The homeownership rate fell for a 12th consecutive year in 2016, resting at 63.7% in December and declining 550 basis points from its peak. Among those under age 35, the prime renter cohort, the rate fell to 34.5%, down from a high of 43.1% in 2004. Young households' increased propensity to rent is fueling apartment demand, and the absorption of 294,100 units in 2016 was the fourth highest year on record, according to Marcus & Millichap. Young households are also using online retailers to buy groceries and other necessities, which is impacting the brick-and-mortar sector in a negative manner.—Lisa Brown

NEWS AND NOTABLES

HOUSTON—Marcus & Millichap adds two new industrial investment sales team members to its Houston office. Joining the firm are Stephen Hazen and Kent Willis who will be responsible for leveraging the firm's office and industrial presence in the Houston metropolitan area and throughout southeast Texas.

DEAL TRACKER

DENVER—BSI, a food service equipment provider, has just signed a 117,000-square-foot lease at the newly completed Hub 25 industrial development located off of Interstate 25 at 64th Ave. Hub 25 was built at the site of the former Mapleton High School. It's a 421,500-square-foot class-A development by Westfield Company that delivered in Q4 2016.

DALLAS—Forced Performance Inc. signed a 14,795-square-foot lease at 229 S. Henry Hynds Expressway in Van Alstyne from Clint Murphy of Armortek. The company, a performance automotive aftermarket turbocharger supplier, is relocating its headquarters from McKinney. Younger Partners' John St. Clair represented the tenant. Younger Partners' Jeremy Lillard and Tom Grunnah represented the landlord. With this lease, the multi-tenant property is now 80% leased.

AUSTIN, TX—Lindsey Wittenhagen leased 214 RSF at 610 Brazos. The landlord was represented by Jason Steinberg with ECR.

AUSTIN, TX—The LauckGroup leased 3,675 rentable square feet at the Littlefield Building, located at 601 Congress. The landlord was represented by Matt Levin and Jason Steinberg with ECR and the tenant was represented by Russell Young and Kelly Woodruff with CBRE.

AUSTIN, TX—PrimeLending has renewed its lease for 2,903 square feet at Hartland Plaza. AQUILA Commercial represented both the tenant and the landlord in the transaction.

AUSTIN, TX—Spanish Village Apartments, a 13-unit apartment property located at 2210 Enfield Rd., has sold. Josh Kantor and Mike Moffitt Jr., investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Built in two phases in 1940 and 1960, Spanish Village Apartments has floorplans of 12 two-bedrooms and a single one bedroom. Located in central Austin in the Tarrytown neighborhood, Spanish Village Apartments offers residents access to downtown, the University of Texas and Loop 1, one of Austin's largest thoroughfares.

AUSTIN, TX—Greater Austin Psychiatry and Wellness signed a lease for 2,000 square feet at Oak Hill Office Park. AQUILA Commercial represented the tenant and Rother Company represented the landlord.

AUSTIN, TX—Macdonald Resnevic signed a lease for 703 square feet at Harland Plaza. Cityscape Property Group represented the tenant and AQUILA Commercial represented the landlord.

COPPELL, TX—Savills Studley announced the completion of a new 35,946-square-foot lease on behalf of Smokey Mountain Chew at 1204 West Bethel Rd. in Coppell. Savills Studley managing director Dan Zeltser led negotiations on behalf of the tenant.

DALLAS—X Team International partners Baker Katz, The Trilogy Group and Venture Commercial Real Estate have completed three leases totaling 56,695 square feet on behalf of Northern Tool + Equipment.

FORT WORTH—Rowan Properties (Multifamily Advisors) announced the sale of the 120-unit Oakwood Terrace apartments. This is the second time Rowan Properties has sold the property in the last 18 months.

DEER PARK, TX—Holliday Fenoglio Fowler LP closed the sale of Deerwood Glen II, a 74,695-square-foot, fully leased office building. HFF marketed the property on behalf of the seller, Clay Partners – 4440 Hwy. 225 LP, an affiliate of Clay Development, and procured the buyer, Fairway Real Estate Management LLC.

HOUSTON—Spear Street Capital and Transwestern Development Co. announce the acquisition of 16.88 acres at 3120 Buffalo Speedway in the Greenway submarket. The property had been home to ExxonMobil's Upstream Research Campus since the 1950s and was sold due to ExxonMobil's relocation to Spring, TX. The property was marketed and sold by Jones Lang LaSalle's team of Ronnie Deyo, Rudy Hubbard and Kevin McConn.

The homeownership rate fell for a 12th consecutive year in 2016, resting at 63.7% in December and declining 550 basis points from its peak. Among those under age 35, the prime renter cohort, the rate fell to 34.5%, down from a high of 43.1% in 2004. Young households' increased propensity to rent is fueling apartment demand, and the absorption of 294,100 units in 2016 was the fourth highest year on record, according to Marcus & Millichap. Young households are also using online retailers to buy groceries and other necessities, which is impacting the brick-and-mortar sector in a negative manner.—Lisa Brown

NEWS AND NOTABLES

HOUSTON—Marcus & Millichap adds two new industrial investment sales team members to its Houston office. Joining the firm are Stephen Hazen and Kent Willis who will be responsible for leveraging the firm's office and industrial presence in the Houston metropolitan area and throughout southeast Texas.

DEAL TRACKER

DENVER—BSI, a food service equipment provider, has just signed a 117,000-square-foot lease at the newly completed Hub 25 industrial development located off of Interstate 25 at 64th Ave. Hub 25 was built at the site of the former Mapleton High School. It's a 421,500-square-foot class-A development by Westfield Company that delivered in Q4 2016.

DALLAS—Forced Performance Inc. signed a 14,795-square-foot lease at 229 S. Henry Hynds Expressway in Van Alstyne from Clint Murphy of Armortek. The company, a performance automotive aftermarket turbocharger supplier, is relocating its headquarters from McKinney. Younger Partners' John St. Clair represented the tenant. Younger Partners' Jeremy Lillard and Tom Grunnah represented the landlord. With this lease, the multi-tenant property is now 80% leased.

AUSTIN, TX—Lindsey Wittenhagen leased 214 RSF at 610 Brazos. The landlord was represented by Jason Steinberg with ECR.

AUSTIN, TX—The LauckGroup leased 3,675 rentable square feet at the Littlefield Building, located at 601 Congress. The landlord was represented by Matt Levin and Jason Steinberg with ECR and the tenant was represented by Russell Young and Kelly Woodruff with CBRE.

AUSTIN, TX—PrimeLending has renewed its lease for 2,903 square feet at Hartland Plaza. AQUILA Commercial represented both the tenant and the landlord in the transaction.

AUSTIN, TX—Spanish Village Apartments, a 13-unit apartment property located at 2210 Enfield Rd., has sold. Josh Kantor and Mike Moffitt Jr., investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Built in two phases in 1940 and 1960, Spanish Village Apartments has floorplans of 12 two-bedrooms and a single one bedroom. Located in central Austin in the Tarrytown neighborhood, Spanish Village Apartments offers residents access to downtown, the University of Texas and Loop 1, one of Austin's largest thoroughfares.

AUSTIN, TX—Greater Austin Psychiatry and Wellness signed a lease for 2,000 square feet at Oak Hill Office Park. AQUILA Commercial represented the tenant and Rother Company represented the landlord.

AUSTIN, TX—Macdonald Resnevic signed a lease for 703 square feet at Harland Plaza. Cityscape Property Group represented the tenant and AQUILA Commercial represented the landlord.

COPPELL, TX—Savills Studley announced the completion of a new 35,946-square-foot lease on behalf of Smokey Mountain Chew at 1204 West Bethel Rd. in Coppell. Savills Studley managing director Dan Zeltser led negotiations on behalf of the tenant.

DALLAS—X Team International partners Baker Katz, The Trilogy Group and Venture Commercial Real Estate have completed three leases totaling 56,695 square feet on behalf of Northern Tool + Equipment.

FORT WORTH—Rowan Properties (Multifamily Advisors) announced the sale of the 120-unit Oakwood Terrace apartments. This is the second time Rowan Properties has sold the property in the last 18 months.

DEER PARK, TX—Holliday Fenoglio Fowler LP closed the sale of Deerwood Glen II, a 74,695-square-foot, fully leased office building. HFF marketed the property on behalf of the seller, Clay Partners – 4440 Hwy. 225 LP, an affiliate of Clay Development, and procured the buyer, Fairway Real Estate Management LLC.

HOUSTON—Spear Street Capital and Transwestern Development Co. announce the acquisition of 16.88 acres at 3120 Buffalo Speedway in the Greenway submarket. The property had been home to ExxonMobil's Upstream Research Campus since the 1950s and was sold due to ExxonMobil's relocation to Spring, TX. The property was marketed and sold by Jones Lang LaSalle's team of Ronnie Deyo, Rudy Hubbard and Kevin McConn.