Cushman & Wakefield released a study on how shifts inimmigration policy could impact commercial real estate andcorporate occupancy, specifically. Known as the RAISE Act, theproposed legislation would impose the following changes and limits:A reduction in total legal immigration during the coming decade. Achange in how immigrants are prioritized and granted access to theUS. A hard limit on the number of refugees allowed to enter thecountry each year (50,000). Further, since 2000 the number offoreign-born workers employed in the US has increased by 42%, withmanagement/professional occupations representing thefastest-growing category during that time (+75%). An estimated 3.5million foreign-born residents work in the management and businessfield, a main driver of office demand. “Certain industries such asours are likely to be disproportionately impacted by these proposedchanges,” noted Cushman & Wakefield's Revathi Greenwood,Americas head of research. “Legal, foreign-born workers fill 31% ofbuildings/grounds maintenance jobs and a quarter of constructionpositions. Limiting their access into the US would exacerbate theshortage of workers these sectors already face.”—Lisa Brown
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NEWS AND NOTABLES
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DALLAS—Cohen Financial, a division of SunTrustBank, announced that its investor services group has hired RobertE. Records as senior asset manager to lead ISG's special servicingpractice from Cohen Financial's Dallas office. Records will workclosely with head of ISG Tim Mazzetti and head of ISG's assetmanagement team Ted Wright to expand ISG's reach to financialinstitutions, private equity firms and investment banks across thecountry. Records will also be integrally involved in furtherdeveloping ISG's CMBS surveillance program into a highly proactiveenvironment that will enable ISG's clients to preemptively addresspotential defaults, in order to minimize losses and enhancerecoveries.
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DALLAS—JLL has added industry expert BrandonCoutu to its Dallas industrial team. Coutu will serve as seniorvice president, providing strategic market insights and analysis,as well as contract negotiations for industrial clients on leases,acquisitions and national portfolios.
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DEAL TRACKER
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AUSTIN, TX—Titan Developers purchased the25,000-square-foot new construction office/flex building withinScottsdale Crossing Phase III, located at 1505 Volta Dr. The buyerwas represented by Matt Levin with ECR and the seller wasrepresented by Tom Pardee with TIG.
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AUSTIN, TX—Realty Group Austin subleased 500rentable square feet of office space at 500 W. Martin Luther KingBlvd. The sublessor was represented by Steve Pannes with ECR.
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AUSTIN, TX—On behalf of an affiliate of SanFrancisco-based JMA Ventures LLC, JLL's Capital Markets hascompleted the sale of Nine One Six in the Southwest submarket.Austin Stone Community Church purchased the property. JLL seniorvice president Jeff Coddington (capital markets), senior vicepresident Kevin Kimbrough and vice president Brent Powdrill (agencyleasing) led the sales team.
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AUSTIN, TX—Holliday Fenoglio Fowler LPannounces the sale of a two-property Marriott-family hotelportfolio totaling 244 rooms in Austin and El Paso, TX. The HFFteam marketed the properties on behalf of the seller, BedfordLodging. Condor Hospitality Trust purchased the portfolio. Theportfolio properties are the Residence Inn by Marriott AustinAirport and the Fairfield Inn and Suites by Marriott El PasoAirport hotels.
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DENVER—Real estate investment firm HollandPartner Group and Pacific Life Insurance Company have made asignificant joint-venture investment in the Denver area with theacquisition of the 304-unit luxury apartment complex ALARA atGreenwood Village. David Martin and Pamela Koster, Mountain Statesregional partners of Moran & Company, represented the sellerAmerican Realty Advisors in the $91 million transaction.
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HOUSTON—Winkler Plaza, a 13,544-square footretail property, has sold. Gus Lagos, first vice presidentinvestments, and Nik Kapetanakis, associate, in Marcus &Millichap's Houston office, had the exclusive listing to market theproperty on behalf of the seller, an individual/personal trust.Winkler Plaza is located at 8550 Winkler Dr.
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PLANO, TX —The recent debut of the RenaissanceDallas at Plano Legacy West Hotel garnered rave reviews of theproperty's architecture and design, and specifically the curatedcollection of original works of art, a cornerstone of the hotel'sinterior. The provocative and diverse collection of art underscoresthe hotel's inventive and much touted West of Zen design theme.Hotel owner and developer, Sam Moon Group of the eponymous handbagand accessories empire, was resolute that the hotel's designdemonstrate sensibility to the Asian culture.
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SAN ANTONIO—Lidl purchased 5.26 acres for thedevelopment of a 30,000-square-foot location. Lidl will anchor aplanned retail development at the intersection of Alamo RanchParkway and Lone Star Parkway. Gene Williams of CBRE RetailServices represented the landlord/developer, Abiso Development, inthe sale and is the exclusive leasing advisor for the remainder ofthe project.
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SELMA, TX—CBRE represented Austin-basedPluckers Wing Bar in its first San Antonio transaction. Therestaurant will occupy a 7,400-square-foot building at Forum PointeShopping Center in this San Antonio suburb. Whit Jordan of CBRE'sSan Antonio office represented Pluckers in the site search andnegotiations. He has been engaged to help Pluckers expand furtherin the market. The new location is expected to open in 2018.
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SHENANDOAH, TX—Houston-based Baker Katz hascompleted a lease on behalf of AMC Theatres. Situated at I-45Frontage Rd, South of Highway 242, the 41,500-square-foot 10-screenAMC Theatre will anchor MetroPark Square, which includes 69-acresof dining, shopping, entertainment, hotels and multifamily space.Steve Greenberg with The Retail Connection represented the owner.The theatre is slated to open early 2018.
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YUKON, OK—GBT Realty has announced threerestaurants and a hotel for four of the seven outparcels at TheMarket at Czech Hall. Hooters, Cheddar's Scratch Kitchen, Arby'sand Sleep Inn have joined the 160,000-square-foot neighborhoodcenter located in this fast-growing suburb. Plans are for therestaurants and hotel to open throughout 2018. Only threeoutparcels and 6,000 square feet of shop space remain at the centerlocated along I-40.
|
Cushman & Wakefield released a study on how shifts inimmigration policy could impact commercial real estate andcorporate occupancy, specifically. Known as the RAISE Act, theproposed legislation would impose the following changes and limits:A reduction in total legal immigration during the coming decade. Achange in how immigrants are prioritized and granted access to theUS. A hard limit on the number of refugees allowed to enter thecountry each year (50,000). Further, since 2000 the number offoreign-born workers employed in the US has increased by 42%, withmanagement/professional occupations representing thefastest-growing category during that time (+75%). An estimated 3.5million foreign-born residents work in the management and businessfield, a main driver of office demand. “Certain industries such asours are likely to be disproportionately impacted by these proposedchanges,” noted Cushman & Wakefield's Revathi Greenwood,Americas head of research. “Legal, foreign-born workers fill 31% ofbuildings/grounds maintenance jobs and a quarter of constructionpositions. Limiting their access into the US would exacerbate theshortage of workers these sectors already face.”—Lisa Brown
|
NEWS AND NOTABLES
|
DALLAS—Cohen Financial, a division of
|
DALLAS—JLL has added industry expert BrandonCoutu to its Dallas industrial team. Coutu will serve as seniorvice president, providing strategic market insights and analysis,as well as contract negotiations for industrial clients on leases,acquisitions and national portfolios.
|
DEAL TRACKER
|
AUSTIN, TX—Titan Developers purchased the25,000-square-foot new construction office/flex building withinScottsdale Crossing Phase III, located at 1505 Volta Dr. The buyerwas represented by Matt Levin with ECR and the seller wasrepresented by Tom Pardee with TIG.
|
AUSTIN, TX—Realty Group Austin subleased 500rentable square feet of office space at 500 W. Martin Luther KingBlvd. The sublessor was represented by Steve Pannes with ECR.
|
AUSTIN, TX—On behalf of an affiliate of SanFrancisco-based JMA Ventures LLC, JLL's Capital Markets hascompleted the sale of Nine One Six in the Southwest submarket.Austin Stone Community Church purchased the property. JLL seniorvice president Jeff Coddington (capital markets), senior vicepresident Kevin Kimbrough and vice president Brent Powdrill (agencyleasing) led the sales team.
|
AUSTIN, TX—Holliday Fenoglio Fowler LPannounces the sale of a two-property Marriott-family hotelportfolio totaling 244 rooms in Austin and El Paso, TX. The HFFteam marketed the properties on behalf of the seller, BedfordLodging. Condor Hospitality Trust purchased the portfolio. Theportfolio properties are the Residence Inn by Marriott AustinAirport and the Fairfield Inn and Suites by Marriott El PasoAirport hotels.
|
DENVER—Real estate investment firm HollandPartner Group and
|
HOUSTON—Winkler Plaza, a 13,544-square footretail property, has sold. Gus Lagos, first vice presidentinvestments, and Nik Kapetanakis, associate, in Marcus &Millichap's Houston office, had the exclusive listing to market theproperty on behalf of the seller, an individual/personal trust.Winkler Plaza is located at 8550 Winkler Dr.
|
PLANO, TX —The recent debut of the RenaissanceDallas at Plano Legacy West Hotel garnered rave reviews of theproperty's architecture and design, and specifically the curatedcollection of original works of art, a cornerstone of the hotel'sinterior. The provocative and diverse collection of art underscoresthe hotel's inventive and much touted West of Zen design theme.Hotel owner and developer, Sam Moon Group of the eponymous handbagand accessories empire, was resolute that the hotel's designdemonstrate sensibility to the Asian culture.
|
SAN ANTONIO—Lidl purchased 5.26 acres for thedevelopment of a 30,000-square-foot location. Lidl will anchor aplanned retail development at the intersection of Alamo RanchParkway and Lone Star Parkway. Gene Williams of CBRE RetailServices represented the landlord/developer, Abiso Development, inthe sale and is the exclusive leasing advisor for the remainder ofthe project.
|
SELMA, TX—CBRE represented Austin-basedPluckers Wing Bar in its first San Antonio transaction. Therestaurant will occupy a 7,400-square-foot building at Forum PointeShopping Center in this San Antonio suburb. Whit Jordan of CBRE'sSan Antonio office represented Pluckers in the site search andnegotiations. He has been engaged to help Pluckers expand furtherin the market. The new location is expected to open in 2018.
|
SHENANDOAH, TX—Houston-based Baker Katz hascompleted a lease on behalf of AMC Theatres. Situated at I-45Frontage Rd, South of Highway 242, the 41,500-square-foot 10-screenAMC Theatre will anchor MetroPark Square, which includes 69-acresof dining, shopping, entertainment, hotels and multifamily space.Steve Greenberg with The Retail Connection represented the owner.The theatre is slated to open early 2018.
|
YUKON, OK—GBT Realty has announced threerestaurants and a hotel for four of the seven outparcels at TheMarket at Czech Hall. Hooters, Cheddar's Scratch Kitchen, Arby'sand Sleep Inn have joined the 160,000-square-foot neighborhoodcenter located in this fast-growing suburb. Plans are for therestaurants and hotel to open throughout 2018. Only threeoutparcels and 6,000 square feet of shop space remain at the centerlocated along I-40.
