REBusinessOnline

Intracorp Receives $194M Construction Loan for 49-Story Residential High-Rise Project in Austin

AUSTIN, TEXAS — Intracorp, a developer with five offices across North America, has received a $194 million construction loan for its 49-story condominium project at 44 East Ave. in Austin’s Rainey Street District. MSD Partners LP and Bank OZK provided the financing. Situated on the edge of Lady Bird Lake, the building will offer one-, two-, three- and four-bedroom floor plans ranging in size from 500 to 3,500 square feet. Amenities will include a pool, community kitchen and a rooftop …

Texas Water Parks, Mall Food Courts Cleared to Reopen on Friday

AUSTIN, TEXAS — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting …

JLL Negotiates Sale of 618,052 SF Valwood Crossroads Industrial Park in Metro Dallas

CARROLLTON, TEXAS — JLL has negotiated the sale of Valwood Crossroads, a two-building, 618,052-square-foot industrial park located in the northern Dallas suburb of Carrollton. Built in 2019, the property features a cross-dock building and a rear-load building with clear heights ranging from 32 to 36 feet. Both buildings also feature deep truck courts and ESFR sprinkler systems, and are leased to Smith System Manufacturing Co., a provider of furniture for schools. Stephen Bailey and Dustin …

American Athletic Conference Signs 18,000 SF Office Lease in Irving for New Headquarters

IRVING, TEXAS — The American Athletic Conference has signed an 18,000-square-foot office lease at The Summit at Las Colinas in Irving for its new headquarters. The company will relocate its 30 employees later this summer from Providence, R.I., where it has been based since 1979. Conor McCarthy and Jeremy McGown of JLL represented the conference in the lease negotiations. James Esquivel and Ahnie Sheehy, also with JLL, represented the landlord, Gemini Rosemont Commercial Real Estate. The …

Hunt, WestStar Top Off 264,000 SF Office Tower in Downtown El Paso

EL PASO, TEXAS — A partnership between locally based developer Hunt Cos. and regional bank WestStar has topped off WestStar Tower, a 264,000-square-foot office tower in downtown El Paso. The latest plans for the building, which represents the largest office project in El Paso in at least 20 years, feature 12,000 square feet of ground-floor retail space and 850 parking spaces. Construction began about two years ago and is expected to be complete in early 2021. At 313 feet, WestStar Tower will …

CIM Group Nears Completion of 182,700 SF Fifth + Tillery Office Project in East Austin

AUSTIN, TEXAS — CIM Group is nearing completion of Fifth + Tillery, a 182,700-square-foot office project in East Austin. The Los Angeles-based developer acquired the property in October 2019 shortly after construction began and expects to open the building in July. Spaces at Fifth + Tillery will be marketed to creative office users and will feature outdoor balconies with heightened levels of natural light. The building will also offer a landscaped courtyard with various outdoor

Arbor Provides $28M Fannie Mae Loan for Refinancing of Houston Apartments

HOUSTON — New York-based Arbor Realty Trust Inc. has provided a $28 million Fannie Mae loan for the refinancing of Casa Verde, a 384-unit apartment community in Houston. Built in 1973 and renovated in 2010, the property features one-, two-, three- and four-bedroom floor plans. Amenities include a pool, clubhouse and onsite laundry facilities. Brian Scharf of Arbor originated the loan on behalf of the undisclosed

Heritage Hospitality Group Underway on 104-Room Residence Inn Hotel in Waco

WACO, TEXAS — Developer Heritage Hospitality Group is underway on construction of a 104-room Residence Inn by Marriott hotel in Waco. The four-story property, which is expected to open in mid-July, will feature a sport court, outdoor pool, fitness center and meeting rooms. Atlanta-based Hospitality Ventures Management Group will manage the

Investment Advisory Firm Third Avenue Management Opens Austin Office

AUSTIN, TEXAS — Third Avenue Management LLC, an investment advisory firm based in New York City, has entered the Texas market with the opening of a new office in Austin. The firm has maintained a satellite office suite in downtown Austin since 2017 and is expanding it into a regional office as it adds staff to support its expansion efforts in the state capital. Ryan Dobratz, who oversees the management of the firm’s real estate fund, will lead the new office, which has also undertaken a …

Ryman Hospitality Terminates Agreement to Purchase Block 21 Mixed-Use Development in Austin

AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided …

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