REBusinessOnline.com

July 11, 2012

LAKEWAY RESORT AND SPA IN AUSTIN SELLS
Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. AUSTIN — Seattle-based The Dow Hotel Company, in a joint venture with The Carlyle Group's Carlyle Realty Partners VI, has acquired the 174-room Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. The resort is situated on 12 acres with 1,000 feet of waterfront on Lake Travis. The facility features villas, 24,000 square feet of meeting and function space, the San Saba Spa, a full range of aquatic activities, 24 outdoor tennis courts and two indoor tennis courts that are climate-controlled. Palm Beach, Fla.-based Hospitality Funding advised the buyers on the transaction. The buyers plan to complete a $5 million renovation that was started by the previous ownership group. The renovation includes updating the guest rooms, ballroom, bathrooms, lobby and corridors.


ARCH-CON DELIVERS THREE RETAIL PROPERTIES
Photo of Michaels, which is slated to open on Friday, at Cypress Towne Center. CYPRESS — Arch-Con Construction has finished the construction of a Michaels, Charming Charlie and James Avery at Cypress Towne Center, located at Spring Cypress Road and Highway 290 in Cypress. The 22,000-square-foot Michaels is slated to open on Friday, the 8,000-square-foot Charming Charlie is scheduled to open in August and the 2,500-square-foot James Avery is slated to open later this month. Kimco Realty Corp. is the developer of the retail tract and The Thompson Nelson Group designed the properties.


BOXER PROPERTY BUYS ONE PANORAMA IN IRVING
One Panorama, an eight-story office property located at 7701 Las Colinas Ridge in Irving. IRVING — Houston-based Boxer Property has acquired the 208,450-square-foot One Panorama, an eight-story office property located at 7701 Las Colinas Ridge in Irving. The property is currently 91 percent leased. Mike Hardage and Steve Simon of Transwestern represented the seller, Prudential Real Estate Investors, in the transaction. Boxer Property was self-represented.


M&M BROKERS $4.2M RETAIL SALE IN HOUSTON
Bellaire Village Shopping Center, located at 13602 Bellaire Blvd. in Houston's New Chinatown submarket. HOUSTON — Marcus & Millichap has arranged the $4.2 million sale of the 54,557-square-foot Bellaire Village Shopping Center, located at 13602 Bellaire Blvd. in Houston's New Chinatown submarket. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a financial institution, in the sale of the foreclosed property.


HFF SECURES $47.75M LOAN FOR THE SHORES AT LAS COLINAS
The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. IRVING — HFF has arranged $47.75 million in refinancing for The Shores at Las Colinas, a 908-unit, Class A multifamily property located at 385 E. Las Colinas Blvd. in Irving. The multifamily community is currently 88 percent leased and offers frontage on Lake Carolyn, European-style courtyards, five swimming pools, parking garages, a fitness center and club room. Steve Heldenfels, Bob Herron and Mona Carlton of HFF arranged the three-year loan through Capital One on behalf of the borrower, Boston-based Metropolitan Properties of America.

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