REDNews June 2015 - North Texas by RE Journals

June 2015

In this issue:

FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS

Live/Work/Play CBRE Office Reports Data Insight: Industrial State of the Market Roundtable

214-855-5900 | WWW.WELLINGTONREALTY.COM WELLINGTON REALTY IS A COMMERCIAL REAL ESTATE SERVICE COMPANY WITH BROKERAGE AND MANAGEMENT CAPABILITIES IN THE FOUR MAJOR MARKETS IN TEXAS: DALLAS-FORT WORTH | HOUSTON | SAN ANTONIO | AUSTIN

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Retail 24/7.

SWC I-10 Katy Fwy @ Grand Pkwy :: Katy, TX

PROPERTY HIGHLIGHTS :::: Pad sites available with Grand Parkway and I-10 frontage :::: Grand Parkway segment E (I-10 to Hwy 290) now open TIMES SQUARE ENTERTAINMENT

:::: Traffic counts: IH 10 East of SH 99 = 265,300 SH 99 South of IH 10 = 62,500

Ann Taylor LOFT, Chico’s, Coldwater Creek, Eddie Bauer, Francesca’s, Gymboree, J. Jill, Jos A Bank, Justice, Kirkland’s, Langford Market, Luke’s Locker, Mattress One, Natural Pawz, Relax the Back, Soma Intimates, Talbots, White House|Black Market, Pure Barre, Smile Envy, Sport Clips, Allstate, UPS Store, Berripop Frozen Yogurt, Bonefish Grill, D’Amico’s Italian Market Cafe, Jamba Juice, Panera Bread, Starbucks, Torchy’s Tacos, Zoe’s Kitchen

:::: Excellent location within rapidly growing Katy area :::: Highway Access: I-10, US 90, Grand Parkway, Westpark Tollway and Katy Tollway :::: Surrounding primary retail area is home to more than 350,000 persons within such master planned communities as Cinco Ranch, Kelliwood and Great Lakes :::: Located in Energy Corridor of Houston, home to over 5,000 energy firms PENDING MULTI FAMILY

CONTACTS JAZZ HAMILTON 713.577.1805 jazz.hamilton@cbre.com ALEX MAKRIS 713.577.1827 alex.makris@cbre.com CHRIS BERGMANN 713.577.1694 chris.bergmann@cbre.com cbre.com/HoustonRetail

A Development of::

2 | REDNews.com

LEGEND Pad sites available Anchor space available

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IN THIS ISSUE

C O N T E N T & F E AT U R E S

PROPERTIES FOR SALE/LEASE

1 - 3, 5, 7 – 11, 13, 15, 17, 19, 21, 1-3, 5, 7 – 12, 14 – 25, 27 – 29, 23, 27, 43, 44 33, 36- 41, 54 – 56

COMMERCIAL SERVICES

Environmental 30 Legal Services 41 Moving & Relocation 41

WHAT’S HAPPENING IN TEXAS CRE

Calendar of Events 32, 34, 36 Networking Photos 33, 35, 37 Deals & Announcements 38 – 40, 42, 44

ARTICLES Live/Work/Play CBRE Office Market Reports Ray’s Buzz Data Insight: Industrial

4 | REDNews.com

12, 14, 16 18, 20, 22, 24 26 28

NEARBY AMENITIES:

11 SHOPPING CENTERS 9 HOTELS 30+ DINING

FUTURE DALLAS MIDTOWN

6 FITNESS/GYMS GALLERIA

289

ONE LINCOLN CENTER

SPEC SUITES AVAILABLE $16.75 - $18.00 SF FULL SERVICE

PRIME OFFICE SPACE ON LBJ FREEWAY AND DALLAS NORTH TOLLWAY

CLASS B CROWN & EYEBROW SIGNAGE 3.69/1000 PARKING RATIO (GARAGE & SURFACE) VISIBILITY: 500,000 VEHICLES PER DAY ACCESSIBILITY VIA NEW $3.1 BILLION LBJ EXPRESS ACROSS FROM THE DALLAS GALLERIA & THE FUTURE $3.5 BILLION DALLAS MIDTOWN MIXED-USE DEVELOPMENT

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FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS

PUBLISHER

PUBLISHER’S LETTER Dear Readers,

s I write this I know many of you are en route to Las Vegas for ICSC. I hope you have great success, get a lot of deals done and arrive home happily exhausted!

In this month’s issue, you’ll find excerpts of CBRE’s 1stQ office reviews. Dallas has almost 50% of their new construction space preleased and Austin and San Antonio are seeing record high office rates. In fact, San Antonio had the strongest first quarter absorption ever recorded. Although Houston had a healthy first quarter with 577,700SF of absorption, job growth is slowing and Houston’s office market is expected to experience a slowdown this year as compared to its record setting 2014. The good news is that Houston is coming from a place of strength because since 2009 it has gained four new jobs for each one lost during the recession. We will continue to see job growth this year even though it will be substantially less than previous years. Check out Brandi’s Live/Work/Play article on Pages 12, 14, 16. She traces the “mixed-use” lifestyle back to medieval days with the creation of walled villages. Even though during the early 1900s zoning was introduced throughout major cities in the US in order to control growth and development, creative CRE developers began dappling with the concept of mixed-use within the zoning parameters.

Ginger Wheless ginger@rednews.com

EDITOR Marjorie Gohmert info@rednews.com

STAFF WRITER Janis Arnold janisarnold1@gmail.com Brandi Smith info@rednews.com

CONTRIBUTING WRITERS Ray Hankamer rhankamer@gmail.com Jim Wilkie jimwilkie@swbell.net

ART DIRECTORS Samuel Leger graphics@rednews.com Susan Nguyen

E-MARKETING MANAGER Anthony Morrison emarketing@rednews.com ACCOUNTING Benton Mahaffey accounting@rednews.com

SALES Bri Martinez bri@rednews.com Ginger Wheless ginger@rednews.com

Today both urban & suburban mixed-use communities are thriving throughout the US and major cities in Texas. TXDOT and Mass Transit have always been challenged to keep up with growth so the live/work/play-within-the-sameneighborhood lifestyle continues to have a strong appeal. Who wants to sit in traffic? We’re offering Summer Specials through August so take advantage of marketing your properties at reduced pricing while you’re working from your office or your “mobile office” this summer. Best Regards,

Ginger Wheless

PRINT & DIGITAL DISTRIBUTION REDNews is directly mailed each month to commercial real estate brokers, investors & developers. Texas Brokers 7,650 Texas Leasing/Tenant Rep 6,232 Texas Investors 4,979 Texas Developers 4,710 Outside Texas Investors, Brokers, Developers, etc 81,577 Total REDNews Distribution: 105,148 REDNews Has Gone Green Using Recycled Paper Thank you, Midway Press To subscribe to REDNews call 713.661.6300 or log on to www.REDNews.com/subscription/ 5909 West Loop South, Suite 135 Bellaire, Texas 77401

6 | REDNews.com

Personalized Service. Proven Results.

www.tarantino.com ASHFORD PROFESSIONAL

909 Dairy Ashford Rd, Houston, TX 77079

NANES PROFESSIONAL

17030 Nanes Dr, Houston, TX 77090

• Two Story Medical Office Building • Renovated in 2008 • Up to 2,392 SF Available • Services the Memorial & Surrounding Neighborhoods

MEDIC AL • Two Story Medical/ Professional Office Building • 11,929 NRA Contiguous Space Available on Second Floor • Located 2 Miles from the Houston NW Medical Center • 15 Minutes from IAH & The Woodlands

• Three Story Office Building • Beautiful Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center • Generous TI Packages

• New Ownership • 1,000-56,000 NRA Available • Building Identity Available • Beautiful Atrium Lobby with Granite Finishes

• 1,000-40,000 NRA Available • Completely Remodeled in 2015 • Private Corner Balconies on Upper Floors • Located near FM 1960 & I-45 in Champions Forest

NORTHGREEN ATRIUM BUILDING

1300 N. Sam Houston Parkway Houston, TX 77032

7575 SAN FELIPE

7575 San Felipe Houston, TX 77063

• 46,462 SF, Three Story Medical Office Building • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance

OFFIC E • 1,510-2,398 SF Available in Suburbs of the Galleria • Common Areas, Lobby & Restrooms Remodeled in 2015 • Monument Signage Available • Numerous Shopping Centers & Restaurants Nearby

• 1, 117- 8,849 SF Available • Lobby & Common Areas Remodeled in 2014 • Covered two (2) story parking garage • Located near the Energy Corridor

908 E. SOUTHMORE

908 E Southmore Blvd, Pasadena, TX 77502

PASADENA PROFESSIONAL

3315 Burke Rd, Pasadena, TX 77504

NORTHCHASE BUSINESS PARK

14505 Torrey Chase Blvd Houston, TX 77014

1505 HIGHWAY 6

1505 Highway 6 Houston, TX 77077

TOWNSHIP SQUARE

WOODFOREST SHOPPING CENTER • UP to 23, 000 SF Available • End Cap Available • NWC I-10 E Frontage @ John Ralston

10907-11095 I-10 East Houston, TX 77029

RESEARCH PLAZA

RETAIL • 3,965 SF End Cap Available • Freeway Visibility from I-45 North • Ample Parking • Anchored by Walgreens, Party City, Subway

19189 I-45 North Shenandoah, TX 77385

DE ZAVALA

12770 Cimarron Path, San Antonio, TX 78249

1005 INDUSTRIAL

• Up to 6,845 Retail Space Available • Easy Access to Highway 6 & U.S. Hwy 59 • Traffic Count Exceeds 30,653 CPD

• 3,000 – 10,000 SF, Flex Office & Biomedical Space Available • Climate Controlled Warehouse • Generous Tenant Finish-Out Allowance • Northwest Location with Easy Access to I-10 & 1604

• Hard Corner of Hwy 90 & Dairy Ashford • Up to 3,901 SF Available • Great Co-Tenancy • Traffic Count Exceeds 78,000 CPD

• Suite 250: 4,225 SF Warehouse & 3,336 SF Office Space Available • Easy Access to Beltway 8, I-45 and IAH • 2 Semi-Dock High Loading Bays • 1 Up- Ramp Allowing Drive in Access • Air Conditioned Warehouse

INDUSTRIAL • Stand-alone 15,000 SF Building • (3) 10ft. Roll Up doors- Grade Level Loading • Warehouse Ceiling Height 20ft. • New Roof

7887 San Felipe, #237 Houston, TX 77063 (713) 974-4292

SUGAR POINT SHOPPING CENTER

9920 Hwy 90 Sugar Land, TX 77478

15340 VANTAGE

15340 Vantage Parkway E, Houston, TX 77032 INTERCONTINENTAL BUSINESS PARK

• 10,663 SF Available • 3 Phase Power • 18ft Ceiling Height • Easy Access to Beltway 8

1005 Industrial Sugar Land, TX 77478 CORPORATE OFFICE:

3340 FM 1092 Missouri City, TX 77459

15344 Vantage Parkway E Houston, TX 77032 SAN ANTONIO OFFICE: 12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222

AUSTIN OFFICE:

502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500

INDUSTRIAL/ RETAIL OR MEDICAL/MULTI-FAMILY DEVELOPMENT SITES REDNews

N E A R E X X ON MO B I L

FM 1 1960

Tract 1

• 1,136 FF Kuykendahl Rd • 5.69 Acres NORTH FOREST

Tract 2

• • •

EAGLES AGLES LANDING

I-45

•

529 FF on Kuykendahl Road 9.92 Acres +/- 400’ NW of Ella Blvd. Great visibility on heavily traveled Kuykendahl Rd. GLEN ABBEY Y Located in dense residential area just west of I-45 Zoning: None Utilities: HC MUD #399 Key Map: 372B

. Rd hl da en yk Ku

• • • •

Tract 1 Tract 2 EAGLES EAG AG GLES LANDING BLUE ASH lvd. B a Ell A RT XPLAZA P LAZA AT AIRTEX-E AIRTEX-ELLA QUAIL CHAS CHASE WOODS WOOD S OF KUYKENDAHL Grand Parkway (Proposed) da

WOODFALL WOODFALLS WOOD DFALLS COURT CO OURT

hl .

Rd Ella

PRICED TO SELL!

Blv d.

VAND RB LT VANDERBILT

Tract 1: $4.50 PSF; Tract 2: $4.50 PSF

Brokers Welcome

PARK AT KIRKSTALL RKSTALL KSTALL

FULL 6% COMMISSION PAID

Rachel S. Grant

7887 San Felipe Suite 122,

Houston, TX 77063

w s9. c om ( O1 0) |7 R1E3D .N7e 8 .3 133 | (M): 281.686.2993 | RachelGrant@RSHart.com

R. S. Hart

Commercial Brokerage, L.L.P.

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ASHFORD VILLAGE

Houston, tX

BAYWAY VILLAGE

Webster, tX

2015 Remodel Complete

• • • •

Two 2nd gen restaurant spaces available 5,425 sf and 4,932 sf High day time populations and high traffic counts Up to 20,000 sf end cap available and can be subdivided

BENDER SQUARE

Humble, tX

• 36,500 sf pad site available for ground lease • 3,600 sf available (former Radio Shack) facing Hwy 59

NORTHLAND CENTER

spring, tX

• 7,895 sf space available next to NEW Paul Mitchell School of Hair

DEERBROOK CROSSING

Humble, tX

• 10,500, 13,576 and 18,000 sf jr box spaces available adjacent new Nation Discounters

WOODCREEK CENTER

b ay t o W n , t X

George W. Harsh gwharsh@swbell.net

David Z. Mafrige Interests 9219 Katy Freeway, Suite 291 Houston, TX 77024

• 20,000 sf build to suit next to the NEW 72,000 sf Academy opening in June 2015 • 10,000 sf jr box available to open with the new Academy

713.468.5005 • Up to (18,600 sf) 10,488 sf and 8,112 sf jr box’s available with National Discounters as co-tenants

REDNews.com | 11

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LIVEWORKPLAY: PHILOSOPHY OF SUCCESSS

REDNews BY BRANDI SMITH

t’s a sunny Saturday morning at The Pearl in San Antonio and the converted former brewery property is bustling with activity. There are shoppers surveying produce in more than 40 different booths at the weekly farmer’s market. Right in the middle of the market, the brunch crowd flows in and out of Cured, one of the development’s 15 restaurants, some diners headed home to their apartment at the Can Plant just a few steps away. Over at The Park at Pearl, families walk along the San Antonio River, savoring the sunshine. Taking in the scene, it’s easy to see why mixed-use development has exploded in popularity.

image credit: Nick Simonite

Developers began experimenting with the concept of mixed-uses within the new zoning regulations. In doing so, they learned valuable lessons that have guided development into the modern era, including the value of pedestrian-friendly connections and integrated shared parking. These days, East Texas is brimming with successful examples of mixed-use properties in Dallas, Houston, San Antonio and Austin.

The Pearl is a shining example of a project that has embraced the live-work-play philosophy with huge success. Its developers didn’t just bulldoze and build; they carefully crafted, using the Pearl Brewery’s history and footprint. In doing so, they created a high-density destination for residents, shop owners, office tenants, restaurateurs and more. Mixed-Use Development’s Mixed History Though the Pearl’s extensive history dates all the way back to 1883, the origins of mixed-use development stretch far beyond that. Medieval villages, tucked securely within their walls, offered all the amenities residents needed. As the population grew, it remained contained by those walls, encouraging mixeduse of existing buildings. Early maps of fledgling cities such as London, Manhattan and Boston reveal they adopted similar principles, maintaining compact areas with multiple uses. It wasn’t until American cities grew to dangerous levels that local governments introduced zoning by mandating a segregation of uses. First used by New York City in 1916, zoning provided a way for local government to regulate how private property could be developed. The idea was strengthened by the U.S. Supreme Court’s 1926 decision in the Ambler v. Village of Euclid, Ohio case. The justices maintained that local governments could dictate land use as a means of deciding how and where their town should grow. With the new restrictions, mixed-use development slowed with a few exceptions in cities such as Cleveland, Ohio and New York City. In addition to featuring the train station after which it was named, the Cleveland Union Terminal, which opened in 1930, featured restaurants, a department store, a hotel, a post office and four different towers. NYC’s Rockefeller Center was built the next year on 22 acres. The property featured 19 commercial buildings, all connected via an underground concourse. 12 | REDNews.com

image credit: Uptown Dallas

“It has truly become a neighborhood” More than 20 years into what was originally an effort to improve a troubled neighborhood, Uptown Dallas is still growing and evolving. It got its start in 1993 when a group of property owners joined efforts to create the city’s first public improvement district. Back then, the district’s tax value was $550 million. In 2015, that value has grown to more than $4 billion, according to Amy Tharp, Uptown’s president and executive director. “[It] is now so large and successful that it’s hard to think of it as a ‘development,’” says Pam Stein, executive director of ULI North Texas. “It has truly become a neighborhood and is wellknown in the region and outside Texas.” Its tax value is far from Uptown’s only impressive number. Consider this: it now has more than 15,000 residents in less than a square mile. “Although the revitalization of urban neighborhoods started as a trend with young professionals and empty nesters, Uptown is maturing out of that trend and becoming more appealing to families as well,” says Tharp. “Children under the age of five is our fastest growing demographic at already 10 percent of our total Uptown population.” Continued on page 14

serviNg the ceNtrAl texAs hill cOuNtry ANd surrOuNds

exclusively listed trOphy rANches with prOxiMity tO AustiN, sAN ANtONiO ANd d/Fw

Spring Lake ranch

A large spring complex puts out 40–50gpm into one of the most scenic and deep lakes in this highly sought-after upper turtle creek area just outside charming kerrville. A nice lodge lies along the lakeshore, with beautiful rock patio bulkheaded into the shoreline, providing easy access for kayaks, fishing, snorkeling, floating and private relaxation. paved interior roads, manicured rolling rangeland and tons of wildlife round out the package. $9,932/acre = $2,950,000.

river canyon ranch

this rugged but stunningly beautiful ranch lies on the north banks of the fabled llano river, in an historic and remote area west of Mason. included is a permanent spring, outstanding native whitetail deer, awesome pecan bottom and staggering long range views of one of the prettiest stretches of live water known in texas. this blank canvas includes a secluded, private homesite overlooking the teal river in both directions, and a totally self-contained, spring-fed canyon that flows water much of the time. $4,500/acre = $2,011,500.

ruShing river ranch

this rolling liveoak ranch features over one mile of frontage on the strong-flowing san saba river just below the headwater springs, including good frontage on the widest and deepest hole in the area suitable for jet skiing. excellent variety includes deep soil valleys, heavy timbered river bottom, mesquite/pear flats, limestone outcrops and hilltops with distant vistas. can be split into tracts of 500–1500 acres, best area price of $2,275/acre for all.

BLue LakeS river ranch

this neat ranch features 3,000’ of frontage on the concho river, which is up to 175’ wide in this area, and is loaded with fish. beautiful pecan and oak bottoms line the dirt bank river, and fertile bottomland fields include large stock ponds, pecan orchard and grass suitable for hay. A good ranch hQ’s provides value and utility, and the overall look is fairly open and clean, though there is adequate cover for deer, turkey and birds. Minerals are available, as are additional personal items and accessories. $2,950/acre = $1,920,450.

210.422.4676 ̶ 830.997.8616 dec@landtx.com ̶ www.landtx.com Fredericksburg ̶ MAsON 1031 exchANge speciAlist

REDNews

Continued from page 12

image credit: Uptown Dallas

The shifting demographics are creating new priorities for Uptown, including improving neighborhood schools and creating more opportunities for families.

soon,” Tharp says.

“People live in Uptown for the quality of life,” Tharp says. “Instead of spending countless time commuting, they are within a short walk from all of their living, working and playing needs.” As so many other projects have, Uptown has learned the value of creating a pedestrian-friendly environment. “With the success of Uptown comes limited real estate, so creatively rethinking the public realm we do have can efficiently move people with an enjoyable experience to those on foot, bicycle, trolley or in a car,” says Tharp. That evolution is exactly what city planners and other real estate experts are looking forward to as more people move to Dallas. “I’m excited to see more infill, especially near our transit stations,” says ULI’s Stein. “It’s also a positive step to see retail and residential growth downtown and more development on the south side of the CBD, in the Farmer’s Market and the Cedars.” The city’s area redevelopment manager Karl Stundins calls the atmosphere of developments like Uptown “synergistic.” “Higher density residential development creates a market for new restaurants and retail shops; the proximity of the restaurants, shops and rail system add value to the people living in the residential components of the projects,’”Stundins explains. He says that’s especially beneficial for parts of Dallas that have historically lagged in development, such as Trinity Grove, the Fort Worth Avenue/West Commerce corridor, the West Davis corridor and related Bishop Arts District and the Lancaster Road Corridor. “Several exciting projects are recently completed and/or underway in all these areas,” points out Stundins.

As those new developments mature and grow, they can look to Uptown as an example of what works. “With at least six new developments in progress right now, several more set for construction and even more in the design phase, growth in Uptown is not slowing anytime

image credit: Catellus Development Corp.

“It is beyond our expectations” Head south on I-35 and before you hit downtown Austin, you’ll pass what used to be Robert Mueller Municipal Airport, now home of Mueller Austin. The 700-acre development first started construction on its “mixed-use, new urbanism master plan” 11 years ago,” according to Greg Weaver, executive vice president of Catellus Development Corp., Mueller’s master developer. “We had a bunch of pretty pictures with this dream. You get a little nervous worrying ‘Will this become a reality?’ Today, the dream is reality out here,” Weaver says. “It’s been amazing. It is beyond our expectations.” Mueller currently counts more than 3,600 living and working there, but Catellus aims to boost that number to 26,000 when the development is finished. It’s nearly halfway there now and Weaver says the best is yet to come in what will be Mueller’s town center: Aldrich Street “We’re spending a lot of time on it to try to make it something unique and different that you won’t find anywhere else,” says Weaver. “I think it’s going to be what the greater community looks at as a destination, kind of a must-go place.” Aldrich Street will include the Austin Children’s Museum, an Alamo Drafthouse Cinema, a hotel, office and urban-style apartments, lofts and condominiums. “There’s a big push to have great local restaurants, a local theater, something that you can’t find anywhere else in the United States. The only place you would find it is Austin, Texas,” Weaver says. “Austin has a special blend of history, music, higher education and state government that creates a vibe unlike any other

image credit: Uptown Dallas 14 | REDNews.com

Continued on page 16

REDNews

New Shopping Centers with Pad Sites CONTACT: GREG SLUSKY greg@slucorealty.com

7713 Janak Dr. Houston, Texas 77055 713.443.2860

SEC Kuykendahl Rd & W. Rayford Rd Spring, Texas 77389

DESCRIPTION:

• Across from Kroger Marketplace • Spring and The Woodlands are experiencing record home sales and new home growth • Exxon Mobil under development with 385 acre campus in Spring +/-18,456 SF of retail shop space Pad B Approx.: 1.37 AC Pad C Approx.: 2.83 AC

NWC Spring Cypress & Grant Rd Cypress, Texas 77429

DESCRIPTION: •

• •

Located on the Northeast Corner of Spring Cypress and Grant Across the street from a New HEB Grocery Shop space with Drive thru available

+/- 20,987 of retail shop space Pad B Approx.: 1.4 AC Pad D Approx.: 1.1 AC REDNews.com | 15

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in the country,” says David Steinwedell, executive director of ULI Austin. Keeping the city’s unique feel while building something new poses a challenge for any developer looking to tap into Austin’s roots while helping it grow. “We want to support the preservation of the cultural fabric that has made Austin great, coupled with smart development that recognizes the future growth that will happen in the greater Austin area,” Steinwedell says. “For Austin to continue to grow efficiently, increased use of mixed-use development will be a critical component.” image credit: Nick Simonite

“A new heart of San Antonio” In the same way Mueller found opportunity in Austin’s shuttered airport, developers of The Pearl discovered a gem in the form of an abandoned brewery in San Antonio. Started in 1883, The Pearl Brewing Company operated on 22 acres along the city’s famed river. It survived Prohibition with matriarch Emma Koehler leading the way. “She ran it through Prohibition and didn’t lose a single employee,” says Elizabeth Fauerso, chief marketing officer of The Pearl. “During Prohibition, they made ice, Near Beer and soda and had a sign-painting factory.” When Prohibition ended at midnight on Sept. 15, 1933, the plant was ready, loading 100 trucks and 25 boxcars with beer within the hour. Sixty-seven years later, the factory ceased production, but its story was far from over. In 2002, Silver Ventures (led by Kit Goldsbury) purchased the brewery property with lofty plans inspired by its extensive history. “I think the idea of saving the buildings, renovating the buildings, restoring the historic spaces and bringing it back to being a vibrant and dynamic San Antonio neighborhood was an inspiration,” says Fauerso. The Pearl takes development beyond just building; it’s also preserving by reusing pieces of the original brewery. “When we start a new project, we work with our architects to figure out really pointed ways to reuse the materials,” Fauerso says. “There are turn-of-the-century pieces of industrial equipment: bottle labelers brought over from Germany in the 1920s, hand-washing sinks with manual pedals from the 1920s and all different sizes of iron tanks.”

Continued from page 14

made a name for itself as a foodie destination. “Coming during one of our farmer’s markets is a great way to get a full Pearl experience,” says Fauerso. “It’s representative of our south Texas food ways. You can see our growing culture, our farming culture; there’s live music and most of the residents attend.” The weekend farmer’s markets serve to supplement the development’s 15 eateries, which each have their own focus and flavor. “We really found as we continued to do this and built this dream of this food-centric neighborhood that every restaurant that we add lifts all the boats and all the restaurants continue to improve their performance,” Fauerso says. The Pearl, though, features much more than great food. Its 13 boutiques are all locally owned businesses, such as Niche. While the company is 20 years old, its location at The Pearl is its first and only storefront. “It was really the unique opportunity of the Pearl,” owner Ashe Derman says, explaining why she waited until August 2014 to open a brick-and-mortar store. “[It] doesn’t have big box retailers or even big chains. Everything that’s going here is more independent businesses, including the restaurants. It’s really a nice, small-business focused environment and I think that’s really neat.” Ross says she saw The Pearl’s potential five years ago when she decided to uproot her store from its 35-year location and move into the fledgling project. “I took the risk of staking my claim early in the process. Now I really feel like I have one of the best locations on property,” she says. “I’m sitting in my office right now, looking at the historic stable with this gorgeous 100-year-old oak tree outside. It’s amazing.” Ross has seen the development evolve quickly in those first five years, but she’s most excited for this fall when the 146room Hotel Emma, named for Emma Koehler, is scheduled to be completed. “Once the hotel opens, I cannot even forecast what it’s going to be like,” she says. Like the rest of The Pearl, Hotel Emma will have a big culinary emphasis, including a bar and club room and a full-service restaurant called Supper. “The idea for the hotel is that it will play the role that great hotels used to play in cities in which it was the city’s living room, a place where visitors and locals wanted to gather,” Fauerso says. “We see Hotel Emma as being a new heart of San Antonio.” In their own way, mixed-use developments throughout East Texas can serve as the heart of their respective cities. While The Pearl taps into San Antonio’s history, Mueller’s Aldridge Street highlights Austin’s quirks and Uptown capitalizes on Dallas’s young professionals. These developments are a cross-section of a given city’s culture, a small-scale sampling of what each city has to offer, a kind of introduction to the larger community of which they’re a part.

Incorporating those pieces in the right way takes time, which is a luxury many developers and tenants don’t have. In the case of The Pearl, though, rushing is not an option. “[The developers are] meticulous about getting the details right,” says Marla Ross, owner of Adalante Boutique. “They are not a blow-and-go, throw-up-the-strip-mall-in-24-hours kind of place.” Because of its historic property and carefully curated collection of restaurants, coffee shops and bars, The Pearl has also 16 | REDNews.com

image credit: Catellus Development Corp.

REDNews

LAND & WAREHOUSE AVAILABLE MED CENTER

610

LAND FOR SALE IN PEARLAND NEXT TO COSTCO

Retail 24/7.

±3.78 Acres :: SH 288 & CR 59, Brazoria County, 77584 :::: Pads available at $19.75 psf :::: Located 3.5 miles south of Sam Houston Tollway and 0.75 mile from Broadway/FM 518 :::: Over 2,500 acres of master-planned single family within a one-mile radius :::: Utilities and off-site regional detention provided :::: Within city MUD (City Utilities) :::: Zoned PD :::: Perfect for restaurant, retail, medical office or office :::: Quick commute to Texas Medical Center, Rice University, University of Houston and Downtown Houston :::: Pearland’s population has increased 100% in only seven years :::: Costco opening November 2015

JAZZ HAMILTON 713.577.1805 jazz.hamilton@cbre.com

ALEX MAKRIS 713.577.1827 alex.makris@cbre.com

DARIN GOSDA 713.577.1819 darin.gosda@cbre.com

cbre.com/HoustonRetail

REDNews.com | 17

REDNews

MARKETVIEW Houston Office, Q1 2015

Houston watching and waiting as oil prices drop

REDNews The Houston office market closed the quarter with 577,700 sq. ft. of positive absorption. While market occupancy is expected to slow this year due to the drop in oil prices, healthy absorption this quarter is no surprise thanks to strong leasing activity in recent quarters. While fear of a repeat of the 1980s has been swirling, experts do not predict a downturn nearly as severe. The market will see slower job growth numbers compared to records in years past, losses in energy jobs (for whitecollar jobs, the loss is expected to hit the upstream-heavy Energy Corridor the hardest), increases in sublease space and possible decreases in rental rates. While this slowdown will be hard on the market, it is expected to recover in about 18 to 24 months, according to Bill Gilmer, director at the Institute for Regional Forecasting at the University of Houston. It is important to remember that Houstonâ&#x20AC;&#x2122;s economy is entering this period from a position of strength, having gained four new jobs since 2009 for each one lost during the recession while experiencing income growth above the national average.

The Houston market continues to lead the nation in office construction activity, with 15.9 million sq. ft. under construction, of which 64% is preleased. Proposed construction is expected to stall in the wake of the decline in oil prices as developers are feeling the pressure of the market slowdown. For a market with onefifth of the nationâ&#x20AC;&#x2122;s office construction, the pause in speculative construction will allow demand to catch up with supply as the remainder of space underway comes online over the next two to three years.

18 | REDNews.com

Continued on page 20

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1 Mi. 3 Mi. 5 Mi.

Population:

6,778 88,950 152,996

HH Income:

$58,809 $79,252 $83,513

Traffic Counts (2013):

I-10 - E. of Mason Rd. - 265,300 cpd I-10 - W. of Mason Rd.- 135,700 cpd Mason Rd. S. ofl-10 - 44,560 cpd Mason Rd. N. ofl-10 - 32,070 cpd

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The information contained herein while based upon data supplied by sources deemed reliable, is subject to errors or omissions and is not, in any way, warranted by Brantly Minor, or by any agent, independent associate, subsidiary or employee of Brantly Minor. This information is subject to change without notice.

REDNews.com | 19

REDNews

Continued from page 18

MARKETVIEW

REDNews

Dallas/Fort Worth Office, Q1 2015

Q1 2015 is highest quarter for DFW office deliveries in a decade, over 1.5 million sq. ft. • Annual year-over-year employment growth throughout Dallas/Fort Worth (DFW) remained strong through October 2014 with 4.4% growth, representing 136,300 new jobs. • The largest office sale transacted over the quarter was the purchase of Canal Centre in Addison, sold by LaSalle Investment Management. • Moody’s Analytics forecasts gross metro product to grow 4.5% in 2015 and 5.8% in 2016 for the DFW metro. • Q1 2015 saw a rise in new completions and an increased pace of new construction starts. Despite this uptick in activity, the total under construction pipeline registered 6.3 million sq. ft. over the quarter, due to State Farm’s 1.5 million sq. ft. delivery. • Market wide vacancy decreased by 10 basis points in Q1 2015, closing with an18.3% vacancy rate, twelve months after vacancy dipped below 18% for the first time since 2008. • Net absorption throughout the DFW office market continued to trend positively for the 19th consecutive quarter dating to Q3 2010.

In Q1 2015, the total office square footage, under construction registered 6.3 million sq. ft., down from Q4 2014 to Q1 2015. Construction starts for Q1 2015 totaled 649,674 sq. ft., significant new projects this quarter include Allen Place I in Allen, Connection Park located in Irving, within the Las Colinas submarket, and Platinum Park in Plano in Far North Dallas. The bulk of under construction activity is concentrated in Far North Dallas, with approximately 49.8% of the total pipeline square footage already pre-leased. 20 | REDNews.com

Gross asking rents continued to experience growth, with the overall market average rising moderately to $20.70 per sq. ft. in Q1 2015 from $20.68 per sq. ft. in Q1 2015. Class A rates increased at an especially strong pace, rising from $26.61 per sq. ft. to $27.00 per sq. ft. for the same timeframe. Class A and Class B office recorded an increase in lease rates for the last 12 months leading to an overall market growth rate of 3.2%. Continued on page 22

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MARKETVIEW

REDNews

San Antonio Office, Q1 2015

Asking rates continue to approach record high With the strongest first quarter recorded so far, Q1 2015 posted a positive net absorption of 426,049,553 sq. ft. This caused the vacancy rate to fall a total of 40 bps and close at 15.5%. All but one submarket, the South, recorded positive gains for the quarter. This was led by the Far North Central submarket, posting 160,500 sq. ft., which was followed very closely by the Far North Central (157,418 sq. ft.). Absorption was positive across all building classes as well, with Class B space, which makes up roughly 44% of the entire market, having largest share of positive net absorption.

The year started off with the delivery of 8100 Potranco to the market, which added 160,500 sq. ft. of office product. This project was also 100% leased at the time of its delivery by the U.S. Government. While there were new projects that broke ground throughout the quarter, development still remains active in the market. With just over 760,00 sq. ft. under construction, there is almost roughly 1 million sq. ft. of office product proposed to the city, with most of the space being focused in the Northwest. Furthermore, there are at least three projects that are anticipated to be delivered within the next six months, which would bring over 300,000 sq. f.t of new product to the market. 22 | REDNews.com

After falling from its record high in 2012, citywide average asking rates have been on a steady climb, and Q1 2015 is no exception. Average rates improved another $0.33 per sq. ft. quarter-over-quarter, posting $20.67 per sq. ft. Class A rates led the charge with a $0.46 per sq. ft. rise, topping $25.00 per sq. ft. mark. Class B product then followed with a $0.15 per sq. ft. increase to $20.27 per sq. ft., and Class C closed the quarter at $16.95 after an $0.11 per sq. ft. rise.

Continued on page 24

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REDNews.com | 23

REDNews

Continued from page 22

MARKETVIEW

REDNews

Austin Office, Q1 2015

Citywide average asking rates breach $30 mark • The Austin market delivered 881,095 sq. ft. of new product to the market, representing over a 2% increase in net rentable area. • Average asking rates experienced a steep increase. Average Class A CBD rates rose to $43.83. Average suburban Class A rates finished the quarter at $32.39. • Austin posted a robust quarter for net absorption. 139,236 sq. ft. were absorbed in the CBD and 303,446 sq. ft. were absorbed in suburban submarkets for a combined market total of 442,682 sq. ft.

Five office buildings delivered this quarter. Two buildings in the CBD, Colorado Tower and the Seaholm redevelopment, delivered 373,334 sq. ft. and 143,151 sq. ft. respectively. The Northwest submarket delivered the 115,000 sq. ft. Champion 1 and the 221,973 sq. ft. Domain 7. The Southwest rounded out the deliveries with the 27,637 sq. ft. Rialto B. At the end of Q1 2015, the Austin market had over 2.8 million sq. ft. of office space under construction. Of that, over one-third had been preleased. As of quarter close, there were 20 buildings under construction in the Austin market. The Southwest submarket has the most buildings currently under construction with 8 being built for 1,123,663 sq. ft. of product. The southwest was trailed by the CBD with 733,389 sq. ft., and the Northwest at 424,115 sq. ft. 24 | REDNews.com

Citywide office average asking rates once again reached a new high in Q1 2015, coming in at $31.66 per sq. ft. This robust jump was largely explained by three factors. First, the quoted Austin rental rate was a full service gross value. That means that taxes and operating expenses were included in it. Taxes increased at the beginning of the year so added increases in Q1 2015 rates were factored in. On top of that, with the success of the Austin market, property values on office product are outpacing broader averages, and thus so are property taxes. Secondly, the delivery of over 880,000 sq. ft. of new product influenced rates. This was a large addition of space with all of it being higher in quality than the market average; thus they were also drawing higher asking rates, pushing the citywide average up. And lastly, Austin has been a competitive market with vacancy low and demand high, resulting in upward pressure on asking rates.

O.CON JW MARRIOTT HOUSTON | HOUSTON, TEXAS Experience the powerful impact of technology, demand and right-sizing on traditional office at NAIOP’s O.CON: The Office Conference. Only NAIOP has the pulse on what’s fueling the future of office.

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BUZZ

STATE OF THE MARKET ROUNDTABLE REDNews BY: RAY HANKAMER

UH BAUER SCHOOL 2015 SPRING SYMPOSIUM

“Good Times or Bad? Oil Still Makes the Difference for Houston”

Speaker: Robert “Bill” Gilmer, PhD

The outlook is shifting to a longer, deeper downturn, even assuming the national economy continues to strengthen. •Despite negative news, this downturn is in no way comparable to what happened in the early ‘80s in Houston, when 17% of all jobs were lost

“To serve industry and business in Houston is the aim of the Bauer School…Houston is one of the most interesting economies in the world…the U.S. is now the THE swing producer of oil in the world, replacing Saudi Arabia….we are in a moderate downturn in Houston and it may turn out to be of a longer duration than originally thought”. The above comments at the beginning of the program certainly got the attention of the 800 attendees. Gilmer Went On To Say: •For the last 46 years Houston has had the fastest income growth of any large metro area in the United States •Global growth and the ability to create demand for petroleum will be sluggish in the next two years, with China and India leading demand •From 2012-2014 the US increased its oil production from 5 to 9 million barrels per day, upsetting the world markets •The Saudis maintaining low oil prices by not cutting their production helps their friends (US, Europe) and punishes their enemies (ISIS, Iran, Iraq, Venezuela, Russia) •It is ‘messier’ for US to slow down oil production since it involves so many private companies, while Saudi Arabia’s policies are controlled by one person; nevertheless we have responded quickly with plummeting rig counts •Houston job growth is slower than projected just a few months ago, and this affects absorption of office, industrial, and multi-family space—previous assumptions of a mild downturn were too optimistic •Oil industry job losses cascade through the economy, since there is so much outsourcing-one lost oil job may cause loss of 3-4 outsourced professional and support jobs, as well as lost service jobs at the dry cleaner, the grocer, etc. •Machinery and fabrication jobs are moving from upstream ones to mid- and downstream ones, as chemical plants see their profit margins growing with cheaper natural gas as feedstock—but these blue collar jobs do not drive as much occupancy of real estate-and some of these are temporary jobs with temporary workers •Houston unemployment rate is still lower than rest of US, but basic jobs here are now in decline 26 | REDNews.com

•Collapse of natural gas prices in late 2011 has been a boon to the petrochemical industry-there is a boom underway on the east side of Houston with $25 billion of construction underway in the ten largest projects

All of this is affecting commercial real estate… •We continue to see lot shortages for single family houses, but the inventory of homes and lots is catching up •In multi-family, which has benefited from shortage of affordable single family homes, construction starts continue at a high level in Q1 2015, possibly leading to oversupply •Retail, which overbuilt in 2006, is now playing catch-up with all the new rooftops in the Metro Area •Industrial, which has strong occupancy percentages, is caught between the upstream crash and downstream strength, and is harder to predict with the normal indicators •Office has a clear and direct relationship between job growth and absorption-we are seeing sublease space coming available while next door new buildings are nearing completion

Is the East/West Houston split real? Is it blue collar growth versus white collar job shrinkage? •Close to half the jobs in the energy corridor and the Galleria are in sectors which are at risk because of the drilling downturn •Most of the benefits of the construction boom accrue to the east side of the Metro Area

•The

takeaway from the presentation… There will be several years of slow to modest growth in the Houston Metro Area before a rebound.

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Data InSight

Guiding Business Analytics in Commercial Real Estate Data InSight is a monthly business-to-community (B2C) whitepaper series that uses data analytics to look at current and historical trends in commercial real estate (CRE). Indeed, like many other industries, CRE is undergoing a revolution in the volume, velocity, and variety of data being generated. At NAI Partners, we are embracing this data revolution through data science --- the process of using the scientific method and statistics to extract knowledge from data. Complementing its full CRE platform and more than 500 years of combined broker and professional experience, NAI Partners offers a data analytics consulting service to guide its clients in their business intelligence and decision making in CRE.

New Job Forecast Suggests Lower But Quickly Rebounding Demand for Industrial Real Estate J. Nathaniel Holland, Ph.D. Chief Research & Data Scientist HOUSTON | AUSTIN | SAN ANTONIO

MAY 2015 | VOL. 1, ISSUE 3

Executive Summary

www.naipartners.com 28 | REDNews.com

be about 4.4 million sq. ft. with an 80% prediction interval of 2 - 10 million sq. ft. (i.e., 8 out of 10 times absorption will be in this range for this level of job growth). By 2017, absorption will pick up to 7 million sq. ft. with job growth. Thus, while job growth will decline in 2015 compared to 2014, absorption is not likely to turn negative and will rebound to more positive values in 2017 if not 2016.

Figure 1: Industrial Net Absorption and Job Growth

160 140 120 100 80 60 40 20 0 −20 −40 −60 −80

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

Job Growth (thousands of jobs)

Net Absorption Job Growth

2000

16 14 12 10 8 6 4 2 0 −2 −4 −6 −8

1999

Statistical analyses show a significant, but weak relationship in which job growth increased net absorption. Job growth only explained

26% of variation in absorption (Figure 1), which is not surprising given the diverse array of industrial products (e.g., warehouse, distribution, flex, manufacturing) that may vary contrarily with economic factors. Nevertheless, the regression analysis indicates that a change of 10,000 jobs equates with a 6.7% change in net absorption. From the regression analyses, we predict that overall industrial absorption in 2015 will

Net Absorption (millions of sq. ft.)

With vacancy rates at 4.8%, the supply of industrial real estate is at its lowest since 1999. Coupled with the high demand of 2014 and Q1 2015, the fundamentals suggest a strong outlook for industrial real estate. However, demand, as measured by net absorption, may shift with pullbacks in the oil industry and a slowing Houston economy. Prior forecasts for job growth in Houston in 2015 have been recently downgraded from >40,000 to <15,000, but rebounding in 2016 and/or 2017 to 60,000 to 100,000 new jobs. Here, we use these new job forecasts as an economic indicator to predict how demand for industrial real estate may evolve in 2015, 2016, and 2017.

REDNews

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C A N C A L E N D A R

A N N O U N C E

W H AT â&#x20AC;&#x2122; S HAPPENING i n C R E Te x a s

The following pages contain a calendar of Texas CRE events, networking photos and deals/announcements. For more of the above, log on to REDNews.com. We update CRE news and events daily!

N E T W O R K

June

2015 Sunday

Monday

Tuesday

Wednesday 2

RealShare RealShare Austin 7:30am-12:00pm

CENTRAL/SOUTH TEXAS

CREW San Antonio June Luncheon at Norris Conference Center 11:30am-1:00pm

15 CCIM C1 101 Financial Analysis 8:30am-5:30pm

RECSA 2015-16 Downtown Development Update 7:30am-9:00am

CTCAR MCE Course “Protect Your Commissions and Stay out of Trouble” 9:00am-11:00am

ULI Austin 2015-16 Mentor Forum 6:00pm-7:30pm

CBA Austin June CBA Luncheon 11:30am-1:00pm

Saturday 5

11 CTCAR Property Information Exchange “Construction 101” 7:30am-9:00am

CTCAR Property Info Exchange & MCE in Waco, TX 11:30am-4:00pm

Friday

IREM San Antonio Board & Committee Chair Luncheon 11:30am-1:00pm

IREM Austin Board & Committee Chair Luncheon 11:30am-1:00pm

Thursday

CCIM Austin Luncheon 11:30am-1:00pm

28 BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

29 BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

30 BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

FOR MORE INFORMATION VISIT REDNEWS.COM

NETWORKING CREW Austin Recruitment Event

1. Alexis Michael of Bank of the Ozarks, Yvonne Heerema of Assessment Technologies, April Chittamai of Chase Bank 2. Tatum Moore of Investors Alliance, Debby Williams of Jose I. Guerra, Inc.

CREW San Antonio May Luncheon 1. Attendees posing for a picture at CREW’s May Luncheon 2. Lori Houston gave a presentation about downtown development 3. The successful event was well attended at Norris Conference Center

CTCAR Casino Cruise 1. Jim Howey, Austin Telco FCU, Kurt VanderMeulen from REOC, Kristy & Colin Parker from Independence Title 2. Attendees having fun on the CTCAR Casino Cruise

Texas A&M 2015 Land Conference

1. Mark Dotzour, Texas A&M Chief Economist, opening the conference. 2. Janis Arnold, REDNews and Gary Maler, Real Estate Center, A&M Land Conference 3. SAWS’ Nancy Bellinsky discusses Vista Ridge Project 4. Bernie Uechtritz speaking: marketing and selling W.T. Waggoner Ranch.

FOR MORE EVENT PHOTOS VISIT http://www.REDNews.com/category/networking-photos/

June

2015 Sunday

Monday

Tuesday

Wednesday 2

NTCAR Broker Classic Charity Golf Tournament 11am-6:00pm

BOMA Fort Worth Monthly Luncheon at Petroleum Club 11:30am-1:00pm

NT CCIM CCIM 103 at Addison Conference Center All day event

NT CCIM CCIM 103 at Addison Conference Center All day event CREW FT Worth Monthly Luncheon 11:30am-1:00pm NT CCIM Class Happy Hour 5:30pm-7:00pm

NORTH TEXAS

NT CCIM CCIM 103 at Addison Conference Center All day event

REC Dallas Speaker Series 7:30am-9:30am

BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

Saturday 6

17 CREW Dallas Monthly Luncheon at Park City Club 11:30am-1:00pm

BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

Friday 5

ULI Dallas Breakfast Forum 7:30am-9:30am

Thursday

NT CCIM Luncheon at Park City Club 11:30am-1:00pm

BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

FOR MORE INFORMATION VISIT REDNEWS.COM 2014 Sponsorship Packages now available! Is your company looking for exposure and recognition in the commercial real estate industry? SPONSORSHIP OPPORTUNITIES START AT $750.

Visit the CREW-Dallas.org website for more information or call the CREW office at 214.890.6490

commercial real estate women

NETWORKING BOMA Dallas at BOMA Southwest TOBY Awards in Tulsa, OK.

Cushman & Wakefield Cinco de Mayo Celebration

North Texas CCIM Networking Event

1. The Building Owners and Managers Association (BOMA) Southwest Region honored its top buildings and employees. 2. The TOBY Awards program recognizes excellence in building management, operating efficiency, tenant retention, emergency planning and community impact. 3. BOMA Dallas won seven awards. The winners will compete at the International Awards Ceremony in Los Angeles, CA. 1. C&Wâ&#x20AC;&#x2122;s Fun Committee sets the mood for the event (L to R: Kristina Rodriguez, Stephanie Davis, Nockamury Coleman) 2. Steve Wentz is analyzing his choices for the fiesta 3. The line has formed for C&Wâ&#x20AC;&#x2122;s annual Cinco de Mayo celebration! 4. Even the office leadership joins in on the fun (Steve Everbach & Cathy Kabaj) 1. MidSouth Bank was the North Texas CCIM May Networking Event Partner at Savor Gastropub. Pictured are representatives Adam Phillips and Brandon Farmer. 2. Mac McClure, CCIM, Susan McClure, CCIM, and Chris Mims, CCIM. 3. Networking with great food and drinks.

The Coulter Group March Breakfast & Mi Escuelita Preschool 1. Panel at the March Breakfast at Dallas Country Club: Robbie Briggs, Dr. Bernard Weinstein, Dennis Grindinger, J. Holt Foster, Phil Puckett, Emily Parker, Bill Jackson 2. Solender/Hall Finds New Headquarters for Mi Escuelita Preschool in North Dallas. Back Row: Eliza Solender, Ricardo Barrenechea, Betsy Orton, Paul Musgrave, Tom Valant. Front Row: Joanna Kim, Moinca Alonzo, Gayle Nave, Juliette Coulter

FOR MORE EVENT PHOTOS VISIT http://www.REDNews.com/category/networking-photos/

June

2015 Sunday

Monday

Tuesday

Wednesday 2

SOUTHEAST TEXAS

CREN Luncheon 11:00am-1:00pm

CCIM Luncheon 11:30am-1:00pm

Fort Bend SCR Breakfast 8:00am-9:00am

O’Connor & Associates Hotel Forecast Luncheon at H.E.S.S. Club 11:30am-1:00pm

ULI Breakfast 7:00am-9:00am

Saturday

CREAM Luncheon 11:00am-1:00pm

Friday

IREM Evening of Style Fashion Show 5:30pm-9:00pm

CREW Luncheon 11:30am-1:00pm

Thursday

BACREN 10:30am-1:00pm

ULI ACRP Houston Networking Breakfast 7:00am-9:00am 5:00pm-7:00pm

NAIOP Office Conference All day event

BOMA International Every Building Conference & Expo Los Angeles, CA. All day event

NAIOP Office Conference All day event

Your real estate des

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Technology

CCIM Course Scholarships CI 101, CI 102, CI 103, CI 104 or CCR & Exam Available to current Houston/Gulf Coast

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NETWORKING ACRP May 12 Breakfast

1. Perry Seeberger, Bill Pedersen 2. Russell Manthy, Seth Michaelson, Daniel Hutchison 3. Perry Seeberger, Hon David Robinson

IREM Houston Member Mixer at Nouveau Antique Art Bar 1. IREM’s newest Board Members Blaire Moreland, CPM and Ananesia Ware, both with Stream Realty Partners. 2. An IREM Houston Past Presidents reunion with Janie Snider, CPM with Griffin Partners, Lynn Kelleher, CPM with Cushman & Wakefield and Tammy Hendrix, CPM with Hendrix Real Estate Consulting.

ULI Houston April 30th Breakfast “Downtown: Transformation”

1. Douglas Crosson, Amegy Bank of Texas, Wendy Heger, Page Southerland Page, Inc. 2. Greg Holmes and Mark Holley, Old Republic National Title Company 3. Ray Driver and Emily Zarcaro, Kinghorn, Driver, Hough & Co. 4. Katy Carmical, Winstead PC, Timothy Williamson, Cadence Bank, N.A.

REDNews ICSC Las Vegas 1. NewQuest Properties at ICSC Las Vegas 2. Carisa Sheely, Bri Martinez, Daniel Cheung representing REDNews 3. MIMCO at ICSC Las Vegas

FOR MORE EVENT PHOTOS VISIT http://www.REDNews.com/category/networking-photos/

Central/South Texas

Avison Young Commercial Real Estate is expanding into the San Antonio market with the purchase of project management-services company Remington Group Inc. William Connor, formerly with Remington, will lead the 10-member team.

Austin/San Antonia Areas

Charlie Quisenberry

ANNOUNCEMENTS

Shelli Cusack

William Connor

REDNews

Irvine, Calf.-based Passco Cos. LLC Charlie Quisenberry has joined is expanding to Austin and has hired EDGE Realty Partners as Senior VP in Shelli Cusack as director of asset their Austin office. Charlie was formerly management. Shelli was formerly with a Principal with Steve T. Matthews Greystar Real Estate Partners Company.

DEALS HOTEL Austin, TX: (SALE) Strategic Hotels & Resorts, owner of 18 highend luxury resorts and hotels around the country, is making their first acquisition in Texas with the purchase of the Four Seasons Austin Hotel for $197 million.

INDUSTRIAL Austin, TX: (LEASE) National Energetics leased 30,227 SF in Building 1 of the North Tech Business Center located at 4616 W. Howard Lane. Scott Studzinski of Live Oak-Gottesman represented the landlord, Deutsche Asset & Wealth Management. Mike Wiley of Southwest Strategies Group represented the tenant. Marion,TX: (LEASE) Ace Asphalt of Arizona leased 9,250 SF at 11895 IH-10 West from Phenix Investment Company. Barkley Peschel of Colliers International Sugar Land represented the landlord and Darrell Keller of DH Realty Partners San Antonio represented the tenant. Austin, TX: (SALE) KFG Company, an Encino, CA-based property investment firm purchased Techni Center 6 & 7, Cameron Center and Amorron 6 (Round Rock) which includes 271,060 SF. The sellers were TA Associates of Boston and Clarion Partners of New York.

MULTI-FAMILY Austin, TX: (SALE) Strata Equity Group, in partnership with a private Mexican investor, purchased The Estate on Quarry Lake, a 302- unit project, located at 4600 Seton Center Parkway as part of a 12-property deal including properties in Denver, Atlanta and Houston. HFF represented the seller, Blackstone Real Estate Partners VII. San Antonio, TX: (SALE) The Place at Commerce, a 184unit complex at 4144 E Commerce Street has been sold to a San Antonio-based private investor. The seller was a California-based partnership. Brandon Lo Porto and Scott Weems of San Antonio Commercial Advisors reported the sale.

OFFICE/MEDICAL Dripping Springs, TX: (CONSTRUCTION) Hat Trick Development of Austin is constructing a 37,000 SF medical office building at US 290 & Sawyer Ranch Road. The building will be anchored by Lewis Family Medicine & Urgent Care. San Antonio, TX: (CONSTRUCTION) The Bank of San Antonio is building a three-story, 57,000 SF headquarters building at 1900 N.W. Loop 410. Expected completed is June 2016. Austin, TX: (LEASE) San Francisco-based Drawbridge Realty has leased 32,000 SF at 3100 Alvin Devane to Germany-based Younicos AG. The company will use the space as its US headquarters & product demonstration location.

38 | REDNews.com

Austin, TX: (SALE) Denver-based Dividend Capital Diversified Property Fund Inc purchased the 274,000 SF City View office park located at 1122 S. Capital of Texas Highway for $68.75 million. The seller was Pearlmark Real Estate LLC of Chicago. Austin, TX: (SALE) Espinoza Chiropractic Concepts purchased a 3800 SF office condo at Mesa Oaks, 5920 W. William Cannon Drive. Patrick Ley with ECR represented the seller and Michael Spain with SkylesBayne represented the buyer. San Antonio, TX: (SALE) Irish Flats, LLC purchased 4,934 SF located at 421 Sixth Street from Pamela & Larry Cate. Terri Rubiola with DH Realty Partners represented the seller and Drew Smith with Valcor Commercial represented the buyer.

RETAIL Pharr, TX: (CONSTRUCTION) The City of Pharr has signed an agreement with Houston-based Levcor Inc to develop Pharr Town Center on Jackson Road near US 83. Plans include a 72,000 SF Academy Sports + Outdoors store which will open in 2016. Austin, TX: (LEASE) Foundation Communities leased 7,936 SF at 5900 Airport Blvd. Gail Whitefield of The Whitefield Company represented the tenant and Preston Wolfe and David Schoenemann of Retail Solutions represented the landlord. Austin, TX: (LEASE) Teacher Heaven leased 11,150 SF at Barrington Oaks Plaza, 8650 Spicewood Springs Road. David Edmondson of Nelson Puett Real Estate and Jeff Lewis & Matt Epple of The Weitzman Group represented the landlord, and Eugene Werlin Jr. of WPW Management represented the tenant. Austin, TX: (LEASE) Gotham City Online, a web-based shoe purveyor, leased 10,367 SF at Corridor Park 2, 3815 Jarrett Way. Darryl Dadon of CBRE represented the landlord and Conley Covert of SkylesBayne represented the tenant. Buda, TX: (SALE) A New Orleans private investor purchased an under-construction, 15,300 SF building leased to CVS Pharmacy at FM 967 & FM 1626 for $2,835,052. Matthew Mousavi of Faris Lee Investments represented the seller, First GL Buda LLC. Chad Minor of Solid Investments represented the buyer. San Antonio, TX: (SALE) Frost Bank, Trustee sold 16,350 SF located at 7007 San Pedro and 438 Maplewood to DDLP, LLC. The buyer was represented by Steves Rosser with DH Realty Partners. San Antonio, TX: (SALE) Almanara AT Blanco Pointe, Inc sold a 25,396 SF retail property at 19178 & 19108 Blanco Road to DB Shavano, LLC. The seller was represented by Carrie Caesar, Graham Ketchum & Gene Williams with CBRE and the buyer was represented by Pat Farris with PF Properties.

For more deals go to: www.REDNews.com/category/deals-and-announcements/

d n y s .

ANNOUNCEMENTS North Texas

Joel Sanders

Denise Browning

REDNews

Denise Browning, SR VP of Madison Marquette, has been named state director for the Texas ICSC. She will be overseeing the ICSC Texas Conference & Deal Making in November.

Dallas/Ft. Worth Areas

Investment real estate executive Joel Sanders, CCIM, CPM has joined VITA Residential as a Managing Director and Partner where he will oversee and grow a multifamily apartment community Acquisitions division for the company.

DEALS INDUSTRIAL Carrollton, TX: (LEASE) Golf Time, LLC leased 102,150 SF at 2201-2221 Luna Road. Blake Kendrick and Eric Crutchfield of Stream Realty Partners represented the landlord, Corw Holding Industrial and Mike Smith & Company represented the tenant. DeSoto, TX: (CONSTRUCTION) Atlanta-based Ridgeline Property Group (RPG) and San Francisco-based Stockbridge Capital Group are constructing a 453,600 SF distribution center within Eagle Business & Industrial Park located near I-35E and I-20. Kurt Griffin and Nathan Orbin of JLL served as dual agents in the land sale and will be handling preleasing. Fort Worth, TX: (CONSTRUCTION) Dallas-based Jackson-Shaw Co. and Denver-based Amstar are constructing 450,000 SF of spec industrial space in Parc North located at the SEC of I35 & Loop 820. Irving, TX: (LEASE) HealthSmart Holdings Inc leased 21,331 SF at Gateway West at 2901 Gateway Drive. Steve Thelan of JLL represented the teant and Mickey Meyer-Sturgis represented the landlord, The Richland Companies. Dallas, TX: KFG Investment Company purchased a total of 594,469 SF in the DFW and Austin area. The DFW properties include Beltline Business Center in Irving, 1600 10th Street in Plano, TriStarTech Center & Carrier Place in Grand Prairie totaling 375,309. JLL handled the transaction. Fort Worth, TX: (SALE) Fort Worth-based Klabzuba Oil & Gas Inc, Klabzuba Realty LLC sold Riverbend Center 15 2301-2435 Gravel Drive & 7401-7445 Pebble Drive totaling 188,355 SF to Riverbend Complex LLC. Steve Rowland, Jeff Givens and Tracy Georges with Transwestern represented the seller and Todd Lambeth of Colliers International represented the buyer. Garland, TX: (SALE) Emmanuel Holdings sold 17,780 SF at 2801 Wood Drive to Kingsley Industrial, LLC. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the buyer. They also represented Rockinâ&#x20AC;&#x2122; N Enterprises in the sale of 15,153 SF at 2765 W. Kingley Road.

MULTI-FAMILY Rowlett, TX: (CONSTRUCTION) Huffines Communities is building a 650-unit project called Harmony Hill at Merritt Road and the George Bush Turnpike.

OFFICE Coppell, TX: (SALE) KP Dallas LLC sold the 96,500 SF building located at 1111 Freeport Parkway to the 1031-exchange buyer, California-based Coliseum Storage Associates LLC. Marcus & Millchap represented both the buyer and the seller. Dallas, TX: (CONSTRUCTION) Investors Mike Terry and Holt Lunsford are building a 125,000 SF 14-story office building adjacent to the Crescent at Maple Avenue and Mahon Street. The partners will move their companies, M. Terry Enterprises and Holt Lunsford

Holdings into the building upon completion and will lease the remaining space. Newt Walker handled the land transaction. Dallas, TX: (LEASE) Titan Orthopaedic Sales, LLC leased 11,177 SF at Cascades at the Colony, 5830 Crescent Drive. Jeremy Kelly & Tyler Maner of Stream Realty represented the tenant and Burson Holman of CBRE represented the landlord, Jackson-Shaw. Dallas, TX: (SALE) Gregory Interests LLC has purchased the 116,875 SF Northpoint Medical Arts building at 12606 Greenville Avenue from Q Northpoint LP. The buyer was represented by Trinity Interests and the seller was represented by Marcus & Millichap. Dallas, TX: (SALE) KDC has sold the 75,000 SF NBCUniversal Building located near DFW IAH to Olympus Ventures. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Pete Van Amburgh with CBRE handled the transaction. Plano, TX: (CONSTRUCTION) Heady Investments & Red Spur Ltd are developing a 200,000 SF spec office building in the Legacy Town Center district on Dallas North Tollway at Headquarters Drive. Construction will begin later this year. Plano, TX: (SALE) CPA 18 Global, a non-traded REIT associated with W.P. Carey, purchased the 166,033 SF building located at 5601 Headquarters Drive from Piedmont Office Realty Trust Inc. Jack Crews of JLL represented the buyer.

RETAIL Arlington, TX: (LEASE) Renal Treatment Centers leased 8500 SF at Village at the Highlands Shopping Center located off West Arbrook Blvd. Cynthia Bailey of WindStar Properties represented the landlord and the tenant was represented by Jeremy Halback Johnson Controls Real Estate Services, Inc. Lewisville, TX: (LEASE) WinCo Foods leased 83,000 SF at 1288 West Main Street. Kevie Beard, McGregor Converse, Jonathan Cooper and Theo Thompson of Venture Commercial Real Estate represented WinCo and Matt Luedtke of The Weitzman Group represented the landlord. Fort Worth, TX: (CONSTRUCTION) Victory Real Estate Group acquired 18.5 acres at the corner of Eastchase & I35 for the construction of a mixed-use retail development with pad sites, two hotels, one big box and up to 50,000 SF of additional retail space. Frisco, TX: (SALE) Westwood Financial Corp bought the 95,000 SF Legacy Ranch center located at 4851 Legacy Drive from Folsom Companies. Tom Salanty at Cushman & Wakefield brokered the sale. McKinney, TX: (SALE) A private investor purchased the 8000 SF Family Dollar store located at 617 N McDonald Street. Bill Jordan and Vincent Knipp of Marcus & Millichap represented the seller and Chance Hales of Marcus & Millichap represented the buyer.

For more deals go to: www.REDNews.com/category/deals-and-announcements/

REDNews.com | 39

Corby Chaffin, has been hired as a vice president and Tucker Knight has been hired as a senior vice president and branch manager for Berkadia, a commercial real estate company and joint venture of Berkshire Hathaway & Leucadia National Corp. Both individuals were formerly with HFF.

Houston Area

Matt Trozzo joined CBRE as Senior VP, specializing in office tenant representation. He was previously with Cushman Wakefield.

Neal King has joined The J. Beard Real Estate Company as an associate providing leasing, acquisitions and disposition services for The J. Beard Company.

INDUSTRIAL

OFFICE

Houston, TX: (CONSTRUCTION) Hines has acquired nearly 75 acres of land in southwest Houston for the construction of a+/950,000 SF business park located along Beltway 8 and Fort Bend Parkway. Phase I will consist of more than 350,000 SF and delivery is scheduled for the 1stQ2016.

Houston, TX: (LEASE) Texas Eye Institute leased 16,001 SF at 7710 Beechnut. Kurt Kistler of Moody Rambin represented the landlord, General Electric Credit Equities.

Pasadena, TX: (CONSTRUCTION) Carson Companies has broken ground on a 365,727 SF cross-dock warehouse and distribution facility at 4300 Malone in Bayport Industrial Park. It is scheduled for completion in November. Tomball, TX: (LEASE) Canadian-based Packers Plus will occupy 17.4 acres of the total 85 acres in Tomball Business Park. The company will have a 237,000 SF manufacturing building, 50,000 SF research & development structure and a 40,000 SF corporate office. Houston, TX: (SALE/LEASEBACK) An affiliate of Lexington Realty Trust has purchased a two-property, 449,895 SF industrial portfolio from Spitzer Industries/Stephens Group. The portfolio consists of 6 buildings totaling 187,800 SF at 13863 Industrial Road and a 262,745 SF building at 7007 FM 362 in Brookshire, Texas. Lexington has leased the properties back to Spitzer. HFF represented the seller.

LAND Angleton, TX: (SALE) Sugar Creek Baptist Church sold 107 acres on Highway 288B. Larry Indermuehle, Colton Schmidt and Lang Motes with ICO Commercial represented the seller. Blake Peltier with Bob Peltier & Associates represented the buyer. Houston, TX: (SALE) Park Underwood, LLC sold a +/-20 acres tract of industrial land in Bayport North Industrial Park, II to RealPro, LLC. B. Kelley Parker III, John Littman, Tim Thomas & Coe Parker of Cushman Wakefield represented the seller. Samuel Garcia of RE/ Max Grand represented the buyer.

Graham Horton joined CBRE as Senior VP, specializing in office tenant representation. He was formerly with Stream Realty Partners.

DEALS

Houston, TX: (LEASE) Bellicum, a clinical state biopharmaceutical company expanded its lease by 22,500 SF at 2130 W. Holcombe Blvd. Bruce Phillips of Pinpoint Commercial, LP represented Metro Ontario, the building owner, in the transaction. Spring, TX: (SALE) The J. Beard Real Estate Company has arranged the sale of The Gateway Building, a three-story, 23,051 SF building located at 26865 I-45. Lisa Hughes of The J. Beard Real Estate Company represented the seller, MM&GG Real Estate, LLC and Kevin Barr of Mohr Partners represented the buyer, JEKA Ventures, LLC. Houston, TX: (SALE) Tarantino Properties, Inc. sold the 34,115 SF office building located at 8031 Airport Blvd. BPM Partners Limited, “The Buger” purchased the building and Peggy Rougeou with Tarantino Properties represented the seller. Houston, TX: (SALE) Doug Pack with NAI Partners and Logan Brown of Logan Brown Investment Real Estate negotiated the sale of the153,158 SF 6671 Southwest Freeway office building. The building was formerly owned by Fugro. Houston, TX: (SALE) LPC Realty Advisors I LP, an affiliate of The Lincoln Property Company, purchased the 220,380 SF office building located at 801 Travis on behalf of a pension fund client. Goddard Investment Group was the seller and was represented by HFF. Houston, TX: (SALE) Andrew Peeples, Brett Butler and Jeff Jackson of Stan Johnson Co. brokered the sale of C&J Energy Services’ 125,000 SF corporate headquarters and their 96,149 SF tilt-wall industrial lab building located at 3990 Rogerdale Road. The properties were put under contract in July 2014 with the final closing in March 2015.

RETAIL

MIXED-USE Houston, TX: (CONSTRUCTION) Landry’s Inc. Chairman Tilman Fertitta is developing a 650,000 SF, 35-story mixed-use tower which will include a 240-room hotel, 120,000 sf of office space and 22 apartment units at 1600 West Loop. It is slated for completion in 2017. Magnolia, TX: (CONSTRUCTION) The Marcel Group purchased 5 acres at FM1488 & Carriage Hills for the construction of a mixeduse development. Derek Hargrove, Senior Associate with Marcus & Millichap represented the buyer. Sugar Land, TX: (CONSTRUCTION) Riverstone Commercial Development LLC purchased 9.6 acres at SEC LJ Parkway & University Drive near Highway 6 for the construction of a mixed-use neighborhood center. Jennifer Johnson with Johnson Development represented the seller. Houston-based Wulfe & Company represented the buyer, the Momin family in Sugar Land.

40 | REDNews.com

Graham Horton

Neal King

Southeast Texas

Matt Trozzo

ANNOUNCEMENTS

Corby Chaffin

REDNews

Houston, TX: (LEASE) Dollar Tree Stores, Inc., leased 10,895 SF at 7042 Bissonnet for 20 years. Jennifer Rabon represented the landlord, Hartman Income REIT. Houston, TX: (LEASE) TJ Maxx has leased 24,000 SF in the Echo Land Shopping Center on Katy Freeway at Echo Lane. Jim Smith provided in-house representation on behalf of the landlord, Smithco Development. Houston, TX: (SALE) Levcor, a Houston-based retail developer, has sold Northwest Mall, the 800,000 SF mall located at the intersection of Loop 610 & US 290 to an undisclosed buyer. The seller was represented by HFF. Houston, TX: (SALE) Inland American Real Estate Trust Inc has purchased the 147,658 SF Green Tree Shopping center located at 231-515 South Fry Road. HFF represented the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc.

For more deals go to: www.REDNews.com/category/deals-and-announcements/

n r e e m .

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FOR LEASE

OFFICE/RETAIL SPACE 1. Woodland Park Shopping Center 11380 Westheimer, Houston 77077

• Shopping center size - 75,620 SF - Built in 1985 • Retail space available (1st floor) - 1,600 SF - 4,000 SF - $13.00/SF + NNN • Aggressive lease terms • Pylon signage available • Traffic counts - 82,880 CPD (Westheimer) • +/- 592’ of frontage on Westheimer • 372 surface parking spaces available

2. Kaleidoscope

10612-10692 Westheimer, Houston, TX

• 2 blocks west of Beltway 8 • 2,952 SF - 2nd floor • Excellent for retail, office or professional use

3. Park West Plaza

8989 Westheimer, Houston 77063

• 20,000+ SF Available • Up to 6,000+ SF Contiguous Space • Aggressive lease terms - $13.00/SF Gross • Generous surface parking at no charge for open, non-reserved spaces • Card-key controlled access • Pylon signange available • On-site management • Parking ratio - 3.4/1000

Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108

A A Realty Co

eleung8888@aol.com

www.aarealtytx.com A A Realty Co

Accredited Management Organization

Beltway 8 West

For more information

3 Westheimer Rd

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