AUSTIN, TEXAS — Ten-X, formerly Auction.com, has launched its new transaction platform, Ten-X Commercial, at the South by Southwest Interactive Festival in Austin. The platform was developed specifically for buyers, sellers and real estate brokers to buy and sell commercial real estate online. Ten-X Commercial offers three transaction options: Live Bid, Ten-X’s signature online auction format; Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event; and Offer Select, Ten-X’s non-auction offering, which brings the more traditional real estate transaction process online. Ten-X has partnered with a group of sellers to offer the first properties available for sale on the new platform beginning today. The Offer Select platform allows sellers to set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies; privately communicate with buyers to offer guidance to improve their offers; create shortlists and request best and final offers; and easily view and compare offers on a “Seller Dashboard.” Offer Select provides buyers with search and filtering capabilities; the ability to submit offers that include financing and due diligence contingencies online; a …
HOUSTON —Architects-Plus and Three Square Design Group have announced that the Houston-based architecture firms will merge in 2016, launching Method Architecture. The firm will be led by four partners — Keith Holley and Eric Hudson, principals and co-owners of Architects-Plus; Jake Donaldson, founder and principal of Three Square; and Vanessa Ortega, director of projects at Three Square. Both firms specialize in commercial architecture. Collectively, the two firms employ nearly 40 staff members and completed a combined 700 projects in 2015. Method Architecture will specialize in a wide-array of project types, including industrial, corporate interiors, healthcare, hospitality, breweries and retail. In June, Method will move into and occupy the entire 10,000-square-foot second floor of a redeveloped industrial building in the EaDo neighborhood of Houston.
LAKE JACKSON, TEXAS — LMI Capital has secured $7 million in acquisition financing for a three-property multifamily portfolio located in tertiary markets outside of the greater Lake Jackson area, a suburb of Houston. The three garden-style communities total 315 units. Brandon Brown of LMI Capital secured three acquisition loans, each featuring a five-year term with floating interest rates that convert to fixed rates after the initial interest-only period. The undisclosed borrower, which owns a number of assets in metro Houston, plans to renovate and reposition the assets and then refinance into permanent loans upon stabilization.
THE WOODLANDS, TEXAS — Broken Barrel is set to open a 3,483-square-foot restaurant on the ground level of One Lakes Edge, an 825,000-square-foot multifamily and retail complex located within Hughes Landing in The Woodlands. Broken Barrel is a wine bar featuring tapas and small plates. Construction will begin on the restaurant in late April, with an expected completion in June. The location will feature a large outdoor patio overlooking Lake Woodlands. The space is being leased from The Woodlands Development Co., and will be operated by managing partners Hilda Ysusi, Joaquin Valle and Josh Cundy.
Steadily rising home prices and a growing population base facilitated strong demand for apartments in Austin last year. A positive employment outlook and favorable demographic trends will continue to augment housing demand and attract investors to the Austin apartment market in 2016. In 2015, Austin employers added 34,600 workers to payrolls, expanding the workforce by 3.7 percent, according to the Bureau of Labor Statistics. Strong hiring last year contributed to a 40 basis point year-over-year decline in the metro’s unemployment rate, which reached 3.4 percent in the third quarter. The largest gains were in primary office-using sectors, which accounted for nearly 50 percent of additions. Austin will continue to grow this year, with more than 60,000 individuals anticipated to move to the metro, supporting the creation of 23,000 households. Employers are projected to add 37,500 new jobs this year, increasing the workforce by 3.9 percent, according to Marcus & Millichap Research Services. As was the case last year, demand for housing will intensify. Austin’s population and employment boom in 2015 led to surging demand for both single-family and rental housing. Ultimately, the consistent rate of growth for single-family home prices fostered higher demand for apartments as home prices in the …
SPRING, TEXAS — Regency Centers Corp., in a joint venture with CDC Houston, is set to develop, own and manage The Market at Springwoods Village, a 170,000-square-foot shopping center located within the master-planned community of Springwoods Village. The center will be anchored by a 100,000-square-foot Kroger, which will offer pharmacy and fuel services, alongside other retail and dining tenants. The project is seeking LEED Silver certification and is set to feature oversized patios and mature landscaping. Construction on the center is scheduled to begin this month, with an opening expected for spring 2017. Springwoods Village is a $10 billion, 1,800-acre community situated along the west side of I-45 in Spring.
NORTH RICHLAND HILLS, TEXAS — CBRE Capital Markets has arranged the sale of Courtyards on Glenview, a 241-unit multifamily community in the Fort Worth suburb of North Richland Hills. The 257,087-square-foot complex is located at 4401 Glenview Court, and was 93 percent occupied at the time of sale. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller, Courtyards on Glenview LP, in the sale of the property to EB Real Estate Group LLC for an undisclosed price.
AUSTIN, TEXAS — Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower located at 805 Nueces St. in downtown Austin. This project will be Aspen Heights’ first non-student housing development. The 22-story project will feature a rooftop infinity edge pool, deck and lounge, a rooftop dog park and a top-floor fitness center overlooking the State Capitol Building. Aspen Heights worked with local firm Greenstar Development to source the land, fund the project and assist with development. Rhode:Partners is the project’s architect.
DALLAS — Metropolitan Capital Advisors (MCA) has arranged $6.9 million in both debt and equity for the construction of Block at Bennett, a 22-unit high-end condominium development in Dallas. MCA arranged the financing on behalf of a partnership sponsored by Larkspur Capital. The property will be located near the corner of Bennett Avenue and Fuqua Street in the Dallas neighborhood of Henderson. The construction loan was funded by a regional bank and was structured with limited recourse. The equity partner is a foreign investment fund.
HOUSTON — Cousins Properties Inc. has signed a 12-year, 29,000-square-foot headquarters lease with CommunityBank of Texas, NA at 9 Greenway Plaza in Houston. Greenway Plaza is a 10-building, 4.4 million-square-foot office portfolio. The space leased in 9 Greenway Plaza provides the bank first floor lobby presence and tower space on the ninth floor for bank executives and personnel, according to Bob Boykin, senior vice president and market leader for Cousins Properties. Charlie Neuhaus and Harry Holmes of Avison Young represented CommunityBank of Texas in the lease transaction. Boykin, Bubba Harkins and Warren Savery represented Cousins Properties in-house.