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

National vacancy finished 2016 just below 4%, the second-tightest rate on record and the outlook points to balance in the coming year. Robust absorption spurred by the expanding economy and positive demographics will keep pace with accelerated apartment development in 2017. Construction in 2017 will reach a cyclical peak, but additions will remain highly concentrated in a handful of metros, says Marcus & Millichap in its latest multifamily investment forecast.—Lisa Brown

NEWS AND NOTABLES

DALLAS—LandlordStation.com, a leader in tenant screening and other online services for landlords and property managers, has acquired RadPad, onradpad.com, a mobile-first marketplace that connects renters and landlords.

HOUSTON—Lee & Associates-Houston promoted Reed Vestal from senior director to principal. Vestal joined the Houston office of Lee & Associates in 2015, and has been involved in various commercial real estate transactions in his career including sales, leasing, build-to-suits, design-builds, investments and developments, with special emphasis on industrial and land-related transactions.

HOUSTON—NAI Partners announced that it has hired Joe Bright as an associate broker in its office tenant representation division. Most recently, Bright worked with S.E. Covington & Company Inc. as an associate representing office tenants, building owners and land owners.

HOUSTON—Lee & Associates-Houston promoted Taylor Schmidt from senior director to principal. Schmidt joined the Houston office of Lee & Associates in 2015, and has been involved in a wide array of commercial real estate transactions including sales, investments, leasing, build-to-suit and site development, with special emphasis on land and industrial properties. Schmidt has completed more than $150 million in transactions and brokered sales of more than 1,300 acres of land.

HOUSTON—NAI Partners has hired Zach Leger as an associate broker in its office landlord leasing division. Most recently, Leger was with Halberdier Real Estate performing analysis and underwriting for the development on various portfolios, as well as performing due diligence activities related to horizontal and vertical development.

DEAL TRACKER

AURORA, CO—Holliday Fenoglio Fowler LP has arranged a $73 million refinancing for a 14-building industrial portfolio totaling 1.93 million square feet of class-A distribution warehouse space. HFF worked on behalf of the borrower, Pauls, to secure two 10-year fixed-rate full-term interest-only loans with Nationwide Life Insurance Company. HFF will service the loans, the proceeds of which were used to refinance an existing life company loan and a construction loan.

HOUSTON—CBRE Hotels has executed the sale of Motel 6 at 9005 Airport Blvd. Maankee Hospitality LLC, acquired the property from Aum Sai Ram Inc. The 144-room hotel is located just west of Interstate 45 and within two miles from William P. Hobby Airport. Tyler Bean, Michael Yu and Rahul Bijlani with CBRE Hotels, represented both sides of the deal.

HOUSTON—Transwestern brokered 99,409 square feet of office leases at Beltway 8 Corporate Centre III located at 10900 Corporate Centre Dr. in Houston's West Belt submarket. Transwestern's Eric Anderson, Parker Burkett and Tyler Garrett executed the leases on behalf of the landlord, Agellan Commercial REIT US LP, which owns Beltway 8 Corporate Centre II, III and IV. Disa Global Solutions Inc. leased 34,865 square feet and was represented by Jackson & Cooksey's Andy Iversen and John Luck. Community Health Choice leased 32,835 square feet and was represented by Boyd Commercial's Mike Boyd and David Boyd. Convergent Outsourcing leased 31,709 square feet and was represented by Guardian Commercial Realty's Robert Chavez.

AUSTIN, TX—On behalf of CSW Development, JLL's Capital Markets completed the sale of 27 Eleven, located at 2711 West Anderson Ln. to Paydar Properties Inc. Completion of the sale makes way for the highly sought-after property to be redeveloped into a mid-rise multifamily/mixed-use property in the near future. Managing director Scott LaMontagne and associate Michael Gonzalez led the JLL team on the deal.

HOUSTON—CBRE was awarded the exclusive retail leasing assignment for West Ave. It is located at the intersection of the River Oaks and Upper Kirby Districts, is a thriving retail development featuring a broad mix of fine dining establishments, contemporary cafes, services and boutiques. CBRE's Radkey Jolink and Bruce Wallace are the leasing advisors on behalf of Gables, owner and developer of West Ave.

HOUSTON—NAI Partners brokered the disposition of a 56,875-square-foot manufacturing facility on 4.59 acres on behalf of ArrowRock Tres-Industrial LP located at 2330 Peyton Rd. John Ferruzzo and Michael Keegan of NAI Partners represented the seller, ArrowRock Tres-Industrial LP during negotiations, while Mansur Hussain, Hutaib USA represented the buyer, Hakeem Real Properties LLC.

National vacancy finished 2016 just below 4%, the second-tightest rate on record and the outlook points to balance in the coming year. Robust absorption spurred by the expanding economy and positive demographics will keep pace with accelerated apartment development in 2017. Construction in 2017 will reach a cyclical peak, but additions will remain highly concentrated in a handful of metros, says Marcus & Millichap in its latest multifamily investment forecast.—Lisa Brown

NEWS AND NOTABLES

DALLAS—LandlordStation.com, a leader in tenant screening and other online services for landlords and property managers, has acquired RadPad, onradpad.com, a mobile-first marketplace that connects renters and landlords.

HOUSTON—Lee & Associates-Houston promoted Reed Vestal from senior director to principal. Vestal joined the Houston office of Lee & Associates in 2015, and has been involved in various commercial real estate transactions in his career including sales, leasing, build-to-suits, design-builds, investments and developments, with special emphasis on industrial and land-related transactions.

HOUSTON—NAI Partners announced that it has hired Joe Bright as an associate broker in its office tenant representation division. Most recently, Bright worked with S.E. Covington & Company Inc. as an associate representing office tenants, building owners and land owners.

HOUSTON—Lee & Associates-Houston promoted Taylor Schmidt from senior director to principal. Schmidt joined the Houston office of Lee & Associates in 2015, and has been involved in a wide array of commercial real estate transactions including sales, investments, leasing, build-to-suit and site development, with special emphasis on land and industrial properties. Schmidt has completed more than $150 million in transactions and brokered sales of more than 1,300 acres of land.

HOUSTON—NAI Partners has hired Zach Leger as an associate broker in its office landlord leasing division. Most recently, Leger was with Halberdier Real Estate performing analysis and underwriting for the development on various portfolios, as well as performing due diligence activities related to horizontal and vertical development.

DEAL TRACKER

AURORA, CO—Holliday Fenoglio Fowler LP has arranged a $73 million refinancing for a 14-building industrial portfolio totaling 1.93 million square feet of class-A distribution warehouse space. HFF worked on behalf of the borrower, Pauls, to secure two 10-year fixed-rate full-term interest-only loans with Nationwide Life Insurance Company. HFF will service the loans, the proceeds of which were used to refinance an existing life company loan and a construction loan.

HOUSTON—CBRE Hotels has executed the sale of Motel 6 at 9005 Airport Blvd. Maankee Hospitality LLC, acquired the property from Aum Sai Ram Inc. The 144-room hotel is located just west of Interstate 45 and within two miles from William P. Hobby Airport. Tyler Bean, Michael Yu and Rahul Bijlani with CBRE Hotels, represented both sides of the deal.

HOUSTON—Transwestern brokered 99,409 square feet of office leases at Beltway 8 Corporate Centre III located at 10900 Corporate Centre Dr. in Houston's West Belt submarket. Transwestern's Eric Anderson, Parker Burkett and Tyler Garrett executed the leases on behalf of the landlord, Agellan Commercial REIT US LP, which owns Beltway 8 Corporate Centre II, III and IV. Disa Global Solutions Inc. leased 34,865 square feet and was represented by Jackson & Cooksey's Andy Iversen and John Luck. Community Health Choice leased 32,835 square feet and was represented by Boyd Commercial's Mike Boyd and David Boyd. Convergent Outsourcing leased 31,709 square feet and was represented by Guardian Commercial Realty's Robert Chavez.

AUSTIN, TX—On behalf of CSW Development, JLL's Capital Markets completed the sale of 27 Eleven, located at 2711 West Anderson Ln. to Paydar Properties Inc. Completion of the sale makes way for the highly sought-after property to be redeveloped into a mid-rise multifamily/mixed-use property in the near future. Managing director Scott LaMontagne and associate Michael Gonzalez led the JLL team on the deal.

HOUSTON—CBRE was awarded the exclusive retail leasing assignment for West Ave. It is located at the intersection of the River Oaks and Upper Kirby Districts, is a thriving retail development featuring a broad mix of fine dining establishments, contemporary cafes, services and boutiques. CBRE's Radkey Jolink and Bruce Wallace are the leasing advisors on behalf of Gables, owner and developer of West Ave.

HOUSTON—NAI Partners brokered the disposition of a 56,875-square-foot manufacturing facility on 4.59 acres on behalf of ArrowRock Tres-Industrial LP located at 2330 Peyton Rd. John Ferruzzo and Michael Keegan of NAI Partners represented the seller, ArrowRock Tres-Industrial LP during negotiations, while Mansur Hussain, Hutaib USA represented the buyer, Hakeem Real Properties LLC.