The Austin-San Antonio Deal Sheet
Adrian Overstreet is developing a two-building Class-A office development adjacent to Austin's Hill Country Galleria, Galleria Oaks. The two 75k SF buildings and parking garage totaling 150k SF are scheduled for delivery in February 2017. Construction on Building 1 has already begun.
True Car pre-leased 37k SF (25% of the development) and will be the lead tenant in Building 1, taking the top floor and half of the second floor in March.
Peloton Commercial Real Estate’s Kevin Granger is the project's leasing broker. Cushman & Wakefield’s Mark Robinson and Arlene Sumner repped True Car.
EXECS
Cynthia Ellison joined REOC San Antonio. She specializes in retail brokerage, including tenant rep, landlord rep and investment sales.
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Christopher Clough and Christopher Oddo joined Barron & Adler as managing partners. The eminent domain law firm’s name is changing to Barron, Adler, Clough & Oddo to reflect the additional leadership.
LEASING
WP Engine leased 11k SF and The Hideout renewed its lease within Lavaca Plaza at 504 Lavaca St (shown above). ECR’s Jason Steinberg and Matt Levin repped the landlord. Colliers International’s Doug Jones and Marc Vanderslice repped WP Engine.
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Delivery service app maker Favor relocated its corporate headquarters and tripled the amount of office space it leases. The 11k SF space at 1705 Guadalupe St features a rooftop patio and is minutes from the University of Texas. HPI’s Cortland Lowe repped the tenant, and Peloton Commercial Real Estate’s Brian Liverman and Zack Jamail repped the landlord.
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Atento renewed 36k SF for 37 months at University Tech Center III. Stream Realty Partners’ Jason Schnittger and Kevin Cosgrove repped the landlord.
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Brookdale Hospice expanded and relocated its office lease of 10k SF at Northbrook Business Center. Stream Realty Partners’ Lindsay Kopplow and Jason Schnittger repped the landlord.
SALES
The YMCA of Greater San Antonio purchased 231 E Rhapsody, an office building in north San Antonio (shown above). San Antonio Commercial Advisors repped the buyer, and Henry S. Miller’s Keith Coelho repped the seller.
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Accesso Partners and Partners Group formed a JV to own and operate Riata Corporate Park, an eight-building, 688k SF campus in northwest Austin’s tech corridor adjacent to Apple’s new $300M campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox. The property is also permitted for a new 64k SF office building.
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West Park Street bought 21 acres at 603 & 607 Park St in Cedar Park. CCIM’s Bob Springer repped the seller, and Outlaw Realty’s Blake Outlaw repped the buyer.
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Bridge at South Port LLC purchased Oslo Apartments at 6808 S I-35. Oslo has 176 units with studios, one- and two-bedroom floor plans. Muskin Commercial repped the sellers. AMP Management repped Bridge at South Port and will be managing the property.
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A Texas-based real estate investor bought the Hunters Crossing Commerce Center at 201 Hunters Crossing Blvd in Bastrop. The 20k SF property is 91% occupied with local, regional and national tenants. Trulan Property Advisors’ Jason Middlebrook repped the seller.
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A nearly 17-acre parcel in the multifamily portion of Parmer Park at the southeast corner of Parmer and Dessau in Austin was sold. Richter Reynolds & Lapp Commercial’s Richard Lapp and Retail Solutions’ Kevin Murphy repped the seller.
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St. David’s HealthCare acquired 52 acres in Leander where a new freestanding emergency department will be built by 2017.
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Blackstone’s purchase of part of the Southpark Meadows shopping center in Southwest Austin (which was expected to be completed before the end of April) is delayed to Q2 2016. RioCan, a Canada-based company, agreed to sell its US portfolio of 49 retail properties for $1.9B to Blackstone Group.
DEVELOPMENT
The US House Transportation and Infrastructure Committee approved plans for a new $132M federal courthouse in Downtown San Antonio.The new 305k SF courthouse, which will perch on the site of the former San Antonio police HQ on West Nueva Street, will have eight courtrooms and accommodations for 13 judges.
FINANCING
HFF’s Doug Opalka secured acquisition financing for The Catherine, a 300-unit, luxury high-rise apartment tower in Downtown Austin (shown above). Working on behalf of the borrower, an affiliate of Austin-based Christopher Investment Co, HFF placed the seven-year, fixed-rate loan with Prudential Mortgage Capital Co.
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Old Capital provided a very low-rate 12-year Fannie Mae non-recourse loan for the purchasers of Edge Studio Apartments in San Antonio. The purchasers will pay two years of interest only.
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Landmark Capital Advisors originated new debt of $28M and $4.5M of preferred equity for Versant’s 256k SF building Met Center.
THIS AND THAT
Skanska launched the “Ladders Last” campaign at its job sites in an effort to educate its 11,000 US employees to make their job sites and homes safer by choosing alternate ways to work from height other than a ladder.
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Orangetheory is set to open 10 new locations in central Texas this year. You’ll be able to get your burn on in Cedar Park, Domain, Dripping Springs, Lakeline, Lakeway, Leander, Hutto, Round Rock, San Marcos, South Austin, Triangle and Westlake.
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Catalyst Multifamily took over the property management responsibilities of three properties in San Antonio, totaling 390 units—Ashler Oaks Apartments (at 4100 Parkdale St, built in 1971 and 150 units), Sierra Royale Apartment Homes (at 6300 Rue Marielyne, built in 1984 and 108 units), and Veranda Apartments (at 7918 Jones Maltsburger Rd, built in 1972 and 132 units).
