Texas

Riverside Resources Begins Construction on Mixed-Use Development in Metro Austin

by Haisten Willis January 13, 2016

CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …

January 13, 2016

Retail Texas

SRS Arranges Sale of The Ridge in North Austin

by Haisten Willis January 13, 2016

AUSTIN, TEXAS — SRS Real Estate Partners has represented a private development group in the sale of The Ridge, a two-building retail center in north Austin. The Ridge is located at the southeast quadrant of Parmer Lane and Tech Ridge Boulevard. The 19,300-square-foot center houses a mix of national, regional and local tenants such as Sherwin-Williams, Rush Laundry, Brooklyn Pie and Little Woodrow’s. Ryan Hoff, vice president at SRS Real Estate Partners, represented the seller in the transaction, while Logan Reichle of CBRE represented the buyer.

January 13, 2016

Office Texas

Pace Communications Opens New Office in Dallas

by Haisten Willis January 13, 2016

DALLAS — Jerry Averyt of Henry S. Miller Brokerage’s office division has represented Pace Communications in the lease of its new office space in Dallas. Pace Communications leased 3,400 square feet at 2811 McKinney Ave. from 2811 McKinney TT. Blake Shipley and Ashley Curry of JLL represented the landlord in the transaction.

January 13, 2016

Retail Texas

Academy Sports + Outdoors, Hobby Lobby to Open in Greenville

by Haisten Willis January 13, 2016

GREENVILLE, TEXAS — Academy Sports + Outdoors and Hobby Lobby will build new locations at Kari Beth Krossing, a retail power center located at the northwest corner of I-30 and State Highway 34 in Greenville. Both stores are slated to open this summer. Developed by The Stainback Organization, a commercial real estate development and brokerage company headquartered in Dallas since 1987, Kari Beth Krossing is anchored by a 138,000-square-foot Lowe’s Home Improvement store and national retailers Cotton Patch Café, Chick-fil-A, Starbucks Coffee and Discount Tire. The additions of the 63,000-square-foot Academy Sport + Outdoors and the 55,000-square-foot Hobby Lobby store, along with additional 12,400-square-foot retail/restaurant space which will include a Chipotle Mexican Grill, brings the total space to nearly 300,000 square feet.

January 13, 2016

Retail Texas

Hunington Acquires Land for Retail Development in Houston

by Haisten Willis January 13, 2016

HOUSTON — Hunington Properties has purchased 3.3 acres in Wolff Cos.’ Ten Oaks, an 83-acre master-planned development, for the development of The Shops at Ten Oaks. Construction is expected to begin in the spring on the shopping center, which includes a freestanding quick service restaurant and an additional 20,000 square feet of general retail space. Located at the northwest corner of Barker Cypress Road and Park Row, The Shops at Ten Oaks will be developed next to the newest Hunington Residential multifamily project, The Vic on Park Row. The project will also be adjacent to Western International’s Courtyard by Marriott, which opened in 2015, and Hampton Inn & Suites, which is under construction. The development is also located within the Texas Medical Center’s west campus, where Texas Children’s Hospital and Methodist Houston Hospital are both undergoing expansions.

January 13, 2016

Cushman-Wakefield-Galatyn-Commons-richardson-texas

Office Texas

Spear Street Capital, Cushman & Wakefield and Peloton to Redevelop Galatyn Commons in Metro Dallas

by Haisten Willis January 12, 2016

RICHARDSON, TEXAS — Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate will redevelop Galatyn Commons, a Class A office campus in Richardson. Located at 1011 Galatyn Parkway, the campus includes 600,000 square feet available for lease. Chris Taylor of Cushman & Wakefield, along with Peloton’s Russ Johnson, handle property leasing on behalf of the owner, Spear Street Capital. The multi-million dollar investment to redevelop Galatyn Commons is underway and will provide current and future tenants a full array of amenities. Renovations include the expansion of the parking garages to a ratio of 5 spaces per 1,000 square feet, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, outdoor kitchen, fire pits and bocce courts. The campus will also feature a regular shuttle, as well as bike checkout stations providing access to CityLine, a 186-acre mixed-use development in Richardson. The Galatyn Commons campus is also adjacent to the Renaissance Hotel and Conference Facility and the Eisemann Center for Performing Arts. The full …

January 12, 2016

Multifamily Texas

Berkadia Negotiates Multifamily Sale in San Antonio

by Haisten Willis January 12, 2016

SAN ANTONIO — Berkadia has negotiated the sale and financing of Oak Hills Village located at 1847 Babcock Road in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transaction. Jeffery Kinney of Berkadia’s Jacksonville, Fla., office arranged the 10-year, fixed-rate CMBS financing. Built in 1972, the 121-unit property features one-, two- and three-bedroom floor plans. Each unit features fully equipped kitchens, walk-in closets, linen closets and ceiling fans. Select units feature a fenced backyard or patio, wet bar, gas fireplace, extra storage and golf course views. Community amenities include laundry facilities, covered parking, outdoor picnic and barbecue areas, swimming pool and pet park. The community is located near Loop 410 and I-10. Oak Hills Village is four miles from Ingram Park Mall and 10 miles from downtown San Antonio. A private investor from California was the seller. A Florida-based private investor was the buyer and will rehabilitate the units to optimize rent potential.

January 12, 2016

Multifamily Seniors Housing Texas

NOVUS Brokers Sale of Land in Metro Dallas for Seniors Housing

by Haisten Willis January 12, 2016

CARROLLTON, TEXAS — John St. Clair of NOVUS Realty Advisors represented American Bank of Texas in the sale of 5.6 acres in north Carrollton for the development of a seniors housing community. Overlook at Prestonwood purchased the property, located at the northwest corner of the East Hebron Parkway and Marsh Lane intersection. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The proposed unit mix consists of one-, two- and three-bedroom apartments and five one-bedroom cottages totaling 158,482 square feet. The development will feature elevators, an enclosed courtyard, swimming pool, an outdoor grilling area, fitness center and community room. Cross Architects is the architect for the project. Construction will begin in early summer.

January 12, 2016

Loans Multifamily Texas

PCCP Provides $20M Acquisition Loan for Apartment Community in Metro Houston

by Haisten Willis January 12, 2016

KATY, TEXAS — PCCP has provided a $20 million senior loan for the acquisition and lease-up of the Haven at Westgreen, a newly constructed, 225-unit Class A multifamily project located in Katy. The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Cos. and Chicago-based Blue Vista Capital Management. Guefen Development Co., a Houston-based multifamily developer that built the property, was the seller. Cortney Cole of HFF’s Houston office arranged the financing. The garden-style, low-density property is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Amenities include a swimming pool, fitness center, barbecue area and clubhouse.

January 12, 2016

Loans Multifamily Texas

Ready Capital Secures $3.8M Loan for Apartment Complex in Dallas

by Haisten Willis January 12, 2016

DALLAS — Ready Capital Structured Finance has secured a $3.8 million value-add loan in Dallas. The unnamed borrower will use the loan to renovate and stabilize a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The loan features a two-year term with a one-year extension. Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

January 12, 2016

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