Newland Communities Behind New Williamson County Subdivision
(RECON, 7/16/13) – Newland Communities is developing a master-planned subdivision in Williamson County. The project will include more than 1,450 homes.
The developer purchased 500 acres for the project, which will be near Ronald Reagan Blvd. and SH 29. The site has 158 lots, 100 of which already have homes built on them.
Located within the Liberty Hill Independent School District, the subdivision will have 167 acres for recreational amenities, parks and open space.
Newland, which partnered with North America Sekisui House of Japan to purchase the land from Rancho Sienna KC LP of Kansas, has built 25,854 single-family homes in Texas in the past 20 years. The company's other communities include the 1,550-acre Teravista subdivision in Round Rock and the 700-acre Falcon Pointe in Pflugerville.
TriGate Buys Northview
(RECON, 7/12/13) – Dallas-based TriGate Capital LLC has purchased the Northview Business Center from a northeastern-based company.
Located at 9001 North I-35, Northview is a single-story 262,067-sf property. It is 70 percent occupied.
The seller, Maine-based Unum Life Insurance Co. of America, was represented by Transwestern. Purchase price was not disclosed.
GM-Leased Parmer Building Purchased
(RECON, 7/12/13) – The Class-A office property at 717 Parmer has been purchased by a Virginia-based REIT.
Gladstone Commercial Corporation bought the 320,000-sf building, which is fully leased to General Motors. GM uses the building as its IT Innovation Center.
Located across from the new master-planned Parmer business park, the four-story property was built by Dell in 2000. It has recently undergone "extensive" interior improvements, according to a news release put out by CBRE, which represented the seller, Karlin Real Estate.
Landry Place, Vista Lago Sold
(RECON, 7/9/13) – Two area apartment complexes totaling almost 390 units have been sold in separate transactions.
The largest was the 284-unit Landry Place Apartments, which is on just over 12 acres off Riverside Dr. at 2239 Cromwell Circle.
The seller was Virtu-Landry Place Associates LP, based out of California. The 26-year-old complex was purchased by Hawthorne Residential Partners. The Houston office of HFF arranged financing.
Also sold was the 102-unit Vista Lago Apartments near Lady Bird Lake. The buyer, a local partnership, plans to renovate and reopen the property.
The Cornerbrook Companies of Houston sold Vista Lago. Financing was provided by IBC Bank. Roscoe Properties will manage the complex.
Muskin Commercial LLC represented the sellers in both transactions.
Office Space Streaming Into Northwest Austin
(RECON, 7/9/13) – Stream Realty Partners LP is developing a large office project in northwest Austin.
The 324,500-sf, three-building Paloma Ridge will be near SH 45 and Parmer Ln.
Locally based Sixthriver Architects is the designer.
Northcross Shopping Center Purchased
(RECON, 7/9/13) – Phillips Edison ARC Shopping Center REIT Inc. has purchased a shopping center anchored by Walmart.
The 280,243-sf Northcross at 2525 West Anderson Lane was one of four centers sold for a total of $117 million. The other properties are in New Mexico, Georgia and Wisconsin.
In addition to a 98,800-sf Walmart, Northcross has a Walgreens, GameStop, GNC, Guitar Center, Great Clips and Weight Watchers.
Domain Expanding Via Endeavor
(RECON, 7/9/13) – Endeavor Real Estate Group will be expanding The Domain development with two new office buildings.
The five-story, 140,000-sf Domain 2 building will have ground-floor retail space. Austin-based HomeAway will occupy 115,000 sf of office space beginning in September 2014.
The second building will be the six-story, 222,000-sf Domain 7. Endeavor will break ground this fall. The project will be finished in late 2014.
Endeavor, California-based Shorenstein Properties LLC and Deutsche Asset & Wealth Management are developing the properties for about $45 million.
UT Developing Dell Medical School Facilities
(RECON, 7/5/13) – The University of Texas is hard at work developing three buildings for its Dell Medical School, which will be part of the UT Austin Medical District.
Locally based Page Southerland Page LLP and ZGF Architects of Los Angeles will design two of the buildings: a 241,000-sf research building and a 200,000-sf medical office building
Meanwhile, the university is still seeking an architect for the third building, a 75,000-sf education and administration building, which school officials say will be the "centerpiece" of the medical district.
The education and administration building is budgeted at $51.5 million. Construction is slated to begin next summer and be finished by the end of May 2016.
The medical district will be east of Trinity St. and south of MLK Jr. Blvd.
Presidium buys Canyon Oaks
(RECON, 7/2/13) – Canyon Oaks has been purchased by locally based Presidium Group.
The 562-unit community is at 1601 Royal Crest Dr.
S2S Canyon Oaks Associates LP was the seller. Hendricks-Berkadia negotiated the transaction.
Southeast Austin Parks Planned
(RECON, 7/2/13) – The city purchased approximately 67 acres at the intersection of Ed Bluestein Blvd. and Bohm Rd.
The property, acquired from Capitol Aggregates of San Antonio, will be developed into athletic fields and playgrounds.
Broadstone's Running Start
(RECON, 6/28/13) – The planned 207-unit Broadstone at the Lake project begins with the demolition of what currently stands on the property — the RunTex store.
Demolition should be finished on the West Riverside Dr. and South First St. location within a few days.
The six-story, $35 million apartment complex is slated to be completed by April 2015.
The developer is Arizona-based Alliance Residential Co.