AUSTIN – CBRE Debt & Equity Finance team in Houston arranged $83.5 million in construction financing on behalf Seaholm Power, LLC for the redevelopment of the Seaholm Power Plant, an historic, art deco facility located in the southwestern portion of the Austin Central Business District. The borrower, Seaholm Power, LLC, a joint venture between Austin-based Southwest Strategies, Los Angeles-based CIM Group and the City of Austin, plans to transform the 117,000-sf power plant into institutional-grade office space while constructing 60,000 sf of new office and retail development anchored by a Trader Joe’s. The new development will also include a 30-story, 309-unit apartment tower. Bank of the Ozarks and IBC Banks were the two lenders on the open-ended construction loans. Executive Vice President Jim Richards and Senior Vice President Jim Kirkpatrick of CBRE led the team.
HOUSTON – CBRE coordinated the sale of three shopping centers in the Houston area.The properties total approximately 313,344 sf and are located in Houston, Pasadena and Katy, Texas. … Northwest Village, an 189,968 sf community center at 17360 Northwest Freeway in Houston, was purchased by Gordon Partners. The seller was Baceline Investments of Denver. It is 90 percent leased. … Fairway Centre III is a 103,876 sf Power Center, which is currently 100 percent leased by Sports Authority, Conn’s and Office Depot. Located at 3931 Fairway Drive in Pasadena, the center was purchased by Fidelis Realty Partners in Houston from Trammell Crow. David Aaronson and Jeff Stein with CBRE’s Debt & Equity Finance group, secured the equity and debt through a life insurance company. … The Plazas at Grand Parkway is a strip center located at 1575 West Grand Parkway South in Katy. It totals 19,500 square feet is 83 leased. It was sold by Sun Life Assurance Company based in Wellesley Hills, Mass. to Vista Equities Group of Houston.
Kevin Holland, Chris Cozby and Chris Gerard with CBRE’s National Retail Investment Group represented the sellers in each transaction.
DALLAS — Inland Diversified Real Estate Trust purchased the newly constructed Wheatland Town Center, a 206,223-sf shopping center located in Dallas, for $39.3 million. Tenants at the center include Ross Dress for Less, PetSmart and Office Depot, and the property is shadow-anchored by a Target store, which was not acquired.
Additional tenants at Wheatland Town Center include Party City, Dollar Tree, Shoe Carnival, Rue21, Five Below, Citi Trends, The Children’s Place and Radio Shack.
“This property is located in Dallas, Texas, one of the strongest retail markets in the country,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “We like shopping centers that are strategically located next to Target stores, because they typically generate increased traffic flow for all other tenants.”
HOUSTON – Hines, one of the largest real estate development firms in the world, has acquired the Cafe Adobe restaurant property on Westheimer Road in Houston for a new apartment project, according to CultureMap.com.
The restaurant’s remaining TexMex eateries will remain open, but the original Cafe Adobe, 2111 Westheimer, one block west of Shepherd Drive, has been purchased by Hines.
Hines will begin construction next year. The Cafe Adobe location, which opened in 1981, has an exceptionally large parking lot fronting on Westheimer.
“The design has not been finalized but it will definitely be a great looking addition to the neighborhood. We love the location, as it straddles River Oaks and Montrose and plan to build something that’s an asset to the neighborhood,” Hines senior vice president George Lancaster told CultureMap.
Hines is also constructing the Waterwall Place apartments, across the street from the Gerald Hines Waterwall Park in the Galleria in Houston.
Cafe Adobe is continuing to operate the Westheimer restaurant for awhile and is looking for another location in the the Inner Loop of Houston, said restaurant owner Bob Borochoff.