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

In its latest national report, Transwestern reported that the US office market showed continued growth during the first three months of 2018 as vacancy remained stable for the sixth consecutive quarter. Overall, 22 of the 48 Transwestern reporting markets registered improvements in office direct vacancy, while 30 of the markets recorded increases in overall vacancy (direct and sublet) in that period.—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—Nonprofits providing critical home repairs and other housing assistance to low-income Texas families affected by Hurricane Harvey can apply for grants from a new program. The Housing and Economic Assistance to Rebuild Texas (HEART) program, a grant and technical assistance partnership between the Texas State Affordable Housing Corporation and Enterprise Community Partners, will provide grants of up to $50,000 to local nonprofit organizations. HEART will also offer technical assistance to grantees so they can build their capacity and assist more Texas families.

DALLAS—CBRE announced that Daniel Maher has joined its valuation and advisory services team in Dallas as first vice president. Maher will work alongside team leader Aimee Morgan to assist in leading and expanding CBRE’s operations in North Texas for multifamily, self-storage and manufactured housing practices. Annually, this team performs more than 650 appraisal assignments throughout the region.

DALLAS—Corgan announced that Scott Ruch, executive managing principal and sector leader of the firm’s critical facilities practice, has been named the new chief executive officer. Ruch is joined by Lindsay Wilson and Steve Hulsey who will serve as presidents in addition to their current roles as sector leaders of the interiors and education studios, respectively. After eight years as president and CEO, Bob Morris will continue with the firm as chairman of the board.

DENVER—Multifamily assets continue to be a target for investors, ending 2017 with nearly $140 billion in transaction volume in the US alone. To keep pace with demand, JLL announced the expansion of its leading multifamily platform with the addition of 15 professionals across Denver, Phoenix and Seattle.

DENVER—KTGY Architecture + Planning announces that Terry Willis, the managing principal in the firm’s Denver office, has been invited to participate in the 2018 LeadingAge Colorado Conference held on May 21-23, 2018, at Park Hyatt Resort and Spa in Beaver Creek, CO.

FORT WORTH—Trademark Property Company is adding to its asset and portfolio management team by hiring John Pharr as senior vice president of asset and portfolio management. A 30-year industry veteran, Pharr brings deep expertise in shopping center real estate portfolio management to the Trademark team.

HOUSTON—Cresa hired Will Condrey as a principal in its Houston office. A 12-year veteran of the industry, Condrey will spearhead the office’s industrial team as Cresa looks to continue to expand its presence in that market.

DEAL TRACKER

ALBUQUERQUE—A Motel 6 received multiple full list offers, but closed with a substantial amount of nonrefundable money from day one. The offer closed in less than 50 days. Allan Miller, first vice president investments of Marcus & Millichap’s Austin office, Chris Gomes, senior managing director investments and Joseph Jaques, associate of Marcus & Millichap’s Dallas office, represented the seller, a limited liability company. The buyer, also a limited liability company, was secured and represented by Jaques, Gomes and Miller.  Matthew Reeves, broker of record for New Mexico, assisted in closing this transaction of the property located at 1701 University Blvd. NE.

COLLEGE STATION, TX—NAI Partners recently arranged a 1,673-square-foot retail lease on behalf of Clean Juice Bar at 1025 University Dr. in the Century Square development. NAI Partners’ Jason Gaines and Griff Bandy represented the tenant in the transaction. This is the fourth location in the greater Houston area for Clean Juice Bar. NAI Partners worked with the company to open two additional locations last summer.

CARROLLTON, TX—Boston Barricade Company, Inc. leased 11,760 square feet at 1410-1416 Dunn Dr. Eric Crutchfield with Stream Realty Partners represented the landlord, Hutton & Dunn Investors LLC. Lee & Associates LLC represented the tenant.

COPPELL, TX—Mentor Texas LP extended its 39,992-square-foot lease at 555 Airline Dr. Blake Kendrick with Stream Realty Partners represented the landlord, GLP. Tim Vogds with CBRE Inc. represented the tenant.

COPPELL, TX—Black Horse Carriers Inc. leased 63,911 square feet at Park West Crossing, 501 Southwestern Blvd. Jeremy Kelly and Ryan Boozer with Stream Realty Partners represented the landlord, MLRP Park West Crossing F LLC. Bryan Graham with BLG Commercial RE represented the tenant.

DALLAS—NXT Capital provided a $19 million first mortgage loan to refinance a class-A apartment community. The property is located in Uptown, known as Dallas’ most walkable neighborhood, offering 200 plus restaurants and more than 160 shops. Apartment community amenities include a swimming pool, sundeck, grilling stations, resident lounge, fitness center, bike storage, pet washing stations and concierge services.

DALLAS—Envoy Partners LLC sold its 12,000-square-foot building at 7168 Envoy Ct. to 7168 Envoy Partners LLC. Jason Moser with Stream Realty Partners represented the seller, Envoy Partners LLC. Charlie Richman with JSmall Investments represented the buyer, Bart Plaskoff.

DENVER—Central Development purchased the Robinson Portfolio for $10.3 million, including the acquisition of the former Robinson Dairy located at the northwest corner of 6th Avenue and I-25. The Robinson Portfolio includes the former dairy at 2401 W. 6th Ave., offices at 646 Bryant St., office/storage at 2535 W 6th Ave. and a warehouse at 677 Alcott St. The properties add up to 6.63 acres and include 97,987 square feet of building space. They are zoned for light industrial.

FARMERS BRANCH, TX—Metrocrest Services extended its 11,071-square-foot lease at 13801 Hutton Dr. Luke Davis and Todd Poticny with Stream Realty Partners represented the landlord, International Capital and Savills Studley Inc. represented the tenant.

HOUSTON—NAI Partners recently arranged the sale of an 89,914-square-foot industrial manufacturing facility at 6100 Cunningham Rd. NAI Partners’ Travis Land and Michael Keegan of the company’s industrial services division, were the sales professionals responsible for selling 6100 Cunningham Rd.

HOUSTON—NAI Partners recently arranged the sale of a 6,061-square-foot freestanding industrial building at 4614 Perry St. NAI Partners’ Darren O’Conor represented the seller, Ron’s Home Style Foods Inc., in the sale.

HOUSTON—NAI Partners recently represented HomeSmart Fine Properties, formerly Chuck Poteet Properties, in a 2,962-square-foot office lease expansion at 770 S Post Oak Ln. NAI Partners had previously installed the company in its new home at 770 S Post Oak Ln. last fall. This expansion brings the company’s total occupancy in the building to 4,920 square feet.

HOUSTON—NAI Partners recently arranged the sale of 14333 Sommermeyer, 54,750-square-foot industrial warehouse. NAI Partners’ Nick Peterson, John Ferruzzo and Ryan Searle represented the seller Vallourec Tube Alloy LLC in the sale of 14333 Sommermeyer.

HOUSTON—NAI Partners recently arranged the sale of 14790 Park Almeda, a 9,000-square-foot industrial office/warehouse. NAI Partners’ Travis Land represented TLCC Investments in the sale of 14790 Park Almeda. Robert Alinger with Boyd Commercial represented the seller.

HOUSTON—NAI Partners recently arranged three subleases totaling more than 11,000 square feet on behalf of Utah-based company AccessData at The Willowbrook Building, located at 7915 FM-1960 W in the FM 1960/Highway 249 submarket. The deals structured helped AccessData dispose of most of a full-floor plate that was no longer needed. NAI Partners’ Nick Terry of the company’s office tenant rep group represents AccessData, and put together all three deals for the company.

HOUSTON—NAI Partners recently arranged the purchase of the 56,876-square-foot crane-served manufacturing building at 12550 N Houston Rosslyn on the northwest side. NAI Partners’ Chris Caudill and John Ferruzzo represented the buyer All Current Electrical in the purchase of the building.

PEARLAND, TX—Candlewood Suites Pearland, a 76-room hospitality property, had a listing price of  $7.475 million. Skyler Cooper, vice president investments in Marcus & Millichap’s Denver office, Lisa Hankamer, senior associate in Marcus & Millichap’s Houston office, Allan Miller, first vice president investments in Marcus & Millichap’s Austin office and Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. Candlewood Suites Pearland is located at 9015 Broadway St.

BUILDING BLOCKS

AUSTIN, TX—StreetLights Residential, a design-focused multifamily and mixed-use developer, recently broke ground on a luxury multifamily community, The Elizabeth at Presidio. StreetLights’ first development in this growing northwest Austin neighborhood, The Michael at Presidio, a 415-apartment and townhome community, opened in September 2016.

AUSTIN, TX—Transwestern Development Co. announces the acquisition of 1.6 acres in downtown for a micro-unit apartment community called Block 36. Located between East Third and East Fourth streets on Waller Creek, the property will include 263 units and a 3,000-square-foot restaurant space on the ground floor. Executive vice president Ty Puckett and vice president Josh Delk are leading the development, which is scheduled to break ground in January 2019, with delivery in the first half of 2020.

EL CAMPO, TX—Stonemont Financial Group, Ridgeline Property Group, Kansas City Southern and NAI Partners will conduct groundbreaking of the 540-acre SW International Gateway Business Park on June 19, 2018.  The park will offer frontage to the US 59/I-69 NAFTA Superhighway, and will provide access, visibility and rail service via the Kansas City Southern Railway–the premier carrier for rail traffic to and from Mexico.