Category: News

Retail asset on the San Antonio River Walk trades to Fifth Corner

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of South Bank, a 46,704-square-foot, high-performing retail asset located on the world-renowned San Antonio River Walk, the top tourism attraction in Texas.

JLL marketed the property on behalf of the seller, and Fifth Corner acquired the asset. Fifth Corner’s predecessor, AMREIT, formerly owned this property from 2005 to 2015.

This trade is significant as only one River Walk retail asset transaction has occurred over the last five years, and only six individual retail assets have traded since 2005.

Featuring a strong mix of food and beverage and local and national retailers, the property caters to the over 11 million visitors to the River Walk annually.  South Bank generates total commerce of over $22 million, the center is 100% occupied and boasts an average tenant tenure of 20.1 years. Original tenants include Hard Rock Café, The County Line Bar-B-Q, Paesanos, Cowboy’s Alamo City Harley-Davidson, Ben & Jerry’s and Howl at the Moon. Recent additions include Merkaba, a live-music sister concept to Howl at the Moon, and Fat Tuesday, which has returned to its original South Bank location after 17 years.

Situated at 111 W Crockett St., South Bank is set within a highly coveted retail micro-market. The tenants have access to a San Antonio’s population of 2.6 million, as well as the approximately 37 million tourists that visit the city annually. Additionally, the location of the asset benefits from the 16,877 total hotel rooms within a five-mile radius. South Bank is also supported by incredibly strong fundamentals driven by high retailer demand and development restrictions established by the RIO-3 zoning that was implemented in 2002 to protect, preserve and enhance the San Antonio River.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Ryan West and Barry Brown and Associate Erin Lazarus and Megan Babovec.

Houston medical plaza earns ENERGY STAR® building certification

Posted on by Mia Goulart

JLL announced that Memorial Hermann Medical Plaza was awarded the U.S. Environmental Protection Agency’s ENERGY STAR® certification for superior energy performance. Located at 6400 Fannin St., Memorial Hermann Medical Plaza is a 510,000 square-foot, Class AA medical office tower in the heart of the Texas Medical Center in Houston.

ENERGY STAR®-certified buildings are verified to perform in the top 25% of buildings nationwide, based on weather-normalized source energy use that considers occupancy, hours of operation, and other key metrics. ENERGY STAR® is the only energy efficiency certification in the United States that is based on verified energy performance.

2022 marks the first year since 2014 that medical buildings were able to be considered for the ENERGY STAR® certification. Memorial Hermann Medical Plaza earned a score of 97 indicating this building’s superior performance compared to its peers. This award adds to the property’s other accomplishments of LEED GOLD O+M v4.1 Existing Building, and Well HSR (Health and Safety Rating).

Senior General Manager Karen Tucker, LEED AP O+M, and GGP of JLL directs property management for the asset.

Finial Group facilitates a lease at 26440 FM 1093, Suites 430 & 420, in Richmond, Texas

Posted on by Benton

Jason Gibbons and John Buckley of Finial Group recently secured a lease at 26440 FM 1093, Suites 430 and 420, in Richmond, Texas.

The combined suite space is a total of 2,625 square feet with direct access off FM 1093.

The property’s surrounding neighborhoods and demographics strategically places it in a high-visibility area. The tenant, Next Level Jiu Jitsu, provides jiu jitsu classes to both adults and kids of all ages.

Jason Gibbons and John Buckley represented the landlord in this transaction.

Berkadia arranges sale of Houston value-add garden-style multifamily community

Posted on by Benton

Berkadia has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a suburb of Houston.

Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago. A New York-based buyer acquired the property for an undisclosed price. 

“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Curry. “Edgewater will continue to perform well and drive cash flow for the new owner.”   

Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies. 

Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available. 

Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital. 

The New Class A Office: How to Reposition Assets to Remain Competitive in Today’s Market

Posted on by Benton

As more people return to the office, we are seeing certain pandemic era
predictions come to pass. There is a renewed focus on wellness, hybrid work
in one form or another is here to stay, outdoor space is highly valued, and
experiential work destinations are winning tenants.
The flight to quality, or more appropriately, the flight to experience, where
tenants flock to Class A assets, leaving behind outdated buildings, is a
common theme in most of our cities. Owners of Class A assets cannot rest on
their laurels: empty downtowns have deprived even marquee assets of the
kind of vibrancy that made such destinations special.
Now more than ever buildings need to earn the commute, those 40 minutes a
day on average that people gain when they work from home. People are using
that time to connect with family and improve their health, so workplaces
must respond with amenities that deliver the comforts of home, foster
wellness, increase productivity, and nurture social connection. Click to read more at www.rednews.com.

Cresa acquires Elevate Growth Partners in Austin

Posted on by Benton

Cresa has acquired Elevate Growth Partners (Elevate), Austin’s premier tenant representation firm.

The firm’s staff of 12 makes the move and will immediately operate under the Cresa banner. Leading the new team will be Principals Scott Studzinski and Logan Dalgleish, while Founder Chris Skyles shifts his focus away from the firm to oversee active development projects and AnthemIQ, a proptech company started by Elevate, which is not part of the acquisition. Karra Guess will join Studzinski and Dalgleish to help lead and grow the office. 

Founded in 2018, Elevate provides tenant representation services with a focus on serving companies in the tech space. The team is comprised of entrepreneurs and industry experts with a powerful understanding of how the right space can inspire innovation and growth. Notable clients include: FloSports, F45, Buc-ee’s, Virtex, Front Gate Tickets, Silverton Partners, Hippo Insurance, Babson Diagnostic, CORT Furniture, Walmart Technologies and Nulo. 

The acquisition fortifies Cresa’s presence and capabilities in Texas. The cultural alignment allows for a seamless integration, one based upon a strategic and consultative approach to supporting only occupiers, rather than a transactional model. 

This is Cresa’s second major acquisition in Texas this year. In March the firm acquired esrp, a leading tenant representation firm based in Dallas, growing their ranks by more than 50+ advisors and staff.