BRIDWELL RISING
WICHITA FALLS (Wichita Falls Times Record News) – Crews have begun preparing the site for Bridwell Tower, United Regional Health Care System’s 179,000-square-foot expansion project that will begin construction later this month.
The tower, the first part of a three-phase consolidation plan, will stand across from the current 11th Street campus. It will house a floor for surgery, as well as areas for pediatrics, obstetrics and outpatient services.
The city/county hospital board has approved a budget of $70.4 million to build, furnish and equip Bridwell Tower. All three phases are being funded largely by $60 million of proceeds from a United Regional bond.
The board also approved a contract with McCarthy Building Companies of Dallas, with roughly $45.3 million of the Bridwell Tower budget set aside for construction. The hospital expects local subcontractors to pick up about 40 percent of the construction work.
Construction on Bridwell Tower should take about two years.
TRADING TRACES
HOUSTON (svn.com) – Traces Loft Apartments, a 256-unit apartment community near Beltway 8 at 5110 Azalea Trace, has been sold to California-based Smoketree Apts LLC.
Built in 1983 on almost nine acres, the 18-building complex near Sam Houston Race Park, Willowbrook Mall and the HP offices was more than 90 percent occupied. The one-bedroom, one-bathroom units have monthly rents ranging from $550 to $600. The property closed at a 7.5 percent cap rate.
Sperry Van Ness in Houston represented Smoketree. The seller, New York–based TLA Partner LP, represented itself.
GROUNDBREAKING AT ALMEDA
HOUSTON (globest.com) – Local developer Michael Stevens Interest Inc. is breaking ground on a 252-unit apartment complex on just over ten acres at 9000 Almeda Rd.
The complex is in the Texas Medical Center, near downtown on Loop 610. The estimated total development cost is $25 million.
Cushman & Wakefield of Texas Inc. represented the seller, Carolyn Rosenstock Ellis of Houston.
RADISSON SPA TREATMENT
SAN ANTONIO (San Antonio Business Journal) – A joint venture between Seattle-based Dow Hotel Co. and Prudential Insurance Co. of America purchased the Radisson Hill Country Resort and Spa from FFI Real Estate USA LLC.
Built in 2002, the 227-room hotel at 9800 Westover Hills Blvd. features three swimming pools, four food and beverage outlets, two retail shops and a 6,000-square-foot day spa.
Dow Hotel will manage the property.
H-E-B TO ANCHOR VILLAGE
MISSOURI CITY (Houston Chronicle) – Weaver Davis & Jacob Realty Group has purchased 28 acres at the entrance to Sienna Plantation and sold a 16-acre portion to H-E-B.
H-E-B plans to build a more than 113,000-square-foot store anchoring the planned Sienna Village center.
The land was purchased from Sienna/Johnson, developer of the master-planned Sienna Village, which includes 90,000 square feet of retail space on 12 acres. Construction of the retail center is set to begin this fall with grand opening slated for late next summer.
MAKING USE OF LAND
KATY (globest.com) – Local developer Simpkins Group has purchased 213 acres surrounding the 1.3 million-square-foot Katy Mills Mall from Maryland-based Mills Corp.
Simpkins Group plans to develop the infrastructure-ready acreage at I-10 and Katy Fort Bend Road into pad sites. CB Richard Ellis' Houston office will market the pads, which will be sold for a mix of commercial and retail uses.
Chicago-based Wrightwood Capital Corp. provided $22.5 million in financing. Live Oak Capital Ltd. in Houston arranged the 36-month loan.
FROM DETROIT TO DALLAS
DALLAS (Dallas Business Journal) – Comerica Inc., currently based in Detroit, will lease the first five floors of the 60-story Bank One Center building at 1717 Main St. for its new corporate headquarters.
The building, completed in 1987 for Mercantile National bank, will be renamed Comerica Bank Tower. Some Detroit employees will begin relocating to the building next month.
The lease on Comerica's current Texas headquarters — Thanksgiving Tower at 1601 Elm St. — expires in mid-2008.
CB Richard Ellis Inc. and the Staubach Co. advised Comerica on the lease transaction.
SEAHOLM PROJECT GROUNDWORK BEGINS
AUSTIN (Austin Business Journal) – Construction has begun in the Seaholm District — the old power plant's site — to transform the area into a mixed-use development.
Improvements initially will include the realignment of Sandra Muraida Way and the addition of a traffic circle, water and wastewater lines and a water quality biofiltration meadow.
CROSSWELL BUYS LAND
BAYTOWN (Houston Chronicle) – Crosswell Development has purchased more than 34 acres at North Main and Archer in Baytown from Jack R. Lee, trustee.
Claire Sinclair Properties represented the seller. Crosswell Development was self-represented.
INDUSTRIAL ENERGY
DALLAS (Dallas Morning News) – Siemens Energy has leased 162,500 square feet of industrial space at 1011 N. 28th St. at Dallas–Fort Worth International Airport.
CB Richard Ellis negotiated the lease.
ACUTE CARE PURCHASED
HOUSTON (Houston Business Journal) – Hospital Partners of America Inc. has sold two local acute-care facilities to Medical Properties Trust Inc. for $100 million.
The campuses are part of Twelve Oaks Medical Center and are licensed for a total of 524 beds.
- The River Oaks campus consists of an eight-story, 199,000-square-foot structure and an under-construction five-story, 110,000-square-foot building to be called River Oaks Physician Plaza.
- The Sharpstown campus is a four-story, 156,000-square-foot facility.
North Carolina–based Hospital Partners of America will lease back the buildings, becoming Alabama-based Medical Properties Trust’s third-largest tenant.
BEHRINGER SQUARED
FRISCO (PRNewswire) – Behringer Harvard has entered into a joint venture with Fairway Equities to purchase and develop an approximate 48-acre portion of Frisco Square, a master-planned development in the city's town center.
Included in the purchase is 43,500 square feet of office space, 114 high-end multifamily units and 57,000 square feet of retail and restaurant space, as well as a 16,000-square-foot retail building and a 48,000-square-foot office building, both of which are under construction.
The purchase includes entitlements for a total of 1.6 million square feet of office space, 560,000 square feet of retail, 300 high-end multifamily units and 800 hotel rooms.
In 2007, Forbes named Frisco, which is about 25 miles north of Dallas, the seventh-fastest-growing suburb in the United States, with population expected to more than triple to nearly 230,000 by 2030.
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