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Turner-Agassi Charter School Facilities Fund Open KIPP San Antonio Commerce Campus

27 Oct 2014, 4:33 am

By Anca Gagiuc, Associate Editor

Tennis star Andre Agassi and other leaders from the Turner-Agassi Charter School Facilities Fund joined the opening celebration for the KIPP San Antonio Commerce Campus, the permanent home for two KIPP San Antonio schools and the first investment of the fund in the city.

The KIPP San Antonio Commerce Campus is located at 4343 W. Commerce St., west of San Antonio. The 103,000-square-foot campus has been converted from a big-box retail center that sits on seven acres in a dense residential neighborhood. It enrolls more than 1,300 students a year, ranging from kindergarten through 2nd grade and 5th through 12th grade.

The property was developed by the Turner-Agassi Charter School Facilities Fund, an investment fund that provides resources and real estate expertise to high-performing charter school operators across the nation.

“Since we launched Turner-Agassi more than three years ago, we’ve worked with some of the country’s best charter school operators to create the long-term facilities they need to grow,” said Bobby Turner, the fund’s co-managing partner and principal & CEO of Turner Impact Capital. “This project shows the transformational impact that these schools can have on entire neighborhoods: We’ve turned a vacant retail center into a thriving learning environment for hundreds of students.”

The KIPP San Antonio Commerce Campus represents Turner-Agassi’s first investment in San Antonio and the third partnership with the LIPP network. The campus consists of 70 classrooms, three computer labs and collaborative spaces for teachers. Space for student recreation, a gymnasium, a multipurpose room, an athletic field and an elementary school playground are also included.

“We are excited to be able to open our first permanent KIPP San Antonio campus on the west side of San Antonio, close to so many of our families,” said Mark Larson, founder & CEO of KIPP San Antonio. “This campus marks an important step in our ongoing growth as we continue to prove what is possible in urban public education. We are thankful for our partnership with Turner-Agassi that helped build this campus that will serve our students and families well for many years to come.”

Photo courtesy of Turner-Agassi Charter School Facilities Fund.

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

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