November 2019 REDNews Magazine North Texas

NOVEMBER 2019

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

Women in Real Estate: CRE Pros Expertise

Texas Industrial/Office Q3 CBRE MarketView

Progress in Seabrook:

Massive Highway Project

Capital Markets:

BoyarMiller Overview For more information, see page 8.

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© 2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #998-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

IN THIS ISSUE

8

16

14

Market

Sales & Leases 1-3, 5, 7, 9, 11, 13, 19

Services

Economic Development 11 Environmental 22, 35 Legal 11, 15 1031 Exchange/DST 13

Scoop

Events 11, 15, 21, 24, 26, 28, 36 Social 25, 27, 29 Bulletin 30-32

Features

Blazing a New Trail: Shops at Chisholm Trail 8 CBRE MarketView: 10, 12 Seeing Progress in Seabrook: Massive Highway Project 14, 15 Women in Real Estate: CRE Pros 16, 18 RAY’S BUZZ Major Texas Cities Panel 20 BoyarMiller Capital Markets Breakfast Panel 34

4

NOVEMBER 2019

LA MARQUE RENAISSANCE DISTRICT We are building a memory-making, foodie-attracting, walkable, bikeable, lovable art and entertainment hub for all.

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Call LMEDC Executive Director Alex Getty at 409-938-9258 for a tour.

GATEWAY TO THE GULF Visit LMEDC.com.

Letter from the Publisher

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

PUBLISHER Ginger Wheless ginger@REDNews.com

EDITOR Margie Gohmert info@REDNews.com

Dear Readers,

H

STAFF WRITERS

opefully, by the time you read this, our Houston Astros will be planning their second World Series victory parade!

The Texas office and industrial markets all continue to thrive. Continued job growth has meant positive absorption in both Houston’s office and industrial markets.

Austin is poised to have its strongest office market ever, although their industrial market is beginning to soften a bit. San Antonio has seen positive activity in both their industrial and office markets. Dallas/Fort Worth marked its 36th consecutive quarter of positive net absorption of industrial space with 2,000,000 sf of office space leased year to date.

Construction is now underway on Fort Worth’s much-anticipated 250,000 square foot retail center, The Shops at Chisholm Trail, which is part of the 625-acre, master-planned Chisholm Trail Ranch ( named for the historic trail along which millions of longhorn cattle were herded from Texas to the Kansas stockyards after the Civil War). Read about the center on page 8.

The widening of SH 146 is bringing exciting changes and development opportunities in the City of Seabrook so be sure to check it out on page 14 and give Paul Chavez a call.

We’ll be hosting a Texas Net Lease/1031 Exchange Summit in Dallas on December 11th so mark your calendar to attend!

Hope you have a wonderful Turkey Day filled with thanks-giving.

Best Regards,

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

MANAGING DIRECTOR Benton Mahaffey accounting@REDNews.com

EMARKETING DIRECTOR Sarah Evans Carter emarketing@REDNews.com

GRAPHIC DESIGN Corporate Imagination digital@REDNews.com

SALES Ginger Wheless ginger@REDNews.com

PRINT & DIGITAL DISTRIBUTION REDNews is directly mailed each month to commercial real estate brokers, investors and developers throughout Texas and the US. Texas Brokers: 8,150 Texas Leasing/Tenant Rep: 6,232 Texas Investors: 4,979 Texas Developers: 4,710 Outside Texas Investors, Brokers, Developers etc: 26,387

TOTAL QUALIFIED ONLINE REDNews DISTRIBUTION: 50,458 REDNews has gone green using recycled paper.

Thank you Midway Press!

To subscribe to REDNews call (713) 661-6300 or log on to REDNews.com/subscription.

Ginger Wheless

2537 S. Gessner, Ste. 126 Houston, TX 77063

6

NOVEMBER 2019

PRIME RETAIL SITES IN NORTHWEST HOUSTON

CYPRESS CROSSING

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Blazing a new trail:

The Shops at Chisholm Trail Ranch brings entertainment, restaurants and retail to southwest Fort Worth

BY BRANDI SMITH Construction is underway on a much-anticipated retail development along North Texas’ Chisholm Trail Parkway.

Named for the iconic Chisholm Trail along which it’s built, The Shops at Chisholm Trail Ranch is part of Chisholm Trail Ranch, a 625-acre, masterplanned development about 12 minutes south of downtown Fort Worth.

The development offers 250,000 square feet of space for entertainment, restaurants and retail users, including Marshalls, Old Navy, Five Below and Ulta. Studio Movie Grill has signed on as the entertainment anchor. The design also features eight smaller shop buildings between the outparcels and the major retail behind it.

“Those eight buildings are lined with breezeways between them for patios and will have hanging lights. They’re designed to create an area where people are comfortable hanging out,” says Anne Kuta, development director for StreetLevel Investments, adding, “We start delivering spaces to the tenants in December with a grand opening for the entire shopping center in April.”

The development is more than 80 percent leased as we head to print, but there are still a few spaces available for interested restaurants and retailers.

“We could use some more fast casual restaurants in the 2,000- to 2,500-square-foot range. There are a few segments where we just haven’t found the right group yet” explains David Copeland, principal at EDGE Realty Partners.

“The location is at the heart of significant new housing growth happening in south Fort Worth,” Kuta says. “You have high-quality schools, affordable housing and a quick, 12-minute jaunt 8

NOVEMBER 2019

up the parkway to downtown Fort Worth. The area is just exploding.”

That population boom is due, in part, to the opening of the Chisholm Trail Parkway, a 27-mile toll road that connects Fort Worth with Cleburne, in 2014. Until then, the area suffered from poor access and, as a result, didn’t benefit from the Metroplex’s incredible growth.

Movie Grill or one of the restaurants with patio dining.

“It’ll be the destination for dining and entertainment in southwest Fort Worth,” echoes Murphy.

The need for this entertainment, soft-goods, and restaurant-anchored shopping center in the southwest Fort Worth market is clear as more people call the area home.

“The entire southwest Fort Worth area was held by a few large landowners who did not want to activate the property until the Chisholm Trail Parkway was actually built,” says Brian Murphy, managing principal at StreetLevel. Because of that, The Shops at Chisholm Trail Ranch will be the area’s first major retail development. It encompasses 35 acres at the southeast corner of the parkway and McPherson Blvd.

“You can buy a new house in the area starting in the $300Ks, which really makes it accessible,” Kuta says.

“The parkway was built without service roads, so each exit becomes a kind of super intersection, more like you’d see in California or Arizona,” says Copeland.

“We just had a new elementary school open up to the west of us this fall. That’s more than 700 students nearby. Plus, Tarleton State University Fort Worth opened up its first building with up to 2,500 students roughly two miles south of us,” says Kuta. “We have housing and education creating a real need in the area. That’s what is getting the interest of those national and regional users.”

StreetLevel is developing the property with equity partners Paravest Capital and 2GR Equity, LLC., GFF is the project architect and Arch-Con is tackling the project’s construction.

They also teamed up with EDGE Realty Partners to handle leasing.

“There’s a number of opportunities for us to bring users to this area that may have not been there before and really put together a collection of tenants that we think will serve the neighborhood,” Copeland says.

He adds that the goal is to provide a center that brings people in to shop and take advantage of services during the day, then return at night for a visit to Studio

Chisholm Trail Ranch is one of those offerings.

Incorporating the history of its namesake, the nearly 1,000-home development will feature a hike-and-bike trail system to link the community’s parks and schools.

Time is running out to get in on The Shops at Chisholm Trail Ranch. When it’s complete, Chisholm Trail Ranch will feature more than 1 million square feet of retail and commercial space.

For more information about this project, visit StreetLevel Investments’ website at StreetLevelInvestments.com. For leasing visit EDGE Realty Partners website at edge-re.com or contact David Copeland at 214-545-6904 or Jordan Prescott at 214-545-6974. n

NO

WL

EAS

ING

Ashley Strickland

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MARKETVIEW

Austin Office, Q3 2019

Austin Office, Q3 2019

Austin Industrial, Q3 2019

Searing demand drives fundamentals to record highs

Highlights include: •W ith one more quarter left in 2019, the Austin office market is poised to have its strongest year ever. Positive net demand surpassed 446,000 sq. ft. in Q3 2019, while the citywide average asking rate climbed to $38.89 per sq. ft, a historic high.

Highlights include: • Despite robust positive net demand in Q3 2019, the Austin industrial market continues to show signs of softening leading into H2 2019. The development pipeline continued to slacken with no new projects kicking off this quarter and an overall average asking rate drop throughout the market.

• Despite the historic high in average asking rates and the phenomenal development pipeline, the defining story of Q3 2019 was 3M officially vacating its old campus in Northwest Austin, creating a dip of 1.1 million sq. ft. in absorption.

• The development pipeline fell below 1 million sq. ft. in Q3 2019, which has not happened since Q2 2017. Hays County and the Southeast submarket continue to receive most of the new construction activity, with 937,000 sq. ft. of development activity currently across446,637 five projects.

With only 9% preleasing SF $38.89 PSF 241,084underway SF on projects under construction, developers are showing signs of softening on the industrial market in Austin.

9.9%

6,018,055 SF

•P re-leasing activity in new product has remained strong, with more than 51% of the development pipeline having been taken.

• Citywide average asking rents continued to decline from their historic highs in Q1 2019, falling to $10.06 per sq. ft. in Q3 2019.

Vacancy Rate (%) Flex/R&D rates fell $0.04 quarter-over-quarter to $13.10 per sq. ft., while Warehouse rates fell from $8.22 last quarter to $7.97 per sq. ft. 26

• The increase1,800 in asking rents this quarter was driven largely due to rising NNN asking rates, which climbed $0.88 from 1,200 Q2 2019.

• Unemployment in the Austin metropolitan area rose to 2.9% in April 23 2019, well below the state average of 3.4% and the national average of 3.7%. Job growth has been robust for all industries, with the 20 Information sector showing the largest growth of 17% annually.

• With resounding tenant demand and ever-increasing Net Absorption (000s SF)Full Service Gross asking operations costs, the citywide rate for Q3 2019 2,400hit a new record high for the market at $38.89 per sq. ft.

AUSTIN

*Arrows indicate change from previous quarter.

Figure 1: Net Absorption and Vacancy

600rose to 2.9% in July 2019, well below the •U nemployment state average of 3.4% and the national average of 3.7%

17

0

14

(600)

11

(1,200)

8

2009

2010

Houston Office, Q3 2019 Q1

2011 Q2

2012

2013

Q3

2014 Q4

HOUSTON

Highlights include: Source: CBRE Research, Q3 2019. Houston economy are some of the •C ontinued job growth and a reviving factors contributing to positive absorption in Q3 2019. Although the Houston office market posted 228,000 sq. ft. of positive absorption, submarkets that absorbed over 100,000 sq. ft. include Greenway Plaza, Energy Corridor and Westchase. Positive absorption was split between Class A at 4,000 sq. ft. and Class B at 324,000 sq. ft. while Class C ended the quarter with negative absorption of 100,000 sq. ft.

•P ositive absorption came from legal and insurance firms, such as SmyserKaplan & Veselka, and McGriff, Seibels & Williams as well as energy and manufacturing firms, including WaterBridge, Sunnova Energy, and CAM Integrated Solutions.

•N egative absorption was concentrated in the North submarket.

Southwestern Energy consolidated into the North Tower and vacated 289,000 sq. ft. in the South Tower at 10000 Energy Drive.

2015 2016 2017 2018 Houston Industrial, Q3 20192019 Total Annual Net Absorption

Vacancy Rate

Highlights include: • Net absorption continued to trend positively this quarter, with 4.42 million sq. ft. of industrial space absorbed in Q3 2019. The Northwest Houston submarket accounted for nearly half of this total amount.

• Vacancy jumped 10 basis points from 5.5% in Q2 2019 to 5.6% in Q3 2019 as a result of an increased amount of new product being delivered to the market.

• Construction activity took a step back this quarter, dropping 3.1 million sq. ft. from Q2 2019 to 17.4

Continued on Page 12> 10

NOVEMBER 2019

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MARKETVIEW < Continued from Page 10

Austin Office, Q3 2019

Dallas/Fort Worth Industrial, Q3 2019 Searing demand drives fundamentals to record highs

DALLAS/FORT WORTH

Dallas/Fort Worth Office, Q3 2019 Highlights include:

Highlights include:

•A ccording to the Bureau of Labor Statistics, DFW maintained robust job growth by adding 125,400 non-farm jobs since July 2018, a 3.4% annualized gain.

• Q3 2019 marks the 36th consecutive quarter of positive net absorption for the Dallas/Fort Worth industrial market.

•N et absorption in Q3 2019 dropped slightly again from last quarter with over 506,000 sq. ft. of space taken up, yielding 2.0 million sq. ft. total so far for the year. This has far surpassed the total in year-to-date absorption this time in 2018.

• The market-wide vacancy rate dropped 41 basis points (bps) from the previous quarter to 5.6%.

9.9%

6,018,055 SF

•V acancy continues to remain flat in Q3 2019 despite the positive absorption, this is due to ±599,098 sq. ft. of competitiveFigure inventory the DFW market and the 1: Netintroduced Absorptionto and Vacancy sheer amount of existing office stock in the Metroplex, and the general tenant appetite(000s for newer Net Absorption SF) cutting-edge office product.

Vacancy Rate (%) 26 23

1,200

20

•O verall asking rents increased from $25.26 per sq. ft. to $25.40 per sq.600 ft. on a full-service gross basis. Class A asking rates increased from $31.31 per sq. ft. to $31.45 per sq. ft.

17

0

14

(600)

11

(1,200)

8

Highlights include:

Q1

2011

2012

Q2

Q3

Research, Q3rates 2019. were over $23.00 per • For the firstSource: time,CBRE market-wide sq. ft. This is a 13.0% increase over a 5-year period and a 16.5% increase over a 10-year period.

SAN ANTONIO

• Product under construction picked up over the quarter and was 27.5 million*Arrows sq. ft.indicate at thechange end from of previous quarter.

Q3 2019, and was 28.7% pre-committed.

•C urrently, there 2,400are 25 leased projects in the construction pipeline totaling 5.4 million sq. ft. with a pre-leased rate of 22%. With 101,800 new projects added this quarter, pre-lease rates are low as they are in beginning stages.

2009 Q32010 San Antonio Office, 2019

12

• Q3 2019 market deliveries totaled 5.2 million sq.

ft. and at aSFrate of 68.6%. $38.89 PSF 446,637 241,084 SF were pre-leased

•W ith substantial pre-leasing activity and build-to-suit projects in Downtown and along Broadway, high demand for new supply is shaking up the city’s urban core.

•T he CBD submarket flourished this quarter with over 358,000 sq. ft. of positive net absorption.

•T he market-wide vacancy rate dipped 40 basis points (bps) from 14.4% in Q2 2019 to 14.0%.

NOVEMBER 2019

2013

2014Antonio 2015 Industrial, 2016 2017Q3 2019 2018 San Q4 Total Annual Net Absorption Highlights include:

2019 Vacancy Rate

• The San Antonio industrial market saw another quarter of robust market activity with 188,801 sq. ft. absorbed, marking an eight-year streak of positive quarterly net absorption.

• Deliveries ramped up this quarter with over 1 million sq. ft. of competed construction. Of the 1 million sq. ft. added to the market in Q3 2019, 98% of it was Class A product.

• Due to the high volume of vacant product hitting the market, the market-wide vacancy rate rose 180 basis points (bps) from 9.3% in Q2 2019 to 11.1%.

• Market-wide industrial asking rates dipped slightly, down $0.39 per sq. ft. quarter-over-quarter, but have remained steady in the last 12 months and are up $0.13 per sq. ft. year-over-year.

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Seeing progress in Seabrook:

Massive highway project creates new development opportunities

BY BRANDI SMITH

Look around Seabrook today and the signs of progress are clear.

“The Texas Department of Transportation (TxDOT) and the City of Seabrook have the last buildings going down. All the necessary parcels have been acquired and the remaining buildings have been demolished for the footprint of the project,” says City Manager Gayle Cook. “Visually, it’s really made a change here in the past month or so.”

The project, of course, is the long-awaited widening of State Highway 146 from four lanes to up to 12. Discussed for decades, TxDOT just got started on construction in February 2019.

“They’re getting close to the end of Phase 1, which includes the widening of the Clear Creek bridge by adding one additional travel lane, plus a 14-footwide pedestrian and bicycle lane and utility work,” Cook says.

In Phase 2, crews will continue work on the bridge, create a new southbound frontage road and build the bulk of a new express bridge. Phases 3 and 4, expected to be finished in the next five years, will rebuild and raise SH-146’s main lanes, as well as complete the express bridge and add more greenery and landscaping. It’s a massive undertaking in the community that’s about 30 minutes south of Houston.

14

NOVEMBER 2019

“It’s a short-term negative for long-term positives. It’s similar to remodeling your home over a number of years, but at the end of the day, the city will be much better off,” says Paul Dunphey, a longtime Seabrookian, small business owner and president of the Seabrook Economic Development Corporation.

He adds that the city has been actively working on this expansion for years, focusing on how to prepare the community for the challenges that come along with years of construction.

“I think it just really shows a small city working extremely efficiently, identifying a problem and preparing for it, so that the process is as easy and successful as possible,” says Dunphey, who also served on the Seabrook City Council.

Paul Chavez, the director of the Seabrook EDC, echoes that: “All of our boards are aligned with one another. All of us who serve the community live in this area. We have family in this area, so we all have a common interest in seeing the best development possible for our community, for our home.”

As progress is made, residents are starting to understand the benefits that are on the way.

“Of all of the comments that we get now, there’s definitely been a huge shift in the past year and a half from people questioning why the construction was needed to finally seeing the end goal,” says Cook. “I think we are finally coming over the crest of getting people to envision the future and get excited about what’s to come.”

That includes developers and investors, who held off on plans due to the uncertainty that surrounded the project for so long.

“It paralyzed our economic development. As a result, our highway had always been many steps behind where it should be,” says Dunphey. “Now we are now able to plan for the future and make substantial improvements to our city and with our economic development expansion.”

interested parties. Those opportunities are also clear in the aerial photos the city commissioned to document the open lots.

It’s an effort he knows will be worth it as the city looks to add to its roster of retailers.

“When you see the scope of it from the aerial side, it’s wild,” laughs Chavez. “It’s pretty neat and it’s amazing to see this redevelopment happening right here, right now.”

“We are very aggressive and want to work with the development community and retail site selectors on what we can offer to help sweeten the deal when it comes to locating with our community,” says Chavez.

Along with drone photography, Seabrook is using other forms of technology to help with marketing. That includes developing a website to keep the community updated (SH146.com), using GIS data to create slider maps that reveal

The city is especially interested in bringing in a large grocery chain (it currently only has a Kroger), as well as more restaurant options for the families who call Seabrook home. Business offices and service providers are also on the shortlist.

the impact construction has had on certain parcels and creating an app to help developers have easy access to available properties for sale or lease.

“We’re looking for developers who make our quality life in Seabrook better, while promoting economic development and increasing jobs and property value,” Dunphey says.

“We are harnessing the technology we have now and utilizing it to its fullest potential. It’s made our jobs easier in some ways, but more difficult in others. There is a lot of data to collect and distill,” Chavez says.

You can learn more about the development opportunities in Seabrook by contacting economic development director Paul Chavez by phone (281291-5730) or email (pchavez@seabrooktx.gov). n

Seeing TxDOT’s plan, as well as how construction is coming along, has generated a lot of interest within the development community, according to Chavez.

“This is an exciting and rare opportunity to be able to market highway frontage. Investors sense that highway frontage is a rare thing to come across, especially a major highway like 146,” he says. “But they’re also looking at our community in general.”

Cook points out, even though the highway expansion is years out from completion, this is “prime time” for some developers due to the scope of their project and the lead time required.

“We have a couple of corners of wide-open space, so someone can come in and combine parcels like never before,” she adds.

Chavez says so-called ‘orphan’ tracks along the freeway are garnering a lot of interest from investors as well, who seem to pose similar questions.

“They say, ‘I noticed that a McDonald’s here, but relocated, so this is a little piece left over. There’s a little piece right next to that and another piece next to that. Can we combine those together?’

And the answer is yes,” he says. “You can combine those together, make a master track and put your new retail site right on the highway.”

He says the EDC tracks all of that information and is happy to share as much as possible with

NOVEMBER 2019

15

Women in Real Estate:

CRE pros bring their expertise to REDNews summit REDNews was proud to host our second-annual Women in Real Estate summit on Sept. 24 at The Briar Club. The day included a lively discussion about the accomplishments of Texas CRE professionals, challenges they face and the state of the industry in 2019. The following are highlights from one of the four panels discussions. You can look forward to reading highlights from the other three panels in upcoming issues.

CELEBRATING FEMALE PIONEERS IN THE COMMERCIAL REAL ESTATE INDUSTRY

Lori Bryant

Our first panel focused on pioneers who led the way for other women in the commercial real estate industry. We were honored to hear from Lori Bryant, ARM/ managing director of CBRE Property Management; Lispah Hogan, executive managing director of NKF; Patti KnudsonJoiner, managing director of Knudson LP; Sue Rogers, principal at CRESA; and Susan Hill, senior managing director at JLL, who served as moderator.

Each offered up a different recipe for their own success, but a lot of it boils down to having the right attitude.

Patti Knudson-Joiner

Lispah Hogan

“One of my favorite sayings is ‘Onward and forward,’” said Hogan. “Don’t look at what’s behind you, keep looking onward and forward because knowledge is power and you gain wisdom and knowledge from everything that you’ve gone through.”

Rogers attributes her go-get-’em attitude to growing up outside of Philadelphia.

“It made me want to compete with men in the industry and I think you kind of have to have that desire and fight to kind of go after it,” she stressed. “You need that resolve to keep going after it, even when all the odds are against you.”

Susan Hill

Sue Rogers 16

Knudson-Joiner echoed that, adding, “Perseverance and challenge is something we, women in general, have a tendency to thrive on.”

It’s essential in an industry where women hear “No” frequently as they try to rise through the ranks.

NOVEMBER 2019

“There are so many times I was told ‘You’re much better at being a receptionist or the admin,’” recalled Bryant. “You have to really persevere and show them that you can do it.”

In those instances, having a mentor helped our panelists find the confidence they needed to ignore those who doubted them.

“Having a mentor who is strong to guide you is equally as important as having a mentor who listens,” Hogan said. “If you have a mentor who listens to you, you’re going to prosper and grow that much faster because you’re going to just start clicking faster.”

Bryant was able to find one of those while working for Gerry J. Ward. His wife Jean offered an example of the kind of person Bryant says she wanted to become.

“I think she is the reason I wanted to go into this industry. She was beautiful, strong, very direct, very honest. She could hold her own in a group of men with never being insulting,” said Bryant. “They took her seriously and I had a real problem with anyone ever taking me seriously.”

That was a common challenge for our panelists as they tried to come up in an industry that is still populated by more men than women.

“I always felt like I was just not in the room to offer anything. No matter how many times I tried, I was talked over,” Rogers said. “I always loved when you have an idea and you’re talked over. Then a man in the room says the same thing

and everyone’s like, ‘Oh, my god. What a great idea!”

The result, Bryant pointed out, is women overcompensating for being women, working twice as hard to prove themselves.

“It’s not as bad now as it was then, but I think we were like hamsters on a wheel trying to prove ourselves constantly, thinking that someone would recognize and reward us for our hard work,” she said.

“But typically what they did is they took credit for it.”

That struggle only increased when our panelists decided to start a family and had to find a balance between work and life outside the office.

“With my first child, I got two weeks off.

I had to be back at work unless I wanted to be replaced,” said Bryant. “There were no laws protecting women.”

Hogan recalled a similar situation when her children were born. She explained she kept a fax machine next to the bed to keep working just four weeks after childbirth.

“That’s the way it was if you wanted to keep going,” she said.

Those challenges manifested in another one: unequal pay. Women still have to fight to be paid what their male counterparts make. Ideal or not, Rogers contended the onus is on women to document what they bring to the table.

Continued on Page 18>

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Women in Real Estate: < Continued from Page 16

“We still have to continue to document that because equal pay continues to be a problem,” she said.

Hill weighed in on this topic as well, citing an example from years ago when she was managing an office, hiring and training employees who all made more than she did.

When it came time for her annual review, she did her homework and determined what her worth was. She wrote that number on a piece of paper and brought it into her meeting, where her managers told her she was going to get a standard 5 percent raise.

benefits yourself and ultimately is going to benefit where you’re working.”

The right person will help you build confidence and define your own success.

With lives full of valuable lessons learned, our trailblazing panelists offered a few bits of advice to the next generation of women in commercial real estate.

“I wish I had a little more self-confidence back then. When you’re young, that’s tough. And if you’re young and working in a man’s field, it’s a little tougher,” Bryant said.

First, said Hill, “You cannot stop learning. There is always a need to learn.”

It’s vital when you’re eyeing an opportunity to advance, Hill pointed out.

“You don’t want to be stale, you want to be relevant. You want to constantly strive for improvement, learning and doing everything you can to be the best,” echoed Knudson-Joiner.

“Just go for it. Take advantage of that opportunity.

You’ll figure out all that stuff along the way,” she said. “But if you miss that opportunity, it may not come back for a long time. That can change your dream and your career.”

“I said, ‘You know that’s really great, I appreciate the feedback but that’s really not going to work for me,’ and I slid that piece of paper across the table.

I said, ‘That’s my number,’” Hill told the crowd. “I remember going back to my desk and thinking,’Oh, my gosh, I really hope that’s my number because I could be out of a job.’

An avenue for education is joining an organization that offers those opportunities, as well as the chance to meet like-minded professionals.

Ten minutes later, she said they brought her back in the room and agreed to that number.

“When you come here, you know nobody and your parents don’t know anybody. You’re really making your own way,” she said. “I encourage everybody to get involved in the organizations that give you exposure and let people know you’re serious about what you’re doing. You can learn about the industry from your peers and from other corporate real estate executives.”

“If I had never taken that chance and done that homework, I would still be making the typical 5 percent raise, which, by the time you take out the taxes, is nothing,” said Hill.

Looking back on their careers and what they would have changed, our panelists uniformly responded that they’re not sure they would make any changes.

“I think everything made me who I am today and made me as successful as I am today,” Rogers said.

“I don’t have any regrets either,” Knudson-Joiner added. “I love what I do, everyday is a new day and it felt that way since I got introduced to the urban planning, real estate profession.”

“If you don’t like something, make a change,” suggested Hogan. “Whether it’s you stepping out and making the change or whether you’re changing companies totally. Make a change that

18

NOVEMBER 2019

They were invaluable for Rogers, who pointed out that she wasn’t born into a well-connected family in Houston.

Knudson-Joiner did just that, often dipping into her own pocket to pay dues and fees that weren’t covered by her employer at the time.

“But it served me well because after ten years I virtually knew the industry,” she said. “I knew the people and I knew who I wanted to mentor with.”

That loops back to the importance of finding a mentor, but Rogers stressed that it must be a good fit.

“You have to be careful when you choose your mentor. Make sure that it’s somebody who’s going to support you and is going to help you and have your back,” she advised.

Finally, our panelists reminded everyone to pay the kindness they received in their careers forward to those who are just starting.

“Always give back,” Knudson-Joiner emphasized.

“One of my mentors, Mr. Bishop, has a saying: the world is perfectly round. What goes around comes around. It was always a reminder that we should stay true to our mission, to our integrity.”

Giving back isn’t something a person can age out of either, as Hogan joked.

“I’m 61, y’all. I don’t need to be doing this, but I believe it’s important,” she said. “Knowledge is power. The more you know the more you can help other people.”

“You have to do the things, be out there, meet people, network, be active,” added Rogers. “Good things will happen when you do that.”

We are incredibly grateful that women pioneers such as these ladies as well as the other panelists believe in giving back and helping the next generation grow, as evidenced by taking time out of their schedules to share their knowledge with summit attendees, as well as REDNews readers. n

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ray’s buzz

BY RAY HANKAMER rhankamer@gmail.com

Major Texas Cities Panel:

CCIM Houston October Luncheon Moderator: Kevin Riles, Kevin Riles Commercial; Robby Eaves, Commercial Industrial Properties (Austin); Allen Gump, Colliers (Dallas-Ft. Worth); Steve Monroe, Oldham Goodwin Group (San Antonio) Kevin Riles

Robby Eaves

Allen Gump

Steve Monroe

Austin: •B iggest office year yet-up to $36-37 rents; traffic bad in CBD; much of CRE growth is actually north of Austin where development permitting is much faster (1-2 months instead of 10+) •C ap rate compression; many groups are scouring the market looking for valueadd opportunities in the various segments; offerings are picked over; what’s left is at a premium • “ Houston is a better place to find value-adds” •A ustin total has less than 70 million SF industrial total, and much of it is in R & D and specialized manufacturing, such as in wafer chips which cannot have a building with any vibrations; minimal number of distribution centers; not much bulk distribution •D evelopment west of MoPac is on strong limestone ground, BUT is in the Edwards Aquifer Recharge Zone and there are strict limits on impervious cover; on the east side of MoPac the ground is ‘gumbo’, clay that expands and contracts with the moisture content in the soil-each area provides unique challenges and costs to developers •A ustin is only large Texas city with no Loop Road around the city • L inear market along I-35 north to Round Rock and south to Buda and Kyle is seeing much of the development action and the overall footprint of south of San Antonio to north of Austin along this freeway is beginning resemble the urban footprint of Houston and DFW •W ith population growth Austin is beginning to have water problems, and lately an infestation of zebra mussels in water systems has caused big problems, at one point giving tap water a ‘seafood’ taste…and the aquifer level is slowly falling

Dallas-Ft. Worth •A rea continues to have huge CRE momentum, with 56 buildings over 200,000 SF currently under construction; total of 36 million SF currently under construction • T here are some empty ‘big boxes’ but several new ones under construction •N orth Ft. Worth is hot, and S. Dallas is slowing-labor is available there and so is the little remaining land in Dallas, but for a company to relocate there in the huge Metroplex means losing employees who live on the far north side; availability of labor is driving development decisions •D FW has absorbed 11 million SF YTD but may be overbuilding a bit now •D allas developers are selling portfolios at 4 ½-5 caps and single properties are 20

NOVEMBER 2019

going for the same to institutional investors; big developers are assembling big new portfolios of properties for the investor market • People are scouring DFW for value add properties, as in other cities; big demand, low supply • Industrial investor buyers are willing to pay compressed cap rates but do not want box warehouses with long-term leases, since they want to hike the rates as soon as they can • Very little land left in Dallas proper, and development is moving apace on the once-ignored east side, in Garland and Mesquite; also north Ft. Worth, where 10 million SF are under construction • DFW Airport is the Center of the Universe for CRE activity, but no more land • New high ceiling big boxes are packing more and more people and tenant improvements into the increased cubic footage, so that the measurement ‘by SF’ may soon evolve to ‘by cubic foot’ • As time passes, permitting time in the DFW Metroplex, once expeditious, is slowing down; rail has become bigger now for tenants, who use it to bargain with truck lines • There are 35 developers in the Metroplex who can develop 300,0001,000,000 buildings • It is cheaper for users to contract for build-to-suit buildings that to move into spec warehouses, since the developers have to put their financial ‘cushions’ in spec buildings that they do not have in build-to-suit • When next recession comes, it will be less brutal since developers are using less leverage • With 175 people per day moving to the Metroplex, water is also a problem here

San Antonio • T he north and west are the hot areas for development, although the CBD just got an expensive new Frost Bank tower •G ood job growth here, with Toyota plant expanding and addition of Navistar truck factory • T he highest income area is just north of the CBD •N ew Braunfels along I-35 to the NE and Boerne along I-10 to the west are now considered “San Antonio” •S an Antonio has stable limestone subsurface in the north and west, but has a sometimes bothersome tree ordinance everywhere in the city; big trees are protected •S an Antonio recently installed a water pipeline from Robertson county, so there are no acute water problems at present

Texas Net Lease & 1031 Summit Wednesday, December 11, 2019 12:00 PM - 5:00 PM Program The Westin Galleria Dallas 13340 Dallas Pkwy, Dallas, Texas 75240, USA

4 Hours of CE Applied for with TREC More Information and Registration

www.rednews.com/dallasnetlease

Topics Include: • Important Legal & Tax Updates for Tax Deferred Transactions • Current Net Lease Market in the Texas and around the United States • Understanding your Lease and Credit • Emerging Trends for 1031 Investors & Elevating Investor Options

Contact: Frank E. Biondo 248.670.2691 frank.biondo@resummits.com

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

NOVEMBER 2019

23

CENTRAL SOUTH TEXAS

NOVEMBER

2019

2 Saturday

CREW Austin - Sips n Salsa by Saint Louise House [6:00pm - 11:00pm]

4 Monday

CREW Austin - Careers 2019 [11:30am - 4:00pm]

5 Tuesday 6 Wednesday

REDNews Newsletter [4:00pm] IREM Austin - Future Leader Exclusive Event [11:30am - 1:30pm] CTCAR - The Economic Outlook for Investors & Decision Makers [7:30am - 10:30am] REC Austin - Policy Briefing *Members Only [12:00pm - 1:00pm]

18 Monday

STCAR - Board Meeting *Invitation Only [11:00am - 1:00pm] REC San Antonio - Distinguished Speaker Series [11:30am - 1:30pm] REDNews Newsletter [4:00pm]

19 Tuesday

CREW Austin - Luncheon: Women on Tap [11:30am - 1:00pm]

20 Wednesday

ULI Austin - Breakfast: Capital Markets [7:30am - 9:00am]

21 Thursday

ULI San Antonio - Coffee Talk with Luncheon Speakers Peter Norton & Rachel MacCleery [8:00am - 9:00am]

CTCAR - Property Information Exchange & Luncheon [11:30am - 1:00pm]

7 Thursday

IREM Austin - Learn @ Lunch [11:30am - 1:00pm]

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

BOMA Austin - BEEP (BOMA Energy Efficiency Program, Module 3 & 4 [1:00pm - 4:00pm]

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

9 Saturday

CCIM Central Texas - Tailgating at UT Game [12:00pm - 6:00pm]

11 Monday

REDNews Newsletter [4:00pm]

12 Tuesday

CCIM Central Texas - Luncheon: "USDA, SBA" [11:30am - 1:00pm]

25 Monday

REDNews Newsletter [4:00pm]

27 Wednesday

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

28 Thursday

Thanksgiving

CREW San Antonio - Smart City Initative [11:30am - 1:00pm] IREM Austin - Luncheon [11:30am - 1:00pm] CREW Austin - Learn & Lunch "Due Dilligence" [12:00pm - 1:30pm] REDNews December Issue Deadline [5:00pm]

13 Wednesday

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

14 Thursday

CTCAR - Property Information Exchange [7:30am - 9:00am]

ULI Austin - 25 th Anniversary Sponsor & Member Appreciation Event [5:00pm - 7:00pm]

BOMA Austin - BOMI Course: Managing the Organization [8:00am - 5:00pm] ULI Austin - Coffee Chat (Central) [8:00am - 9:00am] IREM San Antonio - Luncheon [11:30am - 1:00pm] IREM San Antonio - Exclusive Member Social Mixer [4:00pm - 7:00pm]

24

NOVEMBER 2019

Tips for Property BOMA Austin's recent luncheon - AFD Prevention Richard Davis. ; Chief Fire tant Assis Management presented by

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.

BOMA AUSTIN: bomaaustin.org/ BOMA SAN ANTONIO: bomasanantonio.org CBA: cbaaustin.org/ CCIM CENTRAL TEXAS: ccimtexas.com CREW AUSTIN: crewaustin.org

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

whatâ&#x20AC;&#x2122;s going on

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

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

BOMA Austin's recent luncheon - AFD Prev ention Tips for Property Management presented by Assistant Fire Chief, Richard Davis.

Vernon Johnston, James 2019 STCAR Board of Directors - Barbara Tarin, s Kaplan, and Pat McCaffrey.

Charle ers, Summ Randy ers, Ottm Bryan , Murry

IREM San Antonio's 2019 Bowling Tournament.

Some of the 23

o attendees CREW San Antoni

CREW Austin at the CREW Convention!.

in Orlando for CR

EW Convention.

Sponsor - Texas 2019 STCAR President Tip Johnston with Gold Lance Spruiell, and CEO and dent Regional Bank's Paul Moxley, Presi dent.

Presi nal Regio try Coun SVP and Hill NOVEMBER 2019

25

NORTH TEXAS

NOVEMBER

2019

4 Monday

REDNews Newsletter [4:00pm]

5 Tuesday

BOMA Fort Worth - Luncheon [11:00am - 1:00pm]

6 Wednesday

NTCAR - 4th Quarter Membership Meeting [7:30am - 9:00am]

BOMA Fort Worth - SAC Meeting *Invitation Only [3:00pm - 4:00pm]

13 Wednesday

CORENET North Texas - New Member Breakfast [7:30am - 9:00am]

14 Thursday

ULI North Texas - YLG Winter Mentor Morning with Kaizen Development [7:30am - 9:00am] CCIM North Texas - Luncheon [11:30am - 1:00pm] IREM Dallas - Industry Gala Awards [11:30am - 1:30pm]

BOMA Dallas - Medical Office Building Seminar [11:00am - 1:00pm]

IREM Fort Worth - Homeland Security at Fixe Southern House [11:30am - 1:00pm]

CREW Fort Worth - Luncheon [11:30am - 1:00pm] TREC - PAC Fundraiser: TopGolf [5:00pm - 8:00pm]

7 Thursday

REC Fort Worth - Cowtown Poker Run [6:00pm - 9:00pm]

18 Monday

NTCAR - 4th Quarter Membership Meeting [7:30am - 9:00am]

19 Tuesday

IREM Dallas - Happy Hour: Toyota North American Headquarters [5:30pm - 7:30pm] CORENET North Texas - Executive Exchange Dinner - The ROI of Workplace [6:00pm - 9:00pm]

8 Friday

CORENET North Texas - 5G Luncheon Panel Discussion [11:30am - 1:30pm]

CORENET North Texas - Community Service Event [10:30am - 12:30pm]

REDNews Newsletter [4:00pm]

CREW Fort Worth - Members Only Dine Around: Hosted by Amber Calhoun [6:00pm - 8:00pm]

20 Wednesday

CREW Dallas - Luncheon [11:30am - 1:00pm]

21 Thursday

BOMA Dallas - Real Estate Principal Member Event [5:00pm - 7:30pm] BOMA Fort Worth - Board Meeting *Invitation Only [5:00pm - 7:30pm]

BOMA Dallas - 2019 Gala [7:30pm - 11:30pm]

11 Monday

REDNews Newsletter [4:00pm]

12 Tuesday

REDNews December Issue Deadline [5:00pm]

26

NOVEMBER 2019

25 Monday

REDNews Newsletter [4:00pm]

28 Thursday

Thanksgiving

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.

BOMA DALLAS: bomadallas.org BOMA FORT WORTH: bomafortworth.org CCIM NORTH TEXAS: ccimconnect.com/ ccimnorthtexas CORENET NORTH TEXAS: northtexas.

corenetglobal.org CREW DALLAS: crew-dallas.org CREW FORT WORTH: crewfw.org GFWAR: gfwar.org IREM DALLAS: irem-dallas.org

whatâ&#x20AC;&#x2122;s going on

BOMA For t Worth had a gre

at day at Defender Outdoo

IREM FORT WORTH: fortworthirem.org LADIES IN CRE: ladiesincre.com NAIOP: northtexasnaiop.com NTCAR: ntcar.org SCR: scr-fw.org

TABB DALLAS/FORT WORTH: tabb.org/dallas_ ft_worth_chapter.php TREC DALLAS: recouncil.com REC GFW: recouncilgfw.com ULI NORTH TEXAS: northtexas.uli.org

Ladies in CRE held their BE BALANCED even

t recently at The Centrum Tenant Lounge.

rs Clay Sports Ranch!.

REC Fort Worth 2019 Do

C J March ain and 25th Ann Scot Farber, CCIM ual Sport ing Clays at CCIM North Tex Scholarsh a ip Shoot. s'

dgeball Team Trade

mark Property Comp

any.

cy W t Cessac, CPM, Sta ed members - Scot ial nt de . cre oM st AC , we ll Schmidt IREM Dallas' ne Estrada, CPM, Lane NOVEMBER 2019

e hite, CPM, Suzann

27

SOUTHEAST TEXAS

OCTOBER

2019 4 Monday

6 Wednesday

IREM Houston - Financing & Loan Analysis for Investment Real Estate (ASM603) [8:00am - 5:00pm] ACRP Gulf Coast - Golf Tournament [9:00am - 6:00pm] REDNews Newsletter [4:00pm] IREM Houston - Performance & Valuation of Investment Real Estate (ASM604) [8:00am - 5:00pm] BOMA Houston - Executive Confessions [11:00am - 2:00pm] C.R.E.A.M. The Woodlands - Partner Appreciation Luncheon *Partners Only [11:30am - 1:00pm] CREW Houston - Luncheon: Office Panel [11:30am - 1:00pm] CCIM Houston/Gulf Coast - Partner Appreciation Social [5:30pm - 7:30pm]

7 Thursday

CCIM Houston/Gulf Coast - YP/Designee Dinner Social [5:30pm - 8:30pm]

8 Friday

IREM Houston - Asset Analysis of Investment Real Estate (ASM605) [8:00am - 5:00pm]

11 Monday

REDNews Newsletter [4:00pm]

12 Tuesday

REDNews December Issue Deadline [5:00pm]

13 Wednesday

C.R.E.A.M. The Woodlands - Luncheon [11:30am - 1:00pm] BOMA Houston - Tour with BOMA: Keeping up with the Jones [4:30pm - 7:30pm] Financial Power Hour - Happy Hour @ Armadillo Palace [4:30pm - 6:30pm]

14 Thursday

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

15 Friday 28

IREM Houston - Luncheon [11:30am - 1:00pm]

NOVEMBER 2019

18 Monday

CORENET Houston - Golf Tournament [10:00am - 4:30pm] REDNews Newsletter [4:00pm]

19 Tuesday

FBSCR - Monthly Meeting [8:00am - 9:00am] CREN Gulf Coast - Property Information Exchange *Invitation Only [11:00am - 1:00pm]

21 Thursday

BACREN - Luncheon [10:30am - 1:00pm] BOMA Houston - Board of Directors Meeting *Invitation Only [11:30am - 1:30pm]

25 Monday

REDNews Newsletter [4:00pm]

28 Thursday

Thanksgiving Holiday

Olympics 3rd Place er All Stars Maintenance ine Eng 9 201 on ust Ho BOMA Proper ties.

ALPHA-4 from Parkway

The events listed are confirmed at the time of printing. Please make sure to check with the event host for any changes. For the full listing of events, visit REDNews.com.

ACRP: acrp.org BACREN: bacren.us BOMA HOUSTON: houstonboma.org CCIM HOUSTON: ccimhouston.org CETA: cetalliance.com

CORENET HOUSTON: houston.corenetglobal.org C.R.E.A.M.: creamtx.com CREN: crengulfcoast.com CREW HOUSTON: crewhouston.org FBSCR: fbscr.com

GREATER HOUSTON PARTNERSHIP: houston.org HAA HOUSTON: haaonline.org HRBC: houstonrealty.org HREC: houstonrealestatecouncil.org IREM HOUSTON: iremhouston.org

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

whatâ&#x20AC;&#x2122;s going on

Stephanie Swanson promo

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at Heights

ting IREM Houston at Rice

University.

en .

Bier Gart

CREN Happy Ho

BOMA Houston 2019 Enginee

r All Stars Maintenance Oly

mpics 1st Place - The House

Callers from Hines.

NOVEMBER 2019

ur!

29

CENTRAL SOUTH TEXAS

bulletin

represented by Andy Strand, Jeff Miller & Ben Jordan with JLL.

AUSTIN, TX

SAN ANTONIO, TX

Culture Map

20-STORY HOTEL PLANNED

Source: Weaver Buildings/McKinney York Architects

CO-LIVING PROJECT UNDER CONSTRUCTION German start-up Medici Living Group’s Quarters is developing a five-story, 120-bedroom co-living facility at 1108 Nueces Street to be called Austin Quarters. Residents will have access to a communal kitchen & living space that can also host events. There will be 6,000 sf of ground-floor retail space.

MICRO-UNIT APARTMENTS PLANNED Transwestern Development Company is developing a 147-unit micro-unit apartment complex at 847 W. 12th Street. The units will average 444 sf & the project will include a pool, courtyard, fitness center & laundry facilities.

Construction will begin in the second half of 2020.

MADISON MARQUETTE BUYS OFFICE BUILDING Washington-based Madison Marquette purchased the five-story, 128,617 sf office building called Pennybacker Commons located at 6504 Bridge Point Parkway.

STUDENT HOUSING PROJECT UNDERWAY Austin-based Parallel Company is building an 18-story, 158-unit student housing project at 21st Street & Nueces Streets. Amenities will include rooftop pool with hot tub & fire pit, study lounges & coffee bar.

WEST CREEK RETAIL CENTER SELLS Oakbrook, ILL-based InvenTrust Properties Corporation sold the 53,338 sf West Creek retail center located at 4404 W. William Cannon Drive to Dallasbased Ramrock Real Estate LLC. JLL represented the seller.

30

NOVEMBER 2019

Source: West of West

Primera Partners plans to build a 20-story Riverside Towers hotel at 111 Soledad Street. The building will include 350 hotel rooms, 70,000 sf of office space & 10,000 sf of ground level retail space.

221,000 SF OFFICE BUILDING UNDERWAY

430-HOME COMMUNITY TO BREAK GROUND

Dallas-based Lincoln Property Company & Fort Worth-based Kor Group are developing a 221,000 sf office building at 3232 E. Cesar Chavez. Amenities will include bike storage, communal workspace, conference center, rooftop terrace, restaurant & fitness center with shower-equipped locker rooms.

Los Angeles-based Resmark Companies, Houston-based Johnson Development & San Antonio-based Heartwood Development are developing a 430-home residential development on 120 acres located east of Loop 410 near Foster Road.

Construction on the first 107 homes is projected for completion summer 2020.

Garver LLC leased 13,453 sf at 402 Harvey Mitchell Parkway South. Trace Elrod & Garrett Gibbons with Newmark Knight Frank represented the tenant.

LEANDER, TX

CRYSTAL FALLS TOWN CENTER SELLS Dallas-based Cypress Equities sold the 94,820 sf Crystal Falls Town Center located at 3441 Lakeline Blvd to an undisclosed buyer. Chris Cozby, Jim Batjer, Blaine Dozier & Mark Witcher with CBRE National Retail Partners represented the seller.

Source: Port San Antonio

PORT SAN ANTONIO DEVELOPING 174,000 SF TECH BUILDING Port San Antonio is developing another tech building in their 1,900 acre technology campus. The new building will be five stories, 174,000 sf on 16 acres at General Hudnell & General McMullen Drives.

Koontz Corporation has leased their 58,574 sf Parkview Plaza office building to PNC Bank. The new operations center will open in late 2020 & will bring over 500 jobs to New Braunfels. The landlord was represented by Loren Gulley with Koontz Corporation & Mike Ybarra with Legacy Commercial. The tenant was

Stonecreek Grand LLC purchased approximately 11 acres in the Stone Creek Crossing development along Barnes Drive & west of I-35 for the development of a Class A multi-family project. Dave Burggraaf with Retail Solutions represented the buyer.

KATERRA DEVELOPING 600,000 SF Menlo-CA-based Katerra, Inc, a building component & materials company, is developing a 600,000 sf regional hub facility near I35 & Yarrington Road. The $109 million facility is scheduled to be under construction in December.

TEMPLE, TX

GLADSTONE COMMERCIAL BUYS 211,000 SF

Source: CyrusOne

In a sale-leaseback transaction, Texas Hydraulics sold their two-building, 211,000 sf industrial properties located at 3410 Range Road to Gladstone Commercial Corporation & leased the property back for a 20-year period.

CYRUSONE DEVELOPING DATA CENTER

BIRD CREEK CROSSING RETAIL CENTER SELLS

NEW BRAUNFELS, TX

PNC BANK BUILDING OPERATIONS CENTER

The fourth largest truck manufacturer, Lisle-PA-based, Navistar, plans to open a $250 million plant near Mitchell Lake along I-35. Construction is projected to commence late 2019 with completion within two years.

MULT-FAMILY PROJECT PLANNED

GARVER LEASES 13,453 SF

Suit Your Taste, LLC, dba Uptown Cheapskate, leased 11,120 sf at 2410 Texas Avenue. John Heffington with CBRE represented the tenant & James Namken with Weitzman represented the landlord.

NAVISTAR PLANT TO CREATE 600 JOBS

SAN MARCOS, TX

COLLEGE STATION, TX

SUIT YOUR TASTE LEASES 11,120 SF

Source: Navistar

CyrusOne Inc. is developing a $64 million, 206,310 sf, two-story data center on 16 acres near Potranco Road. This will be the company’s fifth data center on the far west side of San Antonio.

San Diego-based ShopCore Properties sold their 129,941 sf Bird Creek Crossing retail center to 1031 Exchange buyer, Bird Creek Crossing LLC. David Disney & Adam Crockett with Disney Investment Group handled the transaction.

NORTH TEXAS ARLINGTON, TX ARLINGTON CENTER SELLS The 175,537 sf Arlington Center building located at 4501 New York Avenue sold to an undisclosed buyer. The building is fully leased to Lockheed Martin Corporation. Steve Simon & Steve Rowland with Transwestern Commercial Services represented the seller.

CEDAR HILL, TX

PREP PROPERTY BUYS RETAIL CENTER PREP Property Group purchased the 611,232 sf Hillside Village shopping center located at FM 1382 & US Highway 67 from Trademark Property.

RASTEGAR PROPERTY BUILDING RESIDENTIAL HIGH-RISE

Dallas-based Rainier Companies sold a 14-property, 431,902 sf retail portfolio located throughout Texas. The properties were part of a 677,979 sf portfolio of 27 properties located in seven states. Michael Austry & Jared Aubrey with CBRE handled the transaction.

72,000 SF UNDER CONSTRUCTION Ewing Properties will construct two warehouse-style buildings totaling 72,000 sf on Glass Street near the Trinity River levee. Planet Granite, a rock climbing & facility, has pre-leased 42,000 sf in one of the buildings.

Construction is currently underway.

Source: Corgan

FREEMAN BUILDING NEW HQ Event services company, Freeman, is building a new global headquarters on 5.2 acres located at 2122 W. Mockingbird Lane. The campus is located near Love Field & is scheduled to open spring 2021.

STONELAKE CAPITAL SELL WAREHOUSE CA-based first American Exchange Company LLC purchased a vacant 38,500 sf warehouse located at 1900 Lone Star Drive in Lone Star Park from Stonelake Capital Partners. Bradford Commercial Real Estate Services represented the seller & Stream Realty Partners represented the buyer.

COLLIN CREEK MALL DEMO STARTS

Source: Dallas Morning News

INVENTRUST BUYS RETAIL CENTER InvenTrust Properties Corporation purchased the 186,068 sf Eldorado Marketplace grocery-anchored retail center for approximately $71 million. The center is located at the northwest corner of the Dallas North Tollway & Eldorado Parkway.

METLIFE BUYS 230,000 SF OFFICE BUILDING

Source: Ewing Properties

FAIRVIEW, TX

4.5 acres of open area. Phase One is projected to open in late 2020.

PLANO, TX

14-PROPERTY RETAIL PORTFOLIO SELLS

SCIENCE CARE LEASES 24,399 SF

DALLAS, TX

FRISCO, TX

Rastegar Property is planning to build a 26-story, 270-unit residential high-rise at 1899 McKinney Avenue & Akard Street.

They are awaiting approval for a zoning change to accommodate the 26 story structure.

COPPELL, TX

Science Care Inc lesed 24,399 sf at 820 W. Sandy Lake Road. Jim Brice with Holt Lunsford Commercial represented the landlord & Matt Elliot with NAI Robert Lynn represented the tenant.

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MetLife Core Property Fund purchased the seven-story, 230,000 sf office building located on Warren Parkway just west of the Dallas Tollway within the Frisco Station development. CBRE handled the transaction.

HOTEL/CONDOMINIUM PROJECT UNDERWAY JNJ Development, along with their partners Madison Capital & Moss Construction, is building a 25-story luxury hotel & condominium project on 2.47 acres on the west corner of Turtle Creek Blvd & Dickason Avenue. The development will include 177 hotel rooms & 97 condos.

IRVING, TX

Demolition is underway to tear down the Collin Creek Mall located along US 75 & convert it into a $1 billion mixeduse project with parts of the property repurposed into an open-air retail & restaurant center. The tear down is expected to take between 90 – 120 days.

EQUUS FUND XI BUYS OFFICE BUILDINGS Equus Fund XI, an affiliate of Equus Capital Partners, purchased Legacy Place I & II which are located on Tennyson Parkway. The two, six-story buildings include approximately 300,000 sf of Class A office space. This will be the company’s second acquisition of office properties in Plano.

SMU-IN-PLANO SELLS Southern Methodist University (SMU) sold their satellite campus, SMU-inPlano, to an undisclosed buyer. The property includes four office building on 16 acres at 5228-5236 Tennyson Parkway.

PLANO MARKET SQUARE MALL UNDER CONTRACT The empty, 36-year old indoor shopping mall, Plano Market Square Mall, located at 1717 E. Spring Creek Parkway near US 75, is under contract to an undisclosed buyer. The property is the only tract within Collin County that is located within an opportunity zone.

MUELLER COMPANY LEASES 26,250 SF

Source: Dallas Morning News

MIXED-USE PROJECT PLANNED Billingsley Company has formed a joint venture with the Petefish family who owns 242 acres located at the southeast corner of North Central Express & SH 121. The property will be developed with a mixed-use project which will include several million sf of office space, 2,000 apartments, retail & green space. Andrew McRoberts & David Tarrant with McRoberts & Company brokered the transaction.

Mueller Company LLC leased 26,250 sf of distribution space at 775 N. Royal Lane.

CBRE represented the landlord & Bradford Commercial Real Estate represented the tenant.

MESQUITE, TX

IRON HORSE VILLAGE UNDER DEVELOPMENT Centurion American Development Group has broken ground on a 54-acre, mixed-use project near Military Parkway & LBJ Freeway called Iron Horse Village.

The development will include 336 single-family homes, 130,000 sf retail, restaurant & entertainment space &

Source: Thakkar Development

90,000 SF MUSTANG SQUARE OFFICE BUILDING Heady Investments, along with Thakkar Developers, is building an 80,000 sf office building in the Mustang Square development located at SH 121 & Rasor Blvd. The building will include a fitness center, tenant lounge, conference rooms & dining areas.

NOVEMBER 2019

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SOUTHEAST TEXAS

bulletin

Rob Bridges has joined Avison Young as a Principal & Vice President of Property Management.

CYPRESS, TX WEISER AIRPARK SELLS Dallas-based Trammel Crow Company & New York-based Clarion Partners purchased the 102.3-acre Weiser Airpark located at 21904 Northwest Freeway for the development of an industrial park.

They also purchased adjacent property at 10815 Huffmeister Road bringing the total acquisition to 130 acres. Reed Vestal, Taylor Schmidt & John Erck with Lee & Associates represented the buyer & Wendy Cline of Wendy Cline Properties represented the Weiser Airpark sellers.

LAND TEJAS BUYS 856 ACRES Houston-based Land Tejas Company purchased 856 acres on Freeman Road north of FM 529 & west of Fry Road for the development of a 2,500 home masterplanned community.

DEER PARK, TX

VAC2G0 LEASES 22,500 SF Vac2Go leased 22,500 sf of industrial space at 1150 Hall Court. Bob Berry & Grant Hortenstine with Avison Young represented the tenant & Copeland Rhea represented the landlord, Clay Development.

HOUSTON, TX

CITYCENTRE OFFICE BUILDING SOLD Midway sold its majority stake in CityCentre Five located at 825 Town &

Country Land to Lionstone Investments.

Kevin McConn, Rudy Hubbard, Rick Goings & Michael Zietsman with JLL represented the seller.

AGATE PROPERTIES SELLS HEARTHSTONE PLAZA An undisclosed investor purchased Hearthstone Plaza located at 15003 FM 529. The 15,800 sf retail center was 92% occupied at the time of sale and anchored by HCA Healthcare and Enterprise Car Rental. Eugene Wang, CCIM, with Agate Properties represented the buyer.

KIMPTON HOTEL COMING TO MIDTOWN San Francisco-based boutique hotel chain, Kimpton Hotels & Restaurants, is constructing their first Houston hotel bordered by Main, Fannin, Tuam & McGowen in Midtown. The hotel is projected to open by year end 2022.

EASTGROUP BUILDING DISTRIBUTION FACILITY World Houston 44, a 134,415 sf industrial project, is being built by EastGroup Properties at 4120 Consulate Plaza Drive.

The project is scheduled for completion March 2020 & is being leased by Logan Greer, Dayne Wunderlich & Ryley Caton with InSite Realty.

METRONATIONAL BUILDING HIGH-RISE MetroNational has broken ground at the southwest corner of Bunker Hill & I10 for the development of a 25-story apartment tower which will be called The McKinley Memorial City. The project will include 276 one –three bedroom apartment units.

PSC INDUSTRIES LEASES 72,000 SF PSC Industries leased 72,000 sf of industrial space at 1903 Tellepsen Drive.

Reed Vestal & Taylor Schmidt with NAI Partner represented the tenant & Dayne Wunderlich, Steve Hazel & Ryley Caton with InSite Realty represented the landlord, Billingsley Company.

WESTCHASE PLACE OFFICE BUILDING SELLS CAPSTAR Real Estate Advisors sold their six-story, 150,000 sf office building located at 11200 Richmond Avenue to Fuller Westchase Place, Ltd, an entity affiliated with Fuller Realty Partners. Rudy Hubbard, Kevin McConn & Rick Goings with JLL represented the seller.

WAREHOUSE SOLD BY FORKLIFT SERVICES Juan Macias purchased a 6,600 sf warehouse on 32,695 sf of land at the northwest corner of E. Crosstimbers Drive & US 59 from Forklift Services of

The City of Houston has signed a 31, 853 SF lease at 601 Sawyer. Howard “Chip” Horne, Jr. of Cushman & Wakefield represented the tenant. Richard Maloof represented the owner, Hartman Income REIT Property Holdings. This is one of four deals closed

by Richard, adding almost 40,000/SQF of positive absorption to this Hartman asset in the last 45 days.

32

NOVEMBER 2019

Houston. Juan Miranda with Mission Realty represented the buyer & Cotton Munson with Davis Commercial represented the seller.

WEINGARTEN REALTY SELLS RETAIL CENTER Weingarten Realty sold Northbrook Shopping Center, a 174,181 sf retail center located at 5264 W. 34th Street to Houston-based Wu Family Trust.

Mark Witcher, Chris Cozby, Jim Batjer & Blaine Dozier with CBRE National Realty Partners represented the seller.

GROW TREE PLASTICS LEASES 88,000 SF Grow Tree Plastics leased 88,000 sf of industrial space at 701 Plastics Avenue.

Trey Erwin, Robert McGee & Dalton Knipe with Lee & Associates represented the landlord.

MISSOURI CITY, TX FULL PLUS LLC BUYS OFFICE WAREHOUSE BUILDING

Full Plus LLC purchased an 87, 000 sf office/warehouse facility on ten acres located at 13840 Pike Road from Champions Fairway Ltd. Clay Pritchett & Zane Carman with NAI Partners represented the seller & Will Austin & Hunter Johnston with Bridge Commercial Real Estate represented the buyer.

PEARLAND, TX

Sungton Properties has obtained property management of Innovative Business Plaza, a newly-built 24,230 office/retail center located at 11161 Shadow Creek, Pearland, TX

advertiser index AA Realty Company...............................................9

SAVE THE DATE

Agate Properties...................................................32 Berkadia...................................................................3 BOMA - San Antonio............................................ 17 Caldwell Companies..............................................7 City of Seabrook...................................1-SE Texas EDGE Realty Partners........................... 1-N Texas Evtex Companies.................................................. 13 Hartman.................................................................32 Icon Global...............................................................2 Kay Properties & Investments.......................... 13 Koontz Corporation...............................................9 La Marque EDC........................................................5 National Environmental Services.....................35 Phase Engineering................................................22 Randall Davis Company......................................19 REC Fort Worth......................................................11 Showalter Law Firm..............................................11 Southwest Realty Group.....................................11

More Information and Registration www.rednews.com/dallasnetlease

Sungton Properties..............................................32 Waller County EDC................................................11 Wilson Cribbs + Goren........................................ 17 NOVEMBER 2019

33

ray’s buzz

BY RAY HANKAMER rhankamer@gmail.com

BOYARMILLER CAPITAL MARKETS BREAKFAST PANEL SPEAKERS: Kamden D Kanaly, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Texas Capital Bank; Scott D. Winship, Managing Director, Gulfstar Group Investment Bankers

Kamden Kanaly

John Sarvadi

Scott Winship

Takeaway: In this time of political polarization, although alert to the overall environment, debt and equity are plentiful and are chasing the good deals.

Unregulated non-traditional lending sources are often winning in the competition with banks to place loans and equity, and huge amounts of cash are ‘looking for yield’. Borrowers should satisfy their capital needs when it is available, and not wait ‘until they need it’, since by then markets may have tightened up.

•A fter recovering from the last recession, the stock market has leveled out and most stocks are ‘fully priced’; therefore cash is looking in other directions for deployment

• The mergers and acquisitions market is very busy, thanks to the abundant supply of investment capital; there is even a ‘feeding frenzy’ to finance strong companies with good growth prospects

•P rofessional money managers such as pension funds, endowment funds, life companies, etc., are experiencing yields lower than planned, and are in some cases pushing funds into private equity in search of higher yields

• New private equity funds are being raised ‘every day’, further adding to pressure to put the money to work earning a return; in spite of high availability of funds, lending remains disciplined, although there is some loosening of loan covenants in favor of borrowers

•A lthough there are some faint ‘caution lights’ blinking in the financial markets, there are not any firm indications of recession… perhaps a flattening or slight downturn, but nothing serious

• Even if there is a recession, deal activity may well continue; if there is a slowdown, it may begin in Q1 or Q2 of 2020

• T ariff wars are creating uncertainties and specific issues with some companies that are rippling through the economy; some companies and industries are starting to really hurt due to the president’s tariff wars • T he prospect of an out-of-control Washington is scary to all business decision makers, and tariffs are just one thing contributing to anxiety; how do you plan with extreme polarization?...although cooler heads usually prevail •U ncertainty is the enemy of business planning and growth and as long as the tariff wars continue, some in the economy will be slow to make decisions • T here are more extreme views coming from candidates in both parties than ever before, and this is unsettling to markets; anxiety and volatility are bad for markets •B anks are well-capitalized and healthy and disciplined in this environment • T his is a borrower’s market as competition increases between traditional and non-traditional lending sources; lenders are searching for solid assets; lender-investors look for companies which have managed well through up and down cycles 34

NOVEMBER 2019

• Valuations of companies have doubled since 2010 • IRR expectations of investors/developers have fallen from the mid-20s to the mid-teens • Raise capital when you can get it, not when you need it; be an opportunistic borrower; refinance when terms are great; don’t overleverage; plan to withstand downsides in the economy; surround yourself with good legal and financial counsel; make sure your company is on top of its numbers with professional audits

A 360° APPROACH TO E N V I R O N M E N TA L S E R V I C E S NATIONAL ENVIRONMENTAL SERVICES Houston, Texas GABRIEL ENVIRONMENTAL GROUP Redlands, California

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• Phase I Environmental Site Assessments (AAIs-ASTM E 1527-13)

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• Transaction Screens (ASTM E 1528-06)

• Phase II Subsurface Investigations*

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• Remediation and Corrective Activities*

• Underground Ground Storage Tank Testing Services*

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National Environmental Services LLC 5773 Woodway Dr, Suite 96 Houston, TX 77057 Phone (281) 888-5266 Toll Free: (833) 4-Phase1 hgabriel@nationalenv.com www.nationalenv.com

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Gabriel Environmental Group 700 East Redlands Blvd, Suite U618 Redlands, CA 92373 Phone (951) 545-0250 Toll Free: (833) 4-Phase1 hgabriel@gabrielenv.com www.nationalenv.com

POSTMASTER: PLEASE EXPEDITE TIME SENSITIVE MATERIAL 5909 West Loop South, Suite 2537 S. Gessner, Suite 135, Bellaire, TX 77401 Houston, TX 77063

PRSRT STD U.S. POSTAGE PAID PERMIT NO. 2436 DALLAS, TX

126

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