LA COCINA NIRVANA
EL PASO (elpasoinc.com) – Pro’s Ranch Market’s 88,000-square-foot grocery store on Zaragoza at North Loop is slated for a grand opening in late August.
Hot Mexican and Latin dishes will be prepared daily in “La Cocina,” the market’s centerpiece. Also featured are an in-store Hispanic bakery, Su Panaderia, and La Tortilleria, a fresh tortilla factory.
Pro’s Ranch Market was founded in 1982 by Italian grocer Mike Provenzano Sr., in Ontario, Calif. Ten years later, the grocer began focusing on Hispanic foods. The company now has four stores each in California and Arizona.
Pro’s Ranch expects to hire about 450 local employees.
AUDIO'S ADRENALINE
COPPELL (globest.com) – Audio Visual Services Group Inc. has signed a seven-year lease and will move its regional office to the 143,000-square-foot Freeport Corporate Center 6 at 925 Freeport Pkwy.
The 81,750-square-foot office/warehouse finish-out will include 23,000 square feet of office in a structure with 40 dock doors, 30-foot clear height and a 200-foot building depth.
ProLogis, based in Denver, was self-represented in the transaction.
ENDEAVOR IN SOUTH PARK
AUSTIN (Austin Business Journal) – Endeavor Real Estate Group has begun construction on the 192,000-square-foot Building 2 in the third phase at Southpark Commerce Center.
Endeavor will handle leasing duties. Chasco Constructors, based in Round Rock, is the general contractor.
Hill Country Electric, the first tenant to sign on, will lease about 48,000 square feet when the building on Freidrich Lane southeast of I-35 and Ben White Boulevard is completed next January.
TUSCANY CENTER EXPANDING
AUSTIN (Austin Business Journal) – Three buildings are set to rise at McShane Corp.’s Tuscany Center development at U.S. Hwy. 290 and Tuscany Way.
Buildings 7 and 8 will be 72,000 square feet and 90,000 square feet of warehouse space, respectively, and cost just over $17 million. Building 4 will be a 53,000-square-foot flex building.
At build-out, the park will have nine buildings totaling about 602,000 square feet.
Oxford Commercial will market Buildings 7 and 8, and Aquila Commercial will oversee leasing Building 4.
Joseph Llamas, senior development manager for McShane in Austin, says the flex market is getting healthier as typical office users are being priced out of Class A and B space and are turning to flex as an alternative.
Cunningham Allen is providing civil engineering. TAG International LLP is the architecture firm. Both firms are locally based. Cadence McShane will oversee the construction.
CHEERFULLY FILLING THE CIRCLE
DALLAS (The Dallas Morning News) – SNK Realty Group will build a four-story, 272-unit complex on top of ground floor retail space just west of the Dallas North Tollway.
Allegro Addison apartments will rise in the Addison Circle district. Construction will begin in the fall.
The realty firm, which has offices in Dallas, Phoenix, Emeryville and Pasadena, Calif., has been developing two other local projects. Just completed is the 236-unit Arioso apartment community near SH-360 and I-20. Toccata Casitas is a 52-unit apartment complex under construction in Grand Prairie.
SNK Realty also plans to build a 24-story high-rise residential project with retail space on McKinney Avenue in Dallas' Uptown neighborhood.
DCL INCREASING METROPLEX PRESENCE
ADDISON (globest.com) – DCL Investments Corp. has paid about $15 million for the almost 146,000-square-foot, Class-A Addison Tower.
The partnership’s Dallas office will manage the 88 percent leased office tower and invest in tenant improvements to increase occupancy. Stream Realty Partners LP will assume leasing duties for the nine-story building on just over five acres at 16415 Addison Rd.
Statewide, DCL Investments owns about one million square feet of Class-A and Class-B office buildings, including the more than 126,000-square-foot Copeland Tower at 1250 E. Copeland Rd. and almost 85,000-square-foot Stadium Place at 1200 E. Copeland Rd., both in Arlington.
Jones Lang LaSalle's Dallas team negotiated for the tower’s owner, Houston-based Urdang/Griffin LP.
LINDAHL GROUP BUYS TOWNE OAKS
BEAUMONT (globest.com) – The Lindahl Group of Boston has paid $7.78 million to BMT Towne Oaks Associates Ltd. of Houston for the 40-year-old, 186-unit Towne Oaks Apartments at 6550 Lexington Dr.
The group will also invest $40,000 to repair damage caused by Hurricane Rita two years ago.
The company will manage the complex, which has one- and two-bedroom units from 707 to 1,467 square feet. Rents average $500 per month.
Apartment Realty Advisors' Houston office brokered the sale. A $6.2 million Fannie Mae loan was arranged by Quantum Capital Management Inc. of Dallas.
PERRY PROPERTIES DEVELOPMENT PLANNED
LEAGUE CITY (Houston Business Journal) – Perry Properties has purchased 640 acres from local developer Sam Boyd and will build the Hidden Lakes master-planned community.
The resort-like residential community, which is near the South Shore Harbour development, will include amenities such as hiking and biking trails, a large recreation center and lakes for small craft boating and fishing. Home prices will range from $225,000 to more than $1 million. Builders will include J. Patrick Homes, Perry Homes and Imperial Homes.
Allstate Lending of Sugar Land arranged financing.
Perry Properties, a Sugar Land-based real estate firm, brokered the purchase and will begin development later this year.
LOWE'S KNOWS
SCHERTZ, NEW BRAUNFELS, SAN ANTONIO (San Antonio Business Journal) -– Dorado Development Co. LLC will develop three projects totaling over 640,000 square feet of retail space in the San Antonio metro area:
• Schertz – 20.5 acres just north of the southeast corner of I-35 and FM 3009;
• New Braunfels – 39 acres at the southeast corner of I-35 and FM 1044;
• San Antonio – 22 acres at the corner of Southeast Military Drive and Goliad Road.
Home-improvement chain Lowe's Cos. Inc. will anchor roughly 15 acres out of each retail project. Each store will span 175,000 square feet. A number of pad sites are available adjacent to the Lowe’s stores.
The Lowe’s stores in Schertz and New Braunfels are set to open this winter and the San Antonio store will open in summer 2009, says David Cummings III, president of San Antonio-based Dorado Development Co.
According to statistics published in the Real Estate Center’s Texas Real Estate Market Reports 2007, South Central Texas’ I-35 corridor is the fastest growing region of the state, and San Antonio is now the ninth largest city in the United States.
GERMAN RETAILER'S METROPLEX PLANS
FORT WORTH (Fort Worth Business Press) – Aldi, a worldwide retail discount supermarket chain based in Essen, Germany, plans to open about 30 metroplex-area supermarkets in fall 2009.
The retailer’s first area purchase is a two-acre pad, which will become a 17,000-square-foot store in the Legacy Marketplace Shopping Center at Legacy Drive and Clifford Street on the city’s west side.
Fort Worth-based Sedalco Construction Services is in charge of the construction.
United Commercial Realty represented Aldi in the sale. Venture Commercial Real Estate represented the seller, Legacy Partners.
THE LION'S SHARE
SAN ANTONIO (svn.com) – Two office/flex buildings within University Business Park have been sold to New York-based ING Lion Fund.
The seven-year-old buildings, totaling close to 191,000 square feet, are on almost 21 acres at 5800 and 6000 N.W. Pkwy. near I-10 and DeZavala. Currently in use for call center and customer services, they are fully occupied by Clarke American Checks, AT&T and Columbia HCA Health Services.
Sperry Van Ness in Dallas and Pruitt Realty represented the seller, a private European Investor with operations in Dallas. ING Lion Fund was self-represented.
TEXARKANA RETIREMENT
TEXARKANA (City of Texarkana) – A building permit has been issued for Renaissance Plaza, a 100,300-square-foot retirement facility. Total valuation of the permit is about $6.9 million for the building at 400 W. Midway.
RECYCLING NUCLEAR WEAPONS
AMARILLO (Amarillo Globe-News) – A new $19.8 million Pantex facility here will recycle nuclear weapons. The Special Nuclear Material Component Requalification Facility will recertify plutonium weapon cores from dismantled nuclear weapons to be reused in refurbished warheads.
The facility will use a series of workstations to modernize plutonium pits, the radioactive cores from warheads. Experts say that “requalifying” pits is significantly cheaper than building new ones.
LAKELINE LOCOMOTION
LEANDER (Austin American-Statesmen) – Pacific Summit Partners has been chosen by Capital Metro to develop the 20-acre rail station at Lakeline, which is the second rail stop on the line heading south from the city.
Pacific will build the station along with its $400 million mixed-use Lakeline Station development on 326 acres near U.S. 183 and RM 620. The community will include up to 2,700 homes, 150,000 square feet of retail, parks and a proposed school site.
The partners will also develop another 178 acres adjacent to Lakeline Station. Called Northwood at Lakeline, that development will have about 5 acres of retail along with condominiums and single-family homes totaling about 1,000 units.
Capital Metro also selected the Leander Transit Development LLC to develop the 14 acres surrounding the first rail stop on the line. That rail station will open late next year.
Another project totaling about 1.5 million square feet is being developed on 63 acres adjacent to the rail stop. The Crossing at Lakeline, being developed by Simmons Vedder, will include about 800 moderately priced to luxury apartments, and two three-story office buildings.
The office portion of the Crossing at Lakeline is expected to open next summer. The company will break ground on the apartments early next year.
LEANDER GATEWAY MAKING HEADWAY
LEANDER (Austin Business Journal) – Groundbreaking for a 150,000-square-foot Lowe's is scheduled here in October. The anchor is likely to open in fourth quarter 2008 at Gateway to Leander, a $24 million project planned for a 42-acre site at Crystal Falls Pkwy. and U.S. 183.
Kohl's has signed a letter of intent and is tentatively scheduled to open at the site in 2009. Taco Bell, IBC Bank and Regent Bank have signed on for smaller pad sites.
UPTOWN'S TRIANON SOLD
DALLAS (globest.com) -- Trianon in Uptown, a 331-unit mid-rise development, has been sold by Zom Rosewood LP to Windsor Realty Fund-III. The 4.17-acre French provincial-style property at 2820 McKinnon St. is assessed at $51.3 million.
The Trianon is being renamed the Windsor at Trianon. Units range from 738 to 3,102 square feet. An average unit is 1,118 square feet. Monthly rents range from $1,385 to $5,900.
BULVERDE ROAD BOOMING
SAN ANTONIO (San Antonio Business Journal) – HPI Real Estate Services will develop Bulverde Market, a 750,000-square-foot retail complex on 113 acres off of Bulverde Road, just south of Loop 1604.
HPI will also extend Bulverde Road to Wetmore, and will connect Red Land Road with Classen.
Local rancher David Pape, whose father, Elmer Pape, bought the land totaling 433 acres in 1940, was represented in the sale of this parcel by Eldon Pape, a local real estate broker and founder of Pape Construction.
Local brokers, Grieshaber Inc. Real Estate Brokers and Providence Commercial Real Estate Services represented HPI.
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