Cushman & Wakefield released a study on how shifts in immigration policy could impact commercial real estate and corporate occupancy, specifically. Known as the RAISE Act, the proposed legislation would impose the following changes and limits: A reduction in total legal immigration during the coming decade. A change in how immigrants are prioritized and granted access to the US. A hard limit on the number of refugees allowed to enter the country each year (50,000). Further, since 2000 the number of foreign-born workers employed in the US has increased by 42%, with management/professional occupations representing the fastest-growing category during that time (+75%). An estimated 3.5 million foreign-born residents work in the management and business field, a main driver of office demand. “Certain industries such as ours are likely to be disproportionately impacted by these proposed changes,” noted Cushman & Wakefield's Revathi Greenwood, Americas head of research. “Legal, foreign-born workers fill 31% of buildings/grounds maintenance jobs and a quarter of construction positions. Limiting their access into the US would exacerbate the shortage of workers these sectors already face.”—Lisa Brown

NEWS AND NOTABLES

DALLAS—Cohen Financial, a division of SunTrust Bank, announced that its investor services group has hired Robert E. Records as senior asset manager to lead ISG's special servicing practice from Cohen Financial's Dallas office. Records will work closely with head of ISG Tim Mazzetti and head of ISG's asset management team Ted Wright to expand ISG's reach to financial institutions, private equity firms and investment banks across the country. Records will also be integrally involved in further developing ISG's CMBS surveillance program into a highly proactive environment that will enable ISG's clients to preemptively address potential defaults, in order to minimize losses and enhance recoveries.

DALLAS—JLL has added industry expert Brandon Coutu to its Dallas industrial team. Coutu will serve as senior vice president, providing strategic market insights and analysis, as well as contract negotiations for industrial clients on leases, acquisitions and national portfolios.

DEAL TRACKER

AUSTIN, TX—Titan Developers purchased the 25,000-square-foot new construction office/flex building within Scottsdale Crossing Phase III, located at 1505 Volta Dr. The buyer was represented by Matt Levin with ECR and the seller was represented by Tom Pardee with TIG.

AUSTIN, TX—Realty Group Austin subleased 500 rentable square feet of office space at 500 W. Martin Luther King Blvd. The sublessor was represented by Steve Pannes with ECR.

AUSTIN, TX—On behalf of an affiliate of San Francisco-based JMA Ventures LLC, JLL's Capital Markets has completed the sale of Nine One Six in the Southwest submarket. Austin Stone Community Church purchased the property. JLL senior vice president Jeff Coddington (capital markets), senior vice president Kevin Kimbrough and vice president Brent Powdrill (agency leasing) led the sales team.

AUSTIN, TX—Holliday Fenoglio Fowler LP announces the sale of a two-property Marriott-family hotel portfolio totaling 244 rooms in Austin and El Paso, TX. The HFF team marketed the properties on behalf of the seller, Bedford Lodging. Condor Hospitality Trust purchased the portfolio. The portfolio properties are the Residence Inn by Marriott Austin Airport and the Fairfield Inn and Suites by Marriott El Paso Airport hotels.

DENVER—Real estate investment firm Holland Partner Group and Pacific Life Insurance Company have made a significant joint-venture investment in the Denver area with the acquisition of the 304-unit luxury apartment complex ALARA at Greenwood Village. David Martin and Pamela Koster, Mountain States regional partners of Moran & Company, represented the seller American Realty Advisors in the $91 million transaction.

HOUSTON—Winkler Plaza, a 13,544-square foot retail property, has sold. Gus Lagos, first vice president investments, and Nik Kapetanakis, associate, in Marcus & Millichap's Houston office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Winkler Plaza is located at 8550 Winkler Dr.

PLANO, TX —The recent debut of the Renaissance Dallas at Plano Legacy West Hotel garnered rave reviews of the property's architecture and design, and specifically the curated collection of original works of art, a cornerstone of the hotel's interior. The provocative and diverse collection of art underscores the hotel's inventive and much touted West of Zen design theme. Hotel owner and developer, Sam Moon Group of the eponymous handbag and accessories empire, was resolute that the hotel's design demonstrate sensibility to the Asian culture.

SAN ANTONIO—Lidl purchased 5.26 acres for the development of a 30,000-square-foot location. Lidl will anchor a planned retail development at the intersection of Alamo Ranch Parkway and Lone Star Parkway. Gene Williams of CBRE Retail Services represented the landlord/developer, Abiso Development, in the sale and is the exclusive leasing advisor for the remainder of the project.

SELMA, TX—CBRE represented Austin-based Pluckers Wing Bar in its first San Antonio transaction. The restaurant will occupy a 7,400-square-foot building at Forum Pointe Shopping Center in this San Antonio suburb. Whit Jordan of CBRE's San Antonio office represented Pluckers in the site search and negotiations. He has been engaged to help Pluckers expand further in the market. The new location is expected to open in 2018.

SHENANDOAH, TX—Houston-based Baker Katz has completed a lease on behalf of AMC Theatres. Situated at I-45 Frontage Rd, South of Highway 242, the 41,500-square-foot 10-screen AMC Theatre will anchor MetroPark Square, which includes 69-acres of dining, shopping, entertainment, hotels and multifamily space. Steve Greenberg with The Retail Connection represented the owner. The theatre is slated to open early 2018.

YUKON, OK—GBT Realty has announced three restaurants and a hotel for four of the seven outparcels at The Market at Czech Hall. Hooters, Cheddar's Scratch Kitchen, Arby's and Sleep Inn have joined the 160,000-square-foot neighborhood center located in this fast-growing suburb. Plans are for the restaurants and hotel to open throughout 2018. Only three outparcels and 6,000 square feet of shop space remain at the center located along I-40.

NEWS AND NOTABLES

DEAL TRACKER

AUSTIN, TX—Realty Group Austin subleased 500 rentable square feet of office space at 500 W. Martin Luther King Blvd. The sublessor was represented by Steve Pannes with ECR.

Instant Insights /

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

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