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2021


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Features Suburban commercial real estate boom continues full steam ahead as Dallas office market struggles Reflecting on the fast-growing Texas city and itsrecreational and amusement offerings.

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‘Go time’ in Fort Worth: City elects new leadership in the midst of explosive growth Fort Worth has grown by 25% since the 2010 census, and is now the 12th largest city in the country.

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Tops in Texas: What to watch for in the state’s industrial markets Even to those who’ve worked in the industrial real estate market for decades, the figures generated in Texas and the United States over the past year are staggering.

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Playing in the ‘major leagues’: Meredith Cullen moves to Cushman & Wakefield, tackles ‘red-hot’ land market In his new role at Cushman & Wakefield, which he joined in January 2021. Meredith Cullen explores the market.

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CCIM July Luncheon: “Houston’s Next Giant Leap: The Ion" A recap of the event.

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Making mapping easy: MapRight offers new tools for CRE pros A profile on the online and mobile mapping platform Scoop

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‘Demand is there’: Retail experts weigh in on the return to normal Even before the pandemic hit, it was clear some national retailers weren’t going to be able to sustain much longer. Eagle-eyed commercial real estate professionals knew what to watch for and when to swoop in.

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CRE Marketplace


Letter from the Editor THE TEXAS COMMERCIAL REAL ESTATE NEWS SOURCE

NATIONAL PUBLISHER Mark Menzies menzies@rejournals.com

MANAGING EDITOR AJ LaTrace alatrace@rejournals.com

STAFF WRITERS Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDnews.com

SENIOR VICE PRESIDENT Benton Mahaffey benton@REDnews.com

EMARKETING DIRECTOR

“It’s time to look ahead at emerging trends and how they will shape commercial real estate across Texas. We’re excited for what comes next.”

Sarah Evans Carter emarketing@REDnews.com

ADVERTISING & CONFERENCE SALES Ginger Wheless  ginger@REDnews.com Tressa Mogas Barzilla tressa.barzilla@rejournals.com Jeff Johnson  jeff.johnson@rejournals.com Jessica Johnson jessica.johnson@rejournals.com

CLASSIFIED DIRECTOR Susan Mickey  smickey@REDnews.com

EVENT COORDINATOR Abby Lestin  abby.lestin@rejournals.com

PRINT & DIGITAL DISTRIBUTION REDnews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US.

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I learn something new every time we work on an issue of REDnews. It’s well known that Texas is quickly growing, but it’s incredible to see exactly how fast some of the municipalities are expanding in size and scope. For this issue, we took a closer look at areas like Frisco and Fort Worth, two regions that are growing at a rate that any metro region in the midwest could only dream of. But exponential growth requires careful planning and development. And with the cyclical nature of real estate, it’s an interesting period in Texas history as the population grows while commercial real estate is also going through a sea change as well. The industrial boom will reconfigure and update supply chains for years to come, while innovative thinking will be needed to kick-start the sluggish office market. We always hear about how business-friendly municipalities are throughout Texas, but there will need to be a lot of new business to provide jobs to everyone moving into the state. And not only new jobs, but we need good jobs, the kind that provide the ability to support a family and contribute to the growing property tax rolls. The demand for industrial real estate offers some hope that a boom in jobs will follow the flood of new development and construction. And as we make our way into the second half of the year, we’ll continue to follow these stories. While the effects of the pandemic are ongoing and continue to be a topic we’re paying attention to, it’s time to look ahead at emerging trends and how they will shape commercial real estate across Texas. The calamity is far from over, but the recovery is well underway, and we’re excited for what comes next. Aj LaTrace, Managing Editor

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Suburban commercial real estate boom continues full steam ahead as Dallas office market struggles BY AJ LATRACE

In June, a group of public and private stakeholders approved a new framework plan to build a $130 million performing arts center at the Hall Park development in Frisco. The new venue would not only bring a large, world-class concert hall to the fast-growing Texas city, but it’s reflective of the investment and interest in Frisco and would become yet another major cultural amenity in a city increasingly known for its recreational and amusement offerings. The plan for the performing arts center is just a drop in the bucket when compared to the investment in Frisco over the last decade. For instance, The Fields mega-development, which will deliver an expansive office park, thousands of new residences, hotels and more on a 2,500-acre site is anticipated to cost upwards of $10 billion. And the development already has a major tenant lined up as the future home of the PGA of America. What’s happening in Frisco is something that other municipalities could only dream of — the city’s population has bloomed from 110,000 in 2010 to roughly 210,000 today. Frisco is frequently cited as the fastest growing city in the country and it’s also home to the 91-acre Dallas Cowboys’ headquarters dubbed The Star, the NCAA Division I football stadium Toyota Stadium, Comerica Center arena, Dr. Pepper Ballpark, the National Soccer Hall of Fame, the National Videogame Museum, and more. All of this in a city of just over 200,000 residents. But there’s more on the way. According to Jason Ford, CEcD and President of the Frisco Economic Development Corporation, his organization is currently working on upwards of 50 prospects at the moment. Ford says that there’s been a tremendous amount of interest in Frisco from corporate heads but the city is also doing the work to be as business-friendly as possible in order to win over as many of these prospects as possible. 6

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“We are seeing developers step forward to rezone and develop new light industrial business park products to support the really hot growth for light industrial, warehousing and e-commerce that we're seeing up in this part of North Texas,” Ford says of the city’s current real estate boom. “On the office side, we have at least a million square feet of development that can go vertical in the next 12 to 18 months to support the really strong demand for office users here.” Ford says that roughly a third of the 50 economic development prospects that they’re working on have short-listed Frisco for corporate headquarters relocations, which could represent up to 12,000 new jobs if all come to fruition. And while other major cities have been struggling with negative office absorption due to the pandemic, Ford says that Frisco has seen 181,000 square feet of positive net absorption in 2020 and there’s plenty more office space in the pipeline. So why is it that Frisco is seeing so much economic activity and new development while other cities are struggling to bounce back from the pandemic? Ford says that it’s a combination of the city leaders’ long-term


vision coming to fruition and also a snowball effect where development that happened a decade or more ago has led to more development and so forth. But there’s also just generally more of interest in smaller to mid-sized markets as competition continues to increase, says Carl Pankratz, President and Managing Director at Blackacre Commercial. “Prefered equity is everywhere,” Pankratz says of the current investment climate. “And it’s not just Dallas-Fort Worth, Houston, or Austin, it’s tertiary markets: it’s Abilene, it’s Lubbock, it’s Tyler.” While Dallas is still struggling with a steep office vacancy figure, the situation has been different further out in the suburbs and edge cities. According to a report from Newmark, Dallas’s overall office vacancy stood at 20% and had -2,721,080 square feet of net absorption at the end of the first quarter of 2021. “You’re starting to see interest in Downtown and Uptown, but as far as new product, there’s been such a boom in the suburbs,” Pankratz says. “In this cycle, you’ve seen so much happen in Frisco and Plano and the major [suburban] corridors.” Not only have prices increased in the Dallas-Fort Worth area, but investment mentality and the main keys to success have also evolved, Pankratz adds. “Specific to apartments, let’s say you’re back in 2010 and 2011 and buying at $60,000, and don’t get me wrong, it was still considered risk, but there was

evidence that the market’s been there before and it could go there again,” Pankratz explains. “Today, we’re in a new stratosphere. I mean, there’s not been a lot of times in history where you’re buying Class C properties in Class C locations for around $125,000 a unit — we’re in a place that Dallas has never been in.” But investors who are eager to jump into the boom need to be cautious while existing, longer term property owners might need to readjust their radar and expectations. It might not be realistic to expect the same gains that happened between 2010 and 2020, and instead, investors need to focus on being a good operator. “If you’ve been involved in real estate for the last 15 years, and let’s say you’ve bought and you’ve sold and you’ve been active in the market, well, your mindset has to be different than what made you successful in some ways because you’re [now] buying at levels that, based on institutional experience, has to give you pause because we’ve never been here before,” Pankratz says of the rapidly rising prices on commercial real estate in the Dallas area. “But I would say that there’s definitely room for new players that have a different outlook on what risk is because at the end of the day, you can look at a spreadsheet and look at your budget and you can see everything that points to this being a successful, but it’s hard to pull the trigger, and even harder to pull the trigger for some people that have done a lot of business.”

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‘Go time’ in Fort Worth: City elects new leadership in the midst of explosive growth BY BRANDI SMITH

“Fort Worth’s growth over the past decade has been tremendous – our population has grown by 25% since the 2010 census, and we’re now the 12th largest city in the country. If this growth continues, Fort Worth is projected to have over 1 million residents by 2025.” Long in the shadow of the ‘D’ of DFW, Fort Worth has emerged into the spotlight in a huge way. “Fort Worth’s growth over the past decade has been tremendous – our population has grown by 25% since the 2010 census, and we’re now the 12th largest city in the country,” says Robert Sturns, Director of the City of Fort Worth’s Economic Development Department. “If this growth continues, Fort Worth is projected to have over 1 million residents by 2025.” Location is a huge factor in that growth. Fort Worth is home to DFW Airport, Alliance and Meacham airports, as well as railways, which are anchored by companies such as BNSF. Major highways in and around the city also simplify travel around the Metroplex. Combined with the state’s pro-business approach and low cost of living, that makes Fort Worth a destination for major companies and the employees who work for them. “With employers like American Airlines, Bell, Alcon, and many others – plus a thriving community of small businesses that are supported and celebrated by locals – there’s a lot of opportunity here,” Sturns says. He adds with so much new talent flooding the market, the city is focused on supporting those individuals as they start their professional lives here. “Some of these people may want to open up small businesses locally, so we want to make sure they get connected to our small business development partners at the Fort Worth Business Assistance Center, to help answer their questions and set them up for success,” says Sturns. “And many of these people are raising families here, which means affordable housing, good schools, and entertainment will be in demand as well.”

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Those will certainly all be important topics for Fort Worth’s City Council. Voters elected four new council members, dropping the average age of the council from 60 to 45. Also sworn in in June was new Mayor Mattie Parker, who at 37 is the youngest leader of a major American city.

Mattie Parker

Robert Sturns

“We all have a fierce love and desire to leave Fort Worth better than we found it,” Parker said at her June 15 swearing-in ceremony at the Fort Worth Convention Center. Parker, an attorney with 15 years of experience in national, state and local public affairs, served as chief of staff to outgoing Mayor Betsy Price. A conservative Republican, she reflected on the sometimes partisan nature of council politics. “The question facing this city isn’t whether we go right or left — it’s how we move forward. My goal is unity,” said Parker. “My purpose for the future and my approach is working together with each member of this City Council.” She also indicated the more youthful council will be ramping up the city’s economy and brand. "It is go time in Fort Worth, Texas,” Parker said. "It’s time for us to meet this moment.”


“Fort Worth is a very unique city with a number of distinct business and growth corridors. While many cities are defined by a certain set of industries or commercial areas, Fort Worth is a place where you really have the ability to tap into a multitude of commercial growth opportunities.” The city’s Economic Development Department will be a huge part of that effort. After all, its focus on growth and job creation has already exhibited results. “We have attracted a number of companies to Fort Worth including Stanley Black & Decker, McLane Foods, Ariat International and Incora Aircraft,” says Sturns. “We also recently announced the relocation of SmartAction corporate headquarters, a technology firm out of California, and have supported the growth of new firms such as Linear Labs, through a new Research & Development tax credit program.” All told, he expects those efforts to result in more than 4,000 new jobs created in Fort Worth over the next few years. Companies such as Rhino Health, Chip1 Exchange and Panoramic Doors have opened new operations within the community due to Fort Worth’s excellent business environment and strong workforce, he adds.

into a multitude of commercial growth opportunities,” says Sturns. “Whether that’s in the established central business district in Downtown, along the Trinity River waterfront, in a high-growth aerospace/transportation hub like Alliance, or in a growing creative area like the Near Southside, a developer has both the space and the ability to do things in Fort Worth that they may not be able to do elsewhere.” This, it’s clear, is just the beginning of what’s possible for this Texas city that’s now making waves nationally. “We’re very excited about Fort Worth becoming the 12th largest city in the country,” Sturns says in summary. “We look forward to capitalizing on its continued growth, which will provide tremendous opportunities for commercial development.”

When the Economic Development Department completed its strategic plan, it also overhauled its incentive policies to better target the types of companies it would incentivize. “We are also focused on growing and supporting our own businesses through creative partnerships, such as our work with technology incubator, TechFW,” Sturns says. “In the past five years, five Fort Worth-based biotech startups who have worked with TechFW have achieved multimillion-dollar exits – the largest of which was the sale of ZS Pharma to AstraZeneca for $2.7 billion.” The city isn’t doing this all on its own, though. Sturns points out that partnerships with the Fort Worth Chamber of Commerce, the Fort Worth Hispanic Chamber of Commerce, and the Fort Worth Metropolitan Black Chamber of Commerce are all instrumental in helping Fort Worth grow its business footprint, as well as attract and retain diverse companies, businesses and talent. “Visit Fort Worth is also a key partner in helping tell Fort Worth’s story, showcasing our city’s nationally-renowned cultural district, thriving food scene, and unique Western heritage to the world,” Sturns adds. All of that effort adds up to what we’re seeing today in Fort Worth: explosive growth and unparalleled opportunities. “Fort Worth is a very unique city with a number of distinct business and growth corridors. While many cities are defined by a certain set of industries or commercial areas, Fort Worth is a place where you really have the ability to tap JULY/AUGUST 2021

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Tops in Texas: What to watch for in the state’s industrial markets BY BRANDI SMITH

Even to those who’ve worked in the industrial real estate market for decades, the figures generated over the past year are staggering. “It’s as red-hot and active as I’ve seen it in my career,” says Reid Goetz, Senior Vice President at Hillwood. “That's both on the demand side and the construction and capital market side.” Goetz is responsible for the industrial development and leasing within AllianceTexas, a 27,000-acre, master-planned and mixed-use development in North Texas that produced 53 million square feet of commercial development to date. “We have land holdings that will allow us to develop another 36 million square feet of industrial,” Goetz shares.

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Since AllianceTexas got its start more than 30 years ago, it had a leg up on some of the new developments hoping to capitalize on the industrial boom, many of which are now running into supply chain issues with materials, including steel. “Steel delivery timetables that were 12-14 weeks prior to the pandemic are now over 40 weeks in certain markets,” says Goetz. “We got ahead of that for Alliance Center East 1, our new 1.2 million square foot spec building, which is also the largest spec building in AllianceTexas’ history.” “... strong leasing demand …” That lag could help the overall market, according to Zachary Taylor, Senior Vice President at Colliers, who specializes in the sale and leasing of industrial real estate with a particular focus in southeast Houston and other markets along the Gulf Coast.


“Q2 2021 is expected to be a record quarter with nearly 11MSF of leasing activity being tracked. This would be the highest number ever recorded for the Houston market.” “Current construction has helped curb new projects, which will allow leasing activity to catch up to recent deliveries,” he explains. “Leasing activity has been strong throughout the state with Dallas leading the way.” For Dalfen Industrial, which specializes in the acquisition, development, and operation of industrial properties throughout the U.S., Dallas and Austin are neck-and-neck when it comes to square feet closed and under contract. Dallas boasts 2.6 million compared to 2.5 million in Austin. “East Dallas Logistics Center (Mesquite), Mark IV (Fort Worth), and Austin Tuscany have all seen strong leasing demand recently with proposals and leases being negotiated in a wide variety of suite sizes,” says Sean Dalfen, President and Chief Investment Officer of Dalfen Industrial. “These projects each speak towards the demand of infill spaces that are close to strong consumer demographics. And even more impactful, the locations and quality of the developments have given leverage to push rents across the board versus competitive spaces in the market.

“We’ve seen a rebuilding of the global supply chains and the industrial distribution space infrastructure, largely driven by e-commerce and consumers who want two-day, next-day, same-day delivery,” says Goetz. “In order to compete and maintain those delivery standards, most Fortune 500 Continued on Page 12>

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Houston is worth mentioning as well, per Dalfen. “Q2 2021 is expected to be a record quarter with nearly 11MSF of leasing activity being tracked,” he says. “This would be the highest number ever recorded for the Houston market. Although Houston’s development pipeline seems robust at nearly 15.5 million square feet, more than 40 percent has already been spoken for and pre-leased.” Dalfen cites Houston as a beneficiary of significant big-box activity. The market’s seen nine leases larger than 300,000 square feet signed since the beginning of March. “... it has to level out at some point …” While big-box development is not necessarily a new trend for industrial, the exponential growth in demand created by the pandemic is.

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see this slowing down,” Goetz says. At least for a while, Dalfen agrees. “E-commerce-related tenants are still in the beginning stages of building out their logistics and distribution networks. As a larger percentage of GDP shifts towards e-commerce-related spending, players will have to continue expanding their logistics needs,” he says. “Additionally, COVID-19 disrupted the supply chain in material ways for many, which has drastically increased onshoring within US corporations.” But if there’s one thing that’s constant about commercial real estate, it’s change. For that reason, Taylor says a downturn is inevitable at some point, explaining “there are too many economic factors affecting real estate.”

Tops in Texas < Continued from Page 11

“[It] has always been cyclical,” he says.

companies had to prioritize their logistics operations like never before.”

“... significant announcements …”

He says, while that change was anticipated, trend timelines for the next four to five years have been accelerated to the next 12 to 18 months due to the pandemic.

In the meantime, those in the game are seizing the opportunities that come their way.

“It has to level out at some point, but in the short-term, we feel that it's hard to

“I am working on a cold storage project with I3 Interests called 3Degree Red Bluff. We are marketing the space to a variety of different cold/frozen tenants from food processing to bulk distribution,” he says, adding that cold storage has emerged as a growing asset class. “Feedback from the market has been very positive.”

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The project consists of a 96,000 square-foot cold-storage warehouse that will be subdivided with a 56,960 square-foot turn-key freezer and refrigeration facility. The remaining 39,040 square feet of insulated warehouse space will be for lease. The site also holds a 2.4-acre pad site for a future drystorage user building. “We hope to have more to announce in the next few months,” says Taylor. Big news is coming out of the North Texas market as well, according to Goetz. “I think that we're going to have some really significant announcements, not only in AllianceTexas, but throughout the DFW market, in the next 30 days or so.”

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“We believe, based on our access to more than 500 companies within Alliance and what we see happening throughout the world, autonomous vehicles will be that next step in the evolution of transportation and delivery,” Goetz says. “That's the program that we're working on within the MIZ.” The MIZ is a unique platform to test, scale and commercialize integrated

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“We believe ... autonomous vehicles will be that next step in the evolution of transportation and delivery. That's the program that we're working on” mobility solutions, both on the ground and in the air, due to its direct access to Fort Worth Alliance Airport, BNSF Railway’s Alliance Intermodal Facility, FedEx Southwest Regional Sort Hub, Amazon Air’s newest regional air hub, and more than 500 global and regional brands. Let’s not forget FedEx Ground Sort Hub, two UPS Sort Hubs, major corporate anchors including Fidelity Investments and Charles Schwab, and more than 162 miles of major arterial, state and federal highway systems.

“AllianceTexas the largest and the most significant opportunity to advance autonomous freight and vehicle delivery in the country,” adds Goetz. It’s simply another example of how North Texas, and Texas as a whole, is leading the way as the U.S. industrial market continues to generate those staggering figures.

REDnews HOUSTON RETAIL & RESTAURANT SUMMIT 2021 THURSDAY, AUGUST 12, 2021 | 8:30 AM – 11:30 AM CST THE BRIAR CLUB, HOUSTON, TX www.rejournals.com/upcomingevents 3 hours of Real Estate Continuing Education Credits has been applied for with the Texas Real Estate Commission

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JULY/AUGUST 2021

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Playing in the ‘major leagues’: Meredith Cullen moves to Cushman & Wakefield, tackles ‘red-hot’ land market BY BRANDI SMITH

“There's millions of square feet of office space on the market. It hasn’t found a bottom yet either because the submarket space is coming on also. So we haven't found a floor.” Meredith Cullen has been interested in the Texas land market since he was a kid, driving around to scout tracts with his father Roy. “That’s what my dad was into and that was his talent: finding out where the path of growth is,” says Cullen, who leads Cushman & Wakefield’s land brokerage team in Houston along with David Cook. Roy passed that talent and passion to Meredith, who’s using it to ignite what is already a red-hot market. “It’s on fire,” Cullen says. “Right now, there’s a lot of opportunity.” That opportunity only exists if you know where to look, like he does. Even then, it’s become a challenge in the past year. “If I could find 500 acres maybe 10 miles past the Grand Parkway between I-45 and US 59, I could sell that all day long for $50,000 an acre,” says Cullen. “Right now, it's just hard to find that product.” What’s driving the demand? He describes it as a perfect storm of behaviors generated by and during the pandemic. First, we all know about the exponential increase in online buying, which created a need for last-mile distribution locations. “I have a lot of clients looking for industrial land and I'm having to go offmarket to try to find these pieces,” Cullen explains.

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Dave Cook

Meredith Cullen

The other factor is how many more single-family homes are going up. The millennial generation, which is larger than baby boomers, used down time during the pandemic to save. If you combine that with historically low interest rates and an influx of stimulus payments, the result is a bidding war for residential land. “When I do find large land lots, I can get it sold immediately,” says Cullen. “I had a property down on 288. I got an offer above the asking price before I even made the flyer.” Another interesting trend he’s noticed is corporate campus redevelopment. As companies reevaluate how their workforce will use space, many are consolidating and offloading traditional office space. “There's millions of square feet of office space on the market. It hasn’t found a bottom yet either because the submarket space is coming on also,” Cullen says. “So we haven't found a floor.” That means his clients are eyeing those properties for potential redevelopment. “I suspect some of those properties will go for the value of the dirt alone,” says Cullen. He’s exploring all this in his new role at Cushman & Wakefield, which he joined in January 2021. He came from Cullen Realty Group, the brokerage firm he founded in 2013.


“When I do find large land lots, I can get it sold immediately. I had a property down on 288. I got an offer above the asking price before I even made the flyer.” “I kinda had to pinch myself when David Cook called me up and asked me if I wanted to be his partner,” Cullen laughs.

“I feel like I was in the minor leagues and I finally got plugged to the major leagues,” says Cullen.

Cook, Cullen’s partner leading Cushman & Wakefield’s land brokerage team, has more than 50 years of real estate experience. Since he joined the firm in 1990, he’s completed more than 4,760 assignments valued in excess of $4.8 billion.

He cites C&W’s research team, which can dig into demographics and help him make a better buy for his clients. He’s also appreciative of executive Melissa Elizondo.

“He's really well-respected, everybody knows him, he's got an impressive track record,” Cullen says of his partner. “I’m really grateful to be here.” Along with a legendary teammate, his position at C&W also comes with resources that just weren’t available when he was on his own.

“She's just been a game changer for me, making everything happen,” Cullen says. “She makes a huge difference.” Those resources will definitely be appreciated as he and the Cushman & Wakefield team navigate the frenzied Houston land market.

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CCIM July Luncheon: “Houston’s Next Giant Leap: The Ion” BY RAY HANKAMER

“Cultivate a diverse community of learning” is the goal of the Ion District, with “quality” as the byword. Speaker: Ann Taylor-The Ion District/Rice Management Company Takeaway: The Ion District comes as another in a long line of public/private partnerships which have contributed over the years to the success of our city, starting with the building of the ship channel, the acquisition of the NASA Manned Spacecraft Center, and many other examples. Rice University has played a central role in the Ion District, as it did in the luring of NASA to Harris County. The Ion District, located on twelve dedicated city blocks (fifteen acres) in Midtown and anchored by the re-concepted Sears department store, will be an incubator for entrepreneurship in start-up concepts by bringing diverse and motivated people together in a pleasant setting. Bullets: • Named by the Financial Times as “a top city of the future”, Houston the home of 22 Fortune 500 companies, needs to continue to attract and support bright diverse entrepreneurial people with futuristic ideas based on clean and sustainable technologies • The Ion District (4201 Main Street) will be a place where ideas and people can meet, and grow together in a nurturing atmosphere • Rice University, named #2 in the US for diversity and #5 for academic quality, will be heavily involved in supporting the role of the District in our city of connecting and linking people for generation of jobs and new enterprises • The Ion District is located halfway between downtown Houston and the Medical Center, two existing hubs of technology and highly educated workers • Greentown Labs Partners is a part of the Ion District and is supported by many of the top names in business • “Cross-pollination” between industrial and tech sectors is one of the basic goals of the District: bring people together and see what synergies result

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• Anchored by the Metro light rail Red Line and its Wheeler Street Station, the District is also bike-friendly and walkable; [future Metro lines are anticipated to connect at this station] • Shade trees, patio cafes and coffee shops, and cutting edge retail will contribute to a “City Centre” type pedestrian-friendly atmosphere, which will be designed to “pull” people into the genial atmosphere, where people can meet and exchange ideas • The Sears Store was iconic in 1939 when it opened in an art deco building with the first escalator in Houston; as currently reconfigured, the building offers 17 ft. high floors, LEEDS certification, and 50,000 SF footprints; space is available for lease • Current occupants include a podcast studio, an entrepreneur training center, and scheduled incubator programs; over 500 events are planned to set the district abuzz, and to attract diverse visitors, accelerating interaction among like-minded people • “Cultivate a diverse community of learning” is the goal of the Ion District, with “quality” as the byword; Houston is already recognized as ‘the hot new city for college grads to start a career’, and the District will be at their disposal

advertiser index Clay & Company............................................................................................ 9 First Warranty Realty................................................................................... 7 La Marque EDC............................................................................................... 2 Lincoln Property Company.......................................................................... 12 Map Right.................................................................................................... cover National Environmental Services, LLC...................................................... 23 Phase Engineering......................................................................................... 18 Spear Minerals............................................................................................... 15 The Real Estate Council - Greater Ft. Worth........................................... 11


Making mapping easy: MapRight offers new tools for CRE pros BY BRANDI SMITH

Who remembers the days of Key Maps? Or, more recently, printing out directions before you headed to a destination? Only in the past 15 years have we been able to rely on applications such as Google Maps, Apple Maps or Waze. "If you think mapping is boring or isn't changing, you're not paying attention," says Steve Roberson, CEO & Founder of MapRight, an online and mobile mapping platform. “You used to have to use a paper map. The ability to see yourself on a real-time map has only existed for maybe a decade.” His company is taking that evolution even further, allowing clients to navigate and build maps whether they have GIS experience or not. “One function on the MapRight mobile app allows a subscriber to send an interactive map to somebody. That somebody can get driving directions to a property and view it themselves without the agent even being there,” Roberson explains. “That person can evaluate the property’s boundary, floodplain and things like that. A feature like that had never really even been thought of except in the past decade.” Roberson unlocked his passion for mapping decades ago as he completed his Master’s in applied geography with a concentration in GIS. “I was always fascinated with real estate and how mapping interacted with it,” he says. After graduating, his professional career began at a real estate firm, but he eventually moved on to a large global renewable energy group. That’s where he got the idea for MapRight. “All of these major groups would purchase mapping subscriptions for their brokers, their agents, and their landmen. Most of the time, those GIS applications were convoluted. They were way too advanced. You almost needed to have a formal degree to really use them and these folks are not formally trained in GIS,” says Roberson. The maps, he says, would come out looking less than professional, which frustrated the brokers and agents, who had just wasted a significant amount of time. “You’d see farms and ranches for sale for millions of dollars, but some of the maps appeared as though they were drawn with crayons,” Roberson laughs. “I remember thinking, ‘You're selling an $8 million piece of property and it looks like a fifth grader drew a map from memory.’ I saw an opportunity there. He started Frontier GIS in 2011, creating custom maps for commercial real estate professionals, but also for folks in the energy, forestry and natural resources industries. “It kept reinforcing this theme of there is a need for people to have maps, but they don’t have a desire to go and get a formal education for mapping because they shouldn’t. That’s not the basis of their job,” says Roberson. It gets especially difficult when someone is smart enough to get a complex data set for something such as wetlands, surface water or the floodplain. Roberson describes it as a ‘great chasm to jump’ to actually apply that data to a map and make it stylistically easy to understand and visually appealing.

He posed a question to himself: “Can I produce an affordable product that will save them an immense amount of time and leave them with a superior product?” He did and called that product MapRight. “Subscribers can add their projects to maps and view that complex data that's really beyond their ability to create, much less style in a professional format,” Roberson says. “That allows them to make maps that they need to do their job as quickly and as easily as possible.” The secret ingredient of MapRight, he says, is allowing people without formal GIS training to access the same capabilities as folks in big shops that have in-house GIS folks available. “We want the small business owner to be able to compete with those folks and have just as good, if not better, visualizations and marketing materials from a geo-spatial perspective,” says Roberson. Using MapRight, subscribers can create and embed interactive maps into a website, while also syncing it with the mobile application. Then when they visit a property, they can see themselves on the map in real time. They can also snap photos and drop a photo point, which will load the photo into the maps. “We create as much of an experience as we can,” Roberson says. “We figure if we give you as much information as we can about the property, it helps the potential buyer formulate a well-rounded and accurate assessment of the property.” He is so confident in MapRight, he offers a free, seven-day trial. (Actually free, as in you will not be automatically billed once those seven days are up.) For more information about MapRight, visit MapRight.com or email Steve at sroberson@mapright.com.

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Stop Spinning Your Wheels! Let Your TEXAS Environmental Consulting Firm Help You Navigate Through Your Environmental Risks.

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Phase Engineering, Inc Environmental Consultants 832-485-2225 www.PhaseEngineering.com


Moss Constructions Promotes Josh Carson to Vice President/Project Exectutive in Dallas

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Moss Construction is pleased to announce they have promoted Josh Carson to vice president/ project executive in Dallas. Carson has been with Moss for three years and started as a project executive. He has more than 17 years of experience in the construction industry. In his new capacity, Carson will oversee all items related to construction operations including staffing, project planning, cost and schedule analysis as well as owner and subcontractor negotiations. He will be involved in all phases of the project from pre-construction through closeout. Carson will be also responsible for the strategic planning, development, pre-construction and completion of utility-scale solar projects. “Moss is proud to expand in the Dallas-Fort Worth market and contribute to the skyline with many exciting projects. “Our growth as a company is directly related to the personal and professional growth of our team members,” said Moss’ Executive Vice President Tom Philley. “Josh’s in-depth knowledge of commercial construction and ties to the community make him a valued addition to the executive team.” “I’m thrilled to continue working as project executive for The Urby, an apartment tower in the heart of downtown Dallas, and to spearhead relationships with owners, subcontractors, and employees in this industry,” Carson said. “I’m grateful to my mentors at Moss and look forward to finding new opportunities for expansion and serving the community.” Carson holds a Bachelor of Science in Construction Science and Construction Management from the University of Oklahoma. He is the TEXO Education Foundation Board Chairman, part of the University of Oklahoma Construction Science Advisory Board, and also serves on the advisory board for the Collin College Construction Management Advisory Committee.

Scenes from San Antonio BOMA OPEN Golf Tournament on May 7 2021 at Tapatio Springs Golf Resort

at Tapatio Springs Golf Resort

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PARTNERS CENTRAL SOUTH TEXAS ORGANIZATIONS Austin ACRES (Austin Commercial Real Estate Society), austin-acres.com

IREM Austin, iremaustin.org

Austin Apartment Association, austinaptassoc.com

IREM San Antonio, iremsanantonio.org

BOMA Austin, bomaaustin.org

RECA (Real Estate Council Austin), reca.org

BOMA San Antonio, bomasanantonio.org

RECSA (Real Estate Council San Antonio), recsanantonio.com

CBA Austin (Commercial Brokers Association), cbaaustin.org

San Antonio Apartment Associations, saaaonline.com

CCIM Central Texas, ccimtexas.com

SIOR Austin/Central Texas Chapter, my.sior.com/communities

CCIM San Antonio/South Texas, ccimsa.com

STCAR (South Texas Commercial Association of Realtors), stcar.org

CREW Austin, crewaustin.org CREW San Antonio, crew-sanantonio.org

TABB – Austin (Texas Association of Business Brokers), tabb.org/austin_chapter.php

CTCAR (Central Texas Commercial Association of Realtors), ctcaronline.com

ULI San Antonio, sanantonio.uli.org

ULI Austin, austin.uli.org

NORTH TEXAS ORGANIZATIONS BOMA Dallas, bomadallas.org

IREM Fort Worth, fortworthirem.org

BOMA Fort Worth, bomafortworth.org

Ladies in CRE, ladiesincre.com

CCIM – North Texas, ntccim.com

NAIOP – North Texas, northtexasnaiop.com

CORENET North Texas, northtexas.corenetglobal.org/home

NTCAR – North Texas Commercial Association of Realtors, ntcar.org

CREW Dallas, crew-dallas.org

Tarrant County Apartment Association, aatcnet.org

CREW Fort Worth, crewfw.org

TREC Dallas, recouncil.com

Dallas Apartment Association, aagdallas.com

TREC GFW, recouncilgfw.com

Greater Fort Worth Assoc. of Realtors, gfwar.org

TABB Dallas/Ft. Worth, tabb.org/dallas_ft_worth_chapter.php

IREM Dallas, austin.uli.org

ULI North Texas, dallas–fortworth.uli.org

SOUTHEAST TEXAS ORGANIZATIONS ACRP – Assoc CRE Professionals, acrp.org

FBSCR – Ft. Bend Society CRE, fbscr.com

BACREN – Bay Area CRE Network, bacren.us

Greater Houston Partnership, houston.org

BOMA Houston, bomahouston.org

Houston Apartment Association, haaonline.org

CCIM Houston/Gulf Coast, ccimhouston.org

Houston Real Estate Council, houstonrealestatecouncil.org

CORENET Houston, houston.corenetglobal.org/home

Houston Realty Business Coalition, hrbcpac.org

C.R.E.A.M. The Woodlands, creamtx.com

IREM Houston, iremhouston.org

CREMM – CRE Millennial Misses, houstoncremm.com/events.html

NAIOP – Houston, naiophouston.org

CREN Gulf Coast, crengulfcoast.com

TABB Houston, tabb.org

CREW Houston, crewhouston.org

ULI Houston, houston.uli.org

Contact Mark Menzies to have your organization listed: menzies@rejournals.com


‘Demand is there’: Retail experts weigh in on the return to normal BY BRANDI SMITH

“I think that we're about to see a resurgence of retail demand because people are out and about and doing stuff again.” Even before the pandemic hit, it was clear some national retailers weren’t going to be able to sustain much longer. Eagle-eyed commercial real estate professionals knew what to watch for and when to swoop in. Exhibit A: Preston Shepard Place, a 361,780-square-foot community retail center in Plano. “This is a perfect example of a series of national retailer bankruptcies impacting a center that is quality real estate, but had too much exposure to non-performing tenants. This center was home to SteinMart, Babies R Us, Nieman Marcus Last Call, Pier One, and Avenue, all of which filed for bankruptcy,” says Andrew Van Tuyle, Senior Managing Director of Investments for LA-based BH Properties. “BH Properties was able to acquire the asset quickly with all cash and non-refundable money Day 1.” It’s an easy lesson in tenant survivability, believes Nick Tarantino, who leads the brokerage division for Tarantino Properties, learned years ago. “Pandemic or not, there are always certain retailers and certain segments of the market that have issues. We felt like the businesses that were marginal or had a reason to close closed during the pandemic,” he explains. “What has emerged is tenants that are still there that weathered the storm, that figured it out, are doing well. They’re successful.” That, Tarantino adds, creates a base level of tenancy upon which retail properties can add groups that are ready to expand. He says Tarantino Properties works with a mix of local mom-and-pop, regional and national tenants. The company also takes a very tenant-by-tenant, property-by-property approach. “Portfolio-wide, occupancies are pretty darn good for retail and demand is there,” says Tarantino. Van Tuyle echoes that, saying he’s starting to see leasing momentum return to the market.

Nick Tarantino

Andy Van Tuyle

“New leasing was virtually non-existent for about a year, but now that there is some light at the end of the tunnel, retailers appear to be more bullish and taking advantage of some well-located vacancies that were not available pre-pandemic,” he says. “Restaurants have definitely embraced the outdoor patios and I think more focus will be placed on mobile orders and deliveries when tenants are designing new sites.” Along with retail tenants getting more active, so are their customers. After a year cooped up due to shutdowns, shoppers are coming back out. “I think that we're about to see a resurgence of retail demand because people are out and about and doing stuff again,” says Tarantino. And every day, there are more people in Texas. The state grew nearly 16 percent between 2010 and 2020, according to recent U.S. Census Data -- more than any other state in the country. “Dallas and Austin have seen so much population growth recently that I would expect their retail to perform well overall,” Van Tuyle says, adding that while Houston has been one of the strongest retail markets in the country, he wouldn’t be surprised to see some struggles in submarkets. “So many people move here, that population growth fuels a huge demand for retail,” Tarantino agreed. “Texas is not a troubled market.” It’s the opposite, in fact. Van Tuyle shared that BH Properties is looking to acquire an additional $100 million in 2021 in retail assets in the western U.S., specifically in Texas. “Retail is interesting though because you could have the wrong location in a great submarket and struggle,” he says. “Understanding the dynamics of what makes a site good, bad, or great is extremely important to the success of your tenants.” That serves as an important reminder at any time, but especially as the retail market emerges from what might be one of its biggest challenges to date.


CRE MARKETPLACE BROKERAGE FIRMS

CMI BROKERAGE 820 Gessner, Suite 1525 Houston, TX 77024 P: 713.961.4666 Website: cmirealestate.com Key Contacts: Trent Vacek, tvacek@cmirealestate.com; James Sinclair, jsinclair@cmirealestate.com Services Provided: Central Management, Inc. is a full-service commercial real estate firm providing Brokerage Services; Property, Facility, Construction and Asset Management Services; Landlord and Tenant Representation; Land Sales; Receivership and Real Estate Recovery. Services are available for Industrial, Land, Multifamily, MOB, Office and Retail. Licensed in Oklahoma and Texas. Company Profile: Central Management, Inc. (CMI) was founded by Houston real estate professional Vic Vacek in 1978. Our team understands the intricacies of the markets that offer investors an edge both from a leasing and an asset management perspective. Certified AMO® 1984, IREM, CPM, CCIM, NAR, HAR, NALP, ICSC, and TREC. Notable Transactions/Clients: Armada Big Springs Ptnrs, Barbour Invts., Baytown ISD, Core Real Estate, Hoffpauir Estate, JLC Properties, KBR, Prudential, Rawson Blum & Leon, Subway, Texas Hearing Institute, Triple Crown Invts., US Oncology, Vigavi Realty, Walgreens.

FRANKEL DEVELOPMENT GROUP 5311 Kirby Drive, Suite 104 Houston, TX 77005 P: 713.661.0440 Website: Under Construction Key Contact: Bruce W. Frankel, President, brankel@frankeldev.com Services Provided: Frankel Development Group offers over 33 years of experience and expertise in the retail real estate business. Services include tenant representation, shopping center/project leasing, investment sales, land sales, and development services. Company Profile: Headquartered in Houston, Frankel Development Group provides comprehensive brokerage services for its clients throughout Texas with an emphasis on the Houston MSA. The company represents over 25 "best-in-class" retailers and restaurants, 15 property owners, and possesses a skillset and depth of experience unmatched in the marketplace. Notable Clients/Transactions: Notable retailers include Orangetheory Fitness, Burkes Outlet Stores, UBREAKIFIX, Escalante's Fine Tex-Mex & Tequila, Three Dog Bakery, Fred Astaire Dance Studios, Pump it Up, WaveMax Laundry, and Rush Cycles.

FRIEDMAN REAL ESTATE 34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lender-focused bankruptcy, receivership and distressed asset services. All services are provided in-house, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace. Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country. Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions. Notable Transactions/Clients: Over $800M in transaction volume including some of the largest individual sale and lease deals recorded in 2020.

For advertising opportunities in this section, please contact Susan Mickey at smickey@REDnews.com or 773.575.9030 22

JULY/AUGUST 2021

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS ALSTON CONSTRUCTION COMPANY 1300 W Sam Houston Pkwy S, Suite 225 Houston, TX 77042 P: 713.904.2899 10440 North Central Expressway, Suite 720 Dallas, TX 75231 P: 214.363.0551 Website: alstonco.com Key Contact: (Houston) Nick Dwyer, Director of Business Development, ndwyer@alstonco.com (Dallas) Brittany Schneider, Director of Business Development, bschneider@alstonco.com Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects. Company Profile: Alston Construction is celebrating 35 years of excellence in 2021, and we believe our success comes from being a true partner. With 21 offices nationwide, we have market knowledge throughout the country, which provides clients with the best building methods and materials available. Our goal is to provide quality, cost efficient projects that leave a positive experience for our clients and their communities. Notable/Recent Projects: Park 249 - 817,920 square feet LEED tilt-wall warehouse facility park including interior finishes for Amazon in Houston, TX; McKinney National Business Park – 150,000 square feet warehouse/distribution tilt-wall facilities in McKinney, TX; Restaurant Depot – 59,565 square feet pre-engineered metal retail building with cold storage in Pasadena, TX; Valley View Lane Warehouse – 160,000 square feet warehouse/distribution facility in Farmers Branch, TX

CADENCE MCSHANE CONSTRUCTION 5057 Keller Springs Road Suite 500 Addison, TX 75001 P: 972.239.2336 F: 972.239.1214 Website: cadencemcshane.com Key Contact: Will Hodges, President, whodges@cadencemcshane.com Services Provided: Cadence McShane Construction Company offers over 30 years of experience providing design-build, construction management at risk, preconstruction and general construction services on a national basis. The rm’s diverse expertise includes specializing in the Education, Multifamily, Senior Living, Commercial and Industrial market sectors. Company Profile: Headquartered in Dallas, Texas with regional offices in Austin, Texas, Houston Texas, and San Antonio, Texas, Cadence McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is the builder of choice in the state of Texas and its surrounding region as it deploys a culture of relentless service with an entrepreneurial spirit that originates from inside of each individual and helps constantly deliver reliable results of excellence. Notable/Recent Projects: Hermosa Village Apartments –Leander, TX – 238 modern farmhouse inspired garden-style units, offering one- two- and three- bedroom options.

DEVELOPERS PROLOGIS 2021 McKinney Ave., Suite 1050 Dallas, TX 75201 P: 847.420.8321 Website: prologis.com Key Contact: Kate Rutherford, Regional VP, krutherf@prologis.com Services Provided: Prologis provides approximately 1,600 real estate professionals worldwide with extensive local market knowledge and development expertise to meet complex logistics and distribution requirements. Customers include third-party logistics providers, transportation companies, retailers and manufacturers. Company Profile: Prologis, Inc. is the global leader in logistics real estate with a focus on highbarrier, high-growth markets. As of September 30, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 797 million square feet (74 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,100 customers principally across two major categories: business-to-business and retail/online fulfillment.


NATIONAL ENV RONM ENVI ENVIRONMENTAL RON SERVICES Houston, Texas • Redlands, California

A 360° APPROACH TO E N V I R O N M E N TA L SERVICES National Environmental Services, with offices in Houston, Texas and Redlands, California, is an environmental consulting company, established in 1995, that conducts a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround.

• Phase I Environmental Site Assessments (AAIs-ASTM E 1527-13)

• RSRAs (Records Search with Risk Assessments)

•Transaction Screens (ASTM E 1528-06) • Phase II Subsurface Investigations •Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency)

• Remediation and Corrective Activities

• Indoor Air Quality/Mold Surveys (Licensed Mold Consulting Agency) • Underground Ground Storage Tank Testing Services

• Soil,Water, and Air Testing Services

National Environmental Services 5773 Woodway Dr, Suite 96, Houston, TX 77057: Phone (281) 888-5266 700 East Redlands Blvd, Suite U618, Redlands, CA 92373: Phone (951) 545-0250 Toll Free: (833) 4-Phase1 www.nationalenv.com • www.gabrielenv.com


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REDnews Summer Issue - July/August 2021  

Professional Commercial Real Estate Magazine including properties, articles, advertisements. and industry calendars

REDnews Summer Issue - July/August 2021  

Professional Commercial Real Estate Magazine including properties, articles, advertisements. and industry calendars

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