This Week's Austin/San Antonio Deal Sheet
Indeed, one of the world's biggest job sites, opened its new office at Champion Office Park in North Austin. The company was previously at 7501 N Capital of Texas Highway. Indeed plans to grow from 500 to 1,500 employees at the 220k SF office. Embracing the work hard/play hard ethic, the new office features a fitness center, yoga studio, café and game room with ping pong tables and a dance machine. The company will host community events and plans to partner with Girls Who Code this summer.
EXECS
Kyle Spencer joined HFF as a director in its Austin office. Kyle will focus on debt and equity placement transactions in Austin and central Texas.
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Henry S. Miller formed a partnership with HSM Equity Partners’ Jim Brownlow to create a new Henry S. Miller office in Austin. Jim recruited AMS Commercial Real Estate’s John Davenport and Chase Belew to join, and the three will manage the new venture, HSM Capital Partners.
SALES
New York-based Valor Capital Partners purchased two Class-B office buildings in Austin, totaling 124k SF. The Briarcroft Building is a 63k SF office building at 12710 Research Blvd. The other asset, at 9101 Burnet Rd, comprises 60k SF and is 100% occupied. CBRE Capital Markets Investment Properties repped the seller, OakPoint Real Estate.
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Marcus & Millichap sold Golden Corral, a 14k SF property at 12509 North Lamar Blvd in Austin. Marcus & Millichap’s Douglas Diffie and Bruce Bentley III marketed for the seller, a limited liability company. The buyer, a private out-of-state 1031 investor, was repped by The Mansour Group in Marcus & Millichap’s San Diego office.
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MS General Contractors bought a 55k SF tract of land at Eagle’s Landing in Elgin. REOC’s Kurt VanderMeulen repped the seller, SREF Eagle’s Landing.
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Institutional Property Advisors sold The Palazzo, a 90-unit luxury condominium community in northwest San Antonio. IPA’s Will Balthrope, Drew Kile and Jordan Featherstone repped the seller and found the buyer. Terms of the sale were undisclosed.
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Brennan Investment Group purchased a 200k SF vacant industrial facility previously occupied by Sysco Foods. The facility in Round Rock will be redeveloped into a food processing facility.
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A private investor bought Lakewood Square, a 15k SF shopping center, for an undisclosed amount. Venture Commercial Real Estate’s John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller repped the seller, Lakewood Partners. Hudson Peters Commercial’s Michelle Hudson repped the buyer.
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Spectrum Acquisition-Bee Cave bought about 6.5 acres at Sunrise Road and Oakmont Drive in Round Rock. REOC’s Kurt VanderMeulen repped the purchaser.
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An undisclosed buyer purchased nearly two acres at Highway 181 and Wilson Drive in Floresville. Retail Solutions’ Charlie Roof repped the seller, and Osborne Properties’ Bill Osborne repped the buyer.
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Outland Limited sold 23.2 acres at 1201 E. New Hope Dr in Cedar Park, adjacent to the Cedar Park Event Center. Avison Young’s Michael B. Kennedy, John T. Baird and Jeff Bodenman repped the seller.
LEASES
Highland Resources signed two new office tenants for its mixed-use development, Lamar Central, at 38th Street and North Lamar Boulevard. AcademicWorks signed a five-year lease for 10k SF on the third floor. AEC signed an eight-year lease for about 4k SF on the third floor.
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Mexican Grocery Store leased 21k SF at the North Hills Shopping Center at 2034 Austin Hwy in San Antonio. The landlord was repped by Retail Solutions’ Bill Lucas, and the tenant was repped by SIS Group’s Anastasio Sanchez.
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Xplore Technologies leased 16k SF at Park Centre, a Class-A facility in Austin. Transwestern's Mike Brown and Brandon Lester repped the landlord, KBS Strategic Opportunity REIT, and Jackson & Cooksey's Art Leichner repped Xplore.
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Gypsum Supply leased 14k SF of industrial on Braker Lane from Mp Braker LP. REOC’s Mark Milstead repped the tenant.
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Texas Fabco Solutions leased 35k SF of industrial at 14 East RR. REOC’s Jerry Heare repped the landlords, 4501 Springdale Ltd and Blanco Warehouse.
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Dollar Tree leased 7,500 SF in Southpark Meadows at 9500 S IH-35 at West Slaughter Lane. The Weitzman Group’s Britt Morrison and Brett Maze handled negotiations as exclusive leasing agents for Southpark Meadows I and II. The Retail Connection repped Dollar Tree.
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Grande leased 10k SF at San Marcos Place. Retail Solutions’ Andrew Perkel repped the landlord.
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Freshii, a new healthy casual restaurant concept, leased 10k SF in Mueller Regional Retail, within the Mueller mixed-use community. The Weitzman Group’s Britt Morrison repped the landlord, and The Retail Connection's PJ Kaminer repped the tenant.
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Zephyr Environmental renewed its lease for 18k SF at The Terrace in Austin. The tenant was repped by HPI’s Jeff Pace and Case McCoy. Aquila’s Ben Tolson, David Putman and Bart Matheney repped the landlord.
DEVELOPMENT
Nelson Commercial Properties started development of a 100k SF distribution center for LKQ Corp. The facility is on a 90-acre site just north of New Braunfels, off Highway 35 South. This is the fifth project NCP has completed for LKQ.
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Ryan Cos US, in partnership with Austin Affordable Housing Corp, kicked off construction on Urban Oaks, an affordable multifamily development on eight acres near the intersection of Circle S Road and William Cannon Drive in Austin. The project is expected to be completed by spring 2017.
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Stream Realty Partners and USAA Real Estate Co are developing I-35 Logistics Center on I-35 in New Braunfels. Delivery is expected in December 2016.
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JMJ Development is building Villita Tower, a 30-story, 201-unit multifamily residential development in San Antonio on the River Walk. The price tag is $47M.
FINANCE
Walker & Dunlop’s Tom Toland, Brandon Strong and Jeff Schmidt structured an $8M loan for M3 Multifamily with CUNA Mutual Group to refinance the Links at Forest Creek, a 220-unit garden-style apartment community in Round Rock. The refi was structured as a 15-year assumable loan with a Wisconsin-based life insurance company with a fixed rate of 4.18%.
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BMC Capital’s Hank Crane arranged a $1.7M loan for the refinance of a 63-unit multifamily property in Austin. The loan features a five-year fixed term at 4.01%.
THIS AND THAT
The Austin chapter of CREW awarded scholarships to three female students. Angeliza Sierra won first place with a $2,500 scholarship, Nikki Mooney took second place with $1,500, and Macey Jacobs took third place with $1k.
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The City of Austin inked a partnership with ParkX, a pay-for-parking smartphone application, and piloted the program on March 22 in the West Campus area, with plans to extend to all city-owned metered parking spots in April.
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The City of Round Rock, Round Rock ISD and the YMCA are considering the possibility of constructing a large indoor aquatics center on A.W. Grimes Boulevard. The center would be on 10 acres donated to the YMCA. It will cost $25M and require an annual operating subsidy of $650k.
