The Week in Deals
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.
