Author: Mia Goulart

CBRE arranges sale of prime retail development on West 6th Street in Austin

Posted on by Mia Goulart

CBRE has announced the sale of West Side Village, a two-story, 51,392-square-foot retail development located along West 6th Street in the Clarksville neighborhood of Austin, Texas, just minutes from downtown. Riverside, an Austin-based real estate investment firm, acquired the property.

CBRE’s Bradley Bailey and Logan Reichle represented the seller, a joint venture between Stonelake Capital Partners and Schlosser Development. Terms of the deal were not disclosed.

Located at 1214 & 1312 West 6th St., the 51,392-square-foot mixed-use building is currently vacant and was constructed in 1951. Sitting on 1.75 acres, the previous owners had plans to build a 100,000-square-foot bespoke office building with ground-floor retail on the site before ultimately selling.

Located just down the street from West Side Village is Riverside’s latest project, Sixth&Blanco, designed by Herzog de Meuron. The five-story mixed-use development will include fine modern retail and restaurant space, a bespoke hotel with pool, bathhouse and spa, and ten luxury homes. Over the last three decades, Riverside has contributed to Austin’s reputation for technology, innovation, and its active urban lifestyle, through a portfolio of standout properties that have set new standards for performance throughout the region.

SVN | J. Beard Real Estate – Greater Houston facilitates sale of mixed-use office retail center in Magnolia

Posted on by Mia Goulart

SVN | J. Beard Real Estate – Greater Houston has recently facilitated the sale of a mixed-use office retail center in Magnolia, Texas. The three buildings comprise a total of +/- 15,000 square feet and are situated at 30643 FM 2978 in Magnolia, Texas, near the intersection of Woodlands Parkway. The location has great visibility and frontage on the major thoroughfare of FM 2978. The upscale center boasts clean lines, modern finishes, and spacious floorplans in each unit.

Advisor Linda Crumley of SVN | J. Beard Real Estate – Greater Houston represented the seller, Lamerie 2978, LLC. Luís Tamborrel of Keller Williams Realty, Tamborrel Group, represented the buyer, BLXCK Investments Corporation.

Retail expert joins JLL Value & Risk Advisory platform in Dallas

Posted on by Mia Goulart

JLL’s Value and Risk Advisory platform has hired Director Jay Sterling in Dallas to join as team leads in the retail valuation practice. Sterling will report to Senior Managing Director Brett Suszek, who oversees the retail sector for the Value and Risk Advisory business in the U.S.

Sterling joins JLL from Atrium Real Estate Services, where he spent nine years as the director of the Dallas Fort Worth Metroplex appraisal team. During this time, he was involved in a variety of projects, including special purpose properties, vacant land and eminent domain transactions. In addition, he has worked with a variety of clients, including forging strong relationships with legal firms, government agencies and industry stakeholders. Sterling holds a bachelor’s degree from Southwestern University.

Financing secured for Dallas life sciences/lab redevelopment project

Posted on by Mia Goulart

JLL Capital Markets has arranged financing for the redevelopment of Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences/lab facility in Dallas, Texas.

JLL worked on behalf of the borrower, Montgomery Street Partners, J. Small Investments and an affiliate of Lyda Hill Philanthropies, to secure a five-year construction loan through InterBank. Additionally, JLL placed C-PACE financing with Nuveen Green Capital to complete the capital requirements for the redevelopment.

Formerly a call center, Bridge Labs is a two-story building that will be converted and expanded into a lab/R&D facility by Q3 2024, including pre-built lab spec suites and centralized lab services/amenities. This represents the first life sciences development or conversion transaction in the Dallas market and will address the urgent need for lab space in Dallas Fort Worth. Bridge Labs at Pegasus Park is already 30% pre-leased.

The property is located within Pegasus Park, Dallas’ first true biotech and life sciences campus positioned between Dallas’ Design District and the Southwestern Medical District. The campus is highly amenitized, offering tenants access to a brewery with arestaurant, and taproom, full service on-site conference center and catering, grab-and-go options, a fitness center, outdoor firepits and an indoor/outdoor lounge. The park is home to several existing academic anchors, including UT Southwestern and SMU, as well as BioLab’s first non-coastal location. Additionally, the Advanced Research Projects Agency for Health (ARPA-H) announced the launch of ARPANET-H, a national health innovation network anchored by three regional hubs. As part of the $2.5 billion initiative, the Customer Experience hub will be physically located at Pegasus Park and focus on patient access and diversity for the agency’s projects. While the other two hubs will be located in Cambridge, Massachusetts, and Washington D.C., selection of Texas firmly cements the region as an emerging life sciences market.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jim Curtin and Senior Director Andrew Gray. Jason Piering, formerly with JLL and now with Hamilton Partners team was also part of the financing team.

Lee & Associates Houston earns prestigious REDNews award

Posted on by Mia Goulart

Lee & Associates – Houston Senior Property Manager Lizette Negrin has been honored with the 2023 REDnews Property Manager of the Year award. This esteemed accolade is a testament to Lizette’s exceptional skills, dedication, and outstanding contributions to the Houston real estate industry.

“As a senior property manager at Lee & Associates – Houston, Negrin has demonstrated exceptional leadership and a deep understanding of the industry,” said Senior Managing Director Shawn Harvey. “Her ability to effectively manage complex projects, resolve issues, and foster strong relationships with clients and tenants has been instrumental in her success.”

“I am truly honored to receive the 2023 REDnews Property Manager of the Year award,” said Negrin. “This recognition calls out the hard work and dedication of our entire team at Lee & Associates – Houston. I am grateful for the opportunity to work with such talented professionals and for the trust our clients have placed in us.”

Graycor Construction helps bring Dick’s House of Sport to Houston

Posted on by Mia Goulart

Graycor has completed the renovation of two DICK’S House of Sport and Golf Galaxy locations in Baybrook and Katy, Texas. These newly redeveloped retail spaces included interior and exterior updates.

Each newly renovated DICK’S House of Sport store totals about 100,000 square feet. The House of Sport store concept includes in-store experiences such as a climbing wall and multi-sport cage, while Golf Galaxy features golf simulation hitting bays and a putting green. The newly designed stores also feature new clerestory windows, allowing more natural light to filter in. Throughout the process of re-merchandising and reopening the stores, Graycor’s team remained actively involved.

Graycor Construction Company was the general contractor and Fox Design was the project architect for the two projects.