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

Here is some good news about the tax reform package for states such as Texas, according to Cushman & Wakefield: “The overall economies and commercial real estate outlooks of both high- and low-tax states and regions will benefit from tax reform,” said David Bitner, head of capital markets research for Cushman & Wakefield. And, there is a related benefit to multifamily owners as well. “The broader, positive economic effects of the tax package support income and job growth, and ultimately presents a tremendous opportunity for multifamily owners and investors,” says Revathi Greenwood, the firm's head of Americas research. “We expect to see greater demand for larger, suburban units and single-family rentals, particularly in areas with great schools.”—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—AHV Communities, the leader in the development and construction of purpose-built single-family rental home communities, welcomes Jason Elliot as director of construction and Russell Smith as director of purchasing. Elliot is responsible for operational management of the production of homes including managing AHV's field teams and trade relationships. Smith oversees pricing procurement and contracting for the company's numerous active and planned communities within Central Texas. Both new employees are based out of AHV's regional New Braunfels and Austin offices, reporting to Lance Carosello, executive vice president of the Texas division.

DALLAS—The Statler has been inducted as the 300th hotel into Historic Hotels of America. Historic Hotels of America is the official program of the National Trust for Historic Preservation and recognizes and celebrates the US' finest historic hotels. A hotel must be at least 50 years old, designated by the US secretary of the interior as a National Historic Landmark or listed in or eligible for listing in the National Register of Historic Places and recognized as having historic significance to be nominated and selected for membership into this program.

DALLAS—Encore Wealth Management LLC, a division of Encore Enterprises Inc., announces George Kushner as executive vice president. In the role, Kushner will be responsible for managing Encore Wealth and raising capital from institutional, family office and individual accredited investors. Kushner brings more than 20 years of capital markets experience to Encore Wealth, and has previously been responsible for raising capital for some of the largest hedge funds, private equity and real estate funds in the world.

DENVER—JLL Denver announced the addition of senior vice president Todd R. Smith to its project and development services team. While based in Denver, Smith will focus on contributing to JLL's evolving development practice throughout the Northwest Region. Smith returns to JLL after having founded and operated his own business for 15 years.

HOUSTON—Chris Wadley has joined JLL as senior vice president and Houston healthcare lead. Wadley will oversee the growth of JLL's Houston healthcare practice, including tenant representation, agency leasing, capital markets transactions and construction management for hospitals, health systems, life science companies and academic institutions.

DEAL TRACKER

AUSTIN, TX—The University of Texas at Austin leased 5,548 rentable square feet of office space at Centennial Towers. The landlord was represented by Jason Steinberg and Matt Levin with ECR and the tenant was represented by Kristi Simmons and Max McDonald with Aquila Commercial.

AUSTIN, TX—Saxon Loomis Consulting Group leased 1,248 rentable square feet at 2216 College Ave. The tenant was represented by Todd Chessher and the landlord was represented by Steve Pannes with ECR.

AUSTIN, TX—Hill & Wilkinson General Contractors has completed the renovation and expansion of Buckner GreenRidge Villas, a 25-acre senior living neighborhood that provides housing and services to 400 seniors each year.

AUSTIN, TX—LaSalle Investment Management, announced that its US value-add fund LaSalle Income and Growth Fund VII has acquired Lakeshore Pearl, a 230-unit garden-style multifamily asset located in the East Riverside submarket through a joint venture with Cypress Real Estate Advisors.

BOERNE, TX—Ramey Mainstreet LLC, a locally based investor, has purchased a landmark two-story building located at 152-170 South Main St. The building incorporates a total of 15,300 square feet on .36 acres in the golden triangle of historic Main St., with 12,000 square feet of street-level retail space and 3,300 square feet of second-level space operated as a high-end boutique hotel. Charlie Riddle with Weitzman handled negotiations.

COLLEYVILLE, TX—Marcus & Millichap announced the sale of Colleyville Square, a 21,617-square-foot office property. Cody Payne, senior associate and Ross L. Meisner, associate in Marcus & Millichap's Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor out of California.

DALLAS—Thackeray Partners recently announced the first and final closing of its fifth private equity fund, Thackeray Partners Realty Fund V. The fund achieved $350 million of limited partner equity commitments versus target of $250 million, closing four months after fundraising began. The fund will provide the opportunity to invest in approximately $850 million of property during the fund's investment period.

DEER PARK, TX—WC Inc. acquired a 22,936-square-foot industrial warehouse at 1102 West 8th St. JLL's David Buescher and Ryan Fuselier represented the buyer in the transaction. Walker Barnett with Colliers International represented the seller, Tracer Construction LLC.

DENVER—JLL's Capital Markets experts announced the sale of a two-property self-storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital–Real Estate. Brian Somoza and Steve Mellon led the JLL team on the sale.

HOUSTON—Brookfield Properties and Troy Guard, chef and owner of Denver's restaurant empire, TAG Restaurant Group, announce Guard's first venture outside of Denver, which is scheduled to open in summer 2019. Located in Brookfield's One Allen Center in the heart of the central business district, Guard will bring his American steakhouse, Guard and Grace, into the 13,000-square-foot bi-level space.

HOUSTON—The International Association of Drilling Contractors has signed a new 18,920-square-foot lease at Lockton Place, 3657 Briarpark Dr. IADC will relocate its headquarters from 10370 Richmond Ave. in the third quarter of this year.

HOUSTON—Baker Katz has acquired a 9,190-square-foot shopping center.

KATY, TX—JLL's Kevin Erck and John Talhelm represented Veterans Hydraulic Service LLC in two new industrial leases. Veterans Hydraulic signed a 20,400-square-foot industrial lease at 23421 Clay Rd. Hart Schleicher of Capital Real Estate Commercial represented the landlord, GPI LP, in the transaction. Veterans Hydraulic also signed a 9,153-square-foot industrial lease at 9211 Windfern Rd. in Houston. Schleicher represented the landlord, Windfern Partners, in the transaction.

THE WOODLANDS, TX—JLL announced Emler Swim School has signed a new 6,016-square-foot retail lease at Wood Ridge Plaza, 27842 Interstate 45 North. The lease represents a fifth location for the Dallas-based company that entered the Houston market in early 2017.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
Educational webcasts, white papers, and ebooks from industry thought leaders
Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

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.