June 19, 2014 | ISSUE 436
Texas Real Estate Business E-Newsletter
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Balfour Beatty Closes Financing 

for $104M Student Housing Project

The development, which is Phase I of the project's two planned phases, will feature 1,274 beds and community areas that will house residence life offices and other amenities for Texas A&M's undergraduates. 

COLLEGE STATION, TEXAS -- Balfour Beatty has closed on the financing for a $104 million student housing project at Texas A&M University's main campus in College Station. 


Balfour Beatty Campus Solutions LLC, a developer and operator for the college and university market, is the lead developer for the development, and Balfour Beatty Construction, based in Dallas, is the design/build partner on the project. 


The development, which is Phase I of the project's two planned phases, will feature 1,274 beds and community areas that will house residence life offices and other amenities for Texas A&M's undergraduates. Construction is expected to begin this summer, and the development is expected to be ready for occupancy in August 2015. 


"This is an exciting project that harnesses the significant capabilities of both Balfour Beatty's investments and construction teams to deliver a creative development and financing solution that meets the university's specific goals," says Jim Short, senior vice president for Balfour Beatty Campus Solutions. "We've worked closely with university representatives and are very pleased with the ultimate design which will result in an exceptional living environment for the students at Texas A&M." 


Developed through a public-private partnership on a long-term ground lease with the university, the project scope includes the design, construction and financing for the new west campus facility. 


Click here to read more of John Nelson's story.


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Adolfson & Peterson Tops Out 

Forest Park Medical Center in Austin

The Forest Park Medical Center will feature 46 private inpatient rooms, including 12 family suites, six intensive care rooms and 10 fully integrated operating suites. 

AUSTIN, TEXAS -- Adolfson & Peterson Construction has topped out the $90 million Forest Park Medical Center in Austin. Adolfson & Peterson is serving as the general contractor for the hospital, which is being developed by Neal Richards Group. The project is being built on an 8.5-acre site inside of a 59-acre master campus located near state highway 45 and La Frontera Boulevard in Williamson County. 


The 145,000-square-foot, four-story hospital will feature 46 private inpatient rooms, including 12 family suites, six intensive care rooms and 10 fully integrated operating suites. Also part of the development is an 80,000-square-foot medical office building and an 181,000-square-foot garage.


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LaSalle Group Breaks Ground 

On Memory Care Facility in Oklahoma

David Greenwell, city councilman; Randal Dame, co-chair for the Chamber Ambassadors; Joseph Jasmon, chief operating officer of The LaSalle Group; Randall Stafford, senior vice president of commercial lending for Prosperity Bank; and Jeffrey Russell, Prosperity Bank Area president, break ground at the new Autumn Leaves facility. 

OKLAHOMA CITY -- The LaSalle Group has broken ground on a 30,000-square-foot, $9.5 million memory care facility in southwest Oklahoma City. Autumn Leaves of Southwest Oklahoma City will accommodate nearly 50 residents with Alzheimer's and other forms of dementia. 


LaSalle recently opened Autumn Leaves of Edmond and currently has 36 communities open or under construction across the country. Autumn Leaves of Southwest Oklahoma City is a partnership between The LaSalle Group, Silverado Interests and Prosperity Bank. The community is expected to open during the first quarter of 2015.

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CityCentre Four Fully Leased; Midway Breaks Ground on New Building


HOUSTON -- Colvill Office Properties has closed an 11,574-square-foot office lease to Laredo Energy at CityCentre Four, a six-story, new Class A office building situated in the CityCentre mixed-use complex in west Houston. 


The signed deal completes lease-up of the entire 120,052-square-foot building, which is located at the corner of Interstate 10 and Sam Houston Parkway. Michael Anderson, Marilyn Guion and Connor Saxe of Colvill Office Properties represented landlord Midway in the lease transaction. André Granello and Gary Lawless of Cresa represented the tenant. 


Midway recently broke ground on CityCentre Five. The new 15-story building will add another 200,000 square feet of office product to the CityCentre development. Delivery is projected for summer 2015. The building will offer 18-foot ceilings on three of the floors and will include retail and restaurant space on the ground level.


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CBRE Arranges Sale of 379,518 SF
Galleria North Office Tower
Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas, is 87 percent occupied. (Photo courtesy of LoopNet)

DALLAS -- CBRE has brokered the sale of Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas. The 16-story, 379,518-square-foot office tower is 87 percent occupied, and includes an executive parking level beneath the building, as well as an adjoining parking garage. 


CBRE's Gary Carr, John Alvarado, Eric Mackey and Robert Hill arranged the transaction on behalf of FSP Galleria North Limited Partnership. Deutsche Asset & Wealth Management acquired the tower on behalf of one of its institutional clients for an undisclosed price. Galleria North Tower I's tenant mix includes Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank..


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Lucent Capital Arranges $29.2M

Loan for Austin Office Building


AUSTIN, TEXAS -- Lucent Capital has arranged $29.2 million in permanent non-recourse financing secured by Met Center 10, a 345,600-square-foot Class A flex office building in Austin. The property was built in 2001 and is 100 percent occupied by two tenants: the State of Texas Department of Insurance and Pharmaceutical Product Development. 


The non-recourse loan enabled the borrower, a tenant-in-common investment group formerly sponsored by Breakwater Equity Partners, to refinance its existing debt and complete a structural upgrade program that remediated prior movement to the property's foundation. 


The loan carries a fixed interest rate of 4.85 percent for 10 years and includes a capital improvement holdback that will allow the borrowers to reconfigure a parking lot and create an additional 100 parking spaces for the tenants over the next several months.   

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Boxer Property Acquires 135,571 SF Office Building in Northwest Houston

The Northwest Crossing II office building is located at 7676 Hillmont St.

HOUSTON -- Boxer Property has acquired Northwest Crossing II, a three-story, multi-tenant office building of approximately 135,571 square feet, located at 7676 Hillmont St. in the Northwest submarket. Boxer Property plans to renovate the property with updates to all of the common areas, lobby, restrooms and lounge space, as well as offering Boxer Workstyle space, which caters to businesses looking for collaborative workspace.

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Crescent Breaks Ground on 530,000 SF McKinney & Olive in Dallas


DALLAS, TEXAS -- Crescent has broken ground on its 530,000-square-foot McKinney & Olive project in Dallas. The development will include 480,000 square feet of office space and 50,000 square feet of retail space, including a coffee shop and three restaurants. Law firm Gardere Wynne Sewell LLP will lease 109,000 square feet and occupy four floors. 


Crescent will begin construction immediately, and completion is anticipated in summer of 2016. The project team includes Crescent Real Estate Equities LP as developer; Pelli Clarke Pelli Architects as design architect; Kendall/Heaton Associates as executive architect; Office of James Burnett as landscape architect; and Beck Group as general contractor.


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Exxon Begins Construction 

on Chemical Plant in Baytown, Texas


BAYTOWN, TEXAS -- Exxon Mobil Corp. has begun construction on a chemical plant in Baytown and is underway on an expansion of a nearby plant in Mont Belvieu. The plants will use shale-derived natural gas to make plastics and other material. 


The Baytown plant will be able to produce 1.5 million tons of ethylene per year. Exxon's plant is expected to come online by 2017. Bechtel, Linde, Mitsui Engineering & Shipbuilding and Mitsubishi Heavy Industries have been awarded contracts for phases of the two projects.


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Dougherty Mortgage Secures $5.5M Loan for Triple Crown Apartments
Triple Crown Apartments, a 182-unit multifamily housing property in Austin, is located at 7020 Grand Canyon Drive. 

AUSTIN, TEXAS -- Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae refinance loan for the Triple Crown Apartments, a 182-unit multifamily housing property in Austin, located at 7020 Grand Canyon Drive. The 10-year term, 9.5-year yield maintenance loan was arranged by Dougherty's Dallas office on behalf of a local ownership group, 7020 Grand Canyon LLC.


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Q10|Kinghorn, Driver, Hough Arranges $3M Loan for Commercial Condos


HOUSTON -- Q10|Kinghorn, Driver, Hough & Co. has secured $3 million in permanent financing with a 20-year term for a group of 20 commercial condominium buildings made up of one- and two-story structures. The 93,000-square-foot complex, which is located just off of Highway 290 in northwest Houston, is 100 percent leased. Rudolph Ernst Krueger owns WWT International Inc. and was the borrower.


M&M Arranges Sale of 22,080 SF 
Net-Leased Property in Texarkana


TEXARKANA, TEXAS -- Marcus & Millichap has brokered the sale of Cash America Pawn, a 22,080-square-foot, net-leased property located at 3501 North Stateline Avenue in Texarkana. 


Vincent Knipp, associate vice president of investments and Chance Hales, an associate in Marcus & Millichap's Fort Worth office, marketed the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor.


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CREW Dallas: CREW in the Community
3rd Annual Wined, Dined & Served So Fine

June 25
City Club
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CCIM Houston Chapter
Skeeters Ballgame Social

June 26
Constellation Field
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