LANDING KITTY HAWK
UNIVERSAL CITY (globest.com) – The 308-unit Villages at Kitty Hawk has been sold to Inland American Real Estate Trust Inc., the property's former manager.
The sales price, $21 million in cash, was well below replacement cost.
At closing time, the one-year-old, 18-building complex on 12 acres at 11801 NE Loop 1604 was close to 100 percent occupancy. The units are a mix of one-, two- and three-bedrooms measuring from 587 to 1,150 square feet. Rents are $639 to $1,129 per month.
Hendricks & Partners San Antonio office assisted in the sale. The Lynd Co. in San Antonio is leasing and managing the complex, which is near the new Northeast Lakeview College.
Construction on a second phase for Villages at Kitty Hawk on an adjoining 12 acres will begin shortly.
FINANCIAL SUPPORT FOR WATER MISSION
COLLEGE STATION (Texas Cooperative Extension) – The Texas A&M Foundation and the Zeros Energy & Water Alliance have signed a $2 million endowment agreement that will support the teaching, research and extension mission of the Texas Water Resources Institute.
The Zeros Energy & Water Alliance is associated with the zero-emission Energy Recycling Oxidation System, which uses high temperatures to completely oxidize organic wastes in energy remediation processes. It was developed to clean up oil field waste without polluting air or water.
"We understand that we can't have energy without water," said Steve Clark, a trustee with Zeros Energy and the system's developer, "and it is often energy (production) that contaminates and pollutes water."
"This is the beginning of a relationship that will help us conceive and develop ways to efficiently utilize water, which is the new oil," said Dr. Elsa Murano, vice chancellor and dean of agriculture and life sciences for the A&M System. "There's no resource more precious than water."
For more on issues related to the Texas water supply, read “Big Gulp” in the April 2007 issue of Tierra Grande.
BOSTON GROUP BOOSTS PORTFOLIO
BEAUMONT (globest.com) – The Lindahl Group has paid a local private investor $7.2 million for the 200-unit French Road Apartments.
Built in 1970, the 93 percent occupied, Class-C complex at 3155 French Rd. is a mix of one-, two- and three-bedroom units averaging 818 square feet with an average monthly rent of $640.
Less than two miles southwest, the Boston-based company is also buying the 182-unit Towne Oaks Apartments at 6550 Lexington Dr. for about $7.8 million.
Towne Oaks Apartments, currently owned by a Houston company, was a victim of Hurricane Rita. The 1980s-era complex has one- and two-bedroom units renting from $400 to $600 per month.
Apartment Realty Advisors' Austin office is representing Lindahl on both transactions.
INTERCONTINENTAL CENTER SOLD
HOUSTON (Houston Business Journal) – The Intercontinental Center, which is adjacent to George Bush Intercontinental Airport, has been sold to Bresler & Reiner Inc.
The Maryland-based developer paid $24.2 million — nearly $123 per square foot — for the almost 197,000-square-foot, nine-story office tower.
Two years ago, Los Angeles-based Thomas Properties Group Inc., through its joint venture with the California State Teachers Retirement System (CalSTRS), purchased the Class-A office building as part of its $280.5 million acquisition of Equity Office Properties' Houston portfolio.
ROSE CITY PERMITS BLOOMING
TYLER (Tyler Morning Telegraph) – The city issued 39 building permits — about $3.8 million in estimated construction valuation — from May 20 to 26.
Through April, 4,035 construction permits were issued for about $103.1 million, up 5 percent from the 3,828 permits issued last year with an estimated valuation of $70.2 million.
To learn more about Tyler's booming market, visit the Real Estate Center's Texas Real Estate Market Reports online.
ECONOMIC DEVELOPMENT TEES OFF
EL PASO (El Paso Times) – The Butterfield Trail Golf Course opens tomorrow, and city officials are calling it an economic development magnet.
To that end, the 18-hole municipal golf course, designed by world-renowned golf course architect Tom Fazio, will get some help from the nearby El Paso International Airport, which is expanding, and from a resort hotel that is expected to be built next to the golf course by 2010.
Officials expect the golf course and the future development, as well as the proximity to the expanding Fort Bliss, to attract new business to the cargo facility and Butterfield Trail Industrial Park, and to increase the value of existing properties in the park.
The golf course will be managed by KemperSports of Illinois.
PLUS BRINGS LOCAL DIVIDENDS
KYLE (San Antonio Business Journal) – Grand opening festivities are today for H.E. Butt Grocery Co.’s 150,000-square-foot H-E-B Plus at the intersection of FM 1626 and I-35.
Tailoring its store to the city's influx of young families buying first homes, the new store sells furniture and pet supplies and features an expanded baby department.
This is H-E-B's eighth Plus store, and it ties with the Laredo H-E-B Plus as the retailer's largest store.
The grocer, which operates 300 stores in Texas and Mexico, and Austin-based Barshop & Oles Co. Inc. broke ground on the facility last year. Previously, the nearest grocery store was in Buda.
WILLMAX BUYS CLASS-B FAIRWAYS
GRAND PRAIRIE (globest.com) – With equity backing from a New York City investment group, WillMax Capital Inc. has purchased the 348-unit Fairways Apartment Homes for more than $10 million.
Jack Wensinger, principal of the Dallas-based investment group, said the company plans to spend $5,000 to $6,000 per door to upgrade the Class-B complex at 1450 N. SH 360.
The 34-building Fairways Apartments is a garden-style complex that includes townhouses. The 15.5-acre complex, developed in 1984, has one- and two-bedroom units ranging from 534 to 1,122 square feet. Monthly rents are $521 to $895. The complex was 92 percent leased at time of sale.
Broad Street Advisors of New York City brokered the transaction for seller KWP Fairways LP, a partnership between Kennedy Wilson's Austin operation and Capmark Investments LP.
COLORADO TRUST BUYS GRAND VENETIAN
LAS COLINAS (globest.com) – Archstone-Smith Trust of Colorado has sold the 23-building, 514-unit Grand Venetian to Chicago-based Transwestern Multifamily Partners LLC.
The one-, two- and three-bedroom units average 938 square feet, with rents ranging from $740 to $1,300. The development was designed with a 60-foot glass tower, full-service health club, three swimming pools and a sand beach.
The Grand Venetian was developed in 1998 by the Dallas office of Italy-based Palladium Group Inc. The more than 24-acre development at 6201 Love Dr. has frontage along MacArthur Boulevard and is on the banks of a lake created by damming Hackberry Creek.
Cushman & Wakefield of Texas Inc. represented the seller.
LP BUYS NEAR CAPITOL
AUSTIN (globest.com) – National Office Partners LP, a joint venture between Houston-based Hines and the California Public Employees’ Retirement System (CalPERS), has purchased a Class-A office building just blocks from the state capitol.
The 22-story building at 301 Congress Ave. was designed by Hylton Dey & Associates of San Antonio and Harwood K. Smith & Partners Inc. of Dallas. It contains more than 414,000 square feet and includes a nine-story parking garage. The property is almost 85 percent occupied.
The LP bought the building from Crescent Real Estate Equities and Aetna Life Insurance Co.
THE TOTAL PURCHASE
HOUSTON (globest.com) – Coast Range Investments LLC has sold the more than 844,000-square-foot Total Plaza to Toronto-based Brookfield Properties Corp.
The sale is part of closing out the San Francisco–based company’s CR Commercial Property Fund III. Coast Ridge has been selling its office properties and focusing recently on land acquisitions, buying 7,000 acres near Albuquerque and 10,000 just outside Austin in the past 18 months.
The 35-story Total Plaza is at 1201 Louisiana St. in the central business district where rents have jumped $5 to $10 per square foot in the past year. Currently 88 percent occupied with no immediate rent rollover, tenants include Total Petrochemicals USA Inc., PricewaterhouseCoopers International Ltd., Reliant Energy Inc., Eni Petroleum Co. Inc. and Hillcorp Energy Co.
Brookfield will assume leasing and management, formerly handled by local firm Moody Rambin National Interests. CB Richard Ellis negotiated the transaction.
THIRD TIME CALIFORNIA CHARMED
IRVING (globest.com) – When the second of two contracts failed to close, a Los Angeles couple became the next in line to purchase the 116-unit Casa Bella Apartments.
The 19-building, Class-C complex on more than five acres at 851 S. Irving Heights Dr. is about 40 years old. The one- and two-bedroom units, ranging from 650 to 986 square feet, rent for $515 to $640 per month. The complex was 92 percent occupied at sale time.
The buyers purchased the complex at a 9 percent cap rate. Financing at 80 percent loan-to-value was obtained from BMC Capital LP in Dallas.
Marcus & Millichap Real Estate Investment Services represented the seller of record, Casa Bella Village LP, also from Los Angeles. Majestic Realty Services Inc. in Dallas will lease and manage the complex.
SMALL TOWN FUN
FLOWER MOUND (The Dallas Morning News) – FUNimation Entertainment, currently based in North Richland Hills, will move 150 employees into the Building One at Corporate Ridge on Lakeside Parkway in October.
Champion Partners developed the 48,500-square-foot building in the city’s new Lakeside Business District, which is north of the Dallas–Fort Worth International Airport.
NAI Robert Lynn Co. negotiated the move with Damian Rivera of Capstone Commercial Real Estate Group.
FUNimation is a subsidiary of Minnesota-based Navarre Corp. and is a top company in sales of Japanese animation video in the United States.
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