BY THE NUMBERS
DENVER—The downtown office market shifted more towards tenants' favor in 2016, as availability rates and sublet supply increased, and rents flattened from 2015. Overall and class-A downtown average asking rents were $31.65 and $32.90 per square foot in fourth quarter, down from $32.39 and $34.00 one year ago. Of the area's 13 submarkets, only LoDo's fourth quarter asking rents averaged higher than the US Index of $32.78. Denver tenants leased only 8.4 million square feet in 2016, down 5.4% from 2015 and 5.6% below the long-term average. However, an uptick in leasing may come in 2017 following a 38.5% quarterly rebound in activity for fourth quarter 2016.
NEWS AND NOTABLES
HOUSTON—Jerry Goldstein of Marcus & Millichap's Houston office has been named a senior managing director investments. Goldstein specializes in brokerage of and consulting services for retail properties on behalf of investors. He is a senior director of Marcus & Millichap's national retail group and has been with the firm since 1994.
HOUSTON—SRS Real Estate Partners welcomes Ed Heap as first vice president in the Houston office. He will focus on tenant and landlord representation. Heap joins SRS from the Weitzman Group where he focused on retail tenant representation and landlord representation in Houston.
DEAL TRACKER
AUSTIN, TX—Calhoun, Thompson + Matza LLP has renewed its lease for 5,034 square feet at 9500 Arboretum. AQUILA Commercial represented the landlord in the transaction.
DALLAS—Boxer Property has concluded lease renewal negotiations with Centene Corporation. Centene will retain its office space located at both properties, 4000 North and South McEwen Road, for a total of 46,769 square feet in the Farmers Branch area.
FORT WORTH—Clifford Crossing, a 4,300-square-foot retail strip center, has sold, according to CBRE. Blazing Meadows Investments LLC purchased the asset for an undisclosed price from MG Retail Partners, which developed the property in a joint venture with Vaquero Ventures. This is the first US investment for South African-based Blazing Meadows Investments. Clifford Crossing, located on the northwest corner of Clifford Street and I-820, was built in 2016 and is 100% leased by two blue chip companies. Michael Austry, a vice president with CBRE in Dallas, represented the seller, and Karim Budri with Gharbieh + Associates in Dallas represented the buyer in the transaction.
BUILDING BLOCKS
DALLAS—A groundbreaking ceremony including Mayor Rawlings was held February 10 to celebrate the start of construction on a new facility for Dallas 24 Hour Club. The local commercial real estate and construction industries have joined forces to build the new facility for the homeless seeking a life away from drugs and alcohol.
SHERMAN, TX—J.P. Hart Lumber Company began construction on its lumber and building materials distribution center within Progress Park, a 3,300-acre master-planned business park. Hart Lumber contracted with SEDCO, represented by Bob Hagewood and Cannon Green of Stream Realty Partners, to purchase 37.6 acres along Progress Drive in Sherman's Progress Park III.
BY THE NUMBERS
DENVER—The downtown office market shifted more towards tenants' favor in 2016, as availability rates and sublet supply increased, and rents flattened from 2015. Overall and class-A downtown average asking rents were $31.65 and $32.90 per square foot in fourth quarter, down from $32.39 and $34.00 one year ago. Of the area's 13 submarkets, only LoDo's fourth quarter asking rents averaged higher than the US Index of $32.78. Denver tenants leased only 8.4 million square feet in 2016, down 5.4% from 2015 and 5.6% below the long-term average. However, an uptick in leasing may come in 2017 following a 38.5% quarterly rebound in activity for fourth quarter 2016.
NEWS AND NOTABLES
HOUSTON—Jerry Goldstein of Marcus & Millichap's Houston office has been named a senior managing director investments. Goldstein specializes in brokerage of and consulting services for retail properties on behalf of investors. He is a senior director of Marcus & Millichap's national retail group and has been with the firm since 1994.
HOUSTON—SRS Real Estate Partners welcomes Ed Heap as first vice president in the Houston office. He will focus on tenant and landlord representation. Heap joins SRS from the Weitzman Group where he focused on retail tenant representation and landlord representation in Houston.
DEAL TRACKER
AUSTIN, TX—Calhoun, Thompson + Matza LLP has renewed its lease for 5,034 square feet at 9500 Arboretum. AQUILA Commercial represented the landlord in the transaction.
DALLAS—Boxer Property has concluded lease renewal negotiations with
FORT WORTH—Clifford Crossing, a 4,300-square-foot retail strip center, has sold, according to CBRE. Blazing Meadows Investments LLC purchased the asset for an undisclosed price from MG Retail Partners, which developed the property in a joint venture with Vaquero Ventures. This is the first US investment for South African-based Blazing Meadows Investments. Clifford Crossing, located on the northwest corner of Clifford Street and I-820, was built in 2016 and is 100% leased by two blue chip companies. Michael Austry, a vice president with CBRE in Dallas, represented the seller, and Karim Budri with Gharbieh + Associates in Dallas represented the buyer in the transaction.
BUILDING BLOCKS
DALLAS—A groundbreaking ceremony including Mayor Rawlings was held February 10 to celebrate the start of construction on a new facility for Dallas 24 Hour Club. The local commercial real estate and construction industries have joined forces to build the new facility for the homeless seeking a life away from drugs and alcohol.
SHERMAN, TX—J.P. Hart Lumber Company began construction on its lumber and building materials distribution center within Progress Park, a 3,300-acre master-planned business park. Hart Lumber contracted with SEDCO, represented by Bob Hagewood and Cannon Green of Stream Realty Partners, to purchase 37.6 acres along Progress Drive in Sherman's Progress Park III.
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