BY THE NUMBERS

FORT SMITH, AR—The average asking rental rate per square foot per year for office properties as of midyear was $10.67. This represents a decrease of 1.6% compared to the prior three months, with a decrease of 0.7% year-over-year. Countywide average rental rates are 1.5% lower at $10.65 per square foot per year for office properties currently for lease, according to LoopNet.

FARMINGTON, NM—The average asking rental rate per square foot per year for retail properties as of midyear was $16.51. Rental rates remained unchanged compared to the prior three months, with no change year-over-year. Countywide average rental rates are unchanged at $16.54 per square foot per year for retail properties currently for lease, according to LoopNet.

NEWS AND NOTABLES

DALLAS—Hermes Law, committed to legal representation for clients and cases impacting the insurance and risk industry, recently added to its team of attorneys with the hiring of Brian Bradigan and Jennifer Cheek.

DALLAS—Falcon Realty Advisors, a national commercial real estate company that works with retail, restaurant and entertainment tenants, has hired Sean Crowley to expand the firm's medical retail footprint.

DEAL TRACKER

VAIL, CO—CBRE Hotels arranged the sale of the 134-room Four Seasons Resort and Residences for $121 million. Prominently located at 1 Vail Road, the Four Seasons Resort and Residences is the leading lodging product in the center of one of North America's most celebrated ski destinations. The resort offers guests a world-class ski experience through slope-side ski-valet facilities located adjacent to Gondola One in the epicenter of Vail Village. Bernard Van der Lande of CBRE Capital Advisors, along with Mark Darrington and Larry Kaplan of CBRE Hotels, represented the seller, Barclays, in the transaction.

FORT WORTH—Greysteel arranged permanent financing for the refinance of El Rancho Escondido, a multifamily property, on behalf of a local investor. The 10-year, non-recourse loan, provided by an agency lender, features a fixed-rate and two years of interest-only payments. This transaction was negotiated by Greysteel senior director, Anton Mattli, and finance associates, John Marshall Doss and Zach Ghormley, who are all based in the company's Dallas and Fort Worth offices. El Rancho Escondido, built in 1967, totals 152 units and is located at 2840 Las Vegas Trail.

HOUSTON—On behalf of The PPA Group LLC, JLL's Capital Markets secured $9.8 million in acquisition financing for Cypress Ridge Apartments, a 252-unit complex. JLL secured an interest rate of 4.05% on the seven-year loan through its Fannie Mae DUS lending program. Executive vice president Mark Brandenburg and vice president CW Sheehan led the JLL team on the transaction.

HOUSTON—NAI Partners represented Metal Works Properties LP in the disposition of a 57,360-square-foot crane-served manufacturing facility on 8.01 acres located at 850 Telephone Rd. Chris Caudill of NAI Partners represented the seller, Metal Works Properties LP in the negotiations, while Barrett Gibson and Jeff Peltier with Colliers International represented the buyer, Durco Ltd.

SAN ANTONIO, TX—NAI Partners represented Silotech Inc. in leasing 9,358 square feet of office space located at Ridgewood Plaza, 19026 Ridgewood Pkwy. Silotech delivers customized technical solutions with innovative expertise in the areas of advance cyber solution, enterprise IT and professional services in order to help organizations accomplish individual corporate missions. Clare Flesher with NAI Partners represented the tenant, Silotech Group Inc. in the lease negotiations, while Shawn P. Gulley with R.L. Worth & Associates Ltd. represented the landlord, Ridgewood Plaza Ltd.

ROSENBERG, TX—McAlister Real Estate represented and closed the sale of a 10-acre land tract in Southwest Houston. The property is located at the northeast corner of FM 2218 and Town Center Boulevard, adjacent to GreatTown Plaza, and was sold to Gamal Enterprises for $1.45 million. Gamal plans to use the land for retail development.

BUILDING BLOCKS

PLANO, TX—Starwood Retail Partners has announced the addition of Plano Children's Theatre to The Shops at Willow Bend, a $100 million renovation and expansion of the center, which will recreate the luxury mall into a multi-use property and a complete commercial core for North Dallas. Scheduled to open in the spring of 2017, North Texas Performing Arts and its Plano Children's Theatre will include four performance spaces, six rehearsal spaces, a set build and costume shop, occupying approximately 22,000 square feet on the upper level near Dillard's. While the NTPA currently has offerings in Plano, McKinney and Frisco, TX, the mall facility will become its new headquarters.

OKLAHOMA CITY—Named one of Global Awards for Excellence by ULI, the Devon Energy Center is a corporate headquarters highlighted by a 50-story skyscraper that creates a focal point for the company and for Oklahoma City by integrating civic-scaled spaces as a vital component of its overall development. The project consolidates Devon's Oklahoma City–based workforce into a 1.8 million-square-foot state-of-the-art facility while also welcoming and engaging the community.

BY THE NUMBERS

NEWS AND NOTABLES

DEAL TRACKER

BUILDING BLOCKS

Instant Insights /

Middle Market Digest: This Week in the South and Mountain Regions

Related Stories

Recommended For You