May 30, 2012
AUSTIN — Forestar Group has formed a venture with Magic Johnson’s Canyon-Johnson Urban Funds for development of a downtown multifamily community located in Austin. The project, to be called Eleven, is at the southeast corner of East 11th Street and Interstate 35.
Eleven will consist of 257 units in a four-story podium style building above a two-story parking structure.
The City of Austin in conjunction with the Austin Urban Renewal Agency has invested nearly $20 million into the East 11th Street neighborhood over many years, with the intention of jumpstarting new construction from private developers. The Eleven apartments, along with several new mixed use retail and office buildings, restoration projects and city investment will contribute to the area turning the corner into a growing district.
BGO Architects designed Eleven and the interior design is created by Leslie Fossler Interiors. Construction will begin within 30 days.
May 29, 2012
HOUSTON -Weingarten Realty Investors, a Houston-based REIT, has sold 52 industrial properties for $382.4 million, enabling Weingarten to focus solely on shopping centers.
“The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry, strong growth potential and strong demographics,” said Drew Alexander, President and Chief Executive Officer.
The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia.
The buyer of the portfolio was DRA Growth and Income Fund VII. David Luski is President and CEO of DRA Advisors LLC. J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale.
May 28, 2012
NEW YORK – Bank of America and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, an apartment firm, for a purchase price of $1.58 billion to Lehman. Bank of America and Barclays will pay an $80 million break-up fee to Equity Residential if the sale to Lehman closes. Upon consummation of this transaction in the second quarter of 2012, Bank of America and Barclays will have sold a 53.0 percent interest in Archstone in two steps for a total purchase price of $2.905 billion. Archstone has net debt and third-party preferred securities of $10.5 billion.
May 23, 2012
SAN ANTONIO – The St. Anthony Hotel, a 352-room, historic hotel in San Antonio, has been purchased by San Antonio-based BC Lynd, which will spend $24 million to renovate the 103-year-old property. The St. Anthony Hotel is located at 300 East Travis Street at the intersection of Navarro Street in downtown San Antonio. The 10-story property offers 22 meeting rooms totaling more than 33,000 square feet. It has been a Wyndham, but it will be rebranded with as a Starwood Luxury Collection property.
The HFF team representing the seller was led by senior managing director Bill Stadler and managing director John Bourret.
BC Lynd integrates The Lynd Companies’ management infrastructure and proprietary technology systems with the extensive hospitality experience of BC Commercial Partners.