The Deal Sheet;
Behind ACC's Impact on Plum Creek

Oxford Commercial partner Brett Arabie has worked on Plum Creek since 2007 and tells us a higher ed institute was always part of the plan for the 2,200-acre mixed-use project. (Lower Ed could not be reached for comment.) It's a benefit for the residents (almost 6,000 people live in Plum Creek already), but he also hopes it'll drive office and R&D users—ACC has a great workforce training that can be a huge benefit for employers. ACC has tons of room to grow; it purchased 96 acres but so far has only built on about a quarter of it.

Brett tells us Plum Creek could house 3M to 6M SF of office/industrial space on 700 acres zoned commercial. He's particularly targeting a 145-acre tract on the NE edge for a mega R&D center (it could accommodate 2M SF). The complex is also great for distribution users, he says, because you can easily access Austin, San Antonio, the Hill Country, and everything in between. Brett tells us his biggest challenge in marketing Plum Creek is educating users and developers that it's shovel-ready; people are constantly asking him how long it'll take to get utilities in place. (They're there, including dual feed electric.)

Thus far, development in Plum Creek has been focused south of Kohlers Crossing. One multifamily property (264-unit Vantage) and three seniors housing projects (Orchard Park of Kyle-pictured, Legend Oaks, and The Overlook) are open already. Trails at Plum Creek, a 374-unit multifamily community, is breaking ground soon on the old golf driving range. 40k SF of retail is open, and two more projects are underway: Kemp Properties is building 20k SF for Austin Radiological Association, and Brett recently sold a site for a Bread Basket convenience store. He's got 40 more acres available on 1626 marketed to retailers.

THIS & THAT

Tired of the ugly construction walkways around downtown, Cousins Properties SVP Tim Hendricks (and Colorado Tower developer) turned to advertising agency Arsenal to come up with the concept of tapping local street artists with the theme: Keep Austin Fresh. Tim, on the right, with artist Lucas Akoi, recently revealed the 136-foot long mural, which features the work of five of Austin's most prolific local street artists: Brad Maxfield, Mike Johnston, Lucas, Brandon Mike, and Brian Maclaskey. Colorado Tower at 303 Colorado St is slated to open in December.

FINANCING

Dallas-based Robert Faust Mortgage Co top dog Robert Faust arranged a $6.6M loan on the 64k SF Rigsby Shopping Center at 2000 SE Loop 410 in San Antonio. The center, on 5.17 acres, is next to a Super Walmart. It was built in 2002. The owner is Rigsby Road Shopping Center. 

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Beech Street Capital provided a Freddie Mac loan to help finance the acquisition of the 260-unit Villages at Lost Creek in San Antonio. Beech Street SVP Chuck Christensen originated the transaction for borrower, SGI Partners.

SALES

ECR's Patrick Ley and Boyd Harris represented the seller in the sale of the 19k SF 2301 W Anderson Ln in Austin. The buyer was represented by ECR's Jason Steinberg.

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Parker Lamar purchased the 152-unit Brownstone Park at 5106 N Lamar Blvd in Austin. The new owner plans major interior and exterior renovation, and will rename the property as The Parker. Hendricks-Berkadia's Forrest Bass and George Deuillet negotiated the deal.

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Anderson Mill Acquisitions purchased the 172k SF Anderson Mill Shopping Center at the intersection of Lake Creek Parkway and US Hwy 183. The buyer was repped by The Weitzman Group's Adam Zimel and Graham Carter. 

LEASES

KBS Realty Advisors signed multiple leases at SouthTech Business Center including New Era Publishing for 59k SF; JSI Shipping for 35k SF; Biocell for 16k SF; and Collectic Home for 12k SF.

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Insulation Distributors inked a 15k SF lease at 8569 Ne Loop 410 in San Antonio from Atlas San Antonio 1. CBRE's Josh Aguilar and Rob Burlingame, repped the tenant. Endura Advisory Group repped the landlord.

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Marvell Semiconductor inked a 19k SF lease at 805 Las Cimas Pkwy in Austin from Gll Las Cimas. CBRE's Nate Stricklen repped the tenant. Peloton's Brian Liverman and Kevin Granger repped the landlord. 

NEW BUSINESS

The Dow Hotel Co completed a nearly $7M makeover of the Four Diamond Lakeway Resort and Spa on the shores of Lake Travis. Public spaces were refreshed and the 168 rooms and suites were revitalized from carpeting to the furniture. A new restaurant, Masterson's Steakhouse, was also opened.

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Embrey Partners broke ground on a 15-acre 320-unit multifamily community as part of a mixed-use development along I-10 between Leon Creek and Leon Springs. The development is a joint effort of Embrey, Case Pomeroy Properties, and Leon Creek. Occupancy is scheduled for February. Financing for the project comes from JP Morgan.

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AMS Retail Two, an affiliate of AMS Real Estate Services, awarded the property management services for the 100% leased shopping center at 2408 San Gabriel to Latipac Commercial's Harvey Zinn, Jr.