More than a handful of times I have invoked the “If you build it, they will come …” line in discussions with office developers discussing the Southwest submarket of Austin, with the assurance that they can rely on statistics, trends and history. In fact, Austin is in a position to justify the delivery of new Class A office space in the Southwest submarket and there are some rock-solid reasons why. Located in the most geographically and environmentally challenging part of Austin, the Southwest submarket has grown from a mere 1.8 million square feet to more than 6.3 million square feet in the past 15 years. During that time, weathering two downturns, it has shown a resiliency for absorption, occupancy and rental rate strength that leaves the rest of the suburban market in the dust. Here are the factors that drive that resiliency: · Proximity to executive housing: Decision makers consistently find reasons to locate businesses close to their and other executives’ homes. The most attractive areas for executive homes is in the Southwest part of Austin’s MSA. This will be even more significant as traffic issues continue to cause longer commute times. · Adjacency to downtown: In particular, the south …
HOUSTON — Phillips 66 has plans to build its new global headquarters on a 14-acre site, located between Westheimer Road and Briar Forest Drive in Houston's Westchase District. Phillips 66 will acquire the property from an affiliate of Thomas Properties Group. The campus will include office space, conference capabilities, training facilities and wellness and dining options. Construction is slated to take between two to three years and will commence when the design is finalized and the permits are in place. Phillips 66's temporary headquarters are in the Pinnacle Westchase building.
PLANO AND NORTH RICHLAND HILLS — Washington, D.C.-based Capitol Seniors Housing has purchased the Franklin Park Canyon Creek in Plano and the Franklin Park Hometown in North Richland Hills, two independent living facilities previously owned by Franklin Development Co. Doug O'Toole and Rod Llanos of Marcus & Millichap's Houston office represented the seller in the transaction. The two independent living communities include walk-in closets, patios, balconies, covered parking, garages and elevator access.
PLANO — Bo Avery, an investor based in Texas, has purchased the 123,011-square-foot Ruisseau Village, a shopping center located at 3303 N. Central Expressway in Plano. Dan Avnery of Retail Realty represented the buyer in the transaction. Kelly West of C-III Realty represented the seller, Wells Fargo Bank, which acted as trustee for the registered holders of JPMorganChase Commercial Mortgage Securities Corp. C-III Asset Management serviced the transaction.
DALLAS — Newport Beach, Calif.-based KBS Realty Advisors has finalized three new long-term leases totaling 18,552 square feet at the 515,732-square-foot Providence Towers, which KBS acquired in 2009. Marcus & Millichap will lease 10,205 square feet on the first floor of Providence Tower West, White Rock Oil and Gas will occupy 5,780 square feet in the Providence East Tower and Investment Talk Advisors will occupy 2,567 square feet on the second floor of Providence Tower West. Kim Brooks, Justin Miller and Scott Walker of Transwestern's Dallas office represented the owner in the lease transactions. Chris Sido of Swearingen Realty Group's Dallas office and Scott Flanagin of Warren Wixen Real Estate Services' Los Angeles office represented Marcus & Millichap. Sandy Matejek of Jones Lang LaSalle's Dallas office represented White Rock, and Investment Talk Advisors was self-represented.
HOUSTON — ARA has arranged the sale of the 252-unit Willow Ridge, a garden-style apartment community located in Houston. The property is currently 94 percent occupied. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA's Houston office represented the seller in the transaction. Houston-based SBA Management was the buyer.
UNIVERSAL CITY — Marcus & Millichap has brokered the sale of the 140-unit Cimarron Apartment Homes, a 116,368-square-foot apartment community located at 1950 Universal City Blvd. in Universal City. The community features a laundry facility, fitness center, two swimming pools and a children's playscape. Scott Lamontagne, Will Balthrope and Moses Siller of Marcus & Millichap represented the seller, a private fund manager, in the transaction. Lamontagne, Balthrope and Siller also represented the buyer, a nonprofit company.
HOUSTON — The 449-unit Action Self Storage, a 54,150-square-foot self-storage facility located at 7007 S. Lake Houston Parkway in Houston, has sold. Joe Linsalata of Linsalata Realty Services represented the seller in the transaction. Val Gregory, a Provo, Utah-based buyer, purchased the property and is planning to upgrade the facility and improve operations.
DALLAS — Studio Movie Grill plans to open its fifth Dallas/Fort Worth location at the 142,961-square-foot Keystone Park Shopping Center, located at the southwest corner of U.S. Highway 75 and Spring Valley Road in Dallas. Other tenants include El Chico, Micro Center, Bone Daddy's and Razzoo's. Rancho Keystone Park LP, owner of Keystone Park, plans to add several pad sites to the property as well. Dallas-based UCR handles leasing for Keystone Park.
PLANO — Dallas-based Metropolitan Capital Advisors (MCA) has closed a $10 million loan for the acquisition of Pitman Corners Shopping Center, a 192,267-square-foot, grocery-anchored retail center located at the southwest corner of West 15th Street and Custer Road in Plano. Albertsons anchors the center, which includes other merchants such as Tuesday Morning and McDonald's. Todd McNeil of MCA arranged the loan with a 30-year amortization schedule through a local bank.