EL PASO AND EDINBURG, TEXAS — Cinemark Holdings has plans to launch two new six-screen movie theaters in El Paso and Edinburg. The Cinemark Movie Bistro-Sunland Park, located at 750 Sunland Park Drive in El Paso, will be part of the Sunland Park Mall development. The Cinemark Movie Bistro-Edinburg, located on the northwest corner of Trenton Road and Rhonda Street in Edinburg, will be part of the Trenton Crossroads Plaza development. Both theaters are scheduled to open in the summer of 2013.
BELLAIRE AND HUMBLE, TEXAS — Houston-based Allen Harrison Co. has disposed of two multifamily communities in the greater Houston area: the 714-unit Villages at Meyerland in Bellaire and the 152-unit Deerbrook Forest in Humble. Villages at Meyerland recently underwent $5 million in renovations and is 93 percent occupied. Deerbrook Forest has undergone a $1 million renovation and is 94 percent occupied. AHC Construction, an affiliate of Allen Harrison Co., was the general contractor on the renovation for both communities. David Wylie, Russell Jones and Zach Springer of ARA represented Allen Harrison Co. in the Deerbrook Forest sale, while Robby Zorich and Holly Minter of Jones Lang LaSalle Capital Markets represented the sale of Villages at Meyerland. Mosaic Residential manages the properties.
WEBSTER, TEXAS — Colliers International has arranged the sale of Bay Terrace I & II, two office/flex properties totaling 200,378 square feet in Webster. The properties are located at 17155 Feathercraft and 555 Forge River inside of Houston's NASA/Clear Lake submarket. Dan Braun is the buyer.
EL PASO, TEXAS — River Oaks Properties has purchased the 137,386-square-foot Coronado Shopping Center, a grocery-anchored center located in El Paso. River Oaks purchased the shopping center from Rich Development. The property is fully occupied by Anna's Linen, AutoZone, Big 8 Grocery, Dollar Tree, Eraser Dust, Harbor Freight, Goodwill, Sally Beauty Supply, Rent-A-Center and a Carl's Jr. pad site. River Oaks also acquired a Starbucks pad site in a separate transaction.
EDMOND, OKLA. — The LaSalle Group has plans to build the 28,000-square-foot Autumn Leaves of Edmond, an $8.8 million memory care community located at 1001 S. Bryant Ave. in Edmond. The community will serve residents living with Alzheimer's, dementia and memory impairment. The project is the result of a partnership between The LaSalle Group and Silverado Interests. The community is scheduled for a fourth quarter 2013 opening.
AUSTIN — Starwood Hotels & Resorts Worldwide and White Lodging Services Corp. plan to open a second Westin hotel in Austin. The Westin Austin Downtown will be located on the northeast corner of East Fifth Street and San Jacinto Boulevard in downtown Austin. The 17-story, 326-room hotel is scheduled to break ground in 2013 and open in spring 2015. The hotel will feature a White Lodging-managed restaurant, fitness center and 13,500 square feet of state-of-the-art meeting and banquet space. The hotel is anticipated to bring more than 130 permanent jobs to the area, as well as $4.5 million in taxes annually. White Lodging has formed a joint venture with the Harry Whittington family and REI Real Estate Services for the hotel's development.
HOUSTON — An affiliate of Wheelock Street Capital has purchased the 297-room Hilton Houston Westchase Hotel, located on Westheimer Road in Houston's Westchase District. The hotel includes 11,200 square feet of meeting space and the Rio Ranch Restaurant. The buyer acquired the hotel from an affiliate of Interstate Hotels & Resorts, which will continue to manage the hotel on behalf of Wheelock.
LAGO VISTA, TEXAS — SRS Real Estate Partners, a Dallas-based retail real estate brokerage firm, has arranged the sale of the 66,230-square-foot Lago Vista Village, a mixed-use development located at 20900 FM 1431 in Lago Vista. The development includes 55,085 square feet of retail space and 11,145 square feet of second-story office space. The development is 100 percent vacant. Jason Middlebrook of SRS represented the seller in the transaction.
COPPELL, TEXAS — Johnson Capital has arranged a $7.82 million FHA Section 223(f) loan secured by the 56-unit Estates of Coppell, a townhome community located in Coppell. Scott Graber of Johnson Capital's Denver office arranged the 35-year loan on behalf of the borrower, a family business that originally developed the community. Huntoon Hastings, a subsidiary of Johnson Capital, funded the loan.
SAN ANTONIO AND OKLAHOMA CITY — Inland American Real Estate Trust has acquired two shopping centers in San Antonio and Oklahoma City for approximately $94.7 million. The properties include the 218,436-square-foot Stone Ridge Market in San Antonio and the 254,690-square-foot Rockwell Plaza in Oklahoma City. Stone Ridge's tenants include PetSmart, Sports Authority and Half Price Books. Rockwell Plaza has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men's Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree.