December 6, 2013
Methodist Healthcare Adding 445,000-Plus SF
SAN ANTONIO (San Antonio Business Journal) – Methodist Healthcare is expanding two of its facilities — with an expected price tag of $250 million.
Work is slated to begin on Methodist Hospital and Methodist Children’s Hospital, both located in the South Texas Medical Center, next year. The hospital system will gain more than 445,000 additional sf.
Methodist plans to expand the Central Tower at Methodist Hospital, creating a new entrance to improve access for patients, particularly expectant mothers. Additionally, the adult emergency department will be expanded to accommodate 48 treatment rooms, as well as for more space for surgical pre- and post-operating services.
A six-story, patient-care tower and new entrance for Methodist Children’s Hospital is also planned. The emergency department of the hospital will grow from 32 to 40 beds. The newborn intensive care unit will be expanded from 78 beds to 94.
The expansion will also include a new nine-story parking garage.
Austin Firm Says 'Hello Moto' to Cowtown Plant
FORT WORTH (Fort Worth Star-Telegram) – An Austin-based real estate investment firm has purchased a former Motorola plant.
Capital Commercial Investments paid $13.9 million for the 665,545-sf plant in the Fossil Creek Business Park. The company plans to lease the building to a new tenant in the next couple of years.
Formerly part of three buildings Motorola developed off Beach St. and Loop 820, the property sits on 54 acres at 5555 N. Beach St.
The seller was a Massachusetts-based investment group managed by CommonWealth REIT, according to deed records.
CREA Catches Westchase
HOUSTON (Houston Business Journal) – Dallas-based CREA Investments purchased a 151,461-sf office building in the Westchase District.
Westchase Place, located at 11200 Richmond Ave., is a Class-A, LEED-certified office building that was completely renovated following Hurricane Ike.
Jones Lang LaSalle’s Capital Markets closed the sale. The new owner plans to make improvements to the building.
Large Northeast Texas Parcel Sold
ROYSE CITY (GlobeSt.com) – A large tract has been purchased in Rockwall County with potential plans for a residential project.
A limited liability company bought about 322 acres south of I-30 near FM 548. Plans are to hold the property for future sale or development, potentially a single-family development.
Fountain Capital arranged the purchase.
Quadrant Moves on Preston Trail
DALLAS (Dallas Business Journal) – Preston Trail Atrium has been purchased by a locally based real estate firm.
Quadrant Investment Properties LLC purchased the 122,000-sf office building at 17330 Preston Rd. from Cawley Partners.
The previous owners will continue to lease the building. An extensive lobby renovation and the addition of several amenities are planned.
More Retail Docking in Southlake
SOUTHLAKE (Dallas Morning News) – A new shopping center is coming to town.
Woomont Co. announced Tuesday that it is building Park Village shopping center at the southwest corner of Carroll Ave. and Southlake Blvd.
The center spans 190,000 sf on 22 acres, and it is already more than 50 percent leased. Tenants will include a specialty gourmet grocer and recreation goods retailer REI.
The retail center will open in late 2014. Herschman Architects is the project’s designer.
Powering Up in Guadalupe County
SAN ANTONIO (Houston Business Journal) – A Houston-based transmission, distribution and pipeline company has purchased a power plant in Guadalupe County.
Calpine Corp. bought the 1,050-megawatt, combined-cycle plant for $625 million from MinnTex Power Holdings.
Located about 30 miles northeast of San Antonio on 110 acres, the plant includes two 525-megawatt generation blocks, two heat recovery steam generators and one GE steam turbine.
The purchase also includes rights to an advanced development opportunity for an approximately 400 megawatt quick-start, natural gas-fired peaker, if market conditions warrant.
Calpine expects the transaction to close in first quarter 2014 and to fund it with cash on hand. The transaction is subject to customary closing conditions, antitrust review under the Hart-Scott-Rodino Act and approval by the Public Utility Commission of Texas.