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Stream Realty Partners Acquired San Antonio Medical Office Building

28 Jan 2014, 5:55 am

By Anca Gagiuc, Associate Editor

The medical office building at 5109 Medical Drive has been acquired by the national real estate development and investment firm Stream Realty Partners. The address is on the campus of Christus Santa Rosa Medical Center in the South Texas Medical Center. Details about the transaction have not been made public.

The four-story, Class A office property encompasses 80,000 square feet, situated on 3.43 acres in the Northwest submarket. This area in particular experienced a prosperous 2013, showing a net absorption of 86,381 square feet in the fourth quarter alone, according to a CBRE report.

Lately, physicians’ interest in areas that are more convenient to patients has attracted them to retail and office assets. “Stream Realty purchased 5109 Medical Drive because of its central location within the South Texas Medical Center and opportunity to accommodate a variety of users,” said Carolyn Hinchey Shaw, vice president with Stream, in a news release.

Leasing will be handled by Shaw and Jason Schnittger, a senior vice president in Stream’s San Antonio office, and the company will also provide property management services.  “Since it is the only property in South Texas Medical Center of this size and quality, we anticipate finding users quickly.” Schnittger noted.

Photo courtesy of Stream Realty.

Welcome Home Center Open in Wortham Oaks by Lennar San Antonio

21 Jan 2014, 6:05 am

By Anca Gagiuc, Associate Editor

A new Welcome Home Center is open in North Central San Antonio, at 22307 Akin Doe. Lennar, one of the nation’s leading homebuilders, introduced the Oak Knoll Collection in Wortham Oaks.

The Oak Knoll Collection offers five floor plans ranging from 1,580 to 2,743 square feet. Pricing starts at $199,400 and goes up to $257,400. The more spacious alternative is featured at the Welcome Home Center and includes four bedrooms, with the master bedroom on the ground level, 2.5 baths, two stories, a two-car garage and a study and game room.

“Wortham Oaks is a wonderful master-planned community on San Antonio’s Northside that’s still at a more affordable price,” Tony Cerna III, director of sales and marketing for Lennar San Antonio, said in a news release. “The Oak Knoll Collection features one- and two-story plans designed with families in mind.”

The amenities for this gated community include a swimming pool, a pavilion and trails among native Live Oak trees. The community includes plans for a future Judson ISD elementary school. Lennar is known to offer luxurious touches as standard in its Everything Included communities, as well as GE Energy Star appliance packages, 9-foot and 10-foot ceilings per plan, covered patios, two-inch faux wood blinds, energy efficiency features and more.

“This excellent Northside location gives residents easy access to Highway 281, Loop 1604 and IH-35,” Cerna continued. “Whether you work downtown or at nearby military bases, Wortham Oaks is centrally located on the north side of the city, with lots of shopping, entertainment and dining options nearby.”

Photo courtesy of Lennar

WholeLife Cos. Buys Land for Premier Active Adult Community in Cibolo Canyons

30 Dec 2013, 6:48 am

By Adrian Maties, Associate Editor

WholeLife Cos. is one step closer to starting construction on its planned $55 million active adult living community in Cibolo Canyons. On Dec. 17, the developer announced it completed the acquisition of a 32-acre parcel of land just across the street from the entrance to the J.W. Marriott Hill Country Resort and Spa and the two PGA Tournament Players Club golf courses. It will be the future home of The WholeLife Traditions community.

WholeLife paid $7.7 million for the land. The company acquired it from the Forestar Group Inc., an Austin-based real estate company and the developer of Cibolo Canyons, a unique 2,100-acre master-planned community located north of San Antonio. Norton Rose Fullbright and Labarthe law firms represented WholeLife in the transaction, while Transwestern’s Michael Griffin represented WholeLife as its realtor.

The WholeLife Traditions community will be a 154-unit luxury active adult-living community. Units will range between 1,500 and 2,000 square feet. It is designed by architect Ken Schaumburg of Ft. Worth. The landscaping, sidewalks, streetlights and the design of the homes will  make WholeLife Traditions look and feel just like a traditional American neighborhood. The community includes an expansive and functional WholeLife Club, with event space, a state-of-the-art fitness center, a pool, a game room and community services.

The Bexar County Commission unanimously approved a $55 million tax-exempt bond to finance the construction of the project in mid-October. Pape Dawson Engineers is the civil engineer for the project, while the Willis Group will provide risk management services. Gables Residential, a division of ING Financial Services, will provide operations and leasing services.

Photo credits: WholeLife Cos.

Mobile Leasing Starts at Carter’s Tetro Student Village

16 Dec 2013, 9:47 pm

By Anca Gagiuc, Associate Editor

Atlanta-based developer Carter has started leasing Tetro Student Village, a student housing project under construction at 14402 Babcock Road, less than half a mile from the University of Texas at San Antonio (UTSA). Its approach is unique.

A 14-inch food truck has been customized into Tetro Truck, a mobile leasing center with full equipment for virtual tours of the units and an ability to conduct all transactions online. This uncommon marketing tool will travel to nearby festivals, parks, sporting events, restaurants and bars to promote the new development and pre-lease to those interested.

“Tetro Student Village will be a tremendous addition to the San Antonio market,” said David Nelson, vice president of Carter’s development team, in a press statement. “All of the pieces are in place for it to be extremely successful: innovative marketing and leasing, strong growth in student enrollment at UTSA, proximity to campus and a wide array of high-quality amenities that have been re-imagined  for college living to meet the high expectations of today’s student.”

The community covers 16 acres and will total 198 units with 590 beds, including 121 flat-style apartments and 77 townhomes built around a town center. One-, two-, three- and four-bedroom floor plans will be available, and the townhomes will include two-car garages. Amenities will include a resort-style pool; volleyball, basketball and bocce ball courts; a soccer field; a grilling area; a fire pit; a study room; an arcade; a dog park; a tanning room; a coffee shop; a sports bar; a state-of-the-art fitness center; and a media room. The development is scheduled to open in fall of 2014.

Cardinal Group Management will operate the property. “We are excited to be working with Carter to deliver premier student housing for the San Antonio market,” said Del de Windt, CEO of the management firm. “Tetro will not only be a gorgeous community but an affordable one, as well. With its proximity to campus, unit sizes and top-of-the-market amenities, Tetro will provide students of UTSA with a community-focused living experience unlike any other.”

Photo courtesy of Tetro Student Village.                

Methodist Hospital Announces $200M Expansion

10 Dec 2013, 9:56 am

By Anca Gagiuc, Associate Editor

The Methodist Hospital opened in 1963 in the South Texas Medical Center with 175 beds and 272 employees. These days, the hospital has 882 beds and a staff of 3,538 members; recently they’ve announced a significant expansion of $200 million that will start in early 2014 and be completed by 2017.

The project consists of the expansion of the footprint by 445,000 square feet, and includes renovations and development for both the Methodist Hospital and Methodist Children’s Hospital.

“With a 50-year track record of as the most preferred hospital in the region, it’s important to continue to meet the needs of our community, our employees, and our physicians,” said Gay Nord, CEO of Methodist Hospital and Methodist Children’s Hospital, in a press release. “Our landmark expansion includes upgrades to substantial areas and services across Methodist Hospital and Methodist Children’s Hospital to include the addition of two new patient towers, expansion of women’s services and neonatal ICU, and expansion of emergency services as well as surgical services.”

The Methodist Hospital Central Tower will be expanded with a new entrance and the adult emergency department will grow to 48 treatment rooms. The sub-level surgical pre-operating and post-operating areas will also be enhanced and an additional nine story parking garage, partially underground, will improve patient access from the parking area directly to the surgical suites.

The Methodist Children’s Hospital, opened in 1998 as the only facility of its kind in the region, will grow from 32 beds 40 in the Emergency Department and a six story patient care tower will be added. A new entrance for the Children’s Hospital is also part of the plan. The Methodist Children’s Hospital Newborn Intensive Care Unit (NICU) will result in 94 beds.

For the comfort of the patients and their families, more than 90 percent of the patient rooms will be private rooms.

“We’ve built a reputation for providing exceptional health care to the people of San Antonio and South Texas,” Nord added. “Now it’s time for us to embark on the largest construction project our organization has ever undertaken.”

Photo courtesy of Methodist Hospital

PHH Ventures Partners Lease Aztec Theater, with Plans to Redevelop It

2 Dec 2013, 4:58 pm

By Anca Gagiuc, Associate Editor

After successfully collaborating to transform Sam’s Burger Joint into a live music venue, Sam Panchevre and Keith Howerton, partners at PHH Ventures Entertainment L.L.C., have signed a multi-year lease with Baron Theodore Bracht for the 87-year-old historic Aztec Theater. The property, located at 201 E. Commerce St., will undergo renovations that will transform it into a concert venue capable of accommodating midsize touring acts.

The Aztec presents the design of Meyer & Holler, flaunting vibrantly colored columns, sculptures, furnishings and murals, some of them authentic reproductions of Meso-American artifacts. The interior is decorated with fixtures, furnishings, relief carvings, sculptures, plaques, painted symbols and architectural elements inspired by the Aztec, Mixtec, Zapotec, Toltec and Mayan cultures. The theater has been listed on the National Register of Historic Places since 1992, which helped keep it safe from demolition. Baron Theodore Bracht purchased the building in 1998 and invested $20 million into its restoration in 2006.

The estimated budget for the redevelopment project is $2 million, which will increase the capacity from 1,700 seats to 2,000. “So many promoters, talent buyers and artists have talked to us about wanting to book shows that will draw 1,500 to 2,000 people. They can’t find the right venue in San Antonio,” Panchevre told the San Antonio Business Journal.

Aside from readjusting the seating configuration, the renovation will include new concert lighting and sound, along with a new bar. The project is scheduled to be finalized by mid-January 2014.

Photo courtesy of Aztec on the River

SouthStar Announces Three New Neighborhoods in New Braunfels Community

26 Nov 2013, 2:39 pm

By Anca Gagiuc, Associate Editor

Following strong sales in the Vintage Oak community, residential investment, development and management firm SouthStar announced plans for three new neighborhoods in the city of New Braunfels, northeast of San Antonio. The master-planned community has been on the market since 2006, but only in the past 10 months announced the sale of more than 100 housing lots.

“Vintage Oaks showcases the best of the Hill Country,” said Thad Rutherford, senior vice president of SouthStar. “We are pleased with the strong sales and continue to anticipate more growth in the South Texas market.”

As a result, the company decided to make available more lots of different sizes, distributed in three neighborhoods: Vineyard Ranch, The Reserve and Silver Oaks. All three of them will join the community that encompasses 3,300 acres of land along FM 3009 and State Highway 35.

Vineyard Ranch offers the most generous lots of all, with sizes ranging from five to 14 acres, while Silver Oaks is designed to offer one- to two-acre lots, and The Reserve features one-acre home sites. The latter is meant to respond to the need of an immediate move-in, having a set of designs to choose from so the buyer doesn’t have to go through the time-consuming process of securing a custom-home builder for the lot they’re purchasing.

Vintage Oak is not the only New Braunfels community SouthStar has in the development process. The company is also behind Havenwood at Hunters Crossing, located at 5975 FM 1102.

Photo courtesy of SouthStar Communities.

Hunter’s Ridge Becomes Elm Creek Apartments After Presidium Group Acquisition

19 Nov 2013, 5:26 am

By Anca Gagiuc, Associate Editor

Formerly known as Hunter’s Ridge, the apartment complex at 2358 NW Military Highway, near Hardberger Park, has a new owner and a new name. Presidium Group, a Dallas-based real estate investment and management firm, added the community to its portfolio. A rebranding process led to its being renamed as Elm Creek Apartments.

The property offers 81 units in five different floor plans, including from one to four bedrooms. A $1.1 million renovation to both the interiors and the exteriors will include upgraded flooring, lighting fixtures, appliances, hardware and plumbing. Exterior work includes landscaping, exterior wall upgrades, a pool and leasing office improvements.

“The location of this acquisition, coupled with the renovation and rebranding efforts, significantly increase the potential value of the property,” Cross Moceri, co-chief executive officer of Presidium, reported to the Business Journal .

According to the company’s website, Elm Creek Apartments is its second acquisition in the San Antonio area. In September, Presidium Group created a joint venture with Los Angeles-based private real estate investment firm Tryperion Partners to acquire Oakwell Springs, a 252-unit apartment complex located in the northeast submarket of San Antonio.

“San Antonio’s real estate market is very attractive, and this acquisition is part of our long-term strategy to grow our presence in this market,” said Moceri.

Photo courtesy of Elm Creek Apartments.

Sevona Westover Hills Community Acquired by Steel Castle Property Partners

12 Nov 2013, 7:14 am

By Anca Gagiuc, Associate Editor

Renowned real estate investment vehicle Steel Castle Property Partners announced the acquisition of a Class A multifamily property in San Antonio’s distinguished Westover Hills community. The transaction was performed through Steel Castle Capital L.L.C., a boutique real estate investment management firm with offices on both coasts.

Sevona Westover Hills is located wonderfully in the nearness of State Highway 51 (Raymond E. Stotzer Jr. Freeway) with Loop 1604 (Charles W. Anderson Loop) and the Christus Santa Rosa Westover Medical Center. The Sea World San Antonio and the Hyatt Hill Country Resort and Spa are also part of the surrounding environment.

“During the due diligence phase of the transaction, we learned that the U.S. Department of Defense invested a great deal in the area’s technology infrastructure,” said Bob Cooney, managing principal at Steel Castle Capital, in a press release. “This high-speed fiber access, in turn, attracted many large employers. In addition to the medical center and Sea World, Wells Fargo, Chase, Microsoft, Nationwide and other well-known corporations all have job centers within a short drive of the property.”

The community was built recently, with an eco-friendly focus and luxurious living space, in Texas’ hillside area. It offers 296 units in eight floor plans. Amenities include a 5,000–square-foot clubhouse designed after a historic Texas farmhouse from the 1800s, a cutting-edge fitness center and a resort-style swimming pool. The units have private balconies, expansive nine-foot-high ceilings, crown moldings, generous walk-in closets and ceiling fans. Tenants have the option to choose from designer interior color schemes.

“Sevona Westover Hills is already enjoying strong occupancy,” reported Craig Reed, managing principal at Steel Castle Capital. “It’s a Class A property in a Class A suburban community, and we’re very excited to have it in the Steel Castle Property Partners portfolio.”

Photo courtesy of Steel Castle Capital.

Garrison General Contractors Announces Renovation of La Quinta Inn San Antonio

5 Nov 2013, 6:31 am

By Anca Gagiuc, Associate Editor

The La Quinta Inn & Suites – San Antonio North Stone Oak is about to receive a makeover. The hotel is part of one of the country’s largest hotel chains. The assigned construction firm is San Antonio-based Garrison General Contractors.

The four-story hotel is owned by GPB Hospitality LLC of Monterrey, Mexico. It was built less than 10 years ago at 18502 Hardy Oak Blvd. The budget for the renovation of the 85-room hotel is estimated at $325,000, excluding fixtures, furniture and equipment, for which approximately $175,000 is projected.

The president and owner of the construction firm, Brian Garrison, said in a press release that renovation includes new carpet for all public areas, as well as paint, millwork, lighting and countertops, including in the lobby, meeting rooms, breakfast area, laundry, elevators, corridors and stairways. All guest rooms will have the carpet replaced and will be repainted, and wood-grain vinyl will be used for the entryway and bathroom. New drapes and bedding are also part of the facelift.

Work is expected to start early this month, with completion by early February 2014. “We understand all the nuances involved in renovating guest floors and public areas while maintaining a fully operational property with minimal disruption to hotel guests,” said Garrison.

In addition to the San Antonio project, Garrison has been tapped for the 121-room La Quinta Inn – Airport in El Paso and the 13-room facility La Quinta Inn – Santa Fe.

Photo courtesy of La Quinta Inn San Antonio.

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