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

San Antonio’s tech labor pool has grown to more than 31,000, an increase of nearly 5,000 or 17.8% in the last five years (2012 to 2017). The cost of business is significantly lower, with the total cost of business ranking at just 88% of the US average. Comparing the annual average apartment rent with the annual average tech salary, San Antonio’s rent-to-tech wage ratio is 12.5%, creating a very affordable cost of living for tech employees in San Antonio, according to a recent CBRE report.—Lisa Brown

BY THE NUMBERS

HOUSTON—The NAI Partners Sublease Index—measured by the amount of sublease space as a percentage of total available space—decreased 10 basis points to 15.2% near the end of July.

NEWS AND NOTABLES

DALLAS—CBRE announced that Dalton Vann has joined valuation and advisory services as a director and leader of the firm’s right of way/eminent domain specialty practice in Texas.

DALLAS—CBRE hired Sharon Haines Walhood as managing director for asset services for the North Texas market where she will be responsible for developing and implementing strategic direction, and day-to-day leadership for 61 million square feet of office, industrial and retail properties the company manages on behalf of building owners and investors.

FORT WORTH—JLL announced the addition of construction/development expert Casey Matthews to its Fort Worth team.

DEAL TRACKER

AUSTIN, TX—NAI Partners is helping to bring a fast-growing fitness concept to Austin, completing the lease for Regymen Fitness’ first location in the entire state of Texas. Regymen’s initial Austin facility will be located at The Shops at Arbor Walk at 10515 N. Mopac Expy. NAI Partners’ Shaffer Braun represented Regymen Fitness in the transaction.

CLUTE, TX—Crescent Wood Apartments, a 216-unit apartment property, has sold. Jeffrey Fript, first vice president investments, and Christian Mazzini, senior associate, in Marcus & Millichap’s Houston office, sourced the buyer, a limited liability company, for the off-market transaction.

FORT WORTH—The Fort Worth office of Holt Lunsford Commercial recently arranged for the sale of Carpenter Court, a 76,250 rentable-square-foot class-A office building located at 130 East John Carpenter Fwy. HLC’s Geoff Shelton and Marshall Mays represented the seller. Daniel Miller with Rubicon represented the buyer, Caddo Holdings. HLC will be retained to lease the project and is in the process of constructing and delivering new to market spec suites.

FORT WORTH—Donnie Rohde and Jake Neal of Holt Lunsford Commercial leased 121,000 square feet of industrial space at Riverbend Bend Business Park on behalf of Riverbend Properties.

FORT WORTH—XPO expanded into 45,598 square feet at Carter Distribution Center located at 6657 Oak Grove. Matt Carthey and Thomas Grafton of Holt Lunsford Commercial represented the owner, CH Realty VII/I Fort Worth Carter LP.  David Walters of CBRE represented the tenant.

FORT WORTH—Flowco Production Solutions leased 67,860 square feet at Carter Distribution Center located at 6633 Oak Grove. Matt Carthey and Thomas Grafton represented CH Realty VII/I Fort Worth Carter LP in a direct deal.

HIGHLANDS RANCH, CO—Transwestern brokered the $4.73 million sale of EastRidge Medical Office Building at 6660 Timberline Rd. on behalf of LNR. The 23,119-square-foot medical office property was purchased by Greenwood Village-based NexGen Properties.

HOUSTON—Eastern Union Funding arranged a $14 million loan on behalf of Lone Star Capital Group—led by Kent Piotrkowski and Rob Beardsley—for its acquisition of Cranbrook Forest, a 261-unit apartment complex in northwest Houston. The transaction marks another Houston multifamily deal this year that Eastern Union helped to finance and underscores the high interest in the metropolitan area.

HOUSTON—Lee & Associates–Houston represented Safoco Inc. in the lease of a 35,000-square-foot office space at 9901 Regal Row. Jill Nesloney of Lee & Associates–Houston represented the tenant, and Travis Land with NAI Houston represented the landlord, 9901 Regal Row LLC/United Equities.

OKLAHOMA CITY—CBRE announces the sale of a four-building portfolio on W. Wilshire Blvd. The buildings total approximately 19,643 square-feet and were 100% occupied at the time of close. CBRE’s Amy Dunn and Brent Conway represented the long-time owner, Ted Rodgers. Kevo Commercial represented the buyer, Graystone Properties of Oklahoma City Inc. The portfolio sold for an aggregate of $89 per square foot for a total sales price of $1.749 million.

PARKER, CO—JLL’s capital markets team announced the firm secured $15.83 million in debt and equity financing for The Laszlo, a 51-room boutique hotel. The financing, secured on behalf of a local hotel developer and operator, includes a $12.38 million five-year loan with two years of interest only at 65% loan-to-cost and $3.45 million in joint venture equity through private investors. Managing director Baxter Fain, along with Christina Grimme and Maddy Stevenson, led the JLL team on the financing.

RIFLE, CO—Ascent Real Estate, a member of Hotel Brokers International, announced the successful sale of the Comfort Inn & Suites. The property is an 85-key upper midscale interior corridor hotel located on the I-70 corridor. Built in 2009, the Comfort Inn & Suites just recently completed its Move to Modern renovation.

SUGAR LAND, TX—JLL helped Texas Children’s Hospital renew a 42,198-square-foot medical office lease for its Sugar Land Health Center at Sugar Land Medical Building II, 15400 Southwest Fwy.