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

NEWS AND NOTABLES

AUSTIN, TX—Trammell Crow Company announces that Brad Maples has been promoted to principal with the firm's Austin business unit. In this role, Maples will continue to oversee development and acquisition activities throughout the Austin area, including sourcing new opportunities, developing capital relationships, and helping to manage the company's entitlement, development and repositioning strategies. 

DENVER—TRELORA, Denver's flat-fee real estate brokerage, is re-releasing real estate agent commissions to consumers, via the company's proprietary home search site, homes.TRELORA.com. Sharing agent commission information will provide transparency regarding the fees home sellers are willing to pay buyer's agents. This is information that is typically not easily accessible to homebuyers, who are paying the fee. 

DALLAS—Richard Arnitz, a 30-year veteran of the financial services industry, has joined Megatel Capital Investment as president. Arnitz has helped raise in excess of $17 billion in both public and private securities offerings during the course of his career. Prior to joining Megatel Capital Investment, he was executive director with Realty Capital Securities, president and chief executive officer of Grubb & Ellis Capital Corporation and president of Cole Capital Markets. Prior to Cole, he worked extensively on both the broker-dealer and product manufacturing sides of American International Group.

DEAL TRACKER

PLANO, TX—Gaedeke Group LLC has landed a global IT services giant, NTT DATA International LLC, as the lead tenant for its soon-to-deliver One Legacy West. NTT DATA signed a five-floor lease for 41% of the LEED Gold project. The 126,715-square-foot lease runs more than a decade. NTT DATA, which recently acquired the former Dell Services, anticipates opening the new North American headquarters office in early summer. On track to deliver in late January, the 307,824-rentable-square-foot 14-story One Legacy West at 7950 Legacy Dr. is situated on an 11-acre tract at the northwest gateway to the 240-acre Legacy West, a $3 billion mixed-use urban development in West Plano.

BROWNSVILLE, TX—Jefferson Square, a 72-unit multifamily property located 230 West Jefferson St. has sold. Mike Moffitt Jr., vice president investments in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a private investor, was also secured by Moffitt. Built in 1981, Jefferson Square has a unit mix of 36 one-bedroom/one-bath units and 36 two-bedroom/one-bath units for a total of 48,780 rentable square feet.

BUILDING BLOCKS

AUSTIN, TX—High Street Residential and Principal Real Estate Investors have broken ground on Crestview Commons, a class-A four-story residential project comprised of 353 units, including one, two and three bedrooms. The project sits adjacent to the Crestview MetroRail station at North Lamar Street and Sugaree Avenue. Pre-leasing will commence in January 2018.

NEWS AND NOTABLES

AUSTIN, TX—Trammell Crow Company announces that Brad Maples has been promoted to principal with the firm's Austin business unit. In this role, Maples will continue to oversee development and acquisition activities throughout the Austin area, including sourcing new opportunities, developing capital relationships, and helping to manage the company's entitlement, development and repositioning strategies. 

DENVER—TRELORA, Denver's flat-fee real estate brokerage, is re-releasing real estate agent commissions to consumers, via the company's proprietary home search site, homes.TRELORA.com. Sharing agent commission information will provide transparency regarding the fees home sellers are willing to pay buyer's agents. This is information that is typically not easily accessible to homebuyers, who are paying the fee. 

DALLAS—Richard Arnitz, a 30-year veteran of the financial services industry, has joined Megatel Capital Investment as president. Arnitz has helped raise in excess of $17 billion in both public and private securities offerings during the course of his career. Prior to joining Megatel Capital Investment, he was executive director with Realty Capital Securities, president and chief executive officer of Grubb & Ellis Capital Corporation and president of Cole Capital Markets. Prior to Cole, he worked extensively on both the broker-dealer and product manufacturing sides of American International Group.

DEAL TRACKER

PLANO, TX—Gaedeke Group LLC has landed a global IT services giant, NTT DATA International LLC, as the lead tenant for its soon-to-deliver One Legacy West. NTT DATA signed a five-floor lease for 41% of the LEED Gold project. The 126,715-square-foot lease runs more than a decade. NTT DATA, which recently acquired the former Dell Services, anticipates opening the new North American headquarters office in early summer. On track to deliver in late January, the 307,824-rentable-square-foot 14-story One Legacy West at 7950 Legacy Dr. is situated on an 11-acre tract at the northwest gateway to the 240-acre Legacy West, a $3 billion mixed-use urban development in West Plano.

BROWNSVILLE, TX—Jefferson Square, a 72-unit multifamily property located 230 West Jefferson St. has sold. Mike Moffitt Jr., vice president investments in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a private investor, was also secured by Moffitt. Built in 1981, Jefferson Square has a unit mix of 36 one-bedroom/one-bath units and 36 two-bedroom/one-bath units for a total of 48,780 rentable square feet.

BUILDING BLOCKS

AUSTIN, TX—High Street Residential and Principal Real Estate Investors have broken ground on Crestview Commons, a class-A four-story residential project comprised of 353 units, including one, two and three bedrooms. The project sits adjacent to the Crestview MetroRail station at North Lamar Street and Sugaree Avenue. Pre-leasing will commence in January 2018.