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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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$40 million Southwest Austin project planned

M&EAustin-based Stratus Properties Inc. said Wednesday that it has secured financing for the first phase of Lantana Place, a mixed-use project in Southwest Austin that will include a 10-screen dine-in movie theater.

The 38,000-square-foot theater, part of the growing Moviehouse and Eatery chain, is expected to open in the second quarter of 2018. …Read Entire Post

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Office space to replace old Austin movie theater near mall

Walsh-Tarleton-Overlook-Austin-Texas_renderingA new office project is scheduled to break ground in a few days west of Barton Creek Square mall.

Walsh Tarlton Overlook, designed by Austin-based Sixthriver Architects, will yield 55,000 square feet of class A office space in a desirable area where vacancies have been scarce. The Texas Department of Licensing and Regulation indicates that the project is valued at $9.5 million. …Read Entire Post

Oak Hill complex to get face-lift

Oak Hill Plaza

Oak Hill Plaza

Oak Hill Plaza, a shopping center located at 7101 W. Hwy. 71 and anchored by Auto Zone, Wells Fargo Bank and a Jim’s Restaurant, is in store for a face-lift.

Construction is slated to begin in May on the 115,512 square-foot center near the “Y” at Oak Hill intersection where Hwy. 290 and Hwy. 71 converge.

The plaza will soon have a remodeled façade, a newly resurfaced parking lot, new paint and a marquee restaurant end cap with a patio. About 36,000 square feet of retail and restaurant space in the shopping center is available.  …Read Entire Post

Bee Cave eatery, entertainment venue up for sale

Golf-GuitarHill Country Golf & Guitar — a restaurant, bar and entertainment venue in Bee Cave — is for sale for about $5 million just 18 months after it opened.

Developer Rich Phillips — who’s made his living for many years as the owner of Austin-based public relations company Phillips & Co. — confirmed to Austin Business Journal that the property is on the market due to financial issues.

He shuttered the restaurant recently, but the bar and the miniature golf course continue to operate while he attempts to resolve cash constraints. …Read Entire Post

REOC Austin facilitates sale of 390-ac Eastbourne Crossing

Eastbourne Crossing 395ac - RegionalA local investment group has purchased the 390.57 acres known as Eastbourne Crossing, located at the SWC of SH-71 and SH-130, just east of Austin Bergstrom International Airport and less than 15 minutes from downtown Austin. SH 71-130 Holdings, LP, a Texas limited partnership, was the purchaser.

The seller of 385.684 acres was Eastbourne Crossing, LP, and the seller of the adjoining 4.886 acres at the hard corner of FM 973 and SH-71 was 973 Retail, LLC. The sellers were represented by Joyce Jane Weedman, Josh Hubka CCIM, and Kurt VanderMeulen, all of REOC Austin.  Buyer was represented by Karl Koebel, CCIM and Doug Launius with Marketplace Real Estate Group.

“This flat, open tract of land, so well located and easily developable, has been a privilege to work on. We’ve had corporate and retail users and a number of investors trying to acquire this property, with F1 bringing several European investors to us. But it was great to see it trade to a local group,” said Hubka.

“I’ve lived with this property for most of my career, having sold it in 1991 when it was the last remnant of the historic Armstrong Ranch. Since then the airport has opened, COTA and SH-130 were built, $149mm improvements to SH 71 and FM 973 are underway, and the area is now in the Triple Freeport Zone. It will be fun to watch this 390.57 acres develop out,” said Weedman.

Read related article: Local investors buy 390-acre parcel near Austin airport (Austin American-Statesman, 1-9-15)

Clarion expands Austin portfolio with Plaza on the Lake

New York-based Clarion Partners recently purchased the 100 percent-leased Plaza on the Lake (119,464 sf), located at 5000 Plaza on the Lake.

The seller was Austin-based Endeavor Real Estate Group.  Financial details were not disclosed.

Clarion Partners now owns about 3.8 million square feet in Austin. The firm …Read Entire Post

Drawbridge Realty Trust acquires Overwatch Building

OS Austin, commonly known as the Overwatch Building (164,700 sf), located at 5301 Southwest Parkway, was recently sold by CBREI to San Francisco-based Drawbridge Realty Trust for a reported $42.5 million.

Originally built in 2007 as the headquarters for Overwatch Systems, Ltd., the four-story office building remains 100% occupied by Overwatch.  It …Read Entire Post

Brandywine acquires Encino Trace from Koontz McCombs

Brandywine Realty Trust recently purchased the 54-acre Encino Trace office park project from San Antonio-based real estate developer Koontz McCombs.

The land, located at 5707 Southwest Parkway, along with the development rights traded for a reported $14 million.  The suburban campus is set to include 320,000 square feet of Class A office space along with a parking garage. Additionally, the complex is slated to feature an on-site fitness center and other outdoor activity amenities.

Acting as general contractor, Koontz McCombs Construction has …Read Entire Post

Regency Centers acquires Shops at Mira Vista

Regency Centers Corporation, a national owner, operator and developer of grocery-anchored community shopping centers, recently announced the acquisition of the Shops at Mira Vista – a 68,340 square foot neighborhood shopping center, offering a diverse mix of upscale retailers and restaurants.

The center is anchored by Trader Joe’s as well as other notable tenants, …Read Entire Post

New year to bring a new office project to Southwest Austin

Construction is scheduled to start on a 250,000-square-foot office building in the San Clemente development at Capital of Texas Highway (Loop 360) and Westlake Drive.

Located in Southwest Austin, the HPI Real Estate Services & Investments project will be built for more than $70 million.

Austin-based Spiceworks has signed a lease for 96,000 square feet to anchor the five-story building.

The building Spiceworks will occupy will join six others in the San Clemente office-and-retail development, which is slated for eight …Read Entire Post