CBRE arranges sale of prime retail development on West 6th Street in Austin

CBRE has announced the sale of West Side Village, a two-story, 51,392-square-foot retail development located along West 6th Street in the Clarksville neighborhood of Austin, Texas, just minutes from downtown. Riverside, an Austin-based real estate investment firm, acquired the property.

CBRE’s Bradley Bailey and Logan Reichle represented the seller, a joint venture between Stonelake Capital Partners and Schlosser Development. Terms of the deal were not disclosed.

Located at 1214 & 1312 West 6th St., the 51,392-square-foot mixed-use building is currently vacant and was constructed in 1951. Sitting on 1.75 acres, the previous owners had plans to build a 100,000-square-foot bespoke office building with ground-floor retail on the site before ultimately selling.

Located just down the street from West Side Village is Riverside’s latest project, Sixth&Blanco, designed by Herzog de Meuron. The five-story mixed-use development will include fine modern retail and restaurant space, a bespoke hotel with pool, bathhouse and spa, and ten luxury homes. Over the last three decades, Riverside has contributed to Austin’s reputation for technology, innovation, and its active urban lifestyle, through a portfolio of standout properties that have set new standards for performance throughout the region.

CBRE arranges sale of Expo Center, a 28,119-square-foot shopping center in Rowlett

CBRE announced the sale of Expo Center, a 28,119-square-foot shopping center in Rowlett, Texas. The property is located at 3801 Lakeview Parkway and sits on 3.35 acres. A local Dallas private investment group purchased the property from Standridge Companies.

Jared Aubrey and Michael Austry represented the seller in the marketing and sale of the property.

Located along Lakeview Parkway just one mile east of Lake Ray Hubbard, the center is 100% leased to nine retail tenants, including Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. The property gardened significant investor interest due to its replaceable in-place rents and limited competition as this is one of the few properties in the surrounding area that has full-service restaurant options.

Navigating the future: Houston office market embraces change

The Houston office market continues to undergo a period of recovery and adaptation in the aftermath of the COVID-19 pandemic. As businesses and employees explore new work models and redefine their office space requirements, the market landscape is experiencing shifts that reflect the changing needs and expectations of tenants. REDnews spoke with industry experts to gain insights into the current state of the Houston office market, emerging trends, the evolving amenities used to attract workers and predictions for the upcoming year.

According to Abby Alford, transaction management director for CBRE, Houston has felt the impact of the current economic conditions, but that does not imply a complete halt in activity.

“While leasing activity slowed overall this quarter, we’re seeing submarkets identified in drive time analysis studies to be a convenient location for employees, such as West Houston, strengthen,” Alford said.

In Q1 2023, Houston posted negative net absorption, but the overall average vacancy rate slightly decreased to 23.1%. It’s worth noting, however, that CBRE analysis found roughly 80% of that vacancy rate can be attributed to 10% of buildings.

Bob Cromwell, managing director of office services for Moody Rambin, noted that large users are contracting their office footprints, leading to negative absorption. However, the amenities-rich environment in areas like Memorial City/CityCentre have fared well with vacancy rates as low as 3%.

“There is no space,” added Cromwell. ”That amenity-rich environment is actually doing quite well.”

COVID-19 significantly reshaped the use and perception of office space. Cromwell emphasized that the dust has yet to settle, as businesses navigate the new normal. He observes that tenants are gravitating toward spec suites, highlighting the need for flexibility and ready-to-use spaces. Furthermore, tenant lounges and recreational areas, incorporating features such as golf simulators, are emerging as new trends.

Alford added that landlords are rethinking traditional amenities and exploring innovative ways to create collaborative environments. The emphasis is on fostering a comfortable and destination-like workspace that encourages employee interaction and engagement. Common areas, break rooms and huddle rooms are receiving increased attention to promote a dynamic and productive environment.

“The important thing for amenities is thinking outside the box and creating collaborative environments,” Alford stressed.

To entice workers back to the office, employers are embracing a live-work-play approach. Amber Carter, CEO and managing broker for Seven Fourteen Realty, highlighted the importance of a supportive atmosphere and company culture.

“Offering healthy snacks that are available throughout the day, fitness centers/ gym memberships, outdoor walking space or trails have been a few of the top amenities that employers have incorporated,” said Carter. “Offering space for childcare and pet care has also reflected positively in attracting workers back to the office. Most families are having to decide whether to have the expense of childcare or have a parent stay at home if a work from home option isn’t available.”

Carter predicts that the office space landscape will not return to pre-pandemic levels, but rather evolve into a new normal. She anticipates that property owners with larger buildings will explore repurposing options, combining housing, entertainment and office or co-working spaces to meet the changing demands.

As far as Houston office development, Cromwell believes it will slow down due to interest rates and how much space is currently available.

“You’re not going to see much in the way of speculative office development in the near term,” Cromwell said.

Looking ahead, experts in the Houston office market tell REDnews it will continue to evolve with property owners exploring creative repurposing options and emphasizing collaborative work environments. By embracing change and meeting the evolving demands of the workforce, Houston’s office market is well-positioned for a successful future.

CBRE National Partners arrange sale of Class A+, 114,000-square-foot industrial property in Plano

CBRE National Partners announced the sale of 780 Shiloh Road, a Class A+ industrial building located in the NE Dallas submarket. A private Californian investor purchased the property from Founders Properties for an undisclosed price.

Randy BairdJonathan BryanRyan ThorntonNathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller. 

Ideally located in Plano’s Research/Technology district and minutes from US-75, 780 Shiloh Road has direct access to President George Bush Turnpike which connects I-35E, I-30 and the Dallas North Tollway. Built in 2001 and renovated in 2007, the property is leased to a single tenant through 2030.

CBRE arranges sale of Cooper Street Plaza in Arlington

CBRE announces the sale of Cooper Street Plaza, a 91,856-square-foot shopping center located at 4619-4623 Cooper Street in Arlington, Texas. Vista Property Company purchased the property from a Texas based real estate investment trust.

Jared Aubrey and Michael Austry represented the seller in the marketing and sale of the property.

Located along I-20 in the middle of a dominant retail corridor in Arlington, the shopping center was 97.5% occupied at the time of sale. The center garnered significant investor interest due to its high-visibility, long-term triple net leases and below market rents. The center is anchored by K&G Mens Company and Office Max and features other prominent tenants including Black Rifle Coffee Company, UPS, State Farm Insurance and Ninja Sushi. 

CBRE adds four-person retail team in Austin

CBRE announced that a four-person retail leasing team has joined CBRE in Austin, Texas, to expand the firm’s presence in the region.

The team is led by Will Majors, who is joining CBRE as an SVP. His team includes Vice President Carson Hawley, Senior Associate Adelaide Ehrlich, and Associate Davis Franklin. They have all joined CBRE from SRS Real Estate Partners and will focus on representing both landlords and tenants in the leasing of retail property throughout Central Texas.

Majors, who previously led the Austin and San Antonio offices for SRS, brings with him 20 years of experience in the retail real estate industry and has been involved in many notable projects in the Austin market. He has been recognized as a “Heavy Hitter” by the Austin Business Journal for the last 10 years and his clients include some of the largest retailers in the U.S.

Hawley brings with him 10 years of brokerage experience, having represented dozens of tenants, landlords and land buyers across Central Texas. He is known for his strong analytical, negotiating and project management skills, having delivered exceptional results for both local and national clients.

Ehrlich and Franklin have both recently begun their real estate careers in 2019 and 2023, respectively. They will support the team on tenant and landlord representation efforts.