MARCH 2017 | RETAIL MARCH 2017
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Room To Grow: Development
opportunities in south Metroplex Texas Central: An Idea or A Reality?
GLEANNLOCH CROSSING SEC of Grand Parkway & Champion Forest - Spring, TX
OPENING SUMMER 2017
PROPOSED P RO PO SE D
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SPECIALIZING IN THE DEVELOPMENT, MARKETING AND DISPOSITION OF ANCHORED AND SHADOW ANCHORED RETAIL CENTERS
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281-816-6550 www.capitalretailproperties.com For more information about the property, please see pages 10, 11
SPECTACULAR BEACHFRONT PROPERTY NOW AVAILABLE v ±219 acres of beachfront land, located on the far west end of Galveston Island, fronting the Gulf of Mexico and Bluewater Highway. Additional tracts available. v Approximately 70 miles from Houston CBD and 25 miles from Galveston CBD v Utilities through the City of Galveston v Not subject to Pointe West HOA
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KRISTEN MCDADE Senior Director T: +1 713 469 4509 firstname.lastname@example.org
LAUREN GEARY Marketing Coordinator T: +1 346 444 8968 email@example.com
BEACHFRONT DEVELOPMENT OPPORTUNITY GALVESTON, TEXAS
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IN THIS ISSUE
28 Lofts on Main Street
32 Bob Ayoub
Texas Central Facebook
Sales & Leases 1-3, 5, 7, 10, 11, 13, 16-21, 23, 25-27, 29, 36, 48
Environmental Services 38, 51 Legal Services 49 Photography 36 Real Estate Loans 25, 29 Signage Services 52
Events 40, 42, 44 Social 41, 43, 45 Bulletin 46-48 4
Mansfield, Texas 8, 9 Weingarten Realty’s Investment Strategy 12 MIMCO, Inc’s Investment Strategy 14, 15 Retail Closings 15 Artificial Intelligence in the Retail Market 28 CIVIL FAIR PLAY Texas Central: An Idea or A Reality? 32-34 RAY'S BUZZ CCIM Houston Forecast 22, 24 Real Estate Center 30
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Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Ginger Wheless ginger@REDNews.com
Margie Gohmert info@REDNews.com
Janis Arnold firstname.lastname@example.org Anna Demmler marketing@REDNews.com Anne Farrell Peterson info@REDNews.com Brandi Smith info@REDNews.com
Our US economy is nearing full employment, the oil market is trending upward and consumer confidence is high, according to economist Dr. Mark Dotzour in a presentation to a Houston CCIM audience several weeks ago. He further stated our strengthened economy will eventually lead to labor shortages, wage increases and some inflation which may or may not have an effect on our commercial real estate market.
We talked with Mark Witcher of Weingarten Realty and Bob Ayoub of MIMCO regarding their 2017 retail investment strategy and it seems they both have a good read on how to capitalize in a changing retail environment (pages 12 & 14). It will be fun to watch how artificial intelligence makes its way into the retail market, especially since I’m a diehard online shopper (page 28). What’s your opinion of a bullet train between Dallas and Houston? The idea of commuting to Dallas from Houston in 90 minutes has a strong appeal to me but I don’t have any cattle grazing on land within the route so my opinion may be a bit one-sided. (Civil Fair Play 32 -34). I hope you have a wonderful March! Best Regards,
Ray Hankamer email@example.com
Rahul Samuel emarketing@REDNews.com
Tony Nelson digital@REDNews.com
Benton Mahaffey accounting@REDNews.com
Anna Demmler marketing@REDNews.com
Ginger Wheless ginger@REDNews.com
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Room to grow:
Mansfield offers development opportunities in south Metroplex
BY BRANDI SMITH
Momentum: it’s something you observe as easily in sports (ahem, Super Bowl LI) as you can in the real estate industry. Right now, it’s building in Mansfield, a booming city in the southern part of the DallasFort Worth Metroplex.
“Whether an industrial prospect looking to relocate and expand or a retailer opening a new site in Mansfield, they will have access to a wide range of employee options,” explains Welmaker. “We have executive housing and worker housing with quick access and short commute times.”
In a region recognized nationally for its growth, Mansfield stands out as the fourth fastest-growing city in North Texas. In 2000, the city boasted a population of 28,417, according to the United States Census Bureau. That number today is creeping closer to 70,000 as a number of large, high-profile companies and their employees make the city home.
“The majority of growth has been around the airport and to the north, but my feeling is that a lot of that growth reached its limit. People are starting to see that you can be in the south part of the Metroplex and be much closer to central Dallas and Fort Worth,” Welmaker said.
“While the whole country experienced a recession, we never stopped growing. We're currently building about 500 single-family residences a year and we have a number of high-quality multi-family projects underway, including a large project in our historic area downtown,” said Scott Welmaker, the City of Mansfield’s Director of Economic Development. “We have about 5,000 planned and platted single-family residential lots right now. There's a tremendous opportunity in the next five to ten years to get in and get started on some retail development to serve those new households.”
Those short commute times are courtesy of Mansfield’s location in the southern part of the Metroplex.
For example, he said, DFW Airport, AT&T Stadium, Globe Life Park, downtown Dallas and downtown Fort Worth are all just 20 to 30 minutes from Mansfield, something that can’t be said of suburbs in northern Collin and Denton counties.
Mansfield also offers many different housing opportunities, catering to the needs of employees. 8
“Because we're adjacent to Grand Prairie and Arlington, they are competition for primarily industrial projects,” said Welmaker. “Retail projects tend to migrate to Mansfield because of our high household income. As of last year, our average household income is about $111,000, which is very attractive to retailers.” Mansfield stands out to developers, however, because unlike its neighbors, it has considerable room to grow. “We have available land in the south part of the city. The city is only about 65 percent built out and we have 12 square miles in our extraterritorial jurisdiction or ETJ. We can annex in the future to continue growing the city and that can't be said of a lot of the other communities in the Metroplex,” Welmaker said. “Their fate is sealed on where they're going to grow, so I think there's a lot of opportunities in Mansfield for available land and future growth.” The city also goes above and beyond when working with developers to ensure they get the help and incentives they need to complete a project, including Type A sales tax for industrial development, assistance with infrastructure costs, tax abatement, tax increment financing (TIF) and triple Freeport tax exemption.
One catalyst for that residential growth is commercial success. Companies such as Klein Tools, Texas Refinery Corp. and AMC Warehouse are bringing hundreds of jobs to Mansfield. “This city has a long history of having good management that has maintained growth and a city council that has been pro-business and progrowth for many, many years,” Welmaker said. “The school district certainly can’t be overlooked, because it’s one of the primary reasons families move here.”
Mansfield stands out to developers, however, because unlike its neighbors, it has considerable room to grow.
Growth in the southern sector has led to development competition between Mansfield and its neighbors, Burleson and Cedar Hill, as well as some of the larger communities within the region.
“We have a strong industrial sector we are marketing. We're working to bring more product to the market because our occupancy in our industrial is pretty high,” said Welmaker. “We have a couple of buildings on the market that are more than 80,000 square feet. There are a few smaller buildings available that are between 20,000 and 30,000 square feet, but they tend to get snapped up pretty quickly.”
Find the perfect spot in DFW
Lofts on Main Street But, he added, there are opportunities for developers to bring even more industrial product to the market, including projects up to 120,000 square feet. “Mansfield is a growing city, so your real estate investments here are going to be secure, probably increase in value, which makes investment a better prospect,” Welmaker boasted. The city isn’t just focused on industrial, though; it just broke ground on a large shopping center development near the intersection of Broad St. and U.S. 287. One anchor is already open: the cityowned, but privately managed Fieldhouse USA, a tournament and league facility hosting events for “basketball, soccer, volleyball, flag football and futsal,” according to its website. “We're also starting construction on a new Dallas Stars hockey center,” said Welmaker. The 80,000-square-foot, $15.1 million Mansfield StarCenter ice arena is scheduled to open in September 2017. “Those two will be significant anchors in this shopping center, along with three major anchors
and then a lot of shop space, restaurants and pad sites,” Welmaker explained. Just as the city works to bring in more development, it’s also focused on making Mansfield even more of a housing destination, a place where employees want to live. “We’re investing a lot of time, money and effort to make Mansfield an exciting, 24-hour, live-workplay community and part of that is in Historic Mansfield,” said Welmaker. “We have restaurants under construction, new restaurants that have already come in and existing restaurants that have completely remodeled and upgraded. We're building hike-and-bike paths, connecting to our greenbelt and linear trail system that runs through the city. There's just a whole lot going on in the historic area to make it a shopping, entertainment and dining destination.” l To contact Welmaker or learn more about development in Mansfield, visit the Mansfield’s Economic Development Corporation’s website at www.Mansfield-Texas.com.
Come. Sit. Stay. Live. Work. Play.
301 S. Main St. Mansfield, TX 76063 Main: 817-728-3650 firstname.lastname@example.org www. mansfield-texas.com March 2017
Contacts: Anderson Smith & Eric Walker
Birnh am Wo od s
NEC of Birnham Woods Dr & Grand Pkwy - Spring, TX
Birnham Woods Marketplace
La Marque Crossing NWC I-45 & FM 1764 La Marque, Texas Contacts: Connor Lynch & Anderson Smith
ANCHORED RETAIL FOR LEASE University Commons NEC & NWC of Highway 59 & University Blvd - Sugar Land, TX Big Box, Pads, and Small Shop Available
Contacts: Brad Ryan & Geoff Bracken
Shops at Spring Village SEC of Spring Stuebner Rd & Holzwarth Contacts: Connor Lynch & Brad Ryan
281.816.6550 | capitalrp.com
REDNews visits with Mark Witcher:
About how his company will be handling their retail portfolio in 2017
RN: In view of the number of store closings & downsizing in 2016, has your retail investment criteria changed this year? If so, how?
to obtain financing, but in spite of the headwinds most are finding debt options at rates that are still historically low.
MW: Our criteria has not changed, as we’re always looking for well anchored centers in dense, in-fill locations with high barriers to entry. If a target asset included an at-risk anchor, we’d account for that risk in our underwriting. In recent years, we have made the appropriate downtime & retenanting cost assumptions for some sporting goods, office supply & electronics retailers. In some cases, the older rents will be replaced at current market, providing an upside opportunity even after our cost to backfill the space.
RN: Have off-price retailers, restaurant & entertainment become the new norm in your retail centers? If so, has there been a need to refit or adjust footprints? If so, in what way?
RN: When evaluating retail, what are you looking for? Is it long term or lease-to-sell & what is your strategy for each? MW: Weingarten is targeting supermarket anchored centers in markets that have strong population & job growth & in trade areas with high density/income levels, or superzips. The ability to grow the income stream by increasing occupancy, moving rents to market as they roll or adding GLA is also important. Often these centers are larger, which helps drive operating efficiencies. Over the past 15 years, we have transformed the portfolio by selling off smaller, non-core assets & secondary markets. We have replaced this income by acquiring higher quality centers in barrier-toentry trade areas. In Houston, this recycling effort has raised the portfolio’s 3 mile average demo to 113,000 population & $142,000 income. As a result, our portfolio is more recession resistant & able to produce sustained NOI growth. RN: Do you anticipate financing to become more challenging? MW: We are selling B quality assets across the country & have a front seat to the changing financing environment. Rising interest rates have made it more difficult for buyers to make a front-end assumption that is accurate sixty days later. In addition, new risk retention regulations in the CMBS arena have re-tightened underwriting standards. These conditions have made it more difficult for the B and lower quality retail buyers 12
MW: Maybe the old normal, as TJ Maxx and Ross (ready-to-wear discounters) are the #2 and #3 tenants in our portfolio. The full service & quick serve restaurant categories are strong, representing about a third of the new leases we inked in 2016. Thankfully, most retail centers are adaptable to the changing needs of retailers. We can no-front spaces, or combine two jr anchors to create a larger box. We recently completed the re-development of a 75,000 sf former grocery box, converting to a 45,000 sf Whole Foods and two jr anchors. So long as the economics make sense, landlords can accommodate the trends in either direction. RN: Medical in retail centers became popular due to the Affordable Care Act (ObamaCare). Do you anticipate less medical in retail or a slow down due to the potentially changing US healthcare program? MW: It’s too early to tell what effect the proposed ObamaCare overhaul would have. Obviously, there’s been a proliferation of medical uses in retail centers across the country, & changes in how the doctors/hospitals collect from government/ insurance companies could have a negative effect on their long term viability. However, along with convenience, the medical trend is being driven by the fact people are living longer. The baby-boomer generation is approaching/already at retirement age. These consumers cannot go to the doctor on-line, so it makes sense we’d see more retailers catering to the older population. RN: There are fewer boxes & fewer concepts now. Has it become more challenging to find retailers in today’s market? Who are the most viable retailers? MW: The lack of retail completions over the past five years created demand for vacancies in higher
Mark Witcher, Weingarten Realty, Divisional Vice President, Acquisitions & Dispositions
quality, well located centers. When vacancies came up, the space was quickly filled. Recently, the retail development pipeline has picked up in DFW and Houston, but anchors and jr anchors are having difficulty justifying rents that match the developer’s pro-forma and higher land costs. At the same time, many anchors are downsizing to junior size, & there are fewer large users chasing the newly constructed & older generation/B quality spaces. Grocers are still expanding rapidly in Texas, chasing population & job growth. Fitness concepts, discount ready-to-wear, pet & sporting goods are also viable. RN: How do you deal with struggling tenants? Do you anticipate more this year than last? MW: Depending on the quality of the troubled tenant’s space, we are able to mitigate by obtaining a re-capture agreement from the existing tenant, marketing the space & re-leasing in a matter of 6-12 months. Excluding the recent Sports Authority bankruptcy, our rent collection rates are near all-time highs, another by-product of an improved portfolio quality. l
DAIRY ASHFORD / MEMORIAL
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909 DAIRY ASHFORD RD Houston, TX 77079
908 E. SOUTHMORE BLVD. Pasadena, TX 77502
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• 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance • 532-3,068 SF Available
• Up to 11,929 NRA Available • Two Story MOB • On Site Pharmacy • Located 2 miles from the NW Medical Center
550 GREENS PARKWAY Houston, TX 77067
14505 TORREY CHASE BLVD Houston, TX 77014
7660 WOODWAY Houston, TX 77063
1505 S. HIGHWAY 6 Houston, TX 77077
• 560- 11,080 NRA Available • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking
• 580-8,536 NRA Available • Completely Remodeled in 2015 • Private Corner Balconies on Upper Floors • Located near FM 1960 & I-45 in Champions Forest
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19189 INTERSTATE 45 N. Shenandoah, TX 77385
3000 PABLO KISEL BLVD Brownsville, TX 78526
11041 SHADOW CREEK PARKWAY Pearland, TX 77584
• Up to 7,031 SF Retail Space Available • Easy Access to Highway 6 & U.S. Hwy 59 • Traffic Count Exceeds 30,653 CPD
• 1,300 SF Available • Freeway Visibility from I-45 North • Located in Shenandoah Market • Ample Parking & Pylon Signage Available
CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292
• Up to 16,014 NRA Available • Five Level, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access
• 1,200-6,460 SF Available • Strong National Tenant Mix • Located Adjacent to Sunrise Mall • Strong Demographics
SAN ANTONIO OFFICE: 12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222
• Two Story MOB • Renovated in 2008 • Up to 2,392 SF Available • Services the Memorial & Surrounding • Neighborhoods
• 1,117-10,551 SF Available • Lobby & Common Areas Remodeled • Covered Two (2) Story Parking Garage • Located near the Energy Corridor
• Three Story Office Building • Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center • 885-3,596 NRA Available
• 1,202 SF Available • 250,000 SF Master- Planned Class A Retail Complex • Located NW Corner of TX Hwy 288 and Shadow Creek Pkwy
502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500 March 2017
REDNews Visits with Bob Ayoub: About how his company will be handling their retail portfolio in 2017 RN: In light of the number of stores closing and downsizing recently, has your investment criteria changed? BA: Actually it has not. We are primarily neighborhood retail center developer /managers. At the retail level with the retail shopping center in the neighborhoods we haven't seen that many closings, but we're seeing some new tenants coming into the market. We’re also pretty optimistic that as some of the bigger retailers start to shrink they start looking at neighborhood locations for their expansion. RN: What locations and neighborhood center size do you focus on? BA: Our preference is around 100,000 sf, but we own centers from 30,000 sf up to 250,000 sf. We now have centers in 17 cities in Texas but our focus is the primary markets in Texas including El Paso, San Antonio, Austin, Dallas, McAllen and Brownsville. RN: Is your investment & leasing strategy the same throughout each of those cities? BA: We're looking for neighborhood shopping centers in neighborhoods that are heavily Hispanic. That's been the focus of our development work here in El Paso for the 40 or so years we've been doing it. We extended that strategy into San Antonio around 1998. Since then we've continued to expand in San Antonio and, in the recent past, expanded into Austin, Dallas, McAllen, Brownsville, Hidalgo, and other Texas markets. RN: How have you been affected by the downsizing of box retailers? BA: We haven't seen a great negative impact because we don’t have a lot of them as anchors. We have taken the opportunity to buy some closed big box locations which we have renovated , divided up and re-tenanted. The negative we have seen is in the smaller box locations; for example, we had a bunch of Blockbuster spaces become available, but we were able to re-lease all of them. In some respects, though, downsizing can work well for us if a large box retailer is looking for a smaller, neighborhood presence. We just have to 14
be open to change. When a dentist came in and wanted to rent space, we talked to him. We never thought about putting a dentist in a shopping center and now we have many of them. Our tenant mixes are changing, but as long as we have a stable neighborhood we feel we can do well. RN: Who filled the Blockbuster spaces? BA: There were all kinds of tenants including Dollar stores,urgent care clinics, dentists, or we split them up for smaller retailers. These were good locations in good neighborhoods so they leased up quickly. They were all great locations, high traffic corners, and in that respect they were all great real estate. Typically that's what we've tried to do, just buy good real estate. Fix it up. Clean it up. Market it well. Between our leasing team and the brokerage community, if we have a good solid neighborhood behind us, we’re able to fill up the properties. RN: Do you have a lot of medical tenants? BA: In all of our markets we had never had a dentist until maybe six or seven years ago. Now we've probably got about a dozen of them or more. Urgent cares, dentists, eye doctors, home health care. We're seeing all types of medical really want to be closer to the neighborhoods because it provides service to the neighborhoods close to people's homes. We also have several hospital groups doing outreach facilities in the neighborhoods. When they have a teen center, a women's care center or something they wanted close to people’s homes our centers are the answer. People really would rather obtain medical services in neighborhood facilities than having to go to some central medical center. They are a good fit for our centers. RN: Has your tenant mix been consistent or has it changed over the years? BA: Our tenant mix is changing all the time. Generally, our tenant mix is retail, general retail, restaurants, and service businesses. We typically don’t have a grocery anchor (but we do have some) and most of our larger centers are really focused on the junior box kind of anchors such as dds, Fallas, Melrose, and others for clothing anchors. We also
Bob Ayoub, President, MIMCO, Inc.
have Subways, Peter Piper Pizza, Burger King and Whataburger in our centers but the big change is the move to the service businesses like the tax preparers, insurance agents, UPS, Fed Ex offices, doctors, dentists, and other medical uses that you never used to see in strip centers. They all want to be close to the customer in the neighborhoods. RN: You mentioned national retailers trying to find their market. Have your apparel stores changed? BA: They've held in there, but they are value oriented retailers like the Fallas stores and dds, Melrose, and Forever21. Because they are value oriented retailers we've been pretty fortunate to have them and they still seem to be doing well.. RN: You're not finding the need to have grocery anchors? BA: Well, we'd love to have a grocery anchor, but in our El Paso market, there weren't a lot of opportunities for that, so we learned to develop without them. In the other markets the kind of grocery anchors that we're getting are more neighborhood oriented, like La Michoacana or Culebra Meat Markets, Arlan's , La Fiesta, or our newest tenant, El Rio Grande, that just opened in our newly renovated center in Mesquite. If we don’t have a grocer we like being close to an HEB, if possible, or to have a major shadow anchor. RN: Are you doing more buying than selling? BA: That's what we're trying to do. We're long term holders. We buy and keep. We do very little selling, unless we're selling something we bought that really doesn't fit our core retail market. We'd love to buy a lot more. We're really focused on San Antonio, Austin, and Dallas in our expansion plans and are looking for opportunities in those markets. RN: Why not Houston? BA: For us to go into Houston by ourselves, we think would probably not be very smart. If we had an established partner with a presence in the market, and market knowledge that could work with us, we would definitely look at Houston. To try and tackle a market that size without someone
with on-the-ground knowledge, I think, would be very difficult. RN: Would you call it a seller’s market more than a buyer’s market today? BA: Definitely. What we're seeing across all our markets in Texas is there's a tremendous amount of demand and there's still a lot of financing available. It's a matter of trying to find product you're comfortable with, the tenant mix you're comfortable with, and something that’s available for purchase. RN: Do you anticipate financing to become more challenging? BA: I think if you're trying to leverage something heavily you probably would have trouble. Our model has never been to leverage our projects heavily. We have a very large portfolio that doesn't have a lot of debt, and as a result we've always been able to get the kind of financing we need for any of our projects.
RN: Where do you see a hot market, an area where you would like to increase your portfolio? BA: We're very dominant in El Paso. We'd like to have a much bigger presence in San Antonio, Austin and Dallas. Although the Austin and Dallas markets are extremely difficult to break into, we have found projects in both of those markets that we have been able to buy, renovate, and re-tenant successfully . RN: Are you concerned about the potential wall along the US & Mexican border? BA: We are definitely concerned for all of our border projects: Brownsville, McAllen, El Paso and, to some extent, San Antonio. We can't really believe the government will implement anything like that. There is so much trade between our two countries. Just in El Paso alone there's about 50 to 60 million border crossings a year. That's people, cars, everything. There's billions of dollars of trade going back and forth between El Paso and the rest
of the country. I saw a study recently that said approximately five million jobs in the United States are dependent on trade with Mexico and much of Texas benefits greatly from that trade . I just can't imagine our Texas legislators would let something like that happen. Anyone who really works on the border or studies the border knows how important Mexico is to Texas and the United States. Mexico and all of South America need to be the focus of the United States. I would much rather we worry about how we're going to sell more stuff to Mexico and all of South America than how we’re going to build a wall. We have the ability to manufacture and sell to those markets. We can buy from them, they can buy from us, and I am sure they'll buy a lot more from us than we're going to buy from them if we really pursue that business. l
RETAILER CLOSINGS 2015 – 2017* NREIONLINE.com noted over 5000 stores have closed over the past 18 months including the following: • • • • • • • • • • • • • • • • •
Abercrombie & Fitch – n/a Aeropostale – 570 closings American Eagle – 150 closings BCBG Max Azria – 400 closings Bob’s Stores/Eastern Mountain Sports – 35 Stores – (Bankruptcy) Chico’s – 120 closings Children’s Place – 200 closings Claire’s – n/a CVS – 70 closings Finish Line - 150 closings Gander Mountain – 160 stores (bankruptcy) Golfsmith – 59 closings Guess – n/a Gymboree – n/a Hancock Fabrics – 255 closings J Crew – n/a JCPenney – 700 closings
• • • • • • • • • • • • • • • •
Kenneth Cole – 63 closings Luke’s Locker – 5 closings Macy’s – 68 closings Men’s Warehouse/Jos. A. Bank – 250 closings My Fit Foods closes all Texas locations – 50 closings Neiman Marcus – n/a Office Depot/Office Max – 400 closings Payless - +/- 1000 closings Ralph Lauren – 50 closings Sears & Kmart - 250 closings Sports Authority – 460 closings (bankruptcy) The Limited – 250 closings Walgreens – 200 closings Walmart – 269 closings (154 U.S. locations) Wet Seal - 171 closings Wolverine World Wide – 100 closings
*Information was compiled from NREIonline.com and other sources deemed to be accurate and reliable as of the date of publication; however, REDNews does not assume any liability whatsoever for the accuracy and completeness of the above information
GREAT RETAIL LOCATIONS FOR LEASE HEIGHTS BLVD. @ CENTER ST. HOUSTON, TEXAS
Heights Center Retail
Washington Height Districts • Land: 19,454 sf • Building Size: 5,900 sf • Total Retail Available: 3,400 sf (Will Divide) - No Restaurants • 24 Parking Spaces • Construction start March 2017; Delivery Summer 2017 • Property is located at a signalized intersection • Pylon signage available • Heights Blvd. Traffic Count: 34,280
DYNAMIC RETAIL CORRIDOR
NWC YALE @ 21 ST HOUSTON, TEXAS 77008
• • • • • • • • •
21 YALE - New Retail Re-Development
Land: 15,450 sf Building Size: 5, 150 sf Space Available: 4,120 sf, can be divided Can accommodate 3,000 sf restaurants plus patio space Parking spaces: 25 spaces Bike Rack for 12 bikes Complete Remodel of Building and Adding New Parking Lot Construction start March 2017, Delivery Summer 2017 Yale traffic Counts: 16,879
in the Houston area
RETAIL SPACE FOR LEASE
♦ 2,340 SF and 3,026 SF available on second floor. Base rent $15.00 PSF & NNN $4.20 PSF ♦ 2671 SF end cap on first floor; Base rent $24.00 PSF & NNN $4.20 PSF ♦ Excellent for retail, office or professional use ♦ 2 blocks west of Beltway 8
10612 Westheimer, Houston, 77042
Woodland Park Shopping Center ♦ 800 SF-7,350 SF available. Base rent $15.00-$18.00 PSF & NNN $3.60 PSF ♦ +/- 592’ of frontage on Westheimer ♦ 372 surface parking spaces available ♦ Traffic counts - 82,880 CPD (Westheimer) ♦ Pylon signage available ♦ Aggressive lease terms
11380 Westheimer, Houston, 77077
A A Realty Co
Accredited Management Organization
For more information
Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 18 March 2017 email@example.com www.aarealtytx.com
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10101 Woodloch Forest Dr., The Woodlands • Class “A” Building with rare opportunity for prestigious co-tenancy with McKesson Healthcare and Schlumberger • Stunning views of The Woodlands Waterway with floor-to-ceiling glass windows • On-site full service restaurant for employees and customers • Full service fitness center with classes and equipment • On-site security and key-card access • Covered garage with 4/1,000 parking ratio
Office/Warehouse on 1.59 acres For Sale
321 S. Persimmon St., Tomball • Approx. 15,000 SF office/warehouse building on 1.59 acres • Flexible building with over 9,000 SF of climatecontrolled space and approx. 5,800 SF of warehouse space. • Located next to Baker Hughes’ Tomball campus and Western Hemisphere Education Center. • Great access to SH 249 and the Grand Parkway.
Research Forest Dr. & Egypt Lane, The Woodlands
• 250,000 SF of Class ”A” office building, designed as LEED Silver Certified with high-end finishes • Attractive 4-story, tilt wall and glass office building with 4-level covered parking garage • Full Service Fitness Center and Conference Room • Located between the ExxonMobil Campus and The Woodlands Town Center with access to numerous amenities • Site has excellent access and visibility along I-45 between Woodlands Parkway and Rayford/Sawdust Road • Close proximity to Hardy Toll Road; readily accessible from IAH Airport and the Houston Central Business District
Tomball Mixed Use – Build to Suit For Lease
SEC of Calvert & FM 2920, Tomball
Magnolia Crossing For Lease
33300 Egypt Ln., Magnolia • From 563 to 4,000 +/- SF available. Suites are individually metered and feature: 1-7 offices, reception area, kitchenettes and private restrooms. • 1 block east of Westwood Shopping Center, which includes Target, TJ Maxx, Ross, Office Max, PetsMart, Gold’s Gym and several national restaurants including: Starbucks and Chick-fil-A • The property features abundant parking, courtyards and open breezeways. • Located in The Woodlands Submarket, one block north of Research Forest Drive, and approximately 6.2 miles west of Interstate 45.
The Preserve Office Park For Sale or Lease
25420 Kuykendahl Rd., Tomball • Only 7 offices left • Located in Woodlands Submarket, at the corner of Kuykendahl Rd. and Preserve Way, near Creekside Village • 1,250 SF -12,500 SF contiguous space available • High-end finishes including granite, wood floors, and crown molding • Convenient to Grand Parkway and Woodlands Parkway
• 60,000 +/- SF Mixed-Use development at the NEC of Research Forest Dr. & Egypt Ln. with retail, restaurant, professional office and other commercial space available. • Direct access to The Woodlands via Research Forest Drive and Egypt Lane. Situated at a main ingress/ egress point for The Woodlands. • Adjacent to Target anchored power center. • Positioned near the heavily trafficked intersection of FM 2978 and FM 1488 with over 60,000 vehicles per day.
• 2-story professional office/mixed use building: 7,500 SF of Build-to-Suit space.
Harmony Commons Shopping Center For Lease
Tamina Business Park For Sale or Lease
12 +/- Acres For Sale
32403-32407 Tamina Rd., Magnolia
FM 1488 & I-45, Conroe
Grand Pkwy @ Discovery Creek Blvd • Woodlands Submarket • 19,200 +/- SF New construction retail shopping center • Frontage on Grand Parkway 99 @ Discovery Creek Blvd., and Rayford Rd., E. of I-45 • Adjacent to HEB Grocery Development, near Kroger Market Place and Walmart.
• SEC of Calvert and FM 2920, inside the City of Tomball at the lighted intersection. • 2.5 miles from Grand Parkway 99; 3 miles from Hufsmith-Kohrville Rd. • 5 miles from David Wayne Hooks Airport, one of the largest private airports in the country specializing in general business aviation services. • Proposed uses include; professional and medical office users, and retail use.
• Approximately 18,900 SF Office/Warehouse complex. • Investment or Owner/User with income. • The Woodlands Submarket • Flexible property for office and/or warehouse tenants with small executive style offices & warehouse bays available for lease.
• Significant Commercial growth near The Woodlands, Springwoods Village, Exxon/Mobil Campus
• 12+/- Acres adjacent to Grace Crossing Church near the SW corner of I-45 at FM 1488. • Major growth corridor with explosive residential and commercial development. • Utilities application through City of Conroe. • Road alignment proposed • Potentially up to 15+/- Acres available. • Restrictive uses apply.
10077 Grogan’s Mill Road, Suite 135 The Woodlands, TX 77380
281.367.2220 jbeardcompany.com This information contained herein has been obtained from reliable sources; however, The J. Beard Company, LLC and The J. Beard Real Estate Company, L.P. makes no guarantees,
warranties or representations to the completeness or accuracy of the data. Property submitted is subject to errors, omissions, change of price, prior sale or withdrawal without notice.
FOR SALE Kingsley Crossing For Sale: $5,500,000 SWC of Kingsley Drive & FM 518 Contacts: Anderson Smith & Connor Lynch
Kuykendahl Crossing For Sale: $4,000,000 SEC of Kuykendahl Rd & Rayford Rd Contacts: Anderson Smith & Connor Lynch
Tenant Representation | Leasing | Investment Sales | Development 20
w w w. c a p i t a l r e t a i l p r o p e r t i e s . c o m
ray’s buzz BY RAY HANKAMER firstname.lastname@example.org
CCIM Commercial Real Estate Forecast February 2017 Speaker: Dr. Mark Dotzour • US economy nearing full employment, having grown slowly but strongly under previous administration from 2007-2008 financial meltdown/recession • Higher interest rates in our future, although they will come slowly • Economy strengthening which has taken place over past 8 years will lead to labor shortages, wage increases, and some inflation • Immigration policies must take this looming labor shortage into consideration • Fiscal responsibility in Congress should shut down grandiose infrastructure projects if they cannot be paid for; labor shortages may restrict these projects as well-who is going to build them if we are at full employment now? • No one wants costlier imports, so border taxes will be a no-go • Household net worth improving from low in 2007-08; people who postponed retirement in those days are now able to retire, opening job positions now for Millennials
Dr. Mark Dotzour
Multi-Family Speakers: Matt Rotan, ARA; Moderator: Greg Young, Grandbridge Real Estate Capital; Ryan Epstein, Berkadia • Investment buyers of Houston MF are willing to buy even though we are in a low cycle, because they have faith in long term trends in Houston • Rental rates down a bit but investors confident they will return and even surpass previous highs, especially as inner city sites become more expensive • Greater Houston large enough to absorb ongoing projects, with continuing inflow of population as well as organic growth • Class A apartment amenities so good that starter homes have trouble competing • Lots of Houston high-rise tenants are international folk who do not live here year-round • With promise of rising interest rates, many MF developer-owners are seeking to refinance to lock in today’s rates • Second half of this year should start to see slowly falling vacancies as new product coming on market slows
Matt Rotan, ARA; Greg Young, Grandbridge Real Estate Capital; Ryan Epstein, Berkadia
• 4.75-6.25 Cap rates on investments sales of MF Land Speakers: Davis Adams, HFF: Moderator: Jane Page, Lionstone; Kirk Laguarta, Land Advisors Last two years Wall St. money has redlined Houston, while local wealthy investors continue to buy, knowing from experience that land values in Houston move inexorably upward • Houston has had twenty consecutive years of over 18,000 annual new home starts, surpassing by far any other market in U.S. • Land transactions will improve moving forward but not to same level as when oil was selling at $100 bbl + • Bank regs and conservative lending practices are restricting availability of construction financing for commercial real estate in general, thus slowing down land activity • Master-planned community development moves forward regardless of availability of financing since the big players work with all equity- they will have lots available for homebuilders when they are needed down the road • Rate of technological change in the overall economy affects land use, sales, and prices; for example, driverless cars and services such as Uber would require less parking, which makes up about one-third of land allocation currently by developers
Davis Adams, HFF; Jane Page, Lionstone; Kirk Laguarta, Land Advisors
• Increasing availability of public transit will also reduce demand for huge parking allocations • One San Francisco MF developer is offering free Uber with lease signing, thus eliminating the need for cars 22
Continued on Page 24
FOR SALE > PREMIER DEVELOPMENT SITE
± 16.72 Acres
FOR SALE > PREMIER DEVELOPMENT SITE
1.17 Acres A SELECTION OF COMMERCIAL/RETAIL LAND OPPORTUNITIES FM 529 AND FRY ROAD, HOUSTON, TX 77449
S. HWY 6, MANVEL, TX 77578
Premier Development Site +/-16 Acres
Premier Development Site 1.17 Acres
FM 529 and Fry Rd. Houston, TX 77449
S. HWY 6 Manvel, TX 77578 Property Overview
• • • • • •
Pricing: $3,824,000 ($5.25 SF) (whole tract) > Available Acreage: +/- 16.7244 Acres Harris County MUD #157, Tax Rate: $0.845 Available Acreage: +/- 16.7244 Acres >> Utilities: Flood Plain: Not located within the 100 year flood plain Detention Pond available Utilities: Harris County MUD #157, Tax> Detention: Rate: Regional $0.845 > Pricing:
> Key Map:
$3,,824,000 ($5.25 SF) (whole tract)
Detention: Regional Detention Pond available Grand Parkway is now open, 3 miles west of the property CHRISTOPHER D. WINTERS 713 830 2106 HOUSTON, TX email@example.com
BILL BYRD, CCIM, SIOR 713 830 2131 HOUSTON, TX firstname.lastname@example.org
> Grand Parkway is now open, located 3 miles west of the property > FM 529 widening is now complete Click here for additional information COLLIERS INTERNATIONAL 1233 West Loop South | Suite 900 Houston, TX 77027 www.colliers.com
CHRISTOPHER D. WINTERS Principal | Director +1 713 830 2106 email@example.com
• • • • •
Pricing: $585,000 ($11.48 SF) > Available Acreage: 1.17 Acres > Utilities: Water & Sewer available along Hwy 6 Available Acreage: 1.17 Acres > Flood Plain: Not located within the 100 year flood plain Utilities: Water & Sewer available along > Key Map: Hwy 652V 6 > Pricing:
$585,000 ($11.48 SF)
The property is strategically located near the northeast corner of S. Hwy 6 and Hwy 288. Continuing development of single family subdivisions and masterplanned communities in this area further support the need for additional retail and commercial businesses to meet future
For additional information please click here demand.Hwy 288 Strategically located near the northeast corner of S. Hwy 6 and COLLIERS INTERNATIONAL 1233 West Loop South | Suite 900 Houston, TX 77027 www.colliers.com
CHRISTOPHER D. WINTERS 713 830 2106 HOUSTON, TX firstname.lastname@example.org
SERVICES PROVIDED Acquisitions | Dispositions | Capital Markets | Investment Sales | Leasing | REO Sales
GReenberg & Company Commercial Real Estate Brokerage Firm
vacant land for sale New Development opportunity Excellent Site for Retail | Office | Townhomes | Medical
6111 Richmond Ave., Houston TX 77057 Land is situated south of Richmond Avenue and just North of Southwest Freeway. Property has great visibility and major thoroughfare. Property is minutes from the Galleria and in short distance to downtown.
• Galleria Area •Major Thoroughfare • Land Size: 100,000 SF
Sale Price: Call For Details March 2017
Contact Broker: David Greenberg at David@GreenbergCompany.com | 5959 Richmond Avenue, Suite 440 Houston, TX 77057 | Phone: 713-778-0900 | WWW.GREENBERGCOMPANY.COM
ray’s buzz CCIM Commercial Real Estate Forecast, Continued from Page 22
Industrial Speakers: Rob Stillwell, Newmark Grubb Knight Frank; Moderator: Reed Vestal, Lee & Associates; Tom Lynch, CBRE; • Absorption is a little slower now but vacancies at all-time low of 5%; the market is in equilibrium • More new investors are wanting to have “industrial” in their portfolios-this creates problem because owners with good stabilized properties do not want to sell; to redevelop would entail paying much more for land • Current industrial users are grocers, frozen food storage, eCommerce distribution, petrochemical • Warehouses are being driven out of inner loop and even inner BW8 by rising taxes and land costs-hard to find affordable land for industrial development inside BW8 • Entitlements/permits making development more expensive and time-consuming; railserved and navigable sites are harder and harder to come by, and therefore more expensive • NW and SE sectors are where most industrial activity is • With increasing population, Houston is drawing distribution activities away from Dallas
Rob Stillwell, Newmark Grubb Knight Frank; Reed Vestal, Lee & Associates; Tom Lynch, CBRE
• Lots of funds chasing yield in this sector, with cap rates 5-6.25 in Class A and 8-8.5 in Class B • There is no Spec construction now, only build-to-suit Retail Speakers: Jason Baker, Baker Katz; Moderator: Debbie Adams, Edge Realty Partners; Matt Reed, NewQuest • Steady population growth of 100,000 per years means retail is always playing catch-up in Houston-we are adding about 5 million SF per year • Most centers fully leased, and prospective tenants have hard time finding available premises • High rents are affecting retailers’ bottom lines, as is eCommerce; savvy retailers are trying to harness online sales so that their stores are not just used “as showrooms” for people who come in to see and feel the merchandise, then order online • Tenants are making do with smaller premises while at the same time demanding landlords invest more in tenant improvements • Grocers are slugging it out, but Whole Foods has probably maxxed out its growth among wealthy shoppers, leaving H.E.B. to slowly become market leader; prognosis for Randall’s is not good
Jason Baker, Baker Katz; Debbie Adams, Edge Realty Partners; Matt Reed, NewQuest
• Competition is fierce among new restaurant concepts, who are big users of retail space; more medical providers are using retail space to be near consumers • Prepared food sales by grocers are impacting restaurants and pre-packaged food vendors; My Fit Foods just went out of business • Theaters, bowling, shooting ranges, indoor skiing and surfing concepts, golf, and other entertainment ventures are taking retail space • ECommerce is eating into sales of brick and mortar stores, and savvy retailers are learning how to treat this as a plus, by integrating online with an in-store “experience” for the shopper • There is no such thing as a ‘loyal customer” any more, with the online shopping options offering far more inventory that any one physical store can offer Office Speakers: Steve Burkett, JLL; Moderator: Chip Colvill, Colvill Office Properties; Rich Pancioli, CBRE • Demand remains down, and current slump is tenant-driven, not developer-driven; oil & gas will have to come back for vacancies to shrink • Energy layoffs slowing and sub-leasing is slowly absorbing space glut • More efficient use of space is also contributing to slow recovery in this sector • Relocation by corporations to Houston is not a big factor at this time • There is some absorption by start-up companies taking 5-15,000 SF
Steve Burkett, JLL; Chip Colvill, Colvill Office Properties; Rich Pancioli, CBRE
Real Estate LOANS for owner occupied, investment and multi-family properties.
BELTWAY 8 FRONTAGE
Office For Sale - 8400 N. Sam Houston Pky. W Significant Space Available for User/Buyer BUILDING SIZE • 39,818 SF • Typical Floor: 19,909 SF PREMISES • 2.14 Acres • Parcel 1238840010003 • Located on Sam Houston Tollway at Windfern, Between Gessner and Fallbrook
Purchases, Construction and Refinancing Fixed-Rates up to 15 Years Up to 25 Year Amortization
CURRENT STATUS • Seller Occupies Approximately 5,000 SF • Approximately 6,887 SF Vacant • Balance Leased to Five Small Tenants BUILDING FEATURES • Attractive 2 Story Tilt-Wall Building • One-of-a-Kind Beltway Exposure • Easy Access to North Sam Houston Parkway West
No Prepayment Penalties
PARKING • 88 Surface Spaces
Conventional and SBA Loans
SALE PRICE: $8,250,000
1-800-580-3300, ext 53800 | rbfcu.org Business Lending rates and terms are subject to change and are offered with approved credit.
Jon Silberman Kelly Torian tel 713 985 4620 tel 713 985 4410 email@example.com firstname.lastname@example.org.
NAI Partners tel 713 629 0500 www.naipartners.com
LEVCOR, INC. IS A LEADER IN THE DEVELOPMENT AND REPOSITIONING OF RETAIL SHOPPING CENTERS RANGING FROM 100,000 TO 1,000,000 SQUARE FEET THROUGHOUT TEXAS. Houston Eagle Pass
Pharr Town Center
Laredo El Paso
LEASING INFORMATION 713.952.0366 1001 West Loop South, Suite 600, Houston, Texas 77027 www.LEVCOR.com
ANCHORED RETAIL FOR LEASE Grand Parkway Town Center SWC of Hwy 249 & Grand Parkway Tomball, Texas
Brad Elmore Austin Alvis
Highlights. Text â€?l
Grand Morton Town Center NEC & SEC of Grand Parkway & Morton Ranch Rd. Katy, Texas
Rebecca Le Josh Friedlander
Leasing | Tenant Representation | Development | Land Brokerage | Acquisition
Shops at Katy Reserve Phase II SWC & SEC of FM 1463 at Spring Green Blvd. Katy, Texas
Bob Conwell JJ McDermott
Lantana Town Center Phase II NEC of FM 407 and Jeter Road Bartonville, Texas
| Property Management
281.477.4300 | NewQuest.com
Artificial Intelligence in the Retail Market BY ANNA DEMMLER
According to Matt Marshall of Venturebeat.com, outdoor clothing retailer The North Face recently launched a mobile app that lets their customers easily find items they are seeking by using Watson, the powerful artificial intelligence computer owned by IBM. The customer speaks openly to Watson in a questionand-answer conversation via their cell phone. Watson then automatically calculates the customer’s needs and quickly shows items that fit his/her specifics.
Photo Courtesy: Lowe’s Innovation Labs
Consumers will also soon see LoweBots, a NAVii autonomous retail service robot by Fellow Robots, roaming the aisles of Lowes. LoweBots will be used to engage, talk with, and answer any customers’ questions. LoweBots also possess storelevel data, and can quickly say what is happening during a certain time at other Lowe’s stores. However, as of fall 2016, LoweBots are only in 11 stores throughout the San Francisco Bay Area, so Texas consumers may have to be patient! Photo Courtesy: The North Face
Andy Narayanan spoke with REDNews: The importance and utilization of AI (artificial intelligence) in retail. RN: How is AI improving consumer experience (CX)? AN: AI is already improving CX at basically every step of the consumer experience. Smarter ads and ad buying help customers see products that are right for them. Chatbots help them get their questions answered when they're unsure of what they need. Visual search AI helps users find items without searching and browsing endless pages of results, which is especially powerful on mobile. AI optimized landing pages and site experiences are more personal and tailored to unique customer needs. AI is paving the way to truly a personalized web that reacts to us individually, giving us the information we want, the products we love to shop, and so much more. RN: In what ways can marketers utilize AI in their business? AN: If there's a tool in a marketer's toolbox, chances are AI will be improving it. Ads and email nurture programs are being infused with artificial intelligence to help marketers learn more about their customers and serve them more accurately. AI optimization, especially, is one that we feel has real legs. Instead of using legacy solutions like A/B testing, AI testing lets marketers try all their ideas, instead of just a control experience and a single test. It does this by leaning on the transformative power of genetic algorithms to evolve sites that convert better and provide cleaner, more streamlined experiences. AI won't 28
replace marketers though. Far from it. It will supercharge them and let a single marketer do the job of a whole department, all by himself. Moreover, all these AI applications will allow marketers to understand each individual customer and interact with them on a 1:1 basis.
Andy Narayanan, Vice President of Intelligent Commerce, Sentient
RN: How important do you think AI is to the retail experience? AN: Incredibly. I see AI as the biggest step in retail since, well, the internet. In addition to the improvements to CX I mentioned above, artificial intelligence is going to improve buying and inventory management, which will keep hot products in stock and help retailers know where the market is heading. Passed that, you'll even start seeing AI design products itself, using the patterns and trends to forecast what buyers will want next week, next month, and next year. Ultimately, AI reduces the friction between shopper and product at every level.
Energy Corridor . Retail Space Available Immediately STRONG DEMOGRAPHICS HIGH TRAFFIC COUNTS GOOD TENANT MIX WELL ESTABLISHED LOCATION STABLE OCCUPANCY GOOD UPSIDE POTENTIAL ¾
Available: Recently Built-out: Ready for Move-in 1,500 s.f.
Rental: $28.00 plus NNN
DEMOGRAPHICS: 1mi. 3mi. 5mi Population: 10,604 82,227 247,907 Avg. HH Inc,: $124,669 $116,270 $98,394 Note: 5 mile numbers skewed due to Bear Creek Park/Dam Site Contact: George Polydoros CCIM 713.528.770 office 713.240.0252 cell email@example.com
Polydoros & Associates
P.O. Box 27845 • Houston, Tx 77227-7845 • firstname.lastname@example.org
The information contained herein, while based upon data supplied by sources deemed reliable, is subject to errors or omissions and is not, in any way warranted by George Polydoros, or Plydoros & Associates or by any agent, independent associate or employee of George Polydoros & Associates. This information is subject to change without notice.
226 Acre Development Tract in Fort Bend County Located Between Future Grand Parkway and Major Hwy 36 Expansion
Fort Bend County is the fastest growing large county in the nation 2016. SIT
• Located in growth area of HWY 36, FM 762, Segment C of Grand Parkway extension • On FM 361 with 3,000 ft. of frontage.
• Near Richmond, Rosenberg, Needville and Pleak with current and upcoming residential and commercial development
Seth Showalter • Reduced! $11,900/Acre • Major Hwy 36 expansion 713-269-4908 corridor expansion underway • Possible Owner Financing email@example.com with access to the Port of March 2017 29 Freeport
Helpful & Interesting Tidbits from CRE Continuing Education Course -Texas A&M Real Estate Center October 2016
BY RAY HANKAMER firstname.lastname@example.org
Note: The following “bullet points” are excerpted from a long list of speakers over nineteen hours of presentations. Investment Climate in Houston: • There is ample capital seeking yields…“dry powder” in closed-in funds at all time high; cash more available for mergers & acquisitions, not so much for new construction except retail and industrial • Lenders and investors are upping the percentage of capital available to commercial real estate (CRE); however construction debt is difficult in this economic and regulatory climate • National economy still in slow recovery, while Houston is flat or in mild recession • Worst is behind us here & ‘people are becoming able to breathe again’ • We are seeing lower and lower break-even costs due to technical innovations and reduced oil service company pricing • Thousands of wells drilled in 2014 have been shut in, but can be ‘turned on’ as prices rise…this will work to keep pricing down into the future for oil and gas • The U.S. supplies about 11% of oil production worldwide • We have identified at least 100 years of natural gas reserves at current rates of usage; Canada has mammoth oil and gas reserves as yet not fully appraised • Houston population has doubled since the oil recession of the ‘80s Office: • 12 million SF of sub-lease space on market, about ¼ of all space in Houston; however, rent is being paid on most of this space although empty, because it was leased to credit tenants such as Big Oil • Almost 4 million SF of office space still under construction, to come on line by end of 2017 • Most landlords are doing ok • Tenants are shuffling up to higher class space as their regular leases come up for renewal, taking advantage of great deals (up to 35% discount from asking rate, including concessions)-From “C” to “B” & from “B” to “A” • Parking is a problem for many landlords as tenants try to cram more workers per SF onto the office floors • Our current oversupply of office space is due to falling user demand, NOT overbuilding by developers • On the investment side, outside buyers are looking for “fire sale” deals on office buildings here and there are none • Mergers and acquisitions in the Oil Patch result in further declining needs for space • Bankruptcies put sub-lease space on market as companies get to void their leases • We have a 10 year supply of office space currently in the city’s inventory Multi-Family (MF): • In 2016, over 125,000 people will have moved to Houston, in spite of the downturn • 25% of current Houstonians are foreign-born • It is extraordinary that in spite of oil downturn we have not had negative job growth; new jobs = demand for housing • We have added 200,000 MF units since 2000, & rents are up 75% over the past 16 years • Due to glut, discounts over asking rates are available up to 25% when concessions are dialed in 30
• In Houston CBD there is strong growth of high end residential; soon 7,000 units up from only 500 in 1990 [!] • George R. Brown Convention Center is being re-done to make it the center of a “village”, with parks, retail, residential, & other pedestrian-friendly amenities; close-by within walking distance are three of Houston’s professional team stadiums • Marvy Finger has been a trail-blazer with high quality developments which have set the bar very high in the CBD • The tax abatement program to encourage residential development has just expired but has resulted in thousands of units coming to downtown Port of Houston & how growth in logistics affects CRE: • 44% of Americans have amazon.com accounts, & the effect on logistics- from ships to rail to warehouses to delivery trucks- has been seismic • Port is adding rail, highways, docks, warehouses, & other infrastructure to handle this surge-almost everything we use each day comes from a warehouse & at least one truck • Ships come to our port via Suez & Panama Canals, with the larger ships coming from Asia through the Suez • Houston handles about 25% of the container traffic currently handled by L.A./Long Beach, but this should grow as our infrastructure is improved to allow us to offload & serve the Midwest of the country, competing with Chicago Petro-chemical / East Houston: • Today Hwy 59 / I-69 divide the Houston Metro area into growth & retrenchment: upstream slowdown is centered in CBD, West, & NW, while petrochemical growth is in the East & SE • Texas has lowest cost of shale oil & gas production in the world & this will remain a fact, ensuring a cheap supply to our petrochemical industries, which are in booming expansion mode along the Gulf Coast in TX & LA • The building blocks for different plastics for which we supply the feedstocks will be shipped from our port for many years to come, & in increasing quantities • Billions are being invested today in the Port of Houston to ensure that we remain one of the most cost- and time-effective ports, which is what world shippers require Retail: • The regional mall is going extinct, except for ‘super malls’ like The Galleria. Reason: decline of large department store anchors, as their business has been challenged by online stores & neighborhood retailers such as Target, WalMart, Costco, & Home Depot • Restaurants are now bringing the energy to retail centers, energy that was once created by big department stores, & in addition to creating traffic, restaurants can pay high rents • Fancy cinemas with food & drink & entertainment concepts such as Dave & Busters, also create traffic • Brick and mortar locations must have convenient online platforms for both to be successful • Supermarkets & urgent care centers are taking more & more retail space in Houston & the healthy competition benefits the consumer…some food market concepts have failed • Retail concepts come and go, such as Dick’s coming into Houston & Sports Authority closing down; Cabela’s & Bass are combining; Fresh Market is gone from Houston; this is ‘the nature of the beast’ • Most retailers in Houston are experiencing higher sales this year, in spite of the high level job losses in the Oil Patch
th th annual 27 27 annual 27th annual
OUTLOOK OUTLOOK FOR FOR
TEXAS TEXAS LAND LAND M MA A RR KK EE TT SS April 20–21, 2017 • Omni Hotel at the Colonnade • San Antonio, Texas The 27th Annual Outlook for Texas Land Markets provides information on a variety of legal, economic, social, and natural resource issues influencing current land market dynamics. Register Online:
civil fair play
Texas Central’s High Speed Rail: An idea or a reality? Marvalette Hunter
BY ANNA DEMMLER
Texas Central Partners (Texas Central), a private company in Texas, hopes to start construction for a highspeed rail connecting Dallas to Houston in 2018, and hopes to have the rail running by 2023. REDNews talked to Drayton McLane Jr., a Houston business leader, and both an investor and Board Member for Texas Central. “I feel this is a great project for the citizens of Texas to connect the two biggest cities,” says McLane. “Houston has six million people and Dallas Fort
Worth has six million people and to have a rail connection, I think this could be some of the best economic development Texas has ever done. It will certainly help with the TxDOT, our transportation that builds our highways and bridges… because it will take people off the highways and using the high-speed rail.” Eminent Domain: Texas Central vs. Landowners? If a legal entity operates a railroad (Transportation Code, Section 81.002), the entity will be considered a railroad company, and railroad companies may exercise the power of eminent domain (Transportation Code, Section 112.002). However, does Texas Central fit the bill? Some might not think so.
Drayton McLane Jr.
Texas Central filed a lawsuit against Calvin House, a property owner living in northwestern Harris County, because House denied Texas Central permission to survey his land. In December 2016, the judge involved in House’s case, Harris County District Judge Joseph “Tad” Halbach, denied Texas Central’s request for a summary judgment (or pre-trial decision). Halbach moved the case to trial starting July 3, 2017. “The decision does not set any kind of precedent, and we will show in a full trial that state law, established for more than a century, clearly gives railroad companies the right to conduct land surveys without interference,” a Texas Central representative said in a statement. “This is needed to determine the most advantageous high-speed train route. We will demonstrate that in the trial and look forward to our day in court, scheduled July 3.” House is represented by lawyers working with Texans Against High Speed Rail (TAHSR), an organization opposing Texas Central’s rail project. Desi Burns Porter of TAHSR says there have been 39 lawsuits filed by Texas Central against landowners with TAHSR so far. However, in early February 2017 Texas Central announced they are dropping all lawsuits, stating “a favorable resolution” was made between Texas Central and landowners during conversations outside the court, and that Texas Central has acquired 30% of parcels possibly needed for the bullet train. Yet, the total number of lawsuits dropped, it should be noted, was 17, according to Texas Central. Marvalette Hunter, member of Texas Central’s Houston Leadership Team, says Texas Central has had “great success with land owners,” as Texas Central continues to reach option agreements at or above market value.
Texas Central Facebook
Hunter says as of the end of 2016, Texas Central has held 12 scoping meetings, two dozen open houses, and 300 speaking engagements to provide updates, answer questions and receive important feedback used to help design the project and inform the public. Texas Central plans on repeating these events in 2017. Denise Miller, a property owner on the outskirts of Waller and member of TAHSR, says the rail is supposed to go through her kitchen. Miller says she is being offered “well over” her property’s value, but she and her husband “feel harassed” by Texas Central. Once their property was given an offer, Miller says Texas Central called her and her husband “two or three times a day” to see if they had reached a decision. By signing a contract with Texas Central, Miller may keep the money offered with no strings attached, but signing the contract does not ensure Texas Central will buy her land, and Miller may not sell her property.
McLane notes “Any time there’s eminent domain, and this is a private, not a government agency, you have to work through those issues… even when Texas builds a new highway somewhere, they have those issues. That’s just normal, and you have to work through it.”
be from the heart of both Houston and Dallas. In no more than about 80 minutes, you can be on it,” says McLane.
Competing with the World
Why is an exact route not final yet?
McLane says he has seen high-speed rails around the world, and he stands behind the idea of bringing it to Texas.
An Environmental Impact Statement will be issued later this year. It will be used to help set the final route of Texas Central’s high-speed rail and to determine when construction begins.
“China has over 2,500 miles of high-speed rail. Japan has over 1,000 miles of high-speed rail. It's throughout Europe and the UK, France, Germany to great extents, and they have mountains and other things. It's worked so well all over the world, and it can work well here. It's change,” says McLane.
“You can expect all the things you find at an airport at the rail,” says Hunter, including parking garages and rental-car stations.
Once the Environmental Impact Statement is released, the public will have time to voice their concerns and opinions before it is finalized.
The rail vs. airlines Texas Central has stressed the rail will not replace air lines, but will offer customers a choice. “If you were in downtown Houston and you have to drive to Hobby Airport, that's about an hour, and you must be there at least an hour before the flight, so that's two hours… The [bullet train] is going to
Texas Central online states, “These loans are like private financing because loans made by these programs have terms very similar to a loan from a private bank or other entity—the principal must be paid back with interest, and in fact will be available to fund other infrastructure projects in the future.” The investors seem very confident this project will be successful. Reportedly, the original investors for the rail are still involved. “There’s a reason for that,” says Hunter.
STATIONS There will be three stops: Houston, Dallas, and Brazos Valley (Grimes County).
Central Japan Railway Company “The Texas Bullet Train and all of its components will be purchased from Japan,” says Hunter. “The N700-I Bullet total system is the international version of the Tokaido Shinkansen total system currently in operation between Tokyo and Osaka, Japan. The international version will feature the core system – passenger train, overhead catenary, tracks, signaling – along with all of the corresponding maintenance and operations… There may be some minor assembly locally; however, the train set will for the most part, be pre-assembled and purchased as a whole.”
Department of Transportation.
• Dallas station (land allocated): south of downtown in the Cedars area, near the convention center
Who’s funding the project? “This is going to be privately financed,” says McLane. “This is not using taxpayer dollars as highways systems or airports are, so this would be very appropriate for the citizens of Texas. “
• Brazos Valley station (land under review): along the Grimes County rail line, reportedly 15 or 20 miles east of Texas A&M • Houston station (land under review): northwest Houston by the 610 Loop, between 290 and I-10
Texas Central, however, may choose to seek loans to businesses from federal government agencies, such as RRIF (Railroad Rehabilitation & Improvement Financing) and TIFIA (Transportation Infrastructure Finance & Innovation Act) – both part of the U.S. Continued on Page 34
Continued from Page 33
What are the big names in Texas Central’s project?
• Carlos F. Aguilar (CEO), Tim Keith (President) • Board Members and Special Advisors: Drayton
McLane Jr., John Kleinheinz, Jack Matthews, Robert Eckels, Richard Lawless (Chairman), Ron Kirk
• Leadership Team members: Marvalette Hunter
(Houston), Jeff Moseley (State Vice President), Michael Moore (Houston Vice President), Holly Reed (Managing Director, External Affairs), Doug Jones (Managing Director, Design Build Program), Lori Willox (CFO of Texas Central, CFO/Senior VP of Dallas at Balfour Beatty Infrastructure Inc.)
Idea or reality? With a growing number of organizations and communities showing support for Texas Central and its high-speed train, the rail could very well become reality. “I think this is positive, upbeat, and nowhere but Texas could this be done,” says McLane. “[Texans] are forward-thinkers. They accept change, and they see there are newer and better ways to get things done, so I think this is extremely popular.” l
Excerpt from Part 11, Conclusion, “Texas High Speed Rail: Caution Ahead,” February 2017, by Baruch Feigenbaum Baruch Feigenbaum is employed by Reason Foundation, a non-profit think tank advancing free minds and free markets. He is involved with various transportation organizations including Transportation Research Board Bus Transit Systems and Intelligent Transportation Systems Committees, VP of Programming for the Transportation & Research Forum Washington Chapter, a reviewer for the Journal of the American Planning Association (JAPA) and a contributor to Planetizen. “Based on our analysis, which is corroborated by TxDOT’s, we believe Texas Central can expect to attract less than half of its projected ridership. Texas Central’s unsupported $10 to $12 billion cost estimate is similarly unrealistic. We believe our cost estimate of $17.8 billion is much more realistic.” “As it stands, Texas elected officials, lenders, investors, and taxpayers should demand full disclosure and pay close attention to the details because we do not believe that Texas Central can build the rail line without significant public subsidies.” l Disclaimer: The opinions expressed in Reason Foundation’s report are those of the author and do not reflect in any way those of REDNews. To view Mr. Feigenbaum’s full 63-page report, visit: https://onedrive.live. com/?authkey=%21AM8FLGwaix4kZY8&cid=0C3F4FBBD378E95F&id=C3F4FBBD378E95F%21108&parId=C3F4 FBBD378E95F%21106&o=OneUp
The numbers according to Texas Central • Project is expected to contribute $2.5 billion in estimated tax payments within first 25 years • Estimated $320 million of the $2.5 billion total tax revenue is expected to help the counties along the route • The rail will create about 10,000 jobs for Texans every year for the four-year-construction period, making 40,000 jobs total, and approximately 1,000 permanent jobs • The rail’s speed will reach up to 205 m.p.h. over the 240-mile rail, making the trip less than 90 minutes. During peak hours, the rail will run every 30 minutes • The rail will be elevated 25 feet in the air through viaducts or on elevated berms to ensure safety and convenience • 83% of people surveyed in Texas Central’s Ridership Study say they would ride the Bullet Train if it were available today • Rail will potentially help 80,000 students in between College Station and Huntsville at Brazos Valley station • Ticket prices will be flexible based on the schedules
Texas Central Facebook 34
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ACRP KICKED OFF 2017 WITH A BANG! 30 Yr Anniversary | Award Ceremony New Logo | New Website
On January 26th, more than 130 ACRP members and guests gathered to celebrate our 30 year anniversary. Founding Members were recognized and 2016 award recipients were announced. In addition, our brand new logo and completely revamped website were unveiled. ACRP is Houston's premier commercial real estate association that brings together professionals from every discipline involved in every aspect of a project or deal — from concept to completion. Check us out at ACRP.ORG
Tom Melody, Robert Kay, Rick Harsch, Arnie Azios, Jr. and Jeff Davis Founding Members Award
Marty McAdams, McAdams & Associates Heart Award
Randy Young, Terrenova Real Estate Group Trail Blazer Award
SPECIAL THANKS TO OUR PLATINUM SPONSORS
Phillip Matthews, Stantec Rising Star Award
Innovative Practice Awards Program 2017
An Annual Program to Recognize Innovators of Improved Projects and Professional Practices
ATE! D E TH E V A S
Symposium Thursday, April 20, 2017 7:00am - 9:00am The Westin Galleria - Houston 5060 W. Alabama St. Houston TX 77056 Woodway I - Conference Space To Register: http://giving.uh.edu/grep/
Multifamily - Living Elevated With market comments from: Ric Campo Chairman & CEO, Camden Property Trust The 2017 Innovative Practice Awards Program’s student seminar and industry symposium will focus on the multifamily sector of the real estate industry. • This year’s focus will include the increase in downtown projects, the increase in hi-rise projects, integration with mixed-use, and various other factors. • Selected multifamily projects will be analyzed by the class researching innovative trends in this market sector and each project and project development team will be recognized for the most innovative aspect of the development. • Results of student research into these innovations will be presented and a panel of experts will respond.
ERJCC CHARITY GOLF TOURNAMENT Monday May 1, 2017 Check-in 11:00 am Shotgun Start: 1:00 pm BlackHorse Golf Club For information or to reserve your spot, contact Melissa Gordon at 713.595.8194
Other significant sponsors: REDNews; Wilson, Cribbs + Goren; Colliers International; First American Title Company National Commercial Services; Fidelity National Title National Commercial Services; Title Houston Holdings; Butler - Cohen; South Texas Surveying Associates; Craddock Massey, LLP; Hirsch & Westheimer, P.C.; Jerry Goldstein/Marcus & Millichap; Frost Bank; Phase Engineering; Duplantis Design Group March 2017
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BOMA AUSTIN: bomaaustin.org BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM: ccimtexas.com CREW AUSTIN: crewaustin.org CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org
CENTRAL SOUTH TEXAS
March CREW San Antonio
Luncheon 11:30am - 1pm
Luncheon 11:30am – 1pm
1 Wednesday *Crew Austin: Communications Committee – 8am-9am *RECA: City of Austin Policy & CodeNEXT Committee Meeting – 12pm-1pm
RECA reca.org RECSA: www.recsanantonio.com RETAIL LIVE: retaillive.com TABB AUSTIN: www.tabb.org/austin_chapter.php TABB SAN ANTONIO: www.tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org
BOMA Austin: New Member Orientation – 11:30am – 12:30pm *BOMA San Antonio: BOMA SA Open Committee Meeting – 11:45am RealInsight: 3rd Annual Central Texas Multifamily Summit: Austin & San Antonio – 7:45am-3:30pm *IREM San Antonio: FOI Appreciation Lunch with Board – 11:00am-1pm *CREW Austin: Special Events Committee—11:30am RECA: March Networking Happy Hour – 5:30pm – 7pm
Wednesday IREM San Antonio: Property Operations II Course –
CTCAR March 23 Networking Luncheon & Presentation 11:30am - 1pm
TABB Austin: Luncheon – 11:30am-1pm
CCIM Central Texas: CI 101 Course – 7am-6pm CREW Austin: Networking Luncheon – 11:30am -1pm
CCIM Central Texas: CCIM Networking Social – 5:30pm-7:30pm CCIM Central Texas: CI 101 Course – 7am-6pm ULI Austin: Monthly Breakfast Series – 7:30am – 9am
BOMA Austin: BOMI RPA/FMA: Real Estate Investment & Finance – 8am-5pm RECSA: Fight and Casino Night – 6:30pm CTCAR: “Rough Proportionality & Impact Fees” Networking Luncheon & Presentation ft. Aaron Nathan & Pete Dwyer – 11:30am-1pm *IREM San Antonio: Key Players Luncheon – 11:30am-1pm CCIM Central Texas: CI 101 Course – 7am-6pm
CCIM Central Texas: CI 101 Course – 7am-6pm
CCIM Central Texas: Networking Luncheon & Presentation – 11:30am-1:30pm TABB San Antonio: Luncheon – 11:30am-1pm
*CREW Austin: Community Outreach Committee – 11:30am *RECA: City of Austin Policy & CodeNEXT Committee Meeting – 12pm-1pm
CTCAR: Professional Series: “Overview of Commercial Real Estate Profession” – 11:30am-1pm IREM San Antonio: Learn @ Lunch “Sugar” – How much is hiding in your food – 11:30am-1pm
IREM San Antonio: Property Operations II Course – 8am-5pm CREW San Antonio: Luncheon ft. Mark Dotzour – 11:30am-1pm *IREM Austin: Board Meeting – 11:30am-1pm 8am-5pm-1pm
CTCAR: Property Info Exchange “1031 Exchange Investment + Delaware Funds” – 7:30am-9am RECA: March Mayoral Town Hall Luncheon – 11:15am-1pm BOMA Austin: AAFAME Joint Luncheon – 11:30am-1:15pm IREM San Antonio: Property Operations II Course – 8am-5pm IREM San Antonio: Property Operations II Course – 8am-5pm
*ULI Austin: CodeNEXT Roundtables – 8am – 10am
IREM Austin: Luncheon – 11:30am-1pm
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
CENTRAL SOUTH TEXAS
IREM SAN ANTONIO FEBRUARY LUNCHEON Top: L to R, Mike Hogan, Randy Smith, Ryan Harrison, Anne Marie Niklaus L to R: Bond Pemberton, Kevin Ferguson
CTCAR JANUARY LUNCHEON Top: L to R, Pamela Madere presents Gail Whitfield the past president plaque L to R: V. Bruce Evan, DeLea Becker, Commissioner Gerald Daugherty, Pamela Madere, Mike Heiligenstein
CREW SAN ANTONIO IREM AUSTIN JANUARY LUNCHEON Top: L to R, Mike Loughery, Franzi Jackson, Rex Gore IREM Austin 2017 Leadership: Kim Morgan, Franzi Jackson, Brandi Herdzina, Melissa Kreutner, Adam Benoit, Sam Shannon, Amanda Cox, Carolyn Griffin, Amy Dandridge
BOMA AUSTIN 2017 BOARD OF DIRECTORS L TO R: David Englund, Bert Schnoebelen, Crystal Green, Amy Newsom, Kathy McDuffie, Thomas Pannkuk, Sammie Baker, Julia Taylor, Pat Goerner, Kristin Chavarria, Karisa Johnson, Marc Krohn NOT SHOWN: Chad Williams, Jennifer Flynn
2017 BOARD OF DIRECTORS L to R: Yesenia Dominguez, Jennifer Bailey, Katherine Howe-Frilot, Dawn Vernon, Cheryl Pyle, Brandey Wimberley Orsag, Dena Welch, Smita Bhakta, Christy Rhone, Amanda Reed, Laura Gilliland
CCIM Central Texas/ CREW Austin
REAL ESTATE SUMMIT
L to R: Tania Lingor, Shanna Overholser, Terri Talley Nassour, Melinda Perrier, Stephanie Bernard, Catherine Case Larson March 2017
BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CORENET NORTH TEXAS: northtexas.corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFW AR: www.gfwar.org IREM DALLAS: irem-dallas.org IREM FORT WORTH: www.fortworthirem.org NAIOP: northtexasnaiop.com
10th Annual Young Guns Casino Night
March Luncheon 11:30am – 1pm
1 Wednesday CREW Fort Worth: March Luncheon: New Administration
– Early Results in the Commercial Market ft. Dr. James P. Gaines – 11:30am-1pm
BOMA Fort Worth: Lunch & Learn: COI ft. Chris Bailey – 11am-1pm ULI NT: WLI hosts “Spotlight Supper Series” – 5:30pm TREC Dallas: 10th Annual Young Guns Casino Night – 7pm *CREW Fort Worth: New Member Breakfast & Orientation – 7:30am-8:30am BOMA Dallas: BOMI Course: Law & Risk Management, Accelerated – 9am-4pm *ULI NT: New Member Welcome Coffee - 8am-9:15 am *GFW Association of Realtors: “Cut Your Hair – Not Your Fee” Educational Seminar – 10am- 12pm
ing Wealth” Educational Seminar – 8:30am-5pm IREM Dallas: March 2017 Luncheon – 11:30am-1:10pm
ULI NT: YL Networking Coffee - 7:30-8:15 am IREM Dallas: Ethics 800 Course – 8:30am
*GFW Association of Realtors: “MCE: Advanced Matrix” Educational Seminar – 8am-11am *GFW Association of Realtors: “Introduction to InstaNet” Educational Seminar – 12pm-2pm
March 21 Get Together 5pm – 7pm
BOMA Dallas: Engineer Lunch & Learn NTCAR: CE: Commercial Investment Analysis, Comparison & Lease vs Own + Legal I & II – 8:30am-5:30pm NT CCIM: CI 102: Marketing Analysis – 8:30am-5:30pm, through March 23, Thursday ULI NT: Breakfast Forum: “Capital Markets: Who's Funding Now?” – 7:30am-9:30am BOMA Dallas: March Luncheon – 11am-1pm *BOMA Dallas: New Member Orientation TREC of GFW: Get Together - 5:00 - 7:00 PM
SCR: Breakfast with Fort Worth Mayor Betsy Price – 7:30am-9am *GFW Association of Realtors: “Basic Matrix Training” Educational Seminar – 8am-10am IREM Dallas: Apt. Association of Greater Dallas Trade Show – 3pm *NT CCIM: CI 102 Class Happy Hour – 5:30pm-7pm
*BOMA Dallas: Board of Directors meeting NAIOP NT: Low-Hoop Slama Jama Basketball Tournament *GFW Association of Realtors: “Proven Business Tax Strategies” Educational Seminar – 9am-10:30am *TABB Dallas/Fort Worth: Chapter Meeting – 11:30am-1pm BOMA Fort Worth: Bowling Tournament 2017 – 5:30pm8:30pm
27 Monday 28 Tuesday
*CREW Fort Worth: Mentoring Event – 5:30pm-7:30pm
NAIOP NT: Office Market Update Breakfast – Office Panel & Brokers of the Year Award – 7am-9am BOMA: 2017 Southwest Region Conference – 6:30am to 10pm April 1
*GFW Association of Realtors: “Effective & Compliant Facebook Advert” Educational Seminar – 8am-10am *GFW Association of Realtors: “Five Phase Listing Appointment” Educational Seminar – 10:30am-12:30pm
Thursday *NTCAR: 2nd Quarter Membership Meeting – 7:30am-9am
TREC of GFW: YLC Breakfast Club – 7:30am-8:30am *GFW Association of Realtors: “Discovering Commercial Real Estate” Educational Seminar – 9am – 12pm *GFW Association of Realtors: “Cloud CMA & Cloud Streams” – 10am-12pm NT CCIM: March Luncheon – Texas Bullet Train ft. Tim Keith – 11:30am-1pm IREM Fort Worth: Happy Hour – 4pm-6pm
BOMA Fort Worth: March 2017 Luncheon – 11:30am-1pm
8 Wednesday *GFW Association of Realtors: “The Agent Investor Build-
NT CCIM: chapters.ccim.com/northtexas NTCAR: ntcar.org SCR GFW: www.gfwar.org TABB DALLAS/FT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com TREC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org
ULI NT: Making it in Real Estate: Starting Out as a Developer ft. John McNellis – 4:30 pm
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
BOMA MEMBERS AT AMERICAN HEART ASSOCIATION'S GO RED DALLAS PROGRAM
IREM FORT WORTH
IREM FW MEMBERS AT TCU REAL ESTATE EXPO
CCIM NORTH TEXAS
MEMBERS ENJOYING HAPPY HOUR @ MESERO
CREW DALLAS/CREW FORT WORTH FEBRUARY JOINT MEETING
EMERGING TRENDS JANUARY 17, 2017 L to R: Pamela Stein, Mitch Roschelle
Speaker: James Spaniolo March 2017
ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com CORENET: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com
GREATER HOUSTON PARTNERSHIP: houston.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: www.sior.com TABB GROUP: www.tabb.org ULI: houston.uli.org
11am - 1pm
10:30am – 1pm
1 Wednesday IREM Houston: Friend Appreciation Breakfast – 8am
BACREN: Houston Luncheon: “Cut Property Taxes” ft. Pat O'Connor - 10:30am-1pm
CREN: Marketing Session – 7:30am-9am
*IREM Houston: IREM Public Policy Committee Meeting – 11:30am
FBSCR: Monthly Breakfast Meeting – 8am-9am Greater Houston Partnership: Economic Development Council – 11:30am-1pm
BOMA Houston: “Foundations of Real Estate Management Course” – 8am – 5pm O’Connor & Associates: “Retail Forecast Lunch” – 11:30am-1pm ULI Houston: Sponsorship Appreciation (invitation only)
8 Wednesday C.R.E.A.M.: March Luncheon: Federal Income Taxation
CREN: Happy Hour – 4:30pm-7pm
TABB Houston: March Luncheon: Private Equity Panel – 11:30am-1:30pm
Greater Houston Partnership: Rise to the Top ft. Ginger Kerrick, Dr. Latha Ramchand, Cindy Yeilding – 11:30am – 1:30pm
CREW Houston: March Luncheon – Flood Control – 11:30am-1pm
IREM Houston: Intro to Property Management – 8am12pm Greater Houston Partnership: WBA Lunch & Learn: Table Talk – 11am-1pm IREM Houston: Introduction to Property Management – 8:30am-12pm *IREM Houston: IREM Community Involvement Committee Meeting – 11:30am
CREN: March Luncheon ft. Reid Wilson – 11am-1pm
CoreNet: March Breakfast Meeting – 7:30am-9am Greater Houston Partnership: International Trade Council – 11:30am-1pm IREM Houston: IREM March Luncheon: The Future of Commercial Building Design ft. Rives Taylor – 11:30am-1pm Issues ft. Paul Ikard – 11am-1pm
Thursday CCIM Houston: March Luncheon – 11:30am – 1pm
BOMA Houston: Business Exchange – 2pm TABB Houston: Happy Hour/Mixer – 5:30pm-9pm
ACRP: Community Service Initiative Great Strides – Cystic Fibrosis Foundation Walk – 7am
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
FEBRUARY LUNCHEON Top: L to R, Dina Salazar, Ramona Little, Teri Hayes, Kayci Broadway
FEBRUARY BREAKFAST Top: L to R, Ian Douglas, Steve Lamberti, Stacy Hunt, Swapnil Agarwal, Cyrus Bahrami, Bruce McClenny
L to R: Donna Eckels, Jasper “J.E.” Tramonte, Kelly Hutchinson
HOUSTON TRENDS 2017
Special guest: Tyler Mathisen, CNBC's "Power Lunch" and "Nightly Business Report" Co-Anchor Speaker: Pat Duffy, MCR, and President of Houston Colliers International
AWARD PRESENTATION Top: L to R, Founder Awards: Tom Melody, Robert Key, Rick Harsch, Arnie Azios, Jeff Daivs, Randy Young, Jason Cooper L to R: Heart Award: Jason Cooper, Marty McAdams, Randy Young
O'CONNOR & ASSOCIATES
Top: L to R, Reda Martin, Imad F. Abdullah
L to R: Jimmy Homer, Ralph Hamilton, Richard Alipesti, Liam Robinson
Top: L to R, Jollie Kirkland, Duane Heckmann, Kirk Laguarta
L to R: Richard Pevey, Bobby Tyson, Loren Miner
L to R: Claudia V. Jimenez, Kelli Nguyen-Ha L to R: Speakers: David Oelfke, Juan Cuevas February 2017
CENTRAL SOUTH TEXAS bulletin
Rendering courtesy Central Health
AUSTIN, TX MEDICAL REDEVELOPMENT Four finalists are vying for the assignment of redeveloping the site of University Medical Center Brackenridge. Including six blocks at 15th Street & I-35, it is one of the largest infill development opportunities in Austin. The four finalists are: Brandywine Realty Trust, Catellus Development Corp., A partnership between Howard Hughes Corp. & Cambridge Holdings & Wexford Science + Technology.
Grant Mueller MAI, has been promoted to Managing Director of Valuation & Advisory Services with CBRE
CEDAR PARK, TEXAS
HIGH-RISE RESIDENTIAL DEVELOPMENT Starryland USA, a division of Chinese publicly traded homebuilder Fuxing Huiyu Real Estate Co. Ltd., is entering the U.S. market as a partner with Sackman Enterprises in 70 Rainey which is a luxury condominium project under construction in the Rainey Street District.
RETAIL LEASE Roost Backyard Grill leased 5,000 sf at Shoppes at Whitestone located at 900 W. Whitestone Blvd. in Cedar Park. The tenant was represented by John Heffington with CBRE & the landlord was represented by Janice Landers with Retail Solutions.
MIXED-USE DEVELOPMENT Endeavor Real Estate Group has won preliminary approval for the rezoning of the Plaza Saltillo tract in East Austin to turn 10 acres on six blocks into a mixed-use center with the building height capped at 70 ft instead of the 125 ft desired by Endeavor & partner Columbus Realty Partners Ltd. Plaza Saltillo would include several apartment buildings, 110,000 sf of retail space & 120,000 sf of office space. OFFICE LEASE Duo Security leased 3,414 sf at the Heierman Building located at 115 E. 15th St. The landlord was represented by Jason Steinberg & Haley Smith with ECR & the tenant was represented by Zach Ellis with Colliers. OFFICE SALE Goldman Sachs Asset Management Private Real Estate bought the 292,421 sf Quarry Oaks I & II, a two-building, Class A office complex at 10900 Stonelake Blvd. HFF represented the seller & Principal Real Estate Investors represented the buyer. OUT-PATIENT CLINIC SALE An entity affiliated with The Innovation Institute in La Palma, CA bought the 275,00 sf U.S. Department of Veterans Affairs outpatient medical clinic in East Austin located at 7901 Metropolis Dr. The property is valued at about $63.9 million. RESIDENTIAL DEVELOPMENT David Weekley Homes has purchased 15 acres near Lakeline Mall for a project with 180 highend townhomes which is part of a 130-acre master-planned development located on the north side of SH 45, east of Lake Creek Pkwy., The first houses will deliver in third quarter 2017. RETAIL LEASE H-Mart plans to open its first Austin store at 11301 Lakeline Blvd. It will combine two empty storefronts to create a 68,670 sf space for HMart.
GROCERY STORE LEASE The 34,245 sf Cypress Bend Shopping Center has been sold at 2501 Cypress Creek Rd. Marcus & Millichap had the exclusive listing to market the property.
DRIPPING SPRINGS, TEXAS HOTEL CONSTRUCTION Construction will begin in May 2017 on the four-story, 56,000 sf Courtyard by Marriott hotel located at 1002 Rob Shelton Blvd. With 91 units, space for weddings & corporate events as well as a full bar & restaurant the cost of construction is estimated at $4 million & is set to open July 2018.
NEW BRAUNFELS, TEXAS RETAIL SALE A local Texas private Investor bought the 7,000 sf Interstate Plaza in New Braunfels, Texas from a developer based out of Dallas. Anthony Pucciarello with Vitorino Group marketed the property on behalf of the seller.
ROUND ROCK, TEXAS HOTEL CONSTRUCTION Stonemill Hospitality LLC is developing a $20 million, 160room hotel with at least 14,00 sf of convention & meeting space. The hotel will also provide lodging for nearby Baylor Scott & White Medical Center-Round Rock. TOWNHOME DEVELOPMENT The vacant 3.7 acre property which houses the Gypsum Supply building located near the Uion Pacific Corp rail line on Bagdad Ave. is the future site for an 80unit townhome community set to break ground later this year.
SAN ANTONIO INDUSTRIAL SALE LBL 5300, LLC bought the 17,229 sf office/warehouse building located on 6.518 acres
at 5300 SE Loop 410 in South San Antonio from CLN/WWMK, LP. Jason Schnittger & Michael T. Kent with Stream Realty Partners represented the seller & Nick Prater with 4M Realty represented the buyer. HOTEL SALE DJ Hospitality Management, LLC bought the 113-room limited service Delta Inn hotel located at 9503 North Interstate 35 in northeast San Antonio from Manci Enterprises, LLC for an undisclosed price. Tyler Bean, Rahul Bijlani & Michael Yu with CBRE represented the seller & buyer. RETAIL SALE CCG Lone Oak Partners bought the 9.6 acres Lone Oak Shopping center located at the crossing of S. WW White Rd. & Martin Luther King Dr., from FL Lone Oak LLC. RETAIL SALE BPP Lincoln Heights bought the 22.5 acre Lincoln Heights Retail Center located at 999 E. Basse Road from Alecta, a Swedish pension manager. Bexar Appraisal District assessed the retail center at $36.1 million in 2016.
SCHERTZ, TEXAS INDUSTRIAL CONSTRUCTION Conor Commercial Real Estate has completed the construction of the 213,864 sf Doerr Lane Industrial park cross-dock industrial building which is located just within the Tri County Business Park near the intersection of Doerr Lane & Lookout Rd just one mile north of Interstate 35 and less than four miles east of Loop 1604.
TAYLOR, TEXAS SELF-STORAGE SALE A Blue Island-Illinois based buyer bought the 71,325 sf advanced storage facility located on Highway 79 in Taylor, Texas. The facility consists of 555 units on 4.9 acres and was built in 2009. Bill Bellomy, Michael Johnson & John Arnold with Bellomy & Co. listed the facility on behalf of the Austin based seller & also represented the buyer.
ALLEN, TEXAS RETAIL SALE
Service Corp. QTS plans to expand the property by 40,000 sf.
Vestar bought the 43,134 sf Twin Creeks marketplace located at 1265 W. Exchange Parkway in Allen, TX from StreetLevel Investments. Brandon Beeson with EDGE Capital Markets represented the seller.
DISTRIBUTION CENTER SALE
Trump Hotels is developing a new Scion Dallas Hotel which is a sixstory, 220-room hotel with groundfloor retail space which will sit within a new $50 million mixed-use development near City Hall.
Avistone, LLC purchased Northgate III, a 155,494 sf industrial portfolio located at 11805-11829, 11845-11895 Forestgage Drive & 12021, 11999 & 11969 Plano Road at the northwest corner of Forest Lane & Plano Road. Lizzy Blake of Colliers
Quartz Place LLC bought the 47,124 sf industrial building located at 4809 S. Westmoreland Rd. from Texas Pine H. Clint Riley of Transwestern represented the seller.
INNOVATION LAB LEASE
Blue Cross Blue Shield of Texas has leased an innovation hub called The C1 Innovation Lab totaling 31,700 sf at Factory Six03 at 603 Munger St. The tenant was represented by Terry Mostrom, Greg Gerber & Frank McCafferty with Savills Studley & the landlord was represented by Aarica Mims & Burson Holman with Granite Properties.
City Office REIT Inc bought the 111,722 sf, eight-story office building located at 2525 McKinnon from Talon Private Capital. HFF represented the seller & buyer in the transaction.
Eatzi’s Market & Bakery leased 5,400 sf at Preston Royal Village Shopping Center East at 6025 Royal Lane. The tenant was represented by Greg Pierce & Ryan May with CBRE & EDENS. The landlord was represented by Michael Hale.
FORT WORTH, TEXAS DATA CENTER SALE/ EXPANSION
OTS Realty Trust Inc bought a $50 million, 260,000 sf data center in Fort Worth from Health Care
Spraberry Interests LLC bought the 182,500 sf Mercantile Distribution Center 40 located at 4201 North beach Street. CBRE national partners represented the seller. An undisclosed buyer bought the 90k sf industrial building located at 4200 Lubbock Avenue from TMM Lubbock Avenue. The seller was represented by Donnie Rodhe & George Jennings with Holt Lunsford.
FRISCO, TEXAS OFFICE/WAREHOUSE CONSTRUCTION
Skinny IT is developing a 130,000 sf facility called Frisco 25 which will sit on an 8.89-acre tract within its newest business park located on Preston Road at Rockhill Parkway, south of U.S. Highway 30.
GRAND PRAIRIE, TEXAS INDUSTRIAL SALE
An undisclosed buyer bought the 26,400 sf industrial building located at 1039-1041 Avenue M from B.P.T. Investments LLC. Bill De la Chapelle & Ben Phillips with Transwestern represented the seller & Hanes Chatham with Stream Realty represented the buyer.
GRAPEVINE/ MCKINNEY, TEXAS GROCERY STORE SALE
Central Market has sold two former Sun Fresh markets at Hardin Boulevard & El Dorado Parkway in McKinney & at State Highway 121 & Hall Johnson Road in Grapevine to Safeway.
IRVING, TEXAS OFFICE BUILDING SALE
Rubicon Representation & NAI Robert Lynn have sold two, one story office/flex buildings totaling 92,000 sf located in the vicinity southwest of SH 161 & Highway 114 in Las Colinas. Zach Stevens of Robert Lynn represented the buyer & Kyle Jacobs & Graham Perry with Rubicon represented the seller.
Brookwood leased 25,000 sf at 125 E. John Carpenter Freeway to Springleaf. The tenant was represented by Fletcher Cordell,
Matt Hurlbut & Nathan Durham with Transwestern & the landlord was represented by Russell Cosby & Torrey Littlejohn with JLL.
MLMT 2005-LC1 Freeway Offices LLC has sold its 85,900 sf office building located at 4001 W. Airport Freeway at an undisclosed price. Steve Simon & Matt Hurlbut from Transwestern represented the seller.
MCKINNEY, TEXAS MIXED-USE DEVELOPMENT
Robert Shaw’s Columbus Realty Partner Ltd & the City of McKinney have begun construction on a new mixed-use development which will bring 320 apartments, a parking garage, 45,000 sf of office space & 20,000 sf of retail space at the southwest corner of Davis Street & McDonald Street (SH 5).
Bright Realty brokered the sale of a 10,377 sf retail center located at 4600 Eldorado. Mark Graybill with Lee & Associates represented the buyer & Britton Lankford & Tim McNutt with Bright Realty represented the seller.
PLANO, TEXAS OFFICE CONSTRUCTION
Dallas based KDC & Gabriel legacy is developing 53 acres for corporate real estate within Plano’s Legacy Business Park. The sites are being marketed to would-be office tenants.
RICHARDSON, TEXAS OFFICE LEASE
Service King Collision Repair Centers leased 64,916 sf at 2375 North Glenville Dr. The tenant was represented by JLL.
SHERMAN, TEXAS LUMBER/BUILDING MATERIALS DISTRIBUTION CENTER DEVELOPMENT
Hart Lumber is developing a 37.6 acre lumber & building materials distribution center along Progress drive in Sherman’s Progress Park III which is a 3,300-acre, masterplanned business park. Bob Hagewood & Cannon Green with Stream Realty represented Hart Lumber.
Rendering Courtesy http://3plcentral.com
DALLAS/HOUSTON, TEXAS INDUSTRIAL SALE
DRA Advisors LLC bought a 19.8 million sf industrial portfolio for $1.07 billion from Cabot Properties Inc. Eastdil Secured & Cushman & Wakefield’s industrial advisory group represented the seller. The portfolio includes 184 properties that stretch throughout 21 markets in the U.S. Dallas/Fort Worth has 24 buildings totaling 2.7 million sf and Houston had 25 buildings totaling 1.7 million sf.
Jennifer Pierson & Jason Vitorino have merged their two firms which will be called Strive. Steve Berger with CBRE has been given this year’s prestigious NTCAR Stemmons Service Award.
Nick Karanges has joined Innovative Developers as the Senior Vice President.
Gavin Walsh has joined Trademark Property Co as a Senior Leasing Representative.
Frank Bullock has joined The Henry S. Miller Companies as the Executive Vice President.
Evan Stone has joined CBRE's Capital market division as Senior Vice President.
SOUTHEAST TEXAS bulletin FOR SALE SPRING BRANCH REDEVELOPMENT AREA 2 Lots Unrestricted – Good for Town homes/Flex Industrial, Etc Call Texas First Realty,
Jeff Tucker 713-412-2908 Christy Shows has joined E Smith Realty Partners as the new Director of Marketing.
Joe Bright has joined NAI Partners as an Associate Broker in its Office Tenant Representation Division.
Zach Leger has joined NAI Partners as an Associate Broker in its Office Landlord Leasing Division.
Matt Berry has joined CBRE as the First Vice President of the Retail Investment Sales Team.
HOUSTON, TEXAS GROCERY STORE/APARTMENT DEVELOPMENT
The Morgan Group is developing a 40,000 sf mixed-use residential-grocery midrise above a Whole Foods Markets located at 3120 Smith St., The eight-story project is expected to open in 2019 & will offer 264 residential units.
Largo leased 83,100 sf in the industrial building at 9500-9540 Clay Road in Clay-Campbell Business Park.
RigNet leased 28,808 sf at Park Ten Plaza located north of I-10 at 15115 Park Row. The company is scheduled to move in by July 2017.
Stone Mountain Properties bought the 116,700 sf office/ warehouse building near 9920 W. Sam Houston Pkwy South located along Sam Houston Parkway, just south of Bissonnet Street. Peter Wall & Bill McGrath with LandPark Advisors LLC represented the buyer.
An undisclosed buyer bought the 340,000 sf Class-A, Mason Creek Business Center which is a 4-buildng industrial property located at 2140 Park Row Drive in Katy from AEW Capital Management. The seller was represented by Rusty Tamlyn & Trent Agnew with HFF.
Houston-based Surge Homes announced the development of The Isabella at Midtown, a condominium project located at 4001 Main St. The $42 million project will offer 208 units with prices ranging from $150,000s to $600,000+.
OFFICE LEASE Robbie Kilcrease has joined CBRE as a Senior Associate of the Retail Investment Sales Team.
AIG leased 9,500 sf office space located at Westchase Corporate Center located at 1011 Richmond Ave. from Clarion Partners. The tenant was represented by Angus Hughes with Cushman & Wakefield & the landlord was represented by Russell Hodges & Chrissy Wilson with JLL.
G.E.T Enterprises leased the 201,000 sf industrial building located at 741 Security Way from Prologis NA2. The tenant was represented by Walker 48
Barnett & Ryan Byrd with Colliers International & the landlord was represented by Joseph Smith with CBRE.
Buchanan Street Partners bought the 160,000 sf Sam Houston Crossing II office building located at 10344 Sam Houston Pkwy Dr. from Duke Realty. The three story building is occupied by Forum Energy Technologies, PEMEX & First American Title Co. Jared Chua with CBRE represented the seller.
RESIDENTIAL HIGH-RISE DVELOPEMENT
Australian based Caydon Property Group is developing a 27-story, 357-unit luxury high-rise apartment on a 1.15 acre site located at 2850 Fannin St. Joe Russo, the founder of Caydon Property Group, hopes to break ground on the $200 million apartment tower this year & deliver the project in 2019.
RESIDENTIAL HIGH-RISE DEVELOPMENT
Oxberry Group is developing a 13,000 sf condominium called The Mondrian Museums – a luxury 20 unit condominium project located at 5104 Caroline St., in the Museum District. Construction is scheduled to begin mid-February 2017.
An undisclosed buyer bought the 50,937 sf Ponderosa Shopping Center retail property located at the southeast corner of Kuykendahl & Saddlecreek Drive. Jerry Goldstein with Marcus & Millichap marketed the $2,840,000 property on behalf of the seller.
JERSEY VILLAGE, TEXAS INDUSTRIAL LEASE
G.E.T leased 201,600 sf at 7401 Security Way in Prologis Park from Prologis NA2 Texas LLC. The tenant was represented by Colliers International & the landlord was represented by CBRE.
LAKE HOUSTON, TEXAS MULTI-FAMILY DEVELOPMENT
Martin Fein Interests Ltd., is developing a three-story garden style luxury apartment complex spanning about 300 units located on West Lake Houston Parkway, a few miles north of Generation
Park near Lake Houston. The deal closed January 10, 2017.
PASADENA, TEXAS RETAIL SALE
An undisclosed buyer bought the 163,922 sf Pasadena Park Shopping Center at 6804 Spencer Hwy. Marcus & Millichap represented the buyer. The listing was priced around $8 million.
PEARLAND, TEXAS INDUSTRIAL SALE
KWIK-PITTS Properties LLC bought the 55,600 sf manufacturing complex located at 5220 Shank Road, Pearland, Texas from SOMERS / KEMPH, INC. Gregg Barra with Boyd Commercial represented the buyer.
Frontier Forklifts bought the 30,000 sf facility situated on 6.5 acres located at 3401 South Main in Pearland from Baker Hughes Incorporated. Conrad Bernard, SIOR with Boyd Commercial LLC represented the seller.
ROSENBERG, TEXAS PRODUCTION/BOTTLING DEVELOPMENT
TexPharma is developing a 210,000 sf facility in Rosenberg Business Park to house production & bottling operations for nutraceutical & pharmaceutical vitamins, dietary supplements & other items. Construction is expected to begin soon.
SUGAR LAND, TEXAS RETAIL LEASE
Sammy’s Sports Bar & Grill leased 4,500 sf at the River Park Plaza located at 17101 W Grand Pkwy S from Realty 1 Partners. The tenant & landlord were represented by Beau Evans & Jeff Goldberg of R1 Brokerage.
TEXAS CITY, TEXAS VACANT LAND LEASE
NextDecade leased 1,000 acres at Shoal Point located 40 miles southeast of Houston, near Galveston Bay, with plans to construct a multi-billion-dollar liquefied natural gas export shipping facility on the land.
ADVERTISER INDEX A. A. Realty Company 18 ACRP 36 Al Ross Sign Group 52 Avison Young 5 Berkadia 2, 3 Caldwell Companies 7 Capital Retail Properties 1 - SET, 10, 11, 20 City of Seabrook 21 Colliers International 23 Collum Commercial, LLC 17 Equity Secured Capital, LP 29 ERJCC 37 First Warranty Realty 29 Greenberg & Co. 23 Hankamer Commercial Brokers 36 Levcor 25 Mansfield EDC 1- NT
classifieds & index MIMCO 16 NAI Partners 25 National Environmental Services, LLC 51 NewQuest Properties 26, 27 Phase Engineering 38 PlusCorp 36 Polydoros & Associates 29 RBF Credit Union 25 Real Estate Center 31 Showalter Law 49 Tarantino Properties Inc 13 Texas First Real Estate 48 Texas Land Markets 31 The J. Beard Real Estate Company 19 University of Houston 37
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REDNews March 2017 Southeast Texas