YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
New Life in Aging Texas downtown
Listening to the Lenders 2019 Forecast
Ask the Public Insurance Adjuster
HISTORIC DOWNTOWN CEDAR HILL, TEXAS HISTORIC DOWNTOWN CEDAR HILL, TEXAS WHERE BUSINESS + CHARM GROW NATURALLY WHERE BUSINESS + CHARM GROW NATURALLY
For more information, see page 13
LEARN ABOUT A5 B1 3O2U T• LEARN 9L E7 2A. R2 9N1 .ABOUT 972.291.5132 9 7 2 . 2 9 1 . 5 1 3 2 ••
D E V E L O P M E N T O P P O RT U N I T I E S DCEHV EE D LO OHPIPLO DEVELOPMENT C P@M C EE N D AT ROPPORTUNITIES LTRT X .UCN OIMT I E•S CHEDC@CEDARHILLTX.COM C H E D C @ C E D A R H I L LT X . C O M ••
FOR YOUR BUSINESS FFOR COE RD AYYOUR ROHUIRL LBBUSINESS EUDSCI .NCEOSMS CEDARHILLEDC.COM C EDARHILLEDC.COM
RETAIL DESTINATION RETAIL DESTINATION
M c KINNEY McKINNEY TEXAS TEXAS
RESTAURANTS • COMMERCIAL • SPECIALTY RETAIL • HOTELS RESTAURANTS • COMMERCIAL • SPECIALTY RETAIL • HOTELS
HUB 121: 22 ACRES AT S.H. 121 AND ALMA RD. HUB 121: 22 ACRES AT S.H. 121 AND ALMA RD.
393,768 393,768 2019 ESTIMATED RETAIL TRADE AREA POPULATION 2019 ESTIMATED RETAIL TRADE AREA POPULATION
AVERAGE HOUSEHOLD AVERAGE INCOME HOUSEHOLD INCOME
POTENTIAL RETAIL SALES POTENTIAL RETAIL SALES
$5,453,957,105 $5,453,957,105 ACTUAL SALES ACTUAL SALES $2,826,322,052 $2,826,322,052 RETAIL OPPORTUNITY RETAIL OPPORTUNITY $2,627,635,053 $2,627,635,053
McKinney Community Development Corporation McKinney Community Development Corporation McKinneyCDC.org McKinneyCDC.org
+- 10 MILLION +- 10 MILLION SQUARE FEET
SQUARE FEET IN EIGHT NEW HIGH-PROFILE RETAIL DEVELOPMENT IN EIGHT NEW HIGH-PROFILE OPPORTUNITIES RETAIL DEVELOPMENT IN McKINNEY OPPORTUNITIES IN McKINNEY
Cindy Schneible, President 972.547.7653 • email@example.com Cindy Schneible, President 972.547.7653 • firstname.lastname@example.org Barry Shelton, Assistant City Manager 972.547.7527 • email@example.com Barry Shelton, Assistant City Manager 972.547.7527 • firstname.lastname@example.org
±16 ACRES MCHARD RD.
& FT. BEND TOLL RD. HOUSTON, TEXAS
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2017 ESTIMATED DEMOGRAPHICS POPULATION AVG. HOUSEHOLD INCOME AVG. HOUSING VALUE
1-MILE 7,262 $72,310 $137,204
KRISTEN MCDADE Senior Director T: +1 713 469 4509 email@example.com
3-MILE 78,995 $77,947 $167,310
5-MILE 239,211 $80,761 $193,065
MATT DAVIS Associate T: +1 713 974 2407 firstname.lastname@example.org
LAUREN GEARY Transaction Manager T: +1 346 444 8968 email@example.com
© 2018 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #998-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx
IN THIS ISSUE
10 13 28
Sales & Leases 1-3, 5, 7, 11, 13, 15, 17, 19-21, 23-25, 27, 29, 31, 33
Services Environmental 34, 47 Financial 21 Insurance Recovery 18 Legal 21 Real Estate Summits 8, 9
High on the Hyperlocal 10, 12, 14 Listening to the Lenders 22 RAY’S BUZZ Houston’s Economy in 2019 26
Events 8, 9, 16, 36, 38, 40
O’Connor & Associates Retail Forecast 30
Social 37, 39, 41 Bulletin 42 - 44
Ask the Public Insurance Adjuster 28, 30
CIVIL FAIR PLAY
Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
PUBLISHER Ginger Wheless ginger@REDNews.com
EDITOR Margie Gohmert info@REDNews.com
STAFF WRITERS Janis Arnold firstname.lastname@example.org Ray Hankamer email@example.com Brandi Smith info@REDNews.com
appy New Year! I hope your holidays were exceptionally good and you’re optimistic about having an outstanding new year.
Last year this time the price of oil was hovering around $58/bb and the Dow had hit 25,000. In recent months we’ve experienced a roller coaster stock market, oil price drops and interest rate increases. In spite of the down/ upticks, economists Dr. Mark Dotzour and Dr. Bill Gilmer are still predicting Texas to have a strong economy in 2019. Texas has experienced the most employment growth in the nation during the 21st century and net domestic migration to Texas is close to 2 million, with the Dallas/Fort Worth area leading the way.
We spoke with Bill Dampier (City Bank) and Greg Young (Grandbridge Real Estate Capital) about the eﬀect rising interest rates will have on real estate transactions this year. They both anticipate a slightly “bearish” market with growth properties a little more diﬃcult to ﬁnd and funds costing a bit more, but deals will continue to be done.
We are excited to host our ﬁrst annual “Houston Trailblazers” event on January 18th at the Briar Club in Houston so mark your calendar to attend. It’s an opportunity to hear a group of iconic CRE professionals share their stories and discuss the future of the commercial real estate market, as well as secure 4 hours of CE credit at the same time (see pages 8-9). May you have a Very Happy & Blessed New Year! Best Regards,
MANAGING DIRECTOR Benton Mahaﬀey accounting@REDNews.com
EMARKETING DIRECTOR Robert Frogge emarketing@REDNews.com
CREATIVE DIRECTOR Terry Martinez digital@REDNews.com
SALES Ginger Wheless ginger@REDNews.com
PRINT & DIGITAL DISTRIBUTION REDNews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US. Texas Brokers: 8,150 Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710 Outside Texas Investors, Brokers, Developers etc: 26,387
TOTAL QUALIFIED ONLINE REDNews DISTRIBUTION: 50,458 REDNews has gone green using recycled paper. Thank you Midway Press!
To subscribe to REDNews call (713) 661-6300 or log on to REDNews.com/subscription. 2537 S. Gessner, Ste. 126 Houston, TX 77063
La Marque means business. The City of La Marque is strategically positioned 15 miles southeast of Houston and serves as a mainland anchor for the booming Houston/Galveston Region. La Marque is the geographic center of Galveston County with more than 14 miles of frontage on the expanding Interstate 45 corridor and is the second-fastest-growing city in the County. Now is the time for commercial expansion in La Marque as we have entered a development boom. Get the RTA data at LMEDC.com.
10.7 % population growth from 2010-2017. Steady residential & commercial development.
14.3 miles of prime I-45 FRONTAGE. $IB in local infrastructure improvements over next 10 years.
16,000 residents. Four school districts. ONE LOVE, ONE Community. Pro business & offering creative development incentives. Seeking HOTELS, GROCERY STORES & RESTAURANTS. Traffic Counts at Interstate 45 & FM 1764 - 98,226 AADP.
Alex Getty, Executive Director
la marque economic development LMEDC.com | 409-938-9258
2019 JAN 18
The Briar Club 2603 Timmons Ln Houston, Texas 77027
Hear from Iconic CRE Leaders JOHN HAMMOND PRESIDENT & CEO RIVERWAY TITLE
What’s the same, what’s different, and what are you going to do about it?
GREG BARRA CCIM, SIOR, BOYD COMMERCIAL
ERIC BARVIN PRESIDENT, THE BARVIN GROUP
MIKE BOYD PRINCIPAL, BOYD COMMERCIAL
DAN BRAUN PRESIDENT, BRAUN ENTERPRISES
MARTIN BRONSTEIN FOUNDER & SENIOR PRINCIPAL, BHW REAL ESTATE
BOB CROMWELL MANAGING DIRECTOR, MOODY RAMBIN
JAY CUTLER REGIONAL DIRECTOR, SOUTH REGION, AIRWAVZ SOLUTIONS
DAVID HIGHTOWER EXECUTIVE VP DEVELOPMENT, MIDWAY COMPANIES
ABE GOREN SHAREHOLDER, WILSON, CRIBBS + GOREN
REGISTER TODAY! 4 Hours of Real Estate Continuing Education Credits TREC Provider # 10163 | TREC Instructor # 4153 | Course # 35779
Hear what these
CRE Trailblazers have to say about:
✓ Biggest Challenges/Success Stories ✓ Current Developments/Projects ✓ Specialization vs Generalization ✓ Off-Market Transactions ✓ Auction-based Transactions ✓ “PropTech” ✓ Where are today’s opportunities?
MARTY MCADAMS CEO, MCADAMS ASSOCIATES
JUSTIN PATCHEN PRINCIPAL, BUFFALO REAL ESTATE PARTNERS
BILL MCDADE PRINCIPAL, WILLIAM A. MCDADE
AL ROSS CEO, AL ROSS GROUP
✓ What is the future role of brokers/tenant rep? ✓ Deal Structure Changes ✓ Company consolidations ✓ Profile of a successful CRE professional ✓ Generational Changes/Viewpoints ✓ Mentorship ✓ Agility in the Digital Era
ED PAGE MANAGING PARTNER, STREETWISE RETAIL
ROBERT WATSON PRESIDENT, ROBERT C. WATSON ASSOCIATES
HIGH ON THE HYPERLOCAL New life in aging Texas downtowns
BY BRANDI SMITH
n Small Business Saturday, parking was hard to come by on 19th Street in the Houston Heights. Crowds rolled like waves down the sidewalk, popping in and out of the stores. Along with the chatter of shoppers and rumble of traffic, you could hear the frequent bell jingle, a sign that another customer had popped in to see what one of the momand-pop storefronts offered. A day after consumers hit up major retailers, they wasted no time shelling out money to support local retailers as well. An estimated 104 million shoppers helped smash the sales record for Small Business Saturday, spending an estimated $17.8 billion.
into the city center after decades of retreating to the suburbs, they are demanding more retail options closer to urban centers.” When he moved his family into the Heights in 2005, he quickly realized how underserved it was, both from retail and restaurant offerings.
“As Houstonians began to move back into the city center after decades of retreating to the suburbs, they are demanding more retail options closer to urban centers.” – Bryan Danna
“About ten years ago, we started to witness a shift from retail centers, such as the Galleria or Highland Village, to more local neighborhood-centric developments, but it has escalated quickly over the past five years,” says Bryan Danna, principal at RE:VIVE Development. “As Houstonians began to move back
“The area has always been home to solid demographics that many tenants look for, but residents were accustomed to leaving the neighborhood for restaurants and shopping,” Danna says. “There was a lot
Old Eckerd’s Drugs on Yale & 11th - Courtesy ReVive Development
of demand, but no supply.” What was in great supply, however, was underutilized buildings. “I realized that there were some great structures that, with some creative design, could be repurposed to supply this retail demand, while also preserving some of the neighborhood’s historic buildings,” explains Danna. “Land can be very expensive in these in-town areas, so repurposing these older buildings to accommodate modern demand was an exciting challenge to take on.” One of the first projects in the area RE:VIVE contributed to developing was South Heights, an entertainment district along White Oak Drive. Danna also recalls a memorable project, restoring a beautiful art deco storefront of an old Eckerd’s Drugs on Yale & 11th for the restaurant Lola, utilizing an historic building to inspire a new generation of retail. “We did a lot of work to existing buildings because we believe that the people who live in these types of neighborhoods want the character maintained,” explains Danna. “We appreciate the history of these structures. They are part of what makes the Heights what it is. We want to honor that history while contributing to the thoughtful growth of the neighborhood.” Pointing to similar examples in Houston’s EaDo neighborhood, Danna says they’re all indicative of a bigger shift within the retail industry. “Lifestyles, retail options and demand are all shifting,” says Danna. “Patrons want something different. They want something more unique than a strip center or huge mall. They want something that reflects their neighborhood.
South Heights, an entertainment district along White Oak Drive. - Courtesy RE:VIVE Development
It’s no secret that many big-box retailers have faced Continued on Page 12 >
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HIGH ON THE HYPERLOCAL < Continued from Page 10
challenges over the past few years. Bankruptcy filings from Toys ‘R’ Us to Sears to Brookstone highlight the struggle faced by some brick-and-mortar mainstays that didn’t evolve with their increasingly online clientele. “There’s more concern about the big boxes going dark and coming up with a good use for them,” says David Greenberg, president of Greenberg & Company, a Houston real estate firm. Despite the change, he reports primary retail space isn’t seeing a rate decline. “If you still have a really good demographic mix for what is specific to somebody’s intended use, you should be able to get it leased up,” Greenberg adds. “We’re very active.”
restaurateurs may be, he thinks the onus of representation falls to the developer. “We need to provide the experience that people are looking for before they even walk into the space,” Danna elaborates. “It is our responsibility to offer up an experience and local vibe to satisfy this demand. Ample parking, responsible building practices and thoughtfully curated amenities all contribute to the draw of a space, both to the operator and the consumer.” Examples of reinvigorated local neighborhoods can be found far beyond Houston city limits. Outside of Dallas, McKinney is working to pump new life into its historic downtown.
“You see the return of people wanting to live close to where they work, wanting the live, work, play combination.” – Amy Rosenthal
He says service-oriented businesses are in demand and restaurants, above all else, are leading the way. “I can’t think of a day gone by when this office doesn’t receive calls for food,” says Greenberg. “It comes from both the national side all the way down to the local mom and pop.” Many of the new eateries that are opening up aren’t exactly brand new to the market. Greenberg says second-generation locations are in very high demand. That’s something Danna has witnessed as well. “Restaurant operators are adjusting their concepts to suit the neighborhood. They could be in five different neighborhoods with five different concepts,” Danna says. “Operators are responding to this hyperlocal ‘borough’ mentality and it’s benefiting the neighbors they serve.” As keyed into the feel of a neighborhood as
The seat of Collin County, McKinney was established in 1848. In the 1870s, a limestone courthouse - the tallest building north of San Antonio - was erected in the center of the town. For decades, downtown McKinney served as the economic hub of the county. In the years that passed, the city fell victim to the same menace as so many others: the highway system. “Highway 75 was built about two miles west of the downtown. Businesses wanted to be accessible by car. They wanted their customers to be able to pull in off the highway and shop at their store,” says Amy Rosenthal, director of McKinney’s Main Street Program. She offers the example of a high-performing JC Penney in downtown. Once the highway was built, it relocated to be closer to the new TX-75, as so many other small businesses did. In 1979, the decision was made to shutter the courthouse and move county operations to a new facility. “What was this really vibrant, economically significant downtown became very neglected. Businesses closed. There wasn’t a lot of investment in maintaining the facilities. The little downtown looked pretty sad,” Rosenthal says. That lasted into the 1990s when McKinney started to benefit from Dallas’s explosive growth. In the early 2000, developers and investors started paying attention to downtown and before long, a transition was underway.
Historic downtown McKinney, for decades served as the economic hub of the county. - Courtesy City of McKinney
“In 2006, the old courthouse that had been sitting
Downtown McKinney - Courtesy City of McKinney
empty for 25 years, opened as a performing arts venue. The courtroom is now a courtroom theater. The other rooms in the facility are open. The building is open seven days a week with a lot of activity on nights and weekends,” explains Rosenthal. “That was very significant in influencing the development of small business.” Since then, McKinney has become an entertainment destination for the region. “You see the return of people wanting to live close to where they work, wanting the live, work, play combination,” Rosenthal adds. “They want to enjoy amenities that are close to where they are. It’s a sense of what being local means to a community.” With more than 120 businesses now calling downtown McKinney home, new development opportunities are opening up to the east. “There’s a beautiful flour mill that’s ripe for opportunity,” says Rosenthal. “We’re starting to see some of the seeds being planted east of Highway 5.” In southwest Dallas County, the community of Cedar Hill went through many of the same challenges. But, like McKinney, its downtown is starting to come alive again. Founded in 1846, it was, for a time, the county seat. Today, its downtown buildings have held onto that historic feel. Breathing new life into these buildings is a top priority for the city and area businesses. The Cedar Hill EDC is taking time and working with a number of developers to do just that. The goal is to work with partners who could adapt the existing infrastructure rather than tearing down historic property to build Continued on Page 14 >
“We’re excited about this project in Historic Downtown Cedar Hill. The area has this great grid, but there’s still vacant land available for new development, and the old Phillip’s lumber yard is a great opportunity for us to preserve some buildings but also to build new. The mixed-use development will be dining, retail & oﬃce, with a unique work-live component that’ll bring an opportunity for smaller entrepreneurs to do business and live in the same place. We’ve already begun some pre-development activities and construction will start in mid-2019. We’re looking forward to being an addition to what already exists in beautiful Cedar Hill.” Jim & Amanda Lake Lake Moreno Partners
L E A R N A B O U T D E V E L O P M E N T O P P O RT U N I T I E S F O R Y O U R B U S I N E S S 972.291.5132 • CHEDC@CEDARHILLTX.COM • CEDARHILLEDC.COM
HIGH ON THE HYPERLOCAL < Continued from Page 12
of the agreement marks the beginning of initial phases of the project; construction is expected to begin in mid2019 and to be completed in 2021.
Hillside Village - Courtesy Cedar Hill EDC
something new. That way the buildings that stand as an example of Cedar Hill’s rich past will be a part of its future. “Throughout Cedar Hill’s history, downtown has been the heart of our community. For decades, it’s been the place where families have gathered to make memories and have fun together,” says city councilwoman Jami McCain. “It’s an incubator by nature because businesses come and see the opportunity, a place where they can get their start. They say ‘this is the place where I want to start a future.’” One example of that is a project spearheaded by Lake Moreno Partners. Owners Jim Lake and Amanda Moreno plan to start construction on a 5-acre, mixed-use redevelopment of a former lumber and hardware property.
“Cedar Hill already has great development present with its retail, housing, trails, and infrastructure. By taking elements from other projects we’ve done, learning what works on the size of sidewalks, adding in bike racks, accommodating the different ways you can move about within the city, and particularly integrating within the city’s trail system and surrounding residential. These types of components will be a great addition to the downtown that does not currently exist,” Lake adds. The downtown area now boasts more than 40 businesses, but city leaders are hopeful the $10 million first phase of the Lake Moreno project is a catalyst for what’s to come. “We are excited about the future plans the city and our future neighbors have been working on,” says Richard Leonard, owner of Décor on the Hill. “For years, families come to experience a nice time dining and shopping. That’s why we’ve moved into our larger space right next Pioneer Park.” Megan Calloway-Thiel, who owns the Cheeky Cactus Boutique in downtown Cedar Hill, echoed that, adding that the city’s historic charm has drawn visitors for
“When we discovered the opportunity here, we said, ‘You know what? This is something we can redevelop and advance the efforts of the community, bringing all the different things we’ve done in other markets to downtown Cedar Hill,’” says Lake. “With the mass and mix of different uses Cedar Hill - Courtesy Cedar Hill EDC and the massive square footage years. that will be available, we are really looking forward to energizing the area, alongside the existing businesses. “We love being part of creating the future of We’ll work to create more draw from other cities downtown. The area provides opportunity for throughout Dallas because Cedar Hill is less than 20 entrepreneurs to create a legacy for their family and minutes from downtown Dallas.” future generations,” she says. The 40,000-square foot project, located at W. Belt Line Road and Broad Street, will offer a mix of uses, including retail, restaurant, and office space. Approval 14
These hyper-local revitalizations needn’t be isolated to a traditional city center, as illustrated by RE:VIVE’s development in Houston’s Garden Oaks and Oak Forest
neighborhoods, just north of the Heights. RE:VIVE has six projects in this newer urban outpost that attracts Inner Loop families who want good schools, more land for their money and to still be close to the Inner Loop. “My family, and many of our team members, grew up in this area, so we’ve watched it evolve over four decades. Most tenants in our Oak Forest and Garden Oaks projects live in the neighborhood as well. They understand the demand and they know the customers. So they connect with our products there,” says Danna. “It’s a very proud feeling to be able to supply neighbors with quality options that they are excited to support. It’s a win-win.” His largest project to date in Garden Oaks is a threeacre, non-traditional development that is centered around an 8,000-square-foot green space. Repurposing three existing industrial structures, RE:VIVE is creating nearly 25,000 square feet of retail, including creative office space. Danna adds that there are plans for movie nights, live music and school functions, all opportunities to connect with the people who call the area home. “I think retail is moving in this direction because demand is. Consumers are demanding that retail be done differently,” Danna says. “When you fill that demand, it shows. Our tenants’ sales have confirmed our philosophy time and time again that spending the extra planning and design time to create these amenities, such as green space, parking and symbiotic uses, increases profitability.” Retail experts have watched this pendulum swing before: from local boutiques to national chains. As it falls back the other direction, developers like Danna are focused on capitalizing on that momentum. “It’s swinging our way. We’ve always believed in the inner city areas, such as the Heights and Garden Oaks, which is why we chose to move and raise our family here,” he says. “We feel like we’re in the right place at the right time and it’s a vibrant neighborhood now where once it was very sleepy.” This push toward local retail seems to be just the thing to wake it, and many other communities, up.
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1,112-3,175 SF Available 72,020 SF Target Shadow-Anchored Shopping Center Located East of SH 249 & FM 1960 along Houston’s Prime Retail Corridor
228,208 SF Power Retail Center in the Core of Harlingen’s Retail Traded Area 20,000 SF & 58,000 SF Available for Build to Suit or Ground Leases 1 acre Pad Site Great for Restaurant Use Available Strong National Tenant Mix
2713-2821 Highway 83, Harlingen, TX 78552
6911-6935 West FM 1960, Houston, TX 77069
2,248-6,126 SF Available Four Entrance Points Provide Easy Access into Center Located Across from H-E-B & Walmart Brownsville’s Premier Shopping Center
804-6,460 SF Available for Lease Prime Visibility from Hwy 77 98,346 SF Retail Center Built in 2005 Located Adjacent to Sunrise Mall
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3000 Pablo Kisel Blvd. Brownsville, TX 78526
SHADOW CREEK MARKETPLACE
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9920 Hwy 90 Sugar Land ,TX 77478 Hard Corner of Hwy 90 & Dairy Ashford Traffic Count Exceeds 78,000 Cars Per Day
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2600 Travis St., Houston, TX 77006 2,392-3,192 SF Available Located in the Heart of Midtown Houston Surrounded by High-End Condos Walking Distance to the Metro Rail
6402 Gulf Freeway, La Marque, TX 77568 3,200 SF End Cap Available 16,500 SF Retail Center Shadowed by Wal-Mart & Sam’s Club Prime Visibility from I-45 South
1800 N Velasco, Angleton, TX 77515 1,800-6,700 SF Available 141,520 SF, 4 Star Retail Center Kroger-Anchored Center Center is Located Across Walmart
FOR MORE INFORMATION ON THESE OR OTHER AVAILABLE PROPERTIES, PLEASE CONTACT Coni Jenkins firstname.lastname@example.org (210) 212-6222 12770 Cimarron Path, Ste 122 San Antonio, TX 78249
Peggy Rougeou • email@example.com Eric Drymalla, CCIM • firstname.lastname@example.org (713) 974-4292 7887 San Felipe, Ste 237 Houston, TX 77063
Nick Tarantino, CCIM email@example.com (512) 302-4500 502 East 11th Street, Ste 400 Austin, TX 78701
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Cell: 832-712-2935 • Markapc9@gmail.com
Discover Alamo, Texas! Retail Development Opportunities
v 67 Acres of Qualified TIRZ Property v 125,000 VPD
v 2.5 Miles of Interstate 2 Frontage v 5 Mile Radius Population 162,000 v Average Household Income $48,990 v $984 Million Retail Potential
Area Businesses Include
Alamo Economic Development Corporation
Tel: (956) 787-6622 | Fax: (956) 787-7766 715 E. Business 83 Alamo, TX 78516 Web: www.alamoedc.org | Email: firstname.lastname@example.org
Walmart Supercenter HEB Bealls CATO Fashions Walgreens CVS Dollar General Whataburger Pizza Hut Peter Piper Pizza Game Stop Shoe Department Great Clips
VALUE ADD CENTER VALUE ADD CENTER
NEC of FM 2920 & Gosling, Spring, Texas NEC of FM 2920 & Gosling, Spring, Texas
FO R SAL E FO R SAL E
INV ESTME NT HI GH L I GH T S: INV ESTME NT HI GH L I GH T S: New construction Class A retail center New construction Classposition A retail center with dominant market with dominant market position
Average household income in a 3 mile Average income radius is household $115,783 per year in a 3 mile radius is $115,783 per year
Unrestricted hard corner pad site Unrestricted hard corner pad site included in sale included in sale
Lakeview Oaks by Caldwell Cos Class-A Multifamily - 330Unit Lakeview Oaks by Caldwell Cos Class-A Multifamily - 330Unit
Access from FM2920 & Gosling Access from FM2920 & Gosling
EMERGENCY CARE CENTER
High growth expansive trade area High growth expansive trade area Below market rents Below market rents
EMERGENCY CARE CENTER
FM 2920 FM 2920 Progressions PERFORMING ARTS
Progressions PERFORMING ARTS
Rd Rd li n g li n g Gos Gos
Irreplaceable development across from Irreplaceable development across from new HEB McKenzie Park new HEB McKenzie Park
High traffic counts/visibility High traffic which counts/visibility to FM2920, carries over to FM2920, 35,000 VPD which carries over 35,000 VPD
O F F E R IN G S U MMA RY O F F E R IN G S U MMA RY
6.5 Acre Future Commercial 6.5 Acre Future Commercial
Future Commercial Future Lakeview Oaks Commercial 330-Unit Class-A Multifamily Project Lakeview Oaks Coming in 2019 330-Unit Class-A Multifamily Project Coming in 2019
PRICE PRICE PRICE PSF: PRICE PSF: PROFORMA NOI: PROFORMA NOI: CURRENT Annual Rent: CURRENT Annual Rent: OCCUPANCY OCCUPANCY GLA: GLA: TOTAL LAND AREA: TOTAL LAND AREA: YEAR BUILT: YEAR BUILT: PAD SITE: PAD SITE: EXISTING TENANTS: EXISTING TENANTS:
$5,250,000 $5,250,000 $340 $340 $408,000 $408,000 $167,000 $167,000 40% 40% 15,400 SF 15,400 SF +/- 2.67 AC +/- 2.67 AC 2017 2017 ≈ 35,000 SF ≈ 35,000 SF 3 Retail Tenants, Size Range 1,500 SF - 2,400 SF 3 Retail Tenants, Size Range 1,500 SF - 2,400 SF
Tenant Representation | Leasing | Investment Sales | Development Tenant Representation | Leasing | Investment Sales | Development
w w w. c a p i t a l r e t a i l p r o p e r t i e s . c o m w w w. c a p i t a l r e t a i l p r o p e r t i e s . c o m
RICHLAND HILLS BUSINESS PARK
515 RICHLAND HILLS DRIVE SAN ANTONIO, TX 78245
19! JANUARY 20 AVAILABLE
New Construction 2018
• 24 ft Clear Height • +/- 12K, 16K, 20K, or 32K SF Spaces • 10’ x 12’ Grade Level Front Load Doors • $6.00/SF/YR NNN • 1-Dock High Truckwell • 2 1/2% Annual Increases • Estimated Opex $2.40/sf/yr Leon Valley • High Quality Tilt Wall Buildings Balcones Heights • ESFR Sprinklers Olmos Park • High Pile Storage Ready • Ample Parking Woodlawn Lake Park • LED Lighting 515 Richland Hills Drive • 480 V/3 PH Electricity San Antonio Museum of Art • Owner-Managed 35 • Private, Deed-restricted Park San Antonio • Move-in Ready 410
Patricia Gassmann • Bearden Investments 223 Hull Lane • Sugar Land, Texas 77498 • 281.568.4185 • email@example.com
Protecting Property Owner’s Rights
EMINENT DOMAIN Compensation For Property Lost Due To:
Roads Pipelines Power Lines www.ShowalterLaw.com 281-341-5577 Info@ShowalterLaw.com
Equity Secured Capital Texas Direct Private Lender Close in 7 Days www.equitysecured.com 512-732-8338
LISTENING TO LENDERS Their capital forecast for 2019
BY BRANDI SMITH
he switch to 2019 is an opportunity to celebrate the year that was and look ahead to the year to come. As it pertains to commercial real estate, a big part of the future, as well as the past, is lending. To determine what the new year has in store, REDNews reached out to Greg Young, senior vice president of Grandbridge Real Estate Capital, which offers comprehensive capital solutions for commercial and multifamily real estate assets, and William Dampier, vice president of commercial lending at City Bank, which provides a number of commercial loans aimed at helping the Houston community grow and prosper. Interest rates, already bumped up by the Fed in late December, will be of particular interest this year. “We’re currently in the second longest expansion of the economy in U.S. history. Job creation remains strong,” Young says. “It wouldn’t surprise me at all if they didn’t raise them again in 2019.” Dampier, on the other hand, has penciled in at least two interest rate bumps into his budget for this year. “I think the market might be a little bare for next year,” he explains. “I don’t know if the Fed is just raising the rates a little too quickly, but in the event that the market does see a recession, the Fed does need some ammunition.” Even with the recent increase, rates have been near historic lows, so it’s logical that the Fed would want some breathing room in case the economy slides toward a recession. Those hikes, however, can have a significant impact on the commercial real estate industry. “It makes it harder for some deals to cash flow and to make sense,” Dampier says. “Sellers are collecting rent at all-time highs, so there’s not a lot of motivation these days to sell if they don’t have to. We’re starting to see where, I think, it becomes a standoff and you have to see who blinks first: the buyer or the seller.”
The bottom line for Young is simple: the raising-rate environment means the all-in cost of capital is going to go up. “I suspect the ten year treasury going forward will continue to go up. It wouldn’t surprise me at all if we saw a ten-year treasury around 3.3 to 3.4 this time next year,” he says. “The real question is: what happens with credit spreads?” Now is the time for planning and, possibly, limiting growth, according to Dampier. “If you were anticipating eight percent growth in 2018, maybe you’re only looking at five percent growth for 2019,” he explains. “Over the past 12 to 18 months, we have definitely seen transaction accounts declined. Cap rates are suppressed.” That, Dampier argues, can make it more difficult for investors to identify a deal that makes sense to them. Lenders are taking a hard look at the numbers from a growth trajectory to evaluate how rate hikes will impact deals. “The investors are really having to dig a little deeper, look a little longer. There still are deals out there, they are just harder to find. They’re having to look a little bit broader and expand their market,” he says. “We have recently started to do a few more deals to the east, toward the Beaumont market.” Dampier says even a few years ago, there were plenty of deals floating around Houston, so it wasn’t necessary for investors to stretch their boundary. Now, they’re stepping outside the city to evaluate potential opportunities in outside markets. For Young, it’s not necessarily about when to finance, but where to find financing. Changes to lending practices have increased interest in alternative capital services, such as debt funds. Young continues that Fannie Mae and Freddie Mac remain en vogue as lenders.
“They’re going to continue to be in high demand,” he says. CMBS obviously remains an option as well. “Life insurance companies, Grandbridge Real Estate Capital’s bread and butter, continue to add commercial mortgage loans to their portfolio. The thing we love about them is that those guys are always in business. They’re never out of the market,” he says. While CMBS is always one choice, Young argues there are several capital solutions available in the marketplace. “One of the reasons why people hire us is because we’re giving them access to all of these different sources of capital. There are certain shops out there that tend to gravitate toward a single capital alternative,” he says. “At Grandbridge, we enjoy unparalleled access to capital. The real value we offer our client base is placing them in the capital solution that best fits their needs.” Overall in 2019, ‘a little bearish’ is how Dampier describes City Bank’s approach. He says he’ll keep an eye on the stock market as the interest rate hikes take effect. “It’s definitely making you really evaluate these deals because you’re seeing some lenders out there that are willing to stretch to possibly hit their budget and to make their investors happy,” he says. “We’re not putting ourselves in harm’s way to try to make a deal work.” Young predicts the overall supply of capital, which is higher than he’s seen it in his 16 years in the industry, will be the same in 2019. “I’ve got more money than I have deals,” he says. Since the year is just getting started, we will have to wait and see how the lending environment responds to predicted changes.
GReenberg & Company Commercial Real Estate Brokerage Firm
Retail Space Available| Great Locations PRIME FRONTAGE
5630 Richmond Ave | Houston TX 77057
8104 Southwest Fwy | Houston, TX 77074
9703 Westheimer Rd | Houston, TX 77063
3815 Richmond Ave | Houston, TX 77057
RETAIL PROPERTY FOR LEASE • Great Visibility • Major Thoroughfare
RETAIL | BANK | MEDICAL | DRIVE THRU High Exposure • Prime Intersection • Pylon Signage
RETAIL SPACE FOR LEASE High Exposure • Great Location • High Traffic
A multi-tenant single-story retail shopping center located on the southwest corner of the Southwest Freeway and Beechnut. Prime frontage exposure and easy access along the Southwest Freeway.
900 - 5,300 SF AVAILABLE
This is a two-story building situated on the Southwest corner of Westheimer Road and South Gessner. It is west of Loop 610 and the Galleria, south of Katy Freeway and one mile east of the Sam Houston Parkway.
4,480 SF AVAILABLE Price: Call For Details
Price: Call For Details
Multi-tenant retail shopping center located on the Southeast corner of Richmond at Weslayan. Between the Central Business District, Texas Medical Center and Galleria/ West Loop. Adjacent to Edwards Theatre.
Price: Call For Details
The information contained herein was obtained from sources deemed reliable; however, no guarantees, warranties or representations are made as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.
5959 Richmond Avenue, Suite 440 Houston, TX 77057 WWW.GREENBERGCOMPANY.COM
Broker Contact: David Greenberg | Phone: 713-778-0900 EMAIL: DAVID@GREENBERGCOMPANY.COM
PRIME RETAIL/RESTAURANT SPACE ON INTERSTATE 10/KATY FREEWAY HIGH GROWTH KATY AREA (88.8% INCREASE SINCE 2000) Ideal Location • Excellent Visibility • Extremely High Traffic Count
New Retail: Katy Mills Plaza 2404 Texmati
Pre-leasing: The Shops at Cane Island 27252 Katy Freeway
Shadow Anchored by Bass Pro & Katy Mills Mall
• On Interstate 10 in front of Katy Mills Mall • 1,020 SF – 20,000 SF • End Caps with potential drive-thru • $50/sf Tenant Improvement Allowance • Near new Katy Convention Center • Up and coming area with National Credit Tenants minutes away • Adjacent to Katy Mills Mall, Texas Typhoon & the new Katy Boardwalk District
Shadow Anchored by Buc-ee’s
• On Interstate 10 and nexTto Buc-ee’s • 1,500 sf – 19,543 SF Available • $20/sf Tenant Improvement Allowance • End Caps with potential drive-thru & pad site • Close proximity to Cane Island’s 1,100 acre master planned community
New: Shopping Center Coming to West Ten!
West Ten Business Park near Buc-ee’s
• On Interstate 10 Westbound • 6000 SF available • $30/sf + NNN • In the prime West Ten Business Park near Buc-ee’s • Close proximity to Cane Island’s 1,100 acre master planned community • Extremely high daily traffic • Great visibility. Ideal location in Katy Katy Mills Plaza 2404 Texmati
Shopping Center Coming to West Ten!
The Shops at Cane Island 27252 Katy Freeway
Joe Rothchild | 713-857-0567 | firstname.lastname@example.org
ray’s buzz BY RAY HANKAMER email@example.com
Houston’s Economy in 2019: “Sorting Out the Right Path Forward as Growth Returns” UH Bauer College of Business Institute for Regional Forecasting Annual Presentation Speaker: Robert W. “Bill” Gilmer, Ph.D.
Takeaway: With some mildly qualifying caveats in selected commercial real estate segments, the overall light is green in Houston’s economy for 2019. • Economic growth in Houston was very weak 2014-17 but the economy was sustained by fracking momentum, a Ship Channel chemical boom, and post-Harvey retail and construction ROBERT W. “BILL” GILMER, Ph.D.
• Job losses matched the ‘80s here during recent oil downturn, but have stabilized without a big upward bounce • Nine service sectors carried our economy post-slump: retail, health care, finance, bars & restaurants, local gov’t, private education, state gov’t, arts and entertainment, lodging • Ship Channel boom continues but at lower levels • Negative impact from Harvey is behind us; relief and infrastructure investments from the storm will help our economy • Job growth has returned to Houston with 122,000 new ones forecast for 2018, although not many high-paying ones like we lost in the recent oil recession • The oil sector jobs recovery is somewhat lackluster, which may be explained by increased efficiency in the Oil Patch through technology; 74,000 jobs were lost in the bust but only 15,000 have returned so far • 1022 rigs are drilling now as compared to 1855 rigs in 2011, which is partially explained by more efficient utilization of today’s rigs through technology • Rigs are fewer but jobs in Houston do not fall proportionately with rigs because of the need for Houston-based engineering, oil services, machinery & fabricated metals does not fall nearly as fast as the number of rigs • Geopolitics play a big factor in oil prices and therefore affects Houston jobs in the sector; global growth has slowed but not demand for oil and gas; there is no sign of a demand peak, and demand should reach 100 million barrels per day for first time this year • Political risk from Iran, Venezuela, Iraq, Russia, and other countries can always affect supply, demand, prices, and, by extension, Houston jobs; Iran sanctions may not change the supply demand ratio much when all is said and done
• Many factors affect oil prices and there is no clear way to predict their direction; it would take a prolonged supply disruption in the world to drive prices significantly higher and create a commensurate bump in local jobs; no return to prior to 2014 oil employment • The U.S. economy is performing well by every measure, ensuring ongoing strength; some hindrances could be a messy Brexit; a strong dollar; a trade war; or an overly aggressive Fed fiscal policy • Faster U.S. growth may be capped by current full employment, rising fiscal deficits from overly heavy tax cut, accelerated Fed rate increases, or inflation; there is a minimal chance for a recession in the near term • 30 year fixed rate mortgage stands at 4.6% interest, which is low by historical standards, and interest rates are expected to gently continue their rise • 2018-19 forecasts 25-30,000 new people moving to Houston, and this number will be directly proportional to job creation here • Mortgage rates and labor and material shortages in Houston have led to lessening affordability in housing here, and nationwide as well, with positive implications for multi-family occupancy; new home sales are off • Change of sales mix to smaller homes has led to lower prices for the average new home; focus in our area is on development of entrylevel homes; the lot supply has tightened, but is correcting • Apartment occupancy is back to 90% overall and tenant concessions are shrinking; the apartment construction cycle is resuming • Recovery has begun in the office market but has a long way to go; rents are being cut and other incentives are being offered by landlords; limited new product and slow absorption will gradually bring office back to equilibrium, but very slowly
• Since January ’15 oil prices have fluctuated between $54 and $66 per bbl; this year the U.S. will out-produce both Saudi Arabia and Russia
• The retail market continues to tighten, with a big bounce in sales in 2018; rising rents and low vacancy characterize this sector; 90% of new retail construction is in the suburbs; most online sellers are now required to pay taxes in the state and this levels the playing field for brick and mortar stores
• Fracking has fundamentally changed American oil production, and is able to rise and fall quickly to keep supply and demand in equilibrium; shale oil production through fracking continues to soar
• Industrial real estate is hitting on all cylinders: upstream, downstream, and e-Commerce; rents are rising on both sides of town, with oil & logistics leading on the west side
Har vey Mitc hell P kwy - 35, 580 V
Future Development Property Highlights
28 18 /
• New 106,000 SF H-E-B
• More than 47,000 SF of retail space • Restaurant spaces include outdoor patio & common green areas with amphitheater
• Multiple pad sites available • Located in rapidly expanding south College Station
College Station Dental
Bryan/College Station | Houston | San Antonio | Dallas 1 Mile
www.OldhamGoodwin.com | 979.268.2000
Wellborn Road : 42,442 VPD
Beautiful Waterfront Tract 2.6 Acres w/No Zoning
Ideal for Mid-Rise | Single Family | Mixed Use Located on North Shore of Clear Lake • 4949 E. Nasa Parkway ARMAND BAYOU VIEW
Endless Possibilities. What will YOU build? Mid-Rise | Condo | Restaurant Retail Shop | Hotel
CLEAR LAKE VIEW
Contact: Thomas Hitchcock, Broker, CCIM
civil fair play
ASK THE PUBLIC INSURANCE ADJUSTER
What You Need To Know About Settling Commercial Property Damage Insurance Claims SCOTT FRIEDSON
BY BRANDI SMITH
ne of the biggest challenges commercial owners and operators face is managing risk. You can secure financing, attract investors, make improvements and screen tenants but you cannot know when disaster will strike. In Texas, we know all too well the damage a rogue thunderstorm can cause when it hurls golf ball-size hail or fills up a local creek too quickly. That’s, of course, why the insurance industry exists: to protect your investments in case of a loss. However, insurance companies may not be completely altruistic in their mission. “Policyholders who operate commercial buildings simply cannot afford to figure out as they go how to avoid underpayments or lengthy delays,” says Scott Friedson, a public insurance adjuster and CEO of Insurance Claim Recovery Support. “History has shown me that you should not expect your insurance company to document and just give you everything they may need to pay out. All too often insured policyholders get so worn out, they want to give up or sue before ever presenting a well-documented claim package that supports their damages.” Insurance companies do a great job managing liability; in doing so, insurers retain experts who represent their interests. Since policyholders bear the burden of proving their claim, having an advocate on your side can make all the difference between a fair and prompt settlement or a long drawn out dispute.” “I can appreciate saving money,” he says, “but if you shop for insurance based solely on price, like almost everything else in life, you tend to get what you pay for.” 28
“All policies are different. Not just better or worse coverage, but better terms and conditions for the policyholder,” says Friedson. “We understand policy language, claims handling obligations of the insurer and how to compel insurers to perform in a nonlitigious and effective fashion. At the end of the day,
our goal is to settle claims for policyholders without a fight so everyone can get back to business.” Licensed by the state and bonded, Friedson loves his job representing and fighting exclusively on the behalf of policyholders’ interests. “Most people don’t even know public adjusters like myself exist,” Friedson says. If a fire were to rip through a building you own, the first step in the claim process is always to notify your insurance agent and file a notice of claim. He or she will follow up with your insurance company, who sends out a claim adjuster, and sometimes an engineer and/or a building consultant. “The insurance company’s hired experts represent the interests of the insurance company,” explains Friedson. “I perform the documentation, evaluation, investigation, negotiation, interpretation of the policy, damage estimates, and other claims handling functions solely on the behalf of the policyholder. I am propolicyholder or a policyholder advocate.” Someone in his role comes in handy if the initial claim exceeds an amount of $50,000, if you are offered an unsatisfactory settlement offer, if you disagree with a coverage decision or if your insurer is taking too long to pay your claim.
“Policyholders call and complain when they get rightfully frustrated, but that’s never going to move the needle.” Friedson says. “Documentation, he argues, is the name of the game and unless you know how to document a claim package to fit into the insurance carrier’s check box, you’ll never get any traction.” “Approximately 90 percent of the claims we handle get settled,” says Friedson. “If they don’t settle with us and it gets referred to an attorney, we have never lost. In fact, in all the time I’ve been adjusting claims, only two of my claims have seen a courtroom. Interestingly, they were both churches. The ten percent of our other claims that were referred to counsel settled in mediation.” He says his strength is he can legally interpret policy coverage, properly document claim files to prove the coverage and produce well-supported and compelling insurance claim demands so that the policyholder is indemnify fairly. Insurance carriers view his practices as an opportunity to reasonably solve claim disputes using a non-litigious approach. “The best time to get me involved is in the very beginning. Because as a public adjuster, I can assert my arguments and documentation supporting a policyholder’s claim in real-time and when your insurer knows that you have representation. Carriers pay way more attention to what is going on with your claim file when they know you have credible representation,” Friedson explains. Some people think they can handle the situation on their own or rely on contractors with no authority to negotiate or settle claims which often result in a lessthan-expected settlement in a much longer timeframe. “I like to use this analogy: I can do my own taxes, Continued on Page 30>
retail | office | medical | space for lease 2,340 SF available on second floor. Base rent $15.00 PSF & NNN $4.20 PSF
Excellent for retail, office or professional use
2,671 SF end cap on first floor, one lane drive through attach; 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 -7,350 SF available on first floor. Excellent for medical office. Base rent $15.00-$18.00 PSF & NNN $4.80 PSF
11380 Westheimer Houston, 77077
A A Realty Realty Co AA Co
Accredited Management Management Organization Accredited Organization
For more information call : Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 firstname.lastname@example.org www.aarealtytx.com
+/- 592â€™ of frontage on Westheimer
372 surface parking spaces available
Traffic counts - 82,880 CPD (Westheimer)
Pylon signage available
Aggressive lease terms
ray’s buzz BY RAY HANKAMER email@example.com
O’Connor & Associates Retail Forecast Luncheon
Speakers: Mark Davis, Davis Commercial & Jason Gaines, NAI Partners
Takeaway: Leasing and development and investment sales in this segment are beginning to show signs of slowing, but not flattening out, whether inside or outside the Loop. Growth in rents and prices in general is projected to continue, albeit at a slightly lower rate than in recent years.
MARK DAVIS DAVIS COMMERCIAL
• Huge price increases inside the Loop in leasing and sales, due to increased desire for ‘urban living’ by empty nesters and Millennials, aided by strong growth of mid- and high-rise residential units • Reducing commuting time by living ‘closer to the action’ has a high appeal, plus ‘having fun right where you live’ • As some big box stores exit the scene, they are tending to be replaced now with entertainment, fitness, or restaurant tenants… not traditional clothing stores • As land value inside the Loop increase, many retailers cannot afford the rents that other tenants can pay
JASON GAINES NAI PARTNERS
• We are in a STRONG retail market overall, which is stable and solid • Our retail pricing compares favorably to other big cities, many of which have much higher rents
• Many new potential users are hungrily watching for space vacated by exiting retailers • In the suburbs, retail has not overbuilt, and we are seeing ‘circular’ development along the Grand Parkway instead of ‘linear’ development along freeways • Houston is most comparable to Los Angeles and Miami: large Hispanic populations, Sunbelt Cities, fast-growing, spread out…this is who we should compare retail pricing and investment sales activity with, not the denser eastern seaboard cities • Huge demand from investors with large amounts of capital ‘seeking a home’ in Houston is helping maintain high prices here • Houston has hit a population size ‘tipping point’ where big retail distribution centers are choosing us over the DFW Metroplex, their traditional choice in the past
ASK THE PUBLIC INSURANCE ADJUSTER < Continued from Page 28
but it’s going to take me forever. Plus, I don’t know whether I’m paying too much or getting the proper refund. I don’t know if I’ll get flagged for an audit or if I checked all the right boxes,” says Friedson. “My existing clients, once they work with us, know to just call Insurance Claim Recovery Support and we’ll handle the claim.”
says, “then a board-certified insurance attorney is the
“Avoid litigation like the plague.” Friedson says. “Don’t get me wrong, some insurers can be unreasonable and unfortunately, sometimes policyholders are forced to sue, so if you really need an attorney who typically charges 40 percent after we’ve made reasonable efforts to settle and we typically only charge 10 percent,” he
“are just plain lazy and lawsuit happy.”
way to go. Either way, if we don’t recover money for your claim, you don’t get charged a fee.” “As with any industry,” Friedson says, “there are good and bad public adjusters. Some are nothing more than sales people, some are biased and work with both insurance companies and policyholders. Some,” he says, “We don’t ever work for insurance companies. I only work for policyholders. We don’t owe anybody any favors, and we work our files.” he says. Before you hire someone, Friedson adds, find out what
percentage of their claims closed without escalation to litigation and if they ever do work for insurance companies. That will tell you a lot about what you need to know about that public adjuster. “We’ve taken claims that were flat-out denied and turned them into seven-figure claims. Several underpaid claims were re-opened after the insurance company only offered a little bit of money and we’ve gotten them fully indemnified without having the need to involve attorneys or invoke appraisal.” he says proudly. In the world of the unknown, it’s comforting to know there’s someone out there who’s watching out for you.
HANKAMER & ASSOCIATES BROKERS, L.L.C.
Hospitality Consulting Services 40 Years Experience As Hotel Developer, Owner/Operator and Commercial Broker
Offering Properties & Hotel Consulting
PROPERTIES AVAILABLE • 1/3 Acre - Clarewood @ Atwell - Houston • Freeway Sites - I-20 - Monahans, TX (Permian Basin) • 30 Acres Commercial/Rail Serviced - Tomball, TX • 12 Acres Residential/Commercial - I-45 - Huntsville, TX • Hotels - Statewide
Ray Hankamer, Jr 713.922.8075
firstname.lastname@example.org / www.hankamer.com
ULI HOUSTON 12th ANNUAL
DEVELOPMENT OF Distinction awards January 29, 2019 @ The Astorian Tickets and Sponsorships Available
Visit houston.uli.org for more information
THE 2019 TARRANT COUNTY COMMERCIAL REAL ESTATE FORECAST JANUARY 23, 2019 - FORT WORTH CONVENTION CENTER
COME HEAR THE EXPERTS' PREDICTIONS FOR 2019 7:00am Check In & Networking 8:30am - 10:45am Predictions 11:00am Walk Up Results
$80* for REC of GFW Members $95* for Non-Members $55* Student Rate (with ID) *$10 late fee added after January 18th
For more info, visit RECouncilgfw.com or call 817-480-1060
WE SERVICE THE ENTIRE STATE OF TEXAS!
111 UNIVERSITY DRIVE EAST College Station, Texas 77840
Land Surveying Services Provided:
Excellent access and visibility from University Drive and Texas Avenue
• Suite 103 - 4,056 SF
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Fred Lawton, RPLS (281) 556-6918 email@example.com www.stsurvey.com
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An ad in REDNews includes the following: • Print and Digital Magazine Inclusion • Featured in weekly REDNews’ Newsletter throughout the month • Distribution to 50K CRE Brokers, Investors, and Developers Each Week • Featured on REDNews.com (30K Visits/Month)
DISTRIBUTION Weekly & Monthly distribution to 50,000+ VERIFIED CRE brokers, investors and developers. Houston
Dallas Fr. Worth
McALLEN, TEXAS Built for Business
Nestled in the bustling epicenter of the Rio Grande Valley, McAllen, Texas is built for business. Well known as a leading retail power-house for shoppers from throughout the southern region of Texas and northern Mexico, the City of McAllen offers investors and businesses an opportunity to partner with them and tap into a market that is growing and prospering, as evidenced by the increase in construction valuation of over $600 million since 2016 in residential, commercial, and quality of life development. “The millions of dollars being invested by local developers and companies from around the country and the world, demonstrates that there is money to be made in our city,” said City of McAllen City Manager Roel “Roy” Rodriguez, P.E. “McAllen is THE place to work, live and play.” RETAIL McAllen is the leader in retail sales and development along the Texas/Mexico border. The city grosses approximately $3 billion in annual retail sales tax revenue with leading global mall developer Simon’s multi-million-dollar mall expansion opening in late 2017 to bustling crowds, eager for the first-to-market additional shops. The mall added 50 stores, six restaurants and two parking decks to La Plaza, further solidifying McAllen’s status as the ultimate luxury shopping destination in deep South Texas. Other retail development includes The Shops at 29, a $40 million, 200,000-plus square foot shopping, dining and entertainment power center by Terracor Real Estate Services. Located one block south of the McAllen Performing Arts Center, Shops at 29 features Dave & Buster’s, Burlington, Ulta and Freddy’s. Washington Prime Group’s Palms Crossings, strategically placed adjacent to the McAllen Convention Center, is 580,000 square feet of retail space that boasts multiple retail and dining options, with new eateries including Cowboy Chicken, Il Forno and a first-ever location for Reserva Coffee Roasters. In fact, McAllen is a proactive and innovative city that leverages consumer and market analytics through Buxton, a leader in the industry of site selection analytics. Through its partnership with Buxton, the city provides developers, brokers and potential businesses with access to market intelligence to better understand the current economic conditions and available retail opportunities.
RESIDENTIAL Residential construction continues to grow steadily throughout the city, with multiple new subdivisions, in just the last year alone. Additionally, a Texas A&M School of Engineering, BioMedical, Agriculture and Lab Sciences located within the 2,500-acre Tres Lagos subdivision, will be opening its doors to students later this year. Tres Lagos, a master planned community, will not only feature state-of-the-art smart homes at every available price point, the TIRZ agreement with the City of McAllen and Hidalgo County created for the development allows for multiple parks; hike and bike trails; and volleyball, basketball, and tennis courts, to name just a few of the amenities. A charter school along with mixed use shopping centers will make this the most soughtafter community in McAllen. COMMERCIAL Commercial development has skyrocketed, with new offices, hotels, restaurants, and even, schools and hospitals breaking ground or expanding to accommodate the growth of the city. Additionally, public-private partnerships, combined with innovation, is priority to McAllen city leaders as demonstrated by a former Walmart transformed into the world’s largest single story public library and Spectrum transforming a vacant Kmart space into a regional bilingual call center that has already added 700 new jobs. Additionally, a new nursing school expansion, multiple hospital and medical center renovations and a soon-to-be completed research facility by the University of Texas Rio Grande Valley Medical School in McAllen are spurring the medical industry growth. QUALITY OF LIFE The City of McAllen state-of-the-art McAllen Performing Arts Center, features acts as diverse as Tony Bennet and Tito Puente, Broadway’s Jersey Boys and the Moscow Ballet’s Nutcracker, as well as regular performances by the Valley Symphony Orchestra. Located on the grounds of the McAllen Convention Center campus, the facility offers patrons a chance to take in shopping and enjoy a meal before or after the show.
Highest Retail Sales Tax Revenue in the MSA and Region - Texas State Comptroller’s Office McAllen named Best Mid-Size City for Careers - Forbes, 2015 McAllen ranked #1 in Texas, #7 in the nation, Safest City
- Smart Asset, 2015
McAllen MSA forecasted to lead Texas in Job & Wage Growth over next 20 years - The Perryman Group, 2016 McAllen ranked #1 for 3rd consecutive quarter in 2015 as the Least Expensive City to Live in U.S.A. -The Council for Community and Economic Research, 2015
2019 Houston Forecast For Retail Professionals Luncheon
Please join us and your fellow Retail Professionals as Dr. Dotzour forecasts what we have to look forward to in 2019. The Briar Club 2603 Timmons Lane â€˘ Houston, Texas 77027 Wednesday, January 16, 2019 â€˘ 11:30 am - 2:30 pm Sponsor Table - $650 Retail Owners, Developers, Brokers, Lenders & Attorneys - $50/person All other Guests - $75/person Featuring Keynote Speaker: Dr. Mark Dotzour, Real Estate Economist
Become a 2019 Sponsor Today! 2018 Sponsors
Sponsorship and ticket inquiries contact:
Amanda Knapp firstname.lastname@example.org or 713-266-2595
SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com
2018 CREW Dallas Leadership
ne, Byron Carlock, ds Panelists (L-R) Paul Lay ULI Houston Emerging Tren Tim Williamson and , erwood, Jimmy Hinton Jonathan Brinsden, Cara Und
BOMA Dallas Darrell Gage, Cathy Kueb ler, Julie Young, Andrea Saccamanno, and Sharon Walhood at Former President s Board Holiday Luncheon
CCIM Gulf Coast Young Professi
CENTRAL SOUTH TEXAS
3 THURSDAY 7 MONDAY
New Year’s Day
ULI San Antonio - Golf Tournament [11:30am - 6:00pm]
REDNews Newsletter [4:00pm]
BOMA Austin - Luncheon [11:30am - 1:30pm]
REDNews Newsletter [4:00pm]
TABB Austin - Luncheon [11:30am - 1:00pm]
23 WEDNESDAY CTCAR - Luncheon: Water Law for Comemrcial Real Estate [11:30am - 1:00pm]
8 TUESDAY 10 THURSDAY 11 FRIDAY
24 THURSDAY ULI San Antonio - Leadership Luncheon: 2019 Emerging Trends & Real Estate Outlook [11:00am - 1:00pm]
CCIM Central Texas - Portfolio of Qualifying Experience [8:00am - 5:00pm] REDNews February Issue Deadline [5:00pm]
14 MONDAY 15 TUESDAY
BOMA Austin - BOMI Course: Budgeting & Accounting [8:00am - 5:00pm] REC Austin - Networking Happy Hour [5:30pm - 7:00pm]
28 MONDAY 29 TUESDAY
REDNews Newsletter [4:00pm]
REC San Antonio - Phillip M. Barshop Founder’s Award [11:30am - 1:30pm]
REDNews Newsletter [4:00pm]
30 WEDNESDAY ULI Austin - Monthly Breakfast Series [7:30am - 9:00am] CREW Austin - Luncheon: Land to Homes-Developing Affordable Housing in Austin [11:30am - 1:00pm] IREM Austin - Luncheon [11:30am - 1:00pm]
TABB San Antonio - Luncheon [11:30am - 1:00pm]
IREM Austin - Board & Committee Chair Meeting [11:30am - 1:00pm]
REC Austin - Luncheon [11:00am - 1:00pm]
ULI San Antonio - Mentorship Program Mid-year Meeting [5:30pm - 7:30pm] BOMA Austin - BOMI Course: Air Handling, Water Treatment and Plumbing [6:00pm - 9:00pm]
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 AUSTIN: bomaaustin.org/ BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org
RECA reca.org RECSA: recsanantonio.com/ RETAIL LIVE: retaillive.com TABB AUSTIN: tabb.org/austin_chapter.php
CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org
what’s going on
TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org
BOMA Austin Co mmunity First! Village
CREW San Anto nio volunteerin g for Elf Louise Gi ft Wrapping!
CREW Austin an
ULI Austin’s Seth Johnston, Richard Long, Elaine Housto n and Jeff Coddington @ Capital Markets-Investment Realitie s to Watch for in 2019
19 tate Summit 20 xas - The Real Es Te l ra nt Ce IM CC
Holiday Party Revelers David Johnson, Rod Morgan & Eric Layne
Holiday Party Leade UL
io. wntown San Anton st Bank Tower in Do I San Antonio @ Fro
rs DeLea Becker, Ga yle Berkbigler & Katy Lumpkin, the incom presidents for CTCA ing R, CCIM & CREW JANUARY 2019
New Year’s Day
Greater Fort Worth Association of Realtors - Goal Planning & Time Management [8:30am - 5:00pm]
NTCAR - 2019 Broker Forecast [7:30am - 9:00am] Greater Fort Worth Association of Realtors - Charter School Field Trip [8:30am - 12:00pm] IREM Dallas - Luncheon [11:30am - 1:00pm]
BOMA Fort Worth - Education Committee Meeting *Invitation Only [10:00am - 11:00am]
REDNews Newsletter [4:00pm]
ULI North Texas - What’s Trending in 2019? [7:30am - 9:00am] BOMA Fort Worth - Luncheon [11:00am - 1:00pm]
21 MONDAY 23 WEDNESDAY
Greater Fort Worth Association of Realtors - N. Office: Legal Update II [1:00pm - 5:00pm]
Greater Fort Worth Association of Realtors - N. Office: Legal Update I [8:30am - 12:30pm] Greater Fort Worth Association of Realtors - N. Office: Legal Update II [1:00pm - 5:00pm]
BOMA Fort Worth - Bowling Tournament [5:30pm - 8:00pm]
REDNews February Issue Deadline [5:00pm] REDNews Newsletter [4:00pm]
BOMA Dallas: Managing Across Generations [11:00am - 1:00pm]
16 WEDNESDAY BOMA Fort Worth - CSC Meeting *Invitation Only
TABB Dallas - Luncheon [11:30am - 1:00pm] BOMA Dallas: Volunteer @ North Texas Food Bank [1:00pm - 3:30pm]
Greater Fort Worth Association of Realtors - 2019 Installation of Officers and Directors [11:00am - 1:00pm]
REC Fort Worth - 2019 Tarrant County Commercial Real Estate Forecast [7:00am - 12:30pm] Greater Fort Worth Association of Realtors - N. Office: Legal Update I [8:30am - 12:30pm]
BOMA Fort Worth - Allied Council Committee Meeting *Invitation Only [1:00pm - 2:00pm]
REDNews Newsletter [4:00pm]
28 MONDAY 31 THURSDAY
REDNews Newsletter [4:00pm]
ULI North Texas - Bush Presidential Center: “Policies to Promote Inclusive Urban Growth” [8:00am - 2:00pm] NTCAR - Stemmons Service Award [6:00pm - 9:00pm]
[11:30am - 12:30pm]
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.
BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS: ccimconnect.com/ ccimnorthtexas CORENET NORTH TEXAS: northtexas.
corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFWAR: gfwar.org IREM DALLAS: irem-dallas.org
IREM FORT WORTH: fortworthirem.org LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR: scr-fw.org
what’s going on
2018 CREW Dallas Careers
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
BOMA Dallas Former Presidents
Howard Fuerst, CCIM – CCIM North Texas Debi Carter, CCIM and way Gate ly Fami Service Project at
Breakfast For ULI North Texas Legislative 201 Preparing For 9
BOMA Dallas Deidre Hardist er and Bill Moebius at Former Presidents Board Holiday Luncheon
CREW Dallas Awards Banquet 2018 JANUARY 2019
New Year’s Day
REDNews Newsletter [4:00pm]
CCIM Houston/Gulf Coast - Luncheon [11:30am - 1:00pm]
17 THURSDAY 18 FRIDAY
BACREN - Luncheon: Marketing Session/All Day CE [8:00am - 5:00pm]
REDNews & REPC Present: Houston Trailblazers CRE Summit [8:00am - 12:00pm]
CREW Houston - Luncheon: Multi-Family Panel [11:30am - 1:00pm]
CREN Gulf Coast - Luncheon [11:00am - 1:00pm]
23 WEDNESDAY IREM Houston - MPSA “Hacks” 2019 [8:00am - 9:30am]
REDNews Newsletter [4:00pm]
IREM Houston - Luncheon [11:30am - 1:00pm] REDNews February Issue Deadline [5:00pm]
BOMA Houston - Business Exchange [3:00pm - 6:00pm] CREN Gulf Coast - Happy Hour [4:30pm - 7:00pm]
REDNews Newsletter [4:00pm]
REDNews Newsletter [4:00pm]
FBSCR - Monthly Meeting [8:00am - 9:00am]
CREN Gulf Coast - Property Information Exchange [11:00am - 1:00pm]
Riverway Title Houston - 2019 Houston Multi-Housing & Retail Forecasts [7:30am - 1:00pm]
ULI Houston - Dinner & Dialogue with Onay Payne [5:30pm - 8:00pm]
ULI Houston - 2019 Development of Distinction Awards [5:00pm - 8:00pm]
TABB Houston - Chapter Meeting [11:30am - 1:00pm] IREM Houston - Executive Council Meeting *Members Only [3:30pm - 4:30pm]
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.
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
whatâ€™s going on
NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org
CCIM Gulf Coast Youn
U of H Students join Scott Evans with Hoar Construction (L) and David Kim, Executive Director of ULI Houston (R) are awarded a$10K scholarship from the ULI Houston 2019 Sporting Clays Tournament
League heon @ Junior
CREW Houston President Jan Sparks
McDade Golf Tourname
nt Star Spangled Banner
IREM Houston Holiday Masquerade Party at Moxie JANUARY 2019
CENTRAL SOUTH TEXAS Ty Thaggard has been hired as a principal & head of Quadrant Investment Properties new Central Texas office In San Antonio.
GOODWILL LEASES 30,720 SF Goodwill Central Texas leased 30,720 sf at 1309 Rutherford Lane.
ZYDECO DEVELOPMENT SUES CITY OF AUSTIN Zydeco Development Corporation has sued the City of Austin for withdrawing from their $31 million agreement to move Austin Municipal Court to the MetCenter office complex. The city withdrew in order to enter an agreement with Capital Commercial Investments who has space across the street from Zydeco’s development. MYCON BOUTIQUE HOTEL NEAR MUSIC LANE MYCON has started construction on a fivestory building which will have 95 boutique hotel rooms including a restaurant & event space near Music Lane just oﬀ South Congress. The project is owned by Hotel Magdalena JV, LLC, Woodbine Development & Bunkhouse Group. Construction is expected to be complete fall 2019. CHANEL BUYS 50 ACRES IN DEL VALLE AREA French retailer Chanel is reportedly building a manufacturing facility on approximately 50 acres on FM 973 near SH 71 & the I30 toll road. The property is located within the 390-acre Velocity Crossing development. The Del Valle area is within a triple freeport zone which exempts businesses from paying taxes on inventory that is shipped out of state within 175 days. RESIDENTIAL DEVELOPMENT IN DEL VALLE AREA Robert Communities is building 550 manufactured & 260 single-family home lots in the Oak Ranch community oﬀ Pearce Lane. Homes in the 198 acre development are expected to be sold at 50 per cent less than the average singlefamily home. 42
PACVENTURES BUYS 10 BUILDING PORTFOLIO PacVentures purchased an 811,092 sf, 10-building portfolio located at 1000 Billy Mitchell Blvd, 1900 Billy Mitchell Blvd, 200 Texas Avenue & 600-800 Elca Lane from Sealy & Company. Transwestern & Aquila brokered the transaction.
CBRE GROUP ACQUIRED PELOTON’S SAN ANTONIO OFFICE
MANCHACA, TX THREE BUILDING FOR SALE/LEASE CONDOS UNDERWAY Quest Realty is constructing three building which are intended for medical or administrative office use at 8701 Manchaca Road. Upon completion the buildings will have 70,000 sf which will be sold as condos for sale or lease. They are scheduled for completion May 2019.
NEW RESIDENTIAL DEVELOPMENT WITH 1,600 HOMES Randolph Todd Development is building a 1,600. 45’ x 100’ lot community called Meyer Ranch at SH 46 & South Cranes Mill Road. Home prices will start in the mid-200,000’s & the development will commence early 2019.
APARTMENTS UNDERWAY IN PECAN DISTRICT Presidium Group LLC has started construction on a 272-unit apartment complex called The Elliott in The Pecan District which is located at the corner of Old Austin Pﬂugerville Road & South Heatherwilde Blvd. The Pecan District is expected to include up to 1,100 residential units, 998,000 sf of office space & 228,000 sf of retail & restaurant space when completed in 2028.
CEDAR PARK, TX
SAN ANTONIO, TX
CANYON LAKE, TX
ACQUILA COMMERCIAL BUILDING OFFICE PROJECT Aquila Commercial will develop a 63,297 sf office project called Cross Creek Landing at 1310 E. Whitestone Blvd. Delivery is scheduled for early 2020.
KYLE, TX 535,113 SF OF INDUSTRIAL SPACE BEING DEVELOPED CA-based Majestic Realty Company is developing a 535,113 sf business park near Kohlers Crossing & I-35. The city of Kyle and Hayes County approved incentive agreements totaling approximately $1.1 million for the developer.
LIVE OAK, TX IKEA OPENS IN LIVE OAK TOWN CENTER IKEA has opened its new 289,000 sf store in the 760,000 sf Live Oak Town Center oﬀ I-35. More than 500 jobs were created during construction.
ONE ALAMO CENTER SELLS TO ENTRADA PARTNERS Los Angeles-based real estate investment firms Entrada Partners purchased the 165,000 sf One Alamo Center located at 106 S. St. Mary’s Street from Fort Worthbased Klabzuba. Jamie Jennings, James Mantzuranis & Andrew Rabinovich with Stream Realty Partners represented the seller. TEXAS ORGAN SHARING HQ UNDERWAY The Texas Organ Sharing Alliance is building a $10 million, 27,500 sf headquarters in the South Texas Medical Center located at the corner of Hamilton Wolfe Road & Cinnamon Hill Drive.
$25 MILLION PRIVATE HANGAR HUB AT AIRPORT CO-based real estate developer & designbuild firm Western is building a $25 million private hangar hub at the San Antonio International Airport oﬀ John Cape Road. The project will include seven hangars of which six of already been leased. GVA REAL ESTATE GROUP BUYS VILLAS DEL ENCANTO Comunidad Realty sold the 334-unit, Villas del Encanto apartments located at 1830 Bandera Road to GVA Real Estate Group. CARLOTZ OPENS FIRST TEXAS LOCATION VA-based CarLotz, a used car & consignment dealership,has opened its first Texas location which includes a 22,000 sf store & car lot that will house 350 vehicles at 15447 W. 1-10. WELLTOWER BUYS MEDICAL OFFICE Ohio-based Welltower purchased the 40,000 Texas Oncology-San Antonio medical office located at 5206 Research Drive from Cambridge Holdings. H-E-B STARTS CONSTRUCTION ON 1.6 MILLION SF WAREHOUSE H-E-B has started construction on their 1.6 million sf warehouse at the corner of E. Houston Street & Foster Road. The warehouse is expected to be completed in 2020 & will handle primarily dry groceries for San Antonio & across Texas. The company owns a total of 871 acres at this location.
PENN MANUFACTURING EXPANDS ITS OPERATION East Penn Manufacturing Company, a battery producer, is expanding its operations with a $106 million distribution facility located near the intersection of I-35 & Loop 363. Construction is expected to begin in the third quarter of 2019.
NORTH TEXAS ARLINGTON, TX Arlington-based homebuilder D.R. Horton purchased Iowa-based Classic Builders for $60 million in cash. The sale also included undeveloped lots & existing homes for sale or under contract. D.R. Horton also purchased Westport Homes last month for $190 in cash to extend their midwestern presence.
close to Spur 408. Their project will total more than 128 million sf with one warehouse having 797,077 sf & the other with 482,676 sf. AUSTIN-BASED ENDEAVOR BUYS DALLAS LAND Endeavor Real Estate Group purchased a half block at Boll Street & McKinney Avenue in Uptown Dallas. Currently there are several buildings on the property. Plans for the property were not announced.
Credit: Dallas Morning News
DALLAS MORNING NEWS BUILDING BACK ON MARKET KDC & investor Hoque Global have exercised their option to cancel their contract to purchase the former Dallas Morning News’ building located at 508 Young Street for $33 million. ORIGINAL ONE PARTS LEASES INDUSTRIAL SPACE Original One Parts leased 20,670 sf at 10701 King William Drive. Ken Wesson & Adam Graham with Lee & Associates handled the lease along with Barrett Bufkin with ESRP. JMC HOLDINGS BUYS LAKESIDE SQUARE New York-based JMC Holdings LLC purchased the 410,000 sf Lakeside Square office building located at LBJ Freeway & North Central Expressway & will spend $20 million in renovations on the building. Peloton will be handling leasing for the company. PROVIDENT REALTY ADVISORS BUYS ELEVEN EXTENDED STAY HOTELS Dallas-based Provident Realty Advisors purchased eleven Extended Stay America hotels in Texas for an undisclosed price. Hunter Hotel Advisors brokered the transaction. LIBERTY PROPERTY TRUST TO BUILD 1.28 MILLION SF Liberty Property Trust has submitted plans to build two warehouses at Mountain Creek Business Park on I-20
HARBOR GROUP SELLS THREE APARTMENT PORTFOLIOS Harbor Group International sold three separate apartment portfolios including one in Texas. The Texas portfolio included 12 properties in Dallas & Houston totaling 3,100 units that the company acquired in 2014. The company reportedly realized an increase in value of approximately $140 million for the entire transaction.
DFW AIRPORT, TX BADGER PAPERBOARD LEASES 38,838 SF Badger Paperboard Texas, Inc leased 38,838 sf at International Logistics Center located at 3701 S. 20th Avenue. Blake Kendrick, Cannon Green & Sarah Ozanne with Stream Realty Partners represented the landlord & CBRE represented the tenant. SOFTWARE MANAGEMENT COMPANY MOVES TO IRVING Service Fusion, a 4-year old startup company, has moved from Colleyville to a 23,000 sf space at 8605 Freeport Parkway between I-114 & I-635. The company recently acquired $10 million in funding and has expectations of 100% growth in 2018 & 2019.
EL PASO, TX HANSON ASSET MANAGEMENT BUILDING 125,646 SF IN SPEC SPACE Hanson Asset Management LP has started construction on a 125,646 Class A spec industrial building located at 9581 Joe Rodriguez Drive. Arturo De La Mora & Christian Perez Giese with CBRE will handle leasing.
bulletin FARMERS BRANCH, TX SOFTWARE COMPANY LEASES 20,742 SF ExamSoft, a privately-owned software company, leased 20,742 sf at 5001 LBJ Freeway in the Heritage Two building. Saadia Sheikh & Darren Woodson with ESRP & Eric Crutchfield with Stream Realty handled the transaction.
FORT WORTH, TEXAS DEVELOPMENT SERVICE GROUP BUYS 714 MAIN FOR HOTEL DEVELOPMENT Development Service Group purchased the 24-story, 185,000 sf office building located at 714 Main Street & plans to redevelop the property into a 232-room, four star-hotel. Ryan Matthews with JLL represented the seller.
FRISCO, TX WHITE ENERGY MOVING HQ TO HALL PARK White Energy, a producer of biofuels, food ingredients & animal feed, is relocating their headquarters from Plano to 2595 Dallas Parkway in Hall Park February 2019.
LANCASTER, TX OLLIE’S BARGAIN OUTLET BUILD-TO-SUIT Jones Development will be constructing a 615,000 sf distribution center in Wintergreen Exchange for Ollie’s Bargain Outlet. The facility will be located on 58 acres at the southwest corner of West Wintergreen Road & North Lancaster-Hutchins Road. Gary Colbert & David Eseke assisted Jones Development in marketing the property.
LEWISVILLE, TX CENTURY AC BUYS INDUSTRIAL PROPERTY Century AC purchased a 14,123 sf industrial property at 1504 Fairway Drive from Rainbow Creations. Nathan Denton with Lee & Associates handled the transaction along with Eric Crutchfield with Stream Realty.
MESQUITE, TX CENTURION AMERICAN UNDERWAY ON $16.5 MILLION DEVELOPMENT Centurion American Development Group purchased a 17-acre rodeo
facility & more than 50 acres of adjoining land just west of LBJ Freeway & Military Parkway for the development of a mixed-use development. Upon completion the $116.5 million development called Iron Horse Village development will include 330 residential units, 130,000 sf of retail/commercial space & $4 million in upgrades to the rodeo complex.
RICHARDSON, TX AERSHIN INC LEASES 20, 143 SF Aershin Inc leased 20,143 sf of industrial space at 1200 International Parkway. Chandler Mason with Mercer Company & Dan Lawson with Proterra Properties handled the transaction. KDC TO DEVELOP 130,000 SF DATA CENTER KDC has announced plans to build their fifth ground up data center development in Richardson’s Telecom Corridor located at 1510 E. Lookout Drive near Plano Road. KDC entered the data center market in 2007 & has since completed 15 ground up greenfield data centers.
Credit: Kimley Horn
CHICAGO-BASED LOGISTICS PROPERTY COMPANY BUYS SOUTHPORT Chicago-based Logistics Property Company, which specializes in acquiring, developing & managing logistics real estate, purchased Southport Logistics Center located near I45 & I-20 near the Union Pacific Intermodal. The center is located on 252-acres & currently includes 1.5 million sf in two buildings. Upon completion the development will include 8.6 million sf. 400,000 sf was reportedly just leased in the center to a Fortune 100 company. Kacy Jones & John Hendricks with CBRE will handle leasing for the remaining space in the park. JANUARY 2019
William Fehmer has been hired as the managing director for Richmond, VA-based Commonwealth Commercial Partners’ Houston office.
HOUSTON RANKS 1ST IN U.S. FOREIGN EXPORTS AS MAJOR PORT ENTRY FOR TEXAS & MUCH OF MIDDLE AMERICA. TEXAS LEADS THE NATION IN NUMBER OF FOREIGN TRADE ZONES.
CYPRESS, TX STAR FURNITURE & LANDMARK INDUSTRIES LEASE SPACE Star Furniture & Mattresses & Landmark Industries leased space at the 70,000 sf North Cypress Landing Center which is a redevelopment of a former Randalls grocery store. The landlord was represented by Jeﬀ Warwick with Williamsburg Enterprises & Star Furniture was represented by Nick Hernandez & Crystal Allen with Transwestern. Neal Wade & Lunden McGill with Baker Katz represented Landmark Industries.
HOUSTON MAA BUYS SPRING BRANCH LAND FOR APARTMENTS Memphis- based Mid-America Apartment Communities (MAA) purchased 9.2 acres at the northeast corner of Long Point Road & Knoll for the development of a high-end 300 unit apartment project. The property was purchased from BlackSwan Investment Partners and was formerly the location of the Spring Branch Medical Center. LOGISTICS PROPERTY COMPANY IN SOUTHWEST HOUSTON Chicago-based Logistics Company is building CityPark Logistics Center on 97-acres at Hwy 90 & the Sam Houston Tollway. At build-out the development will include 1.7 million sf in seven buildings. John Talhelm & Kevin Erck with JLL will be leasing the project. GABLES RESIDENTIAL BUILDING HIGH-RISE ON WEST CREEK/WEST LOOP Gables Residential has broken ground on their first high-rise residential project located on West Creek at the West Loop. Upon completion the project will have 295 units averaging 1539 sf. 44
FINIAL & SENTERRA BUILDING INDEPENDENCE BUSINESS PARK According to Keith Bilski of Houstonbased Finial Group, his company is building a 145,185 sf business park on McHard Road near Beltway 8 with Houston real estate holding company, Senterra. The first two buildings of the project are expected to deliver third quarter of 2019.
MARATHON OIL BUILDING ON I10 & BELTWAY 8 Marathon Oil plans to relocate their offices to a new building at the southeast corner of I10 & Beltway 8 next to CityCentre when their lease expires at Marathon Tower, 5555 San Felipe, in late 2021.
HUMBLE, TX HILLER RESTORATION LEASES 35,000 SF Hiller Restoration leased 35,000 sf at Parc Air 59 at 18710 Eastex Freeway. Allison Bergmann, Nathan Wynne, Beau Kaleel & Jason Dillee with Cushman & Wakefield represented the landlord, Jackson Shaw & Caldwell Cos. represented the tenant.
ASTRODOME TRANSFORMATION Ryan Walsh, executive director of the Harris County Sports & Convention Corporation expects to present plans to the Texas Historical Commission in April 2019 for the transformation of the Astrodome to a modern events center. Interior demolition is expected to take approximately nine months with renovation expected to be complete in 2021. M-K-T REDEVELOPMENT Q2 2019 Houston-based Radom Capital & Triten Real Estate Partners plan to start the redevelopment of the 200,000 sf industrial property at North Shepherd & 6th Street into a mixed-use retail project during the second quarter of 2019. Scott Arnoldy heads up the Triten team & Steve Radom heads Radom Capital. MERCER LEASES 19,481 SF AT MARATHON TOWER Mercer Advisors, who acquired Kanaly Trust in 2016, leased 19,481 sf at the Marathon Oil Tower located at 5555 San Felipe. Elliott Hirshfeld with CBRE represented the landlord, M-M Properties & Vince Gyorgy & Brad Marnitz with NAI Partners & Liam Murphy with Hayes Commercial represented Mercer Advisors & Kanaly Trust.
ONLINE HOME FURNISHINGS/DÉCOR LEASES 103,635 SF Wayfair, an online home furnishings/ décor retailer, leased 103,635 sf at Gateway Northwest Three located at 20510 Hempstead Road. David Hudson represented the landlord, Duke Realty & Patrick Rollins with CBRE represented the tenant. THE AZTEC FUND BUYS WESTWAY PLAZA Mexico-based The Aztec Fund, purchased the 313,240 sf Westway Plaza office building located at 11330 Clay Road. Jeﬀ Hollinden & Dane Peterson with HFF represented the seller, Transwestern Development Company. HENEK FLUID LEASES 21,000 SF Henek Fluid Purity Systems Inc leased 21,000 sf at 6633 Lindbergh Street. Chris Caudill & Jake Wilkinson represented the landlord, R. Pennington Investments LP, & Jeﬀ Peltier & Barrrett Gibson with Colliers represented the tenant. ENERGY CENTER FIVE FOR MCDERMOTT INTERNATIONIAL Houston- based McDermott International is reportedly in discussion with Trammell Crow & CBRE regarding leasing Energy Center Five, the 524,397 sf office building which was constructed in 2016 & has never been occupied. The building is located at 915 N. Eldridge Parkway. MATTRESS FIRM 25 HOUSTON LOCATIONS Mattress Firm has completed its restructuring after filing for bankruptcy with a list of 25 stores they are closing in the Houston area. They will have approximately 2600 remaining locations.
BAR LOUIE COMING TO LA CENTERRA Bar Louie will open their fifth location in LaCenterra at Cinco Ranch. Bar Louie Katy is the second franchise location being developed by 230 Restaurant Group. Joan Colllum with Collum Commercial represented the developer.
SUGARLAND, TX IMPERIAL MARKET DEVELOPMENT STILL UNDERWAY BancorpSouth reportedly sold their $13.9 million note on the US 90 Imperial Market property to SLP-90A Ltd in an October 2nd foreclosure auction. Geoﬀrey Jones with Imperial Development Group, the project developer, indicated that they plan to secure a construction loan to continue the project CENTRAL UNIT PRISON TO BECOME BUSINESS PARK The city of Sugar Land has approved spending $900,000 for road & drainage to facilitate construction of a 121-acre business park at the site of the old Central Unit Prison on Texas 6 & US 90 A.
THE WOODLANDS, TX BERKADIA SELLS BROADSTONE SIERRA PINES Ryan Epstein & Jennifer Ray with Berkadia Houston handled the sale of the 341-unit Broadstone Sierra Pines apartment project located at 1615 Sawdust Road. The seller was Alliance Residential Company. Financing was handled by Tucker Knight & Nicholas Murphy with Berkadia Houston.
29 Abraham & Co Realtors ................ 24, 25 Adkins Properties Company ................. 19 Alamo EDC ................................................ 19 Bearden Investments ............................ 21 Berkadia ...................................................... 3 Capital Retail Properties ..................... 29 Cedar Hill EDC 1 - North Texas, ............ 13 City of McAllen 1 - Central South Texas, 33 City of McKinney ....................................... 2 City of Seabrook ....................................... 5 District West 1 - South East Texas Equity Secured Investments ................. 21 Greenberg & Co. ..................................... 23 Hankamer Commercial Brokers, LLC .... 31 Insurance Claim Recovery Support LLC .... 18 KW Signature ............................................ 23 La Marque EDC .......................................... 7 National Environmental Services, LLC ... 47 Oldham Goodwin Group ................ 27, 32 Phase Engineering ................................. 34 RE:VIVE ..................................................... 15 Real Estate Summits ............................ 8, 9 Riverway Title ............................................. 16 Showalter Law Firm .................................21 Signco America ....................................... 48 South Texas Surveying Associates, Inc. .... 32 Tarantino Properties Inc. ........................ 17 The J. Beard Real Estate Company ...... 11 The Real Estate Council - Greater Ft. Worth ... 31 Thomas Hitchcock Interests ................. 27 ULI Houston ............................................. 31 AA Realty Company ..............................
The Institute of Real Estate Management (IREM®) Houston Chapter is pleased to announce the new Officers for the 2019 Executive Council. JANET SHIPLEY, CPM® CBRE, AMO® Chapter President Chapter President Janet Shipley, CPM will be installed at the IREM January 2019 luncheon. She has served in numerous capacities for the Chapter and earned her Certified Property Manager® designation in 2013. For CBRE, she serves as Associate Director overseeing 3.6 million square feet including the AIG Houston Portfolio. Janet began her commercial real estate career in 1990 in Houston.
SHERYL GREEN, CPM® Camden Property Trust, AMO® Chapter Treasurer KACI HANCOCK, CPM®, ACoM Wulfe Management Services, Inc. President-Elect
ROBERT TYLER, CPM® JLL Vice President of Education
NATALIE WOODARD, CPM® Accesso Services Vice President of Services ERIN HOLLAND, CPM® Stream Realty Partners, L.P., AMO® Vice President of Membership
KIM HANNIGAN, ACoM Transwestern, AMO® Vice President of Communication GREG SHERMAN, CPM® Brookfield Properties Member-At-Large
STEPHANIE SIDES-SEMBERA, CPM® Transwestern, AMO® Vice President of Legislative
LAURA HARVEY, CPM® Stream Realty Partners, L.P., AMO® Member-At-Large STEPHANIE SWANSON, CPM® Transwestern, AMO® Immediate Past President
2019 Editorial Calendar 50,000+ PRINT & DIGITAL DISTRIBUTION
Market Focus & Sub Focus
Retail / Land / Development
Office / Industrial Trends & Hot Spots
Ad Deadine *Bonus Distribution Dec 12, 2018
Jan 11, 2019
- RECon Texas - Trailblazers CRE Summit - RECA KnockOut Night - CCIM Forecast Competition - BOMA Southwest Region Conference
Retail / Vacant Land / Texas Development Texas Economic Development
Feb 12, 2019
Vacant Land / Industrial Industrial Hot Spots
Mar 13, 2019
- Texas A&M Land Markets Conference
Retail / EDCs / Vacant Land Texas Economic Development
Apr 12, 2019
- BOMA Dallas Trade Show
- CCIM & CREW Austin Real Estate Summit
- RECon Las Vegas
Land / Industrial / Office / Texas Hot Spots
May 13, 2019
Land, Retail / Texas Economic Development
Jun 13, 2019
Retail Recap Texas Economic Development
Jul 12, 2019
Land / Texas Development Opportunities September Hot Spots
- NTCAR Expo
Aug 13, 2019
Industrial / Office Service / Land Hot Spots
Sep 13, 2019
Retail / EDCs Texas Economic Development
Oct 11, 2019
Vacant Land / Texas Economic Development Hot Spots
- Retail Live! Austin
Nov 13, 2019
Women in Real Estate Summits
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