Austin's population continues to grow and with it, the demand for office space. In fact, the office market recorded its 26th consecutive quarter of positive absorption, according to NAI Partners. Austin unemployment remains significantly below the state and national rates, and equal supply and demand are bumping vacancy down, says the brokerage firm.—Lisa Brown

NEWS AND NOTABLES

ARLINGTON, TX—Coldwell Banker Commercial Advisors DFW hired a seven-year professional as an assistant vice president in an ongoing initiative to strengthen its retail business. Joining the team is Christopher Grubbs, most recently an associate with Weitzman Group. His background includes mortgage brokerage with Prime Lending, a Plains Capital Co., and as a research analyst for Mohr Partners.

DALLAS—Westmount Realty Capital LLC announces that Shawn M. Riely has joined the company as director–private capital. Riely, who has more than 30 years of experience in corporate finance and investor relations, will be an advisor for Westmount's private capital investors.

DALLAS—Newland Communities welcomes award-winning builder Perry Homes to its Hollyhock and Canyon Falls master-planned communities located in Frisco and Flower Mound, TX respectively.

DALLAS—Granite Properties, an investment, development and management company, announced that Texas first lady Cecilia Abbott, honorary chair of the 34th annual governor's volunteer awards, governor Greg Abbott and the OneStar Foundation recognized the company with the corporate community impact award for small business. The award, received by Granite engineer Johnny Ferro at the Texas governor's mansion, recognizes a private sector entity for its long-term employee volunteer programs that make a demonstrable community impact.

DENVER—Savills Studley announces that the firm's Denver office has relocated to new class-A space at 1125 Seventeenth St. Continuing Savills Studley's advancement nationally and within the Southwest, the new 8,500-square-foot space on the building's 23rd floor is more than double the size of the firm's previous Denver office at 1050 Seventeenth St.

DENVER—HREC Investment Advisors is expanding its brokerage platform with the retention of lodging real estate veteran Shane Skubis as a senior vice president based in the Denver office. During the past 25 years, Skubis has delivered hospitality deals to clients in 49 states representing 21 different brands. He is an active hospitality investment advisor and hotel site developer for clients and associates. Skubis has either sold, developed, franchised and or financed or found the land for approximately 260 hotels across the USA.

DEAL TRACKER

ALBUQUERQUE—The Phoenix office of JLL has extended its reach to Albuquerque, partnering with New Mexico-based ARGUS Investment Realty to complete the sale of an $8.7 million building within Sandia Science and Technology Park. The building will facilitate the local expansion of technology and innovation leader Raytheon Company, which has fully leased and is currently improving the facility for a fall 2017 occupancy. JLL senior managing director Dennis Desmond and senior vice presidents Tivon Moffitt and Peter Bauman worked closely with ARGUS president Scott Throckmorton to represent the building seller, KTP Holding Company Inc. The property buyer is Chicago-based Bulbul Albuquerque LLC. The 72,100-square-foot class-A Raytheon building is located at 10800 Gibson Blvd. SE, on the northeast corner of Gibson Boulevard SE and Innovation Parkway SE, within the Scandia Science and Technology Park.

ARLINGTON, TX—Venture Commercial Real Estate announced that its investment group Venture Investment Partners has completed the acquisition of Sublett Corners Shopping Center, an 87,900-square-foot center located on the northwest corner of S. Cooper Street and Sublett Road. The center is 93% leased and is shadowed-anchored by Albertsons. Tenants include Stein Mart, Dollar Tree, Supercuts, Cicis, KFC and Jack in the Box. Bo Brownlee and Easley Waggoner Jr. represented Venture Investment Partners in the transaction. Bill Jordan with Marcus and Millichap represented the seller, Rip Griffin Truck Service Center Inc. Waggoner, along with Venture's Amanda Throckmorton, will handle leasing for the center, and Venture Commercial Management will provide property management services.

CORPUS CHRISTI, TX—Crosswinds, a 176-unit apartment complex, has sold. IPA's Will Balthrope, executive director, Drew Kile, senior director, Nick Fluellen, senior managing director investments, Bard Hoover, first vice president investments and Jordan Featherston, associate, represented the seller, and procured the buyer, GPI Investment LLC.

CORPUS CHRISTI, TX—Aaron's, a 10,716-square-foot net-leased property located at 4243 South Port Ave., has sold. Bruce Bentley, senior associate, Douglas Diffie, associate, and Dan Perrine, associate, in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured by Jason Yukins, first vice president investments in Marcus & Millichap's Fort Lauderdale office.

HOUSTON—Holliday Fenoglio Fowler LP announces the sale of H6, a newly built 293-unit class A mid-rise multi-housing community. The HFF team marketed the property on behalf of the seller, Abacus Multi-Family Partners II LLC, an affiliate of Abacus Capital Group LLC. GPI Real Estate Management Corporation purchased the asset contingent to existing debt. Abacus Capital Group LLC developed H6, which has had a rapid lease-up due to a combination of factors, including its cutting-edge amenity base and modern design. H6 is located at 14805 Grisby Rd. next to the intersection of Interstate 10 and Highway 6 in the heart of West Houston's Energy Corridor.

HOUSTON—Transwestern announces Meritage Homes of Texas LLC has leased 22,032 square feet at 3250 Briarpark. Transwestern executive vice president David Baker and associate Jack Scharnberg represented the landlord. Neil Elliott and André Granello of Cresa represented the tenant.

OKLAHOMA CITY—CBRE announces the completion of $4 million in capital improvements at Shepherd Center in Oklahoma City. Formerly known as Shepherd Mall, the 714,312-square-foot office center was the first enclosed shopping mall in Oklahoma City when it opened in 1964. One of the largest commercial properties in Oklahoma City, Shepherd Center has evolved from a mall to an office complex during the last 20 years.

PLANO, TX—A development venture comprising Patrinely Group and Rosewood Property Company announced project details for the first phase of office development at Heritage Creekside's new 72-acre fully integrated mixed-use office campus located along President George Bush Turnpike west of 75. The campus will provide more than 2.5 million square feet of class-A office space, retail amenities, single-family homes, luxury urban multifamily rentals and hotels.

SPRING, TX—The NAI Investment Fund, the investment vehicle of NAI Partners, has acquired Spring Park Village, a 76,409-square-foot retail center located at the intersection of I-45 and Cypresswood, directly adjacent to Spring High School and Topgolf. The property consists of two buildings and is leased to a diverse roster of credit tenants, including AT&T and Starbucks. NAI purchased the property from MetroNational Corporation. Spring Park Village marks the final purchase for NAI Investment's Fund I, as the fund is now fully deployed.

Instant Insights /

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

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