSTIN, TEXAS — ARA has arranged the sale of Promesa, an 82 percent occupied, 289-unit multifamily development in Austin. Constructed in 2012, Promesa is comprised of one-, two- and three-bedroom units and its amenity package includes a tech/business center, media room, resort-style swimming pool, fitness center and a fireside lounge and grilling area. Patton Jones of ARA represented the seller, Forestar Group, in the transaction. A large pension fund advisor acquired the community from Forestar Group.

June 14, 2013

Seniors Housing Texas

ARIES CAPITAL ARRANGES $7.5M CONSTRUCTION LOAN FOR ASSISTED LIVING FACILITY

by admin June 14, 2013

CORPUS CHRISTI, TEXAS — Aries Capital has arranged a $7.5 million loan for The Village at Oso Bay, a newly planned 56-unit memory care community in Corpus Christi. Atlanta-based Thrive Senior Living LLC is developing the facility. The capital structure includes a 24-month interest only construction loan and an additional 36 months with a 20-year amortization. The loan-to-value ratio for the transaction was approximately 75 percent.

June 14, 2013

Mixed-Use Texas

TRUE FOOD KITCHEN TO OPEN AT BLVD PLACE

by admin June 14, 2013

HOUSTON — A 5,000-square-foot True Food Kitchen is set to open in Phase II of BLVD Place, a new mixed-use development under construction in Houston’s premier Uptown/Galleria area on the corner of Post Oak Boulevard and San Felipe Street. Phase II of the complex, anchored by a 52,000-square-foot Whole Foods Market and a 53,000-square-foot regional headquarters for Frost Bank, will contain 215,000 square feet total. True Food Kitchen is Green Restaurant Certified and contains environmentally friendly materials including high-efficiency kitchen equipment, low-voltage LED lighting, low VOC paint, reclaimed wood floors, recycled furnishings, Eco-Products compostable takeout products and a natural water purification unit. Wulfe & Co. is the managing partner of the development. Mike Wheeler and Jack Breard of UCR represented True Food Kitchen, and Elise Weatherall of Wulfe & Co. represented BLVD Place.

June 14, 2013

Industrial Texas

NAI ROBERT LYNN ARRANGES SALE OF 787,591 SF DISTRIBUTION CENTER

by admin June 13, 2013

GRAPEVINE, TEXAS — Rick Medinis of NAI Robert Lynn’s Industrial Division partnered with CBRE to represent Prologis in the sale of its 787,591-square-foot Northfield Distribution Center to EastGroup Properties. The complex is located in Grapevine, 20 minutes outside of Dallas, and consists of eight buildings leased to 31 tenants. In the first quarter of 2013, NAI Robert Lynn arranged a 64,000-square-foot lease to Smart Start, 48,000 square feet to RIM Logistics and 16,000 square feet to Team Worldwide, all at the Northfield Distribution Center. The transactions totaled 128,000 square feet, bringing the property from 84 to 100 percent occupied. EastGroup has decided to keep Medinis as the leasing agent for the property, which Seefried Properties initially developed.

June 13, 2013

Mixed-Use Texas

TWO LOCAL BUSINESSES OPEN IN 1800 BROADWAY MIXED-USE DEVELOPMENT

by admin June 13, 2013

SAN ANTONIO — Two local retailers, San Antonio Bike Shop and Brown Coffee Co., have opened in the new 1800 Broadway Urban Residences, a 230-unit mixed-use property located at the intersection of Broadway and Grayson streets in San Antonio. The stores leased 1,500 square feet at the complex, which is already more than 80 percent occupied. Criterion Property Co. LP is the developer of the community.

June 13, 2013

Retail Texas

WORLD CLASS CAPITAL PURCHASES 560,000 SF OF COMMERCIAL SPACE

by admin June 13, 2013

HOUSTON AND LOS ANGELES — World Class Capital Group LLC closed on two major acquisitions this week: North Oaks Shopping Center, a 450,000-square-foot retail center in Houston, and Andrita Media Center, a 110,000-square-foot creative office and studio in Los Angeles. North Oaks Shopping Center was 92 percent occupied at the time of sale by retailers including T.J. Maxx, Ross Dress for Less, Hobby Lobby, Big Lots and Staples. The property, located at the intersection of FM 1960 and Veterans Memorial Drive, was purchased from a national retail REIT. Andrita Media Center was fully percent leased to an international entertainment conglomerate at the time of sale.

June 13, 2013

Seniors Housing Texas

CADDIS PARTNERS LAUNCHES NEW SENIOR LIVING BRAND

by admin June 13, 2013

CLEBURNE, TEXAS — Caddis Partners LLC has announced the development of the first community under its new senior living brand, Heartis. Work began last week on the property, located on 15 acres at 902 Walter P. Holiday Drive in Cleburne, just outside of Fort Worth. The Class A community will contain 54 assisted living units, with 61 beds, and a dedicated 35-bed memory care unit. Caddis Partners will develop and own the project, and Good Neighbor Care will manage the new property. The development team includes architectural firm Katus, MAPP Construction and Amegy Bank. Heartis Cleburne is scheduled for completion next summer.

June 13, 2013

Retail Texas

LEE & ASSOCIATES NEGOTIATES $12.2M SALE OF LA FITNESS

by admin June 13, 2013

IRVING, TEXAS — Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office have negotiated the sale of a 45,000-square-foot free-standing LA Fitness facility located at 5550 N. MacArthur Blvd. in Irving for $12.2 million. The LA Fitness has approximately eight years remaining on the triple-net lease. Lee & Associates represented the buyer, a public REIT, and the seller in the transaction.

June 13, 2013

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