The US economy has marched forward despite major natural disasters across the country and ongoing debate about the implications of sweeping tax changes. October marked 85 consecutive months of US job growth, an unprecedented streak that spans more than seven years. The October initial jobs report surged to 261,000 new positions and revised the negative estimates for the previous month into positive territory, with 44,000 jobs filled in September despite setbacks in the wake of catastrophic hurricanes. Unemployment dropped to 4.1%. In the latest edition of the BRIEFING, Transwestern chief investment officer Tom McNearney outlines the positive fundamentals that he expects will drive continued economic expansion in 2018. “While there has been a general inflation in asset prices of all kinds, the markets do not appear to be suffering from the irrational exuberance that has characterized the end of other expansions. In fact, investors are exhibiting worry, uncertainty and caution,” he said.—Lisa Brown
DEAL TRACKER
ALAMO, TX—Veranda Apartments, a 61-unit multifamily property located at 311 East Crockett Ave., has sold. William Stover Jr., associate, and Mike Moffitt Jr., first vice president investments in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was also secured by Stover and Moffitt. Constructed in 2001, Veranda Apartments rests on 2.65 acres of land and boasts a strong unit mix consisting of 60 two-bedroom/one-bath floor plans and a lone one-bedroom/one-bath unit. Common area amenities include an on-site laundry facility, gated entry and ample parking.
AUSTIN, TX—Institutional Property Advisors, a division of Marcus & Millichap announces the sale of Southpark Crossing, a newly constructed 308-unit multifamily asset. Will Balthrope, executive director, Drew Kile, senior director, and Jordan Featherston, associate, represented the seller and procured the buyer.
AUSTIN, TX—Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, purchased Paloma Ridge, a 210,000 square-foot class-A multi-tenant office property. The property, located at 13620 Ranch Rd. 620 North, is comprised of two buildings on 23 acres, as well as 13 acres of developable land that can accommodate an additional 170,000-square-foot office building. The purchase price was not disclosed.
AUSTIN, TX—Holliday Fenoglio Fowler LP announces the sale of 5508 Parkcrest, a 40,798-square-foot, multi-tenant office building. The HFF team represented the seller, The Bancroft Family, in the transaction. An affiliate of Austin-based F&B Capital purchased the asset from the family trust for an undisclosed price.
DENVER—Granite Properties announced the sale of Granite Place at Village Center, a 299,568-rentable square-foot LEED-certified class-AA office building located in the heart of metro Denver's Greenwood Village. It was sold to Crestone Partners in partnership with an institutional investor. Tim Richey, Mike Winn and Jenny Knowlton of CBRE represented Granite on the sale of the building. Granite co-developed the property with Confluent Development, a Denver-based real estate investment and development firm. The two firms will now turn their focus to co-developing phase II of the project, which will feature another office building located directly adjacent to Granite Place, helping to meet the high demand for class-A transit-oriented office space in southeast Denver.
HOUSTON—Harris Health subleased approximately 18,000 square feet of office space from Ocwen Financial Corporation at 4828 Loop Central Dr. Ocwen has relocated and consolidated into approximately 9,600 square feet of office space at 5177 Richmond Ave. JLL's Louis Rosenthal represented Ocwen in both transactions. Brad Sinclair represented PMRG, the landlord at 5177 Richmond, in the transaction.
RICHARDSON, TX—JLL has been selected as the strategic leasing partner for Lakeside Campus Tower located at 2221 Lakeside Blvd. The 413,500-square-foot office property currently has approximately 260,000 square feet available. JLL senior vice president Chris Doggett and vice president Ruth Griggs are leading marketing and leasing efforts for the 16-story class-A asset.
BUILDING BLOCKS
THE WOODLANDS, TX—Ravenna Homes and Westin Homes are the first homebuilders to be announced in The Woodlands Hills, a new master planned community located 13 miles north of The Woodlands. The Woodlands Hills joins The Woodlands and Bridgeland as the newest development in the portfolio of The Howard Hughes Corporation.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
