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Presidium Group Acquires Sentinel Pointe in San Antonio, Quarters in Dallas

4 Jul 2014, 4:55 am

By Anca Gagiuc, Associate Editor

Presidium Group LLC continued its series of investments in the state of Texas with the recent acquisition of two additional residential communities in the state of Texas: Sentinel Pointe, a 91-unit apartment complex located in midtown San Antonio, and Quarters, a 208-unit property in Dallas.

Both multifamily communities will undergo interior and exterior renovations, including new unit fixtures, plumbing, lighting fixtures and appliances, and a new color scheme. The exterior upgrades will consist of improvements to the buildings, the amenities and common areas, and the leasing center. Additionally, both will be rebranded, and Quarters will get new signage and new Hardie siding and paint.

“This acquisition is ideally positioned to take advantage of the current transformation in midtown San Antonio,” said Presidium co-CEO Cross Moceri about Sentinel Pointe. “With our planned value-add renovations, the property has tremendous upside potential.”

Sentinel Pointe is located in one of San Antonio’s prosperous submarkets, with significant growth over the past three years. Its position close to the Pearl Brewery development’s new restaurants, retail centers, farmers market and culinary school makes it convenient for residents. Entertainment and relaxation areas are also nearby, including San Antonio’s Childrem Museum, Brackenridge Park and the River Walk, with two major universities completing the scene: University of the Incarnate Word and Trinity University.

In addition, “Quarters is a well-located asset that nicely complements our multifamily portfolio in the Dallas area,” said Presidium co-CEO John Griggs. “The property has tremendous upside potential, and with value-add renovations we can reposition the asset within its submarket.”

Quarters is located in the north submarket of Dallas, easily accessible from the Northwest Highway and U.S. Highway 75. The neighboring area offers a retail scene and a growing restaurant. The community’s amenities feature a swimming pool, laundry facilities, a clubhouse and a business center.

CBRE Announces Sale of Villa Rosa Medical Plaza in San Antonio

29 Jun 2014, 4:02 am

By Anca Gagiuc, Associate Editor

Villa Rosa Medical Plaza in San Antonio has changed owners. The seller, L&B Realty Advisors LLP, was represented in the transaction by Chris Bodnar and Lee Asher, from CBRE Group Inc.’s U.S. Healthcare Capital Markets Group, and Scott Herbold and Todd Mills from its San Antonio office. The buyer is American Healthcare Investors, but the amount remains undisclosed.

The three-story medical office building was built in 2010; it encompasses 68,402 square feet and is located on the CHRISTUS Santa Rosa Medical Center campus under a long-term ground lease. The property features a covered porte-cochere at the main entrance and 289 surface parking spaces for physicians and patients, of which 16 are covered. Lush green landscaping surrounds the medical villa, and a lily pond with fountain creates a soothing area for patients.

“The Villa Rosa Medical Plaza on the CHRISTUS Santa Rosa medical center campus was very well received in the market,” said Herbold. “In addition to having on-campus credit tenancy, it is well positioned as the only newer medical office building in the South Texas Medical Center, with first-generation shell space on large, efficient floor plates.”

The building is located within the 900-acre South Texas Medical Center, the largest concentration of medical centers in San Antonio: It includes 13 hospitals; the University of Texas Health Science Center; and medical, dental and nursing schools.

CBRE’s U.S. Healthcare Capital Markets Group has significant national transaction experience with healthcare real estate investments and financing. The group has completed more than $2.5 billion in healthcare sales and debt sourcing transactions since 2007.

WestRidge One Office Development Announces First Tenants

21 Jun 2014, 4:01 am

By Anca Gagiuc, Associate Editor

Harland Clarke Holdings Corp., one of San Antonio’s oldest companies, has chosen a new global headquarters. The selected property is part of the master office park located at 15955 La Cantera Parkway, owned by USAA Real Estate Co. and developed in partnership with Patrinely Group. Wholly owned subsidiary Harland Clarke will also be part of the move.

“We are proud of our San Antonio heritage and our continued growth in the global marketplace,” said Harland Clarke Holdings CEO Chuck Dawson in a news statement. “Our company was built on values that are consistent with the character of this community. It’s been a great fit for 140 years. We believe that WestRidge One at La Cantera will provide the quality environment that will best support our future.”

WestRidge One is a 129,016-square-foot office building and represents the first phase of RealCo’s 42-acre master-planned office park in San Antonio. Designed by architectural firm Gensler and spanning 13 acres, it features tinted glass and stone exteriors, totals four stories and includes 645 surface parking spaces. The development is aiming to achieve LEED certification. WestRidge Two is scheduled to begin construction in the fourth quarter of 2014.

“We’re very proud of our development at La Cantera, which has rapidly become recognized as San Antonio’s most dynamic new business and commercial district. We’re confident that Harland Clarke Holdings and Harland Clarke will both find WestRidge One the consummate headquarters from which to grow and prosper in the years to come,” added Len O’Donnell, CEO of USAA Real Estate Co.

The property is within walking distance of the other La Cantera developments: the 500-room La Cantera Hill Country Resort, the Shops at La Cantera and the 322-unit luxury residential project The Residencies at La Cantera. The transaction was closed with Savills Studley representing Harland Clarke/Harland Clarke Holdings, Lisa Mittel and Chuck King of Travis Commercial representing the common interests of Patrinely and USAA Real Estate Co., and Dennis Tarro representing Patrinely Group.


Koontz McCombs Sells Encino Trace Office Park to Brandywine Realty Trust

31 May 2014, 4:47 am

By Anca Gagiuc, Associate Editor

Brandywine Realty Trust purchased Encino Trace, the office park project located at 5707 Southwest Parkway in southwest Austin, from San Antonio-based developer Koontz McCombs. Details about the transaction remain undisclosed.

The office campus spans more than 54 acres, set to include 320,000 square feet of Class A office space. It will also include a parking garage, an on-site fitness center, a basketball court, a multi-purpose sports field, as well as expansive outdoor amenities such as a 1.5 mile hiking and running trail. To minimize environmental impact, the development will cover less than eight acres, with the buildings designed to achieve a three-star rating from Austin Energy’s Green Building Program. Construction work has already begun, with Koontz McCombs Construction as general contractor.

“Encino Trace meets our definition of what premier office space should be for the kind of clients we enjoy serving,” said Gerard Sweeney, president & CEO of Brandywine Realty Trust, in a news release. “It’s a good example of how thoughtful design can enhance the interior work experience and respect the surrounding environment. That’s a standard we seek in all our projects, and it fits perfectly with Austin’s active lifestyle culture.”

The first tenant to sign a lease for the new building is ARM Holdings PLC, currently a tenant in Brandywine’s Park on Barton Creek campus. It plans to settle its engineering design center there as of the spring of 2015. Jones Lang LaSalle Inc. represented ARM in the lease transaction, while Oxford Commercial represented Koontz McCombs.

“This has been a uniquely challenging and rewarding experience for us,” said Bart Koontz, president & CEO of Koontz McCombs. “It was a complicated transaction involving all of our service areas, leasing, development and construction simultaneously. Best of all, it gave us the opportunity to work with two outstanding companies in Brandywine and ARM. It’s always a pleasure to work with top-flight, professionally managed companies.”

HMC Opens Wyndham Microtel Inn & Suites

24 May 2014, 12:13 pm

By Anca Gagiuc, Associate Editor

The Eagle Ford Shale oil and gas development is a powerful magnet for different kinds of businesses. Hospitality Management Corp. (HMC) recently announced the opening of a newly built Microtel Inn & Suites by Wyndham in Kenedy, Texas, just one hour south of San Antonio.

It marks the 16th hotel the company has acquired and managed in Texas. “We are excited to expand our Texas presence with another hotel in the Eagle Ford Oil & Gas shale play area,” said Gerald Morris, vice president of operations for HMC, in a news release. “HMC is keenly focused on growth in both the Eagle Ford and Cline Texas Oil and Gas shale areas, inclusive of new hotel development. In the past several months, we have added nine hotels located in these dynamic markets to HMC’s growing portfolio, with several more in the pipeline.”

The new development is a 100 percent non-smoking facility, and offers 83 guest rooms and pet-friendly benefits, plus large-vehicle parking. The price of a room includes continental breakfast, and other amenities include free Wi-Fi in the rooms and throughout the hotel, laundry facilities, flat-screen televisions, refrigerators and microwaves. Local calls are also free, while fax, copy and mail service are available at the front desk.

The location caters to business travelers, with local attractions to unwind like Karnes County Club Golf Course and Joe Gulley Park. The hotel is located at 333 N. Sunset Strip Drive, accessible from TX-181.

Photo courtesy of Microtel Inn & Suites by Wyndham.

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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