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

For the first time on record, the number of job openings exceeds the number of people out of work and seeking employment. At the end of April, job openings stood at 6.7 million while the number of unemployed sat at 6.3 million. But despite this abnormal condition, employers and the economy have found ways to keep employment expanding at a quickened stride, according to a recent report by Marcus & Millichap.—Lisa Brown

BY THE NUMBERS

LITTLE ROCK, AR—Overall, the Northwest Arkansas region’s class-A office market can be considered healthy. New deliveries and positive absorption indicate occupier demand is reacting favorable to new office product, according to a CBRE report.

NEWS AND NOTABLES

THE WOODLANDS, TX—The Howard Hughes Corporation has installed Acrobática, a geometrical, transforming sculpture by world-renowned artist Rafael Barrios in Hughes Landing, a 66-acre lifestyle destination on Lake Woodlands. Acrobática marks the sixth art piece in Hughes Landing.

DEAL TRACKER

ARLINGTON, TX—Better Home Products renewed and expanded its lease for 179,875 square feet of industrial space at Great Southwest Distribution Center, 600 109th St. Transwestern principal John Brewer represented the tenant in the transaction.

AUSTIN, TX—Pioneer Realty Capital LLC has closed a $3.2 million loan to refinance and recapitalize the Summit Point Office building. The loan was successfully negotiated and arranged with an international investment banking firm that specializes in providing long-term fixed rate debt structures for multi-tenant office buildings.

AUSTIN, TX—Optimal Research LLC leased 16,244 square feet at the Park at Red River, 3200 Red River. Hayden McCarty and Tom Pagel with ECR represented the landlord.

DALLAS—CBRE announces the sale of Haskell Flats, a 62-unit class-A multifamily community located in the heart of Old East Dallas. Beverly Hills-based Fisch Properties LP purchased the asset from Dallas-based Haskell Flats LLC for an undisclosed price. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys with CBRE Capital Markets’ Investment Properties in Dallas represented the seller.

DALLAS—JLL announced the successful negotiation of new office lease for infrastructure company Arcosa. The recently announced Trinity Industries spinoff’s new office will be at Ross Tower, located at 500 North Akard St.

DALLAS—Venture Commercial Real Estate has completed two transactions for LA Fitness locations in Oak Cliff and Coppell. The 34,000-square-foot lease for the LA Fitness in Oak Cliff will be an additional anchor in Wynnewood Village, a 65-acre mixed-use development located at the northwest corner of Illinois Ave. and Zang Blvd., four miles south of downtown Dallas. Venture also brokered the land sale for an LA Fitness build-to-suit at the northwest corner of State Highway 121 and Denton Tap Road in Coppell.

DENVER—The historic Colorado Heights University campus has sold for $16.5 million. The property’s history dates back to 1888 when it was first identified as the future home of Loretto Heights Academy for catholic girls (which welcomed its first class in 1891). The property grew and today it stands as a rare 70-plus acre infill site in central Denver. Martin Roth, Eric Roth and James Wonhof with CBRE’s Land Services in Denver represented the seller, Colorado Heights University, which has owned the property since 1989. Glendale, CO-based Westside Investment Partners purchased the property and announced plans to preserve many of its historic elements alongside new mixed-use commercial and residential development.

FORT WORTH—Tuscany, a 240-unit apartment property, has sold. Al Silva, senior managing director Investments in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, Lubbock-based Madera Residential. The buyer, a Dallas-based private investment company, was also secured by Al Silva.

HOUSTON—Lee & Associates–Houston represented BCC Management LLC in the sale of a 25,000-square-foot office investment property at 8448 North Sam Houston Pkwy. West. Mike Spears and Preston Yaggi of Lee & Associates–Houston represented the seller. The buyer was Long View Equity LLC.

INGRAM, TX—Lone Star Mini Storage, a 45,680-square foot self-storage, has sold. Jon Danklefs, an investment specialist in Marcus & Millichap’s San Antonio office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured by Danklefs.

TYLER, TX—213 Investments LLC purchased 8521 FM 850, a 120,760-square-foot industrial building in Tyler, Texas for an undisclosed price from Legacy Measurement Solutions. Transwestern Principal Randy Garrett and Brian W. Burks of Landbridge Commercial Properties Inc. negotiated the sale on behalf of the seller.