Category: News

Newmark facilitates sale of 336-unit value-add multifamily community in Austin’s Silicon Hills

Posted on by Mia Goulart

Newmark has completed the sale of Autumn Ranch on Swenson Farms, a 336-unit value-add multifamily asset located in Pflugerville, Texas, in Austin’s Silicon Hills. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, MIG Real Estate, in the transaction to the buyer, Knightvest Capital. Autumn Ranch was 94% occupied at the time of sale and represents Newmark’s third time selling the asset in 12 years.

Built in 2008 and situated on 16.88 acres, Autumn Ranch units average 1,041 square feet with one- and two-bedroom floorplans. Community amenities include a pool, clubhouse, 24-hour fitness center and fenced dog park, as well as parcel package lockers, covered parking and controlled access gates. The asset offers upside potential for both interior and community amenities, with 133 units having recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops.

Located at 413 Swenson Farms Boulevard, Autumn Ranch provides residents with convenient access to major throughfares SH-130, IH-35 and SH-45. Surrounded by major employment within Silicon Hills, the property is proximate to Dell’s world headquarters, Amazon, Applied Materials and Apple’s existing campus, as well as developments for the 130-acre Apple campus and the six million-square-foot Samsung chipmaking plant. Additionally, the asset is less than five miles to the 425-acre EastVillage mixed-use development.

The Northeast Austin submarket boasts strong area demographics and outstanding market fundamentals, with an average household income of approximately $129K within a one-mile radius of Autumn Ranch, according to the U.S. Census Bureau in 2023, and increasing overall rental rates. In general, the Austin MSA remains one of the most sought-after multifamily markets in the U.S. due to the area’s exceptional population growth and expanding employment opportunities.

Two adjacent retail assets in Houston trade to Bridgewell

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of two adjacent Houston retail centers, including the 49,359-square-foot Sunridge Shopping Center (Sunridge) and the 44,398-square-foot Westchase Plaza (Westchase).

JLL worked on behalf of the seller, Whitestone REIT. An entity controlled by Houston-based Bridgewell Property Management, LLC acquired both assets. The privately held Bridgewell and its affiliates own over 30 retail, industrial, storage and mixed-use properties totaling two million square feet in the Houston MSA.

Situated in the Westchase trade area, Sunridge Shopping Center (3800 S. Gessner Road) and Westchase Plaza (3700 S. Gessner Road) are located at the northwest and southwest corners of Westpark Drive and S. Gessner Road. The hard corner locations provide the centers with visibility to almost 80,000 vehicles per day. The immediate trade area has been the recipient of tremendous tenant demand, as well as little new supply additions and is now approximately 97% leased. Tenants are drawn to the area’s density with over 30,000 residents within a one-mile radius.

Institutionally managed and leased by the Whitestone REIT for over 20 years, Westchase and Sunridge are 80% leased shopping centers featuring a tenant lineup of La Tapatia, Little Caesars, Subway, United States Postal Service and several additional local retail and medical tenants. The average tenure at the center is 11.7 years.

The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Clay Anderson and Ryan Olive.

The two properties will be managed by Keen Realty and leased by Hunington Properties, Inc.

Sale of premier neighborhood strip center in Houston’s prime retail corridor closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.

JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.

Developed in 2002, the 100% leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.

Located at 4715 Westheimer Road, Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% year over year. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.

New industrial leasing activity remains robust in Q2 2023

Posted on by Mia Goulart

New industrial leasing activity remained robust in Q2 2023, totaling 11.5 million square feet, according to recent statistics from Cushman & Wakefield.

“Demand for industrial real estate in Dallas remains strong despite the slowing economy, as evidenced by the recent big deals by Southwire and Dollar General,” said David Eseke, executive managing director and industrial tenant advisory and leasing leader for the Dallas office. “The manufacturing, aerospace and defense as well as food/beverage industries continue to be some of the most active tenant segments in the market. With the continued population growth in the DFW market, we expect absorption to continue at 2019 levels or above.”

Net absorption totaled 3.5 million square feet for the quarter with notable move-ins including Hayes Company (904,495 square feet), Kenco (489,310 square feet) and LL Flooring (457,363 square feet) (Note: Cushman & Wakefield defines absorption as when the tenant takes occupancy.)

“On the supply side, the under-construction number continues to fall as projects deliver. Most of the new product is of the bulk variety and is focused mostly in South Dallas, East Dallas and Alliance. New starts in these submarkets are unlikely but there are several smaller infill developments in core submarkets that will be kicked off later this year,” Eseke added.

The market currently has 70.0 million square feet of industrial space under construction. Development activity is focused on South Dallas (13.4 million square feet), Alliance (12.5 million square feet) and East Dallas (million square feet). During Q2 2023, 13.3 million square feet of industrial space was delivered.

The overall vacancy rate in DFW totaled 6.8% in Q2. Notable leases include Southwire, (1.07 million square feet), Dollar General (1.0 million square feet) and Kimberly Clark (874,214 square feet).

Woodmont breaks ground on retail center in Fort Worth

Posted on by Mia Goulart

The Woodmont Company is thrilled to announce the beginning of construction for Berkshire Corner at 9937 Blue Mound Road, a highly anticipated 12,002 square-foot shopping center in Fort Worth. Held on June 22nd, the ground breaking ceremony marked a significant milestone for the development and showcased the exciting future ahead for the community.

Berkshire Corner is poised to become a vibrant hub of commerce, featuring establishments such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop, and ProSmiles Dental; leases negotiated by Woodmont agents Jake McCoy and Jack Mock. The successful groundbreaking ceremony signifies the start of construction for Berkshire Corner, as it progresses to deliver a comprehensive selection of amenities and experiences to meet the evolving needs of the north Fort Worth community that will also service areas of Haslet and Saginaw, Texas.

The groundbreaking ceremony took place at the future site of Berkshire Corner, located at 9937 Blue Mound Road, and gathered esteemed guests, community leaders, valued partners and future tenants. The event celebrated the positive impact this development will have on the local economy and community, as well as the diverse range of services it will offer.

Cinnamon Shore announces new luxury resort amenities at master-planned community on Mustang Island

Posted on by Mia Goulart

Cinnamon Shore, the first New Urban vacation community on the Texas Gulf Coast, announced an array of new resort-style, luxury, family-friendly amenities, with many slated to break ground this summer. The new attractions will enhance the growing village of Cinnamon Shore South, the community’s 147-acre sister property that began development five years ago, and include a vibrant town square with a stage, spa, and robust retail and dining district, intimate neighborhood pools, a fitness center, sports facilities, an indoor-outdoor event venue, a dog park and scenic outdoor social gathering areas.

Cinnamon Shore South will offer the following new amenities, with some scheduled to break ground this summer and fall:

  • Playtime sports courts, offering two pickle ball courts, half-court basketball, a shaded viewing area, a water station and a fenced-in grassy space where younger kids can play tag and other games.
  • Neighborly square pool, a shaded, private pool with tropical landscaping, bubbling fountain, an over-the-pool water walkway, palm-shaded nook for hammocks, a firepit, lounge chairs set in the shallow water area, pergolas, tables and chairs for picnic lunches and socializing, and shower and bathroom facilities. 
  • New event venue, a beautifully landscaped structure for indoor-outdoor celebrations and festivities, from weddings and family reunions to business meetings and private dining experiences.
  • Another neighborhood pool with fitness center, surrounded by pergolas, palms, lounge chairs, residential cottages, and homes.
  • Coastline fire lounge, a new park and gathering spot.
  • South dog park, a destination for dog walkers with plenty of grassy space to play, along with shade and benches for owners to watch the fun.
  • Tailwind Park, a lush garden for homeowners and guests, offering breathing room and a place to visit, relax and play. Visitors will be able to cozy up around the firepit, chat under sunshades or bistro lighting at twilight, or walk pebbled paths toward the Gulf or community pools.
  • New pavilions, set on the lake’s shoreline to offer shaded places to prep fishing tackle or rest after an afternoon stroll and to create new, scenic, pedestrian-friendly streetscapes.
  • Sundown Court, a paved pedestrian-friendly plaza that will connect residences and two lakes along a central corridor, featuring five beautifully planned park spaces and cozy plazas lined with reading benches, bistro tables, shade trees and a community fire pit.

South Town Square is slated to break ground in 2024, a project of award-winning Kimmel Studio Architects from Annapolis, Maryland. With extensive experience in waterfront properties along the Chesapeake Bay, the company is planning this 100,000-plus-square foot town hub, set along the west side of the village’s primary lake and centered around a waterfront stage, green space, and a boardwalk with a walkable connection to the entire community.

Currently at Cinnamon Shore South, the coastal lifestyle centers on more than 15 acres of lakes; more than a mile of lakeside decks and pavilions; three, two-way dune crossovers for convenient private beach access; and an infinity pool framed by cabanas, fountains, fire features, a sunset deck, and food and beverage service from C Bar Too. Plus, homeowners and guests can access all amenities at neighboring Cinnamon Shore North.