Here is a roundup of breaking real estate deals and announcements in the area that weren’t included in recent Austin Business Journal coverage.
Professionals of all types mine this weekly list for business intelligence. Job seekers can get a jump on hiring, service providers can find some new customers, and some may find that a new competitor or prospective business partner is opening up shop here soon.
The deal of the week doesn’t appear on the surface to be a blockbuster and it was reported by the brokerage as a rather anonymous transaction: An unidentified buyer purchased a warehouse on about one-half acre at 1500 E. 4th St. where new development is gobbling up blocks of formerly quiet homes and businesses east of downtown. ECR represented the unidentified seller.
Here’s where it gets more interesting: Records at the Travis County Clerk’s office indicate that Lorenzco Inc. sold the property to 4th Street Studio LP on Sept. 5. The paperwork shows that 4th Street Studio is a partnership headed by Brad Nelsen, principal of Nelsen Partners, an architecture firm that has designed many commercial buildings in Austin, particularly at The Domain. A site plan was filed in May 2017 at the city of Austin envisioning a remodel of the existing warehouse, which dates back to the early 1950s, into contemporary professional offices.
As it turns out, Lorenzco Inc. is headed by Perry Lorenz, the Austin developer who is a partner in The Independent — the much anticipated Jenga-styled condo tower going up downtown.
Lorenz has owned the east-side property since at least 1993, based on information at the Travis Central Appraisal District.
No purchase price was disclosed but records at the Travis County Clerk’s office show Benchmark Bank provided a loan for $2,502,528 secured by the property. That is far more the most recent tax value of $568,722.
Here’s a roundup of other transactions:
• Thrive FP, an Austin-based private equity firm, purchased a new assisted living center at 10025 Anderson Mill Road, prompting the firm to launch a new division. The 46-bed memory care center was originally developed as Autumn Leaves Northwest Austin. Thrive is rebranding the property as Pecan Ridge Memory Care. No purchase price was disclosed. The seller was The LaSalle Group Inc. Thrive FP previously purchased three other senior housing projects: in Glen Ellyn, Illinois; Longview, Texas; and Broken Arrow, Oklahoma. The portfolio is valued at about $110 million.
• Future Land US Capital Partners Ltd. purchased about 26,483 square feet of land and improvements at 504 E. Fifth Street, which formerly housed Carmelo’s Restaurant. Tim Mooney and Perry Horton of Lead Commercial represented the sellers, Carmelo and Hilary Mauro. The specific entity that purchased the site is AHC-Seazen ODH LLC with an address for the Allen Harrison Co. in Houston, a multifamily developer. Online records show that Future Land US Capital Partners was formed Nov. 1, 2016 with an address in Irvine, California. It was previously announced that that a high-rise would be built on the site.
• Hill Country Development Corp., an entity with an address in Longview, Texas, purchased about four acres at 12332 RR 620 in Cedar Park for the construction of a 55,000-square-foot sports recreation facility. Jimbo Cotton of McAlister & Associates represented the seller, CWT & C Ltd., and Perry Horton of Lead Commercial represented the buyer.
• RailField Realty Partners of Bethesda, Maryland, purchased of Cedars of San Marcos, a 168-unit apartment complex at 1101 Leah Ave. in San Marcos. The purchase price was not disclosed. RailField will invest $2 million in upgrades.
• Seda France Inc, a home fragrance company, leased 10,750 square feet at 9503 Brown Lane. Ryan Wilson and Matt Fain with ECR represented the landlord, and Ron Meyeres with Capital Leasing represented the tenant.
• CPRT HE LLC, an entity with an address in Baton Rouge, Louisiana, purchased slightly more than three acres at 100 Benelli Drive in Hutto. The seller was BCBP Development LLC, which is located in Pflugerville. Perry Horton of Lead Commercial represented the buyer.
• Headwaters School purchased 805, 807 and 809 Rio Grande St. Dani Tristan of McAllister & Associates represented the seller, and Tim Mooney of Lead Commercial represented the buyer,
• Legacy of Education Inc. leased 13,684 square feet at 1044 Liberty Park Drive. Matt Levin of ECR represented the landlord, and Tim Mooney and Julie Jumonville of Lead Commercial represented the tenant.
• Austin Armature Works purchased a 9,100-square-foot industrial building at 496 Commercial Drive in Buda. Perry Horton of Lead Commercial represented the buyer.
• Duo Security leased 8,464 square feet at 804 Congress Ave. Matt Levin and Jason Steinberg with ECR represented the landlord, and Bre Brown and Jake Ragusa with JLL represented the tenant. This lease brings the building to 100 percent occupancy.
• LaBelle Salon leased 3,868 square feet at The Arboretum at Great Hills, 10000 Research Blvd. Cole Brodhead with Edge Realty Partners represented the landlord, and Juwon Lee with Texas Ally Realtors represented the tenant.
• Z Nails & Spa leased 3,200 square feet at Arbor Park, on the northeast corner of West Parmer Lane and Whitestone Boulevard in Cedar Park. TJ Powell and Carson Hawley of SRS Real Estate Partners represented the landlord, and Lezlie Le Tram of Retail Solutions represented the tenant.
• Little Big Burger leased 2,500 square feet at The Indie, a new micro-unit project under construction at 1620 E. Sixth St. Cole Brodhead and Meredith Sanger with Edge Realty Partners represented the landlord, and Juwon Lee with Texas Ally Realtors represented the tenant.
• Mariner Finance leased 2,040 square feet at Tanglewood Village, 2210 W. Slaughter Lane. Barret Espe of Retail Solutions represented the landlord, and Whit Jordan of CBRE Group Inc. represented the tenant.
• Just Media Inc. leased 1,757 square feet at 1600 Nueces St. Perry Horton and Andres Ventura of Lead Commercial represented the landlord, Horton Investments, and Chrissy Fuller and Jeff Bodenman of Avison Young represented the tenant.
• Tully Rinckey PLLC leased 1,699 square feet at 3724 Executive Center Drive. Peloton Commercial Real Estate represented the landlord, and Carl Condon with Avison Young represented the tenant, which is expanding its legal practice to Austin from headquarters in Albany, New York.
• Showa Chemicals leased 1,690 square feet at 9101 Burnet Road. Jason Steinberg, Rebecca Zigterman and Matt Levin with ECR represented the landlord, and Burke Kennedy and David Gossett with CBRE Group Inc. represented the tenant.
• Z-Bikez leased 1,687 square feet at 2815 Guadalupe St. Troy Martin and Patrick Hill of NAI Partners represented the tenant.
• Pizza Hut leased 1,674 square feet at Shadowview Shopping Center, 12801 Lexington St. in Manor. Kevin Murphy of Retail Solutions represented the landlord, and Darren Quick of Don Quick and Associates Inc. represented the tenant.
• Organic Spa leased 1,502 square feet at The Arboretum at Great Hills, 10000 Research Blvd. Cole Brodhead with Edge Realty Partners represented the landlord, and Herman Tjahja with Astono Real Estate Partners represented the tenant.
• Sellers Shield leased 1,445 square feet at Westway Office Park, 925 S. Capital of Texas Highway. Rebecca Zigterman and Patrick Ley with ECR represented the landlord.
• Liberty Tax leased 1,050 square feet at Pfluger Crossing, 1548 Pfennig Lane in Pflugerville. Carson Hawley of SRS Real Estate Partners represented the landlord, and Barret Espe of Retail Solutions represented the tenant.
• Partner Engineering leased 1,013 square feet at Centennial Towers, 505 E. Huntland Dr. Jason Steinberg and Matt Levin with ECR represented the landlord.
Read about other recent deals, including a new craft beer joint — with kolaches — on Manor Road.
Submit recent deals in Austin real estate to Jan Buchholz, [email protected].