Transwestern Real Estate Services announced that Keller Williams City View, a franchise of Keller Williams Realty International, has signed a full-building lease for 30,000 square feet at The Park at Vance Jackson. The property, located at 15510 Vance Jackson Road in San Antonio, was delivered in February 2020. Transwestern executive managing director Russell T. Noll, CCIM, CPM, and Deborah Bauer of Drake Commercial provided agency leasing services on behalf of the landlord, The Park on Vance Jackson LLC. Managing director Cynthia Lee, CCIM, GRI, of KW Commercial City View represented the tenant. “We are thrilled to welcome Keller Williams City View as it creates its first campus in the nation at The Park at Vance Jackson,” said Noll. “The Park at Vance Jackson will provide a cohesive campus that aligns with Keller Williams’ goals, while simultaneously launching a dynamic future and dramatically lowering occupancy costs.” The Park at Vance Jackson includes two 30,000-square-foot, single-story buildings. The property delivers on location, access, high-profile signage opportunities, proximity to best-in-class amenities and the highest standard of service levels in a dynamic and growing submarket. More than any time in recent history, a company’s office environment is vital in attracting and retaining top talent as well as communicating culture, brand and a sense of place for clients. Keller Williams City View has designed its new campus to adapt to the post-pandemic way of working and collaborating. Agents will have their own front doors to individual suites and access to conference rooms with video call capability and a 100-seat training facility to accommodate everyone under one roof. In the midst of COVID-19, Keller Williams has proven its faith in the San Antonio market’s ability to weather economic storms by its decision to move forward with this significant commitment. “This was a nuanced transaction that required a seasoned and experienced real estate team to negotiate, educate, mentor and coach throughout the process, and working with a fellow CCIM allowed for a highly collaborative approach,” said Lee. “Several factors motivated this location decision, including an environment that is conducive for collaboration, space for facetime that encourages connection, and a campus-like environment as we continue to expand and grow to better serve our customers. We are thrilled with our new home at The Park at Vance Jackson and look forward to recruiting more agents, connecting with our vendors, and enhancing our customer’s experience.”
AUSTIN, Texas—November 23, 2020. Austin-based Pearlstone Partners and New York-based ATCO Properties and Management announced they are presenting plans for a density bonus for their newest multi-family condominium development to the City of Austin Design Commission this evening. Currently referred to as “The East Tower” for permitting purposes, the developers are in the naming process with the formal name to be released at a later date. The East Tower is to be constructed at 84 East Avenue in Austin’s dynamic Rainey Street Historic District. Co-Developers, Pearlstone Partners, a full-service real estate development firm with more than 100 years combined experience in the local real estate industry, and ATCO Properties, the New York-based investment group, are still finalizing many of the details for The East Tower. The firms expect to break ground on the project in the second quarter of 2021, with completion projected for the fourth quarter of 2023. The 41-story condominium tower, situated on 0.41 acres is expected to offer approximately 284 residential homes at an average size of 975 square feet. The East Tower plans for the Design Commission will include the below updates:
• Compliance with Great Streets by fee-in-lieu due to the location and proximity to IH-35 and TXDOT Right-of-Way not allowing for full Great Streets. In addition to paying the fee-in-lieu, the ground level of The East Tower has been moved back to incorporate a more pedestrian-friendly streetscape.
• The streetscape was designed by DWG. and will feature several large planter boxes with full-sized trees and native Texas plants, as well as, a tree-shaded sitting area for passers-by and bike racks. At the northeast corner, planter boxes and a vine cabling system will create an over 100-foot-tall green wall adding life and vibrancy to the area.
• An exterior mural and sign visible via a public access easement will direct visitors and residents from Rainey Street to the public art gallery located adjacent to the rear lobby. Once a neighborhood of sleepy bungalows, the Rainey Street Historic District is now the densest neighborhood in the city in terms of population, offering class-A apartments, high-rise condominiums, and high-end hotels; 25-plus restaurants and food trucks, many of them award-winning; and 20-plus uniquely designed bars—all within a coveted neighborhood that earns a 90+ walkability score. Anticipated common amenities for The East Tower include a rooftop community clubhouse, sky-deck pool, cabana, outdoor kitchen, fireplace, and lounge; a resident fitness center, featuring private spin and yoga studios; a sky dog park, lawn and washing station; a community courtyard and gathering table; and a ground floor co-working space. The rear lobby will likely feature a public art gallery and mural showcasing works by local artists, with direct access to Rainey Street and its many inviting shops, eclectic variety of restaurants and cafes, live music venues, and other entertainment options. Pearlstone Partners and ATCO to Present the City of Austin Design Commission a 41-Story Residential High Rise at 84 East Avenue The East Tower will be less than a mile from the Austin Convention Center, a mile and a half from the
Texas State Capitol, two miles from The University of Texas at Austin, and just steps away from the coveted Ann and Roy Butler Hike-and-Bike Trail, which stretches more than 12 miles around Austin’s venerable Lady Bird Lake. With close proximity to major employers—including Google, Facebook, Atlassian, Parsley Energy, Indeed Tower, Oracle, and many independent start-up firms, as well as to UT Austin and the State Capitol Complex—The East Tower will offer an ideal live-work-play lifestyle. The architect for The East Tower is STG Design, the civil Engineer is Wuest Group, the interior designer is McCray & Co, and AECOM Hunt is providing pre-construction services. The property will be marketed exclusively by Prospect Real Estate.
“Pearlstone Partners is one of the few developers focused on developing an attainable urban housing portfolio,” said Pearlstone Partners CEO and Principal Robert Lee. “We are excited that this project will offer a new price point for buyers who have been priced out of the downtown market with the recently delivered developments. Appealing to an array of buyers including young professionals, empty nesters, first- and second-time home buyers, and anyone else who is attracted to the area’s energy, culture, and urban, walkable lifestyle, the development will feature one- and two-bedroom residences. The East Tower will aim to price the majority of the units from $499,000 to $999,000, which would be the lowest priced new build, downtown high-rise, especially in the highly sought-after Rainey Street District.”
About Pearlstone Partners
Austin-based Pearlstone Partners is a full-service real estate development firm with more than 100 years of combined experience in the local real estate industry. The company has been responsible for more than $200 million in locally developed real estate and has more than $600 million actively invested in a broad range of commercial projects, including office buildings, condos, multi-family and mixed-use projects in some of Austin’s most desirable areas, with an emphasis on urban properties in pedestrian-oriented locations. Pearlstone Partners engages in the economic development of Central Texas by creating high-quality, profitable real estate development projects. With experience managing every stage of the property development life cycle, Pearlstone is uniquely qualified to execute projects from concept through completion. For more information, visit //www.pearlstonepartners.com.
ATCO is a closely held real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on urban properties in pedestrian-oriented locations. For over nine decades, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City, and provided a range of services to other real estate owners. ATCO’s real estate operating company includes investment management, development, marketing, architectural design, and construction management, property management, and commercial and residential brokerage. ATCO’s investment and development portfolio consist of projects in excess of $2.2 billion in gross asset value.
A new office space demand forecast published by the NAIOP Research Foundation projects a period of negative absorption through late 2020 and early 2021, but total net absorption from Q2 2021 to Q3 2022 will exceed negative absorption from the recession, resulting in overall gains. In addition, the forecast negative absorption is less than the negative absorption that has been reported for the last two quarters. “Given the continued challenges facing the U.S. economy, office net absorption is forecast to be negative 18 million square feet in Q4 2020 and negative 10 million square feet in Q1 2021,” according to the forecast. “The coronavirus pandemic has led to conditions that are remarkably different from past recessions but are nonetheless challenging for the office sector.” “Although vacancy rates have risen, there are many multiyear leases that are set to outlast the projected return to the office,” said Thomas J. Bisacquino, president and CEO of NAIOP. “Office space users face a unique dynamic presented by the pandemic, but the shift to remote work has allowed businesses to keep going in certain sectors.” For example, October unemployment rates in the financial-activities sector (3.8%), information sector (5.8%) and professional and business services sector (6.1%) were below the U.S. national average of 6.9%. Click to read more at www.naiop.org.
Transwestern Real Estate Services (TRS) announced that TAXA Outdoors has signed a 69,356-square-foot lease to occupy the entire building at 7930 Blankenship Drive in Houston. Transwestern managing director Nick Peterson, SIOR, and executive managing director John Ferruzzo, SIOR, provide agency leasing services on behalf of the building owner, Prologis. TAXA Outdoors was represented by Geoff Perrott and Jeff Venghaus of JLL. The property has convenient access to Highway 290, Loop 610, and Beltway 8. The building amenities include two fenced truck courts, two-story office space and outside storage capabilities.
NAI Partners recently arranged a 4,650-square-foot renewal for Mustang Samplings at 3955 World Houston Pky in Houston. NAI Partners’ Chris Caudill represented the tenant in the transaction. Dayne Wunderlich, with Insite Realty, represented the landlord, EastGroup Properties. Mustang Samplings provides custom solutions of products for the natural gas and natural gas liquids, renewable natural gas and liquefied natural gas industries.
CBRE announces the sale and financing of Riverside Villas, a 180-unit, Class A multifamily community located at 3741 Post Oak Boulevard in Euless, Texas. First Capital Advisors (FCA) purchased the property from Dallas-based Trinity Postoak Ltd. Chris Deuillet, Jeremy Faltys and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller. Jeff Stein, Michael Thompson and Brock Hudson with CBRE capital markets’ debt and structured finance team in Houston arranged the financing on behalf of FCA. This is the second multifamily purchase for FCA as they re-enter the Dallas-Fort Worth market. They were encouraged by the strong DFW market fundamentals and foresee the area as a core market for multifamily ownership across the country. “With Riverside Villas coming out of its initial lease up in the midst of the pandemic, collections were not affected,” said Deuillet. “This was one of our first assets to market in a post-COVID environment and Dallas-Fort Worth is still a very desirable location for solid returns. I was surprised on the level of interest we received.” The CBRE debt and structured finance team worked with FCA to secure attractive 10-year fixed rate agency financing from Freddie Mac. “Riverside Villas garnered intense lender interest from both agencies, but in the end, Freddie Mac was able win the assignment by allowing FCA to lock rate immediately and got comfortable with borrower projections on a property that was just stabilizing amidst COVID-19,” said Stein. Constructed in 2019, Riverside Villas offers residents high quality interior features and community amenities including a resort-style pool, 24-hour fitness center and business center. The property has close proximity to several major Dallas-Fort Worth employers, including DFW Airport, American Airlines, General Motors, Lockheed Market and the University of Texas at Arlington. The property was 94 percent occupied at the time of sale.