Adolfson & Peterson Construction completed construction on the five-story, 158,250-square-foot Potter County District Courts Building in Amarillo, Texas.

Designed by HOK Group Inc., the new courthouse includes courtrooms, a jury assembly, county offices, courtroom in-custody holding and records storage. Additional amenities feature security enhancements including separate sheriff’s access with a vehicle sally port for security and safety, as well as separate access for judges and other elected officials.

Construction for the Potter County District Courts Building kicked off in March 2021. The new Courthouse is located across the street from the former District Courts Building in downtown Amarillo.

The previous District Courts Building was constructed in 1985 and the replacement building will help Potter County save on recent increasing maintenance and repair costs. Addressing the aging building was a top area of focus in the County’s 2018 Strategic Plan.

AP has a long history of providing construction management services to municipalities and governmental entities throughout Texas. Current and past projects include the City of Dallas’ North Dallas Government Center, the Marq for the City of Southlake, multiple facilities for the Town of Little Elm, Rockwall County Jail, and the Garland Audubon Recreation Center. Nationally, AP has completed more than 2.2 million square feet of construction work for municipalities and governmental entities since 2016.

Colliers brokered a lease of10,355 square feet for AA Gymnastics Academy at Baywood Plaza Shopping Center at 3226 FM 528 in Friendswood, Texas.

The landlord, MDDS Properties, was represented by Kelly Hutchinson of Colliers.  

The property is within Houston’s Southeast Outlier retail submarket, which contains 14.7 million square feet of retail inventory and is currently 96.2% occupied. The sector recorded 72,219 square feet of net absorption and 126,022 square feet of leasing activity during the first half of 2024.

Need further proof that demand in the once red-hot U.S. industrial market has slowed? In its most recent market snapshot, Savills reports that the country’s industrial sector saw 45.5 million square feet of absorption in the second quarter. That’s down nearly 30 million square feet from a year ago.

According to Savills’ numbers, the United States saw 74.4 million square feet of industrial absorption in the second quarter last year, a far more robust number than the 45.5 million square feet it saw in the second of 2024.

Other numbers show industrial’s slowdown, too. Savills reported 410.5 million square feet of new industrial properties under construction in the second quarter of this year. That, too, is down significantly from the same quarter a year ago, when 707.3 million square feet of industrial properties was under construction.

Then there’s the sector’s vacancy rate. According to Savills, the U.S. industrial sector’s vacancy rate rose to 7.1% in the second quarter, up from 4.7% a year ago.

Deliveries also fell, though by a smaller amount. Savills said that the United States saw 113.8 million square feet of new industrial product hit the market in the second quarter, down from 154.1 million square feed during the same quarter 12 months ago.

The only number that didn’t drop? Asking rental rates. According to Savills, the average asking rental rate stood at $9.53 a square foot in the second quarter. That is up from an average of $9.22 a year ago.

Savills also reported that a record 185.3 million square feet of sublease space is on the market for lease. That is up 58% from last year and still rising.

Versal closed the sale of Affordable Storage in Clute, Texas.

Affordable Storage is six miles northwest of Freeport and 55 miles south of Houston. The Class-A property has 440 units totaling 46,785 square feet.

Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented Fab Legacy LLC, the New Hampshire-based seller. The team also procured the Miami-based buyer, LAGO Properties, LLC.

Coldwell Banker Commercial Capital Advisors negotiated the sale of Dimora Village, an investment portfolio of 209 separately deeded duplexes totaling 418 rental units and 572,040 square feet in Lubbock, Texas.

Dimora Village is located at 602 N. Belmont Ave. in Lubbock, one mile from the edge of Texas Tech campus and the TTU Rawls golf course. It is adjacent to North Park, a thriving new development featuring student housing, medical offices and retail space.

Chase Tucker, CCIM and Taylor Tucker, CCIM, represented both the undisclosed seller and the buyer, Crain Co. Every individual duplex had its own survey, legal description, and address. Most are in one subdivision, but not all are adjacent. The price has not been disclosed.

JLL Capital Markets has closed the sale and secured acquisition financing for Vineyard Hills Apartments, a 202-unit, 2000-vintage, garden-style apartment community located in Southwest Austin, Texas.

JLL Capital Markets worked on behalf of the seller, Bob Reeves, to facilitate the sale to S2 Capital. Working on behalf of the new owner, JLL also procured the acquisition loan from Benefit Street Partners. 

Featuring a range of one-, two- and three-bedroom options, Vineyard Hills has an average unit size of 928 square feet. Each unit is designed with features such as walk-in closets, balconies and detached garages and select units with fireplaces, bay windows and tile floors. Additionally, the property offers its residents a range of amenities, including a pool, heated spa, picnic area with BBQ grills, an on-site laundry facility and a dog park.

Vineyard Hills benefits from its strategic location at 7631 U.S. Hwy 290, offering convenient access to the greater Austin area via Highway 290 and Loop 1 (Mopac Expressway). This prime location is surrounded by sought-after neighborhoods such as Oak Hill, Circle C and Barton Creek, enhancing the appeal for potential residents.

Moreover, residents are in close proximity to some of Austin’s most prominent and influential employers, including Yeti Headquarters, AMD, NXP Semiconductors, ARM, Solar Winds and Ascension Seton Southwest Hospital.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Ryan McBride and Robert Arzola, Senior Managing Director Robert Wooten and Associates Alex Fernandes and Nick Beardslee.

Senior Managing Director Mark Brandenburg led the JLL Capital Markets Debt Advisory team.