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

A recent survey of commercial real estate investors ranked Dallas-Fort Worth as one of the top two target markets for investment among Americas metros, second only to Los Angeles/Southern California. CBRE's 2018 Americas investor intentions survey, which covered all asset types, shows that 88% of investors plan to either maintain or increase spending in 2018—up from 83% in 2017.—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—The Resmark Companies, a private equity real estate firm, is expanding its investment platform into the Texas housing market led by Michael Zarola, senior vice president, investments for Resmark Land and Housing. Zarola, operating from Resmark's newly established office in Austin, will oversee investments in for-sale, single-family housing development in Texas and additional new target markets in Colorado and Utah. The firm's first two joint venture developments, with local homebuilder and developer Avi Homes, are located in Austin and are both scheduled to begin construction and sales in 2018. Michelle Townhomes is comprised of 125 single-family attached townhomes located west of West Broade Street.

DALLAS—Cresa DFW announces four additions to the growing organization: Greg Spitler, Maschera Usrey, Jay Neikirk and Cassie Watts. They and the rest of the Cresa DFW team are operating from new office space at Pinnacle Tower (the former Oxy Tower), 5005 LBJ Freeway.

HOUSTON—Transwestern raised more than $166,000 during the past 12 months for its national philanthropy partner, Make-A-Wish, supporting the organization's mission to grant life-changing wishes for children with critical illnesses. The funds allowed Make-A-Wish to grant wishes for 15 children nationwide. Transwestern's total fundraising has topped $350,000 since February 2016, and the company has recommitted its support for a third year. In the coming year, Transwestern plans to collaborate with its tenants, vendors and owner clients to organize local fundraising events during the month of May, as well as participate in Walk For Wishes events throughout the year.

DEAL TRACKER

ARLINGTON, TX—Marcus & Millichap announced the sale of Parkside Townhomes, a 144-unit multifamily asset. The sale closed all cash. Mark Allen represented the seller and procured the buyer. Constructed in 1984 and renovated in 2011, Parkside Townhomes is adjacent to Randol Mill Park and the Randol Mill West shopping center. The property consists of 34 buildings spread over 8.8 acres.

AUSTIN, TX—ARA, A Newmark Company, announces the off-market sale of Lakeshore Pearl, a 230-unit luxury asset located in the burgeoning East Riverside neighborhood adjacent to Oracle's $200 million cloud campus, The Waterfront, for an undisclosed price. Pat Jones, Austin-based vice chairman, represented the seller. The asset traded to Austin-based real estate investment firm, Cypress Real Estate Advisors.

AUSTIN, TX—HFF announces the sale of the YETI headquarters at Lantana Ridge, two class-A office buildings totaling 168,923 square feet in southwest Austin. The HFF team marketed the property on behalf of the seller and procured the buyer, Dallas-based Ramrock Real Estate LLC. Completed in 2017, the property is fully leased to YETI, a designer, marketer and distributor of premium products for the outdoor and recreation market. Located at 7601 Southwest Pkwy., the LEED Silver (pending approval) building is approximately 15 minutes southwest of downtown.

CLEVELAND, TX—Lee & Associates–Houston represented Habitat for Horses Inc. in the sale of 166.1 acres at 1431 Meekins Rd. Taylor Schmidt, Reed Vestal and Chris Nash represented the seller, and Mehdi Mousavidin with 6M Real Estate Group represented the buyer, 3 Crescent Ranch LLC.

DALLAS—Marcus & Millichap announced the sale of the Woodhollow and Pebble Cove Portfolio, a 396-unit apartment portfolio. Al Silva, senior managing director investments, and Ford Braly, senior associate in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the properties on behalf of the sellers. The buyer, was secured by Silva, Braly and Mark McCoy, senior associate in Marcus & Millichap's Fort Worth office. Pebble Cove Apartments is a 160-unit community located at 4302 Woodhollow Dr. and Woodhollow is a 236-unit community located at 4307 Woodhollow Dr. Both sit directly on Loop 12, the main east/west thoroughfare in the submarket. The subject properties were built in the late 1960s and consist of 44 buildings.

DENISON, TX—STRIVE recently announced the sale of a former West Marine building. Adam Gottschalk of STRIVE exclusively represented the seller. The buyer was represented by Bill Wastoskie from Center Point Commercial Properties.

HOUSTON—Business Flooring Specialists acquired a 26,855-square-foot freestanding industrial facility at 7222 Ertel Ln. JLL's Geoff Perrott and Jeff Venghaus represented the buyer in the transaction. Wes Williams and David Boyd of Boyd Commercial represented the seller, T&J Medical.

HOUSTON—The Miner Corporation renewed a 21,098-square-foot industrial lease at 8329 Kempwood Dr. JLL's Geoff Perrott represented the tenant in the transaction. Greg Barra with Boyd Commercial represented the landlord, Prologis.

HOUSTON—NAI Partners recently arranged a 22,719-square-foot industrial lease for IPS Pump Services Inc. at 8301 West Monroe. NAI Partners' Jake Wilkinson and Darren O'Conor of the company's industrial group represented the landlord, Lawrence Investments LLC, during the negotiations.

HOUSTON—Lee & Associates–Houston represented E1 Architecture Aluminum Systems Inc. in the lease of a 22,500-square-foot industrial building at 10845 Train Ct. Chase Cribbs and Robert McGee of Lee & Associates–Houston represented the tenant, and David Boyd with Boyd Commercial represented the landlord, Herrin Family Partnership Ltd.

HOUSTON—Lee & Associates–Houston represented BI Airport Business Pak LLC in the lease of a 8,800-square-foot industrial building at 16504 Aldine Westfield Rd., building A. Cameron Hicks, Robert McGee and Mike Spears of Lee & Associates–Houston represented the landlord, and G. Pat Kelly with MHW Real Estate Inc. represented the tenant, Wildcat Oil Tools LLC.

HOUSTON—Lee & Associates–Houston represented BRI Ltd. In the lease of an 8,050-square-foot industrial building at 6329 Guhn Rd. Chase Cribbs and Robert McGee of Lee & Associates–Houston represented the landlord, and Nicole Sernec with Principal Realty Group represented the tenant, Halfwave AS.

HOUSTON—Lee & Associates–Houston represented 6811-6815 Grant Road LLC in the purchase of a 6,680-square-foot industrial building at 6811-6815 Grant Rd. Mike Spears and Robert McGee of Lee & Associates–Houston represented the buyer, and Tom Condon Jr with Colliers International (The Woodlands) represented the seller, DRAE Ltd.

HOUSTON—Lee & Associates–Houston represented BI Airport Business Pak LLC in the lease of a 5,000-square-foot industrial building on 4 acres of land at 16504 Aldine Westfield Rd., suite C-3. Cameron Hicks, Robert McGee and Mike Spears of Lee & Associates–Houston represented the landlord, and Susan Pickford with Capital Real Estate Commercial represented the tenant, Milestone Trailer Leasing LLC.

HUMBLE, TX—Lee & Associates–Houston brokered the sale of a 7,500-square-foot industrial building in IAH Humble Business Center located at 1950 South Houston Ave. Chase Cribbs and Robert McGee of Lee & Associates–Houston represented the seller, Adkisson Group Inc., and Thomas Leger and Mike Spears of Lee & Associates–Houston represented the buyer, ET Real Estate LLC.

HUMBLE, TX—Lee & Associates represented Cypressbrook Huntington Volta LLC in the lease of a 112,021-square-foot industrial building at 8575 Volta Rd. Thomas Leger, Robert McGee and Mike Spears of Lee & Associates–Houston represented the landlord, and Grady Tibbs with Brazos ML represented the tenant, Flexo Converters USA Inc.

SAN ANTONIO, TX—Matt Levin with ECR represented Baylor University in its lease of 8,059 square feet at Oak Creek Plaza located at 3017 Oak Creek Dr.

SAN ANTONIO, TX—Marcus & Millichap announced the sale of Siesta Lane, a 24-unit apartment property located at 111 Siesta Ln. William E. Stover Jr. and Mike Moffitt Jr, investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller. The buyer was also secured by Josh Kantor, an investment specialist in Marcus & Millichap's Austin office. Constructed in 1968, Siesta Lane consists of eight, one-bedroom units at 770 square feet, 15 two-bedroom units at 966 square feet and one large two-bedroom unit at 1051 square feet.

SAN ANTONIO, TX—Pillar Financial, a division of SunTrust Bank, announced that Evan Hom, managing director in Pillar's New York office, originated a $13.415 million Fannie Mae loan for the acquisition of Avesta ICON Apartments. The 256-unit property was built in 1981 and renovated in 2015. The property is 93% occupied at market rates. Pillar originated a fixed-rate 15-year term loan with five years of interest only for longtime Los Angeles-based clients.

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NOT FOR REPRINT

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.