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Austin Metro Foreclosures Pushing Higher AUSTIN – Commercial foreclosures rose 16 percent in the past year in a four-county region of Central Texas. Leading the pack is Travis County, which accounted for 302 of the 451 notices pinned on commercial properties to date this year. Still, commercial owners are trailing residential, according to George Roddy Sr., president of Addison, Texas-based Foreclosure Listing Service Inc. Recent research put residential foreclosure notices up 24 percent in the year-to-year analysis. "So far this year, in the four-county metro, 5,562 postings have been filed threatening foreclosure of homes compared to just 451 foreclosure notices filed on commercial properties," he said. In the commercial analysis, Roddy found miscellaneous buildings accounted for 229 of the total postings since January. Multifamily properties came in second, with notices going up on 104 assets. There were 86 postings against land holdings; 13 against office owners; 12 against retail owners; and seven in the industrial sector. Of those totals, only the industrial sector experienced fewer foreclosure notices than the previous year. In the county-by-county breakdown, Williamson logged 118 foreclosure postings while Hays had 20 and Bastrop, 11. The region overall experienced a 16 percent gain, but that wasn't the case with Travis County. "In Travis County, commercial posting activity remained virtually the same as one year ago," Roddy pointed out, noting the total was off by just one digit. His research also showed that the two biggest shifts in commercial posting activity in Travis County were an 80 percent gain in office postings and a 64 percent decline in the number of notices for industrial structures. ..................................................... Bexar County Commercial Foreclosures Climb 17% SAN ANTONIO – Foreclosure Listing Service Inc. has tracked a 17 percent increase in commercial foreclosures this year in Bexar County. Year to date, 393 commercial properties have been slapped with foreclosure notices. The rate is "slightly steeper" than the county's residential postings, which rose 14 percent, according to George Roddy Sr., president of the Addison, Texas-based research firm. "Hardest hit by the uptick in Bexar County commercial posting activity were office buildings, industrial buildings and land," Roddy said. Still, only one of the 27 office buildings under fire was larger than 100,000 sf. In a breakdown, Roddy found miscellaneous commercial buildings had more notices than other property types – 202, resulting in a seven percent increase in the past year. Second place went to the land category, with 91 notices versus 65 in 2009. The office category spiked 145 percent, with 27 notices in comparison to last year's 11 while industrial properties had 16 notices for a 45 percent increase in the year-to-year analysis. Foreclosure notices against retail and multifamily properties declined in the past year. There were 23 owners of retail centers and buildings under fire to reflect an eight percent decrease. In the multifamily sector, there was a three percent dip from 35 to 34. ..................................................... 72-Key Hotel Sold to Maryland Buyer PORT ARTHUR – A Texas-based partnership has sold a 72-room Hampton Inn & Suites on the Gulf Coast. The three-year-old boasted annual revenues exceeding $2.2 million. Michael Yu and Rahul Bijlani with the Houston office of Marcus & Millichap Real Estate Investment Services had the 1.6-acre holding at 7660 Memorial Blvd. in escrow within 30 days of starting the marketing. The buyer is a Maryland-based partnership who closed the deal "at a significant premium to replacement cost," according to a press release. ..................................................... $365 Million Buy In Works For Two TX Gas Facilities BALTIMORE – Constellation Energy is making plans to acquire two natural gas combined-cycle generation facilities in Texas for $365 million from Navasota Energy Partners LP of Houston. Under contract are the Colorado Bend Energy Center in Wharton and Quail Run Energy Center near Odessa. Both are 550-megawatt facilities.The Baltimore-based energy group previously announced plans to deploy up to $1 billion in one to two years to acquire assets in regions where its load obligations exceed its generation capacity. The two Texas plants have expansion projects in advanced stages of development. Citi is the buyer's transaction adviser and Kirkland and Ellis LLP is the legal counsel. Navasota has JP Morgan as its financial adviser and Milbank, Tweed, Hadley & McCloy LLP as legal counsel. ..................................................... HomeAway's HQ Earns LEED Gold AUSTIN – HomeAway Inc.'s 51,000-sf headquarters office has earned the distinction of becoming the second one in the capital city to land a LEED Gold for commercial interior design. HomeAway's corporate team is located on the third floor of 1011 W. 5th St., a mixed-use building in the Market District. The company employs nearly 300 in Austin and 600 worldwide."As advocates of green building in Central Texas, it is exciting for us to see a leading-edge national company like HomeAway embracing the Austin ideals of sustainable development," says Effie Brunson, U.S. Green Building Council Central Texas Chapter vice chair. According to HomeAway's press release, CTA Architects Engineers and the collaborative team achieved 34 of 39 points. Working in the company's favor is a location near seven public transportation routes and hike and bike trails. The building also features 32 bike storage lockers, showers and changing rooms for employees, flow limiters, natural lighting and low VOC paints and other environmentally friendly materials. At least 50 percent of HomeAway's energy is generated by solar and wind power. ..................................................... UPDATE $50 Million Redo Draws to Close CORPUS CHRISTI, Texas – Closing in on completion of a $50 million renovation, Trademark Property Co. is poised to add more tenants to the one million-sf La Palmera's mix. The Fort Worth-based owner has secured leases with Ulta and Wendy's. The 9,800-sf Ulta is slated to open in the fall while the restaurant will light 700 sf in July in the mall's new 600-seat food court. As previously reported, Grimaldi's Pizzeria will open in April and P.F. Chang's in June. To mark the milestone completion, Trademark is holding a community appreciation event Friday at 2 p.m. "We have always recognized that La Palmera is an important asset to the Corpus Christi community," said Terry Montesi, Trademark Property's chairman and CEO. "We want to thank our customers for their patience through the renovation process. Despite the inconveniences of construction, they have continued to support La Palmera and we appreciate that support." Since July 2008, Trademark has secured 19 new leases, totaling 41,845 sf, and 29 renewals and relocations for 53,683 sf. "We are pleased to have had this opportunity to make our vision for the mall a reality. As promised, La Palmera, is becoming a leisure destination unparalleled in the region," Montesi added. ..................................................... 60,493 SF Leased in San Antonio SAN ANTONIO – In a recent leasing rally, 60,493 sf of industrial, office and retail space has been filled in Greater San Antonio in seven transactions. In the industrial sector, Plan B Inc. leased 33,660 sf at SADC I at 1802 Shipman Dr., owned by Denver-based ProLogis. Clint Parker of Grubb & Ellis Co. represented the tenant while ProLogis' in-house team handled its side of the negotiations. Also, Lansing Building Products Inc. took 16,000 sf of industrial space in the San Antonio Distribution Center at 3453 Interstate 35 North, owned by TC II Land LP. Grubb & Ellis' Rick Stagers represented the tenant while Ryan Smith of Cross & Co. in San Antonio represented the landlord. Of the three office leases, the largest was signed by RSL Steeper, which took 2,704 sf in Shavano Center III at 3619 Paesano's Parkway, owned by Shavano Center III Ltd. Jason Brumm, JJ Williams and Maggie Nigro in Grubb & Ellis' San Antonio office, represented the tenant. The landlord had an in-house broker in charge of its talks. Jesus Almaraz leased 2,214 sf of office space at 6363 Valle DeZavala from Joy Unlimited. Grubb & Ellis' Sherrie Wade represented the owner and Steve Almaraz represented the tenant. At Northwest Atrium, Texas Heritage Mortgage Co. took 1,985 sf from NWALP, owner of the 11550 Interstate 10 West building. Wade represented the owner and Mickey Couch of Santa Fe Realty was the deal's tenant rep. Taking retail space is Austin Institute for Massage and Spa Therapies LLC, which signed for 2,350 sf at Vintage Plaza Shopping Center at 2711 La Frontera Blvd. in Round Rock, and Christian Treasures, which leased 1,640 sf at Oakridge Shopping Center at 1580 Babcock Rd. Andy Besing, Brumm, Williams and Nigro represented the massage institute while Andy Reese of Ironwood Real Estate Services negotiated for the owner, LF Vintage Plaza Shopping Center LP. Sophear Wilson, Besing, Brumm, Williams and Nigro represented the owner of Oakridge, Parker Properties. Christian Treasures used in-house representation for the deal. ..................................................... New Shops Coming to La Palmera CORPUS CHRISTI, Texas – Trademark Property Co. is bracing for a round of openings at its one-million-sf La Palmera in South Texas. In recent months, dealmakers have sealed 22,799 sf of leases. Opening tomorrow is a 7,000-sf Charming Charlie and three days later a 2,946-sf VANS shop will have its ribbon cut. In April, Grimaldi's Coal Brick-Oven Pizzeria will open a 3,500-sf eatery while PF Chang's China Bistro is planning a June opening of a 6,883-sf location. Last month, doors opened on a 970-sf Subway and 1,500-sf MTV Nails. The Fort Worth-based owner has inked 14 leases and relocated or remodeled 20 stores since taking the deed in July 2008. "We couldn’t be happier with the caliber tenants we continue to bring to Corpus Christi and the Coastal Bend market," said Fred Walters, La Palmera's general manager. "Over the past year, we have brought in some great new retailers and restaurants with even more on the way; I expect we could announce several other new retail tenants in the near future." ..................................................... On the Auction Block: Austin Condo Project AUSTIN – Twenty-seven condominiums in the 10-story Sabine on Fifth will come up for auction Feb. 28. Kennedy Wilson Auction Group will hold the sale at 1 p.m. in the Hilton Austin Downtown at 400 E. 4th St. Sabine on Fifth, situated at 507 Sabine St. in the entertainment district, has one- and two-bedroom units, ranging from 693 sf to 1,467 sf. Buyers will get a complimentary one-year membership in the Tower Health Club & Spa. "Downtown Austin continues its revival and Sabine on Fifth puts residents right where the action is," said Rhett Winchell, president of the Beverly Hills, Calif.-based auction group. According to the auctioneer's Web site, units previously priced at $204,900 to $263,900 will open at $85,000 apiece. Other starting bids, with similar deep discounts, range from $95,000 to $175,000. ..................................................... Ground Lease Sells for $3.2 Million AUSTIN – Roddimeyer III LLC has paid $3.26 million for a 37,767-sf tract of land leased for the long term to Comerica Bank. The ground lease for 7820 Burnet Rd. was sold by Northcross Burnet Pad LLC of Austin, according to the Travis County appraisal district. Marcus & Millichap Real Estate Investment Services' senior associate Mark Ruble and first vice president Jamie Medress, both in Phoenix, and Tim Speck, regional manager of the Dallas office, arranged the sale. ..................................................... 160,000-SF Woodlake Crossing's Deed Moves to Inland American SAN ANTONIO – Inland American Real Estate Trust Inc. has grabbed the deed to the 160,000-sf Woodlake Crossing, a class A retail development completed last year in northeast San Antonio. The center was 81 percent leased at sale time. David Berndt Interests Ltd. of Irving, Texas, developed the center at the southwest corner of FM 78 and Woodlake Parkway. The center is anchored by Best Buy, Ross Dress for Less, Office Max and Petco and neighbors a Super Target. Doug Hazelbaker, senior managing director of Holliday Fenoglio Fowler LP in Dallas, and managing director Ryan Shore represented the seller. "This transaction was very unique as the property is in its final phase of lease-up and the acquisition involved a new loan with BBVA Compass – who also happened to be the construction lender. The buyer, seller and lender all worked very hard to achieve this year-end closing," Hazelbaker said. ..................................................... Net-Lease Sale Brings $2.2 Million VIDOR, Texas – A CVS/Pharmacy location, secured by a 20-year lease, has sold for $2.2 million to a limited liability company. The 10-year-old building sits on 1.3 acres at 1295 N. Main St. near Interstate 10 in west Orange County. The seller is a a developer, who was represented by Alvin Mansour, senior vice president of investments in Dallas and a director for Marcus & Millichap Real Estate Investment Services' Net Leased Properties Group, and Tim Speck, regional manager of the Dallas office. In addition to the original net-lease terms, the Woonsocket, RI-based CVS has four five-year renewal options embedded into its pact, according to a press release. ..................................................... 31 Carl's Jr. Coming to Texas CARPINTERIA, Calif. – CKE Restaurants Inc. has signed two franchise agreements to add 31 more Carl's Jr. locations in Texas. Under its pact, Tampico, Mexico-based Frontera Star Foods will add 20 restaurants in Laredo, Brownsville, McAllen and Harlingen in southeastern Texas. Also, Austin-headquartered Burger Barons will open 11 restaurants in Waco, Killeen, Temple, College Station and Bryan. "Texas continues to be a priority for CKE's expansion and we are proud to have two strong franchise entities join us in the Lone Star state," said Andrew F. Puzder, CEO of the Carpinteria, Calif.-based CKE. The company operates seven Carl's Jr. restaurants in Texas and has another 27 locations through franchisees. In the next decade, CKE plans to add 252 franchise and 100 company-owned restaurants. ..................................................... Texas Economy: 2010 is Leading to Recovery The Texas economy is headed for improvement in 2010 as firming real estate values and gains in job growth and population lift the Lone Star State, according to Lewis Realty Advisors. “Investors have a keen interest in Texas and the fundamentals of commercial real estate look promising for 2010,” said David Lewis, chief executive officer of Lewis Realty Advisors. “The Texas economy has remained resilient, despite the challenges posed by the national recession.” Texas led the nation in population gain, adding 478,000 people, for the 12-month period ending July 1, according to the U.S. Census Bureau. Texas is attracting people because jobs are more plentiful than other parts of the nation. Overbuilding has not been a significant issue in Texas real estate markets. With the declining pace of new construction, the inventory of vacant properties is being burned off and the equilibrium in supply and demand will support firmer rents in the coming year, Lewis said. Many commercial buildings can be purchased in Texas today at prices below replacement costs, drawing investors to these bargain-priced assets in 2010, Lewis said. “Opportunity investors are circling the market looking for deals,” said Kim Kobriger, senior consultant for Lewis Realty Advisors. “Private equity groups, insurance companies and pension funds will become more active as it becomes apparent the real estate market has bottomed out.” “Some large well-capitalized banks will be financing more real estate transactions in 2010. But weaker financial institutions will require much larger equity portions than in the past and place more emphasis on current cash flows, tenant quality and length of remaining leases,” Kobriger said. A number of construction projects generated by the release of federal economic stimulus funds will be underway in 2010, creating opportunity in Texas. “A significant amount of government-related real estate activity is in the pipeline over the next year. Lewis Realty Advisors, a long-time leader in eminent domain consulting, is heading for a strong 2010,” Lewis said. Houston-based Lewis Realty Advisors (www.LewisRealty.com) provides real estate consulting, appraisals, and eminent domain counseling for private property owners and governmental entities. ..................................................... Spicy Pickle Marks Texas Spots AUSTIN – Spicy Pickle Franchising Inc. will open locations in Austin and Houston as part of its expansion in California, Texas, Montana and Nevada. Before midyear, an eatery will open at 404 W. 26th St. in Austin and 11611 Katy Freeway in Houston. Also opening soon will be 9985 S. Eastern Ave. in Las Vegas.The Denver-based restaurateur has three locations in San Diego and one under construction in Temecula, Calif. A new franchisee has latched onto rights for Billings, Mont. "In addition, we have activity in Vancouver, British Columbia, Canada where we anticipate being able to announce something shortly. Our existing Bread Garden Urban Cafes in Canada are gearing up for the winter Olympics in February in Vancouver and on Whistler Mountain," said Marc Geman, president of Spicy Pickle. The 10-year-old chain has restaurants in 11 states and more under development nationwide. ............................................. $48.2 Million Residential Pact Adding Units at Fort Bliss EL PASO – The U.S. Army has expanded its residential development contract with Balfour Beatty Communities LLC, adding $48.2 million to develop another 202 townhomes at Fort Bliss. The extra townhomes are slated for completion in 2012, bumping the base's total to 3,405 units. Balfour Beatty has been handling Fort Bliss' family housing since July 2005 under the military housing privatization act. The new townhomes are designated for junior enlisted and junior non-commissioned officers. The units will be two-story four-plexes and a one-story, handicapped accessible floor plan. "As we develop the master plan for this new neighborhood, every effort will be made to maximize land use while providing a safe and sustainable environment," said Bruce Robinson, president and CEO of the Newtown Square, Pa.-based Balfour Beatty Communities. "We look forward to getting started as soon as possible so that we can meet the expanded housing needs of our military members and their families residing at Fort Bliss." ............................................. Karlee, Ridge Property Ink Deal MISSION, Texas – Karlee Inc. has leased a 33,512-sf industrial building in the 1,200-acre Sharyland Business Park, becoming the first tenant for Ridge Commerce Center. Brant Landry of Transwestern Dallas and Lamar Lawson of Lawson Commercial in McAllen, Texas, represented Karlee, which is based in the Dallas suburb of Garland. Kent Newsom, vice president of Chicago-based Ridge Property Trust, handled the developer's side of the talks for the new building at 4401 Wanda Ave. "Karlee is making a long-term commitment to the McAllen area by their move to this new facility, which is more efficient and will cut their costs significantly. Ridge was aggressive in pursuing Karlee to be the first tenant in their new building," Landry said in a press release. Karlee, founded in 1974, is a woman-owned business that manufactures precision sheet metal and machined components for the telecommunications, semiconductor and medical-equipment industries. ............................................. FEATURED PROPERTY Healthcare Portfolio Comes to Market TEXARKANA, Texas – In a special assets sale, five healthcare buildings have hit the market on the Texas-Arkansas border. The buildings are up for grabs individually, bundled or portfolio basis. The seller is the surviving estate from the recent bankruptcy of Wadley Regional Medical Center. Marketing is being handled by Bradley Bailey, associate vice president in the Austin office of Marcus & Millichap Real Estate Investments Services and its Denver-based special assets group, made up of directors Andy Glinski and Jake Steele. Bailey points out that the under-construction freeway system is driving new growth in Texarkana. "These properties provide medical services to a population located in four states: Oklahoma, Arkansas, Louisiana and northeastern Texas," he added. The package includes the 539,007-sf Wadley Regional Hospital at 1000 Pine St. The 382-bed facility currently is leased to Brim Healthcare of Texas. Also on the market are the 98,068-sf Wadley Medical Office Building at 1002 Texas Ave.; 15,408-sf GTE Building at 1001 Walnut St.; and the Wilson building, a private, single-tenant building at 520 W. 12th St. The fifth property is a ground lease for the 78,000-sf HealthSouth Rehabilitation Hospital of Texarkana, a 60-bed facility at 515 W. 12th St. ............................................. USAA Affiliate Inks Agreement With Texas Retirement System SAN ANTONIO – U.S. Republic Core Fund and the Teacher Retirement System of Texas (TRS) will co-invest in core and core-plus office, retail and multifamily assets in the nation's 50 largest metropolitan markets. The program will be seeded with $233 million of equity, which will result in an aggregate portfolio value of more than $300 million. The teachers' fund recently partnered with other USAA affiliates to buy an 80 percent stake in eight class A grocery-anchored shopping centers in the U.S. developed by Jacksonville, Fla.-based Regency Centers Corp. As previously reported, the 813,193-sf investment cost $133.9 million. "USAA has a proven track record of creating value through disciplined investments and strong operations. We look forward to expanding our core portfolio and receiving solid returns for our beneficiaries through this long-term relationship," said Britt Harris, chief investment officer for TRS, which administers a pension trust fund valued at $88.7 billion. ............................................. Four Tenants Find Space in Austin AUSTIN – In back-to-back deliveries, Grubb & Ellis Co. brokers have completed four leases for retail and industrial space in the capital city. Taking retail space is Tran Chiropractic, which leased 1,267 sf in Parmer on the Creek at 1212 W. Parmer Rd. Molly Polk and Ryan Ridgeway of Grubb & Ellis represented the tenant in the transaction. Jason Ricks and Nick Tarantino of Tarantino Properties in Austin represented the local owner, FDS Frontier Strategies. Frutii Frogurt took 1,000 sf at 701 S. Capital of Texas Highway from Westlake Retail LP. Polk and Ridgeway represented the tenant. Cooper Drenner of Austin-based Endeavor Real Estate represented the lessor. Gtubb & Ellis' Brian Butterfield completed negotiations on a 2,432-sf industrial lease for Canon USA at 11500 Metric Blvd. and 1,680-sf deal for Ingersoll-Rand Co. at 8711 Burnet Rd. Endeavor Real Estate's Matt Levin represented Canon's new landlord, Granite Properties LP of Dallas, and Andrew Creixell of CSA Realty Group, also from Austin, handled talks for Turtle Rock Holdings, owner of the Burnet Road building. ............................................. Grubb & Ellis' San Antonio Team Finishes Seven Deals SAN ANTONIO – Three office leases and two each of industrial and retail have been put to bed by dealmakers in the Alamo City. The largest office lease was inked by the City of San Antonio, which leased 4,844 sf in the Grayson Professional Office Building at 1400 E. Grayson. Jason Brumm, JJ Williams and Maggie Nigro in Grubb & Ellis' San Antonio office represented the landlord, First State Investors HSF LP. Dan Gostylo of the locally based Providence Commercial Real Estate represented the tenant. WarComp Inc. leased 3,215 sf of office space in Woodlake Clubhouse at 6500 Woodlake Dr. from Presto Nova Woodlake Ltd. Andy Besing, Sophear Wilson, Williams, Brumm and Nigro of Grubb & Ellis represented the lessor for the direct lease. The third office lease, totaling 3,072 sf, was signed by Alamo Dermatology Associates, which took space in the Courtyard at Camino Real at 14855 Blanco Rd. from Intco Development of Texas. Grubb & Ellis' Lynn Blakeley represented the tenant in the talks with the developer's in-house broker. On the industrial side, Neon Electric leased 4,834 sf in Schertz Industrial Park at 17325 Bell North from McLeish Schaefer Group LP and Absolutely Delicious Catering took 6,650 sf at 9826 McCullough from L.S. Soto. Bob Trevino of Grubb & Ellis represented the lessors in the direct transactions. The largest retail lease was signed by ReTox San Antonio, which took 5,118 sf in Churchill West Shopping Center at 1031 Patricia from Capital Foresight SA II Ltd. Grubb & Ellis' Williams, Brumm and Nigro represented the tenant. Michael D. Hoover of DH Realty Partners in San Antonio negotiated for the landlord. Also, the Varicose Vein Clinic will fill 2,500 sf in Stone Oak Crossing at 19141 Stone Oak Parkway from TNPPM Stone Oak Crossing LLC. Besing, Williams, Brumm, Wilson and Nigro with Grubb & Ellis represented the lessor in the direct deal. ............................................. Weingarten, Dunhill Strike Deal for 159,502-SF Asset AMARILLO, Texas – Weingarten Realty Investors has sold the 159,502-sf Wolflin Village to Dallas-based Dunhill Partners Inc. Occupancy was 92 percent when the deed was exchanged in a free-and-clear trade. The 10-acre Wolflin Village is located along Interstate 40 at the junction of Wolflin Avenue and Georgia Street. The tenant roster includes Office Depot, Talbots, Starbucks, GNC and Cold Stone Creamery. Holliday Fenoglio Fowler LP senior managing directors Doug Hazelbaker and Jim Batjer and managing director Ryan Shore, all in the Dallas office, handled the sale for the Houston-based seller. The buyer owns three other shopping centers in Amarillo, one of which, Grand Plaza, also has Interstate 40 positioning. Dunhill's portfolio consists of 29 properties, with more than four million sf, in North Texas, Austin, Houston, Louisiana and Hawaii. In a recent SEC filing, Weingarten reported selling four shopping centers and an industrial asset in Texas and North Carolina to date this year. It had six additional properties tagged for sale, of which one was located in Texas and the rest in New Mexico, Arizona and North Carolina. The stack represents a net book value of $51 million. ............................................. Refi for W Hotel Project AUSTIN - The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $120 million recapitalization for the W Hotel &
Residences, a luxury mixed-use project under construction in Austin. Working on behalf of Stratus Properties, Inc. and the Canyon-Johnson
Urban Fund, HFF senior managing director Whitaker Johnson placed a new
five-year construction loan originated by CLG Hedge Fund, LLC, a hedge
fund affiliated with Beal Bank Nevada. This loan is replacing an Due for completion in December 2010, the W Hotel and Residences will
have 252 guest rooms and suites. In addition, approximately 159 On-site amenities will include an elevated garden The W Hotel and Residences is located
at 2nd Street and Lavaca in downtown Austin’s 2nd Street District. Stratus Properties is a diversified real estate company engaged in the
acquisition, development, management and sale of commercial, multifamily
and residential real estate properties located primarily in the Austin
area. Austin Firm Takes 13,000 SF AUSTIN – Innovative Funding Services has settled into the 12,499-sf fourth floor of a six-story office building in North Austin. The firm, leasing the lion's share of the floor, has gained nearly six times more operating room with its recent move to 14205 Burnet Rd., according to a press release issued by the locally based company. The 66,976-sf building is owned by Sage-Executive LTD. of Austin, according to Travis County tax records. "As we have added new clients our staff has grown as well, and it was time to make the move to larger offices for our team," said Tim Janssen, Innovative Funding's president.
........................................ Grubb & Ellis Co. Announces SA Transactions
Sales Leases
........................................................ Austin Net-Leased Retail Sells AUSTIN – A private investor from York, Pa., has acquired a 4,200-sf net-leased building in the capital city from a Los Angeles-based partnership. Both sides of the deal were negotiated by Marcus & Millichap Real Estate Investment Services. Representing the seller of the Wachovia Bank location at 11302 FM 2222 were Philip Levy and Jason Vitorino, both in the Dallas office, and Stephen Stein in the L.A. office. The buyer's team consisted of Tom Gorman, Matthew P. Gorman and Michael Shover, all in the Philadelphia office. ........................................ Grubb & Ellis Finishes Four Leases AUSTIN – Two medical office leases and a pair of retail pacts for Frutii Froyo have cleared the closing tables for properties in Central Texas. Austin Psychiatric Alliance PLLC took 1,816 sf of office space in Aspen Oaks at 3636 Executive Center Blvd., and Tran Chiropractic leased 1,267 sf at 1212 W. Parmer Rd., both in Austin. Molly Polk of Grubb & Ellis Co. represented the Austin alliance while Jason McMillon of Ardent Properties represented the landlord, Travis Oaks LP. Polk teamed with Grubb & Ellis colleague Ryan Ridgeway to represent the chiropractor. Jason Ricks of Tarantino Properties represented the landlord, FDS Frontier Development Strategies. Frutii Froyo took 1,175 sf at 1005 S. Congress in downtown Austin and 864 sf at 4718 Broadway in San Antonio. Polk and Ridgeway were the tenant representatives for both transactions. Trent Chastain of Quick & Co. represented Camden Property Trust for the class A retail space in Austin and Harper Huddleston was the in-house broker for the San Antonio lease, which was inked with Glen Huddleston. ........................................ Stream Realty's Austin Team Adds Retail AUSTIN – Stream Realty Partners LP has gained a foothold in Central Texas' retail sector, scooping up leasing and management assignments for 10 shopping centers. As part of the move, the firm hired a 23-year veteran as retail director and brought two property managers on board. Bryan Dabbs, a well-known principal with Endeavor Real Estate Group of Austin, will lead the retail initiative for the Dallas-based Stream Realty. Also hired was Denis Brauchle, co-founder and principal of Carden Asset Management, and his long-time colleague, Carrie Holt.
........................................ Abilene, Austin's Emergent Partnering for Biotech Push ABILENE, Texas – The Development Corp. of Abilene is partnering with Austin-based Emergent Technologies Inc. to bring biotech companies to a growing West Texas city with three private universities in its midst. As part of the pact, Emergent will employ the director and administrative assistant for the Abilene Life Sciences Accelerator. The development board president Joe Crawford said several options were studied for staffing the accelerator and recruiting companies like Receptor Logic, an Emergent portfolio company that planted the seed for the city's biotech initiative. "ETI's involvement will enable us to accelerate our efforts to recruit and develop multiple early stage life science companies with promising technology commercialization prospects," said Richard Burdine, CEO of the development corporation. Abilene went to work in 1989 to diversify its base after the 1980s oil bust. The DevelopAbilene Team has been responsible for securing wind energy, computer information and biotech firms for the regional economy.
........................................ Bazaarvoice Expands to 51,000 SF AUSTIN – Bazaarvoice has leased 51,000 sf in the San Clemente at Davenport office park for its new headquarters office, doubling its space with the brand-new deal. In a press release, the tech company's executive team said it's outgrown seven locations in the 4.5 years since its launch. The new deal puts the team into 3900 San Clemente, a five-story, 251,146-sf class A office building. The 49-acre park features eight buildings with views of the Texas Hill Country and positioned just south of the Loop 360 bridge. The company said Bazaarvoice, a leader in hosted social commerce applications, also has offices in London, Paris and Singapore. The search for more headquarters space has been under way six months. The requirements called for offices on one floor in an open design. The 3900 San Clemente office is being outfitted with six break-out meeting rooms, a game room and two coffee bards.
Austin-based Debra Hurt of Debra Hurt Interior Design and John Knowles, AIA of DAVIS RKP Architects crafted the design, employing recycled products and ergonomic seating. "The interior design of the space was inspired by the employees, the beautiful nature of Austin, and the need to go green," Hunt said. ........................................ Southern Power's Take-Over Jump-Starts East Texas Plant SACUL, Texas – Southern Power has acquired Nacogdoches Power LLC, opening the door for ground to break in the fall on a biomass power plant. The project will deliver in summer 2012. Southern Power, a subsidiary of Atlanta-based Southern Co., bought the competitor from American Renewables LLC of Boston. The biomass plant is envisioned to be one of the largest of its types for electricity generation in the US. Southern Power is forging ahead on the 165-acre project with a 20-year power purchase agreement in hand from Austin Energy, a municipal utility serving the state capital area. The biomass plant will require about one million tons of fuel annually, which is planned to be procured within a 75-mile radius, according to a press release. ........................................ SI Screens Leases 22,206 SF AUSTIN – US Screen Corp. will relocate it Central Texas operations to the 22,206-sf Rutland 19 in North Austin. With the move, US Screen, known as SI Screens, will gain 7,429 sf when it lights 2105 Denton Dr. The company's manufacturing operation for projection screens is now based at 11110 Metric Blvd., less than one mile to the north."Despite the down economy, the unique screen products we have on the market have led us to an explosion in growth and a need for more space," said Ryan Gustafson, president and owner of SI Screens. Su Kosub, an associate with Grubb & Ellis in Austin, represented the inbound tenant. Daniel Farrar of Stream Realty Partners negotiated the lease for the Glendale, Calif.-based owner, PS Business Parks Inc. ........................................ EPIC, Senior Care Ready 1st Deal AUSTIN – Locally based EPIC Corp. and Senior Care Group Inc. of Tampa have signed a purchase agreement for a partnership stake in 10 healthcare facilities. Senior Care, operator of 27 facilities in the US, and EPIC will be staging the buy-in over the next year. The locations of the skilled nursing and assisted living properties aren't available. In a press release, the buyer said the portfolio generated net revenues of $71.95 million and $4.55 million of net profit. ........................................ Developer Sells 295,028-SF Warehouse WACO, Texas – An Elkhart, Ind.-based developer has sold acquired a 295,028-sf industrial building, leased to Patriot Homes Inc., to a local limited liability company. Patriot Homes once housed 145 workers at 1001 W. Loop 340, a manufacturing location for the Indiana-based manufactured homebuilder. The sale was brokered by Marcus & Millichap Real Estate Investment Services' Jacob Steele and Andy Glinski, both in Denver, and John Abuja in Chicago negotiated the transaction. Tim Speck, first vice president and regional manager of the Dallas office of Marcus & Millichap, also provided representation. ........................................ |
Weingarten Realty Sells CC Retail
CORPUS CHRISTI -Weingarten Realty has sold its Portairs Shopping Center, a 118,000-sf project in Corpus Christi. Rudy Hubbard, Scott Carter and Leah Gallagher of Transwestern represented the seller. Jim Boller IV leads the purchasing group, Portairs Partners L.P. The price was not disclosed.
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