JLL Capital Markets announced today that it has closed the sale of Springdale Shopping Center, a fully leased, 163,145-square-foot retail center anchored by H-E-B in the northeast part of Austin, Texas.

JLL marketed the property on behalf of the seller, Forge Capital Partners. EDENS purchased the asset.

Springdale Shopping Center is anchored by a high-performing H-E-B, which is established as Texas’ pre-eminent grocer. The center is also home to a diverse tenant mix, including Ross Dress for Less, dd’s, Dollar Tree, O’Reilly Auto Parts, Subway, KFC and Wingstop. These national tenants have a long-standing history at Springdale Shopping Center, and many having below-market rents, offering future rent growth opportunities.

Situated on 12.58 acres at 7112-7210 Ed Bluestein Blvd. Springdale Shopping Center houses the H-E-B location that is the furthest east in Austin, allowing the center to pull from an extended trade area that houses 87,339 residents within a three-mile radius with an average annual household income of $73,137 – a 53 percent increase from five years ago. This area has exploded in recent years, with 22 percent population growth since 2010 and even more anticipated over the next five years.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Chris Gerard and Ryan Shore, Senior Director Clint Coe and Analysts Erin Lazarus and Zach Riebe.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

With Sellout of Cascade Condominiums, Pearlstone Partners Continues Fulfilling the Increasing Demand for Residential Space in Austin’s Urban Core

AUSTIN, Texas—September 23, 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 — touted its residential development Cascade Condominiums has completely sold out and shared an update on the project’s construction status. Prospect Real Estate is the exclusive listing agent for Cascade Condominiums located at the intersection of 25th Street and North Lamar Boulevard in historic Old West Austin.

“We began Cascade Condominium pre-sales last November and immediately saw a high level of interest, particularly among young professionals,” said Prospect Real Estate Vice President Denise Bodman. “Our predominant buyer mix also includes professionals who want to live closer to downtown, parents of students attending The University of Texas and investors.”

Bodman said the first Cascade contract was signed November 13, 2020, and the last market-rate unit sold in July 2021. February and April 2021 were the most active sales months, with 18 units sold in each. Ultimately, Prospect sold 103 market-rate Cascade Condominium residences within nine months — a year in advance of the project’s projected completion and all before the construction team had even begun framing. That is a record time frame for sellout of a development for both Pearlstone Partners and Prospect Real Estate.

“Construction of Cascade Condominiums is progressing steadily,” said Pearlstone Partners CEO Robert Lee. “The structural podium deck was completed in July, and the parking garage and first floor foundations have been installed. The construction team just began framing and will be going vertical with construction.”

Although all market-rate condominiums have been contracted, the sales team is still adding interested buyers to a waiting list; in the event a unit is returned to market, it will be offered to those on the waiting list first. The Cascade team is also keeping a waiting list for the project’s 12 affordable housing units, which will be offered for sale in spring 2022. Additionally, two office spaces are part of the Cascade development — a 1,960 square-foot space with four parking spaces, has pre-sold, and a second office space that will be purchased and held by the broker.

Located at 2500 Longview Street, Cascade Condominiums is situated just off the banks of its namesake, Shoal Creek, which was once called “Cascade Creek” by early Austin settlers. Cascade Condominiums Sells Out in Record Time Page 2 of 2 Condominiums encompasses 113 condominium residences and two commercial units. The development offers unobstructed parkland views and downtown skyline views from its rooftop terrace. Besides proximity to downtown and city parks, Cascade residents will enjoy a fitness center, an elaborate courtyard pool with a cascading water feature and clubhouse, a thoughtfully conceived community co-working space, and securely controlled gated parking.

The architectural partner for Cascade Condominiums is Mark Hart Architecture, of Austin. The general contract is Bartlett Cocke.

Due to unprecedented market conditions and the extremely low single-family home inventory, Pearlstone Partners has seen an increasing demand for residential homes in the urban core. Over the past couple of years, Pearlstone has been fulfilling this demand with close-in projects like Cascade Condominiums, Natiivo Austin, HŌM Condominiums, Vesper, Axiom East and Parkside at Mueller.

“We were drawn to the Cascade site by its setting in a historic, cherished part of the city, just at the western edge of downtown, as well as its proximity to major thoroughfares and a host of shopping, dining and entertainment amenities,” said Lee. “We knew these factors would be a big draw for our target market, but we were still stunned by how fast these homes sold out. When you really hit the mark with a project, it’s very gratifying.”

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About Pearlstone Partners

Founded by Robert Lee and Bill Knauss, Pearlstone Partners is a real estate development firm with more than 100 years of combined experience in the Austin real estate market. Pearlstone Partners’ comprehensive approach to identifying land development opportunities has led the company to the forefront of some of Austin’s most successful real estate trends. The firm’s focus on developing innovative solutions to promote long-term growth in local communities has resulted in more than $200 million in locally developed real estate and more than $400 million actively invested in residential, commercial, and mixed-use projects. Recent and upcoming projects include Natiivo Austin, HŌM Condominiums, Axiom East, Cascade Condominiums and Parkside at Mueller. To find out more, visit www.pearlstonepartners.com.

About Prospect Real Estate

Prospect Real Estate is a boutique family-owned and operated residential real estate firm focusing on Austin’s evolving urban core with 40 years of experience in the city’s residential market. Prospect is keenly attuned to local real estate trends and is proud to offer what’s next, now. The firm focuses primarily on providing the best urban living experience with opportunities that are attainable for a broad demographic. Its agents have their fingers on the pulse of Austin, with exclusive access to a new-build inventory that is unavailable anywhere else. For more information, call (512) 640-1881 to schedule an appointment, email info@prospectrealestate.com or visit //www.prospectrealestate.com.

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CBRE National Partners announced the sale of Harris Ridge Business Center (Harris Ridge), a Class A+, industrial park located at 1100 East Howard Lane in Austin. TA Realty purchased the 387,838-sq.ft. five-building asset from HPI Real Estate Services for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Centrally located in the fast-growing North Austin submarket, Harris Ridge consists of five industrial buildings that were constructed starting in 2008 with the final building delivering in 2021. The Portfolio is 100% leased to 11 tenants with an average suite size of 32,392 sq. ft. Harris Ridge is 1.5 miles from I-35 and is close to local demand drivers, including The Domain, a high-end, mixed-use retail, office and residential community.

“Austin has consistently been one of the fastest-growing cities in the country and there’s a tremendous demand from investors for industrial space in the region,” said Mr. Bryan, Executive Vice President with CBRE. “There was significant interest in Harris Ridge because of its location, Austin’s market fundamentals and the incredible rent growth projections in Austin, enabling ownership to grow NOI in the coming years.”

According to CBRE’s 2021 Americas Investor Intentions Survey, Austin is the No. 1 most preferred market in the Americas for commercial real estate investors. Investors in the survey demonstrated strong interest in Sun Belt markets, particularly those with favorable job and population growth prospects.

Ern Mooney, an individual d/b/a Red Wing Shoes leases 2,880 square feet at 5332 Walzem Rd. in San Antonio, TX. Katherine Morrison represented the landlord, Hartman Income REIT.