Middle Market Digest: Mid-Week in the South and Mountain Regions

NEWS AND NOTABLES

DALLAS—Truss announced that its end-to-end platform for finding and leasing office space is now available to businesses located in Dallas. Thanks to its AI-based platform, Truss is able to simplify, speed-up and tailor the office-search process for tenants. Dallas landlords and listing brokers including JLL, CBRE and Colliers International Group Inc. are already using the platform.

DENVER—Responding to an increasingly competitive multifamily environment coupled with client demand for comprehensive capital markets capabilities, JLL Denver has tapped Craig Kalman to partner with Travis Hodge as co-leaders for its newly formed mid-market multifamily operations.

DEAL TRACKER

ASPEN, CO—Revere Capital originally extended a $12 million land development loan to the developer of 20 townhomes, a club facility and spa near the end of Ute Avenue on the east side of Aspen and about a half mile from the base of Aspen Mountain. Sandi Hubbard, a director with Revere Capital based in the firm's Dallas office, facilitated the loans on behalf of the Aspen Club Residences' developer. The borrower is in the process of selling fractional ownerships of the townhome units, plus club memberships, with offerings of a single month per year in perpetuity of ownership, or portions of a seven-month annual offering during the prime winter and summer seasons, according to Hubbard. Construction of more than half of the townhomes and clubhouse is expected to be complete by December this year, she added. Terms of the loans were not disclosed.

AURORA, CO—Inland Real Estate Acquisitions, a Chicago-based investment firm, has acquired Conifer Creek, a 480-unit garden-style community from the San Diego-based ColRich Group for $95 million. David Martin and Pamela Koster, mountain states regional partners of Moran & Company, represented the seller in the transaction.

AUSTIN, TX—On behalf of Travis County, CBRE and the Travis County Commissioners Court announce a 99-year ground lease with Lincoln Property Company and Phoenix Property Company for 308 Guadalupe, a prime downtown infill site comprising a full city block. The county sought proposals that maximize value for the 77,215-square-foot site, which could potentially be developed to a 25:1 floor-to-area ratio based on the city of Austin's density bonus program. The selected firm proposed a mixed-use development that could encompass office, residential, hotel, retail and parking.

AUSTIN, TX—Magento Inc. leased 21,874 square feet of office space at Domain 3, located at 11501 Domain Dr. Chrissy Fuller of Avison Young represented the tenant and Jonathan Tate of Endeavor Real Estate represented the landlord.

AUSTIN, TX—Pizza Hut, a 1,938-square-foot net-leased property located at 1811 Guadalupe St. has sold. Bruce Bentley III, senior associate in Marcus & Millichap's Austin office, represented the seller, a family partnership that had owned the property for more than 50 years. The buyer, an out-of-state limited liability company, was also procured by Bentley.

CARROLLTON, TX—Kurz & Co. leased 30,000 square feet at 1625 Vantage. Patrick Embry of NAI Robert Lynn represented the tenant and Andrew Gilbert with Holt Lunsford Commercial represented the landlord.

CARROLLTON, TX—Compass Motors signed for 18,000 square feet at 1420 Halsey Way. Rich Young of Rich Young Co. represented the tenant and Andrew Gilbert with Holt Lunsford Commercial represented the landlord.

FARMERS BRANCH, TX—Design Source International leased 15,000 square feet at 4431 Simonton.  Christopher Fleeger of Morrow Hill represented the tenant and Andrew Gilbert with Holt Lunsford Commercial represented the landlord.

HOUSTON—NAI Partners recently represented Capital Sand Proppants LLC in a 1,683-square-foot office lease, located in River Oaks Bank Building at 2001 Kirby. Alex Taghi of NAI Partners represented Capital Sand Proppant LLC during the negotiations.

HOUSTON—NAI Partners recently represented Excel Midstream Solutions in a 17,763-square-foot office renewal at 1250 Woodbranch Dr. Griff Bandy of NAI Partners represented the tenant during the negotiations. Derek Beck of The Beck Group represented the landlord.

NORMAN, OK—CBRE Capital Markets' Investment Properties announces the sale of Colonial Estates. Waco, TX-based Hoppenstein Properties Inc. purchased the 104,022-square-foot shopping center for investment purposes from Colonial Norman LLC for an undisclosed price. Colonial Estates is located at the signalized intersection of Lindsey Street and 12th Avenue SE (US Highway 77), just one mile east of the Gaylord Family-Oklahoma Memorial Stadium and the heart of the University of Oklahoma campus. The property is 88% leased to a number of strong national and regional tenants, including Smart Saver, CitiTrends, Dollar General and Rent-a-Center, among others.

TELLURIDE, CO—Revere Capital collaborated with a lender to extend a $4.75 million loan to refinance an existing loan associated with the sponsors' acquisition of a parking lot adjacent to the former Telluride Post Office. Revere Capital made an additional loan of $8.6 million towards construction of the project, which is situated on about five acres next to the Roaring Fork River. The borrower has obtained entitlement approval to build a four-story, 50-key boutique hotel and condominiums on the site. The approximate 0.78-acre property is located on the southeast corner of Colorado Avenue and Willow Street. Terms of the bridge loan were not disclosed.