July 3, 2014 | ISSUE 439
Texas Real Estate Business E-Newsletter
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CNL Healthcare Buys Houston Orthopedic & Spine Hospital for $76M

Houston Orthopedic & Spine Hospital is located at the intersection of Interstates 69 and 610.

HOUSTON -- CNL Healthcare Properties has purchased the Houston Orthopedic & Spine Hospital campus for $76 million. The Class A health campus includes a 126,946-square-foot specialty hospital; a 99,768-square-foot medical office building; and two parking structures. 

 

This purchase is CNL's largest single-property investment in its portfolio. The hospital campus was completed in 2007 and is located at the intersection of Interstates 69 and 610. The hospital includes 64 private beds, 10 operating suites and various imaging services. Lincoln Harris CSG will provide on-site leasing and management services. 

 

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Silverstone to Develop Assisted Living Community in Plano

The new 120-unit, Class A, assisted living and memory care community will be located on Preston Road at Highway 121.  

PLANO, TEXAS -- Silverstone Healthcare Co. has begun construction on HarborChase of Plano, a new 120-unit, Class A, assisted living and memory care community located on Preston Road at Highway 121. Harbor Retirement Associates will operate HarborChase of Plano. 

 

Silverstone's financial partners in HarborChase of Plano include L&B Realty Advisors and the Dow Chemical Pension Fund. HarborChase of Plano will feature a living room, library, salon, spa and wellness center. HarborChase will also offer dining venues that include a dining room, private dining, outdoor dining, an exhibition kitchen and a bistro/coffee bar. 

 

Texas Capital Bank will provide HarborChase of Plano's construction financing. Rogers O'Brien will serve as the contractor, while BOKA Powell and Interior Design Associates will serve as architect and interior designer, respectively.

 

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Stream Realty Breaks Ground 

on Class A Office in San Antonio

The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. The building is situated on approximately 17 acres.

SAN ANTONIO -- Stream Realty Partners has broken ground on a Class A office project in San Antonio, Lockhill Crossing. The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. 

  

The building is situated on approximately 17 acres, and offers a 4.2 per 1,000-square-foot parking ratio with executive covered parking egress and ingress from Loop 1604 and Lockhill Selma Road, highway visibility, monument signage opportunities, Class A finishes and energy efficient systems and materials. 

  

Stream Realty has leased 16 percent of the development to two undisclosed tenants. The building is scheduled for completion in the second quarter of 2015. Stream Realty will lease and manage the project.

 

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NorthMarq Secures $10.2M Loan 

for West Side Village in Austin

West Side Village, a 50,107-square-foot retail and office property, is located at 1214 W. Sixth St. in Austin. 

AUSTIN, TEXAS -- NorthMarq Capital has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. 

 

Paul Brighton, senior vice president/senior director of NorthMarq's Dallas office, arranged the loan with a 10-year term and 30-year amortization schedule through a CMBS lender. Austin fashion retailer Julian Gold anchors the property.

 

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M&M Arranges Sale of Condo Portfolio in Houston

The Villas at Westador Condo Portfolio is located at 17331 Red Oak Drive. 

HOUSTON -- Marcus & Millichap has arranged the sale of Villas at Westador Portfolio, a condominium portfolio located in Houston. Clint Roberts, an associate in Marcus & Millichap's Houston office, marketed the property on behalf of the seller, a partnership. The Villas at Westador Condo Portfolio is located at 17331 Red Oak Drive.

 

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Presidium Group Acquires Two Multifamily Properties
The 208-unit Quarters apartment complex is located at 6415 Melody Lane in Dallas. 

DALLAS AND SAN ANTONIO -- Presidium Group LLC has purchased two multifamily properties in Texas, adding to its portfolio of more than 9,000 apartment units. The Dallas-based company has purchased Quarters, a 208-unit apartment complex located at 6415 Melody Lane in Dallas. 

 

Presidium will renovate Quarters with interior renovations that include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior improvements will consist of aesthetic improvements to amenity areas, the leasing center, property and building signage, and new siding and paint. 

 

Presidium has also purchased Sentinel Pointe, a 91-unit complex in San Antonio, located at 1235 E. Mulberry Ave. Its value-add renovations will include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior upgrades will improve the building exteriors, amenities and common areas, including the leasing center.

 

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Frontera Hotel Group Buys 

Two Denton Hotels

Frontera Hotel Group added this 92-room, four-story Holiday Inn Express Hotel & Suites and an 88-room, four-story LaQuinta Inn & Suites to its portfolio. 

DENTON, TEXAS -- Frontera Hotel Group has added two hotels in Denton to its portfolio of managed properties, an 88-room, four-story LaQuinta Inn & Suites and a 92-room, four-story Holiday Inn Express Hotel & Suites. Angel Hospitality Inc. of Frisco, Texas, acquired the hotels on July 1. 

  

Both properties recently underwent extensive renovations. Dallas-based Frontera now manages 12 hotels in Texas, Georgia, Wisconsin and California, and has ownership in two of the properties.

 

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M&M Arranges $8M Sale of Parks Plaza

at Westheimer Lakes North

Parks Plaza at Westheimer Lakes North is located at 6734 Westheimer Lakes North Drive in Katy.

KATY, TEXAS -- Marcus & Millichap has arranged the sale of Parks Plaza at Westheimer Lakes North, a 32,680-square-foot retail property located at 6734 Westheimer Lakes North Drive in Katy. The asset sold for $8 million. Watt Harrison, an associate, and James Bell, vice president of investments in Marcus & Millichap's Houston office, represented the seller and procured the buyers.

 

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CCIM Houston Chapter
Luncheon


11:30 a.m., Thursday, July 10
Maggiano's
2019 Post Oak Blvd., Houston
Click here for more info.


CREW Dallas
Strategic Leadership Communications Certificate


8:30 a.m.,Tuesday, July 22
SMU James M. Collins Executive Education Center
Dallas
Click here for more info.


3rd Annual 
InterFace Multifamily Texas 

Wednesday, September 3
Dallas
Click here for more info.


6th Annual 
InterFace Healthcare Real Estate


Thursday, September 4
Dallas
Click here for more info.

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