BY THE NUMBERS

JONESBORO, AR—The average asking rental rate per square foot per year for office properties as of midyear was $14.82. This represents an increase of 15.1% compared to the prior three months, with an increase of 8.7% year-over-year. Countywide average rental rates in Jonesboro are 15.8% higher at $14.73 per square foot per year for office properties currently for lease, according to LoopNet.

LAS CRUCES, NM—The average asking rental rate per square foot per year for retail properties as of midyear was $15.29. This represents an increase of 0.3% compared to the prior three months, with a decrease of 3.8% year-over-year. Countywide average rental rates in Las Cruces are 0.5% higher at $14.94 per square foot per year for retail properties currently for lease, according to LoopNet.

NEWS AND NOTABLES

DALLAS—Arbor Realty Trust Inc., a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has announced the appointment of Stuart Gans as FHA originator in Arbor's Dallas office. Gans is responsible for originating multifamily, healthcare and hospital loans nationwide utilizing Arbor's FHA loan program. He will report directly to Jeffrey Allshouse, Arbor's senior vice president, FHA sales.

FRISCO, TX—HALL Group has announced that Cynthia Cowen is joining the company's leasing team as a leasing manager at HALL Park, the 17-building, 2.5 million-square-foot office campus.

DEAL TRACKER

COLORADO SPRINGS, CO—Grand River Canyon has sold in the most valuable multi-housing trade in Colorado Springs history and the third largest trade of any asset class in the metropolitan area since 2001. Grand River Canyon sold for an undisclosed price. ARA Newmark's executive managing director Kevin McKenna, vice chairmen Doug Andrews and Jeff Hawks, and director Saul Levy represented Griffis Residential in the sale to Courtland Partners, an Atlanta-based company and first-time multi-housing buyer in Colorado Springs. Grand River Canyon was 98% occupied at the time of sale.

DENVER—Prescient, a fully integrated and patented design, engineering, manufacturing and installation solution for the construction industry, announced an ongoing partnership with Trammell Crow Residential and the completion of two innovative apartment projects. Alexan Uptown is Prescient's tallest structure to date.

ARVADA, CO—Hanley Investment Group Real Estate Advisors represented the buyer and seller in the sale of an 83,278-square-foot shopping center, shadow-anchored by a Walmart Neighborhood Market in the Denver metro area. The shopping center, Arvada West Town Center, is located on 14.65 acres at 14455-14715 West 64th Ave. The sale price could not be disclosed. Hanley Investment Group senior vice president Kevin Fryman and President Edward Hanley represented the buyer, Starboard Realty Advisors LLC of Irvine, CA, and the seller, Arvada West 04 LLC, a Colorado limited liability company.

DENVER—Ivanhoé Cambridge and Callahan Capital Properties announced a 40,000-square-foot lease by Liberty Oilfield Services at US Bank Tower, 950 17th St. The privately held pressure pumping services company is expanding its offices within the class-A 531,000-square-foot office complex located in the heart of downtown. Liberty, which currently occupies 20,000 square feet of space, will be expanding its presence to two full floors at the 26-story office tower. Kevin Foley and Andy Willson of JLL currently lead the leasing efforts at the building and represented the ownership in the lease negotiations.

DENVER—Holliday Fenoglio Fowler LP has arranged a $13 million refinancing for the Denver Dry Goods Building, an 84,495-square-foot fully leased retail and office building designated as a historic landmark in downtown. HFF worked on behalf of the borrower, Jonathan Rose Companies, to secure the 10-year, fixed-rate loan with Unum Life Insurance Company of America. HFF will service the loan, with proceeds of which being used to refinance an existing loan.

HELOTES, TX—Rockspring Capital, a privately owned real estate investment firm headquartered in Houston, announced the sale of the 1590-acre Ranches of San Geronimo (24 miles northwest of San Antonio) located off Highway 16 and Park Road 37.

BUILDING BLOCKS

WILMER, TX—Chad D. Michel, principal of Alliance Architects Inc. is working with Skyhawk Partners on its latest development of a 349,963-square-foot distribution facility. Located on a 24-acre site within Sunridge Business Park, the facility will feature 32-foot clear heights, and is slated for completion in July 2017. The project is located directly adjacent to Union Pacific's Dallas Intermodal Terminal, providing direct access to shipping container distribution and connectivity to national interstate freeway systems.

EL RENO, OK—Gardner Capital Development has been awarded a $4.7 million reservation of affordable housing tax credits from the Oklahoma Housing Finance Agency to develop 46 one- and two-bedroom, energy-efficient, duplex, villa-style apartment units for seniors. This $6 million project will be known as Ridgeview Heights. An apartment complex to the west, a neighborhood of attractive single-family homes to the east, and a mix of retail shops and restaurants to the south and west border the 12.5-acre site, located near downtown El Reno.

NEW ORLEANS—Louisiana was ranked number one in the Associated Builders and Contractors' latest ranking of states with the best business environment for construction contractors. “Building America: The Merit Shop Scorecard” shows Louisiana moved up one place from last year's rankings to take the top spot.

BY THE NUMBERS

NEWS AND NOTABLES

FRISCO, TX—HALL Group has announced that Cynthia Cowen is joining the company's leasing team as a leasing manager at HALL Park, the 17-building, 2.5 million-square-foot office campus.

DEAL TRACKER

BUILDING BLOCKS

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