Texas Real Estate Business

OCT 2017

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

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18 • October 2017 • Texas Real Estate Business www.REBusinessOnline.com A U S T I N & C E N T R A L T E X A S IPA NEGOTIATES SALE OF 288-UNIT APARTMENT COMPLEX IN GEORGETOWN GEORGETOWN, TEXAS — Insti- tutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at Georgetown, a 288-unit multifamily complex located near Interstate 35 and State Highway 130 in Georgetown, about 25 miles north of Austin. The property is situated within the 284- acre Longhorn Junction development. Will Balthrope and Jordan Featherston of IPA represented the seller, Housing Development, and procured the buy- er, Pensam Residential. GATE PRECAST TO DEVELOP 45,000 SF MANUFACTURING PLANT IN HILLSBORO, TEXAS HILLSBORO, TEXAS — Gate Pre- cast Co., a Florida-based producer of architectural concrete, will add a 45,000-square-foot manufacturing plant to its existing facility in Hills- boro, approximately midway between Fort Worth and Waco. The addition of the new property, which will be situ- ated on 25 acres near Spur 579 and Industrial Loop, is expected to create 40 new jobs. Construction is slated to begin in January. PERARDI DEVELOPMENT TO BUILD 42,000 SF MEDICAL OFFICE ASSET BEE CAVE, TEXAS — Perardi Devel- opment will build Medical Towers at Bee Cave II, a 42,000-square-foot med- ical office property located at the cor- ner of RM 620 and State Highway 71 in the Austin metro of Bee Cave. Sched- uled to break ground later this month, the project follows the completion and preleasing of the 23,000-square-foot Medical Towers at Bee Cave. This sec- ond phase of the project could be com- pleted as early as mid-December 2018. LOCAL RESIDENT TO DEVELOP CLASS A OFFICE PROPERTY AUSTIN, TEXAS — Austin resident Michael Ayer will develop Davenport 360, a 33,911-square-foot, Class A of- fice property that will be located at 6001 Bold Ruler Way in Austin. The property will be situated near local retail and restaurant options and of- fer employees a three-level parking garage. The developer plans to break ground as soon as the property is 50 percent pre-leased, according to the Austin Business Journal. NEWQUEST PROPERTIES SELLS TWO ADJACENT TRACTS IN PFLUGERVILLE FOR FUTURE HOTELS PFLUGERVILLE, TEXAS — New- Quest Properties has sold two adja- cent land tracts at its Stone Hill Town Center development in Pflugerville to two different hospitality franchisees. The undisclosed buyers plan to devel- op an 86-room Holiday Inn Express and a Tru by Hilton hotel. Construc- tion is slated to begin in early 2018. Josh Friedlander and Rebecca Le of NewQuest represented the seller in- ternally. Situated on 196 acres roughly 12 miles north of Austin at 500 Lime- stone Commercial Drive, Stone Hill Town Center comprises 1 million square feet of retail space and the 400- unit Mansions at Stone Hill apartment community. TITAN DEVELOPERS ACQUIRES 25,000 SF FLEX PROPERTY CEDAR PARK, TEXAS — Titan Devel- opers has acquired a 25,000-square- foot office/industrial property within Scottsdale Crossing Phase III, located at 1505 Volta Drive in the Austin met- ro of Cedar Park. Matt Levin of Equi- table Commercial Realty (ECR) rep- resented Titan in the transaction. The seller, TIG, was represented internally by Tom Pardee. RETAIL SOLUTIONS SECURES 49,246 SF RETAIL LEASE WITH ENTERPRISE AUSTIN, TEXAS — Retail Solutions has secured a retail lease in Austin on behalf of Enterprise Rent A Car. Enterprise will occupy 49,246 square feet on a pad site located at 5350 State Highway 290. Barret Espe of Retail Solutions represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed. www.corfac.com 224.257.4400 Locally Owned. Globally Connected. 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Chart your course with CORFAC International, a commercial real estate network managed by independent, like- minded principals and agents worldwide. Navigating the commercial property markets as an investor, developer or tenant seeking office, industrial and retail assets has never been easier. Experience the client-centric service that local experts deliver every day for businesses like yours. Contact a CORFAC firm in your market today.

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