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KB Home Acquires 78-Acre Lot for New Mirabel Community

18 May 2014, 5:05 am

By Anca Gagiuc, Associate Editor

A new community of single-family homes is scheduled to enter the construction phase in September. Renowned homebuilder KB Home will build Mirabel on 78 acres northwest of San Antonio, at the base of the Texas Hill Country, along the IH-10 corridor. It expects to hold a groundbreaking event in spring 2015.

KB Home chose a logistically perfect location for Mirabel: minutes away from major employers, retail and entertainment options, and prestigious schools, on Old Fredericksburg and Ralph Fair roads. Also in the area are the University of Texas San Antonio, Valero, NuStar, USAA, The Shops at La Conterra and The Rim.

This is not the firm’s first acquisition and development in the area. Known for its commitment to maintain and grow its business portfolio in San Antonio, KB Home currently has homes listed for sale in 25 locations in San Antonio, Boerne, Cibolo and New Braunfels.

“We are excited to be back along the IH-10 corridor and look forward to building a beautiful community among the Heritage Oak groves at Mirabel,” said Brett Dietz, president of KB Home’s Central Texas division, in a news statement. “With the extensive community amenities, spacious lot sizes and the popular home designs we plan to offer here, we believe Mirabel is poised to become one of our most popular projects when it opens next year.”

At Mirabel, the homebuilder has planned to offer four one-story and 12 two-story floor plans, ranging in size from 2,004 to 4,094 square feet and featuring as many as five bedrooms and three baths. Ten of the floor plans will show the master bedroom on the first floor, and planned amenities include a community park and pool exclusively for Mirabel’s residents. The homes will be designed to match ENERGY STAR® guidelines, with energy- and water-efficiency details. One of them is WaterSense®, a WiserTM home management system that monitors and controls the home’s energy usage as commanded by the homeowner.

NRP Group Sells Belleza at Cresta Bella Apartments to Inland

10 May 2014, 4:34 am

By Anca Gagiuc, Associate Editor

The Class A multifamily development Belleza at Cresta Bella Apartments has changed owners. NRP Group LLC turned it over to Illinois-based Inland Real Estate Investment Trust for an undisclosed amount; the sale was brokered by CBRE Group Inc.

“Inland is the model for best-in-class real estate. We’re confident their team will provide an exceptional experience for Belleza’s residents and its surrounding community,” said Seth Mendelsohn, vice president of investment & asset management for NRP, in a press statement. “In turn, Belleza will greatly benefit Inland as a trophy asset, with awe-inspiring quality and beauty.”

NRP built the Belleza at Cresta Bella Apartments in 2013, ensuring it will become one of Texas’ most desirable communities through its contemporary design, resort-style amenities and breathtaking panoramic views. It features luxurious amenities such as a high-tech business center, expansive fitness gym with yoga room, two dog parks, an infinity pool overlooking the Hill Country area and a second one, larger and with cabanas and a grilling area. Apartment amenities flaunt quartz counters, stainless appliances, tile backsplash lighting, attached parking and more.

Located in the Hill Country of San Antonio’s Northside, the 288-unit upscale community was 98 percent occupied at the time of the sale. Situated along the west side of Interstate Highway 10 at Cam Bullis Road, the community is close to some of San Antonio’s most frequented areas for shopping, dining and recreational activities; the Shops of La Cantera, Six Flags Fiesta Texas and the Rim are in close proximity.

Heyco Energy Group Invests in Gas Converting Plant for Eagle Ford Shale Area

2 May 2014, 6:52 pm

By Anca Gagiuc, Associate Editor

Dallas-based Heyco Energy Group is developing a new plant about an hour-and-a-half east of San Antonio, in Lavaca County on alternate U.S. Highway 77. It will produce liquefied natural gas (LNG), which will be sold to fuel distributors in the Eagle Ford Shale area, but not directly to the public or LNG users.

The project is estimated to cost around $91 million. Construction is scheduled to begin in May or June and should be finalized within eight to 11 months. The facility, the company’s first of this kind, will convert natural gas extracted from the shale into LNG, used to fuel drilling rigs and hydraulic fracturing equipment used in the area. Enterprise Products Partners will provide Heyco with gas.

“Producers have figured out that it takes a lot of energy to find and produce energy,” Heyco President Chris Coleman reported to the San Antonio Business Journal. “They’re recognizing that LNG is less expensive than diesel fuel and has lower emissions.” An ever-increasing number of oil and gas producers are using cleaner fuels, this way solving two problems with one solution: reducing the creation of greenhouse gas and cutting costs.

Construction Progresses at Candlewood Suites in San Antonio

17 Apr 2014, 10:35 am

By Anca Gagiuc, Associate Editor

What is to become the “largest Candlewood Suites hotel” in the world is progressing toward a scheduled open date in July 2014. Cleveland Construction Inc., the current general contractor for the Fort Sam Houston Candlewood Suites hotel, located in Joint Base San Antonio, shared updates about the massive development, designed by EDI International.

The expansive project will be built on five stories of pre-fabricated cold-formed metal panel structure, encompassing 153,685 square feet that will turn into 310 studio and one-bedroom suites with fully equipped kitchens and generous work areas in each room. Hotel amenities will include a swimming pool with patio pavilion, business and fitness centers, guest laundry facilities, a breakfast bar and on-post shuttle service. The exterior consists of gypsum board sheathing, a fluid applied barrier, an exterior insulation finishing system (EIFS), a TPO roofing system and blast-resistant windows and storefront systems.

Work is underway on the concrete sidewalks and EIFS; the swimming pool area is prepared, as is the final site grading. On the interior, work is done on the drywall, ceramic tile installation, vinyl flooring, interior doors and hardware, toilet and bath accessories, electrical wiring, HVAC devices and trim, and installation of the elevator systems.

The hotel development is part of Privatization of Army Lodging, an Army-led program established to revitalize on-post lodging facilities for service members, their families and all government travelers. “Breaking ground on the first Candlewood Suites hotel is a major milestone for the PAL program,” said Charlie Smith, senior vice president & general manager of portfolio operations – lodging for Lend Lease (US) Public Partnerships, during the groundbreaking event.

San Antonio’s Shavano Centre III Listed For Sale Through Marcus & Millichap

7 Apr 2014, 2:21 pm

By Anca Gagiuc, Associate Editor

Marcus & Millichap recently announced it has been chosen by a San Antonio developer to market for sale the office building known as Shavano Center III. Scott Ryan, an associate vice president for investment, is heading the effort. The property is listed for $12.5 million, or $197 per square foot.

“Shavano Center III is stabilized at 100 percent occupancy,” said Ryan in a news release. “The property is an attractive, well-placed asset with a varied tenant mix and staggered rollover.”

The asset is located in the Far North submarket, at 3619 Paesanos Parkway, between Interstate Highway 10 and U.S. Highway 281. Built in 2007, it totals 63,501 square feet on three stories. The 3.29-acre, park-like property features mature oak trees; the building is constructed from concrete tilt wall panels with stone veneer, encasing a steel frame. Shavano Center III features a security surveillance system with 24-hour card key access, and tenants have control of HVAC and electricity. Surrounding retail and entertainment establishments include The Shops at La Cantera, The Westin Resort, The Rim and the Six Flags Fiesta Texas.

According to Marcus & Millichap, San Antonio’s office market will go through some positive changes throughout 2014. Vacancy will fall to 13.8 percent, as a sign of employment growth and consequently of additional investor interest. Rents will go up 2.7 percent, following last year’s increase of 0.3 percent. Sales are also looking up, as institutional investors and REITs gain interest in newer, multi-tenant and sale-leaseback opportunities.

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