RedNews March 2015 by RE Journals

SABINE-TO-BAGBY March 2015 PROMENADE

In this issue:

Alan Atkinson’s Report onHOBBY the NearCENTER East Side In a League of Their Own The History of Master-Planned Communities Economist: Low COL Necessary for TX Growth BAYOU CENTER The State of Houston’s Commercial Real Estate

JONES HALL

CAPITOL

FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS ALLEY THEATER

TEXAS

WORTHAM CENTER

MAIN

PRAIRIE

HOUSTON BALLET

PRESTON

S T R AV I

±1.43 Acres

MILAM

CO NG RES S

TUESDAY MARCH 10, 2015

SITE

LO U IS IA

OFFERS DUE

MARKET SQUARE PARK

FRA

NKL

212 Milam | HOUSTON, TX UNITED STATES POSTAL SERVICE SITE

BL OCK e i g h t e e n

W E S L AY A N

3 4 0 3 richmond

±2.21 Acres

GREENWAY PLAZA

SWC Richmond & Buffalo Speedway HOUSTON, TX T ED LO E S

OFFERS DUE TUESDAY MARCH 10, 2015

R IC H M O N D V A EN U E

SITE

PE OS FAL BUF

AY EDW

Bill McDade 713.577.1876

Peter Mainguy 713.577.1782

Kristen McDade 713.577.1808

Nolan Mainguy 713.577.1841

John Fenoglio 713.787.1911

bill.mcdade@cbre.com

peter.mainguy@cbre.com

kristen.mcdade@cbre.com

nolan.mainguy@cbre.com

john.fenoglio@cbre.com

BL OCK

OFFERS DUE

SABINE-TO-BAGBY

e i g h tPROMENADE e e n

TUESDAY MARCH 10, 2015

B L OCK e i g h t e e n

±1.43 Acres

212 Milam | HOUSTON, TX

LO UI SI AN A

MI LA M

Full downtown block located at the heart of Houston’s downtown arts and entertainment area

CONGRESS

FRANKLIN

3 4 0 3 richmond

3403 richmond ±2.21 Acres

SWC Richmond & Buffalo Speedway HOUSTON, TX

Hard corner for redevelopment, at the front door of Greenway Plaza

Bill McDade 713.577.1876

Peter Mainguy 713.577.1782

Kristen McDade 713.577.1808

Nolan Mainguy 713.577.1841

John Fenoglio 713.787.1911

RICH

RICHMO

AVE

ND AVE NUE

REDNews

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 – 9, 11, 13, 17, 19, 1-3, 5, 7 – 12, 14 – 25, 27 – 29, 21 – 23, 25, 27, 29, 43 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 11, 13, 21, 38 – 40, 44

ARTICLES Report on the near East Side Women in Texas Commercial Real Estate The History of Planned Communities Annual CCIM Forecast Competition Economist: Low Cost of Living Necessary The State of Houston CRE 4 | REDNews.com

10, 12 14, 15 16 16 18, 20 24, 26

713.690.0000 CaldwellCos.com Airplane Hangar/Oﬃce Space For Sale | 16,200 SF

Hooks Airport – 7810 Eagle Lane, Spring, TX 77379

FEATURES • 16,200 SF Total, including 3,600 SF of Class A office space • 6 closed circuit security cameras with 30 day storage • Covered parking for 8 cars and expandable parking for 15 – 20 cars • Full kitchen • Tenant pilot room with fax, phone, wired and wireless connections • Tug & tow-bar included • Passenger lounge and elevator chair lift to 2nd floor office • Built in 2009

Price: $1,620,000 ($100/SF) Religious Facility For Sale | 94,435 SF on 8.6 Acres

4105 Broadway Street, Houston, TX 77087

FEATURES • PROPERTY SIZE: Sanctuary Building: Main Building: Education Building: Gymnasium: Mechanical Building: Total:

30,580 SF 50,955 SF 1,940 SF 9,230 SF 1,730 SF 94,435 SF

• PROPERTY HIGHLIGHTS: Sanctuary seats up to 2,000 On-site paved parking of 255 spaces Nearly 600 FT of frontage on Broadway Street Over 625 FT of frontage on Dixie Road

Price: $3,650,000 Ron Roberson, CCIM, SIOR Oﬃce: 281.664.6640 Email: RRoberson@CaldwellCos.com

Ross Thomas Oﬃce: 281.664.6643 Email: RThomas@CaldwellCos.com

REDNews

FOR

100,000+ CRE BROKERS, INVESTORS & DEVELOPERS

PUBLISHER Ginger Wheless ginger@rednews.com

EDITOR

PUBLISHER’S LETTER Dear Readers,

his month we’re profiling Women in Commercial Real Estate: Susan Hill, a lead producer at HFF; real estate lawyer, Debra Gilbreath; 25-year real estate veteran Gayle Brand, president Chicago Title Houston; Stephanie Anderson, partner at Ward, Getz and Associates, LLP; and Laurie Baker, senior vice president of fund and asset management for Camden Property Trust. These women’s success stories are unique, although they share striking similarities. My guess is that you are going to enjoy reading our article Women in CRE. (see p.14-15). Texas A&M Real Estate Center’s chief economist Mark Dotzour continues to describe himself as bullish regarding the US economy. We’ve summarized the points that he made at a presentation at a recent North Texas CCIM and CREW Dallas event. Bottom line: a continued Low Cost of Living is what accounts for continued economic growth in Texas. (see p.18-20) I’m looking forward to Texas A&M’s 25th Annual Outlook for Texas Land Markets. This conference, always a highlight of the year for Texas CRE professionals, will be held again this year at the Omni Hotel at the Colonnade in San Antonio on April 23-24. See page 44 for registration information. Hope you’re out there enjoying this great warm weather, and that you’re due for a Spring Break vacation!

Best Regards,

Ginger Wheless

Marjorie Gohmert info@rednews.com

STAFF WRITER Janis Arnold janisarnold1@gmail.com Matthew Chisari matt@rednews.com Brandi Smith info@rednews.com CONTRIBUTING WRITERS Ray Hankamer rhankamer@gmail.com Jim Wilkie jimwilkie@swbell.net

ART DIRECTOR Mya Dale mya@rednews.com E-MARKETING MANAGER Michelle Ofiwe emarketing@rednews.com ACCOUNTING Benton Mahaffey accounting@rednews.com

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

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

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

Bowie Mountain Ranch

2,000 wildly rugged and beautiful acres in the sought-after enchanted rock area west of Austin has several miles of live creeks, granite outcrops, mystical vistas and massive hardwood bottoms. Featuring outstanding all-around hunting, other features include granite outcrops, cliffs, water holes with fish and highway frontage near Austin. $3,950/acre = $7.9M

allen cReek Ranch

347 rugged and dramatic acres Nw of san Antonio near boerne features a stunning 4 acre lake in a fine, private mountain setting. The land includes distant vista points, grotto with flowing spring, mucho wildlife, lush valleys populated with large hardwoods and excellent road infrastructure with hunting cabins. $9,950/acre = $3.45M

chiMney hollow Ranch

3,432 acres Nw of san Antonio features marvelous variety, with 50% valleys/50% hills, excellent combo of hardwoods/brush/open land teeming with wildlife and lush tall grasses and turfs. Miles of paved highway frontage allows easy future exit, some minerals are included with the sale. $2,250/acre = $7.72M

SpRing lake Ranch

297 acres near kerrville, less than 2 hours from Austin or san Antonio, features one of the finest constant level lakes in the area, fed by owned springs averaging 50 gpm flow. Typical Hill Country includes views, hardwoods, wildlife and comfortable lodge on the water’s edge, with bulkheads along the shoreline. $10,500/acre = $3.12M

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• Climate Controlled Warehouse

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• Beautiful Fully Remodeled Lobby & Common Areas

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10500 Gulf Freeway, Houston, TX 77034

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AUSTIN OFFICE:

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REDNews

A L A N AT K I N S O N ’ S REDNews BY: RAY HANKAMER

“REPORT ON THE NEAR EAST SIDE”

REN luncheon speaker, Alan Atkinson, who has been an active investor in the area just east of downtown for many years, gave some history of the area. He explained that east of downtown was the center of activity until the 1940s. Many of Houston’s wealthy people lived there; Houston Country Club and golf course were there; UH was there; Hobby Airport was there; Forest Park Cemetery, one of the loveliest in town was there; etc. Starting in the late ‘30s or early ‘40s a movement began toward the west side of downtown. “The near-East Side has only been predominantly Hispanic for a relatively short time-about 40-50 years”, said Atkinson. “What we call the near East Side was developed before the Allen Brothers started Houston because they couldn’t purchase land at Harrisburg, and the area was originally settled by Germans, Czechs, Greeks, and other nationalities. The first subdivision in the area was Frost Town, started in 1836 on the north side of Buffalo Bayou where the McKee Street bridge is located today. Another historical factor of the area is that several heroes of the Battle of San Jacinto are buried in a cemetery not too far east of the George R. Brown Convention Center”. Atkinson first got interested in the area many years ago when he realized the city was trying to dispose of the failed El Mercado del Sol Mexican market, which had originally been a 380,000 square foot wholesale furniture busi-

10 | REDNews.com

ness. Atkinson purchased the building for $610,000, and after selling to Trammel Crow five years later, he reasoned-correctly- that buying land close to the bayou could not be a bad investment. After all, he thought to himself, the toniest neighborhoods in Houston were along the very same bayou: River Oaks and Memorial, and proximity to water usually adds value to real estate. Since then Atkinson has been a one man chamber of commerce for the East Side, and he saw its potential early. Now, well-known developers have come in with residential and retail, including Frank Liu, owner of Lovett Homes, another visionary with a long horizon for buying and holding land on the East Side. To get the ball rolling and to call developer attention to the area, Atkinson single-handedly took over a hike and bike trail project along the bayou, which had been languishing in government agencies, and made it happen. He also realized that it would be under-utilization of the neighborhood if the early developers built only low quality / low price townhomes, so he saw to it that land for a healthy mix of development was set aside. This was achieved by placing deed restrictions on key tracts and by controlling who the land was sold to. For years not too much happened, and Atkinson bought and sold numerous

Continued on page 12

REDNews

UP TO ±50.62 ACRES/OWNERS WILL SUBDIVIDE N A S A P A R K W A Y & WA T E R S T R E E T

• Edgewater a +/- 538 acre mixedused redevelopment project by Johnson Development and Cherokee Investment Partners • Located along Nasa Rd 1 and the newly constructed NASA Parkway Bypass in Webster, TX. • Home to more than 350 single family & luxury multi-family homes.

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Meredith Cullen • mtcullen@cullenrealtygroup.com • 713.444.7979 (2014 Est.) Population Jason Shaw• • 281.546.9237 1 Mile Radius: jshaw@cullenrealtygroup.com 4,271

27 th Annual

3 Mile Radius: 5 Mile Radius:

75,921 196,380

Average HHI:

(2014 Est.) 72,132 77,663 97,396

1 Mile Radius: 3 Mile Radius: 5 Mile Radius:

ERJCC GOLF Traffic Counts:

(W NASA RD 1 & HWY 3) Cars per Day:

37,000

TOURNAME N T

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 Edgewater is the Bay Area’s newest mixed-use, master-planned com

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REDNews

Continued from page 10

tracts. But today “the genie is out of the jar” and people such as empty-nesters from neighborhoods like West University and The Woodlands are choosing urban living and moving in close to downtown…on the East Side. Development is focused along the main corridors such as Jensen, Navigation, Harrisburg, and along the banks of Buffalo Bayou. The Greater East End Management District has led public investment along these corridors and has published detailed market analyses to help developers formulate their projects. High-end Latino businessmen manage businesses in the area as well, such as the Cordua family of America’s, Churrasco, Amazon Grill, and Artista restaurants. The huge coffee processing plant on Harrisburg, which can process 100,000 pounds of coffee beans per hour, is owned by Latin American businessmen. The area has come a long way since the early ‘70s when Ninfa Lorenzo opened her original Mexican restaurant on Navigation. Two of Houston’s three new METRO light rail lines will open on the East Side in the next sixty days. One line will go from the Houston Theatre District straight out Harrisburg Boulevard toward the original town of Harrisburg, and the other will go from the same point of origination to UH Main Campus, TSU, and Palm Center. This second line will eventually be extended to Hobby Airport. Both lines will connect the Dynamo Soccer Stadium and the new UH 12 | REDNews.com

stadium to the METRO Main Street line, which passes by NRG Stadium and Convention Center, Rice Stadium, and the Texas Medical Center on South Main. Together with existing bus routes, the new rail will connect new and existing residents on the East Side with downtown and much of the rest of the city, its stadiums, and its employment centers. Atkinson emphasized that “EADO”, which has received some press, is a defined management district and as such is a very small part of the overall “East End”. The “Bayou District” encompasses over 400 acres on both sides of Buffalo Bayou east of US 59, and includes the former Halliburton / KBR property. As mentioned before, land planning through private deed restrictions is being used to ensure mixed-use development with pedestrian-centric sustainable neighborhoods.

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REDNews

IN A LEAGUE OF THEIR OWN:

Susan Hill

Debra Gilbreath

‘Work a little harder’ “My story is a little unique,” starts Debra Gilbreath, partner at Gow Golub Remels & Beverly, LLP. The late-in-life attorney spent 13 years working and taking night classes to earn her undergraduate degree, then quit her full-time job to attend law school. “When I was in high school, I wrote in my yearbook that I wanted to be an attorney. It just took me a whole lot longer to get there,” Gilbreath says. “I never lost sight of what it was that I wanted and what I felt inspired me, but I just had to work a little harder to get there.” Once she received her law degree from Tulane University, Gilbreath accepted a job in Houston. Her first case was a large multi-portfolio purchase that ignited her passion for real estate. “I really didn’t think I wanted to be a real estate lawyer,” says Gilbreath. “But once I was exposed to it, it was really a great fit.” ‘Actions speak for themselves’ Hill also stumbled into real estate. Seeking a job right out of college, she accepted a position as receptionist at HFF. Twenty-eight years later, she’s now the company’s senior managing director, having completed more than $6 billion in transactions. “Any time there was anything extra or someone needed help on another team, I always said, ‘Yes, I will take on more,’” says Hill. “That’s how I really got there.” “I have learned that actions speak for themselves and that hard work and perseverance do pay off,” says Gayle Brand. The 25-year real estate veteran started her career answering phones at a small title company, eventually 14 | REDNews.com

working her way up to president of Chicago Title Houston. “When opportunities present themselves, you have to put yourself in the spotlight, particularly for assignments that are tough and challenging,” points out Laurie Baker, senior vice president of fund and asset management for Camden Property Trust. “A lot of times, the best time to do it is when no one else wants it, which is even scarier. But you’re in a win-win situation because [your coworkers] are rooting for you because they didn’t want that role.” “I know for a fact that I’ve taken on a number of responsibilities that no one else wanted because they found them to be messy,” Baker says. “I, in turn, found them to be tremendously rewarding.” ‘Focus on myself’ Viewing a challenging assignment as a new opportunity is another key to success for Baker and her peers. When the real estate market started its downward slide in 2007, what could have been viewed as a career-ending recession was instead recategorized as a chance to learn and grow. In Baker’s case, she had just changed roles within Camden, raising capital for a private equity fund. With the recession deepening, that meant slowing down and being patient. “That couple of years, for me, were extremely challenging. It’s not in my nature to not be doing,” says Baker. “I did a lot of self-reflecting.” By the time the market turned around, Baker had received her sales and broker licenses and was actively involved in Commercial Real Estate Women (CREW), a women’s networking group devoted to achievements in commercial real estate. “I threw myself into committees and got on the board, was president of CREW Houston last year and this year I’m president-elect for the CREW Network,” Baker says. “All of that happened while I had probably the greatest obstacle of my career because the market had crashed and we were at a standstill, patiently waiting for things to turn. I could have just sat there and waited and missed out on growing in other ways.” Continued growth, whether personal or professional, is also stressed by Stephanie Anderson, partner at Ward, Getz and Associates, LLP. “I’ve always made it a priority to focus on myself in every aspect of my life,” she says. “I’ve learned that maintaining the focus on yourself and keeping it off your peers is the best way to excel in your goals and aspirations.” Though that kind of spotlight can dredge up negatives, such as shortcomings or failures, using it to highlight successes is another principle that sets these women apart. “I always focused on my advantages instead of my disadvantages,” Hill says. “I think as a women in real estate or a woman in any career, you really have to focus on that.” “Surrounding yourself with positive influences and like-minded people is key,” says Brand. She says she intentionally avoids negative people and makes an effort to learn and improve herself by “reading, attending worthwhile conferences and learning from successful people I want to emulate.” Gayle Brand

ommercial real estate has long been a male-dominated field, described by one female manager in Houston as “a sea of white men in blue blazers.” But the demographics are changing, not in landslide fashion, but in a slow and gradual progression. Women now account for 43 percent of CRE professionals in the field, according to advocacy group CREW Network, but the U.S. Bureau of Labor and Statistics reports those women are still making 78.2 percent of their male counterparts. “I think that now there is a much higher level of awareness of the importance of diversity in the industry,” says Susan Hill, a lead producer at HFF who has financed Houston landmarks, such as the Bank of America building. “There are plenty of studies showing that when you have a higher level of senior women in leadership, not just in your company but on your board, your company is more productive.” Their paths may be quite different, but get to know Texas’s female leaders in commercial real estate and you’ll find they share some striking similarities. From brokers to lawyers to engineers, their success is due in no small part to their drive, initiative, outlook, risks and support.

REDNews REDNews BY: BRANDI SMITH

WOMEN IN TEXAS COMMERCIAL REAL ESTATE

‘All about being supportive’ Perhaps the greatest source of the confidence needed to take risks is the support network these women have built for themselves, in which mentors play a huge role. “[They] allow you to make mistakes in a safe environment, then pull you aside to tell you how to improve and do better the next time, but they want you to make those mistakes,” explains Baker. “It’s all about being supportive, being a guiding light for those who sometimes need someone to fall back on, to check in and make sure they’re going in the right direction.”

Many of the women, including Gilbreath, cite multiple mentors who helped guide them at various times in their lives. “I think as you grow and evolve professionally and personally from a mentor is different,” she says. “So it’s important to be very aware of what it is you need at that particular time in your career.” Ultimately, those mentors are woven into a network that includes clients, peers and friends -- a resource that can provide guidance, encouragement, inspiration and support. Anderson says CREW helps add to that network, building professional relationships and personal connections. “There is a certain camaraderie found by sharing female perspective in a professional environment. We are able to relate to one another by sharing similarities through our careers,” she explains. “[CREW] has a very unique culture and all the members are really supportive of one another,” says Hill. “That allows for a very safe environment in which to practice your skills, whether that’s getting up and speaking publicly, building your business or learning how to become a better networker.” “From scholarships, to mentoring, to educational opportunities and more, [CREW members] work every day to make commercial real estate a better platform and career for women,” says Brand. ‘Different perspectives, differing opinions’ And so the field of commercial real estate will continue its evolution, adding more diversity to its ranks to answer the need created by the community. “It’s more women, more Asians, more Hispanics, more African Americans,” Baker explains. “Commercial real estate needs that diversity to enrich our organizations with different perspectives and differing opinions. Unless you hire those individuals, it’s going to be really hard for our companies to understand our customers’ needs.”

Stephanie Anderson

Laurie Baker

‘With that risk comes great reward’ Along with that optimism, CRE leaders credit confidence with their success. They admit, though, that it can sometimes be difficult for women to take the risks needed to advance. “Men will say, ‘Hey, I want this position,’ knowing they’re missing some skills that are necessary to be successful in that position, but knowing they’ll learn them along the way,” Hill points out. “I think women need to be more comfortable doing that because I think we hold ourselves back when we don’t take that next career step thinking we may not necessarily have all the skills.” It may be a challenge, but Hill says it’s one worth accepting: “Don’t limit your own career because you’re not willing to take that risk. With that risk comes great reward. We just have to educate women and get them comfortable to take those risks.” Gilbreath, who quit her full-time job to go to law school at age 34, admits it took courage to make the leap. “That was a huge risk,” she says. “But it’s one that’s paid off mightily for me in so many ways because I’m really very happy with what I do. It’s being able to trust yourself enough to take that chance.”

REDNews.com | 15

C.R.E.A.M.

REDNews

COMMERCIAL BUZZ

Annual CCIM Commercial Real Estate Forecast Competition-2015

THE HISTORY OF MASTER PLANNED COMMUNITIES JIM WILKIE CCIM, Senior V.P., Seacoast Commerce Bank

n Monday, February 9th, the Commercial Real Estate Association of Montgomery County (CREAM) met for our monthly luncheon at Pallotta’s Italian Grill on I-45 across from The Woodlands Mall. After a lively time of networking and a satisfying meal, we were eager to hear from Jenny Philip, Chief Economist at The Greater Houston Partnership. Jenny, a born and bred Houstonian, titled her presentation “The Downside of Being the Energy Capital of the World”, focusing on the potential effects to our local economy from the recent and precipitous fall in crude prices. Opening with an example of your house falling in value from $260,000 to less than $150,000 almost overnight, she set the stage for understanding the huge drop in per barrel price since the middle of 2014. As with most commodities, price is largely the result of ‘supply & demand’ (or at least the perception of these). In the case of oil, demand has shown a slight drop (0.8% per IEA) recently with the cooling of the Chinese economy and only minimal growth in Europe and the USA. At the same time, supply has seen a marked uptick of late due in no small part to the advances in horizontal drilling and ‘fracking’ right here in our country. In fact, of the 3mm barrels/day increase in world production from 2011 to 2014, additional American production accounts for almost 2mm (or 2/3 of the increase). And unlike in past ‘glut’ markets, OPEC (read Saudi Arabia), at least for now, has been unwilling to cut-back enough production to prop up the price. Their reasoning is that this is a USA production problem and the USA producers should suffer any correction. And

16 | REDNews.com

we are seeing the market take effect with the RIG COUNT dropping from 1,900 to 1,500, several announced and expected lay-offs, and a 20% to 30% drop in the price/share of most oil stocks. So, are we on the verge of another 1980s bust here locally? The GHP does not think so. Not only is Houston’s market much more diversified but we have not had the wild speculation, especially in construction, that we saw in the early 1980s prior to that correction. Yes, we are likely to see job growth fall to more normal levels of 48,000+/- new jobs annually from the heady 120,000 we’ve seen recently, and yes, the production side of the oil patch will suffer in the interim. However, with at least a construction projection of $1B+ ongoing, demand for skilled labor is expected to remain high at least through 2015. The concern at this point is 2016 and beyond when current ‘take or pay’ contracts rolloff, these larger construction projects wind down, and the trickle-down effect takes hold. Buffering this somewhat is the fact that most ‘fracking’ wells lose more than 50% of the barrel/day output in years 2 and 3. At the same time there is a big question as to how long the Saudis, Russians, Venezuelans, Iranians, etc. can sustain their economies on $50/barrel oil. Some recent reports appear to show ‘concern’. Unlike the USA where oil in not nationalized, many of these ‘dictatorships’ need oil above $80/barrel just to pay for all the promises made that keep the populace happy. Interesting times. I am curious to see Dr. Mark Dotzour’s take on the subject when he speaks at the CCIM Forecast.

he essence of the message delivered by some fifteen Houston commercial real estate (CRE) professionals and an economist from Texas A&M was that falling oil prices will slow economic growth in our region, but not stop it. Let’s listen to their forecast, segment by segment: Multi-family (MF): Due to job growth in the various sectors of our diversified economy, we will slow down but not flame out. Rental rates continue to grow, and institutional interest in acquiring MF properties in Houston remains keen. There is not pullback in asset pricing, with Galleria area projects in the mid-four cap rate range. Although it is hard to look too far into the future, traffic and showings continued strong in January, ninety days after oil prices started their slide. Investors and developers alike seem to be taking a ‘long horizon’ position based on Houston’s expected eventual growth and continuing diversification. With all the amenities, today’s apartment living is more like living in a resort, and demand is fueled not only by young college graduates, but by empty-nesters from the suburbs returning to the urban core. Construction costs due to the scarcity of labor have been elevated, and these costs have not slacked off. Labor on wood framing has about doubled, causing developers to explore other construction methods. Under-served areas which should appeal to developers are: Pearland, Clear Lake, Medical Center, and the East Side. Land: This sector has been very active since 2012 after four years of almost complete dormancy, according to Land Advisors Organization, and the recent market has been the most active in the past fifty years or so. Our diverse economy has created the demand, in all sectors of CRE and sales of large tracts of land are based on quality of school districts and proximity to major thoroughfares, while smaller tracts are sought and bought for infill of neighborhood retail and other uses. Demand continues in all the segments: industrial, retail, MF, and residential, with office beginning to tail off a bit. As pentup user / developer demand is met in these segments, land sales should fall off to a more sustainable ongoing pace. Ongoing strong job creation projections – 60,000 + in 2015 as predicted by the Greater Houston Partnership – should result in ongoing acquisition of tracts for development. Industrial: Thanks to the booming petrochemical construction in the south and southeast sectors of our region – based on cheap natural gas – industrial growth should continue at a brisk pace. Industrial growth is based not just on the oil & gas industries, but also on housing, consumer spending, automobile importing, and other, and due to Houston’s excellent geographical location, we promise to grow as a distribution point, thanks to an active and growing port, and thanks to bottlenecks in the West Coast ports. Houston area industrial rental rate escalation

RAY HANKAMER Hankamer & Assoc, Broker, Houston Contributing Writer

is projected to slow in 2015, but all of our economy’s underlying strengths should prevent rate growth from turning negative. Retail: Although this industry continues to be a dog-eat-dog survival of the fittest contest among many retail tenants, including the adjustment to the presence of voracious and tech-savvy online retailers fighting for share, retail REIT stocks are at an all-time high. Brands and concepts come and go, as do the preferred format of retail centers themselves. The current formula with the highest success seems to be grocer-anchored centers, which, because of the high traffic they generate, attract restaurants, entertainment, and emergency medical tenants, and many others. Also in high demand are neighborhood retail strip centers for small merchants and service providers, which traditionally follow residential “rooftops”. And don’t fail to take notice of the high-density MF development which takes place within walking distance of Whole Foods, H.E.B. mega-stores, and other specialty grocers. New road construction / extension is also an indicator of retail development to come. Popular today are the extension of Hwy 249 to and through Tomball, the Grand Parkway from I-10 West to I-69 Northeast, and road construction near the new ExxonMobil campus south of The Woodlands. In addition to building new centers, retail developers are upgrading their existing tenant mixes in existing centers to higher quality ones as older leases expire. As second-generation lease spaces become available for various reasons, landlords seem to be having little trouble filling them with new tenants selling fresh new products or services. Office: According to NAI, despite negative sentiment surrounding oil prices, in the six months thus far into the downturn data does not show any substantial shift in the supply/ demand dynamics for office space[!] Demand and net absorption remain strong. Rents continue to rise, albeit more slowly at present, with Class A being the strongest category. Overall demand remains strong, although some oil-related tenants are beginning to offer subleases in their recently occupied buildings. Summary: Price hedging required by oil and gas lenders from upstream borrowers may serve as one cushion against a sudden jolt to our economy. This, plus the short life of wells completed by the “fracking” process -fifteen months after discovery they are 70% depleted on average-should prevent our economy from ‘hitting the wall’ as it did in the mid-1980s. In addition, the national economy continues to pick up steam, aided by lower prices for gasoline and other factors, and Houston is woven into the fabric of the national economy. We have not yet seen in Houston the leading indicators of the recessionary cycle, among which are the tailing off of new auto purchases and negative absorption in the various CRE sectors. Perhaps the next “natural recession” is as much as three years away, during which Houston’s economy should slow but not wobble.

REDNews

ECONOMIST:

LOW COST OF LIVING NECESSARY FOR TEXAS GROWTH

Texas A&M Real Estate Center chief economist Mark Dotzour spoke at a North Texas CCIM Chapter and CREW Dallas event outlining his predictions for 2015.

• Our economy is growing at about 2 percent a year. That’s not as fast as it could be. • Based on what we’re experiencing in this country, we are heroes for growing 2 percent a year. • I think interest rates will stay low again this year. I think they could even go lower here in the next few months. • We’re fighting a five-front war in this country. Front one: We’re in a hot war in Iraq, Syria and Afghanistan, spending money there that could be invested in America on highways Mark Dotzour and other infrastructure that helps our country grow in the future. Front two: We’re in a cyber war with Russia, North Korea and who knows who else. Every day American businesses are being assaulted. People are trying to steal all their trade secrets. Front three: We’re in a currency war with China, Japan and Europe. It’s called a race to the

18 | REDNews.com

REDNews BY: BRANDI SMITH

bottom. That’s why cap rates are so low in this country. It’s why commercial real estate is so highly priced. It’s why commercial real estate’s going to get even more highly priced in the next 12 months. Front four: We’re in a carbon war. It’s all of OPEC against our oil business. Houston and San Antonio are fearful about oil big time. Front five: We’ve got this mortgage war with Dodd-Frank regulators. This is our own government shooting us in the head too. • The economy is like an engine that has three cylinders: the automobile industry, the energy industry and the housing industry. Auto: Our automotive industry’s been at full blast for two years. •A lmost 30 percent of car sales are financed with sub-prime loans again. •A t some point, we’re going to wake up and everybody in America who wants to own a car will own a car. Then they won’t be buying cars again. That cylinder of our economy will start to drop down again. Housing: The Federal Reserve recognizes it needs new home construction badly. •W ithin a matter of weeks or months, it’s going to become easier for people to buy homes with 95 percent loans,

Continued on page 20

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

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Accredited Management Organization

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For more information

3 Westheimer Rd

a Westpark Tollw

REDNews

maybe even 97 percent. • T he government knows that it made a huge mistake in crushing the housing market by making it almost impossible for people to get loans. • We need some political change to have these people back off of beating on the banks for mortgages any more. Energy: The Saudis dropped an exogenous shock on us in November. • We’ve got a big game of chicken going on now. • If you see a headline that says “OPEC meets and agrees to cut production 15 percent,” that would be the end of this game. They don’t want to do that too early because our energy business hasn’t been killed yet. • There are a lot of oil companies that borrowed too much money, paid too much for their leases. They’re going to go bankrupt. • I ’m still bullish for the US economy. By definition, I’m bullish then for the Metroplex because it basically is the US economy.

20 | REDNews.com

Continued from page 18

mericans have more percentage of their income available to buy stuff A than they’ve had in the past 40 years. Americans have never been richer. Their net worth is $81 trillion. Corporate hiring is up. The fourth quarter numbers show 43 percent of major corporations say they’re going to hire. There are only four places in the world that money wants to go now: the US, the United Kingdom, Germany and Switzerland. Our job growth is double the national average because we’ve got a low cost of living here. If houses go up 10 percent a year for four of five years because we don’t build enough, we’re going to be just as expensive as Portland, Oregon. We need more homes built. I hope that workers who are no longer working in the energy business will migrate over into the home construction and start building houses.

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• Class A two story building located on four lane divided highway • Up to 4,600 SF Available for Lease • Ample on-site, lighted parking; nicely landscaped • Built in 2007 • Convenient to Sugar Land, Cinco Ranch, Fulshear, Katy and Pecan Grove • High end finishes including tile and marble

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Office: 281.762.6880 Cell: 713.269.4908 Seth@FirstWarrantyRealty.com www.FirstWarrantyRealty.com

REDNews

LaCenterra at Cinco Ranch       

23501 Cinco Ranch Blvd. Katy, TX 77494

Retail and office space available for immediate occupancy Highly visible and easy access to Interstate 10, Highway 6 and the Westpark Tollway via the Grand Parkway Boasts a strong lineup of national retailers including: Francesca’s, White House I Black Market, Chico’s, Luke’s Locker, Soma Intimates and coming soon, Sephora Specialty food retailers and restaurants including: Perry’s Steakhouse, Grimaldi’s Pizzeria, Bonefish Grill, Dish Society, Torchy’s Tacos, Snap Kitchen and Panera Bread among others Average household income over $161,100 within one-mile radius and $150,000 within a five-mile radius

Retail Leasing: Donna Keith I (281) 560-7314 I donna@vistahouston.com Office Leasing: Louann Pereira I (713) 272-1267 I louann.pereira@transwestern.net

Trader Joe’s Now Open!

10605 & 10705 Spring Green Blvd.

Spring Green II

Katy, TX 77494     

22 | REDNews.com

Parcels available for ground lease or sale Located in the heart of Cinco Ranch at the corner of Cinco Ranch Blvd. and Spring Green Blvd. Spring Green Blvd. will open to I-10 in 2015 becoming a major arterial through Cinco Ranch Outstanding population and income demographics

Leasing: Donna Keith I (281) 560-7314 I donna@vistahouston.com

REDNews

The Reserve at Grand Parkway       

University Commons

23525 Kingsland Blvd. Katy, TX 77494

8,000 SF Medical Office Building Available for immediate occupancy Excellent location next to future St. Luke’s Campus Great accessibility to Grand Parkway, I-10 Corridor and Westpark Tollway Close proximity to four major hospital systems Covered parking available for staff

Leasing: Donna Keith I (281) 560-7314 I donna@vistahouston.com

University Blvd. & US Hwy 59 Sugar Land, Texas      

14.73 acres Excellent visibility and access located on the NEC of Hwy 59 and University Blvd. Sits at the entrance to Newland Communities highly successful master planned community; Telfair and in close proximity to one of the nation’s fastest growing master planned communities; Riverstone Site is adjacent to Costco Excellent demographics

Contact: Brent Mann I (281) 560-7375 I bmann@vistagroupllp.com

REDNews.com www.vistahouston.com

| 23

REDNews

THE STATE OF HOUSTON’S COMMERCIAL REAL ESTATE: NAI Partners Host Discussion REDNews BY: BRANDI SMITH

Texas-based NAI Partners hosted a market discussion in February, coordinated by Elke S. Laughlin, EVP Corporate Development, tackling the state of Houston commercial real estate. The Houston-based firm recently expanded into Austin and San Antonio, prompting a name change for then-NAI Houston. “We really had no choice, but it’s a good thing,” says managing partner Jon Silberman. “[Our new name] describes what we are, which is a bunch of partners. We have 11 partners here in the firm.” NAI Partners boasts nearly 80 employees and 38 producers, according to Elke Laughlin, with expectations that those numbers will grow with the addition of the Austin and San Antonio markets. In attendance: Jon Silberman, Elke Laughlin, Dan F. Boyles, Rob Evans, Nathaniel Holland and J. Clay Pritchett. 2014 in review • Pritchett: The largest sale last year was the Alamo Crossing sale in January, which was a little more than 1 million square feet. • Pritchett: The industrial vacancy rate fell to 4.8 percent, which was the average for pretty much the entire year. • Pritchett: The average rate across all product types is about 50 cents a foot, $6 a square foot on an annual basis, so a 1.2 percent increase over the prior quarter. • Pritchett: The average cap rate was about 6.17 percent, which is a pretty sharp decrease from where it was in 2013 (7.56 percent). • Pritchett: The fourth quarter industrial market also saw one of our largest transactions in the industrial market, which was the Cedar Crossing Industrial Park sale. That’s more than 10,000 acres, so a pretty notable transaction in the United States. • Pritchett: If you drive around town you’re going to see 36 new buildings delivered in the fourth quarter alone. It’s about 1.5 million square feet.

24 | REDNews.com

Continued on page 26

Ofﬁce Space For Lease

Greenberg & Company Commercial Real Estate Brokerage Firm

2700 Research Forest Blvd. The Woodlands

Prime Intersection Richmond @ Weslayan

Multi-tenant retail shopping center located in the Greenway Plaza Area. Major thoroughfare. Excellent location for any business.

Retail Space Available: 3913 Richmond - 1,787 SF

Lease Rate: Call For Details

Great Exposure - High Traffic - Retail Space Available ATASCOCITA

• Beautifully appointed ofﬁce space • Up to 49,372 RSF available; divisible • Woodland campus setting with lake • Parking: 3.5:1000 • Furniture available

Westheimer @ S. Gessner Single Tenant Use Retail/Bank/Medical/Drive Thru Joel Dalak TIG Real Estate Services jdalak@tigusa.com 713.974.5226

Space Available: 4,433 SF Lease Rate: Call For Details

Contact Broker: David Greenberg - David@greenbergcompany.com Phone: 713-778-0900 Fax: 713-782-7445

Westheimer @ Dairy Ashford Major Intersection

Space Available: Suite D 1,535 SF Suite E 4,657 SF Lease Rate: Call For Details

www.greenbergcompany.com

5959 Richmond Ave., Houston TX 77057

FALL CREEK C ommerci al Reser v es A va i l a b l e

• Over 2,000 feet of frontage on the Beltway D E • MUD formed & utility infrastructure in place • No detention required • Ready for development D: 29.16 Acres N. SAM HOUSTON PKWY & BELLOWS FALLS LANE • Excellent SECvisibility E: 12.84 Acres 20 • 10 minutes to IAH; S. SIDE N. SAM HOUSTON PKWY minutes to the Port of a 2300 acre community which is the Houston Fall & Creek, I-10; 15 minutes only major master-planned golf course community Beltway& 8 (Sam Houston Parkway). Home to or less towithin I-45 Hwy 59 The Golf Club of Houston (formerly Redstone Golf location of Shell Houston Open. • 5 minutesClub), away from Generation Park, Houston’s largest new commercial development. • Close to major retailers and medical facilities Meredith Cullen • mtcullen@cullenrealtygroup.com • 713.444.7979 Jason Shaw• jshaw@cullenrealtygroup.com • 281.546.9237

D: 29.16 AC

SEC N. SAM HOUSTON PKWY & BELLOWS FALLS LANE

E: 3.22 AC Sold - 11.12 AC Remaining S. SIDE N. SAM HOUSTON PKWY

Meredith Cullen • mtcullen@cullenrealtygroup.com • 713.444.7979 Jason Shaw• jshaw@cullenrealtygroup.com • 281.546.9237

Continued from page 24

REDNews

26 | REDNews.com

J. Clay Pritchett

Positive outlook • Holland: In contrast to 2008 and 2009 where both oil and the economy went down, Houston is looking at a situation where the economy is going up and the oil is going down, so then Houston’s economy is fairly relative to past scenarios. • Pritchett: A lot of foreign capital is coming into Houston, and Texas and the U.S. so that’s helping to add to those lower cap rates. • Boyles: Transactions are getting done and, depending on where [oil value] will go, everybody has the assumption that it’s going to be back at least to reasonable levels by the end of the year. • Pritchett: I think the prices have gone up to such a high level that people were paying ridiculous amounts of money for buildings and land, so seeing a slowdown in the market is not going to be a bad thing. • Evans: It’s causing some of these buildings that were up to market expecting to get really high sale prices to not get those prices, to pull back and either sit on the sidelines for a little bit or readjust their pricing expectations. • Evans: I don’t believe it’s going to be a dramatic downturn but if there’s a trough, there’s an opportunity to buy that wasn’t there six months ago or even nine months ago

Nathaniel Holland

Dan F. Boyles

Elke Laughlin

Jon Silberman

Transitional period • Boyles: You have a number of companies that didn’t see the drop in oil value coming. They were in a growth mode and now they’re pulling back on demand. I can think of three companies that put millions worth of subway space on the market. • Silberman: So far we’re not seeing even a 2008-type pullback across the board. It’s just going to be the energy sector. We just think it’s going to be a muted pullback and not a disaster. • Silberman: The first quarter of 2009 was pEvansably the worst quarter we’ve ever experienced. We couldn’t do a deal. That’s not the case right now but we’ve had some fallout, no question. • Silberman: In the last four years, we’ve added about 12 or 13 million square feet and new space on a 280 million square foot market. • Boyles: The vacancy may increase a little bit but we’re not nervous to the point where we think a one or two or three-year decline. I think this is going to be a slowdown for a short period of time. • Boyles: Last year was a record year for sales in these specifically freestanding buildings, but from already the first 30 days this year we’re seeing a number of these users we were representing that are now

considering leasing.

Rob Evans

• Pritchett: About 1.4 million square feet was absorbed in the fourth quarter alone. That’s about 10.2 million for the entire 2014. That’s the highest net absorption that we’ve seen since 2008, so definitely a strong year.

For all your commercial real estate needs, we’re here to point you in the right direction. REDNews LANDLORD & TENANT REPRESENTATION • SITE ACQUISITION • SALES & LEASING • REAL ESTATE CONSULTING • PROPERTY MANAGEMENT Windvale Shopping Center For Lease & Pad Sites Available

9420 College Park Dr, The Woodlands

Portofino Plaza For Lease

Research Forest Plaza For Lease

19073 I-45, Shenandoah

1500 Research Forest Dr, The Woodlands

• Grocery anchored center located at the SEC of SH 242 and FM 1488 • Spaces available from 1,000-6,237 SF • .6 acre, .9 acre, 1.6 acre pad sites available

• Portofino Plaza is located ½ mile north of Research Forest Drive on Interstate 45, approximately 1 mile from The Woodlands Town Center and 5 miles from the Hardy Toll Road and the ExxonMobil Corporate Campus • Various retail spaces available • Maximum visibility to I-45

• Research Forest Drive is one of three main arteries into and out of The Woodlands, which places Research Forest Plaza, located approximately ½ mile west of I-45, in a perfect position for daily commuters that use I-45. • 60’ bay depths. • Glass storefronts. • Covered walk along full length of center.

Professional Multi Use Office Space For Sale or Lease

Market Street Office Space For Lease

68 +/- Acres For Sale

32100 Dobbin Hufsmith, Magnolia

9595 Six Pines, The Woodlands

27113 South Creek Dr, Magnolia

1.67 +/- Acres For Sale

21115 I-45, Spring • 172’ +/- FF on I-45 frontage road (North FWY) • Located less than ¼ mile from FM 2920 intersection • Tremendous growth corridor – Residential and Commercial • ExxonMobil Campus and Grand Parkway under construction just north of site. • Easy access to The Woodlands, Hardy Toll Road, IAH Bush Airport and Beltway 8

Harmony Plaza For Lease

3535 Rayford Rd.,Spring

• 46,832 SF building on 10 acres • Great potential for corporate campus • High end finishes, with room for expansion

• 560,000 SF mixed development • Class A office space above ground-floor retail • Located in teh heart of Town Center • Convenient reserved covered and surface parking • Professional on-site management

• Located at Caddo Lane & South Creek Dr. • Site is west of FM 2978 & Dobbin Hufsmith Rd • Ideal uses: single/multi-family development, investment property, or recreational facility

• New Construction – Est. Delivery June 2015 • Located near intersection of Rayford Rd @ Grand Parkway 99, East of I-45 North. • 10,000 SF Retail Center • Adjacent to HEB Grocery Development – Est. Completion Fall 2015

College Park Plaza For Lease

4.35 +/- Acres For Sale

2002 Timberloch For Lease

The Gardens Retail Center For Lease

10527 SH 242, Conroe (at Needham Rd.)

2002 Timberloch, The Woodlands

15125 North Freeway, Houston

3091 College Park Dr., The Woodlands • Various spaces available • Conveniently located on College Park Dr. (SH 242) at Interstate 45 in The Woodlands • Site is adjacent to St. Luke’s Hospital and The Woodlands College Park HS and across from Sam Houston State University and Lone Star College • Super Walmart, Lowe’s, Garden Ridge, Burlington and Kohl’s are in the immediate area

• 4.35 +/-, divisible, with additional .5694 acres contiguous available • Growing Woodlands Submarket, approximately 2 miles east of Interstate 45, • Potential Uses: Auto, Fast Food, Service Station, Office

• Space available: Suite 300 – 17,815 RSF & Suite 600 – 17,815 RSF with upgraded finishes • Town Center Location and walking distance to The Woodlands Waterway, Market Street and adjacent to The Cynthia Woods Mitchell Pavilion • Excellent access – under ½ mile to I-45

• Consists of 58,460 SF and is situated on approximately 10 acres. • 15,485 SF available with 9,483 SF of contiguous space. • Excellent visibility with direct access to I-45 South frontage road • High traffic counts (300,000 cpd – I-45 South)

10077 Grogan’s Mill Road, Suite 135 The Woodlands, TX 77380

281.367.2220 jbeardcompany.com REDNews.com | 27

This information contained herein has been obtained from reliable sources; however, The J. Beard Company, LLC and The J. Beard Real Estate Company, L.P. makes no guarantees, warranties or representations to the completeness or accuracy of the data. Property submitted is subject to errors, omissions, change of price, prior sale or withdrawal without notice.

REDNews

28 | REDNews.com

Continued from page 26

REDNews

LEVCOR, INC.

PHARR TOWN CENTER NOW OPEN

NOW LEASING PHASE II Dan Smith 713.268-3716 dsmith@levcor.com

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Pharr

REDNews.com | 29

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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

CENTRAL/SOUTH TEXAS

March

2015 Sunday

Monday 1

Tuesday

Wednesday 3

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

Thursday

4 ULI Austin 2015 Impact Awards Ceremony 5:30pm-7:30pm

Friday 5

Saturday 6

IREM San Antonio Board & Committee Chair Luncheon 11:30am-1:00pm CTCAR Property Info Exchange 7:30am-9:00am

IREM Austin Chapter Luncheon at Westwood Country Club 11:30am-1:00pm CREW San Antonio March Luncheon 11:00am-1:00pm

NAHREP Luncheon 11:30am-1:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL

24 CCIM Institute Mid-Year Governance Meetings in Chicago, IL CCIM Cental Texas Networking Luncheon 11:30am-1:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL ULI Austin March Breakfast 7:30am-9:00am CTCAR Networking Luncheon featuring Mayor Steve Adler 11:30am-1:00pm

FOR MORE INFORMATION VISIT REDNEWS.COM

NETWORKING BOMA San Antonio - Colonel Richard Singer Manager of the Year Award Luncheon

1. Rob Buie, Adrienne Cox, Christie Streicher, Jimmy Rangel, Mychel Jordan, Christine Krueger & Gloria Contreras 2. Allan Young, Jennifer Ryan, Edna Geckler, Tomi Beecham, Melissa Hernandez, Calvin Mullinax 3. Colonel Richard Singer Manager of the Year Award RecipientChristie Streicher, RPA

CREW San Antonio Luncheon

1. Jane Feigenbaum; CREW Programs Committee, Carl Bohn; REOC San Antonio, Matin Tabbakh; Kuper Sotheby’s International Realty, Laura Anthony; Baptist Health System, & Carl Salvato; CBRE 2. Laura Anthony; Baptist Health System, Carrie Caesar; CBRE / President CREW San Antonio, Cherie Short; Stewart Title, Dawn Vernon; Drash Contracting

RECA Ideas Forum 1. RECA guests at the organization’s first Ideas Forum Luncheon of 2015. 2. RECA guests attend the forum to hear policy makers and outside business leaders present information on various topics.

RECA January Happy Hour 1. RECA guests at the January Happy Hour. 2. RECA guests enjoying a fun event at Speakeasy. 3. RECA members pose happily after another successful networking event.

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

NORTH TEXAS

March

2015 Sunday

Monday 1

Tuesday

Wednesday 3

BOMA Fort Worth TOBY Awards Program/ Luncheon 11:30am-1:00pm CREW Dallas Networking Lunch 12:00pm-1:30pm

Friday

Saturday

CREW Fort Worth “Fort Worth South: A Vision In Progress” 11:30am-1:00pm

10 IREM Dallas Joint Luncheon with AAGD 11:30am-1:00pm

CREW Dallas Breakfast Group 8:00am-9:00am

Thursday

IREM Fort Worth Happy Hour on the Patio 5:00pm-7:00pm

19 BOMA Dallas Engineer Lunch & Learn 11:30am-1:00pm NT CCIM March Luncheon Time TBD

BOMA Dallas Monthly Luncheon 11:00am-1:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL

ULI North Texas Inaugural Impact Awards Event 6:00pm-10:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL

CCIM Institute Mid-Year Governance Meetings in Chicago, IL BOMA Fort Worth Board of Directors Meeting 12:00pm-1:00pm

BOMA Dallas Course: Foundations of Real Estate Management 9:00am-4:00pm

NTCAR 2nd Quarter Membership Meeting 7:30am-9:00am BOMA Fort Worth Bowling Tournament at Main Event 5:30pm-7:30pm

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

commercial real estate women

NETWORKING TOBY and Lone Star Awards Ceremony

North Texas CCIM Luncheon

TREC Dallas ALC Leadership Lunch

1. Jack Gardner, Ashley Watson, Scott Grissom, Paige Monacelli 2. Outstanding Member award winner Mark Wilshire, Angelique Wade, President’s Award winners Steve Broom & Richey Houdek 3. BOMA Dallas President Angelique Wade speaking at the TOBY and Lone Star Awards Ceremony 1. Great networking going on at the 2015 Economic Outlook joint luncheon with CREW Dallas. 2. Packed room for 2015 Economic Outlook with Dr. Mark Dotzour’s at the joint January luncheon. 3. Saadia Sheikh, CCIM, North Texas CCIM Chapter Vice President with Joe Garrett, CCIM, North Texas CCIM Chapter President

1. Class members pose for a picture with Texas Rangers Assistant General Manager, Thad Levine who shared entertaining stories about his work experience 2. Thad Levine brought along the Ranger’s championship rings for class members to try on

FOR MORE EVENT PHOTOS VISIT http://www.REDNews.com/category/networking-photos/ IF YOU WOULD LIKE TO SUBMIT YOUR PHOTOS TO BE FEATURED IN THIS SECTION CONTACT: BRISEHYDA MARTINEZ | BRI@REDNEWS.COM | 713.661.6300

SOUTHEAST TEXAS

March

2015 Sunday

Monday 1

Tuesday

Wednesday 3

Thursday

Friday

CREN Houston March Luncheon 11:00am-1:00pm

CREAM Luncheon 11:00am-1:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL

RICH Meeting & Trade Show 8:00am-4:30pm

BACREN Luncheon 10:30am-1:00pm

AAREA March Luncheon 11:30am-1:00pm

24 CCIM Institute Mid-Year Governance Meetings in Chicago, IL ACRP Breakfast Meeting 7:00am-8:30am

CCIM Houston March Luncheon 11:30am-1:00pm

FBSCR Meeting 8:00am-9:00am

CREW Houston March Luncheon 11:30am-1:00pm

Saturday

CREN Houston Breakfast 7:15am-9:00am

Your real estate de

ULI Houston AIA Houston Gulf Coast Green 2015 8:00am-5:00pm

CCIM Institute Mid-Year Governance Meetings in Chicago, IL

Count on a CPM速 professio

CPM速

RealShare Conference Series 7:30am-12:00pm

To find a CPM速 in your area, visit www.irem-dallas.org

FOR MORE INFORMATION VISIT Networking

Educat ion

Technology

CCIM Course Scholarships

For o turn

A CP z De z Ple REDNEWS.COM z sta Pro

NETWORKING Houston BOMA TOBY Awards

Houston BOMA hosted another great TOBY Awards as they bestowed five outstanding buildings of the year! Congratulations to 5 Houston Center (Winner: Best of the Best), Heritage Plaza, Memorial Hermann Memorial City Medical Plaza 4, One Oak Park and Houston Permitting Center as they advance to the Regional TOBYs in Tulsa!

CREW February Luncheon - Redefining METRO 1. Kathrine Guest, Stephanie Anderson, Gayle Brand, Ashley Grigsby, Bonny McLoud, Laurie Baker, Geri Pacheco, Debra Gilbreath, Not pictured â&#x20AC;&#x201C; Jan Sparks 2. Debra Gilbreath, Christof Spieler, Diane Lewter, Susan Alleman

IREM Houston February Luncheon 1. Danielle Moore and Sheryl Green of Camden Property Trust and Will Rubio and Carl Buxton of ThyssenKrupp Elevators 2. IREM Vice President of Legislative, Chase Crawford, CPM of Stream Realty and IREM President Elect Laura Krupowicz, CPM of Brookfield Properties

REDNews

ANNOUNCEMENTS Central/South Texas Austin/San Antonia Areas

DEALS I

San Antonio, TX: (CONSTRUCTION) Stonelake Capital Partners plans to develop 500,000 SF of Class-A industrial

space in the 3300 block of I-35 North. The company acquired the land to build after it bought the adjacent Pan Am Distribution Center which includes 682,000 SF. Austin, TX: (LEASE) Global Services Inc leased 20,132 SF at Northpointe Trade Center, 2251 Picadilly Drive. Ryan Wilson with ECR represented the landlord. Austin, TX: (SALE) St. Croix brokered $60 million in a deal

on behalf of a California-based investor. The investor plans to purchase Texas assets which includes two 50,000 SF flex buildings at 2621 Ridgepoint Drive, University Business Center, 114,910 SF flex project at 2019 Alvin Devane Blvd and also a building in Midland, Texas

San Antonio, TX: (SALE) The Woodlands-based LGI Homes has purchased 239 acres at the Luckey Ranch master-

planned community near Loop 1604 and US 90. LGI bought 93 acres here in 2011 and 208 acres in 2013 for residential development.

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Austin, TX: (SALE) Hamilton Zanze & C0., a San Francisco-

based real estate investment company, purchased Promontory Point Apts located at 2250 Ridgepoint Drive from China-based Standard Portfolios Asset Management Co. The sale was brokered by Cindy Cooke of Colliers Cooke Team with Brad Cooke of Colliers International in Phoenix and Teresa Lowery in the Collierâ&#x20AC;&#x2122;s Houston office. San Antonio, TX: (SALE) Cottonwood Residential of Salt

Lake City has purchased Legacy Heights, a 258,200 SF, 306unit project located at 1320 Austin Highway. CBREâ&#x20AC;&#x2122;s vice chairman Charles Cirar, executive VP Ryan Epstein and sales associate Michael Wardlaw represented the seller.

Austin, TX: (CONSTRUCTION)

38 | REDNews.com

Crimson Real Estate Fund

is partnering with San Antonio-based USAA Real Estate Co to construct Aspen Lake Two, a 129,000 SF office near Lakeline Maill. The developer is Houston-based Patrinely Group. Ben Tolson and Bart Matheney with Aquila Commercial LLC are the leasing brokers. Austin, TX: (LEASE) Indeed.com has signed a lease for

220,000 SF at Champion Office Park off of Loop 360. The company currently employs 330 in Austin and plans to hire an additional 300 by the end of the year. Austin,

TX:

(SALE)

Highbrook

Investment

Management LP, in a JV with Kodiak Capital Partners LLC sold the123,305 SF, two building project, known as Reunion Park at 8329 and 8501 N. MoPac Expressway. The buyer was Miami-based investment firm, Market Street Real Estate Partners. The team of John Taylor, Kelsey Roop, Andrew Levy, Patrick McCord and Drew Fuller of HFF represented the seller. Austin, TX:

(SALE) Dividend Capital Diversified

Property Fund (DPF) from Denver purchased Rialto I &

II, located at 7500 Rialto Blvd., from Lincoln Property Andrew Levy, Kelsey Roop, Todd Savage and Patrick McCord of HFF handled the transaction for the seller. Company for $37.3 million.

A private Florida-based investor purchased a Walgreens location from the Parefront Group for $6.78 million. The building contains 13,650 SF and is located at 6721 S. Congress Avenue. John Bradley of Parefront Investors represented the seller. Austin, TX:

(SALE)

(SALE) Cielo Property Group purchased 220 S. Congress Avenue which is a 1936 brick building, commercial garage and former furniture store. The building is 25,000 SF. Bobby Dillard, Cielo co-founder, indicated renovations are planned for the property.

Austin, TX:

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

REDNews

Jon L. Dooley

ANNOUNCEMENTS North Texas

Jon L. Dooley has joined Colliers International North Texas as the Managing Director of Real Estate Management Services. Dooley joins Colliers from Urban America Advisors where he served as Senior Managing Director.

Dallas/Ft. Worth Areas

DEALS I

Dallas, TX: (CONSTRUCTION) Holt Lunsford Commercial

is constructing a 259,672 SF warehouse at I-30 & Chalk Hill Road.

Dallas, TX: (CONSTRUCTION) Avera has broken ground on

a 345,150 SF on Park 161 Distribution Center which is located at the NWC of State Highway 161 (George Bush Tollway) and January Lane.

DFW Airport, TX: (CONSTRUCTION) Hillwood Investment Properties & Perot Development have completed a

1,053,365 SF distribution center at 2701 W. Bethel Road and are planning to break ground on an adjacent 1,015,560 SF of space later this year.

Grand Prairie, TX: (SALE) NTA Holdings Ltd sold a 102,732 SF net leased property at 1470 Avenue T to Conti Warehouses LLC of Fort Worth. The seller was represented by Bradford Commercial and the buyer had in-house representation. Carrollton, TX: (SALE) Ascension Properties LP purchased

a 58,700 SF building located at 2420 Tarpley Road from

Beltwood I & II Ltd & Belmeade Tarpley, Ltd as part of a 1031 Exchange transaction. David Cook with Sperry Van Ness/David Cook Company represented the seller and Steve Fithian with Sperry Van Ness/Visions Commercial

represented the buyer.

MASTER-PLANNED DEVELOPMENT Frisco, TX: (CONSTRUCTION) Dubai-based Invest Group Overseas plans to construct a master-planned community

called The Gate. The development could bring 800,000 SF of office space, 100,000 SF of retail space, a 90-room hotel, park, apartments and two, 10-story luxury condo towers to Frisco near the new site for the Dallas Cowboys headquarters and practice facility.

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Dallas, TX: (CONSTRUCTION) Two apartment projects are being developed across the street from each other. Trammell Crow Residential is developing a 340 unit project on Fort Worth Avenue & West Commerce Street and Wood Partners

is developing a 226 unit project on Yorktown Street just east of Sylvan Avenue.

Plano, TX: (SALE) Invesco Real Estate has purchased 1675

luxury apartments in the Legacy Town Center. The apartments are east of the Dallas North Tollway and north of Legacy Drive. The seller was a partnership of Columbus Realty and GE Asset Management.

Irving, TX: (CONSTRUCTION) Stream Realty Partners

is constructing Connection Park, a 141,219 SF office building at 4851 Regent Blvd. After completion of this building, Stream plans to construct an additional building of approximately the same size. Dallas, TX: (LEASE) McKinsey & Company has leased 30,000 SF in the new 530,000 SF Chase Tower to be developed at McKinney & Olive Streets. The building is being developed by Crescent Real Estate Holdings LLC. Arlington, TX: (SALE) Arlington Orthopedic Associates

sold two of its medical facilities to Glen Allen, VA-based Capital Square Holdings, LLC. The first building is located at 800 Orthopedic Way with 37,100 SF and the second is located at 2801 E Broad Street with 12,560 SF. Daniel Turley & Mindy Berman of JLL represented the seller. Fort Worth, TX:

(SALE)

Ascension Properties LP

purchased a 20,100 SF building on I-35 in North Fort Worth from Ascend Alliance LP as part of a 1031 Exchange. Marty Rader with DFW Realty Partners LLC represented the seller and Steve Fithian with Sperry Van Ness/Visions Commercial represented the buyer. (SALE) ECS International Inc has acquired a 17,766 SF building for its headquarters located at 5500 E. Loop 820.

Fort Worth, TX:

Dallas, TX: (SALE) American Realty Capital Partners

sold the 206,040 SF building near the south side of I30 at Cockrell Hill Road to The Aztec Fund. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Jack Fraker of CBRE represented the seller and Greg Greene, Scott Lewis and Matt Ballard represented the buyer in the financing of the property.

Dallas/Plano, TX: (SALE) Atlanta based Piedmont Office Realty Trust purchased 177,169 SF, Park Place

on Turtle Creek in Dallas and sold the 120,107 SF, 3900 Dallas Parkway building in Plano. Jeff Staubach and Andy Leatherman of JLL represented the buyer and Piedmont Capital Markets Director Karen Purdy represented her company.

Dallas, TX: (CONSTRUCTION) Trammell Crow Company will begin construction this spring on a new

Sam’s Club located north of Blackburn Street on North Central Expressway. A vacant 12-story office building was demolished to make way for the Sam’s Club.

Fort Worth, TX: (LEASE) Global retailer H&M has leased

a 31,000 SF former Barnes & Noble space in downtown Fort Worth’s Sundance Square.

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

REDNews.com | 39

Ami Figg

Lisa Hankamer

Travis Taylor

Drew Lewis

Southeast Texas

Chris Lewis

ANNOUNCEMENTS

Josh Cheatham

REDNews

Los Angeles-based Lee & Associates has opened it second office in Texas with the launch of Lee & Associates Houston. The company will be led by Managing Principal Chris Lewis and Principals Drew Lewis, Josh Cheatham and Travis Taylor, formerly of Griffin Partners.

Houston Area

NAI Partners is pleased to announce Lisa Hankamer has joined the firm as Vice President in Investment Sales with a focus on Hospitality. Most recently, Lisa was Managing Principal of Uniquity Real Estate Partners. They are also pleased to announce Ami Figg has joined the firm as a leasing agent in their Office Project Leasing division. Most recently, Ami worked with Hartman Income REIT.

DEALS I

(SALE)

Duke Realty Corp purchased

the 250,660 SF building located in Point North Cargo Park next to Bush IAH. They also purchased an adjacent 13.9 acres for the development of a 205,606 SF industrial building. Caleb Lawson with Lawson Group represented the seller in the land and building sale. David Hudson and Cory Driskill with Duke Realty represented the buyer. Houston, TX:

Baytown, TX: (SALE) CastleRock Communities purchased

106 acres at the NWC of Garth Road and Wallisville Road from Sowell & Company for the construction of a single family residential subdivision. McAlister Real Estate’s Chris Hutcheson, Matt Herring and James Kadlick brokered the transaction. Houston, TX: (SALE) Gulf Coast Commercial Group has purchased 21 acres just south of I10 near Sawyer Street. The property at 2728 Summer has been a manufacturing plant for an affiliate of Tarkett USA. The buyer has not determined their redevelopment plans. The seller was represented by Boyd Commercial/Corfac International. Tomball, TX: (SALE) Friendswood Development Company

purchased 200 acres for the expansion of their Wildwood at NorthPointe Community off Texas 249 & NorthPointe Blvd. The land was purchased from the Martens family and the expansion will add about 475 lots to the development.

Houston, TX: (DEVELOPMENT) Midway Development is

building Memorial Green, a mixed-use & residential community on about 14 acres at 12601 Memorial Drive across the street from Lantern Lane Shopping Center. The back portion of the property will include 57 single-family homes. (RE-DEVELOPMENT) Archstone Memorial Heights was sold to Midway Company and The Lionstone Group. The older apartment project is situated on 23 acres

Houston, TX:

on S. Heights Blvd between Memorial Drive and Washington Avenue. Matthew Rotan with ARA brokered the transaction and anticipates that a mixed-use development will be developed on the site.

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Houston, TX: (Sale) Chicago-based Waterton Associates LLC bought the 320-unit, Villas at Hermann Park located at

6301 Almeda Drive from Austin-based Falcon Southwest.

40 | REDNews.com

Wateron Associates’ multifamily development portfolio includes another property in the Houston area and five in Austin, Plano and Dallsa.

CORRECTION – Last month we reported that The J. Beard Company is constructing Havenwood Office Park. Please note the corrected information below The Woodland, TX: (CONSTRUCTION) The J. Beard Company will handle the leasing for developer, Everson Developments LLC, for the four-story 250,000 SF office

building, Havenwood Office Park, being constructed at 25700 I-45 North. The building is being constructed by EE Reed Construction, LP.

(CONSTRUCTION) Skanska plans to move forward in constructing their second Energy Corridor office building. West Memorial Place Ii will have 380,000 SF and will have 14 stories. It is expected to be complete in the spring of 2016.

Houston, TX:

Houston, TX: (LEASE) Moody Rambin has leased 40,589 SF to Microsoft and 27,194 SF to Altus Group at Town Centre I, located at 700 Town & Country Blvd. Joseph Peddie and David Guion of Cushman & Wakefield represented Microsoft and Chad Beck with Cushman & Wakefield represented Altus Group. Bob Cromwell and Kevin Nolan of Moody Rambin represented the landlord. Houston, TX: (LEASE) HealthHelp has leased 40,000 SF at Four GreenspointPlace, one of the buildings being vacated by Exxon Mobil. Sam Pouns and Anthony Fritsche of Fritsche Anderson Realty Partners represented the tenant and Damon Thames and Chip Colvill with Colvill Office Properties represented the owner, a partnership between GM and Hines. Houston, TX:

(SALE)

Rockwell Management Corp

has purchased a 186,964 SF building at 9900 Richmond Avenue in Westchase. HFF marketed the property on behalf of the seller, a joint venture between Houston-based Fuller Realty Partners and Harbert Management Corp. Dan Miller, Martin Hogan and Wesley Hightower of HFF handled the sale for the seller. Houston, TX: (SALE) Memorial Hermann Health System is hoping to sell and lease back 11 medical

office buildings totaling more than 1 million square feet in campuses across the Houston area. Michael Bennett, Colby Mueck, Phil Mahler, Evan Kovac and Jack Dudick with HFF are marketing the properties

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

REDNews

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Caldwell Companies

Levcor, Inc.

CBRE

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CREW Dallas

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8, 9

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Cullen Realty Group

11, 25

The Vista Companies

22, 23

Culver/LANDTX Inc.

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REDNews.com | 41

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