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Victory Medical Center Landmark Expands Facilities by 60,000 SF

11 Oct 2014, 6:21 am

By Anca Gagiuc, Associate Editor

Victory Medical Center Landmark broke ground on a 60,000-square-foot multi-use medical building, expanding its premier medical facilities. The new development is adjacent to its existing surgical hospital, located at 1604 Loop in northwest San Antonio.

The developer in charge of the project is Houston-based Medistar, in collaboration with Tampa-based Carter Validus Mission Critical REIT. The latter is also the owner of the adjacent 84,000-square-foot Victory Medical building, which opened in 2013. Metzger Construction will lead the construction of the development.

Kaim Associates Inc. of Houston will handle the architectural aspects of the project. This is not the firm’s first collaboration with VMC, Kaim Associates having previously designed Victory Medical Center Beaumont, Victory Medical Center Forth Worth and the interior finish for Victory Medical Center Landmark, Victory Medical Center Craig Ranch and a host of other Victory Healthcare facilities.

“Victory Medical Center Landmark has experienced tremendous growth since its inception last year,” said Michael Urbach, president & COO of Victory Healthcare. “We are thrilled to have the opportunity to further expand our Landmark location so that we may be able to better serve our patients and provide them with the highest-quality healthcare possible.”

The land for the development has been acquired from IH-1-/Loop 1604 Partners, which is also the developer of the master-planned community that includes a large-scale office, retail spaces and hospitality.

The construction stage of the medical building is estimated for next year, with occupancy scheduled for November 2015. The development is designed to complement the adjacent surgical hospital, with final touches to tie the project together.

MIG Real Estate Acquires San Antonio’s The Marquis at Roger’s Ranch Apartment Community

6 Oct 2014, 2:16 pm

By Anca Gagiuc, Associate Editor

California-based real estate investment company MIG Real Estate has announced the acquisition of the 246-unit residential community The Marquis at Roger’s Ranch in northwest San Antonio. The newly acquired property marks the company’s fifth investment in Texas multifamily properties. The price of the transaction has not been disclosed.

“The Marquis at Roger’s Ranch offers an exciting opportunity, with its attractive amenity package and location within a strong job market,” said Greg Merage, CEO of MIG Real Estate.

The property is located at 2727 Treble Creek, between the master-planned developments of Stone Creek and La Cantera. The apartment complex offers 14 two- and three-story buildings, with one-, two- and three-bedroom plans, as well as two-story townhome-style units with attached garages for two cars. Apartment amenities include high ceilings, gourmet kitchens, walk-in closets, and patios or balconies. Community amenities feature a tiered, resort-style swimming pool, outdoor kitchen, clubhouse, gym, business center and gated access.

Residents of The Marquis at Roger’s Ranch have nearby retail and entertainment venues, including the RIM and The Shops at La Cantera. Downtown San Antonio is less than 20 miles away, and the San Antonio International Airport is eight miles south. In close proximity is the Stone Oak Medical Center, anchored by North Central Baptist Hospital and Methodist Stone Oak Hospital.

Alliance Residential will manage the property for MIG Real Estate. Charles Cirar, Michael Wardlaw, Colin Cannata and Darcy Hammar of CBRE represented the seller.

Strand at Huebner Oaks Shopping Center Acquired by Whitestone REIT

29 Sep 2014, 2:05 pm

By Anca Gagiuc, Associate Editor

The Strand at Huebner Oaks Shopping Center has a new owner. Whitestone REIT, a fully integrated real estate company that owns, operates and redevelops Community Centered PropertiesTM, acquired the retail complex with funds from its corporate credit facility.

“The Strand fits our business model perfectly, as the acquisition is immediately accretive to earnings, provides steady occupancy, cash flow, NOI and upside,” observed James Mastandrea, Whitestone’s chairman & CEO, in a release. “In line with our model, 90 percent of the tenants are small shop, dining and service businesses meeting the needs of the surrounding community.”

The retail property is located near the populated intersection of IH-10 and Huebner Road, a major traffic artery that connects the northwest area to the nearby employment, entertainment and education areas, among which are South Texas Medical Center, USAA Campus, Six Flags Over Texas and the University of Texas at San Antonio, which enrolls 31,000 students. The Strand features high-end exterior features and an illuminated tower that increases visibility.

The family-focused property was 90 percent leased at the time of the sale, with tenants including Half Price Books, Luce Italian Restaurant, Flying Saucer Draught Emporium, Pei Wei, Zoë’s Kitchen, Birkenstock and Smooth Lines Salon & Spa.

“The strand is our second property in San Antonio, Texas, giving us nearly 300,000 square feet and enhancing our presence in one of the fastest-growing cities in the United States, with high barriers to entry for new developments. The trade area surrounding The Strand is a densely populated, affluent community with approximately 52,000 households having a significantly higher average household income than the broader San Antonio MSA.” Mastandrea concluded: ”We continue to source off-market transactions from our pipeline of approximately $500 million of properties. Our purchase of The Strand embodies Whitestone’s acquisition strategy, with significant value-add potential in high-growth markets, accretive to our enterprise value per share.”

Harbor Group International Announces Sale of Bella Madera Apartments

21 Sep 2014, 5:46 am

By Anca Gagiuc, Associate Editor

Harbor Group International LLC announced the sale of the Bella Madera apartment community to affiliates of Falkin Platnick Realty Group. The property had been acquired by the current seller in November 2007.

“We are pleased with the timing of our exit and the value created for our investors,” said T. Richard Litton Jr., president of HGI. “Throughout nearly seven years of HGI ownership, the property was a consistent performer with high occupancy and steady rent growth.” Details of the transaction have not been disclosed.

The Bella Madera community was built in 2006 and totals 328 Class A units. It is located at 2914 Olmos Creek Drive, East of Interstate 10 and South of Huebner Road, at Northwest Military Drive in Shavano Park. After the acquisition, Harbor Group International invested in minor interior and exterior upgrades.

The pet-friendly property has units of one and two bedrooms, with square footage ranging from 460 to 1025 square feet. Apartment amenities include patio, balcony, garden tub, oversize closets and island kitchens with designer track lighting and black onyx appliances. Property amenities feature a business center, fitness center, resort-style pool, tanning studio, massage therapy salon, clubhouse, laundry facility, covered parking, detached garages, controlled access entry gates and on-site maintenance.

Photo courtesy of Bella Madera Apartments Facebook Page

VIA Metropolitan Transit Announces Launch of Phase II of Multimodal Project

14 Sep 2014, 6:02 am

By Anca Gagiuc, Associate Editor

VIA Metropolitan Transit has begun construction on the second phase of the Westside Multimodal Transit Center project. Part of VIA’s SmartMove initiative, the Westside Multimodal Transit Center is included in VIA’s 2035 Comprehensive Transportation Plan. This round of the development includes a new transit plaza.

The completion of phase two is scheduled for fall 2015. Its functionality will be that of a transit hub meant to improve the accessibility to the UTSA Downtown Campus and the University Health System’s Robert B. Green Campus.

“This facility will create new foot traffic and encourage transit-oriented development in the area,” said VIA Chairman Alex Briseño, calling the plaza a gateway to the West Side, the heart of San Antonio, and stating that the goal of the project is to improve the transit experience for the VIA riders.

Bexar County Commissioner Paul Elizondo said the new transit center will help decrease some of San Antonio’s congestion. “One Texan, one pickup won’t work anymore,” he says. “If a city doesn’t have quality transportation, it’s not a quality city.”

VIA President & CEO Jeff Arndt said the transit center will support six additional bus routes and connections to taxi service, inter-city bus service and the Lone Star Rails service that will connect San Antonio and Austin. Furthermore, VIA officials announced the agency is relocating its executive offices to the historic depot building next to the Multimodal Transit Center.

Photo courtesy of VIA Metropolitan Transit

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