Henry S. Miller Commercial's Mike Killebrew, manager of the Austin office, and Robert Stone, director of seniors housing and multifamily in Dallas, have brokered the deal on behalf of seller, ARV Assisted Living of Costa Mesa, CA. The California owner had bought the acreage in 1995, but has since opted to divest its Texas holdings and focus on its home state, Stone has told GlobeSt.com.
Early last year, Stone had sold another ARV holding in Plano and one in Houston. There are two more in Houston to hawk before the disposition is complete. A six-acre west Houston site is under contract while he's still marketing a 10-acre parcel in Webster near the NASA Space Center. "They had some great locations," Stone told GlobeSt.com, "but they just decided to focus on California."
The Arboretum corridor in northwest Austin is a mix of upscale retail, restaurants, multifamily and single-family residential, where office space is fetching upward of $35 per sf. "It's a beautiful site," Killebrew says of the Kucera Co. buy. And, he says, "it's the last piece" in an area that has not seen a land sale in quite some time.
Killebrew says he immediately had approached Kucera to open talks for the site because it develops such premier properties. Zoned for office, the site does have topography limitations and a residentially zoned section that could result in a fair portion being dedicated to open space, says Killebrew.
The high-profile deal had closed within a week of another major deal for Henry S. Miller Commercial's Austin team. Broker Richard Skinner had assisted Holliday Fenoglio Fowler LP's Dallas Office in an approximate $9-million buy of the 106,946-sf Stassney Heights Center on behalf of GE Capital, confirms GE Capital's Pete Palmer in Dallas. Trammell Crow had sold the center as it geared up to start work on the retail project's final and largest segment.
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