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

BY THE NUMBERS

LAS CRUCES,NM—Current Las Cruces market trends data indicates no change in the median asking price per square foot for office properties compared to the prior three months, with an increase of 1% compared to last year's prices. Countywide asking prices for office properties are 6% lower at $104 per square foot compared to the current median price of $117 per square foot for office properties, according to LoopNet.

TULSA, OK—Current Tulsa market trends data indicates no change in the median asking price per unit for multifamily properties compared to the prior three months, with no change compared to last year's prices. Countywide asking prices for multifamily properties are similar to the current median asking price at $43,125 per unit, according to LoopNet.

NEWS AND NOTABLES

DALLAS—Commercial real estate veteran Kristie McBee has joined Westmount as senior director-asset management. She will oversee the asset and property management of Westmount's office and industrial assets across the country. 

DALLAS—Atlanta-based Pollack Shores Real Estate Group today announced its Southwest expansion with the launch of a new office in Dallas. Pollack Shores appointed Alex Seals, former vice president of investments at Dallas-based Rosewood Property Company, to lead the company's efforts in the Southwest from the new office located in Preston Center.

FORT WORTH, TX—Brandom Gengelbach, a business professional with diverse foreign and domestic experience, has been named the Fort Worth chamber of commerce's executive vice president of economic development. Gengelbach grew up in Houston and the Plano-Addison area. He holds an MBA from the University of Southampton near London, where he was a rotary ambassadorial scholar.

DEAL TRACKER

DALLAS—ATC Transportation LLC leased 75,676 square feet at 12750 Perimeter Dr. Matt Dornak and Ryan Wolcott with Stream Realty Partners represented the landlord, DRA Advisors. Hanes Chatham with Stream Realty Partners represented the tenant.

HOUSTON—Lansing Building Products signed a new 30,375-square-foot industrial lease at Claymoore Business Park, 10801 Moss Ridge Rd. JLL's Kevin Erck represented the tenant in the transaction. Transwestern's Brian Gammill represented the landlord, Claymoore Northwest Inc.

FRISCO, TX—CBRE announces a lease renewal and expansion for CAF Capital Partners and CAF Management's corporate headquarters to accommodate the firm's rapid expansion. The firm is doubling its office space in the Hall Office Park located at 2600 Network Blvd. CAF Capital owns and manages approximately 5,000 multifamily units throughout Texas, including in Dallas/Fort Worth, Houston, Austin and San Antonio. Scott Hobbs with CBRE in Dallas represented CAF Capital Partners and CAF Management LLC, and Brad Gibson with Hall Group in Dallas represented Hall Office Portfolio DB LLC in the lease.

DENVER—MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, CA, has successfully restructured the debt on a Denver office building and an office/flex building in San Antonio, TX.  The new financing, which totals $50.3 million, was arranged by MetroGroup Realty Finance's vice president, Scott Botsford. The two office assets totaled 328,159 square feet.

AURORA, CO—Steadfast Apartment REIT III Inc. acquired its second apartment community, Bristol Village, a 240-apartment-home complex for $47.4 million. 

GREENWOOD VILLAGE, CO—STRATMOR Group, a leading mortgage industry consultancy, released its latest STRATMOR Insights report. This report shares highlights from a recent STRATMOR Spotlight Survey addressing lender practices and plans regarding the measurement of borrower satisfaction. As senior partner Matt Lind explains, improving borrower satisfaction starts with measuring it, but it seems that many lenders may not be placing enough emphasis on the areas where the most improvement might be gained.

DENVER—Thorofare Capital provided an affiliate of Hayman Properties LLC with $19.8 million in first mortgage debt for the acquisition, syndication and lease up of Parkway Office Centre, a 134,643-square-foot class-B office building. Hayman acquired the property for $25.6 million. Built in 1982 and later renovated in 2008, Parkway Office Centre is located at 1391 N. Speer Boulevard at Colfax Avenue in the northern portion of Downtown Denver's “Golden Triangle,” one of the oldest neighborhoods in the city. The eight-story brick office property with an adjacent three-story parking garage was 94% leased at closing. The seller, DPC Development Company, recently signed Denver Health and Hospital Authority, one of the city's largest health organizations to a long-term lease for approximately 33,000 square feet.     

BUILDING BLOCKS

NEW ORLEANS—City, state and federal officials cut the ribbon on November 18 on the long-planned Veterans Affairs hospital on Canal Street. Governor John Bel Edwards acknowledged the project took “a little longer than it maybe should have”. Originally projected to cost about $625 million, a US government accountability office report pegged the dollar amount at closer to $1 billion. And although the hospital was scheduled to be completed in December 2014, officials were forced to push that date to nearly two years later because of construction delays.

BY THE NUMBERS

LAS CRUCES,NM—Current Las Cruces market trends data indicates no change in the median asking price per square foot for office properties compared to the prior three months, with an increase of 1% compared to last year's prices. Countywide asking prices for office properties are 6% lower at $104 per square foot compared to the current median price of $117 per square foot for office properties, according to LoopNet.

TULSA, OK—Current Tulsa market trends data indicates no change in the median asking price per unit for multifamily properties compared to the prior three months, with no change compared to last year's prices. Countywide asking prices for multifamily properties are similar to the current median asking price at $43,125 per unit, according to LoopNet.

NEWS AND NOTABLES

DALLAS—Commercial real estate veteran Kristie McBee has joined Westmount as senior director-asset management. She will oversee the asset and property management of Westmount's office and industrial assets across the country. 

DALLAS—Atlanta-based Pollack Shores Real Estate Group today announced its Southwest expansion with the launch of a new office in Dallas. Pollack Shores appointed Alex Seals, former vice president of investments at Dallas-based Rosewood Property Company, to lead the company's efforts in the Southwest from the new office located in Preston Center.

FORT WORTH, TX—Brandom Gengelbach, a business professional with diverse foreign and domestic experience, has been named the Fort Worth chamber of commerce's executive vice president of economic development. Gengelbach grew up in Houston and the Plano-Addison area. He holds an MBA from the University of Southampton near London, where he was a rotary ambassadorial scholar.

DEAL TRACKER

DALLAS—ATC Transportation LLC leased 75,676 square feet at 12750 Perimeter Dr. Matt Dornak and Ryan Wolcott with Stream Realty Partners represented the landlord, DRA Advisors. Hanes Chatham with Stream Realty Partners represented the tenant.

HOUSTON—Lansing Building Products signed a new 30,375-square-foot industrial lease at Claymoore Business Park, 10801 Moss Ridge Rd. JLL's Kevin Erck represented the tenant in the transaction. Transwestern's Brian Gammill represented the landlord, Claymoore Northwest Inc.

FRISCO, TX—CBRE announces a lease renewal and expansion for CAF Capital Partners and CAF Management's corporate headquarters to accommodate the firm's rapid expansion. The firm is doubling its office space in the Hall Office Park located at 2600 Network Blvd. CAF Capital owns and manages approximately 5,000 multifamily units throughout Texas, including in Dallas/Fort Worth, Houston, Austin and San Antonio. Scott Hobbs with CBRE in Dallas represented CAF Capital Partners and CAF Management LLC, and Brad Gibson with Hall Group in Dallas represented Hall Office Portfolio DB LLC in the lease.

DENVER—MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, CA, has successfully restructured the debt on a Denver office building and an office/flex building in San Antonio, TX.  The new financing, which totals $50.3 million, was arranged by MetroGroup Realty Finance's vice president, Scott Botsford. The two office assets totaled 328,159 square feet.

AURORA, CO—Steadfast Apartment REIT III Inc. acquired its second apartment community, Bristol Village, a 240-apartment-home complex for $47.4 million. 

GREENWOOD VILLAGE, CO—STRATMOR Group, a leading mortgage industry consultancy, released its latest STRATMOR Insights report. This report shares highlights from a recent STRATMOR Spotlight Survey addressing lender practices and plans regarding the measurement of borrower satisfaction. As senior partner Matt Lind explains, improving borrower satisfaction starts with measuring it, but it seems that many lenders may not be placing enough emphasis on the areas where the most improvement might be gained.

DENVER—Thorofare Capital provided an affiliate of Hayman Properties LLC with $19.8 million in first mortgage debt for the acquisition, syndication and lease up of Parkway Office Centre, a 134,643-square-foot class-B office building. Hayman acquired the property for $25.6 million. Built in 1982 and later renovated in 2008, Parkway Office Centre is located at 1391 N. Speer Boulevard at Colfax Avenue in the northern portion of Downtown Denver's “Golden Triangle,” one of the oldest neighborhoods in the city. The eight-story brick office property with an adjacent three-story parking garage was 94% leased at closing. The seller, DPC Development Company, recently signed Denver Health and Hospital Authority, one of the city's largest health organizations to a long-term lease for approximately 33,000 square feet.     

BUILDING BLOCKS

NEW ORLEANS—City, state and federal officials cut the ribbon on November 18 on the long-planned Veterans Affairs hospital on Canal Street. Governor John Bel Edwards acknowledged the project took “a little longer than it maybe should have”. Originally projected to cost about $625 million, a US government accountability office report pegged the dollar amount at closer to $1 billion. And although the hospital was scheduled to be completed in December 2014, officials were forced to push that date to nearly two years later because of construction delays.