The Austin & San Antonio Deal Sheet
Gerson Lerhrman Group inked a new long-term lease to nearly double the firm’s footprint to 42k SF to expand its current offices at 301 Congress Ave in Austin.
GLG’s Austin office is the second-largest location for the company with around 300 professionals there today; the expanded office can accommodate up to 400 people over the next few years. CBRE SVP Jerry Frey, along with New York colleagues Robert Meyers and Gary Kamenetsky, repped GLG. Aquila Commercial’s David Putman, Bart Matheney and Chad Barrett repped the landlord. GLG occupies 24k SF at 301 Congress. The new office will cover two floors of the building, which will be connected by a large atrium with a central staircase. Like the New York HQ, GLG Austin will soon use activity-based working, allowing employees to choose from multiple types of meeting and collaboration spaces, conference and training spaces.
SALES
Passco Cos acquired the 304-unit Class-A Lone Oak Apartments in Round Rock. Completed in 2014, the property is 92% occupied. KeyBank Real Estate Capital’s Chris Black arranged acquisition financing through Fannie Mae.
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ATX Fence Supply purchased 6.2 acres at the southeast corner of I-35 and Suffield Drive in Buda. Jeremy Cummings of Structure Commercial negotiated the sale.
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A local investor purchased the 13k SF 8312 Burnet Rd fully occupied retail strip center in the Burnet Road Corridor for an undisclosed price. CBRE’s Michael Bullard repped the buyer. BBD Commercial’s Tim Jarvis and Bill Ott repped the seller.
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Homebuilder Clark Wilson Builder (the general partner of an investment group) purchased Nance Ranch, a 673-acre tract of undeveloped land, west and north of Kyle with plans to build a new master planned residential community, tentatively called Anthem. CBRE’s Carter Breed repped the seller. The property has frontage on FM 150 about one mile west of Ranch Road 2770. The future community is surrounded on the north and west by large ranches, many of which have conservation easements, prohibiting future development and ensuring long-term hill country views. The homebuilder has teamed up with two consultants for the project so far: planning and landscape architect Stefan Pharis, with Pharis Design, and engineer Hank Smith, with Texas Engineering Solutions. The firm is interviewing several upscale Austin-area builders to partner on the project. Engineering and design work have already begun with new homes slated to be ready in 2016.
LEASES
ECR completed the lease-up and sale of the 16k SF 2550 S IH-35 office building. ECR was hired in 2011 to provide leasing and reposition the building. After the property was stabilized and fully leased, ownership opted to sell the property. Specifics on the deal were not released.
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TrendKite leased 12k SF at 800 Brazos. ECR’s Jason Steinberg and Matt Levin repped the landlord.
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Protect America leased 46k SF at 3800 Quick Hill Rd. ECR’s Jason Steinberg and Matt Levin repped the landlord. Aquila Commercial’s Leigh Ellis and Jay Lamy repped the tenant.
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O’Hagin inked a 15k SF lease at 6800 Alamo Downs Pkwy in San Antonio. Stream Realty Partners’ Jason Schnittger and Kevin Cosgrove repped the the landlord, G&I VII Interwest Business. Cavender & Hill Properties’ Joe Caroll repped the tenant.
NEW CONSTRUCTION
The Altman Cos broke ground on its first Austin development at 12700 Ridgeline Blvd. The 354-unit Altís Lakeline includes 19 two- and three-story residential buildings. No completion date was announced.
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Construction is underway on the new Embassy Suites by Hilton San Antonio Brooks City Base, scheduled to open in October 2016. The 156 two-room suite hotel is near a future linear park that will lead to the San Antonio River. Among the dignitaries in on the shoveling were mayor Ivy Taylor, councilwoman Rebecca Viagran, US Rep. Lloyd Doggett, judge Nelson Wolff, commissioner Tommy Calvert, and leaders from Brooks City Base along with John Rogers, global head of Embassy Suites by Hilton & SVP of product management. The $35M project is a partnership between Brooks City Base and Boerne/San Antonio-based Phoenix Hospitality Group.
