Category: Deals & Announcements

Austin-Based Real Estate Investment Firm To Break Ground On Unique Boutique Office Building In East Austin

Posted on by Sarah

AUSTIN, TEXAS – April 19, 2022 – An Austin-based private real estate investment firm is set to break ground on a premier creative office space just steps from Austin’s Central Business District. 809 Skyline, owned by Rastegar Property Company and leased by Stream Realty Partners, will offer 24,700 square feet of contemporary office space set to deliver in the first quarter of 2023. Easily accessible from Interstate 35, the cantilevered building will boast two 12,000-square-foot full floors suitable for single or multi-tenant use. The property’s signage opportunities facing IH-35 will provide occupiers visibility to more than 7 million cars daily.

“809 Skyline is thoughtfully designed, offering occupiers a perfectly integrated work and lifestyle environment,” said Connor Atchley, Vice President of Stream Austin’s office leasing division. Stream is a national real estate services, development, and investment company with an office in Austin.

“Access to both East Austin and the Central Business District, unprecedented quality, and great views of downtown make 809 Skyline the optimum office experience for both large and mid-sized tenants,” he said.

809 Skyline offers access to Austin’s famous 6th Street, the Texas Capitol, Austin Convention Center, and a host of restaurants and retailers. In addition to a prime location, the building will include a private tenant balcony with city views that will meet occupiers’ needs to attract employees back to the office.

“As one of the premier locations in Austin with incredible views of downtown, major visibility, and a large, cantilevered space hovering above the landscape, this building is designed for a tenant that desires a tailored environment and wants to make a statement,” said Hunter Floyd, Vice President of Development and Design at Rastegar. Atchley and Stream Managing Director and Partner Brad Philp will serve as the leasing team for the property. For information, contact Stream Austin at 512.481.3000.

Jones on Main Welcomes Three New Tenants as Downtown Houston Workforce Returns

Posted on by Sarah

Jones on Main, the 890,380 square-foot historic building in Downtown Houston, announced today that SWA Group, Traffic Engineers, Inc., and Drumheller, Hollingsworth & Monthly, LLP. have completed their move-ins totaling nearly 30,000 square feet of office space.

SWA Group, the international landscape architecture, planning and urban design firm, expanded their lease to 16,989 square feet at the Jones on Main building in February 2022. CBRE’s Parker Duffie and Jason Presley represented the landlord, Regency Main, LLC in the transaction, while Bill Wolff of Fritsche Anderson Realty Partners, LLC represented the tenant, SWA Group, who signed a 10-year lease.

Traffic Engineers, Inc., a Houston-based specialized transportation planning and traffic engineering firm, signed a seven-year lease, moving into a 6,689 square-foot office space in March 2022. CBRE’s Parker Duffie and Jason Presley represented the landlord, Regency Main, LLC in the transaction, while Scott Fikes of Jones Lang LaSalle, Inc. represented the tenant, Traffic Engineers, Inc.

Houston-based law firm, Drumheller, Hollingsworth & Monthy, LLP., completed their move in February 2022 into a 2,489 square-foot office space. CBRE’s Parker Duffie and Jason Presley represented the landlord, Regency Main, LLC, while William Padon of CBRE represented the tenant, Drumheller, Hollingsworth & Monthy, LLP.

Brand New Age-restricted Community Trades in Austin, Texas

Posted on by Sarah

JLL Capital Markets has closed the sale of ArborView, a 151-unit, age-restricted (62+) active adult apartment community in Austin, Texas.

JLL represented the seller, Cadence Multi-Family, in the sale of the property to Sparrow Partners. The buyers assumed the existing HUD financing on the project.

Opened in 2021, ArborView is located in Greyrock Ridge within the Circle C Ranch master-planned community in southwest Austin. Development of Circle C Ranch began in 1982 and today the community includes over 6,400 homes. Neighborhood amenities include an 18-hole golf course, tennis club, four swim center and more than 500 acres of dedicated park land. Circle C Ranch is served by the Escarpment Village shopping center, which includes a variety of upscale restaurants, shops and an HEB grocery store.

ArborView offers a variety of amenities including a demonstration kitchen, fully equipped fitness center and class studio, hair salon, indoor and outdoor lounge areas, putting greens and a resort-style swimming pool. Apartments feature granite countertops, fully equipped kitchens, subway tile backsplashes, wood-style plank and ceramic tile flooring and plush wall-to-wall carpeting.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Charles Bissell.

Watters Creek Mixed-use Destination Sells to Local Dallas Investor

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JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Watters Creek at Montgomery Farm, a 458,091-square-foot, premier, open-air, mixed-use, grocery-anchored retail and office destination part of the Watters Creek development within the Dallas-Fort Worth community of Allen, Texas.

JLL marketed the property on behalf of the seller, a partnership between PCCP, LLC and Trademark Property Company. A partnership comprising Dallas-based Charter Holdings and DuWest Realty acquired the asset. Additionally, working on behalf of the new owner, JLL secured the five-year, floating-rate, non-recourse acquisition loan with Washington Federal Bank and Texas Capital Bank.

Completed in 2008, the 46-acre Watters Creek at Montgomery Farms is in the top 4% of shopping centers in DFW and is part of Waters Creek, an iconic, 1.1-million-square-foot live-work-play district that houses multi-housing units, office, 300 hotel rooms and convention center space within walking distance of the property. The subject property is 87% leased and home to 61 retail tenants, including Market Street in DFW and Michaels within 15 miles and the No. 2 performing PF Chang’s and Victoria’s Secret in DFW, along with a popular MiCocina, Sephora, pure barre, Kendra Scott, Bath and Body Works, Massage Heights, The Blue Fish, Panera Bread, F45, Anthropologie and The Cheesecake Factory.

Three of the property’s 20 buildings contain 98,209 square feet of office space with tenants such as Regus, Mattison Avenue Salon Suites & Spa and TNP. Additionally, 1.75 acres of land could be used for future development and expansion of the property.

Watters Creek at Montgomery Farms is at 970 Garden Park Dr. in the northern DFW suburb of Allen. The area within a five-mile radius has seen 150% growth since 2001, and the expansive trade area includes $12.3 billion of buying power. The property has excellent visibility from its position along 75, a large regional north-south thoroughfare, and is surrounded by new development.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Barry Brown, Senior Managing Directors Chris Gerard and Ryan Shore and Analysts Greyson Fewin and Pauli Kerr.

The JLL Capital Markets Debt Advisory team included Senior Managing Director John Brownlee, Managing Director Clint Coe and Analysts Jack Rohrman and Chad Lisbeth.

Next Wave Triples Texas Footprint with Acquisition of 232-unit Multifamily Community in Dallas

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Next Wave Investors has acquired Casa Luna Apartments, a 232-unit apartment community in Dallas, Texas. This purchase brings the firm’s multifamily portfolio in the Dallas-Fort Worth metroplex to more than 300 units.

Next Wave acquired the property after recognizing an opportunity to immediately stabilize the asset through intense capital improvements and to leverage the strength of the high-growth Dallas market to maximize rent potential, according to Next Wave Principal Jordan Fisher.

“Dallas is one of the strongest markets in the United States, with a population that is growing by approximately 120,000 people per year,” says Fisher. “In fact, Dallas-Fort Worth had the largest population gains of any U.S. metro area from July 2020 to July 2021, according to Census Bureau Data. This increased population is largely fueled by the area’s continued economic and employment growth, which in turn has created a strong demand for quality housing.”

Fisher adds that the property, which was built in 1969, presents an opportunity to not only benefit from the upward pressure on rents in the market but to create value through extensive strategic renovations.

Next Wave plans to make significant capital improvements to transform and modernize the asset. Improvements will include renovating all units, enhancing the landscaping, addressing all roofing-related deferred maintenance, adding new paint to all exterior surfaces, and enhancing the antiquated boiler/chiller system.

Located just 10 minutes from downtown Dallas, the property offers residents with quick access to an abundance of employment, dining, entertainment, and retail offerings. Nearby shopping centers include The Shops at Park Lane, Walmart Neighborhood Center and El Rancho Supermercado.

Casa Luna Apartments is located at 8411 La Prada Dr E in Dallas, Texas.