Category: US/Texas CRE News

Merriman Anderson Architects celebrates with Realty Capital Residential the breaking ground of luxury residential tower on Lake Grapevine

Posted on by Mia Goulart

Merriman Anderson Architects (MAA) celebrates with Realty Capital Residential the groundbreaking of the 16-story luxury residential tower located at 3111 Sunset Boulevard on Lake Grapevine in Flower Mound, Texas. A ceremony was held on Wednesday, January 11 to celebrate the commencement of construction. The residential tower will consist of 207 one-, two- and three-bedroom units including penthouses and townhomes. 

Amenities for residents will include a golf simulator, billiards room, full-service bar, concierge, fitness center, valet, on-site structured parking for retail and residents, dog wash station, guest suites, and an elevated pool deck overlooking Lake Grapevine with a pool, spa and outdoor spaces to gather. 

The residential tower is part of the new 40-acre Lakeside Village resort community development. Lakeside Village is the final phase of the 160-acre Lakeside mixed-use project featuring an existing residential tower, hotels, lakefront restaurants, office space, retail shops, walking trails, and an outdoor performance venue. The new 3111 Sunset residential tower is adjacent to the new community lawn and provides luxury high-rise living with views of Lake Grapevine. 

Realty Capital Residential is the developer, and Archer Western is the contractor. MAA is the architect for the project responsible for the design and documentation.

The building is projected to be complete in early 2025.

Gensler announces several promotions in Texas

Posted on by Mia Goulart

Gensler has announced several promotions in its Austin and San Antonio offices: Principal John Houser, Managing Director/Principal Michael Rey, and Design Director/Principal Travel Albrecht.

John is known for his attention to client needs and his problem-solving ability fueled by inspired, creative thinking. He enjoys creating spaces that are as beautiful as they are comfortable, efficient, and purposeful.

John’s passion for design originates from his interest in architectural history, engineering, and the desire to create real-life works of art in the community. His design concepts are rooted in creating unique experiences and incorporating equity for both the client and the community.

While at Gensler, he has led planning and design efforts on projects including the University of Texas at Austin Moody Center and basketball practice facility, Block 16 + Austin Convention Center, 823 Congress building repositioning, The Orchard public art installation, and the Circuit of the Americas redevelopment master plan.

Michael Rey is the managing director of Gensler’s San Antonio office. He has 20 years of architecture, business development and project management experience. He has worked on a variety of building types, spanning civic, commercial, educational, hospitality, multifamily and urban design, which includes projects such as the UTSA National Security Collaboration Center and School of Data Science, ProjectMEND headquarters, an organization that supports veterans, the Alameda Theater, a historic Mexican-American venue, the San Antonio Zoo animal hospital, and ChildSafe facility, which serves children who are survivors of abuse.

Michael’s previous roles include senior principal and VP of operations at Overland Partners, lead architect for Jacobs San Antonio, as well as launching his own firm in 2011. He has taught at UTSA’s School of Architecture and currently serves as chair of their advocacy and advisory council. He is also passionate about educating and inspiring children and is an active supporter of organizations like the Boy Scouts of America, KIPP, San Antonio Sports Foundation–Healthy Kids, and Snack Pak 4 Kids SA.

Michael received a bachelor’s in environmental design from Texas A&M University, followed by a Master of Architecture from Yale University.

As a design director at Gensler Austin, Travis Albrecht is a highly sought after resource within the firm for his design vision and expertise in sustainable design and planning. Since joining the firm in 2008, he has been involved in many of their significant projects, as well as helped foster the growth of the office.

His experience spans a vast array of project types, from commercial office buildings and mixed use to education and master planning. Some of his notable projects include: 500 West 2nd (Google Tower), Block 164 Office Tower, The Domain Northside, The Fairmont Austin, Fifth + Tillery, Hilton Austin Overhead Walkway, the Moody Center (UT basketball arena and events center) and UPCycle.

Travis is also involved in strategic planning and thought leadership on topics including digital design, design resilience, and design purpose.

Travis received his Bachelor of Architecture degree from the University of Texas at Austin.

K&G Fashion Superstore signs long-term Fort Worth lease

Posted on by Mia Goulart

K&G Fashion Superstore, a nationwide discount department store, has signed a long-term 31,473-square-foot lease at 4625 S. Cooper Street in Arlington. Beginning July 2023, the fashion retailer will renew its lease in the Cooper Street Plaza retail shopping center operated by Hartman Income REIT Management, Inc., a commercial real estate operator of its portfolio and owned by its affiliate, Silver Star Properties REIT, Inc. (Silver Star Properties) headquartered in Houston. 

K&G Fashion Superstore’s footprint of 31,473 square feet serves as a co-anchor tenant with OfficeMax, Home Depot, UPS, and Mattress Firm at the retail plaza. Cooper Street Plaza is conveniently located just one light south of Ronald Regan Memorial Highway. The property sees an average count of 150,000 vehicles per day while residing within three square miles of a population of 121,939. 

In the past year, the well-performing retail center has welcomed two additional well-known tenants to its mix, Black Rifle Coffee Company and State Farm Insurance. It also transacted with OfficeMax on a long-term lease renewal.

In the leasing transaction, Bryan Weiss, vice president of Hilco Real Estate, LLC, represented K&G Fashion Superstore, and Richard Maloof, executive vice president of leasing represented the landlord.

Finial Group coordinates a sublease at 155 Posey Road in San Marcos

Posted on by Mia Goulart

Doc Perrier and David Durham with Finial Group coordinate a sublease at 155 Posey Road, Building 2, in San Marcos, Texas.

The 14,250-square-foot building has 2,500 square feet of new office space in addition to two grade level doors and two dock high doors.

Doc Perrier and David Durham represented the sublessor in this transaction.

Hartman announces several new lease transactions

Posted on by Mia Goulart

Hartman INCOME REIT MANAGEMENT, Inc. has announced a handful of recent lease transactions:

  • Revelry Goods, Inc. Renewed 2,517 square feet at 5151 Mitchelldale in Houston, TX. Justin Harrity represented the landlord, Hartman Income REIT. 
  • 2M Research Services, LLC renewed 6,278 square feet at 1521 N. Cooper Street in Arlington, TX. Allison Fannin represented the landlord, Hartman Income REIT. 

Zumper’s year-end report: Interest rates, recession worries weighing down renters

Posted on by Benton

Worried consumers. That’s what Zumper’s Annual Rent Report for 2022 uncovered. The renters whom Zumper surveyed for its end-of-the-year report agreed that the U.S. economy was slipping into a recession, and they expressed little to no confidence that the economy would improve anytime soon.

The report, then, is a bit of a downbeat way to end the year. It’s not surprising, though, considering the uncertainty that comes with rising interest rates and persistent inflation.

A total of 76% of the respondents in Zumper’s year-end report said that they think the United States is in a recession. And 62% of respondents said that they weren’t confident in the country’s economy. A total of 63% said that they had recently moved because their monthly apartment rent was getting too expensive.

In a sign that more renters are struggling economically as 2022 draws to a close, 31% of respondents told Zumper that they were behind in their rent, while 36% said that they are spending more than 45% of their incomes on their monthly rent.

The country’s economic uncertainty has hit the multifamily market, that is made clear in Zumper’s report. According to Zumper, the national median one-bedroom apartment did rise in December, hitting $1,497. But rent growth has definitely leveled off, with the national median one-bedroom rent rising less than half of a percentage point in December.

The national median rents for two-bedroom apartments actually fell in December, dropping 0.1% to $1,822.

What will the future bring for the apartment market? That’s unclear. But demand for multifamily living doesn’t appear to be tapering off, largely because it is so expensive today to buy a single-family home. According to Zumper’s year-end survey, 28% of respondents said that the traditional American Dream no longer involves owning a home. And the percentage of respondents who said that now was a good time to buy a home? Just 27%. A total of 32% of survey participants said that rising interest rates have deterred them from buying a home this year.