Acquisition of 8,500 sf commercial office building and surface parking lot complements extensive capital program to complete transformation of 67,000 square foot mixed-use office and retail campus
LOS ANGELES–(BUSINESS WIRE)–Arc Capital Partners (Arc) announced today that it has rebranded 2400 E Cesar Chavez to “Holly Commons,” a 67,000 square foot commercial property located in the highly sought-after Holly neighborhood of East Austin. The rebranding follows the acquisition and integration of an adjacent 8,500 commercial office building and surface parking lot and an extensive capital program targeting the property’s interiors, common areas, parking lot, and exterior street presence along E Cesar Chavez Street. Information about Holly Commons can be found at www.HollyCommonsATX.com.
Since the acquisition of the initial parcels in December 2019, Arc, in partnership with Belay Investment Group, has made multiple investments to upgrade the property and maintain the strong tenant base. The investments are aligned with renovation programs Arc has undertaken to improve properties in its portfolio that target urban mixed-use neighborhoods. Holly Commons’ 1,000 – 4,000 square foot suites are especially popular among young professionals seeking unique, open-air office space with direct suite access, and immediate access to onsite retailers including Juniper, Blue Owl Brewing, and Shed Barber. Holly Commons is also just a short bike, drive, or rideshare from Downtown Austin and several major transit routes.
“We have been investing in Austin, TX for the past 20 years and we take great pride in finding historically overlooked and mis-perceived neighborhoods such as East Austin,” said Neville Rhone Jr., Co-Founder and Managing Partner of Arc. “The repositioning of Holly Commons validates our strategy of supporting urban mixed-use neighborhoods while delivering an enhanced experience for our tenants and their guests.”
“Holly Commons is a one-of-a-kind mixed-use environment that provides creative office and walkable amenities for a multicultural cross-section of young people,” said Quincy Allen, Co-Founder and Managing Partner of Arc. “Our property upgrades resulted in incredible tenant retention despite initial pandemic-related setbacks, and we have only seen this momentum accelerate since.”
“Arc and Belay pursued this investment opportunity in response to the ‘path of growth story’ we saw developing in the East Austin area,” said Jake Loughridge, Senior Vice President of Investment at Belay Investment Group. “With the recent completion of the capital improvement plan and repositioning of Holly Commons, the property is well positioned to capture the robust office and retail demand from tenants seeking to locate in this specific neighborhood.”
Leasing for Holly Commons is represented by Doug Rauls and Will Nelson of Colliers.
About Arc Capital Partners
Arc Capital Partners (Arc) is a minority-owned, real estate owner-investor dedicated to redefining urban mixed-use environments. In partnership with large institutional investors, Arc is currently pursuing over $1 billion of urban real estate located primarily in California and Texas. Through the lens of diversity and inclusion, Arc targets middle-market investments ($40 million to $100 million) that typically exhibit value-add and opportunistic business plans. For more information, please see www.arccapitalpartners.com
About Belay Investment Group, LLC
Belay Investment Group, LLC is a majority woman-owned Los Angeles-based investment management firm that pursues debt and equity investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators and emerging managers (including MWBE firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information.
Contacts
Matt Pressberg, Vectis Strategies
mpressberg@vectisstrategies.com
