YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Your business belongs in Seabrook. Inside:
Reeling in retail - JLL weighs in on Houston trends Don’t blame the internet - The decline in department stores No fly zone - So you got a drone, now what?
2017 Estimated Primary Retail Trade Area Population
12.26% 24.24% 34.55%
$109,379 $81,272 $42,932 Average Household Income
Median Household Income
Graduate Degree or Professional
Per Capita Income
Associate’s Degree or Some College
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
MATT DAVIS Analyst T: +1 346 444 8961 email@example.com
ELDRIDGE PARKWAY HOUSTON, TEXAS 77079
±2.14 ACRES IN WEST HOUSTON THE ENERGY CORRIDOR •
±2.14 acres of raw land, one of the last remaining tracts of land on Eldridge Parkway, situated on the west side of Eldridge between I-10 (Katy Freeway) and Memorial Drive in the heart of the Energy Corridor. The site has two curb cuts along the ±420’ of Eldridge frontage and sits across from a median cut. Surrounded by one of Houston’s largest employment zones, the Energy Corridor is home to ConocoPhillips, BP, Citgo, Shell Oil, Worley Parsons and more. The site is close to great schools, medical facilities, residential, and over 50 miles of hike and bike trails. The site is easily accessible by way of I-10/Katy Freeway (and its HOV lanes), Memorial Drive and SH 6. The site is well suited for retail, restaurant, medical, office and other uses.
2017 ESTIMATED DEMOGRAPHICS AVG. HOUSEHOLD INCOME AVG. HOUSING VALUE
2015 TRAFFIC COUNTS
CARS PER DAY (CPD)
ELDRIDGE PARKWAY, NORTH OF MEMORIAL DR.
ELDRIDGE PARKWAY, SOUTH OF MEMORIAL DR.
IN THIS ISSUE
Sales & Leases 1 – 3, 10, 11, 13 – 19, 36
Environmental Services 22, 35 Legal Services 33 Photography 14 Roofing 5
Events 23 – 26, 28, 29 Social 25, 27, 29 Bulletin 30 – 32
Reading the Tea Leaves 8, 9 Going Live! in Austin 10 Reeling in Retail 12 CIVIL FAIR PLAY No Fly Zone! 20, 21 RAY'S BUZZ A Shady Business 34 Major Texas Markets Panel 34
Restoring your roofing system with Gaco Western-Firestone’s Silicone Membrane is one of the smartest decisions a property manager, building owner, or facility engineer can make. Gaco Western-Firestone’s Silicone Membrane lowers roof temperatures up to 65 degrees and does so much more than just save energy. With a 50 year material warranty, it’s virtually the last roof you will ever need.
Tax Savings: Fully deductible year 1 No Tear-Off: No disruption to tenants below Cost Savings: Typically 50% of the cost to re-roof
CONTACT: TOM DAWKINS
Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Ginger Wheless ginger@REDNews.com
Margie Gohmert info@REDNews.com
Hope you’re having a fabulous summer, doing deals via your cell phone while lounging on a sandy beach somewhere cool. We’ll be taking this issue to Retail Live! in Austin on August 31st and then on to the NTCAR Trade Show with the September issue. Texas ICSC will be November 8 – 10th this year instead of in October so be sure to mark your calendar.
Brandi Smith interviewed Nick Egelanian with SiteWorks Retail after the 2016 Las Vegas ICSC Trade Show and followed up with him again after the show this year. It’s interesting to note that his take on retail evolution is not blamed on the internet but on the consumers’ desire to find something they can’t find locally. In their heyday, catalogs topped out at 8.5% of retail sales, about where the internet is today. And Egelanian points out that Amazon’s purchase of Whole Foods is a strong example of the internet turning to bricks and mortar. Derek Pershing, a commercial real estate attorney with Wilson Cribbs + Goren has experience with drones in the US as well as other countries so read what he has to say about “drone rules” under Civil Fair Play.
Next month we’ll be covering the Texas Land Markets so tune back in to read what Caldwell Company and Land Advisors have to say about the market. Enjoy what’s left of your summer! Best Regards,
Janis Arnold firstname.lastname@example.org Ray Hankamer email@example.com Brandi Smith info@REDNews.com
CONTRIBUTING WRITER Derek Pershing
Rahul Samuel emarketing@REDNews.com
Steven Smith digital@REDNews.com
Benton Mahaffey accounting@REDNews.com
Ginger Wheless ginger@REDNews.com
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With this much highway frontage, your business belongs in Seabrook. <<HIGHWAY EXPANSION
Available Real Estate for Sale or Lease Seabrook Town Center
› Retail and dining pad sites › Seeking grocery anchor
NORTH PLANNING AREA THE
› Borders a new 416 unit luxury apartment complex › 30,000 square feet of retail space
North Planning Area › 90 +/- acres of prime site adjacent to the Bayport Container Terminal
Old Seabrook District
OLD SEABROOK DISTRICT
› Beautiful and Historic Main Street Area › Mixed commercial and residential lots Waterfront District
› › Prime for dining and entertainment use
30to minutes Houston ECONOMIC DEVELOPMENT CORPORATION
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firstname.lastname@example.org 281.291.5730 seabrookedc.com
Primary Retail Trade Area
Reading the tea leaves: Why you can't blame the internet for the decline of department stores BY BRANDI SMITH
“If you add it all up, it's really because it's a fascinating business. You have to know a little bit about construction. You have to know a little bit about finance. You have to know a lot about geography. You have to know a little bit about human behavior. Then, you have to be able to change what you know about it every day.” – Nick Egelanian
Do not try to suggest to Nick Egelanian that most brick-and-mortar stores, especially big-box stores, are soon to be a thing of the past. “Big boxes are not downsizing or shutting down. There's a small number of them that are downsizing, but to make a general statement is not really accurate,” he says, instead pointing to the explosive growth of discount stores, such as Ulta, Sephora, Ross, etc. “They're the fastestgrowing part of retail.”
Egelanian’s passion for retail and his impressive background made it no surprise that he was tapped to speak at May’s ICSC RECon in Las Vegas. The topic? Leasing strategies for difficult spaces, a subject for which Egelanian says it’s important to provide context.
“This is the end of a 30-year process of deconstructing the department store. That goes back to the 1970s and '80s when we started to see big-box retail emerge. Big-box retail sought department stores and put them out A leading expert on retail and the Nick Egelanian on the road, allowing the merchants shopping center industry, Egelanian to sell more for less, basically,” he says. “If you look at teaches retail real estate development at the University a chart of the volume of department stores in the past of Maryland. He’s also a faculty member at the ICSC’s 30 years, you'll see that for department stores as an University of Shopping Centers in Philadelphia and industry, the volume has come down from $300 million Riordan School in Miami. He was asked to write the retail or $400 million down to well less than $100 million at chapter of the Urban Land Institute's primary real estate this point. ” book, Professional Real Estate Development, as well. Egelanian got his start in retail in the late ‘80s as the head of real estate for the third-largest bookseller in the U.S., Crown Books. He moved on to a similar position at Zany Brainy a few years later before forming his own company, SiteWorks Retail Real Estate Services, in 1991. Since then, he’s worked all over the country, including site analysis in Dallas, Austin, Houston, Galveston and El Paso. “Retail never stops evolving. Also, there's a lot of misinformation about how it evolves. I found myself attracted to the idea of really studying how it works and why it works the way it does,” Egelanian explains. “Also, it has other aspects that are interesting to me. It's got a geographic element. Every shopping center, every market has a bit of a puzzle that you have to solve and merchandising shopping centers is very interesting. If you add it all up, it's really because it's a fascinating business. You have to know a little bit about construction. You have to know a little bit about finance. You have to know a lot about geography. You have to know a little bit about human behavior. Then, you have to be able to change what you know about it every day.”
Egelanian says that’s a primary indicator that department stores are nearing the end of their retail life cycle. As a result, many of the malls they anchored are also in need of an energy infusion.
“The B and C malls that are out there have already been weakened. These malls were built for trade areas of 250,000 to 500,000 people when department stores were a primary mechanism for delivery of everyday goods,” he says. “Now that that's changed, the primary delivery method of everyday goods is the power center.” There’s also a radical change underway in the apparel industry, Egelanian says. Instead of the traditional two-season fashion cycle, consumers are turning to fast fashion and cheap fashion, available at stores such as TJ Maxx and H&M. Another factor in the decline of malls is their deterioration - not physical deterioration, but structural deterioration. “The structural damage to the model is too great,” points out Egelanian. “You simply can't support the number of malls we have, so that means about 80
percent of them are probably going to go away as malls. Some of them will be recycled into power centers or strip centers. Some of them will be recycled into mixeduse centers.” In other cases, he suggests keeping some parts of a mall, but adding other uses such as office and residential to create a mixed-use environment. “It's a very case-by-case discussion,” Egelanian stresses. “It's nothing like the formula that was used to create 3,000 malls back in the '60s and '70s.” What’s behind these changes? You can’t blame the internet entirely, he argues emphatically, pointing out that only about 8.5 percent of retail transactions are happening online. The majority of those purchases, Egelanian suggests, aren’t made to save money; consumers are looking for something they can’t find locally. He even points out a very recent example of an online retailer investing in brick-and-mortar stores. “There's a tremendously high correlation between the Whole Foods customer and the Amazon Prime customer,” Egelanian says. “Amazon doesn't really make any money shipping its products. It makes money on its web services and it's started to monetize its data, but it does not make money in retail distribution. What was lost in the whole Amazon purchase of Whole Foods is that Amazon bought a bricks-and-mortar retailer.”
Egelanian equates online retail with something many of us have all but forgotten: catalogs. “Catalogs topped out at greater than where internet is right now. They got about 8.5 percent of retail sales in their heyday. People forget that there was a Sears catalog that was three inches thick and it’s the equivalent of today’s internet. Consumers shopped those,” he reminds us. What has changed is quite simple, Egelanian says. Customers have more options and can weigh the value of cost over convenience. That, more than anything else, has changed shopping norms in America. “What's really happened is that the ability to buy your everyday goods, what I call commodity goods, has become a very fluid process in the United States,” says Egelanian. “The consumer has six or seven different choices about where to buy a roll of Bounty paper towels, for example. What they're really doing is subconsciously trading off a lower price versus convenience.” The consumer can buy those paper towels at a drugstore, he argues, or at a Walmart or warehouse store. If you keep that in mind, he says, you will be able to determine where there’s growth and where there isn’t. The new challenge facing the retail CRE market is what to do with the giant spaces those stores leave behind, as well as the malls they anchored. “A big portion of the malls that are out there, perhaps
“What’s really happened is that the ability to buy your everyday goods, what I call commodity goods, has become a very fluid process in the United States.” – Nick Egelanian as much as 75 percent, will not be repurposed as retail,” Egelanian says. “We know that there's about 8.5 billion square feet of retail in the United States. By our estimate, we think that there's roughly 3 billion excess square feet.” He says you’ll find approximately 1 billion square feet of that in regional malls with the remainder coming from fully anchored or unanchored strip centers. “We try to help the people who own these properties to look realistically at what they have,” explains Egelanian. “Depending on what they have, there are different strategies for either anchoring them or repurposing them.” A lot of focus today is on restaurants and attractions, such as theaters or enhanced retail. Whereas most malls devoted less than 5 percent of their space to restaurants when they were built, Egelanian predicts that number to climb to 15 or 20 percent in the near future. “Be open to more options,” he encourages. “Just because it's always been a retail space doesn't mean that's how you have to do it for eternity.”
Going Live! in Austin:
Retail Live!'s founder talks current trends BY BRANDI SMITH After 13 years in commercial real estate in Tampa, Florida, Stacey Gilham made a big move; she packed up and headed to Austin, Texas. “I underestimated the difficulty moving from one major market to another would present,” she says. “I needed a way to get to know the players in the market as well as to better understand the retailers in Texas, which varied greatly compared to where I had come from.” The result was Retail Live!, a retail CRE trade event, which Gilham founded in November 2011. The first show was held the next August in Austin. “Retail Live! presented me with an opportunity to touch nearly every active retailer and broker, landlord and developer in the market,” Gilham says. “It started at a very personal level and to this day guides many decisions: What do I want to see at a trade show? What are some of my frustrations? What kind of connections do I want to make?” From that first show in Austin, Retail Live! has expanded into Chicago, Los Angeles, Las Vegas and Orlando, providing commercial real estate professionals a cost-effective, yet meaningful way to connect with retailers and industry professionals. As the Retail Live! team gears up for the next event, set for Aug. 31 in Austin, REDNews wanted to check in to see what kind of trends Gilham has seen here in Texas and across the U.S. “Previously, certain categories of retail were seen as undesirable or second-tier. From gyms to family-entertainment concepts in general, those uses were viewed as the
Stacey Gilham back-up plan or ruled out altogether,” Gilham says. “Today, those very tenants that struggled to be placed in traditional developments are now highly sought after.” In general, she says Texas very much reflects national trends, with each market providing its own quirks. Gilham says one of the things she enjoys about working in retail is watching it evolve. “It is always changing. It is no secret that the retail landscape is in transition. Retail development used to be driven by soft goods; entertainment and restaurants were somewhat of an afterthought,” she says. “Today, as nearly any industry publication or professional will point out, the drivers are fitness, entertainment and dining.” Gilham says those shifts can be seen at Retail Live! events; though the number of retailers hasn’t changed, she says the makeup and mix is considerably different than it was when she started the event in 2012. To learn more about Retail Live! (including attendance and sponsorship), visit retaillive.com or email Gilham at email@example.com.
Reeling in retail: JLL weighs in on Houston trends Matt Parsons, Senior Vice President, JLL
BY BRANDI SMITH
“I certainly believe that restaurants will continue to be a very active sector in retail. Looking at Houston specifically, the LA Times recently came out and declared that Houston is now the most diverse market in the United States.” – Matt Parsons Gearing up for this May’s ICSC RECon, commercial real estate firm JLL told National Real Estate Investor it was sending roughly 300 of its experts to the four-day event in Las Vegas and planned to host more than 7,500 meetings with retailers and investors. The plan is indicative of JLL’s effort to stay ahead of the game when it comes to retail development worldwide. REDNews chatted with Matt Parsons, Senior Vice President within JLL Houston's Retail Services group, to find out what’s happening in the Houston market. REDNews: What got you interested in working in retail brokerage? Matt Parsons: I had a great relationship with a gentleman who made my introduction to a large national retail landlord. I'd always had an interest in getting into the commercial real estate realm and the group that I joined was very much in a growth mode at the time.
Retail just has that exciting component to it; you're really shaping a market’s identity. Also, from the perspective of where I am today, it's just always fun to know what's on the horizon. Sitting at my daughter's soccer games and talking to the other parents, they're always curious. They ask, "What's going on with this development?” and “Who’s coming here?” That really is exciting to kind of have the ability to tell your friends and colleagues what's going on in a market and what the new exciting offerings that Houston or a specific sub market may have to offer. REDNews: Restaurants and development-based clients are predicted to have a big year on a national scale. Do you see the same trends locally? Parsons: I certainly believe that restaurants will continue to be a very active sector in retail. Looking at Houston specifically, the LA Times recently came out and declared that Houston is now the most diverse market in the United States. I think that relays into why there's such a variety of restaurant offerings that are coming to the market; you have such a diverse consumer base here that you can really appeal to a large population base of any background to which you’d like to cater. REDNews: What did you take away from the environment at ICSC in May? Parsons: The energy there was very vibrant and there was a lot of dealmaking going on. There are a lot of new retailers coming online. There has been a lot of discussion about the big box closings, but I think that what gets lost in translation is that most of the chains that are closing stores have been very much aware that they've had problems for decades. Those problems range from over-expanding to having an aging customer base and not necessarily appealing to the new generation. I think the retailers that will survive and push forward are those that are very much in tune with who their customer base is and how to appease that customer
base. Those that turn a blind eye to the experience process of retail are going to have problems. In new modern retail, there's an emphasis on creating a positive customer experience, as well as having a hospitable and knowledgeable employee base that ensures customers both enjoy their visit and leave more informed. I also think that technology is really making an emergence in retail - with retailers and with restaurants. It's really changing the landscape dramatically and I think we'll continue to see technology play a crucial role among retailers and restaurants. Many of the retailers are actually monitoring every individual who is on their website. If there is a period of time that passes during which that individual has not made a purchase, the retailer will start live chatting with that customer. That's just incredible. That didn't exist 10 years ago. Having that one-on-one experience with the retailer, both in-store and online, really helps the consumer make a more intelligent or informed purchase.
Photo courtesy Backstreet Cafe
REDNews: What kinds of projects is JLL working on currently? Parsons: At the national level of JLL, our focus is staying in front of developers and really making sure that we're aware of what's coming online, from a local market to a national market perspective. Looking across Houston as a whole, there's a wide variety of developments that are coming online or have recently come online. They range from multi-level urban retail development to suburban grocery-anchored power centers. For more information about JLL projects and tenant representation in Houston, email Matt Parsons at firstname.lastname@example.org.
PAD SITES & RETAIL SPACE AVAILABLE SPENCER AT ALLEN GENOA – PAD SITE & 6500 SF END CAP
FRY AT CLAY - PAD SITE & 3750 SF
1111 Spencer Highway, South Houston, TX
3820 N Fry Rd, Katy, TX
•Pad site available at Spencer Tiendas Phase 2 •6500 SF end cap available at Spencer Tiendas Phase 1
•1-acre pad site available at Fry Road Mercado Phase 2 •3750 SF available at Fry Road Mercado Phase 1
ALDINE PLAZA - PAD SITE OR BUILD-TO-SUIT
FORMER DEER PARK HEB - PAD SITE & 5480 SF 3601 Center St, Deer Park, TX 77536
PAD SITES AT DEVELOPMENT NEXT TO LA MICHOACANA 12900 Aldine Westfield Rd, Houston, TX
SWQ of Fry Rd and FM 529 - Cypress, TX 77433
•SEQ Aldine Mail Route & Aldine Westfield •1.5 acre pad site or build to suit available near Aldine Town Center TENANT ROSTER FRY
DANNY KUPERMAN email@example.com 713-439-0101
BRI MARTINEZ firstname.lastname@example.org 713-439-0101
FLEXIBILITY IN GREAT LOCATIONS BUCKLEY BUILDING
PARKWAY OFFICE CENTER
Negotiable Rates & Quick Move-In
Easy access to W. Sam Houston Tollway/I10 & Westpark Tollway 800 W. Sam Houston building renovated in 2016 & 888 W. Sam Houston will be completed by year end
Contact Art Troscher or Cory Troscher 713-463-9994 email@example.com | firstname.lastname@example.org
504 SF – 2767 SF Available
Offering Properties & Hotel Consulting • Hotel, Condo, Retail Site - Cruise Terminal Galveston, TX • Freeway Sites - I-20 - Monahans, TX • 30 Acres Commercial/Rail Serviced - Tomball, TX • 12 Acres Residential/Commercial - I-45 - Huntsville, TX • Hotels - Statewide
HANKAMER & ASSOCIATES BROKERS, L.L.C.
Hospitality Consulting Services
40 Years Experience As Developer, Owner / Operator and Commercial Broker
Hospitality Consulting Services
Ray Hankamer, Jr 40 Years Experience As 713.922.8075 Developer | Owner | Operator
email@example.com / www.hankamer.com
713) 789-7060 www.hankamer.com
Easy access to I10 & CBD/ Sam Houston Parkway Aggressive Owner & Quick Move-in Onsite Management 3/1000 Parking Ratio
1100 SF – 2022 SF Available
800 & 888 W. Sam Houston Parkway, Houston, TX
9225 Katy Freeway
H & B
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
800 -10,000 SF available with 12’ ceiling. Base rent $15.00$18.00 PSF & NNN $3.60 PSF
+/- 592’ of frontage on Westheimer
372 surface parking spaces available
WoodlanD Park Shopping Center 11380 Westheimer Houston, 77077
A A Realty Realty Co AA Co Accredited Management Organization
Accredited Management Organization
For more information call : Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 firstname.lastname@example.org www.aarealtytx.com
4,800 sf available second generation restaurant space 80’ of frontage at Westheimer rental rate $24.00 psf and NNN $4.80
Traffic counts - 82,880 CPD (Westheimer)
Pylon signage available
Aggressive lease terms
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
• Full Building 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
For all your commercial real estate needs, we’re here to point you in the right direction. LANDLORD & TENANT REPRESENTATION • SITE ACQUISITION • SALES & LEASING • REAL ESTATE CONSULTING • PROPERTY MANAGEMENT Woodlands Office Building For Sale
8111 Ashlane Way, The Woodlands • 14,000 SF Class B, two-story red brick building with large windows for natural light built in 2007 • Building is on 1.422 acres with 65 parking spaces; 4.5:1,000 parking ratio and is located at the intersection of McBeth Way and Ashlane Way, convenient to Woodlands Parkway, • Unique opportunity to own an office building in The Woodlands
Preserve Plaza For Lease
Retail Pad Site – 2.0+/- Acres For Sale/For Lease
25450 Kuykendahl Road, Tomball • 11,000 SF Retail/Office space is located at the corner of Kuykendahl Road and Preserve Way near The Woodlands Creekside Village. • 7,986 SF 2nd Generation ER space available, divisible by 1,600 SF • Parking: 4.7 spaces per 1,000 and Monument sign available
• Less than 7 miles from I-45, Woodlands Town Center and 2 miles from FM 2978 and Woodlands Parkway
McKesson-Woodlands Town Center Sublease Office
10101 Woodloch Forest Dr., The Woodlands • Class A Building with rare opportunity for prestigious co-tenancy with McKesson Healthcare and Schlumberger • Stunning views of The Woodlands Waterway with floor to ceiling glass windows • Full service restaurant and fitness center with on-site security and key-card access • Covered garage with 4/1,000 parking ratio • Located within 1 minute of I-45 and walking distance to The Woodlands Mall and more than 20 restaurants.
Westgate Crossing Mixed-Use Development For Lease
Research Forest Dr. & Egypt Lane, The Woodlands • 60,000 +/- SF Mixed-Use development at the NEC of Research Forest Dr. & Egypt Ln. with retail, restaurant, professional office and other commercial space available. • Adjacent to Target anchored power center. • In The Woodlands, located on main ingress/egress point at the intersection of FM 2978 and FM 1488 with over 60,000 vehicles per day.
Woodforest Plaza Retail 2nd gen For Lease
6875 FM 1488, Magnolia
I-45 near FM 646, League City • Retail Pad Site is available for sale, for lease or buildto-suit in the Victory Lakes Commercial Reserve, less than a mile north of FM 646 directly across the Gulf Freeway (I-45) from Cabela’s. • Site consists of 2+/- acres with approximately 223 FF along I-45 Service Road with multiple ingress/egress access points and interior connecting drives provide excellent accessibility and traffic circulation.
• 94,893 SF on 14+ Acres • 92% Occupied with 31,760 SF Brookshire Bros. Grocery store under lease until 2022 with (2) 5-year options to renew • Additional land for another retail building or build-to-suit opportunity • Easy access and visibility from 3 thoroughfares
Conroe Medical Center Site For Sale
Town Center Plaza For Lease
River Pointe Dr., Conroe • Approx. 1.15 acres next to the Conroe Regional Medical Center
• High growth with nearby Super Target Power Center, Kroger Center, Home Depot & new HEB.
• Quick access to I-45 & Loop 336S
• Woodforest, a 5,500-home master planned development, is just north of FM 1488 on Fish Creek Thoroughfare.
SH 105 & FM 149, Montgomery • $10,675,000 and 8% Cap rate
• Master detention located off-site with utilities available through Victory Lakes PUD
• Woodlands Submarket - with great visibility on FM1488 near FM2978 intersection.
• 2nd generation 1885 sf, 2400 sf & 4200 sf medical office space available; 5.1:1,000 parking ratio.
Grocery Anchored Shopping Center Houston MSA For Sale
• Directly across from the new Grand Central Park, a 2,700-home master planned development & 336 Marketplace, a 717,693 SF shopping center • City Utilities available
• Below market rental rates leaving upside for new owners.
9400 Grogan’s Mill Road, The Woodlands • Located in the heart of The Woodlands Town Center, minutes from Market Street, Hughes Landing, The Waterway, and The Woodlands Mall • Class “A” Building with updated common areas including granite finishes, double glazed “E” glass, on-site security cameras • “Move-in Ready” suites from 688 SF – 6,408 SF • Surface & garage parking available
Timber Ridge Office Condos For Lease or For Sale
12+/- Acres For Sale
Tamina Business Park For Sale/For Lease
32731 Egypt Lane, Magnolia
FM 1488 near I-45, Conroe
32403-32407 Tamina Rd., Magnolia
• Woodlands Submarket, one block from Target-anchored power center, Westwood Shopping Center and one block south of Research Forest Dr. • 1,200 SF – 4,900 SF approximately of beautiful finishes – wood floors throughout, granite counter tops, contemporary fixtures and lighting. • Large kitchen break room and 2 conference rooms
• Property consists of 12-15+/- acres adjacent to Grace Crossing Church (surplus land) near the SWC of I-45 at FM 1488 bordering Brass Nail Lane- actual property size and boundaries are negotiable and the site has the ability to be subdivided • Located approximately 1 mile north of The Woodlands, and 11 miles north of the new ExxonMobil Corporate Campus and is a major growth corridor with explosive residential and commercial development with easy access to I-45.
• Approximately 18,900 SF Office/Warehouse complex in Woodlands Submarket • Investment or Owner/User with income. • Flexible property for office and/or warehouse tenants with small executive style offices & warehouse bays available for lease.
• Potential uses include daycare, school, storage, residential developments – restrictive uses apply
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.
PRE-LEASE INCENTIVES NOW Monroe - between I-45 & Beltway 8 • Office Warehouse units pre-leasing • 2500- 5,000 SF office warehouses • Office Build-to-suit • Fully Insulated • Storefront Entries • 7200 SF Retail Space available (will subdivide) • Excellent located between Beltway 8 and I-45 near Hobby Airport • Easily accessible from Monroe • For information on pricing and lease rates, please contact us
FOR SALE Telephone @ Fuqua
JUST REDUCED FOR FAST SALE
• 2.7 Ac, 215’ X 600’ frontage, located in the well established and highly traveled area, (Fuqua & Telephone Rd.) • Surrounded by Retail and Residential units • Excellent site for Shopping Center, Gas Station, Car lot, Restaurant, Apartment or light industrial • Close proximity to Beltway 8 and Hobby Airport
CONTACT GIL JR. OR TOMMY T
FOR LEASEE OR SAL by b o H r a e N Airport
9920 GULF FWY
Space Available from 5000 to 40,000 SF
3 1 2
FOR LEASE OR SALE Good for Retail, Banks, Medical, Corporate HQ, etc. • 48,000 SF Total Rentable Area • 26,000 SF on 1 st floor; 22,000 SF on 2nd floor • 2.3 Acres Land • No Zoning Restrictions • 7 Minutes from CBD & Minutes from Hobby Airport • Traffic Count: 250,000 CPD • Surrounded by hotels & retail within a 1-mile radius
civil fair play
No Fly Zone!
So you got a drone, now what? Who makes the rules? BY DEREK C. PERSHING WILSON CRIBBS + GOREN
Derek Pershing is a commercial real estate attorney with Wilson Cribbs + Goren and he holds a Private Pilot License and Remote Pilot Certificate.
The Federal Aviation Administration (“FAA”) is the governing authority over all aspects of civil aviation in the United States. In 2016, the FAA estimated that there were roughly 1.1 million Unmanned Aerial Systems (“UAS”) (a/k/a “drones”) in the United States. The FAA also expects drone usage to triple to about 3.55 million by 2021. Since December 2015, the FAA has required mandatory registration for all UAS which weigh more than 0.55 pounds and less than 55 pounds. However, a federal appeals court ruled in May that the FAA does not have the authority to regulate “model aircraft” and require mandatory registration. Still, more than 770,000 drones have been registered in the U.S.—more than double the number of manned aircrafts.
What do you want to use your drone for? UAS or drones typically fall into two categories: (1) commercial use or (2) recreational use. The purpose for which you use your drone will dictate the registration and approval requirements, which can be found on the FAA website. If you’re flying for compensation or to make money, then it’s generally commercial. The main differences between the two categories is that drones for commercial use require a Remote Pilot Certificate (RPC) issued by the FAA, while a recreational drone does not require a certification. Commercial use drones also require registration of your drone with the FAA.
Where can I fly? What are the rules? By now, I’m sure you have seen the amazing photos and videos that drones are able to capture from the elevated views, which likely prompted many recreational drone users to purchase one in the first place. Well, getting those amazing photos and videos can be a very difficult task, and in many instances, illegal. Whether flying recreationally or commercially, there are a lot of location and height restrictions on where you can legally fly your new drone. Let’s lay out the basic rules and restrictions on where you cannot fly your drone. 20
FAA Limits: (1) The drone must be flown in your line of sight. This is one of the restrictions that are keeping Amazon and similar companies from delivering everyday products to your front door by drone. (2) The drone must fly below 400 feet. The more sophisticated drones will now limit your ability to fly above this and they track your altitude by GPS. However, for older or simpler models, monitoring your altitude is the user’s responsibility. (3) The drone must not fly over people. (4) For recreational drones: the drone must not fly within 5 miles of an airport without prior notification to airport and air traffic control. Sorry, Houston— we have several airports throughout Harris County, which makes finding acceptable areas to fly within the city a little difficult without prior authorization.
Texas Legislature: (1) Do not fly over correctional facilities (jails, prisons, etc.). This was just added in the recent legislative session under H.B. 1424. (2) Do not fly over critical infrastructure facilities (petroleum facility, water treatment plant, LNG terminal, chemical facility, power plant, telecom switching office, commercial ports, railroad switching yard, trucking terminal, gas processing plant, radio or television station, etc.). (3) Do not fly over a sports venue (arena, racetrack, coliseum, stadiums, etc.) which has a seating capacity of more than 30,000 and is primarily used for amateur or professional athletic events. (4) Do not use your drone to spy or capture images of other people without their consent. Although this one is not really location specific, Texas does have a law on the books that makes this a criminal act.
Other Government Organizations: No flying in National Parks, National Monuments, National Battlefields, and other historic sites. This restriction has positive and negative effects. While it is beneficial to keep these tranquil and historic sights quiet and free of disruptions so all visitors can enjoy
them, the negative is that these are normally the best places to use drones for landscape, nature, and wildlife photography. It is clear that preservation of the harmony and peacefulness that nature and the national parks have to offer was paramount in this rule's construction.
Other Countries: I have personal experience with the use of drones in other countries and the approval process can be difficult and frustrating. I was told no drone use several times by the Civil Aviation Authority for Belize until finally getting approved. However, even after approval, I still could not fly over the Blue Hole because it is a World Heritage Site. Likewise, I got approval in Thailand but still could not fly over the sacred temples because of similar status. Cambodia was a no-go for Angkor Wat. Costa Rica was permissible for drone use, but they still require insurance. I highly recommend doing research regarding drone use and the approval process before attempting to take your drone into any foreign country. Customs authority of the country you are visiting can and will confiscate your drone if you do not have the right approval, documentation, or certification. So, do your research.
What airspace am I flying in? The FAA identifies six categories of airspace and controls the space above many people’s property. The FAA Regulation Handbook provides a graphic of the Airspace Classification to better understand the three dimensional nature of airspace. The six categories are: 1. Class A. This is airspace from 18,000 feet to FL (600) [basically 60,000 feet]. This is where most commercial airline traffic flies. 2. Class B (big airports). This space will extend from the surface up to 10,000 feet. 3. Class C (moderate sized airports). This space will extend from the surface up to 4,000 feet above the airport elevation.
6. Class G. This is uncontrolled airspace. It extends from the surface to the overlying Class E airspace– typically from the surface to under 1,200 feet or 700 feet.
Can I fly on Private Property? It’s always been the saying that when you own a piece of property, you own everything within the boundaries from the center of the earth below to the heavens above. As I’m sure you can tell, that age-old adage is not totally accurate. You cannot do whatever you want in all the airspace above your property. So now that you know you generally cannot fly in controlled airspace without permission, you are left to fly in areas of Class G airspace (below 1,200 feet or 700 feet) in areas at least 5 miles away from airports. This can be in public places and parks where drones are allowed or over private property if you have consent. However, if it is not your property and you do not get consent, then you are technically trespassing in the airspace of another person’s private property. Case law across the nation has not yet dealt with the issue of conflicting rights between the trespassing drone user and the property owner that shoots down the trespassing drone. Although the drone user may be trespassing without causing any damage (other than annoyance, nuisance, disrupting quiet enjoyment, etc.), the property owner who shoots down the drone may be found to have committed an intentional tort of conversion (taking or altering someone else’s property in a way that is inconsistent with the rights of the owner). My prediction is that private airspace will eventually give way to a travel air corridor for drone operations— similar to how the FAA created airspace categories historically for commercial aircraft.
4. Class D (smaller airports). This space will extend from the surface up to 2,500 feet above the airport elevation.
What are drones being used for?
5. Class E. This airspace is controlled but is not classified as Class A, B, C, or D.
Drones have grown exponentially in popularity over the last few years. The real estate industry is using
them for surveying, mapping, GIS, flood monitoring, listing/marketing materials, and roof inspections. Other applications include: drone racing (I recently saw this on ESPN), photography, search and rescue, military operations, and police surveillance. Some new emerging areas that can be considered a disruptive technology to existing practices will include: pizza delivery (Dominos Domicopter), snowboarding (getting towed or pulled uphill), package/cargo delivery (DHL/Amazon), air mail delivery (Royal Mail), grocery delivery (Walmart, Amazon, and others), traffic control and management, railroad maintenance, agriculture, mining, first aid, and personal transportation vehicles.
Conclusion The FAA and other governments are trying to catch up on regulations for the growth of the drone marketplace. However, as we know, legislation moves slowly and governments simply cannot keep up with the explosion of drone use in the U.S. and abroad. Until that happens and laws are clearer, do not make any assumptions about where you think you can fly. Download the FAA “B4UFLY” Smartphone App to help you determine permissible locations to safely and legally fly your drone. Check the aeronautical charts to understand what airspace you will be flying in and where the airports are located. There are far more places you cannot fly than places you can fly, so do your research and be responsible. A falling drone can cause serious property damage or physical injury, so be careful. Even though today’s advanced drones can pretty much fly themselves, it is imperative that you recognize how dangerous drones can be and operate them in a safe and enjoyable manner. Stay safe, do your research, and have fun!
Stop Spinning Your Wheels!
Let Us, Your TEXAS Environmental Consulting Firm, Help You Navigate Through Your Environmental Risks.
Melanie Edmundson, P.G., Principal 832 485 2247 Melanie@PhaseEngineering.com
Full range of nationwide professional environmental services including: Phase I and Phase II ESAs • USTs • Asbestos • Mold • Lead • NEPA Reports Vapor Assessments • Wetlands • Property Condition Assessments
SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com
AUGUST FEATURE: CONTINUING EDUCATION 4C
PR OV ED
On September 7, 2017 Real Estate Summits and REDNews is pleased to announce that we will be hosting a half day Dallas Apartment Conference from 8 am until noon at the Las Colinas Country Club in Irving Texas. ADMISSION INCLUDES HOT BREAKFAST
For more information and to register please visit
Real Estate Summits has hosted nearly 1,000 conferences similar to this conference in the past 20 years across the United States and REDNews is the primary source for commercial real estate news and information for commercial real estate professionals in Texas.
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
*R ECA - Christmas In October Committee Meeting - 12pm – 1:00pm
*R ECA - REAL YP Event feat. CodeNext Round Table - 5:30pm – 7:30pm ULI San Antonio Mentorship Applications Open 8:00am
*C REW San Antonio: Programs Committee 5:00pm - 7:00pm
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
* CREW Austin Communications Committee - 8:00am – 9:00am CREW San Antonio Westover Hills Campus Tour 4:00pm – 6:00pm * RECA - City of Austin Policy & CodeNext Committee Meeting 12:00pm – 1:00pm
* CREW Austin: Special Events Committee11:30am
CTCAR: Property Information Exchange 7:30 AM -9:00 AM
C REW San Antonio Luncheon - 11:30am – 1:00pm *U LI San Antonio - Programs Committee Meeting 11:45am – 1:00pm *C REW Austin: Programs Committee - 5:00pm –7:00pm
CTCAR Communications Committee - 4:00pm – 6:00pm
C BA - Luncheon 11:30am – 1:00pm
* CTCAR - Communications Committee - 4:00pm –
BOMA Austin - New Medical Office Building Special Interest Group 3:30pm – 4:30pm; 4:30pm – 6:00pm Building Tour & Networking TABB Austin - Chapter Meeting - 11:30am – 1:00pm
* CREW Austin: Community Outreach Committee11:30am
CCIM Central Texas Networking Luncheon & Presentation Event 11:30am – 1:00pm
RECA - RECA Exchange - 7:30am – 1:00pm
* CREW Austin - Careers
Committee - 12:00pm – 1:00pm
TABB San Antonio Chapter Meeting - 11:30am – 1:00pm * CREW AUSTIN- Golf
Committee - 11:30am
IREM Austin - "How do they do that?" - 8:30am – 10:15am
ULI San Antonio Mentorship Program Applications Due - 5:00pm
*C REW Austin
- Membership Committee
Retail Live! - Austin 2017 - 10:00am – 8:00pm
ULI Austin - Monthly Breakfast Series - 7:30am – 9:00am REC San Antonio - 85th Legislative Update7:30am
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.
IREM SAN ANTONIO
2017 BOMA & IREM Leadership Luncheon
CENTRAL SOUTH TEXAS
NETWORKING/SOCIAL CREW LEADERSHIP SUMMIT IN TORONTO
L to R: Lyndsay Walbran, Dawn Daffinee, Kelly Blaskowsky and Christine Krueger
Sponsored by Coats Rose held on June 28 at UFCU Event Center taught by V. Bruce Evans, CCIM of Stanberry Commercial & Bob Rein, CCIM of Realty Austin.
BOMA International Conference in Nashville
International TOBY Winner: HPI Real Estate Management
L to R: Sheila McHargue, Jeremy Chavarria, Kristin Chavarria, Sammie Baker, Stephen Shepard, Michelle Ford, Ron Tuttle
L to R: Brian Harnetiaux, Ron Tuttle, Kathleen Goddard, Maggie Calloway, Shelia McHargue, Sammie Baker, Stephen Shepard, Karrie McCampbell
L to R: Katherine Howe Frilot, Brandey Wimberley Orsag, Dena Welch, Dawn Vernon
L to R: Dena Welch, Dawn Vernon, Brandey Wimberley Orsag, Katherine Howe Frilot
Join Now for Special Membership pricing for those 2017 and in the industry for less than 5 years! Receive the Take advantage of the great education Remainder of to develop your team. 2017 FREE!*
October 1, 2017 – December 31, 2017
Join Now for 2017 and Receive the Remainder of 2017 FREE!* October 1, 2017 – December 31, 2017
Special Membership pricing for those in the industry for less than 5 years! Take advantage of the great education to develop your team.
BOMA Austin PO Box 28295 BOMA Austin Austin, TX 78755• PO 512-529-5070 email@example.com www.bomaaustin.org
Box 28295 • Austin, TX 78755
firstname.lastname@example.org • www.bomaaustin.org
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
BOMA Fort Worth - Monthly Luncheon 11:30am – 1:00pm BOMA Fort Worth - Allied * Council Meeting - 1:30pm – 2:30pm R ECA - SAC Meeting 3:00pm – 4:30pm Dallas - Programs * CREW Committee Meeting 12:00pm – 1:00pm
Dallas - TOBY * BOMA Entrant Orientation & Book Clinic
Dallas - Board * CREW Meeting 11:30am – 1:00pm
12:00pm – 1:00pm
Dallas - Board * BOMA Meeting Dallas - CREW in * Cthe REW Community Board
Meeting - 11:30am – 1pm
CREW San Antonio Luncheon - 11:30am – 1:00pm ULI North Texas - NTCOG & ULI Joint meeting: Parking Management Symposium
* ULI: YL Executive Meeting - 7:30am
BOMA Dallas Luncheon - 11am – 1pm
Dallas: Membership * CREW Committee Meeting -
Committee Meeting 12:00pm – 1:00pm * ULI North Texas Programs Committee 8:00am Fort Worth * CREW Programs Committee Meeting - 11:45am – 1:00pm
Dallas: * CREW Sponsorship Committee
CREW Fort Worth Luncheon 11:30am – 1:00pm
Dallas * CREW - Groundbreakers
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
Dallas - State of * BOMA the DFW Market & Wage Analysis 11am – 1:00pm CREW Fort Worth * Membership Committee Meeting - 12:00pm
CREW Dallas - Industry Luncheon 12:00pm – 1:00pm
ULI North Texas - Breakfast Forum 7:30am – 9:15am
* ULI North Texas Communications
Committee - 8:30am
Fort Worth * BOMA CSC Meeting -
ULI: YL Networking Coffee - 7:30 AM
11:30am – 12:30pm
IREM Fort Worth - Escape Room Team Building & Lunch 11:30am – 1:30pm
REW Dallas * CMarketing &
Communications Committee Meeting 12:00pm – 1:00pm
LI North Texas * UManagement Committee Meeting - 10:30am
LI North Texas - Advisory * UBoard Meeting - 11:30am
Dallas - Real * BOMA Estate Principal Member
BOMA Fort Worth Business Exchange 3:00pm – 6:30pm
REW Dallas - Careers * CCommittee Meeting
SCR - Breakfast - Trinity River Vision Authority 7:30am
Event - 7:30am – 9:30am 12:00pm – 1:00pm
Dallas - Golf * CREW
Classic Committee Meeting 12:00pm – 1:00pm
TABB Dallas/Ft. Worth Monthly Chapter Meeting 11:30am – 1:00pm
BOMA Dallas - Sporing Clay Tournament: Team Registration - 7:00am – 2:00pm
LI North Texas * UMembership Committee 8:30am
REW Dallas - Member * CServices Committee Meeting - 12pm – 1:00pm
OMA Fort Worth * BBoard Meeting - 12:00pm – 1:30pm
CCIM North Texas - Marketing 101 for CRE with Davis Schnitzer, CCIM - 9am – 5pm
ULI North Texas - WLI hosts: "Spotlight Supper Series" 5:30pm
San Antonio * CREW
- CREW Members: How to Add Money to Your Wallet Fashion Event - 5:30pm – 7:30pm Fort Worth - How * CREW to Market Yourself & Put Money In Your Pocket 5:30pm
Dallas - New Member * CREW Orientation - 3pm – 4pm
* Members Only
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.
BOMA DALLAS TOBY AWARDS 2017
Congratulations to The Addison for taking home the Toby Award: 100,000 to 249,999 SF Category
CCIM NORTH TEXAS USER DECISION ANALYSIS COURSE
The Course was led by Clifford Bogart, CCIM and H. Blaine Strickland, CCIM who gave attendees present instructions on key real estate occupancy decision-making processes.
CREW DALLAS JUNE LUNCHEON
L to R: Cincha Kostman, Kathleen Treat, Sara Terry, Stream Realty Partners
L to R: Greg Jewell, Traci York, Kim WIlliams, Shelley Anderson, Kmeal Winters, Brandyn Harris
L to R: Kim Hopkins, Christy Canon
LADIES IN CRE BUILD YOUR TRIBE
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
GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.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
CREW Houston - August Luncheon - 11:30am – 1pm
HAA - New Supplier Member Orientation 3:00pm – 4:00pm
CREN: Luncheon11:00am – 1:00pm
HAA - It’s a Law Luncheon 11:30am – 1:00pm
HAA - Ambassador ONE Society August Meeting 4:00pm – 5:30pm
Greater Houston Partnership - Economic Development Council 11:30am – 1:00pm
C.R.E.A.M - Luncheon 11:30am
FBSCR - Monthly Breakfast Meeting - 8:00am – 9:00am
O'Connor & Associates - Land Forecast Lunch 11:30am – 1:00pm
Greater Houston Partnership - International Trade Council 11:30am – 1:00pm
CCIM Houston Luncheon - 11:30am – 1:00pm
B ACREN - Monthly Luncheon 10:30am – 1:00pm
CREN: Marketing Session - 7:30am
Houston - Cuddles * BOMA for Kiddos Fall Social 5:30pm
H AA - HAA NEXT Mix n Mingle - 6:30pm – 9:00pm
ACRP - Happy Hour 5:00pm – 7pm
HAA - CAPS: Investment Management - 8:30am – 4:00pm HAA - Industry Math 8:30am – 12:00pm
HAA - Katy Happy Hour 4:00pm – 6:00pm
ULI Houston - Leadership Luncheon - 11:00am – 2:00pm
* CREW Houston -
Cooking Class at Urban Chef - 6:00pm – 9pm ULI Houston - BHP Breakfast Series: Brownfield Redevelopments - 7:30am – 9:00am
CREN - Happy Hour 4:30pm
TABB Houston - Monthly Chapetr Meeting - 11:30am – 1:30pm
* CORENET - Global
Sponsor Appreciation 5:00pm – 7:00pm
* Members Only
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.
L to R: Shelby York, Erica Balaban
L to R: Audra Bentley, Irene T. Ko, Sunnie Byerly
L to R: Jane Nodskov (moderator), Travis Waldrop, Saadia Sheikh, Phil Crane (panel speakers)
L to R: Joe Nickels, Richard Copeland, Irene Zhang
L to R: Chuck Townsend, James Wong, Joe Hoelzen
TUESDAY, OCTOBER 3, 2017
CCIM Houston Gulf Coast Scholarship Golf Tournament SUGAR CREEK COUNTRY CLUB
Four person scramble format REGISTRATION AND PRACTICE RANGE OPEN: 11:30 AM LUNCH: 11:30 AM â€“ 1:00 PM SHOTGUN START: 1:00 PM DINNER & PRIZES: IMMEDIATELY FOLLOWING TOURNAMENT
Contact: Ginger Colemen 713-783-0297 email@example.com www.ccimhouston.org
CENTRAL SOUTH TEXAS bulletin
AUSTIN, TX MIXED-USE DEVELOPMENT A ground breaking ceremony has taken place for The Backyard, a 50acre entertainment venue & planned development district on Bee Caves Parkway between RR 620 & W SH71. The project will include two music venues, a hotel, recording studio, restaurants, condominiums, office space & two data centers. MIXED-USE DEVELOPMENT Capital Metro & a partnership between Endeavor Real Estate Group & Columbus Realty Partners are constructing Plaza Saltillo District at 5th & Comal Streets. The project will ultimately have 800 apartments, 140,000 sf office, 110,000 sf of retail & 1.4 acres of public space on 11 acres of land.
Credit: JJ Velasquez, Community Impact
AUSTIN, TX VACANT LAND GROUND LEASE Travis County has approved a 99-year ground lease for the block at 308 Guadalupe Street to Lincoln Property Company & Phoenix Property Company, both of Dallas. The lessees plan to build a vertical, mixed-use development with office, residential, retail & parking.
OFFICE CAMPUS SALE Minnesota-based 3M Company is selling its 156-acre office campus near RM 620 & RM 2222 which includes more than 1 million sf to a local real estate investment firm. The transaction is expected to close fourth quarter 2017 & 3M company will be moving to a new 272,000 sf building in Parmer Business Park when it is completed April 2019. OFFICE DEVELOPMENT A 2,725 sf building at 1108 Nueces Street will be replaced with a 22,000 sf, five-story office building. Bryan Cumby, principal of Mid-City Development will oversee the project. Brokers involved in the transaction were Marshall Durrett & Ben Fuller with Cushman & Wakefield who represented the owner & Burrell Johnston & Randy Beaman with Capella Commercial represented the buyer, 1108 Nueces LLC. OFFICE LEASE Austin-based HomeAway has leased the new 215,000 sf office building, Domain 11 for their global headquarters. Employees should start moving in by early 2019. OFFICE LEASE W20 Group leased 11,833 sf at 507 Calles Street. Lance Tindall with Tribeca Company represented the landlord & Jeff Bodenman & Todd Rohan with Avison Young represented the tenant. OFFICE LEASE Magento, Inc leased 21,874 sf of office space at Domain 3, located at 11501 Domain Drive. Chrissy Fuller of Avison Young represented the tenant & Jonathan Tate of Endeavor represented the landlord. OFFICE SALE Vanderbilt Partners & True North Management Group LLC purchased The Campus at Arboretum, a 318,534 sf, 5-building, Class A office campus at 10415 Morado Circle, 10814 Jollyville Road & 10431 Morado Circle from DivcoWest. HFF marketed the property for the seller.
RETAIL LEASE Spirit Halloween leased 10,000 sf at Tanglewood Village Shopping Center at 2110 W. Slaughter Lane. Barret Espe with Retail Solutions represented the landlord. THEATER DEVELOPMENT AMC Entertainment will take 45,000 sf of the 172,000 sf Sears Grand in Tech Ridge for the development of a tenscreen theater & a MacGuffins Bar & Lounge. Projected opening is 2019. VACANT LAND SALE Urban Rio LLC sold a 7.5 acre tract at 6507 E. Riverside Drive to an Austin development group. Jim Young with Longbow Real Estate represented the seller & Tom Mercer with JTM Development represented the buyer. VACANT LAND SALE The Austin ISD approved the sale of 32 acres at Loyola Lane & Ed Bluestein Blvd (US Hwy 183) & a 12 acre tract south of East 51st Street near US Hwy 183 to RSI Communities for $11.8 million. RSI will develop the property into single-family residences with 25% of the residences designated for affordable housing.
AUSTIN/SAN ANTONIO, TX GASOLINE & CONVENIENCE STORE DEVELOPMENT Quik Trip, a chain of gas convenience stores has announced plans to open 100 location in Austin & San Antonio with the first to open by summer 2018.
BRYAN, TX DATA CENTER DEVELOPMENT
Texas A&M has plans for a 30-acre data center that is proposed to be one of the largest in the world. The data center’s future partner is expected to fund the project & the university is expected to lease the land, according to Phillip Ray, vice chancellor for business at Texas A&M. Proposals are due by July 28th.
CONVERSE, TX RETAIL SALE
Floyd Harlan purchased a 9,026 sf STNL Dollar General located at 8609 FM 1976. The buyer was represented by Greg Gaynor of Fokus Commercial & Stephen Berchelmann of Marcus & Millichap. The seller, a California-based investor, was represented by Marcus & Millichap.
HELOTES, TX RETAIL SALE
A California-based Tenant in Common group sold the 60,748 sf Bandera Trails Shopping Center in Helotes, Texas to an investor based in Dallas, Texas. Jason Vitorino & Bryce Gissler of STRIVE represented the seller.
PFLUGERVILLE, TX GROCERY STORE EXPANSIONS Discount German grocery chains Aldi Inc is building a store at 1315 FM 685
in Pflugerville and Lidl is looking to rezone a 4.6 acre tract of land in Kyle, Texas at South FM 1626 & Marketplace Avenue for a grocery store which will be adjacent to an HEB anchored shopping center.
LEANDER, TX RESTAURANT DEVELOPMENT Global New Millennium Partners Ltd. purchased almost 2.3 acres at 10743 & 10745 E. Crystal Falls Parkway for the development of a Wendy’s & a Popeye’s Louisiana Kitchen restaurant. George Herrera with McAllister Real Estate Services represented the seller & Dave Burggraaf with Retail Solutions represented the buyer.
NEW BRAUNFELS, TX MIXED-USE DEVELOPMENT James Mahan with South Texas Capital is building a $200 million mixed-use development adjacent to Creekside Town Center on I-35. The project sits on 98 acres & will include restaurants, upscale retail, luxury residences, Class A office space, plus walking & biking trails and parks. CBRE will be handling leasing for the project.
SAN ANTONIO, TX RETAIL LEASE Oklahoma-based retailer Bob Mills Furniture is opening a 62,840 sf store at Fiesta Trails Hilltop near I-10 & De Zavala Road in a former Target store. Ther remaining 33,160 sf of the old Target store space is available for lease. GOLF CLUB SALE The Briggs Ranch Golf Club has been sold to Nebraska-based Hana Golf LLC. The golf club sits on about 260 acres near US Hwy 90, several miles west of Loop 1604. The property includes an 18-acre practice field and will be managed by another Nebraska company, Landscapes Unlimited. INDUSTRIAL SALE Austin-based HPI Real Estate Services & Investments purchased a 214,500 sf industrial building on 15 acres at 9850 Doerr Lane called Schertz 1. The building was finished in March and purchased by HPI in June. MULIT-FAMILY DEVELOPMENT Dallas-based Encore Enterprises Inc has broken ground on a $60 million, five-story mid-rise which will include 339 residential units & 5000 sf of retail with a 420 space parking garage, dog park, pool & spa. It is located at South Flores Street & Old Guilbeau Street with occupancy scheduled for fall 2018.
TAYLOR, TX RETAIL LEASE Harbor Freight Tools leased 16,027 sf at Taylor Plaza at 3100 N. Main Street. Phil Morris & Michael Muller with Retail Solutions represented the landlord & Dean Vandergriff with CBRE represented the tenant.
ARLINGTON, TX INDUSTRIAL LEASE Randy’s Worldwide Auto leased 29,900 sf located at 1210 Avenue H from FR Massachusetts 7 LLC. Brian Gilchrist & Steve Koldyke with CBRE represented the landlord. INDUSTRIAL LEASE Autobahn Freight LTD leased 10,730 sf located at 827 Avenue H from First Industrial Texas, LP. Brian Gilchrist & Steve Koldyke with CBRE represented the landlord. INDUSTRIAL SALE Michael McLarty Investments LP purchased 28,165 sf located at 2925 Galleria Drive from Premilec USA, LLC. Brian Gilchrist with CBRE represented the seller & Wilson Brown with CBRE represented the buyer.
CARROLLTON, TX LAND SALE
Plano based Greenbrick Partners purchased 14+ acres located at the southeast quadrant of Plano Parkway & Parker Road from Mustang Carrollton Prop Ltd with plans to develop 86 single family lots. Tom Grunnah, Michael Ytem, Kevin Harrell & Jeremy Lillard with Younger Partners represented the seller & John West with Sabre Realty’s represented the buyer.
DALLAS, TX INDUSTRIAL LEASE AIX Cargo Center IAH LLC leased 37,167 sf located at 2450 West Airfield Drive from Pologis Targeted U.S. Logistics Fund. Tim Vogds with CBRE represented the tenant & Steve Koldyke with CBRE represented the landlord. INDUSTRIAL SALE Tuong Nguyen purchased a 38,815 sf building on 2.15 acres located at 3730 Dilido Road from Patterson Leasing Inc. Tim Vogds with CBRE represented the seller. OFFICE LEASE Johnston Pratt PLLC leased 10,116 sf of office space located at 1717 Main Street from K&L Gates LLP. Neal Puckett, Harlan Davis & Nathan Wood with CBRE represented the tenant & Harlan Davis & Neal Puckett with CBRE represented the landlord. RETAIL LEASE Opendoor Labs Inc. leased 11,496 sf located at 5321 Mockingbird Lane, Dallas, Texas from CPUS Mockingbird LP. Dennis Barnes, Kenzie Killgore, & Clay Gilbert with CBRE represented the landlord. RETAIL SALE Benchmark Bank purchased a 13,884 sf strip shopping center located at the southwest corner of Preston Road & Royal Lane in North Dallas from an undisclosed seller. Brandon Beeson & Clay Evans of EDGE Realty Capital Markets brokered the sale. RETAIL SALE Kakatiya Holdings LLC purchased the Stella Court shopping center located
at 6950 Lebanon Road and the Dallas North Tollway. The 10,619 sf retail building is fully leased. Troy Morgan with Structure Commercial brokered the sale.
FLOWER MOUND, TX INDUSTRIAL LEASE HAG Engineering Co. leased 31,508 sf at Lakeside Trade II, 1410 Lakeside Parkway in Flower Mound from SCG Lakeside Commerce Center, L.P. Blake Kendrick & Mackenzie Ford with Stream Realty Partners represented the landlord while JLL represented the tenant.
FORT WORTH, TX INDUSTRIAL LEASE TD Industries, Inc. leased 22,127 sf at Parc North – Building 2 located at 2601 Northern Cross Blvd. from EastGroup Properties. Seth Koschak & Forrest Cook with Stream Realty Partners represented the landlord and Holt Lunsford represented the tenant.
GRAND PRAIRIE, TX INDUSTRIAL LEASE Stens Specialty Brands LLC leased 80,000 sf located at 3010 Red Hawk Drive from PPF Industrial 3010 Red Hawk Drive LLC. Brian Gilchrist & Steve Koldyke with CBRE represented the tenant & Kacy Jones with CBRE represented the landlord. INDUSTRIAL LEASE RaceTrac leased 73,901 sf at Trinity Crossing in Grand Prairie from Cabot Properties. Cannon Green & Luke Davis with Stream Realty Partners represented the landlord while Cushman & Wakefield represented the tenant. INDUSTRIAL LEASE Dynamic Glass leased 54,649 sf located at Trinity Crossing from Cabot Properties. Cannon Green & Luke Davis with Stream Realty Partners represented the landlord & Cushman & Wakefield represented the tenant.
IRVING, TX BRIDGE CONSTRUCTION Houston-based construction firm Webber LLC will construct a $39 million ‘signature bridge’ connecting the former Texas Stadium to the DART rail. Jim Rogers, Webber’s Dallas-area manager & Ron Webber, Senior Project Manager will oversee the construction of the multimillion-dollar project. Construction is set to begin in the first week of September and is slated to be completed late spring 2019. OFFICE LEASE Pioneer Natural Resources has leased office space for its new headquarters in the first phase of Verizon’s new Hidden Ridge Development project located at 777 Hidden Ridge. Construction is set to be completed by winter of 2019. OFFICE LEASE Signature Global Logistics, Inc leased 98,500 sf located at 8551 Esters Blvd from Twin Lakes Investments L.P. Ryan Boozer with Stream Realty Partners
represented the landlord & Ronald Bullock with Scott Brown Commercial represented the tenant. RETAIL SALE JLL announced the sale of 15,472 sf Victory Shops located at 411 East Royal Lane on behalf of Victory Group’s CEO, Tony Ramji to a major out of market investor. Rose Meza with JLL handled the sale while Steve Music Company represented the buyer.
LEWISVILLE, TX INDUSTRIAL LEASE INFINITe Electronics Inc. leased 79,000 sf at CreekView 121 at 301 Leara Lane from EastGroup Properties. Blake Kendrick & Eric Crutchfield represented the landlord & ESRP represented the tenant.
LUBBOCK, TX OFFICE SALE Coldwell Banker Commercial Capital Advisors arranged the sale of a twostory, 29,377 sf office building located at 4747 South Loop 289. Nick Eyhorn, CCIM and Beau Tucker, CCIM of CBC Capital Advisors represented the buyer and Scott Womack of CBC Capital Advisors represented the seller. RETAIL SALE Coldwell Banker Commercial Capital Advisors arranged the sale of the 108,326 sf South Plains Plaza Shopping Center located at 6703 Slide Road. Eric Eberhardt, CCIM, and Alex Eberhardt represented the buyer. VACANT LAND SALE Coldwell Banker Commercial Capital Advisors arranged the sale of 158 acres located at the southeast corner of 146th Street and University Avenue. Beau Tucker, CCIM of CBC Capital Advisors represented the seller and the buyer.
MESQUITE, TX SELF STORAGE SALE Bellomy & Co. announced the sale of I-30 Self Storage in Mesquite. The facility was 94% occupied at closing. Bill Bellomy, Michael Johnson & John Arnold represented the Provo, Utah based seller and also the Dallas, Texas based buyer.
PLANO, TX OFFICE LEASE BroadSoft leased 35,736 sf of new office space at Platinum Park and will occupy an entire floor in Building One which is a 166,324 sf, Class A, five-floor, office project located at 6000 Tennyson Parkway. Matt Wieser & Ryan Evanich represented Stream Realty & Granville Jenkins with Swearingen represented BroadSoft.
FORT WORTH, TX MIXED-USE DEVELOPMENT Criterion Property Company, L.P. has broken ground on The River East a 322,019 sf mixeduse project located at 2900 Race Street. The River East will have a modern design with space available for residential, retail & office use. Civitas Capital group is the investor & Dallasbased PlainsCapital bank is providing the senior financing for the project.
Michael Meaden has joined JLL’s Retail Brokerage Team as Vice President.
Taylor Cantrell has joined Venture Commercial Real Estate as an Assistant Vice President.
RICHARDSON, TX OFFICE LEASE Pediatrix Medial Group, Inc. leased 19,183 sf of office space located at 3001 President George Bush Turnpike, Richardson, Texas from BSP ROC LLC. Tommy Nelson & Ben Davis with CBRE represented the landlord.
SOUTHEAST TEXAS bulletin
HOUSTON, TX HOSPITAL SALE/REDEVELOPMENT Houston-based AMD Global LLC partnered with Medical Center Developments to purchase the 192,077 sf Heights Hospital located at 1917 Ashland Street. They plan to renovate the hospital this fall, also adding a restaurant & will offer space to medical tenants in addition to St. Joseph’s Medical Center, an anchor tenant in the building. HOTEL DEVELOPMENT EQX River Oaks LLC is planning a new Equinox hotel in River Oaks District behind the recently shuttered Sullivan’s Steakhouse at 4608 Westheimer.
HOUSTON, TX REIT SALE Canada Pension Plan Investment Board purchased real estate investment trust Parkway Inc for $1.2 billion. CPPIB has formed a joint venture with Encino Energy LLC to acquire oil & gas acreage in the US. The JV is expected to target acreage other companies consider to be non-core assets. Houston office properties now owned by PPIB include Greenway Plaza & Phoenix Tower.
INDUSTRIAL LEASE Houston-based Basintek LLC, drilling manufacturer, expanded their lease at 713 Northpark Central Drive from 150,000 sf to 200,000 sf. Nick Peterson & John Feruzzo with NAI Partners represented the tenant & Bryan O’Hair with Prologis represented the landlord. INDUSTRIAL LEASE MEI Rigging & Crating leased 227,000 sf at 6501 Navigation Blvd. NAI Partners represented the landlord, Quasar Navigation Ltd, & B & C Capital represented the tenant. INDUSTRIAL LEASE Ohio-based LSI Industries leased 140,695 sf at 14902 Sommermeyer Road within Prologis Park – West by Northwest. JLL represented the tenant. INDUSTRIAL LEASE Seattle-based Amazon.com leased 110,956 sf in Fallbrook Pines Distribution Park located at 8401 Fallbrook. AmazonFresh Houston’s space is projected to be operational early 2018.
Tim Dosch, Tom Dosch & David Marshall have launched a new land brokerage company called Dosch Marshall Real Estate.
Rob Neblett has joined CBRE as a senior vice president in their advisory & transaction services & occupier team.
INDUSTRIAL LEASE GHX Industrial plans to consolidate its four Houston-area facilities & headquarters into Lockwood Business Park located at 13300 Lockwood Road. They will occupy 10 acres in a 143,500 sf build-to-suit building that will include 22,500 sf of office space & 121,000 sf of warehouse space, according to Ryan McCord with McCord Development. Ryan Fuselier & David Buescher with JLL represented the tenant. INDUSTRIAL SALE Magaziner-Rockley, LLC sold a 32,160 sf industrial building at 10835 S. Wilcrest to an undisclosed buyer. Cameron Hicks, Taylor Schmidt & Reed Vestal with Lee & Associates represented the buyer & Tom Lynch & Daniel Parulian with CBRE represented the seller. INDUSTRIAL SALE Conservation Construction purchased a 13,750 sf metal building at 10827 Tower Oaks Blvd to expand &
relocate their replacement windows sales & distribution operations. Leigh Anne Ahr of Proximity Commercial Advisors brokered the transaction. MULTI-FAMILY SALE Abbey Residential Services Inc. purchased Modera Spring Town Center, a 396-unit project located at 21801 Northcrest Drive from Mill Creek Residential. Ryan Epstein, Jennifer Ray, Wes Breeding & Scott Bray with Berkadia represented the seller. OFFICE LEASE Pro Oil & Gas Services leased 7,418 sf at Three Memorial City Plaza at 840 Gessner. Brad MacDougall represented the landlord, MetroNational & David Anderson of Fritsche Anderson Realty represented the tenant. OFFICE LEASE Middleton Raines + Zapata LLP leased 26,417 sf at Energy Tower IV located at 11750 Katy Freeway. Steve Bryant & Brandon Poytner of Mac Haik Realty represented the landlord & Josh Marcell & Ryan Fassett of Moody Rambin represented the tenant. OFFICE SALE Richmond, VA-based Lingerfelt CommonWealth Partners purchased the 272,921 sf, 1700 West Loop South building from ROC Bridge Partners of Salt Lake City. The building is anchored by Burns & McDonnell, an international engineering, architectural & consulting firm. RESIDENTIAL DEVELOPMENT A 130-home subdivision on 10.4 acres between Buffalo Bayou & Jensen Drive east of downtown is in the planning stages. The subdivision will have homes ranging from 1200 – 2500 sf and will be called Sheffield Green. RESTAURANT SALE 1996FT Gas Stations, LLC purchased the Monterey’s Little Mexico restaurant property located at 1331 Crosstimbers from The Debes Family Trust. Juan Martinez with Jonathan Kagan Properties represented the buyer & Mark Ashy with Girard Interests, Inc represented the seller.
HUFFMAN, TX RESIDENTIAL DEVELOPMENT A production homebuilder acquired 354 acres southeast of FM 2100 & Wolf Road just east of Lake Houston from Rockspring Capital. Plans for the property include the development of a residential subdivision. James Kadlick, Matthew Herring & Chris Hutcheson with McAlister Real Estate represented the seller.
MISSOURI CITY, TX INDUSTRIAL LEASE VWR International leased 125,251 sf in Building 2/7 at Park8Ninety & Rexel Inc leased 96,983 sf in Bldg 3 & Texas AirSystems LLC leased 36,501 sf in Building 1. The project is located at US 90A & Beltway 8. Jim Foreman, Allison Bergmann& Beau Kaleel with Cushman & Wakefield represented VWR. Joseph Smith with CBRE represented Rexel & Andy Iversen & Ross James with Jackson Cooksey represented Texas AirSystems. Alexander Reilly & Bo Pettit of Boyd Commercial represented the landlord.
NEW CANEY, TX WATER PARK CONSTRUCTION After several setbacks, construction will begin in August on the 40- acre, Big Rivers Water Park at the Grand Texas Theme Park in New Caney. It is expected to be completed May 2018.
PASADENA, TX INDUSTRIAL DEVELOPMENT Clay Development & Construction is moving forward on Phase II of Energy Commerce Business Park with the construction of a 101,400 sf & a 232,960 sf building. The park is located at 611 E. Sam Houston Parkway South. It is scheduled for completion early 2018.
THE WOODLANDS, TX
RETAIL LEASE MOD Pizza has leased a total of 23 locations in the Houston area with 17 currently under operation and six slated to open by year end. Grant Walker & Chris Reyes with Transwestern represented the tenant.
THEATER DEVELOPMENT Xscape Theatres, owned by Patoka Capital LLF of New Albany, Indiana is planning two theaters in Texas, one of which will be located at 16051 Old Conroe Magnolia Road in The Woodlands & the other has not been announced. The Woodlands theater will have 12 screens & 988 seats & is expected to open fall 2018.
VACANT LAND SALE Pinecrest Financial Corporation sold 17.48 acres at US 59 north of Rankin Road to Puerta Verde, LLL for the development of a distribution facility. Nabil Murad of NM Management LLC represented the seller & Richard Stromatt of GDC Realty represented the buyer.
RETAIL LEASE Aahhh Comfort Spa Rental & Sales, Inc. leased 5,950 sf at Clear Lake Shopping Center located at 20814 Gulf Freeway. Doug Freedman with United Equities, Inc. represented the landlord.
classifieds & index
A. A. Realty Company 15
National Environmental Services, LLC 35
American Realty Group 13
Phase Engineering 22
Berkadia 2, 3
BOMA Austin 25
Premier Property Services, Inc. 14
Caldwell Companies 11
Real Estate Summits 23
CCIM Houston 29
Tarantino Properties Inc. 16
City of Seabrook 1, 7
TD Waterproofing 5
Gil Ramirez Properties, LLC 18, 19
The J. Beard Real Estate Company 17
Greenberg & Co. 10
Williamsburg Enterprises 36
Hankamer Commercial Brokers, LLC 14
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A Shady Business:
Houston Developers and Operators-AND our City Fathers- Discover the Sycamore Tree For years the oak tree, so prevalent around Rice University and the Museum District, has been the signature tree of Houston. But the beautiful ‘tree tunnels’ in the Montrose, West University, and Museum District don’t come without problems, as voraciously thirsty iron-hard oak roots heave up sidewalks all over town. The sycamore, a native Houston tree, is much fastergrowing than the oak, providing shade in the summer, and letting the warming sun penetrate its bare branches in winter time. The first cousin of the sycamore, the plane tree, lines many of the grand boulevards of Europe, and other streets as well. Plane trees line country roads all over France and have for centuries.
Back in Houston, owners of retail centers, restaurants, beer gardens, ice houses, wine bars, and mixed-use developments are embracing the sycamore tree and planting them right and left. Allen Parkway between Waugh Drive and the CBD is now lined with rows of sycamores, and they are being planted all over downtown, with the original plantings years ago as part of the Cotswold Project. Today the fragrant leafy sycamores can be seen along Preston Avenue, around Market Square, on Dallas to
Discovery Green, and around the George R. Brown-to name a few locations. Customers can park under and otherwise enjoy the shade of sycamore trees in Highland Village, Carrabba’s Kirby, West University Village, Midway Companies Memorial Green, the River Oaks District, Benjy’s on Washington, 13 Celsius wine bar in Midtown, and many other spots around town. A prominent Houston subdivision developer told Hankamer just this last weekend that when he called his landscape contractor to double his number of sycamores in his recent development near Pearland that the contractor told him that due to high demand he was going to have to work to find additional trees.
CCIM Luncheon - Major Texas Market Broker Panel Jane Nodskov, ICO Commercial-Moderator; Phil Crane, Providence Commercial Real Estate Services, Inc (San Antonio).; Saadia Sheikh, ESRP (Dallas-Ft. Worth Metroplex); Travis Waldrop, Carr Development, Inc. (Austin) JANE NODSKOV
•B ooming with all CRE segments over 90% occupancy; 4-5% annual rent growth in all classes, all segments
• Healthy in-migration
•M F and office very strong, with undersupplied housing market ongoing into near future; CBD office rates as high as $56 SF • CBD is attracting mostly office development
Dallas-Ft. Worth Metroplex: •This megamarket is 7 million people and growing; its economy is very diverse; commercial real estate segments enjoying 2.5% annual rent growth • Huge corporate inbound relocation to North Dallas-1.7 mm SF Toyota; 2 mm SF State Farm; 1.4 mm SF JP Morgan; 1.1 mm SF Liberty Mutual, and many many smaller moves • Frisco and Plano – two northern suburbs – have more office SF than all of Austin • There is some new office development in CBD although there is an overhang of old space as tenants vacate and move to the northern suburbs • Industrial market is huge and getting bigger • The commercial center of gravity in Dallas is moving to the north, where a new CBD of sorts is forming
• T he Domain north of the CBD is attracting high-end mixed-use development and one day ‘may be second CBD’ •M uch of Austin growth focused in tech, which could be vulnerable in a tech downturn; new Oracle campus will have 775,000 SF
• Taking some tech expansion from Austin, due to high rents there • Market diversified after many years of relying on military bases, which have shrunk from five to three • Strong residential starts; high occupancy multi-family (MF) • Downtown starting to attract the attention of Millennials, stimulated by the redevelopment of the old Pearl Brewery into “The Pearl” mixed-use development • Developers starting to bring MF to downtown; high-rise condo living is a ‘new thing’ but catching on quickly
• P roperty tax valuations rising as much as 18% per year
• Rents getting pushed up in all segments
•A s in other Texas cities, urban market is attracting the young with suburban languishing somewhat
• Medical center taking hold and strengthening
• C ommercial development is starting to take hold east of I-35, which has always been a divider of the city •R etail has a lot of older centers and one experienced developer observed that there has not been much innovation lately in retailing [perhaps brick and mortar retailers are the ‘deer in the headlights’ waiting to see the ultimate impact of online selling?]
• Far west is seeing growth now, and the 1604/281 intersection is attracting office development • Redevelopment through infill is complicated due to historic designations all around the inner city
Takeaway: Overall, commercial real estate in the major Texas markets is strong and getting stronger -isolated exceptions.
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