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

BY THE NUMBERS

DALLAS—Dallas and Fort Worth average apartment rents were relatively stable in September, though rent-growth performance continued to moderate in the Dallas area, according to Axiometrics. Fort Worth, however, experienced increased rent growth for the first time in five months. Effective rent in the Dallas metro was 4.4% higher in September 2016 than it was in September 2015, while rent growth was 5.7% in Fort Worth. September occupancy rates were lower than August's in both Dallas and Fort Worth.

ALBUQUERQUE—Current Albuquerque market trends data indicates an increase of 0.8% in the median asking price per square foot for office properties compared to the prior three months, with a decrease of 4.1% compared to last year's prices. Countywide asking prices for office properties are 1.8% higher at $102 per square foot compared to the current median price of $102 per square foot for office properties here.

NEWS AND NOTABLES

AUSTIN, TX—Savills Studley has appointed Alan Peters as a senior managing director of the firm's Austin office.  Peters joins Savills Studley from Austin-based commercial real estate company Live Oak-Gottesman, where he served as director of office tenant representation.

  SAN ANTONIO, TX—Whit Jordan joins CBRE as vice president of retail services, with more than 500 professionals in the Americas working with more than 1,300 retailers. Jordan joins CBRE from DuWest Realty, where he leased a more than 1-million-square-foot retail space, including the Alamo Ranch power center.

DEAL TRACKER

TULSA—BOK Place at Southern Hills, a 126,656-square-foot class-A office building, has sold. The eight-story asset was 89% occupied at closing. Mary Martin with CBRE's Tulsa office represented the seller, Allegiancy Houston LLC. The building is located at 5727 South Lewis Ave. near the intersection of East 61st Street and South Lewis Avenue, with close proximity to Southern Hills Country Club. Building amenities include high-speed fiber, on-site banking with drive through lanes and an on-site deli. Major tenants include Bank of Oklahoma and Home Depot.

FRISCO, TX—PlainsCapital Bank and JLL have successfully gone for two at the new World Corporate Headquarters of the Dallas Cowboys. JLL says it has successfully negotiated two new leases at The Star– a 5,083-square-foot office lease and a 4,000-square-foot retail lease on behalf of PlainsCapital Bank. The regional commercial bank becomes the newest tenant at the property, also known as The Star in Frisco, located at One Cowboys Way.

AUSTIN, TX—Karlin Real Estate has signed Trusource Labs, a technical support services company, to a long-term lease for 32,500 square feet at PARMER 3.2. The 192,500-square-foot newly constructed class-A office building is located within PARMER, a 300-acre master planned technology and life science park in North Central Austin. The new space at PARMER 3.2 allows Trusource Labs to consolidate approximately 250 employees currently working out of the offices of two of its Austin-based clients. The new space also accommodates for future growth. The company will continue to maintain its South Austin corporate headquarters.

BATON ROUGE, LA—In the eight market regions that comprise the Texas and Louisiana Gulf Coast region, Industrial Info is tracking $18.8 billion of active power industry projects. The projects vary in scope, ranging from a proposed $1.3 billion offshore windfarm down to basic maintenance projects at existing plants. In its upcoming Market Outlook in Baton Rouge, which will be held November 16, industrial info's industry experts will be presenting information about the power industry, petroleum refining, oil and gas, and petrochemicals.

 FORT SMITH, AR—DoubleTree by Hilton, one of Hilton's 13 brands, has opened its first property in Arkansas' second largest city, following a multimillion dollar renovation. DoubleTree by Hilton Fort Smith City Center is connected to and complements the Fort Smith Convention Center, offering 255 guest rooms in a nine-story atrium-style hotel distinguished by a five-story waterfall cascading into the lobby. Located in the heart of downtown, the property is just five miles from Fort Smith Municipal Airport and a short walk to numerous area businesses and historic attractions.

BUILDING BLOCKS

AUSTIN, TX—The Real Estate Council of Austin released a white paper examining how much land local, state and federal governments own and how some of that land could be used to build much needed housing throughout the city. The Public Land Use in Austin white paper makes recommendations about how public landowners should put procedures and strategies in place to help bring underutilized public properties to the private market for redevelopment of much needed housing and other needs.

SAN ANTONIO, TX—A 83,287-square-foot parcel of land has sold. This Castle Hills development opportunity is located at 6812 West Ave. The site is minutes away from the established retail corridor at San Pedro and Loop 410, which includes North Star Mall and Park North Plaza. The parcel is zoned District G, General Business District and is one of a handful of such sites on West Avenue and one of the few available for redevelopment in the suburb of Castle Hills. The buyer intends to develop medical offices on the site. Jon Danklefs, an investment specialist in Marcus & Millichap's San Antonio office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

GREENWOOD VILLAGE, CO—Century Communities Inc., a top 25 US homebuilder of single-family homes, townhomes and flats in select markets, has acquired ownership of 50% of Wade Jurney Homes, Inc. and Wade Jurney of Florida Inc. through investment in a newly formed entity, WJH LLC. Wade Jurney, which primarily targets first-time home buyers in the Southeast, was the 60th largest US homebuilding operation as measured by 2015 closings.

BY THE NUMBERS

DALLAS—Dallas and Fort Worth average apartment rents were relatively stable in September, though rent-growth performance continued to moderate in the Dallas area, according to Axiometrics. Fort Worth, however, experienced increased rent growth for the first time in five months. Effective rent in the Dallas metro was 4.4% higher in September 2016 than it was in September 2015, while rent growth was 5.7% in Fort Worth. September occupancy rates were lower than August's in both Dallas and Fort Worth.

ALBUQUERQUE—Current Albuquerque market trends data indicates an increase of 0.8% in the median asking price per square foot for office properties compared to the prior three months, with a decrease of 4.1% compared to last year's prices. Countywide asking prices for office properties are 1.8% higher at $102 per square foot compared to the current median price of $102 per square foot for office properties here.

NEWS AND NOTABLES

AUSTIN, TX—Savills Studley has appointed Alan Peters as a senior managing director of the firm's Austin office.  Peters joins Savills Studley from Austin-based commercial real estate company Live Oak-Gottesman, where he served as director of office tenant representation.

  SAN ANTONIO, TX—Whit Jordan joins CBRE as vice president of retail services, with more than 500 professionals in the Americas working with more than 1,300 retailers. Jordan joins CBRE from DuWest Realty, where he leased a more than 1-million-square-foot retail space, including the Alamo Ranch power center.

DEAL TRACKER

TULSA—BOK Place at Southern Hills, a 126,656-square-foot class-A office building, has sold. The eight-story asset was 89% occupied at closing. Mary Martin with CBRE's Tulsa office represented the seller, Allegiancy Houston LLC. The building is located at 5727 South Lewis Ave. near the intersection of East 61st Street and South Lewis Avenue, with close proximity to Southern Hills Country Club. Building amenities include high-speed fiber, on-site banking with drive through lanes and an on-site deli. Major tenants include Bank of Oklahoma and Home Depot.

FRISCO, TX—PlainsCapital Bank and JLL have successfully gone for two at the new World Corporate Headquarters of the Dallas Cowboys. JLL says it has successfully negotiated two new leases at The Star– a 5,083-square-foot office lease and a 4,000-square-foot retail lease on behalf of PlainsCapital Bank. The regional commercial bank becomes the newest tenant at the property, also known as The Star in Frisco, located at One Cowboys Way.

AUSTIN, TX—Karlin Real Estate has signed Trusource Labs, a technical support services company, to a long-term lease for 32,500 square feet at PARMER 3.2. The 192,500-square-foot newly constructed class-A office building is located within PARMER, a 300-acre master planned technology and life science park in North Central Austin. The new space at PARMER 3.2 allows Trusource Labs to consolidate approximately 250 employees currently working out of the offices of two of its Austin-based clients. The new space also accommodates for future growth. The company will continue to maintain its South Austin corporate headquarters.

BATON ROUGE, LA—In the eight market regions that comprise the Texas and Louisiana Gulf Coast region, Industrial Info is tracking $18.8 billion of active power industry projects. The projects vary in scope, ranging from a proposed $1.3 billion offshore windfarm down to basic maintenance projects at existing plants. In its upcoming Market Outlook in Baton Rouge, which will be held November 16, industrial info's industry experts will be presenting information about the power industry, petroleum refining, oil and gas, and petrochemicals.

 FORT SMITH, AR—DoubleTree by Hilton, one of Hilton's 13 brands, has opened its first property in Arkansas' second largest city, following a multimillion dollar renovation. DoubleTree by Hilton Fort Smith City Center is connected to and complements the Fort Smith Convention Center, offering 255 guest rooms in a nine-story atrium-style hotel distinguished by a five-story waterfall cascading into the lobby. Located in the heart of downtown, the property is just five miles from Fort Smith Municipal Airport and a short walk to numerous area businesses and historic attractions.

BUILDING BLOCKS

AUSTIN, TX—The Real Estate Council of Austin released a white paper examining how much land local, state and federal governments own and how some of that land could be used to build much needed housing throughout the city. The Public Land Use in Austin white paper makes recommendations about how public landowners should put procedures and strategies in place to help bring underutilized public properties to the private market for redevelopment of much needed housing and other needs.

SAN ANTONIO, TX—A 83,287-square-foot parcel of land has sold. This Castle Hills development opportunity is located at 6812 West Ave. The site is minutes away from the established retail corridor at San Pedro and Loop 410, which includes North Star Mall and Park North Plaza. The parcel is zoned District G, General Business District and is one of a handful of such sites on West Avenue and one of the few available for redevelopment in the suburb of Castle Hills. The buyer intends to develop medical offices on the site. Jon Danklefs, an investment specialist in Marcus & Millichap's San Antonio office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

GREENWOOD VILLAGE, CO—Century Communities Inc., a top 25 US homebuilder of single-family homes, townhomes and flats in select markets, has acquired ownership of 50% of Wade Jurney Homes, Inc. and Wade Jurney of Florida Inc. through investment in a newly formed entity, WJH LLC. Wade Jurney, which primarily targets first-time home buyers in the Southeast, was the 60th largest US homebuilding operation as measured by 2015 closings.