JULY 2019
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Service & Values:
How Houston’s HI-REIT is leading the way
South Texas:
Reshaping Commercial Real Estate
CRE Tech:
How Airwavz is fixing wireless
JULY 2019
For more information, see page 8
1
Great Opportunities Await January 2019: Trailblazers Summit March 2019: Opportunity Zone Summit June 2019: Land Development & Redevelopment September 2019: Women in Real Estate November 2019: Opportunity Zone Update
We have many events and conferences planned for 2019 Contact us today to get your company involved Ginger Wheless | REDNews | 713-661-6300 | Ginger@rednews.com
2
JULY 2019
71 Events
in 10 states
BERKADIA LAND SERVICES
AVAILABLE LISTINGS HOUSTON, TEXAS
1 Brown Rd., Tomball ±11.76 acres 2 Spring Stuebner, Spring Two tracts, total ±7.79 acres 3 Hufsmith Kohrville, Tomball ±4.86 acres 4 TC Jester, NW Houston ±13 acres 5 FM 1960, NW Houston ±9.94 acres 6 Clay Rd., Katy ±29 acres 7 Morton Rd., Katy ±75 acres 8 Highway 6, Houston ±3.46 acres 9 Highway 6 & Grisby, Houston Two tracts, total ±2 acres 10 Eldridge Pkwy., Houston ±2.14 acres 11 US 90 & Sheldon, Houston ±90 acres 12 US 90, Crosby ±35 acres 13 FM 2218, Rosenberg ±4.88 acres 14 Ft. Bend Toll Rd. & McHard Three tracts, total ±40 acres 15 I-45 & Main, League City Multiple tracts, total ±18.5 acres 16 Bluewater Hwy, Galveston Island ±219 ac.
For additional information, visit our webpage: KRISTEN MCDADE Senior Director 713.469.4509 kristen.mcdade@berkadia.com
www.houston.berkadiarea.com
MATT DAVIS Associate Director 713.974.2407 matt.davis@berkadia.com
LAUREN GEARY Transaction Manager 346.444.8968 lauren.geary@berkadia.com JULY 2019
3
© 2019 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
18
8
12
Market
Sales & Leases 3, 5, 7, 11, 13, 15, 17, 19, 21
Services Environmental 22, 35 Financial 9, 13, 17 Legal 19 Platting & Surveys 15
Scoop
Events 2, 24, 26,28, 36 Social 25, 27, 29 Bulletin 30 – 32
Features
Service & Values: How Houston’s HI-REIT is leading the way 8, 10, 11 Reshaping South Texas Commercial Real Estate 12, 14, 16 Getting Real About CRE Tech: How Airwavz is fixing wireless woes for property owners 18, 20 RAY’S BUZZ CCIM Luncheon 34
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JULY 2019
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5
Letter from the Publisher
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
PUBLISHER Ginger Wheless ginger@REDNews.com
EDITOR Margie Gohmert info@REDNews.com
Dear Readers,
T
he South Texas Commercial Association of Realtors (STCAR) held their first annual Commercial Real Estate Summit in San Antonio on June 4th and we’ve recapped the highlights from the event on pages 12, 14, 16. It was interesting to learn that Laredo recently surpassed Los Angeles to become the U.S.’s leading land port and the Port of Brownsville is the largest landowner port in the US with over 40,000 acres. Brandi Smith interviewed Al Hartman with Hartman REIT and the Airwavz team this month. Both companies are continuously raising the bar in terms of exceeding their clients’ expectations. Read all about it beginning on pages 8 and 18.
STAFF WRITERS Janis Arnold janisarnold1@gmail.com Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDNews.com
MANAGING DIRECTOR Benton Mahaffey accounting@REDNews.com
EMARKETING DIRECTOR Sarah Evans Carter emarketing@REDNews.com
CREATIVE DIRECTOR Michelle Hurtado digital@REDNews.com
SALES
We’re excited to have an outstanding line up of speakers for our June 27th Development/ Redevelopment Summit so hope to see you there. Trending topics we’ll cover include: where are the opportunities, evaluating different land developments, how to work with local stakeholders, and leveraging the new tax laws.
Ginger Wheless ginger@REDNews.com
I hope you have a fabulous Fourth of July!
and developers throughout Texas and the US.
Best Regards,
Texas Brokers: 8,150
PRINT & DIGITAL DISTRIBUTION REDNews is directly mailed each month to commercial real estate brokers, investors
Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710 Outside Texas Investors, Brokers, Developers etc: 26,387
Ginger Wheless
TOTAL QUALIFIED ONLINE REDNews DISTRIBUTION: 50,458 REDNews has gone green using recycled paper. Thank you Midway Press! To subscribe to REDNews call (713) 661-6300 or log on to REDNews.com/subscription. 2537 S. Gessner, Ste. 126 Houston, TX 77063
6
JULY 2019
Downtown Redevelopment
Inside the O-Zone
La Marque Renaissance District
We are building a
memory-making, foodie-attracting, walkable, bikeable, lovable art & entertainment hub for all.
EXPLORE THE OPPORTUNITY
Downtown revitalization in Galveston County • Creative incentives available • Tap into tourism of Galveston-Kemah-NASA • Seeking residential density, restaurants and grocery • Area is Laurel Street, from Bayou Road to Yupon Drive • Includes 1st Street, from Bayou Road to TX-3 • Walking/biking distance to library, police station, city hall
Visit LMEDC.com. Call Alex Getty LMEDC Executive Director at 409-938-9258 for a tour.
GATEWAY TO THE GULF
JULY 2019
7
SERVICE & VALUES:
How Houston’s HI-REIT is leading the way BY BRANDI SMITH
“Exceptional” and “inspired” are two easy ways to describe the company Houston’s Al Hartman has built over nearly four decades. So it’s no wonder those words are pivotal in Hartman Income REIT Inc.’s approach to managing its 55 properties in Houston, San Antonio, Dallas, and Austin. “We offer Exceptional Service, Inspired Values,” says Hartman. “We do everything we can to make the tenants happy and retain the tenants that we have.” HI-REIT also believes in the “Power of Proven Results” when it comes to its investors.
“... strategy …”
Hartman's track record dates back to 40 years ago when he was a young man, working as a door-to-door home remodeling salesman. “I was making quite a bit of money doing that. I wanted to shelter my income, so I took the excess capital and started buying houses and apartments with the money,” Hartman explains. “I was able to shelter my income and then grow my investment portfolio.” He had an eye for value-add properties he could get at 8
JULY 2019
a reasonable price. He fixed them up, leased them out, and sold them within a couple of years. By the age of 27, Hartman had bought 40 homes and apartments. “I made more money doing that than I was selling home improvements door-to-door,” he says. “Within a few years, I went into real estate full-time, though I shifted from residential to commercial.” In 1983, he formed Hartman Management and began bringing on investors, maintaining the approach that had helped him succeed to this point: buying value-add properties. “I gravitated toward that strategy because it can make more profit by leasing property up or improving a property,” says Hartman. “We went about finding properties that had tenant vacancy and needed some attention.” Then the oil bust hit Houston. Property values tanked as more than 225,000 jobs were cut and office vacancies jumped above 20 percent. “For the next ten years, everything dropped,” Hartman remembers. “But I never lost a property.”
Al Hartman
Instead, he was able to add to his portfolio. He kept raising money and bought about 20 foreclosures in a row. “We did really well with them,” says Hartman. He learned a lot through that downturn, including why his tried-and-true method helped him succeed when so many others had failed. “People often ride the values up and overpay when you're in a good market. We've never had that issue,” Hartman explains. “We're always buying properties that have some vacancies and need some attention, so we don't worry about overpaying for the properties.” Continued on Page 10>
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SERVICE & VALUES:
How Houston’s HI-REIT is leading the way < Continued from Page 8
That lesson was one he fell back on when Houston suffered another oil slump just a few years ago.
REIT. It's launching its first institutional fund to raise $50 million to develop industrial properties.
“Everything just cratered, but we had access to capital. So we were able to go out in a market that was down and aggressively buy property,” says Hartman, crediting his company’s low leverage and relationship with a variety of different lenders for its access to financing. “That was an especially fruitful time for us.”
“It's going to be called ‘Last Mile’ because that seems to be where a lot of demand is: last-mile delivery from the distribution warehouses to the home,” Hartman says. “That segment of the industry is growing.”
Even now, he says Houston’s Energy Corridor is still recovering from the setback. Because vacancy in the area remains high, HI-REIT is buying up properties set for foreclosure. “When we bought a property just a few months ago, the seller had to write a check for $600,000 just to reduce the loan. That happened to us twice,” Hartman says. “We’ve had two properties in the past four or five months where we paid less than the loan amount.”
“... the kind of upside we get …”
Having weathered the downturns, he stayed at it and is now working on his 21st private equity fund. In 2008, HI-REIT managed 16 properties. That number is now up to 55, totaling nearly 8 million square feet of property throughout Texas. Additionally, the company employs 175 people. “We’re raising money at the rate of about $50 million a year. With leverage, it’s about $100 million a year. We’re growing rapidly,” says Hartman. “We’re valued at $750 million in assets right now. We want to grow that to $1 billion by 2021, $2 billion by 2025 and $5 billion by 2030.” As the company amasses assets, it focuses on variety. Currently, its properties break down as 60 percent office, 30 percent retail, and 10 percent industrial. The latter is more of a focus than it’s ever been for HI10
JULY 2019
As for the other product types, he points out that his company is buying in San Antonio, Houston, and Dallas. Since 2010, Hartman says the assets HI-REIT goes after have been in the $20 million range, though one last year was $35 million. “This 19-story office building in Dallas was a foreclosure. The bank probably owned it for about eight or ten years and put about $3 million of improvements in the property. They could never lease it up, so they let it go for a steep discount,” he explains, adding that HI-REIT’s in the process of leasing it now. Another North Texas example comes from Richardson, where the company bought the Richardson Heights shopping center for $20 million. At the time, it had only 50 percent occupancy, if that. It’s nearly 90 percent occupied now, and pending leases will take it over that mark. It’s current appraised value: $45 million. “That's the kind of upside we get with these properties,” Hartman says. “That's why we're so successful.”
“... an extraordinary team …”
He adds that none of this success would be possible without his incredible staff. “The team we've assembled is really extraordinary. They're highly accomplished, highly engaged, really committed, and loyal. They put a lot
SERVICE & VALUES:
How Houston’s HI-REIT is leading the way
of time and effort into their respective roles,” says Hartman. “You can't run a company at all without having an extraordinary team.”
Those surveys go out every six months, and Hartman says there’s a constant challenge to move the numbers up.
The company also emphasizes God to operate in a manner consistent with biblical principles.
“It is absolutely paying off because when a tenant moves out of an office building, it costs a lot of money,” he explains. “If you retain them, it's a lot less costly. One of our core values is ‘Keep the tenant you have; it's sacred. Keep the customer you have; it's sacred.’”
“We lift up Christ in the workplace, and we put God first,” Hartman explains, offering examples such as bible studies, a benevolence fund to help team members in need and a life coach who’s there to help. “We want to develop the team members both spiritually and with their skillset in the business.”
“... what people want …”
Just as HI-REIT goes above and beyond for its people, it does the same for its tenants, which is why its new tagline -- Exceptional Service, Inspired Values -- is so important. “We typically buy B properties. Some B-plus, some B-minus, but they’re in that range of B properties,” says Hartman. “However, we offer our tenants A service, as though they’re in an A building.” The result is longer stays by tenants, who tend to be happier. “Exceptional Service, Inspired Values just crystallized everything that we do, brought everything together. That white glove service is what people want,” Hartman says, adding that NPS surveys reveal property managers are also happier and more engaged in offering this upgraded concierge service.
“... our track record …”
The company’s successes have lured several investment bankers who are interested in putting together an IPO for HI-REIT, though Hartman suggests the market isn’t healthy enough for that step at this time. “We're in the process of merging our assets and putting everything together in anticipation of doing an IPO, perhaps next year,” he says. The company has been able to attract bulge bracket banks, such as Citibank, Royal Bank of Canada, Raymond James, Wells Fargo, Bank of America, Merrill Lynch and even JP Morgan. “The reason we're able to do this is because of our track record because we've done so well,” says Hartman. “Most companies our size who do what we do aren't able to attract those kind of underwriters, so it's a real tribute to the success that we've achieved.” As HI-REIT looks to the future, one thing is clear: it will continue to garner praise in many forms, not the least of which is hailed exceptional and inspired.
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11
RESHAPING SOUTH TEXAS COMMERCIAL REAL ESTATE
On June 4, 2019, SOUTH TEXAS COMMERCIAL ASSOCIATION OF REALTORS held their First Annual Commercial Summit at Brooks City-Base in San Antonio. The event featured presentations by Real Estate Professionals from Dallas, San Antonio, Corpus Christi, Laredo, Brownsville, Harlingen, and Austin.
BY JANIS ARNOLD
ANN EATON, Opportunity Zones Manager for the City of San Antonio Economic Development Department:
ANN EATON OPPORTUNITY ZONES MANAGER FOR THE CITY OF SAN ANTONIO ECONOMIC DEVELOPMENT DEPARTMENT
• First authorized in 2017, San Antonio has OZs located in 9 parts of town: Brooks City-Base, Downtown, East Side, Far South, Far Southeast, Near South, Near Westside, Northeast Corridor, Port San Antonio, and Lackland Air Force Base. • We’ve created a new mapping tool and website related to economic development opportunities in specially designated areas to market the assets and needs in our OZ clusters. • The Westside Strategic Plan will be available in September. Working in partnership with Wendell Davis & Associates, this plan will identify business and commercial corridors in need of investment and community redevelopment. • Our next steps will be to participate in published RFIs and to create new marketing brochures and an OZ Investor Prospectus site with stakeholders.
CHRISTINE BRYANT, Director of Business Retention & Expansion, Corpus Christi Regional Economic Development:
CHRISTINE BRYANT DIRECTOR OF BUSINESS RETENTION & EXPANSION, CORPUS CHRISTI REGIONAL ECONOMIC DEVELOPMENT
12
• Corpus Christi’s population is projected to grow by almost 8,500 over the next five years, while jobs are expected to grow by 9,832 over the same five years. • We have 4 OZs in Corpus Christi: North Beach, Downtown, Texas A&M CC, and the Naval Air Station. The cities of Taft, Robstown, and Rockport also have OZs. • Our target industries are: - Specialty Steel Production. - Shale Oil/Natural Gas/Pipeline Industry/NGL Production. - Aircraft Manufacturing and Unmanned Aerial Systems. - Small Business & Entrepreneurship Development. • The current capital investment totals $26 billion, with an estimated 7,270 jobs anticipated. • The city of Corpus Christi’s economic development group/plan is working to educate property owners, developers, and investors within Corpus Christi Opportunity Zones about what this program brings to the table. • We are working to identify and cultivate worthy real estate projects seeking equity investments. We’re looking to identify businesses in OZs or businesses that would like to relocate to OZs and would be open to equity investments/partnerships. We work with allies within the region to prioritize and promote OZs, to bid an investor pool database, and to create, develop and update our website/prospectus: CorpusChristiOpportunities.com. • CREs should familiarize themselves with Opportunity Zone guidelines. Our goal is to attract those national funds that are shopping for communities into which they can invest.
JULY 2019
Continued on Page 14>
FOR SALE LOCATION
SIZE
PRICE
4020 Red Bluff, near Beltway 8, Pasadena, Tx
2.9 acres
$1,400,000
E. Lake Houston Pkwy/Fairlake/FM 1960, Houston, Tx
10 acres
$1,300,000
FM 521, stabilized, high fence, Rosharon, Tx
20.3 acres
$500,000
15807 Hwy 59 near Beltway 8, Houston, Tx
1.7 acres
$450,500
11107 FM 359 near FM 529, Brookshire, Tx
249 acres
$2,988,000
Shady Hill at Spur 330, Baytown, Tx
10.5 acres
$462,000
Almeda Genoa/Hycohen @ Hwy 288, Houston, Tx
8.6 acres
$2,247,700
2009 US 90, 12,640, sf building, Sealy, Tx
1.5 acres
$895,000
4329 I-10, 15,500 sf in buildings, Sealy, Tx
24.3 acres
$4,200,000
FM 2100, ag exempt, Huffman, Tx
59.6 acres
$996,300
Hwy 105, wooded, Cleveland, Tx
350 acres
$2,800,000
Hwy 87, Bolivar, Gilchrist, Tx
56.7 acres
$591,800
Catbird/Lisa Mae Roads, Bellville, Tx
25 acres
$225,000
CR 526, wooded, ag exempt, Rosharon, Tx
57 acres
$684,000
13 townhouse lots, Barcelona Way, Baytown, Tx
1 acre
$125,000
(w/ vacant 28,952 sf former nursing home)
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GALLERIA AREA
9703 Westheimer Rd 5630-5636 Richmond | Houston, TX 77057 Houston, TX 77063 RETAIL | BANK | MEDICAL | DRIVE THRU RETAIL SPACE FOR LEASE
Prime Intersection | High Foot Traffic
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• Two-story building situated on the corner of Westheimer and Gessner. • West of Loop 610 and the Galleria, South of I-10, and East of the Beltway.
• Major thoroughfare along Richmond. • Between Fountain View & Chimney Rock. • Easy access to I-69, 610 W. Loop, Westpark Tollway, and Beltway 8.
4,480 SF AVAILABLE Price: Call For Details
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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.
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Broker Contact: David Greenberg | JULY Phone: 713-778-090013 2019 EMAIL: DAVID@GREENBERGCOMPANY.COM
RESHAPING SOUTH TEXAS COMMERCIAL REAL ESTATE
< Continued from Page 12
OLIVIA VARELA, President and CEO, Laredo Economic Development Corporation: • Laredo has recently surpassed Los Angeles to become the United States’ leading port. It isn’t surprising once you realize that; Laredo Customs District 23 handles 40% of all trade and commerce between the U.S. and Mexico. • A recent Industrial Trends Report provided a market snapshot of Laredo’s six submarkets. Our total SF is 39,416,284 with only 248,781 SF listed as available and vacant. Thus, only 0.65% of our industrial/warehouse space is available. OLIVIA VARELA LAREDO ECONOMIC DEVELOPMENT CORPORATION
STEVE TYNDAL, Professional Port Manager, Port of Brownsville: • The Port of Brownsville owns 40,000 +/- acres, making it the largest landowning port in the US. We have waterfront facilities on the Brownsville Ship Channel that features 13 cargo docks, five liquid docks with a 6th liquid cargo dock to be completed in 2019. We have more than 1 million SF covered storage, and more than 3.5 million SF open storage. • We have 40,000 acres covered by federal OZs. • We’re the largest port which ships steel into Mexico. • The average mill worker earned 104K last year, and we’ve added 400 high tech jobs with an average salary of 75K. STEVE TYNDAL PROFESSIONAL PORT MANAGER, PORT OF BROWNSVILLE
CARLTON SCHWAB, President and CEO, Texas Economic Development Council:
CARLTON SCHWAB PRESIDENT AND CEO, TEXAS ECONOMIC DEVELOPMENT COUNCIL
• In 2009, Texas lost 450,000 jobs; we didn’t start getting jobs back until 2011, and since that time, we’ve gained 2.2 million jobs. • When fracking became doable, the oil and gas industry took off in ways that it hadn’t done since the 1930s. Back in 2009, people thought that the oil industry was over. • Our efforts to diversify revolve primarily around public investments such as ports, airports, and highways. • The state legislature passed an economic development sales tax authorization in 1989. Back then, we were probably the worst state in regards to promoting economic development locally. Now the economic development money available locally is vast.
EMILY RYDER PERIMETER: Community Development Advisor, Federal Reserve Bank of Dallas:
EMILY RYDER PERIMETER FEDERAL RESERVE BANK OF DALLAS
• The criteria for selection of our 628 OZs came from the governor’s office. Those criteria are: - Areas that experience chronic unemployment. - Areas that have had natural disasters within the past two years and/or have a low population density. • Harris County has 105 OZs; Bexar County has 24 OZs; Hidalgo County has 23 OZs; Travis County has 21 OZs, and Dallas County has 18 OZs. • While the intent is that OZs will provide benefit to rural communities, this program is entirely market-driven. • It may be that a market-driven approach is going to quicken gentrification and that some urban regions will be experiencing further displacement in their communities • The criteria we look at to gauge whether or not this is happening would be a rapid acceleration of the average educational attainment growth and the average home value appreciation in a specific OZ. • The eligibility criteria for OZs encourage local involvement.
TIFFANY WU, Texas Realtors Director of Global and Commercial Services, Topic: Global Texas Realtors: • We are very aware that Texas realtors are the experts in their communities. • Texas Realtors’ MIPIM (Le Marché International des Professionnels de l’immobilier) is a 4-day real estate event designed for CRE professionals to meet the most influential players from all sectors of the global real estate industry.
TIFFANY WU TEXAS REALTORS
14
JULY 2019
Continued on Page 16>
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RESHAPING SOUTH TEXAS COMMERCIAL REAL ESTATE < Continued from Page 14
TRAY BATES, President and Broker/Owner of Bates Commercial LLC, is the 2019 Chairman of Texas REALTORS®:
TRAY BATES PRESIDENT AND BROKER/OWNER OF BATES COMMERCIAL LLC,
• Texas CRE professionals might consider getting behind one system as a marketing tool that will function as a national portal for our local real estate listings throughout the country. • At the statewide level, we’ve been following OZs for quite some time. Investors are waiting to see how the final rulebook will look. At present, we can see the overarching rules, but not the details. As the program guidelines currently read, investors have to deploy money before the end of the year to get full benefits. • Rather than worrying about competing with outside investors, local buyers need to show up. • We are developing a contact list, a spreadsheet that will provide information about the type of investment deals for which people are looking.
AARON PINEGAR, Special Counsel with Katten, Muchin and Rosenman LLP: • From a legal perspective, the Opportunity Zone program, which was created by the 2017 Tax Cuts and Jobs Act, functions to encourage investment in low-income communities designated as qualified opportunity zones. • Under this program, a taxpayer can defer an unlimited amount of tax (and obtain additional tax exclusions if specific requirements are satisfied) on gains reinvested in a “Qualified Opportunity Fund” or “QOF.” • Properly invested capital gains in a Qualified Opportunity Fund are not subject to tax until December 31, 2028, or the time the investment is sold. This rule is a huge incentive to invest money in these communities. AARON PINEGAR SPECIAL COUNSEL WITH KATTEN, MUCHIN AND ROSENMAN LLP
GERMAN RICO, Industrial Development Manager, Harlingen Economic Development Corporation:
GERMAN RICO HARLINGEN ECONOMIC DEVELOPMENT CORPORATION
• The city of Harlingen, located at the crossroads of the Rio Grande Valley, has 18 OZs in Cameron County, and 8 of them are in Harlingen. - More than 450 acres of land are available for development. - At the Port of Harlingen, we have more than 150 acres available on the Gulf Inter-coastal Waterway. - The bridge at Los Indios is the port of entry with the shortest wait time for commercial vehicles in the U.S. The Harlingen Industrial Park has thousands of employees, covers 1.3 million SF, and has a total of 80 acres available.
AMBER GILBERT, Director of Business Development; Brooks City-Base, San Antonio:
AMBER GILBERT DIRECTOR OF BUSINESS DEVELOPMENT; BROOKS CITYBASE, SAN ANTONIO
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JULY 2019
• Started with 1300 acres. • Offer tax-free land, flexible financing, and build-to-suit opportunities. • Don’t think of OZs as a fix for dumb ideas. We recently conducted a tenant survey, asking business owners what they wanted to increase. We received 38 of those surveys back from our 40 businesses and learned that they needed restaurants. So that’s what we’re prioritizing.
Developer or Interim Use Property in Montgomery County Growth Path +/- 160 Acres on FM 2854 directly across from Lone Star Elementary School
Lake Conroe
• Property has access from FM 2854 & Johnson Road • Currently Under Ag Lease • Improved with three houses, swimming pool & tennis court • Horse barn & lighted roping arena • Two fishing ponds
105 336
Conroe
105
Lone Star Elementary School
oad nR
854
FM 2
nso
Joh
45
The Woodlands
Contact: JD Woodruff 713-252-2591 jamesdwoodruff@aol.com
7 Unique Deep Water Properties in a Designated Opportunity Zone LOCATED NEAR BROWNSVILLE SHIP CHANNEL & THE INTRACOASTAL WATERWAY
www.PortIsabelCommercial.com
Commercial Hard Money Loans
100,000 to $ 2,000,000 $
Also purchase existing real estate notes
www.texasfunding.com
Gayle Hood, Padre Elite Team, RE/MAX Elite
956-459-9536 cell or 956-433-5648 office or Sales@PadreEliteTeam.com
Contact: Glenn Lee or Kristi Wilhoit 713.932.6600 glee@texasfunding.com kwilhoit @ texasfunding.com JULY 2019
17
GETTING REAL ABOUT CRE TECH: How Airwavz is fixing wireless woes for property owners
BY BRANDI SMITH
Within minutes of DFW airport and tucked along the shores of North Lake, Cypress Waters is a 1,000-acre live/ work community currently being developed by Billingsley Company. Its sustainable design will feature retail, multifamily housing, parks, and trails, as well as more than 4.5 million square feet of office space.
of which require investments in wired and wireless infrastructure,” says Chris Zack, the company’s chief revenue officer. “Airwavz understands how to align the infrastructure resources with the business applications to ensure network sustainability and financial objectives; both as expense recovery and revenue creation.”
“We’re building The Offices of Cypress Waters, exceptional Class A office buildings,” says Ryan Lemaster, Billingsley’s vice president of information technology. “But one of the biggest problems was a lack of cell phone coverage.”
The company’s leadership team has been involved in the wireless industry since its inception. Over the past three decades, they’ve helped deploy billions of dollars of wireless infrastructure.
It’s a challenge many developers face: raw land with considerable acreage -- primed for development -- but without amenities, such as cellular service. “That became an issue in the first few years of Cypress Waters. We were getting complaints about both congestion and cell phone coverage at the properties,” Lemaster says. The company began researching its options, which he admits were limited with its small IT group.
“We're pleased with what we've accomplished for our customers,” says Ron Proleika, Airwavz vice president of marketing. “We've got some great commercial real estate partners who have been with us for a lot of years, and we've worked on some challenging projects with them.” In the case of Billingsley and Cypress Waters, the relationship started by initiating conversations with cell phone carriers to build the infrastructure needed to service tenants. “Current technology infrastructure solutions in the
“We do not really have the manpower to install and operate our own DAS (distributed antenna system), which also requires a lot of up-front capital,” says Lemaster. “That’s when we started putting some feelers out to see what options were available.” Before long, Lemaster was introduced to the team at Airwavz Solutions, which designs, develops, owns, and operates wireless infrastructure platforms as a service for building owners and enterprise customers. “The real estate community has adopted, and is pursuing many exciting advances in technology, CRE Tech, all 18
JULY 2019
Source: Cypress Waters
Continued on Page 20>
OPPORTUNITY ZONE PROPERTY PIRATE’S COVE SUBDIVISION $3,500,000. EXISTING INFRASTRUCTURE
Protecting Property Owner’s Rights
EMINENT DOMAIN Compensation For Property Lost Due To:
• 18 acres with a deep water channel & floating dock marina located in a Texas Opportunity Zone near the Brownsville Ship Channel and the Intracoastal Waterway in Port Isabel, TX. • Possible Seller Financing.
Gayle Hood, Padre Elite Team, RE/MAX Elite 956-459-9536 cell or 956-433-5648 office or Sales@PadreEliteTeam.com
Roads Pipelines Power Lines www.ShowalterLaw.com 281-341-5577 Info@ShowalterLaw.com
JULY 2019
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GETTING REAL ABOUT CRE TECH:
How Airwavz is fixing wireless woes for property owners < Continued from Page 18
Source: Cypress Waters
Source: Cypress Waters
marketplace assume an 'all-or-nothing' proposition,” says Zack. “Airwavz Solutions offerings provide both financial flexibility and solution scalability to address unique use-cases and diverse business cases facing the real estate community.” It’s all about finding the right-size solution for the client. For example, Lemaster says Airwavz initially proposed a third-party neutral carrier solution, which would involve all carriers chipping in. “The carriers really weren't receptive to that. They had really just been prioritizing jobs where there was some other advantage to them, such as whether somebody else was contributing,” he explains. The next option was Airwavz’ WISE (wireless infrastructure service enhancement) program. It involves the property owner investing a small amount in the cost of infrastructure as a negotiating tool to help carriers buy in. Billingsley signed on and very quickly entered into discussions with AT&T, Verizon, and T-Mobile. “Those agreements got executed for six of our multitenanted buildings last year. They started installation in February of this year, and the physical construction is more or less complete. We're just waiting to get some of the cellular providers' radios in the buildings to get the system live and active,” says Lemaster. “We are really excited to start getting some of these buildings 20
JULY 2019
online here in hopefully the next 90 days.” Having worked in IT for nearly 15 years, Lemaster knows how quickly technology can evolve. He started with the Geek Squad in its early days, eventually working for managed service provider Twist Solutions before he came on with client Billingsley full time. He’s watched real estate slowly adopt new tech as it comes online but says there’s been a huge transition in the past few years. “IT used to be an afterthought, but now it’s a priority,” Lemaster says. “Smart building technology is something that is at all the trade shows right now.” He adds that it’s comforting to know Airwavz will be there to provide the support needed to keep Billingsley properties, such as Cypress Waters, not just online, but at the forefront of tech. “As property owners seek ways to improve performance, marketability, and valuation of their assets, most of the solutions are found in technology enhancements,” says Zack. “Airwavz infrastructure investments support all three of these initiatives in both B2B and B2C relationship structures.” One of the big conversations in CRE Tech today revolves around 5G, something that’s easily addressed through the Airwavz partnership. “5G and IoT talking points can introduce a lot of
confusion and hesitancy in technology decisions over concerns of making directional mistakes,” Zack says. “Airwavz provides a simple approach to enabling monetizable infrastructure capable of supporting future evolving technologies; both wired and wireless.” That’s another reason Lemaster says he’s happy to have connected with the Airwavz team. “They are going to maintain the system and upgrade it as 5G becomes available. Once it's out there, we'll have it as well,” he says. “We want to make sure we've got the best coverage possible, so we have happy tenants and happy residents out there.” Having happy clients, like Billingsley, is what matters most to the staff at Airwavz, who recognize that its 10year initial term is a considerable commitment. “We're working together to help make something last a really long time. We're not just trying to sell something and move on,” stresses Proleika. Zack adds: “You have to have alignment. You have to have trust. You have to be credible. Airwavz commits to delivering these values to our customers with every interaction. To learn more about Airwavz Solutions and how its technology can work for you, visit Airwavz.com or call 833-AIRWAVZ
TRIBECA LOFTS
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Guide the future of Fort Worth.
With over 500 members, the Real Estate Council of Greater Fort Worth is THE unified voice for the commercial real estate industry in Tarrant County.
Join us at RECouncilGFW.com! JULY 2019
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SCOOP The following pages contain a calendar of Texas CRE events, networking photos, and deals/announcements. For more updates, log on to REDNews.com STCAR C om
mercial S
STCAR Commercial Summit, German Rico STCAR Commercial Summit, Christine Bryant,
Kim Bragman
CCIM North Student Tiffany Wu al Summit, R Commerci
STCA
ummit
s with Robin Dych e, CCIM
at Al Biernat's North
JULY 2019
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CENTRAL SOUTH TEXAS
JULY
2019
1
MONDAY
REDNews Newsletter [4:00pm]
8 MONDAY
REDNews Newsletter [4:00pm]
9 TUESDAY
IREM Austin - Board & Committee Chair Meeting *Invitation Only [11:30am - 1:00pm]
10 WEDNESDAY
IREM Austin - Luncheon [11:30am - 1:00pm]
11 THURSDAY
18 THURSDAY
BOMA Austin - Luncheon: "All Aboard the Mentorship" [11:30am - 1:00pm] TABB Austin - Luncheon [11:30am - 1:00pm]
22 MONDAY
REDNews Newsletter [4:00pm]
24 WEDNESDAY
CCIM Central Texas - Joint CTCAR Luncheon: "Attainable and Sustainable Building Solutions" [11:30am - 1:00pm]
CTCAR - Young Professionals Happy Hour @ Reverly Boulevard [4:00pm - 7:00pm]
CTCAR - Joint CCIM Luncheon: "Attainable and Sustainable Building Solutions [11:30am - 1:00pm]
CTCAR - Property Information Exchange: "Environmental Assessment Report" [7:30am - 9:00am]
IREM Austin - Future Leader Exclusive Event [3:00pm 6:00pm]
BOMA San Antonio - CRE Mega Mixer [4:30pm - 7:30pm]
12 FRIDAY
REDNews August Issue Deadline [5:00pm]
15 MONDAY
BOMA Austin - Tennis Shoe Drive Benefiting Project Help [9:00am - 5:00pm] STCAR - Board of Directors Meeting *Invitation Only [11:00am - 1:00pm]
TABB San Antonio - Luncheon [11:30am - 1:00pm]
25 THURSDAY
BOMA Austin - Seminar: Emerging Professionals Fundamentals of CRE Financials, Budget 101 [8:30am 10:30am] IREM San Antonio - Board Meeting *Invitation Only [11:00am - 12:30pm] CREW San Antonio - Movie Mixer Event and CREW Network Foundation Fundraiser Event [5:30pm - 7:30pm]
REDNews Newsletter [4:00pm]
29 MONDAY
REDNews Newsletter [4:00pm]
16 TUESDAY
CREW Austin - Luncheon: Power of Connection [11:30am 1:00pm]
30 TUESDAY
IREM San Antonio - 2nd Annual IREM Industry Partner Showcase Luncheon [11:00am - 1:00pm]
17 WEDNESDAY
CTCAR - Property Information Exchange and Lunch [11:30am - 1:00pm]
27 THURSDAY
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IREM Austin - Candidate and Future Candidate Meeting [11:30am - 1:30pm]
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
BOMA AUSTIN: bomaaustin.org/ BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org
CREW SAN ANTONIO: crew-sanantonio.org CTCAR: ctcaronline.com IREM AUSTIN: iremaustin.org IREM SAN ANTONIO: iremsanantonio.org
whatâ&#x20AC;&#x2122;s going on
nio Community
BOMA San Anto
ld Day Event ntly Hosted a Fie ce Re ee itt m m Service Co
embers Tour
CREW Austin M
RECA reca.org RECSA: recsanantonio.com/ RETAIL LIVE: retaillive.com STCAR: www.stcar.org TABB AUSTIN: tabb.org/austin_chapter.php
BOMA Austin Su
TABB SAN ANTONIO: tabb.org/san_ antonio_chapter.php ULI AUSTIN: austin.uli.org ULI SAN ANTONIO: sanantonio.uli.org
mmer 2019 Emer ging Professiona
rens Home
at Saint PJ's Child
by AQUILA Offices Hosted dy ad D Go the New
ls Meet & Mingl
e Dutch Lunch
CTCAR Member Harry Gibbs & DeLea Spea rs Becker Supporting TREPAC
IREM Austin New Members
JULY 2019
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NORTH TEXAS
JULY
2019
1
MONDAY
REDNews Newsletter [4:00pm]
8 MONDAY
REDNews Newsletter [4:00pm]
9 TUESDAY 11 THURSDAY 12 FRIDAY
BOMA Dallas - Game Night [4:30pm - 8:30pm] BOMA Fort Worth - Education Committee Meeting *Invitation Only [10:00am - 11:00am]
16 TUESDAY
17 WEDNESDAY
BOMA Dallas - MOB Building Tour/Mixer [2:30pm - 6:00pm]
ULI North Texas - Annual DFW Development and CRE Tech Showcase [5:30pm - 7:30pm]
22 MONDAY
REDNews Newsletter [4:00pm]
24 WEDNESDAY
BOMA Dallas - Allied Council Panel: Meet the MBRE Team [11:30am - 1:00pm]
25 THURSDAY
IREM Dallas - Firearms in the Workplace, What Now? [11:00am - 1:00pm]
CCIM North Texas - CI 103: User Decision Analysis for Commercial Investment Real Estate [8:00am - 5:30pm]
TABB Dallas - Luncheon [11:30am - 1:00pm]
REDNews Newsletter [4:00pm]
29 MONDAY
BOMA Dallas - Luncheon, Sponsored by Interstate Restoration [11:00am - 1:00pm]
30 TUESDAY
CORENET North Texas - 6 x 6 Young Leaders Event [5:30pm 7:30pm]
BOMA Fort Worth - Women's Breakfast [8:00am - 10:00am] BOMA Fort Worth - Allied Appreciation Event [4:30pm 6:30pm]
BOMA Fort Worth - Volunteer: Project Success [5:30pm 7:30pm]
REDNews August Issue Deadline [5:00pm]
15 MONDAY
18 THURSDAY
REDNews Newsletter [4:00pm] BOMA Fort Worth - Board Meeting *Invitation Only [12:00pm - 2:00pm] CREW Dallas - New Member Engagement Orientation! [5:30pm - 6:30pm]
CCIM North Texas - Google G Suite and CCIM.net Email Training [8:00am - 4:00pm] BOMA Fort Worth - CSC Meeting *Invitation Only [11:30am 12:30pm] CREW Dallas - Industry Luncheon [11:30am - 1:00pm] CCIM North Texas - Happy Hour [5:30pm - 7:00pm]
BOMA Dallas May Luncheon (L to R) Regina
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Mclendon, Teresa Foster, and Mehdi Tazi
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS: ccimconnect.com/ ccimnorthtexas CORENET NORTH TEXAS: northtexas.
corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFWAR: gfwar.org IREM DALLAS: irem-dallas.org
TABB DALLAS/FORT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com REC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org
IREM FORT WORTH: fortworthirem.org LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR: scr-fw.org
whatâ&#x20AC;&#x2122;s going on
CREW Fort Worth Member
NTCAR
Dine Around
BOMA Dallas LMI La
ndscape Booth
BOMA Dallas SELECT Commercial Services Booth
ership Summit
ad twork Spring Le Members @ Ne th or W rt Fo CREW
JULY 2019
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SOUTHEAST TEXAS
JULY
2019 1
MONDAY
REDNews Newsletter [4:00pm]
22 MONDAY
REDNews Newsletter [4:00pm]
5 FRIDAY
CREN Gulf Coast - Luncheon [11:00am - 1:00pm]
25 THURSDAY
ACRP - Breakfast [7:30am - 9:00am]
8 MONDAY
REDNews Newsletter [4:00pm]
10 WEDNESDAY
CREAM The Woodlands - Luncheon: The Woodlands Area Chamber - Your Pathway to Opportunity [11:30am - 1:00pm]
11 THURSDAY
CCIM Houston/Gulf Coast - Luncheon [11:30am - 1:00pm]
12 FRIDAY
REDNews August Issue Deadline [5:00pm]
15 MONDAY
REDNews Newsletter [4:00pm]
16 TUESDAY
FBSCR - Monthly Meeting [8:00am - 9:00am]
18 THURSDAY
HBRC - Breakfast - with Senator Huffman and Chairman Huberty [7:00am - 9:00am]
BOMA Houston - Board of Directors Meeting *Invitation Only [11:30am - 12:30pm] TABB Houston - Chapter Meeting [11:30am - 1:00pm] CREN Gulf Coast - Happy Hour [4:00pm - 7:00pm]
29 MONDAY
REDNews Newsletter [4:00pm]
CCIM Houston/Gulf Coast - CI 104: Investment Analysis for Commercial Investment Real Estate [8:00am - 5:00pm]
IREM Houston - Community Involvement: Kids Meals Day [9:00am - 1:00pm] BACREN - Luncheon [10:30am - 1:00pm]
BACREN Meeting featuring Texas
28
JULY 2019
A&M Economist, Dr. Harold Hunt
The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.
ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com
CORENET HOUSTON: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com
GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org
whatâ&#x20AC;&#x2122;s going on
HBRC Breakfast (L to
ss, and Robert
y, Jim Ru or Tom Ramse g Valley May
NAIOP: naiophouston.org O'CONNOR & ASSOCIATES: poconnor.com SIOR: sior.com TABB HOUSTON: tabb.org/houston_chapter.php ULI HOUSTON: houston.uli.org
R) Burt Levine and Jos eph Slovacek
Watson
t (L to R) Sprin HBRC Breakfas
Forum
Source: The Beauty of PR
on Homeless BOMA Houst
CREMM Carouse an
d Connections
CREN June Luncheon (L to R) Mark Caldwell, Acho Azuike, JULY 2019
& Glenn Lee 29
CENTRAL SOUTH TEXAS
bulletin
+ CUSHMAN & WAKEFIELD has acquired the Austin operation of PELOTON.
AUSTIN, TX HFF CLOSES SALE OF UPCYCLE A joint venture between EverWest Real Estate Investors, George Oliver Companies & WHI Real Estate Partners sold the 81,660 sf creative office, adaptive-reuse building located at 2498 E. 6th Street. The building is fully leased to H-E-B. Drew Fuller, Kelsey Roop Shebay, Coler Yoakam & Michael George with HFF represented the seller. BROWN ADVISORY WILL MOVE TO INDEED TOWER Upon completion of construction, Brown Advisory LLC will be relocating to 33,505 sf in Indeed Tower located at the corner of Sixth Street & Colorado Avenue, Troy Holme, Casey Ford & Katie Ekstrom with CBRE represented the landlord & Ford Alexander, Ryan Kasten & Holliday Hinckley with Cushman & Wakefield represented the tenant. URBANSPACE BUYS GROUND FLOOR COMMERCIAL SPACE Urbanspace Real Estate + Interiors purchased the 23,700 sf commercial space on the ground floor of The Independent, the 58-story luxury condo tower located at 301 West Avenue in downtown Austin. Urbanspace will use approximately half of the space for their offices & interior design showroom & plans to open a coffee shop & restaurant in the remaining space. BAKER BOTTS LEASES 50,000 SF AT RIVERSOUTH Baker Botts plans to relocate to 50,000 sf in the 15-story office tower planned at 401 S. First Street. The building is being developed by Stream Realty Group with completion expected in 2021.
Source: Fabio Architects
THREE-STORY HUMMINGBIRD MIXED-USE DEVELOPMENT Gary Sharpe of River Sharpe Holdings is developing an 18,000 sf three-story mixed-use project at 1608 S. Congress Avenue. The development will include office space, restaurant/retail space & a 4,000 sf penthouse ”hotel” on the third floor.
30
JULY 2019
ENDEAVOR BUYS ZAX RESTAURANT & BAR SITE Endeavor Real Estate Group LLC purchased the .28 acre site housing Zax Restaurant & Bar located at 312 Barton Springs Road. The property is adjacent to the 18.9 acre site owned by Cox Media Group which will be redeveloped by Endeavor. H-E-B TO REBUILD AT 2400 S. CONGRESS BAR SITE H-E-B LP plans to rebuild their store located at 2400 S. Congress Avenue expanding it to 100,000 sf with a beer garden, food hall & two levels of underground parking. Its current store will be demolished & a temporary store will open at the former CVS located at the adjacent Twin Oaks Shopping Center which H-E-B purchased in 2016. The new building is scheduled for completion in 2022. NEW OFFICE TOWER PLANNED AT 600 W. FIFTH STREET Austin Leading Edge LP is planning to build a 15-story office building to replace the Horizon Bank building located at 600 W. Fifth Street. The current building will be demolished & replaced with a 263,619 sf with Horizon Bank reported to be located on the first floor in 6,875 sf. BERGSTROM STORAGE UNDERWAY The Jenkins Organization is building a 1,090unit storage facility at 530 S. SH 183 near Austin-Bergstrom Airport. The facility will have 238,000 sf of climate & non-climatecontrolled self-storage space & is scheduled to open in 2020. AUSTIN CONVENTION CENTER TO BE EXPANDED Austin City Council has approved a resolution to expand Austin’s convention center located at 500 E. Cesar Chavez. The $1.15 billion project would expand the convention center to the west of Trinity Street & tie in to the eastern part of the facility to open space around a revitalized Waller Creek. HIGHLAND MALL TO BE CONVERTED TO MIXED-USE Construction is underway for the redevelopment of Highland Mall into a 1.3 million sf campus for Austin Community College (ACC) & office space for Austin’s Planning & Development Center. Ultimately, the project will include 800,000 sf of office space, 150,000 sf of retail space & 1,200 residential units. RedLeaf Properties LLC has partnered with ACC on the mall redevelopment which is bordered by Airport Blvd, Highland Mall Blvd & Middle Fiskville Road.
CEDAR PARK, TX
Source: iSports Park Cedar Park
ISPORTS CEDAR PARK IS UNDERWAY The 206,000 sf sports park at the southeast corner of US 183A & Scottsdale Drive is underway on 15.4 acres. Upon completion the facility will include family entertainment, sports medicine, retail space & restaurants. Completion is scheduled for 2020.
ROUND ROCK, TX
AFFORDABLE SENIOR LIVING DEVELOPMENT The city of Round Rock has approved development of a 157-unit affordable senior housing project to be located at 1001 University Blvd. The project will be three stories with one & two-bedroom units.
Source: Harris Bay
OPPORTUNITY ZONE PROPERTY TO BECOME ARTISTA HOTEL Harris Bay purchased a .2 acre site located at 151 E. Travis Street for the construction of a 112-rom boutique hotel. The property is located within an Opportunity Zone area.
SAN MARCOS, TX
SAN ANTONIO, TX Source: Multi-Housing News
Source: KDC
OFFICE PARK & MIXED-USE DEVELOPMENT UNDERWAY KDC & Schumacher Interests Inc are developing Parkline, an office park & mixed-use development at UTSA Blvd & I10. Upon completion the development will include 1,000,000 sf of office space, 1,149 apartment/townhome units, a 136unit Aloft Hotel & 108,000 sf of retail/ restaurant space. BROADWAY TITLE OFFICE BUILDING SELLS Mercury SA LP purchased the 140,720 sf Broadway Title office building located at 10010 San Pedro Avenue & an adjacent 2,420 sf bank for $12.7 million. The property was sold at auction.
MIXED-INCOME DEVELOPMENT UNDERWAY The Michaels Organization is starting construction on the 15-building complex called Mission Trail at El Camino Real located at Hwy 123 & Clovis Barker Road. The project is located on 30 acres & was allocated Low Income Housing Tax Credits from the Texas Dept of Housing & Community Affairs.
SIERRA BLANCO, TX
GENERAL LAND OFFICE SELLING LAND The General Land Office of Texas is selling approximately 23,500 acres of land fronting FM 1111 located just north of I10 about an hour drive east of El Paso. The property is improved with a 6,000-foot by 75-foot runway & small aircraft hangar. Eric DeJernett with CBRE & Alton Setliff with Southwest Commercial are representing the seller.
NORTH TEXAS
bulletin
DAVID CORLEY III has joined LanCarte Commercial Real Estate to focus on industrial brokerage.
ALLEN, TX
Source: Restoration Hardware Source: Google Maps
JUMPSTREET TRAMPOLINE SELLS RETAIL PROPERTY Denver-based Jumpstreet Trampoline Parks sold a 62,000 sf retail property located at 2031 McDermott to a Houston-based investment firm. The seller will lease back 40,000 sf & the remainder is leased to LoneStar Mercantile. Lifestyles Realty represented the buyer & Frank Bullock with Henry S. Miller represented the seller.
RESTORATION HARDWARE CONSTRUCTION BEGINS A three-story Restoration Hardware building with over 100,000 sf, is underway at the southeast corner of Knox & Cole Avenue. The retail project will also include a restaurant & parking garage. MODE TRANSPORTATION MOVING & EXPANDING Dallas-based logistics firm, MODE Transportation LLC, is relocating to the Signature Exchange building located at 14785 Preston Road in 25,262 sf.
ARLINGTON, TX
MULTI-FAMILY PORTFOLIO SELLS MacDonald Realty Group sold a threeproperty, multi-family portfolio totaling 532 units to three separate buyers. Madera Residential purchased the 168unit, The Rochester, located at 2604 Furrs Street; Sentinel Peak Capital purchased the 228-unit, Aspen Woods, located at 2910 S. Collins Street & Obsidian Capital purchased the 136-unit, Cobble Hill, located at 6050 Oakland Hills. Marcus & Millichap handled the transaction.
COPPELL, TX
BLUCORA CONSOLIDATES OFFICE Blucora has leased 149,637 sf at 3200 Olympus Blvd, a 250,000 sf, multi-tenant building built by Billingsley located across from the Sound of Cypress Waters mixed-use development. The company is consolidating two of their offices & will move summer 2020. Randy Cooper, Craig Wilson, Kate Sudol & Wills Bauer with Cushman & Wakefield represented the tenant.
DALLAS, TX
ASANA PARTNERS BUYS 421,617 SF Asana Partners purchased the 421,617 sf office/retail project, Victory Park, located at the intersection of downtown & uptown Dallas. The seller was Estein USA & the transaction was handled by Ryan Shore, Barry Brown & Chris Jerard with HFF.
TENET HEALTHCARE RELOCATING Tenet Healthcare Corp is consolidating their offices and will relocate to 14201 N. Dallas Parkway occupying the entire 372,000 sf building. Chris Taylor, Trey Smith, Matt Schendle & Lauren Napper with Cushman & Wakefield represented the landlord & Moody Younger & Kathy Permenter with Younger Partners represented the tenant.
DALLAS MUSEUM TO BECOME CO-WORKING SPACE The 100-year old former Dallas museum has been approved by the City of Dallas for $650,000 in rehab funds to convert the building into co-working space. It is located in Dallas’ Cedars district adjacent to & south of downtown & I30.
$71 MILLION BUSINESS PARK APPROVED Mesquite City Council has approved zoning for a 979,000 sf business park near I30 & Republic Parkway to be constructed by Urban Logistic Realty. The project will include five industrial buildings on 80 acres with green space. Construction is set to be underway this year.
NORTH RICHLAND HILLS, TX Source: Candysdirt.com
TRINITY PARK CONSERVANCY BUYS FORMER DAWSON STATE JAIL Trinity Park Conservancy has purchased the former Dawson State Jail located at 106 W. Commerce Street for approximately $3 million. Possible use for the property includes offices for the organization & groundfloor amenities for park & trail users.
FARMERS BRANCH, TX Source: Dallas Business Journal
MESQUITE, TX
PROPERTY ADVISORS SELLS WESTWOOD BUSINESS PARK Finial Group & TriGate Capital LLC purchased the 227,709 sf, 12-building Westwood Business Park, located at 1801 Royal Lane from Property Advisors Realty. Finial Group will retain property management & leasing of the project.
FRISCO, TX
AMERICAN DEFENSE SYSTEMS American Defense Systems will occupy the entire sixth floor, 12,756 sf, at 8701 Bedford Euless Road & is expected to open June 2019. Trenton Price with Vision Commercial represented the landlord.
ROANOKE, TX
PEABODY HOTEL HAS APPROVAL A 300 - room Peabody Hotel has been approved for construction as part of Roanoke City Center, a 21.5 acre, mixed-use development on Oak Street. The hotel will have 300 rooms & over 25,000 sf of event space. It will have a lobby fountain along with a flock of iconic Peabody Ducks.
SOUTHLAKE, TX
MIXED-USE DEVELOPMENT UNDERWAY RREAF Holdings has started construction on the first phase of White Chapel Village, a mixed-use development at the corner of SH 114 & White Chapel Blvd. Phase One will include a 240-room Marriott Hotel & the developer has planning approval for a 240,000 sf office/retail & parking garage project.
WILMER, TX
Source: Keurig Dr. Pepper Source: Eataly Comes To Texas
EATALY COMES TO TEXAS Eataly, an Italian-inspired food & drink marketplace, has leased 48,000 sf in NorthPark Center located at 8867 N. Central Expressway. This will be Eataly’s first location in Texas.
KEURIG DR. PEPPER’S HQ UNDERWAY Construction is underway on Keurig Dr. Pepper’s new 350,000 sf headquarters which is located next to the Dallas Cowboys’ outdoor practice field in the vicinity of Dallas North Tollway & Cowboys Way.
Source: Ace Hardware
ACE HARDWARE ADDS MORE SPACE Ace Hardware is adding more than 450,000 sf of shipping & warehouse space to its existing 450,000 sf distribution center that opened in 2014. The development is located within Sunridge Business Park on Pleasant Run Road. Completion is set for mid-2020.
JULY 2019
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SOUTHEAST TEXAS CONNIE O’MURRAY has joined JLL in Houston as managing director of their property management group. DAVID LUTHER & KELLEY WORKMAN have joined NewQuest Properties’ investment sales division as executive vice president and vice president, respectively.
DAYTON, TX 30.35 ACRES SOLD TO BT COBB DEVELOPMENT Liberty Grand Partners LP sold 30.35 acres located at CR 622 & Stoesser Road to BT Cobb Development LLC. Brad Elmore with NewQuest Properties & John Legggett with Leggett Ventures represented the seller. Jerry Walker & Bill Smith with Re/Max The Woodlands & Spring represented the buyer.
HOUSTON, TX
LIFE TIME WORK OPENS 25,000 SF Life Time Work, the office division of Minnesota-based Life Time, Inc., a developer of holistic fitness centers, has opened a 25,000 sf co-working space in CityCentre located at 825 Town & Country Lane. They have 40-50 tenants & expect another 80 to 120 within the near future. DAVID WEEKLEY HOMES BUYS 6.11 ACRES David Weekley Homes purchased 4.81 acres located at 2100 Airline Drive & 1.3 acres at 1602 Northwood Street for the development of a residential community of 78 homes. The property is easily accessible from Loop 610 & I45. It is adjacent to Canino Produce Farmers Market which is undergoing a $10 million makeover. Chris Dray with NewQuest Properties handled the transaction with Horrigan & Goehrs LLP, the court-appointed trustee for the Robert Wayne Estate, who owned the property.
Source: Channel 11
ZONE D’EROTICA BECOMES TACO SHOP Velvet Taco will take over the former Zone d’Erotica space at 2626 West Loop South. This will be Velvet Taco’s third location in Houston.
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JULY 2019
ZADOK FAMILY BUILDING MIXED-USE PROJECT The owner of Zadok Jewelers is building a 23,000 sf strip center at 1801 Post Oak Blvd. on the former site of Tony’s Restaurant. The property will house their jewelry store, two restaurants & upscale office space. GREYSTAR BUILDING 11-STORY MULTIFAMILY PROJECT Multifamily developer Greystar is partnering with J. P. Morgan Asset Management to develop an 11-story, 315-unit apartment complex called The Byrdie at the corner of Westcott & Arnot streets on the former site of the Memorial Club Apartments.
bulletin
to operate through late 2020 during the lease-up phase of Camden’s development.
HIGH-RISE PROPOSED FOR TANGLEWOOD The proposed luxury high-rise for senior citizens proposed for 1661 Tanglewood Blvd is meeting opposition from the Tanglewood Home Association. Tuscon-based Watermark Retirement Community is planning the development in association with Hines. BLUE STONE BUYS 2,239 APARTMENT UNITS Blue Stone Premier Properties LLC purchased seven apartment projects including Plaza on Westheimer, Woodbridge Crossing, Westway, Wyndham Oaks, Sugar Ridge, Champion Forest & Country Place for a total of 2,239 units. The seller was JK Houston, LLC who purchased the properties in 2014 for $140 million. All properties will be upgraded & rebranded. POP-UP HOTEL WhyHotel, a temporary housing firm, offers short-term stays in vacant units of newly developed apartment projects. Camden Property Trust is offering short-term stays in 100 vacant units at Camden Property Trust’s new 271-unit apartment building located at 1515 Austin Street. The “pop-up” hotel plans
STAFFORD, TX
WOODBRANCH BUYS TWO HOTELS Houston-based Woodbranch Investment Corporation, purchased the Hampton Inn & Homewood Suites located at 710 Crawford in downtown Houston from Joni AndersonBallis. HOLLOWAY LODGING BUYS THREE GREENSPOINT OFFICE BUILDINGS Holloway Lodging Corp purchased three vacant office buildings including the 147,135 sf located at 1666 Northchase & the 87,611 sf building located at 263 N. Sam Houston Parkway from BH Properties & the 198,257 sf building located at 222 Benmar Drive from Stream Realty. David Carter with Colliers represented BP Properties in the sale of their properties.
LAKE CONROE, TX Source: Tanglewood Home Association
JOHN-MICHAEL KAMEL has joined Avison Young as an associate.
BLAKE VIRGILIO has joined Colliers International as vice president of their office landlord representation group.
WATERPOINT CENTER EXPANSION Houston-based Gordon Partners is planning to expand Waterpoint Center, a mixed-use waterfront development along the southern shore of Lake Conroe (Hwy 105 & Tejas Blvd). Plans for the second phase will include 35,000 sf of retail shops & waterfront restaurants. The Waterpoint Marina will be expanded to accommodate an additional 70 boat slips. Construction is expected to be completed in Q2 2020.
LA PORTE, TX
MORGAN’S LANDING UNDERWAY Beazer Homes & Taylor Morrison are developing the 225 acre residential development located on the west side of Bay Area Blvd between Fairmont Parkway & Spencer Highway. The project will include 642 homes on 45 – 60 foot lots.
KINGWOOD, TX
INSPERITY INC BREAKS GROUND ON FIFTH OFFICE BUILDING Insperity, Inc., a human resources service provider, has broken ground on the fifth building within their corporate campus near the southeast corner of I69 & Kingwood Drive. The building will have 270,000 sf & is expected to house 1,000 employees.
Source: Channel 11
INTERNATIONAL STANDARD VALVE LEASES 78,565 SF International Standard Valve leased 78,565 sf of space at 13125 Trinity Street from Gupta Management. David Husid & Taylor Scheps with NKF
SUGAR LAND, TX
JOHNSON DEVELOPMENT BUILDING INDUSTRIAL PROJECT Sugar Land City Council has approved a tax abatement for Johnson Development to construct two industrial buildings off Gillingham Lane between Jess Pirtle & W. Airport Blvds. The buildings will total 315,892 sf on 18 acres. MARCEL GROUP BUILDING MIXED-USE PROJECT Marcel Group has broken ground on a mixed-use project on 7.3 acres called the Marcel District located at 18702 University Blvd. The project will include 41,785 sf of retail space & 27,000 sf of office space.
Source: Transwestern
GLAZER PROPERTIES BUYS ONE SUGAR CREEK CENTER Glazer Properties purchased the 11-story, 193,998 sf office building located at 1 Sugar Creek Center Blvd between US 69 & Dairy Ashford Road from Equus Capital. H. Dan Miller, Martin Hogan & Johnny Kight of HFF represented the seller.
advertiser index AA Realty Company .......................................... 15 Berkadia ................................................................ 3
Development / Redevelopment Summit
BOMA - San Antonio. .......................................... 21 City Bank ................................................................ 9 Equity Secured Investments ........................... 13 General Property & Services ........................... 13 Greater Houston Commercial Real Estate . 15 Greenberg & Company. ..................................... 13 Hartman Income REIT .................................... 1, 11 JD Woodruff ....................................................... 17 Keller Williams Signature...................................19 La Marque EDC...................................................... 7 National Environmental Services, LLC .......... 35 Phase Engineering...............................................22 Randall Davis ...................................................... 21 ReMax Elite.................................................... 17, 19 Showalter Law Firm .......................................... 19 South Texas Surveying Associates, Inc .......... 15 Texas Funding Corporation ............................. 17 The Real Estate Council - Greater Ft. Worth 21 Winkler & Associates Inc.................................... 5 JULY 2019
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ray’s buzz BY RAY HANKAMER rhankamer@gmail.com
CCIM June Luncheon Speakers: Clint Bawcom, Sr. V.P.-Leasing Brookfield Properties and Brooks Howell, A.I.A.-Gensler Brookfield bought Houston Center on the east side of the CBD from J.P. Morgan to balance out their portfolio of offices on the west side, which includes Allen Center and Heritage Plaza. Brookfield is re-concepting the four buildings, which include the Park Shops and 200,000 SF of retail and restaurants-4.2 million of SF in all on five city blocks. Working with Gensler Architects, who is moving into the Center, Brookfield is re-concepting the entire project to comply with the current trend toward interactive mixed use, with lots of open space and access on street level.
• Originally built with huge escalator banks and 'sky lobbies' and upward orientation, the Houston Center Buildings are being re-oriented to the street level, which presents huge challenges architecturally • Interactive green space in the form of a re-imagined Central Plaza is being carved out on street level, former upper level lobbies are being converted to lease space, and escalators are being removed • Extensive conference space and fitness spaces are being added across the several buildings • The Park retail space, which is all on the second floor except one restaurant, is being opened up to street level access and visibility-the one restaurant which IS on street level, Pappas Steakhouse, is one of the highest grossing restaurants in the state • Houston Center emphasizes its proximity to eight Metro stops, to Discovery Green, to the Astros and Rockets, and to entertainment and convention venues such as George R. Brown • Houston Center is served by 26 Park & Ride lots around the Greater Houston area • One lane of McKinney Street through the center is being taken in by Houston Center to increase walkability and to add green space • The center, while not having a hotel, is in close proximity to several existing ones • New skybridges are planned, which will further integrate the various elements of the Center • The office towers are 40, 46, and 51 stories, with a fourth tower of 12 floors above The Park restaurants and retail • "Connecting places to people and people to each other" is the theme of the re-concepting of Houston Center 34
JULY 2019
NATIONAL NATIONAL ENVIRONMENTAL ENVIRONMENTAL Houston, Texas Texas SERVICES SERVICESHouston, GABRIEL GABRIEL ENVIRONMENTAL ENVIRONMENTAL GROUP GROUPRedlands, Redlands, California California
AA3 36 60 0° ° AAP PP PRROOAACCHHT TOO EENNVVI RI ROONNMMEENNT TAAL L S SEERRVVI C I CEES S National National Environmental Environmental Services, Services, based based in Houston, in Houston, Texas Texas andand Gabriel Gabriel Environmental Environmental Group, Group, based based in Redlands, in Redlands, California, California, are are sister sister environmental environmental consulting consulting companies, companies, established established in 1995, in 1995, thatthat conduct conduct a full a full range range of of reliable reliable andand cost-effective cost-effective environmental environmental assessment assessment andand corrective corrective services, services, withwith competitive competitive pricing pricing andand convenient convenient turnaround. turnaround. • Phase • Phase I Environmental I Environmental SiteSite Assessments Assessments (AAIs-ASTM (AAIs-ASTM E 1527-13) E 1527-13) • Transaction • Transaction Screens Screens (ASTM (ASTM E 1528-06) E 1528-06)
• RSRAs • RSRAs (Records (Records Search Search withwith • Indoor • Indoor Air Air Quality/Mold Quality/Mold RiskRisk Assessments) Assessments) Surveys Surveys (Licensed (Licensed Mold Mold Consulting Consulting Agency) Agency) • Phase • Phase II Subsurface II Subsurface Investigations* Investigations* • Underground • Underground Ground Ground Storage Storage • Remediation • Remediation and and Corrective Corrective TankTank Testing Testing Services* Services* Activities* Activities*
• Asbestos • Asbestos & Lead-Based & Lead-Based Paint Paint • Soil, • Soil, Water, Water, and and Air Testing Air Testing Inspections Inspections (Licensed (Licensed Texas Texas Services Services Asbestos Asbestos Consulting Consulting Agency) Agency) National National Environmental Environmental Services Services LLC LLC 57735773 Woodway Woodway Dr, Suite Dr, Suite 96 96 Houston, Houston, TX 77057 TX 77057 Phone Phone (281)(281) 888-5266 888-5266 Toll Free: Toll Free: (833)(833) 4-Phase1 4-Phase1 hgabriel@nationalenv.com hgabriel@nationalenv.com www.nationalenv.com www.nationalenv.com
* Performed * Performed in Texas in Texas in partnership in partnership with with Terrain Terrain Solutions, Solutions, Inc.,Texas Inc.,Texas Geoscience Geoscience Firm Firm Registration Registration # 50018 # 50018
Gabriel Gabriel Environmental Environmental Group Group 700 East 700Redlands East Redlands Blvd, Blvd, Suite Suite U618U618 Redlands, Redlands, CA 92373 CA 92373 Phone Phone (951)(951) 545-0250 545-0250 Toll Free: Toll Free: (833)(833) 4-Phase1 4-Phase1 hgabriel@gabrielenv.com hgabriel@gabrielenv.com JULY 2019 www.nationalenv.com www.nationalenv.com
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