Page 1

CREview The RE/MAX Lubbock - Commercial Division Magazine Summer 2016 • Volume 2, Issue 3

RE/MAX Lubbock - Commercial Division Each Office Independently Owned and Operated

A BETTER WAY in Commercial Real Estate Agricultural • Industrial • Land • NNN • Office • Retail


LET’S TALK NUMBERS RE/MAX Commercial, part of the world’s most productive real estate network, gives Practitioners the support they need to make more connections and realize greater opportunity.

2,700+ 525+ 45 $9 BILLION+ 20,000+ 100,000+ 95+

RE/MAX COMMERCIAL PRACTITIONERS IN ALL MARKET SEGMENTS RE/MAX COMMERCIAL OFFICES AND DIVISIONS

COUNTRIES WITH RE/MAX COMMERCIAL REPRESENTATION

COMMERCIAL SALES AND LEASE VOLUME 1

COMMERCIAL TRANSACTIONS CLOSED 1

RE/MAX ASSOCIATES AROUND THE WORLD 2

COUNTRIES WITH RE/MAX REPRESENTATION 2

TOP 10 Commercial Brands on LoopNet by number of listings 3 TOP 10 Commercial Brands by available square feet 4 TOP 25 Commercial Brokerage Networks 5 TOP 25 Commercial Real Estate Brands 6 PRODUCT CATEGORIES:

BROKERAGE PRACTICE AREAS:

• Retail

• Acquisition

• Industrial

• Disposition

• Hospitality

• Leasing Services

• Office

• Distressed Properties

• Brokerage

• Business Brokerage

• Multifamily

• Property Management

• Land

• Consulting

remaxcommercial.com: A TOP 10 Most Popular Real Estate Website 7 1. Commercial sales and lease volume in 2014 2. Network wide, including residential 3. Data provided by LoopNet, July 2014. 4. Rankings based on 2013 year end data provided by CoStar, July 2014. 5. NREI’s Top Brokerage Survey conducted in February/March 2014. 6. The Lipsey Company’s Commercial Real Estate’s Top Brands Survey, Service Providers Category, conducted in February 2015. 7. Experian Marketing Service Hitwise Data, September 2014 ©2015 RE/MAX, LLC. All rights reserved. Each RE/MAX® office is independently owned and operated. 150359


About Us

Our Associates David Bloodworth, CCIM Managing Director (806) 632-3244 dbloodworth@remaxlubbock.com lubbockcommercialre.com

Rob Campbell, CCIM Broker Associate (806) 543-2638 robc2638@gmail.com rhcampbell.com

In This Issue Our Associates CREsource Issues Important to Your Business Property Listings Land Office Industrial NNN Agricultural Retail Recent Transactions

1 2 2 6 7 9 9 10 13

Julie Childs Commercial Brokerage & Leasing (806) 441-1481 jdchilds@remaxlubbock.com lubbockcommercialre.com

Kelly Keesee, CCIM

Contact Us RE/MAX Lubbock - Commercial Division 4703 S Loop 289 Lubbock, TX 79424 Office: (806) 785-8309 Fax: (806) 785-2983 Online: remaxlubbockcommercial.com Each Office Independently Owned and Operated The information herein has been gathered from sources we believe to be reliable. Although we believe it to be accurate, we make no guarantee, warranty or representation. 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. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Marks displayed on this document are the property of their respective owners.

(806) 785-8309

New Mexico & Texas Broker Assoc. (806) 893-3090 kellykeesee@remaxlubbock.com kellykeesee.com

Nick Thomas Assistant (806) 785-8309 nick-thomas@outlook.com lubbockcommercialre.com

Visit Us Online remaxlubbockcommercial.com kellykeesee.com lubbockcommercialre.com rhcampbell.com

A BETTER WAY in Commercial Real Estate | 1


CREsource

Issues Important to Your Business By Kelly Keesee, CCIM

Land

DuBose Addition Lot 2500 FM 597, Abernathy, TX Size: For Sale: Contact:

5.35 AC $70,000 David Bloodworth & Julie Childs

It has been attributed to Mark Twain that neither life nor liberties are safe from harm as long as the legislature is in session…or something to that effect. Coming changes in Congress and the White House will no doubt create problems or opportunities depending on each individual’s place at the commercial real estate table. The following issues were taken from the Advocacy section of the National Association of Realtors Commercial Connections Spring 2016 newsletter. Commercial Lead-Based Paint The EPA continues to consider federal rules that would regulate renovation and remodeling activities in public and commercial buildings to address possible lead-based paint hazards. This concern has long been and issue for residential remodeling and could now add costs to commercial renovations to comply with possibly more stringent regulations.

Hogue Industrial Park

David Bailey Rd & US 62/82, Brownfield, TX Size: For Sale: Contact:

600 AC (Will Divide) Price subject to size and location Rob Campbell

Lease Accounting Attempts by Financial Accounting Standards Board and the International Accounting Standards Board to develop a standardized approach to lease accounting have been ongoing. Currently there is dual approach between Type A capital leases and Type B leases that are recorded as straight line rent expense. The new standards could harm businesses of all sizes especially landlords and tenants of commercial real estate by impacting debt to equity ratios and causing debt sensitive balance sheets to reflect negatively for lenders and borrowers. Leasehold Improvements Qualified leasehold improvements on commercial properties are subject to a 15 year straight line cost recovery that was part of an Omnibus Appropriations bill signed into law in December 2015. Property owners are required to amortize the costs of improvements made on behalf of tenants over a continued on page 4…

2 | RE/MAX Lubbock - Commercial Division

US 62/82 Frontage

David Bailey Rd & US 62/82, Brownfield, TX Size: For Sale: Contact:

210 AC (Will Divide) Price subject to size and location Rob Campbell

www.remaxlubbockcommercial.com


Land

Bluffs at Meadowbrook

Premium Development Land

602 E Erskine St, Lubbock, TX

Slide Rd & 114th St, Lubbock, TX

Size: For Sale: Contact:

Size: For Sale: Contact:

169 AC Contact for Pricing Kelly Keesee & Rob Campbell

40 AC (Will Divide) Based on tract size and location Rob Campbell

N Quaker Ave & US 84

Development Land

Size: For Sale: Contact:

Size: For Sale: Contact:

4301 Clovis Rd, Lubbock, TX

9.03 AC $2,350,000 David Bloodworth & Julie Childs

SH 114 & FM 179, Lubbock, TX 24 AC $33,000 AC Kelly Keesee

North Lubbock Land

Retail Development Land

Size: For Sale: Contact:

Size: For Sale: Contact:

5000 N FM 1264, Lubbock, TX

217,800–1,241,460 SF $1,067,656 David Bloodworth & Julie Childs

(806) 785-8309

Loop 289 & Marsha Sharp Fwy, Lubbock, TX 2.17 AC $10/SF Rob Campbell

A BETTER WAY in Commercial Real Estate | 3


CREsource

Land

...continued from page 2 recovery period that has no relation to the economic life of the assets. This artificially depresses rates of return. Ideally a more realistic depreciation schedule for tenant upgrades for technology and modernization make upgrades more economically feasible and help assure that nonresidential buildings will be adequately maintained and remain technologically current. Waters Of The U.S. Definition The E.P.A. and Army Corps of Engineers have jointly proposed a rule to “clarify” which bodies of water are “waters of the U.S.” and then be regulated under the Clean Water Act. In support of this, the agencies released a draft science report on “connectivity” of various bodies of water in the U.S. Depending on the finalized definition, compliance with the Clean Water Act could necessitate expensive, time-consuming federal permits to develop property near most water bodies, not just those which are currently navigable (as under the current regulatory scheme). Several states have brought suit against the Federal agencies.

Former Land Fill 4202 78th St, Lubbock, TX Size: For Sale: Contact:

10.3 AC $250,000 David Bloodworth & Julie Childs

These regulatory matters are is in addition to the ongoing attempt by the Bureau of Land Management (BLM), to seize land along the Red River between Texas and Oklahoma. The BLM is attempting to redefine boundaries of the river and private property held for generations is some cases going back to sovereign conveyances. This matter is also being contested in the Federal Courts. As always, having professionals on your real estate team including broker, accountant, attorney, architect and engineer will make the all the difference in navigating the changing landscape of commercial real estate. ■

Spur 327 Frontage Spur 327, Lubbock, TX Size: For Sale: Contact:

6.2 AC (Will Divide) Price subject to size and location Rob Campbell

Baseball Complex

Martin Land

Size: For Sale: Contact:

Size: For Sale: Contact:

116th St & Indiana Ave, Lubbock, TX 10 AC $450,000 David Bloodworth & Julie Childs

4 | RE/MAX Lubbock - Commercial Division

3902 N Elm St, Lubbock, TX 40 AC $105,000 David Bloodworth & Julie Childs

www.remaxlubbockcommercial.com


Land New

East Lubbock Land

Development Land

Size: For Sale: Contact:

Size: For Sale: Contact:

707 E 50th St, Lubbock, TX

2.3 AC $105,000 David Bloodworth & Julie Childs

N CR 2300 & FM 1729, New Deal, TX 260 AC $669,500 Rob Campbell

New

Interstate 27 Frontage

Interstate 27 Frontage

Size: For Sale: Contact:

Size: For Sale: Contact:

37th St & I-27, Lubbock, TX 1.39 AC $370,000 Rob Campbell

I-27 & CR 5700, New Deal, TX 135 AC $540,000 Rob Campbell

New

DFW Development Land

Quarter Section

Size: For Sale: Contact:

Size: For Sale: Contact:

7161 Lakeview Dr, Midlothian, TX 317 AC $3,350,000 Kelly Keesee

(806) 785-8309

N CR 2300 & CR 5700, New Deal, TX 163.75 AC $491,250 Rob Campbell

A BETTER WAY in Commercial Real Estate | 5


Land

Office

Industrial Land

SW Professional Bldg

Size: For Sale: Contact:

Size: For Sale: Contact:

Regant Rd & US 62, Seagraves, TX

4501 50th St, Lubbock, TX

154 AC $5,000/AC Rob Campbell

12,513 SF $750,000 (Lease: Negotiable) David, Julie, & Kelly

US 62/82 Frontage

Downtown Law Office

Size: For Sale: Contact:

Size: For Sale: Contact:

US 62/82, Wolfforth, TX

1014 Broadway, Lubbock, TX

1-43 AC (Will Divide) Price subject to size and location Rob Campbell

6,250 SF $250,000 David Bloodworth & Julie Childs

Employment in West Texas Metros MSA

2008

2009

2010

2011

2012

2013

2014

2015

Abilene

78,900

77,873

71,118

71,646

71,957

72,515

72,756

72,242

Amarillo

125,064

125,081

122,253

125,193

125,488

125,538

125,977

125,954

Lubbock

138,408

139,439

139,954

142,698

143,460

145,930

147,279

148,427

Midland

75,222

72,902

69,219

75,250

81,414

85,626

90,920

87,895

Odessa

68,219

65,671

62,525

68,356

73,596

75,574

79,540

76,187

San Angelo

50,405

50,330

49,976

50,761

51,784

52,423

53,260

53,027

Source: U.S. Bureau of Labor Statistics and the Real Estate Center at Texas A&M University

6 | RE/MAX Lubbock - Commercial Division

www.remaxlubbockcommercial.com


Office

Industrial

New

Under Contract

Benchmark Office Condo

Manufacturing Site

Size: For Sale: Contact:

Size: For Sale: Contact:

8008 Slide Rd #19, Lubbock, TX 1,642 SF $120,000 Kelly Keesee

8504 US 87, Lubbock, TX

84,000 SF on 7.8 AC $2,750,000 David Bloodworth & Julie Childs

New

Falcon Place

El Fronteriso

Size: For Lease: Contact:

Size: For Sale: Contact:

5224 75th St, Lubbock, TX 3,420 SF $14/SF/Year David Bloodworth & Julie Childs

12403 US 87, Lubbock, TX 24,000 SF on 5.81 AC $710,000 (For Lease: Negotiable) David Bloodworth & Julie Childs

New

New

Medical Office Space

Downtown Mixed-Use

Size: For Lease: Contact:

Size: For Sale: Contact:

3801 24th St, Lubbock, TX

1,200 SF $14/SF/Year David Bloodworth & Julie Childs

(806) 785-8309

509-511 Broadway, Lubbock, TX

3,875 SF $500,000 David Bloodworth & Julie Childs

A BETTER WAY in Commercial Real Estate | 7


Industrial

Warehouse on 4 Acres

Office-Warehouse

Size: For Sale: Contact:

Size: For Sale: Contact:

3210 E CR 7110, Lubbock, TX

9,000 SF on 4 AC $325,000 David Bloodworth & Julie Childs

1701 N Nashville Ave, Lubbock, TX 11,340 SF $4/SF/Year David Bloodworth & Julie Childs

Downtown Warehouse

Office-Warehouse

Size: For Sale: Contact:

Size: For Sale: Contact:

1416 Ave F, Lubbock, TX

6,638 SF $100,000 David Bloodworth & Julie Childs

9309 PR 7260, Wolfforth, TX

3,000 SF $185,000 David Bloodworth & Julie Childs

Office-Warehouse

Office-Warehouse

Size: For Lease: Contact:

Size: For Lease: Contact:

4409 Clovis Rd, Lubbock, TX

8,200 SF $8/SF/Year David Bloodworth & Julie Childs

8 | RE/MAX Lubbock - Commercial Division

8312 98th St, Wolfforth, TX

4,300 SF $3,500/Month David Bloodworth & Julie Childs

www.remaxlubbockcommercial.com


NNN

Agricultural

West Odessa Warehouse

Prospective Vineyard

Size: For Sale: Contact:

Size: For Sale: Contact:

3210 N FM 1936, Odessa, TX

11,000 SF on 1.4 AC $999,000 (Cap Rate: 7.91%) David Bloodworth & Julie Childs

David Bailey Rd & CR 525, Brownfield, TX 320 AC $640,000 Kelly Keesee

New

Near US 62/82

PoolCorp Net Lease 7908 Alcove Ave, Wolfforth, TX

N Ballard St & David Bailey Rd, Brownfield, TX

Size: For Sale: Contact:

Size: For Sale: Contact:

24,000 SF on 2 AC $2,500,000 (Cap Rate: 5%) Rob Campbell

14.9 AC $165,000 David Bloodworth & Julie Childs

South Plains Demographics County

Pop. 2010

Pop. 2015

Pop. ±

Median HH Income

Median Age

Crosby

6,059

5,977

-82

$38,187

37.4

Garza

6,461

6,415

-46

$47,540

37.8

Hale

36,273

34,360

-1,913

$41,191

32.2

Hockley

22,935

23,433

498

$50,565

32.6

Lubbock

278,831

299,453

20,622

$44,397

30.5

Lynn

5,915

5,724

-191

$44,375

38.6

Terry

12,651

12,739

88

$37,679

35.2

Source: U.S. Bureau of the Census and the Real Estate Center at Texas A&M University

(806) 785-8309

A BETTER WAY in Commercial Real Estate | 9


Agricultural

Retail

New

CRP Cropland

US 62/82 Building

Size: For Sale: Contact:

Size: For Sale: Contact:

FM 400, Kress, TX

634.16 AC $1,100,000 Kelly Keesee

202 S 1st St, Brownfield, TX 13,800 SF $150,000 Rob Campbell

Burford Farm

Loop 289 & US 62/82

Size: For Sale: Contact:

Size: For Sale: Contact:

E CR 7000, Slaton, TX

312.8 AC $469,200 David Bloodworth & Julie Childs

4705 W Loop 289, Lubbock, TX

31,500 SF GLA (3 Spaces Available) $1,950,000 (Lease: $6.17–$9.60/SF/Year) Rob Campbell

Price Reduced

Interstate 27 Section

Double B Party Barns

Size: For Sale: Contact:

Size: For Sale: Contact:

I-27 & FM 214, Tulia, TX 592 AC $680,800 Rob Campbell

10 | RE/MAX Lubbock - Commercial Division

1910 Research Blvd, Lubbock, TX 21,250 SF $650,000 Rob Campbell

www.remaxlubbockcommercial.com


Retail

Representative Photo

Central Lubbock Tavern

Spectra Southwest

Size: For Sale: Contact:

Size: For Lease: Contact:

Lubbock, TX

3,067 SF Contact for Pricing (Motivated Owners) David Bloodworth & Julie Childs

6301 82nd St, Lubbock, TX

1,340–5,000 SF (2 Spaces) $16/SF/Year David Bloodworth & Julie Childs

Convenience Store

Overton Plaza

Size: For Sale: Contact:

Size: For Lease: Contact:

4010 Chicago Ave, Lubbock, TX

2,400 SF $485,000 David Bloodworth & Julie Childs

1923 Marsha Sharp Fwy, Lubbock, TX 1,320 SF (2 Spaces) $15.50/SF/Year David Bloodworth & Julie Childs

Price Reduced

Depot District Club

South Slide Road

Size: For Sale: Contact:

Size: For Lease: Contact:

1717 Crickets Ave, Lubbock, TX

5,200 SF $387,500 David Bloodworth & Julie Childs

(806) 785-8309

11912 Slide Rd, Lubbock, TX

1,700 SF $15.50/SF/Year David Bloodworth & Julie Childs

A BETTER WAY in Commercial Real Estate | 11


Retail New

Crossroads Plaza

Family Park Center

Size: For Lease: Contact:

Size: For Lease: Contact:

4009 19th St, Lubbock, TX

800–5,380 SF (2 Spaces) $12/SF/Year David Bloodworth & Julie Childs

3400 I-27, Lubbock, TX

9,350 SF (3 Spaces) $5.15–$6.85/SF/Year David Bloodworth & Julie Childs

New

Retail Space

34th Street Retail Space

Size: For Lease: Contact:

Size: For Lease: Contact:

4841 50th St, Lubbock, TX 3,700–7,400 SF $12/SF/Year David Bloodworth & Julie Childs

2616 34th St, Lubbock, TX

3,000 SF $9/SF/Year David Bloodworth & Julie Childs

Flintwood Center

Downtown Post

Size: For Lease: Contact:

Size: For Sale: Contact:

3103-3135 34th St, Lubbock, TX 22,915 SF (6 Spaces) $7.40–$10/SF/Year David Bloodworth & Julie Childs

12 | RE/MAX Lubbock - Commercial Division

212 E Main St, Post, TX

6,000 SF $129,000 David Bloodworth & Julie Childs

www.remaxlubbockcommercial.com


Recent Transactions Free-Standing Office

Ranchland

34th St, Lubbock, TX Office: 3,500 SF Landlord & Tenant Representation David Bloodworth & Julie Childs

Cochran County, TX Land: 160 AC Seller Representation Kelly Keesee

US 84 Frontage

Hair Salon

US 84, Slaton, TX Industrial: 13,000 SF on 17 AC Buyer & Seller Representation Rob Campbell

Lubbock, TX Retail: 2,700 SF Landlord & Tenant Representation David Bloodworth & Julie Childs

Farmland

Future Development

CR 505, Brownfield, TX Land: 479 AC Seller Representation Kelly Keesee

New Deal, TX Land: 540 AC Buyer & Seller Representation Rob Campbell

Farmland

Tower Property

CR 6000, Lubbock, TX Agricultural: 172 AC Seller Representation David Bloodworth & Julie Childs

US 380, Post, TX Industrial: 2,500 SF on 1.8 AC Seller Representation Kelly Keesee

Future Development

Interstate 27 Land

New Deal, TX Land: 75 AC Buyer & Seller Representation Rob Campbell

19th St, Lubbock, TX Land: 1.23 AC Buyer Representation David Bloodworth & Julie Childs

Quarter Section

Distribution Center Site

Foster Rd, Brownfield, TX Land: 160 AC Seller Representation Kelly Keesee

Wolfforth, TX Land: 10 AC Seller Representation Rob Campbell

(806) 785-8309

A BETTER WAY in Commercial Real Estate | 13


RE/MAX Lubbock Commercial Division 4703 S Loop 289 Lubbock, TX 79424

Previous Clients

Below are just a few previous clients of the RE/MAX Lubbock - Commercial Division.

of Southwest Lubbock

CREview - Summer 2016  

The quarterly RE/MAX Lubbock - Commercial Division magazine