Category: News

Breathing New Life into Retail

Posted on by Sarah

What was old is new again in Texas retail as a slowdown in new construction prompted retail developers to get creative to meet demand.

“That has sparked the market for renovations,” says Weitzman President &
CEO Marshall Mills. “Our asset management team is currently directing or has recently completed 14 renovations in D-FW. These projects range in size from 50,000 square feet to more than 350,000 square feet, but they will not increase the D-FW retail inventory by a single square foot.”

An example is Fielder Plaza, a community center that opened around four
decades ago as one of Arlington’s first grocery-anchored shopping centers.
“Our renovation helped boost occupancy and attract new shoppers who had largely bypassed the aging center,” Mills says.

Taking a cue from Weitzman, Tom Thumb then renovated and modernized the interior of its anchor store, expanding existing departments and adding new ones.

“The renewed Fielder Plaza has attracted strong new tenancy such as Al’s
Hamburgers, the iconic 60-year-old burger joint with a strong following; the largest Texas location of Hand & Stone Massage and Facial Spa; and a new 7,000-square-foot Workout Anytime fitness facility,” boasts Mills. Click to read more at www.rednews.com.

The Star District in Frisco to Add Five Restaurants in 2022

Posted on by Sarah

The Star District, part of the Dallas Cowboys’ 91-acre, mixed-use development that also houses the team’s headquarters and practice field, will welcome five new retail tenants in early 2022. A sixth, The Gents Place, recently opened its barbershop in the project.

The new leases, which totaled about 40,000 square feet, were secured by Dallas-based Venture Commercial. Here’s a look at the new retailers opening in the coming months.

Lombardi Cucina Italiana

Billed as a celebration of authentic Italian cuisine with a modern touch, Lombardi Cucina Italiana will occupy about 8,000 square feet at 6655 Winning Drive, Ste. 655. The restaurant’s aesthetic will feature an open-air villa vibe with greenery, Italian marble, and Venetian chandeliers. Click to read more at www.dmagazine.com.

Planning for 19-Acre Lakeshore Development in Downtown Austin Moves on Into 2022

Posted on by Sarah

Initial plans for the transformation of the “Statesman PUD” site that could bring a new landmark development to the south shore of Lady Bird Lake are progressing and could be finalized in early 2022.

The 305 S. Congress Ave. planned unit development, or PUD, is home to the Austin American-Statesman building, a portion of the Ann and Roy Butler Hike and Bike Trail, and an unofficial viewing area for nightly bat flights from the Congress Avenue bridge. The redevelopment of the property appraised at more than $74 million has been in the works for years and plans now center on bringing more than 3.6 million square feet of residential, hotel, office, retail and restaurant space to the lakeshore.

A Dec. 14 decision by the Austin Planning Commission pushed its formal vote on the PUD update to late January when the body could approve the project outline and send it to City Council for consideration. Click to read more at www.communityimpact.com.

The Modern Austin Receives Financing and Site Development Permit in Same Week

Posted on by Sarah

AUSTIN, Texas–(BUSINESS WIRE)–This past week marked two significant milestones for Austin-based firm Urbanspace Real Estate + Interiors’ 56-story condo tower, The Modern Austin Residences, located at 610 Davis St, Austin, TX. The Modern has closed on construction financing and has a site development permit in hand, the two final milestones needed for this development to proceed.

Kevin Burns, founder of local real estate and design firm Urbanspace, will develop the project with $300+ million of financing from Peregren Capital Group. Although this deal marks Peregren’s first construction financing in Austin, co-founder and Managing Partner Tucker Hughes financed multiple condo deals in Austin prior to launching Peregren with co-founder Tripp Taylor. Two of these high-profile projects include The Seaholm Residences and The Independent, each of which was sold by Urbanspace as the exclusive sales and marketing team. Hughes commented, “Kevin and the Urbanspace team know the Austin condo market better than anyone, and after working with them on Seaholm and The Independent, I was excited for the opportunity to partner with them in a bigger way on The Modern. The design, lifestyle, location, and views coupled with the experienced team that Urbanspace has assembled make it a dream build for every future resident that will call The Modern home.” Click to read more at www.businesswire.com.

Embrey Closes Sale in San Antonio, Texas, of Luxury Multifamily Property Standard at Legacy

Posted on by Sarah

SAN ANTONIO, Dec. 16, 2021 /PRNewswire/ — Standard at Legacy, a 323-unit multifamily community in desirable north San Antonio, has been sold by Embrey Partners LLC.

The purchase was made by Sherman Residential and brokered by Newmark.

“This is a best-in-class community in a premier location with easy access to Highway 281 and Loop 1604,” said John Kirk, Managing Director and Executive Vice President for Embrey. “Standard at Legacy supports the active lifestyles of today’s rising professional with a wide range of residential amenities and easy access to the high-end dining, shopping and employers in the area.”

Amenities include a cyber lounge with workspaces and conference room, fitness center equipped with a yoga and virtual fitness studio, golf simulator, an outdoor living area with kitchen and games, and an indulgent pool with cabanas. A pet spa and dog park are also available for furry companions. Click to read more at www.prnewswire.com.

Office Market Can’t Escape its Limbo

Posted on by Sarah

It remains an uncertain time in the U.S. office market. That’s because whenever companies appear ready to bring their workers back to the office during the COVID-19 pandemic, a new variant — first it was Delta, now it is Omicron – halts their plans.

That has left the office market in limbo for much of the COVID-19 pandemic. According to the latest research from CommercialEdge, this isn’t about to change anytime soon.

In its December National Office Report, CommercialEdge reported that in November, the U.S. average office vacancy rate hit 15.2 percent. That is a rise of 140 basis points during the past year, but also a fall of 40 basis points in the last six months.

Office rents have stagnated, too. CommercialEdge reported that across the country, listing rates for office space averaged $38.62 a square foot in November. Average asking rents were up by 1.2 percent year-over-year. This number remained unchanged compared to the previous month.

Office transactions completed through the end of November came out to $68.8 billion, according to CommercialEdge. This means that transaction volume in 2021 has already surpassed last year’s total volume by 11 percent.

The average sale price rose to an all-time high this year, reaching $291 a square foot in November.