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IN THIS ISSUE 18 Features Dallas Fort-Worth Metroplex posts eleven straight years of positive net industrial absorption The industrial real estate boom happening across the country is nothing new in the Dallas-Fort Worth area.


Holiday Shopping & Beyond: What Texas retail experts see in their crystal ball The future has never looked brighter for retail development than it does heading into the 2021 holiday shopping season following nearly two years of, if not dark, then dim times.


Developers’ Dream in South Texas: McAllen thrives as epicenter of the Rio Grande Valley It’s got a booming economy. Business development is at an all-time high, people are hustling and bustling. Welcome to McAllen, a mid-sized Texas border town with a big-city attitude.




Women are Underrepresented in CRE -- Here’s How We Change It It may be 2021, but the gender gap is still alive and well, and Commercial Real Estate (CRE) is no exception. Breathing New Life into Retail What was old is new again in Texas retail as a slowdown in new construction prompted retail developers to get creative to meet demand.


Status Check: Texas retail markets show resolve and growth For the first time in more than two years, commercial real estate professionals, changemakers and innovators will gather in Las Vegas this December for ICSC’s three-day conference



Exponential growth, investment, and planning for the future were key themes at the REDnews Collin County CRE Summit A Recap of the event


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CCIM Luncheon Horizon Tower at Texas A&M Innovation Plaza – Texas Medical Center A Recap of the event 2021 REDnews Houston Women In Real Estate Summit A Recap of the event


CRE Marketplace




STAFF WRITERS Ray Hankamer Brandi Smith



“We’re still in the early part of this new decade. Will it be the roaring twenties that some of us had hoped for? It certainly is for folks in industrial and multifamily across much of the country.”

Sarah Evans Carter

ADVERTISING & CONFERENCE SALES Ginger Wheless Tressa Mogas Barzilla Jeff Johnson Jessica Johnson



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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Well reader, this is it. This is the final issue of REDnews for the 2021 calendar year. And what a wild ride it’s been. When we look back to reflect on this year, it can feel difficult to focus on all that has happened. Industrial has been on a hot streak, and there’s no question about it. Otherwise, it still feels like we’re in somewhat of an in-between or limbo phase still. During the summer of 2020, a lot of us were thinking that the pandemic would long be over by the end of 2021. But little did we know. We’re still in the early part of this new decade, however. Will it be the roaring twenties that some of us had hoped for? It certainly is for folks in industrial and multifamily across much of the country. However, there are still asset classes waiting for a rebound. But with the ongoing hybrid work model, the office may never be the same again. That’s not to say that the office is obsolete -- the role that the office plays has evolved from simply a place for people to do work to a place for collaboration and culture. What was your biggest moment in 2021? What is something you wish you could have done differently? And what do you look forward to most in 2022? Tag us on Twitter at @REjournals and let us know. We’ll be keeping an eye on evolving stories and invite you to continue following along. Thanks as always for reading, for attending events, and for contributing to the conversation. And until the next issue lands, be safe and have a great holiday season.

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Dallas Fort-Worth Metroplex posts eleven straight years of positive net industrial absorption BY AJ LATRACE

And with the current crunch on the country’s already stressed supply chain, that monumental momentum isn’t likely to slow down anytime soon. The current vacancy rate in the Dallas industrial market? Just 4.6%. Overall, 2021 has been a significant year for Dallas industrial. Year-to-date, by the end of Q3, the region has witnessed nearly 30 million square feet of absorption. In Q3 alone, there was 7.25 million square feet of absorption. Around 6.85 million square feet of industrial space was delivered in Q3 and another 31.3 million square feet of new industrial product was still under construction by the end of September.

The industrial real estate boom happening across the country is nothing new in the Dallas-Fort Worth area. In fact, the industrial market has performed so well in the north Texas Metroplex that Q3 numbers in a new report from CBRE indicate that there have been 44 consecutive quarters — or eleven years straight — of positive net industrial absorption.


And of the 31.3 million square feet of new space under construction by the end of the third quarter, nearly a third has already been pre-leased, the report details. So what does this mean? Other major metros across the nation are also putting up big numbers and the level of investment across the east and west coasts, as well as the Midwest, are staying competitive. But with the Dallas area experiencing consistent growth, is it safe to assume that this is the busiest it’s ever been? “The short answer is yes,” says Steve Trese, executive vice president with CBRE in Dallas. “The trailing four quarters of absorption for our market is over 37 and a half million square feet, which is just staggering to think about.” There’s strong fundamentals behind this momentum, Trese adds, and that growth is only expected to continue as more private individuals and corporations relocate to Texas in the coming years. As other major metros saw big job losses and a sluggish recovery from the pandemic, northern Texas hasn’t really missed a beat. The report helps illustrate this momentum and correlation between absorption, new deliveries and total vacancy. For instance, the total deliveries in 2021 are more than 10 times the amount from the same period a decade ago and the overall vacancy rate has plummeted from a high of nearly 30% in 2011 to under 5% today. In 2011, net absorption was roughly 12 million square feet, while the number sits shy of 30 million square feet just in the first three quarters of 2021. Within the Dallas-Fort Worth region, the South Dallas and North Fort Worth submarkets had the greatest net absorption in the last quarter, with 1.87 million square feet and 1.79 million square feet respectively. But over the last 12 months, it’s the North Fort Worth submarket, with a whopping 7.25 million square feet of net absorption that leads the Metroplex. The DFW Airport submarket witnessed 5.83 million square feet of absorption in the same period.




The reason for this boom in construction activity and absorption in South Dallas and North Worth Forth is that it’s where there’s still room to grow, says Trese. Continued on Page 10>


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“The reason that you see most of the construction there is because that's where the opportunity is; all the other major sub markets are effectively built-out,” Trese explains. “You're seeing a lot of pioneering going on, and there's been a huge amount of success in North Fort Worth Alliance where [industrial space] is being chewed through much quicker than anyone anticipated.” But with so much demand and competition for new sites and deals, is there enough room for everyone? And with so many of the submarkets already builtup, what does that mean for existing building stock? “Obviously [industrial] is the most desirable asset class to be in right now. You have office and retail developers switching hats and becoming industrial developers,” Trese says of the trend. “Unless you build a completely functionally obsolete structure, almost anywhere you put [a new building] is going to work right now just because of the demand.” And can this type of growth be sustained for another few years — or perhaps, another 44 consecutive quarters? The CBRE report highlights the Dallas market’s location near major manufacturing across northern Texas and the proximity to the U.S. and Mexico border. However, it’s third-party logistics, e-commerce, and consumer goods that are the primary drivers behind the current boom — both in north Texas and beyond.



Trese adds that at this point in the Metroplex’s timeline, the sites that may have been considered too far away or less desirable just a few years ago are also getting scooped up and leased out. It’s largely to do with how many people have jumped into the game in recent months. “Five years ago, there were maybe 20 developers you could point to in North Texas, and now there’s 100,” he says of the increased competition in the industrial market. “It's just now the industry is splintered. But the market is making relatively new folks to the business look really, really smart, just because the market is so strong and the fundamentals are so good.”

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Holiday Shopping & Beyond: What Texas retail experts see in their crystal ball BY BRANDI SMITH

“We’re looking forward to a continuation of the market stability we’ve experienced in 2021.” Buck Cody

The future has never looked brighter for retail development than it does heading into the 2021 holiday shopping season following nearly two years of, if not dark, then dim times. “We are excited about what the extended holiday shopping season may mean for our retail tenants – especially coming off of a 2020 holiday season where in-store

Eric Lestin

Marshall Mills

shopping was at worst limited and at best very inconvenient,” says Buck Cody, Principal at Endeavor Real Estate Group in Austin. That created pent-up demand that Eric Lestin, Cushman & Wakefield’s Managing Director - Retail Lead, believes will yield a market benefit. “Customers have been and continue to be anxious to shop and dine out and interact with others,” he says. “Many experts foresee retail sales growth to continue.” The extension of the shopping season also has more significance this year due to supply chain restraints and overall availability concerns. “While it is impossible to predict, or at some point understand whether or not more shopping days translates to more dollars spent, we are confident that as a general rule the more opportunities customers have to spend the better off our retail tenants will be,” Cody says. Retail CRE pros are banking on that strong holiday season to carry them into what appears to be a promising 2022.


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“We’re looking forward to a continuation of the market stability we’ve experienced in 2021,” shares Marshall Mills, President & CEO of Weitzman, based in Dallas. “Occupancy increased this past year, helping bring the overall market close to pre-pandemic occupancy. The market strength can be attributed in part to our incredible economy, a national leader in terms of job growth, housing growth and population growth.” Another boon for North Texas: grocer H-E-B is set to open its first three stores in Plano, Frisco and McKinney. “The entrance of H-E-B into our already competitive grocery market will benefit consumers, who will see the major chains upping their games with more options and conveniences to remain competitive,” says Mills, adding that he anticipates more locations to be announced in the coming years. Continued on Page 14>

“Because of both the momentum we are seeing in our market and the development constraints that have always existed in Austin and even in some of the surrounding suburbs we remain bullish on our market and are still out aggressively trying to source and execute projects that we believe the market will support.” Retail

who shares that retailers such as Hermes and other like-minded specialty retailers are entering the market and paying rents never before seen in the capital city.

Just as H-E-B is stepping into the opportunity available in the Dallas-Fort Worth area, retailers from far beyond Texas are setting their sights on some of the Lone Star State’s largest markets.

“We of course didn’t see COVID coming and the subsequent 2020 slowdown. We also acknowledge that COVID notwithstanding we are currently in the midst of an extended cycle, and that at some point the market will soften,” he explains. “That said, because of both the momentum we are seeing in our market and the development constraints that have always existed in Austin and even in some of the surrounding suburbs we remain bullish on our market and are still out aggressively trying to source and execute projects that we believe the market will support.”

< Continued from Page 12

“Our expectation is that retail vacancy in Houston will continue at its current level, that rental concessions will be modest, and retail sales will continue to grow and new entertainment and restaurant concepts from other areas of the U.S. and from other countries will continue to seek opportunities in Houston as well as in Austin, Dallas, El Paso, and San Antonio,” Lestin says.

People are, after all, still moving to Texas in droves. More households mean more potential customers and a bright future for Texas retail.

Austin, for its part, has the potential to “reach new heights,” according to Cody,

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Developers’ Dream in South Texas: McAllen thrives as epicenter of the Rio Grande Valley BY BRANDI SMITH

It’s got a booming economy. Business development is at an all-time high, people are hustling and bustling. Welcome to McAllen, a mid-sized Texas border town with a big-city attitude. “The growth in McAllen is amazing,” comments Rebecca Olaguibel, the city’s Director of Retail and Business Development. “It’s an exciting time to be in McAllen.” While McAllen’s population hovers at just more than 142,000, according to the 2020 U.S. Census, the number of people in town swells each day as an estimated 39,000 commuters drop into town to conduct business, shop, dine, and enjoy the cities amenities. “McAllen has consistently ranked in the Top 20 retail sales tax generators in the state of Texas for the past few decades,” Olaguibel shares. “And, as of 2015, McAllen MSA is now the fifth largest metropolitan statistical area in Texas, surpassing El Paso.” 16


Even the pandemic shutdowns couldn’t dampen the city’s economic successes. “Closing out our fiscal year, we have earned epic retail sales tax revenues,” says Olaguibel. “We’ve seen our numbers go up in both retail sales tax and construction.” They’re expected to jump even higher when fully vaccinated foreign travelers are able to drive across the U.S. border with Mexico in early November. McAllen’s two international bridges have been closed to everyone but essential workers since March 2020. “Direct international flights have been a game changer for our travelers and we are delighted that our international bridges will open soon to welcome those travelers who prefer the ease of driving in,” Olaguibel says, adding that the city has added more international flight opportunities for consumers to visit. Our consumers are spending at big-box retailers and smaller locally owned businesses alike, both of which McAllen has plenty to offer.

“We have seen some fantastic growth from our small locally owned businesses. We’ve created an environment in McAllen so that they can grow and thrive,” says Olaguibel. The city has also gone above and beyond, creating the Refresh 50/50 Revitalization Grant for storefront improvements, for example. “From city hall all to our development services departments, which includes engineering, planning, zoning, and permits, we're all aligned in the same goal,” Olaguibel stresses. “We want to help small businesses be successful.” Knowing the economy’s all about balance, city leaders also welcome larger retailers. “I like to call McAllen a developer's dream in south Texas because we have the formula that they need to be successful here,” says Olaguibel. Exhibit A: Tres Lagos, a 2,800-acre master-planned community. It broke ground in 2016 and is now home to more than 1,800 people. The project is already expanding to include a 70,000-square-foot retail space called The Shoppes at Tres Lagos.

“We're excited about Tres Lagos because it's not only going to generate more interest for that community, it’s generating jobs, increasing our property tax base and generating retail sales tax revenue, which are key to McAllen,” Olaguibel says. “On top of all that, Tres Lagos adds quality of life not only to their residents but to the entire city.” That last bit is key in McAllen. Along with a booming economy and plentiful educational opportunities, the city can offer its residents security. SmartAsset. com recently ranked McAllen the No. 9 Safest City in the United States. That’s backed up by the FBI Uniform Crime Report, which documented McAllen’s 11th consecutive year with a declining crime rate. In fact, it hit a 36-year low in 2020! McAllen is one of those rare development gems, flying under the radar in deep south Texas and nestled in the Rio Grande Valley. “McAllen has built in consumers, excellent leaders, and a great economy,” says Olaguibel. “We can prove that investors and developers would be successful and sustained here in McAllen.” For more information about development opportunities within the City of McAllen, email Rebecca Olaguibel at



Women are Underrepresented in CRE -Here’s How We Change It BY LAUREN MARTIN, HEAD OF PRODUCT, ANTHEMIQ

It may be 2021, but the gender gap is still alive and well, and Commercial Real Estate (CRE) is no exception. While 64% of all residential realtors are women, this glass ceiling-shattering statistic isn’t reflective of CRE, where only 36.7% of workers are female. This begs the question -what can be done to attract more women into CRE and keep them there? Lauren Martin

But, before we can answer that question, let’s consider a few reasons why female talent has struggled to break into the CRE industry. Then we can talk about some creative ways firms can evolve to attract and retain more women: Where Are The Women in CRE? Make no mistake, there are some powerful women in the world of CRE that I look up to and admire for making an impact, shattering stereotypes, and

inspiring positive evolution within the field. That being said, we still have a lot of work to do to balance the scales. Let’s examine some of the primary driving forces behind the unimpressive gender gap that still exists: 1. Like father, like son. The systemic nepotism entrenched within the CRE industry is clear as day and understandable: in a relationship-driven business, it’s not what you know but who you know. But when the CEO hires his COO’s nephew as an intern because of a favor-owed, it perpetuates the problem. While there is nothing fundamentally wrong with working in the family business or returning a favor, issues arise when that’s the primary funnel for sourcing new talent. The result is a narrow, one-dimensional organization that has historically left highly qualified female candidates overlooked or encouraged into more gender-traditional career paths. 2. Lack of leadership opportunities. Unconscious bias, the lack of welldefined promotional rubrics, and outdated management styles can fuel gender imbalances across the highest levels within a firm. Women hold only just 9% of C-suite positions in the CRE industry, making a path to executive leadership seemingly vague and unattainable for the remaining female workforce in addition to their interests not being well represented. By building clear, merit-based paths for growth and career advancement in lock-step with competitive compensation, firms can begin to move towards a more balanced C-Suite which studies have shown to positively boost the bottom line. 3. Resistance to change. A notable inflection point was reached during COVID-19 when baby boomers who had previously resisted technology out of fear of disintermediation were quickly forced to embrace digital tools to manage their entire workflows, many – for the first time in their careers. This resistance to change also permeated through the CRE industry’s culture for decades resulting in a staunch, old-school workplace which made attracting a wider pool of qualified, tech-savvy new hires hungry to leverage technology and work in a diverse place an uphill battle. Here’s How to Change It 1. Cast a Wider Net & Invest in Outlier Talent Early. CRE firms can partner with local universities & clubs to expose more female students to the myriad of lucrative opportunities within CRE. Lifting the veil on a historically opaque industry could encourage more students to consider a wider set of career options that may suit their unique personalities and skill sets. Firms could set a goal to bring an equal number of qualified female candidates into their programs early and invest in providing access to training, mentorship, and certifications for top female talent. 2. Seats in the C-Suite. If your C-Suite is absent of any female or diverse representation, how can you expect the rest of your company to look any different? By diversifying your leadership, you’ll be sending an encouraging message that growth is attainable and good work is rewarded. Before looking



“To my fellow females, it’s our responsibility to show up, ask for the raise, be vocal about what we need and be willing to help work collaboratively to inspire positive changes desperately needed within the industry.” to make an external hire to balance the scales, look at your pool of internal candidates to reverse some of the promotional favoritism that’s transpired. 3. Reimagine The Culture. The industry, by and large, has a brand problem: a good ol’ boys’ club image that firms will need to address as the Boomers retire. Maybe the problem takes care of itself with that turnover, but the process of addressing a culture must be genuine and thoughtful. The new generation of workers are smart, connected, and can instantly sniff out something inauthentic– your company’s culture is no exception. Unfortunately, a new logo, TikTok account, and a fresh mission statement won’t cut it. Start by revamping your recruiting process, addressing equal compensation, and building an inclusive culture that rewards great work. But then again, maybe learning a TikTok dance or two wouldn’t be half bad.

In 2021, there’s never been a better time in history for women to enter and advance in any industry they want to pursue. But to my fellow females, it’s our responsibility to show up, ask for the raise, be vocal about what we need and be willing to help work collaboratively to inspire positive changes desperately needed within the industry. If CRE leaders are willing to honestly address the historical challenges that have previously prevented more women from entering and remaining in the CRE industry–the future begins to look a lot more bright and balanced. About Lauren Martin Lauren Martin is the Head of Product at AnthemIQ, a CREtech company. She’s also a licensed Tenant Rep Specialist at Elevate Growth Partners in Austin, Tex



Breathing New Life into Retail


What was old is new again in Texas retail as a slowdown in new construction prompted retail developers to get creative to meet demand.

“Our renovation helped boost occupancy and attract new shoppers who had largely bypassed the aging center,” Mills says.

“That has sparked the market for renovations,” says Weitzman President & CEO Marshall Mills. “Our asset management team is currently directing or has recently completed 14 renovations in D-FW. These projects range in size from 50,000 square feet to more than 350,000 square feet, but they will not increase the D-FW retail inventory by a single square foot.”

Taking a cue from Weitzman, Tom Thumb then renovated and modernized the interior of its anchor store, expanding existing departments and adding new ones.

An example is Fielder Plaza, a community center that opened around four decades ago as one of Arlington’s first grocery-anchored shopping centers.



“The renewed Fielder Plaza has attracted strong new tenancy such as Al’s Hamburgers, the iconic 60-year-old burger joint with a strong following; the largest Texas location of Hand & Stone Massage and Facial Spa; and a new 7,000-square-foot Workout Anytime fitness facility,” boasts Mills.

A comparison of pre- and post-renovation shopper visits from, a provider of location analytics and foot traffic data utilized by Weitzman to understand shopper dynamics, show an 8 percent increase in total visits and a 78 percent increase in the number of customers. “Numbers like these reflect more than just shopper visits – they represent what a renovation can mean for a previously declining center: the enhancement of a destination that supports its tenants, many of them small mom-and-pop businesses, and serves the surrounding neighborhood with a quality place to shop,” Mills says. In Houston, Braun Enterprises is taking the concept of renovation further by redeveloping existing properties entirely. “I think 2022 is going to be incredible for experiential real estate: restaurants, bars, fitness, salons, medical, etc.,” says President Dan Braun. “As we adapt to the new normal, our pent-up demand for experiences, for eating out, for a good time, for being social, will be met through going out, enjoying meals and more frequent trips to the salons and classes at gyms, etc.” Knowing that, Braun purchased what is now called 53 West with the intention of creating a premier mixed-use, boutique office project. “I do think there is a ton of demand from entrepreneurs and people who have been stuck at home,” says Braun. “These really small tenants, they don’t want to be working out of their house all the time.” Braun Enterprise’s Urban Office fills that need. The modern, flexible office space

provides members with their own private office and shared amenities. Beyond that, it offers unique convenience in sought-after locations. “Small tenants who want to be in low-rise office buildings they can get in and out of easily,” Braun says. “They want amenities, not just conference rooms, but they want to be able to walk to restaurants, bars and salons. They can do that at 53 West, located just steps away from The Galleria along West Alabama, the first floor of which is 90 percent leased and loaded with retail tenants such as Hidden Omakase, Conservatory food hall, Burger Chan, Journeyfit gym, salon lofts and various medical and dental providers. “Most of our projects involve niche retail, but we are trying to mix in the Urban Office concept to our new projects,” explains Braun. Another example of that approach is Spring Branch Village, where in addition to amenities such as high-speed internet, casual common lounge space, a kitchen, a notary public and outdoor workspace, tenants have easy access to surrounding neighborhoods including Spring Branch East, Memorial / The Villages and The Heights. “We’re building a whole business on this,” Braun says. It’s an innovative and creative approach to deal with that oh-too-common dilemma of what to do with aging properties. As the industry waits for new construction to come online, simple renovations or complete redevelopment offer a solution.

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Status Check: Texas retail markets show resolve and growth BY BRANDI SMITH

For the first time in more than two years, commercial real estate professionals, changemakers and innovators will gather in Las Vegas this December for ICSC’s three-day conference, “Here, We Go 2021.” Long the epicenter of deal-making and meetups in the retail industry, many of the experts we talked to are looking forward to the return to normalcy that an in-person conference brings.

“ Construction costs, supply chain disruptions, and employment shortages have caused problems. I expect things to stabilize by mid-2022.”

“I’m looking forward to getting back to in-person meetings and building relationships,” says Brad Bailey, CBRE Austin’s First Vice President of Capital Markets.


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When it comes to the Austin retail market, Bailey has a lot to share with his counterparts from across the country, as well as potential clients. “Overall, the retail development pipeline in Austin is very tight. Activity for new sites being completed has been low,” he says. “Most timelines for development were pushed back a few months due to the pandemic, but now, this quarter, we are seeing sites and construction come back.” Bailey adds most retail development has been single-tenant net-leased retailers with specific needs to expand in the Austin MSA. “Demand for land has pushed pricing for sites. Some retail developers are looking at pro forma development costs and determining whether projected rents can be achieved,” he says. “In some cases, we are seeing projects adjusted or shelved. Construction costs, supply chain disruptions, and employment shortages have caused problems. I expect things to stabilize by mid-2022.”

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The areas Bailey will be watching closely are East Austin and the capital’s suburbs. “These submarkets will densify. Retail will catch up to housing and communities that are growing around Austin,” he says. “As the market normalizes, the suburbs will become their own market. Cedar Park is an example of a city which is its own submarket.” Demand from investors, Bailey stresses, is strong. He says pressure-tested tenants have proven themselves through the pandemic, so investors from all over the country are interested.

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Tight inventory in the Dallas area helped Weitzman weather the pandemic and still maintain healthy occupancy, according to President & CEO Marshall Mills. “We no longer go into market downturns with overhangs of excess space,” he says. “Even large projects are phased over several years so construction stays in line with demand.”

That has created a secondary effect: less new construction. “Higher construction costs and supply chain issues also affect new projects, putting some on hold until they can bring costs in line to avoid projects whose costs require much higher-thanmarket rents to justify,” says Mills. That’s something Dan Braun, president of Braun Enterprises, has taken note of in Houston.

Brad Bailey

“It feels like nothing was happening from a development / transactional side for over a year, but now things seem to be moving full steam ahead,” he says. “There is competition for development sites and pent-up demand from tenants, especially those that are national credit, public or private equity backed that are trying to expand.” As a result, Braun says his firm, which specializes in niche market, small neighborhood retail, is responding to a wave of demand for service-oriented retail in well-located shopping centers. On the other side of the shopping center spectrum in Houston, Read King focuses on grocery-anchored development. Managing Partner Cort King shares that H-E-B has been the only major grocer in town for the past several years.

Dan Braun

Cort King

Marshall Mills

“The last Kroger and Walmart to open in the Greater Houston Area was back in 2018. It takes a couple years to acquire, plan, permit, construct, and open these stores, so Kroger and Walmart have actually been quiet for closer to five years,” he says. That’s why King predicts a new Walmart or Kroger development will be announced some time in the next year. “These are two of the largest retailers in the country and they can’t sit on the sidelines forever,” he points out. Similarly, Read King has been working on its next few H-E-B-anchored developments and hopes to be in a position to announce them soon.



Exponential growth, investment, and planning for the future were key themes at the REDnews Collin County CRE Summit BY RAY HANKAMER AND AJ LATRACE

The summit took place in front of a packed audience at Toyota Stadium in Frisco

On Wednesday, September 29th, some of the biggest names in Texas real estate convened at Toyota Stadium in Frisco to discuss the numerous facets of commercial real estate in Collin County. The summit consisted of four panels highlighting commercial real estate investment trends and insights across the broader region.

Collin County officials are striving to provide the business and quality of life amenities being sought by the incoming companies while Municipal authorities and economic development councils are working hard to stay ahead of infrastructure needs, and to ensure that projects can get permitted and built within an acceptable time frame.

Despite the brief economic uncertainty caused by the pandemic, population growth and investment in real estate in Collin County has continued to press forward. Cities such as Frisco, McKinney, Plano, Allen, Celina, Anna, and more, are just some of the places where positive growth and expansion are taking place.

These topics, and more, were much of the focus of the summit.



Big things are on the way National interest in Texas not only means new investment, but there’s much more competition to get the next deal. Fortunately, there is still plenty of room

Left: Pictured from L to R: Paul Hendershot, Todd Franks, Paris Rutherford, Nadia Christian, Jorge Abreu. Right: Pictured from L to R: Doug Jones, Barry Hand, Herb Weitzman, Steve Zimmerman, Allen Gump.

(and opportunity) in Collin County for everyone from employers, residents, and institutional investors. These themes were discussed during the first panel, which featured Allen Gump, Executive Vice President with Colliers; Herb Weitzman, Executive Chairman of Weitzman; Steve Zimmerman, Managing Director of Brokerage for The Retail Connection; and Barry Hand, Principal and Studio Director of Gensler’s Dallas office. The moderator for the panel was Doug Jones, Managing Principal at Cushman & Wakefield.

will need to be additional housing in the area. Rising single family home prices have helped with multifamily absorption, with sellers seeing 3-5% cap rates, the group highlighted. In some cases, rents can be higher than mortgages due to economic pressures and demand. Continued on Page 26>

Some quick stats help illustrate the story: with 43 million square feet of industrial space over 716 separate properties, Collin County represents roughly 5% of the total industrial product in the Dallas-Fort Worth Metroplex. There is currently another 35 million square feet of industrial under construction, making Collin County poised for the boom in leasing demand the region is currently experiencing. Additionally, there are 107 users in Collin County with 100,000 square feet, or greater, of industrial space. There is a notable presence of big names in Collin County, which include the likes of Amazon, UPS, Southwest Airlines, Motorola, and of course, the Dallas Cowboys. New York and California-based hedge funds are some of the biggest investors in Collin County: since 2016, $1.7 billion has been invested with $237 million under construction just for this year. Pressure remains to build more multifamily across the region Multifamily properties remain desirable for investors across the region, but there are some headwinds facing the asset class. This theme, and more, was discussed during the event’s second panel, which featured Todd Franks, Executive Managing Director & Founding Principal at Greystone; Paris Rutherford, Principal at Catalyst Urban Development; Jorge Abreu, CEO of Elevate Commercial Investment Group; and Nadia Christian, Partner at Wolverine Interests. The panel discussion was moderated by Paul Hendershot, Senior Director of Market Analytics for Texas, Oklahoma and Arkansas with CoStar Group.

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out — of growth. While there’s a traditional trope that the private sector moves faster than the public sector, there’s an opportunity for Collin County to buck that trend. “Frisco is located within both Denton and Collin Counties,” said Jason Ford, president, Frisco Economic Development Corporation. “And, the PGA’s new headquarters and resort is strategically located in the Denton County side of Frisco. We anticipate that the PGA will have a tremendous regional economic impact that spurs regional growth and development across both Denton County, Collin County and areas far beyond for years to come.”

Pictured from L to R: Mehrdad Moayadi, Peter J. Braster, Joe Hickman, Jason Ford , Michael C. Swaldi, Lucy Billingsley, Clay Roby.


< Continued from Page 25

While there are currently 26,700 new units under construction across the Metroplex, some developers are facing headwinds. For instance, municipalities with strict zoning guidelines — where detached single family homes are favored — cause a longer lead time with entitlements. Developers have to present plans to residents of a community and in many cases, “follow the vision for the city.” Other trends that are challenging new multifamily development across the Metroplex are generational changes and cost of living. As some groups resist change and new development, it can put more pressure on the market, elevating the need for more affordable housing. However, Collin County has aremarkable opportunity to build a working community and set a new precedent. The challenge becomes getting it right. Collin County has already established a reputation apart from the Dallas-Fort Worth area as its own “brand.” The time to scale up infrastructure and master planning is now During the third panel, the group discussed themes related to the area’s infrastructure, major developments, recreation amenities, and planning for the future. Panelists included Peter J. Braster, Director of Special Projects for the City of Plano; Jason Ford, CEcD, President of the Frisco Economic Development Corporation; Joe Hickman, General Manager at Blue Star Land, LP; Mehrdad Moayedi, President and CEO of Centurion American Development Group; Clay Roby, Managing Director at Stillwater Capital; Lucy Billingsley, Partner with the Billingsley Company; and Michael Swaldi, Senior Managing Director at JLL Capital Markets. This panel was moderated by Jeff Johnson, CEO of REjournals. Collin County is “spiraling up,” but this means that major infrastructure projects, such as the expansion of the North Dallas Tollway, is crucial for the region. Cities need to be aggressive and forward-looking when it comes to infrastructure development or there could be bottlenecks — or worse, a stalling-



The emergence from the pandemic is the perfect opportunity to come up with new and fresh ideas for Collin County communities in terms of amenities and overall quality of life. Building new parks, hiking and biking trails, and other recreational amenities are just one piece of the equation. Looking at planning from a more holistic perspective, where creating a complete community that meets everyone’s needs, will lead to success. The quickly increasing cost of living is having an impact on lower earning families across Collin County, but there are opportunities to not only build new, but to repurpose existing structures in order to add more housing and office space more quickly. While some companies are still waiting on the sidelines to see how things shake out with the pandemic, they may be missing their moment. The time to jump in and participate in planning and development is right now. Exponential growth is real, and it’s here The fourth and final panel featured Daniel Bowman, Executive Director/CEO of the Allen Economic Development Corporation; Rex Glendenning, broker and owner of Rex Real Estate; Joey Grisham, Economic Development Director for the Anna Economic Development Corp.; Alexis Jackson, Director of Celina EDC; Peter Tokar III, President & CEO of McKinney Economic Development Corporation; and Carl Pankratz, President and Managing Director at Blackacre Commercial. The final panel was also moderated by REjournals’ own Jeff Johnson. Collin County has a great problem: the area has had 100% growth in ten years. But the flood of new residents and the evolving circumstances impacting the workplace are raising the bar in city planning. There is one major theme and question which should lead master planning and community development, which is, how does Collin County become the next next-gen county? For example, incoming residents of McKinney in desirable corporate workforces are joining long-time residents in the county’s small rural communities. These existing residents may suddenly find themselves in an urban environment as the area quickly develops. So how do you balance the mix and meet the needs of both old and new residents? This is where the role of economic development councils come in. Economic development councils make investments and deals not to compete with private developers but to steer development in a balanced way. Convention centers, hotels, entertainment venues, community colleges, medical projects, and manufacturers are also being wooed. Meanwhile, developers are being encouraged to put in roads at their expense against future impact fee credit, in order to help the cities where they are doing projects.

CCIM Luncheon Horizon Tower at Texas A&M Innovation Plaza – Texas Medical Center BY RAY HANKAMER

Takeaway: A large new development is in progress immediately adjacent to the Texas Medical Center (TMC), at the corner of Main Street and Holcombe Blvd. It will combine a thirty story 495,000 SF office building-the Horizon Tower, a 16 story high-rise student housing compound, and the largest parking garage in the TMC. The three towers will surround an open air one acre ‘green plaza’. Bullets: • The project will offer office and medical space for for-profit operations, unlike any institution in the Medical Center proper • The project will involve medical and standard offices, teaching venues, surgical suites, and technical innovation labs to a variety of companies and organizations • One of the goals is to stimulate the start-up of tech/scientific ventures through collaborative work, involving Texas A&M and members of Houston’s vast scientific community • Project has been three years in planning and is now well under construction; the student housing component is ready now for students from multiple TMC teaching institutions • Location was chosen because Houston has the world’s largest concentration of scientists and research teams, according to the developers; this and other projects underway in or near the TMC are designed to bring them together for collaboration and invention, with the goal of nurturing start-up and spin-off young companies

• All three buildings will have ground floor retail, including restaurants, and relaxed walkability will be the goal around the Green Plaza • The complex will be adjacent to the METRO Red Line light rail stop and will connect with the internal TMC shuttle bus line • A sky lounge will grace the top floor of the Horizon Tower, with vistas over the TMC

advertiser index Alamo EDC...................................................................................................... 10 Blazer Building Texas.................................................................................... 31 City of McAllen........................................................................................... cover City of Seabrook............................................................................................ 2 Colliers............................................................................................................. 25 Cost Segregation Services........................................................................... 11 Evtex Property Alliance............................................................................... 18 Friedman Real Estate Group ...................................................................... 34 Lane Property Tax Advocates..................................................................... 12 Levcor, Inc....................................................................................................... 19 Lincoln Property Company.......................................................................... 22 Naan Properties LLC..................................................................................... 7 National Environmental Services, LLC...................................................... 35 O.I. Management........................................................................................... 21 Phase Engineering......................................................................................... 32 Read King Commercial Real Estate........................................................... 3 Tarantino Properties, Inc............................................................................. 9 The J. Beard Real Estate Company............................................................ 13 The Real Estate Council - Greater Ft. Worth........................................... 8 Westchase District........................................................................................ 23 Worth & Associates....................................................................................... 15 XAG Properties, LLC....................................................................................... 5



2021 REDnews Houston Women In Real Estate Summit BY RAY HANKAMER

Women have made tremendous strides into what was a man’s world, not too long ago. There is still a ways to go. Professional women bring unique perspectives to every facet of commercial real estate and they are being listened to, and respected, as they gain in expertise and industry knowledge. Through hard work and grit women are being recognized and rewarded for their achievements in this highly competitive industry.

collegial industry; make professional contacts and nurture them during your entire career

Panel: Path to Success: Overcoming Workplace Obstacles Moderator: Kimberly Morris-MPower Realty Group, LLC Panelists: Kathy Chauvin-Abel Design Group; Pauline Thude-Speckman, Meridian Investment Realty; Rhonda Sands-Veritex Community Bank; Brandi McDonald Sikes-Limestone Corporation; Lacee JacobsMidway Companies Bullets:

• It is challenging to women to manage ALL their potential roles: mother, wife, CRE professional

• Respect for women in professional situations is growing in the industry; things are getting better and we are seeing a change • Primary decision makers still tend to be men, and women are still a little on the outside; men are good at networking with other men, and women need to improve this talent to broaden their professional networks; men and women should strive to network together more and find a way to relate better • There are now many powerful women who have earned respect in the industry; women have learned how to leverage their different viewpoints into influence ‘at the table’

• When recruiting for your company, go outside of the expected network to bring in fresh new talent; reach out to high school and college students to tell them about real estate

Panel: Women Real Estate Industry Leaders & Owners Moderator: DeLea BeckerBeck-Reit Commercial Real Estate Panelists: Emily Gwaltney-Transwestern; Emily Howard-Wilson-Cushman & Wakefield; Elke Laughlin-Laughlin Consulting Group; Lynny Osenbaugh-Osenbaugh Associates; Simmi Jaggi-JLL; Lilly GoldenEvergreen Commercial Realty Bullets: • We have seen lots of positive changes in the last 20 years • Be true to your goals and change may not happen immediately but it WILL happen; the biggest change for women in the industry has been in the last five years; don’t let little issues offend you, and be careful of the battles you choose in your professional life; if men get aggressive, be sweet and show them how smart you are; find your own voice in the company and in the industry

• Women make up about 35% of commercial real estate (CRE) and about 64% of residential real estate (RRE); women are pioneering in more and more areas

• Let men see the value that women bring; any path will always have obstacles; be strategic on how you build your personal network of contacts, and maintain your good relationships; above all, stay positive

• Women and men must understand each other and the way each works to get the best result in the workplace; neither men nor women ‘do it better’, but often just differently; input from BOTH improves the finished product

• Don’t be shy or afraid about seeking mentorship from older, reputable, smart people; meet new people and when you go to a function, always sit at the table where you don’t know anyone; “Can you help me” are the magic words to attract mentors

• A woman should ‘not try to be a guy’; she has hardwired abilities which a man may not have

• Covid led to a shutdown of networking and it is picking up again; create new networks to avoid becoming stale professionally with the same circle of people; change is always taking place and if you are good at what you do, your gender will not matter

• Is something an obstacle to a woman, or just a stepping stone? Much can be overcome and achieved by just showing up • Choose your mentors carefully because knowledge is your way up the ladder; take risks, get out of your comfort zone to grow; failure is ok-it means you are growing; don’t be afraid of showing your vulnerabilities while you are learning, or asking questions for guidance

• REDnews and CREW have proven to be excellent ways to bring people together

• There are companies with outstanding records for inclusivity of women in Houston, such as Midway and Camden

• When you are a beginner, go after the business no one else wants; try to learn and to find your personal niche in the industry; give clients a reason why they need to hire YOU; be the hardest worker in every situation, and leave yourself available for opportunities; never say “I don’t know” or “that’s not my job!” Be your authentic self and you will attract people to your network and to your personal niche; and remember, being a woman can be an advantage

• Join women’s organizations like CREW or the Women’s Development Collaborative to learn from other women in CRE and RRE; networking is key in our

• Don’t be intimidated by older professionals in the industry-they can make the best mentors; as in any job, it is important to have fun DECEMBER 2021


Panel: Current State of Affairs: Property Operations & Leasing Moderator: Crissy Nolen-Colliers Panelists: Tiffany Ryland-ARVO Realty Advisors; Veronika Jackson-Midway Companies Bullets:

Panel: Real Estate Development and Construction Market Outlook Moderator: Arlis Brodie-Telios Panelists: Heather Nguyen-NewQuest; Verr Soltes-Lamoureux Associates; Helena Finley-US Living Bullets:

• Covid shut down how we interact and how we communicate; the Zoom format has been a downer for personal interaction, although a necessary bridge through Covid

• Investors are clamoring for multi-family(MF) and other real estate in Houston; there is a massive housing shortage in the U.S.; multi-family developers drive up prices on land that retailers want; we are seeing MF add retail to their projects to attract and retain tenants

• Know when to say no in a business situation; and remember, just showing up is a big part of success; many people were laid off during the pandemic, kids have been out of school, and much turmoil has been in the lives of CRE professionals due to the pandemic • Property tours for lease or sale became more and more by video during the pandemic, and that digital technology has improved, but in person is always better if the client is in town • Landlords are getting back to normal in their leases, and now are dialing in protections against vacancies due to potential future pandemics and the like; Class A landlords are back to asking Class A rates • We are seeing much more demand for lifestyle amenities at the workplace, such as child care, gyms, cafeterias, outdoor places to hang out, etc.; office landlords need to create a ‘destination feel’ where people want to come to work • Retail is far from dead but it is evolving; much activity now in the suburbs, as people are moving out of dense city centers; pent-up demand bodes well for future retail sales • All CRE developers are willing to pay a premium for the premier locations, but development is taking longer and is more expensive for a variety of reasons • People are migrating into Texas for our favorable business climate and lower tax rates; our Texas economy is diversifying into more tech and research; we need to create more spaces where people can collaborate with each other • Insurance rates are going up due to flooding and freeze experiences by the insurance companies • Many office and retail tenants are trying to reduce their footprints (SF), while small start ups are moving out of their homes into commercial locations • Co-working trends continue to flourish, as this is more appealing than staying at home; co-working spaces need to offer the latest and greatest state of the art amenities, like fiber optic cable • Workers are tending toward working in the suburbs to avoid long commutes to the CBD-time in the car is largely wasted; under-developed parts of Houston like the near East Side, and the 3rd and 5th wards are seeing a lot of CRE action • Anything we can do to streamline the broker-client experience will cement relationships • Employers are looking for ways to keep their employees happy, and some are experimenting with a blend of home and office work



• There are various types of redevelopment projects going on in Houston, but some older buildings do not lend themselves to certain types of redevelopment from the building code standpoint • Developers like redevelopment since it is faster now than ground-up development; cities are slowing down in their permitting responsiveness, thus creating headaches for developers and ultimately driving up rents; this, coupled with higher insurance, land, and materials costs means that building costs have risen sharply • Contractors themselves have adapted to Covid, to try to keep their crews healthy and on the jobs; some materials are locked in logistics/delivery problems, and steel for example requires a long lead time for fabrication; adapting to these issues requires a nimble development team • City inspectors have slowed down due to Covid fears; in the City of Houston, all the electrical inspectors quit in the spring, and 6,000 sets of plans in the permitting pipeline have been backed up • The construction industry is look for workarounds to the logistics and offshoring challenges; more things are being bought from Mexico now, and vendors are re-thinking their relationships with manufacturers in China; windows for example now are in very short supply, to name one item • The construction industry is desperate for trained workers • The lack of child care is a big roadblock to more women entering CRE and development; women bring new and diverse viewpoints to problem solving, and they need to always speak up and back each other up in the industry • When women are involved in architecture and design of a project, they can ensure that the finished product will appeal to the women who may be involved in the leasing or purchase of the finished building • Retail developers are thinking out of the box and focusing more now on amenities which can be outside, and of staging events and other ‘happenings’ to draw shoppers and their families…i.e. to create a reason for shoppers to leave home and come to the brick and mortar stores; the retail center of tomorrow needs to offer ‘an experience’ • Constructions costs are up as much as 25% and everyone on the development team needs to be involved in keeping costs down; pre-fab materials sometimes are more cost-effective than built-on-the-job; inflation looks like it will be a constant going forward • Good retail landlords work to make their centers relevant to their neighborhoods by leasing to just the right tenant mix

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2021 CREW Dallas Golf Classic


Houston BOMA 7th Annual All Stars Maintenance Olympics 2021



HRBC October 2021 Luncheon with Texas Governor Greg Abbott and U.S. Representative Lizzie Fletcher

CREN Luncheon Featuring Justin Boyar, CoStar Group


RECA-Austin Christmas in October 2021 Team Photo

Houston Gulf Coast Chapter of CCIM in Pittsburg 2021




CMI BROKERAGE 820 Gessner, Suite 1525 Houston, TX 77024 P: 713.961.4666 Website: Key Contacts: Trent Vacek,; James Sinclair, 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, 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: 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: • Troy Technology Park - Troy, MI • Sakthi Automotive Industrial Portfolio - Detroit • Greyberry Apartments - Waterford • Tiffany Plaza - Youngstown • West 11 Tech Park - Southfield

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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: Key Contact: (Houston) Nick Dwyer, Director of Business Development, (Dallas) Brittany Schneider, Director of Business Development, 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: Key Contact: Will Hodges, President, 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: Key Contact: Kate Rutherford, Regional VP, 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.


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