DALLAS — The Vitorino Group has negotiated the sale of a retail property net-leased by QuikTrip on Forest Lane in Dallas. The 4,636-square-foot property is located on three acres. QuikTrip has less than one year left on its lease. Anthony Pucciarello and Jared Aubrey of The Vitorino Group marketed the property on behalf of the seller, an out-of-state private investor. The duo also represented the buyer, an Oklahoma-based company.
AUSTIN, TEXAS — CIM Group and Seaholm Power LLC have sold the Seaholm Power Plant mixed-use development located at the southwestern edge of downtown Austin. The centerpiece of the project is the 126,000-square-foot, repurposed power plant constructed in the 1950s. The redeveloped Seaholm Power Plant includes four floors of office space designed for its major tenant, athenahealth. Boiler Nine Bar + Grill, a 10,000-square-foot restaurant spanning all four levels, is also part of the redevelopment. Boiler Nine’s concept at Seaholm includes Deck Nine Observatory Bar, a rooftop bar with views of Austin and Lady Bird Lake, and The Boiler Room, a den located on the lowest level of the power plant near the original boiler room. The five acres surrounding the power plant have been redeveloped into a mixed-use space with a 1.5-acre public plaza and multifamily residences. The property also includes a 68,000-square-foot office building and 33,000 square feet of ground-floor retail space anchored by a Trader Joe’s. Construction began on the Seaholm Power Plant project in April 2013, with athenahealth opening its doors in February 2015.
DRIPPING SPRINGS, TEXAS — Shop Cos. Investment Sales has brokered the sale of a Deep Eddy Vodka distillery in Dripping Springs. The 27,724-square-foot, net-leased distillery also serves as a tasting room and an events center. Located 25 miles southwest of downtown Austin, the property fronts West Highway 290 and is near Ranch Road 12. At the time of closing, there were over 17 years remaining on an original 20-year net lease with two, five-year renewal options. Heaven Hill Brands acquired Deep Eddy Vodka in September 2015. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, an Austin-based limited liability company. A California-based limited liability company was the buyer.
ARLINGTON, TEXAS — Westmount Realty Capital has acquired Forest Oaks Apartments, a Class B apartment property located at 2408 Forest Oaks Lane in Arlington. Westmount is rebranding the community as Westmount at Forest Oaks. Constructed in 1980, the project consists of 164 units in 10 two- and three-story buildings. The site sits on 7.5 acres with an average of 22.1 units per acre. Westmount at Forest Oaks includes 116 one-bedroom units and 48 two-bedroom units. Planned exterior improvements will consist of updating the common areas and amenities, minor wood and stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount also plans to renovate the pool area with new seating areas and pool furniture, as well as an outdoor kitchen. Berkadia provided financing through the Freddie Mac value-add program.
HOUSTON — A 133-key, four-story Residence Inn by Marriott hotel has opened at 10421 Clay Road in west Houston. Midland, Texas-based Insignia Hospitality Group Inc. owns and operates the hotel. Dallas-based architecture firm Mayse & Associates Inc. designed the hotel. The 107,631-square-foot extended-stay development offers a custom outdoor seating area with a fire pit, barbecue grill and pool. Lubbock, Texas-based Greenstreet Inc. constructed the project.
DALLAS — Greysteel has arranged bridge financing for the refinancing of The Trails Apartments, a multifamily property located in Dallas, on behalf of 4335 Cedar Springs LLC. A local lender provided the 12-month, interest-only line of credit, which features a floating interest rate of 325 basis points over the 30-day LIBOR rate. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. The Trails Apartments, located at 4335 Cedar Springs Road, was built in 1966 and totals 20 units. The property features a pool, gated parking and townhome-style units with private patios.
FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …
AUSTIN, TEXAS — StreetLights Residential and partner Tricon Capital Group Inc. have opened a 415-unit apartment and townhome community in Austin known as The Michael at Presidio. Located at 13535 Lyndhurst St. near Lakeline Mall, the leasing center is now open with townhomes and apartments immediately available. The Michael, a three- and four-story residential community, is located near Highway 183 and the Texas 45 toll road. Floor plans include studios, one- and two-bedroom apartments and three-bedroom townhomes ranging from 599 to 1,896 square feet. Amenities include a pool with water features and grilling stations, community lounge with fireplace, game lounge, conference center, coffee bar, fitness facilities and electric car charging stations. Apartments feature granite countertops, stainless steel appliances, solid wood cabinetry, 10- and 12-foot vaulted ceilings, built-in bookcases and desks, walk-in closets and private patios. StreetLights developed the project, with SLR Texas Construction LLC serving as the general contractor. The development team also included architect Looney Ricks Kiss, landscape architects Linda Tycher Design and Bury Inc. and interior designer Faulkner Design Group. Gables Residential is The Michael at Presidio’s property management company.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Shops at Overlook located at 26108 Overlook Parkway in San Antonio. Built in 2008 on a 5.1-acre lot, the two-building, 54,000-square-foot shopping center occupies the corner of Overlook Parkway and Canyon Golf Road. Tenants at Shops at Overlook include MedFirst Primary Care, Canyon Springs Dental, Anytime Fitness, Sam Martin Orthodontics and Jack Brown Cleaners. SACA’s Brent Smith and Bradley Suttle marketed the property on behalf of the seller, Frater USA LLC, and procured the buyer, Omni Group LLC.
AUSTIN, TEXAS — Manchester Texas Financial Group, the developer of the Fairmont Austin, has unveiled a design that will be built between the hotel and Austin Convention Center. Known as the Red River Street Canopy Walk, the 33-foot elevated connection will enable Fairmont Austin hotel guests and the public to cross Waller Creek while traveling to and from the second level of the Austin Convention Center. The walkway will also be publicly accessible from the Waller Creek Trail and streets below. Construction recently began on underground infrastructure for the project. Work on the above-ground connection is slated to start in early 2017 and wrap up in May 2017. Manchester Texas Financial worked with the Waller Creek Conservancy to create the concept. New York-based Thomas Phifer and Partners designed the walkway. Austin-based dwg. is serving as the local landscape architect, and Big Red Dog is the project’s civil engineer.
