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AUSTIN CITY LIMITS; THE DEAL SHEET

Dallas-Ft. Worth
AUSTIN CITY LIMITS; THE DEAL SHEET

An affiliate of Dallas-based Spire Realty Group—221 West Sixth Street—acquired the 21-story Chase Tower in Austin. Located at 221 West Sixth St. in Austin’s CBD, the 390k SF, Class A office building is 96% leased. Specifics weren't disclosed, but it went on the market last year with a $71 million value, according to the Travis Central Appraisal District.

 
AUSTIN CITY LIMITS; THE DEAL SHEET

It was bought in June 2006 for $70 million by Triple Net Properties LLC and Endeavor. Since then, Triple Net merged with Grubb & Ellis. The seller is ERG Chase Tower, LP; NNN Chase Tower REO, LP; NNN OF8 Chase Tower REO, LP; and NNN VF Chase Tower REO, LP. HFF’s Andrew Levy and Todd Savage repped the seller and the buyer repped itself. Spire prez Caleb Smith tells us it's still too early in the cycle to invest in most US markets, but Austin's stability and consistent history of growth make it appealing. He says the firm has remained patient throughout the boom cycle intends for this to be the first of many large office acquisitions over the next few years.

 

Sales Transactions

More Austin sales news: New York-based ATCO Advisory Services acquired The Shops at 360, a collection of nine retail stores located on the ground floor of 360, a mixed-use building and hi-rise condo in downtown Austin. The Shops at 360, totaling 14k SF, is 96% leased and includes 24 paid parking spaces in the condominium building directly above (which is also the tallest building in Austin).

Lease Transactions

Arlington’s Six Flags theme park operator signed a new, 10-year, full-floor 22k SF lease at 230 Park Avenue in NYC. Monday Properties and CBRE represented the landlord. Newmark Knight Frank’s Matthew Leon and Ryan Kass represented Six Flags.

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The Wood Group signed a new 1k SF lease at 4545 Fuller Dr. in O'Connor Ridge in Las Colinas. Hudson Peters Commercial’s Sara Fredericks and Debi Carter represented the landlord and Mohr Partners’ Roy Reis represented The Wood Group.

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Bradford Commercial Real Estate Services SVP Susan Singer and market director Chris Stout  inked three deals: 

  • Repping the landlord, Northwestern Mutual Life Insurance, in Pepperidge Farm Inc.’s renewal of 14k SF of distribution space in Gateway East Business Center Building 1 at 4002 W. Miller Road in Garland. 
  • Repping the landlord, 1725-51 Hurd Corp., in a 12k SF industrial space lease for Classic Soft Trim Inc. in Skyview Service Center, 1751 Hurd Dr. in Irving.
  • Repping the landlord, Twin Creeks Warehouse Venture, in the 10k SF warehouse space lease to Yanyee International, dba Cowboy Studio, in Twin Creeks Business Center, Building 100 at 1303 N. Watters Road in Allen. Ultimate Relocation represented the tenant.

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B & W Technologies by Honeywell renewed an 8k SF office lease at NorthLake Centre in Pantego. SCM Real Estate Services’ associate Judy Zoch Nitzinger represented the landlord. Collier's International’s Allen Gump represented the tenant. With the renewal, NorthLake Centre is 97.7% leased. 

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Saville Dodgen completed a 17k SF renewal at 700 North Pearl St. in Plaza of the Americas. JLL’s Carl Ewert and Brad Selner represented the tenant and Peloton Real Estate Partners' Carla Machulis represented the landlord.  

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Golden Bell Bingo leased 16k SF in the former Bealls location at 1100 West Main St. in Gun Barrel City and will occupy the space sometime this year. The space is part of the 48k SF shopping center, Gun Barrel City Plaza, which is located along Main Street near the Harbor Point Road intersection. The transaction was handled by Gun Barrel City Plaza listing agent, HSM’s Thad Beckner and HSM retail specialist Peter Kosley.

 

Construction & Development

Wholesale Payment Solutions cut the ribbon on its new construction today at 4320 Marsh Ridge Road in Carrollton. The 30k SF building is owned by Wholesale Payment Solutions owners Jason and Tina Grant. The firm will occupy approximately 8k SF and lease the remaining 22k SF. The building was designed by Seitz Architecture and is being built by Christopher Builders and leased by CushWake’s Eric Rutledge and Abbey Barnett.

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The Nashville Medical Trade Center, under development of the Dallas-based Market Center Management Company, won approval of its Music City Center by the Metropolitan Council, the legislative body for Nashville and Davidson County, Tenn. The council approved funding for the $585 million Music City Center, which is scheduled to open in 2013. The 2M SF center will be located in downtown Nashville on the site of the existing convention center.

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Dallas-based KDC  and  Digital Realty Trust formed an alliance that creates a single provider for custom build-to-suit data centers for enterprise customers without financing contingency risk. The partnership forms the first single source for build-to-suit enterprise data center projects. Through this alliance, enterprise customers can utilize KDC and Digital Realty Trust's financial and technical resources to pursue custom-built data center projects of any scope and in any location worldwide.

 

Financing

The Dallas office of HFF arranged a $9.9 million financing through Freddie Mac for the refinance of Sagewood Apartments, a 355-unit multi-housing community in Lubbock. HFF sr. managing director Mona Carlton worked on behalf of McDougal Companies to secure the 10-year, 5.79% fixed-rate securitized loan. HFF will service the loan through its Freddie Mac Program Plus(r) Seller/Servicer program. Located at 5917 67th St., the property is 90% occupied.

 

Executives on the Move

Speed Fab-Crete prez David Bloxom was elected to the national Design-Build Certification Board of the Design-Build Institute of America (DBIA).

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Stream Realty Partners hired Ramsey MarchJohn Wilson and Tony Roach