Category: Central/South Texas News DO NOT USE

CBRE marketing three development parcels in Port Aransas, TX

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CBRE has been tapped to market Ocean Village, Hospitality Village and Lagoon Village, three future mixed-use development opportunities at Palmilla Beach Resort & Golf Community in Port Aransas, Texas. Palmilla Beach is a master-planned, oceanfront resort community occupying more than 500 acres, including more than a mile and a half of prime ocean frontage and a scenic, 48-acre peninsula overlooking Corpus Christi Bay. The growing community is owned and being built by McCombs Properties, the real estate development company owned by famed San Antonio businessman Red McCombs. Hospitality Village is a planned development at the north end of Palmilla Beach with a 300-key beachfront hotel and 60 luxury condominiums. Of the 14.2 acres, approximately eight are considered developable with the remainder allocated to natural dunes. The planned hotel has the option to be eight stories with a large, infinity-edge pool, palapa bar, restaurant, event space, fitness center and beach access. Lagoon Village consists of approximately 48 acres facing Corpus Christi Bay. Entitlements will allow for three, four-story condominium towers and single-family homes, plus amenities including a five-acre lagoon, lodge, boutique restaurant, retreat spa and a private health/fitness club. Considered the best and most desirable land at Palmilla Beach, Ocean Village covers 167 acres with over a half-mile of beach frontage and approximately 100 acres of developable land. Current plans include 447 single-family homes, a clubhouse and lagoon along with two beach access points. Two more hotels are planned within Palmilla Beach and pads are available. The first comprises a 177-room, full-service hotel overlooking the golf course, adjacent to the planned town center. The second is a beachfront site planned for a 60-room boutique hotel and 137 condominiums. While separate from Palmilla Beach, Bay South is also being marketed for sale. This 142-acre property is located approximately one mile south of Palmilla Beach, offering bay views and potential development of an active adult village, multifamily community and retail space. “After only five years of work, we’ve elevated the Palmilla Beach brand to be the finest beachfront, master-planned community on the Texas Coast, and we’re just getting started. With a master plan of over 1,500 residential properties, three hotel sites, and a new town center, we’re excited about bringing other quality developers into the community to complement our work and effect an even faster transformational development of the Texas Coast,” said Harry Adams, managing partner of McCombs Properties. “These properties at Palmilla Beach are a fantastic opportunity for developers seeking to capitalize on the thriving tourism economy of Port Aransas,” said Carter Breed, first vice president at CBRE, who is marketing these properties along with Jeff Woolson and Tom Berry of CBRE’s golf and resort group. “Right now, Port Aransas is one of the top tourism markets in the U.S. due to the demand for drive-to destinations from those seeking a family-friendly vacation without the pandemic concerns associated with flying. With 20 million people within driving distance, we continue to see in the Port Aransas areas the need for top quality live and play style amenities catering to both the long-term residents of the area and the seasonal guests that travel from across Texas and the U.S. to visit these golf courses and beaches.”

JDI Loans closes $6.6M loan for The Granary at Briggs Ranch, San Antonio

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JDI Loans LLC, an affiliate of JDI Realty LLC, closed a $6.65 million bridge loan to Convergence Brass LLC, secured by an 865-acre planned mixed-use development site in San Antonio’s fast-growing western suburbs. The non-recourse loan will be used to pay off the current first mortgage, fund an interest reserve and fund various other pre-development costs before the property’s eventual sale. “While most other lenders have curtailed lending, JDI was able to look past the current pandemic and underwrite to the submarket’s strength and long-term value of the subject residential development,” said Rob Weil, principal, JDI Realty. The city-approved master development plan for the property envisions 2,498 single-family homes and 1,932 apartments in multiple communities around a central town square. “During a time in which nearly all lenders were on the sidelines, JDI was able to understand a complex land development with several private and public stakeholders—and close on an accelerated timeline,” said Ben Bartlett, president and chief operating officer, Convergence Investments, a partner in Convergence Brass. “We’ve now completed three transactions with JDI, and each time they closed quickly without any last-minute surprise modifications. That’s a rarity in the private bridge lending world.”

Colliers Mortgage Closes $40.7 Million HUD 221(D)(4) Loan for The Grassdale At Manor

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The Minneapolis office of Colliers Mortgage, part of Colliers | U.S. recently closed a $40.7 million HUD 221(d)(4)  loan for the new construction financing of The Grassdale at Manor, located in Manor, Texas.  The proposed new construction is a 320-unit market rate multifamily apartment property consisting of ten garden-style buildings that will be two (2) to three (3) stories in height with 90 garage spaces, 79 carport spaces, and 410 surface spaces for a total of 579 parking spaces.  The unit mix will include 156 one-bedroom units, 108 two-bedroom units, and 56 three-bedroom units. The Project is located in an Opportunity Zone and the equity is being contributed through a Qualified Opportunity Fund.  The 40-year term plus construction period, 40-year amortization loan was arranged through a partnership with Old Capital Lending for The Grassdale at Manor, LLC.

NAI Partners San Antonio arranges building purchase for counseling center

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NAI Partners San Antonio recently arranged the purchase of Biltmore on the Corner at 5522 Lone Star Parkway for San Antonio Counseling and Behavioral Center in San Antonio, Texas. This is the third location for San Antonio Counseling and Behavioral Center that NAI Partners has assisted with, and the company’s fifth overall in San Antonio. NAI Partners’ Jorge Martinez represented San Antonio Counseling and Behavioral Center in the transaction. Endura Advisory Group’s Rick Lagrange represented the seller, A&L Development. “As the company continues to grow, I’m glad to be able to partner with San Antonio Counseling and Behavioral Center, whose work is as important as ever,” said Martinez. San Antonio Counseling and Behavioral Center provides psychotherapy for children, adolescents, adults and families by appointment.

RESOLUT RE Closes Eight Texas Retail Leases

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RESOLUT RE recently completed eight retail transactions throughout Texas. The deals were in the Austin, Dallas, Houston and San Antonio metros with a final lease in West Texas. There were two leases in the DFW area. Colin Cannon and Stephanie Jacobs of RESOLUT RE represented the landlord in MKJ Vape’s 1,000-square-foot lease at Westwood Village Center, 215 Sunset Boulevard, Sherman, Texas. Additionally, Spirit Halloween leased 9,945 square feet at the former Advance Auto Parts in Arlington, located at 711 W. Pioneer Parkway in Arlington, Texas. Jacobs and Jeff Lewin of RESOLUT RE represented the landlord. Phil Morris of RESOLUT RE represented the landlord in a deal that saw Dr. Yankelson DDS renew at Cannon West, 6800 Westgate Boulevard in Austin. In Houston, Panamericana Family Clinic renewed their Westwood Village Shopping Center lease (9615 Southwest Freeway); Eric Broussard and Benny Nguyen of RESOLUT RE represented the landlord in that transaction. Among the San Antonio leases, Mr. Lee’s Kitchen leased 2,400 square feet at Old Farm Shopping Center, 10604 Perrin Beitel Road, San Antonio. Aisha Chapa of RESOLUT RE represented the landlord while Carolyn Bustamante of RESOLUT RE represented the tenant. Alavie Pain Management expanded by 783 square feet at Plaza I-35 (12702 Toepperwein Road, San Antonio); David Simmonds of RESOLUT RE represented the landlord and Mason Pollard of Transwestern represented the tenant. Additionally, To-Go-Pizza leased 450 square feet at Shell Station Restaurant, 702 Acme Road, San Antonio. Aisha Chapa of RESOLUT RE represented the landlord. Finally, Hotworx has leased 2,045 square feet at Tuscany Town Center, 4060 Faudree Road in Odessa, Texas. Wes Tune of RESOLUT RE represented the tenant while Valerie Drew of Lone Star Commercial Real Estate represented the landlord.

Provender Partners sells grocery distribution centers in St. Louis, San Antonio markets

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Provender Partners today has sold two grocery distribution centers totaling more than 500,000 square feet of space in St. Louis, Missouri, and San Antonio, Texas. Provender purchased both properties in 2019, investing more than $6 million in extensive improvements and renovations to the distribution centers before securing 10-year leases from Dollar General in both locations. With freezer, cooler and dry storage, the properties are part of Dollar General’s new DG Fresh initiative to bring logistics capabilities in-house, seeking further control over its operations as it expands into the fresh and frozen food categories. The St. Louis distribution center is 232,556 square feet and is located at 7101 Hazelwood Ave. in Berkeley, Missouri. The San Antonio center is 267,702 square feet and is located at 5505 Kaepa Court in San Antonio. Both were purchased for nearly $64 million. Guy Ponticello and Robert Gibson of CBRE and Scott Delphey of Food Properties Group represented Provender Partners. The sale is the latest in recent Provender Partner transactions. This year, the company sold a $90 million+ asset in Fort Worth, Texas; leased a 267,000-square-foot building to Dollar General; and added two processing facilities — 220,000 square feet in Illinois and 161,000 square feet in Oakland — to its portfolio.