BY THE NUMBERS
LITTLE ROCK, AR—The average asking rental rate per square foot per year for retail properties as of midyear was $15.54. This represents an increase of 0.4% compared to the prior three months, with an increase of 6.6% year-over-year. Countywide average rental rates in Little Rock are 0.6% lower at $13.88 per square foot per year for retail properties currently for lease, according to LoopNet.
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, according to LoopNet.
NEWS AND NOTABLES
DENVER—DCT Industrial is celebrating its 10th anniversary as a public REIT next month. The company will be celebrating by ringing in the New York Stock Exchange bell in New York City on December 13.
DALLAS—Andrew Wiley has joined JLL as vice president of the retail brokerage group. In his new role, he will focus on business development, sales transactions, tenant and landlord representation.
AUSTIN, TX—Carl Pankratz, vice president of originations, has been honored by the Texas House of Representatives. Texas state representative Angie Chen Button presented Pankratz with a resolution from the Texas House of Representatives for his community service to the city of Rowlett. Pankratz is a former deputy mayor pro tem, and was elected to two terms on the Rowlett city council.
HOUSTON—Wade H. Greene has joined the Waterman Steele team as a vice president. Greene spent the first five years of his career in commercial real estate in Baton Rouge and southern Louisiana. Primarily focused on retail shopping centers including project leasing, tenant representation and investment sales, Greene has successfully completed more than $50 million in transactions.
AUSTIN, TX—CBRE Group Inc. is relocating its Austin office to the 17th floor of 500 West 2nd Street in downtown. The commercial real estate services firm signed a long-term lease to occupy 21,688 square feet in the fall of 2017. The new office is part of CBRE's global “Workplace360” initiative, the company's leading-edge approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled 100%-free address and paperless offices.
SAN ANTONIO, TX—CBRE Capital Markets has earned the exclusive marketing assignment of Fountainhead Business Park, a two-building 171,124-square-foot office campus in northwest San Antonio. Todd Mills, Hunter Mills and Casey Knust are marketing the property for sale on behalf of private ownership. The business park sits on 12.4 acres and includes a pair of three-story office buildings designed by House Reh Burwell. Fountainhead Park 1 at 4511 Horizon Hill was built in 1999 and Fountainhead Park II at 3846 Medical Dr. followed shortly after in 2000.
DEAL TRACKER
DENVER—Pembrooke on the Green Apartments has been acquired for $129 million. Boasting an irreplaceable location in the southeast quadrant of the city, which is experiencing record population growth, the acquisition offers significant upside potential via a value-add investment strategy. Oak Coast Properties has earmarked the rental community for $1.9 million in capital improvements to commence immediately. HFF provided a $103 million loan to Oak Coast Properties for the acquisition.
AUSTIN, TX—Oak Hill Centre, a 43,261-square-foot multi-tenant retail center, has sold. Built in 1984, Oak Hill Centre is located at the corner of the signalized intersection of William Cannon Drive and Highway 290. At the time of the sale, the property was 96.5% occupied by a mix of national, regional and local tenants.
SAN ANTONIO, TX—Boardwalk Med Center, a 276-unit luxury apartment community, is proximate to the city's medical center submarket, which during the last quarter of 2015 achieved an annual rent growth rate of 6.6%. Will Balthrope, IPA senior director, Drew Kile, IPA senior director and Jordan Featherston, IPA associate represented the seller and procured the buyer, an affiliate of Starlight US Multi-Family. Starlight now owns more than 9,000 apartment units in the United States.
EL PASO, TX—Hunt Mortgage Partners LLC provided financing to facilitate the acquisition and moderate rehabilitation of a multifamily portfolio. The total investment was $5.2 million. The Housing Authority of the City of El Paso Tranche IB Portfolio consists of two separate garden-style multifamily properties totaling 120 apartments that will be the collateral for a single note and single mortgage structure. The properties are George W. Baines Apartments (58 units) and Charles R. Morehead Apartments (62 units).
BUILDING BLOCKS
OKLAHOMA CITY, OK—Preliminary design images of the MAPS 3 Downtown Convention Center reveal plans for a sleek and modern building maximizing natural light and views of downtown. Final plans for colors, materials and other elements of the convention center's ultimate look are still to be determined.
NEW ORLEANS—The Ernest N. Morial Convention Center may be acquiring additional property downtown, with the board purchasing the Louisiana ArtWorks building located on Howard Avenue and Carondelet Street. The building was previously owned by the New Orleans Culinary and Hospitality Institute. The Convention Center board approved the deal to buy the property. The Convention Center will most likely lease it to the New Orleans Culinary and Hospitality Institute, which has the support of several hospitality and restaurant leaders in New Orleans. The collaboration to the two entities will help drive New Orleans's restaurant-driven economy. The Convention Center will purchase the property for $8 million and will allocate $4 million for future improvements. The building was recently appraised at $13 million, according to Curbed NOLA.
BY THE NUMBERS
LITTLE ROCK, AR—The average asking rental rate per square foot per year for retail properties as of midyear was $15.54. This represents an increase of 0.4% compared to the prior three months, with an increase of 6.6% year-over-year. Countywide average rental rates in Little Rock are 0.6% lower at $13.88 per square foot per year for retail properties currently for lease, according to LoopNet.
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, according to LoopNet.
NEWS AND NOTABLES
DENVER—DCT Industrial is celebrating its 10th anniversary as a public REIT next month. The company will be celebrating by ringing in the
DALLAS—Andrew Wiley has joined JLL as vice president of the retail brokerage group. In his new role, he will focus on business development, sales transactions, tenant and landlord representation.
AUSTIN, TX—Carl Pankratz, vice president of originations, has been honored by the Texas House of Representatives. Texas state representative Angie Chen Button presented Pankratz with a resolution from the Texas House of Representatives for his community service to the city of Rowlett. Pankratz is a former deputy mayor pro tem, and was elected to two terms on the Rowlett city council.
HOUSTON—Wade H. Greene has joined the Waterman Steele team as a vice president. Greene spent the first five years of his career in commercial real estate in Baton Rouge and southern Louisiana. Primarily focused on retail shopping centers including project leasing, tenant representation and investment sales, Greene has successfully completed more than $50 million in transactions.
AUSTIN, TX—
SAN ANTONIO, TX—CBRE Capital Markets has earned the exclusive marketing assignment of Fountainhead Business Park, a two-building 171,124-square-foot office campus in northwest San Antonio. Todd Mills, Hunter Mills and Casey Knust are marketing the property for sale on behalf of private ownership. The business park sits on 12.4 acres and includes a pair of three-story office buildings designed by House Reh Burwell. Fountainhead Park 1 at 4511 Horizon Hill was built in 1999 and Fountainhead Park II at 3846 Medical Dr. followed shortly after in 2000.
DEAL TRACKER
DENVER—Pembrooke on the Green Apartments has been acquired for $129 million. Boasting an irreplaceable location in the southeast quadrant of the city, which is experiencing record population growth, the acquisition offers significant upside potential via a value-add investment strategy. Oak Coast Properties has earmarked the rental community for $1.9 million in capital improvements to commence immediately. HFF provided a $103 million loan to Oak Coast Properties for the acquisition.
AUSTIN, TX—Oak Hill Centre, a 43,261-square-foot multi-tenant retail center, has sold. Built in 1984, Oak Hill Centre is located at the corner of the signalized intersection of William Cannon Drive and Highway 290. At the time of the sale, the property was 96.5% occupied by a mix of national, regional and local tenants.
SAN ANTONIO, TX—Boardwalk Med Center, a 276-unit luxury apartment community, is proximate to the city's medical center submarket, which during the last quarter of 2015 achieved an annual rent growth rate of 6.6%. Will Balthrope, IPA senior director, Drew Kile, IPA senior director and Jordan Featherston, IPA associate represented the seller and procured the buyer, an affiliate of Starlight US Multi-Family. Starlight now owns more than 9,000 apartment units in the United States.
EL PASO, TX—Hunt Mortgage Partners LLC provided financing to facilitate the acquisition and moderate rehabilitation of a multifamily portfolio. The total investment was $5.2 million. The Housing Authority of the City of El Paso Tranche IB Portfolio consists of two separate garden-style multifamily properties totaling 120 apartments that will be the collateral for a single note and single mortgage structure. The properties are George W. Baines Apartments (58 units) and Charles R. Morehead Apartments (62 units).
BUILDING BLOCKS
OKLAHOMA CITY, OK—Preliminary design images of the MAPS 3 Downtown Convention Center reveal plans for a sleek and modern building maximizing natural light and views of downtown. Final plans for colors, materials and other elements of the convention center's ultimate look are still to be determined.
NEW ORLEANS—The Ernest N. Morial Convention Center may be acquiring additional property downtown, with the board purchasing the Louisiana ArtWorks building located on Howard Avenue and Carondelet Street. The building was previously owned by the New Orleans Culinary and Hospitality Institute. The Convention Center board approved the deal to buy the property. The Convention Center will most likely lease it to the New Orleans Culinary and Hospitality Institute, which has the support of several hospitality and restaurant leaders in New Orleans. The collaboration to the two entities will help drive New Orleans's restaurant-driven economy. The Convention Center will purchase the property for $8 million and will allocate $4 million for future improvements. The building was recently appraised at $13 million, according to Curbed NOLA.
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