“We are leaving 2016 on a record high, with industrial real estate demand reaching new heights, with leasing in excess of 250 million square feet,” said Craig Meyer, president of JLL's Industrial group. In fact, low interest rates, healthy consumer spending and strong e-commerce are forming perfect conditions for industrial and logistics real estate growth in 2017, says JLL. Potential investment in infrastructure and continued company expansion are also expected to fuel demand for warehouses and distribution centers despite global economic uncertainty.

In particular, this speaks to the infrastructure revival, which is something president-elect Trump has mentioned as part of his most urgent to-do list. To be sure, the urbanization of US cities cannot continue with functionally obsolete roads, bridges and other infrastructure. As upgrades are planned, raw materials will be needed and warehouses to store them. Investing in the Rust Belt's infrastructure would mean reviving dozens of Mississippi waterway terminals that served a dated American manufacturing-based economy. Already zoned for industrial use, these ports are being repurposed to transport materials needed to build infrastructure for new industries driving the US economy, says JLL.—Lisa Brown

BY THE NUMBERS

MONROE, LA—The average asking rental rate per square foot per year for office properties as of midyear was $11.02. Rental rates remained unchanged compared to the prior three months, with no change year-over-year. Countywide average rental rates in Monroe are unchanged at $11.93 per square foot per year for office properties currently for lease, according to LoopNet.

TULSA—Current market trends data indicates no change in the median asking price per unit for multifamily properties compared to the prior three months, with no change compared to last year's prices. Countywide asking prices for multifamily properties are similar to the current median asking price at $43,125 per unit, according to LoopNet.

NEWS AND NOTABLES

DALLAS—Westmount Realty Capital LLC named seasoned engineer, Michael Rochester, for the newly created position of senior director–engineering and construction. In this new role, Rochester will be focused on the company's asset approach as it relates to both acquisitions and management.

DALLAS—JLL has acquired the Dallas affiliate of Integra Realty Resources, a leading network of independent US commercial real estate valuation, counseling and advisory firms. This acquisition bolsters JLL's Valuation & Advisory Services in the United States, building upon the foundation JLL established with the addition of the Houston affiliate of IRR in October.

DEAL TRACKER

AUSTIN, TX—Two deals were recently signed at Braker Pointe I: Sharp Electronics renewed its 2,486-square foot lease and was represented by NAI Partners and Cyren relocated and expanded into a total of 9,128 square feet and was represented by Austin Office Space.

BROOMFIELD, CO—HFF closed the sale of and arranged $17.397 million in financing for 370 Interlocken, a 150,656-square-foot, class-A office asset in this northwest Denver suburb. HFF marketed the property on behalf of the seller, SteelWave. Additionally, HFF worked on behalf of the buyer, Rialto Capital Management, to secure the 42-month, floating-rate acquisition loan with a local Denver bank.

DENVER—Refinancing was secured by HFF for INDUSTRY, a creative office development in the RiNo submarket. The circa 1939 former producer depot features creative office space blended with communal amenities, including shared conference and breakout rooms, kitchens, a central amphitheater and a collaborative café, in addition to three restaurants on site.

DENVER—HFF secured $28.825 million in acquisition financing for a 17-building industrial warehouse portfolio totaling 856,013 rentable square feet. HFF worked on behalf of the borrower, a large public retirement fund that is advised by Stockbridge Capital Group, to place the 12-year fixed-rate loan with Hartford Investment Management Company, HIMCO.

HOUSTON—NAI Partners represented Sanford Kuhl Hagan Kugle Parker Kahn LLP in leasing 7,454 square feet of office space located at 1980 Post Oak Blvd. Chris Kugle of NAI Partners represented the tenant, Sanford Kuhl Hagan Kugle Parker Kahn LLP, while Bubba Harkins, formerly of Cousins Properties, represented the landlord, Cousins POC I LLC.

LUBBOCK,TX—Marcus & Millichap announced the sale of Dunkin' Donuts and Baskin-Robbins, a 2,807-square-foot, net-leased property located at 7901 University Ave. Michael Buckner and Richard A. Mireles, investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The 1031 exchange buyer, an individual/personal trust, was secured and represented by Bruce Bentley III and Douglas Diffie, investment specialists in Marcus & Millichap's Austin office.

BUILDING BLOCKS

SAN ANTONIO, TX—E3 Consulting served as the independent engineer for the Vista Ridge Regional Supply Project, a 142-mile water pipeline that will expand the water supply by 20% for the fast-growing city of San Antonio. The project is one of the largest-scale public-private partnerships in the water sector. Missouri-based Garney Holding Company, through its subsidiaries, led the project development team and will complete the design and construction of the project.

FAYETTEVILLE, AR—More than 6 acres of land in uptown Fayetteville sold for a little more than $1 million and will be the site of a 28,000-square-foot trampoline park.

ALBUQUERQUE—Albuquerque-based Titan Development is partnering with the Maestas Development Group to build a multifamily project that would also include a hotel and retail space on 2.2 acres near Presbyterian Hospital. It will feature a combination of market rate studio, one, and two-bedroom units.

BY THE NUMBERS

NEWS AND NOTABLES

DEAL TRACKER

BUILDING BLOCKS

FAYETTEVILLE, AR—More than 6 acres of land in uptown Fayetteville sold for a little more than $1 million and will be the site of a 28,000-square-foot trampoline park.

Instant Insights /

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