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LEDG Capital leased 1,995 RSF of creative office space at the Hannig Row Building located at 200 E. 6th Street, Austin, TX 78701. The landlord was represented by Jason Steinberg and Matt Levin with ECR and the tenant was represented by Derek Savage with Tenant Base.
Over the past twenty years, Austin’s population has exploded, growing more than 78 percent, with the MSA adding the equivalent of two Omahas in that time span. Concurrently, office development and investment just barely kept pace with staggering demand—a two-decade-long trend that skidded to a halt in March of this year. At the opening of 2020, Austin’s office market picked up right where 2019 left off, with strong leasing activity and an incredible development pipeline. The COVID-19 pandemic, however, has hit pause on much of this—leaving many to wonder how long until the city can get back to where it was. “Austin has traditionally been such as a very strong, robust real estate market. We’re confident it is going to find its way back, just as it did before with ’08 – ‘09,” said Ross Anders, general manager of Project Management Advisors (PMA) in Austin. PMA recently expanded its footprint to Austin with the acquisition of American Realty Project Management. With a technology-heavy corporate base, the good news is that Austin will likely start to recover quicker than the more energy-dependent Houston and Dallas markets, for example, as the price of oil falls. According to Andrew Alizzi, associate in the capital markets group, investment sales in the Austin office of Avison Young, many of the landlords he has been in contact with are surveying tenants in their buildings to determine not only their immediate needs but if they anticipate any retrenchment of their future office us. Click to read more at www.rednews.com. Click to read more at www.rednews.com.
Bellomy & Co. announced the sale of A+ Storage in Mission, Texas. Mission is part of the McAllen-Edinburg-Mission and Reynosa-McAllen metropolitan areas in south Texas. The property consists of 169 units in 24,100 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller. They also represented the Lincoln, Nebraska based buyer. Terms of the transaction were not disclosed.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Parkwood Terrace, a 144-unit multifamily asset in Round Rock, Texas. Terms of the transaction were not disclosed. “The North Austin area continues to grow rapidly with new developments such as Apple’s $1 billion campus expansion, The District development, Indigo Ridge and the Kalahari Resort and Convention Center,” said Jordan Featherston, IPA senior associate. Featherston, along with IPA executive director Will Balthrope, IPA senior managing director Drew Kile, IPA senior associate Drew Garza and Kent Myers, first vice president investments with Marcus & Millichap in Austin, represented the seller, James Pinheiro. The buyer is Langdon Street Capital. “Five miles from Parkwood Terrace, Mark IV Capital and Gensler are working on a 65-acre office, residential, hospitality and retail project that will be the first of its kind in Round Rock,” said Myers. Built in 2000, the property is 1.1 miles from Interstate 35, which provides access to major employment and retail centers throughout the greater Austin area. Major employers in Round Rock and nearby include Apple Inc., Baylor Scott & White, Dell, Hewlett-Packard and State Farm. The 350-acre Kalahari Resort and Convention Center, which will feature the largest indoor water park in the United States, is scheduled to open this fall less than three miles from Parkwood Terrace. Click to read more at www.rejournals.com.
As Tesla made its first public pitch to bring its Cybertruck factory to Austin, Texas on Tuesday, the company faced concerns from citizens about its treatment of workers, the proposal’s impact on the local housing crisis, the need to give the automaker tax breaks, and most of all, CEO Elon Musk. About 45 residents of Austin and the surrounding area spoke about the factory deal on Tuesday at a virtual public meeting held by the Travis County Commissioners Court, the policy-making and administrative arm of the local government. Many objected to Musk’s behavior during the coronavirus pandemic, including how he reopened Tesla’s California vehicle factory in violation of a local health order, sued the county where the factory is located, and spread misinformation about the virus. Texas is currently experiencing a “massive outbreak” of COVID-19 cases, according to Gov. Greg Abbott. Tesla has spent the last few months soliciting offers for its next US factory from “nearly every state and governor East of the Rocky Mountains,” Rohan Patel, the company’s senior global director of public policy, said at Tuesday’s meeting. But Tesla is now focused on bringing the factory, which is where it will make the Cybertruck and Model Y SUVs bound for the East Coast, to two specific places: either Austin or Tulsa, Oklahoma. Click to read more at www.theverge.com.
Bellomy & Co. announced the sale of Texas Hills Storage in Lago Vista, Texas, 35 miles northwest of downtown Austin. The property consists of 192 climate, non-climate, and parking units in 28,500 square feet. In addition to self-storage rentals, there is also a packaging and shipping operation, retail sales, notary and dry-cleaning businesses on site. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Lago Vista, Texas-based seller. They also represented the Arlington, Texas-based buyer.