San Antonio Agency, Elon Musk’s Company to Discuss Potential for Tunnel

Officials with San Antonio-based Alamo Regional Mobility Authority said on March 16 that they are interested in talking with entrepreneur Elon Musk’s venture, The Boring Co., about the feasibility of developing a nearly $300 million underground tunnel to help curb increasing local traffic congestion.

“The [ARMA board] has continually sought innovative ways to finance transportation projects to ensure a bright future for the community in a way that bridges technology and accelerates the delivery of needed projects,” Board Chair Mike Lynd said. “Board action is the first of many discussions toward relieving congestion instead of waiting years.”

According to a news release, ARMA staff will be meeting with The Boring Co. in the coming weeks to talk about a tunnel that could run between the San Antonio International Airport and downtown.

The release said roughly estimated project costs range from $247 million to $289 million, depending on various factors, such as utilities and real estate.

Musk’s tunneling firm and another company, Bexar Automated Transport, were recent finalists in a process that began in October 2019, when the agency issued a request for information to gauge industry interest about partnering and developing a high-capacity transit project. Click to read more at www.communityimpact.com.

Chris Stephens in the Saddle at the Houston Livestock Show & Rodeo

Chris Stephens of Houston-based SparrowHawk and his wife, Amanda, share a break in his responsibilities on the Breeders Greeters Committee at the Houston Livestock Show & Rodeo.

Chris Stephens has always been a social creature. At the same time, he is deeply committed to giving back to the community.

In his younger days, this combination led him to compete in fun runs, raising money for charity and meeting people along the way. The fun runs evolved into participating on the Rock ‘N Roll circuit across the U.S.

After competing in as many as 25 marathons and a half dozen half marathons, Stephens reset his aspirations becoming a volunteer for one of the oldest and perhaps most successful charitable events in Houston, the Houston Livestock Show & Rodeo (HLS&R).

Earlier this month, as HLS&R celebrated its 90th anniversary, Stephens, Vice President of Leasing & Operations at Houston-based SparrowHawk, celebrated 10 years as a member of the Breeders Greeters Committee.

As a member of that committee, Chris’ volunteer time sometimes seems as grueling as running a marathon. During the three week run of the rodeo, his typical 8-12-hour shifts may begin in the wee hours of the morning (between 2-3:00 am) and afford him an hour or less for a quick clean-up before heading to the office where he directs marketing and leasing efforts for SparrowHawk, a real estate investment and management firm.

Specifically, Chris works with participants who range from middle schoolers to high schoolers. HLSR is the last stop on a state circuit that has stops in Dallas-Ft. Worth, Austin and San Antonio. HLSR is the culmination of a year-long effort by the kids to raise livestock and ultimately compete for prize money—scholarships—through the sale of their animal(s).

“The kids are tough, smart, grounded and focused,” Stephens says. “They have a plan. They aren’t the arcade kids; they are the salt of the earth.”

Stephens and other members of the Breeders Greeters Committee may be the first and last contact. They see the thrill, the excitement and the fatigue. And they are there to encourage them, help them with logistics and make them feel at home.

His commitment is much more extensive and involved than a half dozen or more 8-12 shifts over the course of the three-week event. Events like HLSR don’t just happen, there is careful planning and orchestration that is required throughout the year.

“I love it,” Stephens says. “It is a huge time commitment, but helping the kids, raising money for scholarships and just being part of something this big and impactful is well worth it.”

Some interesting facts about HLS&R include that the event:

· Raises $25-$30 million for scholarships, and has raised more than $550 million over 90 years)
· Attracted more than 2.4 million guests in 2022 with guests coming from more than 70 countries, and
· Draws the support of more than 35,000 volunteers.
· In 2022, the Rodeo committed $22,125,250 to the youth of Texas in 2022, according to the following breakdown:
· 14,186,000 in scholarships to be awarded this summer;
· $5,048,250 to junior show exhibitors;
· $2,418,610 in educational program grants; and
· $472,390 in graduate assistantships.

There are great similarities, Stephens says, to running marathons and being involved in one of the busiest committees at HLS&R. Stephens says both are very involved and time-consuming, provide logistical challenges and require great levels of endurance. While one can be more physically grueling than the other, the reward when crossing the finish line at the conclusion of the event is immeasurable!

IG Logistics Expands Dallas Footprint with Purchase of Nine-acre Truck Terminal

New York-based IG Logistics is expanding their footprint in Dallas with the acquisition of a nine-acre truck terminal at 2121 E. Grauwyler Road. The site is a true transportation and logistics trophy asset in the heart of Dallas. The property includes a 62 dock door truck terminal and repair shop with five drive-through bays and office space, together totaling 40,170 of rentable square feet. The entire property has recently undergone a renovation to bring the property to true Class-A standards and is located in one of the most robust industrial submarkets in the Dallas-Fort Worth area. Greg Cannon of Colliers represented the seller.

The property is 100% leased to Petro Chemical Transport, a subsidiary of Kenan Advantage Group. KAG is North America’s largest tank truck transporter and logistics provider, specializing in the delivery of fuels, chemicals, specialty products, foods, and industrial gasses. KAG operates an extensive North American footprint and is able to service the critical, “last-mile” link in the distribution networks of over 2,000 customers at the regional, national and cross-border level.

IG Logistics currently owns 4226 E. Main St. in Grand Prairie which is a 65 acre industrial site with an 85,000 square foot building in one of the best locations in Dallas.

Nate Paul’s World Class Sells 64-Property Self-Storage Portfolio Across 10 States for $588 Million

AUSTIN, Texas, March 23, 2022 /PRNewswire/ — Nate Paul’s World Class Holdings has sold a 64-property self-storage portfolio across 10 states to global real estate investment firm CBRE (NYSE: CBRE) and facility operator William Warren Group/StorQuest for $588 million.

The portfolio comprises over 4.1 million rentable square feet in Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York, and Nevada. The facilities were previously operated by Great Value Storage, Paul’s operating platform. The sale did not include any of Paul’s facilities in California and any of the firm’s new self-storage developments and conversions nationally.

At nearly $600 million, the acquisition is among the largest-ever private transactions in the burgeoning self-storage sector, which has seen unprecedented growth since the onset of the pandemic.

Nate Paul, founder, chairman and CEO of World Class, began investing in self-storage in 2008, acquiring properties from private independent owners as well as from public REITs such as LifeStorage and Cubesmart. Since 2008, World Class has amassed one of the industry’s largest privately owned self-storage portfolios. Click to read more at www.prnewswire.com.

JLL Welcomes Software Testing Company to Austin

JLL announced that Tricentis, a leader in test automation, has signed a lease to occupy 42,019 square feet of office space within the newly completed second phase of Uplands Corporate Center. This office marks the company’s first location in Austin. 

Russell Young of JLL represented the tenant. Kevin Granger and Matt Frizzell of Cushman & Wakefield represented the landlord, Drawbridge Realty. 

Tricentis plans to hire more than 100 employees across such departments as Marketing, Finance, Engineering, and Operations. 

“Over the past few years, the city has seen a rapid influx of technology companies making their mark on Austin,” said JLL Managing Director Russell Young. According to JLL’s Q4 2021 Austin Office Insight, Austin’s office environment ended the year with 700,999 square feet of positive absorption. Looking forward to 2022, vacancy is expected to decrease as leasing activity has increased each quarter since Q3 2020. In turn, average asking rents have started to climb, reflecting the optimistic outlook for Austin’s office market.

Well-known Commercial Real Estate Lawyer, Thomas O. Anderson, Jr., Joins Dallas-based Cherry Petersen Landry Albert LLP

DALLAS, TEXAS, March 22, 2022 (GLOBE NEWSWIRE) — Cherry Petersen Landry Albert LLP is pleased to announce that Thomas O. Anderson, Jr. has joined the firm as Senior Counsel. Anderson’s practice is focused exclusively on commercial real estate transactions.

Anderson has a wide-ranging real estate transaction practice, representing sellers, purchasers, and lenders in commercial real estate throughout Texas and nationwide. He has extensive experience with real property title and survey matters due to his time as a licensed escrow officer. Thomas also regularly represents landlords and tenants in commercial lease negotiations.

“I have thoroughly enjoyed getting to know and providing counsel to the firm’s real estate clients” said Thomas Anderson, Senior Counsel at CPLA. “The firm has a strong and supportive culture and a tremendous team of lawyers, paralegals and staff.”

“I’ve known Thomas Anderson for a long time and I’m delighted to have him join us here at CPLA,” said Kevin Cherry, Partner at the firm. “His experience in real estate acquisitions and commercial leasing provides real value to CPLA’s clients.” Click to read more at www.globenewswire.com.