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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.

Presidium Group Acquires Villages of Cinnamon Creek

1 Apr 2014, 1:33 pm

By Anca Gagiuc, Associate Editor

Dallas-based Presidium Group L.L.C. announced its fourth acquisition of a residential property in the San Antonio area over the past six months. The other three apartment complexes are the 252-unit Oakwell Springs, the 81-unit Hunter’s Ridge Apartments and the 123-unit Towne Oaks apartments.

The Villages of Cinnamon Creek is a 348-unit multifamily community located on the Northwest Side, at 8722 Cinnamon Creek Drive. In close proximity are the University of Texas Health Science Center, the University of Texas at San Antonio and the national headquarters of USAA.

Transaction details have not been made public, but last year the property was assessed at $21 million. According to the Bexar Appraisal District, the previous owner of the community was F&F International Associates L.P. Presidium plans to rebrand and renovate the community in the coming months, having allocated $3 million for capital improvements. Work includes upgrades to the units’ interior hardware, plumbing, lighting fixtures and appliances. Exterior work will consist of improvements to the building exteriors, amenities and common areas.

“The Villages of Cinnamon Creek is an outstanding asset in good physical condition in one of the most desirable San Antonio submarkets,” said Presidium co-CEO Cross Moceri in a press statement. “The community is well located and performing at strong levels, with upside potential to significantly increase rental income through value-add renovations.”

San Antonio City Council Selects Gustafson Guthrie Nichol to Design Hemisfair’s Civic Park

25 Mar 2014, 1:39 pm

By Anca Gagiuc, Associate Editor

The San Antonio City Council has selected a firm to design and arrange the landscape architecture for the Hemisfair Park. The winner is Seattle-based Gustafson Guthrie Nichol (GGN). The project is part of a series of three parks on the Hemisfair site.

The downtown site is located at one of the most vibrant pedestrian intersections of the city – Market Street and Alamo Street – and it spreads across more than eight acres. Plans are for a beautiful urban green space embraced by a lively, walkable district, with the design based on the community’s vision for the park. Completion and availability to the public are set for 2018, just in time for San Antonio’s Tercentennial and the 50th Anniversary of the World’s Fair.

The transformation of the Hemisfair site is being led by the non-profit Hemisfair Park Area Redevelopment Corp. (HPARC). GGN will collaborate with San Antonio-based Alamo Architects and a team of local and national design and engineering experts. Kathryn Gustafson, founding principal of GGN, and principal Keith McPeters will lead the design team. Project consultants are Magnusson Klemencic Associates, Vickrey & Associates, CHG Engineering, Ximenes & Associates, Jaster-Quintanilla, Tillett Lighting Design, Drew Collaborative Works, Toole Design Group, CMS Collaborative, Theatre Projects Consultants and ETM Consultants.

GGN’s other projects in the U.S. and Europe include the Lurie Garden at Millennium Park in Chicago; the Diana, Princess of Wales Memorial at Hyde Park in London; Cultuurpark Westergasfabriek in Amsterdam; Seattle City Hall Plaza; Valencia Parque Central in Spain; and the Robert and Arlene Kogod Courtyard at the Smithsonian American Art Museum and National Portrait Gallery in Washington, D.C.

“We were immediately drawn to the Hemisfair project as a rare opportunity to create one of the world’s great public spaces,” said Kathryn Gustafson in a news statement. “We are excited by the design potential inherent in the cross-cultural influences that define and propel San Antonio – a city with a rich history and a growing urban population,” she added.

Photos courtesy of Hemisfair 

KB Home Announces New Community of Built-to-Order Homes in New Braunfels

18 Mar 2014, 3:49 pm

By Anca Gagiuc, Associate Editor

This summer, New Braunfels will make room for a new construction site that will offer to homebuyers 469 Built to Order homes in a new community called West Village at Creekside. The grand opening is scheduled for January 2015.

The developer is KB Home, which recently announced acquisition of land where future residents will have the option to choose from two collections. Amenities will include a private swimming pool, a picnic pavilion, walking trails and a playscape for children. The surrounding areas offer rapid access to retail shopping, Comal ISD schools, a Buc-ee’s convenience store and The Village at Creekside, known as the largest healthcare hub between San Antonio and Austin.

“The Village at Creekside includes a hospital, labs, medical offices, fitness facilities and serves as a lifestyle center for the local area,” said Brett Dietz, president of KB Home’s San Antonio division, in a press statement. “We are excited to offer our beautiful, new energy-efficient homes to those who want to call this growing part of New Braunfels home.”

All homes will be built with energy efficiency in mind to help residents save on utility bills. WaterSense-labeled faucets and fixtures will be incorporated in each home to conserve natural resources. Those interested can opt for solar panels, which help lower energy bills further.

This is KB Home’s third New Braunfels community and joins 23 other communities in San Antonio. The newest ones on the market are Park Vista, CrossCreek and Esperanza, and the plans for further growth in the area don’t stop there.

“In addition to being one of San Antonio’s premier homebuilders, we pride ourselves on being one of the area’s first-choice land buyers,” added Dietz. “KB Home’s extensive market knowledge and strong relationships with local land sellers enable us to identify and quickly secure exceptional opportunities to offer our homes in highly attractive locations, including in New Braunfels, where West Village at Creekside will be built.”

New Development Breaks Ground in Historic Leon Springs

10 Mar 2014, 9:13 pm

By Anca Gagiuc, Associate Editor

Three firms have joined forces to keep a promise to “do something special” between Leon Creek and historic Leon Springs, fronting Interstate Highway 10. San Antonio-based Embrey Partners, New York City-based Case Pomeroy Properties and San Antonio-based Leon Creek Ltd. have broken ground on a 15-acre, 320-unit multi-family community as part of a larger mixed-use development.

The community is designed to pay tribute to the local history and to the Old Spanish Trail that in the late 1800s passed across the front of the property, at the same time reflecting an upscale, eclectic and pedestrian-friendly environment. Financing for the project comes from JP Morgan, and first occupancy is scheduled for February 2015.

The area offers magnificent hill country views, with walkable access to retail and popular local restaurants like Rudy’s and The Grill. “We’ve worked with other landowners to create a place with improved access that offers the ability to drive into the area and safely walk around; read the signage commemorating the historic nature of the area; visit the Aue homestead, old depot and hotel; and really get a sense of the historical significance of the area,” said Jeff Booth, Embrey’s senior managing partner on the project, in a press statement.

The Dallas-based BGO Architects chose a “Texas Country French” theme, utilizing native limestone. The development will include a 6,397-square-foot, two-story clubhouse featuring a business office, catering kitchen, dining room, fitness center and indoor golf simulator. Outdoor amenities will consist of a luxury pool with cabanas, cooking areas, a trellis-covered outdoor fireplace and green gathering areas. “We’ve designed this as an executive-class lifestyle experience and have made it flexible enough for empty nesters, singles and couples,” added Booth.

The apartments will include one-, two- and three-bedroom options, as well as carriage house units and townhomes; they will range in size from 608 square feet to 1,409 square feet. Residents will be able to choose from three interior design finish packages including high-quality granite countertops and custom wood cabinets. They will also be able to upgrade to packages normally found only in custom, single-family homes, such as designer hardware and lighting, stainless steel appliances and attached private garages.

The east side of the development overlooks homes in the Dominion, one of San Antonio’s most exclusive, Hill Country neighborhoods. Two premier residential buildings will offer elevators, one overlooking the pool and the other flanking the amenity center. “We’re very excited about developing it in a way that will reflect the quality and timeless architectural appeal the Dominion is known for,” said Booth.

Photo courtesy of Embrey Partners.

Canyon Realty Funds $55.2M Senior Loan for Final Phase of Retail Center The Rim

4 Mar 2014, 2:58 pm

By Anca Gagiuc, Associate Editor

The prosperous North San Antonio market keeps on flourishing, especially the Northwest Corridor. Following investment led by Hines Global REIT in massive retail center The Rim, the final phase of construction is about to commence. Canyon Capital Realty Advisors announced its involvement in the financing for the fifth phase with a $55.2 million senior loan to an affiliate of Thomas Land and Development L.L.C. RIM V adds 254,606 square feet of retail space to the existing construction, and 91 percent of it is already pre-leased to retail tenants.

This transaction is the second investment Canyon Realty has made in the Northwest submarket of San Antonio in the past three years. “RIM V is a compelling investment opportunity for Canyon Realty, given the project’s thriving trade area, with affluent demographics, excellent visibility and access, and a diverse tenant mix of national and local retailers,” said Robin Potts, director of Canyon Realty, in a press statement. “Thomas developed the first four phases of the RIM, which have become San Antonio’s premier power center, and we look forward to building on that success with the fifth phase of the center.”

RIM V is ideally located in the middle of the first four phases, which are 100 percent occupied. Scheduled to be finalized by the end of 2014, it includes among its tenants Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel.

“We are excited that Canyon Realty’s loan enables us to complete the vision of adding new top-tier retail tenants to the project,” stated Stan Thomas, founder, chairman & CEO of Thomas Land and Development. “Canyon Realty brought significant value to the project by moving quickly to structure and to execute the construction loan in a short timeframe to meet the needs of the transaction.”

Photo courtesy of The Rim.

Hines Acquires a Portion of The Rim Outdoor Retail Center

25 Feb 2014, 2:38 pm

By Anca Gagiuc, Associate Editor

The Northwest San Antonio is developing at very high speed. The latest acquisition is evidence of high interest coming from the investors: Hines Global REIT Inc. announced it purchased the retail interest of Georgia-based Thomas Land & Development in The Rim, the largest outdoor retail center in Texas.

The Rim has been designed to be constructed in five phases: The first four were completed between 2006 and 2008, and the last phase is scheduled to be completed by the end of 2015. The complex, which encompasses 1.8 million square feet located at the intersection of Interstate 10 and Highway 1604, is currently 99.5 percent leased to popular brands including Best Buy, Dick’s Sporting Goods, JC Penney, Nordstrom Rack, Saks Off Fifth and TJ Maxx.

“We were attracted to this property due to the desirable location in one of the strongest growth markets in the U.S. The strong tenant base, which has historically exceeded 98 percent occupancy since opening in 2006, proves it’s one of the best centers in Texas,” said Sherri Schugart, president & CEO of Hines Global REIT, in a press statement.

Hines Global REIT invested in the acquisition of 796,445 square feet of The Rim, plus rights to 259,656 square feet currently under construction, with completion set for Dec. 31, 2014, as well as the right to purchase an additional 97,000 square feet expected to be built by Dec. 31, 2015. The parcels left out of the transaction entitle 647,174 square feet and comprise a few other tenants, plus some that are individually owned by Bass Pro Shops, Lowe’s, Santikos Palladium Theatres and Target.

The seller was represented by Eastdil Secured. The purchase price has not been revealed by the buyer; however, Hines reported it in a filing with the Securities and Exchange Commission as $176.4 million. The property manager of the newly acquired retail space will be Hines’ Southwest regional office.

“The Rim is the fourth retail asset acquired by Hines Global REIT and is the largest to date. This acquisition is a great accomplishment and a great addition to our quality portfolio of retail centers.  We are grateful to Thomas Land & Development and Eastdil for their efforts in bringing this transaction to a close,” added Kenton McKeehan, managing director at Hines.

Photo courtesy of Hines

Embrey Partners Receives Approval for M-U Development

19 Feb 2014, 7:47 am

By Anca Gagiuc, Associate Editor

The border delimitating the urban and suburban areas of San Antonio started fading away when Embrey Partners announced it had received zoning approval to turn 8.2 acres of commercial space in the Legacy Shopping Center into an apartment development with 289 units. The property is located at Loop 1604 and Highway 281 in northern San Antonio and will be the third mixed-use community the company has built along the 281 corridor.

“This is very unique for the area. We’re urbanizing the suburbs. There’s no longer this line drawn in the sand between city and suburb. People can have that urban, walkable experience they want with a suburban location,” said John Kirk, executive vice president of development for Embrey Partners. “Embrey has had success with similar mixed-use projects, like the one at the Quarry with Artessa, and is now bringing it further north to Legacy,” he added.

The multifamily development is part of the Santikos Legacy master plan; construction on the Legacy apartments could start toward the end of this spring. The construction plan consists of three- and four-story buildings with parking both underground and on the surface, private garages, elevators, a two-level fitness facility, a resort-style infinity pool with private cabanas and views of the Hill Country to the north, and a dog park, all in a walkable area that is close to retail and restaurants.

The size of the Class A apartments starts from 550 square feet for a one-bedroom unit and goes up to 1,200 square feet for a two-bedroom unit. Their design will be all about Generation Y: in an urban environment with convenience and choices specific to it, but outside the city center. “The design is Texas contemporary. We’ve taken great care to complement the Texas Hill Country and the existing retail,” said Kirk.

“We are excited about the addition of an urban residential development to the existing restaurant, entertainment, shops, services and loft-style offices of the Legacy. Embrey Partners has been very successful with its multifamily developments in San Antonio, and we are pleased they have chosen Legacy for their next local project,” stated John Santikos, president & owner of Santikos Real Estate Services.

Titan Development Expands Industrial Park with 184 Acres

11 Feb 2014, 2:53 pm

By Anca Gagiuc, Associate Editor

The Titan Industrial Park, located in Schertz and Selma, 20 miles northeast of San Antonio and 60 miles south of Austin, has almost doubled in size. Titan Development earlier this month acquired 184 acres for development after purchasing 124 acres at Enterprise Avenue and Lookout Road last August.

“Titan Development is one of the Southwest’s largest and most active, vertically integrated real estate developers. Titan offers development and construction services for residential, mixed-use, office, industrial and retail real estate,” said Kevin Reid, the company’s chairman.

With this acquisition, the park spans 293 acres of land across two cities and Titan secures a place as a dominant player in the Northeast submarket. The deal secures the last of the larger land tracts that were still available in the area, reported CBRE’s Rob Burlingame, who handles leasing for Titan Industrial Park along with Endura Advisory Group.

“Titan Industrial Park’s original site is well placed to suit users’ expansion needs within the Far Northeast San Antonio submarket. The latest acquisition not only expands the park’s footprint but allows the park to suit a more diverse set of users and offer even more flexible site configurations. It’s truly a win-win situation,” Burlingame said in a news release.

Zoning for the site allows for light-industrial, warehouse, distribution and manufacturing facilities. Due to the location of the development, Titan Industrial Park gains additional growth within the greater Tri-County area, according to CBRE.

Titan Development offers services such as raw and developed land acquisition, full entitlement processes and implementation, fee development, design/build leaseback as well as joint ventures and opportunistic acquisitions, all designed to build material value for clients and investors. They offer development and construction services for residential, mixed-use, office, industrial and retail real estate.

Cantex Development Partners, Southwest Engineers to Develop Las Colinas Subdivision

4 Feb 2014, 6:49 am

By Anca Gagiuc, Associate Editor

The full-service civil and environmental engineering consulting firm Southwest Engineers Inc. announced its partnership with real estate development firm Cantex Development LLC to contribute development and civil engineering services for the new Las Colinas Subdivision in Karnes County, near San Antonio.

“The collaboration between Southwest Engineers and Cantex Development reflects the vision of both organizations to help progressively and strategically grow communities like the city of Kenedy,” said the president of Southwest Engineers, John Littlefield, in a press statement. “Our goal is to identify meaningful, high-quality projects and develop reliable, long-term solutions that successfully position Texas communities and municipalities to benefit today’s community and future generations,” he added.

Las Colinas is designed to be built in three phases; 115 lots will be offered in the first two phases of the development. The community’s construction will begin in the second quarter of 2014, and the first phase should be finished by the end of the year. The developers offer three models for the single-family homes; the square footage for these ranges from 1,336 to 1,791 within the price range $169,900 to $219,900. They also offer three models of duplex homes, ranging in square footage between 1,367 and 2,069 and in price between $164,900 and $229,900.

Nowadays, in its current state, Kenedy relies on temporary housing options (RV parks, “man camps,” and just a few hotels in surrounding areas) for its residents – most of them employees and visitors connected with the oil and gas industries. The partnership set as a goal the construction of a more permanent housing option for them.

“It is a privilege to partner with Cantex Development on this innovative milestone for the city of Kenedy,” stated Eric Schulze, senior project engineer of Southwest Engineers. “As a family owned and operated business, we focus on projects centered on sustainable community growth. We’ve been working in and around Kenedy for more than 30 years and are very excited to help bring this new community to life.”

Photo courtesy of Cantex Development.

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.

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