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enior Vice President & Director of Research at REOC Austin

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NAI Austin welcomes Jolie Schooler

Jolie M. Schooler has joined NAI Austin as a member of the Retail Team. She was most recently Vice President of the Retail Tenant Representation Division at Endeavor Real Estate Group.

Mrs. Schooler was selected as one of the “Top Women in Florida Real Estate” for 2007 by the Florida Real Estate Journal. She was recognized at the ‘Real Estate Deal of the Year’ awards ceremony for being on the winning team that listed and successfully closed the ‘Best Industrial Deal’ in Broward County in 2004, which was also the biggest industrial building ever sold in Broward County. She was recognized again by the South Florida Business Journal for brokering the ‘Largest Industrial Lease in Broward County’ and was a CoStar Power Broker for two counties in 2005.

Prior to commercial real estate, Mrs. Schooler held leadership responsibility across Florida for IBM Global Services, a $40B division of IBM. She achieved top sales and closed the largest deal in Florida in 2001, earning her team national recognition for her $15M transaction.

With over 14 years of real estate and management experience, Ms. Schooler has experienced consistent success building creative strategies to identify, negotiate and close large commercial transactions.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

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Martinez Painting LLC expanding

Martinez Painting LLC, a residential and commercial painting company, is expanding into 4,000 SF at 3401 Ed Bluestein in Austin. Rob Eaves, an Industrial Specialist with NAI Austin, represented the tenant.

The company, established in 1999, offers interior and exterior washing, painting and finishing as well as sheetrock and wood repair and replacement. Recent growth required it to expand. Its new location is near Calvin Electric, which should provide cross traffic for both companies.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

Alphagraphics takes space in Lakeway

Alphagraphics recently leased 840 square feet of space in the Lakeway Town Center in Lakeway, Texas. Travis Waldrop and Sherry Naquin Sanchez represented the landlord, Lakeway Plaza Partners.

Alphagraphics was founded in Tuscon, Arizona in 1970 and now comprises over 260 franchise locations worldwide. The company offers the latest in visual communications technology, including brochure and report design, digital, large and offset printing, email marketing and more.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

Warehouse company aims to sell property in Austin and elsewhere

This article was written by Claudia Grisales for the Austin American Statesman. Please click here to view this article on their website. 

ProLogis, the world’s largest warehouse developer, is moving to sell a big block of space in the United States, including in Austin.

The Denver-based real estate investment trust has circulated a brochure to prospective buyers listing 33 million square feet of industrial space for sale in 14 states, according to a report in the Denver Business Journal.

The offering includes more than 9 million square feet of space in Texas, including some in Austin, the Journal said.

The move is part of a series of steps that ProLogis began taking late last year to bring down its heavy debt load.

 “This is a company that has a lot of challenges from a leverage perspective,” said Cedrik Lachance, a senior analyst at Green Street Advisors in Newport Beach, Calif. “They have a lot of debt, and it is going to take quite a while to work through it.”

The deal would not affect Austin’s Mueller development, where Catellus, a ProLogis subsidiary, is redeveloping the city’s former airport. Catellus does not own the land.

ProLogis has been hit hard by the recession, which has battered companies that use warehouse and distribution center space. In the past year, its shares have fallen 83 percent, and top executives have resigned.

But Lachance said the company has made some aggressive moves, selling off interests in China and Japan, to bolster its finances.

ProLogis did not return a call for comment Monday.

In Austin, ProLogis owns industrial space valued at $131.1 million, according to the Travis Central Appraisal District.

Jerry Heare , a principal at NAI Austin, a commercial real estate brokerage, said that even with the sale of some Austin property, the company would remain one of the city’s biggest owners of industrial space. “They were expanding very rapidly ” and probably borrowing a lot of money to do this expansion,” Heare said. “They just had a lot of money out ” and their lenders probably said, ‘Hey guys, we need more cash from you.'”

New rent-to-own furniture store coming to South Congress Square

Easy Home, a new player in the merchandise leasing industry, has leased 4,890 square feet in South Congress Square, located at 2407 South Congress. Travis Waldrop and Sherry Naquin Sanchez, both retail specialists with NAI Austin, represented Easy Home.

Easy Home offers name-brand home furnishings, appliances and electronics on a rent-to-own basis. The company has over 200 locations in the United States and Canada.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

Austin sees struggling industrial market

Please visit www.austinsource.com to view the Year-End 2008 Industrial Market Report. 

Austin set a historical record in 2008 for most new industrial space added in a single year.  The industrial-investment property tracked by NAI Austin brokers expanded to 36.9 million square feet in 2008, a 7 percent increase in total capacity over the 34.5 million square feet at year-end 2007.  The overall vacancy rate at the end of 2008 was 18 percent, which, although high, did not approach the record vacancy rates of 20-21 percent during the high-tech bubble years of 2002-2004.

At year-end 2008, Austin’s industrial market recorded a net positive absorption of 8,671 square feet in a market of 36.9 million square feet.  At the half-year mark in June, absorption was a positive 253,141 square feet, despite the slowing economy since late 2007.  By the end of December, following a near total meltdown of the national economic health in the second half of 2008, Austin’s absorption slipped to a negative 244,470 square feet, leaving a net positive absorption of 8,671 square feet for 2008.  The slide is likely to continue through 2009, but no one can predict how much.

Lease rates are coming down as landlords with the flexibility to do so try to retain or attract what movement there is in the market.  Transactions for the last half of 2008 slowed dramatically, and the recent trend of higher absorption and leasing activity in the third and fourth quarters of the last several years ceased. 

Nonetheless, if credit access and reliability can be stabilized, the Austin market should outperform the national market.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

Site for Montessori School purchased in North Central Austin

Omsai Joint Venture, LLC has purchased 3.75 acres on Metric Lane, just north of Parmer Lane, from Catoosa Springs Partners, LP.  The site is adjacent to Westview Middle School and Parmer Lane Elementary.  NAI Austin’s Josh Hubka, a Land Specialist and CCIM Candidate, represented the buyer, who plans to build a 10,000 square foot Montessori School with an enrollment of 160 children, ages 2-5.  This will be the first Montessori School in Austin for Ashok Someshwar, the buyer, who currently has two schools in Plano.  He plans to sell the excess land to a medical office developer.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

New owners for Regions Plaza building

NAI Austin broker Philip Bible negotiated the sale of a 16,883 sf office building to the Mann Eye Institute and Laser Center on behalf of Robert and Kym Wunsch of Waterstone Development. Located at 4314 W. Braker Lane, the building is 100% occupied. The majority of the building is occupied by Regions Bank.

Waterstone Development, a full-service land development company, has relocated to its new corporate headquarters at 3310 N. Capital of Texas Highway.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

Texas Electric Cooperatives moves headquarters to downtown Austin

NAI Austin industrial specialist Jerry Heare along with Oxford Commercial brokers Rick Whiteley and Jeff Coddington represented Texas Electric Cooperatives (TEC) in locating and purchasing their new Austin headquarters location. The 7,700 sf office condo is located at 1122 Colorado Street, on the 24th floor of the Westgate Tower. The suite was purchased from Kidd, Whitehurst & Harkness General Partnership.

TEC represents cooperative electric utilities across Texas as well as offering repair and remanufacturing services, waste disposal and environmental consulting. They operate the only cooperatively owned utility pole production facility in the nation. The new, centrally-located downtown office will complement the existing 160,000 sf facility in Georgetown and the 50-acre manufacturing operation in Jasper.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.

New sushi restaurant coming to 5th street

NAI Austin retail specialists Sherry Sanchez and Travis Waldrop represented Sushi Zushi in the leasing of 5,322 sf of retail space located at 1611 West 5th Street. This will be the first Austin location for Sushi Zushi and their sixth in Texas.

Sushi Zushi serves an unusual variety of Japanese cuisine, offering both sushi and cooked items on their large menu.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.