Oldham Goodwin's Commercial Quarterly | 4th Quarter 2009

Commercial Quarterly Retail • Office • Industrial • Multifamily • Land • Hospitality

Commercial Real Estate Quarterly Review

4th Quarter

2009

www.OldhamGoodwin.com

West Fort Worth, Texas

Commercial Quarterly 4th Quarter 2009

Brokerage Division Profile Who We Are Headquartered in College Station, The Oldham Goodwin Group (formerly The Oldham Group) is only one of two companies providing dedicated commercial real estate brokerage services in the Brazos Valley. The foundation of our brokerage division is our intimate knowledge of the local market. Our experts have over 35 years of combined experience in maintaining brokerage relationships in local and regional markets, which enables us to be the region’s best information source and transaction service provider.

In 2008, The Oldham Goodwin Group closed multi-million dollar brokerage transactions for private and institutional investors, multi-million dollar development transactions and managed several hundred-million dollars in real estate assets. By closing more transactions than most of our competitors, our brokerage professionals are able to provide clients with an unparalleled perspective on the local and regional commercial real estate market. These transactions include shopping centers, office and industrial buildings, multifamily properties, single-tenant net-lease properties, hotels, self storage and land.

The Oldham Goodwin Group has established itself as a leading and expanding commercial real estate brokerage company with multiple brokers and over 250 employees serving secondary and tertiary markets across the state. A service business is only as good as the people that serve. This is why Oldham Goodwin’s success is gauged by quantifiable results achieved with the dedication and professionalism of our employees.

2008 Brokerage Transactions (As A Percentage) 15% Office

Recent Brokerage Transaction Locations

15% Retail

10% Hospitality

5% Self Storage

Lubbock Granbury

Fort Worth

10% Industrial Killeen Bryan/College Station Austin Somerville Hempstead Houston New Braunfels Bellville

20% Multifamily 25% Land Retail Multifamily

Hospitality Self Storage

Industrial Office

Freer

Land Note: All Locations Are Approximate

Mission of The Oldham Goodwin Group, LLC Maximize value creation for all stakeholders by providing integrated commercial real estate services to select market segments. We have a distinct accessible expertise and connection with our target markets.

About the Cover: Staybridge Suites West Fort Worth – Located on the west side of Fort Worth, Staybridge Suites is convenient to everything you need. This 86 room suite hotel features a hot breakfast buffet, stadium seating media room, state of the art fitness & business center, and free wired and hard wired internet.

Having won the JD Power Award for 2009, Staybridge Suites is one of the best extended stay hotel chains. For reservations visit www.OldhamGoodwin.com.

Editor & Graphic Design: Dale Sandlin

Volume 1, Issue 2

© 2009 The Oldham Goodwin Group, LLC. The information herein has been obtained from sources deemed reliable. Although we believe it to be accurate, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any values, projections, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Stock photos from Microsoft Clip Art Gallery.

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979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Property Items Explained Featured Properties

3010 East Villa Maria | Bryan

Location/Name: This box describes the address and city or the name of the available property.

For Sale

For Sale or Lease: This box descirbes whether the property is For Sale, For Lease, Sold or 100% Leased.

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Property’s Description: This box explains the property’s features.

New quality construction, built in 2008 • Modern open area office floor plan, high exposed ceilings • Stone/Stucco exterior with glass storefront • Convenient access to several major thoroughfares • High growth area of Bryan

Property’s Map Location: This icon indicates and matches the property’s location on the map.

Visit www.OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Alternative Financing For Commercial Properties It is no secret that the current economic recession has fostered a very unfriendly lending environment for small businesses. Small businesses looking to expand their current facilities or acquire new and larger facilities have often been met by a slamming door. Once reliable conventional commercial real estate lenders, both local and national, have clamped down underwriting policies. High loan to value ratios, short term notes, variable interest rates and additional collateral requirements have become the norm for conventional commercial real estate lending. These factors have paved the road that is leading small businesses to government loan programs provided through the United States Small Business Administration and the United States Department of Agriculture. This article is intended to describe three very popular sources of funding for small businesses planning to acquire new or larger facilities.

SBA 504 Program Given lenders general unwillingness to fix interest rates in the current market, there is another loan with a partial guarantee from the SBA that is gaining popularity in the small business community. This is the SBA 504 Program which focuses on providing small business with the option for long-term, fixed-rate financing to purchase real estate and other fixed assets. SBA 504 loans are administered by CDCs or Certified Development Companies. A CDC is a private, nonprofit corporation formed to foster economic development for specific communities.

The loan is typically structured with the commercial lender financing 50% and taking the first lien position, the CDC financing 40% and taking the second lien position, and the borrower providing 10% of the equity. The final product is actually two loans, one with the private commercial lender and one with the CDC/SBA. The CDC/SBA portion of the loan can have a fixed rate term of up to twenty (20) years and the private lender has the option to negotiate its fixed rate terms directly with the borrower. This structure gives the lender a low Loan-to-Value, as well as a first lien position, and a creative way to provide financing to its small business customers. It offers buyers an option for long-term, fixed-rate financing with as little as a 10% equity contribution.

USDA B&I Loan Program The United States Department of Agriculture offers the Business and Industry loan program. This intent of the B&I program is to improve, develop or finance projects that improve the economic climate of rural communities. The program is an excellent option for small business real estate purchases but is limited to rural areas. The rural area must be beyond any 50,000 + population city and its urbanized periphery.

SBA 7(a) Program The SBA 7(a) program is the primary and most commonly utilized loan program provided by the Small Business Administration as well as the most flexible. Loans for commercial real estate generally have repayment terms of up to twenty five (25) years. In the 7(a) program, the small business applies for financing with a commercial lender and the SBA will guaranty a percentage of the debt. If the borrower does not repay the loan, the SBA will reimburse the lender up to the percentage of the loan that they have guaranteed. This structure gives commercial lenders the security to make loans with less stringent underwriting requirements that would otherwise be impossible.

While the 7(a) program is the most popular option, it currently has one significant downfall, interest rates are most likely going to be variable or fixed for a very short term such as three (3) years. The interest rate on the 7(a) program is negotiated between the lender and the borrower and is typically tied to the Prime rate, which was 3.25% at the time of this article. It is easy to see that the interest rate for this SBA loan has the potential to be quite low, however it will likely not be fixed and has the potential to balloon in the future.

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Similar to the SBA 7(a) program, interest rates are negotiated between the lender and the borrower and the USDA guarantees a certain percentage of the loan, typically up to 80% for loans under $5 million. This program offers loan terms of up to thirty (30) years with the borrower’s equity position being as low as 20%. It is an excellent program for lenders to participate in secondary markets and gives businesses in rural communities a competitive financing option.

With the complexity of the commercial real estate market and the challenges that small businesses face with obtaining financing in today’s market, it is critically important to seek the help of a professional in industry to assist with acquiring Retail, Office or Industrial real estate. If you are a business seeking to expand or acquire larger facilities, the Commercial Group at Oldham Goodwin is committed to providing you with unmatched local market knowledge and specific commercial real estate expertise.

Clinton D. Oldham

Senior Broker Associate - Commercial Group c 409.781.7734 clint@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Commercial Properties For Sale 3385 San Gabriel | Hearne

Rent-A-Center Building | Bryan

For Sale

805 S. Texas | Bryan

For Sale

For Sale

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~156,000 SF Manufacturing Facility • Union Pacific Rail Spur Access • Priced Below Replacement Cost

Highly Visible, Hard Corner Texas Avenue Location • Upside Potential With Lease Up Of Vacant Space • National Tenant – Very Successful Location

~8,650 SF Metal Showroom Warehouse • Ready To Open Body Shop, All FF&E To Convey • Excellent Retail Location On Texas Avenue • Over 1.4 Acres With Ample Yard Space

6250 Fourwinds Drive | Bryan

3100 Texas Ave | College Station

Park Hudson Lots | Bryan

For Sale

For Sale

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~5,850 SF On Over 3.65 Acres In East Brazos Industrial Park • Priced Below Replacement Cost $35.72 Per SF • Built In Metal Storage Racks In Shop Area

For Sale

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~ 1,560 SF Retail Quick Lube Facility • Highly Visible Texas Avenue • Abundant Traffic Counts • Near Super Walmart Redevelopment • Ready To Open, All FF&E Conveys

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Ready To Develop Office Tracts In Upscale Park Hudson • All Utilities Available To Site • ~39,640 – 54,014 SF • Architectural Controls And Deed Restrictions

RECENT TRANSACTIONS For More Information Contact:

Clinton D. Oldham

Oldham Goodwin represented the seller in the disposition of a 121,689 SF Multi-Tenant Business Park

Oldham Goodwin represented the buyer in the acquisition of a 41,085 SF Retail Shopping Center

Senior Broker Associate Commercial Group p 979.268.2000 f 979.846.7020 c 409.781.7734 clint@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Commercial Properties For Sale 3600 SH 6 South | College Station

For Sale

6240 Fourwinds Drive | Bryan

Downtown Bryan Flex Space | Bryan

For Sale

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For Sale

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100% NNN Leased Office Building • Fiber Optic Connectivity • Built In Rental Escalations • SH 6 South Frontage & South College Station Location

~15,000 SF Multi Tenant Office/Warehouse Space • Excellent Occupancy History With Great Cash Flow • Built In 2006 & Priced Below Replacement Cost • Situated On Additional Developable Land Of 13.03 Acres

~10,000 SF Office Warehouse Facility • Central Downtown Bryan Location • Fully Climate Controlled Warehouse & Shipping Area • 3 Phase Power With 1,200 Amp Service

3850 Corporate Center Drive | Bryan

3501 Texas Avenue | Bryan

Market Square Shopping Center | Brenham

For Sale

For Sale

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Located In Class “A” Park Hudson Business Park • Shell Conditions Lends Itself To A Custom Office Finish Out • Convenient Access To University Drive & SH 6 South • Architectural Controls & Deed Restrictions

For Sale

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Highly Visible Hard Corner Office Building • 100% Occupied With Excellent History • 9.78% Cap Rate On Actual NOI • Projected 14.83% Cash On Cash Return • Adjacent Commercial Lot Conveys At No Additional Cost

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~79,686 SF With Adjacent Pad Site • JC Penney Anchored Neighborhood Shopping Center • Potential Redevelopment Opportunity With Availability Of Grocery Box • Good Mix Of Local & National Tenants

RECENT TRANSACTIONS For More Information Contact:

Clinton D. Oldham

Senior Broker Associate Commercial Group p 979.268.2000 f 979.846.7020 c 409.781.7734 clint@OldhamGoodwin.com

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Oldham Goodwin represented the seller in the disposition of a 4,000 SF Office Building in Crescent Pointe

Oldham Goodwin represented the buyer in the acquisition of a 8,174 SF Office Building near Texas A&M University

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Commercial Properties For Sale Hwy 79 Shopping Center| Franklin

For Sale

3010 East Villa Maria | Bryan

Bryan Medical Center | Bryan

For Sale

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High Volume Exxon Branded Gas Station/ C-Store • Over 17,000 SF Attached In-Line Retail • Long Term Leases With Dollar General & Subway Corporate • Highly Visible Location On US Highway 79 In Franklin, TX

High Quality Medical Building Adjacent To St. Joseph Regional Hospital • 10 Year NNN Lease With St. Joseph’s For First Floor • Energy Management Systems And Key Card Entry • Ideal For Medical Practitioner Owner Occupant

601 S Texas Avenue | Bryan

United Plaza | College Station

For Sale

For Sale

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Highly visible property with excellent frontage on Texas Avenue • Glass storefront with large lobby and showroom area • Approximately 19,000 SF of office and shop space • Multiple drive through shop bays with roll up doors

For Sale

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Great opportunity for Investor or Owner Occupier in an irreplaceable location • Significant upside with lease-up of vacant suites • Tremendous location close to Texas A&M University • Easy access from several major thoroughfares

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New quality construction, built in 2008 • Modern open area office floor plan, high exposed ceilings • Stone/Stucco exterior with glass storefront • Convenient access to several major thoroughfares • High growth area of Bryan

The Commercial Group at The Oldham Goodwin Group, LLC would be honored to have the opportunity to discuss our services with investors, end users, and owner’s of Retail, Office and Industrial properties.

For more information regarding our brokerage and valuation services, please contact me today.

Clinton D. Oldham

Senior Broker Associate Commercial Group c 409.781.7734 clint@OldhamGoodwin.com

RECENT TRANSACTIONS For More Information Contact:

Clinton D. Oldham

Oldham Goodwin represented the seller in the disposition of a 6,500 SF Office Complex

Oldham Goodwin represented the buyer in the acquisition of a 2,000 SF Retail Space on Northgate

Senior Broker Associate Commercial Group p 979.268.2000 f 979.846.7020 c 409.781.7734 clint@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Mineral Rights & Their Significance in Acquisition & Disposition of Raw Land Properties When making a decision to purchase or dispose of a land asset, many important factors come in to play. Some of the more common issues that arise during the course of an average transaction come as a result of review of title, and more specifically the mineral estate and its effect on a given piece of property.

With the recent spike in energy prices and subsequent exploration boom in the Texas oil and gas industry, mineral interest has become a major point of emphasis during the negotiation of contracts and in the subsequent due diligence period.

A mineral right is technically defined as follows: “A mineral right is the right to extract a mineral from the earth or to receive

significant premium for them. This creates quite a conundrum as land buyers seek to protect their investments in a state that has seen land prices rise rather sharply over the course of the last 10 years. Buyers are looking for some sort of protection and want the piece of mind that comes with knowing that at minimum they have some sort of control over the mineral activity on the property that they are about to purchase. Recreational buyers certainly don’t want to purchase their retirement home in the country, only to be overrun by drilling rigs and oil field service trucks at a later date. Commercial developers don’t want to see an oil well pad in place of their proposed hotel. Fortunately, there is some room for common ground that is beneficial to both buyers and sellers as shown in the proposed solutions below.

First and least common, is the conveyance of executive rights.

In cases where oil field activity exists on a property and leases are active, the seller may convey a portion or all of their executive rights to the buyer while still retaining current and future royalty payments. This gives a buyer the security of being in a position to approve or reject the execution of any new leases on the property in question.

payment, in the form of a royalty, for the extraction of minerals” (Source: Texas Railroad Commission). Depending on context, the term mineral may have several different meanings. In terms of real estate, mineral most commonly refers to “fossil fuels”, also known as oil, natural gas and coal. When an entity or an individual has an ownership interest in a property’s mineral rights, they also usually own the associated executive rights as well. Executive rights give the mineral owner the decision making authority when it comes to the negotiation and execution of mineral leases below the surface of a piece of property. While mineral rights themselves are not usually a major factor when it comes to the future development of land, they do carry value as a negotiating tool in both the acquisition and disposition of property, both commercial and recreational.

It is quite common that conveyance of mineral rights in a land transaction becomes the most pressing negotiating point, and sometimes even a deal breaker. Given today’s economic climate and the recent rise in energy prices, sellers in possession of mineral rights are becoming more and more protective of them, especially in areas that can currently be defined as hot zones for oil field activity. This is understandable, as mineral owners have gotten in to mindset of seeing their mineral interest as a future financial windfall in the form of royalty payments, when the next gusher is drilled on their property. All of this makes it very difficult to acquire mineral rights in these times without paying a

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On properties where oil field activity fails to exist, most commonly on urban unimproved or commercial properties, we will see sellers offer full conveyance of surface rights. When mineral rights are unattainable, having full control of the surface use on a property is absolutely imperative for a prospective land owner for several reasons. Without surface control, title insurance becomes nearly impossible to acquire. Having surface control also affords the land owner the right to compensation for surface damages in the event of exploration activity on the property. Having surface control also puts a land owner in the position to negotiate with exploration companies, so that the installation and location of any oil field infrastructure is as friendly as possible to the future use and development of the site.

Finally, there are obviously a myriad of other important issues affecting the sale and purchase of land assets. Investing in real estate is likely to be one of the most significant financial commitments you will make in your lifetime. For this reason, it is essential that all i’s are dotted and all t’s are crossed long before the ink begins to dry at the closing table. When the time comes to make a decision on a purchase or sale, it is always a good idea to hire a real estate attorney with proficiency in oil and gas matters to ensure that your transaction moves forward smoothly and efficiently.

Vernie D. Bodden

Senior Sales Associate - Land Group c 979.777.4641 vernie@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Urban Land For Sale ~25 AC on Old Reliance Road

3 Office Lots on Greens Prairie Rd | College Station

For Sale

For Sale

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~.95 AC Acres on Texas Avenue | College Station

For Sale

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Mixed Zoning With 19 Acres Multifamily & 6 Acres General Commercial • Directly Across From The New Earl Rudder High School • All Utilities Available To Lot Line • High Growth Corridor Of Northeast Bryan

3 Individual Office Lots • All Utilities Available To Lot Line • Located In High Growth Corridor Of South College Station • In ETJ & Not Subject To College Station Zoning

~.95 Acres On The Corner Of Redmond Drive & Texas • Prime Commercial Corner In The Heart Of College Station • Within ½ Mile Of Texas A&M University • All Utilities Available To Site

~1.09 AC on Longwood Drive | Pearland

3.36 AC on Harvey Mitchell Pkwy | College Station

~3.92 AC on N. Earl Rudder Fwy | Bryan

For Sale

For Sale

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Ideal Office Or Specialty Retail Tract • Located Off Of Extremely Busy Thoroughfare • Close Proximity To Various National Retailers • All Utilities Available

For Sale

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Excellent Location In Close Proximity To Texas A&M • Ideal For Medium Sized Multifamily Development • All Utilities Available • In Close Proximity To TAMU Shuttle Stop

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Highly Developable Commercial Tract • Located In High Growth Corridor Of Northeast Bryan • Highly Visible • Access From 2 Roads • Ideal For Office Development Or Car Lot

RECENT TRANSACTIONS For More Information Contact:

Vernie D. Bodden

Oldham Goodwin represented the seller in the disposition of a ~617 AC recreational tract

Oldham Goodwin represented the buyer in the acquisition of a 19 AC tract

Senior Sales Associate Land Group p 979.268.2000 f 979.846.7020 c 979.777.4641 vernie@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Urban Land For Sale 2112 W. Briargate Drive | Bryan

~10 AC on FM 2818 | Bryan

For Sale

~12.69 AC on S. Ranch Road 620 | Austin

For Sale

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For Sale

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Located In Close Proximity To Texas A&M University • In Close Proximity To New Texas A&M Health Science Center • Ideal For Neighborhood Strip Retail Development • All Utilities Available

Well Situated & Highly Developable • In High Growth Corridor Of Northeast Bryan • All Utilities Available • Ideal For Restaurant Or Carwash User

Highly Visible On Ranch Road 620 • Located In The High Growth Community Of Lakeway, Texas • Located Adjacent To New Lakeway Regional Medical Center • Ideal For Medical Office Or Assisted Living Facility

~6 AC on Clarks Lane| Bryan

~1.29 AC on Associates| College Station

~2.4 AC on Wilkes Street | Bryan

For Sale

For Sale

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Ideal Light Industrial Tract • Access From 2 Roads • All City Utilities Available • In Close Proximity To State Highway 6 & Highway 21

For Sale

Ideally Located Commercial Tract • Quick Access To State Highway 6 • Ideal For Office Or Small Service Company • All City Utilities Available

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Highly Visible From State Highway 6 • All City Utilities Available • Ideal For Office Warehouse Or Mini Storage

RECENT TRANSACTIONS For More Information Contact:

Vernie D. Bodden

Senior Sales Associate Land Group p 979.268.2000 f 979.846.7020 c 979.777.4641 vernie@OldhamGoodwin.com

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Oldham Goodwin represented the buyer in the acquisition of a ~15 AC tract on Earl Rudder Freeway

Oldham Goodwin represented the seller in the disposition of a ~2.4 AC tract on Autumn Lake Drive

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Urban Land For Sale ~4 AC on William J. Bryan Pkwy | Bryan

For Sale

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~3.72 AC on Texas Ave | College Station

Tower Point Tract “B” | College Station

For Sale

For Sale

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Highly Developable Tract In High Growth Corridor Of Northeast Bryan • Situated At A Signaled Intersection • Extrememly High Traffic Counts • All City Utilities Available • Ideal For Neighborhood Retail Or Hotel Use

Great Commercial Tract Centrally Located In College Station • Access From Texas Ave & Morgans Lane • Ideal For Hotel Or Office Development • All City Utilities Available

~5.5 Acre Corner Commercial Tract • Excellent Restaurant Or Drive Through Bank Potential • Highly Accessible & Visible From Highway 6 • All Utilities Available To Lot Line • Regional Detention

Tower Point Tract “C” | College Station

Tower Point Tract “E3” | College Station

Boonville Town Center-Tract A | Bryan

For Sale

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~ 9.5 Acre Corner Commercial Tract • Ideal For Office Or Neighborhood Retail Development • Highly Accessible & Visible From Highway 6 • All Utilities Available To Lot Line • Regional Detention

For Sale

For Sale

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~2.3 Acre Commercial Tract • Easily Divisible Into 2 Tracts • Ideal For Single Tenant Office Or Retail • All Utilities Available To Lot Line • Regional Detention

Planned Commercial Development Ideal For Restaurant • Exceptional Location & Visibility • Next To New IHOP • ~70,000 Vehicles Per Day On Highway 6

RECENT TRANSACTIONS For More Information Contact:

Jesse C. Durden

Oldham Goodwin represented the buyer in the acquisition of a 53 AC tract for Commercial Expansion

Oldham Goodwin represented the seller in the disposition of a ~10 AC tract next to the College Station Police Department

Senior Sales Associate Land Group p 979.268.2000 f 979.846.7020 c 979.492.0425 jesse@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Urban Land For Sale Boonville Town Center-Tract B | Bryan

Boonville Town Center-Tract C | Bryan

Boonville Town Center-Tract D | Bryan

For Sale

For Sale

For Sale

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37

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Planned Commercial Development Ideal For Retail Or Bank • Exceptional Location & Visibility • Architectural Controls • Great Neighborhood Corner

Planned Commercial Development Ideal For Restaurant • Exceptional Location & Visibility • Great Value On Interior Lot • Deed Restrictions

Planned Commercial Development Ideal for Hotel or Mixed Use • Exceptional Location and Visibility • Across From Five -Story, 100 Room, Best Western Atrea

Boonville Town Center-Tract E | Bryan

Boonville Town Center-Tract F | Bryan

~6 AC on Associates Avenue | College Station

For Sale

For Sale

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Planned Commercial Development Ideal For Restaurant/Hotel/Retail/Mixed Use • Exceptional Location & Visibility • Architectural Controls • Deed Restrictions

For Sale

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Planned Commercial Development Ideal For Restaurant or Retail • Exceptional Location & Visibility • ~70,000 Vehicles Per Day on Highway 6

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Commercial Development • Quick Access To Highway 30 & SH 6 • Office/Warehouse Users • Preliminary Site Plan & Master Preliminary Plat Created

RECENT TRANSACTIONS For More Information Contact:

Vernie D. Bodden

Senior Sales Associate Land Group p 979.268.2000 f 979.846.7020 c 979.777.4641 vernie@OldhamGoodwin.com

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Oldham Goodwin represented the buyer in the acquisition of a ~2.86 AC tract on 29th Street in Bryan

Oldham Goodwin represented the seller in the disposition of a ~1 AC tract on Earl Rudder Freeway

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Recreational & Farm/Ranch For Sale ~68.6 AC on Taylor Road | College Station

For Sale

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10658 CR 175 | Iola

5412 Satterwhite Road | Buda

For Sale

For Sale

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Ideal Recreational Tract • Located In Direct Growth Path Of College Station • New Fencing & Entrance • Rolling Topography With Large Trees

Great Recreational Tract • ~5 Miles From College Station • Adjacent To Established King Oaks Development • Possibility For Future Commercial Use

Ideally Situated Tract In High Growth Buda, Texas • Close Proximity To Austin Metropolitan Area • Within 1 Mile Of New Austin Toll Road • Within 2 Miles Of I-35 • Close Proximity To Super Walmart & Cabelas Anchored Developments

~11 AC on N. Graham Road | College Station

~11.26 AC on N. Graham Road | College Station

~120 AC in Washington County | Brenham

For Sale

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Good Residential Tract In Rapidly Growing Area • College Station ISD • Ideal For 1 To 3 Acre Lot Residential Development

For Sale

For Sale

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Good Residential Tract In Rapidly Growing Area • College Station ISD • Ideal For 1 To 3 Acre Lot Residential Development

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Outstanding Development Potential • Adjacent To BNSF Rail • Strong Rail Spur Potential • Industrial Neighbors/ Zoning • Potential for R & D Facility

RECENT TRANSACTIONS For More Information Contact:

Jesse C. Durden

Oldham Goodwin represented the seller in the disposition of a ~1.27 AC tract to an IHOP Franchisee

Oldham Goodwin represented the seller in the disposition of a ~1.57 AC tract to Walgreens

Senior Sales Associate Land Group p 979.268.2000 f 979.846.7020 c 979.492.0425 jesse@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

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Commercial Quarterly 4th Quarter 2009

Five Pitfalls Investors Make When Acquiring Multifamily Properties & How To Avoid Them Potential multifamily investors often know little about the business of leasing housing to tenants and how to evaluate opportunities. Taxes, property management, industry knowledge, leverage and location are each vital to success. Below are some considerations when evaluating multifamily properties.

mize both occupancy and rental rates. Owners will also look at clever marketing strategies and assume that they will be able to increase both rent and occupancy. The uninformed and unsophisticated owner will apply marketing assumptions made by the seller’s agent as fact when evaluating the property. Prudent buyers will conduct their own due diligence with the help of professionals (engineers, commercial real estate agents, HVAC professionals, surveyors, city officials, lenders, etc.) to evaluate numerous factors that will aid in evaluating the future performance of the property. Finally buyers must understand who their tenants are and what will attract them to the subject property.

4. Don’t Get Greedy!

1. Taxes!

Local County Appraisal Districts will seize the opportunity to readjust the taxable value and often substantially increase the annual tax burden when sales data is discovered. Potential investors often use the current property tax burden included in marketing materials when evaluating the profitability of a property. The prudent investor will anticipate the increased potential tax burden and evaluate the property accordingly.

2. “One size fits all?” – Property Management

Property management firms vary greatly in the scope and quality of the services they provide and the type of properties that they can manage effectively. The selection of a management partner is the most important decision an investor will make in the multifamily property acquisition process.

It is important to understand how the management firm will handle the daily operations of the property. Will they employ on site leasing and maintenance staff at the property or manage these tasks from offsite with third party contractors? What does their periodic accounting report include?

How often will the owner receive reports? What are the fees charged by the manager? How will they market the property to maintain high occupancy? After selection, it is important that the investor continue to demand the best efforts from the manager. The ownership of multifamily property is not and should not be treated as a passive investment. The highest return on investment requires constant attention by the owner.

3. Education

It is imperative that the owner and manager regularly monitor lease rates of comparable properties in the area to maxi-

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Multifamily property ownership should not be analyzed on cash flow only. The buyer should ask themselves if similar properties are appreciating and at what rate. The tax benefits of depreciation must also be considered. How the property is financed and how leverage is applied can present tremendous opportunities with multifamily investments.

Potential investors must study and investigate appropriate loan to value amounts that will allow the property to operate at desired returns. The lending environment has recently changed and now requires much more conservative loan to value ratios than in recent years. Prudent investors must plan to reinvest a portion of the income to insure the future performance of the asset.

5. It’s the Neighborhood!

Location, location, location is the phrase often uttered when discussing real estate. This is true with multifamily property.

The current surrounding properties and neighborhood will greatly impact the desirability of the subject property from the tenant’s perspective. Is the neighborhood deteriorating?

What will the surrounding properties look like in 5 years?

10 years? If upgrades are made to the subject property to attract higher paying tenants, will that potential resident feel comfortable with the surrounding environment with regards to shopping, safety, convenience and access? Are investors, developers and homeowners attracted to this area and are they actively enhancing the neighborhood?

Multifamily ownership offers a tremendous way to build wealth. With diligent focus on operations and resident satisfaction, owners can maximize returns. If you would like to further discuss multifamily property investments please contact me for a private consultation.

Rick Lemons

Senior Broker Associate - Multifamily Group c 979.255.1950 rick@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Multifamily Properties For Sale 1831, 1833, 1835 Wilde Oak | Bryan

For Sale

So Ho Lofts | Bryan

Rock Hollow Loop Duplexes | Bryan

For Sale

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For Sale

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18 Units • W/D Included • Fully-

Six Units • Convenient To Texas A&M • Historical High Occupancy • Bike To Campus • Fenced Yard • Located In The Popular Johnson Elementary Attendance Zone

20 Units • Convenient To Texas A&M • On TAMU Bus Route • Fully-Equipped Kitchens • W/D Included • Bike To Campus • Polished Silver Fixtures

Equipped Kitchens • Central A/C • Ceiling Fans • Fenced Yards • Individually Metered

Grey Wolf Trail Duplexes | College Station

300 Ayrshire | College Station

3907 Aspen | Bryan

For Sale

51

21 Units • Sloped, Nine Foot Ceilings • Fully-Equipped Kitchens • HollywoodStyle Bath With 2 Vanity Areas & 2 Sinks • Ceiling Fans • Fenced Yards

For Sale

For Sale

52

Historic Southgate Neighborhood • Walk To TAMU & Kyle Field • W/D Connections • Fenced Yards • Claw Foot Tubs • Slate Countertops • Polished Silver Fixtures

53

Popular Northgate Neighborhood • Near TAMU Bus Route • Walk To TAMU • Fenced Yards • Convenient To Texas A&M & Blinn College

RECENT TRANSACTIONS For More Information Contact:

Rick Lemons

Oldham Goodwin represented the buyer in the acquisition of a 112 Unit Apartment Complex

Oldham Goodwin represented the buyer in the acquisition of a 134 Unit, Student Oriented Apartment Complex

Senior Broker Associate Multifamily Group p 979.268.2000 f 979.846.7020 c 979.255.1950 rick@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

15

Commercial Quarterly 4th Quarter 2009

Office Properties For Lease Williamsburg at Park Hudson | Bryan

For Lease

Executive Office Plaza | Bryan

United Plaza | College Station

For Lease

For Lease

54

55

56

Located In Park Hudson • Adjacent To Adam Plaza & Crescent Pointe • Customizable Floor Plan • ~3,984 SF Available

Centrally Located Within Bryan/College Station • Small To Mid-Sized Suite Configurations • Within ~1.5 Miles Of Texas A&M University

One Mile From The Briarcrest Exit Off Highway 6 • Within 2 Miles Of Both TAMU Main Campus And Blinn College • Centrally Located

Prosperity Bank Building | College Station

Cambridge Court | College Station

Southwood Business Center | College Station

For Lease

57

Prime Location On Hwy 6 • Near College Station Medical Center • ~4 Miles From TAMU • Range Of Available Spaces: ~259 - ~3,446 SF

For Lease

For Lease

58

Executive Style Office Suites • Located Along Hwy 40 Near Castlegate & Castlerock Subdivisions • ~1 Mile From Hwy 40/Hwy 6 Intersection

59

Central Location To Thriving Commercial And Residential Growth • Vast Traffic Flow From Texas Avenue • ~400 Ft Of Frontage On Hwy 6 • Available Space: ~1,268 SF

RECENT TRANSACTIONS For More Information Contact:

Travis Fincher

Leasing Associate p 979.268.2000 f 979.846.7020 c 713.444.9326 travis.fincher@OldhamGoodwin.com

16

Oldham Goodwin represented the landlord in the lease for Willstaff Worldwide at University Park Plaza

Oldham Goodwin represented the landlord in the lease for Moore Militaria at 12777 Hwy 30

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Office Properties For Lease Southwood Plaza | College Station

For Lease

Texas Enterprise Bank Building | Bryan

Star Tel Tower | Bryan

For Lease

For Lease

60

61

62

Anchored By Proposed Super Walmart Of College Station • Great Access To The Center With Entrances On Longmire & Texas Avenue • Available Space: ~800 - ~1,200 SF

~1.5 Miles From St Joseph Regional Health Center & ~1 Mile From Blinn College • Range of Available Spaces: ~ 1,500 - ~6,000

Superior Construction • Near Traditions Golf Course • Near Future Texas A&M Health Science Center • Range of Available Spaces: ~465 - ~3,685 SF

The Emporium | College Station

University Park Plaza | College Station

Wolf Pen Ridge | College Station

For Lease

63

Easily Accessed From Anywhere Within Bryan/College Station • Located Along Highway 6 • Great For A Small To Medium Business

For Lease

For Lease

64

Centrally-Located • High Traffic Counts • Dynamic Growth Area • Range Of Available Spaces: ~3,000 - ~9,000 SF

65

~1 Mile From Texas A&M University • One Block From Wolf Pen Creek Amphitheater & Park • Range Of Available Spaces: ~1,000 - ~3,524 SF

RECENT TRANSACTIONS For More Information Contact:

Travis Fincher

Oldham Goodwin represented the landlord in the lease for Laraby Financial at Oxford Court

Oldham Goodwin represented the landlord in the lease for the U S Government at Southwood Business Center

Leasing Associate p 979.268.2000 f 979.846.7020 c 713.444.9326 travis.fincher@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

17

Commercial Quarterly 4th Quarter 2009

Office Properties For Lease Oxford Court | College Station

Bryan Medical Center | Bryan

For Lease

Copper Chase Office Park | Bryan

100% Leased

66

For Lease

67

High Quality Medical Building Adjacent To St Joseph Regional Hospital • Energy Management Systems And Key Card Entry • Covered Parking • Range Of Available Spaces: ~3,000 - ~9,000 SF

Executive Style Office Suites • Located Along Hwy 40 Near Castlegate & Castlerock Subdivisions • ~1 Mile From Hwy 40/Hwy 6 Intersection

206 N. Sims | Bryan

12761 State Highway 30 | Bryan

68

Less than one mile from Blinn College • Small, mid and large sized suite configurations available • Less than 1/4 mile from St. Joseph’s Regional Medical Center

Industrial Properties For Lease For Lease

100% Leased

69

~8,000 SF Commercial Building • Located Two Blocks From Downtown Bryan • Security System • Chainlink Fenced Yard With Access Gate

70

Two Roll Up Doors • Fenced Yard Space • Paved Parking • Built in 2005

For more information regarding our Office & Industrial Lease Services, please contact me today.

Travis Fincher

Leasing Associate c 713.444.9326 travis.fincher@OldhamGoodwin.com

RECENT TRANSACTIONS For More Information Contact:

Travis Fincher

Leasing Associate p 979.268.2000 f 979.846.7020 c 713.444.9326 travis.fincher@OldhamGoodwin.com

18

Oldham Goodwin represented the landlord in the lease for C. E. Borman & Associates at Star-Tel Tower

Oldham Goodwin represented the landlord in the lease for At Home Properties at Park Place Plaza

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Retail Properties For Lease University Shopping Center | College Station

For Lease

Park Central Center | Bryan

Beverley Estates | Bryan

For Lease

100% Leased

71

72

73

Junior Anchor Availability • Over 600 Feet Of Frontage Along Texas Avenue • Less Than 1/2 Mile From TAMU • Five Points Of Access Off Of Three Major Thoroughfares

Convenient & Easy Access From Two Thoroughfares • Recently Renovated • Excellent Visibility With Frontage On Texas Avenue

Convenient & Easy Access From Two Thoroughfares • Recently Renovated • Excellent Visibility With Frontage On Texas Avenue • Available Space: ~1,250 SF

Park Plaza Center | College Station

Plazas at Rock Prairie | College Station

Post Oak Square | College Station

For Lease

For Lease

74

Located in the heart of College Station’s retail corridor • Excellent visibility at the corner of Texas Avenue & Harvey Road Located within close proximity to H-E-B & Target

For Lease

75

Range Of Available Spaces: ~1,000 - ~5,040 SF • Four Miles From TAMU • High Daytime Population • Southern “Gateway” Of College Station

76

Range of Available Spaces: ~1,430 ~19,225 SF • Competitive rental rates and build-out allowance • Restaurant space available • Adjacent to Post Oak Mall

RECENT TRANSACTIONS For More Information Contact:

Robert J. Young

Oldham Goodwin represented the landlord in the lease for Shipwreck Grill at 206 E Villa Maria

Oldham Goodwin represented the tenant in the lease for Aggieland Outfitters at Post Oak Mall

Director of Commercial Leasing Senior Broker Associate p 979.268.2000 f 979.846.7020 c 979.324.1717 robert@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

19

Commercial Quarterly 4th Quarter 2009

Retail Properties For Lease Shops on Texas | College Station

For Lease

Market Square Shopping Center | Brenham

Freedom Center | Bryan

100% Leased

77

For Lease

78

79

Available Space: ~1,594 SF • Dynamic Growth Area • Central Location With High Traffic Counts • Great Visibility And Access On Texas Avenue

Close Proximity To TAMU & Blinn • Adjacent To The Walmart Supercenter, Chick-Fil-A & Wells Fargo Office Building

Big Box Availability • Less Than 1 Mile From Hwy 290 • Less than 3 miles from Blue Bell Creameries • Range of Available Spaces: ~2,000 - ~38,046 SF

Southwest Crossing | College Station

Longwood Crossing | Pearland

West Wind Shopping Center | Lubbock

For Lease

For Lease

80

~8,000 SF Pad Site Available • Located In The Center Of The Most Densely-Populated Student Area In College Station • Located Less Than ½ A Mile From TAMU

For Lease

81

~3.5 Miles From Silverlake, A 3,500 Home Residential Development • ~5 Miles From The 288/518 Intersection • Available Space: ~2,200 SF

82

~3.6 Miles From Texas Tech University & ~2 Miles From Lubbock Christian University • Range Of Available Spaces: ~1,243 ~1,952 SF • Great Visibility From Loop 289

RECENT TRANSACTIONS For More Information Contact:

Robert J. Young

Director of Commercial Leasing Senior Broker Associate p 979.268.2000 f 979.846.7020 c 979.324.1717 robert@OldhamGoodwin.com

20

Oldham Goodwin represented the landlord in the lease for Haix North America at Southwest Crossing at Bee Creek

Oldham Goodwin represented the landlord in the lease for BIG LOTS! at University Shopping Center

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Retail Properties For Lease Crossroads Retail Center | College Station

Brookhaven Retail Center | Bryan

For Lease

For Lease

83

84

Total Capacity: ~18,000 SF • Range Of Available Spaces: ~1,000 - ~10,000 SF • Centrally Located In College Station With Quick Access To Highway 6

~5 Miles From TAMU • ~1.5 Miles From Miramont Country Club • Range Of Available Spaces: ~1,500 - ~2,100 SF • Rapid Population Growth & Business Development Within The Area

Whether you or your firm are looking for up to date leasing information, examining market trends, or considering a relocation, expansion, or opening a new business in the Bryan / College Station area, the Commercial Leasing Division at The Oldham Goodwin Group, LLC is positioned to be the preferred resource to evaluate your specific leasing requirements. Our group specializes in the leasing of Office, Retail, and Industrial buildings and in the representation of Tenant’s that are searching for a perfect location combining visibility, rental rates, floor plan, accessibility, etc. If you are considering leasing space in today’s complex market, please contact our group and allow us to provide you with the insight and accessible expertise you need to make an informed decision.

For more information regarding our leasing services, please contact me today.

Robert J. Young

Director of Commercial Leasing Senior Broker Associate p 979.268.2000 robert@OldhamGoodwin.com

RECENT TRANSACTIONS For More Information Contact:

Robert J. Young

Oldham Goodwin represented the tenant in the lease for Smoothie King at HEB Shadow Center

Oldham Goodwin represented Elements Therapuetic Massage (the tenant) in the lease at Bryan Towne Center

Director of Commercial Leasing Senior Broker Associate p 979.268.2000 f 979.846.7020 c 979.324.1717 robert@OldhamGoodwin.com

979.268.2000 • www.OldhamGoodwin.com

21

Commercial Quarterly 4th Quarter 2009

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This map is a rendering of Bryan & College Station city limits and does not accurately show city limits. This map is not to scale and all property locations are approximate.

22

979.268.2000 • www.OldhamGoodwin.com

Commercial Quarterly

4th Quarter 2009

Management Division Profile Management Division Profile Who We Are The Oldham Goodwin Group’s management services are part of a comprehensive turnkey solution for any Retail, Office, Multifamily, Industrial or Hospitality owner. We strive to provide asset and property management services to improve efficiency and flexibility for our Clients. By offering a complete range of management services including Asset Management, Property Management, Advisory/Consulting Services, Construction Management and Real Estate Owned (REO) Workout/ Management Solutions, The Oldham Goodwin Group is structured to ensure your investment is maximized at every stage of the process. With a strong focus on customer service, our team works closely with you to identify and execute strategies to improve performance and yield quantifiable results.

Your asset is the foundation of our business; we will make sure you are satisfied with our services. In order to deliver on that commitment, our professional management divisions feature Dedicated Asset Managers, Property Specialization, Innovative Technology, and Transparency and Accountability.

Dedicated Asset Managers Oldham Goodwin’s management divisions are designed to provide professional and dedicated asset management services.

Our asset managers are not asked to broker and/or develop properties on their own, on top of managing assets. Instead, they work in tandem with our specialized brokerage and development professionals and deliver operational feedback and strategies. This level of integration provides tremendous value to our Clients.

Property Specialization Oldham Goodwin’s asset managers specialize in one of three classifications of real estate management: Multifamily, Hospitality, and Commercial (consisting of Retail, Office and Industrial). This specialization allows our asset managers to excel in their area of specialization, thus providing our Clients with an unmatched level of expertise and experience.

Innovative Technology The Oldham Goodwin Group utilizes advanced property management, accounting, collaboration and marketing technology to deliver quantifiable results for our clients. Through innovative technology, we are able to leverage seamless integration, best practices, and robust reporting to deliver enhanced operational efficiency and real results at the property level.

Transparency and Accountability Oldham Goodwin’s management services are geared to maximize the return on our client’s investment. Our asset managers are focused on key performance indicators to gauge asset performance. We take our fiduciary responsibility very seriously and believe it is of the utmost importance to provide our Clients with transparency and accountability at every turn.

Our Managed Properties

River Village Marriott

Brazos Point Apartments

Southwest Crossing at Bee Creek

For More Information About These Services, visit www.OldhamGoodwin.com.

809 University Drive East, Suite 101A

979.268.2000 • www.OldhamGoodwin.com College Station, Texas | 77840

23

Commercial Quarterly 4th Quarter 2009

“Accessible Expertise” Rick Lemons

Multifamily Group

Clinton D. Oldham

Senior Broker Associate

Commercial Group Senior Broker Associate

Rick’s background encompasses over 20 years of hospitality and property management experience with Aramark, Pappas Restaurants, Inc. and Oldham Goodwin. Since 2004, he has managed and operated the multifamily division of Oldham Goodwin. As a commercial real estate broker, Lemons has listed and sold numerous multifamily and single family properties to local and national investors.

C 979.255.1950 | rick@OldhamGoodwin.com

Clint represents our private investment and corporate clients in the acquisition and disposition of Retail, Office and Industrial real estate. In addition to buyer and seller representation, Clint’s experience includes project leasing, tenant representation, as well as investment and financial analysis. Clint’s broad range of experience in the local commercial real estate market has made him a valuable asset to clients seeking to acquire or dispose of their assets.

Vernie D. Bodden, III

Jesse C. Durden

Land Group

Senior Sales Associate

C 409.781.7734 | clint@OldhamGoodwin.com

Land Group

Development Manager, SR Sales Associate

Vernie’s background in the ranching industry has enabled him to build a broad base of knowledge in rural land, both from an operational and valuation perspective. Vernie has used these principals to broaden his scope of knowledge to include the commercial realm. As a result, he has been able to represent some of the states largest retail and hospitality developers.

C 979.777.4641 vernie@OldhamGoodwin.com

Jesse specializes in development and site selection for TOGG. Jesse’s experience includes commercial development and construction, as well as real estate investment analysis. Prior to his arrival at Oldham Goodwin, Jesse worked with Austin Commercial in Dallas and Caldwell Companies in Houston.

C 979.492.0425 | jesse@OldhamGoodwin.com

Robert J. Young

Travis M. Fincher

Leasing Division Senior Leasing Associate

Leasing Division Leasing Associate

Over the last 4 years, Robert has focused on increasing his understanding of the B/CS real estate market, the emerging trends that affect the city, county, and state, and the commercial real estate growth indicators that real estate experts use to predict the future of the local market.

Robert strives to deliver the highest levels of client services available.

C 979.324.1717 robert@OldhamGoodwin.com

Travis graduated from Texas A&M where he excelled at marketing and property evaluation.

He was intimately involved in real estate transactions from a young age working with his family members in the Houston market. Previously he held a job with The Staubach Company in Houston where he assisted in market research.

C 713.444.9326 travis.fincher@OldhamGoodwin.com

Daniel Powell

Erin Sissell

Sales Division Sales Coordinator, Associate

Daniel coordinates sales marketing and transaction efforts as well as assists executives with brokerage strategic initiatives. Daniel is known by his peers as highly organized and extremely knowledgeable of brokerage services.

C 979.575.2551 | daniel@OldhamGoodwin.com

Leasing Division Leasing Coordinator, Associate

Erin coordinates leasing marketing and transaction efforts as well as assists executives with brokerage strategic initiatives. Erin is Oldham Goodwin’s Ambassador to the Bryan/College Station Chamber of Commerce. In addition she was also a former member of the Real Estate Development Association at Texas A&M. C 254.592.2615 | erin@OldhamGoodwin.com

809 University Drive East, Suite 101A College Station, Texas | 77840 T 979.268.2000 | F 979.846.7020 www.OldhamGoodwin.com