Category: Central/South Texas

Mohr Capital Sells Amazon Last-Mile Facility In Austin, Texas

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AUSTIN, Texas, June 1, 2021 /PRNewswire/ — Mohr Capital, a Dallas-based privately held real estate investment firm, has sold MetCenter Building III, a last-mile distribution facility occupied by Amazon in Austin, to Four Springs Capital Trust in an off-market transaction.

The 160,000-SF warehouse/logistics building is located at 7000 Metropolis Drive in Austin’s Southeast industrial submarket. The property is 100% occupied by Amazon.com Services LLC and serves as its primary last-mile distribution facility in the Austin metro area. The sale includes the adjacent 20-acre parking lot, which is also currently leased by Amazon.

“After more than a year of owning the facility and the departure of one of its occupants, we worked closely with Amazon in 2020 and early 2021 to exercise its right of first offer to fully occupy the building through 2031. While our intention was always to hold this asset long-term, Four Springs’ off-market offer was very compelling. The extended lease-term, the credit quality of the tenant, the solid real-estate fundamentals of the industrial market and the great relationship we have with Four Springs made this deal possible,” said Rodrigo Godoi, managing director of investments for Mohr Capital.

In 2019, Mohr Capital secured MetCenter Building III as part of a 404,800-SF portfolio acquisition from Zydeco Development. At the time of purchase, the portfolio consisted of MetCenter Building III – then occupied by both Amazon and Uber Advanced Technologies – as well as a four-building, 244,800-SF office facility occupied by technology, government and health care tenants. Click to read more at www.prnewswire.com.

KBS Extends Technology Focus; Achieves WiredScore Status for Four Class A Office Properties in Texas

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City View and Fountainhead Tower are the first two properties in the San Antonio market to achieve WiredScore certification. City View, a 221,373 square-foot office building located at the corner of Interstate 10 and Huebner in northwest San Antonio, was awarded WiredScore Gold, and Fountainhead Tower, 179,932 square-foot office building located directly off IH-10 with quick access to Loop 410 and just minutes from Loop 1604 and the San Antonio International Airport, was awarded WiredScore Silver. The certifications are noteworthy accomplishments in today’s tech-driven office environment, according to Gio Cordoves, Western regional president for KBS. “KBS understands that connectivity is critical to driving business for today’s office tenants and enabling them to operate efficiently,” says Cordoves. “By offering the first two WiredScore certified properties in San Antonio, KBS continues to lead the market in providing its tenants with outstanding service and amenities.” Two additional Texas-based KBS office assets – 515 Congress, a 263,058-square-foot office tower located at 515 Congress Avenue in Downtown Austin, and 1800 Bering, a 171,510 square-foot office building located at 1800 Bering Drive in Houston – have each been certified WiredScore Silver. With these new designations, KBS now holds a majority of Wired Certified assets nationwide. Click to read more at www.businesswire.com.

Austin Draws Closer to Scoring $17 Billion Factory from Samsung

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CULTUREMAP AUSTIN – Austin now appears to be the frontrunner for landing Samsung’s new $17 billion U.S. chipmaking plant. Citing unnamed sources, South Korea’s Electronic Times reports that Samsung has picked Austin over the Phoenix area and upstate New York for the massive project. Samsung reportedly will start construction on the factory in the third quarter of this year and open it in 2024. Electronic Times speculates that Samsung’s Austin expansion could be announced Friday, May 21, when President Joe Biden is scheduled to meet in Washington, D.C., with South Korean President Moon Jae-in. The Phoenix Business Journal notes that the May 21 timing of an announcement may be premature, as no decisions have been made yet about tax incentives that Samsung is pursuing in Texas. In documents seeking $805.5 million in tax breaks for the Austin project, Samsung has said the new plant would create 1,800 jobs. So far, Samsung has been mum about whether it has chosen Austin for the factory. Last month, the Greater Austin Chamber of Commerce indicated Austin was “still in the running” for the Samsung plant. If Samsung does select Austin, a 7-million-square-foot chip factory would be built on a 640-acre site that the industrial conglomerate owns in Northeast Austin. Click to read more at www.kvue.com.

Pearlstone Partners Touts Natiivo Austin Condominium Project is Over 75% Complete and 85% Sold

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New Residential Condominiums in Austin’s Rainey Street District that Allow Owners to Live in or Rent Out Their Residences Via Any Rental Platform Announces Additional Units Available For Sale

AUSTIN, Texas—May 18, 2021. Austin-based Pearlstone Partners — a full-service real estate development firm with more than 100 years combined experience in the local real estate industry —today announced its development, Natiivo Austin, is now over 75 percent complete and over 85 percent sold. The new highrise condominium project is located at 48 East Avenue in the historic Rainey Street District at the edge of downtown Austin. Prospect Real Estate is the exclusive listing agent for the trendsetting new residential high-rise development. “This is an exciting time because construction of Natiivo Austin is over 75% complete,” said Bill Knaus, President of Pearlstone Partners, one of the developers of the innovative project. “The exterior of the building is beginning to undergo striking changes, as we begin installing the bronze and champagne metal panels with glass handrails that are so distinctive to our design. Equally as exciting, our team is working hard to complete the luxurious rooftop pool deck and preparing to install the imposing custom-rammed earthen panel that will frame the fireplace at the end of the pool, providing a dramatic focal point.” Due to the unprecedented market conditions, increasing demand for residential homes in the urban core and the extremely low single-family home inventory, the developer recently released the 14th floor, originally planned to encompass 11 hotel rooms, as additional residential units for sale. Already, four of the newly released units are under contract. Natiivo Austin has experienced a flurry of sales within the past 60 days, selling out all studio units, both penthouses, four-floor plans – A1, A5, A9, and B4 – and two full floors. Additionally, only 35 one- and four two-bedroom units remain available. “We are thrilled with the demand and interest in Natiivo Austin and are excited to be able to offer additional units to meet the needs of our buyer pool,” said Prospect Real Estate Vice President of Sales Denise Bodman. “We expect to have the first temporary certificates of occupancy (TCOs) in September, with the first move-ins likely in November.” Knaus said the building’s walls are dried in, allowing contractors to move forward with weather-sensitive interior materials and work. Sheetrocking has been completed through level 31 and is in progress on level 32. Elevators are in operation, and interior finishes are progressing from the ground upward, with the lower levels being prepped for final paint and appliance deliveries. Level 10 should be fully complete later this month and is nearing punch list status. Cabinets and countertops are being installed on level 15. Over the next 30-90 days, finishing work in individual residences will continue, the exterior metal siding will be completed, and work will be started on the project’s 33 amenity areas. Pearlstone Partners Touts Natiivo Austin is Over 75% Complete and 85% Sold Page 2 of 3 The first-of-its-kind concept in residential living, Natiivo Austin is a 33-story high-rise condominium tower that offers the benefits of ownership combined with the ease and service of a high-end hotel. Owners will enjoy 24-hour concierge service and valet parking, co-working spaces, a lobby coffee bar with the barista, a café lounge with grab-and-go options, and a wine and beer lounge. An 18,000 square-foot amenity area includes a terrace and garden on the tenth floor, an outdoor fitness lawn, dog park, and spa-inspired fitness center and yoga room. In addition to spectacular city views, the 33rd floor rooftop deck will boast a 60-foot resort-style pool with water lounge chairs, private cabanas and an outdoor fireplace. Natiivo owners will be only a short distance away from miles of hike-and-bike trails lining Lady Bird Lake. Natiivo Austin will now feature 248 residences, including studios and one- and two-bedroom units, available fully furnished and appointed with upscale amenities. Co-developed by Austin’s own Pearlstone Partners and Florida-based Newgard Development Group, the building’s architecture was conceived by STG Design and its interiors created by New York-based INC Architecture and Design. The development’s design will reflect its surroundings, with handpicked furnishings and native Austin design elements prominent in exteriors, common areas and interiors. Each residence will comfortably speak the language of Austin, built with premium materials, outfitted with upscale fixtures and characterized by locally sourced pieces. Owning a Natiivo Austin condominium will afford conventional ownership benefits, with the added ease of concierge bookings and hotel amenities. Owners and their renters will enjoy housekeeping, grocery delivery, on-site MasterHost, and laundry service. Natiivo owners will be able to list their apartment on any home-sharing platform of their choosing or through Natiivo Managed. With the second option, MasterHost handles all reservation requests, inquiries, check-ins and check-outs, making Natiivo Managed a great choice for owners with limited leisure time. “This ownership concept is a first for the downtown Austin area,” said Bodman. “We are finding our buyers like the flexibility Natiivo Austin offers—having the option of purchasing an unfurnished or fully furnished unit, either as a primary residence or investment. Many are drawn to the idea of living a concierge, resort lifestyle, knowing at any time they can choose to lease their residence and reap the benefits of a steady income stream to cover their investment.”

Carr Properties Expands Into Austin, Texas with Acquisition of 100 Congress

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Carr Properties, a leading owner, operator, developer, and acquiror of high-quality commercial properties in the Washington, D.C. and Boston markets, is pleased to announce the purchase of 100 Congress Avenue (“100 Congress”), a 22-story, 419,785 square foot, Class A office tower, located in the heart of downtown Austin, Texas. This acquisition marks Carr Properties’ entry into the Austin market, reflecting the company’s continued focus on strategic growth and investment in innovation markets. 100 Congress is one of Austin’s best and most prominent downtown office towers. Situated on over an acre of land on the corner of Congress Avenue and Cesar Chavez, Austin’s two most sought-after throughfares, 100 Congress overlooks Lady Bird Lake and is within walking distance of local attractions, such as Austin City Hall and ACL Live. This central location immerses customer workplaces in the life, energy, and entrepreneurial vibrancy of downtown Austin. “We are very excited to expand into Austin, a vibrant innovative market poised for long-term growth with rapid demographic, economic, and market momentum,” said Oliver Carr, CEO of Carr Properties. “Austin’s economic drivers of tech, government, and education will be a strong strategic complement to our existing portfolio in Washington, D.C. and Boston.” Click to read more at www.carpropp.com.

Ryan Cos. Announces New SVP Lead for Multifamily in Austin

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Ryan Companies US, Inc., a national developer, designer, builder and property manager offering full-service commercial real estate solutions, announced today the appointment of Jared Kuhn as senior vice president and sector leader of multifamily. This is a new position for the company. Based in Austin, Kuhn will manage the strategic and operational excellence for the company’s multifamily sector, determine the sector’s go-to-market strategy, develop the execution team and serve as the lead executive contact for Ryan’s multifamily customers and equity partners. Significant multifamily projects in Ryan’s portfolio include Aurélien, a 31-story, 368-unit apartment building in downtown Chicago; Harper Apartments, a 163-unit apartment complex in St. Paul, Minn.; The Avalyn, a 480-unit multifamily community in San Diego, Calif. currently under construction; and Daymark Uptown, a two-building, 318-unit apartment community in Minneapolis, Minn. Kuhn, a 20-year industry professional, previously served as group vice president of development at Soave Enterprises. Kuhn earned his Master of Science in Real Estate Development at Columbia University and is an active member of the Urban Land Institute and National Multi-Housing Council.