Category: Uncategorized

Record-setting Sale of Austin Walgreens Building Closes

Posted on by Sarah

JLL Capital Markets announced today it has closed the record-setting sale of a 13,833-square-foot single-tenant retail store triple net leased to a high-performing Walgreens in Austin, Texas.

JLL marketed the property on behalf of the seller, Swanson Development Company. Sikka Investments acquired the asset in a sale with a 3.69% capitalization rate, a record for Walgreens stores in the country.

A global leader in the pharmacy, health and beauty sector, Walgreens is a subsidiary of Walgreens Boots Alliance, Inc., which has a BBB (S&P) credit rating. The tenant is a top performer by annual sales and, after operating at the property for more than two decades, recently demonstrated its commitment to the location with a new, 15-year lease.

The building is positioned on 1.86 acres at 6200 W. William Cannon Dr. The property is in a highly visible location along West William Cannon Drive just off U.S. 290 and is seen by 90,000 vehicles per day. This high-growth location has already seen its population within three miles balloon by 18.43%, and, due to Austin attracting corporate relocations, is expected to add even more residents.

The JLL Net Lease Capital Markets team representing the seller was led by Senior Managing Director Alex Sharrin and Director Alex Geanakos, along with Director John Indelli.

Council Starts Process to Charge Park Fees for Office Buildings

Posted on by Sarah

City Council unanimously approved a resolution Thursday directing city staff to bring back amendments to the city’s parkland dedication ordinance that would require new office, commercial and industrial developments to provide parkland or pay into the city’s parkland dedication fund. Currently, only new residential developments are required to pay such fees.

Mayor Pro Tem Alison Alter sponsored the resolution, which gathered six co-sponsors. Mayor Steve Adler, one of the original co-sponsors, added language stressing the need for staff to “establish the legally required nexus” between the need for parkland and establishment of fees for individual properties.

Randy Scott, park development coordinator for the Parks and Recreation Department, told the Austin Monitor that staff members would provide information to show that there was an appropriate connection between the proposed fees for commercial property development and the need for new parkland.

Alter pointed out that workers taking their lunch breaks often use parks and trails close to their offices and other workplaces. She said growth in the commercial and industrial segments of the community has fueled the need for additional parkland. Click to read more at www.austinmonitor.com.

VLK Architects and PBTISD Break Ground on Eagle Stadium at Rotary Field

Posted on by Sarah

(Pecos, Texas) – On February 15, 2022, VLK Architects joined Pecos-Barstow-Toyah ISD to celebrate breaking ground on the construction of Eagle Stadium at Rotary Field.

Eagle Stadium at Rotary Field will be the home to the Pecos High School Eagles and serve as a premier event stadium. Once complete, this stadium will be able to host football and soccer games, track and field events, band competitions, and more.

“We are excited to bring a new, dynamic stadium to PBTISD that will be the envy of other districts across West Texas,” said Brent Jaco, Superintendent of PBTISD. “Though the former structure is gone, the land remains … this land has been the site of athletic events for over 90 years in the community. So, the memories will always remain for everyone that comes through PBTISD.”

The project includes a new pressbox, home and visitor seating, concession stands, and restrooms. Along with the stadium’s reconstruction, there will be new turf, a resurfaced track, and state-of-the-art lighting.

“VLK Architects is excited to be a part of this project that will impact so many people in the PBTISD community,” said Monika Castillo, AIA, Principal of VLK Architects. “This is the second construction project across the district and it has been an honor to continue our relationship with PBTISD.”

The project is scheduled to be complete by August 2022.

About VLK Architects

With offices throughout Texas, VLK Architects provides architecture, planning, and interior design services to automotive, K-12, higher education, corporate, and institutional clients throughout Texas. For more information, please visit our website: www.vlkarchitects.com or contact marketing@vlkarchitects.com.

TuSimple, Property Developer Team up to Boost Autonomous Trucking in Texas

Posted on by Sarah

The roads are mostly mapped for TuSimple to drive autonomously in Texas. Now it is up to commercial property developers to get ready for driverless trucks to come and go from warehouses.

Hillwood Investment Properties, one of the largest commercial real estate developers in the country, is taking suggestions from TuSimple Holdings (NASDAQ: TSP) on how to incorporate the needs of autonomous trucks into current and future facilities.

“If you develop a warehouse that has the right setup, like a separate entrance for autonomy, an area where you can put a launching pad and a landing pad for autonomous trucks, this is where the design of these warehouses are to be TuSimple Autonomous Freight Network-enabled,” TuSimple CEO Cheng Lu told FreightWaves. Click to read more at www.freightwaves.com.

Rising Interest Rates and What’s Next for Multifamily Lending

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Multifamily investors are bracing for an uptick in mortgage rates and other forms of real estate finance as the Federal Reserve bumps up interest rates in 2022. As an inflation-fighting move, the Fed plans three hikes of 25 basis points each. And in December, the Fed announced that it would wind down its bond-buying program by March.

But the consensus among mortgage bankers and economists is that increases in the cost of capital will be modest and will not dampen the availability of financing or the surge of investment. Multifamily lending volume will rise 3 percent to $421 billion this year as the economy continues to rebound, the Mortgage Bankers Association projects.

“The change in interest rates is not expected to reduce demand for multifamily housing this year. A lot of demand is driven by property values and fundamentals, both of which are extremely strong right now,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. Strong property income and low vacancy are combining to push valuations upward, he added. Click to read more at www.multihousingnews.com.