Every week, a number of new multifamily projects hit the construction list, and every week, a new batch is unveiled as ready for leasing. One contributing factor to the demand for multifamily is the change in lifestyles exhibited by many millennials who prefer the flexibility of renting. Another contributing factor is the low or no savings cushions of many millennials who are burdened with high student-loan debt. These factors will contribute to those aged 35 and younger remaining renters, resulting in steadily increasing effective rents, according to a recent report by Marcus & Millichap.—Lisa Brown

NEWS AND NOTABLES

DALLAS—The NRP Group has launched NRP Construction, a business division that extends NRP's full suite of in-house pre-construction and general contracting services to other multifamily owners and developers in the Texas market.

DALLAS—KWA Construction president Brian Webster participated in The MET Fund Invitational Golf Classic on October 16 alongside retired Navy SEAL and Congressional Medal of Honor recipient Lt. Michael E. Thornton. Thornton created The MET Fund to provide immediate medical assistance to active and non-active military families in distress. All proceeds from this golf tournament will benefit military heroes and their families.

DALLAS—JLL has added two industry experts to its agency leasing team. Ruth Griggs and Adam Hammack will both serve as vice presidents. Griggs will focus on the strategic positioning of clients' real estate assets in order to maximize value. Hammack will provide owner representation for existing office properties and ground-up developments.

HOUSTON—Coldwell Banker Commercial Advisors announced the opening of its new Houston CityCenter office at 10497 Town & Country Way, Suite 100. The office is planned to be open and fully furnished in November 2017.

HOUSTON—Urban Land Institute Houston Chapter announced the development of distinction 2018 finalists. Each year, ULI Houston recognizes outstanding developments in the Greater Houston Area with these awards. Finalists for 2018 include the Headquarters, River Oaks District and Avenida Houston.

DEAL TRACKER

CEDAR PARK, TX—Venture Commercial Real Estate represented LA Fitness in lease negotiations to open a new club, building on the company's Central Texas expansion. LA Fitness will build a 34,000-square-foot facility that will anchor the new Cedar Park Plaza development, located on the northeast corner of Whitestone Boulevard and Bagdad Road. John Zikos and Jonathan Cooper with Venture Commercial represented LA Fitness in lease negotiations, working with John Kalamaras and Ted Slaughter of RealSource Partners. The landlord, Cedar Park Plaza LP was self-represented. Venture is marketing pad sites in the development.

DALLAS—A new office lease has been signed by Cantrell McCulloch Inc. The property tax consulting firm for both real estate and business personal property has secured a new 9,964 square-foot office in The Towers at Park Central 7, located at 12750 Merit Dr. JLL managing director Steve Thelen and vice president Conor McCarthy negotiated the lease on behalf of the tenant. JLL senior vice president Blake Shipley, senior vice president Jay Bailey and senior associate Ahnie Sheehy represented the owner, Park Central Property LP.

DALLAS—LightRX Face & Body leased three Dallas-Fort Worth locations as it expands in North Texas. Robin Barrow with Weitzman represented LightRX as its tenant representative for the DFW market.

DENVER—Harbor Associates LLC has acquired via an off-market, all-cash deal, an approximately 115,000-square-foot historic commercial building located at 821 17th St. in downtown in a joint venture with Goldman Sachs Asset Management Private Real Estate.

EL PASO, TX—CBRE and ViaWest Group announce continued leasing activity at Merchant Industrial, a 245,745-square-foot multi-tenant industrial park. Jichasa, a trade and door-to-door logistics services firm, leased 81,556 square feet, which included a 40,400-square-foot expansion.

HOUSTON—Orion Healthcorp Inc. signed a new 10,844-square-foot office lease at Westchase III, 3200 Wilcrest Dr. JLL's Eugene Terry and Louie Crapitto represented Orion Healthcorp Inc. in the transaction. Kurt Kistler and Karen Wright of Moody Rambin represented the landlord, Westchase III Properties LP.

HOUSTON—NAI Partners recently represented Rubicon Oilfield International Holdings LLC in a 2,431-square-foot office sublease at 2900 North Loop W. NAI Partners previously arranged a 3,312-square-foot sublease for Rubicon at the building this past summer. Dan Boyles and Mike Mannella of NAI Partners represented the tenant, Rubicon Oilfield International Holdings LLC. Andrew Czobor of ReMAX Metro represented Perry & Shields LLP, during the negotiations.

HOUSTON—Fashion Glass and Mirror LLC renewed a 25,200-square-foot industrial lease at Prologis North Park, 333 North Park Central Dr. JLL's David Buescher and Geoff Perrott represented Fashion Glass and Mirror in the transaction. Kevin Wittler of Prologis represented the landlord.

HOUSTON—Momentum Indoor Climbing opens its second Houston-area location on November 18, 2017. The 43,000-square-foot full-service bouldering gym and training facility located in Houston's Washington Avenue Arts District at 2000 Edwards St. is one of the largest bouldering gyms in the world.

HUDSON OAKS, TX—Oakridge West, a 6,300-square-foot retail property, has sold. Chris Gainey, senior associate and Philip Levy, senior managing director investments in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. After sourcing multiple offers from both in-state and out-of-state investors, the buyer, a local investor and developer, was secured by Levy and Gainey. Oakridge West is located at 2815 Fort Worth Highway.

Instant Insights /

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

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