BILL GATES IN REAL ESTATE?
AUSTIN (Austin American-Statesman) – Four Seasons Hotels Inc., the manager of 74 luxury hotels, agreed to be taken private by Microsoft Corp. Chairman Bill Gates, Saudi Prince Alwaleed Bin Talal and the company's chief executive officer for $3.8 billion, including debt.
The purchase does not affect the ownership of each hotel, just the management company. Shareholders will get $82 a share in the purchase, the Toronto-based company said in a statement. Isadore Sharp, Four Seasons' CEO, will receive $289 million as part of the transaction.
Hotel companies have become takeover targets as travel to the world's largest cities rises while the supply of new hotel rooms trails. Four Seasons, whose hotels include the Four Seasons in Austin, the George V in Paris and the Beverly Wilshire in Beverly Hills, Calif., operates in 31 countries.
Alwaleed is bidding through Kingdom Hotels International, and Gates will purchase his stake through Cascade Investment LLC.
AREA NEW HOME DEMAND STILL STRONG
LONGVIEW (Longview News-Journal) – Although the number of new home permits issued dropped toward the end of the year, the city issued permits for 249 homes in 2006, up about 7 percent from the same time the year before.
In 2005, the city issued 232 new home permits, reaching construction levels not seen in more than 20 years.
Statewide, new home construction permits dropped about 2 percent between 2005 and 2006, according to the Real Estate Center at Texas A&M University. However, Research Economist Dr. Jim Gaines said that is down 2 percent from a peak year and not a cause for alarm. Nationally, new home starts were down 13 percent, which is a significant number, he said.
PYRAMID BUILDING PALMS
LONGVIEW (Longview News-Journal) – Pyramid Homes plans to build a more than 300-home subdivision at the city's eastern limits.
The Palms will be developed on 170 acres on the north side of US 80 just west of Delia Drive. The first phase will include 70 homes. The front portion of the property will be saved for commercial use, said Anwar Khalifa, president of the Tyler-based firm.
Homes will range from 1,800 to 2,500 square feet, with prices ranging from the $170s to the $220s.
PGA DEVELOPER BUYS STAKE
HOUSTON (usaarealco.com) – USAA Real Estate Company closed on the sale of a 70 percent interest in seven business-class hotels totaling 2,449 rooms to The Ecclestone companies.
The companies are owned by E. Llwyd Ecclestone, who developed the famed PGA National Resort & Spa in Palm Beach Gardens, Fla., home of the PGA of America.
Included in the portfolio are a full-service Doubletree hotel and the Post Oak Hilton in Houston.
USAA was represented by Florida-based The Plasencia Group. SunAmerica Life Insurance and its affiliates provided financing. San Antonio–based USAA will continue to provide asset management for the hotels.
TEN FOR DELOITTE
HOUSTON (globest.com) – Deloitte & Touche USA LLP will consolidate their operations into 300,000 square feet of Class-A space in the Heritage Plaza.
The 12-year, ten-floor, contiguous space lease begins in late 2008. With this lease, Heritage Plaza is at 85 percent occupancy. Both parties represented themselves.
Atlanta-based Goddard Investment Group purchased the 1980s-built, 1.15 million-square-foot tower at 1111 Bagby St. for $114 million in 2005 and renovated all common areas.
GULF COAST COMMERCIAL PLANS SHOPPING CENTER
PEARLAND (Houston Chronicle) – Gulf Coast Commercial has purchased about 41 acres at the northwest corner of Texas 288 and Shadow Creek Parkway from Strouhal Tire. The developer plans to build a shopping center on the land.
F. Carrington Weems and Stuart L. Phelps Jr. represented Strouhal in the sale.
PROGNOSIS GOOD FOR MEDICAL RESEARCH FACILITY
HOUSTON (Houston Chronicle) – Construction has begun on the Methodist Hospital Research Institute, a 420,000-square-foot advanced medical research facility in the Texas Medical Center.
The five-floor building, which will have laboratory space, imaging equipment and operating rooms for research, is being built next to the Methodist Hospital on Bertner Avenue.
Methodist's board approved $100 million in early 2004 to create an endowment to launch the institute. Later that year, the board committed an additional $30 million to fund a neurological institute as part of the research center.
The facility should be completed in 2009.
SHOPPING SUNFIELD
BUDA (Austin Business Journal) – Provident Realty Advisors Inc. of Dallas closed on about 65 acres recently at the corner of I-35 and FM 2001 in northern Hays County.
Provident now owns 70 acres on which it will build The Shops at Sunfield, a 500,000-square-foot retail center.
The center will be adjacent to Sunfield community's proposed 7,200 homes, currently under development by the Steve Bartlett Co. and Institutional Housing Partners. Cabela's and Wal-Mart, each about 200,000 square feet, are directly across I-35 from the proposed development.
The Weitzman Group is marketing several pad sites in the development. Construction is slated to begin in 2008.
EAST TEXAS THE NEW FLORIDA?
ATHENS (Associated Press) – As part of a program approved by the state legislature last year, Athens, Lufkin and Nacogdoches County have been declared the state’s first Texas Certified Retirement Communities, a designation intended to help areas that are short on economic growth market themselves to retirees.
The program — the brainchild of an East Texas lawmaker — is similar to other states' efforts to lure retirees and their disposable income. A nearly identical program that was launched in Mississippi in 1994 stamped 21 cities as amenable to retirees, and Mississippi state officials say the state has since attracted more than 5,500 new retiree households.
Mark Fagan, a sociology professor with Jacksonville State University, says rural areas seeking economic growth are better off luring retirees and tourists than new plants. The median income in Nacogdoches County is almost $40,000, about $10,000 below the state average. East Texas officials say a retired couple packs an economic clout equal to 3.7 factory jobs.
CANYON VIEW
AUSTIN (Austin Business Journal) – Madison Partners is planning The View, a new 69-unit condo project, at 3600 S. Lamar.
The four-story project on the edge of the Barton Creek canyon lands will have one- and two-bedroom units ranging from 760 to 2,280 square feet and priced from $260,000 to $850,000. The project developers will seek LEED certification.
Avenue One will market the property. The Austin-based developers will break ground in July, with occupancy projected for late 2008.
MOCKINGBIRD SINGS PROFIT
SAN ANTONIO (San Antonio Business Journal) – Brass Real Estate Funds has sold Mockingbird Plaza to Next Block-San Antonio I LP.
Mockingbird Plaza is a seven-building complex at 5360-5430 Fredericksburg Rd. in the South Texas Medical Center. It is more than 85 percent occupied.
Locally based Brass Funds, under an entity called Brass Mockingbird Income Fund LP, purchased the complex in late 2004 and invested almost $2.7 million for upgrades. Locally based Magi Real Estate Services managed and leased the property.
According to Rick Rodriguez, president of both Brass Funds and Magi, Brass' return from this sale exceeded 43 percent.
WEATHERFORD PLAZA SOLD
HOUSTON (globest.com) – Moody National Cos. has purchased the Weatherford Plaza at 15710 JFK Blvd. from KBS Realty Advisors of Newport Beach, Calif.
Moody National will manage the more than 216,000-square-foot, Class-A, stabilized office building, which is 90 percent leased.
Cushman & Wakefield of Texas Inc. represented KBS Realty Advisors while Moody National represented itself.
VINEYARD EXPANSION PLANNED
GRAPEVINE (globest.com) – Henry S. Miller Cos. is planning a slight expansion for the more than 121,000-square-foot Vineyard Marketplace, which the company recently purchased from Dallas-based Clearview Investments LLC.
The Class-A shopping center, which spans 12.5 acres at 5325 William D. Tate Ave., is 90 percent leased. The buyer is considering adding 7,500 to 8,000 square feet to a currently vacant spot. The expansion would create a 10,000-square-foot opening at the Texas 121 and Glade Road junction.
Henry S. Miller Commercial will handle leasing and management.
ASHLEY HOUSE SOLD
KATY (globest.com) – MBS Cos. of Louisiana has purchased the 276-unit Ashley House Apartments from locally based Judwin Properties Inc.
The 94 percent leased Ashley House at 3903 S. Mason Rd. sold at a 6 percent cap rate, according to Apartment Realty Advisors, which brokered the transaction.
A part of the master-planned Cinco Ranch community, Ashley House is a mix of efficiencies and one-, two- and three-bedroom units ranging from 528 to 1,321 square feet. Monthly rent ranges from $685 to $1,435.
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