HFF: Northline Commons Gets Refinanced

HOUSTON—Northline Commons, a 472,443-square-foot power center in North Houston has been refinanced.

HFF secured a senior loan and worked on behalf of the borrower, an affiliate of North American Development Group, to place the 10-year, fixed-rate loan with Wells Fargo Bank.

Constructed between 2007 and 2009, the 91-percent-leased Northline Commons consists of one main building, five smaller buildings and four outparcel pads situated on 47.66 acres. The center is home to major tenantsBurlington Coat Factory, Ross Dress for Less, Five Below, Palais Royal, Conn’s and Marshalls.

Additionally, the center’s outparcel pads are leased to Pappas Bar-B-Q, IHOP, Ojos Locos Sports and Chick-fil-A.

Senior managing director Travis Anderson and associate directors Cory Fowler and Tyler Fordled the HFF debt placement team representing the borrower.

 

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CRE News For Your Afternoon 10.12.15

Nebraska REIT buys downtown San Antonio hotel as part of $42.5M portfolio. [San Antonio Business Journal]

 

Katy mixed-use district moves forward [Houston Business Journal]

 

Ventures Development Begins Construction on South 400 Apartments in Fort Worth [REBusiness Online]

 

Peninsula at Rough Hollow set to offer waterfront community sites [Community Impact] 

 

Hilton Anatole to build $15M resort-style water facility [Dallas Business Journal]

 

New condominium project to rise in River Oaks [Houston Business Journal]

 

Houston nonprofit to break ground on new Midtown HQ [Houston Business Journal]

 

Residential developer pioneers new frontier south of Houston [Houston Business Journal]

 

 

Sterling Will Bring Northgate to College Station

AUSTIN–Sterling University Housing, the student housing division of The Dinerstein Cos., recently acquired a site that will cater to the students attending Texas A&M University. Located in the Northgate area, Sterling Northgate will open in August 2017.

“We loved the Northgate area due to its proximity to the restaurants, nightlife, and most importantly, walkability to the engineering school,” Brian Dinerstein, president, told GlobeSt.com. “A&M’s long-term master plan aligns perfectly with our company’s focus on growing and developing within the top 25 national universities.”

Construction will break ground in this month. The property will consist of 750 beds and offer one-, two-, four- and five-bedroom floor plans.

Planned amenity offerings include a rooftop pool and hot tub overlooking campus and Kyle Field, fully furnished residences with high-end finishes, a multifunctional social lounge including a game room, cyber café, fitness center and private study rooms.

Dinerstein is pursuing LEED Silver certification for the project. [GlobeSt]

NewQuest Properties Developing 36-Acre Kroger-Anchored Center in League City

HOUSTON – NewQuest Properties will be going vertical in mid-November on the first phase of Marketplace at Ninety-Six, a Kroger-anchored development on 36 prime acres in League City.

 

Site work is underway at the intersection of TX 96/League City Parkway and Hobbs Road, less than one mile west of Interstate 45. The first phase, totaling $14.8 million, will be positioned on 19.1 acres at the northeast corner of the intersection. The 123,000-sf Kroger Marketplace and 25,900 sf of small shop space are slated to open in October 2016.

 

Western League City has become a development hotspot, with the completion of infrastructure projects geared toward facilitating new growth. “Marketplace at Ninety-Six will sit in front of 6,000 homes and close to four schools in the Clear Creek Independent School District,” says Rebecca Le, a vice president with Houston-based NewQuest. Her marketing partner for the project is Heather Nguyen, director of third-party leasing and business development.

 

Marketplace at Ninety-Six is going up two miles north of the first Cabela’s in South Texas and midway between downtown Houston and Galveston Bay. The project site also neighbors a YMCA with 2,600 families on its membership roster. The average annual household income is $109,648 and the median age is 33 in the two-mile trade area. Key to the site’s development strength is its location in Clear Creek ISD, a top-ranked educational system attractive to a growing residential population with disposable incomes. NerdWallet, a free tool for personal decision-making, ranks League City as eighth on its “Best Places to Live in Texas” list.

 

“This site is superior geographically and demographically,” Le emphasizes. “Marketplace at Ninety-Six’s competitive edge in the fast-growing corridor will be its visibility and accessibility for residents en route to work or coming home.”

 

To date, Great Clips, Nail Bar of Texas and Chinese restaurateur T Jin’s have preleased in-line space. The tenant base will be focused on community needs, including quick-service and casual dining restaurants, medical services and financial institutions.

 

The retail opportunity in phase one includes two pad sites, each roughly one acre. Phase two

has been designed with six pad sites, each averaging one acre. The groundbreaking for phase two – 18.9 acres on the southeast corner – will be 2017.

 

Osborn & Vane Architects Inc. of Houston designed Marketplace at Ninety-Six. The Houston-

based project team also includes Charles Bridges of CMB Landscape Architecture and Arch-Con Corp., the general contractor.

 

 FOR MORE INFORMATION:

 

Rebecca Le, 281-477-4327

Heather Nguyen, 281-477-4358