Rental volatility is exceptionally low by historical standards, and aggregate rental growth is expected to maintain a steady pace through 2017, although rates are likely to slow gradually to around 2% as the development cycle peaks and more markets move into balance, says JLL's latest office report. The transactions in this roundup are comprised mainly of leases and subleases, which underscore the steady pace.—Lisa Brown
NEWS AND NOTABLES
DENVER—John Hammett, Cushman & Wakefield's Denver office senior vice president and senior project manager, has joined Savills Studley to lead the new Denver-based project management team.
FORT WORTH—Greystar Real Estate Partners announces that the Texas Apartment Association has named Jackie Rhone president of the organization. Rhone, executive director of real estate for Greystar, has served on the TAA's executive committee most recently as president-elect.
DEAL TRACKER
AUSTIN, TX—NAI Partners represented DuraServ Corporation in leasing a 16,000-square-foot industrial office/warehouse facility located 6231 East Stassney Lane. DuraServ, with 17 proprietary locations and a national service partner network, is a service provider in the loading dock, door and equipment industry. Chris Caudill and Troy Martin of NAI Partners represented the tenant, DuraServ Corporation, during the lease negotiations, while John Barksdale of CBRE represented the landlord, Expo GLO LLC.
DALLAS—LightRX Face & Body has leased its first three Dallas-Fort Worth locations, for a total of 5,566 square feet of space, as it expands in North Texas. Robin Barrow with Weitzman represented LightRX as its tenant representative for the DFW market.
LOUISVILLE, CO—CBRE Group Inc. and Comunale Properties announced that two research and development companies have signed leases at the new industrial/flex development Summit at Colorado Technology Center, located at 486 South Pierce. Colorado Therapeutics™ LLC will lease 33,600 square feet and Solid Power will lease 19,200 square feet at the class-A development designed for small-bay users in Boulder County. Tyler Carner, Jeremy Kroner and Jeremy Ballenger of CBRE Industrial & Logistics Services along with CBRE's Erik Abrahamson are leasing agents for the property.
MISSOURI CITY, TX—NAI Partners represented Adkisson Group Inc. in the acquisition of 5 acres located at Lakeview Business Park in 711, 723 and 735 Buffalo Run. Travis Land of NAI Partners represented the buyer, Adkisson, in the negotiations while Alexander Reilly and Bo Pettit of Boyd Commercial represented the seller, Lakeview BP Land LP. Adkisson Group, Inc. will be constructing a 13,800, 21,750, and 24,750-square-foot tilt wall freestanding distribution buildings available for sale or lease.
SAN ANTONIO, TX—James Kane of Starwood Capital Group II LP purchased the garden-style apartments located at 1703 N Loop 1604 W. The financing institution on this $31.049 million deal was Berkeley Point Capital LLC., according to Enriched Data.
WEST LAKE HILLS, TX—AQUILA Commercial announced Bennu Institute has taken a 3,341-square-foot sublease at The Hills Medical Office at 4613 Bee Caves Rd. Austin Eating Disorder Partners LLC was the sublessor. Chris Perry and Jay Lamy of AQUILA Commercial represented Bennu Institute, and Ryan Frey with HTH Capital Ltd. represented the sublessor.
BUILDING BLOCKS
AUSTIN, TX—Austin-based developer Burlington Ventures announced the grand opening to be held on May 25 of its exclusive rental residential community, The Richardson at Tarrytown.
DENVER—CBRE joined Confluence Companies at the groundbreaking for Timberline Farms, a new multifamily community in west Denver being developed by Colorado-based Confluence Companies—and a project for which CBRE arranged $42.5 million in financing. Michael Cantwell and David Treadwell of CBRE capital markets, debt and structured finance, in Denver secured the construction-to-permanent loan.
HOUSTON—Baker Katz has acquired four acres of land along Beltway 8 with plans to construct two buildings totaling 20,000 square feet.
Rental volatility is exceptionally low by historical standards, and aggregate rental growth is expected to maintain a steady pace through 2017, although rates are likely to slow gradually to around 2% as the development cycle peaks and more markets move into balance, says JLL's latest office report. The transactions in this roundup are comprised mainly of leases and subleases, which underscore the steady pace.—Lisa Brown
NEWS AND NOTABLES
DENVER—John Hammett, Cushman & Wakefield's Denver office senior vice president and senior project manager, has joined Savills Studley to lead the new Denver-based project management team.
FORT WORTH—Greystar Real Estate Partners announces that the Texas Apartment Association has named Jackie Rhone president of the organization. Rhone, executive director of real estate for Greystar, has served on the TAA's executive committee most recently as president-elect.
DEAL TRACKER
AUSTIN, TX—NAI Partners represented DuraServ Corporation in leasing a 16,000-square-foot industrial office/warehouse facility located 6231 East Stassney Lane. DuraServ, with 17 proprietary locations and a national service partner network, is a service provider in the loading dock, door and equipment industry. Chris Caudill and Troy Martin of NAI Partners represented the tenant, DuraServ Corporation, during the lease negotiations, while John Barksdale of CBRE represented the landlord, Expo GLO LLC.
DALLAS—LightRX Face & Body has leased its first three Dallas-Fort Worth locations, for a total of 5,566 square feet of space, as it expands in North Texas. Robin Barrow with Weitzman represented LightRX as its tenant representative for the DFW market.
LOUISVILLE, CO—
MISSOURI CITY, TX—NAI Partners represented Adkisson Group Inc. in the acquisition of 5 acres located at Lakeview Business Park in 711, 723 and 735 Buffalo Run. Travis Land of NAI Partners represented the buyer, Adkisson, in the negotiations while Alexander Reilly and Bo Pettit of Boyd Commercial represented the seller, Lakeview BP Land LP. Adkisson Group, Inc. will be constructing a 13,800, 21,750, and 24,750-square-foot tilt wall freestanding distribution buildings available for sale or lease.
SAN ANTONIO, TX—James Kane of Starwood Capital Group II LP purchased the garden-style apartments located at 1703 N Loop 1604 W. The financing institution on this $31.049 million deal was Berkeley Point Capital LLC., according to Enriched Data.
WEST LAKE HILLS, TX—AQUILA Commercial announced Bennu Institute has taken a 3,341-square-foot sublease at The Hills Medical Office at 4613 Bee Caves Rd. Austin Eating Disorder Partners LLC was the sublessor. Chris Perry and Jay Lamy of AQUILA Commercial represented Bennu Institute, and Ryan Frey with HTH Capital Ltd. represented the sublessor.
BUILDING BLOCKS
AUSTIN, TX—Austin-based developer Burlington Ventures announced the grand opening to be held on May 25 of its exclusive rental residential community, The Richardson at Tarrytown.
DENVER—CBRE joined Confluence Companies at the groundbreaking for Timberline Farms, a new multifamily community in west Denver being developed by Colorado-based Confluence Companies—and a project for which CBRE arranged $42.5 million in financing. Michael Cantwell and David Treadwell of CBRE capital markets, debt and structured finance, in Denver secured the construction-to-permanent loan.
HOUSTON—Baker Katz has acquired four acres of land along Beltway 8 with plans to construct two buildings totaling 20,000 square feet.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
