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John Morran, senior vice president/managing director and Gerald Logan, vice president of NorthMarq’s Austin office, arranged the $11 million refinance of The Collective. The 83,000-square-foot mixed use property is located at 7601 South Congress Avenue in Austin, Texas.
“We were able to provide an excellent non-recourse, cash out refinance to take out the developers original construction loan. The new long-term fixed rate loan was placed with one of NorthMarq’s life insurance company correspondent relationships. The lender was impressed with the sponsors ability to complete their lease-up of this project during the pandemic with a mix of tenants from different industries and with a variety of business models that are truly reflective of the projects name: The Collective,” said Morran.
The property features flex space designed for warehouse, workshop, office and retail type uses (six buildings zoned for commercial services). Tenants benefit from the property’s close proximity to the Austin downtown (6 miles), IH35 (0.35 miles), South Park Meadows Retail (1 mile), Austin International Airport (9.5 miles) and William Cannon road & Slaughter Lane (1 mile).
AUSTIN, Texas, June 1, 2021 /PRNewswire/ — Mohr Capital, a Dallas-based privately held real estate investment firm, has sold MetCenter Building III, a last-mile distribution facility occupied by Amazon in Austin, to Four Springs Capital Trust in an off-market transaction.
The 160,000-SF warehouse/logistics building is located at 7000 Metropolis Drive in Austin’s Southeast industrial submarket. The property is 100% occupied by Amazon.com Services LLC and serves as its primary last-mile distribution facility in the Austin metro area. The sale includes the adjacent 20-acre parking lot, which is also currently leased by Amazon.
“After more than a year of owning the facility and the departure of one of its occupants, we worked closely with Amazon in 2020 and early 2021 to exercise its right of first offer to fully occupy the building through 2031. While our intention was always to hold this asset long-term, Four Springs’ off-market offer was very compelling. The extended lease-term, the credit quality of the tenant, the solid real-estate fundamentals of the industrial market and the great relationship we have with Four Springs made this deal possible,” said Rodrigo Godoi, managing director of investments for Mohr Capital.
In 2019, Mohr Capital secured MetCenter Building III as part of a 404,800-SF portfolio acquisition from Zydeco Development. At the time of purchase, the portfolio consisted of MetCenter Building III – then occupied by both Amazon and Uber Advanced Technologies – as well as a four-building, 244,800-SF office facility occupied by technology, government and health care tenants. Click to read more at www.prnewswire.com.
Top2SellNow Investments, LLC expanded into 2,282 square feet at Energy Plaza in San Antonio, TX. Kacie Skeen represented the landlord, Hartman Income REIT.
CBRE announced that Scannell Properties (Scannell) has begun construction on Cornerstone Logistics Crossing, a Class A speculative industrial park that CBRE is actively marketing for lease. Located in the Northeast San Antonio submarket, the 28.8-acre, two-building development is expected to deliver in late Q3 2021/early Q4 2021.
Joshua Aguilar and Rob Burlingame are leasing the property on behalf of Scannell.
The first building will total 224,220 sq. ft. and the second building will total 199,040 sq. ft., offering potential tenants up to 423,260 sq. ft. of industrial space that can be broken down into 30,000 sq. ft. increments. The development will have 32’ clear heights, flexible space configuration, concrete tilt-wall constriction and ample trailer parking.
“Cornerstone Logistics Crossing fills an enormous need in the San Antonio industrial market as demand for new industrial space has been very high,” said Josh Aguilar, senior vice president with CBRE. “The strategically located properties will offer industrial users the modern efficiencies they are looking for, like easy accessibility to several major interstates and a robust labor pool.”
According to CBRE Research, there were 14 projects totaling over 6.3 million square feet added to the San Antonio industrial construction pipeline in Q1 2021. Of the projects currently under construction, 74.5% of the space has been pre-leased.
NAI Partners recently arranged a +15 acre sale for the Cleveland-based NRP Group to build a 324-unit Copernicus Apartments.
NAI Partners’ Carlos Marquez and Brett Lum brokered the transaction. NAI Partners is still marketing the remaining 52.33 acres at the site.
The NRP Group recently completed The Stella Apartments on the East Side and has several active projects in the area including the Flats at River North and Acero near downtown.
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental communities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing.
NAI Partners recently arranged the sale of 8725 Meadowcroft Drive, a 20,900-sq.-ft. industrial property in West Houston.
NAI Partners’ Michael Keegan and Andrew Laycock represented the seller in the transaction. Hunter Johnston with Bridge Commercial represented the buyer in the transaction.
The buyer, U.S. Living, is a subsidiary of Sade Capital that specializes in the acquisition, development, and management of multifamily assets across the U.S.
NAI Partners recently arranged the sale of 1302 Boyles Street, a 11,880-sq.-ft. industrial property in East Houston.
NAI Partners’ Michael Keegan and Andrew Laycock of the company’s Industrial Services Group arranged the transaction.
The buyer, ED Produce, specializes in the wholesale distribution of fresh fruits and vegetables. This will be its second location overall and first location in Texas.
NAI Partners recently completed the sale of 3815 Hollister Street, a 30,194-sq.-ft. industrial property in Northwest Houston.
NAI Partners’ Michael Keegan and Andrew Laycock of the company’s Industrial Services Group arranged the transaction.
Mohr Capital, a Dallas-based privately held real estate investment firm, has sold MetCenter Building III, a last-mile distribution facility occupied by Amazon in Austin, to Four Springs Capital Trust in an off-market transaction.
The 160,000-square-foot warehouse/logistics building is located at 7000 Metropolis Drive in Austin’s Southeast industrial submarket. The property is 100% occupied by Amazon.com Services LLC and serves as its primary last-mile distribution facility in the Austin metro area. The sale includes the adjacent 20-acre parking lot, which is also currently leased by Amazon.
“After more than a year of owning the facility and the departure of one of its occupants, we worked closely with Amazon in 2020 and early 2021 to exercise its right of first offer to fully occupy the building through 2031. While our intention was always to hold this asset long-term, Four Springs’ off-market offer was very compelling. The extended lease-term, the credit quality of the tenant, the solid real-estate fundamentals of the industrial market and the great relationship we have with Four Springs made this deal possible,” said Rodrigo Godoi, managing director of investments for Mohr Capital.
In 2019, Mohr Capital secured MetCenter Building III as part of a 404,800-SF portfolio acquisition from Zydeco Development. At the time of purchase, the portfolio consisted of MetCenter Building III – then occupied by both Amazon and Uber Advanced Technologies – as well as a four-building, 244,800-SF office facility occupied by technology, government and health care tenants.
The property is situated within MetCenter – a 550-acre, Class A, mixed-use business park – just 10 minutes from Austin’s urban core and adjacent to Austin-Bergstrom International Airport with immediate access to the city’s major thoroughfares, including Highway 183, U.S. 290, Highway 130, Highway 71 and Interstate 35.
Godoi and Four Springs Capital Trust CEO William Dioguardi negotiated the transaction. Four Springs Capital Trust is an internally managed real estate investment trust based in Lake Como, New Jersey.
