June 2022 REDnews Magazine

THE TEXAS COMMERCIAL REAL ESTATE NEWS SOURCE | JUNE 2022

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Features

However you describe it, there’s no cooling down the Texas land market Ask Texas land brokers about what the market is like today and you’ll get colorful descriptions that boil down to one thing: competitive conditions.

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‘Excited to go back’: How the office environment became a recruiting tool In today’s job market, some employers are leaning into a new recruiting tool, something that has historically simply been a mundane and overlooked factor when trying to lure new talent: the office.

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Annual REDnews Houston Commercial Real Estate Summit A recap of the event.

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THE TEXAS COMMERCIAL REAL ESTATE NEWS SOURCE

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SENIOR VICE PRESIDENT Benton Mahaffey benton@REDnews.com

STAFF WRITERS

However you describe it, there’s no cooling down the Texas land market

BY BRANDI SMITH

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

EMARKETING DIRECTOR Sarah Evans Carter emarketing@REDnews.com

ADVERTISING & CONFERENCE SALES 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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2537 S. Gessner, Ste. 126 Houston, TX 77063

David Cook Cushman & Wakefield

Meredith Cullen Cushman & Wakefield

Rex Glendenning REX Real Estate

"White hot.”

“Very active.”

“Extremely strong.”

“Unparalleled.”

Ask Texas land brokers about what the market is like today and you’ll get colorful descriptions that boil down to one thing: competitive conditions even those with decades of experience haven’t witnessed in their career.

“I’ve never seen the market as a whole have this much momentum in synergy and velocity,” says broker Rex Glendenning, Owner of REX Real Estate. “Over the past four decades, certain sectors of the market have been extremely hot, but I’ve never seen all the different sectors of the real estate industry have the type of momentum we have here right now.”

Glendenning, who started REX back in 1987, thinks the post-pandemic development cycle may have pushed markets such as Dallas-Fort Worth and Austin a whole cycle ahead.

“What may have taken six to eight years has happened in two or three years,” he explains. “Families are moving to Texas. New companies and corporations are building their headquarters here.”

Those new people are being lured by the lack of state income tax, as well as Texas’ pro-growth and prodevelopment mentality, Glendenning adds. Combine that with great schools and infrastructure and Texas ends up on the “wish list,” he suggests.

“We’ve created something that is a viable, positive component: live, work and play. We’ve got a lot going on by virtue of having worked hard over the past several decades,” says Glendenning.

The influx of new Texans is creating demand in sectors such as industrial, single-family, multifamily and office.

“I think someone took their foot off the clutch and then slammed it in road gear,” Glendenning says of

the land demand in North Texas. “It surprised even some of the brightest, sharpest and most experienced minds in real estate.”

The result is a fiercely competitive market where brokers in all sectors are bidding for the same tracts.

“It's interesting to see the industrial developers and the master-planned community developers competing for the same land,” says Meredith Cullen, who leads Cushman & Wakefield’s land brokerage team in Houston along with David Cook. “I never thought I'd see that happen.”

In the Houston area, Cullen says, the industrial/land sector is the hottest sector. Industrial developers are competing with everyone. For the 100-acre to 500-acre tracts, industrial developers are competing with the singlefamily residential developers. When industrial developers scale down their search in the 10-acre to 50-acre range they are able to compete against the multi-family developers and some retail developers. On top of that you now have a new sector called “built for rent (BFR),” which is also competing for that same 10-acre to 50-acre tract.

“So if you have raw land, there's a buyer for it who will pay top dollar,” Cullen says.

As an example, he offers a recent deal he and Cook closed on 900 acres along SH 288. The property ended up going to a master-planned community developer, but many of the offers were competitive, including one prospective

buyer who promised to put up a non-refundable $1 million on day one.

“That’s competitive,” laughs Cook.

It certainly helps that Houston is the largest U.S. city without zoning, which Cullen says is definitely an advantage.

“Houston’s the least-expensive place to develop in the country,” he says, adding the Cushman & Wakefield colleagues in California have shared that industrial land there is going for upwards of $40 per square foot. “One colleague told us there was an industrial site near Dana Point that sold for $100 per square foot.”

By comparison, even the increasing price points for land in Texas seem like a steal to national and international developers.

“When I first got into the business, Texas wanted to be an internationally known market. Now we are,” says Glendenning. “Anybody in London, New York or Paris would invest money here today without a second thought.”

If you’re interested in learning more about North Texas land opportunities, contact REX Real Estate at (855) 571-0464. You can reach out to the Cook/ Cullen team at Cushman & Wakefield at (713) 963-2888.

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‘Excited to go back’: How the office environment became a recruiting tool

BY BRANDI SMITH

examples of the trend. Additional phases of the mixed use Clearfork development, the new Crescent-Fort Worth project in the Cultural District, and the new Van Zandt building in West 7th all point to demand for newer nicer office options.

In today’s job market, some employers are leaning into a new recruiting tool, something that has historically simply been a mundane and overlooked factor when trying to lure new talent: the office.

“Let’s say a job seeker gets two similar offers when it comes to compensation and benefits, but one company provides a flexible hybrid work environment in a really nice building with amenities, and the other doesn’t,” says James Stein, Senior Director at Cushman & Wakefield’s Dallas office. “Which job would you chose?”

The competitive recruiting in some fields has generated a flight to quality in the office market.

“That concept is pretty straightforward: make going to the office an experience, something that is worthy of an employee’s commute,” Stein says. “Make sure the building and the space are something that, when the employee gets home, they say, ‘“I’m excited to go back.’”

Stein says some of the projects getting started in Fort Worth serve as

“The amount of nicer, newer office product in Fort Worth is somewhat limited, but it does seem like there is demand,” says James Stein Cushman & Wakefield/Dallas Office Stein. “Fort Worth hasn't had a lot of new office development in the past 20 years. I think there's room for it, especially as the population and workforces grow, so we’ll see. My hope is the success of these new developments creates demand for additional Class A development in Fort Worth.”

Data from Cushman & Wakefield backs Stein up. Its research shows demand for Class A office product is on the rise, accounting for 2.2 million square feet

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of leases transacted in Q1 2022. That was also the second consecutive quarter of office occupancy growth for the Dallas-Fort Worth market. It absorbed a total of 192,029 square feet of office in the first three months of the year.

Down I-35, Austin’s low unemployment rate (3.4 percent) is an indicator of how well the office market is doing there. Vacancy rates (20.9 percent) are still higher than pre-COVID levels, but they are expected to drop once employees affected by 2021 lease deals start to move into their new buildings. Class A space is now going for $50.40 per square foot on average, while Class A rates in the Central Business District have risen to $65.12 per square foot.

Asking rates are also up in San Antonio, where the average asking rent is $24.56 per square foot. Compare that to Class A rents in the Alamo City’s CBD: $32.72 per square foot. Cushman & Wakefield research points to steady job growth and declining unemployment as some of the forces behind the city’s 15.1 percent vacancy rate, which is only expected to drop further over the next 12 months.

Photo by Austin Distel for Unsplash

office space is in the works. Meanwhile, other cities such as Austin (4.6 million square feet) and DFW (4.7 million square feet) boast much higher activity. As that new product comes online, Stein is confident it will be used to appeal to workers who have many different options.

Houston, perhaps the Texas office market hardest hit by pandemic shutdowns, may finally be showing signs of recovery. After record negative absorption for two years, Q1 2022 marked nearly net-zero absorption. PreCOVID, that may have been viewed unfavorably, but is today a welcome sign of progress. Leasing activity is increasing as total employment nears pre2020 levels.

“Those companies that are in competitive labor battles want to provide potential workers with a space and an environment that is appealing can be used as another recruiting tool,” explains Stein. “The office can be used as a bargaining chip, just like benefits such as vacation.”

The construction pipeline in Houston is low. Just 782,000 square feet of Location Maps

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The Lubbock MSA (Metropolitan Statistical Area) consists of Lubbock, Crosby and Lynn Counties. The Lubbock CSA (Combined Statistical Area) consists of Lubbock, Hale (Plainview Micro Statistical Area), Hockley (Levelland Micro Statistical Area), Crosby, and Lynn Counties with a 2021 population of 378,409.

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WestMark Commercial 2021 © The statements and figures presented herein, while not guaranteed, are secured from sources deemed to be reliable. This information is subject to changes and withdrawal without notice. THIS PROPERTY IS OFFERED “AS IS, WHERE IS, WITH ALL FAULTS.” Broker is advising reader to conduct its own independent evaluation, valuation and assessment of the property.

JUNE 2022 Alison Blalock, CCIM 806.776.2821 Office ablalock@westmarkcommercial.com

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Karen Higgins, CCIM 806.776.2833 Office khiggins@westmarkcommercial.com 4105 84th Street, Lubbock, TX 79423

Annual REDnews Houston Commercial Real Estate Summit

BY RAY HANKAMER

Left to right: Jay Nowlin, Boxer Property Company, Bob Cromwell, Moody Rambin, John Herring, FUSE Workspace, John Braun, CCIM, CPM, Bayou Properties Realty & Management, LLC, Steven M. Seltzer, Sheridan Commercial Real Estate Advisory Group, Bryant Lach, JLL

prospective tenants; to make up for only slightly compressing rates, landlords are offering bigger and better TI packages • Houston does not have the ‘hub and spoke’ commute into the CBD like other cities, with our decentralized office clusters; the CBD is fighting to retain employees who yearn to office now closer to their residences; companies overall are downsizing and moving west • The general trend now seems to be work three days in the office and two from home • Due to long permitting times and other construction and materials issues, it can take 9-12 months from conclusion of a lease negotiation till space is built out and ready for move-in by tenant

Office Market Update-State of the Market Moderator: Jay Nowlin-Boxer Property Company Panelists: Bob Cromwell-Moody Rambin; Bryant Lach-JLL; John Braun-Bayou Properties Realty & Management; John Herring-FUSE Workspace; Steven M. Selzer-Sheridan Commercial Real Estate Advisory Group

Ray Hankamer

• Easy parking is required, and landlord must keep up with fast tech changes required by tenants; electric vehicle charging stations are becoming a ‘must’ as we transition to EVs; by 2030 a large percentage of tenants will come to work in an electric vehicle • Some office buildings will be offering circular shuttle routes between 11:30 and 1:30 to access nearby food outlets

The Takeaway: This sector continues to reorganize itself, as some companies relocate to the west side of town, to be near employees. Building interior configurations follow changing tenant desires, incorporating new amenities to attract workers from home back into the office.

• Co-working/flex space is more and more popular

Bullets:

Industrial Real Estate Update-State of the Market

• We have had three quarters of positive absorption, with 800,000 SF absorbed in first quarter • The ‘war for talent’ continues, as employees used to two years or so of working from home wield their leverage • Leading indicators are now positive; energy companies, a mainstay of Houston office tenancy, are hiring in the field and not yet in the office • Rates remain flat but landlords are offering lots of other concessions to 10

• Amenities offered by landlords must be first class, as in fitness centers, wifi coverage, and access to in-building food service, either with dining operations or highly facilitated food delivery arrangements with nearby restaurants; outdoor patio spaces for tenants to relax and mingle are in demand; high profile conference rooms operable by ‘touchless’ apps are the latest thing

JUNE 2022

• All new offices with the latest in amenities are at 95% occupancy-there is a flight to quality, and many tenants are downsizing somewhat under the new scenario; new office development is more expensive but also more likely to fill up than old product that has been renovated

Moderator: Jane Nodskov-ICO Commercial Panelists: James Melody-The Hanover Company; Peyton Easley-ICO Commercial; Tommy Erwin-Moody Rambin; Woody Hillyer-Stream Realty Partners The Takeaway: High occupancies and continued high demand drive this sector to new heights. Investor demand for stabilized properties is strong.

Houston still offers top notch buildings for somewhat lower prices than many other cities nationwide. The ‘boxes’ themselves are becoming larger Continued on Page 12>

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is a huge cost to logistics tenants-larger in their big picture than rent…so the pressure remains to find warehouse space near the consumer • The SW is hot-Ft. Bend County, Sugar Land, Richmond-Rosenberg as rooftops and planned communities pop up in this submarket • 20% of Houston’s industrial inventory has been built in last three years • NW is extremely tight, and Grand Parkway is booming with industrial, with 8-10% annual rent growth • “The wind is behind our sails in Houston industrial.”

Emily Durham, JLL, Eric Lestin, Cushman & Wakefield, Lilly Golden, Evergreen Commercial Realty, Steven Stone, KM Realty Investment Trust, Nathaliah Naipaul, CCIM, XAG Group, Mike Pittman II, Cushman & Wakefield.

Forecast < Continued from Page 10

• There is no threat of overbuilding as long as e-commerce continues to grow

and more specialized, and tenants are ingenious in learning how to utilize every single cubic foot.

Bullets: • More investor money is chasing fewer properties; national users are surprised a Houston’s relatively lower rates; Dallas cap rates now at 3.5 and Houston at 4.0 • Unlevered big buyers like Blackstone are investing in this sector • Lease rates are going up across the board, as developers need to cover increased development costs, and existing landlords follow along with rent raises on their existing tenants • ALL Houston sub-markets are strong, with Port being extra-solid due to lack of land, while demand for Port storage intensifies; petro-chemical dominates Port demand but petro-chemical plants control much of the land near the Port and are holding onto it for their own possible future expansion • Interior buildout costs have almost doubled in two years • How long can tenants absorb rising rents, while at the same time development costs are outpacing rents?

• Sellers of industrial sites are holding out for higher and higher sales prices • Developers are having trouble securing fixed prices from contractors and some construction elements are scarce and have long lead times; some contractors will only guarantee prices for one week (!)

• Logistics demand for warehouse space is added to the traditional demand from O&G and chemical, and this diversifying is good for our economy • Some closer-in Class C is being redeveloped when possible with modern amenities • Industrial sites are being developed further and further out, but transport 12

• E-commerce is predicted to be 25% of total retail in a couple of years, and it presently stands around 18%...and e-commerce needs distribution centers as close as possible to the end-user

JUNE 2022

• Clear heights that were 24-28 feet now are rising to 30-36 and in some cases as high as 40 feet; for the tenant user, the extra height is disproportionately cheap; “One day robots may take over in a 60 foot box.”

Retail Update: Opportunities and Trends-State of the Market Moderator: Eric Lestin- Cushman & Wakefield Panelists: Emily DurhamJLL; Lilly Golden-Evergreen Commercial Realty; Mike Pittman II-Cushman & Wakefield; Nathaliah Naipul-XAG Group; Steven Stone-KM Realty Investment Trust The Takeaway: The market is tight and landlords are selective as to the tenant and the tenant mix. There is not an abundance of desirable space.

There is some conversion of older buildings ‘with personality’ but there are pitfalls for the developer, and care must be taken. “Retail follows rooftops” and the rooftops are further and further out.

Bullets: • Landlords are working carefully with prospective tenants to educate them to ensure that their move-in goes smoothly and quickly, avoiding problems that novice tenants would not anticipate • Tenants must ‘sell’ their business potential to interest prospective landlords, who can be choosy in this market • Adaptive re-use of older buildings is a slippery slope, but rewarding if it can be done; old buildings-especially former industrial ones-may have sub-surface or different kinds of contamination that are too expensive to remediate; code requirements such as sprinklers may be too expensive for the project to earn a return • The East End and The Heights are full of older buildings with charm; old gas stations are ‘charming’ for conversion to ice houses, for example, but they may have serious remediation challenges Continued on Page 14>

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Forecast < Continued from Page 12

• Tenants like head shops, vape shops, and others are being shunned by landlords in order to maintain a classier image for their centers

• Churches are coming on the market for conversion to commercial use, but sometimes it is cheaper to raze them and start over on a clean site

• Fitness-oriented tenants are on the increase

• Some breweries use old building and renovate only the front end for a brew pub restaurant, thus dodging some strict codes on the part which remains industrial • Reciprocal parking often must be negotiated with neighbors on tight sites; for tricky code adherence challenges some developers hire ‘permit specialists’ who shepherd their permits through the city; getting up to code on old buildings is no small challenge • Landlords are seeing long-established chain stores re-imagining their interiors to stimulate customer experience and delight • Restaurant tenants after the pandemic have seen their to-go business increase from 20% to 60% of sales and to accommodate this often requires extensive capital investment • Retail tenants are learning to make do with less space due to rising rental costs • Coffee chains and other low-cost tenants need high volumes to make it, and competition is huge

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• Tenants are coming to our diverse Houston from many other countries and from many other states, often to test how their product or service appeals to our diverse shoppers • Retail rents are generally lower in Houston than in other cities in the U.S. • Katy and the Grand Parkway are red hot for retail as master planned communities go in there • Baytown and Chambers County are counting more and more residential and therefore are attractive to retailers • Overall Houston area retail vacancies are at 5.4% Apartment Market Overview-State of the Market Moderator: Ken Mendez Panelists: David Aronson-ReFuelEV Services, LLC; Hachem Domloj-CIVE; Itziar Aguirre-CoStar; Kevin M. Kirton-Buckhead Investment Partners, Inc.; Michael Knight-Better World Properties; Ralph Howard-BHW Real Estate Partners; Steven Spillette-CDS Community Development Strategies The Takeaway: Multi-family (MF) is hot nationwide and especially in Houston. Developers are fine-tuning their amenities to facilitate tenants working from their apartment homes, including amenities on the premises of the development such as gathering places for mingling and sports.

Bullets: • Rents have to continue to rise to cover rising development costs and at some point they may be too high for some tenants to pay • MF developers are buying and hoarding materials they fear will be scarce, and just like in the early stages of the pandemic when supermarket shelves were empty, this buying and stockpiling may well be causing or at least adding to the problem of shortages • Appliances, paint, blinds, and mirrors-for example- are in short supply and have a long lead time; lumber is expensive along with other building materials and therefore building starts in 2022 so far have been at a slow pace • Every developer is pre-purchasing and storing materials on site, which often requires paying a security guard • There is more spending on amenities such as ‘work centers’ in the public areas, mud room lockers, high speed data transmission, small meeting rooms for tenants to use, and even pickle ball courts

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• MF developers need to plan for EV charging stations as we switch over to electric cars, of which 600,000 are projected to be in the Houston area by 2030 • Adding charging stations to existing MF developments will require expensive upgrades to their power supply

• In-unit washer dryers are now a must, and landlords must keep their focus on what will be the next WOW! amenity, and which existing amenities have gone out of fashion and should be eliminated

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• Heating the pool can be an attractive amenity, and virtual reality game rooms; creating a resort feel at the pool is the new thing

ABC Realty Advisors..................................................................................... 20

• Working class tenants can reach the point where they cannot pay the rising rents, thus creating a problem, since low-end MF are less profitable for the developer/owner • Houston MF tenants overall are disproportionately high-end, and can pay more • Some tenants who shared to lower expenses and who moved out into their own unit are moving back together to save money in this atmosphere of rent escalation, although overall there is not yet much resistance to rent increases as long as the amenities increase as well • Rents are more affordable in the sunbelt states

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• There is a shortage of affordable MF supply near the booming warehouse growth zones where employees need housing but do not enjoy particularly high wage levels

Phase Engineering......................................................................................... 16 The Real Estate Council - Greater Ft. Worth........................................... 14 WestMark Commercial.................................................................................

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EXCLUSIVE LISTING! • Deep water access ±42 feet deep • Inactive rail spur running thewestern boundary line +2,500 linear feet • ±715 feet of bulkhead • Rights to +/-1,025 linear feet front age along houston ship channel • Approved construction permit to extend dock and bulkhead to 1,215 linear feet • Approved dock is capable of han dling 950’ x 152’ ship • Ship Channel measures ±800 linear feet wide

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JLL Valuation Advisory Hires Managing Director to Lead its Institutional Sector JLL Valuation Advisory announced today that it has hired managing director Tasha Gould, MAI, to lead its institutional sector for its U.S. valuation advisory services and is focusing on providing technology-driven solutions to best serve institutional clients.

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Gould is responsible for managing and expanding institutional client relationships and partnering with sector and market leads to provide superior client outcomes. She now plays a critical role designing and executing a sector growth strategy, building relationships and managing delivery quality. She also plans on recruiting and mentoring team leads and collaborating with technology and operations to improve JLL Valuation Advisory’s platform and drive culture.

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Gould has amassed 19 years of experience in institutional valuations, financial analysis and planning, audit and compliance, strategic partnerships, project management, client relationship building and more. She previously served as director of valuations for Invesco Real Estate, where she led a team of 12 valuation managers and analysts while overseeing valuations for Invesco’s direct real estate. Prior to that, she was the senior appraiser for Principal Real Estate Investors managing the valuation process for their North American portfolio that included office, retail, industrial and multi-housing assets.

She is based in Dallas, Texas.

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April 11th – CREMM Board of Directors Planning Meeting for Pink Party

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REC Greater Ft Worth April 27th Get Together at Bankhead Brewing members

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April 20th - From C​ oncept to Completion Social Event at Palace Social

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REDnews North Texas Real Estate Capital Market Summit

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The 32nd Annual J Golf Tournament

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REDnews Collin County CRE Summit: The Growth of 121 and 75 JUNE 2022

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CRE MARKETPLACE ARCHITECTS/DESIGN-BUILD FIRMS

KDS de stijl interiors 2006 E Cesar Chavez St. Austin, TX 78702 P: 512.457.1332 Website: kdsaustin.com Key Contacts: Jill Laverentz, Principal, jill@kdsaustin.com; Clark Kampfe, Principal, clark@kdsaustin.com Services Provided: Programming & Client Process Analysis – Due Diligence & Building Analysis – Schematic Design – Test Fit & Pricing Notes – Project Scheduling Goals – Consultant Team Formation – Cost Analysis & Value Engineering – Design Development – Construction Documentation – Racking, Commodity, & Equipment Coordination – Permit Processing – Project Management – Construction Administration – Project Budgeting & Cost Tracking – As-Built Documents Company Profile: KDS is a full-service commercial design firm with 30+ years of experience including 25,000,000+ SF of Industrial/Flex and 3,000,000+ SF of Office Projects. We are committed to responsiveness and to providing well designed and implemented solutions. Our extensive knowledge base and adept management of critical milestones creates consistently successful projects.

Notable/Recent Projects: American Canning – Austin, TX – 101,000 SF – Manufacturing & Distribution FlightSafety International – TX & OK – 186,000 SF Combined – Manufacturing GT Distributors – Pflugerville, TX – 58,000 SF – Retail, Office, Fabrication, Storage & Distribution

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, BFrankel@frankeldev.com Services Provided: Frankel Development Group offers over 34 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, BWW GO!, MyFitnessStore.com, The Joint, Modern Acupuncture, Fred Astaire Dance Studios, and WaveMax Laundry.

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

FRIEDMAN REAL ESTATE 10500 Northwest Fwy Suite 220 Houston, Texas 77092 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, guaranteeing 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 13,000 apartment homes throughout the U.S. The brokerage team has over 800 current listings with $20 billion in closed transactions. As owners and managers of commercial property for over 30 years, Friedman understands what it takes to achieve results that maximize objectives.

Notable Transactions/Clients: Alorica, Houston TX One Cornerstone Plaza, Houston, TX Midway Mall, Sherman, TX Community National Bank HQ, Midland, TX Reflection Bay Office Center, Pearland, TX Walgreens, Beverly Hills, TX Dave’s Hot Chicken, Houston TX Stone Canyon Medical Plaza, Temple, TX STRONGTOWER COMMERCIAL GROUP 11015 Northpointe Blvd Ste. B Tomball, TX 77375 P1: 281.733.4077 | P2: 281.229.2148 Website: strongtowercommercial.com Key Contacts: Dawn Brewer, CCIM, Principal, dawn@strongtowercommercial.com; Terrionee Garrett-Solomon, Broker Associate, terrionee@strongtowercommercial.com Services Provided: Strongtower Commercial is a Full-Service Commercial Brokerage that provides multi-disciplinary expertise and the highest level of service that todays educated and sophisticated client’s demand. Whether representing Owners, Buyers, Tenants, Landlords, or Sellers, our services span to all facets of the Real Estate Industry – this includes Office, Industrial, Retail, Investment, Medical, Multi-Family and Land.

Company Profile: Strongtower Commercial is an ever-evolving Real Estate Brokerage operating in the Greater Houston & Dallas Area. Our goal is to maximize value for each of our clients by utilizing our expertise to guide them through any situation that may arise during a transaction. Our Professional Advisors come from all facets of the Real Estate Industry bringing with them the knowledge and experience required in today’s fast-moving market. Our decades of experience and proven dedication to success afford our clients the luxury of always knowing where to turn.

Notable Clients: Notable Clients include: State Farm, Amegy Bank, Cina Pharmaceuticals, Urban Social, Market Street, Trendy Looks, B's Girls Foundation, Gill Aviation, Mr. Shine Powerwash, R4 Specialties, 7 Bridges Capital LLC.

CONSTRUCTION COMPANES/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

NATIONAL ENVIRONMENTAL ENV ENVI RON RONM SERVICES Houston, TTexas • RRedlands, Hou dland 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* • Soil,Water, and Air Testing Services

• Indoor Air Quality/Mold Surveys (Licensed Mold Consulting Agency) • Underground Ground Storage Tank Testing Services* * Performed in Texas in partnership with Terrain Solutions, Inc., Texas Geoscience Firm Registration # 50018

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

PRSRT STD U.S. POSTAGE PAID PERMIT NO. 2436 DALLAS, TX

2537 S. Gessner, Suite 126 Houston, TX 77063 Address Service Requested If this person is no longer with your company, please notify subscriptions@REDnews.com or call 713.661.6300

Gateway to Chinatown and Westchase 13.6 acres NE corner W Sam Houston and Sharpcrest • Shovel ready, full due diligence package • Dimensions: 840’ Beltway, 690’ Sharpcrest • Unrestricted, all utilities • High and Dry! Topo and elevation certificate available

FOR SALE Exclusively ABC Realty Advisors

Mixed Use Site 7.5 acres FM 518/Broadway, Pearland TX Between 288 and Cullen • Direct access to Houston CBD and Texas Medical Center via Highway 288 • Shovel ready • Sell all or part • All Utilities • Not in flood plain • Ideal 2:1 Frontage to Depth Ratio (800’ x 400’) Pad Site 1.19 acres 8015 S Dairy Ashford • Cleared, level, shovel ready • NE corner of Beechnut & S Dairy Ashford • Seller financing, 30% down • Next to Jack in the Box • REA in place • All utilities

5222 Reading Road, Rosenberg TX • west Fort Bend County • Quality new construction, build to suit • Condos range from 1,250-3,750SF • • • 1st of 9 total buildings completed • 4 acre pond with walking path • Available for lease or purchase