March 7, 2014
Hines Starts Houston Office Skyscraper
HOUSTON (RealtyNewsReport.com) – Hines has announced the beginning of construction, along with final dimensions, of a speculative skyscraper downtown.
Expected to be completed in 36 months, 609 Main at Texas will be a 48-story, 1.05 million-sf office tower at the corner of Main and Texas St.
Delivery of the Pickard Chilton-designed building is scheduled for February 2017.
The Hines CalPERS Green (HCG) development fund is developing the property.
ClubCorp Doubles Up on Golf Course Properties
DALLAS (Dallas Morning News) – Locally based ClubCorp has purchased two area country clubs.
The 18-hole Prestonwood Country Club on Preston Rd. and the Hill Country Club in Plano were included in the purchase.
A multimillion-dollar renovation is planned to improve member dining areas, both golf courses and other amenities.
Both properties were previously owned by the Miller family of Henry S. Miller Cos.
Joint Venture Hits the Trail with Lakewood Buy
DALLAS (Dallas Morning News) – Mill Creek and AEW Capital Management LP have teamed up to purchase a rental community next to Lakewood Country Club.
The joint venture bought the 352-unit Lakewood on the Trail apartments on Brookside Dr.
Mill Creek is also in the process of building apartments in several area locations, including Victory Park and near Knox St.
AEW Capital Management made the investment for one of its institutional clients.
Vizcaya Coming to Round Rock
ROUND ROCK (Austin American-Statesman) – A national homebuilder has purchased 477 acres for a master-planned community.
Taylor Morrison is planning more than 1,200 homes for the subdivision called Vizcaya, expected to open late this year.
Vizcaya will be east of I-35 and north of University Blvd. Home sizes will range from about 1,500 to more than 4,000 sf. Low maintenance patio homes are also planned.
Amenities will include a clubhouse, fitness center, pool and walking trails.
Presidium Takes Towne Oaks
SAN ANTONIO (San Antonio Express-News) – The 123-unit Towne Oaks apartment community near Starcrest Dr. and Loop 410 has been sold.
The property was purchased by Dallas-based Presidium, which plans to rebrand and renovate both the interiors and exteriors.
This is Presidium’s third acquisition in the Alamo City since September. The firm owns and operates more than 7,000 units in San Antonio, Austin, Dallas, Houston and Waco.
Silverado Crosses into New Ownership
BUDA (GlobeSt.com) – A multifamily community between Austin and San Marcos has been purchased fully stabilized, free and clear of debt.
Meagher Family Trust purchased Silverado Crossing at 1480 Cabelas Dr. from JCI Residential.
Completed in 2013, the complex features 300 one-, two- and three-bedroom units averaging 852 sf.
The property was marketed by HFF and was at 60 percent occupancy when it went to market, increasing to 73 percent by the time the deal went under contract.
Calpine Energized with Guadalupe County Power Plant Purchase
SAN ANTONIO (San Antonio Express-News) – A Houston-based company has purchased a power plant in Guadalupe County, 30 miles northeast of San Antonio.
Calpine Corp. paid $625 million for the natural-gas-fired, combined-cycle Guadalupe Energy Center. The seller was MinnTex Power Holdings.
Located on 110 acres, the plant consists of two 525-megawatt generation blocks, each containing two gas combustion turbines, two heat recovery units to produce steam and one steam turbine.
Broadstone Becomes Canyon Resort at Great Hills
AUSTIN (Austin Business Journal) – The Connor Group has purchased a 256-unit luxury apartment community near Capital of Texas Hwy. and Spicewood Springs Rd.
Located at 8501 Bluffstone Cove, Broadstone at Great Hills has been renamed Canyon Resort at Great Hills by the Ohio-based company.
Arizona-based Alliance Residential Co. was the seller. CBRE Group handled the transaction.
One Main Place Saved from Foreclosure
DALLAS (Dallas Morning News) – A troubled downtown skyscraper has been purchased.
Facing foreclosure since last year, One Main Place at 1201 Main St. was purchased by KFK Group.
The 32-story building contains more than one million sf of office space and is appraised at $37 million for taxes.
JLL has been hired to operate the 50 percent leased building, which is expected to be renovated.
HFF marketed the property.
California Buyer Moves into Texas Storage
DALLAS (GlobeSt.com) – California-based William Warren Group has moved into Texas with its purchase of four self-storage facilities.
Totaling 206,806 sf and 1,376 units, the four facilities will be rebranded to StorQuest Self Storage. Three of the properties are in Dallas. The fourth is in El Paso. They are:
- DFW Self Storage Denton: 10333 Denton Dr., containing 49,265 sf in 272 units;
- DFW Self Storage Normandale: 9250 Normandale, containing 44,820 sf in 392 units, plus an additional 1,800 sf of RV storage;
- DFW Self Storage Shady Trail: 10317 Shady Trail, containing 49,881 sf in 334 units; and
- Trevino Self Storage: 10966 Montwood Dr., El Paso, containing 61,040 sf in 378 units.
Multifamily Springing up in Alamo City Area
LEON SPRINGS (GlobeSt.com) – Ground has broken on a multifamily complex as part of a mixed-use project. The upscale 320-unit complex will be on 15 acres in the project on I-10, between Leon Creek and Leon Springs.
Embrey Partners is working on the development with Case Pomeroy Properties and Leon Creek Ltd, with first occupancy scheduled for February 2015. One-, two- and three-bedroom apartments will be available ranging from 608 to 1,409 sf.
Designed by BGO Architects, the community will pay tribute to both local history and the Old Spanish Trail.
Financing for the project comes from JP Morgan.
More Homes Soon to be Found in Hidden Creek
CYPRESS (Houston Chronicle) – A new section of the Bridgeland master-planned community will have 1,000 lots available for home builders by the middle of the year.
After receiving a permit from the U.S. Army Corps of Engineers, Howard Hughes Corp. is moving forward in developing 806 acres for a new subdivision called Hidden Creek.
Homes are expected to range from $200,000 to more than $1 million.
Another Bridgeland neighborhood, Lakeland Heights will have an additional 200 lots for new homes.