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Northwest San Antonio Goes Country

3 Jul 2015, 4:59 am

By Anca Gagiuc, Associate Editor

Country Inns & Suites By Carlson_logoThe upper-midscale hotel brand Country Inns & Suites by Carlson announced the signing of Country Inn & Suites By Carlson, San Antonio Medical Center.

The hotel is scheduled to open in February 2016, featuring 90 guest rooms. Its address, at 8318 IH-10 West, places the property on the ground of a former Sleep Inn Hotel. The facility promises to offer the brand’s signature amenities, such as free high-speed Internet and complimentary hot breakfast served daily on classic dining ware.

“We’re pleased to continue growing the brand in the South West, a key region in our ambitious growth strategy for the brand,” said Jeffrey Freund, senior vice president of midscale brands for Carlson Rezidor Hotel Group, Americas. “The hotel is located in close proximity to a number of area restaurants and attractions, which will cater to both business and leisure guests.”

Country Inns & Suites By Carlson owns more than 470 hotels in the U.S., Canada, India and Latin America. It is part of Carlson Rezidor Hotel Group, which also includes Quorvus Collection, Radisson Blu®, Radisson®, Radisson Red, Park Plaza® and Park Inn® by Radisson.

Medically Anchored Retail Center Appeals to Californian Firm

3 Jul 2015, 4:57 am

By Anca Gagiuc, Associate Editor

Culebra-Crown Meadows Ltd., an affiliate of Carmichael Development Co., has sold the Crown Meadows Shopping Center in San Antonio for an undisclosed amount.

HFF arranged the sale on behalf of the seller with senior managing director Rusty Tamlyn, managing director John Taylor, associate director Matt Berry and real estate analyst Robbie Kilcrease representing the investment sales team. The Beverly Hills-based real estate development, management and investment firm CJ Park and Associates purchased the retail center.

The 52,732-square foot retail center is located at 7614-7616 Culebra Road, at the intersection of Culebra and Ingram Roads. Crown Meadows Shopping Center is spread across more than 4.5 acres and has medical, retail and restaurant tenants. At the time of the sale, the property was 92.1 percent leased to anchor tenant Gonzaba Medical Group, Baptist Health System, W Dental Group, Fast Eddie’s Billiards, Supercuts and Umberto’s Italian Grill.

Canadians Invest in River City

2 Jul 2015, 3:57 am

By Anca Gagiuc, Associate Editor

Park at West Avenue

Park at West Avenue

After a period of silence, San Antonio’s investment market seems to be making a comeback, catching the eye of institutional investors. The Park at West Avenue residential community in the North Central submarket is one of the latest attractions to change ownership.

The multifamily complex has been sold by Embrey Partners Ltd. to Canadian-based Pure Multi-Family REIT LP for $54.3 million. HFF marketed the asset on behalf of the seller and assisted the buyer in securing a $36.5 million, 15-year loan at 4.02 percent interest rate per annum through a national life insurance company; the loan will be serviced by HFF. The purchase price represents a stabilized going-in capitalization rate of 5.75 percent.

The investment sales team was led by senior managing directors Sean Sorrell, Todd Stewart and Todd Marix and director Matt Pohl. The debt placement team was led by senior managing director John Brownlee, director Robert Wooten and associate director Michael Cosby.

Park at West Avenue is a gated community built in 2014 by Embrey on 29 acres at 12803 West Ave. near Highway 281, Loop 410 and Wurzbach Parkway. Ideally located near San Antonio’s submarkets of Hill Country Village and Church Hill Estates, the luxury property totals 360 units, of which 82 are two-story townhomes with two-car garages and the remaining 278 are luxury flats. Apartment amenities include garden tubs, vaulted ceilings and balconies, while the community offers a business center, a fitness center, a dog park, courtyards with barbecue areas, an indoor and outdoor aqua lounge and a clubhouse.

Image courtesy of Embrey 

Green Light for Consolidated Car Rental Complex at Airport

27 Jun 2015, 1:14 am

By Anca Gagiuc, Associate Editor

San Antonio International Airport

San Antonio International Airport

The car rental companies currently scattered around San Antonio International Airport will finally be gathered in one building, across the street from the terminals. After a few years of negotiations, the San Antonio City Council has approved the construction of a $163 million Consolidated Rental Car Facility (CONRAC) at the airport.

Construction of the 1.5 million-square-foot, seven-story facility connected to the terminals through a pedestrian sky bridge will begin on July 15. The first two floors of the building will house the new short-term garage, while the five top floors will be made available for the 13 rental companies. It is expected to open in March 2018, with the public levels set to open at an earlier date.

San Antonio International Airport Reconstruction Plan

San Antonio International Airport Reconstruction Plan

To make room for it, the hourly parking garage will be demolished and the green and red lots will be opened to make up for the lost parking. Free shuttle bus service will be provided to and from all of the parking options.

The complex will be funded through a Customer Facility Charge (CFC) paid by individuals renting a vehicle at the airport. The city council approved planning for the project in 2013, with Turner Construction Co. as the winner of the request-for-proposals competition in which eight companies took part. The original development price was set at $105 million, but is now up to $135 million minus the costs of design and financing.

“San Antonio International plays a critical role in our economy. Improvements like this are critical to addressing customer needs and positioning the airport for future success,” said San Antonio Mayor Ivy Taylor.

Photos courtesy of San Antonio International Airport Facebook Page.  

Canadian Investment Trust Lands Mortgages on FedEx Warehouses

23 Jun 2015, 7:00 pm

By Anca Gagiuc, Associate Editor

Canadian investment trust Pure Industrial Real Estate Trust (PIRET) has expanded its industrial portfolio by obtaining financing for eight of 11 properties in a FedEx distribution center.

15904 Impact Way, Austin

15904 Impact Way, Austin

Working on behalf of the borrower, HFF secured $98.8 million in acquisition financing for the portfolio, which is 100 percent leased to FedEx and totals 1.5 million square feet in Texas, California, Florida, Illinois and New Jersey. The HFF debt placement team was led by director Kenneth Martin and real estate analyst Federico Boscaini. The mortgages bear interest at 3.8 percent per annum over a term of seven years.

The assets include the Schertz property, a newly constructed, Class A logistics facility encompassing 202,763 square feet on a 26-acre site 20 miles northeast of San Antonio, with access to Interstate 35 and Charles West Anderson Loop, just two miles from a 1.2 million-square-foot Amazon fulfillment center. The Pflugerville site is a Class A logistics facility located at 15904 Impact Way, with a total rentable area of 199,865 square feet. The 33-acre site is 20 miles north of Austin, within the 160-acre master-planned commercial development “130 Commerce Center.” The other properties in the portfolio include:

9929 & 9943 Doerr Lane, San Antonio

9929 & 9943 Doerr Lane, San Antonio

  • 200 Old Ranch Road in the City of Industry, Calif. – 218,611 square feet
  • 5731 Premier Mark Drive  in West Palm Beach, Fla. – 119,165 square feet
  • 7800 Turkey Hollow Road in Rock Island, Ill. – 189,926 square feet
  • 1234 Peterson Drive in Wheeling, Ill. – 147,006 square feet
  • 5 Commerce Drive in Barrington, N.J. – 200,610 square feet
  • 1 Commerce Center Drive in Dover, N.J. – 171,907 square feet

“HFF welcomed the opportunity to assist PIRET in securing financing for the portfolio acquisition, which represented PIRET’s first major investment in industrial real estate in the United States after years of success building a portfolio in Canada,” Martin said.

Photos courtesy of piret.ca.

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