Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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www.REBusinessOnline.com Texas Real Estate Business • May 2016 • 27 A U S T I N & C E N T R A L DISNEY INVESTMENT GROUP ARRANGES SALE OF RETAIL POWER CENTER BEE CAVE, TEXAS — Disney In- vestment Group (DIG) has arranged the sale of Shops at the Galleria, a 537,685-square-foot retail center locat- ed in the Austin suburb of Bee Cave. The center was 99 percent leased at the time of sale to tenants includ- ing Lowe's Home Improvement, Best Buy, Marshall's, HomeGoods, Cost Plus World Market, Michaels, PetSmart, Ofce Max, Old Navy and Ulta Beauty. DIG represented the buy- er, Chicago-based InvenTrust Proper- ties Corp., and CBRE represented the seller, Christopher Commercial Inc., in the transaction. CIELO PROPERTY GROUP BUYS DOWNTOWN AUSTIN OFFICE BUILDING AUSTIN, TEXAS — Cielo Property Group has purchased a fve-story ofce building located at 900 Con- gress Ave. in downtown Austin. The 64,000-square-foot building includes nine levels of of-site accessory park- ing at 816 Colorado St. Cielo pur- chased a 15-story ofce tower located across the street at 823 Congress Ave. in 2014. The company plans to up- grade the Art Deco-style building with a renovation of the lobby and elevators, as well as improvements to its streetscape and canopy. This is the sixth downtown Austin property that Cielo has acquired since it was found- ed in 2010. The company also owns three historic mixed-use buildings at 315, 319 and 323 Congress Ave., as well as 601 W. Third St., where it plans to break ground on a 29-story ofce tower called Third + Shoal later this year. HISTORIC HOME WILL BE MOVED TO MAKE ROOM FOR STUDENT HOUSING AUSTIN, TEXAS — The Austin City Council has voted in favor of remov- ing a restrictive covenant on the his- toric Dabney-Horne home on the Uni- versity of Texas West Campus. The property will be moved one-half mile from its current location at 507 W. 23rd St. to make room for a new student housing development. The proposed 175-foot project will provide 670 beds for students, of which 10 percent will be ofered as afordable housing at 60 percent area median family income. Austin City Realty founder David Kanne owns the Dabney-Horne house, which was zoned historic in 1992, and uses it as his company's headquarters. The home will be relocated to nearby 901 Shoal Clif Court. Kanne plans to sell the site on 23rd Street to Johnson Trube & Associates, an Austin-based developer that plans to build the stu- dent housing property. AMERICAN REALTY ADVISORS SELLS TWO MULTIFAMILY PROPERTIES AUSTIN, TEXAS — American Realty Advisors has sold two Class A mul- tifamily apartment communities in Austin. The two properties, known as ALARA Cantebrea Crossing and ALARA Canyon Creek, feature a total of 732 units and were packaged as a single portfolio. Both properties are low-density residential communities located along FM 620 North in Aus- tin's Northwest submarket. American acquired ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007. At the time of sale, both proper- ties were the only multifamily luxury rental complexes within a two-mile radius. The portfolio was 95 percent occupied at the time of sale. CBRE represented the seller in the transac- tion. ALARA Canyon Creek is a Class A multifamily apartment community in Austin. American Realty Advisors sold the property along with ALARA Cantebrea Crossing. Stay Connected To subscribe free, visit www.francemediainc.com/newsletters For advertising information, contact Scott France - 404-832-8262 - scott@francemediainc.com TEN-X LAUNCHES ONLINE COMMERCIAL REAL ESTATE PLATFORM AT SOUTH BY SOUTHWEST INTERACTIVE FESTIVAL AUSTIN, TEXAS — Ten-X, formerly Auction.com, has launched its new trans- action platform, Ten-X Commercial, at the South by Southwest Interactive Fes- tival in Austin. The platform was developed specifcally for buyers, sellers and real estate brokers to buy and sell commercial real estate online. Ten-X Commer- cial ofers three transaction options: Live Bid, Ten-X's signature online auction format; Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event; and Ofer Select, Ten-X's non-auction of- fering, which brings the more traditional real estate transaction process online. Ten-X has partnered with a group of sellers to ofer the frst properties avail- able for sale on the new platform beginning today. The Ofer Select platform allows sellers to set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies; privately communi- cate with buyers to ofer guidance to improve their ofers; create shortlists and request best and fnal ofers; and easily view and compare ofers on a "Seller Dashboard." Ofer Select provides buyers with search and fltering capabilities; the ability to submit ofers that include fnancing and due diligence contingen- cies online; a "Buyer Dashboard" to easily track ofers on multiple properties; and paperless, online contracting for a streamlined transaction.

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