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

BY THE NUMBERS

NORMAN, OK—The average asking rental rate per square foot per year for retail properties as of midyear was $17.31. This represents an increase of 1.1% compared to the prior three months, with an increase of 6% year-over-year. Countywide average rental rates are 0.9% higher at $16.99 per square  foot per year for retail properties currently for lease, according to LoopNet.

HOT SPRINGS, AR—The average asking rental rate per square foot per year for office properties as of midyear was $11.00. Rental rates remained unchanged compared to the prior three months, with no change year-over-year. Countywide average rental rates in Hot Springs are unchanged at $11.24 per square foot per year for office properties currently for lease, according to LoopNet.

NEWS AND NOTABLES

ADDISON, TX—KWA Construction promoted Brian Webster to president and Richie Keene to executive vice president. Keller Webster, founder and president of KWA Construction, will be transitioning to chairman. Webster and Keene previously served as executive vice president and vice president of operations, respectively.

HOUSTON—CBRE announces that Matt Berry and Robbie Kilcrease, two seasoned commercial real estate professionals, have joined its Houston office to focus on the market's retail investment sales practice. Berry and Kilcrease, who will serve as a first vice president and senior associate, respectively, will specialize in the sale, debt and structured finance placement assistance, and recapitalization of retail properties throughout the Houston market. They both join CBRE from HFF.

HOUSTON—Top agency leasing brokers Douglas Pack and Sam Hansen have joined Avison Young. Pack and Hansen become principals of Avison Young with a mandate to form, lead and build the firm's new office project leasing team in Houston. They will work with owners and developers to improve asset value through strategic leasing.

DEAL TRACKER

CASTLE ROCK, CO—Cafe Rio/T-Mobile @ Promenade of Castle Rock, a 5,823-square foot retail property has recently sold. The asset sold for $3.9 million. Jamie Medress, Mark Ruble and Chris Lind investment specialists in Marcus & Millichap's Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer. Cafe Rio/T-Mobile @ Promenade of Castle Rock is located at 832 New Memphis Ct.

DENVER—Officials of the Hotel Indigo Denver, the Mile High City's newest boutique-style hotel, announced the property will open its doors in mid-January of 2017. Located at 1801 Wewatta St. in downtown Denver's thriving Union Station neighborhood, the hotel will offer 180 guestrooms and 1,188 square feet of meeting and event space.

SAN ANTONIO—Stream Realty Partners recently sold a 17,229-square-foot office/warehouse building located on 6.518 acres at 5300 SE Loop 410. Jason Schnittger, managing director and Michael T. Kent, senior associate of Stream Realty Partners–Central Texas LP represented the seller, CLN/WWMK LP while Nick Prater of 4M Realty represented the buyer, LBL 5300 LLC.

MCALLEN, TX—Maple Court Apartments, a 46-unit multifamily property located at 1400 North 16th St. has recently sold. Mike Moffitt Jr. and William E. Stover Jr., investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a partnership, was also secured by Moffitt and Stover. Built in 1973, Maple Court Apartments has more than 42,000 square feet of net rentable area. The property consists of four buildings that surround a central courtyard and offers community amenities such as covered parking and an on-site laundry room.

BUILDING BLOCKS

ALBUQUERQUE—New Mexico Highlands University's new student center occupies a prominent intersection on the town/campus border. The design challenge was to create a building that emphasized transparency while mitigating the heat of the sun, according to ULI. To achieve this, Diamond Schmitt Architects of Toronto, Ontario, Canada, in a joint venture with Studio Southwest Architects of Albuquerque, gave the facility a glazed aluminum curtain wall shielded on three sides by a motorized louver system.

BY THE NUMBERS

NORMAN, OK—The average asking rental rate per square foot per year for retail properties as of midyear was $17.31. This represents an increase of 1.1% compared to the prior three months, with an increase of 6% year-over-year. Countywide average rental rates are 0.9% higher at $16.99 per square  foot per year for retail properties currently for lease, according to LoopNet.

HOT SPRINGS, AR—The average asking rental rate per square foot per year for office properties as of midyear was $11.00. Rental rates remained unchanged compared to the prior three months, with no change year-over-year. Countywide average rental rates in Hot Springs are unchanged at $11.24 per square foot per year for office properties currently for lease, according to LoopNet.

NEWS AND NOTABLES

ADDISON, TX—KWA Construction promoted Brian Webster to president and Richie Keene to executive vice president. Keller Webster, founder and president of KWA Construction, will be transitioning to chairman. Webster and Keene previously served as executive vice president and vice president of operations, respectively.

HOUSTON—CBRE announces that Matt Berry and Robbie Kilcrease, two seasoned commercial real estate professionals, have joined its Houston office to focus on the market's retail investment sales practice. Berry and Kilcrease, who will serve as a first vice president and senior associate, respectively, will specialize in the sale, debt and structured finance placement assistance, and recapitalization of retail properties throughout the Houston market. They both join CBRE from HFF.

HOUSTON—Top agency leasing brokers Douglas Pack and Sam Hansen have joined Avison Young. Pack and Hansen become principals of Avison Young with a mandate to form, lead and build the firm's new office project leasing team in Houston. They will work with owners and developers to improve asset value through strategic leasing.

DEAL TRACKER

CASTLE ROCK, CO—Cafe Rio/T-Mobile @ Promenade of Castle Rock, a 5,823-square foot retail property has recently sold. The asset sold for $3.9 million. Jamie Medress, Mark Ruble and Chris Lind investment specialists in Marcus & Millichap's Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer. Cafe Rio/T-Mobile @ Promenade of Castle Rock is located at 832 New Memphis Ct.

DENVER—Officials of the Hotel Indigo Denver, the Mile High City's newest boutique-style hotel, announced the property will open its doors in mid-January of 2017. Located at 1801 Wewatta St. in downtown Denver's thriving Union Station neighborhood, the hotel will offer 180 guestrooms and 1,188 square feet of meeting and event space.

SAN ANTONIO—Stream Realty Partners recently sold a 17,229-square-foot office/warehouse building located on 6.518 acres at 5300 SE Loop 410. Jason Schnittger, managing director and Michael T. Kent, senior associate of Stream Realty Partners–Central Texas LP represented the seller, CLN/WWMK LP while Nick Prater of 4M Realty represented the buyer, LBL 5300 LLC.

MCALLEN, TX—Maple Court Apartments, a 46-unit multifamily property located at 1400 North 16th St. has recently sold. Mike Moffitt Jr. and William E. Stover Jr., investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a partnership, was also secured by Moffitt and Stover. Built in 1973, Maple Court Apartments has more than 42,000 square feet of net rentable area. The property consists of four buildings that surround a central courtyard and offers community amenities such as covered parking and an on-site laundry room.

BUILDING BLOCKS

ALBUQUERQUE—New Mexico Highlands University's new student center occupies a prominent intersection on the town/campus border. The design challenge was to create a building that emphasized transparency while mitigating the heat of the sun, according to ULI. To achieve this, Diamond Schmitt Architects of Toronto, Ontario, Canada, in a joint venture with Studio Southwest Architects of Albuquerque, gave the facility a glazed aluminum curtain wall shielded on three sides by a motorized louver system.