Your Marketing Source For Texas Commercial Real Estate Reaching 100,000+ QUALIFIED Commercial Real Estate Brokers, Investors, Developers & Commercial Service Providers
GREA, specializing in serving institutional and private real estate investors of multifamily assets, is pleased to announce the sale of The Power Properties Portfolio, a 20-property multifamily portfolio located in Old East Dallas that includes the esteemed historic neighborhoods of Swiss Ave, Lakewood, and Peak Suburban.
The 544 units were constructed between 1914 and 1962. The resort-style communities were impeccably renovated in the mid-1990s through the early 2000s. They were assembled by two brothers who are recognized as the original urban pioneers of East Dallas. Together, they worked to maintain the historical integrity of the buildings while infusing modern amenities and providing residents with a unique resort-style living experience. A broad range of architectural themes can be seen throughout, from Old-World Spanish influences, 1920s era Art Deco, New York brick buildings, Mid-Century Modern, French Quarter, Festive Contemporary, and Modern European touches.
GREA ultimately achieved a 105.4% list-to-close ratio on this Receivership sale through a complex marketing structure that included a stalking horse agreement to set a floor on offers before the properties were opened to the broader investor market. The stalking horse agreement was a bold move: If GREA did not achieve a minimum price through marketing, they committed to purchase the portfolio themselves for that price.
The seller was a court appointed receiver, but the properties were not economically distressed. It was a partnership divorce.
The Buyer is 180 Multifamily, a DFW-based investor specializing in value-add assets throughout Texas.
CBRE announced the sale of Waterloo Innovation Center, a two-building, 198,972-square-foot office campus located at 1000 Red River in downtown Austin. The building was sold by Teacher Retirement System of Texas (TRS) which operates its Austin headquarters out of the property.
CBRE’s Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua represented the seller. The buyer and terms of the deal were not disclosed.
TRS, the largest public retirement system in Texas, will remain at 1000 Red River for an additional two years while its new Austin headquarters campus in Northeast Austin is built. The organization has been based at the campus for nearly 50 years. TRS is a nearly $185 billion financial institution that serves 1.9 million Texans.
Austin ranked No. 14 in the U.S. for total commercial real estate investment volume with nearly $16.9 billion invested between Q2 2021 and Q2 2022, according to CBRE Research. Year-over-year, commercial investment rose by 68.1% in Texas’s capital from just over $10 billion between Q2 2020 and Q2 2021.
AUSTIN, TEXAS – Oct. 11, 2022 – Stream Realty Partners is set to break ground on a six-story office building in the highly sought-after, last major developable block in Core East Austin.
1400 East at 1400 E. Fourth St. will sit in the heart of one of Austin’s most walkable neighborhoods and is connected by the Lance Armstrong Bikeway and Austin’s Metrorail. Stream, a national real estate services, development, and investment firm, will partner with Barings, a leading investment firm based in Charlotte, North Carolina, on the venture. Construction is expected to kick off in early 2023, with final delivery in late 2024.
The building, designed by HKS, will have a striking curved façade and be built around a tenant-first office environment. Hospitality-influenced amenity management, a fitness center, bike valet, and smart building technology will amplify the employee work experience at 1400 East.
The project will deliver ample outdoor space, which will include private patios on each floor, a ground-floor paseo that connects directly to the Lance Armstrong bikeway, and the only rooftop patio in the area. A ground-floor café and marketplace restaurant are also planned.
“As we approached 1400 East and East Austin, we studied highly complex sustainable design in similar neighborhoods like SoHo, Fulton Market, and RiNo,” said Connor Greissing, Managing Director and Partner at Stream Austin.
“We found that within these successful projects, the design and office offerings were inextricably linked to delivering space that empowers employers to give their employees the best workplace experience imaginable. We, as owners, needed to identify those spaces for tenants to collaborate, connect, and concentrate during their day at 1400 East.
“When thinking through the amenities and floor plates, we took a unique approach to design, relying on direct, candid feedback from tenants in the CBD and East Austin. We plan to deliver exactly what today’s users want to create–an agile and versatile work environment. 1400 East will set a new standard for office space in East Austin.”
About Stream Realty Partners Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
About Barings Barings is a $349+ billion global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe, and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees and is committed to sustainable practices and responsible investment. For information, visit www.barings.com.
About HKS HKS is a global firm of architects, designers, advisors, and makers driven by curiosity and devoted to creating places that combine beauty with performance. The firm’s 1,500 people in 26 offices are united by a shared culture and sense of purpose. For information, visit www.hksinc.com. # CONTACT: Brian J. Medricka Stream Realty Partners Director, National Communications, Public & Media Relations 214.560.3033
Self-storage has become one of the most profitable real estate investments out there.
One of the “quieter” sectors, its numbers reflect broader shifts in consumer behavior, such as the permanent adoption of hybrid work schedules, the rebirth of recreational activities in the wake of the pandemic, and the continued migration of households to lower-cost metros, all of which are contributing to demand.
Marcus & Millichap’s recently released Q3 Self-Storage National Report gives us more insight.
Self-storage entered 2H 2022 in a strong position, having accumulated additional renter demand during the peak of COVID-19, and it has continued to outperform itself for the last few years.
The average asking rent for a standard 10-foot by 10-foot unit in June was up 15% compared to the end of 2019 and vacancy contracted 190 basis points to 6.6%. Chicago, specifically, experienced a more than 20% increase in rents—among the highest in the U.S.—between 2019 and 2022.
The report lists a few reasons for this. Properties, for one, have benefited from remote work, as well as population growth and migration.
Another reason for the sector’s continued growth is due to increased relocation activity. More than half of the millennial generation is now over the age of 30, which is spurring relocation as people pursue larger residences in more affordable metros. Many baby boomers have also reached the age of retirement, with the transition to a fixed income encouraging a migration to cities with lower taxes.
As for the future of self-storage, Marcus & Millichap said the pendulum could swing both ways. There’s a chance that softening consumer sentiment, due to inflation and climbing interest rates, could impact demand soon, as fewer new possessions and higher costs may cause storage renters to end leases. On the other hand, a recessionary period might prompt households to consolidate to mitigate expenses, translating to increased storage usage, based on the report.
JLL Capital Markets has closed the sale of Buda Midway Phase I, a three-building, 474,465-square-foot, Class-AA industrial park in Buda, Texas.
JLL represented the seller, a joint venture between United Properties and PCCP, LLC, in the sale.
The recently delivered buildings were 100% pre-leased to CED Greentech, Sherri Hill and Four Hands. The buildings make up Phase I of a two-phase industrial park. Buda Midway Phase I is comprised of two rear-load and one cross-dock buildings offering 30- to 36-foot clear heights, 138 dock doors, 60 trailer parking spaces and 678 parking spaces. Phase II of Buda Midway will include four rear-load buildings totaling nearly 390,000 square feet and Building 1 is set for completion in spring 2023.
Situated on 35.29 acres at 1795 Fire Cracker Dr., Buda Midway Phase I is located at the crossroads of State Highway 45 and Interstate 35, one of the region’s most vital north/south thoroughfares that connects Mexico to Austin-San Antonio and Dallas-Fort Worth and beyond to the North Central region of the U.S. As a result, the property has quick access to SH-71 and US Highway 130. The Central Texas location offers tenants the ability to travel to each of the four major Texas markets within three hours or less in addition to nearly five million residents within an hour’s drive of Buda Midway. In addition, the property is located 17 miles from Austin-Bergstrom International Airport and 61 miles from San Antonio International Airport.
The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Trent Agnew and Dustin Volz, Directors Dom Espinosa, Associate Josh Villarreal and Analyst Megan Babovec.
Logistics Property Company, LLC (LPC) announced the commencement of CityPark Logistics Center’s (CityPark) fourth building, which consists of a new Class-A, 151,200-square-foot, warehouse within the 98-acre CityPark property in Missouri City, Texas.
The build-to-suit will be delivered mid-2023 and will serve as the newest location for a Fortune 50 company. The building is being constructed to meet LEED® certification requirements.
This new logistics building is part of the greater CityPark Logistics Center, located at the corner of Beltway 8 and Highway 90 in Houston’s Southwest Industrial Submarket. The site is well positioned to serve the growing residential population and benefits from excellent interstate access.
CityPark’s existing footprint is comprised of three recently completed Class-A logistics buildings, totaling 454,000 square feet. LPC is currently in the design phase of a new 215,000-square-foot building at CityPark, which is expected to begin speculative construction in 2023 and is currently being marketed for lease.
The logistics park’s final phase will accommodate approximately 600,000 square feet with direct frontage and access to Beltway 8 and is currently being marketed as a build-to-suit.
Beau Kaleel and Brooke Forrest with Cushman & Wakefield are the leasing representatives for CityPark Logistics Center.
