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

Unless someone literally lives in a cave, tech touches most every aspect of our lives. In commercial real estate, it supplies tools for development and brokerage, it powers the buildings inhabited by tenants and it is make or break when hiring new professionals. Cushman & Wakefield's Tech Cities 1.0 report analyzes a number of factors, including talent, capital and growth opportunity across major American markets. Cushman & Wakefield ranks Austin in the number seven slot and Dallas-Fort Worth at number 21 on the Top 25 list.—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—Cushman & Wakefield announces Paul Noetzel has joined the firm as the asset services city lead for the Austin market. Noetzel will be responsible for growing Cushman & Wakefield's asset services business in Austin, currently consisting of more than 600,000 square feet of office, industrial and retail space.

LAS COLINAS, TX—The Irving Music Factory at Las Colinas, a 17-acre mixed-use entertainment and lifestyle center located in the heart of the iconic Las Colinas Urban Center, has added two experienced members to the company's team. Industry veteran Tony Barraco has joined as general manager of The Irving Music Factory at Las Colinas, and Jon Paul “JP” Gomez will spearhead local branding and communications as director of marketing.

DEAL TRACKER

AUSTIN, TX—Post South Lamar, an apartment community developed by MAA, is now leasing its new community addition, Post South Lamar Phase II. Located near downtown, the University of Texas and Central Market, the community has studio, one-bedroom and two-bedroom apartments. Phase II adds new luxury amenities including two additional pools and a rooftop terrace, 600 square feet of commercial restaurant and retail space, and 344 new units. Units starting at $1,495 are now available for lease via the community's leasing office and are slated to open June 15.

DENVER—JCR Capital Investment Corporation announced the launch of its fourth fund, JCR Capital Income Plus Fund IV LP. JCR has chosen to pivot Fund IV's strategy to target more value-add cash flowing properties with shorter investment periods than JCR's previous funds. The fund will focus exclusively on middle market properties (valued at $50 million and less) in the multifamily, industrial and office sectors, as well as select retail. Fund IV will seek to generate a 6% to 7% current yield and a 12% net IRR, without the use of leverage at the fund level. JCR will cap the fund size at $200 million. JCR believes the smaller size of the fund and lower risk-return profile is prudent, given the current market environment.

FORT WORTH—Autumn Brown of 7301 LLC purchased the pieces of commercial land located at 7301 E. Rosedale St. The financing institution on this $50 million deal was Daniel W. Dipert, according to Enriched Data.

HOUSTON—NAI Partners recently represented Steadfast Development in the sale of a 11,250-square-foot industrial office/warehouse located at 13017 Misty Willow. Following the sale, Steadfast Development will be breaking ground on three additional buildings during Phase II of this project. John Ferruzzo and Travis Land of NAI Partners represented Steadfast during the negotiations, while Richard Prater with ERA Tucker represented the buyer.

SAYRE, OK—CBRE announces the sale of Sayre Memorial Hospital, which closed operationally in 2016. Healthcare Properties Transaction Group of Oklahoma LLC purchased the asset for investment purposes from Sayre Memorial Hospital Authority for an undisclosed price with plans to re-open the hospital offering multiple levels of care. The 54,970-square-foot facility is located at 911 Hospital Dr. on the corner of NE Hwy 66 and I-40. The buyer is a partnership of investors with operations in hospitals, skilled nursing and drug rehabilitation facilities. Daniel Morris with CBRE in Oklahoma City and the team of Allen McMurty with Cushman & Wakefield represented the seller in the transaction.

WEST ORANGE, TX—Orange Marketplace, a 11,803-square-foot retail property located at 3121 Edgar Brown Dr., has sold. The property is 100% leased with five tenants including Mattress One, Advance America, GameStop and Time Warner Cable. It is shadow anchored by a Super Walmart. The asset had a list price of $3.3 million. The buyer, a limited liability company, was represented by Jerry Goldstein, senior managing director investments, in Marcus & Millichap's Houston office.

Unless someone literally lives in a cave, tech touches most every aspect of our lives. In commercial real estate, it supplies tools for development and brokerage, it powers the buildings inhabited by tenants and it is make or break when hiring new professionals. Cushman & Wakefield's Tech Cities 1.0 report analyzes a number of factors, including talent, capital and growth opportunity across major American markets. Cushman & Wakefield ranks Austin in the number seven slot and Dallas-Fort Worth at number 21 on the Top 25 list.—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—Cushman & Wakefield announces Paul Noetzel has joined the firm as the asset services city lead for the Austin market. Noetzel will be responsible for growing Cushman & Wakefield's asset services business in Austin, currently consisting of more than 600,000 square feet of office, industrial and retail space.

LAS COLINAS, TX—The Irving Music Factory at Las Colinas, a 17-acre mixed-use entertainment and lifestyle center located in the heart of the iconic Las Colinas Urban Center, has added two experienced members to the company's team. Industry veteran Tony Barraco has joined as general manager of The Irving Music Factory at Las Colinas, and Jon Paul “JP” Gomez will spearhead local branding and communications as director of marketing.

DEAL TRACKER

AUSTIN, TX—Post South Lamar, an apartment community developed by MAA, is now leasing its new community addition, Post South Lamar Phase II. Located near downtown, the University of Texas and Central Market, the community has studio, one-bedroom and two-bedroom apartments. Phase II adds new luxury amenities including two additional pools and a rooftop terrace, 600 square feet of commercial restaurant and retail space, and 344 new units. Units starting at $1,495 are now available for lease via the community's leasing office and are slated to open June 15.

DENVER—JCR Capital Investment Corporation announced the launch of its fourth fund, JCR Capital Income Plus Fund IV LP. JCR has chosen to pivot Fund IV's strategy to target more value-add cash flowing properties with shorter investment periods than JCR's previous funds. The fund will focus exclusively on middle market properties (valued at $50 million and less) in the multifamily, industrial and office sectors, as well as select retail. Fund IV will seek to generate a 6% to 7% current yield and a 12% net IRR, without the use of leverage at the fund level. JCR will cap the fund size at $200 million. JCR believes the smaller size of the fund and lower risk-return profile is prudent, given the current market environment.

FORT WORTH—Autumn Brown of 7301 LLC purchased the pieces of commercial land located at 7301 E. Rosedale St. The financing institution on this $50 million deal was Daniel W. Dipert, according to Enriched Data.

HOUSTON—NAI Partners recently represented Steadfast Development in the sale of a 11,250-square-foot industrial office/warehouse located at 13017 Misty Willow. Following the sale, Steadfast Development will be breaking ground on three additional buildings during Phase II of this project. John Ferruzzo and Travis Land of NAI Partners represented Steadfast during the negotiations, while Richard Prater with ERA Tucker represented the buyer.

SAYRE, OK—CBRE announces the sale of Sayre Memorial Hospital, which closed operationally in 2016. Healthcare Properties Transaction Group of Oklahoma LLC purchased the asset for investment purposes from Sayre Memorial Hospital Authority for an undisclosed price with plans to re-open the hospital offering multiple levels of care. The 54,970-square-foot facility is located at 911 Hospital Dr. on the corner of NE Hwy 66 and I-40. The buyer is a partnership of investors with operations in hospitals, skilled nursing and drug rehabilitation facilities. Daniel Morris with CBRE in Oklahoma City and the team of Allen McMurty with Cushman & Wakefield represented the seller in the transaction.

WEST ORANGE, TX—Orange Marketplace, a 11,803-square-foot retail property located at 3121 Edgar Brown Dr., has sold. The property is 100% leased with five tenants including Mattress One, Advance America, GameStop and Time Warner Cable. It is shadow anchored by a Super Walmart. The asset had a list price of $3.3 million. The buyer, a limited liability company, was represented by Jerry Goldstein, senior managing director investments, in Marcus & Millichap's Houston office.