THE TEXAS COMMERCIAL REAL ESTATE NEWS SOURCE | MARCH/APRIL 2022
FOR MORE INFORMATION: SEE PAGE 12
OPEN FOR BUSINESS & MUCH MORE
$48,673
Median Household Income
134
Acres available for development at Airport
100,243 Area Population
Edinburg, Texas • Of cities with 100,000 or more residents, Edinburg is the 6th fastest growing in the state of Texas. • Easy access to interstate highway 69. • Shovel ready North Industrial Park. • Home to the University of Texas Rio Grande Valley (UTRGV). • Edinburg municipally owned south Texas International Airport connected by 5 border points of entry.
Edinburg Economic Development Corporation economicdevelopment@cityofedinburg.com www.edinburgedc.com 956-388-8207
CRG Texas Environmental Services, Inc.
CARING FOR OUR ENVIRONMENT’S FUTURE When it comes to safety, efficiency, and effectiveness, CRG Texas Environmental Services delivers high quality, responsive and honest services consistently on every project.
ENVIRONMENTAL CONSULTING ▪ ▪ ▪ ▪ ▪
WE IMPROVE
WHAT OUR CLIENTS DO BY CONTINUALLY IMPROVING WHAT WE DO!
Environmental Due Diligence Services, Phase I ESA, Phase II ESA Remediation Services Phase III ESA Soil and Groundwater Sampling - Field Services Storm Water Pollution Prevention Plan - SWPPP Construction Storm Water Pollution Prevention Plan- CSWPPP
TEXAS REGULATORY PROGRAMS -TCEQ, RRC ▪ ▪ ▪ ▪
Leaking Petroleum Storage Tank Program - LPST Texas Risk Reduction Program - TRRP Voluntary Cleanup Program - VCP Innocent Owner/ Operator Program - IOP
ECOLOGICAL SERVICES ▪ ▪
Wetlands Identification and Delineation Threatened and Endangered Species
▪ ▪ ▪
NEPA permitting Facilitating Sound Decision-Making Coordinating with Regulators
REQUEST A FREE QUOTE – CALL NOW – 713-474-1570 | 713-517-7591 Main Ph: 713-474-1570 | 24/7 Ph: 713-517-7591 | Email: info@crgtexas.com 2504 Avenue I, Rosenberg, Texas 77471 | Visit our website @ www.crgtexas.com
6
20
THE TEXAS COMMERCIAL REAL ESTATE NEWS SOURCE
NATIONAL PUBLISHER Mark Menzies menzies@rejournals.com
STAFF WRITERS
16
Ray Hankamer rhankamer@gmail.com Brandi Smith info@REDnews.com
SENIOR VICE PRESIDENT Benton Mahaffey benton@REDnews.com
14
EMARKETING DIRECTOR Sarah Evans Carter emarketing@REDnews.com
ADVERTISING & CONFERENCE SALES Tressa Mogas Barzilla tressa.barzilla@rejournals.com Jeff Johnson jeff.johnson@rejournals.com Jessica Johnson jessica.johnson@rejournals.com
CLASSIFIED DIRECTOR Susan Mickey smickey@REDnews.com
EVENT COORDINATOR Abby Lestin abby.lestin@rejournals.com
PRINT & DIGITAL DISTRIBUTION REDnews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US.
Features Diversified & in-demand: South Texas EDCs advocate for community, region South Texas is a region as diverse in industry as the people who make up its population.
6
Texas Brokers: 8,150 Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710
10
Outside Texas Investors, Brokers, Developers etc: 26,387
TOTAL QUALIFIED ONLINE REDnews DISTRIBUTION: 50,458 REDnews has gone green using recycled paper. Thank you Midway Press! To subscribe to REDnews call (713) 661-6300 or log on to REDnews.com/subscription. 2537 S. Gessner, Ste. 126 Houston, TX 77063
McAllen, Texas; a Booming Binational Border Community Since 1988, The McAllen Economic Development Corporation has attracted manufacturing companies from across the globe.
12
Lancaster remains top choice for new manufacturing space in Dallas County Lancaster continues to be the premier choice for new manufacturing and fulfillment space in Dallas County.
14
Keeping up with Collin County: NTX communities experience population explosion, development boom
16
4
MARCH/APRIL 2022
Allen, Texas has it all A firstclass location for professionals and families, Allen is now also in high demand for corporations and employers too.
20
Intentional Innovation: How NTX cities strike a balance between past and future
22
“Just the beginning”: How the build-to-rent sector is growing in Texas
24
“Only just getting started”: Texas experts weigh in on industrial market trends
26
Big-rig breakthrough: Autonomous truck companies map out progress in Texas
29
Scoop
30
“Record numbers”: Industrial demand throughout Texas
32 2022 REDnews Houston Apartment Summit 33 CCIM March Luncheon 34 CCIM Commercial Real Estate Competition
36 3rd Annual REDnews Houston Property Management Summit
38 CRE Marketplace
Sherman: 22 mi
5
75 e tur Fu
Future Outer Loop
McKinney: 12 mi Dallas: 44 mi
121
Where business and opportunity intersect. • Top 10 fastest-growing cities in North Texas for 4 consecutive years • 45 minutes from DFW Airport and Dallas Love Field,
p oo rL e t Ou
61 square miles of planning area on U.S. Highway 75 near the intersection of 5 of the region’s major highways.
Come explore Anna’s pro-business mindset and learn how Dallas-Fort Worth’s next stop for northern expansion is your canvas for future growth and opportunity.
and 15 minutes from McKinney National Airport • Ample land available for industrial, retail, medical, commercial and residential uses • Nearly 14,000 new single-family homes are projected within a 5-mile radius over the next 5 years
For more information: Joey Grisham Director of Economic Development 214-831-5394 joey@opportunityannatx.com
Diversified & in-demand: South Texas EDCs advocate for community, region BY BRANDI SMITH
Cibolo
South Texas is a region as diverse in industry as the people who make up its population. Stretching from San Antonio to Brownsville and Corpus Christi to Del Rio, South Texas encompasses nearly 30 counties, covers roughly 37,800 square miles and is home to millions.
He notes that Laredo is catching up by developing thousands of acres in firstclass industrial parks. But commercial development overall is booming. In 2021, Lindgren says Laredo issued $543 million in new construction permits, $55 million of that in the commercial space.
“The movement to South Texas is happening faster than the developers can keep up,” says Gene Lindgren, President and CEO of the Laredo Economic Development Corporation.
“What is happening now is a significant jump due to the impact of global supply chain issues and companies deciding they need to be in North America as opposed to Asia,” says Lindgren. “The near-shoring dynamic already has our daily truck numbers up with some days hitting projections for 2030.”
6
MARCH/APRIL 2022
“The movement to South Texas is happening faster than the developers can keep up.” Dr. Jim Lee - Corpus Christi
Gene Lindgren - Laredo
Dustin Morris - Cibolo
Port Laredo averages 17,000 truck crossings per day. “We promote our port with site selectors, trade-show exhibits, collaboration with national banking institutions, advertise in traditional and social media outlets, and host our annual Pathways for Trade Symposium,” Lindgren says. “Last year’s event was our 28th and we had presentations from the port directors of Los Angeles, Chicago, Houston, New Orleans, and of course, Laredo. We are a Top 5 port and this annual event put us on the same stage with those other trade powerhouses.” It gets some competition from the Port of Corpus Christi, which is the largest crude oil exporter in the U.S.
“The city offers a variety of incentives, depending on the business, and we remain vigilant and responsive to issues facing our community; either economic, social, or otherwise,” Morris says. As with so many other cities in South Texas, Cibolo’s key geographic location is immensely appealing for developers and investors. “The city and the Cibolo EDC are constantly working on a shared vision of developing the I-10 corridor into a manufacturing hub. Now that utilities are more accessible along this corridor, the Economic Development department is actively marketing the potential of this corridor for manufacturing,” shares Morris.
“The key economic driver for South Texas historically is oil and gas, and industries that are directly tied to oil and gas resources,” says Dr. Jim Lee, Regents Professor of Economics at Texas A&M University-Corpus Christi (TAMU-CC). “While the oil and gas industry is exposed to erratic wings over time, from a historic low during the onset of the pandemic in early 2020 to a nearly historic high today, industries that rely heavily on energy consumption, such as steel and plastic plants, have continued to take the logistical advantage of the port infrastructure in Corpus Christi.”
Continued on Page 8>
Dr. Lee says a diverse group of economic development agencies works collaboratively to benefit the Corpus Christi Community. The Corpus Christi Regional Economic Development Corporation focuses on attracting capital investments for new manufacturers, while Coastal Bend Workforce Solutions works alongside Del Mar Community College to provide workforce training. The South Texas Economic Development Center at TAMU-CC, headed by Dr. Lee, provides data analytics to support local business and capital investment decision making. That data suggests to him that demand for commercial space will shift from large, expensive sites to smaller, less expensive cities, such as Corpus Christi.
GAIN ACCESS TO LOWER COMMERCIAL PROPERTY TAXES.
“Despite a roughly 15 percent increase in the median home price during the past year, Corpus Christi’s housing market is still remarkably affordable in comparison with Austin and Dallas,” says Dr. Lee. “The commercial real estate here still has a lot of slack, making this mid-sized city especially attractive to businesses and employees. The area’s open space, waterfront and beaches will play a larger role for years to come.”
The key to placing your business on firmer financial ground? Teaming with an expert to lower your commercial property taxes. Reach out today to get started on your protest, and let Lane Property Tax Advocates unburden your business.
Along with marketing their communities, South Texas EDCs are also focused on building long-lasting relationships with new and current business partners, says Dustin Morris, the Interim Director of Economic Development for the City of Cibolo, located just outside of San Antonio.
Open your business up to smarter practices. Contact us to start your free protest*. 832.358.2000 | info@lanepropertytax.com
lanepropertytax.com/rednews
*Fees are contingent upon property tax savings.
MARCH/APRIL 2022
7
Corpus Christi
“In recent years, the region has made an unprecedented investment in developing our people and place to continue attracting jobs within our target growth industries.” South Texas < Continued from Page 7
She believes one of the most important factors for companies to choose San Antonio is its people.
Neighboring San Antonio is also targeting manufacturers, adding to what is one of the region’s most strongly established industries.
“In recent years, the region has made an unprecedented investment in developing our people and place to continue attracting jobs within our target growth industries. The greater San Antonio region has a rapidly growing talent base that is ready to work,” says Carabias-Rush. “When companies look to the San Antonio area, they can feel the welcoming spirit and a ‘hunger’ to win — and help newcomers to thrive.”
“San Antonio has targeted advanced manufacturing for clustered development around automotive, food & beverage, and aerospace,” says Sarah Carabias-Rush, Chief Economic Development Officer for greater:SATX Regional Economic Partnership. Within the past 20 years, Carabias-Rush says San Antonio has continued to develop and hone its automotive manufacturing expertise and has seen that pay tremendous dividends. In 2002, Toyota’s investment in a manufacturing facility “planted the seed” for San Antonio’s automotive manufacturing cluster, she says. “Toyota employs more than 7,000 San Antonians today directly and through its on-site supplier network. Toyota’s most recent investment in San Antonio, announced in 2019, is projected to have a $10 billion economic impact over the next 10 years,” Carabias-Rush says. “Toyota’s continued investment in San Antonio and the development of a regional supplier network has attracted others to the regional corridor including Navistar, Tesla, and soon DeLorean.”
8
MARCH/APRIL 2022
While there are plenty of newcomers, not just to San Antonio, but to South Texas as a whole. As the EDCs in the region continue their quest to market their communities, incentivize development, generate a workforce and support industry, there will be many more in the years to come.
ROBUST WORKFORCE
CONVENIENT MOBILITY
(936) 538-7118
|
ConroeEDC.org
STRONG QUALITY OF LIFE
ALLEN, TEXAS HAS IT ALL CONTENT PARTNER
A first-class location for professionals and families, Allen is now also in high demand for corporations and employers too.
The district also includes 1.2 million SF of planned Class A office space and a 105,000 SF building that will be complete later this year.
Allen, population 107,000, is an affluent suburb located just 25 miles northeast of downtown Dallas in Collin County, one of the nation’s fastest growing counties.
SH 121 Corridor - The future of Allen. Four mixed-use developments are moving forward with over 9 million SF of planned office and retail space. Adjacent to two major highways and 30 minutes from the Dallas-Fort Worth International Airport, each site offers exceptional access to professional, technical, and executive talent.
Lured by desirable neighborhoods, nationally rated public schools, safety and modern comforts - people live well here. That’s why Allen was ranked #2 Best Place to Live in the Nation by MONEY Magazine and Best Suburb for Millennials in Texas by CNBC. Great places to live also make for great places to work, allowing companies to leverage Allen’s abundant dining, entertainment and sports teams, and award-winning parks and trails as a valuable employee recruitment tool. Allen has a rich collection of leading-edge companies in technology, real estate, healthcare, finance and more. Allen attracts some of the most highly skilled senior talent in the world and has a strong pipeline of future workers. Over 1.7 million workers live within 30 minutes of Allen. Our business parks and developments are second to none, with walkable outdoor green spaces near restaurants and entertainment venues. Our business travel and accessibility are international-class, and only a short drive to the airport. And our competitive market for the best talent is unrivaled. Room for business. With the arrival of new office towers and mixed-use developments, Allen is rapidly becoming an important employment center. The award-winning Watters Creek District includes walkable amenities such as a 4-star hotel and convention center and over 50 shops and restaurants mixed in with urban lofts – and direct access to over 60 miles of bike trails. 10
MARCH/APRIL 2022
The Farm in Allen, the first mixed-use development to break ground along the SH 121 corridor, will open phase one in Fall 2022. This development includes an open-air entertainment venue called “The Hub.” It will offer a variety of dining, entertainment, and retail options specially designed for family fun which includes: 23,000 SF of unique restaurant space, 5,200 SF of events lawn space, a 13,000 SF plaza and a 15,000 SF two-story covered shared dining pavilion. In addition to The Hub, The Farm in Allen is planned to have 1.6 million SF of office, 142,000 SF of retail, a 150-key hotel, 60,000 SF of restaurants, and 2,400 urban residential units. The development will embrace the property’s natural beauty with a 1.5-acre lake, boardwalk restaurants, over 2 ½ miles of hike and bike trails, a 16-acre greenbelt along Watters Creek and four additional park areas. The Farm is the perfect location for corporations looking to recruit employees with walkable amenities, access to fantastic neighborhoods and schools, and close proximity to DFW International Airport. Allen is the perfect location for your next corporate campus. To find out if this is the family for you, visit AllenEDC.com.
Allen has it All. All you’re looking for is in Allen. From class A office space to A rated schools, world-class entertainment parks and recreation – all in the heart of a thriving Metroplex. Here you can build a business where people are not just surviving but thriving. When it comes to living, working and playing, Allen is all in. Be part of it all. www.allenedc.com
The Place to Raise Your Business
McAllen, Texas; a Booming Binational Border Community CONTENT PARTNER
Since 1988, The McAllen Economic Development Corporation has attracted manufacturing companies from across the globe. The organization’s recruitment efforts focus primarily on using their strategic border location to give companies a cost-effective, globally competitive manufacturing solution, delivering quality products, that in some cases, are made to order and require a much more robust lead time. Located along the United States – Mexico Border, the city of McAllen is home to several well-known manufacturing companies. Target industries include: Automotive, Electronics, Aerospace, Medical Equipment, Customer Care Centers, Data Centers, Hi-Tech companies that focus on Software Development, Robotics and the Semiconductor business in the near future. With an emerging binational population of 2.5 million and a manufacturing workforce of over 150,000, this international metro offers highly skilled talent with over 30 years of industrial experience. Local educational partners are focused on extensive training, skills development apprenticeship programs with a focus on Industry 4.0, artificial intelligence, and automation. “For the last 34 years, we have assisted over 700 companies from around the world to become part of our corporate family,” shared Keith Patridge, President and CEO of The McAllen Economic Development Corporation. “Today, these companies utilize more innovative, cutting edge, advanced manufacturing technology, and logistic support to meet the demands of the rapidly changing global marketplace from their McAllen and Reynosa manufacturing factories.”With companies once again
looking to reshore and develop regional supplier networks, the United States – Mexico border offers the best of both worlds. For years, companies located along the border have leveraged various trade agreements that both the United States and Mexico have in place with numerous countries throughout the world. Only the border region offers companies the ability to use the best of two labor forces, two legal and tax systems, two currencies, two sets of trade policies, and the ability to have one management team in place supporting both options in the United States and Mexico. To learn more about the McAllen Economic Development Corporation, visit www.McAllenEDC.org or reach out to one of their business development specialists at info@McAllenEDC. org.
5
12
MARCH/APRIL 2022
YEAR
3M+
SQUARE FEET DEVELOPED, OWNED AND MANAGED
176K+
SQUARE FEET UNDER DEVELOPMENT
A N N I V E R S A R Y
5
20+
PROJECTS DEVELOPED
FE AT U R ED PROPERTI E S NOW LEASING IN SAN ANTONIO
NOW AVAILABLE
AVAILABLE Q2 2022
5,265-121,940 SF of Class A Office Space
84,890 SF of Class A Office Space
RidgeWoodOfficeParkSA.com
FarinonBusinessPark.com
YOUR PARTNERS IN COMMERCIAL PROPERTY 7373 Broadway, Suite 201, San Antonio, TX 78209 | 210.822.5220 | WorthSA.com
Lancaster remains top choice for new manufacturing space in Dallas County CONTENT PARTNER Staff is working hard to make people aware that Lancaster is a great place to do business. Another pro on the list is Lancaster’s B-rated school system. It’s one of the few in the state with a K-12 STEM program, and it has a 99% graduation rate.
Lancaster continues to be the premier choice for new manufacturing and fulfillment space in Dallas County. The community has more than doubled its stock of industrial and distribution space between 2016 and 2021, adding 6.9 million square feet of new space. A total of approximately 7.8 million square feet of additional space is under construction or far along in the planning process, most of which is expected to be online by 2025. The growth in Lancaster’s industrial real estate market is the result of both a strong leasing environment and build-to-suit construction for national and international companies like Walmart, DSV Logistics, Niagara Bottling and McKinley Packaging. Construction of spec buildings is continuing with Oakmont’s recent completion of a 600,000-square-foot facility, and new construction is starting for a few projects by White Tract that are expected to add more than 1.5 million square feet of industrial space. The vacancy rate for industrial property dropped from close to 25% in 2017 to close to 5% today. Lancaster is also well positioned to attract additional manufacturing companies. Approximately 3,000 acres of prime industrial land is available and fully served by utilities and proximate to the Union Pacific Dallas Intermodal Facility, I-45, I-20 and I-35E. High-capacity electric lines are adjacent to many of these sites, and Atmos has completed a superior gas service for the area. Besides this, Lancaster has enough water and wastewater capacity available to attract manufacturing companies that utilize water in their manufacturing processes. The market for U.S. manufacturing is strong. Lancaster is also a great place for manufacturing companies to locate, with around 75% of the DallasFort Worth labor force within a 30-minute commute and customized workforce training available at the Cedar Valley Campus of Dallas College for local firms. The city bureaucracy is not so big, though, that permits and inspections take months to complete or so small that all permitting services are outsourced.
14
MARCH/APRIL 2022
Economic Development efforts currently center on attracting companies with higher skilled jobs. Approximately 85% of Lancaster residents currently work outside the city, but the addition of DSV Logistics and manufacturing facilities like Niagara Bottling and McKinley Packaging are starting to attract locals to work in town. Tech is also beginning to expand efforts in Lancaster. Kodiak Robotics is a great example. The company moved from California to Lancaster because of its logistical advantages and availability of workforce, and things are going well. They are expanding operations as quickly as they can receive new trucks to retrofit with their equipment. Waymo is also opening a facility in Lancaster. In addition to the other advantages—highway access, proximity and rail connections to Union Pacific’s Dallas Intermodal facility, and workforce development programs, to name a few—the impact of the move of two large Walmart facilities to town is having a great impact. Manufacturing companies that are Walmart suppliers enjoy the ability to locate a plant close to the Walmart fulfillment center or the large cold storage facility located in Lancaster. The amount of industrial space in Lancaster will keep expanding rapidly in the next ten years. Even at our current rate of land absorption, it will take 15-25 years to fully develop the land zoned for manufacturing and distribution in town. Approximately 3,000-acres land can accommodate another 40,000,000 square feet of industrial development. Lancaster contains some beautiful residential development as well, especially homes in the Ten Mile Creek area and near the historic Town Square. Much of the Town Square buildings date to the early 1900s, and despite the large industrial areas in town, the historic charm of the surrounding residential areas helps maintain Lancaster’s small-town feel.
Leading the Dallas Area Industrial Development • 3000 acres of prime industrial land with all utilities • Three interstates + UP Intermodal facility + regional airport • Supportive community • Expedited permitting/inspection Check out our sites: www.lancaster-tx.com/1399/Available-Property Shane Shepard City of Lancaster – Economic Development 972.218.1314 | msshepard@lancaster-tx.com www.Lancaster-tx.com
Keeping up with Collin County: NTX communities experience population explosion, development boom BY BRANDI SMITH
doubled in the past decade from 8,200 in 2010 to almost 17,000 in 2020.
It’s one of those statistics that makes a reader sit up and read it again: between 2010 and 2020, Collin County grew by more than 37 percent, which means a whopping 300,000 more people decided to call the suburban Dallas-area county home. “People are moving to Collin County from across the region and from across the country,” says Joey Grisham, Economic Development Director for the City of Anna.
Dan Bowman
Anna is one of so many cities helping to fuel that growth. Its population 16
MARCH/APRIL 2022
“It’s all about affordability and quality of life,” Grisham says. “We have a great school district. We Joey Grisham Alexis Jackson have excellent access to infrastructure. Plus, I think people are wanting to move farther out to escape some of the congestion of the city.”
Other Collin County communities grew as fast or faster. Celina now boasts a population of nearly 17,000 compared to roughly 6,000 in 2010. In Frisco, which was already one of the county’s larger cities, the population nearly doubled from 117,000 in 2010 to 200,000 in 2010. Allen’s growth was more contained, but it still added more than 20,000 new residents in the space of ten years.
leaders they are looking for fantastic live-work-play environments for their employees.
“As Texas grows, Collin County is really at the epicenter of that growth,” says Daniel Bowman, Executive Director and CEO of the Allen Economic Development Corporation.
Continued on Page 18>
“They want a place where their employees can live, walk to work and grab a beer or bite after work,” says Bowman.
Continued on Page 11>
As the rooftops go up, so too do new commercial real estate projects. “Our focus is really our 121 Corridor,” Bowman says. “We have 550 acres of mixed-use projects that have been zoned by the city council. That’s millions of square feet of corporate office surrounded by entertainment districts. It’s a live-work-play environment with really compelling retail, restaurants, parks, beer gardens and other areas where people want to gather.”
JOIN THE VOICE OF COMMERCIAL REAL ESTATE
Just this year, The Farm in Allen broke ground on a 135 mixed-use development by JaRyCo. It includes The Hub, an outdoor food hall and entertainment venue that will account for 2.67 acres of The Farm across from West Lake Park. The Katy Trail Ice House also recently announced they would locate a beer garden and smoke house nearby in Allen. “We are in the business of place-making,” says Bowman. “We are creating vibrant entertainment destinations that attract businesses and residents alike.” Companies are also eyeing the region for relocation, lured by the educated and highly skilled workforce residing in Collin County. “Those people are largely having to commute elsewhere, so bringing the jobs here makes a ton of sense. The name of the game is finding, recruiting and retaining a workforce,” Bowman says. “We feel like we have just that fantastic access to human capital here. We also just have a great and wellrounded community.” He adds that, in conversations with those companies, they’ve told city
WE EXPAND RELATIONSHIPS, DEVELOP LEADERS AND ADDRESS DEVELOPMENT AND COMMUNITY CHALLENGES. LEARN MORE AT RECOUNCILGFW.COM
MARCH/APRIL 2022
17
“While our historic downtown area is bustling with business, our massive footprint provides so many locations for business development,” Jackson says. “And the EDC is committed to working with businesses who share the passions and heartbeat of our community to assist them getting here and finding the perfect place to flourish and enjoy success.” It’s a balancing act, for sure, but Celina EDC works closely with the city to promote wise growth. “We incentivize businesses that love the culture of this community, share our values, and desire to enhance the quality of life for our residents and those who will be moving here soon,” says Jackson. “We feel this is the best place in North Texas to live, work, and raise a family. Our EDC is committed to attracting great businesses that will complement the unique charm of Celina.” Back in Anna, the explosive population growth has, in turn, spurred a big increase in retail and industrial development. “We are under contract on an industrial park and we're seeing a ton of industrial activity,” says Grisham. “It’s great for us because it brings primary jobs to Anna so people can work here and not have to commute to another community.” Anna is also seeing an increase in strong mixed-use projects, especially along U.S. 75. “Those are going to bring a lot of different characteristics to Anna, which will be great for the community to attract different age groups,” Grisham says.
Collin County < Continued from Page 17 The EDC has taken that information into its discussions with developers, making sure to incorporate density and walkability into new projects, including The Farm and Lucy Billingsley’s 238-acre development of the former Howard Hughes Corp. Monarch City site. “I think, for us, the name of the game is public-private partnerships to create walkable places,” Bowman says. Bowman, who grew up in Allen and has headed up the EDC for the past eight years, stresses that keeping the city’s character and hometown pride has been an important part of conversations with developers. “It's hugely rewarding to be a part of that process,” he says. That’s also a priority in Celina. “We are an innovative, forward-thinking city with a deep commitment to honoring generations upon whose shoulders we stand today,” says Alexis Jackson, Executive Director of Economic Development for the city. She calls the commercial real estate opportunities in Celina endless. 18
MARCH/APRIL 2022
He points out that Anna sits on 61 square miles of land, only about 25 percent of which has been developed. “There’s a lot of open land that’s available here,” says Grisham. “Our city council also has a very pro-growth mindset.” As word of the potential in Anna spread, the phones in the economic development department have been ringing off the hook. “We’re getting so many calls, it’s tough to call back in a week,” Grisham shares. “There are just so many inquiries because when a developer hears that a community is pro-development, it catches their attention.” It’s a great problem to have that Anna, Allen and several other Collin County cities are learning to manage as their incredible population growth results in a development boom.
A successful project begins with a dedicated and passionate team. Our services include acquisition, development, asset management, design and construction oversight. S
Regional offices located in Dallas, Kansas City, Jacksonville, Columbus and Phoenix. A
D
D
IS
O
T
A
T
IO
N VA N T R U S T R E
N
F O R T W O R T H L O G IS T IC S L P E
A
S
O
G
IS
T
IC
S
LAND OFFICE
O
L
INDUSTRIAL M U LT I FA M I LY H O S P I TA L I T Y MIXED-USE R E TA I L
T H E O F F I C E S AT F R I S CO STAT I O N
VA N T R U S T R E .C O M
.COM
Intentional Innovation: How NTX cities strike a balance between past and future BY BRANDI SMITH
North Texas cities long seen as bedroom communities for decades are now making a name for themselves. Many of the corporations larger cities are vying for are opting instead for places such as Lancaster, McKinney and Frisco.
Jobs are Frisco EDC’s top priority. It works to create economic opportunities and jobs that enhance the quality of life for all Frisco residents.
“To that end, our team markets and promotes Frisco as one of the best places in the nation, and we Jason Ford Shane Shepard Peter Tokar partner with existing and new “Frisco is fortunate to be in the businesses to expand, relocate, path of growth across all of North and innovate in one of the most exciting cities in Texas,” Ford says. Texas, and adjacent cities are also experiencing unprecedented levels of development,” says Frisco Economic Development Corporation President A key word in there: innovate. Jason Ford, CEcD. “Businesses will find that in Denton and Collin Counties, we are attracting some of the nation’s best talent and real estate projects.” “We consider the entire city of Frisco as an Innovation Lab -- we have a government culture of saying ‘yes’ to unique public-private partnerships In Frisco alone, expansions and relocations include the Dallas Cowboys, that drive innovation for the benefit of residents and businesses in Frisco,” PGA of America, Keurig Dr Pepper, Wiley X and Northwest Hardwoods. says Ford. “Every day, new, relocating, and expanding businesses, startups, and Though McKinney shares a boundary with Frisco, it adopted a slightly innovators are choosing Frisco because of the city’s prime location, different approach: an Innovation Economy. abundance of talent, exemplary schools, and world class amenities and infrastructure,” Ford says. “Thousands of new jobs and new residents each “The Innovation Economy is a different proposition than other companies year makes Frisco attractive to developers, investors, and employers.” 20
MARCH/APRIL 2022
“Thousands of new jobs and new residents each year makes Frisco attractive to developers, investors, and employers.” that are going after ‘Tech,’” says Peter Tokar, President and CEO of the McKinney Economic Development Corporation. “We are providing the foundation for tech and other innovators to build new concepts and companies right here in McKinney.”
“The amount of industrial space in Lancaster will keep expanding rapidly in the next 10 years. Even at our current rate of land absorption, it will take 15 to 25 years to fully develop the land zoned for manufacturing and distribution in town,” Shepard shares.
He elaborates that part of that involves building tech infrastructure to support next-gen providers, as well as providing an environment that fosters entrepreneurship and disruption.
Like his counterparts in economic development, Shepard says part of his job involves preserving what made people fall in love with Lancaster to begin with.
“The Innovation Fund was created as a pillar of fostering the Innovation Economy in McKinney,” Tokar says, explaining the fund is aimed at early stage start-ups that want to locate in McKinney and be part of its growing economy. “We have the opportunity through funding these start-up companies to home-grow the next Amazon or Facebook by providing a supportive environment for entrepreneurs and innovators.”
“Despite the large industrial areas in the eastern portion of town, the historic charm of the older portion of town and the surrounding residential areas to the west help maintain Lancaster’s small town feel,” he says.
Dallas County is also home to innovation. Kodiak Robotics, which is developing autonomous trucks, moved its testing operations from California to Lancaster.
“There is an intrinsic appeal to McKinney that you just don’t find in other cities. We are a safe, quality-driven community dedicated to providing the highest quality of life. That is what people are looking for,” says Tokar. “When you have a community that provides this type of environment, it's natural for businesses to want to be here to live and work in the same place.”
“They are expanding operations as quickly as they can receive new trucks to retrofit with their equipment,” says Shane Shepard, Economic Development Director for the City of Lancaster. Waymo, he shares, is also opening a facility in Lancaster. The key factor that makes Lancaster appealing to autonomous trucking developers is the same one that lures other companies, specifically manufacturing and industrial, here: infrastructure. In addition to access to three interstate highways, the city is also home to Union Pacific’s Dallas Intermodal facility.
Tokar echoes that, adding that MEDC hasn’t lost sight of what makes McKinney appealing.
Every day, these North Texas cities are demonstrating how they can connect with and celebrate their past while carefully scouting opportunities for the future.
MARCH/APRIL 2022
21
“Just the beginning”: How the build-torent sector is growing in Texas BY BRANDI SMITH
“People are more flexible about where they can work now, so they're deciding they want to relocate to places where it’s warmer.” Bob Pinnegar
Doug Ressler
Remember what the student housing market was like 15 years ago? In the early ‘00s, that sector was in its infancy, growing into what is today a $10 billion a year industry. Bob Pinnegar, President and CEO of the National Apartment Association, predicts the build-to-rent industry will follow the same course. “It has an amazing potential to really be a new industry niche,” Pinnegar says. The build-to-rent sector is considered a subset of multifamily, according to Doug Ressler, Manager of Business Intelligence at Yardi Matrix. “A general term used for the market is ‘horizontal apartments,’ communities of houses built for the sole purpose of renting,” Ressler says. While the asset class is a hot topic in residential living, Ressler points out that single-family rentals are not a new concept. “Although they proliferated in the aftermath of the 2008 housing crisis, this time it’s different. The pandemic created an unprecedented demand among renters for space and privacy, which houses can address much better than apartments,” he explains. Yardi Matrix data shows that 6,740 new rental homes were built in buildto-rent communities in 2021. That is the highest yearly total to date, according to Yardi Matrix data. “But this is just the beginning of a trend we’re bound to see much more of as the pace of construction is set to double beginning this year,” says Ressler. “Specifically, there are an estimated 14,000 built-to-rent homes under construction in the United States.” Many of these build-to-rent projects have the look and feel of a singlefamily development, Pinnegar says. “Because they're going to be more consistent in fixtures and finishes, these units are going to be able to be managed much more effectively. You're going to still have your front yard, a backyard, granite countertops and 22
MARCH/APRIL 2022
whatever other finishes the market demands, but you're also going to have that flexibility that you have when you're in a rental community,” he says. For example, Pinnegar says, tenants in build-to-rent units don’t have to worry about fixing a leaky faucet or a refrigerator that goes out. The benefit of living in a rental community is that management will be able to address those issues. “Plus, you’re also going to have community space, the gym and all those amenities that you typically don't have when you're in a single-family community,” says Pinnegar. While Las Vegas currently tops a Yardi Matrix list of the Top 20 cities with the most single-family rentals, Texas is featured prominently. Houston comes in second with 1,620 single-family rentals. “One of the largest cities in the country in terms of surface area, Houston can accommodate large residential communities and respond to the high population influx it’s experiencing as one of the most popular destinations for business relocation,” Ressler says. Houston is followed by Dallas at No. 5 (1,270), San Antonio at No. 7 (960) and Austin at No. 13 (760) on the list. Pinnegar attributes some of those numbers to the appeal of the Sunbelt states. “People are more flexible about where they can work now, so they're deciding they want to relocate to places where it’s warmer. Many of those areas are also booming from an economic standpoint,” he says, adding that in some Sunbelt states, land is more affordable and there are more favorable views toward developments, providing the ability for product to be built. In the years to come, Pinnegar expects we’ll see acceleration of the current trend in which millennials and Gen Z choose not to buy a home solely to have more flexibility. “The baby boomer generation had this mindset that you need to buy a
“I think the biggest challenge is just identifying those companies that are sufficiently scaled to be able to deploy those dollars.” home and that's going to be your stability, that's going to be your asset. But these days, people are moving from city to city. There’s more mobility of jobs,” says Pinnegar. Depending on the housing market where you’re considering buying, some studies have shown you’d be better off investing in the stock market than banking on the appreciation of a single-family home. On the topic of investment, Pinnegar says there is a lot of institutional capital looking to get involved in the build-to-rent space.
“I think the biggest challenge is just identifying those companies that are sufficiently scaled to be able to deploy those dollars. I think that's going to be one of the big challenges that we face in the next three to five years for this sector,” he says. “But once it gets up and moving, just like we saw with student housing, I think it's going to become something that is going to be just a part of the housing landscape out there.” Though there may be headwinds in some markets, based on demographics, the economy and the projected growth in the tenant base, Pinnegar and Ressler expect demand for build-to-rent housing to grow substantially in the coming decade.
Location! Location! Location! Hot West Ft. Bend County, Rosenberg Tx Spur 10/Hwy 90/Hwy 59/I69 /Hwy 36 Area • 80 acres at Highway 90 @ Spur 10 • Perfect for Industrial User or Developer • Near Frito-Lay Manufacturing Facility & Aldi Distribution Center; 4.5 miles from 1.2M sf Dollar Tree Distribution Center • 1300 FF on Randon Dyer Road which runs parallel to Spur 10 & has better access than being directly on Spur 10 • TXDOT’s major expansion project is the next major hub on the Texas Gulf Coast connecting Port of Freeport Looking to Buy or Sell commercial or acreage properties in Fort Bend County?
Seth Showalter, Broker call / text 713-269-4908 Seth@FirstWarrantyRealty.com MARCH/APRIL 2022
23
“Only just getting started”: Texas experts weigh in on industrial market trends
BY BRANDI SMITH
“You’ve got to make hay while the sun shines,” Jim Foreman laughs. “We’re making a lot of hay right now.” Cushman & Wakefield’s Executive Managing Director in Houston has logged more than 37 years with the company, assessing, evaluating and executing real estate requirements for corporate clients. Never in those almost four decades has he seen an industrial market so robust. “I can't think of anything else I'd rather be doing,” says Foreman. A high percentage of the workload for Foreman’s team is agency leasing, representing landlords who have built multi-tenant industrial buildings for lease. “On a daily basis, we are marketing our vacant space and we are negotiating leases on space,” he shares, adding that December was “unprecedented” in terms of activity. At CBRE in Dallas, Senior Vice President of Industrial & Logistics Krista Raymond also wrapped up 2021 in record fashion. Total net absorption in the Metroplex reached almost 40 million square feet, 14 million more than the previous record.
24
MARCH/APRIL 2022
“Based on the activity we are seeing in the market currently, we expect 2022 will continue at this record-breaking pace,” Raymond says. “The only limitation may be lack of available space to occupy because a large portion of the space under construction won't deliver until Q4 2022. We are expecting strong preleasing activity for the space under construction.” In fact, tenant demand is so strong she says her team has been involved in multiple situations in which landlords are working leases on a space with more than one tenant at a time. The same trend is evident in Austin, where Sam Owen serves as Managing Director and Partner for Stream Realty’s industrial division. Though Stream is tracking almost 6 million square feet of speculative projects currently under construction across 34 buildings, only six of those offer a space larger than 100,000 square feet. Owen adds only one option is larger than 200,000 square feet. “Given this environment, we expect upward pressure on rental rates, fewer concessions, and intense competition on well-located projects for the remainder of the year,” he says. “Investor demand for Austin industrial real estate remains strong for this reason and we expect more investment sales activity, increased land prices and increased pricing on materials due to supply chain issues. For all these reasons, rents should go up in 2022 and leasing activity should be strong.”
“I see about a two-year window before things go back to normal." Jim Foreman
Sam Owen
Krista-Raymond
As with so many markets, those much-desired larger buildings are primarily found beyond the city core. “Georgetown has had the most noticeable shift in interest and development over the past 18 months with projects announced or underway from Titan, Green Point, Stonelake, Jackson Shaw and Molto Properties,” says Owen. Central Texas industrial demand got a big boost early in the pandemic when Tesla announced plans for its Gigafactory there. “Two of the largest leases signed in the market recently (489,000 SF and 293,000 SF) have been tied to Tesla and we receive calls from vendors on a consistent basis,” says Owen. “It will be interesting to see where the total demand ends up and if it will continue or begin to slow once the factory is up and running.” In addition to Tesla’s Gigafactory, Samsung is expanding its footprint in Taylor.
South Dallas and East Dallas (Forney) are seeing the most expansion while a lack of undeveloped land is stunting development in markets such as GSW, North DFW Airport, South Stemmons and Northeast Dallas. All of Houston is hot, according to Foreman, who predicts 2022 will be another active year. He’s also optimistic about 2023. “I see about a two-year window before things go back to normal,” he says. “By normal, I mean building 10 million square feet a year and absorbing 10 million square feet a year. Right now, we’re building 20 million and absorbing 30 million.” While the sun is shining, you can trust that Foreman, Owen and Raymond will all be working hard to make hay. “It gets in your blood!” says Foreman.
“That is only just getting started and we expect it to be a source of demand for the coming years on top of our typical economic drivers and population growth,” Owen says. In fact, the large-scale manufacturing announcements from Tesla and Samsung have sparked more interest from related manufacturing tenants who have new needs that need to be addressed. “Some requests include increased parking, more power, HVAC distribution and nearby amenities as a few examples,” he says. "Typical industrial users are seeking larger buildings with higher clear heights and more trailer parking which has been a pretty recent shift in the Austin market.” North on I-35, Raymond says flexible sites are more critical now than they have ever been to accommodate various tenant needs, such as heavy trailer and/or car parking. “Base building insulation has also started to become more of a point of discussion as we are seeing more tenants climate-controlling their space,” she adds. Rent is also increasing, the result of a combination of rising construction costs, limited land supply and increased demand. “However,” notes Raymond, “new development continues and leases are still getting signed because industrial tenants have such a strong need for space.” She says North Fort Worth, Northwest Dallas (Denton), South Fort Worth, MARCH/APRIL 2022
25
Big-rig breakthrough: Autonomous truck companies map out progress in Texas BY BRANDI SMITH
Daimler Freightliner Cascadia truck, equipped with the Waymo Driver
Texas’ reputation as a freight hub for the rest of America earned the Lone Star State a front-row seat to the rollout of technology that promises to change the industrial sector for good. Three companies – Waymo, Embark and Aurora – are currently testing self-driving transport vehicles in a move that would revolutionize the logistics industry. “Autonomous trucks can make the freight industry safer, more efficient and more sustainable. With our Embark Driver autonomous software, we can achieve 10-percent better fuel efficiency, a 300-percent increase in annual per truck revenue and a 40-percent reduction in delivery time,” an Embark 26
MARCH/APRIL 2022
representative said in a statement to REDnews. The company established a footprint in Houston after deciding it was both a strategic selection and natural fit. According to Embark, Houston is a trucking hub that is uniquely positioned for commercially viable long-haul autonomous freight, located at the center of key 600+ mile trucking lanes that are ideal for automation. Hauls on such lanes can see rapid improvements in speed using autonomous freight, per Embark. As an example, the company said a 600-mile run
autonomous driving technology for trucking transportation. “We intend for J.B. Hunt to be Waymo Via’s first fully autonomous launch customer for freight movement when Waymo Via reaches fully autonomous operations in the next few years, and later this year, we’ll kick off additional trial runs in Texas on I-45 between Dallas and Houston,” Waymo said in its statement. The company has also forged partnerships with leading players in the industry, such as Ryder and UPS. could take approximately 22 hours to complete manually, assuming full compliance with the federal hours of service rules. By comparison, Embark said that same run would take just 12 hours to complete autonomously. The expertise available in Houston was another draw for Embark. The area is home to leading academics and research institutions dedicated to autonomous vehicle technology, including those at Texas A&M University. Embark said it expects to work closely with those partners to test, deploy and validate its technology. Houston, the company said, also has a mature trucking and autonomous vehicle workforce, representing a deep talent pool for Embark to draw from as it expands its headcount in the region. For many of the same reasons, Waymo is building a logistics center in Dallas. The new hub is expected to open later this year as the company expands testing across the Southwest U.S. “We’ll be able to accommodate hundreds of trucks and personnel as we scale our presence in the region and enable increasingly large and complex testing needs on our path to fully autonomous operations,” a Waymo representative told REDnews in a statement. “This hub will not only bolster our operations in Texas but is also well-suited to support long haul routes across the Southwest and connect with our Phoenix operations center.” Waymo is currently test driving 24/7 across Arizona and Texas using I-10, I-45 and I-20, as well as freeways around the Bay Area in California. “We’ll continue to scale across the Southwest over the coming years and this is where you’ll see our first fully autonomous deployment,” the statement went on. “As our capabilities progress, we’ll expand further to additional routes across the U.S.” Those capabilities include developing core freeway driving capabilities, such as merges, lane changes, construction, vehicle cut-ins and dense traffic. Waymo is also pursuing a fully redundant Freightliner with Daimler Trucks. “We will operate a small test fleet of trucks in order to advance our technology and do early-stage pilots with Autonomous Specialists to gather early learnings and inform our solution,” the company said.
“We hope to make the logistics industry more efficient,” Waymo added in its statement. “We think autonomous driving technology will ultimately provide fleets with improved efficiencies across the supply chain, which provides the end consumer in any of these industries with a better experience all around.” So keep an eye out the next time you’re on a Texas freeway. That big rig next to you might just be the next step in logistics technology, changing the way our goods are transported throughout Texas and beyond.
EVELYN RUBENSTEIN JCC HOUSTON
erjcchouston.org
32nd Annual ERJCC Charity Golf Tournament Underwritten by
Monday, April 25, 2022 Check-In & Lunch: 11:00 AM Shotgun Start: 1:00 PM BlackHorse Golf Club For information or to reserve your spot, contact Ashley Roseman at 713.595.8168 OTHER SIGNIFICANT SPONSORS:
REDNews; Wilson, Cribbs+ Goren; Colliers International; First American Title Company National Commercial Services; Fidelity National Title National Commercial Services; Frost Bank; Title Houston Holdings; Butler-Cohen; Duplantis Design Group; South Texas Surveying Associates; Craddock Massey, LLP; Hirsch & Westheimer, P.C.; Chicago Title Houston
Waymo announced in January that it’s expanding its work with J.B. Hunt, entering into a strategic alliance agreement together to commercialize MARCH/APRIL 2022
27
Stop Spinning Your Wheels! Let Your TEXAS Environmental Consulting Firm Help You Navigate Through Your Environmental Risks.
Full range of nationwide professional environmental services including: Phase I and Phase II ESAs • USTs • Asbestos • Mold • Lead • NEPAReports Vapor Assessments • Wetlands • Property Condition Assessments
Phase Engineering, LLC Environmental Consultants 832-485-2225 www.PhaseEngineering.com
Newmark V&A Promotes Sara Payne to Senior Managing Director and Market Co-Leader of Texas and Louisiana
1
SCOOP
3
2
A commercial real estate expert with 17 years of valuation experience, Payne’s expertise includes purchase price accounting in addition to valuation consulting and portfolio valuations. She has extensive experience in all core asset types, predominantly office properties and regional malls. She also served on the Board of Directors of the Houston Chapter of the Appraisal Institute from 2017 to 2019 and as Houston Chapter President in 2020. “I am proud to lead this incredibly talented team with David,” said Payne. “Our technology platform has ignited a new level of efficiency and as it continues to advance, I look forward to the new milestones we will be able to achieve.”
6
Prior to Payne joining Newmark in 2017, she served as Vice President in the Houston office of Jones Lang LaSalle’s Valuation & Advisory group. Her real estate career extends over a decade with substantial experience at Integra Realty Resources, Ernst & Young and Duff & Phelps.
5
REDnews Austin Industrial Summit - Nick Tarantino, Tarantino Properties; Scott Studzinski, Elevate Growth Partners, Chase Clancy, Colliers; Trey Martin, NAI Partners; Dax Benkendorfer , Live Oak and Brian Brooke, Trammel Crow
2
Houston BOMA Luncheon
3
3 Houston IREM Luncheon
MAI, reporting to U.S. Valuation & Advisory Practice Leader Helene Jacobson, MAI, MRICS. Prior to her promotion to Senior Managing Director, Payne served as Senior Vice President for the V&A practice. “Sara has completed appraisals of some of the most prominent and complex properties in this market,” said Thibodeaux. “She provides tremendous value to our clients through her technical expertise and nuanced understanding of the market. Her commitment to excellence extends to mentorship of her colleagues and leadership among her peers. We are excited to see Sara step into this role.”
4
1
Newmark is pleased to announce Sara E. Payne, MAI has been promoted to Valuation & Advisory (V&A) Senior Managing Director and Market Co-Leader of Texas and Louisiana. She will co-lead the market alongside Senior Managing Director David O. Thibodeaux,
4 5
Houston IREM 2022 Board Swearing-in
6
REDnews Austin Industrial Summit at Maggiano's
REDnews Austin Industrial Summit - Capital Markets panel: Guy Perry, Horizon Bank; Tami Greenberg, Asterra; Daniel Anthony, Randolph-Brooks Federal Credit Union; Rachel Davis, Petros Pace Financial and Hank Crane, Marcus & Millichap MARCH/APRIL 2022
29
“Record numbers”: Industrial demand throughout Texas BY BRANDI SMITH
other parts of the country. “The rent component is only a small percentage of the cost of doing business for most large national companies,” he adds. “Most of the companies will pay a premium for a strategic location.”
It’s a little difficult to encapsulate just how booming the Texas industrial sector is as 2022 gets rolling, but REDNews reached out to local experts to gauge what they’re seeing. “We have a client that is in the stages of building speculative warehouses and they have received multiple offers from investors that will buy the facility empty at completion at an attractive Brian Gammill investment return for our client,” says Brian K. Gammill, Managing Director of Transwestern’s Houston Industrial Division. “There is an abundance of investment capital allocated for industrial real estate, not only for the USA but for Houston too.” In Austin, Ace Schlameus shares that historically the city hasn’t been an industrial pre-lease market. He offers proof that that’s changing in the form of The Tuscany Logistics Center, owned by Dalfen. The new construction, speculative three-building park is in the Northeast submarket in Austin. “The park is currently 87 percent pre-leased prior to delivery,” says JLL’s Senior Vice President of Industrial Brokerage in Austin. “It will have a mix of new-to-market Fortune 500 companies and expanding businesses.” Schlameus adds that Austin industrial construction is currently at an alltime high with 9.5 million square feet of industrial space underway and more than 10 million square feet planned to kick off in 2022. “We are continuing to see record numbers in the Austin industrial market with a low vacancy rate at 3.4 percent, the lowest it has been in the past 20 years,” he says. “The Austin industrial market is seeing the change that the office market started to see a few years back of moving to a pre-leasing market.” Pre-leasing activity is so high, Schlameus says, it has generated more speculative projects in Austin. “We are also seeing more build-to-suit activity,” he says. Build-to-suit construction is waning in Houston, according to Gammill, who attributes that to all the new speculative product coming into the market. “The only exception is if the use is specialized,” he notes. That continued demand coupled with the current global supply chain strain and increased land and construction costs does have some fallout for tenants, who are paying a higher rental rate, says Schlameus. In Houston, Gammill says rents are still very competitive when compared to 30
MARCH/APRIL 2022
Ace Schlameus
And Texas offers plenty of options there, which is why it’s such a hot spot for last-mile construction.
“We are seeing an evolution in mechanization in manufacturing and fulfillment facilities. There are also a higher percentage of deals requiring climate controlled space because of higher-numbers of personnel and product humidity controls,” says Schlameus. “Tenants are focusing on efficiencies (cubic feet versus square feet) so clear heights are rising.” Depending on land prices, Gammill suggests some of those buildings may go vertical. All Texas markets could see even more demand as the state reaps the benefits of onshoring. “I do expect onshoring to impact manufacturing facilities in Texas for several reasons, including the influx with the relationship, and proximity to Mexico and Canada, great infrastructure with access to I-10 and I-35, and Texas’ incredible port system and airports,” says Schlameus. Gammill does predict a boost in Houston, but notes that rising energy prices have a much bigger impact on the manufacturing sector there. “Our forecast is the Houston industrial market will continue to thrive as companies continue to expand and open facilities close to the consumer,” says Gammill, adding the population growth for Houston is compelling. As long as Texas’ population continues to grow, so will the industrial demand. Retailers are chasing rooftops and manufacturers are pursuing a stable labor pool, affordable land and easily accessible infrastructure. All of that is plentiful in the Lone Star State.
WANTS TO TAKE YOU
TO LAS VEGAS! We will have a booth at ICSC and will be distributing thousands of extra May 2022 issues there!
ICSC 2022 LAS VEGAS May 22 – 24, 2022
Reserve Your Space Now!
Las Vegas, NV
Front Cover + Editorial: Premium Page: Full Page: Half Page:
www.rednews.com
Materials Due April 8th
$2850 – $3850 SOLD $1445 $895
JESSICA JOHNSON 214.641.7795 jessica.johnson@rejournals.com TRESSA BARZILLA 281.704.6055 tressa.barzilla@rejournals.com ABBY LESTIN 713.249.0242 abby.lestin@rejournals.com
2022 REDnews Houston Apartment Summit BY RAY HANKAMER
Takeaway: The sector is booming with record absorption, new construction and a new sub-sector, BTR. Debt and equity are chasing deals with interest in Houston and other fast-growing cities. Apartment Market Update Moderator: Stacy Hunt, Greystar Panelists: Bruce McClenny, Apartment Data Services; Feras Moussa, Disrupt Equity; Matthew Bronstein, BHW Real Estate Partners; Ryan Nunes, Life Changing Capital • Texas returning to equilibrium between supply and absorption following COVID-19 • Lots of job growth; Texas replaced all jobs lost during COVID-19 • Slowdown of construction in 2022 due to lack of materials; a housing shortage might arise if demand remains strong • Demand for Class-B and Class-C units • With 40% still working from home, residents want in-apartment offices • New unit designs include more built-ins and cabinets • Suburbs are seeing 60% of new development • Equity providers are competing for deals; a 13 IRR over a 10-year is still big demand • Creating deals is difficult, but possible with 65–75% leverage; developers are building in contingencies because of fluctuating intangibles • Rent growth will continue in 2022 • Broker relationships are key; it’s ideal to be the first to see an ‘off market’ opportunity • Rising taxes are unpredictable and eat into returns; casualty losses have increased insurance premiums • Investors are doubling down on multifamily • In 2021, Houston absorbed 38,000 units with an area job growth of 152,000 • Turnover of existing tenants has slowed; this means big savings on operating costs • Developers in zoned communities are facing resistance from city planners Capital Markets Update Moderator: Gill Dolan, Greystone Panelists: Brock Trautenhahn, Texas Capital Bank; Clint Duncan, CBRE; J.C. Clemens, Flagship Capital Partners; Justin Boyar, CoStar; Ricardo Rivas, Allied Orion Group • Capital is plentiful and development costs are increasing along with rents; IT is seeking multifamily deals • Debt funds are driving interest rates into in the 3.25–3.5% range; cap rates are the same for completed value-add deals and new construction sales; interest rates are the largest operating expense for owners and locking in floating rates is wise • It is difficult for developers to deliver product on time and on budget • Houston’s absorption is double any time in history • Banks are expanding their multifamily lending; suburban walk-up projects are preferred • Markets like Sugar Land and Pearland are in demand and most secure for investors • Inflation is causing problems; some expect two-point rise in interest rates
32
MARCH/APRIL 2022
Ryan Nunes, Life Changing Capital; Matthew Bronstein, BHW Real Estate Partners; Bruce McClenny, Apartment Data Services; Feras Moussa, Disrupt Equity and Stacy Hunt Greystar. Build-To-Rent (BTR) Moderator: Reid Wilson, Wilson Cribbs + Goren Panelists: John Bellian, E Studio Group; Scott Davis, Location Strategy, LLC; Ting Qiao, Wan Bridge • Many former multifamily renters are choosing to be residents in small purposebuild single family homes • City planners who are hesitant to permit standard multifamily are more motivated to approve rental single-family homes; the sector is very small but is growing rapidly • It offers ‘feel’ of home ownership to those who have been priced out of owning; starter home prices have soared from $250,000 to $375,000 • Most investors are institutional • Building codes for BTR developers are less stringent than those required to build regular multifamily developments • BTR communities offer Class-A level maintenance and amenities • Units run from 700–2000 square feet; developers are experimenting to find balance between size and rental rates Developing, Designing, and Building A Successful Apartment Project Moderator: John Cadenhead, Goree Architects Panelists: Bryan Tran, BHW Capital; Jim Hill, Kirksey Architecture; Kellie Mayfield, Mayfield & Ragni Studio; Swapnil Agarwal, Nitya Capital • There is growth potential in Greater Houston, and most will happen on the periphery • Tenants prefer smaller units with more amenities • Units will feature studios with living done in the project’s common spaces • Units will attract empty nesters who do not want to pay for an extra bedroom and millennials looking for a social experience; tenants want a community • Class-A will have ‘community directors’ who organize events and create connectivity between tenants • Each project needs to be unique; developers need to research their markets • Exterior design should be tasteful with the aim of establishing a brand • Natural landscaping should be maintained
CCIM MARCH LUNCHEON BY RAY HANKAMER SPEAKER: Dr. Luis Torres, Texas A&M Research Center “Outlook for 2022”
Ray Hankamer
Takeaway: All CRE sectors, including residential, but excluding office, seem poised for ongoing strength in 2022. In-migration to Houston and Texas will create ongoing housing demand in multi-family and single homes, with rents and prices continuing upward and vacancies staying low. Lack of housing inventory created by demand and by soaring construction costs might even continue to push rents and purchase prices higher. Inflation will be attacked by the government but gingerly, to tamper inflation without causing a recession, with expectations of four to five 0.25% rate hikes throughout the year. High gasoline prices will shore up inflation rates. In-migration is coming from CA, FL, NY, IL, CO, GA, VA.
General: • We are at a 40-year inflation high; 7.9% • Pandemic-accelerated trends are already showing up in our economy; income inequality was accented during COVID-19, with low income/high contact jobs suffering most; high-education jobs expanded • Automation going forward will further impact low-education jobs; Texas has recovered all jobs lost during COVID-19, Houston about 85%, since many lost jobs were in O&G • Wages will continue to rise Residential: • Low interest rates encouraged migration out of apartments, and many people migrating into Texas bought large and expensive homes; low mortgage rates are gone now and the housing market will inevitably slow • Both apartment and single home construction material costs are up 20% a year, and lack of single-family inventory has increased prices as demand soars; in spite of demand, there are headwinds in the homebuilding industry • Apartment rents have risen steadily since the beginning of the pandemic as construction costs have risen, with rents up 10% in 2021; apartment vacancies are low and should stay low; apartment construction should remain strong to keep up with demand • People moving to Austin are paying California prices for homes; homebuilders are concentrating on the suburbs where land is available and more affordable than infill sites; frenzied mortgage refinancing should halt • Unlike 2007–2008, there is no housing bubble • People moving to Texas are younger, on average, with higher incomes and are willing and able to buy larger, more expensive homes Retail: • Brick-and-mortar stores offer a social experience for people who have been at home, and retail is cleverly blending online with in-person shopping • Low vacancies and mild upward rental rate trends continue; retail construction is up • There is 4–5% vacancy in this sector now Warehouse: • Strong rent growth, high demand, and some increasing vacancy rates, though these are mostly due to the large size of projects and lead times required; net absorption is strong, but possibility of oversupply in this sector • Strong in-migration to Texas creates demand for warehouses to supply the new population • Texas’ economy, over time, should return to 2% annual growth • There is 4–5% vacancy in this sector now
Office: • Work-from-home impacted office occupancy, following the impact from the shrinking O&G sector; in the current demand boom for petroleum, oil companies will not take more space or employees, but will reward stockholders with their companies’ higher profits • Vacancies are remaining at a high level—23%—as indecision remains about the ratio of work-from-home; rents and absorption rates remain flat; slack O&G demand is a major contributor to lackluster office market stats • Office occupancy should see gains from non-traditional users such as life sciences
advertiser index
Allen Economic Development Corporation.............................................10,11 Anna Economic Development Corporation.............................................
5
Conroe..............................................................................................................
9
City of Edinburg.............................................................................................
2
City of Lancaster.......................................................................................... 14,15 CRG Texas Environmental Services, Inc....................................................
3
ERJCC Charity Golf Tournament................................................................. 27 First Warranty Realty................................................................................... 23 KDS Austin...................................................................................................... 25 Lane Property Tax Advisors........................................................................
7
McAllen EDC..........................................................................................................1 National Environmental Services, LLC...................................................... 39 Phase Engineering......................................................................................... 28 The Real Estate Council - Greater Ft. Worth........................................... 17 VanTrust Real Estate, LLC............................................................................. 19 Wilson Cribbs & Goren................................................................................. 25 Worth & Associates....................................................................................... 13 MARCH/APRIL 2022
33
CCIM COMMERCIAL REAL ESTATE COMPETITION 2022 BY RAY HANKAMER SPEAKER: Mark Dotzour, PhD Dr. Dotzour spoke on the current economic situation as it relates to Houston CRE. Here are a few takeaways: • Work-from-home penalizes office sector and nearby businesses that rely on office-worker sales • Demand for CRE is strong because consumers have pent up demand, but wealth divide is large • 11 million open jobs in U.S.; wage inflation-employees have the upper-hand • Investors seek safety in hard assets, driving prices and compressing cap rates as demand grows • The supply chain will not catch up soon; it takes time to accommodate the new age in consumerism Ray Hankamer • China controls many essential raw materials and rare metals; this is of concern to Western democracies • The housing shortage is permanent for immediate future; this bodes well for multi-family • The 30-year fixed mortgage will see rates at 4% by year’s end; 10-year treasury will be at 3% soon • Texas CRE is in in for a continuing economic boom Retail Panel Moderator: Matt Moake, Highstreet Net Lease Group Speakers: Steven Stone, KM Realty Advisors, LLC; Michelle Johnson, George E. Johnson Properties; Simmi Jaggi, JLL • Retail is not dying; it is welcoming an increase of tenants • Restaurants are among new retail tenants in many shopping centers; 2nd generation space is hot • COVID-19 has accelerated distribution of goods, but retailers still have empty shelves • Malls and cinemas must modify retail approach • Cinemas offering a special experience will survive the digital onslaught • Parking is a topic of conversation; less onsite parking is being provided Office Panel Moderator: Andrew Armour, Winthrop Realty Group Speakers: Matthew Goldsby, Belvoir Real Estate Group; Brandi Sykes, SVN/Beard Real Estate • New product is favored; owners of older buildings should upgrade where possible • Office buildings are less clustered than other cities • Proximity matters to employees for collaboration and professional growth • Employees want to feel safe by not being too cramped • Walkability, outdoor amenities and proximity to retail are key to employee satisfaction; reduced commuting time is also important • Higher O&G prices will not drive occupancy; many oil companies have sublease space to expand into
34
MARCH/APRIL 2022
Life Sciences Panel Moderator: Dichelle Burrus, DPR Speaker: Justin Brasell, Transwestern • Houston is on the radar of start-ups • The Texas Medical Center is a magnet for life science facilities; life science and regular office tenants will not be mixed • Facilities are expensive to build; spaces need to support more weight, and stronger air exchange is needed • Venture capital starting to be available • Some existing office buildings can be converted; four-story is ideal Multifamily Panel Moderator: Warren Hitchcock, NorthMarq Speakers: Swapnil Agarwal, Nitya Capital; Russel Jones, Newmark • Buyers include private capital institutional investors • Rent growth exceeds inflation • Cap rates are currently in the 3.75% range • Construction costs are soaring, making pricing new deals difficult • 2022 will be the largest year in investment transactions • Development is in the suburbs; Class-A had 17% rent growth last year; overall rent growth is projected to be 6–10% for 2022 Industrial Panel Moderator: Jonathan Sanders, Newmark Speakers: Walter Menuet, Colliers; David Hudson, Hanover Company • Investment demand, backed by lots of capital • Houston has land, but utilities are an issue for developers in some cases • The definition of a “big box warehouse” is larger than it was • Investment buyers are both institutional and private; it is hard for private investor money to compete • Rent growth is slower for older warehouses; newer product is in good locations and can push rates • New warehouses are 4–5 stories and may need parking for 500 trailers and 500 vehicles • Tenants are requiring heavier structural support, office space build-out and more electrical • Demand is greater than the ability to deliver it; construction materials remain expensive and unavailable • Headwinds could be land availability, pricing, inflation and interest rates, but the boom meets no resistance yet • Population growth will drive sales
TEXAS
UPCOMING April 8
2022 Texas CRE Summit: Big Deals and Emerging Markets
April 27
3rd Annual REDNews North Texas Industrial Summit Houston
April 28
3rd Annual Houston Commercial Real Estate Forecast Summit
May 3
REDNews Collin County CRE Summit: The Growth of 121 & 75
May 12
2022 REDNews North Texas Real Estate Capital Markets Summit
May 17
2022 REDNews Woodlands/North Houston CRE Forecast
June 23
2022 Austin Commercial Real Estate Forecast Summit
July 7
REDNews 2022 North Texas Multifamily Summit
3rd Annual REDnews Houston Property Management Summit BY RAY HANKAMER Takeaway: Property management professionals in all CRE sectors are experiencing challenges as the industry adjusts to the waning of the pandemic, the soaring costs of materials, and more. There’s also a workforce shift, as a new tech-oriented generation starts to replace the one before it. Landlords are resorting again to personal interaction with tenants and residents. Managing the Property Management Business Moderator: Janet Shipley, CBRE Panelists: Jackie Jackson, Disrupt Management; James Sinclair, CMI Brokerage; Taryn Sims, Wulfe Management Services; Lannya Batiste, Camden Bullets: • Social media is useful in attracting new tenants, but technology will not replace one-on-one relationships • Leasing agents and property managers must remain open to varying their work schedules to be always available to prospective tenants • Retention of existing employees is important and cost-effective • More employee training results in efficiency and higher retention rates • Word of mouth is the best avenue regarding the search for new employees; career fairs at are helpful in identifying candidates • Managers should reinforce employees with frequent reviews • Management must remain available for all tour formats, despite the transition back to in-person Why Good Management Is Important Once Again Moderator: Cathie Mann, Vista Property Management Panelists: Andi Perry, Transwestern; Angel Gonzales, Hartman Income REIT; Diane Daleo, Commercial Asset Advisors; Laura Harvey, Stream Realty Partners; Michael Knight, Better World, LLC Bullets: • The ability to relate to people is a critical managerial attribute • Owners must keep managers in the loop • Education may be secondary to enthusiasm, energy and good people skills when hiring • Always use a written agreement in leasing relationships • Keep properties current and competitive, both to attract new tenants and retain existing ones; it’s good to add amenities and to have vacant spaces move-in ready • Invest in up-and-coming technology • Ensure the visual appeal of your property is top-notch; risk-assess your property and be proactive in fixing problems • Educate tenants about increasing TI costs before move-in • Ensure your department has a well-documented scope of work Best Practices in Marketing, Leasing, Maintenance, & Operations Moderator: Jennifer Ramos, Cushman & Wakefield Panelists: Cindy Magouirk, Granite Properties; Kelly Wheeler, Transwestern; Shenea Bankhead, Brookfield Properties; Tracie Yoder, Rangewater Bullets: • Marketing plans are essential; agents should know the attributes of their new properties, as well as the shortfalls of their competition • Know the demographics of your market
36
MARCH/APRIL 2022
Laura Harvey, CPM, Stream Realty Partners; Andi Perry, CPM, Transwestern; Michael Knight, Better World, LLC; Angel Gonzales, (Hartman Income REIT; Diane Daleo, CCIM, CPM, Commercial Asset Advisors and Cathie Mann, The Vista Companies. • Create a playbook for leasing each property; motivate leasing agents and property managers to work together • Lease spaces must look good when showing; always have spaces available for immediate occupancy • Think of ways to make your property “special” • Rent is increasing steadily; practice how to inform the tenant • Upload videos of available spaces to YouTube • Conduct tenant surveys to gauge satisfaction • Remain open to reasonable requests • Share with tenants supply chain or cost escalation problems; the notice will be appreciated Tenant Improvements & Building Upgrades Moderator: Kelly Hawkins, KRJ Management Panelists: David Aaronson, Refuelevs; Dina Goloshchapova, Luxe and Logic Interior Design; Lisa Roth, Montgomery Roth Architecture and Interior Design; Cliff Parker, NAI Partners Bullets: • Tenants are unsure about how much space they will need; some office buildings are converting parts to alternate use • Trend is toward lounge or study space; a variety of conference areas are emerging • Some tenants want the comforts of home in their office world • Younger workers are wired differently; it’s important to accommodate their lifestyle and desired work atmosphere • To attract talent, offices should represent an oasis of social and professional wellbeing • Electric charging stations will be the next required thing for office parking lots; they should be profit sources, but many older buildings cannot handle the new electricity load
August 18, 2022 OMNI HOUSTON 4 RIVERWAY HOUSTON, TEXAS
SUBMIT YOUR NOMINATIONS TODAY! PROJECT AWARDS Affordable Housing Flex Building Project Greater Houston* Hospitality Industrial / Manufacturing / Science Interior Design – Office / Industrial / Corporate Interior Design – Retail / Restaurant / Hospitality Medical Property Greater Houston Mixed-Use Property Redevelopment / Reuse / Historic Retail / Restaurant Senior Housing Single Family / Townhome - For Lease Single Family / Townhome Project - For Sale Suburban Multifamily Urban Multifamily
CORPORATE AWARDS Building Service Company of the Year Developer of the Year General Contractor of the Year Owner/Landlord of the Year Professional Service Company of the Year Property Manager of the Year Sub-Contractor of the Year TRANSACTION AWARDS Most Significant Lease Transaction Most Significant Sale Transaction
PEOPLE AWARDS Architect of the Year Broker of the Year Champion of Diversity of the Year Emerging Leader of the Year Executive of the Year Mortgage Broker / Banker of the Year Property Manager of the Year Real Estate CPA of the Year Real Estate Lawyer of the Year Social Media Influencer of the Year Volunteer of the Year Woman of the Year
CITY/MUNICIPALITY AWARDS City / Municipality of the Year
www.rejournals.com/REawards
CRE MARKETPLACE ARCHITECTS/DESIGN-BUILD FIRMS
KDS de stijl interiors 2006 E Cesar Chavez St. Austin, TX 78702 P: 512.457.1332 Website: kdsaustin.com Key Contacts: Jill Laverentz, Principal, jill@kdsaustin.com; Clark Kampfe, Principal, clark@kdsaustin.com Services Provided: Programming & Client Process Analysis – Due Diligence & Building Analysis – Schematic Design – Test Fit & Pricing Notes – Project Scheduling Goals – Consultant Team Formation – Cost Analysis & Value Engineering – Design Development – Construction Documentation – Racking, Commodity, & Equipment Coordination – Permit Processing – Project Management – Construction Administration – Project Budgeting & Cost Tracking – As-Built Documents Company Profile: KDS is a full-service commercial design firm with 30+ years of experience including 25,000,000+ SF of Industrial/Flex and 3,000,000+ SF of Office Projects. We are committed to responsiveness and to providing well designed and implemented solutions. Our extensive knowledge base and adept management of critical milestones creates consistently successful projects. Notable/Recent Projects: American Canning – Austin, TX – 101,000 SF – Manufacturing & Distribution FlightSafety International – TX & OK – 186,000 SF Combined – Manufacturing GT Distributors – Pflugerville, TX – 58,000 SF – Retail, Office, Fabrication, Storage & Distribution
FRIEDMAN REAL ESTATE 34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace. Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country. Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions. Notable Transactions/Clients: • Troy Technology Park - Troy, MI • Sakthi Automotive Industrial Portfolio - Detroit • Greyberry Apartments - Waterford • Tiffany Plaza - Youngstown • West 11 Tech Park - Southfield
BROKERAGE FIRMS
CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
CMI BROKERAGE 820 Gessner, Suite 1525 Houston, TX 77024 P: 713.961.4666 Website: cmirealestate.com Key Contacts: Trent Vacek, tvacek@cmirealestate.com; James Sinclair, jsinclair@cmirealestate.com Services Provided: Central Management, Inc. is a full-service commercial real estate firm providing Brokerage Services; Property, Facility, Construction and Asset Management Services; Landlord and Tenant Representation; Land Sales; Receivership and Real Estate Recovery. Services are available for Industrial, Land, Multifamily, MOB, Office and Retail. Licensed in Oklahoma and Texas. Company Profile: Central Management, Inc. (CMI) was founded by Houston real estate professional Vic Vacek in 1978. Our team understands the intricacies of the markets that offer investors an edge both from a leasing and an asset management perspective. Certified AMO® 1984, IREM, CPM, CCIM, NAR, HAR, NALP, ICSC, and TREC. Notable Transactions/Clients: Armada Big Springs Ptnrs, Barbour Invts., Baytown ISD, Core Real Estate, Hoffpauir Estate, JLC Properties, KBR, Prudential, Rawson Blum & Leon, Subway, Texas Hearing Institute, Triple Crown Invts., US Oncology, Vigavi Realty, Walgreens. FRANKEL DEVELOPMENT GROUP 5311 Kirby Drive, Suite 104 Houston, TX 77005 P: 713.661.0440 Website: Under Construction Key Contact: Bruce W. Frankel, President, brankel@frankeldev.com Services Provided: Frankel Development Group offers over 33 years of experience and expertise in the retail real estate business. Services include tenant representation, shopping center/ project leasing, investment sales, land sales, and development services. Company Profile: Headquartered in Houston, Frankel Development Group provides comprehensive brokerage services for its clients throughout Texas with an emphasis on the Houston MSA. The company represents over 25 "best-in-class" retailers and restaurants, 15 property owners, and possesses a skillset and depth of experience unmatched in the marketplace. Notable Clients/Transactions: Notable retailers include Orangetheory Fitness, Burkes Outlet Stores, UBREAKIFIX, Escalante's Fine Tex-Mex & Tequila, Three Dog Bakery, Fred Astaire Dance Studios, Pump it Up, WaveMax Laundry, and Rush Cycles.
For advertising opportunities in this section, please contact Susan Mickey at smickey@REDnews.com or 773.575.9030 38
MARCH/APRIL 2022
ALSTON CONSTRUCTION COMPANY 1300 W Sam Houston Pkwy S, Suite 225 Houston, TX 77042 P: 713.904.2899
10440 North Central Expressway, Suite 720 Dallas, TX 75231 P: 214.363.0551 Website: alstonco.com Key Contact: (Houston) Nick Dwyer, Director of Business Development, ndwyer@alstonco.com (Dallas) Brittany Schneider, Director of Business Development, bschneider@alstonco.com Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects. Company Profile: Alston Construction is celebrating 35 years of excellence in 2021, and we believe our success comes from being a true partner. With 21 offices nationwide, we have market knowledge throughout the country, which provides clients with the best building methods and materials available. Our goal is to provide quality, cost efficient projects that leave a positive experience for our clients and their communities. Notable/Recent Projects: Park 249 - 817,920 square feet LEED tilt-wall warehouse facility park including interior finishes for Amazon in Houston, TX; McKinney National Business Park – 150,000 square feet warehouse/distribution tilt-wall facilities in McKinney, TX; Restaurant Depot – 59,565 square feet pre-engineered metal retail building with cold storage in Pasadena, TX; Valley View Lane Warehouse – 160,000 square feet warehouse/distribution facility in Farmers Branch, TX CADENCE MCSHANE CONSTRUCTION 5057 Keller Springs Road Suite 500 Addison, TX 75001 P: 972.239.2336 F: 972.239.1214 Website: cadencemcshane.com Key Contact: Will Hodges, President, whodges@cadencemcshane.com Services Provided: Cadence McShane Construction Company offers over 30 years of experience providing design-build, construction management at risk, preconstruction and general construction services on a national basis. The rm’s diverse expertise includes specializing in the Education, Multifamily, Senior Living, Commercial and Industrial market sectors. Company Profile: Headquartered in Dallas, Texas with regional offices in Austin, Texas, Houston Texas, and San Antonio, Texas, Cadence McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is the builder of choice in the state of Texas and its surrounding region as it deploys a culture of relentless service with an entrepreneurial spirit that originates from inside of each individual and helps constantly deliver reliable results of excellence. Notable/Recent Projects: Hermosa Village Apartments –Leander, TX – 238 modern farmhouse inspired garden-style units, offering one- two- and three- bedroom options.
NATIONAL ENVIRONMENTAL ENV ENVI RON RONM SERVICES Houston, TTexas • RRedlands, Hou dland California
A 360° APPROACH TO E N V I R O N M E N TA L SERVICES National Environmental Services, with offices in Houston, Texas and Redlands, California, is an environmental consulting company, established in 1995, that conducts a full range of reliable and cost-effective environmental assessment and corrective services, with competitive pricing and convenient turnaround.
• Phase I Environmental Site Assessments (AAIs-ASTM E 1527-13)
• RSRAs (Records Search with Risk Assessments)
•Transaction Screens (ASTM E 1528-06) • Phase II Subsurface Investigations* •Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency)
• Remediation and Corrective Activities* • Soil,Water, and Air Testing Services
• Indoor Air Quality/Mold Surveys (Licensed Mold Consulting Agency) • Underground Ground Storage Tank Testing Services* * Performed in Texas in partnership with Terrain Solutions, Inc., Texas Geoscience Firm Registration # 50018
National Environmental Services 5773 Woodway Dr, Suite 96, Houston, TX 77057: Phone (281) 888-5266 700 East Redlands Blvd, Suite U618, Redlands, CA 92373: Phone (951) 545-0250 Toll Free: (833) 4-Phase1 www.nationalenv.com • www.gabrielenv.com
PRSRT STD U.S. POSTAGE PAID PERMIT NO. 2436 DALLAS, TX
2537 S. Gessner, Suite 126 Houston, TX 77063 Address Service Requested If this person is no longer with your company, please notify subscriptions@REDnews.com or call 713.661.6300
WOODLANDS/NORTH HOUSTON
FORECAST
summit
may 17, 2022
THE WOODLANDS COUNTRY CLUB HYBRID EVENT Noon to 4 pm | 11:30 am Registration & Networking
4 hours of continuing education has been applied for with the Texas Real Estate Commission
