Pearlstone Partners has officially broken ground on The Belvedere, a luxury condominium development in west downtown Austin, Texas, while securing a $154.5 million loan from Benefit Street Partners to bring the project to life.

Slated for completion in August 2027, The Belvedere will redefine luxury urban living, offering 158 residences with unparalleled amenities and direct access to the Butler Hike-and-Bike Trail.

Groundbreaking Marks a New Era for Downtown

On March 25, Pearlstone Partners hosted the official groundbreaking at 300 Pressler Street, celebrating the beginning of this project. The final three building development will be 299,373 square feet of thoughtfully designed residential and commercial space, introducing a new standard of upscale living to the city. “We are thrilled to bring The Belvedere to life, a project that blends thoughtful design, luxury and connectivity to Austin’s vibrant urban landscape,” said Bill Knauss, CEO of Pearlstone Partners. “This development reflects our commitment to creating exceptional living spaces that enhance the community while offering an unparalleled lifestyle.” Designed by KTGY with interiors by Kim Lewis Designs, The Belvedere will offer a three-acre urban green space, enhancing downtown’s natural landscape and providing a seamless connection to outdoor recreation. “The Belvedere applies thoughtful design and architecture to create spaces that add value to the surrounding city, offering a unique level of luxury and activation to West Downtown Austin,” said Ray Tse, Principal at KTGY. “We are grateful for our partnership with Pearlstone Partners to bring this development to life in a way that will elevate the community and redefine luxury living.”

$154.5 Million Loan Secured to Fund Development

Pearlstone Partners has secured a $154.5 million construction loan from Benefit Street Partners, ensuring the successful delivery of The Belvedere. “Partnering with Benefit Street Partners has been an essential part of making The Belvedere a reality,” said Chris Zaiontz, Pearlstone President. “Their support and confidence in our vision have allowed us to move forward with this exciting project, and we couldn’t be more grateful for their collaboration.” As part of the project, Pearlstone is investing $1.5 million into a park on The Belvedere lawn, including upgraded sidewalks, new bikeways and improved public access, promoting outdoor recreation and connectivity within the community. “We are excited to support the development of The Belvedere in Austin, a city renowned for its dynamic growth and vibrant community,” said David Elgart, Managing Director at Benefit Street Partners and lead banker on the project. “This project is the result of a strong collaborative effort, and we appreciate the vision and expertise of Bill Knauss and Chris Zaiontz at Pearlstone Partners, whose dedication has been instrumental in bringing The Belvedere to life.”

Key Details and Luxury Amenities 

The Belvedere’s residences—ranging from one- to three-bedroom condominiums—will offer an exclusive array of amenities, including a lap pool, resort-style pool, on-site restaurant, coworking spaces, 24-hour concierge services, fitness studios, pet lounge and grooming station, theater room, residential lounge, and direct access to the Hike-and-Bike Trail.

Marcus & Millichap facilitated the sale of Ashton, a 152-unit apartment community in Saginaw, Texas.  

Ford Braly, first vice president, along with Al Silva, senior managing director investments, and Dylan York, associate, all based in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an experienced local operator. 

The buyer plans to make select improvements to the property and capitalize on the limited competition in Saginaw’s class B multifamily housing market.

Built in 1984, Ashton is a 15-building community spanning nearly eight acres at 681 N. Saginaw Blvd. It offers one- and two-bedroom apartments with private patios or balconies, walk-in closets and fireplaces. Residents have access to a clubhouse, swimming pool, dog park and barbecue grilling stations. Recent upgrades include renovated unit interiors, an updated leasing office and enhancements to shared amenities. 

It seems like major retailers are closing their doors every day. Earlier this year, Joann announced that it would close all its fabric stores, while both Kohl’s and Macy’s announced their own round of closings.

That doesn’t mean that all retailers are struggling. In fact, the retail sector has shown impressive resilience, even while facing an uncertain economy.

For proof, consider Northmarq‘s first quarter 2025 The Top 100 report. This report lists U.S. retailers that are expanding their locations rapidly. It’s a reminder that while some retailers are shutting down, others continue to grow.

Which retailers are performing well in Northmarq’s latest Top 100 report?

T.J. Maxx, Marshalls and HomeGoods continue to lead off-price retail by targeting middle-market shoppers, Northmarq reports. These three stores will open 70 locations in 2025. The company also has plans to double the number of HomeGoods stores and reach a global total of 7,000 locations across all three brands.

Five Below, popular among Gen Z and Millennial shoppers, plans to open 150 new stores in fiscal year 2025, with 50 of these locations opening in the first quarter, according to Northmarq. The discount retailer hopes to eventually reach 3,500 total locations.

Burlington is now focusing on smaller-format stores, Northmarq reports. The retailer plans on opening 100 new locations in 2025 and has a long-term goal of 500 new locations by the end of 2028.

Ross Dress for Less is continuing its steady growth by planning 80 new stores during this fiscal year, with a long-term vision of reaching 2,900 total locations, Northmarq reports.

Then there’s Ollie’s Bargain Outlet, which plans to open 75 new locations in 2025. Northmarq says that Ollie’s is targeting underserved markets.

Retail giants are also growing, with Northmarq pointing to Walmart, which plans to open 150 new U.S. stores in the next five years and remodel hundreds more.

Grocery chain Aldi plans to open 225 new locations across the United States in 2025 while striving for 800 new total stores by the end of 2028. Northmarq says that these new locations will generally target suburban and rural markets.

Northmarq says that Dollar General plans to add a whopping 595 new locations this fiscal year. This brand, too, is targeted underserved areas, especially in rural locations.

A commercial planned development featuring a 130,000-square-foot grocery-anchored shopping center, a 25,000-square-foot restaurant village with 15 adjacent pad sites and a community park is coming soon to the Collin County city of Lucas, Texas.

Younger Partners Senior Vice President Michael Ytem and Executive Vice President Tom Grunnah brokered the sale of the 42-acre parcel of undeveloped land at the northwest corner of Parker Road and Southview Drive (FM 1378) in Lucas, 30 miles northeast of Downtown Dallas in Collin County.

Ytem and Grunnah represented both the buyer, Lucas Crossing LTD – led by Malouf Interests – and the seller, JCBR Holdings, in the transaction. The sale price was not disclosed. Construction is set to begin in Q4 with an estimated completion in 2026.

Malouf Interests is leading its retail transformation in the highly desirable suburban area in northeastern Dallas. The development is strategically positioned to serve not only Lucas but also neighboring communities including Parker, North Wylie, Northeast Murphy and St. Paul. With its strong residential growth and appeal, Lucas continues to attract families and professionals, drawn to its high-quality lifestyle and expanding amenities.

Remember when a convenience store meal meant a bag of chips, stick of beef jerky and a bottle of pop? You can still get all that. But you can also nab prepared meals, hot sandwiches, salads and wraps. And these increased offerings are hitting fast-food chains.

Coldwell Banker Commercial in its latest Trend Report focused on how convenience stores have shifted from a place for consumers to stop quickly for snacks and fuel to popular food destinations. This shift has made these stores an increasingly attractive asset class for commercial real estate investors, according to the Coldwell Banker Commercial report.

These stores are especially popular for investors in the net-lease market.

“The convenience store industry is evolving to meet changing consumer needs,” said Dan Spiegel, senior vice president and managing director of Coldwell Banker Commercial, in a statement. “With smaller households, more urban locations and evolving food preferences, the sector is undergoing significant transformation. Given their frequent visits, convenience stores must stay closely connected to shifting consumer lifestyles to remain competitive in the retail market.”

Convenience store product mix drives growth

The report highlights how convenience stores have evolved from fuel and snack retailers into quick-service food and grocery alternatives.

This shift is most evident in the type of products that convenience stores offer. According to Coldwell Banker Commercial’s report, the sales of prepared food at convenience stores have risen 12.2% year-over-year.

In bad news for the country’s fast-food restaurants, the report also found that 56% of consumers now consider convenience stores to be viable substitutes for fast-food chains.

This growth, fueled by consumers’ demand for convenient, affordable and healthier food options, has added to the sector’s stability, even though profit margins remain narrow at around 5% to 7%. Coldwell Banker Commercial reported that the high turnover of products and steady consumer visits overcome the tight margins, making convenience stores a reliable source of income for investors.

The shift in consumer behavior–especially as inflation raises grocery prices–has positioned convenience stores as an attractive alternative for those seeking fresh food at affordable prices, according to the trends report.

Changing real estate needs

As convenience stores continue to add to their food offerings, their real estate needs are expanding.

In its report, Coldwell Banker Commercial points to chains like QuikTrip, Casey’s General Stores, RaceTrac and Wawa. These chains are investing in larger store formats to accommodate their expanding food preparation areas.

Many operators are also opening new locations in urban centers and exploring non-traditional spaces such as college campuses and downtown locations. These provide new opportunities for real estate investors.

Investment 0pportunities for convenience stores

Even though 60% of convenience stores are independently owned, the sector is seeing significant consolidation. Major players like 7-Eleven plan to open 500 new stores in the United States and Canada by 2027, while regional chains such as Wawa, Sheetz and Buc-ee’s are expanding into new markets.

This consolidation creates opportunities for investors to acquire properties with stronger tenant profiles and more predictable cash flows.

The sector’s strong position, driven by convenient locations, long-term leases (up to 20 years) and low vacancy rates, makes this asset class a stable investment option in the net-lease market. These factors, combined with steady demand, make the sector appealing to net-lease investors seeking reliable, long-term returns.

Lee & Associates closed the lease of a 103,870-square-foot distribution center at 21208 Kraus Loop in the Pinnacle Industry Center in Laredo, Texas.

Buckland Global Trade Services, a freight transportation company, will occupy the entire building.

The newly built distribution center sits on 7.35 acres and features a 32-foot clear height along with EV charging stations for both trucks and vehicles.

Enrique Volkmer of Lee & Associates — Houston represented the tenant in this transaction.