The Deal Sheet
Looks like the Skanska team is on board to cheer on our own San Antonio Spurs as they play for the NBA Championship trophy. (They should start by giving LeBron the wrong directions to the AT&T Center.)
Here they are showing their team spirit at the Lackland Air Force Base Ambulatory Care Center project. You can never say we don’t tell you the latest and best news: game one of the championship series will be tomorrow night versus the Miami Heat at the AT&T Center in San Antonio. Go Spurs!
NEW BUSINESS
Rajeev Puri converted the former Harvest Fellowship Community Church into an office and retail development called Uptown Square fronting Loop 1604 and US 281 in Northwest San Antonio. Here’s Rajeev with CBRE San Antonio reps Lindsey Tucker, Scott Herbold, and Carl Salvato. The CBRE reps will handle the office leasing. Since purchasing the site in 2012, the landlord converted it into a Class-A 36k SF office building with three retail pad sites, and an approximately 21k SF church facility. The Hoppy Monk gastropub purchased one retail pad site and is under construction with a scheduled Q3 opening. Northrock Church purchased the adjoining church facility.
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Stream Realty Partners broke ground on its Class-A Lockhill Crossing office development. The five-story, 127k SF office building is at the southeast corner of Lockhill Selma and Loop 1604 in Northwest San Antonio. The project is slated for a Q2’ 15 completion. Stream Realty’s Ryan Harrison and Carolyn Hinchey Shaw will handle leasing.
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Riverside Resources started construction on the 215k SF Class-A Capital Ridge office building near the intersection of Loop 360 and Bee Cave Road. HFF’s Doug Opalka arranged financing for the project for Riverside Resources.
SALES
Pensam Capital sold The Landings at the 300-unit Class-A Brooks City-Base apartment complex at 7803 New Braunfels Ave in San Antonio to Brooks Apartments Associates. The property was 97% leased at time of sale. CBRE’s Ryan Epstein, Michael Wardlaw, and Charles Cirar repped the seller.
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Houston-based Lake Travis Self Storage sold the 569-unit 87% occupied Lake Travis Self Storage in Austin. The Class-A institutional quality property has 90k SF and was renovated in 2010. Bellomy & Co’s Bill Bellomy, Michael Johnson, and John Owens repped the seller and buyer, San Diego-based Lockaway Storage.
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Austin-based multifamily developer Oden Hughes sold its 293-unit Landmark Double Creek community in South Austin to Toronto-based Brass Enterprises. The project was completed in summer 2013. A second phase with 276 units will start this year.
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Stream Realty Partners sold a 2.31-acre tract just off Hwy 181 at IH 37 across from the Baker Hughes San Antonio office in southeast Bexar County. Stream’s Michael Kent represented the seller, Hydro Ex San Antonio Real Estate. Crescent Commercial’s Angelee Ritchey represented the buyer.
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Retail Properties of America is buying Huebner Oaks Center in San Antonio as part of the dissolution of its MS Inland JV. The transaction is expected to close this month.
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NC San Antonio 628 purchased 3.584 acres on Ridgewood Parkway in San Antonio. NAI Robert Lynn’s Michael Denton represented the buyer, an affiliate of Guggenheim Partners.
LEASES
REOC San Antonio’s John Turcotte worked a 128k SF lease for Keystone Automotive Industries in Enterprise Industrial Park on Lookout Road from WR Lookout Road.
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The Ainbinder Co signed multiple leases for Cedar Park Town Center at the intersection of US Hwy 183A and Whitestone Boulevard in Cedar Park including a 108k SF lease to At Home as well as to In N Out Burgers, BJ’s Restaurant & Brewhouse, PDQ Chicken, Lupe Tortilla Mexican Restaurant, Pieology, Care Spot, Vert’s, Town Center Dental, Jersey Mike’s, Sushi Fever, Bella Nail Salon, Zoe’s Kitchen, Chipotle Mexican Grill, Sleep Number, Smoothie King, Menchie’s Frozen Yogurt, Mattress Pro, TLC Pediatric Dentistry, and Pro Nail Salon.
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The University of Texas System leased 29k SF at 504 Lavaca. ECR’s Jason Steinberg and Matt Levin repped the landlord, Brickman. The tenant was represented in-house.
THIS & THAT
Austin mayor Lee Leffingwell and Catellus EVP Greg Weaver celebrated Mueller’s 10th birthday celebration at Mueller’s Browning Hangar. The community-wide celebration marked the 2004 signing of Mueller’s master developer agreement, which paved the way for the redevelopment of Austin’s former airport.
FINANCING
BMC Capital’s Hank Crane arranged for $5M refinance loan for a multi-tenant retail property in Cedar Park. The loan featured a 75% LTV, 10-year fixed-rate at 4.75% and a 20-year amortization.
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BMC Capital’s Patrick Short arranged financing for two deals. The first is for $1.2M cash out refi FMNA loan for a multifamily property in Austin with a loan featuring a 65% LTV, 10-year fixed rate at 5.20% and a 30-year amortization. The second is for $1.325M cash-out refi loan for a student based multifamily property in Austin. The loan featured a 65% LTV, 10-year fixed rate at 5.20% and a 30-year amortization.
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Centerline Capital Group provided a $3.37M Fannie Mae loan facility for the purchase of Northwoood Apartments at 8315 and 8326 N Vandiver Rd in San Antonio for NC-Northwood. Centerline closed the loan in 28 days. The Fannie Mae loan put into place carries a 10-year loan term, 9.5-years yield maintenance, and a 30-year amortization schedule. The loan was arranged by Centerline’s Catia Pisa and Doug Solether with Global Commercial Banc.
