THE SKINNY ON ALON
DALLAS (Dallas Business Journal) – Alon USA Energy Inc. will buy Abilene-based Skinny's Inc. for about $70 million. Skinny’s owns and operates about 102 Fina stations in Central and West Texas.
Alon currently operates 206 stores in West Texas and New Mexico under the Fina brand and supplies the stores with motor fuel from its refinery in Big Spring.
The Dallas-based petroleum refiner and marketer plans to convert the stations to the 7-Eleven brand, making Alon the largest 7-Eleven licensee in the United States, said Alon CEO and President Jeff Morris.
The sale is expected to close soon.
DOMAIN PHASE I OPENING, PHASE II PLANNED
AUSTIN (Austin American-Statesman) – Simon Property Group Inc. plans to start construction late this year on Domain Phase II, including about 300,000 square feet of retail and about 300 apartments and townhomes.
Phase II will rise on 34 acres south of the current Domain, a $245 million luxury open-air center opening March 9 near North MoPac Boulevard (Loop 1) and Braker Lane.
The Domain Phase I shopping center has 700,000 square feet of shops. It is anchored by Austin's first Neiman Marcus store and a Macy's, and it has restaurants and 390 luxury apartments.
Like the soon-to-open Phase I, the Phase II residences will be built on top of the retail and entertainment components. Phase II will be pedestrian-friendly, with extensive landscaping and no through streets.
Simon's partner in the Domain is Austin-based Endeavor Real Estate Group. Phase II is slated to open in 2009.
GALLERIA TOWER IV IN THE WORKS
DALLAS (Dallas Business Journal) – Fortis Property Group is planning Galleria Tower IV, a 300,000- to 350,000-square-foot addition to the Galleria Office Towers complex it purchased last year.
The fourth tower will be about 18 stories and include stacked parking on the lower levels and ground floor or mezzanine retail space. Construction is tentatively set to begin in the fall.
Fortis purchased the 1.4 million-square-foot Galleria complex for $285 million in 2006 from The Blackstone Group. Situated at the northeast corner of I-635 and the Dallas North Tollway, one of the busiest intersections in the state, the Galleria is one of the most recognizable commercial developments in North Texas.
ABACUS COUNTING UP ITS PURCHASES
ALLEN (globest.com) – Abacus Capital Group LLC, along with minority partner Colonial Properties Trust, has paid $21 million for the 216-unit Auberry at Twin Creeks from A.G. Spanos Cos.
The Class-A, one-year-old Auberry at 705 Bray Central Dr. is the second property in a week to be sold to Abacus by the California-based A.G. Spanos. At the end of February, Abacus bought the 240-unit Fairmont at Fossil Creek at 3701 Fossil Creek Blvd. from Spanos.
The 92 percent-leased, nine-building complex on more than 12 acres has a mix of one-, two- and three-bedroom units averaging almost 1,000 square feet, with the average rent about $984 per month.
Colonial Properties Trust will manage the complex.
Holliday Fenoglio Fowler LP arranged the $17-million, ten-year, fixed-rate interest, Freddie Mac financing.
EAST BY EAST POINT
EL PASO (Fortune Real Estate) – Vista del Este JV has sold 433 acres off Montana Boulevard to Washington-based East Point LLC for about $3 million.
The land, which is about four miles east of the city limits, will be developed into residential lots, said James Salome, president of Fortune Real Estate Inc., which brokered the transaction.
AFFORDABLE HOUSING AT RIVERMONT
AUSTIN (Austin Business Journal) – Campbell-Hogue & Associates Inc. will break ground in early summer on a $12 million residential and retail development intended to bring affordable rental housing to the area.
Rivermont Place, at Montopolis Drive and East Riverside Drive, will include 142 rental units targeting mostly families making between 60 to 80 percent of the area’s median income. Some retail development is planned.
Chiles Architects Inc. of Austin is executing Rivermont’s design, and Campbell-Hogue will handle construction.
RETAIL DEVELOPMENT TAKES NEW NAME
HOUSTON (Houston Business Journal) – Moody Rambin Interests has changed the name of its planned retail center to match the new Lakes of Bella Terra community.
At 800,000 square feet, Shops at Bella Terra, previously called Parkway Lakes, will provide one of the largest concentrations of retail stores south of I-10. The center will be between the Westpark Tollway, the Grand Parkway and Bellaire Boulevard.
Shops at Bella Terra will include a Wal-Mart Supercenter, which is currently under construction and expected to open in the fall. The rest of the center will be completed by the end of 2008.
NEXT DOOR TO MOTHER NATURE
AUSTIN (Austin Business Journal) – A joint venture has begun work on a $70 million gated community on 35 acres overlooking the Balcones Canyonlands Preserve.
Versante Canyon Homes, at RR 620 in the Four Points area, will include 142 townhomes and villas. The townhomes will be in two- and four-unit buildings with sales prices starting in the low $300,000s. The villas, which will be detached single-family homes, will be priced as high as the mid-$500,000s.
To preserve the natural aesthetic, about 40 percent of the land will remain undeveloped.
Crow Holdings Realty Partners IV LP of Dallas and The Verandah Cos. of Houston will begin construction in the summer. Homes will be completed by spring 2008. Verandah will handle construction on the townhomes, while Austin-based Harrington Custom Homes will build the villas.
HERE COMES THE NEIGHBORHOOD
AUSTIN (Austin American-Statesman, Austin Business Journal) – City leaders and developer Catellus Development Corp. have selected six companies to build the first phase of the new Mueller neighborhood.
The neighborhood, which is being built on the site of the former Robert Mueller Municipal Airport, will eventually include 1,500 single-family homes, 900 row houses and 2,200 apartments and condominiums. About 25 percent of those units will be included in the Mueller Affordable Homes Program.
The builders are David Weekley Homes, Meritage Homes, Standard Pacific Homes, Saldaña Homes, Streetman Homes and The Muskin Co. Saldaña, Streetman and Muskin are locally based.
The 340-home first phase will consist of three housing types — yard homes, row houses and garden court homes — all of which will be highly energy efficient, meeting the city's three-star Green Building rating. Prices will range from the $180,000s to the $600,000s, with units having between 900 and 3,700 square feet of living space.
The Mueller project, which is the largest public-private venture in Austin's history, will house up to 10,000 residents. In addition, it is expected to add $1 billion to the city's tax base and generate thousands of jobs.
CLASS-B WAKEFOREST PURCHASED
HOUSTON (CB Richard Ellis) – Cameron Wakeforest Apartments LLC has purchased the 101-unit Wakeforest Apartments from AON Wakeforest Inc.
The Class-B property is on almost three acres at 3700 Wakeforest St. in the Greenway Plaza district.
CB Richard Ellis negotiated the transaction for AON Wakeforest. Cameron Wakeforest was self-represented.
BASCOM TAKES CHESTNUT
HOUSTON (globest.com) – The Bascom Group, with equity backing from Los Angeles–based Pacific Coast Capital Partners LLC, has purchased the 484-unit Chestnut Park Apartments from Baltimore-based Alex Brown Realty Inc.
The 30-year-old Chestnut Park is on 20 acres at 505 Cypress Dr. Comprising 51 buildings, the complex is a mix of one-, two-and three-bedroom apartments, as well as loft- and townhouse-style units. The average unit size is 954 square feet, and the monthly rent is $654.
California-based Bascom plans to change Chestnut Park from a Class-C to a Class-B property by investing $10,000 per unit to overhaul the complex.
CB Richard Ellis’ Dallas and Houston offices represented the seller, while Bascom represented itself.
FACELIFT FOR '70S-ERA BUILDING
HOUSTON (globest.com) – Locally based Moody National Cos. has bought a more than 165,000-square-foot office building in the Galleria area from a local limited partnership.
Moody National will spend more than $2 million to renovate the 1970s-era, Class-B building at 2100 W. Loop South.
Tenants include EMS Pipeline Services, TelWest Network Services Corp., Layton Energy Corp. and Imedia.it Inc.
The buyer was self-represented and will handle leasing and management. Holliday Fenoglio Fowler LP's Houston office represented the seller.
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