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

Some people are political junkies who thrive on the latest news of the day and some have digested more news this election cycle than in previous ones (perhaps more than some people care to read or hear again). Whatever the party affiliation or political leanings, one thing we can probably all agree upon is this was the wildest election any of us have seen and may ever see again. We are still reeling from the recent events of the past year but life will slowly get back to normal. What this all means for commercial real estate, only time will tell, but as one CRE professional put it, “we all figure out how to make money, no matter who is in office.” And, we get to do it all again in another two or three years.—Lisa Brown

BY THE NUMBERS

LITTLE ROCK, AR—The average asking rental rate per square foot per year for office properties as of midyear was $16.72. This represents an increase of 0.2% compared to the prior three months, with an increase of 0.7% year-over-year. Countywide average rental rates in Little Rock are 0.4% higher at $16.18 per square foot per year for office properties currently for lease, according to LoopNet.

ALBUQUERQUE—Current Albuquerque market trends data indicates a decrease of 1.7% in the median asking price per unit for multifamily properties compared to the prior three months, with a decrease of 3.7% compared to last year's prices. Countywide asking prices for multifamily properties are 1% lower at $54,552 per unit compared to the current median price of $55,314 per unit for multifamily properties, according to LoopNet.

NEWS AND NOTABLES

DENVER—CBRE announced today that Rob Link has joined the firm's Denver office as executive vice president. Link is one of the top corporate real estate advisory professionals in the metro area. Now part of CBRE's market-leading transaction and advisory services occupier group, he will continue to focus on delivering real estate strategy and driving business outcomes, including reducing costs for corporate users in the professional services, legal and energy industries.

DALLAS—Cushman & Wakefield has acquired Irving, TX-based EnSite Solutions in a transaction that increases Cushman & Wakefield's critical environment services. EnSite is a leading provider of maintenance and repair for HVAC, generator, UPS and fire protection equipment, offering cost-effective maintenance programs for critical facilities–including data centers, telecommunications and health care facilities. EnSite founder and president Toby Thomas will serve as Cushman & Wakefield's senior managing director, critical environments, and will be based in Dallas. EnSite Solutions' employees will join Cushman & Wakefield's integrated facilities maintenance business and continue to be based in Dallas.

IRVING, TX—La Quinta Holdings Inc. grew its geographic reach by opening 15 new franchised hotels totaling approximately 1,300 rooms and signed 21 new franchise agreements, increasing its development pipeline to 239 hotels totaling approximately 21,800 rooms. La Quinta's geographically diverse pipeline extends the brand's distribution into higher RevPAR markets, facilitating its entry into 38 new Smith Travel Research US market tracts.

DEAL TRACKER

KATY, TX—Moody Rambin has been retained by DTN Investments to manage The Offices at 410 located at 410 West Grand Parkway South. The four-story class-A building is approximately 60,000 square feet and located near the southwest intersection of the Grand Parkway and Interstate 10. Jaimie Pratt will oversee the property management of the building on behalf of Moody Rambin.

ENID, OK—Famous Footwear, Sprint, and Buckle have signed new leases totaling 13,100 square feet at the Land Run Town Center located at 4406 W. Owen K. Garriott Rd. The single-story, 120,000-square-foot building was originally constructed 1983 in the Garfield County submarket, northwest of Oklahoma City. Situated across from Oakwood Mall, the property was formerly home to Walmart and most recently served as a distribution center for regional home and garden retailer Atwoods Ranch & Home.

BUILDING BLOCKS

BATON ROUGE, LA—Governor John Bel Edwards and CEO Robert W. Latimer of Adobe Machinery Group LLC announced LeMoyen Mill & Timber LLC will acquire and invest an additional $2 million to develop a wood products manufacturing facility in LeMoyen, LA. LeMoyen Mill & Timber, a wholly owned subsidiary of Adobe Machinery Group, will repurpose a lumber mill previously operated by Bayou State Lumber Co. The new company will acquire both standing timber and cut logs, saw boards and timbers, and then assemble timber and laminated mats at the facility. 

BENTONVILLE, AR—The Walton Family Foundation has donated $2 million to Northwest Arkansas Community College to help fund the construction of the college's Springdale campus. The college is attempting to raise $15 million for the 50,000-square-foot campus for education and workforce training. NWACC officials project construction will begin in late 2017.

Some people are political junkies who thrive on the latest news of the day and some have digested more news this election cycle than in previous ones (perhaps more than some people care to read or hear again). Whatever the party affiliation or political leanings, one thing we can probably all agree upon is this was the wildest election any of us have seen and may ever see again. We are still reeling from the recent events of the past year but life will slowly get back to normal. What this all means for commercial real estate, only time will tell, but as one CRE professional put it, “we all figure out how to make money, no matter who is in office.” And, we get to do it all again in another two or three years.—Lisa Brown

BY THE NUMBERS

LITTLE ROCK, AR—The average asking rental rate per square foot per year for office properties as of midyear was $16.72. This represents an increase of 0.2% compared to the prior three months, with an increase of 0.7% year-over-year. Countywide average rental rates in Little Rock are 0.4% higher at $16.18 per square foot per year for office properties currently for lease, according to LoopNet.

ALBUQUERQUE—Current Albuquerque market trends data indicates a decrease of 1.7% in the median asking price per unit for multifamily properties compared to the prior three months, with a decrease of 3.7% compared to last year's prices. Countywide asking prices for multifamily properties are 1% lower at $54,552 per unit compared to the current median price of $55,314 per unit for multifamily properties, according to LoopNet.

NEWS AND NOTABLES

DENVER—CBRE announced today that Rob Link has joined the firm's Denver office as executive vice president. Link is one of the top corporate real estate advisory professionals in the metro area. Now part of CBRE's market-leading transaction and advisory services occupier group, he will continue to focus on delivering real estate strategy and driving business outcomes, including reducing costs for corporate users in the professional services, legal and energy industries.

DALLAS—Cushman & Wakefield has acquired Irving, TX-based EnSite Solutions in a transaction that increases Cushman & Wakefield's critical environment services. EnSite is a leading provider of maintenance and repair for HVAC, generator, UPS and fire protection equipment, offering cost-effective maintenance programs for critical facilities–including data centers, telecommunications and health care facilities. EnSite founder and president Toby Thomas will serve as Cushman & Wakefield's senior managing director, critical environments, and will be based in Dallas. EnSite Solutions' employees will join Cushman & Wakefield's integrated facilities maintenance business and continue to be based in Dallas.

IRVING, TX—La Quinta Holdings Inc. grew its geographic reach by opening 15 new franchised hotels totaling approximately 1,300 rooms and signed 21 new franchise agreements, increasing its development pipeline to 239 hotels totaling approximately 21,800 rooms. La Quinta's geographically diverse pipeline extends the brand's distribution into higher RevPAR markets, facilitating its entry into 38 new Smith Travel Research US market tracts.

DEAL TRACKER

KATY, TX—Moody Rambin has been retained by DTN Investments to manage The Offices at 410 located at 410 West Grand Parkway South. The four-story class-A building is approximately 60,000 square feet and located near the southwest intersection of the Grand Parkway and Interstate 10. Jaimie Pratt will oversee the property management of the building on behalf of Moody Rambin.

ENID, OK—Famous Footwear, Sprint, and Buckle have signed new leases totaling 13,100 square feet at the Land Run Town Center located at 4406 W. Owen K. Garriott Rd. The single-story, 120,000-square-foot building was originally constructed 1983 in the Garfield County submarket, northwest of Oklahoma City. Situated across from Oakwood Mall, the property was formerly home to Walmart and most recently served as a distribution center for regional home and garden retailer Atwoods Ranch & Home.

BUILDING BLOCKS

BATON ROUGE, LA—Governor John Bel Edwards and CEO Robert W. Latimer of Adobe Machinery Group LLC announced LeMoyen Mill & Timber LLC will acquire and invest an additional $2 million to develop a wood products manufacturing facility in LeMoyen, LA. LeMoyen Mill & Timber, a wholly owned subsidiary of Adobe Machinery Group, will repurpose a lumber mill previously operated by Bayou State Lumber Co. The new company will acquire both standing timber and cut logs, saw boards and timbers, and then assemble timber and laminated mats at the facility. 

BENTONVILLE, AR—The Walton Family Foundation has donated $2 million to Northwest Arkansas Community College to help fund the construction of the college's Springdale campus. The college is attempting to raise $15 million for the 50,000-square-foot campus for education and workforce training. NWACC officials project construction will begin in late 2017.