REDNews January 2019 North Texas by RE Journals

JANUARY 2019

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

New Life in Aging Texas downtown

Listening to the Lenders 2019 Forecast

Ask the Public Insurance Adjuster

HISTORIC DOWNTOWN CEDAR HILL, TEXAS HISTORIC DOWNTOWN CEDAR HILL, TEXAS WHERE BUSINESS + CHARM GROW NATURALLY WHERE BUSINESS + CHARM GROW NATURALLY

For more information, see page 13

LEARN ABOUT A5 B1 3O2U T• LEARN 9L E7 2A. R2 9N1 .ABOUT 972.291.5132 9 7 2 . 2 9 1 . 5 1 3 2 ••

D E V E L O P M E N T O P P O RT U N I T I E S DCEHV EE D LO OHPIPLO DEVELOPMENT C P@M C EE N D AT ROPPORTUNITIES LTRT X .UCN OIMT I E•S CHEDC@CEDARHILLTX.COM C H E D C @ C E D A R H I L LT X . C O M ••

FOR YOUR BUSINESS FFOR COE RD AYYOUR ROHUIRL LBBUSINESS EUDSCI .NCEOSMS CEDARHILLEDC.COM C EDARHILLEDC.COM

RETAIL DESTINATION RETAIL DESTINATION

M c KINNEY McKINNEY TEXAS TEXAS

RESTAURANTS • COMMERCIAL • SPECIALTY RETAIL • HOTELS RESTAURANTS • COMMERCIAL • SPECIALTY RETAIL • HOTELS

HUB 121: 22 ACRES AT S.H. 121 AND ALMA RD. HUB 121: 22 ACRES AT S.H. 121 AND ALMA RD.

POPULATION POPULATION

393,768 393,768 2019 ESTIMATED RETAIL TRADE AREA POPULATION 2019 ESTIMATED RETAIL TRADE AREA POPULATION

AVERAGE HOUSEHOLD AVERAGE INCOME HOUSEHOLD INCOME

$134,813 $134,813

POTENTIAL RETAIL SALES POTENTIAL RETAIL SALES

$5,453,957,105 $5,453,957,105 ACTUAL SALES ACTUAL SALES $2,826,322,052 $2,826,322,052 RETAIL OPPORTUNITY RETAIL OPPORTUNITY $2,627,635,053 $2,627,635,053

McKinney Community Development Corporation McKinney Community Development Corporation McKinneyCDC.org McKinneyCDC.org

+- 10 MILLION +- 10 MILLION SQUARE FEET

SQUARE FEET IN EIGHT NEW HIGH-PROFILE RETAIL DEVELOPMENT IN EIGHT NEW HIGH-PROFILE OPPORTUNITIES RETAIL DEVELOPMENT IN McKINNEY OPPORTUNITIES IN McKINNEY

Cindy Schneible, President 972.547.7653 • cschneible@mckinneycdc.org Cindy Schneible, President 972.547.7653 • cschneible@mckinneycdc.org Barry Shelton, Assistant City Manager 972.547.7527 • bshelton@mckinneytexas.org Barry Shelton, Assistant City Manager 972.547.7527 • bshelton@mckinneytexas.org

VIE

±16 ACRES MCHARD RD.

& FT. BEND TOLL RD. HOUSTON, TEXAS

•

±16 acres located on McHard Rd., just west of Ft. Bend Toll Rd.

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Property lies within the City of Houston and Ft. Bend County

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±1,100’ of frontage along McHard Rd.

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Additional acreage available, contact broker for details

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Contact broker for pricing

SITE

2017 ESTIMATED DEMOGRAPHICS POPULATION AVG. HOUSEHOLD INCOME AVG. HOUSING VALUE

1-MILE 7,262 $72,310 $137,204

KRISTEN MCDADE Senior Director T: +1 713 469 4509 kristen.mcdade@berkadia.com

3-MILE 78,995 $77,947 $167,310

5-MILE 239,211 $80,761 $193,065

MATT DAVIS Associate T: +1 713 974 2407 matt.davis@berkadia.com

LAUREN GEARY Transaction Manager T: +1 346 444 8968 lauren.geary@berkadia.com

© 2018 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 estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan 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 under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #998-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

IN THIS ISSUE

10 13 28

Market

Sales & Leases 1-3, 5, 7, 11, 13, 15, 17, 19-21, 23-25, 27, 29, 31, 33

Services Environmental 34, 47 Financial 21 Insurance Recovery 18 Legal 21 Real Estate Summits 8, 9

Scoop

Features

High on the Hyperlocal 10, 12, 14 Listening to the Lenders 22 RAY’S BUZZ Houston’s Economy in 2019 26

Events 8, 9, 16, 36, 38, 40

O’Connor & Associates Retail Forecast 30

Social 37, 39, 41 Bulletin 42 - 44

Ask the Public Insurance Adjuster 28, 30

JANUARY 2019

CIVIL FAIR PLAY

Letter from the Publisher

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

PUBLISHER Ginger Wheless ginger@REDNews.com

EDITOR Margie Gohmert info@REDNews.com

STAFF WRITERS Janis Arnold janisarnold1@gmail.com Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDNews.com

Dear Readers,

appy New Year! I hope your holidays were exceptionally good and you’re optimistic about having an outstanding new year.

Last year this time the price of oil was hovering around $58/bb and the Dow had hit 25,000. In recent months we’ve experienced a roller coaster stock market, oil price drops and interest rate increases. In spite of the down/ upticks, economists Dr. Mark Dotzour and Dr. Bill Gilmer are still predicting Texas to have a strong economy in 2019. Texas has experienced the most employment growth in the nation during the 21st century and net domestic migration to Texas is close to 2 million, with the Dallas/Fort Worth area leading the way.

We spoke with Bill Dampier (City Bank) and Greg Young (Grandbridge Real Estate Capital) about the effect rising interest rates will have on real estate transactions this year. They both anticipate a slightly “bearish” market with growth properties a little more difficult to find and funds costing a bit more, but deals will continue to be done.

We are excited to host our ﬁrst annual “Houston Trailblazers” event on January 18th at the Briar Club in Houston so mark your calendar to attend. It’s an opportunity to hear a group of iconic CRE professionals share their stories and discuss the future of the commercial real estate market, as well as secure 4 hours of CE credit at the same time (see pages 8-9). May you have a Very Happy & Blessed New Year! Best Regards,

MANAGING DIRECTOR Benton Mahaﬀey accounting@REDNews.com

EMARKETING DIRECTOR Robert Frogge emarketing@REDNews.com

CREATIVE DIRECTOR Terry Martinez 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

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

JANUARY 2019

La Marque means business. The City of La Marque is strategically positioned 15 miles southeast of Houston and serves as a mainland anchor for the booming Houston/Galveston Region. La Marque is the geographic center of Galveston County with more than 14 miles of frontage on the expanding Interstate 45 corridor and is the second-fastest-growing city in the County. Now is the time for commercial expansion in La Marque as we have entered a development boom. Get the RTA data at LMEDC.com.

10.7 % population growth from 2010-2017. Steady residential & commercial development.

14.3 miles of prime I-45 FRONTAGE. $IB in local infrastructure improvements over next 10 years.

16,000 residents. Four school districts. ONE LOVE, ONE Community. Pro business & offering creative development incentives. Seeking HOTELS, GROCERY STORES & RESTAURANTS. Traffic Counts at Interstate 45 & FM 1764 - 98,226 AADP.

Alex Getty, Executive Director

la marque economic development LMEDC.com | 409-938-9258

2019 JAN 18

The Briar Club 2603 Timmons Ln Houston, Texas 77027

Hear from Iconic CRE Leaders JOHN HAMMOND PRESIDENT & CEO RIVERWAY TITLE

What’s the same, what’s different, and what are you going to do about it?

Title Sponsor:

RIVERWAY TITLE

GREG BARRA CCIM, SIOR, BOYD COMMERCIAL

ERIC BARVIN PRESIDENT, THE BARVIN GROUP

MIKE BOYD PRINCIPAL, BOYD COMMERCIAL

DAN BRAUN PRESIDENT, BRAUN ENTERPRISES

MARTIN BRONSTEIN FOUNDER & SENIOR PRINCIPAL, BHW REAL ESTATE

BOB CROMWELL MANAGING DIRECTOR, MOODY RAMBIN

JAY CUTLER REGIONAL DIRECTOR, SOUTH REGION, AIRWAVZ SOLUTIONS

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Hear what these

CRE Trailblazers have to say about:

✓ Biggest Challenges/Success Stories ✓ Current Developments/Projects ✓ Specialization vs Generalization ✓ Off-Market Transactions ✓ Auction-based Transactions ✓ “PropTech” ✓ Where are today’s opportunities?

MARTY MCADAMS CEO, MCADAMS ASSOCIATES

JUSTIN PATCHEN PRINCIPAL, BUFFALO REAL ESTATE PARTNERS

BILL MCDADE PRINCIPAL, WILLIAM A. MCDADE

AL ROSS CEO, AL ROSS GROUP

✓ What is the future role of brokers/tenant rep? ✓ Deal Structure Changes ✓ Company consolidations ✓ Profile of a successful CRE professional ✓ Generational Changes/Viewpoints ✓ Mentorship ✓ Agility in the Digital Era

ED PAGE MANAGING PARTNER, STREETWISE RETAIL

ROBERT WATSON PRESIDENT, ROBERT C. WATSON ASSOCIATES

resummits.com/houstontrailblazer

HIGH ON THE HYPERLOCAL New life in aging Texas downtowns

BY BRANDI SMITH

BRYAN DANNA

n Small Business Saturday, parking was hard to come by on 19th Street in the Houston Heights. Crowds rolled like waves down the sidewalk, popping in and out of the stores. Along with the chatter of shoppers and rumble of traffic, you could hear the frequent bell jingle, a sign that another customer had popped in to see what one of the momand-pop storefronts offered. A day after consumers hit up major retailers, they wasted no time shelling out money to support local retailers as well. An estimated 104 million shoppers helped smash the sales record for Small Business Saturday, spending an estimated $17.8 billion.

AMY ROSENTHAL

into the city center after decades of retreating to the suburbs, they are demanding more retail options closer to urban centers.” When he moved his family into the Heights in 2005, he quickly realized how underserved it was, both from retail and restaurant offerings.

“As Houstonians began to move back into the city center after decades of retreating to the suburbs, they are demanding more retail options closer to urban centers.” – Bryan Danna

“About ten years ago, we started to witness a shift from retail centers, such as the Galleria or Highland Village, to more local neighborhood-centric developments, but it has escalated quickly over the past five years,” says Bryan Danna, principal at RE:VIVE Development. “As Houstonians began to move back

DAVID GREENBERG

“The area has always been home to solid demographics that many tenants look for, but residents were accustomed to leaving the neighborhood for restaurants and shopping,” Danna says. “There was a lot

Old Eckerd’s Drugs on Yale & 11th - Courtesy ReVive Development

of demand, but no supply.” What was in great supply, however, was underutilized buildings. “I realized that there were some great structures that, with some creative design, could be repurposed to supply this retail demand, while also preserving some of the neighborhood’s historic buildings,” explains Danna. “Land can be very expensive in these in-town areas, so repurposing these older buildings to accommodate modern demand was an exciting challenge to take on.” One of the first projects in the area RE:VIVE contributed to developing was South Heights, an entertainment district along White Oak Drive. Danna also recalls a memorable project, restoring a beautiful art deco storefront of an old Eckerd’s Drugs on Yale & 11th for the restaurant Lola, utilizing an historic building to inspire a new generation of retail. “We did a lot of work to existing buildings because we believe that the people who live in these types of neighborhoods want the character maintained,” explains Danna. “We appreciate the history of these structures. They are part of what makes the Heights what it is. We want to honor that history while contributing to the thoughtful growth of the neighborhood.” Pointing to similar examples in Houston’s EaDo neighborhood, Danna says they’re all indicative of a bigger shift within the retail industry. “Lifestyles, retail options and demand are all shifting,” says Danna. “Patrons want something different. They want something more unique than a strip center or huge mall. They want something that reflects their neighborhood.

South Heights, an entertainment district along White Oak Drive. - Courtesy RE:VIVE Development

JANUARY 2019

It’s no secret that many big-box retailers have faced Continued on Page 12 >

INSIGHT. KNOWLEDGE. EXPERTISE INSIGHT.eatured KNOWLEDGE. EXPERTISE roperties

F P Featured Properties

THE WOODLANDS

LEAGUE CITY

SPRING

New Mixed-Use Development – For Lease

Retail Pad Site – For Lease

Harmony Commons Retail - For Lease

Westgate Crossing - Research Forest & Egypt Ln.

I-45 near FM 262

Grand Pkwy @ Discovery Creek Blvd.

• 60,000 SF Retail & Professional Office • Restaurant & Retail Pad Sites Available • Located on Main Corridor Adjacent to Regional Power Center with National Retailers

• Build to Suit, For Sale or Lease • 223’ Frontage along I-45 Service Rd. • Across freeway from Cabela’s

• 11,000 SF available in newly constructed retail center • Grand Parkway Frontage Road near Rayford Rd. • Adjacent to H-E-B Grocery Store

THE WOODLANDS

WOODLANDS SUBMARKET

LEAGUE CITY

College Park Plaza Shopping Center - For Lease

Retail Pad Site – 1 Acre - For Sale

NNN Leased Investment

3091 College Park Drive, The Woodlands

33035 Tamina Rd., Magnolia

2490 Gulf Freeway S.

• Adjacent to St. Luke’s, Texas Children’s Hospital & TW College Park HS • 1,200 – 4,639 SF 2nd Generation Available - Medical or Retail

• 1.0 acre pad • Hard Corner with Signalized intersection of FM 1488 • Directly across from New H-E-B Grocery store

• New Construction – 4th Quarter 2018 • +/- 15 Year remaining Lease Term • Slim Chickens operates more than 75 locations nationwide

WILLIS

MONTGOMERY

CONROE

46 Acres – For Sale

Retail Pad Site - .71 Acres

Retail Pad Sites Available

I-45 & Longstreet Road

SH 105 & HWY 149, Montgomery

I-45 & FM 3083 (Teas Rd.), Conroe

• Major growth corridor with explosive residential and • Located on the hard corner of two main corridors in • Located at the NE Corner of I-45 and Teas Rd. (FM 3083) commercial development. Montgomery with traffic counts of over 20,000 cars per day • Pad Sites: A-1.32 ac, E-1.0 ac, F-1.21 ac • Located approximately 17 miles from the Woodlands • Outparcel of the Brookshire Brothers grocery-anchored • Conroe named “Fastest Growing US City” by and 45 miles from Houston Landlord & Tenant Representation | Property Sales & Disposition | BuyerUS&Census Site Acquisition Bureau shopping center • Utilities through the City of Willis

HIGH ON THE HYPERLOCAL < Continued from Page 10

challenges over the past few years. Bankruptcy filings from Toys ‘R’ Us to Sears to Brookstone highlight the struggle faced by some brick-and-mortar mainstays that didn’t evolve with their increasingly online clientele. “There’s more concern about the big boxes going dark and coming up with a good use for them,” says David Greenberg, president of Greenberg & Company, a Houston real estate firm. Despite the change, he reports primary retail space isn’t seeing a rate decline. “If you still have a really good demographic mix for what is specific to somebody’s intended use, you should be able to get it leased up,” Greenberg adds. “We’re very active.”

restaurateurs may be, he thinks the onus of representation falls to the developer. “We need to provide the experience that people are looking for before they even walk into the space,” Danna elaborates. “It is our responsibility to offer up an experience and local vibe to satisfy this demand. Ample parking, responsible building practices and thoughtfully curated amenities all contribute to the draw of a space, both to the operator and the consumer.” Examples of reinvigorated local neighborhoods can be found far beyond Houston city limits. Outside of Dallas, McKinney is working to pump new life into its historic downtown.

“You see the return of people wanting to live close to where they work, wanting the live, work, play combination.” – Amy Rosenthal

He says service-oriented businesses are in demand and restaurants, above all else, are leading the way. “I can’t think of a day gone by when this office doesn’t receive calls for food,” says Greenberg. “It comes from both the national side all the way down to the local mom and pop.” Many of the new eateries that are opening up aren’t exactly brand new to the market. Greenberg says second-generation locations are in very high demand. That’s something Danna has witnessed as well. “Restaurant operators are adjusting their concepts to suit the neighborhood. They could be in five different neighborhoods with five different concepts,” Danna says. “Operators are responding to this hyperlocal ‘borough’ mentality and it’s benefiting the neighbors they serve.” As keyed into the feel of a neighborhood as

The seat of Collin County, McKinney was established in 1848. In the 1870s, a limestone courthouse - the tallest building north of San Antonio - was erected in the center of the town. For decades, downtown McKinney served as the economic hub of the county. In the years that passed, the city fell victim to the same menace as so many others: the highway system. “Highway 75 was built about two miles west of the downtown. Businesses wanted to be accessible by car. They wanted their customers to be able to pull in off the highway and shop at their store,” says Amy Rosenthal, director of McKinney’s Main Street Program. She offers the example of a high-performing JC Penney in downtown. Once the highway was built, it relocated to be closer to the new TX-75, as so many other small businesses did. In 1979, the decision was made to shutter the courthouse and move county operations to a new facility. “What was this really vibrant, economically significant downtown became very neglected. Businesses closed. There wasn’t a lot of investment in maintaining the facilities. The little downtown looked pretty sad,” Rosenthal says. That lasted into the 1990s when McKinney started to benefit from Dallas’s explosive growth. In the early 2000, developers and investors started paying attention to downtown and before long, a transition was underway.

Historic downtown McKinney, for decades served as the economic hub of the county. - Courtesy City of McKinney

JANUARY 2019

“In 2006, the old courthouse that had been sitting

Downtown McKinney - Courtesy City of McKinney

empty for 25 years, opened as a performing arts venue. The courtroom is now a courtroom theater. The other rooms in the facility are open. The building is open seven days a week with a lot of activity on nights and weekends,” explains Rosenthal. “That was very significant in influencing the development of small business.” Since then, McKinney has become an entertainment destination for the region. “You see the return of people wanting to live close to where they work, wanting the live, work, play combination,” Rosenthal adds. “They want to enjoy amenities that are close to where they are. It’s a sense of what being local means to a community.” With more than 120 businesses now calling downtown McKinney home, new development opportunities are opening up to the east. “There’s a beautiful flour mill that’s ripe for opportunity,” says Rosenthal. “We’re starting to see some of the seeds being planted east of Highway 5.” In southwest Dallas County, the community of Cedar Hill went through many of the same challenges. But, like McKinney, its downtown is starting to come alive again. Founded in 1846, it was, for a time, the county seat. Today, its downtown buildings have held onto that historic feel. Breathing new life into these buildings is a top priority for the city and area businesses. The Cedar Hill EDC is taking time and working with a number of developers to do just that. The goal is to work with partners who could adapt the existing infrastructure rather than tearing down historic property to build Continued on Page 14 >

“We’re excited about this project in Historic Downtown Cedar Hill. The area has this great grid, but there’s still vacant land available for new development, and the old Phillip’s lumber yard is a great opportunity for us to preserve some buildings but also to build new. The mixed-use development will be dining, retail & oﬃce, with a unique work-live component that’ll bring an opportunity for smaller entrepreneurs to do business and live in the same place. We’ve already begun some pre-development activities and construction will start in mid-2019. We’re looking forward to being an addition to what already exists in beautiful Cedar Hill.” Jim & Amanda Lake Lake Moreno Partners

L E A R N A B O U T D E V E L O P M E N T O P P O RT U N I T I E S F O R Y O U R B U S I N E S S 972.291.5132 • CHEDC@CEDARHILLTX.COM • CEDARHILLEDC.COM

HIGH ON THE HYPERLOCAL < Continued from Page 12

of the agreement marks the beginning of initial phases of the project; construction is expected to begin in mid2019 and to be completed in 2021.

Hillside Village - Courtesy Cedar Hill EDC

something new. That way the buildings that stand as an example of Cedar Hill’s rich past will be a part of its future. “Throughout Cedar Hill’s history, downtown has been the heart of our community. For decades, it’s been the place where families have gathered to make memories and have fun together,” says city councilwoman Jami McCain. “It’s an incubator by nature because businesses come and see the opportunity, a place where they can get their start. They say ‘this is the place where I want to start a future.’” One example of that is a project spearheaded by Lake Moreno Partners. Owners Jim Lake and Amanda Moreno plan to start construction on a 5-acre, mixed-use redevelopment of a former lumber and hardware property.

“Cedar Hill already has great development present with its retail, housing, trails, and infrastructure. By taking elements from other projects we’ve done, learning what works on the size of sidewalks, adding in bike racks, accommodating the different ways you can move about within the city, and particularly integrating within the city’s trail system and surrounding residential. These types of components will be a great addition to the downtown that does not currently exist,” Lake adds. The downtown area now boasts more than 40 businesses, but city leaders are hopeful the $10 million first phase of the Lake Moreno project is a catalyst for what’s to come. “We are excited about the future plans the city and our future neighbors have been working on,” says Richard Leonard, owner of Décor on the Hill. “For years, families come to experience a nice time dining and shopping. That’s why we’ve moved into our larger space right next Pioneer Park.” Megan Calloway-Thiel, who owns the Cheeky Cactus Boutique in downtown Cedar Hill, echoed that, adding that the city’s historic charm has drawn visitors for

“When we discovered the opportunity here, we said, ‘You know what? This is something we can redevelop and advance the efforts of the community, bringing all the different things we’ve done in other markets to downtown Cedar Hill,’” says Lake. “With the mass and mix of different uses Cedar Hill - Courtesy Cedar Hill EDC and the massive square footage years. that will be available, we are really looking forward to energizing the area, alongside the existing businesses. “We love being part of creating the future of We’ll work to create more draw from other cities downtown. The area provides opportunity for throughout Dallas because Cedar Hill is less than 20 entrepreneurs to create a legacy for their family and minutes from downtown Dallas.” future generations,” she says. The 40,000-square foot project, located at W. Belt Line Road and Broad Street, will offer a mix of uses, including retail, restaurant, and office space. Approval 14

JANUARY 2019

These hyper-local revitalizations needn’t be isolated to a traditional city center, as illustrated by RE:VIVE’s development in Houston’s Garden Oaks and Oak Forest

neighborhoods, just north of the Heights. RE:VIVE has six projects in this newer urban outpost that attracts Inner Loop families who want good schools, more land for their money and to still be close to the Inner Loop. “My family, and many of our team members, grew up in this area, so we’ve watched it evolve over four decades. Most tenants in our Oak Forest and Garden Oaks projects live in the neighborhood as well. They understand the demand and they know the customers. So they connect with our products there,” says Danna. “It’s a very proud feeling to be able to supply neighbors with quality options that they are excited to support. It’s a win-win.” His largest project to date in Garden Oaks is a threeacre, non-traditional development that is centered around an 8,000-square-foot green space. Repurposing three existing industrial structures, RE:VIVE is creating nearly 25,000 square feet of retail, including creative office space. Danna adds that there are plans for movie nights, live music and school functions, all opportunities to connect with the people who call the area home. “I think retail is moving in this direction because demand is. Consumers are demanding that retail be done differently,” Danna says. “When you fill that demand, it shows. Our tenants’ sales have confirmed our philosophy time and time again that spending the extra planning and design time to create these amenities, such as green space, parking and symbiotic uses, increases profitability.” Retail experts have watched this pendulum swing before: from local boutiques to national chains. As it falls back the other direction, developers like Danna are focused on capitalizing on that momentum. “It’s swinging our way. We’ve always believed in the inner city areas, such as the Heights and Garden Oaks, which is why we chose to move and raise our family here,” he says. “We feel like we’re in the right place at the right time and it’s a vibrant neighborhood now where once it was very sleepy.” This push toward local retail seems to be just the thing to wake it, and many other communities, up.

@ G M IN CO S A O. LE EC IV

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610

N, TX

610

Prime Real Estate For Lease

Personalized Service. Proven Results.

CHAMPIONS STONEBRIDGE

HARLINGEN CORNERS

1,112-3,175 SF Available 72,020 SF Target Shadow-Anchored Shopping Center Located East of SH 249 & FM 1960 along Houston’s Prime Retail Corridor

228,208 SF Power Retail Center in the Core of Harlingen’s Retail Traded Area 20,000 SF & 58,000 SF Available for Build to Suit or Ground Leases 1 acre Pad Site Great for Restaurant Use Available Strong National Tenant Mix

2713-2821 Highway 83, Harlingen, TX 78552

6911-6935 West FM 1960, Houston, TX 77069

PASEO REAL

SUNRISE PALMS

2,248-6,126 SF Available Four Entrance Points Provide Easy Access into Center Located Across from H-E-B & Walmart Brownsville’s Premier Shopping Center

804-6,460 SF Available for Lease Prime Visibility from Hwy 77 98,346 SF Retail Center Built in 2005 Located Adjacent to Sunrise Mall

2100 Ruben Torres Blvd. Brownsville, TX 78526

3000 Pablo Kisel Blvd. Brownsville, TX 78526

SHADOW CREEK MARKETPLACE

SUGAR POINT SHOPPING CENTER

250,000 SF Master-Planned, Class A Retail Center Located NW Corner of TX Hwy 288 & Shadow Creek Pkwy Strong National Tenant Mix

2,212-3,897 SF Available

11041 Shadow Creek Pkwy Pearland, TX 77584

9920 Hwy 90 Sugar Land ,TX 77478 Hard Corner of Hwy 90 & Dairy Ashford Traffic Count Exceeds 78,000 Cars Per Day

2600 TRAVIS

LA MARQUE SHOPPING CENTER

ANGLETON FOUR CORNERS

2600 Travis St., Houston, TX 77006 2,392-3,192 SF Available Located in the Heart of Midtown Houston Surrounded by High-End Condos Walking Distance to the Metro Rail

6402 Gulf Freeway, La Marque, TX 77568 3,200 SF End Cap Available 16,500 SF Retail Center Shadowed by Wal-Mart & Sam’s Club Prime Visibility from I-45 South

1800 N Velasco, Angleton, TX 77515 1,800-6,700 SF Available 141,520 SF, 4 Star Retail Center Kroger-Anchored Center Center is Located Across Walmart

FOR MORE INFORMATION ON THESE OR OTHER AVAILABLE PROPERTIES, PLEASE CONTACT Coni Jenkins cjenkins@tarantino.com (210) 212-6222 12770 Cimarron Path, Ste 122 San Antonio, TX 78249

Peggy Rougeou • peggy@tarantino.com Eric Drymalla, CCIM • edrymalla@tarantino.com (713) 974-4292 7887 San Felipe, Ste 237 Houston, TX 77063

www.tarantino.com

Nick Tarantino, CCIM nick@tarantino.com (512) 302-4500 502 East 11th Street, Ste 400 Austin, TX 78701

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CALL TODAY FOR A COMPLIMENTARY CLAIM REVIEW AUSTIN/ SAN ANTONIO (HQ) 512-904-9900 | HOUSTON 832-725-2878 | DALLAS/FORT WORTH 214-380-9127

END CAP FOR RETAIL OR NATIONAL CREDIT TENANT Premium High Traffic/Income Area in West Houston – NWC Briar Forest & Wilcrest

• 6,224 SF Available (Can be divided) • 27,688 VPD on Briar Forest • 21,675 VPD on Wilcrest • Generous Build Out I-10

I-10

GESSNER RD

BELTWAY 8

N KIRKWOOD RD

N W I L CR E S

DAIRY ASHFORD RD

T DR

BRIAR FOREST DR

BRIAR FO REST

DR BELTWAY 8

2022 Population Projection

1 Mi Ring

3 Mi Ring

5 Mi Ring

30,091

200,391

518,842

2017 Estimate

26,967

181,434

468,253

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

Contact: Mark Adkins Adkins Properties Company

713-782-3222

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

Discover Alamo, Texas! Retail Development Opportunities

v 67 Acres of Qualified TIRZ Property v 125,000 VPD

v 2.5 Miles of Interstate 2 Frontage v 5 Mile Radius Population 162,000 v Average Household Income $48,990 v $984 Million Retail Potential

Area Businesses Include

Alamo Economic Development Corporation

Tel: (956) 787-6622 | Fax: (956) 787-7766 715 E. Business 83 Alamo, TX 78516 Web: www.alamoedc.org | Email: rtapia@alamotexas.org

Walmart Supercenter HEB Bealls CATO Fashions Walgreens CVS Dollar General Whataburger Pizza Hut Peter Piper Pizza Game Stop Shoe Department Great Clips

VALUE ADD CENTER VALUE ADD CENTER

NEC of FM 2920 & Gosling, Spring, Texas NEC of FM 2920 & Gosling, Spring, Texas

FO R SAL E FO R SAL E

INV ESTME NT HI GH L I GH T S: INV ESTME NT HI GH L I GH T S: New construction Class A retail center New construction Classposition A retail center with dominant market with dominant market position

Average household income in a 3 mile Average income radius is household $115,783 per year in a 3 mile radius is $115,783 per year

Unrestricted hard corner pad site Unrestricted hard corner pad site included in sale included in sale

Lakeview Oaks by Caldwell Cos Class-A Multifamily - 330Unit Lakeview Oaks by Caldwell Cos Class-A Multifamily - 330Unit

Access from FM2920 & Gosling Access from FM2920 & Gosling

EMERGENCY CARE CENTER

High growth expansive trade area High growth expansive trade area Below market rents Below market rents

EMERGENCY CARE CENTER

FM 2920 FM 2920 Progressions PERFORMING ARTS

Progressions PERFORMING ARTS

Rd Rd li n g li n g Gos Gos

Irreplaceable development across from Irreplaceable development across from new HEB McKenzie Park new HEB McKenzie Park

High traffic counts/visibility High traffic which counts/visibility to FM2920, carries over to FM2920, 35,000 VPD which carries over 35,000 VPD

O F F E R IN G S U MMA RY O F F E R IN G S U MMA RY

6.5 Acre Future Commercial 6.5 Acre Future Commercial

Future Commercial Future Lakeview Oaks Commercial 330-Unit Class-A Multifamily Project Lakeview Oaks Coming in 2019 330-Unit Class-A Multifamily Project Coming in 2019

PRICE PRICE PRICE PSF: PRICE PSF: PROFORMA NOI: PROFORMA NOI: CURRENT Annual Rent: CURRENT Annual Rent: OCCUPANCY OCCUPANCY GLA: GLA: TOTAL LAND AREA: TOTAL LAND AREA: YEAR BUILT: YEAR BUILT: PAD SITE: PAD SITE: EXISTING TENANTS: EXISTING TENANTS:

$5,250,000 $5,250,000 $340 $340 $408,000 $408,000 $167,000 $167,000 40% 40% 15,400 SF 15,400 SF +/- 2.67 AC +/- 2.67 AC 2017 2017 ≈ 35,000 SF ≈ 35,000 SF 3 Retail Tenants, Size Range 1,500 SF - 2,400 SF 3 Retail Tenants, Size Range 1,500 SF - 2,400 SF

w w w. c a p i t a l r e t a i l p r o p e r t i e s . c o m w w w. c a p i t a l r e t a i l p r o p e r t i e s . c o m

BEARDEN INVESTMENTS

RICHLAND HILLS BUSINESS PARK

515 RICHLAND HILLS DRIVE SAN ANTONIO, TX 78245

19! JANUARY 20 AVAILABLE

New Construction 2018

• 24 ft Clear Height • +/- 12K, 16K, 20K, or 32K SF Spaces • 10’ x 12’ Grade Level Front Load Doors • $6.00/SF/YR NNN • 1-Dock High Truckwell • 2 1/2% Annual Increases • Estimated Opex $2.40/sf/yr Leon Valley • High Quality Tilt Wall Buildings Balcones Heights • ESFR Sprinklers Olmos Park • High Pile Storage Ready • Ample Parking Woodlawn Lake Park • LED Lighting 515 Richland Hills Drive • 480 V/3 PH Electricity San Antonio Museum of Art • Owner-Managed 35 • Private, Deed-restricted Park San Antonio • Move-in Ready 410

421

345

421

151

410

151

Patricia Gassmann • Bearden Investments 223 Hull Lane • Sugar Land, Texas 77498 • 281.568.4185 • patriciag@beardeninvestments.com

Lackland AFB

371

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Protecting Property Owner’s Rights

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EMINENT DOMAIN Compensation For Property Lost Due To:

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LISTENING TO LENDERS Their capital forecast for 2019

GREG YOUNG

BY BRANDI SMITH

he switch to 2019 is an opportunity to celebrate the year that was and look ahead to the year to come. As it pertains to commercial real estate, a big part of the future, as well as the past, is lending. To determine what the new year has in store, REDNews reached out to Greg Young, senior vice president of Grandbridge Real Estate Capital, which offers comprehensive capital solutions for commercial and multifamily real estate assets, and William Dampier, vice president of commercial lending at City Bank, which provides a number of commercial loans aimed at helping the Houston community grow and prosper. Interest rates, already bumped up by the Fed in late December, will be of particular interest this year. “We’re currently in the second longest expansion of the economy in U.S. history. Job creation remains strong,” Young says. “It wouldn’t surprise me at all if they didn’t raise them again in 2019.” Dampier, on the other hand, has penciled in at least two interest rate bumps into his budget for this year. “I think the market might be a little bare for next year,” he explains. “I don’t know if the Fed is just raising the rates a little too quickly, but in the event that the market does see a recession, the Fed does need some ammunition.” Even with the recent increase, rates have been near historic lows, so it’s logical that the Fed would want some breathing room in case the economy slides toward a recession. Those hikes, however, can have a significant impact on the commercial real estate industry. “It makes it harder for some deals to cash flow and to make sense,” Dampier says. “Sellers are collecting rent at all-time highs, so there’s not a lot of motivation these days to sell if they don’t have to. We’re starting to see where, I think, it becomes a standoff and you have to see who blinks first: the buyer or the seller.”

JANUARY 2019

The bottom line for Young is simple: the raising-rate environment means the all-in cost of capital is going to go up. “I suspect the ten year treasury going forward will continue to go up. It wouldn’t surprise me at all if we saw a ten-year treasury around 3.3 to 3.4 this time next year,” he says. “The real question is: what happens with credit spreads?” Now is the time for planning and, possibly, limiting growth, according to Dampier. “If you were anticipating eight percent growth in 2018, maybe you’re only looking at five percent growth for 2019,” he explains. “Over the past 12 to 18 months, we have definitely seen transaction accounts declined. Cap rates are suppressed.” That, Dampier argues, can make it more difficult for investors to identify a deal that makes sense to them. Lenders are taking a hard look at the numbers from a growth trajectory to evaluate how rate hikes will impact deals. “The investors are really having to dig a little deeper, look a little longer. There still are deals out there, they are just harder to find. They’re having to look a little bit broader and expand their market,” he says. “We have recently started to do a few more deals to the east, toward the Beaumont market.” Dampier says even a few years ago, there were plenty of deals floating around Houston, so it wasn’t necessary for investors to stretch their boundary. Now, they’re stepping outside the city to evaluate potential opportunities in outside markets. For Young, it’s not necessarily about when to finance, but where to find financing. Changes to lending practices have increased interest in alternative capital services, such as debt funds. Young continues that Fannie Mae and Freddie Mac remain en vogue as lenders.

WILLIAM DAMPIER

“They’re going to continue to be in high demand,” he says. CMBS obviously remains an option as well. “Life insurance companies, Grandbridge Real Estate Capital’s bread and butter, continue to add commercial mortgage loans to their portfolio. The thing we love about them is that those guys are always in business. They’re never out of the market,” he says. While CMBS is always one choice, Young argues there are several capital solutions available in the marketplace. “One of the reasons why people hire us is because we’re giving them access to all of these different sources of capital. There are certain shops out there that tend to gravitate toward a single capital alternative,” he says. “At Grandbridge, we enjoy unparalleled access to capital. The real value we offer our client base is placing them in the capital solution that best fits their needs.” Overall in 2019, ‘a little bearish’ is how Dampier describes City Bank’s approach. He says he’ll keep an eye on the stock market as the interest rate hikes take effect. “It’s definitely making you really evaluate these deals because you’re seeing some lenders out there that are willing to stretch to possibly hit their budget and to make their investors happy,” he says. “We’re not putting ourselves in harm’s way to try to make a deal work.” Young predicts the overall supply of capital, which is higher than he’s seen it in his 16 years in the industry, will be the same in 2019. “I’ve got more money than I have deals,” he says. Since the year is just getting started, we will have to wait and see how the lending environment responds to predicted changes.

GReenberg & Company Commercial Real Estate Brokerage Firm

Retail Space Available| Great Locations PRIME FRONTAGE

WESTCHASE DISTRICT

GREENWAY PLAZA

5630 Richmond Ave | Houston TX 77057

8104 Southwest Fwy | Houston, TX 77074

9703 Westheimer Rd | Houston, TX 77063

3815 Richmond Ave | Houston, TX 77057

RETAIL PROPERTY FOR LEASE • Great Visibility • Major Thoroughfare

RETAIL | BANK | MEDICAL | DRIVE THRU High Exposure • Prime Intersection • Pylon Signage

RETAIL SPACE FOR LEASE High Exposure • Great Location • High Traffic

A multi-tenant single-story retail shopping center located on the southwest corner of the Southwest Freeway and Beechnut. Prime frontage exposure and easy access along the Southwest Freeway.

900 - 5,300 SF AVAILABLE

This is a two-story building situated on the Southwest corner of Westheimer Road and South Gessner. It is west of Loop 610 and the Galleria, south of Katy Freeway and one mile east of the Sam Houston Parkway.

4,480 SF AVAILABLE Price: Call For Details

Price: Call For Details

Multi-tenant retail shopping center located on the Southeast corner of Richmond at Weslayan. Between the Central Business District, Texas Medical Center and Galleria/ West Loop. Adjacent to Edwards Theatre.

2,175 AVAILABLE

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: 713-778-0900 EMAIL: DAVID@GREENBERGCOMPANY.COM

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

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

Shadow Anchored by Bass Pro & Katy Mills Mall

• On Interstate 10 in front of Katy Mills Mall • 1,020 SF – 20,000 SF • 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

Shadow Anchored by Buc-ee’s

• On Interstate 10 and nexTto 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

New: Shopping Center Coming to West Ten!

West Ten Business Park near Buc-ee’s

• On Interstate 10 Westbound • 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 Katy Mills Plaza 2404 Texmati

Shopping Center Coming to West Ten!

The Shops at Cane Island 27252 Katy Freeway

Joe Rothchild | 713-857-0567 | rothchil@yahoo.com

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

Houston’s Economy in 2019: “Sorting Out the Right Path Forward as Growth Returns” UH Bauer College of Business Institute for Regional Forecasting Annual Presentation Speaker: Robert W. “Bill” Gilmer, Ph.D.

Takeaway: With some mildly qualifying caveats in selected commercial real estate segments, the overall light is green in Houston’s economy for 2019. • Economic growth in Houston was very weak 2014-17 but the economy was sustained by fracking momentum, a Ship Channel chemical boom, and post-Harvey retail and construction ROBERT W. “BILL” GILMER, Ph.D.

• Job losses matched the ‘80s here during recent oil downturn, but have stabilized without a big upward bounce • Nine service sectors carried our economy post-slump: retail, health care, finance, bars & restaurants, local gov’t, private education, state gov’t, arts and entertainment, lodging • Ship Channel boom continues but at lower levels • Negative impact from Harvey is behind us; relief and infrastructure investments from the storm will help our economy • Job growth has returned to Houston with 122,000 new ones forecast for 2018, although not many high-paying ones like we lost in the recent oil recession • The oil sector jobs recovery is somewhat lackluster, which may be explained by increased efficiency in the Oil Patch through technology; 74,000 jobs were lost in the bust but only 15,000 have returned so far • 1022 rigs are drilling now as compared to 1855 rigs in 2011, which is partially explained by more efficient utilization of today’s rigs through technology • Rigs are fewer but jobs in Houston do not fall proportionately with rigs because of the need for Houston-based engineering, oil services, machinery & fabricated metals does not fall nearly as fast as the number of rigs • Geopolitics play a big factor in oil prices and therefore affects Houston jobs in the sector; global growth has slowed but not demand for oil and gas; there is no sign of a demand peak, and demand should reach 100 million barrels per day for first time this year • Political risk from Iran, Venezuela, Iraq, Russia, and other countries can always affect supply, demand, prices, and, by extension, Houston jobs; Iran sanctions may not change the supply demand ratio much when all is said and done

• Many factors affect oil prices and there is no clear way to predict their direction; it would take a prolonged supply disruption in the world to drive prices significantly higher and create a commensurate bump in local jobs; no return to prior to 2014 oil employment • The U.S. economy is performing well by every measure, ensuring ongoing strength; some hindrances could be a messy Brexit; a strong dollar; a trade war; or an overly aggressive Fed fiscal policy • Faster U.S. growth may be capped by current full employment, rising fiscal deficits from overly heavy tax cut, accelerated Fed rate increases, or inflation; there is a minimal chance for a recession in the near term • 30 year fixed rate mortgage stands at 4.6% interest, which is low by historical standards, and interest rates are expected to gently continue their rise • 2018-19 forecasts 25-30,000 new people moving to Houston, and this number will be directly proportional to job creation here • Mortgage rates and labor and material shortages in Houston have led to lessening affordability in housing here, and nationwide as well, with positive implications for multi-family occupancy; new home sales are off • Change of sales mix to smaller homes has led to lower prices for the average new home; focus in our area is on development of entrylevel homes; the lot supply has tightened, but is correcting • Apartment occupancy is back to 90% overall and tenant concessions are shrinking; the apartment construction cycle is resuming • Recovery has begun in the office market but has a long way to go; rents are being cut and other incentives are being offered by landlords; limited new product and slow absorption will gradually bring office back to equilibrium, but very slowly

• Since January ’15 oil prices have fluctuated between $54 and $66 per bbl; this year the U.S. will out-produce both Saudi Arabia and Russia

• The retail market continues to tighten, with a big bounce in sales in 2018; rising rents and low vacancy characterize this sector; 90% of new retail construction is in the suburbs; most online sellers are now required to pay taxes in the state and this levels the playing field for brick and mortar stores

• Fracking has fundamentally changed American oil production, and is able to rise and fall quickly to keep supply and demand in equilibrium; shale oil production through fracking continues to soar

• Industrial real estate is hitting on all cylinders: upstream, downstream, and e-Commerce; rents are rising on both sides of town, with oil & logistics leading on the west side

JANUARY 2019

Har vey Mitc hell P kwy - 35, 580 V

Future Development Property Highlights

Current Tenants

28 18 /

• New 106,000 SF H-E-B

• More than 47,000 SF of retail space • Restaurant spaces include outdoor patio & common green areas with amphitheater

Office

• Multiple pad sites available • Located in rapidly expanding south College Station

Office

Balcones Drive

Restaurant

Brett Boatner

College Station Dental

Jeremy Richmond

Brett.Boatner@OldhamGoodwin.com Jeremy.Richmond@OldhamGoodwin.com

Cyndee Smith

Cyndee.Smith@OldhamGoodwin.com

Restaurant

Bryan/College Station | Houston | San Antonio | Dallas 1 Mile

www.OldhamGoodwin.com | 979.268.2000

Wellborn Road : 42,442 VPD

Beautiful Waterfront Tract 2.6 Acres w/No Zoning

Ideal for Mid-Rise | Single Family | Mixed Use Located on North Shore of Clear Lake • 4949 E. Nasa Parkway ARMAND BAYOU VIEW

Endless Possibilities. What will YOU build? Mid-Rise | Condo | Restaurant Retail Shop | Hotel

SUNSET VIEW

CLEAR LAKE VIEW

Contact: Thomas Hitchcock, Broker, CCIM

tomhitch@teleshare.net

713-254-3105

civil fair play

ASK THE PUBLIC INSURANCE ADJUSTER

What You Need To Know About Settling Commercial Property Damage Insurance Claims SCOTT FRIEDSON

BY BRANDI SMITH

ne of the biggest challenges commercial owners and operators face is managing risk. You can secure financing, attract investors, make improvements and screen tenants but you cannot know when disaster will strike. In Texas, we know all too well the damage a rogue thunderstorm can cause when it hurls golf ball-size hail or fills up a local creek too quickly. That’s, of course, why the insurance industry exists: to protect your investments in case of a loss. However, insurance companies may not be completely altruistic in their mission. “Policyholders who operate commercial buildings simply cannot afford to figure out as they go how to avoid underpayments or lengthy delays,” says Scott Friedson, a public insurance adjuster and CEO of Insurance Claim Recovery Support. “History has shown me that you should not expect your insurance company to document and just give you everything they may need to pay out. All too often insured policyholders get so worn out, they want to give up or sue before ever presenting a well-documented claim package that supports their damages.” Insurance companies do a great job managing liability; in doing so, insurers retain experts who represent their interests. Since policyholders bear the burden of proving their claim, having an advocate on your side can make all the difference between a fair and prompt settlement or a long drawn out dispute.” “I can appreciate saving money,” he says, “but if you shop for insurance based solely on price, like almost everything else in life, you tend to get what you pay for.” 28

JANUARY 2019

“All policies are different. Not just better or worse coverage, but better terms and conditions for the policyholder,” says Friedson. “We understand policy language, claims handling obligations of the insurer and how to compel insurers to perform in a nonlitigious and effective fashion. At the end of the day,

our goal is to settle claims for policyholders without a fight so everyone can get back to business.” Licensed by the state and bonded, Friedson loves his job representing and fighting exclusively on the behalf of policyholders’ interests. “Most people don’t even know public adjusters like myself exist,” Friedson says. If a fire were to rip through a building you own, the first step in the claim process is always to notify your insurance agent and file a notice of claim. He or she will follow up with your insurance company, who sends out a claim adjuster, and sometimes an engineer and/or a building consultant. “The insurance company’s hired experts represent the interests of the insurance company,” explains Friedson. “I perform the documentation, evaluation, investigation, negotiation, interpretation of the policy, damage estimates, and other claims handling functions solely on the behalf of the policyholder. I am propolicyholder or a policyholder advocate.” Someone in his role comes in handy if the initial claim exceeds an amount of $50,000, if you are offered an unsatisfactory settlement offer, if you disagree with a coverage decision or if your insurer is taking too long to pay your claim.

“Policyholders call and complain when they get rightfully frustrated, but that’s never going to move the needle.” Friedson says. “Documentation, he argues, is the name of the game and unless you know how to document a claim package to fit into the insurance carrier’s check box, you’ll never get any traction.” “Approximately 90 percent of the claims we handle get settled,” says Friedson. “If they don’t settle with us and it gets referred to an attorney, we have never lost. In fact, in all the time I’ve been adjusting claims, only two of my claims have seen a courtroom. Interestingly, they were both churches. The ten percent of our other claims that were referred to counsel settled in mediation.” He says his strength is he can legally interpret policy coverage, properly document claim files to prove the coverage and produce well-supported and compelling insurance claim demands so that the policyholder is indemnify fairly. Insurance carriers view his practices as an opportunity to reasonably solve claim disputes using a non-litigious approach. “The best time to get me involved is in the very beginning. Because as a public adjuster, I can assert my arguments and documentation supporting a policyholder’s claim in real-time and when your insurer knows that you have representation. Carriers pay way more attention to what is going on with your claim file when they know you have credible representation,” Friedson explains. Some people think they can handle the situation on their own or rely on contractors with no authority to negotiate or settle claims which often result in a lessthan-expected settlement in a much longer timeframe. “I like to use this analogy: I can do my own taxes, Continued on Page 30>

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

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

O’Connor & Associates Retail Forecast Luncheon

Speakers: Mark Davis, Davis Commercial & Jason Gaines, NAI Partners

Takeaway: Leasing and development and investment sales in this segment are beginning to show signs of slowing, but not flattening out, whether inside or outside the Loop. Growth in rents and prices in general is projected to continue, albeit at a slightly lower rate than in recent years.

MARK DAVIS DAVIS COMMERCIAL

• Huge price increases inside the Loop in leasing and sales, due to increased desire for ‘urban living’ by empty nesters and Millennials, aided by strong growth of mid- and high-rise residential units • Reducing commuting time by living ‘closer to the action’ has a high appeal, plus ‘having fun right where you live’ • As some big box stores exit the scene, they are tending to be replaced now with entertainment, fitness, or restaurant tenants… not traditional clothing stores • As land value inside the Loop increase, many retailers cannot afford the rents that other tenants can pay

JASON GAINES NAI PARTNERS

• We are in a STRONG retail market overall, which is stable and solid • Our retail pricing compares favorably to other big cities, many of which have much higher rents

• Many new potential users are hungrily watching for space vacated by exiting retailers • In the suburbs, retail has not overbuilt, and we are seeing ‘circular’ development along the Grand Parkway instead of ‘linear’ development along freeways • Houston is most comparable to Los Angeles and Miami: large Hispanic populations, Sunbelt Cities, fast-growing, spread out…this is who we should compare retail pricing and investment sales activity with, not the denser eastern seaboard cities • Huge demand from investors with large amounts of capital ‘seeking a home’ in Houston is helping maintain high prices here • Houston has hit a population size ‘tipping point’ where big retail distribution centers are choosing us over the DFW Metroplex, their traditional choice in the past

ASK THE PUBLIC INSURANCE ADJUSTER < Continued from Page 28

but it’s going to take me forever. Plus, I don’t know whether I’m paying too much or getting the proper refund. I don’t know if I’ll get flagged for an audit or if I checked all the right boxes,” says Friedson. “My existing clients, once they work with us, know to just call Insurance Claim Recovery Support and we’ll handle the claim.”

says, “then a board-certified insurance attorney is the

“Avoid litigation like the plague.” Friedson says. “Don’t get me wrong, some insurers can be unreasonable and unfortunately, sometimes policyholders are forced to sue, so if you really need an attorney who typically charges 40 percent after we’ve made reasonable efforts to settle and we typically only charge 10 percent,” he

“are just plain lazy and lawsuit happy.”

JANUARY 2019

way to go. Either way, if we don’t recover money for your claim, you don’t get charged a fee.” “As with any industry,” Friedson says, “there are good and bad public adjusters. Some are nothing more than sales people, some are biased and work with both insurance companies and policyholders. Some,” he says, “We don’t ever work for insurance companies. I only work for policyholders. We don’t owe anybody any favors, and we work our files.” he says. Before you hire someone, Friedson adds, find out what

percentage of their claims closed without escalation to litigation and if they ever do work for insurance companies. That will tell you a lot about what you need to know about that public adjuster. “We’ve taken claims that were flat-out denied and turned them into seven-figure claims. Several underpaid claims were re-opened after the insurance company only offered a little bit of money and we’ve gotten them fully indemnified without having the need to involve attorneys or invoke appraisal.” he says proudly. In the world of the unknown, it’s comforting to know there’s someone out there who’s watching out for you.

HANKAMER & ASSOCIATES BROKERS, L.L.C.

Hospitality Consulting Services 40 Years Experience As Hotel Developer, Owner/Operator and Commercial Broker

Offering Properties & Hotel Consulting

PROPERTIES AVAILABLE • 1/3 Acre - Clarewood @ Atwell - Houston • Freeway Sites - I-20 - Monahans, TX (Permian Basin) • 30 Acres Commercial/Rail Serviced - Tomball, TX • 12 Acres Residential/Commercial - I-45 - Huntsville, TX • Hotels - Statewide

Ray Hankamer, Jr 713.922.8075

rhankamer@gmail.com / www.hankamer.com

ULI HOUSTON 12th ANNUAL

DEVELOPMENT OF Distinction awards January 29, 2019 @ The Astorian Tickets and Sponsorships Available

Visit houston.uli.org for more information

THE 2019 TARRANT COUNTY COMMERCIAL REAL ESTATE FORECAST JANUARY 23, 2019 - FORT WORTH CONVENTION CENTER

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Austin/San Antonio

11,000

Texas Newsstand

6,812

Outside Texas

5000

10000

15000

50000

McALLEN, TEXAS Built for Business

Nestled in the bustling epicenter of the Rio Grande Valley, McAllen, Texas is built for business. Well known as a leading retail power-house for shoppers from throughout the southern region of Texas and northern Mexico, the City of McAllen offers investors and businesses an opportunity to partner with them and tap into a market that is growing and prospering, as evidenced by the increase in construction valuation of over $600 million since 2016 in residential, commercial, and quality of life development. “The millions of dollars being invested by local developers and companies from around the country and the world, demonstrates that there is money to be made in our city,” said City of McAllen City Manager Roel “Roy” Rodriguez, P.E. “McAllen is THE place to work, live and play.” RETAIL McAllen is the leader in retail sales and development along the Texas/Mexico border. The city grosses approximately $3 billion in annual retail sales tax revenue with leading global mall developer Simon’s multi-million-dollar mall expansion opening in late 2017 to bustling crowds, eager for the first-to-market additional shops. The mall added 50 stores, six restaurants and two parking decks to La Plaza, further solidifying McAllen’s status as the ultimate luxury shopping destination in deep South Texas. Other retail development includes The Shops at 29, a $40 million, 200,000-plus square foot shopping, dining and entertainment power center by Terracor Real Estate Services. Located one block south of the McAllen Performing Arts Center, Shops at 29 features Dave & Buster’s, Burlington, Ulta and Freddy’s. Washington Prime Group’s Palms Crossings, strategically placed adjacent to the McAllen Convention Center, is 580,000 square feet of retail space that boasts multiple retail and dining options, with new eateries including Cowboy Chicken, Il Forno and a first-ever location for Reserva Coffee Roasters. In fact, McAllen is a proactive and innovative city that leverages consumer and market analytics through Buxton, a leader in the industry of site selection analytics. Through its partnership with Buxton, the city provides developers, brokers and potential businesses with access to market intelligence to better understand the current economic conditions and available retail opportunities.

RESIDENTIAL Residential construction continues to grow steadily throughout the city, with multiple new subdivisions, in just the last year alone. Additionally, a Texas A&M School of Engineering, BioMedical, Agriculture and Lab Sciences located within the 2,500-acre Tres Lagos subdivision, will be opening its doors to students later this year. Tres Lagos, a master planned community, will not only feature state-of-the-art smart homes at every available price point, the TIRZ agreement with the City of McAllen and Hidalgo County created for the development allows for multiple parks; hike and bike trails; and volleyball, basketball, and tennis courts, to name just a few of the amenities. A charter school along with mixed use shopping centers will make this the most soughtafter community in McAllen. COMMERCIAL Commercial development has skyrocketed, with new offices, hotels, restaurants, and even, schools and hospitals breaking ground or expanding to accommodate the growth of the city. Additionally, public-private partnerships, combined with innovation, is priority to McAllen city leaders as demonstrated by a former Walmart transformed into the world’s largest single story public library and Spectrum transforming a vacant Kmart space into a regional bilingual call center that has already added 700 new jobs. Additionally, a new nursing school expansion, multiple hospital and medical center renovations and a soon-to-be completed research facility by the University of Texas Rio Grande Valley Medical School in McAllen are spurring the medical industry growth. QUALITY OF LIFE The City of McAllen state-of-the-art McAllen Performing Arts Center, features acts as diverse as Tony Bennet and Tito Puente, Broadway’s Jersey Boys and the Moscow Ballet’s Nutcracker, as well as regular performances by the Valley Symphony Orchestra. Located on the grounds of the McAllen Convention Center campus, the facility offers patrons a chance to take in shopping and enjoy a meal before or after the show.

Highest Retail Sales Tax Revenue in the MSA and Region - Texas State Comptroller’s Office McAllen named Best Mid-Size City for Careers - Forbes, 2015 McAllen ranked #1 in Texas, #7 in the nation, Safest City

- Smart Asset, 2015

McAllen MSA forecasted to lead Texas in Job & Wage Growth over next 20 years - The Perryman Group, 2016 McAllen ranked #1 for 3rd consecutive quarter in 2015 as the Least Expensive City to Live in U.S.A. -The Council for Community and Economic Research, 2015

www.mcallenmeansbusiness.com

2019 Houston Forecast For Retail Professionals Luncheon

Please join us and your fellow Retail Professionals as Dr. Dotzour forecasts what we have to look forward to in 2019. The Briar Club 2603 Timmons Lane â&#x20AC;˘ Houston, Texas 77027 Wednesday, January 16, 2019 â&#x20AC;˘ 11:30 am - 2:30 pm Sponsor Table - $650 Retail Owners, Developers, Brokers, Lenders & Attorneys - $50/person All other Guests - $75/person Featuring Keynote Speaker: Dr. Mark Dotzour, Real Estate Economist

Become a 2019 Sponsor Today! 2018 Sponsors

Sponsorship and ticket inquiries contact:

Amanda Knapp aknapp@riverwaytitle.com or 713-266-2595

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

2018 CREW Dallas Leadership

ne, Byron Carlock, ds Panelists (L-R) Paul Lay ULI Houston Emerging Tren Tim Williamson and , erwood, Jimmy Hinton Jonathan Brinsden, Cara Und

BOMA Dallas Darrell Gage, Cathy Kueb ler, Julie Young, Andrea Saccamanno, and Sharon Walhood at Former President s Board Holiday Luncheon

CCIM Gulf Coast Young Professi

onals

JANUARY 2019

CENTRAL SOUTH TEXAS

JANUARY

2019 1

TUESDAY

3 THURSDAY 7 MONDAY

New Year’s Day

ULI San Antonio - Golf Tournament [11:30am - 6:00pm]

REDNews Newsletter [4:00pm]

17 THURSDAY

BOMA Austin - Luncheon [11:30am - 1:30pm]

21 MONDAY

REDNews Newsletter [4:00pm]

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

23 WEDNESDAY CTCAR - Luncheon: Water Law for Comemrcial Real Estate [11:30am - 1:00pm]

8 TUESDAY 10 THURSDAY 11 FRIDAY

24 THURSDAY ULI San Antonio - Leadership Luncheon: 2019 Emerging Trends & Real Estate Outlook [11:00am - 1:00pm]

CCIM Central Texas - Portfolio of Qualifying Experience [8:00am - 5:00pm] REDNews February Issue Deadline [5:00pm]

14 MONDAY 15 TUESDAY

BOMA Austin - BOMI Course: Budgeting & Accounting [8:00am - 5:00pm] REC Austin - Networking Happy Hour [5:30pm - 7:00pm]

28 MONDAY 29 TUESDAY

REDNews Newsletter [4:00pm]

REC San Antonio - Phillip M. Barshop Founder’s Award [11:30am - 1:30pm]

REDNews Newsletter [4:00pm]

30 WEDNESDAY ULI Austin - Monthly Breakfast Series [7:30am - 9:00am] CREW Austin - Luncheon: Land to Homes-Developing Affordable Housing in Austin [11:30am - 1:00pm] IREM Austin - Luncheon [11:30am - 1:00pm]

16 WEDNESDAY

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

IREM Austin - Board & Committee Chair Meeting [11:30am - 1:00pm]

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

JANUARY 2019

31 THURSDAY

ULI San Antonio - Mentorship Program Mid-year Meeting [5:30pm - 7:30pm] BOMA Austin - BOMI Course: Air Handling, Water Treatment and Plumbing [6:00pm - 9:00pm]

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

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

CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org

what’s going on

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

BOMA Austin Co mmunity First! Village

Workday

CREW San Anto nio volunteerin g for Elf Louise Gi ft Wrapping!

CREW Austin an

ULI Austin’s Seth Johnston, Richard Long, Elaine Housto n and Jeff Coddington @ Capital Markets-Investment Realitie s to Watch for in 2019

19 tate Summit 20 xas - The Real Es Te l ra nt Ce IM CC

Holiday Party Revelers David Johnson, Rod Morgan & Eric Layne

Holiday Party Leade UL

io. wntown San Anton st Bank Tower in Do I San Antonio @ Fro

rs DeLea Becker, Ga yle Berkbigler & Katy Lumpkin, the incom presidents for CTCA ing R, CCIM & CREW JANUARY 2019

NORTH TEXAS

JANUARY

2019 1

TUESDAY

FRIDAY

New Year’s Day

17 THURSDAY

Greater Fort Worth Association of Realtors - Goal Planning & Time Management [8:30am - 5:00pm]

NTCAR - 2019 Broker Forecast [7:30am - 9:00am] Greater Fort Worth Association of Realtors - Charter School Field Trip [8:30am - 12:00pm] IREM Dallas - Luncheon [11:30am - 1:00pm]

BOMA Fort Worth - Education Committee Meeting *Invitation Only [10:00am - 11:00am]

MONDAY

REDNews Newsletter [4:00pm]

8 TUESDAY

ULI North Texas - What’s Trending in 2019? [7:30am - 9:00am] BOMA Fort Worth - Luncheon [11:00am - 1:00pm]

21 MONDAY 23 WEDNESDAY

11 FRIDAY

Greater Fort Worth Association of Realtors - N. Office: Legal Update II [1:00pm - 5:00pm]

Greater Fort Worth Association of Realtors - N. Office: Legal Update I [8:30am - 12:30pm] Greater Fort Worth Association of Realtors - N. Office: Legal Update II [1:00pm - 5:00pm]

24 THURSDAY

BOMA Fort Worth - Bowling Tournament [5:30pm - 8:00pm]

REDNews February Issue Deadline [5:00pm] REDNews Newsletter [4:00pm]

15 TUESDAY

BOMA Dallas: Managing Across Generations [11:00am - 1:00pm]

16 WEDNESDAY BOMA Fort Worth - CSC Meeting *Invitation Only

TABB Dallas - Luncheon [11:30am - 1:00pm] BOMA Dallas: Volunteer @ North Texas Food Bank [1:00pm - 3:30pm]

Greater Fort Worth Association of Realtors - 2019 Installation of Officers and Directors [11:00am - 1:00pm]

14 MONDAY

REC Fort Worth - 2019 Tarrant County Commercial Real Estate Forecast [7:00am - 12:30pm] Greater Fort Worth Association of Realtors - N. Office: Legal Update I [8:30am - 12:30pm]

BOMA Fort Worth - Allied Council Committee Meeting *Invitation Only [1:00pm - 2:00pm]

9 WEDNESDAY

REDNews Newsletter [4:00pm]

28 MONDAY 31 THURSDAY

REDNews Newsletter [4:00pm]

ULI North Texas - Bush Presidential Center: “Policies to Promote Inclusive Urban Growth” [8:00am - 2:00pm] NTCAR - Stemmons Service Award [6:00pm - 9:00pm]

[11:30am - 12:30pm]

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.

JANUARY 2019

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

what’s going on

2018 CREW Dallas Careers

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

BOMA Dallas Former Presidents

Howard Fuerst, CCIM – CCIM North Texas Debi Carter, CCIM and way Gate ly Fami Service Project at

Building Opportunities

um,

Breakfast For ULI North Texas Legislative 201 Preparing For 9

BOMA Dallas Deidre Hardist er and Bill Moebius at Former Presidents Board Holiday Luncheon

CREW Dallas Awards Banquet 2018 JANUARY 2019

SOUTHEAST TEXAS

JANUARY

2019 1

TUESDAY

New Year’s Day

7 MONDAY

REDNews Newsletter [4:00pm]

10 THURSDAY

CCIM Houston/Gulf Coast - Luncheon [11:30am - 1:00pm]

11 FRIDAY

17 THURSDAY 18 FRIDAY

BACREN - Luncheon: Marketing Session/All Day CE [8:00am - 5:00pm]

REDNews & REPC Present: Houston Trailblazers CRE Summit [8:00am - 12:00pm]

CREW Houston - Luncheon: Multi-Family Panel [11:30am - 1:00pm]

21 MONDAY

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

23 WEDNESDAY IREM Houston - MPSA “Hacks” 2019 [8:00am - 9:30am]

REDNews Newsletter [4:00pm]

IREM Houston - Luncheon [11:30am - 1:00pm] REDNews February Issue Deadline [5:00pm]

24 THURSDAY

BOMA Houston - Business Exchange [3:00pm - 6:00pm] CREN Gulf Coast - Happy Hour [4:30pm - 7:00pm]

14 MONDAY

REDNews Newsletter [4:00pm]

28 MONDAY

15 TUESDAY

REDNews Newsletter [4:00pm]

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

16 WEDNESDAY

CREN Gulf Coast - Property Information Exchange [11:00am - 1:00pm]

29 TUESDAY

Riverway Title Houston - 2019 Houston Multi-Housing & Retail Forecasts [7:30am - 1:00pm]

31 THURSDAY

ULI Houston - Dinner & Dialogue with Onay Payne [5:30pm - 8:00pm]

ULI Houston - 2019 Development of Distinction Awards [5:00pm - 8:00pm]

TABB Houston - Chapter Meeting [11:30am - 1:00pm] IREM Houston - Executive Council Meeting *Members Only [3:30pm - 4:30pm]

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.

JANUARY 2019

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

CREW Houston

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

CCIM Gulf Coast Youn

g Professionals

U of H Students join Scott Evans with Hoar Construction (L) and David Kim, Executive Director of ULI Houston (R) are awarded a$10K scholarship from the ULI Houston 2019 Sporting Clays Tournament

League heon @ Junior

Lunc

CREW Houston President Jan Sparks

McDade Golf Tourname

nt Star Spangled Banner

IREM Houston Holiday Masquerade Party at Moxie JANUARY 2019

CENTRAL SOUTH TEXAS Ty Thaggard has been hired as a principal & head of Quadrant Investment Properties new Central Texas office In San Antonio.

AUSTIN, TX

GOODWILL LEASES 30,720 SF Goodwill Central Texas leased 30,720 sf at 1309 Rutherford Lane.

BROWNSVILLE, TX

ZYDECO DEVELOPMENT SUES CITY OF AUSTIN Zydeco Development Corporation has sued the City of Austin for withdrawing from their $31 million agreement to move Austin Municipal Court to the MetCenter office complex. The city withdrew in order to enter an agreement with Capital Commercial Investments who has space across the street from Zydeco’s development. MYCON BOUTIQUE HOTEL NEAR MUSIC LANE MYCON has started construction on a fivestory building which will have 95 boutique hotel rooms including a restaurant & event space near Music Lane just oﬀ South Congress. The project is owned by Hotel Magdalena JV, LLC, Woodbine Development & Bunkhouse Group. Construction is expected to be complete fall 2019. CHANEL BUYS 50 ACRES IN DEL VALLE AREA French retailer Chanel is reportedly building a manufacturing facility on approximately 50 acres on FM 973 near SH 71 & the I30 toll road. The property is located within the 390-acre Velocity Crossing development. The Del Valle area is within a triple freeport zone which exempts businesses from paying taxes on inventory that is shipped out of state within 175 days. RESIDENTIAL DEVELOPMENT IN DEL VALLE AREA Robert Communities is building 550 manufactured & 260 single-family home lots in the Oak Ranch community oﬀ Pearce Lane. Homes in the 198 acre development are expected to be sold at 50 per cent less than the average singlefamily home. 42

JANUARY 2019

PACVENTURES BUYS 10 BUILDING PORTFOLIO PacVentures purchased an 811,092 sf, 10-building portfolio located at 1000 Billy Mitchell Blvd, 1900 Billy Mitchell Blvd, 200 Texas Avenue & 600-800 Elca Lane from Sealy & Company. Transwestern & Aquila brokered the transaction.

CBRE GROUP ACQUIRED PELOTON’S SAN ANTONIO OFFICE

MANCHACA, TX THREE BUILDING FOR SALE/LEASE CONDOS UNDERWAY Quest Realty is constructing three building which are intended for medical or administrative office use at 8701 Manchaca Road. Upon completion the buildings will have 70,000 sf which will be sold as condos for sale or lease. They are scheduled for completion May 2019.

PFLUGERVILLE, TX

NEW RESIDENTIAL DEVELOPMENT WITH 1,600 HOMES Randolph Todd Development is building a 1,600. 45’ x 100’ lot community called Meyer Ranch at SH 46 & South Cranes Mill Road. Home prices will start in the mid-200,000’s & the development will commence early 2019.

APARTMENTS UNDERWAY IN PECAN DISTRICT Presidium Group LLC has started construction on a 272-unit apartment complex called The Elliott in The Pecan District which is located at the corner of Old Austin Pﬂugerville Road & South Heatherwilde Blvd. The Pecan District is expected to include up to 1,100 residential units, 998,000 sf of office space & 228,000 sf of retail & restaurant space when completed in 2028.

CEDAR PARK, TX

SAN ANTONIO, TX

CANYON LAKE, TX

ACQUILA COMMERCIAL BUILDING OFFICE PROJECT Aquila Commercial will develop a 63,297 sf office project called Cross Creek Landing at 1310 E. Whitestone Blvd. Delivery is scheduled for early 2020.

KYLE, TX 535,113 SF OF INDUSTRIAL SPACE BEING DEVELOPED CA-based Majestic Realty Company is developing a 535,113 sf business park near Kohlers Crossing & I-35. The city of Kyle and Hayes County approved incentive agreements totaling approximately $1.1 million for the developer.

LIVE OAK, TX IKEA OPENS IN LIVE OAK TOWN CENTER IKEA has opened its new 289,000 sf store in the 760,000 sf Live Oak Town Center oﬀ I-35. More than 500 jobs were created during construction.

bulletin

ONE ALAMO CENTER SELLS TO ENTRADA PARTNERS Los Angeles-based real estate investment firms Entrada Partners purchased the 165,000 sf One Alamo Center located at 106 S. St. Mary’s Street from Fort Worthbased Klabzuba. Jamie Jennings, James Mantzuranis & Andrew Rabinovich with Stream Realty Partners represented the seller. TEXAS ORGAN SHARING HQ UNDERWAY The Texas Organ Sharing Alliance is building a $10 million, 27,500 sf headquarters in the South Texas Medical Center located at the corner of Hamilton Wolfe Road & Cinnamon Hill Drive.

$25 MILLION PRIVATE HANGAR HUB AT AIRPORT CO-based real estate developer & designbuild firm Western is building a $25 million private hangar hub at the San Antonio International Airport oﬀ John Cape Road. The project will include seven hangars of which six of already been leased. GVA REAL ESTATE GROUP BUYS VILLAS DEL ENCANTO Comunidad Realty sold the 334-unit, Villas del Encanto apartments located at 1830 Bandera Road to GVA Real Estate Group. CARLOTZ OPENS FIRST TEXAS LOCATION VA-based CarLotz, a used car & consignment dealership,has opened its first Texas location which includes a 22,000 sf store & car lot that will house 350 vehicles at 15447 W. 1-10. WELLTOWER BUYS MEDICAL OFFICE Ohio-based Welltower purchased the 40,000 Texas Oncology-San Antonio medical office located at 5206 Research Drive from Cambridge Holdings. H-E-B STARTS CONSTRUCTION ON 1.6 MILLION SF WAREHOUSE H-E-B has started construction on their 1.6 million sf warehouse at the corner of E. Houston Street & Foster Road. The warehouse is expected to be completed in 2020 & will handle primarily dry groceries for San Antonio & across Texas. The company owns a total of 871 acres at this location.

TEMPLE, TX

Credit: www.eastpennmanufacturing.com

PENN MANUFACTURING EXPANDS ITS OPERATION East Penn Manufacturing Company, a battery producer, is expanding its operations with a $106 million distribution facility located near the intersection of I-35 & Loop 363. Construction is expected to begin in the third quarter of 2019.

NORTH TEXAS ARLINGTON, TX Arlington-based homebuilder D.R. Horton purchased Iowa-based Classic Builders for $60 million in cash. The sale also included undeveloped lots & existing homes for sale or under contract. D.R. Horton also purchased Westport Homes last month for $190 in cash to extend their midwestern presence.

DALLAS, TX

close to Spur 408. Their project will total more than 128 million sf with one warehouse having 797,077 sf & the other with 482,676 sf. AUSTIN-BASED ENDEAVOR BUYS DALLAS LAND Endeavor Real Estate Group purchased a half block at Boll Street & McKinney Avenue in Uptown Dallas. Currently there are several buildings on the property. Plans for the property were not announced.

DALLAS/HOUSTON, TX

Credit: Dallas Morning News

DALLAS MORNING NEWS BUILDING BACK ON MARKET KDC & investor Hoque Global have exercised their option to cancel their contract to purchase the former Dallas Morning News’ building located at 508 Young Street for $33 million. ORIGINAL ONE PARTS LEASES INDUSTRIAL SPACE Original One Parts leased 20,670 sf at 10701 King William Drive. Ken Wesson & Adam Graham with Lee & Associates handled the lease along with Barrett Bufkin with ESRP. JMC HOLDINGS BUYS LAKESIDE SQUARE New York-based JMC Holdings LLC purchased the 410,000 sf Lakeside Square office building located at LBJ Freeway & North Central Expressway & will spend $20 million in renovations on the building. Peloton will be handling leasing for the company. PROVIDENT REALTY ADVISORS BUYS ELEVEN EXTENDED STAY HOTELS Dallas-based Provident Realty Advisors purchased eleven Extended Stay America hotels in Texas for an undisclosed price. Hunter Hotel Advisors brokered the transaction. LIBERTY PROPERTY TRUST TO BUILD 1.28 MILLION SF Liberty Property Trust has submitted plans to build two warehouses at Mountain Creek Business Park on I-20

HARBOR GROUP SELLS THREE APARTMENT PORTFOLIOS Harbor Group International sold three separate apartment portfolios including one in Texas. The Texas portfolio included 12 properties in Dallas & Houston totaling 3,100 units that the company acquired in 2014. The company reportedly realized an increase in value of approximately $140 million for the entire transaction.

DFW AIRPORT, TX BADGER PAPERBOARD LEASES 38,838 SF Badger Paperboard Texas, Inc leased 38,838 sf at International Logistics Center located at 3701 S. 20th Avenue. Blake Kendrick, Cannon Green & Sarah Ozanne with Stream Realty Partners represented the landlord & CBRE represented the tenant. SOFTWARE MANAGEMENT COMPANY MOVES TO IRVING Service Fusion, a 4-year old startup company, has moved from Colleyville to a 23,000 sf space at 8605 Freeport Parkway between I-114 & I-635. The company recently acquired $10 million in funding and has expectations of 100% growth in 2018 & 2019.

EL PASO, TX HANSON ASSET MANAGEMENT BUILDING 125,646 SF IN SPEC SPACE Hanson Asset Management LP has started construction on a 125,646 Class A spec industrial building located at 9581 Joe Rodriguez Drive. Arturo De La Mora & Christian Perez Giese with CBRE will handle leasing.

bulletin FARMERS BRANCH, TX SOFTWARE COMPANY LEASES 20,742 SF ExamSoft, a privately-owned software company, leased 20,742 sf at 5001 LBJ Freeway in the Heritage Two building. Saadia Sheikh & Darren Woodson with ESRP & Eric Crutchfield with Stream Realty handled the transaction.

FORT WORTH, TEXAS DEVELOPMENT SERVICE GROUP BUYS 714 MAIN FOR HOTEL DEVELOPMENT Development Service Group purchased the 24-story, 185,000 sf office building located at 714 Main Street & plans to redevelop the property into a 232-room, four star-hotel. Ryan Matthews with JLL represented the seller.

FRISCO, TX WHITE ENERGY MOVING HQ TO HALL PARK White Energy, a producer of biofuels, food ingredients & animal feed, is relocating their headquarters from Plano to 2595 Dallas Parkway in Hall Park February 2019.

LANCASTER, TX OLLIE’S BARGAIN OUTLET BUILD-TO-SUIT Jones Development will be constructing a 615,000 sf distribution center in Wintergreen Exchange for Ollie’s Bargain Outlet. The facility will be located on 58 acres at the southwest corner of West Wintergreen Road & North Lancaster-Hutchins Road. Gary Colbert & David Eseke assisted Jones Development in marketing the property.

LEWISVILLE, TX CENTURY AC BUYS INDUSTRIAL PROPERTY Century AC purchased a 14,123 sf industrial property at 1504 Fairway Drive from Rainbow Creations. Nathan Denton with Lee & Associates handled the transaction along with Eric Crutchfield with Stream Realty.

MESQUITE, TX CENTURION AMERICAN UNDERWAY ON $16.5 MILLION DEVELOPMENT Centurion American Development Group purchased a 17-acre rodeo

facility & more than 50 acres of adjoining land just west of LBJ Freeway & Military Parkway for the development of a mixed-use development. Upon completion the $116.5 million development called Iron Horse Village development will include 330 residential units, 130,000 sf of retail/commercial space & $4 million in upgrades to the rodeo complex.

RICHARDSON, TX AERSHIN INC LEASES 20, 143 SF Aershin Inc leased 20,143 sf of industrial space at 1200 International Parkway. Chandler Mason with Mercer Company & Dan Lawson with Proterra Properties handled the transaction. KDC TO DEVELOP 130,000 SF DATA CENTER KDC has announced plans to build their fifth ground up data center development in Richardson’s Telecom Corridor located at 1510 E. Lookout Drive near Plano Road. KDC entered the data center market in 2007 & has since completed 15 ground up greenfield data centers.

WILMER, TX

Credit: Kimley Horn

CHICAGO-BASED LOGISTICS PROPERTY COMPANY BUYS SOUTHPORT Chicago-based Logistics Property Company, which specializes in acquiring, developing & managing logistics real estate, purchased Southport Logistics Center located near I45 & I-20 near the Union Pacific Intermodal. The center is located on 252-acres & currently includes 1.5 million sf in two buildings. Upon completion the development will include 8.6 million sf. 400,000 sf was reportedly just leased in the center to a Fortune 100 company. Kacy Jones & John Hendricks with CBRE will handle leasing for the remaining space in the park. JANUARY 2019

SOUTHEAST TEXAS

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William Fehmer has been hired as the managing director for Richmond, VA-based Commonwealth Commercial Partners’ Houston office.

NO.

HOUSTON RANKS 1ST IN U.S. FOREIGN EXPORTS AS MAJOR PORT ENTRY FOR TEXAS & MUCH OF MIDDLE AMERICA. TEXAS LEADS THE NATION IN NUMBER OF FOREIGN TRADE ZONES.

CYPRESS, TX STAR FURNITURE & LANDMARK INDUSTRIES LEASE SPACE Star Furniture & Mattresses & Landmark Industries leased space at the 70,000 sf North Cypress Landing Center which is a redevelopment of a former Randalls grocery store. The landlord was represented by Jeﬀ Warwick with Williamsburg Enterprises & Star Furniture was represented by Nick Hernandez & Crystal Allen with Transwestern. Neal Wade & Lunden McGill with Baker Katz represented Landmark Industries.

HOUSTON MAA BUYS SPRING BRANCH LAND FOR APARTMENTS Memphis- based Mid-America Apartment Communities (MAA) purchased 9.2 acres at the northeast corner of Long Point Road & Knoll for the development of a high-end 300 unit apartment project. The property was purchased from BlackSwan Investment Partners and was formerly the location of the Spring Branch Medical Center. LOGISTICS PROPERTY COMPANY IN SOUTHWEST HOUSTON Chicago-based Logistics Company is building CityPark Logistics Center on 97-acres at Hwy 90 & the Sam Houston Tollway. At build-out the development will include 1.7 million sf in seven buildings. John Talhelm & Kevin Erck with JLL will be leasing the project. GABLES RESIDENTIAL BUILDING HIGH-RISE ON WEST CREEK/WEST LOOP Gables Residential has broken ground on their first high-rise residential project located on West Creek at the West Loop. Upon completion the project will have 295 units averaging 1539 sf. 44

JANUARY 2019

FINIAL & SENTERRA BUILDING INDEPENDENCE BUSINESS PARK According to Keith Bilski of Houstonbased Finial Group, his company is building a 145,185 sf business park on McHard Road near Beltway 8 with Houston real estate holding company, Senterra. The first two buildings of the project are expected to deliver third quarter of 2019.

MARATHON OIL BUILDING ON I10 & BELTWAY 8 Marathon Oil plans to relocate their offices to a new building at the southeast corner of I10 & Beltway 8 next to CityCentre when their lease expires at Marathon Tower, 5555 San Felipe, in late 2021.

HUMBLE, TX HILLER RESTORATION LEASES 35,000 SF Hiller Restoration leased 35,000 sf at Parc Air 59 at 18710 Eastex Freeway. Allison Bergmann, Nathan Wynne, Beau Kaleel & Jason Dillee with Cushman & Wakefield represented the landlord, Jackson Shaw & Caldwell Cos. represented the tenant.

KATY, TX

ASTRODOME TRANSFORMATION Ryan Walsh, executive director of the Harris County Sports & Convention Corporation expects to present plans to the Texas Historical Commission in April 2019 for the transformation of the Astrodome to a modern events center. Interior demolition is expected to take approximately nine months with renovation expected to be complete in 2021. M-K-T REDEVELOPMENT Q2 2019 Houston-based Radom Capital & Triten Real Estate Partners plan to start the redevelopment of the 200,000 sf industrial property at North Shepherd & 6th Street into a mixed-use retail project during the second quarter of 2019. Scott Arnoldy heads up the Triten team & Steve Radom heads Radom Capital. MERCER LEASES 19,481 SF AT MARATHON TOWER Mercer Advisors, who acquired Kanaly Trust in 2016, leased 19,481 sf at the Marathon Oil Tower located at 5555 San Felipe. Elliott Hirshfeld with CBRE represented the landlord, M-M Properties & Vince Gyorgy & Brad Marnitz with NAI Partners & Liam Murphy with Hayes Commercial represented Mercer Advisors & Kanaly Trust.

ONLINE HOME FURNISHINGS/DÉCOR LEASES 103,635 SF Wayfair, an online home furnishings/ décor retailer, leased 103,635 sf at Gateway Northwest Three located at 20510 Hempstead Road. David Hudson represented the landlord, Duke Realty & Patrick Rollins with CBRE represented the tenant. THE AZTEC FUND BUYS WESTWAY PLAZA Mexico-based The Aztec Fund, purchased the 313,240 sf Westway Plaza office building located at 11330 Clay Road. Jeﬀ Hollinden & Dane Peterson with HFF represented the seller, Transwestern Development Company. HENEK FLUID LEASES 21,000 SF Henek Fluid Purity Systems Inc leased 21,000 sf at 6633 Lindbergh Street. Chris Caudill & Jake Wilkinson represented the landlord, R. Pennington Investments LP, & Jeﬀ Peltier & Barrrett Gibson with Colliers represented the tenant. ENERGY CENTER FIVE FOR MCDERMOTT INTERNATIONIAL Houston- based McDermott International is reportedly in discussion with Trammell Crow & CBRE regarding leasing Energy Center Five, the 524,397 sf office building which was constructed in 2016 & has never been occupied. The building is located at 915 N. Eldridge Parkway. MATTRESS FIRM 25 HOUSTON LOCATIONS Mattress Firm has completed its restructuring after filing for bankruptcy with a list of 25 stores they are closing in the Houston area. They will have approximately 2600 remaining locations.

BAR LOUIE COMING TO LA CENTERRA Bar Louie will open their fifth location in LaCenterra at Cinco Ranch. Bar Louie Katy is the second franchise location being developed by 230 Restaurant Group. Joan Colllum with Collum Commercial represented the developer.

SUGARLAND, TX IMPERIAL MARKET DEVELOPMENT STILL UNDERWAY BancorpSouth reportedly sold their $13.9 million note on the US 90 Imperial Market property to SLP-90A Ltd in an October 2nd foreclosure auction. Geoﬀrey Jones with Imperial Development Group, the project developer, indicated that they plan to secure a construction loan to continue the project CENTRAL UNIT PRISON TO BECOME BUSINESS PARK The city of Sugar Land has approved spending $900,000 for road & drainage to facilitate construction of a 121-acre business park at the site of the old Central Unit Prison on Texas 6 & US 90 A.

THE WOODLANDS, TX BERKADIA SELLS BROADSTONE SIERRA PINES Ryan Epstein & Jennifer Ray with Berkadia Houston handled the sale of the 341-unit Broadstone Sierra Pines apartment project located at 1615 Sawdust Road. The seller was Alliance Residential Company. Financing was handled by Tucker Knight & Nicholas Murphy with Berkadia Houston.

advertiser index

29 Abraham & Co Realtors ................ 24, 25 Adkins Properties Company ................. 19 Alamo EDC ................................................ 19 Bearden Investments ............................ 21 Berkadia ...................................................... 3 Capital Retail Properties ..................... 29 Cedar Hill EDC 1 - North Texas, ............ 13 City of McAllen 1 - Central South Texas, 33 City of McKinney ....................................... 2 City of Seabrook ....................................... 5 District West 1 - South East Texas Equity Secured Investments ................. 21 Greenberg & Co. ..................................... 23 Hankamer Commercial Brokers, LLC .... 31 Insurance Claim Recovery Support LLC .... 18 KW Signature ............................................ 23 La Marque EDC .......................................... 7 National Environmental Services, LLC ... 47 Oldham Goodwin Group ................ 27, 32 Phase Engineering ................................. 34 RE:VIVE ..................................................... 15 Real Estate Summits ............................ 8, 9 Riverway Title ............................................. 16 Showalter Law Firm .................................21 Signco America ....................................... 48 South Texas Surveying Associates, Inc. .... 32 Tarantino Properties Inc. ........................ 17 The J. Beard Real Estate Company ...... 11 The Real Estate Council - Greater Ft. Worth ... 31 Thomas Hitchcock Interests ................. 27 ULI Houston ............................................. 31 AA Realty Company ..............................

The Institute of Real Estate Management (IREM®) Houston Chapter is pleased to announce the new Officers for the 2019 Executive Council. JANET SHIPLEY, CPM® CBRE, AMO® Chapter President Chapter President Janet Shipley, CPM will be installed at the IREM January 2019 luncheon. She has served in numerous capacities for the Chapter and earned her Certified Property Manager® designation in 2013. For CBRE, she serves as Associate Director overseeing 3.6 million square feet including the AIG Houston Portfolio. Janet began her commercial real estate career in 1990 in Houston.

SHERYL GREEN, CPM® Camden Property Trust, AMO® Chapter Treasurer KACI HANCOCK, CPM®, ACoM Wulfe Management Services, Inc. President-Elect

ROBERT TYLER, CPM® JLL Vice President of Education

NATALIE WOODARD, CPM® Accesso Services Vice President of Services ERIN HOLLAND, CPM® Stream Realty Partners, L.P., AMO® Vice President of Membership

KIM HANNIGAN, ACoM Transwestern, AMO® Vice President of Communication GREG SHERMAN, CPM® Brookfield Properties Member-At-Large

STEPHANIE SIDES-SEMBERA, CPM® Transwestern, AMO® Vice President of Legislative

LAURA HARVEY, CPM® Stream Realty Partners, L.P., AMO® Member-At-Large STEPHANIE SWANSON, CPM® Transwestern, AMO® Immediate Past President

JANUARY 2019

2019 Editorial Calendar 50,000+ PRINT & DIGITAL DISTRIBUTION

Month

Market Focus & Sub Focus

January

Retail / Land / Development

February

Office / Industrial Trends & Hot Spots

Ad Deadine *Bonus Distribution Dec 12, 2018

Jan 11, 2019

- RECon Texas - Trailblazers CRE Summit - RECA KnockOut Night - CCIM Forecast Competition - BOMA Southwest Region Conference

Retail / Vacant Land / Texas Development Texas Economic Development

Feb 12, 2019

April

Vacant Land / Industrial Industrial Hot Spots

Mar 13, 2019

- Texas A&M Land Markets Conference

May

Retail / EDCs / Vacant Land Texas Economic Development

Apr 12, 2019

- BOMA Dallas Trade Show

March

- CCIM & CREW Austin Real Estate Summit

- RECon Las Vegas

June

Land / Industrial / Office / Texas Hot Spots

May 13, 2019

July

Land, Retail / Texas Economic Development

Jun 13, 2019

Retail Recap Texas Economic Development

Jul 12, 2019

August

Land / Texas Development Opportunities September Hot Spots

- NTCAR Expo

Aug 13, 2019

Industrial / Office Service / Land Hot Spots

Sep 13, 2019

November

Retail / EDCs Texas Economic Development

Oct 11, 2019

December

Vacant Land / Texas Economic Development Hot Spots

October

JANUARY 2019

- Retail Live! Austin

Nov 13, 2019

Women in Real Estate Summits

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