REDNews-July2013

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/ June 2013

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Table of Contents

Fred Baca interviews Bill McDade with CBRE...p.10

Rural Land Value...p.14

Land for Sale...p.18

ULI Special Report: Micro-Size It...p.18

Capital Markets Multi-Housing Market Report...p.20

Surface Water: Will Central Texas Adapt or Fail?...p.22

Central/South/West (Austin/San Antonio/Midland) Deals and Moves..............................29 Calendar of Events..............................33 Networking.................................30, 31 Office..................................................9 North Texas (Dallas/Ft.Worth Metroplex) Deals and Moves..............................28 Calendar of Events..............................32 Networking ................................30, 31 Southeast Texas (Metro Houston) Deals and Moves..............................27 Calendar of Events..............................32 Churches...........................................19 Networking ................................30, 31 Office..................................8, 9, 13, 19 Office/Retail................................13, 19 Retail.........................................7, 9, 13 Vacant Land......................2, 3, 15, 19, 34 Outside of Texas (Phoenix) Industrial........................................1, 5 Commercial Services Lending..............................................34 Environmental ....................................32 Texas Classifieds Texas Classifieds.................................34

Redeveloping Residential and Parks in Southeastern Downtown...p.24

Earned Profit vs. Unearned Profit Advertorial...p.25

On the Cover:

California’s oldest and most experienced commercial real estate brokerage company, DAUM, founded in 1904, has nine (9) offices throughout Southern California and Arizona. The company provides a full array of commercial real estate services, including brokerage, corporate services, consulting, leasing, sale and property management.

DAUM is an affiliate of ONCOR International, a premier global commercial real estate referral network. ONCOR is comprised of more than 50 independent commercial real estate partner brokerages that employ more than 1,800 individual sales associates working from over 170 offices in 32 countries. ONCOR specialists provide commercial corporate services for clients through affiliated offices covering over 220 global markets on six continents.

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Dear Readers, Change is good! Our mission, since REDNews’ inception in 1994, has been to provide the CRE industry with a consolidated resource for obtaining news about the industry and available properties. We initially covered only the Texas market. However, over the years,

5909 West Loop South, Suite 135 Bellaire, Texas 77401

we expanded our database to reach all of the US CRE market as well as about 10% of international CRE investors and we’re excited to bring you a Phoenix, Arizona industrial investment opportunity on our front cover this month! (The Phoenix market is strong – check

out Cassidy Turley’s Arizona Q1 2013 Industrial Market Snapshot…”Robust Demand Sets Stage for Speculative Construction”)

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Bill McDade, a man who is often referred to as a ‘CRE Maverick’ enjoys a reputation as an individual who is able to discern value in properties where many other CRE professionals will look at the property and see only dirt. Recently Bill McDade spoke with Fred Baca and offered these insights into how he views his profession. Bill is avid in his insistence that CRE professionals need to pay attention to the market. And Bill’s not just talking about the commercial real estate market in Houston or Texas or even within the entire United States. He states, “It’s important for all CRE professionals to keep up with what’s going on in the world around us, as international and worldwide factors have an impact on every deal that we do or consider doing.” Bill reads newspapers and other ‘trade publications’ daily and consistently participates in professional and community organizations. Interesting to note is that although Bill is a fan of garnering as much information as possible about what’s happening in the world today as he is evaluating a prospective property, he isn’t a huge fan of comps.

Bill says, “How can you find a market comparable to the one we’re in today?

Houston has never ever been this hot.

Houston is an incredibly solid market and for the first time in my career,

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Houston truly stands out worldwide as ‘the place to be’. Relying on comps to produce valuation estimates provides entirely too narrow a focus to be either reliable or useful.”

“Houston is an incredibly solid market and for the first time in my career, Houston truly stands out worldwide as ‘the place to be’”

Fred: Mavericks are known as unconventional persons who can be characterized as eccentric, individualistic, rebellious, ‘one of a kind’. Does Bill see himself in this light? Perhaps so, perhaps not, but he does understand and embrace his uniqueness. At the same time, Bill clearly does understand that not everyone’s approach to the CRE market emulates his own. When asked,

Bill mentioned other individuals in the CRE community whom he admires and enjoys collaborating with.

Bill: “Mike Rose is just a pleasure to be around; he’s a very good real estate person as well. Before I left MSGJM we made money by investing jointly in some deals as well as brokering some deals. Our relationship didn’t start out with that degree of mutual respect. Actually, I ended up apologizing to Mike after our first ‘done deal’. For a while the two of us had been quite adversarial, and at one point, I wasn’t sure which one of us was going to kill the other one first. But ultimately, I apologized to Mike, not for what I said, but for the manner in which I’d spoken to him. We’ve been good friends ever since.

Mike, for me, exemplifies the type of individual that I am most comfortable working with. First and foremost, with Mike Rose, I know that when he tells me he is going to do something, he will do exactly that. I also know that he will accomplish what he’s set out to accomplish in a completely professional manner. I believe that we’re talking about trust here. The qualities that I value in Mike, the ethics and standards that make me both respect and trust him,

are ones that I see in many others in the Houston CRE community as well. I’ve worked with all sorts of people during my CRE career, and, at the end of the day, what’s important is that element of respect and trust that the people we work with bring to the table every time we’re considering or negotiating a deal.”

Fred: Bill describes himself as something of a vagabond. Bill says, “I went to five different high schools. I moved 38 times before I got married. Today I consider my previous mobility to be the foundation of my real education. During all of those moves, I learned how to meet people, and how to get to know others at the same time I was becoming a known presence in the professional community. At some point, I discovered that the most important aspect of the real estate business is the people. Experience can be a great teacher if a person manages to learn something from each and every one of his experiences.

Over the years, I’ve learned that CRE is going to have ups and downs and that the down times are not occasions to jump ship. If ever Texas CRE had a ‘down time’, the mid 70s, and almost the entire 80s were those times. Then things got a little ‘iffy’ again in 2001, and yet another low point occurred in our professional community in 2009.

People were bailing out of the real estate business right and left but, early on, I had decided that I wasn’t going to bail. There were several occasions when I thought that I might be the only soldier left standing once the smoke cleared, but I hung in there. I was a mortgage banker early in my career, back in the ‘60s, and that experience certainly contributed to the perspective that I bring to the CRE community today.

Fred Baca and Bill McDade go way back. At one point during this conver-

sation, Fred said, “Longevity is one issue. The other is loyalty.” To which statement, Bill responded, “I’m open to the thought that I’m longevity. Again … as long as I enjoy what I’m doing, as long as I’m having fun doing what I do, I’d like to keep doing it. People have started to ask me when I’m going to quit. Retire is the word they’re thinking, but not saying. My response to one and all, including my wife is simply this: I’m not going to quit until my head hits the table. Why? Because I like what I do; I like the people I work with; I have fun doing my job. I’m excited about what the next day will bring. Why should I hang it up at this point?”

Fred: I’m glad you sort of segued into

“...the CRE business is always personal.

I

form

the

same

sort of connections with buyers that I represent. The more I understand about who he or she is, and what this particular buyer

wants

needs,

the

and better

I’m able to find the ‘perfect property’.”

personal relationships. I’d like to hear you talk about the personality part of your business. You seem to have an awful lot of friends, and I am aware of many people who respect, admire and look up to you. Over the years, I’ve seen you demonstrate a tremendous amount of loyalty to the people that you work with.

Bill: Thanks, Fred. It does seem to me that every deal I’ve ever worked on has been a personal deal. Some guy may own the lot on the corner of Main and Main, and immediately I’m drawn to what he can tell me about that property’s personal connection for him. The history of the property from the owner’s perspective is what makes each and every deal that I encounter an important ‘personal’ experience. Once I learn from the seller how he acquired this piece of property and he’s told me everything about it that matters to him, I’ll understand why and how this seller is attached to this lot on the corner of Main and some other street. So, yeah, with me, the CRE business is always personal. I form the same sort of connections with buyers that I represent.

The more I understand about who he or she is, and what this particular buyer wants and needs, the better I’m able to find the ‘perfect property’.

My best client is a man who is younger than I am and we’re also very good friends. These days, we’ll get in the car and drive out to a site, and he knows what he wants, even though he can’t exactly articulate it. But I know him so well that I understand what he wants.

Sometimes I get the impression that he knows what I’m going to say about a property before I say it. This sort of personal relationship goes both ways, you know. It all harkens back to the trust factor that plays into the longevity and loyalty concepts. Sometimes we’ll drive over 700 miles, looking at properties.

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And because I know so many ‘property histories’, my friend will drive and, as we go from site to site, I’ll talk about the properties that are out there. With technology the way that it is today, driving along, we can also fill in the gaps of my ‘personal database’ by logging onto the Internet and doing research as we drive along.

Fred: You talked about what a good run you’re having in commercial real estate. Regardless of how long this run lasts, it’s a good run. One thing that might dampen that run is the rapidly rising price of land. What do you think about that?

Bill: There are so many sayings and clichés about our business that it makes it hard to comment without sounding trite. One example is buyers are liars!

Actually, right now industrial guys are saying, ‘We can’t pay more than $350 per square foot for an industrial tract and make our numbers work.’ They’re not factoring in that for the first time in the history of Houston, Texas, we’re 95 percent occupied. Buyers want the property, they’re going to have to pay more than the current ‘comps’ suggest is reasonable. As long as this run lasts, people are going to pay what it takes to get in the game. And then, when the situation gets too out of control like what happened in California and in Florida, they’ll drop Houston and go somewhere else. Houston is the most attractive place right now, because relatively, industrial and commercial property is cheap here. And Houston has got jobs. The key word is ‘relatively’.

I don’t know how high this will go. Truth is, nobody else does either. So it isn’t just the buyers who are liars, now is it?

Fred: One important factor that many people miss is the fact that Houston’s lack of zoning is an asset to the business community as opposed to the

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detrimental factor that many outsiders (people who don’t understand the Houston market) consider it to be.

Bill: Seasoned commercial people from all different parts of the country talk to me about the quality of life in San Francisco, Chicago, or New York as compared to here in Houston.

Houston with its lack of zoning laws takes a lot of ‘government’ out of our business.

I’ve had so many of these conversations that I’ve got my response more or less down pat. What I say to them is, “No, what I think quality of life is, what does it cost you to put a roof over your head and what does it cost you to eat? What can you buy with the money you’ve got coming in? What can you buy? I believe that the current average price for a residence in Houston is just under $190K. What can you buy in San Francisco for $189,000?

What can you buy in New York City for $189,000? What can you buy in Chicago for $189,000? You can’t buy much; there is no way that you can.

Houston with its lack of zoning laws takes a lot of ‘government’ out of our business.

Fred: If you were speaking to new professionals coming into the CRE business and you were counseling them on this business and how to be successful, what do you think you might say to them?

Bill: Actually, I do that all the time. I tell the new CRE professional several things: You’ve got to be involved in

more ways than just showing up at the office and acquiring listings and showing properties. You need to be involved in the community, and you’ve got to keep up to date. I advise them to invest in the stock market. A person doesn’t have to have a billion dollars to invest in the stock market. Invest a little bit to start, whatever you can afford. Once you start buying companies and watching to see which companies are rising and which ones are falling, you’ll start asking yourself why and you’ll pay attention to all these laws that they’re passing in Congress and observing the effect that governmental legislation has on the business community.

Fred: Bill, you are known as a Maverick. Yet, three years ago, you made the decision to join the largest international real estate in the world. How do you put those two things together?

Bill: When the decision was made, I did not know what my future was but we got an offer from CBRE that was structured in a way that addressed all three of the principal owners. The offer to me was very impressive and it got me to thinking about one very important question. To be honest, I was concerned about my age. And that one particular offer told me that age was not a factor. I got 13 offers, some of them attractive, others from companies that for one reason or another, I did not want to work for. I wanted to work with a large international company because I’d never worked for a large company. So we had this conversation and I believe that I said something to the effect that they had made me an offer that made me realize that I wasn’t too old. The individual that I was speaking to said, “Bill, we never gave age a thought. We were after your enthusiasm.”

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Rural Land Values

Recap from A&M Land Conference April 25- 26, 2013

Dr.Gilliland has recently published a new book, Buying Rural Land in Texas, and on April 25th at the A&M Land Conference, he presented information from this book. Texas rural land prices are going up across the state for a variety of reasons. Prices per acre are up about 10% this year thus far over 2012. Long story short: things are looking pretty good. The number of acres actually sold is up a bit this year as well, although there is a 4-year deficit to overcome. Cropland markets are exploding, even land without minerals, although access to water is a huge concern. The impact of the drought on Texas surface water is not a positive development. Reservoir storage is only at 63 percent, and the word is that junior water rights may be curtailed. The drought may be causing electricity blackouts, and is likely to persist or worsen through August of this year.

One fact to remember in regard to the water rights of rural landowners is that ‘agriculture always loses out when they go up against the water rights/ needs of cities and industries’.

By: Charles Gilliland: Research Economist, Real Estate Center, Texas A&M For REDNews: Janis Arnold

in more peaceful rural areas of Texas.

You can expect shale oil production to continue to produce for another 10-15 years at a minimum. Right now, it is difficult to sell land in that area without mineral rights. Rural land sales in Austin-Waco-Hill Country are impacted by the activity of the Eagle Ford.

all US economic outlook; all of the contributing factors are being driven by actions undertaken within the political arena. Employment is growing, with Texas growing faster than the US overall. About the only industry that is really in trouble these days is publishing.

In the Panhandle and South Plains part of Texas, prices about $500 per acre was customary for many years; however that part of the state has seen a 42% increase in the past 24 month period. People are asking: Is there a

Hopeful signs: unemployment is declining, attitudes are improving, debt payments are declining, and people are buying homes. Possible negative factors: a lack of confidence in our economy, the payroll tax, high unemployment, increasing regulations, job market expanding, and housing improving.

Prices per acre are up about 10% this year thus far over 2012

In the Eagle Ford Shale area, many people are now saying that they didn’t move to the area to live in Texas City, and are leaving, looking to relocate

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farmland bubble? But the price of commodities is also trending up and ever since 1971 when President Nixon announced we weren’t redeeming gold certificates in the customary way, there has been a bubble in something. The US adjusted monetary base has been driving up the prices of commodities since that time. However, when all of this is taken into consideration, Texas land is still a bargain.

Market forces are not driving the over-

Economic 2014 predictions: We are looking at five years of pent-up demand, a return of credit capacity; prices for housing, commercial, and industrial products are up.

Likely there is a moderating of farmland, and possibly a rebirth of recreation.

Statewide indicators are up, with an emphasis on quality. Expect the volume of sales to pick up in 2014, with a premium for large properties. Dr. Gilliland does express concerns regarding ‘looming cost increases’.

CALL FOR OFFERS

UNIQUE BEACH FRONT PROPERTY Âą219 ACRES FOR SALE GALVESTON, TEXAS

SPECTACULAR BEACH FRONT PROPERTY NOW AVAILABLE. Site is located on far west end of Galveston Island, fronting the Gulf of Mexico & Bluewater Highway.

Approximately 60 miles from Houston CBD.

Bill McDade 713.577.1876 bill.mcdade@cbre.com

Peter Mainguy 713.577.1782 peter.mainguy@cbre.com

Kristen McDade 713.577.1808 kristen.mcdade@cbre.com

Š2012, CBRE, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. All marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

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Summary from the O’Connor Land Luncheon May 29th by Scott Davis, Senior Director of Land Services for CASE Commercial Real Estate Partners.

In the first quarter of 2013, land sales remained strong in the Houston market.

Based on data reported to Costar, land sales were at roughly $250 million in the first quarter, about the same level as the fourth quarter and only down slightly from sales of about $270 million in the second quarter of 2012.

These numbers reflect dramatic improvement since the recession ended in 2009. Although the market has

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“...Inner Loop land sales probably make up 65% or more of the land sales market in Houston right now.” yet to recover its all-time high of over $750 million in reported sales in the second quarter of 2007, they are up from the trough of the market of about $40 million in the second quarter of 2009.

Also, these are reported sales - Texas is a non-disclosure state and it is likely that the actual total sales volume

is much higher. This can be seen in the total number of acres sold - over 7,200 - which is the highest since the 2007 peak. We expect to see an even higher number once the Q2 figures are in - there were 115 land tracts over 20 acres that were in escrow at the close of Q1.

Citywide, median days on the market decreased to just under 400 - so it’s taking on average about a year to close a land transaction. We also saw the sales to list price ratio narrow in the first quarter as sellers and buyers both continue to get more realistic about values.

Areas outside the Beltway continued to dominate in total acres - comprising 85% of total acreage sold. That is what you would expect given the constrained supply of land inside the Beltway and particularly inside the Loop.

The total numbers, however, mask an interesting development. Land sales inside the Loop have swung between 20 and 40 acres each quarter since 2009.

But from 1q2012 through 1q2013, inner loop land sales more than tripled from 47 acres to more than 165 acres.

Looking at it another way, assuming an average sales price of $50/SF, Inner Loop land sales would represent about $360 million in land sales. Giving an average price of $35,000 per acre to the 6,300+ acres that sold outside the Beltway represents about $220 million in value. So despite only being 5% of the acreage sold, Inner Loop land sales probably make up 65% or more of the land sales market in Houston

Expected Job Growth in Suburban Centers by 2020 Inside Loop: Bellaire 11.3% Inside Beltway: Greenspoint 9.5% Outside Beltway: Sugar Land 16.3% Katy 15.4% The Woodlands 13.5%

lion today, is expected to add another million residents by 2020. The city also continues to perform well on the jobs front - Mayor Annise Parker noted in the April state of the city address that there were more than 150,000 open jobs in the Houston area right now, which is about 6% of the total market.

The Inner Loop demand is specifically being drive by the influence of the Millennial generation, currently ages 9-32. While the leading edge of this generation are in the home using mar-

into homebuyers. Research shows that the urban preference centers on closeness to work and that should drive a shift back to suburban locations as the highest job growth locations all lie on suburban markets.

The biggest challenge that lies ahead is pricing - builder activity has driven land pricing to a level that has pushed many developers out of the market and should begin translating into higher home prices. The combination of higher home prices and increasing mort-

12.20%

Real preference

by Gen X and Gen Y is for a shorter commute and close to shopping

ket, the bulk of them are now in prime apartment age. In 2013 the US will see a record number of 22 year olds - and they have a significant preference for urban living. Houston ranks second in the country as a destination for Millennials because of its low cost of living and job opportunities. We should see this change in the next 3-5 years as those apartment renters age

gage rates could brake land development activity, but probably not enough to outweigh the impact of adding 150,000+ residents a year over the next decade. If anything, we may look back on 2013 as the year that Houston lost its affordability advantage over the rest of the country.

Percent growth which ranks Houston the #1 in SelfEmployment Growth

Source: HGAC, 2035 Regional Transportation Plan

right now. These data are just for land sales and don’t include the sales of older, functionally obsolete properties like apartments and shopping centers that are being redeveloped as medium density apartments and town homes.

What’s fueling the demand for dirt?

The first is Houston’s continued dramatic growth. The region, just over 6 mil-

17

ULI Special Report:

By Suzann D. Silverman, Editor Commercial Property Executive May 22, 2013

Can apartments be too small? Developers are testing the boundaries, experimenting with layout and design to determine just how tiny and inexpensive a space they can easily lease. During the Urban Land Institute’s Spring Meeting on May 22, Kauri Investments Ltd. chairman James Potter and AREA Real Estate L.L.C. principal David Adelman offered some creative configuration ideas that are attracting not just Gen. Y programmers seeking to live near their Silicon Valley jobs but even empty nesters in search of close-in urban locations in San Antonio.

Either group may use the units as their sole residence or maintain a larger, perhaps weekend-only additional home farther from the city. What makes these renters different from those who prefer more space, Potter noted, is their even greater focus on price point.

Over the past four to five years, Potter has been striving for increasingly smaller units. With eight projects currently under development, he has achieved an average size of 100 to 200 square feet. So far focused on smaller buildings with a limited number of units, his latest, in downtown Oakland, Calif., is situated on a 40-by-100-foot site and includes six to eight “bedrooms” and a kitchen.

Potter achieves such small unit sizes by considering what can be removed from the unit. A central kitchen, for instance, can be a big space saver, since people are not cooking to the extent they used to, he noted. Having discovered that a shared refrigerator does not make for good neighbors, he includes a small

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model in each unit, plus a sink (not a “kitchen sink” or a “bathroom sink”—just a sink, said the developer, who maintains that putting labels on the properties or their contents complicates their image).

Residents must supply their own dishes, eating utensils and linens, but the central kitchen includes pots and pans and cooking utensils. Residents can collaborate on any herbs or spices they want to share.

The units are fully furnished—there is only room for a bed, table and chair—and include utilities and Internet access. A central bathroom—dormitory style—can also help reduce the unit size.

Adelman’s initial micro-apartment units are not nearly as small. His San Antonio property 12WELVE 2WENTY1, at 1221 Broadway, offers a mix of “loft apartments,” the smallest of which is 456 square feet and rents for $725.

He is currently planning to renovate 606 Avenue B to produce 113 units in three sizes: one-bedroom units with 614 square feet, studios with 514 square feet and micro-units with 380 square feet. The micro units, which will comprise 10 percent of the total, will include “almost no kitchen,” whereas the larger micro units in 12WELVE 2WENTY1 include galley kitchens with minimal furnishings to provide flexibility. “The more you allow people to set up the way they want to, the more it will attract,” he maintains.

Potter noted that he is able to charge $200 to $400 per month for units by reducing his own costs. The units come with neither parking (in Oakland, only 15 to 20 percent of the property’s resi-

dents have cars, he said) nor amenities (people prefer to interact with their community, anyway). The leasing contract (currently generally 90 days, offering flexibility and a chance to learn more about these tenants, but he will produce a lease for as long as nine months) and monthly payments are all handled electronically. Potter provides laundry facilities in the building, and has experimented with card systems and free use but is avoiding coin operation, while Adelman will help residents arrange for a local company to install a stacked washer and dryer in the unit on request.

Such units, the developers noted, have had no trouble attracting residents or financing from local community banks.

Major banks—which might offer lower interest rates—have been more reluctant to embrace the concept, and municipalities’ responses have been mixed.

For instance, Potter was rebuffed by San Francisco before heading across the bay to a more welcoming Oakland. Parking creates the biggest challenge, since municipalities are accustomed to requiring parking for their residents and homeowners can be leery of losing their own onstreet parking alternatives to renters who have no other option. Although alleys, when present, can alleviate this concern, Potter suggested an agreement with an office building as another alternative, as businesses tend to utilize their garages during the day while apartment residents are more likely to need them at night.

POINT WEST Katy, Texas

EXCELLENT DEVELOPMENT OPPORTUNITY

LAND / CHURCHES FOR SALE Church in Richmond, TX - 1500 Branch - 3,300 SF.........................................SOLD..................... $135,000 Land on Ella Blvd - 4.538 Acres........................................................................SALE PENDING.......$325,000 Baytown Spanish SDA - 704 + 750 E Texas Ave 4,200 SF...........................................................$150,000 Majestic Christian Center - 3512 McLean Rd - 19,500 SF. ......................................................$1,500,000 Dome Church - South Acres at Scott Street - 57,000 SF ..........................................................$3,740,000 3.9 Acres - 7225 Bellfort Avenue .......................................................................SALE PENDING.......$229,000 Church Facility - 3730 South Acres - 14,000 SF .............................................SALE PENDING.......$595,000 Channelview Area Church - 1100 Dell Dale ....................................................REDUCED ...........$1,995,000 League City UMC - 1411 West Main Street - 34,000 SF ...........................................................$3,950,000 Land in Tomball, TX - Holderrieth & S. Cherry - 2.03 Acres ........................................................$230,000 Faith Tabernacle Pentecostal Church - 1329 Ross, LaMarque, TX - 15,000 SF........................$750,000 Miracle Christian Fellowship - 16310 Chimney Rock - 15,000 SF.............................................$855,000 13 Acres on Beechnut at Rustling Leaves - $6.25 PSF ............................................................$3,536,250 Multipurpose Bldg - 710 College St. - 7,200 SF..........................................................................$650,000 Religious Facility in South Houston - Beaumont St. @ Illinois - 11,800 SF..............................$799,000

Âą1,015 Acres on Interstate 10 in Katy, Texas For sale by sealed-bid. Call for details.

OFFERS DUE BY SEPTEMBER 6, 2013 B. KELLEY PARKER, III, SIOR - (713) 963-2896 JOHN F. LITTMAN, SIOR, MAI - (713) 963-2862 TIM M. THOMAS - (713) 963-2837 COE PARKER - (713) 963-2825

Baytown Campus/Training Center Facility (Income producing property) - 301 Ilfrey.......$3,400,000 SE Area Church - 10050 Fuqua - 9,995 SF.................................................................................$1,100,000

International Church Realty (713) 541-4005 Are you happy with your current e-blast provider?

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19

Capital Markets Multi-Housing Market Report Excerpts from CBRE’s Capital Markets Multi-Housing 2013 Annual Market Report

AUSTIN

Market Highlights 2012 sales volume reached near record highs, with 94 transactions and 23,805 units sold. Typical seller motivations included tax reasons, loan maturities and harvesting profits. Given its strong market fundamentals, Austin attracted a wide base of buyers in 2012 including REITs, institutions and private buyers, a trend that is expected to continue throughout the coming year.

Cap Rate Class A Asset

Class B Asset

Class C Asset

(Stabilized/Value Add)

(Stabilized/Value Add)

(Stabilized/Value Add)

4.50% - 5.00% 4.50% - 5.00%

5.25% - 5.75% 5.25% - 5.75%

6.00% - 6.50% 6.00% - 6.50%

2012 Snapshot Total Employment* 824,000 Population 1,858,000

Per Capita Income $42,891 Multi-Housing Units 176,000

............................................................................

SAN ANTONIO Market Highlights

San Antonio’s sales transactions in 2012 were well over the numbers seen in 2011, with 51 transactions and $748 million in sales volume. The pace of these sales picked up toward the end of the year as some investors tried to sell their properties ahead of impending tax changes.

Cap Rate Class A Asset

Class B Asset

Class C Asset

(Stabilized/Value Add)

(Stabilized/Value Add)

(Stabilized/Value Add)

4.50% - 5.00% 4.50% - 5.00%

5.25% - 5.75% 5.25% - 5.75%

6.00% - 6.50% 6.00% - 6.50%

2012 Snapshot Total Employment* 878,000 Population 2,265,000

Per Capita Income $38,053 Multi-Housing Units 146,000

To view CBRE’s full market highlight report go to REDNews.com/CBRE-Multi-Housing

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/ July 2013

DALLAS/FORT WORTH Market Highlights

The Dallas/Fort Worth economy continues to thrive, growing the employment base 2.45% between December 2011 and December 2012, which translates into the addition of 72,600 jobs. The local apartment fundamentals continued to be solid in 2012, though stabilizing throughout the year. Overall occupancy ended the year at 93.7%, which exceeded 93% for the second time since 2008.

Cap Rate Class A Asset

Class B Asset

Class C Asset

(Stabilized/Value Add)

(Stabilized/Value Add)

(Stabilized/Value Add)

4.25% - 5.25% 5.75% - 6.25%

6.25% - 6.75% 6.50% - 7.25%

7.25% - 7.75% 7.75% - 8.25%

2012 Snapshot Total Employment* 2,112,000 Population 4,481,000

Per Capita Income 45,381 Multi-Housing Units 465,000

............................................................................

HOUSTON Market Highlights

Buyer demand in the Houston multi-housing market is robust, driven by improving fundamentals based on phenomenal job growth throughout the region. Unemployment is improving slowly on a national basis, but Houston’s economic engine keeps the market running far ahead. Unemployment in Houston reached a recession high of 8.3% in 2010. By the end of 2012, Houston area unemployment had fallen to 5.8%, below the Texas average of 6.1% and dramatically lower than the U.S. average of 7.8%.

Cap Rate Class A Asset

Class B Asset

Class C Asset

(Stabilized/Value Add)

(Stabilized/Value Add)

(Stabilized/Value Add)

4.50% - 5.00% 5.50% - 6.00%

6.00% - 6.50% 6.25% - 6.75%

7.00% - 7.50% 7.75% - 8.25%

2012 Snapshot Total Employment* 2,704,000 Population 6,272,000

Per Capita Income 48,894 Multi-Housing Units 576,000

To view CBRE’s full market highlight report go to REDNews.com/CBRE-Multi-Housing

21

Surface Water: Will Central Texas adapt or fail?

By Rosalie G. Keszler, CCIM

Rosalie G. Keszler, CCIM - Contributing Editor-Austin Keszler is the principal and owner of her own consulting firm, Rosalie Keszler Consultants, working primarily with commercial real estate investors. She wears many hats in her roles with her clients, performing services related to commercial real estate such as financial analysis, due diligence/underwriting for acquisition or disposition, asset management, business development, marketing, relationship liaison, the list goes on and on. She is past-president of ‘ ‘ now serving as a contributing CREW Austin and a CCIM designee. Most recently she added ‘writer’ to her resume, editor for REDNews Magazine. www.rokezconsultants.com CREW Austin met for its monthly luncheon on Tuesday, February 19 at the Chateau Bellevue / Austin Woman’s Club in downtown Austin. Buddy Garcia, former chairman for TCEQ and former Railroad Commissioner [and he happens to be my brother], had a lot to say on the subject of water. Water and water issues are significant concerns in Central Texas, and promise to become more prominent.

Garcia reminded the group that surface water, i.e. rivers and lakes, are state owned, with water rights issued by the state, while ground water, i.e. Edwards aquifer is the property of land owners.

Over 95% of Texas is privately owned land with virtually all of the state’s watersheds, recharge zones and all the countryside on private property. Texas ‘loses’ rural and agricultural land faster than any other state. Landowner stewards are going to be an integral part of ensuring continued water for the entire state for years to come.

By the year 2060, it is anticipated that Texas’ population will increase by 80%.

Water demand is expected to increase by 22%, while supply is expected to decrease by 10%.

As of 2013, 90% of the state is considered to be in a drought that exceeds the “drought or record” conditions of the 1950s. The cost of the drought to Texas’ economy is $11.9 billion and 115,000 jobs per year.

Groundwater, which lies beneath the land-

22 /

/ July 2013

scape, and surface water which form our rivers and lakes, are treated as if they are a different substance. Groundwater is considered the private property of landowners above it, and surface water is considered the property of the state. Some feel we can’t have it both ways. The disconnect between groundwater and surface water is unsustainable and will continue to be the source of litigation for years to come.

campaign? It’s time to get locals on board.

Look at San Antonio and El Paso – both are growing in population yet lead the nation in water conservation. One of the worst water wasters is poorly maintained water mains. We can easily ensure future water by managing and maintaining the water we already have.

Garcia raised another issue that most of us in Central Texas have not considered: Protection of the ecosystems of our rivers, streams, bays and estuaries. Anyone upstream doesn’t want to release water just so that it makes it to the Gulf – but the ecosystems need the runoff of water. In spite of the passage of legislation, to many the state has not addressed the core issues regarding the maintenance of environmental flows that keep those systems healthy.

SUGGESTIONS: Withdraw money from the state’s rainy day fund to pay for water conservation projects. That spending will require approval from two-thirds of the legislature. They are also weighing investments in infrastructure that could tap new supplies.

Legislative plans so far appear to revolve around: • Recycling and reuse; • New techniques to purify more and use less water; • Brackish water technology; • Cleaning up oil field practices/waste disposal, etc.; • Loans to local governments for shovel ready water projects; • Rebrand the Texas Water Development Board.

SOLUTIONS TO THE WATER PROBLEM: CONSERVATION! We waste water in Texas. Garcia suggested that state-wide campaigns to stop littering and smoking worked – why not have a water savings

But conservation alone is not enough.

If conditions are indeed changing -- regardless of why -- then anticipating and adapting to those different conditions is a more productive use of energy and resources than doing nothing or fighting unpopular development. A combination of strategic planning and realistic goals is a better approach.

After working over 22 consecutive years for the great State of Texas, Buddy Garcia recently began his government consulting career. “Modern Stewardship” specializes in providing legislative and regulatory strategy to clients interested in influencing state government policy. Areas of expertise include regulatory policy, environmental sustainability, energy production, and Gulf of Mexico coastal & bi-national (Texas/Mexico) issues. For more information, email bgarcia@modernstewardship.com.

Hispanic Shoppers

S U C O F ON L I A T E R

50 million today 134 million by 2050

Does your business plan capitalize on this growing market?

It better! Plan now to be profitable in the next 17 years.

This exploding demographic is creating never before seen opportunities.

Learn how to navigate the nuances of this market - from Financing to Permits, to Marketing, Operations, Security, and much more. Acquire valuable take-home information to apply to your business immediately.

Learn from experts with a proven track record of reaching the Hispanic market in an interactive setting and network with key industry players. Discussions will include: • The most efficient way to enter these markets

• What kind of returns you can expect on your investment as a retailer or investor • How to gain the acceptance from the community, and much more

Don’t miss this opportunity to learn the keys to success in reaching this lucrative market.

For more information visit www.icsc.org/2013HMN.

23

Study Recommends Redeveloping Residential and Parks in Southeastern Downtown The Junior League ballroom was filled to capacity on June 13, as an Urban Land Institute expert panel presented findings and recommendations of their study “Making the case for urban green space in southeastern Downtown.” The study and report were funded in part by a grant from the ULI Foundation, and produced a collaboration between veteran real estate industry professionals, Downtown civic leaders, graduate real estate students and faculty at Texas A&M University, Central Houston, Inc., and corporate ULI Urban Innovation Grant Partners, including: AECOM, Griffin Partners, HFF, HOK, TBG Partners, and the ULI Houston District Council.

Key recommendations for redeveloping the 64-block study area bounded

by Clay Street to the north, Milam Street to the west, I45 / Pierce Street to the south, and US 59 to the east included: • A strong placemaking and branding initiative to give this nondescript area more identity.

• New urban green space, as an amenity for residents and to generate additional activity in these areas: 1. at the abandoned Days Inn property, as a holding strategy for eventual redevelopment 2. immediately south of the CoCathedral of the Sacred Heart 3. on the eastside of the Study Area.

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/ July 2013

selves, are not enough.

• Good design, management, and more residential development are needed to activate parks and fuel additional retail development.

• Focus the residential development program east of Jackson Street, South of Leeland Street.

• Capitalize upon the Downtown Living Initiative Chapter 380 Incentives in this area.

Aerial Map with Study Boundaries, source: Houston Downtown Management District

• Linking new parks with Downtown activity areas with “greenways”-complete streets with enhanced landscaping, focusing initially on: Leeland Street, LaBranch Street, and St. Joseph Parkway.

• Opening the Downtown tunnel with a visual connection to the new Leeland Greenway.

• Rethinking connections to “shoulder neighborhoods” in EaDo, and Midtown as creative design opportunities to overcome the barriers posed by elevated freeways.

But, the panel cautioned that new urban parks and green spaces by them-

Finally, the panel expressed a sense of urgency. The building blocks are already in place with previous Downtown redevelopment successes at Discovery Green, expansion of the George R. Brown convention center and new construction around it, new investment and population growth in surrounding “shoulder neighborhoods,” which ULI defines as the reviving areas just outside Downtown to the east, south and west, the favorable economic climate, and the limited time to receive Downtown Living Initiative Chapter 380 incentives for qualifying residential developments.

The panel of experts who volunteered their time to serve on the ULI panel included: Panel Chair, Dennis Jerke Adjunct Professor, College of Architecture Texas A&M University College Station, Texas Panelists: Keiji Asakura Principal, Asakura Robinson Company Lance Gilliam Managing Partner, UCR Theola Petteway Executive Director, OST/Almeda Corridors Redevelopment Authority – TIRZ #7 Fred Griffin Chairman, Griffin Partners, Inc. Rudy Rasmus Co-Pastor, St. John’s United Methodist Church Wally Reid Senior Managing Director – Houston Co-Office Head, HFF The full report of findings and recommendations is available online at Houston.ULI.org

Advertisement Call Today: 210.497.0050 | Visit Us Online: www.biltmoredev.com

As a small business owner, one of the biggest challenges you will face is the decision to rent your needed space or explore the possibility of owning it.

The next decision is should you look for a property already built or build your own, designing it to fit the exact requirements and needs for your business. From a business perspective, owning your own property makes perfect sense when you consider the long term value it provides and its potential return when you retire or sell your business. If you sell the business and keep the building it will provide “mail box” money for your retirement or if you sell both the building and business together you have recaptured years’ worth of rent you otherwise would have lost and have also benefited from substantial appreciation.

If you have made the decision to further explore the possibility of owning your own building you quickly realize there are a multitude of questions that you will need assistance in answering

“Chinese Proverb” The best time to plant a tree was 20 years ago.

The next best time is now. to make an educated decision. How will I find a location? How will I design a building that suits my specific needs but also is conscious of my budget concerns? How will .I find someone qualified to build it? How will I find a mortgage that I can afford? All of these answers are part of the services Biltmore provides to its clients with our philosophy of never taking or creating “unearned profit”.

Biltmore Construction was founded on the principle of helping clients achieve their long term goal of owning their own property. The twenty five years of local experience have allowed us to assemble a team of experts including architects, engineers, subcontractors and local banks that understand the needs of the small business owner.

The guidance we provide takes you from site selection through financing.

Biltmore does not charge for this guidance as we believe any charges would represent “unearned profit”. We also take tremendous pride in the quality of our buildings and never compromise our reputation to create “unearned profits”. Biltmore is a company that “earns its profits” from the actual construction of quality buildings with complete transparency and no hidden fees or charges. The company provides this “turn key” approach to minimize costs and maximize value for the client. We believe if we show you the way to ownership and facilitate each process you will allow us to build your facility.

25

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/ July 2013

Deals & Moves: Southeast For details on these deals and others, visit REDNews.com

Rosemont Realty LLC has hired Commercial Real Estate Women Houston chapter president Michele EllisFelder as its managing director, leasing for the Houston office.

Rosemont Realty employee Carrie Powledge has been promoted to the position of director, leasing.

Boxer Property is pleased to announce the addition of Treasurer, Brett A. Scholz

27

Deals & Moves: North For details on these deals and others, visit REDNews.com

ANNOUNCEMENT: Dallas - Tug Hill Real Estate Partners has opened its second real estate office, taking space at The Crescent in Dallas.

28 /

/ July 2013

Addison - Holt Lunsford Commercial, Inc. (HLC) announced that Jim Brice has taken on the additional leadership responsibility.

Dallas - D. Stephen Donosky, CCIM, has been named President of Encore Land, LLC.

Dallas - Allen Gump, with Colliers International North Texas was elected to SIOR’s Executive Committee.

Deals & Moves: Central South For details on these deals and others, visit REDNews.com

San Antonio - D.H. Realty Partners announced today that Gilles Ghez has joined their real estate team.

San Antonio - Blakeley Commercial Real Estate has announced that Susan Gragg has joined their brokerage team.

29

June 5 | June Luncheon | CCIM Central Texas

CCIM C en tra l Texas | June Luncheon | June 5

eon | May 14 CREW San Antonio | May Lunch

CREW San Anton io | May Lunche on | May 14

eon | May 14 CREW San Antonio | May Lunch

CREW San Antonio | May Lunch eon | May 14

May 9 13 BOMA Expo | BOMA Houston | 20

CCIM South TX, CREW San Anton io, CoreNET Glo bal | April 25

il 25 eNET Global | Apr W San Antonio, Cor CCIM South TX, CRE

lobal | CoreNET G

CCIM Houston | Chapter Luncheon | June 13

, San Antonio TX, CREW CCIM South

BOMA Houston | 2013 BOMA Expo | May 9

April 25

/ July 2013

30 /

Mixer | May 22 IREM Houston | Multifamily

IREM Hous to n | Ju ne Lunche on | June 4

June 4 IREM Houston | June Luncheon |

ACRP | Happy Ho ur | June 25

ACRP | Happy Hour | June 25

Ft.Bend Society of Commercial Realto rs Meeting | June 18

SCR Breakfast | May 29

SCR Breakfast | May 29

y 29 SCR Breakfast | Ma

| June 13

15 heon | May s | May Lunc CREW Dalla

SCR Breakfast | May 29

CCIM Hou ston | Cha pter Lunche on

31

1. If you DO NOT have changes please sign 2. If you HAVE CHANGES, indicate chang 3. Proofs not returned within 24 hours wil 4. Ads or inserts cancelled after the 10th o

Oct 2012 IREM Dallas EP / 4C Announcement Ginger Wheless IREMDallas_RN_EP_1012_01.indd BC 09.12.12 July 31 - Wednesday

CALENDAR OF EVENTS Southeast Texas (Houston Area Events) July 5 - Friday CREN Luncheon Houston 11:00a - 1:00p www.houstoncren.com July 8 - Monday CREAM Luncheon Houston 11:00a - 1:00p www.creamtx.com July 10 - Wednesday CREW Houston Luncheon Houston 11:30a - 1:00p www.crewhouston.org July 11 - Thursday HRBC Breakfast Houston 7:00a - 8:30a www.houstonrealty.org July 11 - Thursday CCIM Houston Luncheon Houston 11:30a - 1:00p www.ccimhouston.org July 12 - Friday CREN Luncheon Houston 11:00a - 1:00p www.houstoncren.org July 16 - Tuesday FBSCR Meeting Sugar Land, Texas 8:00a - 9:00a www.fbscr.com

July 17 – Wednesday O’Connor Houston ApartHouston IREM: IREM Advanced ment Forecast Luncheon Send yoExcel ur ne to Houston Houston o D ls ea D ws.com- 11:30a ne ed @r an th 11:30 a – 1:00 p 8:00a jona www.poconnor.com www.iremhouston.org July 18 - Thursday BACREN Luncheon Houston 10:30a - 1:00p www.bacren.com IREM Houston Young Professionals Happy Hour Houston 5:00 p – 8:00 p www.iremhouston.org July 19 - Friday CREN Breakfast Houston 7:15a - 9:00a www.houstoncren.com July 23 - Tuesday ACRP Happy Hour (Cocktails/Networking) Houston 5:30p - 7:30p www.acrp.org July 25 - Thursday

Using the information in this ad, property information will in their listing service (at no cost to you). To opt-out, contac

North Texas – Dallas/Ft. Worth July 11 – Thursday NTCAR - Income Property Analysis Dallas 8:30a - 6:30p www.ntcar.org July 15 – 18 CCIM North Texas CI 104: Investment Analysis www.ntccim.com

ETHICS

E XCELLENCE

ED UC ATION

Choose a real estate professional... choose an IREM® designee. www.irem-dallas.org

July 16 - Tuesday BOMADallas- Luncheon Dallas 11:30a - 1:00p www.bomadallas.org July 17 - Wednesday CREW Dallas – Luncheon Dallas 11:30a - 1:00p www.crew-dallas.org

IREM Houston: IREM LEED Celebration Luncheon “Beyond the Building Houston 11:00a - 1:00p www.iremhouston.org

July 17 - Wednesday NorthTexas CCIM-HappyHour Location TBD Dallas 5:30p - 7:00p www.ntccim.com

July 25 - Thursday CREN Happy Hour Houston 4:30p - 7:00p www.houstoncren.com

July 29 - Monday BOMA - Volunteer Day Fort Worth 4:00p - 8:00p www.bomafortworth.org

32 For/additional information/registration, / July go 2013 to event website

1

CI 104: Investment Analysis for Commercial Investment Real Estate July 15-18, 2013 The Addison Conference Center for more info visit: www.ntccim.com

Central South Texas Calendar – Austin/San Antonio July 9 - Tuesday IREM Austin - Monthly Luncheon Austin 11:30a - 1:00p www.iremaustin.org July 9 - Tuesday CREW San Antonio - Luncheon San Antonio 11:30a - 1:00p www.crew-sanantonio.org July 11 - Thursday CTCAR Property Info Exchange Austin 7:30a - 9:00a www.ctcaronline.com July 11 – Thursday IREM San Antonio 11:30a – 1:00 p www.iremsanantonio.org July 16 – Tuesday CREW Austin – Luncheon Austin 11:30 a – 1:00 p www.crewaustin.com July 16 - Tuesday IREM Austin MCE Seminar “How to Build a Better Budget” Austin 8:30a - 11:30a www.iremaustin.org

Enjoy Mid-Year Special Half-Price Dues.

Professional Development Opportunities Committee Involvement Exclusive Social Events CREW Network–With 8,000 +Members

commercial real estate women

Join CREW Dallas Today!

2 1 4.8 9 0.6 4 9 0 c r ew-d a l l a s.o r g

Networking

Educat ion

Technology

Want to Become a Professional Commercial Real Estate Broker? * Join CCIM Houston Gulf Coast Chapter * Course Scholarships Available To Members Contact Ginger Coleman at 713.783.0297 or ginger@amchouston.com www.ccimhouston.org (applicaiton form)

July 17 – Wednesday CBA – Austin Luncheon Austin 11:30 a – 1:00 p www.cbaaustin.nationbuilder.com July 18 - Thursday CREW & BOMA Movie Mixer San Antonio 6:00p - 10:00p www.crew-sanantonio.org July 18 – Thursday BOMA Austin – Luncheon Austin 11:30 a – 1:00 p www.bomaaustin.org July 24 – Wednesday CCIM Central Texas - Commercial Real Estate Negotiations Austin 8:30a - 5:00p www.ccimtexas.com

July 25 – Thursday CCIM – San Antonio Luncheon 11:45 a -1:00 p www.ccimsa.com July 30 - Tuesday CTCAR-MCECourse “Zip Form Professional” Austin 8:00a - 12:00p www.ctcaronline.com

Your real estate deserves real m

Count on a CPM® professional to deliver real re

CPM®

For optimal returns on your r turn to a CERTIFIED PROPERTY

To find a CPM® in your area, visit www.irem-dallas.org

A CPM® has: z Demonstrated experience z Pledged commitment to th standards z Proven expertise in maxim

Austin July Luncheon Tuesday, July 9, 2013 11:30am – 1:00pm Westwood Country Club – 3808 West 35th St. Austin, TX 78703 . . . . . . . . . . . . . . . . ..............

MCE - Build a Better Budget - July 16th

www.iremaustin.org • 512-301-3311

iremhouston.org IREM’s Annual LEED Celebration Luncheon “Beyond The Building” Speakers, Lauri Goodman Lampson with PDR and Mason Arnold with Greenling

Thursday, 7/25 - The Hilton Post Oak

If you have events you’d like to list on our calendar please contact info@rednews.com

For additional information/registration, go to event website

33

CLASSIFIEDS

advertiser index

A. A. Realty Company..........................................13

Greenberg & Co..................................................19

ACRP..................................................................35

ICSC..................................................................23

Biltmore Construction & Development......................25

International Church Realty....................................19

Caldwell Companies..........................................2, 3

IREM Austin.........................................................33

CBRE................................................................ . 15

IREM Dallas.........................................................32

CCIM Central Texas..............................................33

IREM Houston......................................................33

CCIM Dallas........................................................32

IREM San Antonio................................................33

CCIM Houston.....................................................33

Maple Development..............................................34

CREAM................................................................32

Phase Engineering, Inc.........................................32

CREN.................................................................32

Red Oak Commercial..............................................7

CREW Dallas.......................................................33

TAO Interests, Inc.................................................34

CREW San Antonio..............................................33

Tarantino Properties, Inc......................................8, 9

CTCAR................................................................33

Texas Funding Corporation....................................34

Cushman Wakefield..............................................19

Zarsky Industries...................................................15

Daum Commercial Real Estate Services.................1, 5 34 /

/ July 2013

35

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