Corporate Center III
Corporate Center III (33,626 sf) was recently purchased by ATC Center LLC, a local investor.
The retail center, located at 8868 Research Boulevard, is 100 percent leased to seven tenants including Teacher Heaven, NOVA Medical Center, RDA ProMart, Austin Uptown Dance and Gracie Barra Brazilian Jiu Jitsu. …Read Entire Post
Source: REOC Austin
The Austin industrial market closed the third quarter with a citywide vacancy rate of 10.8% – the lowest recorded since mid-2007.
Area industrial properties experienced a healthy 492,996 square feet of positive net absorption in the third quarter led by a rebound of activity within Warehouse spaces. Year-to-date, the citywide industrial market experienced a total of 708,307 square feet of positive net gain which was fairly equally divided between Warehouse properties with 389,900 square feet and Flex properties with 318,407 square feet.
Recent activity shows the diversity of businesses locating to or expanding into the Central Texas region – including a healthy mix of both technology firms as well as suppliers and logistics companies. …Read Entire Post
Dallas-based Spire Realty Group recently acquired the multi-building Austin Oaks office complex situated on 38 acres located at MoPac Expressway and Spicewood Springs Rd. Spire also owns Chase Tower, the 21-story downtown office building located at 221 W. Sixth Street.
Spire purchased Austin Oaks from 2011 Austin Oaks Ltd., an affiliate entity of Austin-based Riverside Resources Inc. …Read Entire Post
Expanding their presence in the Austin area, Dallas-based Velocis Fund recently purchased the majority interest in two large office buildings – Arboretum Atrium and Las Cimas. The buildings were purchased from Alabama-based Alfa Insurance Co. Moore & Associates will retain a minority interest.
Arboretum Atrium (91,083 sf), located in the Northwest sector at 9737 Great Hills Trail, is 100 percent leased.
Las Cimas I (82,787 sf), located in the Southwest sector at 804 Las Cimas Blvd., is part of a four-building complex. …Read Entire Post
Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush. Existing-home prices in Dallas and Houston are rising faster than at any time since the oil boom of the 1980s. Homebuilders, caught off guard by the ferocity of buyer demand, are exhausting construction-ready lots as they struggle to recruit workers to complete houses quickly.
The boom shows that the U.S. real estate market’s rebound is extending beyond areas such as Arizona, Florida, California and Nevada, where prices are soaring after being hardest-hit by the crash that started in 2006. Texas, which largely avoided the collapse, is benefiting from employment growth and an expanding population, the more traditional forces of housing demand. …Read Entire Post
Crestview Shopping Center
World Class Capital Group LLC recently acquired the 42,000-square-foot retail center located at 8120 Research Blvd. The property, currently 86 percent occupied, will be repositioned as the Crestview Shopping Center.
World Class plans to start a large renovation to reposition the property as Crestview Crossing. The largest tenant is the iconic Austin comedy venue, Capitol City Comedy Club. Capitol City Comedy Club will remain in the center as a part of the redevelopment. …Read Entire Post
The Summit at La Frontera (87,186 sf), a Class A office building located at 810 Hester’s Crossing Road in Round Rock, recently sold to a California-based private family investment firm. The seller was a partnership of Moore & Associates Inc. in Austin and CenterSquare Investment Management in Plymouth Meeting, Penn. …Read Entire Post
Trader Joe’s recently opened its doors in the specialty grocer’s Austin-area debut, muscling in on the ultra-competitive Central Texas retail market.
The store, located at 2805 Bee Cave Road in Rollingwood, will pack some 4,000 products into a space that is only 11,000 square feet, quite small in comparison to the new breed of big-box chain grocery stores. …Read Entire Post
The Austin-area economy grew at one of the fastest rates in the country last year and, barring an unlikely economic meltdown, should soar past the $100 billion mark for the first time during 2013.
Fueled in part by higher exports and the area’s ongoing job creation and population growth, the local gross domestic product rose to $98.7 billion in 2012, according to preliminary data recently released by the U.S. Bureau of Economic Analysis.
That total, which was not adjusted for inflation, gave Austin the 32nd-largest metro-area economy in the country last year, the bureau said.
If Austin sustains its growth trajectory of the past three years, the local economy would surpass the $100 billion mark this year — and do so with a few billion dollars to spare. …Read Entire Post
Brandywine Realty Trust, a real estate investment, announced today that it has formed a joint venture with DRA Advisors LLC (“DRA”). Brandywine and DRA will each own a 50% interest in the venture that will acquire Brandywine’s wholly-owned office portfolio located in the Southwest submarket including Barton Skyway (786,845 sf), The Park on Barton Creek (205,195 sf), 7000 West at Lantana (136,075 sf) and Cielo Center (270,711 sf). Brandywine will continue to provide property management, leasing, and construction management services.
Brandywine and DRA intend to jointly pursue additional office opportunities in targeted Austin sub-markets and plan to co-invest additional equity in acquisitions that meet certain investment criteria.
The venture will acquire the properties from Brandywine for $330.0 million or $236 per square foot, representing a capitalization rate of approximately 6.7% cash. The transaction and related financings are expected to close early in the fourth quarter.
Click to read Brandywine Realty Trust Announces Austin, Texas Joint Venture with DRA Advisors LLC; Brandywine Contributes Wholly-Owned Office Properties Valued at $330 Million (PRNewswire, 9-16-13)