REDNews April 2019 Southeast Texas by RE Journals

APRIL 2019

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

Raining Results

WaterLogic uses technology to deliver resource & cost savings

Owning an Opportunity

Experts weigh in on Opportunity Zone Funds

CCIM Luncheon

Speaker: Ed Emmett, Former County Judge - Harris County

APRIL 2019

Soon we’ll be servicing our Houston customers from our newest location at CityCentre.

OPENING SPRING 2019

APRIL 2019

Equal Housing Lender

CityCentre

MOVING TO THE HEART OF HOUSTON.

THREE THREELAND LANDTRACTS TRACTS HIGHWAY HIGHWAY6 6SOUTH SOUTH HOUSTON, HOUSTON, TEXAS TEXAS 77079 77079 TRACTS TRACTS 1 & 12& 2

TRACT TRACT 3 3

2018 2018 ESTIMATED ESTIMATED DEMOGRAPHICS DEMOGRAPHICS within within 3 miles 3 miles

KRISTEN KRISTEN MCDADE MCDADE Senior Senior Director Director 713.469.4509 713.469.4509 kristen.mcdade@berkadia.com kristen.mcdade@berkadia.com

67,485 67,485 POPULATION POPULATION MATT MATT DAVIS DAVIS Associate Associate Director Director 713.974.2407 713.974.2407 matt.davis@berkadia.com matt.davis@berkadia.com

TRACT 2: ±47,759 SF SF at the SWC of Highway 6 and TRACT 2: ±47,759 at the SWC of Highway 6 and Grisby Rd.,Rd., with ±115’ of Highway 6 frontage Grisby with ±115’ of Highway 6 frontage TRACT 3: 3:±3.46 acres located on on thethe west side TRACT ±3.46 acres located west side Highway 6, just south of Memorial Dr.,Dr., with ±250’ Highway 6, just south of Memorial with ±250’ of Highway 6 frontage andand twotwo curb cuts of Highway 6 frontage curb cuts

Sites Sites areare within within close close proximity proximity to to George George Bush Bush Park, Park, a 7,800 a 7,800 acre acre forested forested parkland parkland with with 11 miles 11 miles of trails of trails thatthat connects connects to to Terry Terry Hershey Hershey Park Park andand its its 12.212.2 miles miles of of trails trails for for an an easily easily accessible accessible amenity amenity to any to any project project

TRACT 1: ±43,107 SF SF at the NWC of Highway 6 and TRACT 1: ±43,107 at the NWC of Highway 6 and Grisby Rd.Rd. with ±184’ of Highway 6 frontage andand Grisby with ±184’ of Highway 6 frontage twotwo curb cuts curb cuts

Three Three land land tracts tracts justjust west west of the of the Energy Energy Corridor, Corridor, oneone of Houston’s of Houston’s largest largest employment employment zones. zones. Easily Easily accessible accessible from from I-10,I-10, Memorial Memorial Dr.,Dr., Westheimer Westheimer Rd.,Rd., andand Westpark Westpark Tollway Tollway by by wayway of Highway of Highway 6, with 6, with Highway Highway 6 frontage 6 frontage on on all three all three tracts. tracts. Located Located in in Harris Harris countyt countyt andand zoned zoned to Katy to Katy ISDISD

$110,213 $110,213

AVG.AVG. HOUSEHOLD HOUSEHOLD INCOME INCOME

$ $ $394,872 $394,872 AVG.AVG. HOUSING HOUSING VALUE VALUE

LAUREN LAUREN GEARY GEARY Transaction Transaction Manager Manager 346.444.8968 346.444.8968 lauren.geary@berkadia.com lauren.geary@berkadia.com

© 2019 ©Berkadia 2019 Berkadia Real Estate Real Advisors Estate Advisors LLC and LLC Berkadia and Berkadia Real Estate Real Advisors Estate Advisors Inc. Berkadia® Inc. Berkadia® and Berkadia and Berkadia Commercial Commercial Mortgage® Mortgage® are trademarks are trademarks of Berkadia of Berkadia Commercial Commercial Mortgage Mortgage LLC. Investment LLC. Investment sales and sales realand estate real brokerage estate brokerage businesses businesses are conducted are conducted exclusively exclusively by Berkadia by Berkadia Real Estate Real Advisors Estate Advisors LLC and LLC Berkadia and Berkadia Real Estate Real Advisors Estate Advisors Inc. Commercial Inc. Commercial mortgage mortgage loan origination loan origination and servicing and servicing businesses businesses are conducted are conducted exclusively exclusively by Berkadia by Berkadia Commercial Commercial Mortgage Mortgage LLC and LLC Berkadia and Berkadia Commercial Commercial Mortgage Mortgage Inc. In California, Inc. In California, Berkadia Berkadia Real Estate Real Advisors Estate Advisors Inc. conducts Inc. conducts business business under CA under Real CA Estate Real Broker Estate Broker Lic. #01931050, Lic. #01931050, Berkadia Berkadia Commercial Commercial Mortgage Mortgage LLC under LLC CA under Finance CA Finance LenderLender & Broker & Broker Lic. #998-0701, Lic. #998-0701, Berkadia Berkadia Commercial Commercial Mortgage Mortgage Inc. under Inc. CA under Real CA Real Estate Broker Estate Broker Lic. #01874116. Lic. #01874116. For state Forlicensing state licensing details details for the for above the entities, above entities, visit: www.berkadia.com/legal/licensing.aspx visit: www.berkadia.com/legal/licensing.aspx

APRIL 2019

IN THIS ISSUE

Market

Sales & Leases 3, 5, 10-13, 15, 17 – 19, 21, 36

Services

Environmental 22, 35 Financial 2, 17, 21 Legal 17 Property Tax Service 21 Real Estate Summits 7

Scoop

Events 24, 26, 28, 34 Social 25, 27, 29 Bulletin 30 – 32

Features

Owning an Opportunity 8 – 10 Raining Results 14, 16 RAY’S BUZZ CCIM Luncheon 34

APRIL 2019

Opportunity Zone EAST SIDE OPPORTUNITY The historic East Side of La Marque is gaining attention from global investors, thanks to the Federal Opportunity Zone Program. The City of La Marque is strategically situated in Galveston County, 15 miles south of Houston and four miles north of Galveston Island. La Marque is the second-fastest-growing city in the County with an estimated population of 16,000, an area of 14.25 square miles and boasting 14.3 miles of I-45 frontage.

SITE AVAILABLE | LA MARQUE RENAISSANCE DISTRICT 401 Laurel Street | La Marque, Texas 77568 LOCATION MAP

RETAIL TRADE AREA MAP

EXISTING RETAIL MAP

Alex Getty, Executive Director La Marque Economic Development Corporation agetty@lmedc.com 409-938-9258

P.O. Box 7272 | Tupelo, MS 38802 | 800.851.0962 | www.theretailcoach.net

APRIL 2019

The information contained herein was obtained from sources believed to be reliable; however, The Retail Coach, makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice.

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,

Janis Arnold janisarnold1@gmail.com

he hot topic in commercial real estate right now is Opportunity Zones. Nancy Wakefield with RSM US predicts “2019 will be a very busy year” for Qualified Opportunity Funds. Nancy explores the pros and cons in this issue. See article on pages 8 - 10.

Deferring taxes on one capital gains for another sounds simple on the surface, but there is some ambiguity and confusion surrounding Opportunity Zones. This motivated us to bring together “experts” in the field on March 28th to enlighten commercial real estate professionals on how to navigate the “ozone” parameters. Final legislation will not be determined until the fall, and we plan to have an update summit then to address the new legislation. Charlie Racusin, the president of WaterLogic, combines resources and cost savings in your irrigation program. Water conservation and bottom-line conservation is a win-win for all CRE projects. You can learn more about his successes on pages 14 & 16. In June we will be hosting a Development/Land Redevelopment summit highlighting urban core development, working with EDCs, site selection (et al) and significant regulatory changes over the last five years. We have had numerous requests from our readers to bring back the two-day CRE MCE classes. Please call or email me your thoughts. Our mission has always been to provide for the needs of the Texas CRE industry, so tell me what you think!

Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDNews.com

MANAGING DIRECTOR Benton Mahaffey accounting@REDNews.com

EMARKETING DIRECTOR emarketing@REDNews.com

CREATIVE DIRECTOR Steve Smith digital@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

Best Regards,

TOTAL QUALIFIED ONLINE REDNews DISTRIBUTION: 50,458 REDNews has gone green using recycled paper. Thank you Midway Press!

Ginger Wheless

To subscribe to REDNews call (713) 661-6300 or log on to REDNews.com/subscription. 2537 S. Gessner, Ste. 126 Houston, TX 77063

APRIL 2019

Great Opportunities Await January 2019: Trailblazers Summit March 2019: Opportunity Zone Summit June 2019: Land Development & Redevelopment September 2019: Women in Real Estate November 2019: Opportunity Zone Update

We have many events and conferences planned for 2019

Events

in 10 states APRIL 2019

OWNING AN OPPORTUNITY

Experts weigh in on Opportunity Zone Funds

BY BRANDI SMITH At a groundbreaking in Arizona earlier this year, Nancy Wakefield says she got to see firsthand the manifestation of the benefits of the new Opportunity Zone provision. As tax senior director at RSM US, she’s familiar with interpreting new tax law, but §§ 1400Z of the 2017 Tax Cuts and Jobs Act offered something new. It created the Qualified Opportunity Zone (QOZ) program. “If this code section works the way it’s supposed to, it should be a win-win for an investor and communities,” Wakefield says. “The purpose is to channel privatesector dollars into distressed communities, where 31 million Americans live.” The groundbreaking ceremony she attended was in a QOZ in a small town that hadn’t quite recovered from the Great Recession. “The mayor told the crowd that this development was a game changer for the people of his city,” remembers Wakefield. “This town likely never would have gotten that development, but for the fact that it was in an Opportunity Zone.”

“... a once-in-a-lifetime opportunity …” After the passage of the Tax Cuts and Jobs Act, the governor of each state was able to recommend properties that should be named QOZs, the key being that those tracts should be in economically distressed areas. Roughly 8,700 zones were approved, including more than 600 in Texas. The program offers a tax incentive for private, long-term investment in those zones. “I truly believe it’s a once-in-a-lifetime opportunity because the benefits are really that good,” says Craig Bernstein, principal and chief investment officer at OPZ Bernstein, a Washington, D.C.-based real estate private 8

APRIL 2019

equity fund that specializes in qualified opportunity funds (QOF). “Given the tax-free appreciation, the deferral, the step-up and potential benefits that could be extended with no recapture on ordinary income, it’s an exciting program.” As this article goes to print, the U.S. Treasury is set to release additional guidance about how to execute the code section. Even as the interpretation of §§ 1400Z evolves, QOZs are already generating a lot of buzz within the commercial real estate industry. REDNews gathered some of the experts in the field for a summit on Opportunity Zones & Real Estate Tax-Deferred Strategies in late March to learn more about the program’s possibilities.

“... to get the maximum benefit …” The rules around what to invest in QOFs are pretty clear: you must use capital gain, be it short-term or long-term. “That can come from the sale of your stock, the sale of real estate or the sale of art work,” explains Wakefield. “It can come from the sale of anything as long as it’s capital gain.” Once you have a sale date, you have 180 days to roll that gain into an opportunity zone fund. That fund can be organized as an LLC and treated as a partnership or it can elect to be taxed as a REIT. When it comes to structuring the fund, Bernstein suggests single-asset funds are easier to operate. “Most of the multi-asset funds out there are actually single-asset funds that have an overriding management agreement,” he explains. “For example, 100 Main Street would be a fund, as would 101 Main Street and 102 Main Street. Those three single-asset funds could all be managed by a single Manager.”

To qualify for tax benefits, the fund must invest 90 percent of its assets in a QOZ property. Those benefits are three-fold. First, you can defer any taxable gain until the fund is sold or Dec. 31, 2026, whichever comes first. Second, you receive a 10 percent step-up in tax basis after five years and an additional 5 percent step-up once you hit the seven-year mark. Hold the fund for at least 10 years and the new capital gains taxes generated from the opportunity fund investment are slashed to zero. The Preston Courtesy: Hines

CORY OLDER

CRAIG BERNSTEIN

CHRIS RECTOR

NANCY WAKEFIELD

“2019 will be a very big year for QOFs.”(qualified opportunity funds) – Nancy Wakefield “If you want to get the maximum benefit, you have to hold the fund for seven years, which means you would have to invest in a QOF in 2019,” Wakefield says. “After that, you can still get the five-year hold and you can get the exclusion if you hold the investment for 10 years, but the seven-year opportunity is gone.” As a result, she predicts 2019 will be a very big year for QOFs.

“... there are risks …” It already has been a big year for Bernstein, who closed on his first QOZ purchase earlier this year. It’s a program his firm is comfortable with, thanks to its familiarity with the New Market Tax Credit Program. “The two programs are very similar in that they’re government-based tax incentives that can be applied to real estate transactions,” says Bernstein. The Bernstein Companies, the parent company of OPZ Bernstein, has previously closed in excess of $1.5 billion worth of transactions (more than 80 of them in what are now labeled opportunity zones) under the New Market guidelines and is ready to help guide investors into QOFs now. “A lot of people are starting up in this space with no historical real estate experience. What differentiates us is our historical track record, which is providing us with the necessary foundation for an institutional quality Opportunity Zone Fund offering,” Bernstein says.

Urban East Courtesy: River City Capital

Some view the program as a risk because it’s a new code section with evolving regulation.

As they were working to get permits for the project, their property got submitted and approved as a QOZ.

“There is uncertainty and some unanswered questions about how this is going to be applied,” says Wakefield.

“We got really lucky,” says Older.

Due to the many nuances of the program, both she and Bernstein recommend that investors seek out guidance from qualified tax and legal professionals. “Do not try this at home,” Bernstein laughs.

“... we got really lucky …”

Investing in an Opportunity Zone Fund, like any other investment, has to make economic sense, Wakefield adds.

That’s advice Cory Older, president of River City Capital Partners, knows well. He stumbled into learning all about QOZs when a project his company was developing landed in one.

“There are risks to that investment, just like there would be if you went out and bought a piece of land, started a new business or invested in a real estate project,” she says.

“We bought 6400 E. Riverside in Austin about two and a half years ago. Oracle was building a brand new campus there and we wanted to do a mixed-use project with a multi-family focus on the East Riverside corridor,” he says.

The company is now getting ready to break ground on Urban East, which will deliver 375 apartments, 100,000 square feet of office and 20,000 square feet of retail/ restaurant space to the Riverside neighborhood. “This corridor is one of the fastest growing areas within Austin. Riverside is booming,” Older says. Qualifying as an opportunity zone flipped their funding effort on its head. “Normally, as a developer, we’re trying to raise money, but we are still getting equity calls,” Older adds. “We were kind of forced to become experts in the code as fast as we could, though we’re still relying on professionals as well.” One of the details he’s learned, which he’s excited to share, is that QOZ tenants can also benefit if they meet APRIL 2019

< Continued from Page 9

certain requirements. The biggest factors are having 90 percent of tangible assets in the opportunity zone and generating 50 percent of revenue from that space. He offers the example of a startup that chooses to office in an opportunity zone. As that company looks for capital, it can pitch all of the same benefits as a real estate developer, including deferral of current capital gain taxes and potentially tax-free capital gains should the company succeed and have a big exit. “That will make raising capital so much easier. We’re excited to see what that does, both for the startup world and for all the different businesses out there that are raising capital,” Older adds. Having dug deep to learn as much as he could about the benefits of QOZs, Older says River City Capital is now aggressively looking for land in those areas. “I think as the rules become more transparent it’ll be an exciting niche to watch,” he says.

“...capital sources and opportunities…” The program is one that Chris Rector, director of Hines’ Houston office, is interested in, but not seeking out. “We’re always out looking for the best opportunities for our partners, whether they’re in an opportunity zone or not,” he says.

Hines recently announced plans to build The Preston at the corner of Preston and Milam Streets in downtown Houston. The 46-story tower will include 373 luxury residences, including 10 penthouses, a 10th-level zeroedge pool, pet spa, bike shop and 6,800 square feet of retail/restaurant space.

of Americans live. These investments can create jobs and benefit the people who live there,” says Wakefield. “If you look at the map of where these opportunity zone tracts are, a lot of them are in lowincome or low-density areas that a developer might otherwise pass up.”

“Munoz + Albin is the design architect. They took inspiration from a ship’s sail. That guided the design of the building, which is positioned diagonally,” says Rector.

QOZs, she says, are an example of the good that capitalism can do: incentivizing investment in communities that recent economic growth has left behind, where there is real potential for revitalization.

Like Urban East, The Preston’s property was designated a QOZ after Hines acquired it. “We have a great stake in this project being well done and well received by the market. We were going to make an investment in the location, but the timing was beneficial in terms of capital opportunities,” Rector explains. “It opened up our capital sources and opportunities that wouldn’t have been there otherwise.” He adds that virtually all of downtown Houston is designated an opportunity zone, based on the program’s goal of spurring development in areas that are either economically challenged and/or of high economic importance for a community.

“... spreading the wealth …” “An important part of the story is that the purpose of this is to benefit distressed communities, where millions

MONTGOMERY COUNTY

RAW LAND IN DESIGNATED OPPORTUNITY ZONE!

“This program has the ability to not only deliver compelling risk-adjusted returns to our investors in a tax-efficient manner, but also positively impact thousands of lives across America,” adds Bernstein. That’s precisely what Wakefield saw in action in that small Arizona town last month. “I thought, ‘This is why this country works,’” she remembers. “You have a capitalist system where people are motivated to succeed, with a tax provision that was passed to incentivize people to do something that is socially and economically good for America.”

The y t i n u t r o p Op Zone Welcome to a place where your money goes further, and your capital gains taxes disappear.

Tracts Available: 1116 Ac, 1420 Ac, 1661 Ac, 2070 Ac, or 6,267 Ac (whole) Great development opportunity in a designated Opportunity Zone! Montgomery County Transition is a first time open market offering. Managed timberland in excellent condition with ongoing management practices. Residual out tracts scattered throughout. Good 10 with varying areas APRIL 2019and floodplain. drainage of upland

“You’re spreading the wealth and providing opportunity to parts of America that might not otherwise see it,” Wakefield says.

Andy Flack, Broker/ALC andy@homelandprop.com www.HomeLandLand.com (936) 295 - 2500

LAND FOR SALE

LAND FOR SALE 2 to 14 ACRES

35,000 SF and 59,240 SF

LAND SQ. FT.

LAND AVAILABLE: Lot 11 = +/- 14 ACRES Lot 12 = +/- 13.18 ACRES

1600 N Main St. = +/- 59,240 SQ. FT. 1515 N Main St. = +/- 35,000 SQ. FT.

FEATURES:

FEATURES: -

1 block from Burnett Light Rail Station Easy access to I-10, I-45 and Downtown Blocks away from U of H Downtown Opportunity Zone

- No on-site detention required: water and sewer available from city of League City - Opportunity for retail, multi-family, commerical, medical, and professional offices. - 5-7 mins from Nasa and other related aerospace industry

LAND FOR SALE

FM 2100 Harris and Liberty County

Beltway 8 @ Kirby Dr. Pearland, TX 77047

2,740 ACRES

S.H. 96 @ Walker St. League City, Tx 7573

Two tracts on N. Main St. Houston, TX 77009

LAND FOR SALE

3 to 25 ACRES

TRACTS AVAILABLE:

LAND AVAILABLE:

Tract 1 = +/- 25 ACRES (Divisible) Tract 2 = +/- 11.5 ACRES (Divisible) Tract 3 = +/- 7 ACRES (Divisible)

+/- 2,740 ACRES

FEATURES: - 5 MUD districts in place - 2,900’ of FM 2100 frontage - Close proximity to proposed Grand Parkway extension - Opportunity Zone

FEATURES:

Located within The Lower Kirby District Utilities to the Site Regional Detention Available Signalized Hard Corner Close proximity to the new 288 Toll Lane Expansion, making a direct connect to the Texas Medical Center and Downtown The information herein has been obtained from sources believed to be reliable. However, this does not guarantee, warranty or make any representations to its completeness or accuracy. The information contained herein is subject to errors, omissions, and change of price or conditions.

Justin Patchen

www.BuffaloREP.com

| (713) 222-1400 Justin@BuffaloREP.com

NORTH FRAZIER INDUSTRIAL PARK Premier Business Park in Conroe, Texas

FROM 9,750 SF TO 55,000 SF FOR LEASE, SALE, OR BUILD-TO-SUIT 3600 block of N. Frazier—South of League Line in North Conroe; Easy Access to I-45 Detention + Public Road Provided Additional land available for build to suits

(2) NEW FREESTANDING WAREHOUSES│HIGH QUALITY PARK ENVIRONMENT │ FULLY FENCED AND SECURED │ CRANE READY PLUS OUTSIDE STORAGE │22’-24’ EAVE HEIGHT │480 V, 3 PHASE POWER UPDATE BUILDINGS 6 & 7 SHELL COMPLETE—FOR LEASE (2) 9,750 SF warehouses on 0.86 acre land tracts OFFICES TO SUIT Building 7 has +/- 1,700 sf spec office ready April 2019

FIRST HOUSTON Properties (AGENT) Jonathan McDaniel Patrick McKiernan Direct: (713)534-1802 Direct: (713)534-1888 APRIL 2019 11 Email: Jmcdaniel@fhproperties.com Email: Patrick@fhproperties.com

End Cap Restaurant Space Available with Patio Area NWC Briar Forest & Wilcrest – Premium High Traffic/Income Area in West Houston • 2,500 – 3,500 SF Available • 27,688 VPD on Briar Forest • 21,675 VPD on Wilcrest

Demographics 518,842

% Change 2017 - 2022

11.6%

10.4%

10.8%

2017 Estimate

26,967

181,434

468,253

2022 Household Projection

13,662

90,468

210,819

% Change 2017 - 2022

11.2%

10.1%

105%

Total Aggregate Income ($1mil)

$1,130.9

8,823.6

$18,123.8

Average HH Income

$92,067

$107,376

$94,952

Median Household Income

$62,767

$74,015

$65,463

I-10

GESSNER RD

200,391

Contact: Mark Adkins Adkins Properties Company

713-782-3222

T DR

BRIAR FOREST DR

BRIAR FO REST

BELTWAY 8

30,091

BELTWAY 8

2022 Population Projection

I-10

N W I L CR E S

5 Mi Ring

N KIRKWOOD RD

3 Mi Ring

DAIRY ASHFORD RD

1 Mi Ring

Coming Next Month:

MAY FOCUS

Cell: 832-712-2935 Markapc9@gmail.com

Bonus ion ut b i r t s i D ECon at R gas Las Ve

Retail | EDCs | Vacant Land | Texas Hot Spots

RETAIL

LAND

RESERVE YOUR SPACE NOW 12

713.661-6300 APRIL 2019

| ginger@rednews.com | www.rednews.com

Opportunity Zone Property For a User/Owner, i.e., Office, School

9945 Bissonnet

Easy Access from Sam Houston Tollway & US 59

• 27,500 SF building with room for expansion on 2.298 acres • Interior can easily be reconfigured • Completely wrought iron fenced with limited access gate for employees to rear parking lot • 33 open, surface parking;71 secured surface; 6 handicapped parking

• Access via driveway at signalized light at Woodfair with pedestrian access along Bissonnet via a sidewalk • 2 Restrooms • Currently leased to Social Security Administration through 9/19* • 17.45% Cap Rate for a limited period Call Broker for details* • $2,750,000 Asking Price

The information contained within was obtained from sources deemed reliable. It is submitted, however, subject to errors, omissions, change of price, other terms, prior sale, or withdrawal without notice. The Owner, ABC Advisors, Inc and Agents make no warranties, either expressed or implied, as to the completeness or accuracy of any information contained herein.

The information contained within was obtained from sources deemed reliable. It is submitted, however, subject to errors, omissions, change of price, other terms, prior sa The Owner, ABC Advisors, Inc and Agents make no warranties, either expressed or implied, as to the completeness or accuracy of any information con

*$480,000/Yr lease expires 11/16/20. Rent only guarantee to 8/6/19 & tenant can cancel lease after 8/19 with 90 day notice.

ABC Realty Advisors Donnie Chang, CCIM 713-939-8181 cell: 713-870-6888 abcahouston@gmail.com

APRIL 2019

RAINING RESULTS

Texas-based WaterLogic uses technology to deliver resource & cost savings

BY BRANDI SMITH

“This is one that’s online, that I’ve just dialed in to this particular controller,” O’Donnell says, while pointing to his screen. “We can see what that controller is seeing out in the field and if there are any issues, it’ll show up and tell us, ‘Hey, I’ve got a problem with a wire path or a short that may have developed.’ It’ll populate here.”

Inside the Observation and Response Center at WaterLogic’s Houston headquarters, John O’Donnell is focused on the computer screen in front of him. The company’s vice president of technology is setting up a new irrigation controller that was just installed the previous day at Sienna Plantation. Before it comes online, O’Donnell first has to program its surroundings, which are laid out in a multi-page document. “When we install the controller, we go through a station-by-station evaluation to tell us exactly what is out there. For example, we note what the slope is, whether there are flowers or turf,” O’Donnell explains. “It’s pretty in-depth.” Most of the properties where WaterLogic operates have multiple controllers, so they’re organized by program. For example, some landscapers want their shrubs watered at different times than turf. Or maybe those along the street are set to turn on at the same time, while those farther back come on later. “I have to make special arrangements for those particular zones,” says O’Donnell. He can do all his programming from his computer because each controller he dials in is outfitted with a SIM card, just like the one in your cell phone. 14

APRIL 2019

Technology has changed significantly since WaterLogic got its start in 2002. Back then, most sprinkler controllers were akin to an egg timer. They were set at an arbitrary time and would go off at that time every day, regardless of the weather conditions. WaterLogic, however, used one-way pager technology to send weather data to the controller, allowing it to make a decision about what to do. An issue that arose was that the controllers couldn’t communicate back. “I couldn’t see if it had a problem. Maybe it didn’t receive that signal. Maybe there was a short. I can’t see that unless we were physically onsite,” says O’Donnell. “Now, with the two-way technology, we send that same weather information out, but if there’s an issue, it tells us. We can get that information to the landscaper to get it fixed proactively instead of reactively.” Two-way communication is a key part of what WaterLogic does. Far beyond programming these controllers and letting them run, the staff here communicates with them multiple times a day to ensure water is being used judiciously. “The first time we talk to the controllers is an

hour before their run time, so they know if it’s raining, hot, cold, humid, windy or whatnot,” says O’Donnell. “Then at 7 a.m., we get reports back about any issues that may have occurred overnight.” The final report comes in around 3 p.m. each day, letting WaterLogic analysts see any changes the landscapers made. “We aren’t trying to override them, but sometimes people make mistakes and we’re a second set of eyes,” O’Donnell says. “We found one set for an hour the other day, while another was set for 12 hours. We’re able to catch something like that and if doesn’t make sense to us, we can call the landscaper and ask, ‘Are you sure you want to do this?’” This time of year, he says, it’s not uncommon to find controllers turned off because they’re not needed during the rainier months. Come August, however, if WaterLogic staff notice a shut-off controller, they’ll make a quick phone call to make sure that was intentional. In the other extreme, a freezing forecast, WaterLogic has the ability to turn off a sprinkler system before it coats sidewalks and streets in a layer of ice. Continued on Page 16 >

“When we install the controller, we go through a station-bystation evaluation to tell us exactly what is out there.” – John O’Donnell

RETAIL

| OFFICE | MEDICAL | SPACE FOR LEASE 800 -7,350 SF available on first floor. Excellent for medical office. Base rent $15.00-$18.00 PSF & NNN $4.80 PSF

WOODLAND PARK SHOPPING CENTER

+/- 592’ of frontage on Westheimer

372 surface parking spaces available

Traffic counts - 82,880 CPD (Westheimer)

Pylon signage available

Aggressive lease terms

11380 Westheimer Houston, 77077

AA Realty Co

Accredited Management Organization

For more information call: Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108 eleung8888@aol.com www.aarealtytx.com

GReenberg & Company Commercial Real Estate Brokerage Firm

Retail/Office Space Available | Great Office Locations For Sale

PRIME FRONTAGE

6300 Richmond Ave. | Houston, TX 77057

EASY ACCESS TO DOWNTOWN

MAJOR PRICE REDUCTION

5900 Memorial Dr. | Houston, TX 77007

7915 Westglen | Houston, TX 77063

OFFICE BUILDING FOR SALE

RETAIL/OFFICE SPACE AVAILABLE

• Great Visibility • Major Thoroughfare

• Major Intersection • Excellent Visibility

OFFICE/RETAIL BUILDING FOR SALE • Recently Renovated - 2016 • Ample Parking

Three story office building with currently 84% occupancy. The property sits at an ideal location between one of the most unique shopping corridors of Houston. The site is located just West of the Galleria on Richmond between Unity and Fountain View.

This threestory Office/Retail Building was built in 1981 and renovated in 2005. It has a three level parking garage with building identification and one elevator. This property sits on the corner of Memorial and Westcott.

Great opportunity for owner or investor to own a well designed office building with gated acces. The property features an open floor plan with plenty of natural light, a well designed kitchen, recently renovated reception area and conference room. Located just one block North of Westpark Tollway and minutes from the Galleria.

BUILDING SIZE: 43,626 SF SALE PRICE: Call For Details

1,163 - 4,597 SF AVAILABLE LEASE PRICE: Call For Details

BUILDING SIZE: 22,424 SF SALE PRICE: Call For Details

The information contained herein was obtained from sources deemed reliable; however, no guarantees, warranties or representations are made as to the completeness or accuracy thereof. The presentation of this real estate information is subject to errors; omissions; change of price; prior sale or lease; or withdrawal without notice.

5959 Richmond Avenue, Suite 440 Houston, TX 77057 WWW.GREENBERGCOMPANY.COM

Broker Contact: David Greenberg | Phone: 713-778-090015 APRIL 2019 EMAIL: DAVID@GREENBERGCOMPANY.COM

< Continued from Page 14

CHARLIE RACUSIN FOUNDER, CHIEF EXECUTIVE OFFICER

“If we know there’s weather that’s going to hit us, we can shut everything down ahead of time,” says O’Donnell, offering Hurricane Harvey as an example. “We turned everything off ahead of time because there was no reason to water before the storm came in. We didn’t know it was going to drop 59 inches, but we didn’t need irrigation systems contributing.” The company’s hands-on approach to monitoring the controllers has a significant impact on its customers’ water use and water bill. For example, University of St. Thomas in Houston, which signed on with WaterLogic in June 2010, has saved 21,562,000 gallons of water, a cost savings of $143,567. Howard Rose, the university’s associate vice president of capital projects and facilities, says once WaterLogic founder and chief executive officer, Charlie Racusin, explained how the system worked and installed it, the process went very smoothly. He says he would absolutely recommend it to other property owners. So would Bill Higgins, president of Crest Management Company, who has encouraged nearly 30 of his properties to adopt WaterLogic’s management system. “Whenever we take on a new community, that’s one of the first things we recommend to them. We ask them to at least let the WaterLogic folks come in and put together a proposal to see what the potential things can be and then, go from there,” Higgins says. That part of the process is crucial, says Estelle Plastiras, the company’s director of customer service. If WaterLogic won’t be beneficial to a property, it will let its managers know it isn’t a candidate for this technology. 16

APRIL 2019

“When it comes to the initial capital investment, we want to be able give the client a real return on that investment.”

– Charlie Racusin

“I send the savings reports out to the clients, so it’s really important to us that we don’t take clients that we cannot help. We are very selective in the ones that we choose because it’s more important for us to show the savings results,” she says. It’s an approach you don’t often see in business these days, a company that’s more about results than dollars.

“Water is a precious commodity that we need to use wisely. We don’t need to waste it. Also, over-irrigating landscaping is expensive and it’s counterproductive. It’s bad for the landscaping,” he says. “What pays for that capital investment is the fact that you’re saving so much money on water. There are other advantages as well. Because their operation center allows them to monitor these irrigation controllers from anywhere, we don’t have to worry about them going off when it’s raining or freezing.” Watching other, less responsive, systems battle the weather is one way Plastiras scouts out potential clients. “If it’s raining, I’m known to pull over and take a picture when I see the sprinklers going. Then we come back to the office and call,” she laughs. WaterLogic’s clients to date range from massive master-planned communities, such as the 2,000-acre Aliana in Fort Bend County, to retirement communities, including those managed by Atria Senior Living, to hospitals, universities and multi-family properties. The focus, always, is results.

“When it comes to the initial capital investment, we want to be able to give them a real return on that investment. If we can’t, we won’t sell them something that we don’t find to be a very satisfactory return,” says Racusin.

“Crest Management tends to, as a company, build longterm relationships with vendor partners and we do that because of the results that they achieve for our clients,” says Higgins. “WaterLogic certainly fits in that category of a long-term vendor partner, one that benefits our clients every day and we work to continue that.”

That’s why clients like Higgins stick with WaterLogic, who has seen some of the properties he manages cut water usage by 40 percent.

For more information about WaterLogic or to schedule a complimentary water management analysis, call (877) 322-4222 or email info@WaterLogic-Texas.com.

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50 Years Experience As Hotel Developer, Owner/Operator and Commercial Broker APRIL 2019

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APRIL 2019

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APRIL 2019

Scott Gordon | (713) 961-3337 | sgordon@gordonpartners.com

Texas Land Texas Land Markets Markets 2 9 th A n n u a l 2 9 th A n n u a l

April 25–26, 2019 • Omni Hotel at the Colonnade • San Antonio, Texas April 25–26, 2019 • Omni Hotel at the Colonnade • San Antonio, Texas

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PRIME RETAIL/RESTAURANT SPACE ON INTERSTATE 10/KATY FREEWAY HIGH GROWTH KATY AREA (88.8% INCREASE SINCE 2000) Ideal Location • Excellent Visibility • Extremely High Traffic Count

New Retail: Katy Mills Plaza 2404 Texmati

Shadow Anchored by Bass Pro & Katy Mills Mall

• On Interstate 10 in front of Katy Mills Mall • 1,020 SF – 20,000 SF Available • End Caps with potential drive-thru • $50/sf Tenant Improvement Allowance • Near new Katy Convention Center • Up and coming area with National Credit Tenants minutes away • Adjacent to Katy Mills Mall, Texas Typhoon & the new Katy Boardwalk District

Pre-Leasing: The Shops at Cane Island 27252 Katy Freeway

Shadow Anchored by Buc-ee’s

• On Interstate 10 and next to Buc-ee’s • 1,500 sf – 19,543 SF Available • $20/sf Tenant Improvement Allowance • End Caps with potential drive-thru & pad site • Close proximity to Cane Island’s 1,100 acre master planned community • Ground leases available

Retail or Ground Lease: Retail Space Hwy 90 @ Cane Island

New: Shopping Center Coming to West Ten!

West Ten Business Park near Buc-ee’s

• On Interstate 10 at Cane Island • 6000 SF Available • $30/sf + NNN • In the prime West Ten Business Park near Buc-ee’s • Close proximity to Cane Island’s 1,100 acre master planned community • Extremely high daily traffic • Great visibility • Ideal location in Katy

Retail Space Hwy 90 @ Cane Island

Shopping Center Coming to West Ten!

Katy Mills Plaza 2404 Texmati

The Shops at Cane Island 27252 Katy Freeway

• 4,000 SF Retail Space Available • Located in the prime West Ten Business Park vicinity

Joe Rothchild, Broker | 713-857-0567 | rothchil@yahoo.com 920 South Fry Road, Katy, Texas 77450

APRIL 2019

Each office independently owned and operated

APRIL 2019

SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com

BACREN Members: Scott Short and Ad ria

n Combs

Ambe r Board Calhoun,CR E of Dir ector W Fort Wo for Co r mmun thâ&#x20AC;&#x2122;s 2019-2 020 icatio ns

bud

BACREN Members: Laurie Rutledge, Rose Caradec and Patti Bodkins

ULI North Texas 2019 Vision Award honors Craig Hall

d ston Spee BOMA Au

g Event Networkin

eaker Committee Meeting CREW Dallas at Membership & Groundbr

APRIL 2019

CENTRAL SOUTH TEXAS

APRIL

2019

MONDAY

2 TUESDAY

REDNews Newsletter [4:00pm]

12 FRIDAY

REDNews May Issue Deadline [5:00pm]

CCIM Central Texas - Comprehensive Exam [8:00am - 5:00pm]

15 MONDAY

CREW San Antonio - 2019 CREW Forum [10:30am - 2:00pm]

16 TUESDAY

REC Austin - Coffee Talk [8:00am - 10:00am]

18 THURSDAY

CBA Austin - Golf Tournament [11:30am - 8:00pm]

STCAR - NAR Realtor Broker Summit [9:00am - 5:30pm] IREM Austin - Board & Committee Chair Meeting *Invitation Only [11:30am - 1:00pm]

3 WEDNESDAY 4 THURSDAY

REC San Antonio - Mayoral Candidate Forum *Members Only [7:30am - 9:00am] ULI San Antonio - Sunrise Social, Leveraging Your Membership [8:30am - 9:30am] BOMA Austin - Crawfish Boil [11:00am - 7:00pm]

5 FRIDAY 8 MONDAY

ULI San Antonio - Gives Back: Housing Team at REHABARAMA 2019 [8:00am - 4:00pm] ULI San Antonio - 10th Annual Golf Tournament [11:30am 6:00pm] REDNews Newsletter [4:00pm]

9 TUESDAY 11 THURSDAY

TABB Austin - Luncheon [11:30am - 1:00pm] ULI Austin - Women’s Golf Day [2:30pm - 5:30pm]

22 MONDAY

REDNews Newsletter [4:00pm]

23 TUESDAY

REC Austin - Luncheon [11:00am - 1:00pm]

24 WEDNESDAY

ULI Austin - Breakfast: Airport Expansion [7:30am - 9:00am]

25 THURSDAY

IREM San Antonio - Board Meeting *Invitation Only [11:00am - 12:30pm]

TABB San Antonio - Luncheon [11:30am - 1:00pm]

ULI Austin - UrbanPlan Exchange Volunteer Training [9:00am - 11:00am]

CREW Austin - 2019 Downtown Austin Architecture Boat Tour [5:00pm - 8:00pm]

IREM Austin - Luncheon [11:30am - 1:00pm]

ULI Austin - 10th Annual Marketplace [5:30pm - 7:30pm]

CTCAR - Property Information Exchange [7:30am - 9:00am] BOMA Austin - Golf Tournament [9:00am - 5:00pm] BOMA Austin - Wine Tour for Those Who Don’t Play Golf [10:30am - 5:00pm]

26 FRIDAY

BOMA Austin - ChiliSlam [8:30am - 5:00pm]

29 MONDAY

STCAR - Board of Directors Meeting [11:00am - 12:00pm]

30 TUESDAY

BOMA Austin - District Cooling Plant Tour @ Mueller [9:00am - 1:00pm]

CCIM Central Texas - Luncheon [11:30am - 1:00pm] ULI Austin - “Get Involved” Happy Hour [5:00pm - 6:00pm] REC Austin - Networking Happy Hour [5:30pm - 7:00pm]

REDNews Newsletter [4:00pm]

APRIL 2019

REDNews Newsletter [4:00pm]

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.

BOMA 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

whatâ&#x20AC;&#x2122;s going on

TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org

RECA reca.org RECSA: recsanantonio.com/ RETAIL LIVE: retaillive.com STCAR: www.stcar.org TABB AUSTIN: tabb.org/austin_chapter.php

IREM San Antoni

BOMA Austin

g Leaders

ULI Austin Youn

IREM San Antonio

CREW Austin

APRIL 2019

NORTH TEXAS

April

2019

MONDAY

2 TUESDAY

REDNews Newsletter [4:00pm]

3 WEDNESDAY

CREW Fort Worth - Luncheon [11:30am - 1:00pm]

4 THURSDAY

CORENET North Texas - Black, White & Blue Awards Gala [6:00pm - 10:00pm]

TREC Dallas - Bank of Texas Speaker Series [11:30am - 1:00pm]

REC of Greater Fort Worth - Annual Meeting [6:00pm - 8:30pm]

18 THURSDAY

BOMA Dallas - Young Professionals: Urban Scavenger Hunt [5:30pm - 8:30pm]

22 MONDAY

REDNews Newsletter [4:00pm]

23 TUESDAY

CREW Dallas - Groundbreakers Event [6:00pm - 8:00pm]

24 WEDNESDAY

BOMA Dallas: Allied Council Business Exchange [3:00pm - 7:00pm] CREW Dallas - Leadership Paths Within CREW [4:00pm - 6:00pm]

CCIM North Texas - CI 102: Market Analysis for Commercial Investment Real Estate [8:00am - 5:30pm] REDNews Newsletter [4:00pm]

BOMA Fort Worth - CSC Meeting *Invitation Only [11:30am - 12:30pm] CREW Dallas - Luncheon [11:30am - 1:00pm]

BOMA Fort Worth - Luncheon [11:00am - 1:00pm] BOMA Fort Worth - SAC Meeting *Invitation Only [3:00pm 4:00pm]

8 MONDAY

17 WEDNESDAY

25 THURSDAY

REC of Greater Fort Worth - Young Leaders Breakfast Series [7:30am - 9:00am]

9 TUESDAY

CREW Fort Worth - EmpowerMENT [5:30pm - 7:00pm]

NTCAR - Broker Responsibility + Legal I & II [8:30am - 6:30pm]

10 WEDNESDAY

BOMA Fort Worth - Lunch & Learn: Roofing & Maintenance 101 [11:00am - 1:00pm]

TABB Dallas - Luncheon [11:30am - 1:00pm]

NTCAR - Industrial Tour: DFW Airport Market [9:30am - 2:00pm] TREC Dallas - FightNight XXXI [6:00pm - 11:30pm]

CCIM North Texas - Happy Hour [5:30pm - 7:00pm]

11 THURSDAY

CCIM North Texas - Luncheon [11:30am - 1:00pm]

12 FRIDAY

REDNews May Issue Deadline [5:00pm]

15 MONDAY

REDNews Newsletter [4:00pm]

16 TUESDAY

BOMA Dallas - Luncheon [11:00am - 1:00pm]

REC of Greater Fort Worth - Member Get Together [5:00pm - 7:00pm] APRIL 2019

27 SATURDAY

NTCAR - Young Professionals Volunteer Event: Habitat for Humanity [8:30am - 2:30pm]

29 MONDAY

REDNews Newsletter [4:00pm]

30 TUESDAY

BOMA Dallas - What is TOBY? [9:00am - 10:30am] BOMA Fort Worth - Board Meeting *Invitation Only [12:00pm - 1:30pm]

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.

BOMA 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 GFWAR: gfwar.org IREM DALLAS: irem-dallas.org

IREM FORT WORTH: fortworthirem.org LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR: scr-fw.org

whatâ&#x20AC;&#x2122;s going on

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

ULI North Texas

CREW Dallas

CCIM North Texas

BOMA Dallas

CREW Fort Worth

BOMA Dallas

APRIL 2019

SOUTHEAST TEXAS

APRIL

2019

MONDAY

CREW Houston - 18th Annual Golf Classic [9:30am - 6:00pm] REDNews Newsletter [4:00pm]

3 WEDNESDAY

IREM Houston - Programs Committee Meeting *Members Only [11:30am - 12:30pm]

4 THURSDAY

ULI Houston - MyULI - Spring 2019 [7:30am - 9:00am]

5 FRIDAY

CREN Gulf Coast- Luncheon [11:00am - 1:00pm]

8 MONDAY

IREM Houston - Management Plan Skills Assessment [8:00am - 5:00pm]

16 TUESDAY

FBSCR - Monthly Meeting [8:00am - 9:00am]

17 WEDNESDAY

IREM Houston - Luncheon [11:30am - 1:00pm]

18 THURSDAY

BACREN - Luncheon [10:30am - 1:00pm]

22 MONDAY

REDNews Newsletter [4:00pm]

23 TUESDAY

CREN Gulf Coast- Property Information Exchange [11:00am - 1:00pm] BOMA Houston - 2019 BAC PAC Sporting Clays Tournament [11:30am - 5:00pm]

REDNews Newsletter [4:00pm]

9 TUESDAY 10 WEDNESDAY 11 THURSDAY

CORENET Houston - Breakfast Meeting [7:30am - 9:00am] CREW Houston - Nominating Committee Reception [5:30pm - 7:00pm]

25 THURSDAY

IREM Houston - Executive Committee Meeting *Members Only [3:30pm - 4:30pm] CREN Gulf Coast- Happy Hour [4:30pm - 7:00pm] IREM Houston - Beer, Baseball & Beaverâ&#x20AC;&#x2122;s Happy Hour [5:00pm - 8:00pm]

CREMM - Carouse and Connections [6:00pm - 8:00pm]

15 MONDAY

REDNews Newsletter [4:00pm]

REDNews May Issue Deadline [5:00pm]

APRIL 2019

NAIOP Houston - Luncheon [11:00am - 1:00pm]

TABB Houston - Chapter Meeting [11:30am - 1:00pm]

IREM Houston - Lucky at Lyerly Bingo Party [12:00pm - 4:00pm]

IREM Houston - CPM Certification Exam [8:00am - 12:00pm]

ACRP - Breakfast [7:00am - 8:30am] IREM Houston - Education Committee Meeting *Members Only [11:30am - 12:30pm]

CREAM The Woodlands - Luncheon [11:30am - 1:00pm]

12 FRIDAY

BOMA Houston - Crawfish Boil [5:30pm - 10:00pm]

29 MONDAY

REDNews Newsletter [4:00pm]

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.

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

GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org

whatâ&#x20AC;&#x2122;s going on

NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org

IREM Houston on Ca

pital Hill

CREW Houston Board of Directors IREM Houston

of Fort Bend Society ors Commercial Realt

CREN Gulf Coast Luncheon

BACREN APRIL 2019

CENTRAL SOUTH TEXAS MARC VANDERSLICE has joined CBRE Austin as a Senior Vice President in their Office Occupier Services division.

DAVID BREMER of Colliers International Austin has been promoted to co-lead their Austin office with Volney Campbell.

bulletin

JERRY FREY & BURKE KENNEDY have joined Savills Studley in Austin

AUSTIN, TX ENDEAVOR BREAKS GROUND ON THE QUINCY Endeavor Real Estate Group & MetLife Investment Management have started construction on a 30-story mixed-use tower on Red River Street, bounded by Driskill Street & Davis Street. The building will include 10,360 sf of ground-level retail, 77,540 sf of office space, 347 apartments & a parking garage. It is scheduled to open first quarter 2021.

GENCURE LEASES 21,000 SF GenCure, a BioBridge subsidiary, leased 21,000 sf at the VelocityTX campus located at 1305 E. Houston Street. The facility will include clean rooms and lab, office and meeting space.

Photo: Ainonline.com Photo: Kimco Realty SHOPS AT BEE CAVES SELLS SCSD-Finnell, LTD sold the 13,714 sf Shops at Bee Cave center located at 3944 Ranch Road 620 South to CRO Properties I LLC. Burdette Huffman, Josh Jacobs & Daren Nix of EDGE represented the seller & Carson Alexander of Corinthian Real Estate, Inc. represented the buyer.

REGER HOLDINGS BUILDING EAST VILLAGE Reger Holdings LLC is developing 425 acres on East Parmer Lane into a commercial & residential development with up to 2,200 apartments & 450 single family homes. The development is located across from the Samsung Austin Semiconductor plant.

STUDENT HOUSING PROJECT SELLS CA-based Nelson Partners purchased Skyloft, a student housing property, located at 507 W. 23rd Street for $100 million. The 18-story, 674-bed building is located one block from the University of Texas. It was 100% leased at the time of sale & 77% preleased for the 2019-2020 school year. 30

APRIL 2019

NEW BRAUNFELS, TX

ASSISTED LVING FACILITY DEVELOPMENT The Blake Management Group & LifeCare Properties will develop a 93,000 sf assisted living facility at I35 & FM 306. Construction should be completed by fall 2020.

Photo: Reger Holdings

ARBORETUM CROSSING SELLS World Class Property Company purchased the 191,760 sf Arboretum Crossing retail center located at 9333 Research Blvd from Kimco Realty Corporation.

MILLION AIR PROJECT UNDERWAY The $40 million project known as the Million Air project is under construction on 20 acres at the Austin-Bergstrom IAH. The project will add seven hangars & include short-term & long-term leases, onsite maintenance & customizable spaces for private business aircraft.

SAN ANTONIO, TX

WESTON URBAN BUYS TWO ACRES ON W. HOUSTON STREET Weston Urban purchased two acres bordered by W. Houston, W. Commerce, N. Pecos & N. Leona Streets from Brevet Capital Management. The land was formerly occupied by a Toudouze Furniture warehouse. NORTHWEST PETROLEUM BUYS RETAIL PROPERTY Northwest Petroleum purchased a 15,645 sf building on 4.6 acres at 8767 State Highway 151 from Sahi-Grant LLC. The buyer was represented by Whit Jordan with CBRE & the seller was represented by Danny Elliott with Reata. CUISINE SOLUTIONS BUILDING 290,000 SF FACILITY Cuisine Solutions has broken ground on a 290,000 sf facility on Aviation Landing at Brooks. The $120 million facility will occupy 24 acres & is anticipated to open mid-2020. DATAMARK LEASES 20,099 SF Datamark, Inc leased 20,099 sf at 11603 W. Coker Loop from F&P Property Holding Corp. Mike Sawtelle with CBRE represented the tenant. CITY OF SAN ANTONIO PURCHASES 7.1 ACRES The City of San Antonio purchased 7.1 acres at 3830 Parkdale Street from Agora Assets. The land is located on a part of what used to be Turtle Creek Country Club and Planeta Mexico. The city will use the property for an affordable workforce housing project.

Photo: Wikimedia 416 CONGRESS AVENUE BUILDING TRANSFORMED Nebraska-based e-commerce startup Spreetail has leased a new 21,000 sf headquarters building at 416 Congress Avenue which is a threestory Romanesque building formerly known as the James H. Robertson building.

Photo: San Antonio Business Journal HEB CROSSING RETAIL CENTER SELLS Rainer Realty Investments LP & an affiliate of Continuum Investments LLC purchased the 150,582 sf HEB Crossing retail center located at Bandera Road & E. Charles William Anderson Loop. It is fully leased to Conn’s, Academy, Starbucks, Chase Bank, & H&R Block & is shadowanchored by an HEB grocery store.

MERITAGE HOMES DEVELOPING RESIDENTIAL COMMUNITY Meritage Homes is developing Sienna, a 500-home residential community off Redland Road. Homes will range between 1,562 sf – 2,783 sf with pricing starting at $270,990. RIVER WALK HAMPTON INN SELLS BH Hospitality Management LLC purchased the 169-room Hampton Inn San Antonio Downtown River Walk located at 414 Bowie Street for $16.1 million from Magna Hospitality Group.

NORTH TEXAS JODY LEE has joined Cadence McShane Construction Company as Vice President of Marketing.

ADDISON, TX IRON HORSE FLOORING LEASES 14,000 SF Iron Horse Flooring, dba PDL Floor Design, leased 14,000 sf of warehouse space at 4313-4321 Lindbergh Drive from Kennington Commercial. Brian Pafford & Susan Singer with Bradford Commercial represented the landlord & Rich Young with Rich Young Company represented the tenant.

CARROLLTON, TX

Photo: LoopNet ALDER REAL ESTATE BUYS 188,738 SF INDUSTRIAL PORTFOLIO Alder Real Estate purchased the 188,738 sf light industrial portfolio at 3220 Keller Springs Road from Amercio Real Estate. Jud Clements, Robby Rieke, Scot Farber & Taylor Starnes with Cushman & Wakefield represented the seller & the buyer was self-represented. ST. CHARLES TRADING LEASES 32,000 SF St. Charles Trading, Inc. leased 32,000 sf of industrial space at 1536 Hutton Drive. Ken Wesson & Adam Graham with Lee & Associates & Rich Young with Rich Young Company handled the transaction.

CELINA, TX COPPELL, TX

Photo: Mustang Lakes website CAMBRIDGE COMPANIES BUYS 557 ACRES Cambridge Companies purchased 557 acres to expand its Mustang Lakes master-planned community near Preston Road & Roseland Parkway. The company plans to build an additional 1,600 homes for a total of 3,400 homes within their development.

EXPORTEK LEASES IN PROLOGIS PARK Exportek leased 41,840 sf in Prologis Park, Building 5B at 410 N. Freeport Parkway. Adam Curren with Cushman & Wakefield represented the tenant & Nathan Lawrence with CBRE represented the landlord.

DALLAS, TX

bulletin SAADIA SHEIKH has joined JLL’s Dallas office tenant representation team.

FORT WORTH, TX AVID HOTEL UNDERWAY IN DOWNTOWN Construction will soon begin on a fourstory, 106-room Avid by InterContinental Hotel which will be located between the Smallwood Corporate Housing building and TownePlace Suites in downtown Fort Worth. Completion is projected in 2020.

SUHM SPRING WORKS BUYS INDUSTRIAL BUILDING Suhm Spring Works purchased a 49,212 sf industrial building located at 1601 Terre Colony Court. Jay Lucas with Cushman & Wakefield represented the seller & Jeremy Mercer & Turner Petersen with Mercer Company represented the buyer. ML REALTY BUYS 205,471 SF INDUSTRIAL BUILDING Illinois-based ML Realty Partners purchased two industrial buildings at 1144-1188 Quaker Street with 205,471 sf on 10 acres of land. Adam Herrin & Stephen Bailey with HFF handled the transaction. LASALLE INVESTMENT BUYS RIENZI AT TURTLE CREEK LaSalle Investment Management purchased the 152-unit Rienzi at Turtle Creek high-rise apartment project located at 3500 Fairmount Street. CONSOLIDATED ELECTRICAL LEASES 54,141 SF OF INDUSTRIAL SPACE GLP has leased 54,141 sf of industrial space at 11567 Hillguard Road to Consolidated Electrical Distributors, Inc. Brett Lewis & George Tanghongs of DFW Lee & Associates represented the landlord & Transwestern represented the tenant. WOODBINE DEVELOPMENT BUYS ADVANCIAL TOWER Woodbine Development & First United Bank purchased the 147,000 sf Advancial Tower located at Woodall Rodgers Freeway & Akard Street. CONVEXITY PROPERTIES BUILDING THE CROSSING Convexity Properties has broken ground on a 20-story residential tower called The Crossing located at 6080 North Central Expressway. The project will have 330 apartments & 90,000 sf of retail space.

Center located along SH 114 between Tate Avenue & SH 26.

MCKINNEY, TX SENTINEL CAPITAL CONSTRUCTING IN BUSINESS PARK Houston-based Sentinel Capital has started construction on the first phase of McKinney National Business Park with the construction of 75,250 sf in two building. The development is located on 114 acres south of the McKinney National Airport.

PLANO, TX

Photo: Dallas Morning News WP DEVELOPMENT PARTNERS BUYS WADE PARK WP Development Partners LLC purchased the 175-acre Wade Park development from Atlanta-based Wade Park Land Holdings. The development began in 2014 & has been under threat of foreclosure since 2017.

FRISCO, TX NEW MEDICAL OFFICE BUILDING UNDERWAY Medical City Frisco has started construction on a new 150,000 sf medical office building & surgery center off the Dallas North Tollway & Frisco Square Blvd. It is scheduled to open spring 2020. SAFEHOLD, INC BUYS LAND IN SALELEASEBACK Real estate investment trust Safehold, Inc purchased the land under the 98,750 SF Parkwood Place office building in Plano’s Legacy Business Park & the 161,000 sf Duke Bridges III building in Frisco from Admiral Capital Group of New York. Admiral leased back the properties on a 99-year ground lease.

GRAPEVINE, TX GRAPEVINE TOWNE CENTER RENOVATION Weitzman has begun a major renovation on the 330,000 sf Grapevine Towne

BURLINGTON LEASES IN SHOPS AT STONEBRIAR Burlington Stores leased 41,100 sf at 2781 Preston Road in the Shops at Stonebriar. The new store will open this spring.

RICHARDSON, TX E4D TECHNOLOGIES LEASES 42,000 SF E4D Technologies, a company that designs & manufactures high-tech medical devices, is relocating to a new facility in Parc Northeast at 2920 Telecom Parkway. Josh Barnes with Holt Lunsford represented the landlord & Cribb Altman, Mike Wyatt & Charlie Beck with Cushman & Wakefield represented the tenant.

VENUS, TX

JMJ DEVELOPMENT BUYS ACREAGE FOR RESIDENTIAL DEVELOPMENT Dallas-based company, JMJ Development has purchased multiple tracts of land near US Highway 67 in Venus which is located between Midlothian & Alvarado. The company plans to build a residential development with approximately 1,500 homes. APRIL 2019

SOUTHEAST TEXAS

bulletin Bridgeland-Friday Nite Bites

DONNIE CHANG has been admitted as a REALTOR Emeritus by the National Association of Realtors.

The Woodland Hills

JOHN NICHOLSON has joined Colliers International’s industrial advisors team as Principal. THE HOWARD HUGHES CORPORATION won Gold Awards from the National Association of Home Builders for its Bridgeland and The Woodland Hills communities.

BELLAIRE, TX

RES, LLC LEASES 21,000 SF OFFICE SPACE RES, LLLC relocated their headquarters to 21,000 sf of office space at 6575 West Loop South. Kevin Kushner & William Padon with CBRE represented the tenant & John Spafford with Madison Marquette represented the landlord.

CONROE/ MONTGOMERY COUNTY, TX

Photo: Airia Development Company NEW 2,200-ACRE MASTER-PLANNED COMMUNITY Airia Development Company, formerly known as Aliana Development Company, plans to build a 2,200 acre master-planned community called Artavia north of the Grand Parkway between I45 & US 59. The project will include approximately 5,200 homes upon completion.

FULSHEAR, TX CROSS CREEK TOWN CENTER UNDER CONSTRUCTION Woodlands-based Marcel is building a 76,000 sf retail & office project to be called Cross Creek Town Center at 6635 W. Cross Creek Bend Lane. The project will be located within Johnson Development’s Cross Creek masterplanned community.

HOUSTON, TX

26,000 SF FLEX OFFICE/WAREHOUSE SOLD Glenmorangie LLC purchased the 26,000 sf flex office/warehouse at 4303 South Drive from BL Fielder Investments LLC. Coy Wheeler with Keller Williams Commercial represented the seller & Walter Menuet with Colliers International represented the buyer. RANDALL DAVIS COMPANY BUYS HALF ACRE Randall Davis purchased one half acre at 3723 Westheimer Road for the development of a high-rise luxury condominium project. Mark Raines & Matt Persons with JLL represented the seller, Ascot Meadow LLC & Chip Nash with JLL represented the buyer.

APRIL 2019

BROOKHOLLOW WEST BUSINESS PARK SELLS CUNA Mutual Investment Corporation sold the 251,568 sf Brookhollow West Business Park located at 9777 W. Gulf Bank Road to Gulf BK LLC. Walter Menuet & Judd Harrison with Colliers International represented the seller. NIPPON PILLAR LEASES 53, 224 SF Nippon Pillar Corporation of America leased 53,224 sf at 13810 Hollister from Eastgroup Properties, LP. The landlord was represented by Insite Realty & the tenant was represented by Patrick Rollins with CBRE. 10,000 SF OFFICE LEASE AT TWO RIVERWAY HSB Solomon Associates leased 10,000 sf at Two Riverway. Brad Fricks & Craig McKenna represented the landlord & Andrew Spence with Cushman & Wakefield represented the tenant.

KATY, TX

PHILLIPS EDISON GROUP BUYS 97,761 SF RETAIL CENTER The Phillips Edison Group LLC purchased the 97,761 sf Cinco Ranch at Market Center located at 23720 Westheimer Parkway. Venture Commercial represented the buyer.

CYPRESS TX MOLTO PROPERTIES BUILDING 137,000 SF DISTRIBUTION CENTER Molto Properties is building a 137,000 sf distribution center in 290 Northwest Business Center located at 21420 Northwest Freeway. Chad Parrish with Molto Properties is heading up the project and Reed Vestal, Taylor Schmidt & Robert McGee with Lee & Associates will handle sales & leasing efforts for the developer.

BRAUN BUYS SPRING BRANCH VILLAGE Braun Enterprises purchased the 70,000 sf retail center located at 8141 Long Point from Long Point Partners. They renamed the center Spring Branch Village and plan to redevelop it into new retail & creative office suites.

Photo: Oxberrygroup.com OXBERRY GROUP CONVERTING WAREHOUSE TO RETAIL The Oxberry Group is planning to convert four warehouses on approximately one acre at Louisiana & Dennis to 19,000 sf of retail space. The company also has plans to convert the old Gibbs Boats at 1110 W. Gray Street into retail.

PEARLAND, TX

LONZA HOUSTON INC BUILDING ACQUIRED BY ZELLER REALTY Switzerland-based Lonza Group Ltd’s opened their 276,770 sf Viral Therapy facility at 14905 Kirby Drive in late 2017. The building was developed by Pinchal & Company who has sold it to Chicagobased Zeller Realty Group. HFF handled the transaction.

ROSENBERG, TX

JASON’S DELI COMING TO BRAZOS TOWN CENTER Bob Conwell & Austen Baldridge with NewQuest Properties negotiated a ground lease for a 49,000 sf ground lease for Jason’s Deli in Brazos Town Center. Brad Sondock with BDS Realty represented the tenant.

SEABROOK, TX

Photo: Childrens Lighthouse website CHILDREN’S LEARNING CENTER COMING TO SEABROOK Frank & Tonya Porter are opening a Children’s Lighthouse Learning Center franchise at the corner of Lake Side Drive & Humble Road which is adjacent to Ed White Elementary School.

SPRING, TX

WHITEWASH CAR WASH BUYS TRACT Whitewash Car Wash purchased one acre at the corner of Spring Stuebner Road & Spring Plaza Drive for the development of a car wash. Mark Raines, Matt Parsons, Simmi Jaggi & Elizabeth Clampitt represented the seller & Hunter Grimes with Caldwell Companies represented the buyer.

THE WOODLANDS, TX

EXXON MOBIL LEASES 26,103 SF FROM HOWARD HUGHES CORP. Exxon Mobile Corp leased 26,103 sf in the Lake Front North building, formerly occupied by CB&I, from The Howard Hughes Corporation. The tenant was represented by Sanford Criner, William Boyer & Collin Grimes with CBRE. Howard Hughes was represented by Robert Parsley, Norm Munoz & Jillian Fredericks with Colliers International.

advertiser index AA Realty Company .......................................... 15 ABC Realty Advisors ......................................... 13 Adkins Properties Company ........................... 12 Berkadia ................................................................ 3 Buffalo Real Estate Partners, Inc. .....................11 City Bank ............................................................... 2 Equity Secured Investments ........................... 17 ERJCC ................................................................. 34 First Houston Properties, Inc. ........................... 11 Gordon Partners ............................................ 18,19 Greenberg & Co. ................................................. 15 Hankamer & Associates ..................................... 17 Homeland Properties, Inc. ................................ 10 Keller Williams Signature ................................ 21 La Marque Economic Development Corp.........5 Lane Property Tax Advocates .......................... 21 National Environmental Services, LLC ........... 35 Padua Realty Company ................................... 16 Phase Engineering ............................................. 22 Real Estate Summits........................................... 7 Showalter Law Firm .......................................... 17 Texas A&M Real Estate Center ..................... 20 Texas Funding Corporation ............................. 21 Real Estate Council - Greater Ft. Worth ..... 34 Waller County EDC ............................................ 10 WaterLogic, Inc ..................................................... 1 APRIL 2019

ray’s buzz BY RAY HANKAMER rhankamer@gmail.com

CCIM Luncheon

Speaker: Ed Emmett, Former County Judge-Harris County Takeaway: Governance in Harris County has evolved in a way that is unique to any city of our size in the world: Houston, 32 other municipalities, and a population living in the unincorporated areas, which, if it were one city, would be the fifth largest in the U.S. This creates governmental / administrative challenges for us, moving forward. ● To ensure its growth would not be choked by a ring of smaller cities, Houston years ago annexed the highways leading into the city throughout the county, and created an Extra Territorial Jurisdiction (ETJ) which froze all existing small municipalities and prevented them from expanding ● Many citizens in the Houston area prefer to live in the suburbs for the schools and for larger, more affordable homes ● Expansion of subdivisions in the ETJ is done by forming legal taxing entities not cities- called Municipal Utility Districts (MUDs) which build utilities and roads which are to the specifications of Houston but which remain ‘in the county’, not in Houston ● There are hundreds of MUDs scattered all over Harris County, each with board-MUD taxes on residents to retire the bonds sold building the utilities in the district

ULI SAN ANTONIO

● About two million people live in the unincorporated areas of the county, including developments such as the ExxonMobil campus in northern Harris County-this population would make the unincorporated area the fifth largest U.S. city, and one with almost no government ● Houston-Harris County is an area, unlike other metro areas, where everyone does not commute downtown to their job-instead there are many office concentrations such as Uptown, the Energy Corridor, Greenspoint, Westchase, etc. This scattering of work centers shortens auto commutes but is a challenge to establishing a transit system with enough volume to be self-supporting ● The only funding the County gets to fund the services it provides is from ad valorem property taxes, and the State legislature is threatening to cap those, which would curtail our county’s ability to maintain roads, provide law enforcement, and other functions ● “Our area needs to formulate a new form of government where all the diverse entities within the county participate-this would be a one-of-a-kind government”

EVELYN RUBENSTEIN JCC HOUSTON

erjcchouston.org

30th Annual JCC Charity Golf Tournament Underwritten by

Monday, April 23, 2018 Check-in & Lunch: 11:00 AM Shotgun Start: 1:00 PM BlackHorse Golf Club For information or to reserve your spot, contact Rene Kariel at 713.595.8168.

APRIL 2019

OTHER SIGNIFICANT SPONSORS: REDNews; Wilson, Cribbs+ Goren; Colliers International; First American Title Company National Commercial Services; Fidelity National Title National Commercial Services; Frost Bank; Title Houston Holdings; Butler-Cohen; Duplantis Design Group; South Texas Surveying Associates; Craddock Massey, LLP; Hirsch & Westheimer, P.C.; Jerry Goldstein/Marcus & Millichap; Phase Engineering

A A 360° 360° approach approach to to environmental services environmental services

National National Environmental Environmental Services Services Gabriel Gabriel Environmental Environmental Group Group National Environmental Services, based in Houston, Texas and Gabriel Environmental Group, National Services, Houston, Texas and Gabriel Environmental Group, based in Environmental Redlands, California, arebased sister inenvironmental consulting companies, established in based in Redlands, California, are sister environmental consulting companies, established in 1995, that conduct a full range of reliable and cost-effective environmental assessment and 1995, that conduct a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround. corrective services, with competitive pricing and convenient turnaround. • Phase I Environmental Site • Phase I Environmental Site Assessments (AAIs-ASTM Assessments (AAIs-ASTM E 1527-13) E 1527-13) • Transaction Screens • Transaction Screens (ASTM E 1528-06) (ASTM E 1528-06) • Asbestos & Lead-Based Paint • Asbestos & (Licensed Lead-Based Paint Inspections Texas Inspections (Licensed Texas Asbestos Consulting Agency) Asbestos Consulting Agency)

• RSRAs (Records Search with • Risk RSRAs (Records Search with Assessments) Risk Assessments) • Phase II Subsurface Investigations* • Phase II Subsurface Investigations* • Remediation and Corrective • Remediation Activities* and Corrective Activities* • Soil, Water, and Air Testing • Soil, Water, and Air Testing Services Services

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