Category: Focus December – 20

PPP and Other SBA Loan Provisions in Consolidated Appropriations Act of 2021

Posted on by Sarah

The Consolidated Appropriations Act of 2021 — which includes a $900 billion COVID-19 stimulus package that extends unemployment benefits and provides additional assistance for small businesses — was signed into law December 27, 2020. The Act also contains several key provisions regarding the Small Business Administration (SBA) and the paycheck protection program (PPP). Here is a summary:

Deductibility of PPP funded expenses: This provision overturns the IRS ruling that expenses funded with PPP loans were not deductible. Effective date is back to enactment of CARES Act.

EIDL advances: The $10,000 EIDL advance is excluded from income and no expenses are disallowed with respect to the income exclusion. In addition, EIDL advances no longer will reduce the amount of PPP loan forgiveness.

Income exclusion and expense deductions for payments made on Section 7(a) SBA loans: Section 1112 of the CARES Act provided that the SBA would pay up to six months of principal and interest on certain SBA loans. The new Act would provide, similar to PPP loans, that the principal paid by the SBA does not result in income forgiveness and no deductions are disallowed as a result of the income forgiveness.

Click to read more at www.wipfli.com.

Children’s Hospitals, Tech Giants and More: The Top 5 Northwest Austin Development Stories of the Past Year

Posted on by Sarah

By Iain Oldman | 8:40 AM Dec 28, 2020 CST

While sections of the local economy closed down due to the coronavirus pandemic, residential and commercial development plowed along in Northwest Austin. Looking ahead, 2021 looks to be a transformative year for Northwest Austin with massive development projects, including the Austin FC soccer stadium and the upcoming Apple 2 campus, ready to open their doors. Here are the five most read development stories from 2020.

1. Abbott executive order deems residential construction as an “essential service” across the state
Gov. Greg Abbott on March 31 issued an executive order that implements essential services protocols across the state of Texas. Read the full story here.
2. Revised Apple campus site plan in Northwest Austin includes new 6-story hotel
A revised site plan submitted earlier this year by Apple Inc. includes a new six-story hotel at the technology giant’s upcoming Northwest Austin campus. Read the full story here.
3. Northwest Austin family building first brewery in Anderson Mill
When Derek and Haley Law began initial designs on their upcoming brewery, they went in knowing they wanted the space to be as welcoming to the community as possible. Read the full story here.
4. Why did Dell Children’s Medical Center choose Northwest Austin for its newest pediatric hospital?
Click to read more at www.communityimpact.com.

NAI Partners Arranges Sale of O’Reilly Auto Parts Retail Property

Posted on by Sarah

NAI Partners recently arranged the sale of a 7,225-square-foot O’Reilly Auto Parts retail property for Agree Stores, LLC at 8142 Kitty Hawk Road in Converse, Texas. NAI Partners’ Joe DeCola along with Cole Flanagan of Investment Property Advisors represented the seller in the transaction. Terms of the deal were not disclosed.

Asite Becomes a Member of Construction Industry Institute at the University of Texas

Posted on by Sarah

Asite has joined the Construction Industry Institute (CII) based out of the University of Texas in Austin. The CII is a consortium made up of over 140 leading owner, engineering-contractor and supplier firms from both the public and private sectors, brought together to enhance the business effectiveness and sustainability of the capital facility life cycle through CII research, related initiatives and industry alliances. “For over 30 years, CII has been working to apply research and best practices to create positive change in the industry,” said Chris Peters, Asite senior vice president of North America. “Here at Asite, we are thrilled to be joining the CII and become part of this effort to identify opportunities and invoke true change.” The CII creates competitive global market advantages for its members through its research-based and member-driven creation of knowledge and CII best practices. Working with the CII will help provide Asite with a decisive industry edge and provide the company with access to leading academics, identifying the most significant opportunities for industry improvement. “We are delighted to join the Construction Industry Institute (CII) based here in Texas. Our membership with CII is a perfect fit for Asite as we share the value of working collaboratively to develop the innovative solutions that will, ultimately, drive our industry forward,” said Gene Brieck, Asite vice president of sales for North America. “Working as an R&D research lab for capital projects, CII is consistently at the forefront of new industry developments, and we are excited to now be part of this team and that journey.

The J. Beard Real Estate Company Facilitates Sale of 10,000-SF Office Building in Tomball, TX

Posted on by Sarah

Neal King of The J. Beard Real Estate Company has represented Lone Oak Holdings, LLC, in the sale of a 10,000-square-foot office building situated on 9.5 acres of land in Tomball, Texas at 1600 East Hufsmith, adjacent to the new Broussard Community Park near F.M. 2978. The property includes a 2,500-square-foot warehouse and recreational area that has a baseball field, volleyball court, shaded pavilion and outdoor restrooms. Joseph Pantoja of Realm Real Estate Properties represented the undisclosed buyer, who will use the property for business operations.

Former Williamson-Dickie Manufacturing HQ Listed For Lease

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Transwestern Real Estate Services is the exclusive leasing agent for 319 Lipscomb Street, a 21,548-square-foot, two-story office building in Fort Worth. Rebranded as The Schoolhouse on Lipscomb, the site is the oldest standing school building in Tarrant County and was named to the U.S. National Register of Historic Places in 1983. Originally built in 1892 in the Richardsonian Romanesque style, the building served as the Stephen F. Austin Elementary School until 1977. Famed golfer Ben Hogan and actress Ginger Rogers both attended the school. After purchasing the building in 1980, Williamson-Dickie Manufacturing Co. renovated the space to use as its corporate headquarters until 2020, when the company moved to its current headquarters at 509 W. Vickery Boulevard. Transwestern principal Whit Kelly and associate Dallas Margeson represent the property owner. “This history-rich building offers a one-of-a-kind chance to lease a beautifully designed space in a submarket that has seen incredible growth in recent years,” said Kelly. “Opportunities for single or multi-tenant use are extraordinary, and the design of the schoolhouse only supplements the tenant experience within the unique space.” The campus features multiple expansive executive offices with private restrooms, conference rooms, a catering kitchen, walkable outdoor green space with room for amenities, original chalkboards in most offices and ample parking. Large arches framing the recessed entries are complemented by hardwood floors throughout the space, antique glass, original doors and wainscoting. “The Schoolhouse on Lipscomb served the needs of our employees for decades,” said Philip Williamson, former CEO of Williamson-Dickie, and a long-time Fort Worth native. “It is truly unique, has a fantastic feel and offers a glimpse into the past, while meeting all the needs tenants might require in today’s world. We are excited for the possibility of a new tenant enjoying the space, just as we did.”