YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Don't Buy The Hype Capitalizing On Investment Mineral Rights vs Surface Rights
NEC RANKIN RD. & IMPERIAL VALLEY HOUSTON, TX
Hard NEC of fully lighted intersection at Rankin Rd. and Imperial Valley
Ideal for gas station/corner store, fast food, hospitality, storage, medical, retail and others
Northern end of property aligns with median cut on Imperial Valley
Pricing: $16.00 PSF, contact Broker for more details
Detention is in place, all utilities are to the site
KRISTEN MCDADE Senior Director T: +1 713 469 4509 email@example.com
LAUREN GEARY Marketing Coordinator T: +1 346 444 8968 firstname.lastname@example.org
TWO TRACTS FT. BEND TOLL RD. & McHARD RD.
±8.9 acres at the hard NWC of Ft. Bend ±11 acres at the hard NEC of Ft. Bend Toll Toll±41,543 Rd. and Rd. and McHard sf of McHard land locatedRd. on the west side of Patterson St. just north of Cornish on theRd. north side of I-10 in the Heights neighborhood. Property is adjacent to White Oak Bayou and the White Oak Hike and Bike trail.
• Patterson Properties lie within the City of Houston and Ft. Bend County benefits from easy access on and off I-10 with its own exit from the freeway and immediate on ramp just past light at Shepherd. Patterson reaches across I-10 to the south side making it well located and easy to get to retail, • the Both tracts have curb cuts and easy access from Ft. Bend Toll Rd., as well as restaurants and businesses. McHard Rd.
• Pricing: Contact Broker forwill pricing $45 PSF, all offers be responded to. KRISTEN MCDADE Senior Director T: +1 713 469 4509 email@example.com
LAUREN GEARY Marketing Coordinator T: +1 346 444 8968 firstname.lastname@example.org
IN THIS ISSUE
Sales & Leases 1-3, 5, 7, 9, 13, 15-23, 27, 30-33, 35, 37, 38
Environmental Services 42, 55 Legal Services 53 Photography 32 Public Adjuster Agency 28, 29 Real Estate Loans 13, 50 Signage Services 56
Events 44, 46, 48 Social 45, 47 49 Bulletin 50-52
Converse is Growing 8 Don't Buy the Hype 10-11 Capitalizing on Investment 12, 14 Rough Proportionality Measures 24, 25 CIVIL FAIR PLAY Mineral Rights vs Surface Rights 40, 41 RAY'S BUZZ How to Keep Your Business on a Firm Foundation 54
SPACE FOR LEASE
WILLIAMSBURG ENTERPRISES ONE RIVERWAY, SUITE 1870 • HOUSTON, TX 77056 T. 713.955.0960 • F. 713.955.0957 WOODFOREST SQUARE INFO@WILLIAMSBURGENT.COM 12620 WOODFOREST BLVD | HOUSTON, TX | 77015
WOODFOREST SQUARE 12620 WOODFOREST BLVD, HOUSTON, TX 44,399 SF of highly visible retail space that includes both an out parcel lease building & inline space adjacent to Kroger Signature Store • National co-tenants • High-visibility spaces • Prime endcap available • Excellent parking ratio • Busy intersection • Great Access
RENAISSANCE CENTER •
44,399 SF OF HIGHLY-VISIBLE RETAIL SPACE ON SOUTHEAST CORNER OF WOODFOREST AND NORMANDY
• GROCERY-ANCHORED CENTER 6102 SCOTT STREET, HOUSTON, TX
4,400 SF Available
PRIME ENDCAPS AVAILABLE AT BUSY INTERSECTION
• Recently renewed HEB Lease ($900/SF • GREAT ACCESS AND EXCELLENT PARKING RATIO in 2015 sales) • 135,000+ residents within 3 miles FOR INQUIRIES CONTACT: • Currently under $2million renovation JONAS Center FERTITTA | 713.955.0960 • Close proximity to Texas Medical JF@WILLIAMSBURGENT.COM
ONE RIVERWAY, SUITE 1870 HOUSTON, TX 77056 WWW.WILLIAMSBURGENT.COM
ROSE-RICH SHOPPING CENTER AVENUE H & LANE DRIVE, ROSENBERG, TX 1400 SF – 9,977 SF Available • Located among Rosenberg’s best retail intersections • Current tenants include Dollar Tree, DD’s Discounts, Melrose, T-Mobile, Pizza Hut & Family Dollar • Recently undergone complete renovation
FOR INQUIRIES CONTACT: JONAS FERTITTA
Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Ginger Wheless ginger@REDNews.com
Margie Gohmert info@REDNews.com
This is our 11 th annual ICSC RECON issue which will be distributed at the conference this month in Las Vegas on May 21 st -24 th . More than 37,000 attendees are registered for the event and the Sunday open session speakers include Barbara Corcoran of Shark Tank and Steve Wozniak, co-founder of Apple.
Another very successful retail event to look forward to this year is Texas RetailLive! that will be held on August 31 st in Austin (see Page 36 for more information). Once again we spoke with retail experts about the state of the Texas retail market and the influence of online shopping. Consistently we hear that smart retailers change with the times and retail in all “fashions” is here to stay. It’s also interesting to hear how savvy real estate brokers are creating their own niche in the market (“Don’t Buy the Hype” & “Capitalizing on investment”) on Pages 10-12 &14. In Central Texas, Converse is growing (see Page 8) and Pete Dwyer talks about his experience with the City of Austin on Pages 24 & 25. Our Civil Fair Play column is a discussion with several attorneys and Texas landman, Jerry Wilkins, about what mixing minerals and surface rights can mean to residential and commercial development.
Our June issue will feature the Industrial/Office & Land markets in Texas so please send us your thoughts and ideas about interesting topics that we should cover. I hope you have a very successful ICSC RECON show and a fun-filled Memorial Holiday. Best Regards,
Janis Arnold email@example.com Ray Hankamer firstname.lastname@example.org Brandi Smith info@REDNews.com
Micah Leigh info@REDNews.com Philip Loyd info@REDNews.com
Rahul Samuel emarketing@REDNews.com
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across the U.S., Canada, Mexico and now in Europe.
Converse is Growing The City of Converse and the City of San Antonio have entered into an Interlocal Agreement (“ILA”). This ILA outlines a series of Municipal Boundary Adjustments (MBAs) and phased-in annexations. These areas include: • Loop 1604 Frontage South to Interstate 10 • Northern Frontage of Interstate 10 from 1604 to Foster Road • FM 1516 between Converse and I-10 • FM 78 between Converse and Foster Road • Over 30 subdivisions, including Camelot and the Glen
As a result of this ILA, Converse would grow from 7.10 square miles to over 22.65 square miles in the next 15 + years.
The Map... Depicted in the map is a series of MBAs that will take 16 years to complete. There are also six phases of annexations that will take 18 years to complete. These MBAs and annexations will happen concurrently.
7.1 sq. miles 21,987 population
22.6 sq. miles 85,000+ population
Converse and the City of San Antonio have been discussing this idea since 2009.
The City of San Antonio and the City of Converse have conducted an advanced analysis of the requirements for the financing and staffing of these plans.
In 2015, San Antonio stated that they would annex all of this area. In 2016, Converse City Council passed a Resolution opposing San Antonio’s plan to annex this area. In late 2016, San Antonio approached the City of Converse, proposing that Converse receive Loop 1604 to I-10, contingent on accepting The Glen and Camelot subdivisions. Converse said “Maybe, BUT, we need enough tax base to pay for the City services.” After months of discussions, Converse and San Antonio have agreed on the attached map of proposed growth opportunities.
The additional areas will provide significant commercial properties and values that are needed to provide the necessary revenues to offset the expenses well into the future. This analysis shows that, even without additional growth or development, the City of Converse 1) will be able to afford the proposed annexation plan and 2) provide the same level of services to these new areas without negatively impacting existing services to current residents.
DAIRY ASHFORD / MEMORIAL
3315 BURKE ROAD Pasadena, TX 77504
909 DAIRY ASHFORD RD Houston, TX 77079
908 E. SOUTHMORE BLVD. Pasadena, TX 77502
17030 NANES HOUSTON, TX 77090
• 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance • 532-3,068 SF Available
• Up to 11,929 NRA Available • Two Story MOB • On Site Pharmacy • Located 2 miles from the NW Medical Center
550 GREENS PARKWAY Houston, TX 77067
14505 TORREY CHASE BLVD Houston, TX 77014
7660 WOODWAY Houston, TX 77063
7887 SAN FELIPE Houston, TX 77063
• 560- 11,080 NRA Available • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking
• 580-8,536 NRA Available • Completely Remodeled in 2015 • Private Corner Balconies on Upper Floors • Located near FM 1960 & I-45 in Champions Forest
• Up to 16,014 NRA Available • Five Level, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access
• Up to 2,532 NRA Available • Located in the Suburbs of the Galleria – San Felipe/Voss Submarket • Free Covered Parking
EAST HOUSTON CENTER
1800 N. VELASCO Angleton, TX 77515
8030 FM 1765 Texas City, TX 77591
3000 PABLO KISEL BLVD Brownsville, TX 78526
10907-11095 I-10 EAST Houston, TX 77029
• 6,700 SF End Cap Available • Kroger Anchored Center • Center is Located Across from Wal-Mart • Renovated in 2014
• Up to 3,000 SF Available • Located in the NASA/Clear Lake Submarket • Parking Ratio 7.07/1,000
CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292
• 1,200-6,460 SF Available • Strong National Tenant Mix • Located Adjacent to Sunrise Mall • Strong Demographics
SAN ANTONIO OFFICE: 12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222
• Two Story MOB • Renovated in 2008 • Up to 2,392 SF Available • Services the Memorial & Surrounding • Neighborhoods
• Up to 11,017 SF Available • Located at NWC I-10 E Frontage @ John Ralston • Traffic Count Exceeds 189,000 CPD
502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500
• Three Story Office Building • Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center • 885-3,596 NRA Available
Don’t buy the hype The Texas retail market is stronger than ever BY BRANDI SMITH
Assessed purely by the headlines, the past few years have been a challenge for some of the nation’s largest retailers. Payless ShoeSource announced in April that it would shutter nearly 400 stores. In January, JCPenney started closing 140 locations across the country. Even mall stores have taken a hit with retailers Abercrombie & Fitch and Guess pulling the plug on 60 locations within the next year. Though many analysts cite those cases as examples of how the retail sky is falling, many Texas experts are saying, “Hold up, Chicken Little.” “We hear a lot about major chains closing stores and worries about retail overbuilding. But the fact is, many of those stores closing are in secondary or tertiary markets,” says Marshall Mills, President & CEO of Weitzman. “For example, when JCPenney announced its recent closing list, no stores in D-FW were affected. Why? Retailers today are focusing on their best stores, which are in fast-growing, increasingly dense urban metros like our major Texas metropolitan areas.” One needs to look no further than the retail occupancy rates in the state’s four largest cities to see how strong the retail market is in Texas. According to Weitzman, the Austin area reports 96.2 percent occupancy, while DFW, Houston and San Antonio 10
Marshall Mills President & CEO at Weitzman
tout 92.6 percent, 95.6 percent and 94 percent, respectively.
describe, CRE professionals have had to adapt to a changing market over the past decade.
“Fundamentals in the Houston retail market are as strong as they’ve ever been,” wrote CBRE in its Q1 2017 analysis of the state’s largest city, also noting that in Dallas “market expansion carries on as area retailers are attracted to, and benefit from, DFW economic fundamentals.”
“If you went back 10 years and compared it to what we see today in these projects or what the tenant makeup looks like, I think you’re seeing a big difference,” says Jacobs. “You would see how retailers have downsized, become more experiential or somehow adjusted their business models to thrive in today’s Internet-driven economy.”
“I think it’s a myth that retail is dying. It’s constantly evolving and changing, just like it always has throughout modern history. Retailers have to address the needs and wants of customers at the current time,” says Joshua Jacobs, Principal at Edge Retail Partners. “Even with some chains downsizing, others are coming into the markets and taking over these spaces.”
A significant factor in that shift is consumer focus on the Internet and online purchases, though those still only represent approximately 11 percent of overall retail sales, according to government statistics.
“Delivery and just-in-time services, such as UberEats, Instacart and Amazon Prime, are growing exponentially in urban markets,” Jacobs points out. “Successful retailers are adapting. Today’s shoppers are more savvy and Joshua Jacobs have access to more options quickly Principal at Edge Retail Partners through the Internet, so retailers will have to continue to figure out ways to embrace these new shopping patterns.” Texas’ retail scene is doing so well, in fact, that National Real Estate Investor recently put two cities A December 2016 study by the Pew Research Center on its “10 Best Markets for Retail Investment.” Citing revealed that while the overwhelming majority of gains in payrolls and disposable income, Houston Americans (79 was listed as No. 5, whereas Dallas’ promising empercent) have ployment prospects and focus on growth earned made some it the No. 4 spot. type of online purchase, only “We remain positive about the continued health 43 percent do so “weekly” or “a few times a month.” of our Texas metro retail markets,” Mills says. To succeed in this new buying environment, retailers are still finding ways to lure those online shoppers into their physical locations.
“Fundamentals in the Houston retail market are as strong as they've ever been.”
Though the situation certainly isn’t as dire as some
“We see the largest department stores and even small shops like running stores turning their selling space into a mix of brick-and-mortar and online-order
Texas’ retail scene is doing so well, in fact, that National Real Estate Investor recently put Dallas and Houston on its “10 Best Markets for Retail Investment.”
fulfillment,” says Mills. “Whether you buy in the store or online, the retailer is ready to make their brick-andmortar retailer locations meet your needs.” The Pew poll also found that 64 percent of consumers still prefer to shop in brick-and-mortar stores. “Without a doubt, online sales are changing the way people shop and the way shopping centers work. But that’s not necessarily a bad thing,” says Mills. “When the competition is tougher, you have to step up. Retailers compete by being everywhere the customer is, whether that’s in the store, on the smartphone, online or a combination of all of these.”
“... density on the ground …” It’s worth noting that, while occupancy rates are high (record high in Dallas), there hasn’t been a tremendous amount of retail space added in the past year. Developers created 1.1 million square feet in Austin, 2 million in D-FW, 3.4 million in Houston and 1.2 million in San Antonio, according to Weitzman. “Limited demand-driven development drives expanding concepts to existing centers. That is a big reason why our market looks so good,” Mills says. “In terms of new space, grocery stores by far are the most active anchors. Our markets also are seeing limited new shop space and a number of mixed-use projects.” The availability of transportation options, walkability, work/live/play options continues to draw people of all ages, which is why many developers have diverted their focus from malls or big-box anchors to high-density, mixed-use centers.
“To attract retailers to existing locations with strong locations but outdated appearances or layouts, you have to renovate,” says Mills. “That’s why we’re undergoing the most active renovation and redevelopment program in our company’s history, with more than a dozen centers completing, undergoing or planned for upgrades.” “We are working on a really cool community-oriented project in Bellaire with SDI Realty. For the Bellaire Town Center, we’re redeveloping an existing project on the corner of South Rice and Bellaire right across the street from the new two-story H-E-B that is under construction,” says Jacobs. “We’re adding smart density, as well as providing even better restaurants and other amenities for the great residents in the City of Bellaire.”
“Landlords and developers compete by upping the experiential aspects of shopping,” Mills says. “This means more food, more entertainment, more fun and layouts and amenities that give you a reason to visit a physical location.” “Mixed-use experiences,” a new twist on mixeduse developments, are also cropping up. Instead of live/work/play, think stay/eat/play. These new retail ideas are aimed at attracting consumers by offering more local and regional shops and fewer large chains, creating more unique shopping experiences.
“... more, more, more …” Along with denser developments, retailers are also focused on creating a “destination,” not just a store. For example, malls are being reimagined as “experiential,” providing opportunities that online shopping cannot. An example of this is Tesla’s reliance on mall-located showrooms. “Dick’s Sporting Goods came into our market and provided a much more experiential opportunity than, for example, Sports Authority,” Jacobs says. “We’re seeing that retailers really have to offer something different to draw people into their stores, motivate them to make purchases and lure them back on a repeat basis.” There’s also a move by malls to drop the idea of traditional anchor stores (many of which are closing anyway) and replacing them with high-end food courts.
In the long run, as retailers take note of consumers’ changing habits, as they typically always have, they will find ways to reinvent themselves and continue to draw in a customer base. This means connecting online sales to brick-andmortar stores and creating experiences that lure consumers. “I do think that the Internet will be a driving factor that helps determine how retail and, thus retail real estate, evolves,” says Jacobs.
Capitalizing on investment Houston-based retail brokerage firm celebrates success BY BRANDI SMITH
When Eric Walker and several friends decided to start Capital Retail Properties in 2011, they had one goal in mind: “We wanted to create an environment where we all want to come to work every day.” Six years in, Walker says the venture has been a success. “It worked out better than we could have ever expected,” says Walker, the managing partner of what is now one of Houston’s most successful full-service retail brokerage firms. Though he got hints of his future when he worked with a real estate law firm in high school, Walker spent part of his college years at Texas A&M interning for former President George H.W. Bush. He then went on to work for the Secretary of Education and White House Office of Combatting Terrorism in Washington, D.C. before the Austin native planned a Houston homecoming of sorts. “In college, I got to know the town and just loved the people,” he says of his experience interning in Texas’ largest city. “I just got plugged in, so when I was leaving D.C., it was a pretty easy decision to come home.”
When he landed in Houston in 2003, Walker joined NewQuest Properties. For years, he racked up company awards, such as “Rookie of the Year,” “Top Land Broker,” “Top Hybrid Broker” and “Top Retail Producer.” “I can’t say enough good things about my experience at NewQuest and what they taught me, but you hit a point when it’s time to produce for yourself. A couple of the guys who worked with me at NewQuest had hit that point and we decided it was time to jump out on our own,” Walker says. The resulting company is Capital Retail, which specializes in the development, marketing and disposition of anchored and shadow-anchored retail shopping centers, tenant representation and retail land sales.
Ranch Town Center, a sprawling 1.5 million square foot development located near the intersection of Grand Parkway and U.S. 59. “It’s a big regional hole and Danny Signorelli has landed the retailers that are doing well in today’s environment: Burlington, TJ Maxx, Hobby Lobby, Kroger and Academy,” Walker says. However, he admits Capital is less likely to focus on power centers like that due to the shifting retail market.
Eric Walker Managing Partner Capital Retail Properties
“Everybody’s doing well,” says Walker. “I think the average gross production per broker in our office is higher than anywhere else in town on the retail brokerage side.” One of the biggest projects on which Capital is currently working is the Signorelli Company’s Valley
Grand Parkway and Burnham Woods
“That was really the bread and butter of what I’d always done before,” says Walker. “It’s changed a lot because the big box retailers are getting hit hard by Internet sales and are closing stores.”
Another focus of Walker’s was grocery, which he says has stayed strong. Capital is about to deliver space for a Kroger development at Grand Parkway and Burnham Woods. That project includes the Kroger, 80,000 feet of retail, plus 4-5 pads. “We don’t have the number of new grocery stores working in Houston that we did the past few years, but what we’re seeing is grocery is going to continue to grow as long as rooftops grow,” he says. “The tenants that are going into those grocery stores are the services users who can’t be replaced by the Internet. We are still seeing some steady growth.” Many of those irreplaceable tenants come from the medical field, which has had some hits and misses in the past few years, according to Walker. “We’ve always had dentists and we’ve always had optometrists,” he says. “In those two large centers we’re working on now, Memorial Hermann took Continued on Page 14 >
< Continued from Page 14
11,000 square feet in one. Texas Children’s Hospital is running a 6,000-square-foot MRI clinic in the other. They’re the second-largest tenants in each of those shopping centers.” Walker argues those are the kinds of services that will not go away any time soon, unlike the fad of standalone emergency rooms. “It’s all cyclical, but we’ve seen this big run up in emergency centers in the past five years,” he says. “Eventually, a couple of these companies grew too fast and then patients realized the cost. Now there’s legislative changes going on in Texas to make it so you have to publicize prices.”
Though many of Capital’s ongoing projects lie in Houston’s suburbs, Walker says his team is keeping their eyes on what’s going on inside the loop, which he calls “always a hot spot.” He’s specifically eyeing a project being developed by Gulf Coast Commercial Group: a three-story vertical box development at I-10 and Studemont. “You have three stories on one side, three stories on the other and a parking garage in the middle,” Walker describes.”Each floor has its own parking garage deck, so it’s kind of a wedding cake design.” Walker, who’s representing a big-box retailer in the deal, says it would be a first-of-its-kind development in the Houston area.
“It’s a concept that you see a lot of in Florida, especially Tampa and the Miami area,” he says.”If it works, there are other parts of town where it will happen pretty quickly, such as Meyerland. It will open up some doors for some more Inner Loop stuff that’s been blocked out of Houston.” While the vertical box concept could spur some change, Walker predicts the Houston retail market will look very similar in the next five to 10 years. “A lot of people are putting too much emphasis on the Internet and what it’s doing to retail,” he says. “That being said, the guys who are going to be around in five to 10 years are the retailers who are able to use their brick-and-mortar stores to get people to the Internet site and vice versa.”
For that reason, Walker thinks retailers will continue to reduce their footprint and adapt their concepts to carry smaller inventory in a store, instead directing consumers online. And, he adds, Capital Retail will be there to help them cement their place(s) in the Houston market. “We aren’t looking to do 10 or 11 big developments a year,” Walker says. “We’re happy if we just have one or two and are able to focus on quality.”
You can reach Capital Retail’s Eric Walker at email@example.com or by calling 281-816-6551.
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9225 Katy Freeway Easy access to I10 & CBD/Sam Houston Parkway Aggressive Owner & Quick Move-in Onsite Management 3/1000 Parking Ratio 1100 SF – 2022 SF Available
Contact Art Troscher or Cory Troscher 713-463-9994
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Executive Vice President 713-452-1706 firstname.lastname@example.org
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Senior Associate 713-452-1720 email@example.com
Central Texas Association of Realtors March Event Addresses Rough Proportionality Measures BY PHILIP LOYD
The CTCAR March 23rd event addressed the topic of new Rough Proportionality Pete Dwyer
measures and their
negative impacts in and around the Austin area. One of its featured speakers was real estate developer, Pete Dwyer.
Lagos - Split between Austin and Manor, Texas
The CTCAR March 23rd event addressed the topic of new Rough Proportionality measures and their negative impacts in and around the Austin area. One of its featured speakers was real estate developer, Pete Dwyer. When real estate developer Pete Dwyer proposed to combine his latest project, Lagos, from two TIAs (Traffic Impact Analysis) into one, he thought he might be doing the City of Austin a favor. What he got in return was no favor at all. Dwyer’s latest development, Lagos, a 2200-home, 675-acre project, is split between the municipalities of the City of Austin and the City of Manor. When deciding how to best approach the upcoming fiscal impact statement, engineers for the project suggested that instead of having to do two TIAs, why not combine them into one? This would save the City of Austin time and money. What they forgot was, no good deed goes unpunished. Because of the combination, the government’s fiscal impact for transportation report came up with a total of 46 intersections. And the price tag? $10,000,000. What should have cost Pete Dwyer no more than $500,000 was now 20 times that, all because he thought combining the two TIAs would help to save the government time and money.
What happened to Pete Dwyer is not an anomaly. It’s a trend these days and it is known as Rough Proportionality.
What should have cost Pete Dwyer no more than $500,000 was now 20 times that.. According to the City of Austin website, Rough Proportionality measures have been implemented … to verify that transportation improvements required of developers during the application process are appropriate and fair. In Pete Dwyer’s case, the results were anything but. Rough Proportionality, as a measure of Exaction, is a condition whereby a property developer is required to do a cost analysis for any financial impacts his development may have on the surrounding area, i.e. the need to expand roads, add streetlights, stop signs, etc. Impact summaries are determined through computer simulation software which takes into account thousands of similar cases in the past. Traffic impact is determined by these computer simulations using a trips-per-day model. That is to say, how many vehicles will be entering and exiting the property every day. Anything over 2000 trips per day is then estimated.
Rough Proportionality, as a measure of Exaction, is a condition whereby a property developer is required to do a cost analysis for any financial impacts his development may have on the surrounding area..
Engineers run these models, assess the impact and then inform the developer what transportation improvements may be needed. The traffic engineer then takes the development plan and engages with staff of the municipality. Engineers for the city then respond by telling the developer how many intersections he will have to address, or how many have been impacted. This is known as Scoping. They run their projections and this is how they come up with the TIA. Such TIAs are not only supposed to be fair, but proportional as well. In the case of Pete Dwyer’s development, Lagos, however, they were anything but. “After combining the two municipalities,” says Dwyer, “doing what I thought was a favor for the government, what should have been 6 intersections turned into 46. 46!” What that means for Dwyer is that instead of a fair and proportional impact cost for his development (which should have been no more than $500,000), the TIA came back at over $10,000,000. Such an amount is unheard-of. For example: One of Dwyer’s past projects, Interport, a 651-acre, master-plan business park at the intersection of 130 Toll Rd. and Hwy. 71, the TIA was just $400,000. Another project of his, ShadowGlen, was assessed at the same amount, $400,000 even though ShadowGlen consists of more than twice as many homes as Lagos. “Breaking it down into real-life terms,” says Dwyer, “this means for the Lagos development, that adds an additional $18,000 for each home. That’s huge. That amounts to an $18,000 tax per home. At that rate, it will be impossible for me to contend with competing properties.”
What Dwyer is talking about is passing the cost of development on to the customer. At such rates, however, what it is really doing is pricing Dwyer’s properties right out of the market. Just one mile down the road, competing real estate development, Whisper Valley, paid only $300,000 in TIA fees, and that’s for a property 3 times the size of Lagos.
are supposed to be protected by law. In fact, the 1994 Supreme Court case of Dolan v. City of Tigard (512 U.S. 374) was meant to establish limits on cities and other government agencies. If the City of Austin continues with its current policies concerning Rough Proportionality, perhaps the case will have to be revisited through litigation.
ShadowGlen - Manor, Texas
“If you were a prospective home buyer,” says Dwyer, “which property would you buy? Would you pay the added tax or save $18,000 by just driving one mile down the road?” Dwyer warns that he is just the guinea pig for such new Rough Proportionality measures. These measures will increase costs exponentially, not just for him, but for all developers. The government is looking to increase fees dramatically and these increases will inevitably be passed on to the customer. The City of Austin, warns Dwyer, already has an affordable housing shortage and this is only going to exacerbate the problem. So how was the municipality of Austin able to increase fees so dramatically? Such rate increases
Dwyer hopes that by addressing the Central Texas Association of Realtors at its March event, he can educate fellow real estate developers as to what exactly is going on in the industry right now and what they can expect. “Best case scenario,” says Dwyer, “is that together we push back and put a stop to these increases before they even get started. Worst case: at least developers know exactly what they’re getting into, something I wish I would have known before getting hit with a $10,000,000 tab.” Dwyer says he has turned in an official letter of protest to the City of Austin, but has yet to get a response.
SOURCES: 1) http://www.austintexas.gov/roughproportionality 2) https://supreme.justia.com/cases/federal/us/ 512/374/case.html 3) Interview with Pete Dwyer May 2017
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Woodlands Town Center For Lease
Westgate Crossing Mixed-Use Development For Lease
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Close proximity to St. Luke’s, Memorial Hermann, Houston Methodist and Texas Children’s Hospitals
Harmony Commons Shopping Center For Lease
Grand Pkwy @ Discovery Creek Blvd •
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Conveniently located on College Park Dr. (SH 242) at I-45 in The Woodlands.
Super Walmart, Lowe’s, At Home, Burlington and Kohl’s are in the immediate trade area.
11133 I-45, Suite 120, Conroe
32403-32407 Tamina Rd., Magnolia
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10101 Woodloch Forest Dr., The Woodlands
21 Waterway Retail Sublease
Significant Commercial growth near The Woodlands, Springwoods Village, Exxon/Mobil Campus
SEC of Calvert & FM 2920, Tomball
28420 Hardy Toll Rd., Spring
• 2-story professional office/mixed use building:
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Space Available: 12,100 SF Total -Suite 100: 7,900 SF
Below Market Rates and Flexible Term Length
• 2.5 miles from Grand Parkway 99
4.0/1000 Parking Ratio
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Less than 1 mile from Major Area Landmarks: ExxonMobil Campus, Southwestern Energy, Hardy Toll Road, I-45, and Grand Parkway
• Proposed uses include: professional and medical office users, and retail use
Class “A” Office Space For Sublease
21 Waterway Avenue, The Woodlands
Havenwood Office Park For Lease
25700 I-45, Spring
Located on The Woodlands Waterway, in the heart of Town Center, within walking distance to The Woodlands Mall and many restaurants
• 250,000 SF of Class ”A” office building, designed as LEED Silver Certified with high-end finishes
1,081 RSF, 2nd floor professional office, has reception area and 3 private window offices with a view of The Waterway. Adjoining suite conference room use is negotiable. Garage parking available
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Flexible Sublease Term. Available June 2017
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10077 Grogan’s Mill Road, Suite 135 The Woodlands, TX 77380
281.367.2220 jbeardcompany.com This information contained herein has been obtained from reliable sources; however, The J. Beard Company, LLC and The J. Beard Real Estate Company, L.P. makes no guarantees, warranties or representations to the completeness or accuracy of the data. Property submitted is subject to errors, omissions, change of price, prior sale or withdrawal without notice.
GReenberg & Company Commercial Real Estate Brokerage Firm
RetaiL/Office space available FOR LEASE GREAT LOCATIONS - HIGH TRAFFIC
e fic ble f l/O ila te ai Ava R ce a Sp
Office/Retail Building For Lease
Office/Retail Building For Sale/Lease
Office | Retail |Warehouse | Mixed Use
5900 Memorial Dr., Houston TX 77007
421 Fannin Street Houston TX 77002
6301 Richmond Ave., Houston TX 77057
This three - story Office/Retail Buildinghas a three level parking garage with building identification and one elevator. This property is located on the Northwest corner of Memorial Drive and Westcott.
This is a two-story Retail/Office building. The building is encased with framed windowsgiving high visibility of premier office space along Fannin. It is located in between Prairie St. and Preston.
This is a 2 story building located immediately west of Houston’ s Galleria. Neighboring properties include restaurants, office, retail service centers, hotels and multi-family.
♦ Major Intersection - Memorial Area ♦ Building Size: 32,444 SF ♦ Land Size: 0.87 Acres
♦ Great Location & Visibility ♦ Building Size: 20,000 SF ♦ Land Size: 0.3 Acres
♦ High Traffic - Great Location ♦ Building Size: 24,000 SF ♦ Land Size: 1.13 Acres
Call For Details
Call For Details
Call For Details
5959 Richmond Avenue, Suite 440 Houston, TX 77057 - Phone: 713-778-0900 - WWW.GREENBERGCOMPANY.COM
MAKE YOUR BUSINESS THRIVE. Retail opportunities available in two award-winning master planned communities. RIP REYNOLDS VP, Leasing and Commercial Land 281.719.6125 | Rip.Reynolds@HowardHughes.com GRANT GOLD Sr. Manager, Leasing 281.719.6137 | Grant.Gold@HowardHughes.com
T H EThe N AT U R A L C H OTX ICE Woodlands,
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CREEKSIDE PARK VILLAGE GREEN 60-acre village center anchored by H-E-B and Walgreens WATERWAY SQUARE®/ THE WOODLANDS TOWN CENTER Limited opportunities available RESEARCH CROSSING 56,000 SF center on Research Forest Drive
LAKE WOODLANDS NORTH 59,864 SF center on Lake Woodlands Drive
PARKLAND VILLAGE CENTER Future village center/mixed-use development on the northwest corner of Fry Road and Tuckerton Road BRIDGELAND CENTRAL Future mixed-use development on Grand Parkway just south of Highway 290 in the heart of Bridgeland
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Phone: 713.664.3634 Direct: 713.628.3634 firstname.lastname@example.org
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Fort Bend County is the fastest growing large county in the nation 2016. SIT
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$374k & $470k median homeprices Horseshoe Bay, TX (near Austin)
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WESTBURY TRIANGLE 11330 Chimney Rock @ W. Bellfort , Houston, TX Property Information: 8,821 SF Jr. Anchor Space Available (Can be divided)
Located in Southwest Houston at the intersection of County, TX.
Tenants: 99c OnlyRock Store, Metro Pizza,Houston, South Texas Dental, Chimney andPCS, W.Dominos Bellfort, Harris Title Max, Samaritan Furniture, Nails, Happy Washateria, Epiq Tax Services, Lo Price Liquor, Tamales a Mano.
Tenants: 99¢ Only Store, Metro PCS, Dominos Pizza,
5 mile Max, Samaritan Furniture, Nails, Property Information:
Demographics 1 mile South Texas Dental,3 mile Title
Population 15,999 Center 56,711 436,605 Happy EpiqisTax Services, Lo Priceanchored Liquor, Lone Oak Washateria, Shopping a 106,349 sf grocery Household 5,814 57,052 154,933 Tamales a Mano. (HEB) shopping center in east San Antonio located on Avg HH Income $67,169 $65,837 $64,891
northeast corner of WW White Road and Martin Luther King Drive. Excellent location in the Antonio5subTraffic Counts Demographics 1 southeast Mile 3San Mile Mile market. CentralRoch to North areaofneighborhoods. 22,110 cpd – Chimney W. Bellfort
15,999 156,711 436,605 21,540Population cpd – Chimney Rock South of W. Bellfort 16,896Household cpd – W. Bellfort West of Chimney Rock 5,814 57,052 154,933 : HEB,Rock Citi Trends, Hibbett Sports, 31,785 cpd – W. Bellfort East of Chimney
HHMetro Income $65,837 $64,891 H&RAvg Block, PCS, Little$67,169 Caesars Pizza, The Smile Center and Louisiana Fried Chicken.
Demographics 1 Rock Mile North 3 Mile Mile 22,110 Chimney of W. 5 Bellfort
Population 10,775 66,434 21,540 Chimney Rock South of W.218,921 Bellfort Household 3,562 20,717 67,883 16,896 W. Bellfort West of Chimney Rock Avg 31,785 HH Income $36,706 $42,246 $48,758 W. Bellfort West of Chimney Rock
Leasing Availability 9,959 cpd - Martin Luther King Drive LONE15,032 OAK SHOPPING CENTER 8,821 Anchor cpdSF - S Jr. WW White Space Road 907-1015 S. WW White Road, San Antonio, TX 1,200 SF – 15,840 SF Available (Can be Sub-Divided)
• 106,349 SF grocery anchored (HEB) center at*call NEC WW White Road & Martin for pricing Luther KingInformation: Drive For 713-681-0600 1,200 s.f. • Excellent located in SE San Antonio submarket central to area neighborhoods Brian Ellisor
Major Tenants: HEB, Citi firstname.lastname@example.org 5,400 s.fTrends, Hibbett Sports, H&R Block, Metro PCS, Little Caesars Pizza, The Smile Center & Louisiana Fried Chicken
Demographics 1 Mile 4,640 s.f. Population 10,775 Household 3,562 For Information: Avg HH Income $36,706
3 Mile 5 Mile 66,434 218,921 20,717 67,883 210.556.1995 $42,246 $38,758
Red Oak Commercial 10900 Northwest Freeway, Ste. 223 Houston, TX. 77092 The information contained herein was obtained from sources believe to be reliable. However, neither the Broker nor Owner make no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, Traffic Countsprior sale or lease, or withdrawal without notice.
SAN ANTONIO, TX
9,959 cpd – Martin Luther King Drive Marcelo Pippa 15,032 cpd – S WW White Road email@example.com
Red Oak Commercial 10900 Northwest Freeway, Ste. 223 Houston, TX 77092
Lone Oak Shopping Center 907-1015 S. WW White Road Brian Ellisor | 713-681-0600 | firstname.lastname@example.org San Antonio, TX 78220
The information contained herein was obtained from sources believe to be reliable. However, neither the Broker nor Owner make no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.
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Thank You America! Thank you Clients! Thank You Fellow Brokers & CRE Community! “After 21 years of practicing Commercial Real Estate, I still love and look forward to making deals every day as if it was the first day. I am grateful for the opportunity to make a positive impact in our community and city.” Shadow Creek Shopping Center leased to 100% from ground up with no tenants
AFTER RECENT SUCCESS:
Danny Nguyen, CCIM
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Former City Council member - Missouri City-Houston TX
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9999 Bellaire Blvd., SuiteBlvd., 909 Suite 909 9999 Bellaire Houston, TX 77036 713.270.5400 Houston, TX 77036 - 713.270.5400
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- RECA KnockOut Night - CCIM Forecast Competition - BOMA Southwest Region Conference
Feb 12, 2017
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Mar 11, 2017
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ALDINE PLAZA - PAD SITE OR BUILD TO SUIT
FORMER HEB - 5480 SF END CAP
12900 Aldine Westfield Rd, Houston, TX
3601 Center St, Deer Park, TX
•SEQ Aldine Mail Route & Aldine Westfield •1.5 acre pad site or build to suit available near Aldine Town Center •Phase I & II tenants include: Jefferson Dental, Tacos La Bala, Tierra Caliente Bakery, Dollar Tree, Amtex, Pizza Patron & Chase Bank
•SEC Center St & Pasadena Blvd •5480 SF End Cap Available next to Planet Fitness •Located at major intersection close to Deer Park High School
DANNY KUPERMAN email@example.com 713-439-0101
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RETAIL SPACE FOR LEASE 2,340 SF and 3,026 SF available on second floor. Base rent $15.00 PSF & NNN $4.20 PSF
Excellent for retail, office or professional use
2671 SF end cap on first floor; Base rent $24.00 PSF & NNN $4.20 PSF
2 blocks west of Beltway 8
Kaleidoscope 10612 Westheimer Houston, 77042
WoodlanD Park Shopping Center
800 -10,000 SF available with 12â€™ ceiling. Base rent $15.00$18.00 PSF & NNN $3.60 PSF
11380 Westheimer Houston, 77077
A A Realty Co
Accredited Management Organization
For more information call : Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 email@example.com www.aarealtytx.com
+/- 592â€™ of frontage on Westheimer
372 surface parking spaces available
Traffic counts - 82,880 CPD (Westheimer)
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civil fair play
Mineral Rights vs Surface Rights BY MICAH LEIGH
“If we are talking about raw land here, the surface owner if not going to have much of a leg to stand on. For instance, let’s say someone buys 20 acres and plans to build a shopping center. The oil company comes in and says, “We are going to drill a well here.” They go to a court and they tell the judge, “Judge, they can’t put a well here because we are about to build a shopping center here.” The judge will side with the oil company because the property is not already being used for a shopping center; therefore, the oil company does not have to accommodate your use because you don’t have an existing use for them to accommodate. However, if it’s already being used for something, then the oil company is typically going to have to make a reasonable accommodation, unless there is no alternative. It really just depends on the facts of each case,” said Adams.
The economy across Texas is largely based on oil and gas. As the oil and gas market goes, so goes real estate development. But what happens when these two industries collide? If one entity owns the mineral rights, but another owns the surface rights, who wins a dispute if the oil industry decides to drill on a certain property? For answers, REDNews turned to Rusty Adams, Research Attorney at Texas A & M Real Estate Center.
“For the most part, this has not been an issue in urban areas so far, because most drilling is done in rural farm and ranch areas where it is more economical for the oil company to do business. There is also less regulation in rural areas. However, that is not to say that there is not plenty of mineral development going on in town,” said Adams. “The general rule when it comes to minerals in the surface, is that the mineral owner has the right to use as much of the surface as is reasonably necessary for exploring and producing those minerals. And that requires no consent, no permission, nothing. As the owner, they have the right to do that.” So, does this mean the property owner has no recourse if the oil company decides to come in and build a road, put up wells, store equipment, and basically destroy the property to get to the minerals? “It depends”, said Adams. “The oil company can use the property and not be liable for damages unless they go beyond what is reasonably necessary.” Adams says that this is where the Accommodation of the Estates Doctrine comes into play. Adams goes on to explain that the Accommodation of the Estates Doctrine says that the oil company has to accommodate an existing use of the surface when it is reasonably possible. In other words, if there is a reasonable way for the oil company to get those minerals that allows the surface owner to continue to use the property for its existing use, then the oil company has to take that reasonable alternative.
What can a property owner or prospective buyer do to protect themselves? Adams says that the Accommodation of the Estates Doctrine solves a lot of problems, but only if the property is already being used for something. Another option if for the surface owner to be involved in the lease negotiations. The surface owner can offer to buy part or all of the lease from the mineral owner. The mineral owner is under no obligation to sell, but if they do, that gives the surface owner much more control. “ I would say that probably most oil companies at least try to work with the surface owner,” said Adams. “Most of the time, it’s in the best interest of the two parties to work something out, and preferably to have a written agreement as to the surface use. The surface owner wants to avoid disruption of business, and the oil companies generally do not want the expense of going to court and risking bad publicity with a ruling against the surface owner. The oil company can often develop those minerals from an adjoining piece of property. Bottom line, they are interested in minimizing the costs of production.”
Ernie Bruchez Bruchez and Goss
Ernie Bruchez, of Bruchez and Goss , is a board certified oil, gas and mineral attorney based in Bryan. He explains that the mineral estate always has the dominant right over the property owner. However, most, if not all, oil companies will work with the property owner within reason. Who decides what is reasonable in a conflict? Bruchez says that each case is decided on its own merits. Bruchez recounts a case where a cattle rancher grazed his cattle mostly on the flood plain. Once a year, he set up portable fences and corrals in a specific spot out of the flood plain. The oil company wanted to drill where the cattleman set up his portable corrals. The cattleman sued citing pre-existing use of the property. The court ruled in favor of the oil company saying it was unreasonable for the cattleman to deny access because he had other places to do the round up.
“On the other hand, a farmer in West Texas had to sue an oil company that insisted on drilling in the area of his center point irrigation system. The court ruled in favor of the farmer and told the oil company to place their pumpjack in a cellar that would be below the irrigation system, “said Bruchez. “In cases where an agreement cannot be reached, the courts have to decide what is reasonable.” In an instance where the oil company needs to extract minerals from underneath a shopping center, the same rules apply. According to Bruchez, a property could be fully developed and at worst, a mineral owner could come onto the parking lot and even knock down a building to set up a site. However, this is highly unlikely because of the improvement in technology regarding directional/horizontal drilling. Jerry Wilkins, of Professional Land Locators in Houston, says that inside the city, the oil company must still get permits and follow certain regulations. “It is not always economically feasible for the oil company to fight the city. Horizontal drilling allows the oil company to set up outside the property. The goal of the oil company is to extract minerals, which also creates jobs. They want to get along with the rest of the community.”
Jerry Wilkins Professional Land Locators
Photos courtesy of: 1 Jerry Wilkins 2 American Oil & Gas Historical Society 3 The New York Times 4 The Houston Chronicle
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SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com
MAY FEATURE: TARANTINO ROAD RALLY APRIL 2017 LANDRY â€™s GIFT C ARD WIN NER
Central South Texas
BOMA AUSTIN: bomaaustin.org BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org
CENTRAL SOUTH TEXAS
May REAL ESTATE COUNCIL OF AUSTIN May 4 Networking Happy Hour 5:30pm – 7:00pm
*IREM Austin: Board Meeting – 11:30am-1pm *CREW San Antonio: Board of Directors Meeting – 12:30pm 1:30pm *RECA: REAL YP Event ft. CodeNEXT – 5:30pm-7pm
Wednesday *CREW Austin: Communications Committee – 8am-9am
BOMA Austin: Meat + Mingle: Emerging Professionals - Dutch Lunch @ Stiles Switch – 11:30am-1pm *RECA: City of Austin Policy & CodeNEXT Committee – 12pm -1pm CTCAR: Professional Series: What You Won't Learn in Real Estate School – 11:30am-1pm
ULI Austin: HCD Meeting (invitation only) *CREW Austin: Special Events Committee – 11:30am *IREM San Antonio: Board & Committee Chair Meeting – 11:30am-1pm RECA: Networking Happy Hour – 5:30pm-7:30pm
BOMA San Antonio: Open Golf Tournament – 10am
May 8, Monday, to May 11, Friday, CCIM Central Texas: CI 104 Course – 7am-6pm
RECA: May Ideas Forum Luncheon – 11:15am-1pm IREM Austin: Chapter Meeting – 11:30am-1pm CCIM Central Texas: Networking Social – 5:30pm-7:30pm
OMA Austin: Seminar: Emerging Professionals - How to Read B Construction Plans and Building Tour - May 2017 CTCAR: Property Information Exchange – 7:30am-9am IREM San Antonio: Chapter Luncheon – 11:30am-1pm
CCIM Central Texas: Networking Social – 5:30pm-7:30pm
RECA reca.org RECSA: recsanantonio.com RETAIL LIVE: retaillive.com TABB AUSTIN: tabb.org/austin_chapter.php TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org
CCIM Central Texas
Networking Social 5:30pm – 7:30pm
Networking Luncheon 11:30am – 1pm
13 Saturday 15 Monday
ULI San Antonio: Young Leaders Outreach: Volunteer @ Rehabarama – 9am-5pm *RECA: Regional Issues Committee – 12pm-1pm
CCIM Central Texas: Networking Luncheon & Presentation – 11:30am-1:30pm
CBA Austin: Luncheon – 11:30am-1pm ULI San Antonio & AIA San Antonio: Luncheon: Planning for Success, speaker: Mitchell J. Silver – 11:30am-1:30pm CTCAR: CE Course: “Commercial Title Insurance & Escrow Logistics” – 2:30pm-4:30pm
ULI Austin: Management Committee Meeting (invitation only) *CREW Austin: Community Outreach Committee – 11:30am TABB Austin: Meeting – 11:30am-1pm BOMA San Antonio: Open Committee Meeting – 11:45am ULI Austin: 8th Annual Marketplace – 5pm-7:30pm CREW Austin: Networking Luncheon & Presentation – 11:30am-1pm TABB San Antonio: Meeting – 11:30am-1pm ULI San Antonio: 2017 Real Estate Developer Shark Tank – 5:30pm-8pm ULI Austin: Monthly Breakfast Series – 7:30am-9am
BOMA Austin: Monthly Membership Luncheon – 11:30am-1:15pm *CREW Austin: CREW Careers Committee – 12pm-1pm
*CREW Austin: Membership Committee – 11:30am *CREW San Antonio: Network Board Hosted Call – 1pm-2pm
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
CENTRAL SOUTH TEXAS
MARCH 23 LUNCHEON, ROUGH PROPORTIONALITY, AT MAGGIANO’S LITTLE ITALY THE DOMAIN IN AUSTIN, TX
L to R: Joni Margotta, Connect Commercial R/E; Kelly Cloud, Huffman Builders
L to R: Bruce Evans (CTCAR President Elect), Stanberry Commercial; Pamela Madere (CTCAR 2017 President), Coats Rose; Aaron Nathan, Kimley-Horn
L to R: Hampton Freidman, Long Bone Real Estate; Denise Vincent, First American Title Company
L to R: Pete Dwyer, Dwyer Realty Companies; Don Barber, Chief of Staff for State Rep. Paul Workman; Aaron Nathan, Kimley-Horn
L to R: Pete Dwyer, Dwyer Realty Companies; Don Barber, Chief of Staff for State Rep. Paul Workman; Aaron Nathan, Kimley-Horn
L to R: Joni Margotta, Connect Commercial R/E; Nick Nelson, Long Boat Real Estate
RECRUITMENT HAPPY HOUR APRIL 18
L to R: Carli Hinkle, Clean Scapes, won a gift basket donated by First Citizens Bank & presented by the Special Events Committee Chair, Jennifer Jarl McCombs of Urban Foundry Architecture
L to R: Haley Chapman with Northstar Fire; Alexis Michael, Bank of the Ozarks – CREW Austin Chapter President; Sarah Scott, Rand Construction – Former CREW Austin Chapter President
L to R: Chong Shin, Carson Design; Bruce Raney ,Ichor Construction – Event Sponsor; Amy Wagner, Allegiance Floors
L to R: Katlin Fox, Pape-Dawson Engineers; Shelly Mitchell, PapeDawson Engineers; Evonne Jones, RSM US; Jeff Needles, Urban Foundry Architecture
BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS :ccimconnect.com CORENET NORTH TEXAS: northtexas.corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFW AR: gfwar.org IREM DALLAS: irem-dallas.org IREM FORT WORTH: fortworthirem.org
REC GFW May4 TEXRail Update 7:00am-9:00am
LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR GFW: gfwar.org/home-top-commercial.html TABB DALLAS/FORT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com REC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org
IREM Fort Worth
Kickball Tournament 3:00pm – 5:00pm
Monthly Luncheon Kourtney Garrett The 360 Plan Dallas update 11:30am-1:00pm
BOMA Fort Worth: Luncheon – 11:30am-1pm *BOMA Fort Worth: SAC Meeting – 3pm-4pm
BOMA Dallas: BOMI Course: Ethics in Good Business – Short Course – 9am-4pm
S CR: Have/Want Session at Texas Star Golf Course/ Conference Center – 8:30am-11:30am C REW Fort Worth: 2017 CREW de Mayo Golf Tournament – 10:30am-6pm *BOMA Fort Worth: GAC Meeting – 11:30am-12:30pm
REC GFW: Near Southside Bus Tour – 5:30pm-7:30pm CREW Dallas: Luncheon – 11:30am-1:00pm
REC GFW: TEXRail Update – 7am-9am NTCAR: Hall of Fame Induction & Reunion – 5:30pm-8:30pm CREW Dallas: A Spring Happy Hour – 5:30pm - 7:30pm
REC GFW: Golf Tournament – 11:30am-6pm
B OMA Dallas: Women’s Breakfast: Women Conquering the Business World – 7:30am-9:30am IREM Dallas: Luncheon with Glenna Hecht – 11:30am *BOMA Fort Worth: MPC Meeting – 12pm-1pm CREW Dallas: Prospective Member Event – 5:30pm - 7:30pm REC GFW: YLC Breakfast Club – 7:30am-8:30am ULI North Texas: Diving Deep into DFW – 7:30am-11:30am BOMA Dallas: Bowling Tournament– 5:30pm-9:30pm
* Members Only
*BOMA Fort Worth: CSC Meeting – 11:30am-1:00pm IREM Fort Worth: Kickball Tournament – 3pm-5pm
orth Texas NAIOP: Luncheon, speaker: U.S. Representative N Pete Sessions – 11:15am-1:15pm
IREM Dallas: IREM Asset Analysis Track – 8:30am
TREC Dallas: Industry Lights: Industrial Capital – 7am-9am
TABB Dallas/Fort Worth: Meeting – 11:30am-1pm
30 Tuesday 31 Wednesday
*BOMA Fort Worth: Board Meeting – 12pm-1:30pm SCR: Breakfast – Urban Villages panel – 7:30am-9am
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
CCIM NORTH TEXAS MARCH 22 HAPPY HOUR IDA CLAIRE, DALLAS, TX
L to R: Two Chapter Past Presidents of North Texas Saadia Sheikh, CCIM and Jay Lucas, CCIM.
CCIM NORTH TEXAS
Chapter Past President David Schnitzer, CCIM and a group of CI 102 Student enjoying the March Happy Hour event
L to R: Ci 102 Course instructors Mark Cypert, CCIM and Eric Hillenbrand, CCIM
L to R: Jay Lucas, CCIM Steve Donosky, CCIM and Howard Fuerst, CCIM enjoy the March Happy Hour at Ida Clair
CREW Fort Worth luncheon with Landry Burdine, Land Advisors, and Bexie Nobles, Republic Property Group, who gave us an update on the Walsh Development Photo by @ alexanderportraitdesigner
CREW Fort Worth members cooking a Rustic Tuscan Dinner at Sur La Table
FORT WORTH LUNCHEON
FORT WORTH DINNER
ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com CORENET HOUSTON: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com
Happy Hour 5pm-7pm
Luncheon 11:30am - 1pm
Luncheon Harold Hunt 10:30am - 1pm "The Economy Under a Trump Administration"
Greater Houston Partnership: State of the City, speaker: Mayor Sylvester Turner – 10:30am-1:30pm CREW Houston & NAIOP Houston: Joint Luncheon, speaker: Admiral McRaven – 11am-1:15pm
CREN: Luncheon – 11am-1pm ACRP: Happy Hour – Cinco de Mayo – 5pm-7pm
May 8, Monday, to May 11, Thursday, BOMA Houston: Real Estate Investment & Finance – BOMI Course – 8am-5pm
CoreNet Houston: Breakfast Meeting – 7:30am-9am
CREAM: Luncheon, speaker: Laura Lee Palmer – 11am-1pm Greater Houston Partnership: Conversations with HYPE – 5:30pm-7pm ULI: Member Happy Hour – 5:00pm-7:00pm
11 Thursday 13 Saturday 16 Tuesday
CCIM Houston: Luncheon – 11:30am-1pm ACRP: Community Service Initiative: Great Strides – Cystic Fibrosis Foundation Walk – 7am-10am FBSCR: Breakfast Meeting – 8am-9am
GREATER HOUSTON PARTNERSHIP: houston.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org
* Members Only
IREM Houston: Luncheon: The Professional Roadmap To Success, speaker: Nozer Buchia – 11:30am-1pm O’Connor & Associates: Land Forecast Lunch – 11:30am-1pm
BACREN: Luncheon, speaker: Harold Hunt – 10:30am-1pm ULI Houston: Leadership Luncheon – Driverless Cars & Their Impact on Real Estate – 11am-2pm BOMA Houston: “The State of Your Building” Seminar in conjunction with Building Expo event – 11:30am-2pm BOMA Houston: Building Expo – 2pm ULI: Leadership Luncheon: Driverless Cars – 11:30am-1:00pm
CREN: Marketing Session – 7:30am-9am
Greater Houston Partnership: State of Houston’s Global Economy – 10:30am-1:30pm
IREM Houston: Public Speaking Workshop – 8am-10:30am TABB Houston: Luncheon – 11:30am-1:30pm CREN: Happy Hour – 4:30pm-7pm
Greater Houston Partnership: State of Energy, speaker: Lamar McKay – 10:30am-1:30pm
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
APRIL 18 BREAKFAST MEETING
L to R: Rose Herbst, Marlene Hay, Kennen Smith, Kack McIntyre, Yvonne Hernandez
L to R: Kristen Edgeller, Peter Jacobs
L to R: Liz Palmer, Barkley Peschel, Taro Chellaram
L to R: Trey Reichart, Danna Sossen, 2016 President of FBSCR
L to R: Jackie Wilcox, Bud Friedman, Jennifer Raymond, Peter Jacobs
L to R: Cornelius Bennet, Lynn Krause, Danna Sossen, Barkley Peschel
APRIL LUNCHEON (photos courtesy of PlusCorp)
L to R: Kristin Kohlman, Kayla Holley, Clint Brinkley
L to R: Sara Gammill, Billy Fletcher
L to R: Larry Riklin, Steven Stone, Howard Rambin
L to R: Thomas S. Stephens, Mark Rafail
L to R: Maria Lausell, Brian Alberts, Mike Ogorchock
L to R: John D. Stacy, Malcolm Willey
APRIL LUNCHEON (photos courtesy of PlusCorp)
L to R: Jenny Steelman, Chris Pruitt
L to R: Alex Baeza, Chad Rochester
CENTRAL SOUTH TEXAS bulletin celebrating our first anniversary First Capital Advisors (FCA) is a real estate investment firm that owns, operates, manages, and acquires high quality real estate assets throughout the United States. First Capital Advisors focuses on building long-term relationships with developers, brokers, tenants, and investors. Our attention to detail is unmatched in the real estate investment industry and our focus on service creates Andrew Cone long-term value for all investors. We are excited to be celebrating our 1 year anniversary of our Austin branch office headed by Andrew Cone, Multifamily Acquisitions & Asset Manager â€“ Southern region.
First Capital Advisors
HOTEL DEVELOPMENT Empyrean Development is planning to develop a 33-story hotel operated by Capella Hotel Group at 1201 Red River in downtown Austin. The project will have 297 rooms and a total of 282,320 sf. Construction ommencement date was unavailable. INDUSTRIAL LEASE Arte Sano LLC leased 18,300 sf at 6110 Trade Center Drive. Stephen DePizzo & John Collins IV with St. Croix Capital Realty Advsiors represented the landlord, MSC-KTC Austin OpCo LLC & Kyle McCulloch with Stream Realty Partners represented the tenant. INDUSTRIAL LEASE Merchandise Solutions LLC leased 34,500 sf at 15400 Long Vista Drive. Ace Schlameus & Darryl Dadon with CBRE represented the landlord, Icon Ipc Tx Property Owner Pool 6 Austin & Russell Todd & Andy Swanson with Centric Commercial represented the tenant. INDUSTRIAL LEASE Fathom Academy leased 14,000 sf at 10500 N I35. Andrew Perkel of Retail Solutions represented the tenant and Ron Meyeres of Capital Leasing represented the landlord. INDUSTRIAL SALE CWS Capital Partners LLC purchased a warehouse property at 1301 W. 5th Street which is situated on 71,592 sf of land. According to Enriched Data, the financing institution on this $39,975,000 deal was Comerica Bank. IT HUB DEVELOPMENT Pharmaceutical giant Merck is considering a location at Dell Med or elsewhere in the Innovation District, around 15th & Trinity streets, for an IT Hub. They would need to create 600 jobs & invest at least $22.7 million in capital improvements in order to be approved by the city. MULTI-FAMILY DEVELOPMENT Oden Hughes LLC & CWS Capital Partners LLC are building a 226-unit upscale apartment community at 1301 W. Fifth Street. The development is scheduled for completion in late 2018 and will include 2200 sf of retail space on the ground floor. OFFICE DEVELOPMENT Brandywine Realty Trust is planning to construct three office buildings & two parking garages totaling about 500,000 sf on Brodie Lane. The tract includes 34.6 acres and will also include a two-acre central commons & park. Retail & multifamily development is also planned for the site.
OFFICE HUB DEVELOPMENT Charles Schwab is building its new 469,000 sf hub at 2309 Gracy Farms Lane. They purchased a 50-acre parcel from IBM in 2014 which included the former 187,000 sf headquarters of Tivoli Systems, Inc & are constructing an additional 185,000 sf building & a planned third building will have 80,000 sf. OFFICE LEASE LogicMonitor, Inc. leased 10,135 sf at 500 W. 2nd Street. Chrissy Fuller & Mark Harris of Avison Young represented the tenant & Troy Holme & Katie Ekstrom of CBRE represented the landlord. MASTER-PLANNED COMMUNITY DEVELOPMENT Masonwood LLP is moving forward with Provence, a 678 home development on 460 acres in the 17024 block of Hamilton Pool Road. Overall, the development, formerly named Masonwood, will include 1600 residential lots & 300 commercial lots on 900 acres. The developer is adding a 400,000-gallon elevated water storage tank to alleviate water services issues. RESIDENTIAL & COMMERCIAL DEVELOPMENT Whisper Valley is a $2 billion sustainable development that is being constructed in East Austin. Upon completion, the development will encompass more than 7500 single & multi-family homes & more than 2 million sf of commercial space.
RETAIL DEVELOPMENT Weitzman is developing a 30,000 sf retail center, Johns Crossing, at IH10 & Johns Road. Approximately 14,500 sf will be multi-tenant space & the remainder is planned for freestanding pad concepts along the IH10 frontage.
COLLEGE STATION, TX
HOTEL/CONVENTION CENTER DEVELOPMENT A new hotel & conference center will bring 250 hotel rooms, a full service restaurant & bar, 1000 sf of retail, outdoor pool, fitness center, 650seat ballroom & over 28,000 sf of conference & meeting space. It will join the Cain Parking Garage just off Wellborn Road at the previous site of Cain Hall
RETAIL DEVELOPMENT Cypress Equities started construction on Oak Meadows Marketplace, a 77,050 sf retail center on 11.17 acres at the southeast corner of Williams Drive & Jim Hogg Road. Randalls
Food Market will anchor the center with 57,655 sf.
HORSESHOE BAY, TX GOLF COURSE COMMUNITY DEVELOPMENT Legend Communities is developing the Tuscan Village Horseshoe Bay on 68 acres within the master-planned Summit Rock Golf Course Community off SH 71. The project will include 300 homes limited to buyers age 55 & older, as well as trails & open spaces. The developer anticipates opening for sales summer 2017 with grand opening in early 2018.
ROUND ROCK, TX MEDICAL OFFICE SALE Alliance RR, LLC purchased a 7565 sf medical office building at 16010 Park Valley Drive which is leased to Satellite Healthcare. The seller, an Austin-based partnership, was represented by Greg Gaynor of Fokus Commercial.
SAN ANTONIO, TX INDUSTRIAL LEASE A full-service warehouse & shipping provider, Southern Warehousing & Distribution leased 147,840 sf at the Interchange East Distribution Center at 5050 Stout Drive. Josh Aguilar & Rob Burlingame with CBRE represented the property owner, Prologis. MIXED-USE DEVELOPMENT Local developer Efraim Varga & investment firm Harris Bay plant to start development by year end on Essex Modern City, a $150 million project including office, retail, apartments/condominiums & townhomes. The first phase is estimated to take about three years to build & will cover about five acres. The second phase development will be dependent on market conditions. OFFICE DEVELOPMENT Silver Venturesâ€™ real estate entity, Broadway SA Investors GP LLC, will start construction on a two-building office development after The Stay Golden Social House at 401 Pearl Parkway is closed this summer. The new office development will include nearly 354,000 sf of office space in two buildings & include a 950-space parking garage with retail space upon completion. OFFICE DEVELOPMENT Port San Antonio is developing a 90,000 sf technology industry office building costing $20 million. They also have plans for five other buildings inside a new technology office campus that will spread across 17 acres and add 500,000 sf of new office space.
ALLEN, TX CORPORATE CAMPUS CONSTRUCTION Allen-based WatchGuard Video, a manufacturer of law enforcement video systems, has started construction on 140,000 sf of its 200,000 sf corporate campus near Exchange Parkway & Andrews Parkway. Upon completion of the $46 million headquarters, the company will house approximately 700 employees.
ARLINGTON, TX OFFICE SALE Hassan Kalie sold a 22,666 sf office building at 300 W. Arbrook Blvd to Arbrook Investment Properties, LLC. Jim Sager with Transwestern represented the seller.
CARROLLTON, TX INDUSTRIAL LEASE Value Lighting leased 52,250 sf at 1255 Champion Circle. The landlord, Stonelake, was represented by Steve Trese & Wilson Brown of CBRE and Nathan Denton of Lee & Associated represented the tenant.
RETAIL SALE RL BB-TX, LLC sold Forum Shops DeSoto, a 53,558 sf retail center located at the northwest corner of Belt Line Road & Westmoreland Road. Mart Martindale, Brandon Beeson & John Mungioli of EDGE Realty Capital Markets represented the seller.
INDUSTRIAL SALE GK Steel Fabrication, LLC purchased a 22,000 sf industrial warehouse at 904-906 Mercury Avenue from Bailey Tool & Manufacturing Company. Justin Clark with Mote & Associates represented the buyer and Gerald Solomon & Blaine Cook with Western States represented the seller.
FORT WORTH, TX
OFFICE LEASE Robertshaw Climate leased 16,450 sf at 6312 Airport Freeway. Leland Prowse IV with Transwestern represented the landlord and Sarah LanCarte with Transwestern represented the tenant.
INDUSTRIAL LEASE DHL Express leased 50,000 sf at 1600 Kelly Blvd. Mark Becker represented the tenant & the landlord was represented by Ken Wesson of Lee & Associates.
OFFICE SALE Austin-based Capital Commercial Investments purchased the 64,292 sf AT&T Center building at 15100 FAA Blvd from Lindy-Zell ATT Texas, LLC. Jim Turano & Lily Change of Henry R. Miller represented the seller and Roger Shipp of Capital Commercial Investments represented the buyer.
INDUSTRIAL LEASE Accent Food Services leased 54,000 sf at 1301 Diplomat Drive. Jay Lucas with Cushman & Wakefield represented the tenant and Steve Trese of CBRE represented the landlord, Clarion Partners.
RETAIL SALE Moorman Meador sold a 57,893 sf building at 2301 & 2351 S.E. Loop 820 & 5150 Campus Drive to Cidema Three Limited Partnership. Todd Hawpe & Jeff Givens with Transwestern represented the seller.
OFFICE LEASE Fay Servicing leased 59,859 sf at Metroplex Tech Center, 1912 Middle Glen Drive. Dean Collinsk & Mark Collins & Cushman & Wakefield represented the tenant. The sublandlord, Securus Technologies, was represented by Bret Hefton & Greg Landston of Avison Young.
DALLAS, TX MIXED-USE DEVELOPMENT Development partners, Westdale & KDC have started construction on a mixed-use transit-oriented project in Dallasâ€™ Deep Ellum. Upon completion the project will include a 250,000 sf office tower with ground floor retail, a 300-unit residential tower & a 164room boutique hotel. OFFICE LEASE Goldman Sachs leased approximately 175,000 sf at The Crescent, 2001 Ross Avenue, and will move most of its Irving office to this location by early 2018.
RETAIL SALE Hassan Kalie sold an 11,850 sf retail building at 3542 Alta Mere Drive to 2SP Partners, LLC. Gibson Duwe with Transwestern negotiated the transaction.
INDUSTRIAL LEASE HD Supply Construction Supply leased 25,907 sf at 6644 All Stars Avenue. Bob Hagewood with Stream Realty Partners represented the landlord, GID and Matt Dornak with Stream Realty Partners represented the tenant.
DISTRIBUTION PARK DEVELOPMENT Dallas-based Langford Property Company purchased the nearly 70-acre former Raytheon division campus at 1200 S. Jupiter Road. The office/industrial development will be demolished & redeveloped with two distribution buildings totaling approximately 800,000 sf on approximately 40 acres. The
remaining acreage will be set aside for future development.
IRVING, TX HOTEL DEVELOPMENT The Westin Hotel & Resorts is building a 13-story, 350-room hotel as the headquarters hotel at the Irving Convention Center. It is expected to open in early 2018. INDUSTRIAL LEASE Ameripac leased 119,717 sf at 1000 N. 28th Street. Blake Anderson & David Eseke with Cushman & Wakefield represented the tenant and the landlord, Clarion Partners, was represented by Steve Trese with CBRE.
Rendering Courtesy http://3plcentral.com
OFFICE LEASE Nielson leased 35,962 sf in Riverside Commons at 5020 Riverside Drive. Johnny Johnson & Trey Smith with Cushman & Wakefield represented the landlord, Brookfield Properties and the tenant was represented by Chris Brown of Newmark Cornish & Carey.
KELLER, TX MULTI-FAMILY SALE Fort Worth-based Olympus Property & Artemis Real Estate Partners of Maryland teamed up to buy three apartment projects totaling 679 units in three different communities in Keller from Stoneleigh Companies, LLC. The projects have been renamed Olympus Town Center, Olympus Waterford & Olympus Stone Glen.
FARMERS BRANCH, TX MIXED-USE DEVELOPMENT Farmers Branch- based Centurion American Development Group is constructing a $1 billion mixed-use development along LBJ Freeway at the southwest corner of Luna Road. The project will consist of 93 acres of hotel, office & retail space and 174 acres of single family homes with the first lots to be delivered by year end.
MESQUITE, TX DISTRIBUTION HUB DEVELOPMENT Wisconsin-based furniture retailer, Ashley Furniture Industries, Inc, plans to build a $65 million, 850,000 sf regional distribution hub on a 358 acre tract at 3790 Faithon P. Lucas Sr. Blvd. Construction is expected to begin by year end with occupancy slated by December 31, 2019.
PLANO, TX OFFICE LEASE MIC Global Services & Atlantic Aviation, subsidiaries of Macquaire Infrastructure Corporation, leased 31,232 sf at 5201 Tennyson Parkway. Natalie Snyder, Mike Wyatt & Robbie Baty of Cushman & Wakefield represented the tenant & the landlord was represented by Blake Shipley of JLL.
TIOGA, TX VACANT LAND SALE-LEASEBACK Grass Roots Investments sold its 200 acre grass growing property in a sale-leaseback transaction to Gene McCutchin for a two year period. The property is located on McKnight Road fronting US 377 and adjacent to Tioga High School. The seller also owns another 67 acres of nearby land. His brother, Ben McCutchin of Younger Partners in Dallas represented both parties in the deal.
SOUTHEAST TEXAS bulletin
HOUSTON, TX CORPORATE FITNESS LEASE Houston-based Parkway Inc leased 89,000 sf of space in Greenway Plaza to Life Time Fitness. The fitness center will replace the Houston City Club whose lease expires in June. INDUSTRIAL SALE Steadfast Development LLC sold a 11,250 sf industrial building at 13011 Misty Willow. John Ferruzzo & Travis Land of NAI Partners represented the seller. Brian Harbuck of Transaction Real Estate LLC represented the buyer, CAN Business, Inc.
KATY, TX FULFILLMENT CENTER DEVELOPMENT Amazon will build another 1 million-square foot fulfillment center on 87 acres near US Highway 90 & Woods Road between Katy and Brookshire. Katy annexed the property for the facility and Waller County approved a 20-year, tiered tax rebate deal for Amazon. This will be Amazon’s 10th fulfillment center in Texas.
INDUSTRIAL SALE Magacenter KP Pineway LLC purchased the 54,740 sf Pineway Business Park located at 13230 & 13240 Hempstead Highway & the 62,210 sf Westway Business Park located at 10700 Hamerly Blvd & 2313 West Sam Houston Parkway North. John Ferruzzo & Joshua Lass-Sughrue with NAI Partners represented the seller KP Pineway LLC and KP Westway LLC and Rob Allub with NB Elite Realty represented the buyer. MULTI-FAMILY DEVELOPMENT Darrow purchased approximately 15 acres near Lake Houston & Atascocita for the development of Class A luxury apartments. Wheless Properties represented the sellers and Reed Vestal & Taylor Schmidt with Lee & Associates represented the buyer.
Donna Kolius, Pierce Owens & Kaylie Walker have joined JLL’s brokerage team as multi-market disposition experts. Tim Thomas has joined Lee & AssociatesHouston, as a director specializing in the acquisition & disposition of industrial and land assets.
Greg Finch, formerly Venterra Realty president, has launched Hilltop Residential, a new real estate investment & operations company.
Edward Benton has joined Colliers International as a vice president.
OFFICE LEASE Targa Resources Corp, one of the largest midstream energy companies in North America, leased 127,734 sf at 811 Louisiana. Tim Relyea, Chad Beck, David Guion & Morgan Relyea of Cushman Wakefield represented the tenant and Chip Colvill, Paula Bruns & Damon Thames of Colvill Office Properties represented the landlord. OFFICE LEASE BHGRE Gary Green has leased 4308 sf at 1939 W. Gray on the second floor above Panera Bread. The building is owned by Braun Enterprises and was recently renovated. OFFICE LEASE Bank of American has finalized a long-expected lease for +/210,000 sf in Skanska’s planned Capitol Tower office project at 800
Capiotl Street. The agreement clears the way for Skanska to start construction on the 754,000 sf project.
purchased 1848 Airline Dirve, the home of Bellissimo Italian Cuisine & Half Price Pawn. Exterior renovations are planned for the property.
OFFICE SALE BP PLC, a UK-based energy giant, sold the 390,000 sf Helios Plaza at 201 Helios Way to Woodbranch Investments Corporation. The property reportedly sold for $400 sf according to a CBRE report.
SENIOR LIVING DEVELOPMENT Dallas-based Tradition Senior Living is building a high-end rental community for seniors at Buffalo Speedway & S. Main Street. The Tradition-Buffalo Speedway will have 316 units and will open in late 2018. It will include 222 independent-liviing units, 63 assisted-living units & 31 memorycare units.
OFFICE SALE Jefferson Smith LLC, a holding company for a private Houston investor associated with John Quinlan, purchased 500 Jefferson, a nearly 400,000 sf building in downtown Houston. WP Carey was the seller and KBR has been the primary tenant with 316,326 sf. Their lease was reportedly terminated with the purchase. RETAIL/OFFICE DEVELOPMENT Stonelake Capital Partners has finalized plans for the next phase of Park Place River Oaks, an 11.5 acre, 835,000 sf mixed-use development in the 4100 block of Westheimer. The next phase will front Westheimer & include two, four-story buildings atop two levels of subterranean parking and will include retail on the first level and office on the second. RETAIL LEASE Class 502 Rolling Ice Cream leased 1383 sf at the Marq*E Entertainment center located at 7620 Katy Freeway. Nina Kuhn of Levcor, Inc represented the landlord and David Wang of Southwest Realty Group represented the tenant. RETAIL LEASE Thornwood Gallery will open its second location in Houston at River Oaks District at 4444 Westheimer across from Dior & Hermes. RETAIL SALE Advance Auto Parts purchased a 7000 sf building on 30,000 sf land located at FM 1960 & Aldine Westfield Road. The seller of the building was Baker Katz who was represented by Bob Moorhead of Trivanta. RETAIL SALE Braun Enterprises purchased the property at 1805 W. 18th Street near Timbergrove which housed a Pizza Hut restaurant. They also
LA PORT, TX INDUSTRIAL SALE Hines purchased Underwood Distribution Center, a five building, 2.2 million sf Class A industrial park which included three development parcels from BlackRock. The center is 100% leased & Hines will rebrand the park as Independence Logistics Park & begin developing Building 6, a 167,000 sf distribution building. Randy Baird, Judd Clements & Jim Foreman of Cushman Wakefield represented the seller.
PEARLAND, TX INDUSTRIAL CONSTRUCTION McKee Tessa has broken ground on a 55,000 sf facility for Locke Solutions, a custom concrete & precast manufacturer. The industrial building is located at 700 Almeda Genoa Rad and is scheduled for completion by year end.
SPRING, TX RETAIL SALE Rayford Retail Partners, LP sold the 10,501 sf Imperial Oaks Shopping Center located at 2319 Rayford Road. Burdette Huffman of EDGE Capital Markets represented the seller & Sumner Hollingsworth of Hollingsworth & Associates represented the buyer.
SUGAR LAND, TX RETAIL SALE TriGate Capital purchased Firt Colony Commons, a 410,121 sf retail center from Covington Realty Partners. The center is located on almost 38 acres at 1520115555 Southwest Freeway. HFF represented the seller.
ADVERTISER INDEX A. A. Realty Company 38 Al Ross Sign Group 56 Alamo EDC 13 American Realty Group 37 Avison Young 7 Berkadia 2, 3 Caldwell Companies 17 Capital Retail Properties 1-SET City of Converse 1-C/So, 8 City of Seabrook 22 DN Commercial 33 Equity Secured Capital, LP 13 First Capital Advisors 50 First Warranty Realty 30 Freedom Crossing 21 Freeway Properties 30 Greenberg & Co. 27 Hankamer Commercial Brokers, LLC 32 LandLaw Texas 30 Levcor, Inc. 19
classifieds & index MIMCO Inc. 18 National Environmental Services, LLC 55 NT CCIM 16 Phase Engineering 42 Plus Corp Photography 43 Premier Property Services, Inc. 16 Red Oak Commercial 31 Second Servings 39 Showalter Law 53 Simon International Inc. 21 Somervell Economic Development 15 Stream Realty Partners 13 Tarantino Properties Inc. 9 Texas Elite Public Adjusters 28,29 The J. Beard Real Estate Company 26 The Signorelli Company 23 The Woodlands Development Co 27 Weitzman 1-NT, 20 Williamsburg Enterprises 5
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How to build your business on a firm foundation and keep ahead of your competitors Authors Note: For forty years I was a franchisee with Holiday Inn (Now IHG), and Hilton, two outstanding international brands. I had a chance to observe close-up what they did to achieve and maintain their leadership in a highly competitive industry. Much of what I learned has direct application to real estate developers, landlords, and brokers. Hire the best people & educate them continually And once you have them, don’t lose them. THEY are your company. (The word “company” is derived from two words: “com” and “pan”-people working together to earn their bread). Get rid of any bad apples quickly. The ‘good apples’ are watching them and you and how you manage your problem people. Hire the absolute best marketing firm Whether for your logo design, your Web site construction, or your advertising campaign, you do not want your image to your client base to be anything less than Number One in quality. This goes for hiring the best architects as well if you are in the business of building for lease real estate.
Provide your customers with the best and most current research and industry updates available It will help them do more deals with you. Do your best to help your customers be more successful and stay ahead of their competitors. Make sure you utilize / provide the latest technology once its value is confirmed If you don’t do it first, your competitor will and you will be in second place. Be the leader, not just a follower. Clients are attracted to the leaders.
Listen to your customers and learn from them They are operating where the rubber meets the road. Put aside your corporate / personal ego and let innovation filter up and don’t think everything has to filter down from on high. The large hotel corporations move forward on the strength of what works for their franchisees in the field, and are quick to share system-wide what works for the most innovative owners. Concepts we take for granted at hotels now originated from the field, such as free ice, “kids eat free”, free local calls, free wi-fi, free breakfast, free cocktail coupon upon check in, etc. The alert hotel operators learned that companies reimbursed the room bill but not food and drink, so they captured market share by including these items in the room bill, thus satisfying their road warriors and capturing their business. Don’t nickel and dime your customers See above Create an advisory council including best clients and top execs at your company Meet at least quarterly in a business session followed by a social event. No better way to pick up on issues that may affect your relationship positively (or negatively) in the future. If irksome issues do develop in your industry, hire a professional facilitator to lead a day-long inquiry/discussion into the issues to bring to light all the facts. Participate with your top people in out-of-town conferences to learn from your peers Shamelessly copy locally what works for your peers in other parts of the country / world.
Say thank you once a year to your customers with an experience (not a cheap gift sent at Christmas time) Customers will remember an experience, especially if it is new and unique. The big hotel chains hold an annual convention of their franchisee customers, and always wind up the confab with a Gala Dinner with a name entertainer. I have heard Julio Iglesias, Brooks & Dunn, Liza Minelli, Diana Ross, and many others courtesy of my franchisors. On a smaller scale, tickets to sports events or just a nice dinner party in a quality venue for your clients gives you a chance to hang out with them in a social mood, and it gives them access to each other. Following the annual hotel conference is a post-conference tour, organized by the franchisor for participating clients, and these tours offer ten days of professional camaraderie during visits to dream destinations all over the world. Franchisor executives and franchisee customers and their wives develop lifelong friendships while cementing business relationships.
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