Category: Central/South Texas News DO NOT USE

Resolut RE Closes Six Transactions Around Texas

Posted on by Sarah

RESOLUT RE recently completed six leases in Texas. The deals included retail and industrial transactions in the Austin, Houston and San Antonio markets. Botanica San Francisco has leased 810 square feet at East Seventh Street Plaza (1923 E. 7th Street, Austin). Joey Mendez of RESOLUT RE represented the landlord. Alex Gerasimenko of RESOLUT RE represented the tenant. LUV Nails has leased 1200 square feet at the Abby at Ben White (500 E. Ben White Boulevard, Austin). Joey Mendez of RESOLUT RE represented the landlord. Emilie Niekdam of RESOLUT RE represented the tenant. Willy’s Toy Box has leased 5000 square feet at Biz Park 29 (3871 East University Avenue, Georgetown, Texas). Andrew Perkel and Michael Noteboom of RESOLUT RE represented the landlord. Gatti’s Pizza has leased 5,550 square feet at Kingsgate Shopping Center (1337 Kingwood Drive, Kingwood, Texas). Eric Broussard of RESOLUT RE represented the Tenant. Shaffer Braun of NAI Houston represented the landlord. Synaptic Solar has leased 3,100 square feet at 1500 Industrial Drive in Weslaco, Texas. Eric Broussard and Mohamed Gamal of RESOLUT RE represented the tenant. Bella Rose has leased 881 square feet at Woodlake Plaza (4801 Fredericksburg Road, San Antonio). Aisha Chapa of RESOLUT RE represented the landlord. Carlos Gruber of LSI Commercial Real Estate represented the tenant.

Tesla’s Elon Musk Could Save Billions in Move to Texas

Posted on by Sarah

Elon Musk said he moved to Texas because he was fed up with California’s COVID-19 response and to be closer to his Tesla and SpaceX facilities in the Lone Star State. But there could be another reason for Musk’s big move: avoiding California’s capital gains taxes. Musk — the CEO of California-based Tesla and SpaceX — this year became the world’s second-richest man with a net worth of $157 billion, mostly from his roughly 20 percent stake in Tesla. The electric automaker’s stock has skyrocketed 700 percent over the past year to $608 a share, up from $67 a share a year ago. Tesla’s market value on Wednesday morning hit a record $653 billion, earning Musk stock options from his 2018 compensation package that are now worth nearly $18 billion. If Musk sold his Tesla shares as a California resident, he would be subject to the Golden State’s capital gains tax of 13.3 percent on top of the federal capital gains tax of 20 percent. The California capital gains tax on his $18 billion of stock options in Tesla would amount to a charge of nearly $2.4 billion. However, as a newly-minted Texan, Musk can save billions of dollars in capital gains taxes if he decides to sell some of his Tesla stock. Texas is one of nine states that doesn’t have a capital gains tax. Musk has not taken a salary from Tesla, so he was not responsible for paying any California state income taxes, which can be as high as 10 percent. Tesla did not immediately respond to a request for comment. Click to read more at www.chron.com.

UHS Acquires Two University Park Tech Center Assets in San Antonio

Posted on by Sarah

Stream Realty Partners and Transwestern have brokered the sale of University Park Tech Center III and IV, located at 5800 Farinon Drive and 5959 Northwest Parkway in San Antonio, Texas. Clarion Partners sold the 165,007-square-foot office properties to University Health System (UHS) for an undisclosed sum. Kevin Cosgrove and Scott Ferguson of Stream facilitated the disposition on behalf of Clarion Partners. Ken Adams and Chad Gunter of Transwestern represented UHS in the transaction. “We are proud to have assisted Clarion Partners in marketing the properties and fulfilling their disposition strategy in a timely fashion,” said Cosgrove, vice president at Stream. “We believe the appeal of the location and high quality of the buildings further enhanced their desirability, even in these unprecedented and uncertain times.” Located in the University Park submarket, these two class A, single-story office buildings make up the largest combined office trade in San Antonio during 2020. Despite a global pandemic and little to no building sales occurring, Stream advised Clarion Partners on a transaction that allowed them to execute their investment strategy. Offering quick access to IH-10 and Loop 1604, University Park consists of 4 million square feet of primarily single-story office buildings and is home to many Fortune 500 occupants, including EY, Becton Dickinson, H-E-B, Accenture, SWBC, United HealthCare, Harland Clarke and WellMed. With a prime location in the heart of this submarket, University Park Tech Center III and IV provide UHS the ability to house their administrative functions outside of much needed clinical space in their numerous area hospitals.

Midwest Retail Properties Signs 10-year Lease with Burkes Outlet in Texas

Posted on by Sarah

Midwest Retail Properties (MRP) has closed a 10-year lease with Burkes Outlet for 18,000 square feet in Pleasanton, Texas. This property is currently occupied by national credit tenant Tractor Supply. Pleasanton, Texas is located approximately 35 minutes from downtown San Antonio and is the county seat of Atascosa County. Pleasanton is the primary retail destination for the entire county—with a current county population of more than 50,000. MRP recently sold a retail pad site in front of the shopping center to a Starbucks Developer. This project is expected to be completed in spring 2021.

Goldman Sachs, Dalfen Industrial Acquire Six Texas Assets as Part of 10-Building Last-Mile Portfolio Purchase

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Goldman Sachs’ merchant banking division and Dalfen Industrial purchased 10 last-mile properties. The recent acquisitions include three buildings Fort Worth and another three in the San Antonio metro, in addition to assets in Charlotte, Denver and West Palm Beach. The partnership between Dalfen Industrial and Goldman Sachs now sits at 52 properties totaling 7.13 million square feet in 19 major U.S. markets and in 10 states. Terms of the transaction were not disclosed. The Mark IV Commerce Center is a newly constructed, three-building, 1,025,500-square-foot industrial park in Fort Worth, Texas. At the major intersection of I-35 and I-820, these assets are located in one of the fastest-growing submarkets in the DFW metroplex. Mark IV is in close proximity to three airports—Dallas-Fort Worth International Airport, Alliance Airport and Meacham International Airport. The other three Texas assets are located in Schertz, Texas, a rapidly growing submarket of San Antonio. Located between the San Antonio and Austin MSAs, these last-mile locations allow tenants to service 3.5 million people. Built in 2016, Tri-County 5 and 7 total 211,950 square feet. Built in 2018, Schertz Distribution Center is a 187,288-square-foot property within a mile of the Tri-County properties. The three Schertz properties are almost 80 percent occupied at time of acquisitions including tenants such as Brinks and TJ Maxx. “Dalfen Industrial is excited about the expansion of our partnership with Goldman Sachs with the addition of eleven more best-in-class, last-mile industrial properties in key markets,” said Sean Dalfen, president and chief investment officer at Dalfen Industrial.

CBRE Arranges Sales of Three Hyatt Places Throughout Texas

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CBRE Hotels arranged the sale of three Hyatt Place assets in Texas. The hotels are located in Austin, Dallas and San Antonio. CBRE’s Michael Yu, Rahul Bijlani, Agrama Mannapperuma and Dennis Drake, in conjunction with Ten-X Commercial through an online auction process, represented the seller. “With very low occupancy post-COVID and non-functional hotel debt market, it is an extremely difficult market to sell hotels like this,” said Yu, senior vice president at CBRE. “However, we were able to create a very competitive market with TEN-X on this asset. We have over 20 full qualified bidders and created a bidding war to really push the value. The winning bidder is an all-cash buyer and closed the transaction in 31 days.”