STONEBRIDGE POWERS UP
McKINNEY (globest.com) – Levcor Inc. of Houston and the California State Teachers' Retirement System (CalSTRS) are planning their first joint venture in North Texas.
Stonebridge Crossing regional power center will be about 500,000 square feet on 53 acres at the US 380 and Custer Road intersection.
The acreage was recently bought off-market from Dallas-based Hunter Equities LLC, which owns more land in the area (see RECON, “Hunter Gobbling Up Land”).
Stonebridge Crossing is one of five projects that Levcor will spotlight at next month’s International Counsel of Shopping Centers convention in Las Vegas. The development firm also has three million square feet of projects planned for Eagle Pass, Laredo, McAllen and San Antonio.
Levcor plans to break ground by year's end with completion targeted for fall 2009.
DISTRIBUTOR BUYS IN BC
MISSOURI CITY (Transwestern.com) – Ben E. Keith Co. has purchased just over 82 undeveloped acres in BC Business Park, also known as Beltway Crossing.
Beltway Crossing is a 330-acre retail-, distribution-, and manufacturing-related business park in Fort Bend County along Hwy. 90, Beltway 8 and Gessner Road.
Transwestern represented Ben E. Keith Co., which is a distributor of Anheuser-Busch and food service products. The food service division serves ten states, and the beverage division delivers products to 60 Texas counties. Together, the divisions employ more than 3,000 people.
Fort Bend County ranks in the top 1 percent of U.S. counties in economic growth, median household income (adjusted for cost of living), and population growth. The county is near the Port of Houston.
Fort Bend County can be found within the Center's 2007 Texas Real Estate Market Report for the Houston–Sugar Land–Baytown Metropolitan Statistical Area (MSA).
HARWOOD DISTRICT DEVELOPING
DALLAS (globest.com) – Harwood International Inc. will break ground next month on the $100 million Saint Ann Court at 2515 N. Harwood St. in Uptown.
The 27-story, 320,000-square-foot office tower will have four penthouse levels with private European gardens and terraces with fireplaces; a "samurai" lobby espresso bar, a Marie Gabrielle restaurant with in-office room service, and a private health club.
The tower is the beginning of $500 million of new residential and office development in the developer’s planned 17-block Harwood District.
The project's architect of record is Dallas-based BOKA Powell Architecture LLC. Design and landscaping architect is Shimoda Design Group of Los Angeles. Local firm Austin Commercial Inc. is the general contractor.
Tenants of the 43 percent preleased building are scheduled to move in beginning in early 2009.
TOWN LAKE HYATT SELLING
AUSTIN (Austin Business Journal) – Edinburgh Management of Florida, along with investment partner Bank of Scotland, is set to close next week on the 448-room Hyatt Regency on Town Lake.
Fairfield Residential LLC of Grand Prairie is selling the hotel, which it purchased for around $50 million in 2005 before investing about $10 million in renovations.
The Hyatt Corporation will continue management duties.
INDUSTRIAL STRENGTH
DALLAS–FORT WORTH (Grubb-Ellis.com) – The Dallas–Fort Worth industrial leasing market maintained its vigorous pace in the first quarter of 2007, driven primarily by the warehouse-distribution sector.
Overall, the first quarter industrial market vacancy leveled off at 9 percent, up slightly from both fourth quarter 2006 and year-over-year figures.
Locally, close to three million square feet of positive absorption was recorded in first quarter 2007, up approximately 510,000 square feet from the same time last year. Rising demand for warehouse-distribution space was seen particularly in the Arlington and D-FW International Airport areas, where demand was at just over 2.5 million square feet.
Meanwhile, the R&D-flex sector posted approximately 436,000 square feet of growth, up 305,000 square feet compared to March 2006. Addison, northeast Dallas and south Fort Worth exhibited the highest demand for R&D-flex space.
A flurry of construction is underway throughout the Metroplex, with approximately 8.7 million square feet of speculative industrial space delivered to the market over the 12 months ending this March. Of that new space, 4.7 million square feet remained available at the close of the first quarter.
For more information on this and other Texas markets, visit the Grubb-Ellis website.
PROSPER PLAZA ON THE WAY
PROSPER (globest.com) – Forty acres recently purchased by Cross Development have been earmarked for a $35 million shopping center.
The tract at US 380 and Custer Road will be the home of Prosper Plaza, a Class-A retail center that will contain 286,000 square feet and seven pad sites. Cross Development plans to break ground on the project by early next year.
Expedition Capital Partners in Dallas represented seller Forney-Wally Ltd., an affiliate of Arkansas-based Wally Properties Inc.
TOWN SQUARE PART OF REVITALIZATION
WACO (Houston Business Journal) – As part of an effort to revitalize the downtown area, SWB Heritage Square Partners LP is developing Waco Town Square, a 17-acre, mixed-use development that will also include housing for college students.
Waco Town Square, which will be between South Third and South Fourth Streets, will consist of 61,880 square feet of retail and restaurant space, 68,680 square feet of Class-A office space and about 35,000 square feet of loft-style residential space. In addition, about five acres will be developed as a 450-bed student housing facility. SWB will break ground on the project this fall.
Houston-based SWB was created by Sugar Land Mayor David Wallace, Costa Bajjali of Sugar Land–based Wallace Bajjali Development Partners LP and Kevin Matocha of Houston-based Stonehenge Development LLC.
GREENWAY MAKING HEADWAY
DALLAS (The Dallas Morning News) – Rivendell Development has broken ground on Greenway Place, a 50-unit townhouse development near University Park.
The Georgian-inspired townhouses are replacing old apartments that have already been demolished. Units will start at more than $430,000 and range from 1,900 to more than 3,500 square feet.
The three-acre, seven-building project will be ready later this year.
MIXED-USE SPRINGS FROM UNIVERSITY SITE
AUSTIN (Austin American-Statesman; globest.com) – A local developer is planning a $500 million mixed-use development on the 22-acre Concordia University site.
East Avenue Investment Group will build a more than 2.7 million-square-foot high-density community on the recently purchased property, which is near the University of Texas and I-35. Plans currently call for 1,450 residential units, 545,000 square feet of commercial space and a 250-room luxury hotel.
East Avenue will pay for the preservation and creation of several parks in surrounding neighborhoods. Construction will begin next year and be completed in three to five years.
Capmark Finance Inc. arranged financing for East Avenue, and Lehman Brothers Inc. of New York City funded the loan. Staubach Co. represented Concordia in the sale.
CRESCENT SELLS INTEREST
AUSTIN (Austin American-Statesman, globest.com) – Fort Worth–based Crescent Real Estate Equities Co. has sold its 90 percent interest in the recently completed Parkway at Oak Hill for around $12.5 million.
The two-building property at 4801 Southwest Pkwy. has almost 145,500 square feet of Class-A office space.
Dallas-based Champion Properties, providing 10 percent of the equity, is the developer and general partner. Crescent and Champion each owned a 50 percent stake in the property.
Stream Realty Partners LP will handle leasing.
FROM GROCERIES TO GRADE SCHOOL
WACO (Waco Tribune-Herald) – The former Albertsons grocery story at 1900 N. Valley Mills Drive will soon be home to Harmony Science Academy–Waco, the city’s fourth charter school.
The Houston-based Cosmos Foundation, which operates nine schools in five cities across the state, signed a lease on the building last week. The property has been vacant since Albertsons closed up shop last August.
The school will serve about 350 prekindergarteners through eighth-graders when it opens this August. Another grade will be added each year until the school has grades pre-k through 12.
Charter schools are a type of public school funded by the state with open enrollment and no tuition but administered by private nonprofit organizations. The city’s three other charter schools are Rapoport Academy, Waco Charter School and Eagle Academy of Waco.
ARBOR COURT UPGRADED, SOLD
HOUSTON (globest.com) – Related Cos. LP of New York City has purchased a 232-unit, Class-B complex for around $8.8 million.
The Arbor Court Apartments, a 97 percent leased HUD property at 802 Seminar Dr., underwent a nearly $1 million renovation as part of the sale.
The seller, a San Francisco–based investment group, replaced the roofs and drainage system, added landscaping and upgraded the interiors. The seller also removed nonpaying tenants and hired new management.
The 28-year-old Arbor Court is on more than nine acres. The complex has one- and two-bedroom units ranging from 583 to 896 square feet. Rents are 78 cents per square foot.
The complex traded at a 6.9 percent cap rate.
SEQUOIA/CANONGATE GOLF LLC SIGNS CONTRACT TO PURCHASE THE WOODLANDS' PUBLIC GOLF COURSES AND THE WOODLANDS COUNTRY CLUB - Sequoia/Canongate Golf LLC, owner of 18 private golf clubs and a leader in the Atlanta, GA golf market, has signed a contract to purchase The Woodlands' two public golf courses - The Oaks and Panther Trail - along with The Woodlands Country Club , from The Woodlands Development Company (TWDC), according to Bill Langley CCM, managing director of The Clubs of The Woodlands . 
Recently appointed directors include (left to right): Vicki Richmond, treasurer; Peggy Hausman, vice chairman; Lloyd Matthews, secretary; Nick Wolda , president of the organization and vice president of marketing & public affairs for TCID; Nelda Luce Blair , chairman; Frank Robinson , president of TCID; Karen Hoylman , president of the S outh Montgomery County Woodlands Chamber of Commerce ; and Fred Domenick , general manager of The Woodlands Waterway Marriott Hotel and Convention Center .
ELLIS, ELLIS & BLANCHARD FIRM HOSTS SEMINAR AND HIRES NEW FINANCIAL PLANNER - Byron W. Ellis, CFP®, CLU, ChFC, CRPC, a financial advisor and senior partner of The Woodlands' Ellis, Ellis & Blanchard office of Ameriprise Financial Services will present the "Time Management & Goal Setting" seminar on Friday, April 27, 2007 from 8 am until 10 am at The South Montgomery County Woodlands Chamber offices, located at 1400 Woodloch Forest Drive, Suite 300. The event is free to Chamber members. Ellis will discuss detailed techniques for mastering time management and goal setting. For more information or to reserve a seat, contact The Chamber at 281-367-5777. 
Firm partners Byron Ellis (left) and Barry Ellis (right), CFP®, CRPC, have announced the recent edition of Kiernan A. O'Connor (center), CRPC, as financial planner with the company. 
The Ninth Annual CurePH Golf Tournament will take place on Friday, April 27, 2007 at the Cypresswood Golf Club . The tournament benefits Pulmonary Hypertension (PH), a life-threatening disease. At least 13 of those afflicted with the disease live in Montgomery County including the 14-year old daughter of Jack Stibbs, a resident of The Woodlands and CurePH committee member. 
HEALTH-RELATED SEMINARS
FLOORING AMERICA ANNOUNCES GRAND OPENING EVENT - Flooring America recently opened a new store in The Woodlands Crossing Shopping Center, located at the intersection of Woodlands Parkway and Kuykendahl Road. The Colors of Spring Grand Opening Sales Event is taking place this month. By visiting the store's brand new showroom, guests can register to win up to $10,000 in free flooring and décor advice from a design expert. No purchase is necessary. Shoppers can also take advantage of up to 30% off select styles of Stainmaster, Karastan and Masland carpet and ceramic tile, along with savings on hardwood and laminate floors. The store is open Monday through Friday from 9 am-7 pm, and Saturday from 10 am-5 pm. For more information, visit 
RYAN E. HUIE JOINS STIBBS & CO. ATTORNEYS - Ryan E. Huie , a resident of The Woodlands, recently joined Stibbs & Co., P.C., a legal firm based in The Woodlands. Huie has a business background and will be handling various forms of corporate transactions including contracts, real estate and mergers and acquisitions at Stibbs & Co. "We are excited to add Ryan to the practice," said Jack Stibbs, president and founder of Stibbs & Co., P.C. "He adds a fresh perspective to the field, and we are looking forward to providing our clients with the strength he brings to the firm." Huie earned his Juris Doctor from South Texas College of Law where he was a founding member of Texas Tech Legal Society . He earned his bachelor's degree in public relations with a minor in marketing from Texas Tech University. For more information about Stibbs & Co, call 281-367-2222 or visit 
THE WOODLANDS SWIM TEAM TAKES FIRST PLACE AT TAGS MEET - The Woodlands Swim Team added another Texas Age Group swimming championship banner to its impressive collection with a first place finish at the recent TAGS Short Course Championships in Austin. The team scored a total of 714 points to win the first place banner. Longhorn Aquatics came in second with 670 points and Blue Tide Aquatics took third place with 553 points. The Woodlands Swim Team is a non-profit organization that trains at The Woodlands Athletic Club . For more information, visit 
THE WOODLANDS RESORT EARNS ENDORSEMENTS - The Woodlands Resort & Conference Center, a founding member of the International Association of Conference Centers (IACC), was awarded a 99 percent approval rating during the association's recent on-site quality assurance audit of the property. The 440-room facility features 60,000 square feet of flexible meeting space, including a 13,500-square-foot Grand Ballroom and 32 dedicated meeting rooms. Conducted every four years, the quality assurance audit evaluates conference centers on 30 stringent standards in six key areas, from technology to service. IACC is a non-profit, facilities based organization whose mission is to assist members in providing the most productive meeting facilities around the world. For more information about The Woodlands Resort & Conference Center, visit 
learn how the "Six Conversations" framework, which Hewitt Associates uses to guide its performance management process, can help them seek direction from managers and peers to get their careers on track. 
will also be hosting its Sixth Annual Administrative Professionals' Recognition Breakfast and Vendor Expo on Tuesday, April 24, 2007. Dennis S. Brown , (pictured) a motivational speaker and trainer also known as "Mr. Attitude", will be the guest speaker. For more information, visit 
"LEARNING TO CO-EXIST WITH DEER" IS NEXT WALK IN THE WOODS LECTURE - White-tailed deer are the subject of the Walk in the Woods Nature Lecture on Thursday, April 19, with Lin Poor of Texas Wildlife Management presenting Co-Existing with Deer in the Burbs. The presentation is being held at McCullough Jr. High School, 3800 S. Panther Creek at 7:30 pm. An internationally certified wildlife biologist, Mr. Poor will provide a close-up view of white-tailed deer - their natural history, population characteristics and future in Texas. He will also share tips about enjoying nature, sharing turf with wildlife and deer-proofing landscapes. The free program is sponsored by Community Associations of The Woodlands, The Woodlands G.R.E.E.N. and Courtyard by Marriott . For more information, call 281-210-3900. 
ARE YOU READY FOR SOME BASEBALL? - Listen to the rivalry between The Woodlands High School Highlanders and the College Park High School Cavaliers this weekend on BOB-FM, 105.3 FM and on the web at 
DR. STEVE SUKIN TO DISCUSS FEMALE URINARY INCONTINENCE - Dr. Steve Sukin, M.D., urologist, will discuss the symptoms and current options for treating female urinary incontinence during two free seminars hosted by St. Luke's Community Medical Center (CMC) - The Woodlands on Thursday, April 19 and Tuesday, April 24, 2007 at 6 p.m. in the hospital's Swan Café Lakeview Conference Rooms A & B . The seminar marks the first in a series of educational programs to be hosted by St. Luke's for the local community. Seating is limited, and reservations are encouraged by contacting Marilyn Wachel at 936-266-4009. 
EARTH DAY TO BE CELEBRATED AT THE WOODLANDS MALL WITH SEEDLING GIVEAWAY - On Friday, April 20 beginning at 10 am, while supplies last, The Woodlands Mall will give visitors a fresh spruce seedling to commemorate Earth Day on Sunday, April 22. The giveaway is designed to encourage individuals to reduce their carbon footprints on earth. Along with the seedling giveaway, the mall is using its signage to publicize easy ways to help the environment by adjusting everyday actions. Seedlings will be available at Customer Service in Center Court. 
The Community Associations of The Woodlands will present the 2007 "In the Spotlight" Teen Talent Show on Saturday, June 9 at 7 pm at the College Park High School auditorium. The talent show is the kick-off to Project Youth , a multi-part event dedicated to helping students ages 12-18 develop a healthy and creative lifestyle while uniting the entire community at the same time. The application deadline is Saturday, April 23, with auditions scheduled for Saturday, April 28 from 11 am -10 pm. The auditions will be held at The Woodlands Recreation Center , 5310 Research Forest Drive. The contest is open to ages 13 through 18. All acts are required to audition. 