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Bellomy & Co. announced the sale of Life Storage in Haslet, Texas, approximately 16 miles from Downtown Fort Worth. The Class A property comprises 623 units and 22 parking spaces in 78,950 square feet. Terms of the deal were not disclosed. Bill Bellomy and Michael Johnson of Bellomy & Co. represented 287 Willow Springs Storage, LP, the North Richland Hills, Texas-based seller. The team also procured the New York-based buyer, Angelo Gordon Real Estate, Inc.
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.
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.
Think back in time five quarters or so. At the end of 2019, brick-and-mortar retail was feeling the pinch of e-commerce. Virtually everywhere in the country, landlords struggled as storefronts went dark. Virtually everywhere, that is, but not in Austin. “We were not experiencing pre-pandemic challenges in market demand within the Austin MSA,” said Kevin Murphy, vice president on NAI Partners’ retail services team in Austin. “The increased cost of property taxes was causing downward pressure on rates. Nonetheless, development and demand remained healthy.” The key component of this unexpected performance is population growth. Between 2010 and 2019, U.S. Census figures show that Austin grew by over 177,000 residents, moving up the country’s list of most populous cities from 14th to 11th. Where the people go, so to do physical retailers, even in the age of online shopping. That was 2019; then 2020, of course, altered the trajectory of this and every other asset class. With COVID-19 leaving patrons unable or unwilling to go out to restaurants, stores, bars, bowling alleys and every other type of retail establishment, the sector took a hit. But again, Austin’s retail market proved to be slightly more resilient to the effects of the pandemic. According to NAI Partners data, the metro’s year-to-date retail occupancy rate at the end of October 2020 hovered around 95.2 percent. That’s nearly on par with the year-to-date figures from the previous October, which stood at 95.7 percent. “Austin continues to experience strong population growth numbers,” Murphy said, “with absorption of existing retail and back-filling of struggling tenants being healthy and strong.” Click to read more at www.rednews.com.
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 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.