Austin has quickly become one of the hottest office investment markets in the country. In fact, many local market players say they’ve never seen this market more active, and for good reason. For Austin, it’s all about the strong combination of both outsized job growth and limited new development activity. On the jobs front, Austin gained 150,000 new residents over the past two years, according to the Census Bureau. In terms of construction starts, only three buildings were delivered to the market in the fourth quarter, and only 171,468 square feet of space was still under construction. These factors contributed to the Austin office market ending the fourth quarter of 2012 with a vacancy rate of 10.1 percent, down from 11.3 percent in the third quarter, with net absorption totaling positive 824,646 square feet in the fourth quarter. This year will see continued improvement in occupancy growth in Austin, though property performance will vary by submarket. For example, in the Round Rock/Georgetown/Cedar Park area, where a substantial amount of space was delivered during the recession, vacancy will tighten but will remain above 30 percent. As a result, rents in the area will continue to languish nearly 20 percent below the …
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a 336,499-square-foot manufacturing and distribution facility for $10.7 million in Garland. The property is net-leased to Apex Tool Group and is located at 3000 W. Kingsley Road. John Glass of Marcus & Millichap's San Francisco office, along with James Bell of the firm's Houston office, represented the seller in the transaction. Glass and Scott Pertel, also of Marcus & Millichap's San Francisco office, represented the buyer. The facility is expected to be upgraded with a new roof this year.
SAN ANTONIO AND NORTHLAKE, TEXAS — Dallas-based SWBC Real Estate LLC has sold three of its multifamily communities in Northlake and San Antonio for approximately $100 million. The communities include the 288-unit Dry Creek Ranch in Northlake, the 304-unit Mission Hills in San Antonio and the adjacent 329-unit Evans Ranch. Will Balthrope and Drew Kyle of Institutional Property Advisors represented the seller in the Dry Creek Ranch sale. Calgary-based Western Securities Limited purchased Dry Creek Ranch. Boston-based TA Associates purchased both Mission Hills and Evans Ranch. Additionally, SWBC plans to break ground on Overlook Ranch later this year. The Class A, 318-unit community will be located in the AllianceTexas development in north Fort Worth.
AUSTIN, TEXAS — NorthMarq Capital has arranged a $15 million loan for the refinancing of Braker Center 6, 7 and 11, three flex office buildings located in Austin. The properties total 218,301 square feet and are located at 11100 and 1212 Metric Blvd. and 2205-2229 W. Braker Lane. Steve Bye, Dale Stewart and Dan Lucchesi of NorthMarq's Denver office arranged the loan on behalf of the borrower.
SAN ANTONIO — Criterion Property Co. LP has opened a new luxury living community in midtown San Antonio called 1800 Broadway, located at its namesake address. The 230-unit community is more than 50 percent leased and is located close to downtown San Antonio, the revitalized Pearl Brewery development, the River Walk, Alama Heights neighborhood and Fort Sam Houston. The community features one- and two-bedroom plans, as well as townhomes. Amenities include three outdoor living areas, a resort-style pool courtyard, oversized fireplace, outdoor grilling kitchen and a courtyard next to a river. The community also features “The Cave,” a covered space with a wet kitchen, flat screen TVs, bar games and free Wi-Fi.
FLOWER MOUND, TEXAS — Exeter Property Group plans to build two new industrial buildings in Flower Mound's Lakeside Business District. The two buildings will total approximately 580,000 square feet. The development will bring an estimated 200 jobs to the area and add an estimated $18 million to Flower Mound's tax base. The property is located three miles north of Dallas Fort Worth International Airport.
BASTROP, TEXAS — CBRE has arranged the sale of St. David's Emergency Center-Bastrop, a 28,500-square-foot, freestanding emergency department in Bastrop. Austin-based Long View Equity Partners purchased the property, which is fully leased to St. David's HealthCare System. Scott Herbold, Chris Bodnar and Lee Asher of CBRE's U.S. Healthcare Capital Markets Group represented the seller in the transaction.
HOUSTON — Fredricks Commercial, a Houston-based commercial real estate firm, has merged with Moody Rambin Interests, a Houston-based commercial real estate brokerage and management firm. Brent Fredricks, a 27-year veteran of shopping center and investment brokerage, has joined Moody Rambin as senior vice president.
HOUSTON — Arch-Con Construction has begun construction on DCT Beltway Tanner Business Park in Houston. The 133,000-square-foot facility is located at 5980 W. Sam Houston Parkway. DCT Industrial Trust is developing the project and Long Beach, Calif.-based Carlile Coatsworth Architects is designing the property. The project is slated for a third quarter 2013 completion.
DALLAS — Dallas-based Tweaker Energy Drinks has purchased the former El Fenix headquarters, a 32,086-square-foot industrial property in Dallas. The manufacturing/distribution facility is located at 11075 Harry Hines. El Fenix previously used the location to make chips for all its restaurants. Mark Miller and Jim Svidron of NAI Roberty Lynn Industrial Division represented both the seller and Tweaker in the transaction.