Inside: Everything's Bigger Texas' fastest growing cities Real Estate & the Chinese Working with Chinese real estate investors Marines on a Mission Cullen Realty celebrates ranch sale
Where experience matters Thirteen year anniversary of Veritas Title Twenty years as partners Eighty years of combined experience
±90 ACRES
US HIGHWAY 90
HOUSTON, TEXAS 77048 • The subject property is made up of five tracts of land totaling approximately 90.8 acres • Minimum clear height of buildings: Eaves are ±18’-20’ high, bay door openings ±14’-16’ high • Facility has been a tubing process plant since the early 1980’s and is comprised of six buildings with an elevation of ±40’ above mean sea level, with small variations in elevation • Entire facility is fenced in with contracted security in place For pricing and more information, contact broker.
KRISTEN MCDADE Senior Director | Berkadia T: +1 713 469 4509 kristen.mcdade@berkadia.com
NOAH KRUGER Managing Director | Savills Studley T: +1 713 2375527 nkruger@savills-studley.com
LAUREN GEARY Marketing Coordinator | Berkadia T: +1 346 444 8968 lauren.geary@berkadia.com
© 2017 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business un Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx
MATT DAVIS Analyst | Berkadia T: +1 346 444 8961 matt.davis@berkadia.com
estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan der CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #998-0701, Berkadia Commercial
IN THIS ISSUE
8
20 16
Market
Sales & Leases 1 – 3, 5, 7, 11, 13, 15, 17, 19, 21 – 25, 29, 43
Services
Environmental Services 30, 43 Legal Services 1-C/So, 14, 43 Photography 29 Real Estate Loans 25 Title Services 1- SE Texas
Scoop
Events 32, 34, 36 Social 33, 35, 37 Bulletin 38 – 40
Features
Texas Growth Cities 8 – 10, 12 Real Estate & the Chinese 16, 18 Texas ICSC Recap 20 Marines on a Mission 26, 27 CIVIL FAIR PLAY Property Tax Reductions 28
4
January 2018
26
League City League City is an ideal setting for your corporate relocation, convention, getaway, sporting events, development of new destination retail, lifestyle centers, entertainment opportunities, hotel and upscale dining. The geographical advantage of the Texas Gulf Coast, access to an ever-expanding transportation system, and available property for development makes League City the best place to enjoy all the Ăžne things in life. As one of the fastest growing cities within the region, League City continuously ranks among the best communities in the state featuring strong school districts, high public safety ratings, and abundant recreational activities. Come join our league by making
League City your next home or convention stop!
www.LeagueCityEDC.com | www.LeagueCityChamber.com
Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
PUBLISHER
Ginger Wheless ginger@REDNews.com
EDITOR
Margie Gohmert info@REDNews.com
STAFF WRITERS
Dear Readers,
Happy New Year! I hope your holidays were exceptionally good and you’re looking forward to an outstanding new year.
Considering last year this time our biggest concerns were the low price of oil and the effects a new president in the White House would bring to our economy, 2017 definitely brought a variety of extreme highs and lows to Texas.
Over the course of the past twelve months, we’ve seen the price of oil increase from to $58/bb and the Dow increase to nearly 25,000. We endured the longest and wettest hurricane after landfall on record and were delighted with snow for the first time since 2009. Last, but not least, how about those Astros! Through the ups and downs, Texans did what Texans always do, which is to rise to the occasion. In this issue, we’ve included an overview of some of the top growth cities in Texas as well as a recap from the Texas ICSC event last November. Meredith Cullen and Jay Shaw with Cullen Realty talked to us about selling the Cullen Ranch and Paul Bettencourt gave us an update about the property tax reform as well as a reminder that the tax protest deadline date has been moved to May 15th. Also Pius Leung gives insight into Chinese CRE culture. May you have a Very Happy & Blessed New Year! Best Regards,
Ginger Wheless
Janis Arnold janisarnold1@gmail.com Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDNews.com
CONTRIBUTING WRITERS
Michael Pavia info@REDNews.com Pius Leung pleung@realnex.com
EMARKETING DIRECTOR
Rahul Samuel emarketing@REDNews.com
CREATIVE DIRECTOR
Steven Smith digital@REDNews.com
ACCOUNTING
Benton Mahaffey accounting@REDNews.com
SALES
Ginger Wheless ginger@REDNews.com
PRINT & DIGITAL DISTRIBUTION
REDNews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US. Texas Brokers: 8,150 Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710 Outside Texas Investors, Brokers, Developers etc: 26,387
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WHERE BUSINESS AND INNOVATION MEET Deison Technology Park in Conroe, Texas
TODAY’S SUCCESSFUL OFFICE CAMPUS IN AMERICA’S FASTEST GROWING CITY North of Houston and The Woodlands Adjacent to regional airport with U.S. Customs facility Sites ranging from 2 to 248 acres
All utilities and regional detention in place Four-lane direct access to I-45 Incentives for qualified projects
936-538-7118 • gcedc.org
Everything's bigger An analysis of Texas' fastest-growing cities BY BRANDI SMITH
The lists pile up all year, each with their own metrics by which they measure a city’s growth. Some factor in physical expansion, while other focus specifically on population or industry. As different as they all seem to be, there’s a common thread running through each: cities in Texas are booming. The explosive growth isn’t isolated to a single region in Texas either. There are examples around Dallas, Houston, central Texas and west Texas. For the purposes of this article, we exploried * WalletHub’s recent compilation of “2017’s Fastest-Growing Cities in America” as well as our own assessment of up and coming cities in Texas. What follows is a profile of some of the state’s standout cities, those that are leading the way in a state made of leaders. The saying goes ‘Everything’s bigger in Texas” and these communities are living up to that.
Now the country’s 11th largest city, it also celebrates its quality of life, for which it often gets top marks. Industries there range from healthcare, to technology, to agriculture, each offering a new and unique workforce. Recent successes include July’s announcement from Merck that the pharmaceutical giant plans to locate its newest IT hub in Austin. As the city grows, so do some of its largest employers: the construction, hospitality and retail sectors. Economists suggest the city diversify further to ensure job creation even after people stop moving to Austin. Unfortunately, Austin has also earned 6th position for “Top 10 Worst US Corridors” from INRIX transportation analysis firm for its southbound I35 corridor.
CONROE The city north of Houston When FedEx Freight decided to build a new facility in the Houston area, it was looking for developed infrastructure and a qualified workforce. It found both in Conroe, where it started construction on a 75,000-square-foot cross-dock facility that will add more than 96 full-time and 30 parttime jobs when it’s complete at the end of 2018.
AUSTIN You’ll fit right in
8
January 2018
Topping that WalletHub study for the ‘Largest City with Highest Growth’ is Austin (though it comes in at No. 4 on the overall list). It also made it to the No. 9 spot on Forbes’ list of ‘America’s Best Employers.’ The Central Texas economic engine is churning along with no signs of slowing.
Danielle Scheiner
Another big project underway is at Falcon Steel’s 266,000-square-foot facility that will soon produce high-voltage steel-lattice towers and provide commercial galvanizing dulling operations, according to Danielle Scheiner, the deputy director of the Greater Conroe Economic Development Council. At least one of the reasons these companies are choosing to move to Conroe, she says, is clear. “We have a professional economic development staff and local leadership that are pro-business,” says Scheiner. “We work with clients to find them a perfect new location.”
The city just north of Houston has been a perfect “new location” for tens of thousands of people in the past two decades. In that time, the population of Conroe more than doubled to about 82,000. “We have had quite a bit of success in recent years in attracting new jobs to the community, but we are also benefitting from the growth in the larger region,” Scheiner says. “Corporate relocations to The Woodlands and manufacturing and distribution growth in Conroe have created a need for new and better housing options that developers have created in recent years, allowing more people to make their home in Conroe.” “We have been aggressive in marketing the community and our offerings – Conroe Park North and the Deison Technology Park – to companies looking to relocate and expand,” says Scheiner. The EDC also offers technical assistance to existing employers through its business retention and expansion program. Performance-based cash incentives are in the mix for qualifying companies, as are tax abatements within the city and Montgomery County, depending on the project size. Those options aren’t open to just new businesses, but also existing companies looking to expand. “There are five taxing entities in Conroe, four of which participate in the Freeport Exemption, which provides a significant tax savings for companies that are inventory intensive,” Scheiner points out. “This is of course in addition to the state incentives that are available.” On the residential side, two major master-planned developments in the early stages of development are slated to boost the population by 15,000 in the decade to come.
“I think one of the things that makes us unique is our customer service. Converse is willing to meet a business where it is and accomplish what needs to be done,” Silvas says. “We want to get them on the road to providing services and goods to our community as quickly as possible.” The EDC is working with the city to finalize a community master-plan, which the city council is expected to vote on January 1.
CONVERSE Expanding horizons “When you set a stick of dynamite down and light it, be prepared,” laughs Kate Silvas, the executive director of the City of Converse Economic Development Corporation. ‘Explosive’ can describe the city’s growth in a variety of ways. Physically, it is more than tripling its footprint, expanding from 7.1 square miles to 22.6 square miles just northeast of San Antonio. “It’s an exciting time in Converse,” Silvas says, diving right into a breakdown of platted homes. For the past 10 years, the city of roughly 23,000 has been growing by 200 homes a year. That number is nominal compared to what’s in the works right now. “We are currently plotted to expect 1,780 more in our community in the next 24 to 36 months,” she says. “It is explosive growth.” About 800 of those homes are being built by San Antonio-area developer Gordon Hartman. They’ll go in on the south end of the city, which will be improved with a new intersection.
“We don’t anticipate the growth to slow substantially for some time,” says Scheiner.
“When you improve circulation, you improve the community as a destination for businesses to want to locate,” says Silvas.
CONROE TARGET INDUSTRIES: professional and business services, advanced manufacturing, life sciences, logistics, avionics, energy services
Another draw is the city’s cooperation with developers. On average, building permits in Converse are turned around within 30 days.
“We now have the ability to control more of our destiny and create that safe environment for businesses and residents in an area that is just virtually undiscovered,” says Silvas. “It won't be long before businesses will miss out on the opportunity to be here.” She boasts the EDC’s $1 billion in buying power, $100 million in public improvements and 2,200 developable acres as more incentives for companies to move to Converse, where the population is now demanding more restaurant and retail options.
CONVERSE TARGET INDUSTRIES: retail & restaurants, healthcare, hotel, manufacturing, technology
FRISCO Sports City, USA The city at the top of WalletHub’s list is Frisco, a Dallas suburb that stretches between Collin and Denton counties. Back in 1990, it had a population of about 6,500. That number has exploded to 170,922. “We're the only city in the country that has seven professional sports teams represented in their city,” Mayor Jeff Cheney boasts, mentioning the addition of the Dallas Rattlers, a professional lacrosse team that is relocating from Rochester to Frisco. There is considerable opportunity for more of those projects as Frisco builds out. Mayor Cheney says the city is only at about 60 percent, which means there’s 40 percent still undeveloped. “The city's well known for being master-planned in all areas, from city development to parks. We have a great Continued on Page 10 >
Everything's bigger An analysis of Texas' fastest-growing cities < Continued from Page 9
Barry Shelton
Darrell Auterson
McKinney, TX
framework ready for even more growth,” he says. “With all the deals that we've landed here, it’s beginning to feel like there's no deal too big for us now.” That’s part of the reason Cheney gives for the city’s aggressive bid to be home to Amazon’s second U.S. headquarters. He knows there’s considerable competition from all over the country, as well as all over Texas, but he’s confident in the draw of his North Texas community.
FRISCO TARGET INDUSTRIES: entrepreneurial, sports, medical and medical research, technology
KAUFMAN The city south of Dallas “For a town of under 10,000 population, there is an amazing amount of growth and potential growth in a short period of time.” says Lee Ayres, Executive Director of Kaufman EDC. The mission of the Kaufman Economic Development Corporation is to make Kaufman one of the most economically prosperous suburbs of Dallas and one of the best places to work in North Texas and they seem to be well on their way to this goal. Their latest announcements include two recent expansions of manufacturing facilities, Falcon Steel and Tables Manufacturing, adding $3.2 million collectively in new investment and KLLM Transport has built a $2 million logistics center. Retail is well underway with the new Kings Fort Market Center which will add 180,000 sf in retail shopping for the 45 acres purchased for residential development 10
January 2018
in the Kings Fort mixed-use development. Other new residential development for the area includes North Texas’s largest lot developer with a contract on 800 acres of the 7000 acre former Star Brand Ranch. Also a Kings Fort Developer is negotiating a TIRZ agreement to build 275 residential lots on 60 acres
LEAGUE CITY Stay-cation & year round “League City’s strong residential and commercial growth is a result of excellent schools, attractive quality homes, a recreational lifestyle, beautiful parks and proximity to Clear Lake, Galveston Bay, and Galveston Island, a family-friendly, small town atmosphere, and stay-cation events and things to do year ‘round,” according to Scott Livingston, League City Economic Development Director. UTMB is scheduled to start construction this month on its $156 million expansion at its 64 acre campus in League City, while M.D. Anderson’s $134 million cancer out-patient care facility is scheduled to open in June 2018. Memorial Hermann’s Convenient Care Center, which is currently the largest in the Memorial Hermann Health System, is scheduled to open in February 2018. Other new businesses are investing in League City to take advantage of the new growth: Abuello’s Restaurant (7,600 sf), Olympia Grill (10,000 sf), Red River BBQ (10,000 sf), Red River Cantina (8,800 sf), Roux House (2,600 sf), King’s Bierhaus (4,000 sf), Thai River Restaurant (1,800 sf), Craft 96 Draught House + Kitchen (4,500 sf). In order to facilitate this new growth, TXDOT has started road expansion projects for Five Corners, SH 146, I-45, FM 517, and FM 646. Most of the community’s highly trained professionals in aerospace, life sciences, energy, advanced manufacturing, financial services, and other technical
fields endure long commutes to work each day, so League City is poised to attract astute employers that want to relocate their office, or open a new office, to attract and/or retain a quality workforce. Great opportunities are available for investments in family-oriented entertainment, cinemas, mixed-use developments, and Class A Office projects.
MCKINNEY Unique by nature When Barry Shelton moved to McKinney in 2001, the North Texas community was what he’d call a ‘small town’ with a population around 54,000. Now the assistant city manager, he recalls that when he interviewed for his first job, there were virtually no restaurant options. Compared to now, Shelton says it’s a night-and-day difference. “Our downtown has grown tremendously. Looking for great restaurants in McKinney today, downtown's a great spot,” he says. Those eateries have cropped up as the city grew to approximately 180,000, but other growth didn’t keep pace. “For years, McKinney had explosive growth residentially, but it wasn’t the same with regard to commercial and industrial growth,” says McKinney Economic Development Corporation president Darrell Auterson. “That's starting to change now.” Auterson relocated to McKinney from York, Pennsylvania, in 2016 and brought 37 years of economic development experience with him. One of his first priorities was assembling and executing a new strategic plan. “It laid out a great road map for where we want to try to take the community forward in terms of economic Continued on Page 12 >
sions n e t x E e s a New Le LONGVIEW PLAZA | LONGVIEW, TX 8.05% CAP | 153,260SF | $17,500,000
LISA ESTRADA Associate Director National Retail Group
(817) 932-6139
Lisa.Estrada@marcusmillichap.com
• New 10 Year Lease Extension from Office Depot Expiring 2029 • New Lease Extension from Books-A-Million Expiring 2021 • 100% Occupied | National Tenant Mix | Over 35,000 VPD • Dominant Retail Corridor with Over 800,000-SF of Retail • Trade Area Population Over 300,000 | Annual Retail Sales over $1.9b • Staggered Leases | Replaceable Rental Rates • Only Location for Each Tenant Within 30 Miles • Long Term Tenants | Average Lease Expiration - 2023
BOOMING
GEORGETOWN,TX ETJ 5th Fastest Growing City in the US!* Beautiful 999. 32 Acre Luxury Ranch or Residential/Mixed Use Development Opportunity on top of highest point in Williamson County! • Located on Tower Road fronting the planned route for arterial connector between Hwy 29 & Ronald Reagan Blvd. • Rolling topography, natural springs, hardwood trees & over 1.5 ff miles along Army Corps of Engineer land surrounding Lake Georgetown which houses the Lake Georgetown San Gabriel River Trail. • Offering consists of two tracts which can be purchased together or separately. *50k+ population according to US Census Bureau forecast
Contact: Dave van Heuven 512-658-0096 dave@isocommercial.com or Tim Grondin 512-793-3448 tim@isocommercial.com
GEORGETOWN 2155 Tower Rd.
999.32 Acres $25,815,000 AUSTIN
< Continued from Page 10
development vision. We have a very supportive board and a very supportive city government right now,” Auterson says. “They all are very focused on making McKinney one of the best business addresses here in North Texas. We definitely want to make sure that we're building that reputation and attracting high-quality, high-caliber, very-impactful development projects.” One of those that is underway right now is McKinney’s Southgate, a 57-acre business campus at the confluence of U.S. 75 and the Sam Rayburn Tollway. “That's our prime piece of real estate for class-A office development,” says Auterson. “We created a new vision for what we want to have happen there and we're starting to get very aggressive with our marketing to both office users and targeted retail users as well.” That development is on the south end of the city, but the north also provides plenty of opportunity for interested parties.
MCKINNEY TARGET INDUSTRIES: light industrial development, Class-A office, retail and restaurant
MIDLAND Feel the energy In another corner of the state, business is booming and driving population gain. Midland’s economy grew nearly 9 percent, according to a third-quarter report from the Midland Development Corporation. Largely boosted by the recovery of oil and gas, the city of 132,950 made it to the top of WalletHub’s list for highest regional GDP growth, tying communities such as San Jose and Santa Clara, California. Listed as one of Sperling’s Best Places, Midland’s unemployment rate is a full percent lower than the national average and its future job growth is estimated around 29 percent. 12
January 2018
The
median income in Midland bests the Texas and U.S. by $16,000. The development corporation offers a variety of locations for new projects, including downtown’s 3.8 million square feet of multi-tenant office space, the 2-millionsquare-foot Claydesta Business Park, 71-acre David Mims Business Park and 40-acre Midland Spaceport, which is located at the Midland International Airport.
MIDLAND TARGET INDUSTRIES: aerospace & aviation, commercial spaceport development, downtown development, business services, energy, warehouse
PEARLAND Young & diverse workforce
SEABROOK Quaint & resort-like The city of Seabrook is a quaint, resort-like small city located 30 miles south of the Houston CBD.
The fastest-growing city in the Houston area is the southern suburb of Pearland. Growing 142 percent since 2000, the city’s population is now up to 113,570.
With the expansion of SH 146 which parallels I45, this highway will be expanded from its current 5-lane profile to 11-lanes when completed.
What makes it stand out from some of its neighbors is Pearland’s young and diverse workforce. The average age of a resident is just 33, while about half the population is made of up Latino, African-American, and Asian ethnic groups, according to the city’s Economic Development Corporation. Rushi Patel, the organization’s chair, says that in 2016, the PEDC “partnered with companies to bring in more than $95 million in new capital investment.”
New opportunities are developing for savvy real estate brokers who are assembling pieces along the highway and building sizable parcels for new commercial development post SH146 expansion.
Pearland is already the home to some company headquarters, including Kelsey-Seybold, a private, multi-specialty physician group. Its administrative team is based in its 170,000-square-foot HQ, which sits on an 18-acre site. Others include Baker Hughes, TurboCare, Weatherford and Aggreko.
* WalletHub examined more than 500 cities across the country, evaluating them based on 15 different metrics, which include population growth, job growth, unemployment rate decrease, median house price growth, growth in regional GDP and increase in number of businesses.
The Grand Parkway will ultimately bisect SH 146. Additionally, NASA Parkway and the Repsdorph Circle areas are continuing to draw prospects seeking new opportunities in the Clear Lake region.
seabrook has the real estate to fit your project!
±110 ACRES
LAND – FOR SALE
±110 ACRES
SH 146 & Red Bluff Rd. | Seabrook, TX 77586
±110 ACRES
SH 146 & Red Bluff Rd. | Seabrook, TX 77586 LAND – FOR SALE
±110 ACRES
SH 146 & Red Bluff Rd. | Seabrook, TX 77586
SH 146 & Red Bluff Rd. | Seabrook, TX 77586
±821.5´
- sold ±9 Acres
±339.4´
±41.6 Acres Zoned
±171.6´
±264.5´
±691.5´
±22.7 Acres
±18.57 Acres
±1,364.5´
Zoned Residential ±1,364.5´
future Grand Parkway
±2,509.6´
321
249
59
45
Apartments
290
1960 George Bush Intercontinental Airport
1960
under construction
future Grand Parkway
249 Grand Parkway
90 Road Hardy Toll
±22.7 Acres
529
±596.1´
±2,509.6´
±714´
Zoned Residential ±660.5´
Zoned Retail
±594.1´
±264.5´
±691.5´
±18.57 Acres
±596.1´
±660.5´
±48.59 Acres
±714´
±594.1´
Zoned Retail
Industrial/Office
±209.9´
±1,431.7´ ±48.59 Acres
±825.4´
±620.6´
±209.9´
Bayview
±12.8 Acres
±41.6 Acres Zoned Industrial/Office
±620.6´
±421.9´
±171.6´
±1,431.7´
±300.3´
±339.4´
Red Bluff Rd. Bayview
±390.1´
±421.9´
±110 ACRES - LAND
±12.8 Acres Liberty Lake ±825.4´ detention pond
±300.3´
- sold
Red Bluff Rd.
±110 ACRES - LAND
Liberty Lake ±821.5´ detention pond
±390.1´
±9 Acres
45
8
321 146
59
north planning area Apartments
99
90
610
Westheimer
Toll Westpark529
1093
George Bush Intercontinental Airport
1960
8
Grand Parkway
2013 TRAFFIC COUNTS SH 146 north of Red Bluff = 29,800 SH 146 south of Red Bluff = 31,000 2011 TRAFFIC COUNTS 2013 TRAFFIC COUNTS Red BluffSH west SH 146 = 17,790 146ofnorth of Red Bluff = 29,800 Red BluffSHeast SH 146 = 5,060 146ofsouth of Red Bluff = 31,000
6 290
Road
6
610
8
99
Hobby Airport
10 146 225
610 Hobby Airport
45
90
59
6
3
288
99
146
35
Cushman & Wakefield of Texas, Inc. and Girard Interest, Inc. are pleased to offer for sale this Approximately 110 acre divisible prime site with unlimited approximately 110 acre divisible prime site with unlimited potential. Located 30 minutes southeast of downtown Houston, this area 30 is poised to benefit from the positive of momentum spurred by Houston, potential. Located minutes southeast downtown industries such as& aerospace, adjacent Bayport thesale nearby Cushman Wakefield logistics, of Texas,marine, Inc. andthe Girard Interest, Inc. Container are pleasedTerminal, to offer for this this area is poised to benefit by industries such as aerospace, Cruiseapproximately Ship Terminal 110 and acre specialty chemical. boatingpotential. enthusiasts, as well asminutes visitorssoutheast to divisible primeTourists site withand unlimited Located 30 of the Armand Bayou Nature Center, are drawn to the area.from theContainer downtown Houston, this is poised benefit positive momentum spurred by the logistics, marine, theareaadjacent Bayport Terminal, industries such as aerospace, logistics, marine, the adjacent Bayport Container Terminal, the nearby nearby Cruise Ship and specialty Cruise Ship Terminal and Terminal specialty chemical. Tourists and boatingchemical. enthusiasts, as well as visitors to the Armand Bayou NatureISCenter, are drawn to VIA the Aarea. DUE DILIGENCE INFORMATION AVAILABLE ONLINE PASSWORD PROTECTED WEBSITE. PLEASE CONTACT US TO REQUEST A CONFIDENTIALITY AGREEMENT.
Galveston Bay
8
old town district
2011 TRAFFIC COUNTS Red Bluff west of SH 146 = 17,790 Red Bluff east of SH 146 = 5,060
146
99
330
3
35
90
225
8
Road Westpark Toll
288
146
8
610
Westheimer
59 1093
10
330
Road Hardy Toll
under construction
1960
146 Galveston Bay
45
6 For more information, please contact: David l. Cook, SIOR, CRE Lee Girard Jeff G. Peden, SIOR Will Condrey (713) 963 2888 O (713) 977 6779 (713) 963 2880 (713) 963 2887 david.cook@cushwake.com F (713) 977 2965 jeff.peden@cushwake.com will.condrey@cushwake.com C (281) 236 4401 For more information, please contact: leegirard@gmail.com David l. Cook, SIOR, CRE Lee Girard Jeff G. Peden, SIOR Will Condrey (713)©2015. 963 2888 (713) is977 6779 963 2880 (713) 963 2887omissions, change of price, rental Cushman & Wakefield, No warranty or representation, express O or implied, made to the accuracy or completeness of(713) the information contained herein, and same is submitted subject to errors, or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. david.cook@cushwake.com F (713) 977 2965 jeff.peden@cushwake.com will.condrey@cushwake.com C (281) 236 4401 leegirard@gmail.com
seabrook retail trade area
DUE DILIGENCE INFORMATION IS AVAILABLE ONLINE VIA A PASSWORD PROTECTED WEBSITE. PLEASE CONTACT US TO REQUEST A CONFIDENTIALITY AGREEMENT. Girard Interest, Inc. Licensed Real Estate Brokers 817 N. 3rd Bellaire, TX 77401
Girard Interest, Inc. Licensed Real Estate Brokers 817 N. 3rd Bellaire, TX 77401
Cushman & Wakefield Licensed Real Estate Brokers 1330 Post Oak Boulevard | Suite 2700 Houston, TX 77056 www.cushmanwakefield.com Cushman & Wakefield Licensed Real Estate Brokers 1330 Post Oak Boulevard | Suite 2700 Houston, TX 77056 www.cushmanwakefield.com
at a glance
Cushman & Wakefield, ©2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
77,000 population (2017) 83,000 population (2022 projection) $109,300 average household income Main/Hall Street (1209 Main St.) Raw land (2 lots available) 12,500 square feet.
4.5 lots on Block 41 at Hardesty and Hall Street 0.65 acres of raw land.
802 Hardesty Ave. 1.41 acres of raw land.
36% of population have bachelor’s degree and higher Approx 75,000 daily commuters
Contact Paul Chavez pchavez@seabrooktx.gov
CALL 281 291 5730 visit www.seabrooktx.gov
COVER STORY
Bill Voss, Policy Holder Attorney
Helping Commercial Property Owners and Business Owners Get Back on Their Feet Post-Hurricane Harvey
bill.voss@vosslawfirm.com
I
n late August 2017, one of the largest hurricanes in U.S. history made landfall on the Texas Gulf Coast, bringing with it nearly 10 trillion gallons of rain. Reservoirs filled above capacity, riverbanks burst and flooded, and buildings were completely destroyed. In the aftermath, Texas business owners were left facing catastrophic circumstances. At The Voss Law Firm, P.C., we know just how profound Harvey’s impact on the business community has been, and we know just how difficult it is to get insurance companies to fulfill their promises to help you rebuild.
Insurance Companies Often Don’t Play Fair After Hurricanes Cause Commercial Property Losses
• Talk to an experienced policyholder attorney. It is still possible to recover what you need from the insurance claims process, but it takes a great deal of knowledge, preparation, and organization to work toward a more favorable outcome. Because of this, it’s important to not only find a good policyholder attorney to help you, but to find an attorney who has a long history of resolving hurricane insurance claims and disputes.
Although you may not need an attorney to help with a claim, it is important to realize that help is available if your client runs into trouble. An experienced policyholder attorney can help your client: • Assess hurricane losses thoroughly and effectively,
Although a business owner faithfully pays insurance premiums, insurance companies still sometimes fight paying the true worth of commercial hurricane claims—especially when large or densely populated areas are affected. We work tirelessly to help our clients calculate the true extent of damages to their commercial property and fight the insurance companies after an unfair denial or underpayment.
• Prioritize needs throughout recovery,
What to Do If the Insurance Carrier Submitted a “Lowball” Offer for a Hurricane Insurance Claim
• Negotiate with the insurance company on your client’s behalf,
If you received a laughably low offer, or outright denial for your hurricane damages, you already know it’s no laughing matter. The difference between a “lowball” offer and the true value of your claim can be significant. Here are some things you can do to fight an unfair settlement offer and work toward a better resolution:
• Fight unfair delays, denials, and underpayments.
• Determine potential sources of recovery, • Help plan for temporary and long-term repairs, • Handle documentation and communication with the insurance company, • Maximize recovery, and
• Understand what your claim is actually worth. Make sure that you have gotten thorough assessments of all your hurricane damage, including potentially “hidden” damages that can cause problems later on. Remember, too, that your coverage may not be limited to just the costs of structural damage. You also may be able to seek reimbursement of some of the costs of relocation, temporary repairs, business interruption, and more. • Don’t accept the first offer. You don’t have to accept the first settlement offer you receive from the insurance company. You should know that the first settlement from the insurance company is often lower than it should be. Sometimes, the offer is too low because there has been error or something was overlooked. However, some insurance companies also routinely offer less with the initial settlement in hopes of saving their own bottom lines. • Don’t accept an offer you don’t agree with. If you receive any kind of settlement offer or check from the insurance company that you don’t agree with, don’t accept it. As in the above situation, you should instead carefully review the offer with a qualified policyholder attorney and try to nail down why the amount is less than you deserve.
No Fees Unless We Win! 100% Contingency Fee Based.
It shouldn’t have to be stressful to get the recovery you deserve from the insurance company. If you’re ready to get help with a difficult hurricane insurance claim, we encourage you to reach out to contact us for a completely free case review. We will listen to your concerns, answer your questions, and explain more about your rights as a policyholder.
Contact Todd Farr: 832-278-9378 todd@vosslawfirm.com
26619 Interstate 45 | The Woodlands, TX 77380
DAIRY ASHFORD / MEMORIAL
PASADENA
CHAMPIONS AREA
3315 BURKE ROAD Pasadena, TX 77504
909 DAIRY ASHFORD RD Houston, TX 77079
908 E. SOUTHMORE BLVD. Pasadena, TX 77502
17030 NANES HOUSTON, TX 77090
• 532-3,068 SF Available • 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance
• Up to 11,929 NRA Available • Two Story MOB • On Site Pharmacy • Located 2 miles from the NW Medical Center
GREENSPOINT
CHAMPIONS AREA
GALLERIA
GALLERIA
550 GREENS PARKWAY Houston, TX 77067
14505 TORREY CHASE BLVD Houston, TX 77014
7660 WOODWAY Houston, TX 77063
7887 SAN FELIPE Houston, TX 77063
• 5,011 - 72,050 SF Available • 72,050 SF, Two Story Class B Office Building • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking
• 580-3,475 SF Available • 67,119 SF, Four Story, Class B Office Building • Private Corner Balconies on Upper Floors • Located near FM 1960 & I-45 in Champions Forest
• 1,081 - 19,622 SF Available • 110,504 SF, Five Story, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access
• 586 SF Available • Located in the Suburbs of the Galleria – San Felipe/Voss Submarket • Free Covered Parking
ANGLETON
TEXAS CITY
BROWNSVILLE
EAST HOUSTON CENTER
1800 N. VELASCO Angleton, TX 77515
8030 FM 1765 Texas City, TX 77591
3000 PABLO KISEL BLVD Brownsville, TX 78526
10907-11095 I-10 EAST Houston, TX 77029
• 6,700 SF End Cap Available • Kroger Anchored Center • Center is Located Across from Wal-Mart • Renovated in 2014
CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292
• 1,200 - 1,621 SF Available • Located in the NASA/Clear Lake Submarket • Parking Ratio 7.07/1,000
AUSTIN:
502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500
• 1,200-6,460 SF Available • Strong National Tenant Mix • Located Adjacent to Sunrise Mall • Strong Demographics
DALLAS:
6060 N. Central Expy Suite 560 Dallas, Texas 76206 (972) 234-9901
• 1,200 - 11,017 SF Available • Located at NWC I-10 E Frontage @ John Ralston • Traffic Count Exceeds 189,000 CPD
SAN ANTONIO:
12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222
OFFICE
• Up to 2,392 SF Available • 30,956 SF, Two Story MOB • Renovated in 2008 • Services the Memorial & Surrounding Neighborhoods
RETAIL
• 885-3,596 NRA Available • 31,747 SF, Three Story Office Building • Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center
MEDICAL
PASADENA
Real Estate and the Chinese How to successfully work with Chinese real estate investors BY PIUS K LEUNG CCIM, CPM, CIPS, FInsTLM
Besides buying residential properties, according to Rosen Consulting Group, Chinese investors acquired at least $17.1 billion in commercial properties. Although 70% of investments are concentrated in the New York, Los Angeles and San Francisco areas, the remaining volume of investment has spread throughout the rest of the country.
Source: Rosen Consulting Group
Chinese citizens are the top foreign buyers of homes in the U.S. According to a recent report by the National Association of Realtors (NAR), Chinese buyers have been the top foreign buyers of U. S. residential property for three straight years. As a group, they surpass top buyers from Canada, the U. K., Mexico, and India. Between April 2016 and March 2017, Chinese buyers purchased more than 40,500 housing unitsâ&#x20AC;&#x201D;this is a 40% increase compared to the same period the year before. The units purchased between April 2016 and March 2017 were worth a total of $31.7 billion. This is a 16% increase compared to the purchased value between April 2016 and March 2016. Texas, Virginia, Florida and Indiana have become top destinations in 2017 because Chinese buyers are looking beyond just California and New York. According to Forbesâ&#x20AC;&#x2122; 2017 billionaires list, 565 billionaires are from the U.S. and 387 are from China. Most of the Chinese billionaires are from the real estate industry (117), manufacturing (94), and technology (68). The comparison chart, (below) between China and the United States will help gain some basic information on China.
Continued on Page 18 >
16
January 2018
retail | office | medical | space for lease 2,340 SF available on second floor. Base rent $15.00 PSF & NNN $4.20 PSF
Excellent for retail, office or professional use
2,671 SF end cap on first floor, one lane drive through attach; Base rent $24.00 PSF & NNN $4.20 PSF
2 blocks west of Beltway 8
Kaleidoscope 10612 Westheimer Houston, 77042
WoodlanD Park Shopping Center
800 -7,350 SF available on first floor. Excellent for medical office. Base rent $15.00-$18.00 PSF & NNN $4.80 PSF
11380 Westheimer Houston, 77077
A A Realty Realty Co AA Co
Accredited Management Management Organization Accredited Organization
For more information call : Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 eleung8888@aol.com www.aarealtytx.com
+/- 592â&#x20AC;&#x2122; of frontage on Westheimer
372 surface parking spaces available
Traffic counts - 82,880 CPD (Westheimer)
Pylon signage available
Aggressive lease terms
Real Estate and the Chinese How to successfully work with Chinese real estate investors
Do you know the difference between a Chinese bow and a Japanese bow? < Continued from Page 16
If one is interested in expanding one’s business venture with the Chinese investors, it is important to understand the Chinese in these three areas:
expectation of agent loyalty, and proper use of personal contacts. Legal tradition and systems outline expectations about rights of ownership and attitudes toward using attorneys. One must study the history and culture in more depth if one is interested in doing business with Chinese investors. The Chinese will do business with those they know and trust.
philosophy “yin” and “yang”. There are three schools of Feng Shui: Form School (Intuitive Approach), Compass School (Compass Approach), and Flying Stars School (Environmental Approach).
2) Cultural Understanding
Chinese investors’ behaviors and beliefs come from religious influences such as Confucianism, Taoism, Chinese Buddhism, and Islam. These religions influence how one will behave, act, work, and negotiate.
3) Business protocol working with the Chinese
These religious beliefs that also help form Chinese traditional cultural values include courtesy, wisdom, benevolence, righteousness, harmony, loyalty, honesty and filial piety.
Introductions tend to be formal. It is important to use official titles, if possible. For instance, Chinese wives do not generally take their husbands' surnames. Do you know the difference between a Japanese bow and a Chinese bow? Learn how to exchange business cards correctly. This means presenting your card so they can read it. Chinese do not use their hands when speaking and therefore knowing hand gestures are important. How do you negotiate with the Chinese? Gathering together for a meal is often common in working with the Chinese. Will business be discussed during the meal? Where should one sit? Should one use chopsticks during the meal? It is common for the Chinese to bring a gift with them to a meeting. Acceptable gifts for the Chinese includes T-shirt of US sport teams, pens, or local crafts. Clocks and handkerchiefs are examples of inappropriate gifts.
1) Cultural Influences
Cultural Influences The difference between the West and the East cultures can be summarized in three areas. They are (a) ways of thought based on religious, ethical and traditional beliefs, (b) social and business practices and (c) legal tradition and systems. Ways of thinking ultimately determine whether a deal will be made or not. It defines structured social roles, determines decision making processes, influences investment objectives, and informs what a real estate broker is expected to do. Social and business practices include face-saving behaviors, nonverbal communication, use of lawyers and contracts, 18
January 2018
Cultural Understanding This area of discussion in my “Real Estate and the Chinese” course covers Feng Shui, Numerology and Zodiac and Chinese New Year customs. Feng Shui is an ancient philosophy of art and science developed over 3,000 years ago in China. It is the balancing of energies in human occupied space to assure health and good fortune. 80% of Hong Kong’s 7 million Chinese use Feng Shui on a daily base. Feng Shui is the Chinese art of placement. Chinese feel their lives are magically linked to their environment; certain places are better, luckier and could affect a person. Feng Shui maintains that if a person changed and balanced his surroundings, he could balance and improve his life. The concept of Feng Shui is based on Taoist
Business Protocol Working with the Chinese
Pius K Leung, CCIM, CPM, MRICS, CIPS, FInstLM is Executive Vice President of RealNex, a commercial real estate technology company. He served as the President of the CCIM Institute and the CCIM Foundation in 2005 and 2017 respectively. He is a senior faculty member of the CCIM Institute. He can be reached at 832-987- 2220 (direct line) and pleung@realnex.com
Texas ICSC Recap
Trends & Evolution of Mixed-Use Developments
BY DAVID SCHNITZER, CCIM Partner ASCEND Commercial Real Estate
Mark Bulmash, Senior Vice President of Development The Howard Hughes Corporation
The discussion hinged on how nearly every new development we now see is either truly a mixed-use development (live, work, play) or purports to call itself one. While there may be more of these types of developments around and under construction these days than ever before, they are also even more necessary today for consumers than they ever have been. In an urban environment, traditionally it was easy to get around from your home to your office and the stores and restaurants where you and your family needed to go. In the past, these started downtown at the city center and grew out from there. So truly, the “mixed-use” projects have not appeared. They have just evolved. Now with the sprawl of cities, that convenience becomes less and less–well–convenient. As density increased in these urban environments, housing scarcity became evident and prices rose dramatically. Families ventured out to the suburbs in order to find less expensive housing. And this cycle will inevitably continue.
Walt Mountford, Executive Vice President KDC
Paris Rutherford, Principal Catalyst Urban Development
URBAN DEVELOPMENT
For this year’s Texas International Council of Shopping Centers (ICSC) Conference and Deal Making show in November, I had the pleasure of speaking with four of the state’s most active developers. Our topics ranged from discussing the trends of mixed-use to its evolution and where it may be headed. We were privileged to have with us Mark Bulmash, Senior Vice President of Development for The Howard Hughes Corporation; Walt Mountford, Executive Vice President of KDC; Paris Rutherford. Paris is Principal of Catalyst Urban Development and Bill Burton, Executive Vice President at Hillwood Properties, Hillwood Urban.
Bill Burton, Executive Vice President Hillwood Properties, Hillwood Urban
CATALYST
What has become interesting is twofold. One, with the millennials moving from the urban environment out to the suburbs, they are still seeking out their experiential desires and are now looking to the developers to include those experiences and opportunities close to their new homes - with, what I would call, the “urbanization of the suburbs”. Again, not new. Just more prevalent. Secondly, we have seen the regional malls and regional shopping hubs contract. They are being replaced with small, more localized areas of gathering and interest. This keeps many people in a local geographic area – more so than ever before. So, these new developments must have gathering places and entertainment areas to attract other residents, shoppers and diners to them. And renters in multifamily developments are almost demanding the convenience of retail and restaurants within walking distance. The single-family owners, too, love the convenience of having fun and interesting places to go that are not far from their houses. No longer does disposable income have to head downtown or uptown to find a fix of fun. The interesting thought is what may happen in the future. Ride sharing services will change the way developers think about their developments. And while it may not be on the horizon now, will our newer developments be able to shrink the concrete in favor of more green or open spaces? And with self-driving cars seemingly on the eventual horizon, will there be a need for a parking structure at all? The reality is that we don’t really know what time will bring for development, but we do all know it evolves and it is incumbent on developers to provide what their customers want in order to compete. And while it may not be crystal clear about where development takes us in 15 or 20 years, we are clear that technology will continue to expand our thoughts of what developments can be.
d, TX
SF ,,725 TX
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01,603
4,741
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DEVELOPMENT ▪ MANAGEMENT ▪ FM BROKERAGE 1463 (South
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40 SF
7 SF
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8,473
Katy, TX
Shops at Woodcreek
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of I-10)
Since 2002, Rubicon Realty Group has created over $200,000,000 in real estate value
GLA:
10,000 SF
DEVELOPMENT ▪ MANAGEMENT ▪ BROKERAGE
For Lease:
8,200 SF
Since 2002, Rubicon Realty Group has created over $200,000,000 in real estate value
Delivery:
Ready
Total Population (5mi):
137,208
281.313.0000 Rent@RubiconRealty.com
SF
CURRENT AVAILABILITY
066
70,000 SQUARE FEET OF NEW RETAIL SPACE Katy, Shops atatNorthpark Katy, TXTX Plaza Sienna at Northpark COMING IN 2018!Ranch Katy, TXShops
Daytime Population (5mi): 102,183
73
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3
Shops atatWoodcreek Shops at Woodcreek Shops Katy Trails FM 1463 (South of I-10)
6 SF 000
FM 1463 of I-10) Clay(South Road (@ Peek Road)
800 SF
nt 2018
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5,335
0,612 SF
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2018 d, TX
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12
Retail for Lease (third-party listings)
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Telfair Office Condominium Park (Coming in 2018)
Retail for Lease (developed by Rubicon Realty Group)
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335
150
1310 Northpark Drive
THE CROSSING ATAveTELFAIR | S.H.$135,959 6 & HWY 90 | SUGAR LAND, TX HH Income (5mi):
CURRENT AVAILABILITY
653
SF
Shops at Northpark
Northpark DriveRoad 6144 SiennaDrive Ranch 13101310 Northpark
10,000 SF GLA:GLA: 10,000 SF SF GLA: 17,000 For Lease: 8,200 SF For Lease: 8,200 SF SF For Lease: 17,000 Delivery: Ready Delivery: Ready Delivery: Fall 2018 AveIncome HH Income $135,959 Ave HH (5mi):(5mi): $135,959 Ave HH Income: $98,602 Population 137,208 TotalTotal Population (5mi):(5mi):137,208 Total Population: 204,206 Daytime Population 102,183 Daytime Population (5mi):(5mi): 102,183 Daytime Population: 151,838
Land for Sale (owned by Rubicon Realty Group)
Plaza at Sienna Ranch Katy, TX Katy, TX Shops TX Kingwood, TX ShopsatatNorthpark Northpark Katy, Shops at Katy Trails Plaza at Kingwood, Sienna Ranch Katy, TXTX Shops at Katy Trails Shops at Pebble Creek Richmond, TX Grand Pkwy & W Bellfort Sienna Ranch Road FM FM1463 1463(South (South ofI-10) I-10) 1310 1310Northpark NorthparkDrive Drive Retail for of Lease (developed by Rubicon Realty Group) Road (@ Peek Road) 61446144 Sienna Ranch Road ClayClay Road (@ Peek Road) Shops ShopsatatWoodcreek Woodcreek
Land for Sale (third-party listings)
KATY, TX
7810 WestKATY, GrandTX Parkway South 10,000 10,000SFSF
GLA: GLA: For Lease: For ForLease: Lease: Land for Sale (owned by Rubicon Realty Group)
Retail for Lease (third-party listings)
72
6
Land for Sale (third-party listings)
0
8,200 8,200SFSF
Delivery: Delivery:
Ready Ready
Ave AveHH HHIncome Income(5mi): (5mi):
$135,959 $135,959
Total TotalPopulation Population(5mi): (5mi):
137,208 137,208
Daytime DaytimePopulation Population(5mi): (5mi):102,183 102,183
10,000 SF Woodcreek Shops Katy ShopsatatShops KatyatTrails Trails FM 1463 (South of I-10) Clay Road) ClayRoad Road(@ (@Peek Peek Road)
MISSOURI CITY, TX
17,000 SF
GLA: 17,000 GLA: State Highway 17,000 9402 6 SFSF For Lease: For Lease: MISSOURI CITY, TX For 17,000 ForLease: Lease: 17,000SFSF Delivery: Delivery:
Fall Fall2018 2018
Ave AveHH HHIncome: Income:
$98,602 $98,602
Total TotalPopulation: Population:
204,206 204,206
Daytime DaytimePopulation: Population:
151,838 151,838
17,000 SF
Richmond, Grand Richmond,TX TX GrandPkwy Pkwy&&WWBellfort Bellfort Shops at Oyster Creek atShops Oyster Creek Shops atParkway Pebble Creek at Oyster Creek 7810 Grand South 7810West West Grand Parkway SouthShops 7022 State Highway 6
MISSOURI CITY, TX 7022 State Highway 6 11,725 SF
GLA: GLA:
11,725 SF
For ForLease: Lease:
8,200 8,200SFSF
Delivery: Delivery:
Ready Ready
Ave AveHH HHIncome Income(5mi): (5mi):
$101,603 $101,603
Total TotalPopulation Population(5mi): (5mi):
104,741 104,741
Daytime DaytimePopulation Population(5mi): (5mi):93,166 93,166
11,725 SF
14,040 SF
Missouri City, Ranch Missouri City, TX S PlazaatShops atSienna Sienna Ranch Shops atKaty, Katy Trails at Northpark Plaza at Sienna RanchTX TX Katy, TX Plaza Shops at Pebble Creek Richmond, TX Grand Pkwy & W Bellfort Shops at Sienna Pebble Richmond, Grand Pkwy Bellfort 6144 Ranch Road Shops at Easton 6144Sienna Sienna Ranch Road Clay Road& (@W Peek Road) 1310 Northpark DriveTX 6144 RanchCreek Road Missouri City, TX 70227022 State Highway 6 Shops at Oyster Creek 7810 Grand Parkway South State Highway 6 7810 WestWest Grand Parkway South 6506 Highway 90 A
16,000 SF
For ForLease: Lease:
KINGWOOD, TX
17,000 GLA:GLA: 17,000 SF SF GLA: 7,125 SF For Lease: 17,000 For Lease: 17,000 SF SF For Lease: 2,294 SF Delivery: Fall 2018 Delivery: Fall 2018 Delivery: Ready AveIncome: HH Income: $98,602 $98,602 Ave HH Ave HH Income (5mi): $113,767 Population: 204,206 204,206 TotalTotal Population: Total Population (5mi): 141,339 Daytime Population: 151,838 151,838 Daytime Population: Daytime Population (5mi): 85,443
State Highway 6 94029402 State Highway 6 Highway 9402 State 6 GLA: 7,125 GLA: 7,125SFSF For ForLease: Lease:
2,294 2,294SFSF
7,125 GLA:GLA:RICHMOND, 7,125 SF SF TX GLA: 17,000 SF For Lease: For Lease: 2,2942,294 SF SF For Lease: 3,156 SF Delivery: Delivery: ReadyReady Delivery: Ready AveIncome HH Income $113,767 Ave HH (5mi):(5mi): $113,767 Ave HHPopulation Income: $112,236 141,339 TotalTotal Population (5mi):(5mi):141,339 Total Population: $155,130 Daytime Population 85,443 Daytime Population (5mi):(5mi): 85,443 Daytime Population: $106,397
GLA: GLA:
14,040 14,040SFSF
Delivery: Delivery:
Ready Ready
Ave AveHH HHIncome: Income:
$118,473 $118,473
Total TotalPopulation: Population:
168,653 168,653
Daytime DaytimePopulation: Population:
117,066 117,066
SUGAR LAND, TX For 2,737 ForLease: Lease: 2,737SFSF
2,294 SF
7,500 SF Missouri City, Shops atatat Pebble Creek Missouri City,TX TX Shops Pebble Creek Shops Plaza Grand W.Belfort Shops at Easton at Easton Missouri City, TX Missouri City, 7022 State 66 TX & Highway Grand Parkway 7022 State Highway Shops90 at A Easton Highway 90 A 65066506 Highway 7810 West Grand Parkway S.
GLA:GLA:
17,000 17,000 SF SF
GLA: GLA:
6506 Highway 90 A
For Lease:
16,000 16,000SFSF 14,800 SF
David S. Miller 281-216-0119
COMMERCIAL SERVICES
Premier Properties
4000 JORDAN ROAD | MANVEL, TX 77578 117 Acres, Prime Residential Land • Property is adjacent to north boundary of Meridiana, a 3,300 acre master planned community. • 600+ frontage feet on Jordan Rd, 600+ frontage feet on Peters Rd & 600+ frontage feet on Masters Road • Great site & location for an upscale residential community
4120 COUNTY ROAD 60 | ROSHARON, TX 77583 436 Acres, Grand Parkway Frontage Scheduled • Located on south side of CR 60 about ¼ mile east of SH 288 • Prime location currently under AG exemption • User tract with no restrictions • Great Location! Great Investment Potential!
503 MILLER ROAD | ROSENBERG, TX 77471 454 Acres, Residential Development Tract • Three separate tracts; two adjoining & one is across Miller Road • Road frontage on Spur 10 (Patton Rd), Miller Rd, Randon School Rd, Muegge Rd, & San Saba Street. • Located in Ft. Bend County, midway between Hwy 59 & Randon School Rd • Currently AG exempt; Great residential development tract
338 HARTLEDGE ROAD | ROSENBERG, TX 77471 438 Acres, Great Site for Master-Planned Community • 280 acres on South ROW US 59 with frontage on Hartledge Rd & Finney Vallett Rd • 158 acres with frontage on Hartledge Rd, Klosterhoff Rd & Finney Vallet Rd, adjacent to southeast of 280 acres. • Located close to Rosenberg-Sugar Land area; prime for master-planned community
Global Knowledge. Regional Expertise. Local Results. 3007 Broadway
|
Pearland, TX 77581-4510
|
P: 281-997-4000
Bob Lewis 713-817-2965 Boblewis02@gmail.com
Premier Properties
COMMERCIAL SERVICES 600 S MAIN ST BAYTOWN, TX Rare Find! 96,775 SF Distribution Facility • 96,775 SF with 11,900 sf office & 84,875 sf warehouse on 9.14 Acres • 73,326 SF is fully insulated HVAC space • 134,000 sf Concrete & Asphalt Paving • Loading Docks & Bay Doors • Easy access to I-10
E. BELTWAY 8 EAST (SAM HOUSTON PARKWAY) @ ALLEN GENOA ROAD HOUSTON, TX 4 Development Tracts with easy access from Beltway 8 & I 45
HOBBY AIRPORT
• 56.788 Acres Total • Tracts are divisible • Close to Hobby Airport & Ellington Airfield • Located inside Houston city limits & outside Floodplain
ELLINGTON AIRFIELD
SWC SH 146 & TEXAS 96 LEAGUE CITY, TX 28 Acres of Prime Investment Property on Planned Grand Parkway • Excellent development site close to Kemah Boardwalk • Close to the water & could be great boat storage site in an area that has limited boat space • Excellent site for Big Box relocation
EAST SIDE I69 JUST SOUTH OF GRAND PARKWAY, PORTER, TX 30.7 Acres between Kingwood & Grand Parkway with 800 frontage feet on I69 • 800 frontage feet on I69 • Close proximity to new Grand Texas Theme Park at I69 & SH 242 • 62,000 C.P.D. in 2015
A new perspective on Commercial Real Estate Brokerage Services 3007 Broadway
|
Pearland, TX 77581-4510
|
P: 281-997-4000
REAL ESTATE
BRIDGE LOANS
Equity Secured Capital Texas Direct Private Lender Close in 7 Days - Only 1% Fee www.equitysecured.com 512-732-8338
WATERFORD AT LAKE TRAVIS
waterfordatlaketravis.com
Lago Vista, Texas â&#x20AC;˘ +/-123 acres â&#x20AC;˘ Development Portfolio
John St. Clair
214.238.8003 | John.StClair@youngerpartners.com
Robert Grunnah, CCIM
214.238.8010 | Robert.Grunnah@youngerpartners.com
Michael Ytem
214.238.8020 | Michael.Ytem@youngerpartners.com
LAGO VISTA (ETJ), TRAVIS COUNTY This pristine property can now be acquired with its nearly completed advanced entitlements in place for the benefit of a new owner. The property contains approximately 123 acres of titled land with an additional 80 slip marina. The development has all utilities in place to service the completion of single family construction on the remaining lots and vacant land.
Marines on a mission
Cullen Realty celebrates ranch sale BY BRANDI SMITH
Jason Shaw still remembers the first time he visited Cullen Ranch, a 3,284-acre property in Liberty County. The retired U.S. Marine had been invited out for a veterans hunt, an event hosted by Meredith Cullen, a Marine himself. “It was amazing to go out as a veteran to shoot quail. I had never even seen a quail,” Shaw laughs. “When I got out there, I was in awe. I thought, ‘Oh, my God. What is this place?’” The two connected there in 2009 and, just a few years later in 2013, formed Cullen Realty Group. The sale of Cullen Ranch is one of the firm’s biggest deals. Jason Shaw
The property is a sportsman’s dream. Along with exotic and native game, the land features a luxury 4-bedroom stone lodge, a 4-bedroom ranch house, a pool, jacuzzi, multiple lakes and a sporting clay range. The majority is loaded with timber, a hint of its past use. While the expansiveness of the ranch first impressed Shaw, so did the details, including a 12-foot alligator that was mounted on the wall.
Meredith Cullen
Anyone who visited seems to have fallen in love with the property, including longtime Cullen family friend and investor, Rob Jamail. “He really liked the ranch, so about five years ago, Rob ended up buying in. He told me, ‘It's a lot of fun when you can make money with your friends and family,’” Cullen remembers with a smile. “He’s like family. And he’s right: it does feel good.” Years later, as the CEO and associate broker of Cullen Realty, Shaw admits selling the ranch was bittersweet. “I had a lot of fond memories there,” he says.
“... we wanted that piece …” Cullen, the firm’s president, bought the property about 10 years ago, but the project truly got its start back in 2002. Back then, Cullen owned a similar ranch (it even had the same name) near Rockwall, Texas. “Developers came in and bought our family out,” he remembers. 26
January 2018
Cullen was determined to replace the property in his portfolio, perhaps a little closer to his home of
Houston. As it turned out, International Paper was auctioning off some of its property, including an 80,000-acre package with parcels ranging in size. “Our family didn’t want the whole package, but we did see this 2,300 acres that was there in Cleveland, Texas,” Cullen says. “We wanted that piece.” In its history in Texas, the Cullen family isn’t known for backing down from a challenge; quite the opposite, in fact. Focused on claiming that timber land, Cullen waited until the sale of the full 80,000 acres went through, then contacted the new owner the next day. It turns out, the plan was to flip the property and Cullen knew exactly to whom that 2,300-acre Cleveland chunk should go. “They probably didn't own it more than a week before I went under contract with that piece,” Cullen smiles. Though the acquisition was a win, the property itself had a few challenges. For one, it didn’t have much road frontage along TX-321. “It was a gamble,” Cullen admits. “We gambled that we could assemble more acreage and get some highway frontage. Otherwise, it would be really hard to remarket the property.” The gamble paid off over the years, as Cullen added approximately 950 acres. The process started when he purchased an adjacent 40-acre farmhouse, which provided considerable access. “The ranch now has two main access points. You can flow through it from start to finish and see the whole thing like a safari,” Shaw points out. “It's pretty genius the way he put it together because without those access points, it would be hard to develop. That's what made it a lot more strategic and a lot more marketable. If it was just animals and high fence with hardly any access, we wouldn't have gotten what we did for it.” When he bought the land a decade ago, Cullen says he and his father, Roy Cullen, recognized its potential for subdivision development, but suspected that could take several decades -possibly up to 30 years from the point of acquisition. “You really have to look way out to the future,” Cullen says.
“... just so much fun …” He says that point came a few year back, not long after Roy passed away. That’s when, Cullen says, he decided to start testing the market, with some help from Shaw. “Before we really started marketing it, I studied land values in all the major corridors: I-45, I-10, Katy Freeway, SH-288, Gulf Freeway,” says Shaw. “I found that if you were looking for value, if you were looking for affordable land, that the I-59/I-69 corridor is where it is. And that's where our piece sat.” Cullen says that research dredged up some interesting results. For example, he says, if you measured the distance from downtown Houston to his Cleveland property, then drew a circle around the metro area with the same radius, property values ran the gamut. “Conroe ranged between $20,000 to $40,000 an acre. If you went a little bit further west toward Katy, the land was $30,000 to $40,000. South, near Brazoria, it was more like $10,000 an acre,” Cullen said “You had this gap from Dayton to Cleveland where land was around $2,500 an acre. It didn't make any sense.” The challenge for the team was explaining to potential buyers why their property was worth much more. The listing price was $14,731,875, roughly $4,500 an acre. “Jason and Patrick [Kelley, COO and Realtor at Cullen Realty] put together an in-depth marketing package,” Cullen says. As marketing gained steam, more interested parties made the trek out to see what all the fuss was about. Those are the trips Shaw says he will miss. “Anybody who saw it loved it. Any time we had a chance to take someone out there to show it off, it was just so much fun,” he smiles. “People, even hunters who had seen a lot of animals, would get on this ranch and they'd be like kids in a candy store. There’s elk, fallow and axis deer. It’s really just so much fun to show it off to people.” Still, it took approximately three years from when Cullen Realty released the first brochure about the ranch for a deal to come together.
“Something like this is a long process,” says Shaw. “This was a large sum of money and not a lot of buyers can come in on a tract like that.” Shaw and Cullen suspect it got an indirect boost from a massive development going on just down the road. Dalian Yihai Enterprise Group, Chinese developers, announced plans to invest $10 million in Grand Oaks Reserve, a 600-acre residential community near TX-321 & SH-105. The development is slated to include 976 single-family homes, 256 condominiums, 416 apartment units, a lake, parks, a golf course and more. In addition to the subdivision, the firm will build Cleveland West Industrial Park on 122 acres along SH-105. “When the Chinese group came in, it really moved the market up in that area,” Cullen says. “That told our buyers this is pretty strategic.”
“... it feels great …” Those buyers are Brookline Development Company, Elan Development and Tour 18, which formed a partnership to make the deal happen. Along with Cullen and Shaw, Legacy Trust Company’s Ned Naumes helped orchestrate and coordinate the transaction. The plan is to continue to operate the ranch in the short term, while Brookline, Elan and Tour 18 work together to develop the land in the years to come. “We are excited that Brookline Development purchased this parcel. They develop and build with quality,” Cullen says, adding that he thinks his property will be more poised for success than Grand Oaks Reserve thanks to its location in the Tarkington school district. “They're going to be more competitive because the schools are better.”
The deal done, Shaw and Cullen can reflect now on the challenges it posed for them. “In reality, it’s a four-year project,” Shaw says. “To have it done is great. It's a little bittersweet, though.” Cullen echoes that. “It feels great,” he says with a huge smile and deep breath. Anyone in real estate knows the completion of one project just makes room for another. One hunk of property sold, Cullen Realty is now focused on marketing a 3,078-acre plot off FM 1462 in Rosharon. “It's very different from the Cleveland property. It's not wooded. It's currently being farmed. It's almost the opposite,” Shaw laughs. The cleared farmland includes plenty of frontage and will eventually have direct access to the Grand Parkway. “If the I-59 corridor is an undervalued area, the next most undervalued area is going to be that corridor where this land sits,” Shaw adds. “The market is starting to turn there. We're starting to get a lot of calls on that.” As for Cullen and his quest for a new Cullen Ranch, he says those days might be behind him. “When I did this deal, my appetite for risk was a little bit higher, so I placed my bet on one piece of land in one specific area,” he says, explaining that he’ll likely diversify his holdings in the future. Whatever the next challenge the team at Cullen Realty faces, Cullen and Shaw says they’ll succeed because of their Marine work ethic and personal approach. “His perspective is different from mine,” Shaw says. “That’s how we get it done in the end.”
civil fair play
Property Tax Reductions
Senate Bill 1 and Hurricane Harvey
Senator Paul Bettencourt
REDNews Interviews Senator Paul Bettencourt for an update BY MICHAEL PAVIA
Senate Bill 1 Senate Bill 1 (SB 1), is proposed legislation allowing for property tax rate elections if county property tax revenues exceeded 4% of what was taken in the year before. Basically, as values go up, SB1 proposes to roll back tax rates to provide property tax relief. SB1 proposed to decrease the rollback rate from the current 8% to 4%. The Texas Senate endorsed SB 1. Members from the Texas House and Senate met in a special session on July 26th to vote on the rollback. According to Senator Bettencourt, Speaker of the House Joe Straus was unwilling to appoint a conference committee so the bill was defeated. Per Lieutenant Governor Patrick, "Whenever the Senate convenes again, either a special or regular session, it is our intention to pass that bill one more time. There will be a lot of reform measures associated with it, as well. Governor Abbott is supportive and is hopeful that it will pass." Senator Bettencourt is hopeful that another legislative session will be called in the near future. However, he suspects it will be delayed until the business of recovering from Hurricane Harvey is over. “We're going to be doing interim hearings next year. Lieutenant Governor Patrick restarted the Property Tax Reform Committee, and made me chairman, so we're going to be back out and doing hearings. There's no question that Governor Abbott’s and Lieutenant Governor Patrick's intention is to pass property tax relief and reform, and that's what I'm supposed to be doing.” says Bettencourt. “I will present the bill again and I think it will pass out of the Senate”. 28
January 2018
SB1 Modifications “The protest deadlines have been moved up. The new deadline is May the 15th instead of May 31st for both commercial and residential property” says Bettencourt. “City, county, and special district taxes have been growing twice as fast as the school taxes over the last ten years. The issue is coming to a boil. Wherever I travel in the state, property taxes are on people's minds. I'm confident that if people speak out on this issue it will make a difference. it's essential that they talk to their House representatives”, concludes Bettencourt.
Hurricane Harvey Disaster Relief What is the law and the process for Harvey Disaster relief?
Reappraisal of Property Damaged in Disaster Area: Texas Tax Code - TAX § 23.02 states: The governing body of a taxing unit that is located partly or entirely inside an area declared to be a disaster area by the governor may authorize reappraisal of all property damaged in the disaster at its market value immediately after the disaster. Taxing entities that have asked for Disaster Reappraisal are Fort Bend County, Montgomery County, Katy ISD, Spring Branch ISD, as well as several smaller taxing entities such as the City of Shoreacres. Harris County is not on the list. ”Even with the titanic tax increases in Harris County, Judge Ed Emmett won't change his public policy, and he's still opposing disaster reappraisal” according to Senator Bettencourt. Disaster reappraisal can
be triggered at any time; there's no statute of limitations. Should damaged property owners send a notice to the appraisal district or contact their House representative? Bettencourt told REDNews, “No, they have to talk to their ISDs, school trustees, and city or county commissioners. Unless the taxing jurisdiction triggers it, it won't happen. If the taxing jurisdiction triggers disaster reappraisal then the owner should submit that information. If the taxing jurisdiction has not triggered disaster reappraisal there is no value in submitting your damage information. For example, Spring Branch ISD triggered disaster reappraisal. Those notices were in the mail in December. But you didn't have to do anything to get it.” It will remain important to have documentation with pictures, insurance claims and FEMA claims.
Conclusions: Whether you're a business or a home owner, or if you suffered damage from Harvey, you deserve a break. It’s critical to contact your county or elected representatives and share your concerns.
Please make your voice heard! Need help identifying who to contact for your county or your state representatives? At these links you are able to input your address and it will identify your county, state, and federal representatives.
www.fyi.legis.state.tx.us/Home.aspx
GReenberg & Company Commercial Real Estate Brokerage Firm
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Vacant land located minutes from I-69 and Westheimer Road. Easy access to 610 W. Loop, Westpark Tollway/Beltway 8. Lot Size: 100,000 SF
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Price: Call For Details
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SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com
DECEMBER FEATURE: THE VERITAS FAMILY GETS TOGETHER
Central South Texas
North Texas
Southeast Texas
CENTRAL SOUTH TEXAS
January MONDAY
TUESDAY
8
WEDNESDAY
CREW San Antonio Workplace Trends and the Impact on the Office [11:30am - 1:00pm]
9
IREM Austin - Luncheon [11:30am - 1pm] ULI San Antonio - Young Leaders Coffee Talk [8:00am - 9:00pm]
RECA reca.org RECSA: recsanantonio.com/ RETAIL LIVE: retaillive.com TABB AUSTIN: tabb.org/austin_chapter.php TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org
THURSDAY
*R ECA - KnockOut Night Committee Meeting [12pm - 1:00pm]
FRIDAY 5
4
3
2
1
CTCAR - Webinar: Reis Market Reports [11:00am]
BOMA AUSTIN: bomaaustin.org/ BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org
10
11
CTCAR - Property Information Exchange [7:30am - 9:00am]
U LI Austin - Coffee Chat: Learn how to get involved with ULI [8:00am - 9:00am]
BOMA Austin Leadership Academy [8:00am - 10:00am]
12
* BOMA Austin - Texas Board Meeting [11:30am] ULI San Antonio - Young Leader Steering Committee Meeting [11:45am - 1:00pm]
ULI San Antonio - Luncheon [11:00am - 1:00pm]
15
CREW Austin CodeNEXT: What You Haven't Heard [11:30am 1:00pm]
16
* I REM Austin - Board & Committee Chair Meeting [11:30am -1:00pm]
22
CCIM Central Texas - Board Meeting & Luncheon [11:30am]
17
B OMA Austin - Luncheon [11:30am - 1:15pm]
CBA Austin Luncheon [11:30am - 1:00pmpm]
T ABB Austin Chapter Meeting [11:30am - 1:00pm]
IREM Austin Candidate & Future Candidate Meeting [ 11:30am - 1:00pm]
23
18
BOMA San Antonio Luncheon [11:45am]
19
ULI San Antonio - Houston St. Walking Tour & Mixer With Centro & AIA [4:00pm - 7:00pm]
* ULI Austin - ULI Management Committee Meeting
ULI San Antonio - Houston St. Initative Design Charrette With Centro, AIA, ULI & IDA [8:00am 3:00pm]
20
SATURDAY
24
CTCAR - Luncheon [11:30am - 1:00pm]
TABB San Antonio - Chapter Meeting [11:30am - 1:00pm]
IREM Austin - Course [8:30am - 10:15am]
25
26
RECA - Luncheon [11:15am 1:00pm]
ULI Austin - Breakfast Series [7:30am - 9:00am]
29
32
January 2018
30
TABB San Antonio Chapter Meeting [11:30am - 1:00pm]
*Members Only
31
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.
RETURN ON INVESTMENT
CENTRAL SOUTH TEXAS SOCIAL CCIM, CREW & CTCAR Joint Holiday Party
When your company invests in education for your onsite team, the organization gains a step-by-step approach to effective management. BOMA Austin education programs create enthusiasm, job satisfaction, and knowledge, translating to increased efficiency and having a trained staff that will help to SAVE YOU MONEY.
CHECK US OUT AT BOMAAUSSTIN.ORG/EDUCATION
CREW SAN ANTONIO L to R: Heather Cooke, Eric Layne, Jennifer Goodrum & Colin Parker
BOMA AUSTIN
NOVEMBER LUNCHEON
L to R: 2017 EVA Rosow Award Winner: Brandy Wimberley Orsag, Cherie Short (Eva Rosow winner), Carolyn Fletcher
3rd Annual Joint Summit with CREW Austin & CCIM Central Texas
CI 102:
Market Analysis for Commercial Investment Real Estate LOCATION:
This course will teach you how to:
For more information: www.crewaustin.org
> Apply Market and Competitive Analysis, Political and Legal Analysis, Location and Site Analysis, and Financial Analysis to make fundamental investment decisions; > perform state-of-the-art geospatial analyses; and > forecast future demand and opportunities for investment.
Prerequisite:
CI 101: Financial Analysis for Commercial Investment Real Estate
Norris Conference Center 2525 W Anderson Ln #365 Austin, TX 78757 DATES: February 20-23 2018 TIME: 8:30 a.m. - 5:30 p.m. INSTRUCTOR: TBD TUITION: Member: $1,365 Non-member: $1,650 REGISTER BY PHONE: (800) 621-7027, option 2 REGISTER ONLINE:
www.ccim.com/102
BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS: ccimconnect.com/ccimnorthtexas CORENET NORTH TEXAS: northtexas.corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFW AR: gfwar.org IREM DALLAS: irem-dallas.org IREM FORT WORTH: fortworthirem.org
NORTH TEXAS
January MONDAY
TUESDAY
WEDNESDAY
8
9
BOMA Dallas - Allied Council Town Hall Meeting [11:30am - 1:00pm]
*B OMA Fort Worth - GAC Meeting [1:30pm - 2:30pm]
I REM Dallas - Executive Council [12:00pm]
*BOMA Fort Worth - SAC Meeting [3:00pm - 4:00pm]
U LI North Texas - Emerging Trends 2018 [7:30am - 10:15am]
ULI North Texas - Urbanplan New Volunteer Training [7:30am - 4:00pm]
BOMA Dallas - Seminar [11:00am - 1:00pm]
* BOMA Fort Worth Board Meeting [12:00pm - 1:00pm]
FRIDAY 4
BOMA Dallas - Volunteer at North Texas Food Bank [1:00pm - 3:30pm]
ULI North Texas New Member Coffee [8:00am - 9:00am]
5
12
11
* BOMA Fort Worth Education Committee Meeting [10:00am - 1:00pm]
NTCAR - 2018 Broker Forecast [7:30am - 9:00am] TREC Dallas - Gallup CEO Jim Clifton: The Future of Business Ledership [11:30am]
REW Fort Worth - Grand Prairie C EDC Update [11:00am - 1:00pm]
17
16
BOMA Fort Worth - Lunch & Learn [11:00am - 1:00pm]
BOMA Dallas Allied Wait List Town Hall Meeting [11:30am - 1:00pm]
23
19
18
*B OMA Fort Worth - CSC Meeting [3:00pm - 4:00pm]
CREW Dallas Ringing in 2018 with New & Old [11:15am - 1:00pm]
22
10
C REW Dallas - Grand Prairie EDC Update [11:00am - 1:00pm]
BOMA Fort Worth - Luncheon [11:30am - 1:00pm]
15
THURSDAY 3
2
1
LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR GFW: gfwar.org/home-top-commercial.html TABB DALLAS/FORT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com REC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org
IREM Fort Worth - Luncheon [11:30am - 1:00pm] REC of GFW - The 2018 Tarrent County Commercial Real Estate Forecast [7:30am - 11:00am]
IREM Dallas - Luncheon [11:30am]
24
BOMA Fort Worth Bowling Tournament [5:30pm - 8:00pm]
BOMA Dallas - Awards Banquet & Ceremony [6:00pm 10:00pm]
20
SATURDAY
25
26
CREW Dallas - Groundbreakeres Mentoring Event & Fireside Chat [7:30am - 9:00am] NAIOP North Texas - Capital Markets Update [7:00am - 9:00am] NTCAR - Stemmons Service Award [6:00pm - 9:00pm] TABB Dallas/Ft. Worth - Chapter Meeting [11:30am - 1:00pm]
29
34
January 2018
BOMA Dallas - BOMI Course [5:00pm 8:00pm]
30
* Members Only
31
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.
NORTH TEXAS SOCIAL LADIES IN CRE - CUSTOMIZE YOUR BRAND
L to R: Natalie Westbrook, Blake Stephenson, Amy Power, D’Andra Simmons & Jacqueline Cornaby
L to R: Rachel Boelter, Natalie Westbrook, Allison Rice, Skyer Baty, Natalie Morin, Megan McNulty & Allison Johnston
L to R: Natalie Westbrook, Allison Rice, D’Andra Simmons & a guest.
ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com CORENET HOUSTON: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com
SOUTHEAST TEXAS
January MONDAY
TUESDAY
WEDNESDAY
1
2
8
9
C.R.E.A.M - January Luncheon [11:30am 1:00pm]
GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org
THURSDAY
FRIDAY
3
4
10
11
5
CREN Houston Luncheon [11:00am]
CREW Houston Luncheon [11:30am 1:00pm]
12
IREM Houston - Luncheon [11:30am - 1:00pm]
15
16
CORENET Houston - Annual Awards & Market Overview Lunch [11:30am - 1:30pm]
17
FBSCR - Breakfast [8:00am 9:00am]
22
29
36
January 2018
23
24
30
31
ULI Houston - 2018 Development of Distinction Awards [6:00pm - 8:00pm]
* Members Only
18
BACREN - Luncheon [10:30am - 1:00pm] CCIM Houston - Luncheon [11:30am - 1:00pm]
25
ACRP - 2018 Construction Industry Foreast [7:00am - 8:30am] BOMA Houston - Women in BOMA Mixer & Book Exchange [5:30pm - 7:30pm] CREN Houston - Happy Hour [4:30pm] TABB Houston - Chapter Meeting [11:30am - 1:30pm]
HAA - 2018 Installation Gala [7:00pm]
19
CREN Houston - Marketing Session [7:30am]
26
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.
CCIM
Photos courtesy PlusCorp Photography & Marketing
HOLIDAY PARTY
SOUTHEAST TEXAS SOCIAL
CCIM
Photos courtesy PlusCorp Photography & Marketing
NOVEMBER LUNCHEON
L to R: Dan Niemeyer, Gary Dunkum, Arnie Azios, Blake Willeford, Casey Thom
SIOR
HOLIDAY PARTY
L to R: A guest, Eric Schwartz, Chris Schwartz
Photos courtesy PlusCorp Photography & Marketing
L to R: Michael Scheurich & Beau Kaleel
L to R: Ben Newell, A guest, Christen Hatfield & Taylor Schmidt
L to R: Anthony Petry, Alicia Garrison, Wes King, Lauren Hafner, Patsy Fretwell
CENTRAL SOUTH TEXAS bulletin
BUDA, TX INDUSTRIAL DEVELOPMENT Exeter Property Group plans to build a 600,000 sf industrial complex, situated on a 30-acre parcel located at 2150 Fire Cracker Dr. The first phase is a 300,000 sf building and is expected to be started in early 2018.
Diane Towery has joined CBG Commercial Real Estate as Director of Property Management.
AUSTIN, TX
BASTROP, TX
OFFICE / RETAIL DEVELOPMENT South By Southwest plans to build a 12-story, 145,000 sf office tower located at 1400 Lavaca St. for its new headquarters. The 0.81 acre site is currently covered by a twostory building and surface parking, & was previously occupied by the Texas Restaurant Association. The trade organization sold the 17,168 sf property to CZ properties, an affiliate of South By Southwest. The top three floors of the building will serve as the headquarters for the conference & festivals & the rest of the building will be retail & office space including five floors for parking.
GOLF COURSE REDEVELOPMENT Austin real estate developer, Davis Buttross purchased the Pine Forest Golf Course with plans to improve it, expand its offering and have it serve as a park & family attraction in a community that lacks recreational venues. The 18-hole golf course property is being purchased for about $1 million, which includes 180 acres on the Colorado River.
OFFICE / LAND SALE Schlosser Development Co. will purchase the Carruth Administration Center located at 1111 W. Sixth St. from Austin Independent School District after the Districtâ&#x20AC;&#x2122;s trustees voted to sell the center along with several other properties including a former school in Hyde Park. AISD trustees also approved spending $28.4 million on the 142,000 sf Southfield Office Building, a nine-story office tower located at the northwest corner of I-35 & Ben White Blvd. AISD has also approved sales for the former Opera House located at 110 E. Ninth St, 8 acres at the southeast corner of Tannehil Lane & Jackie Robinson St. & 1.2 acres located at the Doris & Hathaway Drives. OFFICE SALE Seamless Capital purchased a 47,345 sf refreshed office building located at 1705 Guadalupe St. from a joint venture involving The Burt Group & Imperial Advisors. Darrell Betts & John Baird with Avison Young brokered the transaction. OFFICE SALE Opcity Inc. purchased 50,000 sf of office space located at 6800 Burleson Road which will be used as a new headquarters to accommodate its growth. Opcity plans to develop the building with employee locker rooms with showers, a large outdoor deck for company functions & a nearby disc golf course, plus a fully stocked kitchen & free lunch every day. Diana Keller with SKG handled the tenant design for the space.
38
January 2018
COLLEGE STATION, TX RETAIL SALE An undisclosed Texas-based private investor purchased a 72, 718 sf store leased to Academy Sports+ Outdoors located at 2511 Earl Rudder Freeway from Oldham Goodwin Capital. Clinton Oldham with Oldham Goodwin Capital represented the seller.
LIVE OAKS, TX RETAIL DEVELOPMENT Weitzman will develop Live Oak Town Center, an 830,000 sf retail center located at the southwest quadrant of Interstate 35 & Loop 1604. A 300,000sf IKEA will anchor the property, which will also feature 530,000 sf of retail, restaurant & entertainment space. Construction of the IKEA is slated to begin in spring 2019 with completion scheduled for late 2019.
SAN ANTONIO, TX MEDICAL BUILDING SALE PPH Real Estate LLC purchased an 80,000 sf building on the Christus Santa Rosa Health Systems campus in the South Texas Medical Center from Stream Realty Partners. The structure, which has been vacant in recent years, was built in 2008 for more that $20 million & was designed to house overnight clinical research studies for pharmaceutical research & development companies. Additionally, the building has 38 semi-private rooms that can accommodate 100 patient beds, as well as clinical laboratory & pharmacy space. HOTEL SALE Boerne-based Phoenix Hospitality Group purchased the Hotel Indigo
San Antonio-Riverwalk, a three story, 149-room property for $16.1 million from LNR Partners LLC. The firm will put about $5 million into the property to upgrade guest rooms, public areas, & its riverfront patio, pool area & food & beverage outlets. INDUSTRIAL DEVELOPMENT Houston-based Bearden Investments will start construction on two new warehouses located at 515 Richland Hills Dr. The First warehouse will be 25,240 sf while the second will be 32,352 sf. The properties will feature grade level doors & a shared dock. Construction will take about a year once permitting on the project is complete. OFFICE SALE Preferred Office Properties LLC, an affiliate of publicly traded investment firm Preferred Apartment Communities LLC purchased Westridge at La Cantera,a 258,000 sf office development located at 15935 La Cantera Pkwy. The Class A property is located on the cityâ&#x20AC;&#x2122;s northwest side directly across from the Shops at La Cantera retail center. The transaction was financed by Allianz Real Estate of America LLC. OFFICE/RETAIL SALE REATA has purchased the historic St. Paul Square, including Sunset Station & 11 buildings bringing their ownership of the district to more than 50%. RESIDENTIAL DEVELOPMENT DH Investments Co. is developing a 767- acre new master-planned community called Johnson Ranch located adjacent to US 281 with entrances along US 281 & FM 1863. The developer plans to build about 1,000 homes with various lot sizes in ten distinct communities, most of which will be gated. So far, nearly 400 homes have been completed & 50 more are under construction. Amenities include an indooroutdoor amenity park with a pool, as well as trails, parks & undeveloped open space that will take up nearly a third of the ranch. Besides residential property the site calls for about 100 acres of mixed-use retail & office frontage property as well.
NORTH TEXAS BURLESON, TX MANUFACTURING / DISTRIBUTION DEVELOPMENT California-based Golden State Food Corp. plans to develop a 160,000 sf manufacturing & distribution facility located at 5501 Vantage Drive in Highpoint Business Park. Josh Bays with Site Selection Group represented Golden State Foods. Construction on the $70 million project is slated to begin in April 2018 and is expected to be completed by September 2019.
DALLAS, TX HOTEL / RESIDENTIAL TOWER DEVELOPMENT Farmers Branch-based Centurion American Development Group purchased the former Cabana Hotel located at 899 Stemmons Freeway from Dallas County with plans to redevelop the 10-story, 357-room and also build a residential tower on the adjacent developable parcel. John Alvarado, Peter Jansen & Stan McClure with CBRE & Lawrence Gardner with OMS Strategic Advisorsâ&#x20AC;&#x2122; represented the seller MULTI-FAMILY SALE Ohio-based The Conner Group purchased a 372-unit multi-family community called Avana West Lemmon which is located at 3600 Wheeler St in the Highland Park area from Greystar Real Estate Partners LLC. The property features 18,000 sf of ground floor retail space & amenities such as two pools, a clubhouse, fitness center & business center. MULTI-FAMILY SALE SWBC Real Estate LLC has sold two apartment communities to Weinstein Properties for $100 million.The 358-unit River Walk Village at 4000 S. Broadway Ave. delivered in 2016. The 304-unit Timberview Ranch at 6310 SH 360 in Grand Prairie opened this year. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. OFFICE SALE Reserve Capital Partners purchased the Hidden Grove, a 232,389 sf office campus located at 12404 Park Central from Red Asset Management. John Alvarado, Gary Carr, Eric Mackey, Evan Stone, Jared Chua & Robert Hill with CBRE represented the seller & Nora Hogan with Transwestern represented the buyer. OFFICE SALE Mohr Capital purchased a 100,000 sf office building located in University
Park from an undisclosed buyer. The property is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 sf of space. Gary Horn & Jack Glasgow of Cresa represented the buyer.
DESOTO, TX INDUSTRIAL SALE An undisclosed buyer purchased Eagle Park 20/35, a 454,408 sf, Class A industrial property situated on 29.4 acres located at 1240 East Center Park from a joint venture between Ridgeline Property Group & Stockbridge Capital Group. The property is centrally located 15 minutes away from downtown Dallas & is adjacent to I-20 & I-35.
IRVING, TX INDUSTRIAL LEASE An undisclosed tenant leased 27,574 sf of flex space at Westgate Center located at 2020 Westridge Dr. Mike Quinn with Fritsche Anderson & Lee Wagner with Younger Partners represented the tenant, a leader in the facility services industry & Carter Crow & Todd Jones with Younger Partners represented the landlord. OFFICE LEASE Stamford, Conn.-based Gartner leased the six story, 152,086 sf office building located at 6011 Connection Dr. from Pidemont Office Realty Trust. Randy Cooper, Andy May, Matt Heidelbaugh & Amber Roberts of Cushman & Wakefield represented the tenant & Joel Pustmueller & Sarah Hinkley with Peloton Commercial Real Estate represented the landlord. OFFICE SALE Canal Center Investors, LLC purchased the 237,894 sf Canal Center, a Class A office building located at 400 E. Las Colinas Boulevard from Libitzky Property Companies and Sunwest Real Estate Group. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua & Robert Hill with CBRE represented the seller & Bruce Marshall with Sperry Van Ness represented the buyer.
MIDLAND, TX SERVICE CENTER DEVELOPMENT Weir Oil and Gas, an oilfield services company, has started construction on a 92,000 sf facility on 20 acres located in the David Mims Business Park on Interstate 20 which is owned by Midland Development Corporation. The company plans to consolidate its three Permian Basin service centers
into a single service center which will add around 100 employees. REGIONAL HEADQUARTERS DEVELOPMENT Houston-based Anadarko Petroleum Corp. will build its 300,000 sf regional headquarters in the new 38-acre Westridge Commons mixeduse development. The company will be the first anchor tenant in Continuum Partners & KKRâ&#x20AC;&#x2122;s project which is located on Andrews Hwy. Construction will begin in February 2018 with completion of the office and retail space set for summer 2019.
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PLANO, TX MULTI-FAMILY SALE Little Rock, AK-based BSR Trust LLC purchased the 474 unit Windhaven Park Apartment for +/- $45 million. The 22-acre project is located at 6201 Windhaven Parkway. Leonhard & Chris Crump of JLL represented the purchaser in securing a Fannie Mae loan. OFFICE SALE A joint venture of PRP LL & AXA Investment Managers purchased a four-story, 264,000 sf Class A office building located at 7900 Legacy Drive from KDC Real Estate Developments & Investments. Completed in 2015 as a build-to-suit for FedEx Office & Print Services, the building is located in Legacy West. Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua & Robert Hill with CBRE represented the seller.
ROCKWELL, TX MULTI-FAMILY DEVELOPMENT Dallas-based Atticus Real Estate & Ca. -based AMCAL Equities LLC has started construction on a four-story, 228-unit apartment community called Harbor Urban Center Apartments located at the southeast corner of Summer Lee Drive & Horizon Road, just south of Interstate 30. Construction is expected to be complete by October 2019.
DALLAS, TX OFFICE DEVELOPMENT New York City-based Seritage Growth Properties & Dallas-based KDC will develop up to one million sf of office space within Dallas Midtown, a 430-mixeduse redevelopment zone. The office development will feature two Class A towers with anchor retail & entertainment spaces. Seritage is also considering adding a hotel as part of its 23-acre project within the larger development.
Ryan Hesch of ML Realty Partners has been promoted to President & CEO.
Nancy Kozinski of ML Realty Partners has been promoted to Chief Operating Office.
WICHITA FALLS, TX CALL CENTER SALE SkyWalker Property Partners LP purchased a net-leased 36,879 sf call center at 2236 Airport Drive from Sandalwood Pacific LP of Hawaii. The buyer was represented by Gary Walker of Coldwell Banker Commercial and the seller was represented by Logan Reichle with CBRE. The center is currently leased to Kansas City, Mo.-based USA 800, an inbound call center
January 2018
39
SOUTHEAST TEXAS bulletin
CONROE, TX
INDUSTRIAL SALE Falcon Steel America purchased a 226,000 sf distribution center within the Conroe Park North Industrial Park located at 3575 Pollock Drive. The company paid between $11-12 million for the property & expects to hire 150 new employees to work at the plant, approximately doubling its manufacturing capacity.
HOUSTON, TX
BREWERY / RESTAURANT DEVELOPEMNT Buffalo-based Bayou Brewing Co. is planning to develop a three-story, 28,000 Buffalo Bayou Brewing facility which will be located in Sawyer Yards, an artist studioanchored development just south of I-10 near downtown. The new site will include a taproom & 200seat restaurant INDUSTRIAL DEVELOPMENT Stream Realty Partners has started construction on The Northwest Logistic Center which is a 411,442 sf facility located on 26 acres off North Eldridge Parkway, just south of U.S 290 & east of Beltway 8. The spec distribution center will feature 32-foot-tall ceilings, a fast response sprinkler system, docks on both sides of the building & storage space. Matteson Hamilton & Justin Robinson with Stream Realty Partners are leasing the project and construction is slated for completion in June 2018. INDUSTRIAL EXPANSION Goya Food has leased an additional 324,000 sf of warehouse, office & buildings to its existing 380,000 sf manufacturing facility located at 30602 Goya Rd. The project is slated for completion in 2018.
Paul Frazier has joined Hicks Ventures as principal & director of its office building division.
INDUSTRIAL LEASE New Jersey-based NFI has leased 244,550 sf for Loweâ&#x20AC;&#x2122;s in North Houston Logistics Center located at 121 Esplanade Blvd. from IDI Gazeley. Beau Kaleel, Jim Foreman, Allison Bergmann & Michael Foreman with Cushman & Wakefield represented the tenant & Beau Kaleel & Cape Bell represented the landlord. INDUSTRIAL LEASE Air General leased 101,460 sf at the Beltway North Commerce Center, located at the northeast corner of Beltway 8 & Hardy Toll Road from TIAA-CREF. Blake Warren & Justin Robinson with Stream Realty Partners represented the landlord & John Ferruzzo & Nick Peterson with NAI Partners represented the tenant. INDUSTRIAL SALE Chicago-based Brennan Investment Group purchased Fairway Park, a five-building, 135,571 sf light
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January 2018
industrial park located at 10606 Hempstead Hwy. & 2517-2523 Fairway Park Dr from Sealy & Co. The industrial park consists of office & warehouse space, & is currently 84% occupied. INDUSTRIAL SALE ATCAP Fund I, LP purchased the 206,483 sf Astro Business Park at 8825-9087 Knight Road; two buildings totaling 225,475 sf at 5990-6018 Griggs Road; the 298,081 sf McCarty Business Park at 245-309 McCarty St. and four buildings totaling 206,569 sf at 8710-8798 Westpark Drive from Stockbridge Capital Group. Trent Agnew & Rusty Tamlyn with HFF represented the seller. MEDICAL/OFFICE DEVELOPMENT Medistar Corp. Is developing a 550,000 sf medical office building located at 6700 Main St. The 33-story tower will sit on the site of the previous SureStay Plus Hotel which will be demolished. The building will be linked by a skybridge to the InterContinental Hotel & the Latitude Med Center apartment tower. Construction is expected to be complete by 2018. MULTI-FAMILY SALE A joint venture between PGIM Real Estate & Houston-based Hanover Co. purchased Hanover Hermann Park, a 396-unit, Class A multifamily community located at 5927 Almeda Road. Formerly known as Mosaic at Hermann Park, the 29-story property includes 20,087 sf of ground retail space, a 6,500 sf sky lounge overlooking Hermann Park, a 6,000 sf fitness center, pool with cabanas & a dog park. OFFICE /RETAIL DEVELOPMENT Capital Retail Properties, in partnership with Wile Interests, has started construction on a 30,000 sf mixed-use development called Market at Houston Heights located at 1533 N. Shepherd Dr. The development which sits on a 75,000 sf parcel will include a 4,000 sf structure allocated to dining, 26,000 sf mixed-use building, 3,000 sf plaza with seating for community events & 160 parking spaces. The developer expects to deliver space for tenant build-out in the fall of 2018. OFFICE/RETAIL SALE Bermuda-based Brookfield Property Partners purchased the Houston Center, a 4.2 million sf mixed-use property located near Toyota Center & Minute Maid Park from a group of institutional investors advised by J.P Morgan Asset Management. The fourbuilding property consists of three high-rise office towers & one 16-story office building situated atop of 196,000 sf of retail space. The asset spans 9.2 acres and was 72% leased at the time of sale. Jeff Hollinden, Scott Galloway,
Mark Gibson & Trent Agnew with HFF represented the seller in the transaction. RESTAURANT DEVELOPMENT Developer Kevin Kan has started construction on the Bellaire Food Street, A 2-acre new development that is located at 9393 Bellaire Blvd. and will lease 24,000 sf of first floor space to nine vendors that offer cuisines from Taiwan, China, Korea & Japan. The development is expected to open summer of 2018. RETAIL SALE Houston-based Wu Investments purchased Eldridge Lakes Town Center, a 36,000 sf retail center located at 6350 North Eldridge Parkway from Edifis Group. Ryan West & John Indelli with HFF represented the seller.
LIBERTY COUNTY, TX
RANCH SALE A partnership between Brookline Development Company, Elan Development LP & Tour 18 purchased the 3,284 acre Cullen Ranch located at 19619 Texas 321 from Cullen Realty Group. The premium site will continue to be operated as a ranch in the short-term while plans are made to develop some of the land over the coming years. Ned Naumes of Legacy Trust Company orchestrated the sale & Jay Shaw with Cullen Realty marketed the ranch.
MISSOURI CITY, TX
RETAIL SALE An undisclosed investor purchased Grand Park Center located at 17011799 Texas Parkway. The 60,707 sf retail center was 91% occupied at the time of sale & is anchored by Dollar General & Citi Trends. Danny Nguyen with DN Commercial represented the buyer. Eugene Wang , CCIM with Agate Properties represented the seller.
RICHMOND, TX RETAIL DEVELOPMENT NewQuest Properties purchased 57.2 acres in Aliana, a masterplanned community for the development of a walkable, highend retail development
TEXAS CITY, TX SELF-STORAGE SALE Strategic Storage Trust IV Inc purchased a 480-unit self-storage facility for Âą $8 million. Constructed in 2010, the 80,000 sf facility is located on 10.49 acres at 3730 Emmett F. Lowry Expressway The facility features climate-controlled interiors & drive-up access & is 94.8% leased.
ADVERTISER INDEX A. A. Realty Company 17 Berkadia 2, 3 Berkshire Hathaway 21,22 BOMA - Austin 33 Caldwell Companies 19 CCIM Central Texas 33 CCIM Houston 42 City Bank Texas 44 City of Seabrook 13 Converse EDC 25 CREW Austin 33 Equity Secured Capital, LP 25 Greater Conroe EDC 7 Greenberg & Co. 29 Hankamer Commercial Brokers, LLC 29 ISO Commercial Real Estate 11
classifieds & index League City EDC 5 Mabry's Charter Oak Realty 41 Marcus & Millichap 11 National Environmental Services, LLC 43 Phase Engineering 30 Plus Corp Photography 29 Prospect Commercial 40 Rubicon Realty 21 TABB 37 Tarantino Properties Inc. 15 The Real Estate Council - Greater Ft. Worth 35 Veritas Title Partners 1 - SE Texas Voss Law Firm 1 - C/So, 24 Waller County EDC 25 Younger Partners 25
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