Category: Editorial

Rastegar Acquires Office in Affluent West Lake Hills to be the Company’s Global Headquarters

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Espirit Office Building to Feature Design Elements Addressing Health and Wellness

Austin, TX – December 2, 2020 – Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced today the acquisition of the Espirit office building, located at 515 S. Capital of Texas Hwy in West Lake Hills, one of the wealthiest zip codes in all of Austin. The two-story, 29,685 square foot office building that features single level subgrade parking will be the global headquarters for Rastegar Property Company as well as other businesses looking to take advantage of the prestigious location that is just under seven miles from downtown Austin and 14 miles from the Austin-Bergstrom International Airport. Located in the heart of West Lake at the intersection of Bee Caves and Highway 360, Rastegar and the businesses that will lease space in the building will benefit from being able to offer convenient employment opportunities to the neighborhood’s affluent residents while taking full advantage of the various restaurants, shopping and other amenities in the area. “While many have cooled on office real estate, we believe the Espirit building provides Rastegar Property Company with an innovative opportunity to get our hands on a property located in one of Austin’s premier neighborhoods,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “As human beings, we’re communal by nature and need human interaction to be our most productive, which is why we are confident that there will be a welcomed return to the office post pandemic, with added health and wellness elements that address the concerns brought on by COVID-19.” The health and wellness of both employees and tenants is a core value of Rastegar Property Company, and the Espirit office building will be designed and maximized for the post-COVID world. Sitting on 2.39 acres will allow Rastegar to build outdoor workstations that take advantage of Austin’s favorable climate while the latest technology and materials will be used throughout the building to keep employees and other tenants safe and healthy. “The building has great bones in a terrific, easily accessible location. This will enable us to transform the space into one of the most sought-after boutique offices in West Lake,” said Hunter Floyd, Director of Design and Development at Rastegar Property Company. “Design will also focus on the post COVID environment by adding outdoor amenities, enhanced air filtration systems, touchless entries and exits, and common touchpoints, like railings and elevator buttons, could feature antimicrobial materials like copper.” About Rastegar Property Company Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

HOM Condominiums Completes Construction & 40% Sold Out

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With Construction Complete, Prospect Real Estate Says Remaining HŌM Condos Will Sell Quickly Prospect Real Estate Now Conducting Walkthroughs and Closings for HŌM Condominiums in Prime East Austin

Locale AUSTIN, TEXAS—December 1, 2020. Austin-based Prospect Real Estate—a full-service, family-owned and operated boutique residential real estate firm focusing on Austin’s evolving urban core—today said with construction of the highly anticipated HŌM Condominiums complete, interested parties should move quickly to secure one of the remaining residences. “HŌM is currently 40% sold out, and the residences will be move-in ready in this month,” said Emily Lee, founder, principal and broker of Prospect Real Estate, which has the exclusive sales listing for HŌM. “We are conducting walkthroughs and scheduling closings for the sold units now, and we anticipate the remaining 35 available units will sell quickly.” Located at 3101 Govalle Avenue in a quiet, residential area of East Austin, HŌM will offer the perfect blend of peaceful residential living and luxury amenities. Its target audience is predominantly local residents who want a more urban lifestyle. HŌM Condominiums feature the atmosphere of a single-family home in a park-like setting that is walkable and dog-friendly, combined with the benefits of community luxuries and low-maintenance upkeep in a prime location. The property is situated just around the corner from the eclectic bars, shops, cultural centers and restaurants of East 7th Street, and moments away from downtown’s vibrant culture and nightlife. Lee projects HŌM will be completely sold out by the end of the year. Seven of the original fourteen floorplans are still available, ranging from $339,000 to $509,000. HŌM residences feature quartz countertops; stainless steel appliances; wood-style flooring; designer tile in kitchens and baths; designer cabinetry; media walls in living rooms; and kitchen islands, full pantries, walk-in showers, large balconies and private yards (in select units). All residents will enjoy reserved, gated-access parking; a community courtyard that is perfect for gatherings of families or friends; a community pool with conversation cove and tanning ledge; and eco-friendly landscaping that controls rain overflows. The architect for HŌM is Mark Hart Architecture, the general contractor is Bartlett Cocke, and the civil engineer is the Wuest Group, all of the Austin area.

Office/Flex Industrial Complex in Houston Trades

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JLL Capital Markets has closed the sale and arranged financing for Westchase Commons, a three-building office/flex industrial complex totaling 149,893 square feet in Houston. Terms of the transaction were not disclosed. JLL represented the seller, and procured the buyer, Mission Companies. Additionally, JLL worked on behalf of Mission Companies to secure the acquisition loan through Woodforest National Bank. Westchase Commons occupies 13.93 acres at 3100-3120 Hayes Road in Houston’s Westchase District, Houston’s fourth largest office submarket and home to more than 1,500 businesses and major global employers. The property’s location between Westheimer and Richmond, two of Houston’s main east-west thoroughfares, provides connectivity to Beltway 8, Interstate 10, U.S. 59 and Westpark Tollway, which afford regional access to the entire greater Houston area. Completed in 2001, Westchase Commons has a flexible building design appealing to a wide range of tenants. The buildings offer grade-level, semi-dock and dock-high loading areas; open floorplan layouts and an above-average parking ratio. The property is currently over 77 percent leased to an investment-grade tenant roster. The JLL capital markets team representing the seller was led by senior director Kevin McConn and managing director Trent Agnew. JLL’s financing team was led by senior directors John Ream and Michael Johnson. “Despite challenging market conditions, overall investor interest for this asset was substantial. Investors were ultimately attracted to the property due to its unique features such as its high parking ratio, high ceilings, varying dock levels and the single-story nature of the buildings,” McConn said. “Currently at 77 percent leased to a strong roster of credit tenants, the asset provides immediate stable cash flow with the opportunity to achieve attractive value-add returns via lease-up of the remaining vacancy.”

Shallow Bay Industrial Portfolio in the Dallas-Fort Worth Area Sells

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JLL Capital Markets closed the sale of and arranged acquisition financing for an eight-property, shallow bay industrial portfolio totaling 606,889 square feet within infill markets in the Dallas-Fort Worth metroplex area. Terms of the deal were not disclosed. JLL worked on behalf of the seller, Fort Capital. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio. Additionally, JLL worked on behalf of the new owner to place the five-year, floating-rate acquisition loan. The 95-percent-leased, multi-tenant portfolio includes Manana Business Park at 2526 Manana Drive in Dallas; Garden Brook Industrial at 3109, 3113 and 3300 Garden Brook in Farmers Branch, Texas; 4101 Lindberg in Addison, Texas; Luke Business Park at 1100-1220 Luke Street in Irving, Texas; Hickory Business Park at 1665 Hickory Drive in Haltom City, Texas and 1115 and 1101 NE 23rd Street and Suffolk Industrial Park at 2901, 2905, 2921 and 2951 Suffolk Drive in Fort Worth. All these properties are in premier infill locations in established industrial submarkets near major transportation arteries. The JLL capital markets investment advisory team representing the seller was led by senior director Stephen Bailey, managing director Dustin Volz, senior director Zane Marcell and analysts Wesley Gilmer and Erin Lazarus. The JLL capital markets debt placement team representing the new owner included senior director Cullen Aderhold. The DFW industrial market continues in 3Q 2020 to set its record run of growth as one of the top industrial markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.

RESOLUT RE Inks 10 Deals in Multiple Texas Markets

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RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Austin, Dallas, El Paso and Houston markets. Anchor Bar has leased 7,950 square feet at La Frontera Village (2702 Parker Drive, Round Rock, Texas). David Simmonds of RESOLUT RE represented the tenant. Dan Gostylo of Providence Commercial Real Estate represented the landlord. Sprinkler Medics has leased 1,254 square feet at Longhorn Biz Park (4701 Priem Lane, Pflugerville, Texas). Andrew Perkel and Michael of RESOLUT RE represented the landlord. Dapper Five Fine Men’s Grooming has leased 2,045 square feet at Shops at Three Eighty (2281 E. University Drive, Prosper, Texas). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Fossil Creek Liquor has leased 3,000 square feet at Shops at Three Eighty (2281 E. University Drive, Prosper). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Pike Chapman of Lot 7 Realty represented the tenant. Buddy’s Home Furnishings has leased 6,720 square feet at West 7th Shopping Center (1809 W 7th Avenue, Corsicana, Texas). Colin Cannon and Chris Flesner of RESOLUT RE represented the landlord. David’s Wholesale has leased 5,600 square feet at West 7th Shopping Center (1809 W 7th Avenue, Corsicana). Colin Cannon and Chris Flesner of RESOLUT RE represented the landlord. Evan Webb of Mercer Company represented the tenant. An undisclosed buyer has purchased the 16,380-square-foot industrial building at 6250 Modesta Street in El Paso. Chris Duncan of RESOLUT RE represented the seller. Taylor Roberts of CBRE represented the buyer. Dog Haus has leased 2,167 square feet at 8422 Highway 6 North in Houston. Benny Nguyen and Dave Burggraaf of RESOLUT RE represented the tenant. Karen Hutton of Hutton represented the landlord. An undisclosed buyer has purchased three acres at the SWQ of FM 529 and Fry Road in Houston. Mohamed Gamal of RESOLUT RE represented the seller Kareem Gamal, president of Gamal Enterprises Inc. An undisclosed buyer has purchased two acres at Anderson Road and Vandalia Way in Houston. Benny Nguyen Dave Burggraaf of RESOLUT RE represented the seller. Imtiaz Ali of Keller Williams Signature Realty represented the buyer.

LED Sign Company Purchases Great Southwest Building, Relocating from Los Angeles Next Year

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Optimal Elite Management LLC has acquired a 63,483-square-foot office/warehouse in the Great Southwest Industrial Park. The deal shores up a plan for the sign manufacturer to relocate its headquarters and production facilities to North Texas from Los Angeles in June. Optimal Elite’s new hub is a two-story manufacturing facility on 9.5 acres at 2601 Pinewood Drive in Grand Prairie, Texas. The seller, Breg Inc., will continue to occupy the site through a six-month sale-leaseback. Bradford Commercial Real Estate Services broker associate, Noah Dodge, and market director, Jason Finch, represented the buyer. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller. “The sale-leaseback agreement built in the time that both sides needed for executing their relocation plans,” said Dodge. The acquisition went full circle in less than four months. Dodge credits the building’s size and dynamics of the Great Southwest as the deal makers, as well as labor availability, pricing and a location midway between Dallas and Fort Worth. Optimal anticipates creating at least 50 jobs when it ramps up production. “This company has been looking to relocate to Texas for quite a while,” Dodge said. “We moved pretty quickly to identify properties that met Optimal’s requirements and set up tours.” The buyer’s requirements were a freestanding building with ample room to manufacture and assemble its specialty LED signs and meet future expansion needs. The Pinewood Drive structure, which is climate-controlled and fully sprinklered, has 46,950 square feet of light-manufacturing space and the balance is office. Amenities include four dock-high doors, two oversized grade-level doors, heavy car parks and a 3,300-square-foot exterior storage facility. Finch, along with Michael W. Spain, executive vice president and managing partner, also represented Commerce Park Owner LLC in two lease transactions at Commerce Park in nearby Irving, Texas. General Parts LLC renewed its 2,472-square-foot industrial flex lease at 4823-45 W. Royal Lane. Chase International, represented by Richard Nin of Ebby Halliday, has leased 2,372 square feet of industrial flex space at 8406 Sterling Street.