$1 Billion Domain-style Development to Reshape South Austin Shopping Center

South Austin is poised to get a Domain-like, mixed-use development with as much as 3 million square feet of office, residential, and retail space. Commercial real estate developer and manager Barshop & Oles Co. unveiled a proposed redevelopment on December 3 of its Brodie Oaks Shopping Center, located at South Capital of Texas Highway and South Lamar Boulevard. The estimated $1 billion project eventually could feature 1,600 apartments and condos, 1.1 million square feet of offices, 450 hotel rooms, and 140,000 square feet of retail and restaurant space. Currently, Brodie Oaks, at 4021 S. Capital of Texas Hwy., comprises 365,000 square feet of retail and office space on a 38-acre site. The new project’s 3 million square feet would represent almost 10 times more space than the current square footage. By comparison, the adjoining Domain and Domain Northside mixed-use developments in North Austin are about 1.8 million square feet. As part of the redo of the Brodie Oaks site, Barshop & Oles envisions transforming 13.7 acres of parking lots and building areas into green space. A new trailhead and public access area would connect the site to the neighboring Barton Springs Greenbelt, and the revamped site itself would provide almost one mile of trails and nearly 1.9 miles of pedestrian walkways and bike paths. Click to read more at www.austin.culturemap.com.

Younger Partners Lists Largest Sublease in DFW at 449k SF

Younger Partners is exclusively listing the five-building headquarters for Thryv Holdings at 2200 W. Airfield Drive at DFW Airport. The fully furnished complex is plug-and-play and available immediately, said Younger Partners corporate services director Bob Acuff, who is exclusively listing the property for Thryv with the assistance of broker Tanja McAleavey. The largest sublease space in Dallas-Fort Worth is a one-of-a-kind corporate campus that was originally a build-to-suit for Braniff International Airways. “All five buildings have been well maintained by Thyrv’s facility management team and are in move-in ready condition right now,” Acuff said. “The property is in a great location and has good ingress/egress off Airfield Drive-by DFW Airport with numerous amenities close by.” The site features more than 1,000 parking spaces with more than 900 covered. It also has back-up generators for uninterrupted power during service failures. The sublease is available through Dec. 31, 2025. “This opportunity is perfect for a large corporate user looking for a low-cost plug-and-play campus setting,” Acuff said. “The floor plates are also easy to demise for smaller users, as well, starting at 5,000 square feet.” The campus includes Building A with three floors of office space on 49,150-square-foot floor plates; Building B includes three floors with a cafeteria, central plant, data center and office space; Building C includes an auditorium and office with training facilities; Building D features a 77,491-square-foot hotel and conference center along with a 30,983-square-foot fitness center and Building E has 8,400 square feet of training facilities and 21,816 square feet of office space.

Maverick Commercial Mortgage Closes $4.5M financing for North Texas Manufactured Housing Communities

Maverick Commercial Mortgage closed on the first mortgage for Hillcrest and Chiesa Manufactured Housing Communities. Hillcrest MHC is located at 2500 Forth Worth Drive in Denton, Texas and Chiesa Estates is located at 7400 Chiesa Road in Rowlett, Texas. Hillcrest MHC sits on 5.84 acres in an “enterprise zone” which encourages more commercial development. Because of this, existing housing is much more valuable, as it will provide housing for people who work in the new developments. The surrounding area also has ample retail, schools and churches which makes it a desirable place to live. Chiesa Estates is situated on approximately 19.81 acres. The park is in the path of growth, mainly in the single- and multi-family housing arena. There are numerous high-end, single-family housing subdivisions in and around this community. The park is within close proximity to churches, schools and shopping. The property features asphalt roads, streetlights, city water and sewer, concrete parking and many mature trees. The 10-year fixed-rate first mortgage was limited to 71 percent loan to value. The loan was non-recourse and amortized over a 30- year period. Proceeds from the first mortgage paid off the existing lender, returned equity to the borrowing entity, and paid for closing costs. The loan was funded by a national lender.

Houston’s Sharpstown Garden Apartments Sold to Indus Management

JLL Capital Markets represented Pryzant Management in the sale of the 396-unit Sharpstown Garden Apartments workforce housing property in Southwest Houston. Indus Management acquired the property for an undisclosed sum. The Sharpstown Garden Apartments total 334,150- square feet and consist of one-, two- and three-bedroom units. Ownership had managed the property since 1995 and spent $890,000 in renovations over the last four years, adding significant curb appeal with community amenities that include a clubhouse with fireplace and kitchen, kids’ community center and three pools with seating. Located at 7575 Bissonnet Street, the property is easily accessible to Downtown Houston and Sugar Land and is just a few miles from abundant retail and grocery options such as Fiesta Mart and ALDI. The property is also within a few miles of Houston’s Galleria/Uptown District, which touts a live-work-play environment with over 30.6 million square feet of office space, more than 2,000 companies employing over 83,000 people and 6 million square feet of retail space. Manu Gupta, M.D., managing director of Indus Communities who led the purchase of Sharpstown Garden. The JLL capital markets team representing the seller was led by senior directors Chris Young and Joey Rippel. “We are excited to revitalize another community and continue our goal of reinventing excellence in the Houston housing market,” Gupta explains. “Every person deserves to be happy and proud of where they live, no matter who they are.” Sharpstown Garden Apartments is located seven miles from Texas Medical Center, which is the largest medical complex in the world and the second largest employment center in the Houston metro. Also, it’s proximate to other prominent medical centers and hospitals in Southwest Houston, employing over 33,010 people within a five-mile radius. “Stabilized workforce housing continues to be one of the most liquid asset classes in Houston, attracting healthy investor interest this year,” said Young. “Sharpstown Garden’s buyer pool was indicative of the strong investor appetite for Southwest Houston in particular.”

Active Adult Apartments Under Construction in Riverstone Town Center, Ft. Bend County

Arista Riverstone to offer luxury lifestyle for residents over 62 and their families

December 3, 2020 (HOUSTON) – Today, a Houston-based joint venture comprising partners Matthew Morgan, Kevin Kirton and Carlos Enrique Gonzalez of Buckhead Investment Partners, and Zane Segal of Zane Segal Projects, announced it is building Arista Riverstone, a 142-unit active adult apartment community located at 18401 University Blvd. in the heart of Riverstone, an award-winning upscale master-planned community near Sugar Land, Texas. The 4-story building, located on the last multifamily tract in Riverstone and bordered by a lake, will connect to Riverstone’s 20-mile fitness trail network and provide a highly amenitized urban lifestyle in a suburban setting. Common area design features include controlled access, elevators, climate-controlled corridors, a fully equipped fitness and wellness center, a lap pool and outdoor living area, multiple game rooms and lounges, multiple dog parks, a dog grooming salon, a hair and nail salon, conference and craft rooms, a barista bar and demonstration kitchen, and climate-controlled storage units. Resident services will include wellness and health consulting, along with transportation and housekeeping options. “Residents will have far more amenities at their fingertips, without the maintenance hassles and security concerns of a traditional single-family home, in a friendly boutique community environment within a short walking distance to Riverstone’s main shopping district and close to the Sugar Land campuses of the Texas Medical Center’s major healthcare institutions,” said Segal. Individual residences will offer high speed digital video and data, full kitchens with stainless steel appliances, washer/dryers, granite countertops, over-sized soaking tubs, walk-in showers, and large private balconies or patios with additional outdoor storage, while some will offer individual fenced-in dog yards. Optional covered parking will be available to residents as well. Segal added that the beauty of the lake was a prime reason for purchasing the site, as well as Riverstone’s high-end demographics. “Sunset views over water are a highlight of the type of social atmosphere we intend to create,” he noted, “with a zero-entry resort-style pool, jacuzzi, gas grills and outdoor dining area, a fire pit, and bocce ball courts along the waterfront.” Construction and permanent financing is being provided by Johnson Capital Multifamily, Inc., formerly Funding Incorporated, of Houston. Gonzalez Newell Bender Architects of San Antonio provided architectural design services for the project. The general contractor is Galaxy Builders, Ltd., also of San Antonio. Lease-up and management will be handled by Greystar. Pre-leasing is now underway at www.arista-riverstone.com.

Bell Textron Signs 110,000-SF Lease at Former American Airlines Federal Credit Union Building

Aerospace manufacturer Bell Textron Inc. has signed a long-term, 109,187-square-foot lease for the entirety of 4151 Amon Carter Boulevard in Fort Worth. The Class A, four-story building formerly housed the American Airlines Federal Credit Union. Transwestern’s Duane Henley and Nathan Durham provide leasing services on behalf the building ownership, Capital Commercial Investments. Todd Burnette and Matt Montague with JLL represented Bell Textron in the transaction. Transwestern’s Becky Dennis leads property management for the site. Bell increased its office footprint to accommodate its growing operations throughout the DFW region. The opening of the Bell commercial business center will house approximately 600 employees. The firm established a footprint in North Texas in 1951 and in August unveiled a new, 140,000-square-foot manufacturing technology center, also in Fort Worth. Earlier this year, Transwestern executed the sale of the three-building, 1.39 million-square-foot office campus that previously served as the world headquarters for American Airlines to Austin-based Capital Commercial Investments. The lease by Bell is the first major transaction since the sale of the campus. The 40-acre site still includes 6.33 acres of undeveloped land and leasing opportunities for 4333 and 4255 Amon Carter Blvd. Situated 17 miles between the cities of Dallas and Fort Worth, 4151 Amon Carter benefits from access to the seven major freeways connecting all regions of the DFW metroplex, DFW International Airport and the Centreport submarket, where the property is located. One of 4151 Amon Carter’s most important attributes is its proximity to the Centreport Railway Station and the Trinity Railway Express commuter train. Capital Commercial Investments renovated the campus entrance lobbies, built out model suites and common areas and upgraded existing lighting to enhance the tenant experience. The buildings feature irregular dodecagon-shaped floorplates with four wings of office space affording an unrivaled 12 sides of glass windows. Additionally, the property has an underground pedestrian tunnel connecting all three buildings. “The Mid-Cities submarkets have maintained very low vacancy rates of 6.3 percent before American Airlines vacated the campus last year,” said Transwestern research manager Andrew Matheny. “A central location allows tenants to draw from a labor pool of over 1.1 million educated workers that live anywhere from the Dallas urban core to affluent Tarrant County suburbs like Grapevine and Westlake.” According to Transwestern’s Third-Quarter Office Market Report, employment in office-using industries is now flat year over year, after continued hiring in professional services and finance has netted out remaining declines in administrative services and information.