Category: Central/South Texas Deals & Announcements

Commercial real estate advisor and local CCIM board director Lucio J. Cantu joins Turcotte Real Estate Services

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(SAN ANTONIO), September 25, 2017 —Turcotte Real Estate Services, Inc., a San Antonio-based, independently-owned, commercial real estate services firm is proud to announce leading commercial real estate advisor Lucio J. Cantu, CCIM, has joined their team. 

Cantu has more than 13 years of commercial brokerage, leasing, and consultation experience. He’s been representing clients in the oil and gas, retail, industrial, office and investment industries throughout San Antonio and South Texas. Cantu served as president of the San Antonio/South Texas Certified Commercial Investment Member (CCIM) chapter in 2016, and this year was appointed to sit on the CCIM board of directors. 

“Lucio’s office and investment experience are a great addition to our growing firm,” says John Greg Turcotte, CCIM, founder and owner of Turcotte Real Estate Services. “His attention to detail, and straight forward approach serve his clients well.”

 Prior to joining Turcotte Real Estate Services, Lucio was with RE/MAX Commercial and Elaine Ludwig Real Estate Company. His past clients include: Plains All American Pipeline, LP, Garver Real Estate Investments, Nabors Industries, Sisters of the Society of St. Teresa of Jesus, Orange Leaf, El Chaparral Restaurant, VIA Metropolitan Transit, Guild Mortgage, Tiger Sanitation, State Farm, and Cape Environmental Management. 

About Turcotte Real Estate Services: Turcotte Real Estate Services has more than 75 years of experience in the commercial real estate industry, specializing in industrial and land. The firm has represented buyers, sellers, and tenants on hundreds of transactions. Turcotte Real Estate Services has been featured in various publications such as Bloomberg Business, Texas Real Estate News, the San Antonio Business Journal and the San Antonio Express-News.

 

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How an unaffiliated broker sealed a big South Austin hotel deal that includes upscale La Quinta concept

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Jay Weir, unaffiliated with any big brand brokerage, has steadily handled significant hotel transactions in Austin for many years and he has another under his belt: the sale of a 3-acre parcel on the I-35 northbound frontage road in South Austin.

Austin South Hotels LLC, a Dallas company, purchased the land on the north side of Teri Road for $3.25 million from Dr. Frank M. Covert III — a member of the notable Covert family of Austin, which has been involved in numerous business enterprises since 1909 including car sales.

Click to read more at Austin Business Journal.

Ardent Residential flexes multifamily muscle with new projects in divergent locales

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Ardent Residential LP has built numerous apartments in Austin with a distinctly modern vibe. The local company has developed several larger complexes in partnerships with national firms, but also has created its own portfolio of chic rentals in areas coveted by young professionals — South Lamar Boulevard and Burnet Road, for example.

Recently, Ardent sold 7East, an urban-style apartment community it developed on the trendy east side in partnership with Stonelake Capital Partners — a Dallas-based private equity firm that has been active with a number of multifamily developers in Austin.

The buyer was the Southern Ute Indian Tribe of Southwestern Colorado, and though the purchase price is confidential it likely far exceeded the $50 million mark.

Click to read more at Austin Business Journal. 

Stream Realty Sells 109,165 SF Warehouse / Distribution Facility in University Park

Posted on by ginger

SAN ANTONIO- Stream Realty Partners, a national real estate services, development and investment firm, recently is pleased to announce the sale of 12626 Silicon, a 109,165 square foot warehouse/distribution facility located in University Park in Northwest San Antonio. 

Jason Schnittger, Managing Director, Michael T. Kent, Vice President and Kevin Cosgrove, Senior Associate of Stream Realty Partners – Central Texas, L.P. represented the Seller, First Industrial Realty Trust, Inc., while Dan Gostylo and Seth Prescott of Providence Commercial Real Estate Services represented the Buyer.

“This is an excellent distribution facility located in a non-traditional warehouse market. Our pool of tenants and users was limited due to the property’s distance from I-35, but the building was maintained extremely well by First Industrial and it was only a matter of time before we found a user that would jump on the opportunity to own a facility in University Park,” said Jason Schnittger of Stream Realty Partners.

About Stream Realty Partners

Stream Realty Partners is a national real estate services, development and investment firm. The firm represents a diverse mix of local, national and international clients and leases and/or manages a portfolio of more than 130 million square-feet of office, industrial and retail properties. Founded in 1996, Stream Realty has grown from two partners to more than 750 real estate professionals operating throughout the U.S. For more information, visit www.streamrealty.com.

East Side property slated for massive transformation

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A master plan for several buildings along the railroad where Union Pacific has a very active line is about to be under development, but we’re giving readers a look at what the property looks like now before construction crews begin the renovation.

The major East Side development will be the new home of a new technology innovation center spearheaded by the Texas Research and Technology Foundation, which acquired the Merchant Ice building alongside several other properties in a complex near Houston Street and Cherry Street.

For more about the San Antonio-based organization’s plans, check out this story. For more about the innovation center and to meet the man in charge, check out this story. These plans on the East Side also mean that the Texas Research and Technology Foundation sees opportunity to leverage existing property it owns on the far West Side, for more on that story, click here.

Click to read more at San Antonio Business Journal. 

Boston investor shells out big bucks for one of downtown Austin’s newest skyscrapers

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The downtown Austin office tower dubbed “5th+Colorado” has sold for a stunning $663 per square foot — a total of nearly $119 million, according to Real Capital Analytics.

The buyer was Intercontinental Real Estate, a Boston-based company that owns other office assets in Austin.

The seller was a joint venture of Goldman Sachs and Lincoln Property Co., an avid developer and commercial real estate brokerage in Austin. Michael McDonald of Eastdil Secured handled the deal.

McDonald is accustomed to pushing the envelope when it comes to securing top dollar.

Click to read more at Austin Business Journal.