Category: Central/South Texas Deals & Announcements

Construction Begins on 17-Story Fairfield Inn & Suites in Austin

Posted on by Sarah

General contractor Arch-Con® Corporation is underway constructing a 17-story Fairfield Inn & Suites located at 76 East Avenue near Downtown Austin and Interstate 35 in the popular Rainey Street District.

“This isn’t your typical Fairfield Inn & Suites,” Arch-Con Senior Vice President Marc MacConnell who leads the company’s Central Texas Region said. Arch-Con, headquartered in Houston, opened an office in Downtown Austin earlier this year to serve the area’s growing market. “This high-rise suite hotel is in a popular, walkable location and will offer views of Downtown Austin, a rooftop terrace and balconies to enjoy the city.”

Developed by RGB Hospitality and designed by MCS Architects, LLC, The Fairfield Inn & Suites will have 126 rooms and suites and feature a large lobby, lounge, dining area and pantry market for grab-and-go conveniences. The top three floors of the hotel will house an outdoor rooftop terrace, fitness room, pool and spa, multi-purpose room, presidential suite and sweeping views of Austin for an added layer of luxury to this Marriott-brand hotel. Several guest rooms also come equipped with outdoor balconies. Exterior lighting will illuminate the hotel and amenity deck. A six-level, 57,930-square-foot concrete parking garage provides parking for its guests.

The building is constructed of cast-in-place concrete on piers with exterior finishes that include a combination of EIFS, metal paneling and glass. The hotel is on a tight site with the Homewood Suites just 11 inches from the project site line and, therefore, Arch-Con has worked with neighbors and our safety team for optimal laydown and safe construction practices.

Arch-Con has built more than a million square feet of hotel rooms for nearly every major hotel brand. This project will rise in height to 192 feet and use a specific tower crane that will increase from 10-stories to 19-stories as the building height progresses. “This type of crane that stacks itself, or rises in height, is simply more economical and practical due to the tight site,” MacConnell said.

A focal point for the high-rise hotel juxtaposing the bungalow bars and restaurants that line Rainey Street is a mature, majestic tree on the property of which the entire project team, as well as an arborist, are taking great care and attention. The tree will frame the entrance of the hotel in keeping with the charm of the area.

The Fairfield Inn & Suites plans to open late 2022, increasing the walkable hotel options for Austin and this vibrant neighborhood.

Newport Capital Partners Acquires Stassney Heights Shopping Center in Austin

Posted on by Sarah

Newport Capital Partners is pleased to announce the acquisition of Stassney Heights on behalf of its value add-focused Newport Capital Partners Fund III. The 103,030 square foot, grocery-anchored, multi-tenant, neighborhood shopping center is situated on the southwest corner of Stassney Lane and Interstate 35 in Austin, Texas. The Property was marketed to a limited, qualified buyer pool by CBRE’s Dallas team on behalf of a Northeast-based retail and industrial investment manager. Financing was provided by Wintrust Bank and arranged through Newmark.

Stassney Heights is currently 93 percent leased and anchored by Houston-based, Hispanic-focused supermarket Fiesta Mart. In line with the Fund III’s investment focus, the Property’s merchant mix is diversified and features Restaurants, Healthcare, Necessity, and Service-oriented tenants including Umi Sushi, Castle Dental, T-Mobile, and Clinica Hispana.

Stassney Heights is located in the densely populated and growing South Austin submarket, is less than seven (7) miles south of downtown Austin, the Austin-Bergstrom International Airport, and proximate to employment and education drivers. These factors along with visibility on Interstate 35 has contributed to the Property becoming the primary, necessity-based, neighborhood center serving the residents of South Austin and surrounding communities.

“This acquisition is Newport’s first investment on behalf of Newport Fund III and the Firm’s first investment in the state of Texas. We are thrilled to kick off Fund III with such a prominent asset, in one of the fastest growing major metros in the U.S.,” stated Principal & Head of Investments Ben Andrews. “Stassney Heights is a high-quality neighborhood center with a strong tenant roster that meets the daily needs of both consumers and merchants in this submarket. Retail industry veteran Stuart Brackenridge joined Newport earlier this year as Managing Director and has immediately become an integral part of our organization and Investments Team. His experience and leadership contributed to the sourcing and execution of this transaction.”

Valbridge Property Advisors Welcome New Partners in Houston and Dallas

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HOUSTON and DALLAS, July 22, 2021 /PRNewswire-PRWeb/ — Valbridge Property Advisors, the largest independent commercial property valuation and advisory services firm in the United States, is pleased to announce the addition of four new partners to their Houston and Dallas offices.

Valbridge Property Advisors | Houston and Valbridge Property Advisors | Dallas, led by Chris Lantz, MAI, Senior Managing Director; Gerald Teel, MAI, CRE, SGA, Senior Managing Director; Tim Treadway, MAI, CCIM, Senior Managing Director-Multifamily; and Michael Divin, MAI, Senior Managing Director, respectively, are pleased to announce new additions to their senior leadership team. Valbridge Property Advisors | Houston welcomes new partners:

• Jason Mushinski, MAI, Senior Managing Director
• Joshua W. Wood IV, JD, MAI, AI-GRS, Senior Managing Director
• Paul Gilliam, MAI, Senior Managing Director, Vice President of Financial Modeling
• Valbridge Property Advisors | Dallas welcomes new partner: Tim Brennan, MAI, Senior Managing Director

Jason Mushinski, MAI is Senior Managing Director and leader of the Right of Way Specialty Practice Group for the Valbridge Property Advisors | Houston office and is a member of both the Appraisal Institute and the International Right of Way Association. Click to read more at www.inforny.com.

NAI Partners Arranges Sale of 77-Acre Site for New Subdivision in Braunfels, TX

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NAI Partners—the commercial real estate services business of Partners Real Estate Company—recently arranged a 77.149-acre land purchase for Scott Felder Homes on Weltner Rd. in New Braunfels, Texas.

NAI Partners’ Brett Lum represented the buyer in the land purchase in New Braunfels.

Scott Felder Homes has risen through the ranks to become one of the largest producers of quality, move-up homes in Austin and San Antonio. Innovative designs, custom features, desirable locations, high-quality construction, and energy efficiency earmark the standards for which Scott Felder Homes is best known.

Coldwell Banker Commercial Expands Rio Grande Valley Presence

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MCALLEN, TEXAS (July 22, 2021) – Coldwell Banker Commercial Rio Grande Valley, one of South Texas’ largest commercial real estate firms, is continuing its expansion by joining forces with McAllen-based commercial real estate brokerage Pointer Realty. This was jointly announced by Daniel Galvan, SIOR, CCIM, principal broker at Coldwell Banker Commercial Ro Grande Valley, and Harry Urey, Jr., principal owner of Pointer Realty. Financial terms of the deal were not disclosed.

The combining of the brokerages, effective August 1, 2021, is believed to be one of the largest in significance in recent McAllen real estate industry history, according to Galvan. Along with Urey, Jr., Pointer Realty commercial real estate professionals Benny Dominguez and Rafael “Felo” Guerra will also be joining Coldwell Banker Commercial Rio Grande Valley.

“The addition of Pointer Realty creates an even larger powerhouse for Coldwell Banker Commercial, the most dominant brand for commercial real estate in The Rio Grande Valley,” said Dan Spiegel, managing director of Coldwell Banker Commercial. “We are very excited that, with the combining of the firms, Coldwell Banker Commercial Rio Grande Valley will continue to provide the excellent support that agents and their clients expect, while providing the resources afforded to an internationally recognized brand with a large local presence. We are committed to ensuring that all our clients receive best-in-class service and our agents are afforded every opportunity to optimize their business potential.”

“We are proud and excited to bring the Pointer Realty team on board with us. They bring an extensive amount of industry knowledge and market experience to Coldwell Banker Commercial Rio Grande Valley and we look forward to our brokerage’s continued success,” said Galvan.

The combined brokerage, to be located at 508 E. Dove Ave. in McAllen, Texas, is now one of the largest real estate companies in South Texas providing an array of commercial real estate services including development, sales, leasing, tenant representation, and property management.

Coldwell Banker Commercial Rio Grande Valley, founded in 2008, has more than 11 full time agents.

The newly expanded Coldwell Banker Commercial Rio Grande Valley is expected to be involved with some of the largest transactions in the valley. In 2020, the firms completed nearly 200 sales and lease transactions valued at $125,000,000.

About Coldwell Banker Commercial Affiliates

Coldwell Banker Commercial Rio Grande Valley is the local affiliate of Coldwell Banker Commercial® and provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. Since 1906, the Coldwell Banker Commercial brand has been a premier provider of real estate, recognized globally as a company that puts the client first while delivering individual, distinctly different service. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbworldwide.com