The Week in Deals
Bellomy & Co’s Bill Bellomy, Michael Johnson, and John Owens sold the 964-unit Michener Self Storage in Austin for an Austin-based seller. The 108k SF Class-A facility (on 17 acres) at I-35 and SH130 in northeast Austin was sold to Lockaway Self Storage. The trio also procured the buyer.
Arc Capital Partners (formed by Quincy Allen and Neville Rhone) partnered with Cardinal Group Investments to acquire The Establishment, a 139-unit apartment community at 3501 S 1st St in Austin. The property will be rebranded under the Mint Urban tag. The Establishment was acquired in an off-market transaction.
Brandywine Realty Trust—with Parkway Properties—closed on its acquisition of Four Points Centre and related land parcels in Austin. Four Points Centre is valued at $41.5M and includes two three-story buildings totaling 192k SF in Austin's northwest submarket. The LEED-Gold buildings were built in 2008 and are 100% leased. The land parcels are being acquired for $5.8M and are entitled to build up to 480k SF of office space. Brandywine funded this acquisition with available corporate funds.
Dallas-based Mohr Health and its partner, Dallas-based MedProperties Holdings, closed the sale of the 40-bed rehab hospital, Warm Springs Rehabilitation Hospital of Westover Hills in Westover Hills. The 50k SF facility is 100% leased to Post Acute Medical with a 17-year absolute net lease with annual rental escalations. The property was sold to a private REIT. CBRE’s Jecoah Byrnes, Chris Bodnar, and Lee Asher, along with Scott Herbold and Mohr Health’s Wynn Searle repped the seller.
Diana Zuniga is one of only two Texans to receive the 2013 National Commercial Award from the National Association of Realtors. The award recognizes outstanding achievement in the commercial real estate industry. Diana was nominated by the Central Texas Commercial Association of Realtors, which she serves as a board member. She is president and owner of Investors Alliance and a development partner of the Spring Condominium.
BMC Capital hired Hank Crane as a VP in its Austin office. Hank has more than 40 years of experience in the commercial real estate industry as a mortgage banker, developer and broker.
Hollingsworth Logistics Group inked a 160k SF lease in building 1 of Tri-County Distribution Center at 5925 Tri-County Pkwy in Schertz, just northeast of San Antonio. Stream Realty Partners SVP Jason Schnittger represented the landlord, CLPF – Tri County 1. Endura Advisory Group’s Charlie Hargis represented the tenant. Jason also brokered an 11k SF lease at Isom Business Center for landlord, G&I VII Isom to Beavex, which expanded from 22k SF to 33k SF at 919-995 Isom Rd.
CBRE inked three deals totaling 89k SF including:
•Millennium Distribution inked a 53k SF lease at 4990 Eisenhauer Rd in San Antonio from Bre/Tx Industrial Properties. CBRE’s Josh Aguilar repped the tenant. Endura Advisory Group repped the landlord.
•Solarbridge Technologies signed a 23k SF lease at 9229 Waterford Centre Blvd in Austin from PS Business Parks. CBRE’s Nate Stricklen repped the tenant.
•Event Management & Merchandise signed a 13k SF HQ relo at 4401 Freidrich Ln in Austin from KBS Realty Advisors. CBRE’s Ace Schlameus repped the landlord.
USAA Real Estate Co changed the La Cantera Resort management to Denver-based Destination Hotels & Resorts and redubbed the hotel as the La Cantera Hill Country Resort.
Excel Learning Center plans to double the size of its main San Antonio campus at Cherry Ridge Office Park, growing from 3,000 square feet to 6,436 SF. Campus staff expect to grow the student body from 60 students to about 110. CBRE’s Carl Salvato repped Excel.