Category: Focus December – 20

193-Acre Development Site in Robinson Ranch Hits the Market in Austin

Posted on by Sarah

JLL’s capital markets team has been named to market a 193-acre development site encompassed by Highway 45, CR 172 and E. McNeil Road in the greater Austin area on behalf of the Robinson Family. Located at Highway 45 and MoPac Expressway and one mile west of I-35, future development will benefit with great access to not only Austin’s metropolitan statistical areas, but the rest of the state. The JLL capital markets team representing the seller for this offering is led by senior managing director Rusty Tamlyn, managing director Davis Adams and director Garrett Gilleland. “The completion of SH 45 N in 2007 divided this section of the family’s property from the remaining +/- 7,000 acres,” said Adams. “Because the site is isolated from the core of the family’s holdings, coupled with the strong interest they have received regarding the property, the Robinson Family has decided to begin marketing this site for sale, joint venture or ground lease.”

NAI Partners Arranges Sale of Industrial Manufacturing Campus in Pearland, Texas

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14800 Jersey Shore Drive, LLC recently sold its former industrial campus in Pearland, Texas at 320, 322 and 324 Riley Road which consisted of approximately 105,664 square feet between three industrial buildings on over 32 acres of combine land area. BHVA Real Estate Holdings, LLC acquired the property for an undisclosed sum. Clay Pritchett, SIOR and Zane Carman, of NAI Partners represented 14800 Jersey Shore Drive, LLC on the sale transaction while Matt Rogers with Oxford Partners represented the buyer, BHVA Real Estate Holdings, LLC.

Draper and Kramer Expands Texas Portfolio with Purchase of 121-Unit Adriatica Senior Living

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Draper and Kramer, Incorporated has added to its national portfolio of multifamily properties with the purchase of Adriatica Senior Living, a 121-unit, amenity-rich rental community for active seniors in McKinney, Texas, a suburb located 30 miles north of Dallas. Terms of the transaction were not disclosed. Located at 375 Adriatica Parkway, Adriatica Senior Living offers large one- and two-bedroom units with luxury finishes. The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, quaint cobblestone streets and a mix of boutiques, restaurants and entertainment within walking distance of residences. Draper and Kramer also owns and manages a neighboring multifamily property within Adriatica Village, St. Paul’s Square, which it acquired in 2019. “With our current presence not only in the Dallas market but also in Adriatica Village itself, this acquisition was a natural addition to our portfolio and aligns with our strategic focus on high-quality assets in growth markets,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. Apartments feature open plans with nine-foot ceilings, plank-style flooring in living rooms, plush designer carpet in bedrooms, built-in bookshelves, crown molding and private patios or balconies. Gourmet kitchens have granite countertops and stainless-steel appliances. Select units also have deep soaking Roman tubs with a separate shower, kitchen pantries, linen closets and double sinks. All residences offer a connection for a full-size, in-unit washer/dryer. Common area amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and game room. In addition, there is a private covered garage for all residents. As part of the acquisition, Draper and Kramer will assume management of Adriatica Senior Living. One of the largest property management firms in Chicago, Draper and Kramer has a residential management portfolio of more than 8,000 rental units across Chicago, Dallas, St. Louis and San Antonio. The Dallas-Fort Worth-Arlington metropolitan area grew by 1.2 million people between 2010 and 2019, more than any other U.S. metro area, according to the U.S. Census Bureau. “With baby boomers retiring by the millions each year, luxury senior rental housing remains a smart investment,” Puzon said. “Adriatica Senior Living is a Class A property, offering beautiful finishes and rich amenities as well as a walkable lifestyle not always easy to find in the suburbs. We think its attractiveness, plus the synergies we will realize in owning and managing both it and St. Paul’s Square, will make this a very solid investment.” Adriatica Senior Living is Draper and Kramer’s fifth acquisition in Texas, where in addition to St. Paul’s Square, the company also owns and manages Crest at Las Colinas Station, a 374-unit luxury rental community in Irving, a northwest suburb of Dallas, as well as two luxury multifamily properties in the popular Stone Oak area of San Antonio: The View at Encino Commons, a 324-unit rental community, and Sonterra Blue, a 342-unit apartment property.

New Leases Bring Avion Business Center Asset to Full Occupancy

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With 28,989 square feet of deals inked recently, Avion Business Center Building 500 is now at 100 percent occupancy. Younger Partners’ Trae Anderson and Garrett Marler represent the landlord, Fort Worth-based Fort Capital. “Located at 2155 Chenault Drive in Carrollton, the three-building complex was purchased by Fort Capital in February. In the past two months, the 28,989-square-foot Building 500 went from 0 percent occupancy to fully leased,” Anderson said. “Building 300 and Building 400 each have one spec suite vacancy remaining ranging from 2,000 square feet to 4,500 square feet.” The recently completed leases include JDC Healthcare Management, which leased 18,447 square feet, represented by CYC Commercial’s Cyrus Chen. CLVR Agency inked 4,237 square feet, represented by Rich Young Company’s Rich Young Jr. AuthenTEK Solutions leased 3,729 square feet and Beyond Engineering signed a 2,576-square-foot lease, represented by Stream Realty Partners’ Lena Pierce and Ryan Boozer. Avion Business Center features immediate access to Dallas North Tollway, President George Bush Turnpike (Highway 190), I-635 And I-35 with close proximity to Addison Airport. The three-building office/flex complex totals 77,339 square feet.

JLL to Consolidate Houston Business Lines at New Office in Galleria Area

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Stonelake Capital Partners, a real estate private equity firm with offices in Houston, Dallas and Austin, has executed a long-term lease with JLL for 81,999 square feet at 200 Park Place, a 15-story, 210,000-square-foot Class-AA office building located at 4200 Westheimer Road within the Park Place | River Oaks development. Located in the Galleria area, the new luxury office building will feature JLL’s company name and logo on top. JLL’s property management team is also managing the property. The new office will consolidate JLL’s Houston offices and several business lines in one location. “This consolidation keeps us ahead of our ever-expanding clients’ needs and continues to foster JLL’s core value of teamwork,” said Dan Bellow, president – Houston, JLL. “I am excited about this move and believe that this physical integration of all our business lines will benefit both employees and clients as we work together to provide expert advisory services and client-focused solutions for the full range of real estate needs.” JLL executive vice president Ronnie Deyo and senior vice president Beau Bellow represented JLL in the lease negotiation. Stonelake principal William Peeples represented the property ownership. “We are thrilled that JLL has chosen 200 Park Place as its new Houston headquarters,” said Peeples. “When we set out to design 200 Park Place, a tenant like JLL is exactly who we had in mind—name brand recognition, strong emphasis on company culture, a dedication to their employees and clients and an appreciation for quality.” JLL will occupy three floors of modern innovative workspace, which will feature a beautiful open three-story staircase for easy connection between floors. The amenity-rich facility is conveniently located with plenty of residential and retail options nearby and offers easy walkability to the River Oaks District and Highland Village. “Stonelake and their team delivered a beautiful building that provides JLL a modern workplace while also achieving a timeless design,” said Bellow. “200 Park Place is a building we are proud to have our name on top of.” JLL’s Project and Development Services is managing the buildout of the new workspace utilizing the firm’s (Re)imagine strategies and best practices to support the health and well-being of their employees. Private offices and workstations will be laid out and designed with a certain level of distancing and boundaries in mind by using storage towers and cabinets. Breakrooms will be designed with larger proportions in order to expand the areas where people congregate. “Within the same space, you can connect together or separately,” said Bellow. “This will be a place where you can live and celebrate the company’s values and culture—a place to collaborate and share in order to build social capital. The main idea is to design a space that provides balance, options, choice and control over how employees want to work on a given day.” 200 Park Place, Stonelake’s third phase of Park Place | River Oaks, was substantially completed in April 2020 and is now more than 65 percent leased. The “flight to quality” trend is apparent at 200 Park Place as companies look to improve the efficiency and quality of their office space. Announced tenants at 200 Park Place include JLL, Charles Schwab, Compass Real Estate, Veritas Title Partners, and Stonelake, the building’s developer and owner. JLL is expected to take occupancy in summer 2021.

Dallas-Area Light Industrial Building Trades Hands

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JLL’s capital markets team has closed the sale of an 83,140-square-foot, multi-tenant, value-add light industrial building at 1501 N. Plano Road in the northern Dallas suburb of Richardson, Texas. JLL worked on behalf of the seller, Prattco Creekway Industrial. Berkeley Partners purchased the asset for an undisclosed sum. The one-story building was completed in 1984 and features four loading docks, two drive-in doors, nearly 40 percent office finish and ample parking. The property is home to a mix of nationally and locally based companies with an average remaining lease term of slightly less than four years. Located in Richardson, the property is within the epicenter of the Richardson Industrial submarket, Dallas’ largest and most active suburban submarket. Properties in this submarket benefit from a strong user demand for light industrial space and minimal vacancy. The building is at the intersection of Plano Road and E. Collins Boulevard with frontage and direct access to major Dallas arterials, including State Highway 75, President George Bush Turnpike and Interstate 635. The JLL capital markets investment advisory team representing the seller was led senior director Stephen Bailey, director Zane Marcell and analysts Zach Riebe and Erin Lazarus.