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Equity Acquires Texas Storage Units Equity Based Services purchased self-storage facilities in Austin and Corpus Christi from Central Self Storage. This acquisition adds 1,563 storage units and 159,290 sf to the EBS portfolio of nearly 60 Self Storage facilities. The San Diego-based firm now has 19 storage properties in Texas. The two properties are: Central Self Storage-Austin is a 747 unit facility located at 2201 Pleasant Valley Road in Austin. Current occupancy is reported at 73% and is expected to stabilize in less than 12 months. Central Self Storage-Corpus Christi is located at 6218 South Padre Island Drive. This facility is made up of 814 storage units with 86,043 sf of space. .................................................................................. Texas Real Estate Outperforms Nation The Texas economy has avoided most of the nation’s recessionary trends. The Lone Star State is showing strong job growth, population gains and a resilient real estate market, according to Lewis Realty Advisors, one of the oldest and most respected Texas-based real estate valuation and consulting firms. “Texas is not completely immune to the national economic downturn. But we continue to see positive trends in real estate and in the overall economy,” said David M. Lewis, founder of the Houston-based firm. “Houston, Austin, Dallas/Fort Worth, and San Antonio are the top four gainers in job growth in the nation. Those four cities are also in the nation’s top 10 for population growth,” Lewis stated. “When Texas cities dominate the national economic statistics, it signifies that Texas real property is significantly outperforming other regions.” The strength of Texas' economy has been supported by healthcare, education and technology; however, the energy sector continues to drive the marketplace. The domestic energy rig count, which measures oil and gas drilling, is at its highest point since 1985. Significant expansion is underway by Texas energy companies and manufacturers of oilfield equipment. Demand increased for office and industrial space due to the energy explosion. “North Texas has been energized by the phenomenal Barnett Shale, one of the largest natural gas fields in the nation,” said Mark Sikes, co-managing partner of Lewis Realty Advisors, which is very active in the region. “Higher energy prices and technological improvements in recovery methods made the Barnett Shale a hot spot for drilling near Fort Worth.” “Downtown Fort Worth registered noteworthy improvements in its office market,” Sikes said. “Fort Worth gained several major expansions by energy firms, including XTO Energy and Chesapeake Energy, which recently spent $104 million to purchase a 467,000-square-foot office building.” With the energy surge, the Houston office market has seen rising rents, encouraging developers to start new office buildings, including the first office towers constructed in downtown in years. Urban residential condominium towers are under development in Dallas, Austin, Houston and elsewhere, providing density that encourages infill retail and restaurant openings. The residential markets in Texas have slowed slightly due to the subprime lending shake-out. However, home prices have held steady in Texas. The median home price in Houston was $155,000 in May, unchanged from a year earlier. By contrast, the national median home price declined 8 percent. “Most Texas home builders have reduced new construction and prices for residential development acreage softened. But prices for urban infill parcels are strong and in high demand for residential use,” Lewis noted. ABOUT LEWIS REALTY ADVISORS: Lewis Realty Advisors is a Texas-based company that has been providing real property appraisal, consulting and commercial development services for almost 50 years. The firm has assisted private property owners and governmental agencies in litigation for eminent domain, environmental contamination, construction and title defects, taxation and foreclosure litigation. www.lewisrealty.com
........................................................................................................... Austin Industrial HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of Southpark Commerce Center III, a three-building, 470,886-sf industrial portfolio in Austin.. The HFF investment sales team was led by director Jud Clements, senior managing directors Jim Batjer and Barry Brown and associate director Robby Rieke who marketed the complex on behalf of the seller, Endeavor Real Estate Group. ING Clarion Partners purchased Southpark Commerce Center III for an undisclosed amount free and clear of debt. Southpark Commerce Center III includes two properties that were completed in 2002 and are fully leased to tenants including Axcess Technologies and Calendar Club. The third property was completed in January 2008 and is currently 100% leased to multiple tenants. Situated on 31 acres, Southpark Commerce Center III is located at 4801 Freidrich Lane close to the Austin-Bergstrom International Airport, Austin’s central business district and Interstate Highway 35 in Austin. Endeavor Real Estate Group was formed in March 1999 to create value by managing, leasing, developing and acquiring retail, office and industrial properties in Central Texas. Founded in 1982, ING Clarion and its affiliates manage almost $50 billion in assets in the private equity, public equity and public debt sectors of the real estate markets. The ING Clarion organization has almost 500 associates located in major markets throughout the United States. ................................................................................ International Plaza Tower Sold to KBS Realty Advisors
....................................................................... Stephen Covey Coming to San Antonio Conference for Business Leaders, Entrepreneurs and Venture Capital Sources SAN ANTONIO---International bestselling authors Dr. Stephen Covey and Marcus Buckingham, successful business leaders, business visionaries and entrepreneurs will convene at the Envision ‘08 conference in San Antonio on April 23-25. Sponsored by The Texas A&M University Center for New Ventures and Entrepreneurship, Envision ‘08 will guide participants to identifying their next big opportunity. Participants will develop strategies to overcome business challenges and hear real-life stories from accomplished business entrepreneurs. A special $800 registration rate has just been announced. See details at www.Envision08.com. “Envision ‘08 will provide a unique opportunity for business leaders to get first-hand insight into the issues that will affect their businesses from highly-respected business leaders and visionaries,” said Richard Scruggs, Executive Director of The Texas A&M University Center for New Ventures and Entrepreneurship. Participants will be exposed to tools and techniques for better funding, marketing, sales and recruiting to help drive company performance. Envision ‘08 will enhance the ability of entrepreneurs to realize their goals and strengthen their company’s bottom lines. Conference attendees will hear from well-known authors and business leaders, including:
Envision ‘08 will include workshop sessions geared towards obtaining financing from venture capital firms, angel investors, investment bankers and commercial bankers. Other workshops will provide insight into marketing, maximizing productivity, immigration, multi-generational team building, creating franchise businesses and international business opportunities. Envision ‘08, to be held at the Marriott Rivercenter Hotel, located on the world famous entertainment destination, the San Antonio River Walk. For more information: www.Envision08.com. ................................................................... Hines in Downtown Austin AUSTIN - The Austin Museum of Art (AMOA) unveiled a rendering for the new downtown Museum facility and multi-purpose co-development that will be built on the block it owns at Fourth and Guadalupe Streets today. Additionally, a lead gift of $3 million from Bettye H. and William C. Nowlin for this phase of the institution’s capital campaign was announced. The new Museum building will be developed in partnership with international developer Hines and acclaimed architectural firm Pelli Clarke Pelli Architects. AMOA anticipates a campaign of approximately $23 million to cover hard and soft construction costs, transition expenses, and an increase of $2 million to the operating endowment. Funds already committed for the new project total 60 percent of the goal, and are comprised of donations remaining from the previous campaigns, the sale of the land, the Nowlin’s lead gift, and several anonymous gifts, leaving just over $9 million for AMOA to reach their goal. “We’ve spent the past five years strengthening our organization, building our audiences, and broadening our base of support in order to strategically position ourselves to succeed with this carefully-planned step forward,” explained Dana Friis-Hansen, AMOA’s Executive Director. “We’re proud of what we’ve achieved downtown in our current facility—great exhibitions with established and emerging artists, the permanent FamilyLab, and innovative education programs for schoolchildren, families and adults—but a larger purpose-built facility will allow us to do so much more.” The new downtown facility will feature a three-story 40,000-sf space at Fourth and Guadalupe Streets more than doubling the exhibition and education spaces from the Museum’s present location. This will enable the Museum to increase the size, frequency, and variety of art on view, and expand educational programs. The currently undeveloped block just south of Republic Square will also be home to Museum Tower, a 30-story, 425,000-square-foot office building that will be the first Leadership in Energy and Environmental Design (LEED)-certified office project in downtown Austin. Both the museum and the tower will be designed by Pelli Clarke Pelli Architects of New Haven, CT, and developed by Hines, the international real estate firm. The Museum’s owner’s representative will be David Stauch, President and Founder of Herndon, Stauch & Associates, an Austin firm specializing in project and construction management. Bart Matheney of Aquila Commercial will be the exclusive leasing agent for Museum Tower. The lead architect at Pelli Clarke Pelli echoed Nowlin’s assessment. “Austin is a city very close to our hearts,” said senior principal Fred Clarke, a graduate of the UT-Austin School of Architecture. “We have seen it become one of the most vibrant and successful communities in the country. Designing the museum, one of the most progressive programs in the country, as well as designing a new tower for the premier developer in Texas makes this one of the most significant commissions in the city.” Hines has operated in Austin since the mid-1970s, when it developed one of the city’s first modern office buildings, the Bank of America Tower located at Fifth and Congress. The firm owns and manages 301 Congress, which is four blocks from the new museum site, and has developed office and civic projects around the globe, including the Museum of Fine Arts, Houston Audrey Jones Beck Building designed by Rafael Moneo. Hines recently announced plans to develop a Jean Nouvel-designed mixed-use tower in midtown Manhattan adjacent to the Museum of Modern Art (MoMA) that will include a 50,000-square-foot expansion of the museum’s galleries. The Hines and Pelli Clarke Pelli team was recently selected to develop the Transbay Transit Center and Tower in San Francisco. In addition, the two firms are working together on a major mixed-use project at Boston’s historic South Station. “Environmental sensitivity and energy efficiency have been distinguishing features of our projects for decades, and we are looking forward to developing the first LEED-certified office building in downtown Austin,” said Hines Vice President Travis Overall. “We are very pleased to partner with AMOA in bringing two important projects to the last undeveloped block in this area of the CBD.” The new development will add to the strength of the civic and cultural district emerging around Republic Square, including Austin’s City Hall, Ballet Austin Dance Education Center, renovated Austin Music Hall, the growing retail and residential activity along Second Street, and planned Austin City Limits Studio, and future federal courthouse. “Strong cultural institutions like the Austin Museum of Art provide the backbone for vibrant urban centers,” said Austin Mayor Will Wynn. “The permanent downtown location for AMOA will be one of downtown’s cultural jewels, transforming a surface parking lot into a 21st century museum and a LEED-certified office tower while continuing to build the city’s tax base and bring life to our urban core.”
.................................................................... San Antonio Retail SAN ANTONIO - Live Oak Capital, Ltd. has arranged acquisition float financing for Brad Greenblum of GIP SA Income Partners, LP to acquire and renovate the Blume Retail Portfolio. Jim Richards and Jim Kirkpatrick of Live Oak Capital were responsible for arranging this loan including funds for rehabilitation of the properties. The Blume Retail Portfolio loan was arranged through US Bank out of Minneapolis, Minnesota. The Blume Retail Portfolio has a total of 465,648 sf consisting of eight retail centers primarily in northwest San Antonio. The properties include Pipers Creek Shopping Center, Timberhill Village Shopping Center, Crossway Shopping Center, Leon Creek Shopping Center, Village in the Woods Shopping Center, Babcock Shopping Center, Colonial Plaza Shopping Center and Waterford Shopping Center. Brad Greenblum, principal of Greenblum Investment Partners, Inc. (GIP) has over 20 years experience in the real estate industry.
.................................................................... Dallas Buildings Sold DALLAS - Affiliates of Provident Realty Advisors, Inc., recently acquired and rezoned 25acres with 2,500 linear feet of frontage on the north side of LBJ Freeway. The site currently holds six office buildings totaling almost 400,000 sf and is bordered by Maybrook Street on the north. Provident Realty will redevelop the site into a mixed-use commercial development. The purchase price was not disclosed. “This prime, high-visibility land is extremely attractive to us for its strong current and future development potential,” said Leon Backes, president and founder of Provident. “As retail and transit trends are making areas west of the North Dallas Tollway more urban and interesting, many leaders and citizens of Farmers Branch believe this site can be transformed into a dynamic and contemporary retail and business center which could serve as a striking ‘gateway’ to Farmers Branch and a gathering spot for its residents.” “As it became clear that Provident Realty shared the vision for this site’s importance with Farmers Branch officials, we were able to work cooperatively together to make zoning changes and plans which enable the site to be redeveloped to its full potential,” Backes added. Provident is evaluating its redevelopment options for the site. Current options include renovation of the site’s existing buildings and the construction of new improvements across the property, all designed to take advantage of the property’s unparalleled frontage exposure and its location adjacent to a major intersection. “We are now talking with major retail anchors that want to be a part of this high-traffic location,” Backes said. The completion of the development is projected to be mid-2009. Existing buildings on the property will either be renovated or demolished, pending the outcome of plans for the related portion of LBJ Freeway. Provident Realty purchased the property from Dallas-based Archon Group which was managing the property for an undisclosed owner at the time of the acquisition. Scott Farber of Grubb & Ellis represented the seller, while Provident Realty handled its side of the transaction. Provident Realty also redeveloped The Webb on the south side of LBJ Freeway, just east of Webb Chapel Road, converting it from a tired, largely unleased strip shopping center to an award-winning contemporary, commercial and retail center which has attracted a strong tenant base. The Webb was sold by Provident Realty in 2004. Provident Realty Advisors, Inc. is a Dallas-based, multi-faceted real estate company which has developed or invested in real estate assets with a market value in excess of $500 million ........................................................................................ Cameron Buys Buildings in Houston and San Antonio Cameron Management announced today that it has purchased 1001 McKinney, a 372,757-sf historic building located at Main Street Square in the geographic heart of Houston’s central business district, and Energy Plaza I and II, comprising a total of 179,775 rentable sf located in the north central area of San Antonio. These acquisitions are the second and third properties added to Cameron Management’s total portfolio in the last two months, following its purchase of the Minute Maid Building at 2000 St. James Place in the Galleria/Uptown submarket of Houston in October.
Built in 1947 and hailed as the first post-war skyscraper of the southwest, 1001 McKinney is a 24-story concrete and steel structure designed by noted Houston architect Alfred Finn and originally commissioned by renowned Houston lawyer and banker, James A. Elkins, Sr. Beginning in 1999, the building underwent a three-year, $19 million renovation that preserved the timeless architectural features while adding state-of-the-art systems and an adjacent 12-level parking garage. In 2005, the building received BOMA’s prestigious international TOBY “Historical Building of the Year” award. It is listed as a landmark under the Houston Historic Preservation Ordinance and on the National Register of Historic Places. “We are proud to add such a distinguished Houston landmark to our company’s portfolio and will continue to safeguard its rich history and preserve its distinctive architecture as a part of Houston’s future,” said Dougal Cameron, chief executive officer of Cameron Management. “The first-rate modernization of the property and its desirable location fit well with our approach of offering classic buildings managed to Class A standards.” Financing for the acquisition was provided by Cameron Management with debt financing provided by Wrightwood Capital. Holliday Fenoglio Fowler, L.P. arranged the financing and equity for the acquisition, as well as the property sale. Currently, 79.8% of the building’s approximately 372,757 net rentable square feet is leased. Along with close proximity to the METRORail station, 1001 McKinney is centrally located on downtown’s 6.5-mile underground pedestrian tunnel system. Street-level tenants include Morton’s Chicago Steakhouse and International Bank of Commerce. The building’s 11,156 square feet of tunnel space has a tenant mix that includes restaurants and a fitness center, among others. An additional 6,413 square feet located on the ground level of the parking garage currently houses an on-site day care center.
Energy Plaza I and II, built in 1980 and 1982 respectively, are two seven-story structures constructed with pre-cast concrete panes and bronze reflective glass windows. The office buildings are located at 8610 and 8620 North New Braunfels just outside of Loop 410, near Broadway and Highway 281, with easy access to downtown and the San Antonio International Airport. The buildings are currently 90% leased and tenants include the San Antonio Petroleum Club. The property has an attached parking garage with ample parking. “This San Antonio acquisition fits our business model of offering quality properties in strategic locations,” said Cameron.
Consistent with Cameron Management’s total service approach, leasing for 1001 McKinney will be handled by the company’s in-house leasing team of Debbie MacDonald, director of leasing, and Desarie Hayes, leasing representative. Sharon Hampton, general manager of the San Antonio office, will oversee leasing of Energy Plaza I and II. “The addition of Energy Plaza I and II is consistent with Cameron Management’s commitment to growth in San Antonio,” said Rob Holliday, partner. The acquisition of 1001 McKinney and Energy Plaza I and II increases Cameron Management’s portfolio to approximately 1,536,057 square feet of rentable space in Houston and San Antonio. The remaining Cameron Management properties, which are all owned, leased and managed by the company, include 2000 St. James Place in the Galleria area, the Houston Club Building at 811 Rusk downtown, 3000 Richmond Avenue in the Greenway Plaza area, and, in San Antonio, One Park Ten, a complex located at 6800 Park Ten Boulevard in the city’s northwest.
.................................................................... Las Colinas Deal Holliday Fenoglio Fowler announced that it closed the sale of and arranged financing for Fairway Plaza, two office buildings totaling 82,892 sf in the master-planned Las Colinas Business Park in Irving, Texas. The HFF investment sales team was led by senior managing directors Jim Batjer and Barry Brown who marketed the property on behalf of an unnamed seller. USA Properties Fund purchased Fairway Plaza for an undisclosed amount free and clear of debt. Working exclusively on behalf of the buyer/borrower, USA Properties Fund, HFF director Kevin MacKenzie and senior managing director Trey Morsbach placed a $6.3 million fixed-rate securitized loan with JP Morgan Mortgage Capital, Inc. for the acquisition of the property. Fairway Plaza includes two office buildings located at 300 and 320 Decker Drive in the Las Colinas Business Park, adjacent to the Dallas/Fort Worth International Airport and the Las Colinas Country Club in Irving.
............................................................. Prescott Makes Buy In Red Hot Fort Worth
Prescott Realty Group announces its acquisition of the Summit Office Park’s twin towers, consisting of 241,250 sf of office space near downtown Fort Worth. The Prescott Realty acquisition was funded by GE Real Estate and includes plans for capital improvements which will modernize the building. “Summit Office Park is a well located, quality office building which provides Prescott with the perfect opportunity to re-enter the Fort Worth market as an owner of office building assets,” said Jud Pankey, chief executive officer of Prescott Realty Group. “We are bullish on the Fort Worth economy and especially the Central Business District (CDB) which enjoys 90 percent occupancy rates - among the strongest Metroplex submarkets,” noted Pankey. “GE’s financial support of this acquisition demonstrates that financing remains available for well-located and positioned office buildings, despite recent debt market challenges.” Louis Rothermel, who led the acquisition of the asset, said, “Summit Office Park enjoys strong current occupancy due to its proximity to the Fort Worth CBD, I-30 and the medical district, and it also stands to benefit from the economic impact of Barnett Shale exploration which economist Ray Perryman recently projected to be more than $7 billion in output and 64,375 jobs in the next 10 years.” The acquisition of Summit Office Park was brokered by George Duncan with The Staubach Company and J. David Cason with Centra. Prescott has retained the NAI Huff Partners team of President Rick Hopwood and Ashley Brown to lease the property. Prescott Realty Group continues to build its position as an owner, developer and re-developer of urban and transit-oriented developments. The company now owns and manages over two million square feet of office assets across the country. Prescott Realty Group (www.prescottrealtygroup.com) is a Dallas-based, full-service commercial real estate investment, development and operating company. The company focuses its resources on neo-traditional, urban infill sites and mixed-use developments providing people live/work/play pedestrian-oriented neighborhoods.
................................................................................... Plano Deal KBS Real Estate Investment Trust purchased Plano Corporate Center I & II, a two-building, 308,038-sf, Class A office complex at 2201 and 2301 West Plano Parkway. The seller was Lincoln Property Company. The purchase price was not disclosed. ................................................................................... Industrial Project Near Dallas Cousins Properties announced today it has acquired 47 acres at the intersection of Interstate 35 and West Street in Lancaster, Texas, south of Dallas. The Company, in partnership with Atlanta-based Seefried Properties., plans to develop a 776,000-sf bulk distribution building on the site. Seefried will develop, manage and lease the building of behalf of the venture. The building will be the Cousins/Seefried partnership’s second in the Dallas market. The first is a 750,000-sf building at Lakeside Ranch Business Park, a 226-acre industrial park approximately two miles north of Dallas-Fort Worth International Airport in Flower Mound, Texas. In September 2006, The Home Depot Supply signed a 355,000-square-foot lease at the building. Cousins and Seefried plan to develop two additional buildings at Lakeside Ranch.
............................................................................... Comerica Bank Relocates To Dallas from Detroit Comerica Bank is relocating its headquarters from Detroit to Dallas. Comerica Bank has signed a long-term relocation lease totaling 164,000 sf in the building formerly known as Bank One Center, a 60-story, 1.5-million-sf office tower in downtown Dallas. Designed by Philip Johnson and John Burgee, the building, 1717 Main Street, will serve has been renamed Comerica Bank Tower. Don Dowell and Tracy Fults of Cushman & Wakefield of Texas, Inc. and Wayne Malecha from Jackson Walker, LLP represented building owner Metropolitan Real Estate Investors, LLC. Larry Toon and Carl Ewert of The Staubach Company with Phil Puckett, John Woolsey and Chris Herrmann of CB Richard Ellis represented Comerica Inc. ........................................................................... Mercedes-Benz FORT WORTH - Hillwood has leased 75,344 sf of its new 114,710 sf Heritage Commons II office building at Alliance to Mercedes-Benz Financial, the financial services partner for Mercedes-Benz dealerships throughout the United States. Heritage Commons II, which will be completed by the end of this month, is located along the west side of Interstate 35W between Alliance Blvd. and Westport Parkway. Mercedes-Benz Financial will operate the center in support of its lease and retail contract portfolio. Mercedes-Benz Financial will employ approximately 350 workers at its new location. The company plans to occupy the new building by January 2008. ....................................................................... Alliance Sale FORT WORTH – Hillwood has sold the 88,600 sf Alliance Gateway Data Center in the Fort Worth section of AllianceTexas to Skyrise Properties, a Dallas-based firm. "There's been an increased demand for data centers over the past few months," said Steve Aldrich, vice president of Hillwood Properties, the developer of Alliance. "Not only have we completed this sale, but we're seeing several land deals for data centers to be built at Alliance. Power redundancy, multiple fiber providers and the overall reliable infrastructure of the project are some of the keys that make Alliance jump to the top of the list for data center sites." "Purchasing this facility is a tremendous investment opportunity for Skyrise Properties and supports our overall efforts within the data center space," said Tod Fobare of Skyrise Properties. Skyrise Properties is strongly focused on meeting the demands for data center users within DFW and across the country. In Richardson, the company is currently redeveloping the former Alcatel campus into a dedicated data center campus, which has a total capacity of over one million square feet of space. CB Richard Ellis’ Pat O’Keefe and Anthony Bolner are marketing both the Alliance and Richardson projects. Located at 13751 Independence Parkway, the is one of two data centers that Hillwood built at Alliance in 2001. The second 209,200 sf data center was purchased by AIG in 2002. The 17,000-acre AllianceTexas development now houses more than 140 companies that occupy 26 million square feet and employ 25,000 workers. More than 65 companies at AllianceTexas are ranked on the Fortune 500, Global 500 or Forbes List of Top Private Firms. Hillwood, a Perot company, is ranked as one of the top commercial real estate developers in the country and the top residential developer in Dallas-Fort Worth. The company's developments currently house facilities for 85 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms. In addition to AllianceTexas, Hillwood is best known for its development of AllianceCalifornia in San Bernardino and the $420-million American Airlines Center and Victory district near downtown Dallas.
............................................................................................. Dallas Deal KBS Realty Advisors has purchased the 109,810-sf, Class A office building 2525 McKinnon, in the Uptown/Turtle Creek area of Dallas. The seller was Seneca Investments. The purchase price was not disclosed. Bill Rogalla, Senior Vice President/Acquisition Officer, represented his firm, KBS Realty Advisors, in the transaction. Mike Hardage and Steve Simon of Transwestern Commercial Services, Dallas, represented the seller. Walter Foster Senior Vice-President, KBS, manages the firms’ Dallas, Austin and San Antonio portfolio. Kim Brooks and Fletcher Cordell of Transwestern, Dallas, will handle leasing at 2525 McKinnon. PM Realty Group, Dallas, will manage the property. .......................................................................................
Crescent Project in Austin is Bought by Hines Group AUSTIN – The Austin office of Hines, the international real estate firm, announced that it has acquired 301 Congress on behalf of National Office Partners Limited Partnership (NOP), its investment partnership with the California Public Employees' Retirement System (CalPERS), from a joint venture between Crescent Real Estate Equities Company and Aetna. The 22-story, 418,338-sf office tower is located at Congress and E. 3rd Street in downtown Austin just blocks from the state Capitol. Holliday Fenoglio Fowler represented the seller, and Hines represented NOP in the transaction. Hines will assume property management and leasing responsibilities. 301 Congress was designed by Hylton-Dey Associates/Harwood K. Smith & Partners and was completed in 1986. The Class A office tower is clad in imported polished granite panels with aluminum-framed glass curtain walls located on the east and west elevations of the tower and the roof. The Congress Avenue grand entrance opens into a dramatic five-story glass atrium of dark rich Talvassolo polished granite, and provides views of the tower and sky above. Parking is provided in a nine-level attached garage—four levels below-grade parking and five levels above-grade. The office building is currently 84.7 percent leased to a prestigious roster of tenants including: AIM Management; A.G. Edward & Sons, Inc.; BearingPoint, Inc., Citigroup; Guaranty Bank; and RBC Dain Rauscher. "The vibrant Austin market is continuing to strengthen, and we believe this well-located asset with its strong base of office tenants, and nearby retail and cultural amenities, will benefit from that,” said Hines Vice President Travis Overall. “We’re also excited to be re-entering the Austin CBD market.” “301 Congress is an exceptional addition to the NOP portfolio,” said Dan Rashin, Hines’ senior vice president who heads the NOP partnership. “We will continue to seek new development, value-add and existing-building investment opportunities in the area and across the country.” National Office Partners was formed in 1998. NOP assets are located in Chicago, Emeryville (CA), Houston, Palo Alto (CA), Salt Lake City, San Francisco, Silver Spring (MD), Wellesley (MA) and Seattle. For further information on NOP, refer to www.noplp.com . CalPERS is the nation’s largest public pension fund with assets totaling $249 billion, of which $19 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, please visit the System’s Web site at www.calpers.ca.gov. Hines entered the Austin market in 1975 with the downtown development of the Austin National Bank building (now Bank of America Tower). The firm sold the building in 2004. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
...................................................................... Morgan Stanley to Buy Crescent FORT WORTH --Crescent Real Estate Equities Company has agreed to be acquired by funds managed by Morgan Stanley Real Estate in an all cash transaction for $22.80 per share and the assumption of liabilities for total consideration of approximately $6.5 billion. The purchase price represents a 12% premium over Crescent's prior 30 day average closing share price. The total consideration for the acquisition includes the assumption and refinancing of approximately $3.1 billion of the Crescent's outstanding debts. John C. Goff, Crescent's vice-chairman and chief executive officer, said, "The primary goal of the strategic plan we announced on March 1, 2007 was to maximize value for our shareholders. This transaction accelerates the realization of that goal by delivering value to our shareholders more quickly and with greater certainty. We are delighted to announce this agreement and we look forward to working closely with Morgan Stanley Real Estate on a transition that will be seamless for our customers, partners and employees." Commenting on the transaction, Michael Franco, Managing Director and co-head of Morgan Stanley Real Estate Investing -- Americas said, "We are pleased to enter into this agreement to acquire Crescent Real Estate Equities. Crescent is a unique company operating in a wide range of business lines that are familiar to Morgan Stanley. We recognize the valuable contributions that Crescent's people have made to build the company's franchise and we look forward to working closely with them on a smooth transition." The transaction has been unanimously approved by the Company's Board of Trust Managers, which will recommend that the common shareholders approve the transaction. Mr. Richard E. Rainwater has entered into a voting agreement whereby he has agreed to vote in favor of the transaction. Completion of the transaction, which is expected to occur by the end of the third quarter of 2007, is subject to approval by the Company's common shareholders, as well as to certain other customary closing conditions. Greenhill & Co., LLC acted as the financial advisor to Crescent, while Pillsbury Winthrop Shaw Pittman LLP provided legal advice. Morgan Stanley acted as financial advisor to Morgan Stanley Real Estate with Goodwin Procter LLP and Jones Day acting as legal counsel. Crescent, through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 70 premier office buildings totaling 27 million sf located in the United States with major concentrations in Dallas, Houston, Austin, Denver, Miami, and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, AZ, Vail Valley, CO, and Lake Tahoe, CA; in destination resorts such as Fairmont Sonoma Mission Inn in Sonoma, CA; and in the wellness lifestyle leader, Canyon Ranch. Since 1991, Morgan Stanley has acquired $121.5 billion of real estate assets worldwide and currently manages $55.6 billion in real estate assets on behalf of its clients as well as $26.7 billion in public real estate securities. ..................................................................................................... Dallas Deal DALLAS – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Cameron Crossing, a 366,881-sf regional shopping center in McKinney, Texas. .................................................................................................. OPINION Retaining Privacy in Texas Realty Deals
By David M. Lewis Lewis Realty Advisors Texas has been ideological homeland of personal freedom and rugged individualism since the days of Stephen F. Austin and the battle of the Alamo. Over the years, true Texan values have blossomed in the realm of business and commerce as our state became the world headquarters of wildcatters, entrepreneurial genius and the unlimited potential for business growth. Part of what made Texans great is being threatened at this point in our history, as the State Legislature considers new legislation regarding real estate. The law, proposed by State Sen. Jeff Wentworth and Rep. Michael Villarreal, a pair of legislators from San Antonio, would require public disclosure of the sales price in a private real estate transaction. Enacting this law would constitute an invasion of privacy. If enacted, it would strip away part of the privacy that property owners and investors expect in the Lone Star State Texas must continue its proud tradition of respecting the confidentiality of private business deals. In this state, where business transactions have often been done on the basis of a handshake rather than a corporate contract, it seems that a private realty sale between two parties should remain just that – private. The prying eyes of government are not required. For those who hold dear our Texan values, this disclosure law is just plain wrong and blatantly anti-Texan. In addition, this proposed law can be dangerous. This is the age of terrorism and identity theft. Even the individual investors who make a $1 million or less on a property sale can become targets. When these sales prices are reported, the information won’t become dusty trivia hidden away in the basement of a rural courthouse. The prices will be on the Internet, accessible from virtually anywhere. Texans will be exposed to trouble as the information goes public. Should the elderly widow have her real estate wealth advertised to crooks and con artists? If we publicize real estate sales prices, we will open the door of opportunity to the criminal element who can misuse this information. These incidences may be rare, but even one tragic case is too many. The advocates of the price disclosure legislation contend that this law will make it easier for government appraisers to appraise property and establish accurate appraisals for property taxes. All Texans are in favor of a fair property tax system. But the new price disclosure law won’t produce fair and accurate appraisals. A closer look exposes the weakness of the proposed price disclosure legislation. The disclosure of a sales price can be a misleading indicator if it is not interpreted wisely. Using a sales price alone to calculate the value of surrounding properties does not provide a reliable tool to measure the value of nearby properties. Without a thorough examination of the strengths and weakness of a property on an individual basis, creating an accurate appraisal is not possible. For example, two similar shopping centers with freeway frontage can vary in value substantially if one center is easily accessible to a freeway exit and the other center requires a U-turn and more driving for a consumer. The value of leases and their expiration dates also has a great deal of bearing on the appraisal of a commercial property. If a 40-story skyscraper in downtown sells for $100 million, it does not necessarily mean the 40-story tower in the next block is also worth $100 million. Perhaps the second tower is about to lose its major tenant and become 75 percent vacant. Perhaps the tower needs new heating and cooling systems or expensive new elevators. Evaluating a commercial property depends on many variables. A simple template for determining value based of sales prices comparisons alone cannot be developed. Digging deep enough to obtain an accurate value on a property, particularly for a complex commercial appraisal, requires an appraiser with a great deal of experience and training. How can we be assured that the government appraisers won’t take a shortcut and become overly reliant on sales prices data, rather than developing a more time-consuming, but more accurate appraisal based on the entire picture of a property’s worth? The sales price can also be significantly impacted by the financing, the terms of the loan and the existence of seller-financing. Disclosing the sales price is not an instant cure to getting an accurate appraisal. The information must be interpreted by experts. Just as X-rays must be interpreted by physicians, sales-price information needs sophisticated evaluation. Just as our society needs to be careful with the public disclosure of medical data, we need to keep private the sales prices of Texas real estate. This legislative effort has some momentum. Earlier this year, Gov. Rick Perry’s appointed study group, the Texas Task Force on Appraisal Reform, listed price disclosure as one of the remedies to the state’s property tax problems. Disclosing sales-price information is a violation of privacy and it leads to misleading appraisals. It is not good for Texas.
*** David M. Lewis founded Houston-based Lewis Realty Advisors in 1962. Lewis was the managing consultant for the City of Houston in reappraising all of the property in the city in the mid-1970s. Lewis was founding board member of the Harris County Appraisal District. A certified appraiser, Lewis has been a lecturer in real estate economics and valuation at the University of Houston, the American Institute of Real Estate Appraisals and the Society of Real Estate Appraisers. Lewis may be contacted at 713-461-1466 or for more information see www.LewisRealty.com .................................................................................................... Austin Sale at $211 PSF Crescent Real Estate Equities announced the sale of its 90% interest in the joint-venture entity, CC Parkway Austin, LP, which developed and recently completed Parkway at Oak Hill, a 145,475 sf Class A office complex located in southwest Austin. The office complex was valued in the transaction at $211 per sf. .................................................................................................. San Antonio Deal H-E-B Grocery, a San Antonio-based retailer, leased 44,565 sf in Cypress Tower, 1222 N. Main Ave., to relocate its accounting and finance personnel. Approximately 200 H-E-B employees will initially occupy three floors of the recently renovated office building. H-E-B was represented by Jeff Miller of Travis Commercial and Charles Blackburn of H-E-B. Jeff Brown, formerly of Transwestern, and Lindsey Tucker of Transwestern represented the landlord, KBS Realty Advisors. Walter Foster of KBS Realty handles the firm’s San Antonio, Austin and Dallas portfolio. KBS is completing a $4 million renovation of the 156,657-sf Cypress Tower, which is 63 percent leased. ........................................................................... Hines To Build D/FW Tower Hines, the international real estate firm, has broken ground Located on Lake Grapevine within the Dallas - Fort Worth Metroplex, the 18-
story tower will offer convenient access and four-star hotel amenities, combined with premier
quality and dramatic lakeside views for all residential units. The development is located only
Construction is scheduled for completion in the fall of 2008. Hines expects to offer
pre-construction pricing from under $400,000 to approximately $1 million, excluding
penthouses. A sales office will open near the site at 1033 Long Prairie in the near future. In the
Hines entered the Dallas real estate market nearly 34 years ago. Some notable area
developments include the Dallas Galleria, One, Two and Three Galleria Towers, Galleria
North and the regional offices for Computer Associates International in Plano. Hines is
currently co-developing One and Two Victory Park with Hillwood in Victory Park. In
December of 2005, the firm purchased approximately 600 acres in Las Colinas for
development. Hines REIT, an affiliate of Hines, owns the Citymark building in Uptown
......................................................................................... Boerne Land
Transwestern San Antonio announced that it has brokered the sale of a 4.122 acre tract of land, located at 546 School Street in Boerne, Texas. The tract was purchased for resale to end users in the fast growing Boerne community. Russell T. Noll, Managing Director of Transwestern represented the buyer. David E. Culver of LandTX, represented the seller. ..................................................................................... Glen Una Purchases Building The Dallas office of Holliday Fenoglio Fowler, L.P has closed the sale of Braker 12, a 126,750-sf industrial building in Austin, Texas.
............................................................................ Austin Land AUSTIN -- Wilson Family Communities has purchased 534 acres of land in Travis County to develop approximately 1,700 new home sites in the Villages of New Sweden community. The Villages of New Sweden is planned as a first-time, first move-up family neighborhood. It is located within the highly rated Pflugerville Independent School District, which makes it attractive for residents who are seeking affordable new homes close to the Austin area. "We expect the Villages of New Sweden transaction to further increase the awareness of the opportunities just north of Austin," states David Goodrum, Vice President of Land Acquisition and Development for WFC. "Interest in this area continues to grow rapidly as the Texas Department of Transportation plans to open the new SH 130 corridor. This new roadway will enable residents easy access to the Austin Metro area." Wilson Holdings, Inc. is the parent company and sole owner of Wilson Family Communities Inc., an Austin, Texas based company that acquires, develops, manages and markets residential communities in the Central Texas region. ............................................. San Antonio Sale Transwestern has brokered the disposition of Fountainhead One on behalf of American Realty Advisors. Rudy Hubbard, Alan Grilliette and Leah Gallagher of Transwestern represented American Realty Advisors in the sale to KBS Realty Advisors.Fountainhead One is a 174,108 sf multi-tenant office building located at 8200 IH-10 West in San Antonio. The ten-story property is located between Medical Drive and Callaghan Road. Built in 1985, Fountainhead One was 95% occupied at the time of closing. ........................................................................ Sale-Leaseback in Dallas Transwestern Dallas has announced the sale/lease-back of Home Interiors and Gifts 659,340 sf national headquarters and distribution facility. Robert Deptula and Nora Hogan of Transwestern represented Home Interiors in the transaction. The facility, located at 1649 Frankford Road in Carrollton, was constructed as a state-of-the-art build-to-suit for Home Interiors in 2000. With strong demand for investment-grade industrial assets, Deptula and Hogan immediately identified an opportunity to capitalize on Dallas/Fort Worth’s investment market by offering the asset in a sale/lease-back scenario. Ultimately the asset was acquired by one of the world’s leading financial firms, UBS in a joint-venture with First Industrial for an undisclosed amount. Trey Fricke of Lee & Associates represented UBS and First Industrial in the acquisition and lease negotiations with Home Interiors.
.................................................................... World Savings Site Cyndee Smith of NewQuest Properties represented World Savings in the purchase of 40,000 sf of land at the northwest corner of Cedar Breaks Road and FM 2338 in Georgetown, Texas. Steve Durhman of Durhman & Bassett Realty Group represented the seller. .................................................................. Austin's Mueller Project Hot
AUSTIN – The former Robert Mueller Municipal Airport, which is being redeveloped by Catellus Development Corp., is providing some excellent opportunities for residential development in Austin, according to Teresa Guidotti Lowery, principal of the Houston office of Colliers International. A significant 14-acre apartment site in the Mueller redevelopment was secured by Simmons Vedder & Co., which will develop a 422-unit apartment community there. Other land purchases are in the works for other proposed residential-related development, said Lowery, chairman of Colliers Multifamily Advisory Group of North America. “The Mueller Austin redevelopment project is ideally located to appeal to Austin residents. The residential demand, for rental units and for-sale dwellings, is very strong,” Lowery said. “This project is going to be the finest airport redevelopment effort in the nation. And I think the real estate development community and the people of Austin sense that.” Lowery was instrumental in originating the Cattelus Development/Simmons Vedder long-term ground lease agreement. Condominiums, townhouses and single-family homes will also be constructed at the 700-acre Mueller development. Simmons Vedder will build a four-story, 422,000-sf multifamily community on the site, located at Aldrich Street and Airport Blvd. Simmons Vedder will utilize building materials of the highest energy efficiency standards as part of the careful concern for the environment that is expressed at Mueller Austin. “With the quality of development that we are seeing at Mueller, and its superior location, this will be a highly desirable place to live,” Lowery said. “Catellus has a marvelous vision for quality development and the market is responding to it.” In addition to Lowery, the Catellus Mueller team also includes Bob Wynn and Brett Arbie of Colliers Austin, Ronny Landry of Landry Commercial and Saul Keeton of Colliers Houston. Mueller also will include significant amount of commercial, office, retail and medical facilities. .......................................................................... Drury Sells Hotels Drury Hotel Corp. has sold properties in Austin and Dallas. CBRE Hotels’ Texas team has concluded the sale of the Drury Inn & Suites – Dallas North. and the Drury Inn Austin North in Texas on behalf of Drury Inns Inc. Both properties are prominently positioned along major traffic thoroughfare I-35; the Drury Inn & Suites Dallas North located between Hwy. 183 & 114, the Irving-Grapevine corridor of the Dallas MetroPlex and the Drury Inn Austin North is located at I-35 and US 290, just minutes from The University of Texas. Handling the transaction were Bert Stevens and Lisa Hankamer of CBRE Hotels . JMK Investment LLC and Sierra Lodging Austin LLC purchased the properties.
....................................................................... Riverwalk Hotel Project Oxford Lodging Advisory & Investment Group LLC has been named by Marathon Real Estate as the asset manager for the Grand Hyatt San Antonio, the 1,000-room destination property scheduled for completion in Spring 2008 on the banks of the city's Riverwalk near the San Antonio Convention Center. The $285-million property is the largest hotel development in San Antonio's history and the nation's largest public/private hotel venture in 2005. The announcement was made jointly today by Bruce Blum, Oxford Lodging executive vice president and principal, and Jon Halpern, managing director of Marathon Real Estate, the investment arm of Marathon Asset Management LLC of New York. Hotel Investments LP, a partnership of Marathon Real Estate and FaulknerUSA, broke ground on the property in June 2005. FaulknerUSA is developing and constructing the project as an equity investor, and the City of San Antonio issued $208 million in taxable and tax-exempt revenue bonds for the 885,000-sf, mixed-use complex, which includes hotel, restaurant, convention and condominium space. The hotel's Riverwalk setting immediately adjacent to the 1.3 million-sf Henry B. Gonzalez Convention Center puts it within a block of the River City Mall, HemisFair Park and La Villita Spanish Village. Complementing the hotel's 1,000 rooms will be 79,000 sf of convention and meeting space arranged in two ballrooms and 26 meeting rooms.
................................................................... Riverwalk Hotel Sold SAN ANTONIO -- A 149-room hotel on the Riverwalk in San Antonio has been sold. The Houston office of Holliday Fenoglio Fowler arranged the sale and financing of the Hawthorn Suites Riverwalk Hotel.
The buyer, Trans Inn Management is a lodging company, which currently manages 15 hotels valued in excess of $180 million.
Austin Developer Wins S&L Lawsuit A Texas developer has won a $46.5 million judgment against the federal government in a case involving the defunct El Paso Federal Savings & Loan.
....................................................... Austin Sale For $24 Million The Shidler Group of San Diego, in partnership with Angelo, Gordon & Co., has sold two office buildings from its Texas portfolio for a total of $24.4 million. The first property is 800 Brazos, which was purchased by Brazos Investment Limited Partnership and Brazos Residential Limited Partnership. 800 Brazos is a 14-story building with two connected buildings of four and five stories totaling 171,877 sf. The property was purchased by The Shidler Group in January 2001 and renovated in 2002. Major tenants include Consulado de Mexico, Capitol Services, Inc. and Anthony-Nak Jewelers. The second building is Capitol Towers, which was purchased by Capitol Tower Investment Limited Partnership. Capitol Towers is located at 206 E. 9th Street in Austin and is a 20-story building containing 148,629 sf of office space. Major tenants include Comerica Bank and GTE Mobilnet. Capitol Towers was built in 1984 and purchased by The Shidler Group in 2001. The Shidler Group was represented by CB Richard Ellis. The purchasing entities represented themselves. Matt Root, a Partner in The Shidler Group, said, "The Shidler Group owns a large portfolio of commercial real estate investments in Texas, Arizona, California and Hawaii. During the first half of 2006 we have been repositioning some of the assets in our portfolio and the opportunity came up to sell these two exceptional buildings in the capital of Texas. We have been invested in the Austin property market for over five years and believe in the long-term attractiveness of the market. We will look for other opportunities to both buy and sell here in the future." ................................................................................. Apartment Deal DALLAS – Mid-America Apartment Communities has purchsed the 390-unit Grand Courtyards apartments in Grand Prairie. The Dallas office of Holliday Fenoglio Fowler, L.P. handled the sale.
.......................................................... Leonard-Hawes Takes Kaplan Brand Name
Leonard-Hawes Real Estate Schools, one of Texas’ oldest and largest real estate schools, has changed its name to Kaplan Professional Schools. For nearly 45 years, Leonard-Hawes Real Estate Schools has offered pre-licensing, exam preparation and continuing education for Texas professionals seeking and maintaining licenses in real estate. Leonard-Hawes, which was acquired by the Kaplan organization in 2000, serves more than 23,000 real estate professionals annually from 12 locations. “Leonard-Hawes Real Estate Schools have been part of the Kaplan family for many years. This name change highlights the access to a network of resources, technology and specialists that are the trademark of Kaplan,” said Rob Huge, Vice President of Kaplan Professional Schools’ southwest region. Kaplan Professional Schools provides licensing and continuing education to more than 150,000 professionals in the real estate (commercial and residential), appraisal, home inspection, mortgage, contractor, insurance and financial services industries. Kaplan Professional Schools offer both classroom and distance education to help students earn their state certifications in California, Texas, Colorado, Minnesota, Nevada, New Mexico, Florida, Virginia, Connecticut, Georgia, Tennessee, Washington, New York, Ohio and Illinois. The renaming of Leonard-Hawes Real Estate Schools to Kaplan Professional Schools is part of Kaplan, Inc.’s new branding initiative designed to unify its businesses under a consistent naming and logo strategy. Kaplan, which generated $94 million in revenue a decade ago, has become a $1.4 billion global leader in postsecondary education, K12 programs, and professional training. Kaplan has more than 23,000 employees in 500 locations worldwide, including recent expansions into Europe and Asia. Staffed facilities are located in Carrollton/Plano, Dallas, Arlington and Houston. .........................................................
Houston Firm Buys Dallas Project AmREIT purchased Uptown Plaza, an upscale retail center located in the high-end Uptown neighborhood at the northeast corner of McKinney Avenue and Pearl Street, just north of the Dallas central business district. Uptown Plaza, which was developed in 2005, is a 34,250 sf foot multi-tenant retail complex and is already 87 percent occupied. The center's tenants include Pei-Wei, Grotto, Century Bank and Kevin Charles Salon. Uptown Plaza is located in an infill location with high barriers to entry and a dense daytime and nighttime population which produces a traffic count of over 44,000 cars per day. It services other high-profile affluent areas including the Turtle Creek corridor, Victory Park, Cityplace and downtown. Uptown Plaza sits across from the Hotel Crescent Court, a luxury hotel with over 200 rooms and a 90 percent average occupancy rate, and is across the street from the new Ritz-Carlton hotel and condominium development with plans for over 200 rooms and 70 luxury condominiums which, according to Ritz-Carlton personnel, are selling for an average price of above $600 per square foot. Steve Hefner, AmREIT's vice president of real estate and managing director for the Dallas region, recently joined the company to explore acquisition and development opportunities within the Dallas/Fort Worth metroplex. "The Uptown area has been on our short list for quite a while," said. Hefner. "We are excited about the long-term prospects of this center and its 'Main and Main' location in this dynamic Uptown neighborhood." AmREIT recently purchased 237,500 sf of the MacArthur Park Shopping Center, located on the southwest corner of I-635 and MacArthur Boulevard in Los Colinas, Texas, and is evaluating several sites in the metroplex for future acquisition and development projects. "Uptown Plaza is located on one of the finest retail corners in the state of Texas. It is a location we will be proud to hand down to our children's children," said Kerr Taylor, AmREIT's chief executive officer. "We plan to continue steady acquisition and development of Irreplaceable Corners, such as Uptown Plaza, which is consistent with our long-held philosophy that the best locations can create sustained long-term value for shareholders if intensely managed and developed." ...................................................................................
in Austin click here
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Wells REIT II Buys Building in Irving Wells Real Estate Investment Trust II Inc. (Wells REIT II) has completed the purchase of MacArthur Ridge I, a six-floor Class-A office building located in Irving, Texas, a suburb of Dallas. The property is located at 919 Hidden Ridge and consists of approximately 250,000 sf. Constructed in 1998, MacArthur Ridge I is 100 percent occupied by Verizon Corporate Services Group. “This transaction provides Wells REIT II with a premier Class-A office building leased to a strong investment-grade tenant in the Dallas/Fort Worth Metroplex, one of the primary areas of growth in Texas ,” said David Steinwedell, Wells’ chief investment officer. The property is situated on approximately 6.5 acres near the intersection of State Highways 114 and 161 in the heart of Las Colinas.. “Wells REIT II’s investment and diversification strategy is ideally complemented by the property’s quality construction, accessibility, and excellent tenancy,” said Keith Willby, vice president of acquisitions for Wells. Willby, along with Matt Rendle, a Wells capital markets associate, represented Wells Real Estate Funds in the transaction. Jeff Stone and Todd Savage of Holliday Fenoglio Fowler, L.P. also participated in the transaction, representing the seller. With this acquisition, Wells REIT II now has 38 buildings in its portfolio in 15 states (including the District of Columbia ), totaling close to $2 billion (based on purchase price) and covering 8.5 million sf. Wells Real Estate Funds is a national real estate investment management company that purchases and manages real estate on behalf of Wells-sponsored investment programs. Since 1984, over 200,000 individuals across the country have invested (through their financial representatives) in Wells-sponsored investment programs to help diversify their investment portfolios. .......................................................................................
Earl Abel's Going Out; Condos Coming In SAN ANTONIO -- Earl Abel's Restaurant, a fixture in San Antonio's dining scene since 1933, will be closing down. The eatery, located at Broadway and Hildebrand, has been purchased by Koontz-McCombs. A 25-story, 80-unit condominium tower will be built on the site. .......................................................................................
Colliers Announces 1031 Deal In Texarkana TA Hampton Family Group, LP recently purchased from Amherst Exchange ................................................................................
Pru Group Buys Stake in Perot's Alliance Project
FORT WORTH - Hillwood, one of the top real estate development firms in the country, and Prudential Real Estate Investors, one of the world's largest real estate investment managers, have entered into a strategic partnership involving more than 10 million sf of commercial space at AllianceTexas. PREI, the real estate investment advisory business of Prudential Financial, Inc. (NYSE: PRU), has acquired a stake in AllianceTexas on behalf of institutional investors. Details of the transaction, which closed September 30, were not disclosed. Hillwood will maintain a significant ownership position and continue its role of marketing and managing the buildings. The deal includes more than 40 buildings that are occupied by some of the world's top companies, including Bell Helicopter, Andersen Windows, LG Electronics, Caremark Rx, Pitney Bowes, Textron , Texas Instruments, Lockheed, Radio Shack, Ameritrade, HP, Ryder, Safeway, Home Depot, Honeywell, General Mills, Philips Electronics, Bridgestone/Firestone, Coca-Cola and S.C. Johnson. "Due to the Hillwood team and their on-going commitment to the customers, quality and value creation at AllianceTexas, a number of leading institutions were interested in investing in the development," said Ross Perot Jr., chairman of Hillwood. "PREI is the best of class and presents a greater outlook for future business opportunities." " The superb quality of the real estate, the tenancy, and the Hillwood management team makes AllianceTexas one of the premier business parks and logistics centers in the world , " said J. Allen Smith, PREI portfolio manager. "We believe AllianceTexas will enjoy long-term success and we look forward to opportunities to expand the Hillwood-PREI partnership in the future." Located 15 miles northwest of DFW International Airport , the 17,000-acre AllianceTexas development houses 140 companies, including the American Airlines Maintenance Base, the BNSF Intermodal Center , the Bell Helicopter Customer Center and the FedEx Sorting Hub. Currently there are 23.9 million sf of commercial space and 24,000 employees in the development. Sixty-two of the companies at AllianceTexas are ranked on the Fortune 500, Global 500 or Forbes List of Top Private Firms. The development lies within four cities ( Fort Worth , Haslet, Roanoke , Westlake ), two counties ( Denton , Tarrant) and two school districts (Keller, Northwest). Only 4,500 of the 17,000 acres of AllianceTexas have been developed. At full buildout, AllianceTexas is projected to house 88 million sf of commercial space and employ 92,000 workers. The development also has residential components that will contain more than 3,800 single-family homes, 1,500 of which already have been built. .................................................
SNK Realty Announces Three Dallas Projects DALLAS -- SNK Realty Group announced three land acquisitions with a combined 23 acres in the Dallas Metroplex and with future development value at more than $250 million. The parcels include 6.5 acres along the Tollway near Addison Circle, 13.5 acres at the intersection of Interstate 20 and Highway 360 in Grand Prairie and a full city block of nearly 3 acres in Uptown Dallas bounded by McKinney Avenue , Routh, Fairmount and State Streets. Together the sites will be planned for more than 1,000 condominiums and apartments, structured parking facilities and retail space. Predevelopment is underway on all three properties. Each of the projects is scheduled to begin construction during 2006. “Having grown up in Dallas, I have witnessed the economic expansion in Dallas Uptown and understand the increasing desire for mixed-use development projects that support the exciting, twenty-four hour urban lifestyle,” said Hal Watson, SNK President/CEO. Site One -- Addison Circle SNK Realty Group purchased the 6.536-acres site in Addison from New Source Partners on August 22. This site is located less than one block from Addison Circle between Spectrum Drive, and the Dallas Parkway, The corporate-friendly, first-ring mixed-use community will offer a minimum of 600 units of apartments and condominiums over ground floor retail and parking. Site Two -- McKinney Avenue This full city block in Uptown consisting of 2.58 acres was sold on August 16 by the Kasnetz family of Dallas , which owned the land for more than 30 years. SNK plans to develop a mixed-use project consisting of high and low-rise condominiums, retail space and parking facilities on the site. Neighboring tenants include Oaks Bank, Urbano Restaurant, Uptown Bar & Grill, Hard Rock Cafe, Crescent Hotel, the Ritz Carlton Hotel and Residences (under construction now), and Hotel Zaza. Site Three -- Grand Prairie A 13.5 acre site located south of the Dallas/Ft.Worth Airport at Claremont and Magna Carta streets, the Grand Prairie is strategically located on the Southeast corner of Interstate 20 and Highway 360. Sold by Texas Land and Building Co. on August 18 this development will feature 236 apartments and 52 multifamily, townhome-style condominiums plus common areas. ......................................................... Triple Net Buys Austin Property The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $28 million in
financing for the acquisition of MetCenter 15, MetCenter 15 is part
of the 200-acre MetCenter development, a .............................................................................................
Hillwood Announces Leasing FORT WORTH - Hillwood has leased 40,788 square feet in its Commerce Center 14 building to Textron, Inc. The 72,761-square-foot building, located at 2301 Eagle Parkway, is now 100% leased. Pitney Bowes, IESI, the Dallas Business Journal, and Wolf law firm also have offices in the building. Through the first seven months of 2005, Hillwood has leased 111,296 square feet of office space at its AllianceTexas development. That's already the most office leasing activity in a single year at the project since the company completed deals for 141,524 square feet in 2001. "Companies are looking more and more at AllianceTexas for office space," said Bob Alter, group vice president - marketing of Hillwood Properties, the developer of AllianceTexas. "The office deals also are for more space than we've seen in the recent past." ...........................................................................................
Live TV Studio to Anchor Dallas Downtown Project Dallas is getting its own version of a downtown TV studio, similar to what is seen at Rockefeller Center in New York where the Today Show is broadcast. Hillwood, a Dallas realty company led by Ross Perot Jr ., has announced an agreement with Dallas-Fort Worth ABC affiliate WFAA-TV to incorporate a state-of-the-art television studio into the city’s Victory Park urban development. The street front broadcast facility will be facing the new W Dallas Victory Hotel. The 5,000-sf studio will be home to a number of WFAA news anchors, producers, reporters and will accommodate the needs of reporters from The Dallas Morning News. The facility will offer tremendous views through large windows of the inner workings of live broadcasts and other local programs in a format similar to ABC’s “Good Morning America” in New York City. Local television stations in other markets such as Chicago and Raleigh-Durham have recently constructed downtown TV studios. ...................................................................
Shopping Center Sold Kihinoor Group L.P. recently purchased Rockport Plaza Shopping Center located at 1406 Highway 35N in Rockport, Texas from Panhandle Partners, Ltd. Rockport Plaza is a 7,425 sf multi-tenant retail building anchored by Blockbuster Video. Christopher D. Winters of Colliers International represented the Seller. ...................................................................
PKF Capital Group Handles Sale
of Hampton Inn in Austin ...........................................................
Hines & Perot Announce Major Dallas Project
DALLAS --- Hines, the Houston-based developer, has entered an alliance with Ross Perot Jr.'s Hillwood company to develop a major office complex in the center of Dallas. The new buildings will be built in Victory Park, a major urban redevelopment that is the realization of Perot's vision for a mixed-use urban project. Hines and Hillwood have announced plans to develop a two-phase, two-building 800,000-sf class "A" office complex. The first phase, One Victory Park, is an 18-story, building overlooking Victory's urban park, park-side restaurants and patio dining. "Hines is the perfect partner for the office program at Victory Park," said Ross Perot Jr., chairman of Hillwood. "Their experience and resources will help us create one of the world's most dynamic urban districts." The office tower adds a new facet to the district and prime tenant opportunities to the Victory Park phase of development, which was formally announced on May 10, 2005. Encompassing the southern end of the 75-acre Victory district and surrounding a one-acre urban park, the Victory Park phase will debut a dynamic collection of mid- and high-rise buildings. In addition to One Victory Park, eight buildings are scheduled for completion between 2006 and 2008, comprising an unprecedented mix of high-end urban residential, boutique retail, world-class dining, modern and technologically advanced office space and Texas' first W Hotel. "Victory Park's unique mix of urban residences, restaurants, shops and the W Hotel finally gives office users a real tool to use in recruiting and retaining the most desirable associates who demand to live and work in an urban environment." said David Hicks, senior vice president of Hillwood Capital, who will be handling the leasing of the new office complex. According to Hines' Senior Vice President Clayton Elliott, "We are very pleased to partner with Hillwood to develop this premier property in Victory Park's live-work-play environment." Victory, owned by Hillwood and Hicks Holdings, is a $3-billion plus, 75-acre urban district ideally situated adjacent to the downtown Central Business District and Uptown. Victory is currently home to the $420-million American Airlines Center. Hillwood has been the master developer of Victory since its inception in 1997. The first phase of the project included the acquistion of property from a multitude of land owners, remediation of the site, construction of the district's road network and the development of American Airlines Center.
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Grubb Handles Beal Bank Grubb & Ellis Co. services
recently won the exclusive leasing and property management assignment
for the Beal Bank Center located at 15660 Dallas Parkway, 15770 Dallas
Parkway and ........................................................................... W Now in Texas DALLAS
-- Victory, the 72-acre urban development in Downtown Dallas, today
confirmed that the W Dallas Victory Hotel & Residences, the first
W Hotel in Texas and the first W Residences product scheduled for completion
in the United States, is on target for a spring 2006 debut. The property
will be a centerpiece of Victory, an ambitious, new multi-purpose destination
and city district offering an eclectic and intriguing collection of emerging
and reputation retail outlets, distinctive dining, Class A office space,
mid-rise/hi-rise residences and signature entertainment venues. Victory
is a project of Hillwood, a Ross Perot, Jr., company. Located in the heart of Dallas,
Victory is one of the country's most significant and innovative master-planned
urban developments. Victory is creating a new urban environment with a
carefully crafted collection of emerging and reputation retail, distinctive
dining, modern office space, dramatic residential units, hotels and signature
entertainment venues, including the new American Airlines Center. The
Victory vision is being developed by Hillwood, a Ross Perot, Jr., company.
For more information on Victory, go to http://www.victorydallas.com/.
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Waterview Plaza is Sold Dallas – Prime Art and Jewel
has purchased Waterview Plaza, located ................................................................
Mercedes Purchased Sapkam Investments, LLC recently purchased from Mercedes Plaza, Ltd. a 25,211-sf, one-story retail strip center located at 105 South Texas Avenue in Mercedes, Texas. The building, built in 1971 and completed refurbished in 1998, is currently 100% occupied with such major national credit tenants as Beall’s and Radio Shack. David M. Butler and Martin O’Malley represented the Seller.
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