WATERFORD DEAL CRYSTALLIZES
PEARLAND (globest.com) – Inland American Real Estate Trust Inc. has purchased the 296-unit first phase of Waterford Place at Shadow Creek Ranch Apartments from Davis Development Inc. for $30 million.
The 16-building Waterford Place is on almost 17 acres at 200 Business Center Dr. The complex was developed last year and was 95 percent leased at sale time. It has a mix of one-, two- and three-bedroom units averaging 1,115 square feet. Average monthly rent is $1,102.
Along with the purchase, Illinois-based Inland will get the first look at the 275-unit second phase, which is currently being built.
Illinois-based Inland represented itself in the transaction, while Apartment Realty Advisors represented Georgia-based Davis Development.
TOWN BUILDERS MIXES IT UP
AUSTIN (Austin Business Journal) – Passeo Park, a 50-unit, two- and three-story condominium development, will break ground this summer at 8323 Jamestown Dr.
Town Builders LP, a local development group that includes property owner Rex Gore and Gary Bellomy, will invest just under $10 million on the nearly three-acre project near the US 183 and Lamar Boulevard intersection.
Plans include 7,200 square feet of live-work and neighborhood-oriented retail space. Town Builders is seeking a zoning change from commercial services to mixed use.
Condos will be priced from $150,000 to $250,000, with units ranging from 1,200 to 1,800 square feet.
Land Design Studio, also involved in the mixed-use Crestview Station development, is the architect of record.
ALTA'S LOFTY TOWER
DALLAS (The Dallas Morning News) – Contractor J.E. Dunn has begun excavation work for building the glass-clad, 375-unit Alta Rosewood residential tower near the southern entrance to the Dallas North Tollway.
The 22-story tower at McKinnon and Hunt streets is the biggest residential building yet in the uptown neighborhood. A 425-space parking garage, outdoor pool and fitness center will be on the lower levels.
The more than $72 million development is a partnership between Wood Partners of Atlanta and the California Public Employees' Retirement System, or Calpers, whose investment is $11 million.
Preston Partnership architects, also of Atlanta, designed the building. The loft-style apartments with hardwood floors will be ready for residents in late 2008.
ENVELOPE COMPANY SEALS DEAL
GRAND PRAIRIE (Dallas Business Journal) – An envelope manufacturing company is building a new headquarters building at 201 E. Trinity Blvd.
Goelzer Industries Inc. will move into the more than 200,000-square-foot building in July. The Fort Worth–based company, which currently resides in a 60,000-square-foot facility at 14813 Trinity Blvd., will occupy only 120,000 square feet in the new building, leaving room for several smaller businesses.
The company bought 20 acres on which to build the facility, but it will sell five, along with a 50,000-square-foot building, to a wholesale distribution company. Goelzer will assume ownership of three speculative 12,000-square-foot buildings, which it plans to lease out.
A&A General Contractor Inc. of Dallas is the general contractor for the new headquarters. Henry S. Miller Commercial brokered the transaction.
MULTIFAMILY FUND BUYS BRIDGEPORT
DALLAS (globest.com) – The Bridgeport apartment complex has been sold by locally based DP Partners Ltd., which has owned the property for 12 years.
The 312-unit, Class-B minus complex on ten acres at 5440 N. Jim Miller Rd. has 196 one-bedroom and 116 two-bedroom units, averaging 770 square feet. The average monthly rent is just under $600.
The buyer, Multifamily Capital Appreciation Fund-2007 LLC, is a $100 million Alabama-based fund whose affiliate is Summit Asset Management LLC. Summit will assume the management duties for the 23-year-old complex, which was 94 percent occupied at the time of closing.
Hendricks & Partners in Dallas brokered the transaction.
ST. CROIX DEVELOPING AT CROSSING
AUSTIN (Austin Business Journal) – Kelly Trade Ventures LLC, a sister company of San Diego–based St. Croix, recently completed the purchase of two parcels in Round Rock and southeast Austin for projects totaling $50 million.
St. Croix will develop Centerpoint @ Colorado Crossing, a 500,000-square-foot Class-A industrial campus, on 60 acres just west of Austin-Bergstrom International Airport near Burleson Road and McKinney Parkway.
Designed by Smith Consulting Architects, phase one will include four industrial buildings totaling 263,500 square feet. Construction is expected to begin this summer, with completion slated for early 2008.
Phase two will include another 245,000 square feet of industrial and 30,000 square feet of retail space.
In Round Rock, on almost nine acres purchased from the city, St. Croix is developing Spectrum @ Crystal Park. That project totals 83,000 square feet in ten office buildings at the southeast corner of Greenhill Drive and Old Settlers Boulevard. PBS&J is acting as project engineer
CB Richard Ellis is marketing both properties, which are being built by Central Texas Tiltwall LP. Grubb & Ellis is handling retail.
HISTORIC HOUSTON CLUB BUILDING SOLD
HOUSTON (studley.com, Houston Business Journal) – Cameron Management has purchased the landmark 416,000-square-foot Houston Club Building from JPMorgan Chase & Co., which will vacate the building.
Built in 1948 by Jesse H. Jones, publisher of the Houston Chronicle in the 1900s, the building has access to the downtown tunnel system that connects several buildings and has underground retail.
Cameron Management plans a major renovation. The Houston Club has about seven years remaining on its lease, and the firm would like for the club to stay.
This is the second purchase of a downtown historic building by the firm within the last two years. Cameron acquired Esperson Buildings in December 2004 with Amstar Investment Group.
Studley, a commercial real estate services firm, assisted in negotiating the transaction and is helping JPMorgan Chase consolidate its local office space.
PARKDALE PLAZA OVERHAUL
CORPUS CHRISTI (Corpus Christi Caller-Times) – In an effort to restore life to what was once a thriving area for retailers, the 50-year-old Parkdale Plaza Shopping Center will soon be renovated to include a 203,000-square-foot Wal-Mart Supercenter.
The center at 4101 S. Staples St. will be renamed Parkdale Shopping Center, and most of its buildings will be demolished to make room for Wal-Mart. Wal-Mart spokesperson Sally Aiello said about 400 people will be employed at the Supercenter, which will feature an upgraded exterior design.
Cobb, Lundquist and Atnip represented Austin-based Quick & Company Commercial Realty Inc., the owner of Parkdale Plaza. CB Richard Ellis represented Wal-Mart.
Parkdale Shopping Center will also include a strip center that will house current tenants while leaving about 44,000 square feet of leasing space for new tenants.
Renovations on the 41-acre property are scheduled to begin later this year and be completed in early 2008.
HOME SALES LOWEST SINCE 2000
WASHINGTON, D.C. (Bloomberg) – Sales of new homes in the United States unexpectedly fell last month to the lowest level in almost seven years, dimming prospects for a quick revival in housing.
According to the Commerce Department, the supply of unsold homes climbed to its highest level in 16 years. Purchases dropped 3.9 percent to an annual pace of 848,000 last month. Economists had forecasted they would rise to a 985,000 rate, based on the median forecast in a Bloomberg News survey.
The figures were made worse by the coldest February in more than a decade, and they doused optimism from reports last week on sales of previously owned dwellings and housing starts. Some analysts read those numbers as evidence that the industry may be stabilizing, as the Federal Reserve has anticipated. Shares of homebuilders tumbled and bonds gained as traders speculated that the economy will slow further.
With a wave of foreclosures adding to builders’ woes, the Commerce Department predicts more declines in home construction that will further weigh on the economy.
“As ugly as these numbers are, they don’t reflect the tightening of lending standards, which means sales are going to get worse,” said Christopher Low, chief economist at FTN Financial in New York. “The longer it takes for housing to recover, the more the risk it could spill over to other parts of the economy.”
VINTAGE AT THE COVE
AUSTIN (globest.com) – Vintage Interests LP has purchased the nearly nine-acre, five-building Beatrice Cove Park from TCC-Beatrice Cove LP.
The complex is 80 percent occupied with 30 percent of current leases set to expire in the next two years.
Vintage plans to invest $250,000 for deferred maintenance, to replace roofs, and to make cosmetic improvements to the almost 30-year-old, 119,000-square-foot, office-and-industrial complex at 2335-2415 Kramer Lane.
Holliday Fenoglio Fowler LP's Dallas office represented the seller and arranged financing for the Dallas-based buyer.
TRAMMELL, PRINCIPAL ON VERGE OF DISCOVERY
HOUSTON (Trammell Crow Company) – Trammell Crow Company (TCC) has purchased downtown’s Block 126, a site that will serve as the home for a Class-A office tower being developed by TCC and Principal Real Estate Investors.
Discovery Tower will overlook Discovery Green, the $93 million, 12-acre park that is currently under construction. The LEED-certified building is expected to contain 600,000 to 1.2 million square feet. Groundbreaking is scheduled for first quarter 2008, with completion set for first quarter 2010.
Gensler Architects is designing the building, and CB Richard Ellis is handling leasing and marketing. Cushman & Wakefield represented the parties in the transaction.
AKAL CHECKS OUT DEVELOPMENT
DALLAS (globest.com) – Local hotel franchisee Akal Corp., previously a buyer of existing hotels, is investing $25 million to develop four new hotels.
Akal’s vice president of development Bobby Singh said the high cost of buying existing hotels prompted the company’s move toward development. He said the cost of buying existing hotels is up to nearly $79,000 per room, while the cost of building hotels is only $60,000 to $70,000 per room.
Work is already underway on the 70-room La Quinta at the US 287 and Debbie Lane in Mansfield, and it will be completed in June. Construction will begin in one month on a 71-room La Quinta at Quebec Street and Loop 820 in Lake Worth. Once that hotel is about 50 percent complete, Akal will break ground on a 75-room La Quinta at US 380 and 75 in McKinney. The last to be built will be a 70-room Hampton Inn in Kilgore.
No comments:
Post a Comment