REDNews September 2016 by RE Journals

SEPTEMBER 2016

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

Wolff Companies Spotlight

Shops at

(Construction Summer 2016)

PARK ROW BLVD.

INTERSTATE 10

84 Acre mixed-use development in the heart of The Medical Center - West Campus at the corner of I-10 and Barker-Cypress Road in The Energy Corridor

CALL FOR MORE INFORMATION

David W. Hightower (713) 626-8050 www.wolffcompanies.com

CYP

RES

6.6 ACRES

We concentrate on large-scale, master-planned, mixed-use business environments

September 2016

IN THIS ISSUE

We’ve Got Texas

David Wolff

David Hightower

Market

Sales & Leases 1-3, 5, 7, 10, 11, 13-15, 20-23, 25, 28

Services

15 AERIAL

Wolff Companies Spotlight 8, 9 NE Houston Development Boom 12 Texas Master-Planned Communities 16-18 You Can Still Litigate/Arbitrate Your Property Tax Values 20

Scoop

ELEVATED

September 2016

OFFIC

Features

Environmental Services 7, 30 Land Servicing 44 Legal Services 31 Photography 23, 28 Real Estate Loans 14

Events 32, 34, 36 Social 33, 35 ,37 Bulletin 38-40

RETA

INDUST

CIVIL FAIR PLAY The Fall & Rise of 1717 Bissonnet 24, 26 RAY'S BUZZ O’Connor Apartment Forecast Luncheon 28

MULTI-FA

Letter from the Publisher

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

PUBLISHER

Ginger Wheless ginger@REDNews.com

EDITOR

Margie Gohmert info@REDNews.com

STAFF WRITER

Janis Arnold janisarnold1@gmail.com Brandi Smith info@REDNews.com

Dear Readers,

As school starts again and the hot and humid Texas summer seems to have an end in sight, I know you all are looking forward to the excitement of football season and the relief of cooler temperatures.

Last week we attended RetailLive! in Austin and it was interesting to note the retailers that seemed to generate the most interest based on the lines at their booths. These included Aqua-Tots Swim School, Bar Louie, Crunch, Urban Bricks & Flix Brewhouse.

The big question for CRE a year ago was the bottom price of oil and the effect it would have on the commercial real estate market. Here we are a year later and, as is typical in our industry, it continues to be business as usual, albeit, a bit slower. I continuously ask the “How’s the market?” question to everyone I come in contact with and have heard no woeful tales. In fact, according to CBRE’s second quarter recap, Houston experienced its highest quarterly retail absorption since the fourth quarter of 2007. Of course, North Texas continues to boom in all segments of the market as well as does the Austin area.

CONTRIBUTING WRITERS

Ray Hankamer rhankamer@gmail.com Anne Ferrell Peterson info@rednews.com

EMARKETING DIRECTOR

Rahul Samuel emarketing@REDNews.com

DIGITAL/MARKETING DIRECTOR Tony Nelson digital@REDNews.com

MARKETING/SALES DIRECTOR

Eric Goins marketing@REDNews.com

ACCOUNTING

Benton Mahaffey accounting@REDNews.com

SALES

Eric Goins marketing@REDNews.com Ginger Wheless ginger@REDNews.com

In this issue, we tackle how Texas continues to lead the way in master-planned communities. It’s great to see how many of Texas’ master-planned communities are going strong. You can read all about it on pages 16 through 18.

PRINT & DIGITAL DISTRIBUTION

Next month, will be at Texas ICSC and we’re looking forward to seeing many of your faces in Dallas on October 5 th – 7th. Be sure to come by our booth #350 to visit!

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

The September issue also continues our Fair Play series. We have a great story about perseverance and trust in the legal system, to continue a project that will be a residential alternative in a great area of Houston. That story is on page 24.

Best Regards,

REDNews is directly mailed each month to commercial real estate brokers, investors & developers throughout Texas and the US.

TOTAL QUALIFIED REDNews DISTRIBUTION: 50,458

Ginger Wheless

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. 5909 West Loop South, Suite 135 Bellaire, TX 77401

September 2016

National Environmental Services, based in Houston, Texas, and Gabriel Environmental Group, based in San Bernardino, California, first established in 1995, are sister companies that conduct a wide range of reliable and cost effective environmental services, with very competitive pricing and convenient turnaround periods. Services are provided nationwide. Licensed, certified and qualified to perform a wide range of services, including:

• Asbestos & Lead-Based Paint Inspections (Licensed Texas Asbestos Consulting Agency) • Phase I Environmental Site Assessments (AAIs-ASTM E 1527-13) • Transaction Screens (ASTM E 1528-06) • RSRAs

• • • •

Phase II Subsurface Investigations 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

Contact: Hani Gabriel

National Environmental Services Houston, Texas Tel: 281.888.5266 Fax: 713.583.6004 Email: hgabriel@nationalenv.com www.nationalenv.com

Gabriel Environmental Group San Bernardino, California Tel: 909.790.4371 Fax: 909.790.4374 Email: hgabriel@gabrielenv.com www.gabrielenv.com

September 2016

Wolff Companies Spotlight

David S. Wolff

BY ANNE FARRELL PETERSON

David Hightower

We concentrate on large-scale, master-planned, mixed-use business environments.

REDNews caught up with David Hightower, chief development officer and executive vice president of Wolff Companies, to reflect on company projects and his impressive career in Houston commercial real estate. Wolff Companies Spotlight

Wolff Companies has been a mainstay in Houston commercial real estate (CRE), as a land investor and developer of mixed-use environments, for more than four decades. In 1970, Philadelphia-born and Harvardeducated David S. Wolff founded Wolff, Morgan and Company. That enterprise grew to become Wolff Companies in 1985. The company is one of Houston’s prominent developers of office and industrial parks. In recent years, they added family farms to their portfolio. Wolff Companies employs ten CRE professionals.

grow,” Hightower said. “While we are big believers in letting the market dictate what the uses are, we work hard to make sure the uses in our parks are compatible and complementary.”

He said they strategically target land on major corridors with high commercial potential, in close proximity to high-quality residential communities, which in turn, supports retail in their parks.

Current Wolff Companies projects include two in The Energy Corridor that have attracted west-side campuses for some of Houston’s best-known medical institutions. Central Park and Ten Oaks are home to new facilities for MD Anderson Cancer Center and Texas Children’s Hospital, as part of the Texas Medical Center West Campus. Hightower said they didn’t especially target healthcare clients for these parks, but being

“We think we have an idea on how land will develop and how communities will 8

September 2016

Gates Ranch

One present Wolff Companies project doesn’t fit the mold. “Gates Ranch is a diversion from our breadand-butter business,” Hightower said. “We started it because David (Wolff) and I were both looking for a way to preserve some of the open space in Washington County.”

Both men have farms in the country – Wolff has owned a working cattle ranch in Washington County since 1972; he became concerned as he started to see large, beautiful ranches being split up and developed. The two began to talk about how to create unique places in the country with Acres

Percent Sold

High-end office, multi-family, hotel, retail and healthcare. MD Anderson Cancer Center and The Heights at Park Row are early tenants.

63%

The Energy Corridor, corner of I-10 and Barker Cypress Road

Home to Texas Children’s Hospital, Courtyard by Marriott, Hampton Inn & Suites, retail and luxury multifamily living.

91%

Liendo Park

Between Hempstead & Prairie View at US 290 and Liendo Parkway interchange

Groves of mature live oak trees and convenient location between Houston and College Station make it a future site of corporate headquarters, regional healthcare, general commercial, residential, institutional, hospitality and retail tenants.

Gates Ranch

Washington County, near Chappell Hill and Washington-on-the-Brazos

Unique, high-end country family farm sites ranging from 30 to over 130 acres, in a deed-restricted and protected community. New and aged trees, ponds, spring-fed lakes, pastures, and Texas wildlife abound.

1,500

50%

Project

Location

Central Park

The Energy Corridor, north of I-10 between North Eldridge Parkway and Hwy 6

Ten Oaks

The Wolff Companies Model

“We concentrate on large-scale, masterplanned, mixed-use business environments,” said David W. Hightower, a 36-year company veteran who serves as chief development officer and executive vice president. Their parks typically range from 70 to 600 acres, and feature office, light industrial, financial institutions, healthcare facilities, hospitality, retail and apartment land use, to name a few.

on major transportation corridors with quick and easy access are important attributes for medical facilities.

Uses and Features

wide open spaces for families who wanted a certain quality of life.

“Ten years ago, we found this property. It fit our criteria and made sense for many reasons. It was a good location not planned for commercial development, and off the beaten path,” Hightower said. Gates Ranch is an hour northwest of Houston, north of Interstate 290 and just west of the Brazos River with, what he called, “great views out over the river valley.” As baby boomers retire and Houston continues on a trajectory to reach a population of 7.6 million by 2025, Wolff Companies took a chance that more and more people would want a country lifestyle away from the city. Phases 1 and 2 of Gates Ranch are 87% sold, with Phase 3 being brought to market now. The gamble has paid off.

Current Houston Market

Trained as a civil engineer, Hightower worked as a consulting municipal engineer for five years. He has been part of the Houston CRE scene for more than three decades. He joined Wolff Companies in 1980. From his vantage point, he said the current economic cycle is depressed, but not depressing.

"Everyone I know in the industrial business market is doing well; the retail market is doing well."

“We are without question in the down portion of a cycle. All markets and economies – particularly large ones – do cycle. While energy is important to our local economy, it is not having nearly the impact of the 80s and early 90s,” Hightower said. “Our economic base is more diversified and our significant population growth is driving housing and retail.” The development strategist said Wolff Companies’ latest sale was a retail development in Ten Oaks. Measured by acreage, single family residential land use comprises approximately 70% of all land use (urban and suburban), so they closely track residential growth. Public uses, institutions, offices, commercial, industries, schools, etc., account for the remaining 30%. Residential growth directly supports a strong home-building industry and that market is performing exceptionally well in Houston, according to Hightower.

doing well. Apartments are a function of job and population growth, and that has slowed down dramatically from 36 months ago,” he said. “It will take some time to eat up the existing inventory of apartments.”

“We stay involved ... It distinguishes us from others. We consider it service after the sale.”

Hightower said the consensus among his peers is that the economy will hit bottom in the last part of 2016, lag into 2017, and then start to rebound. “I’m willing to bet, 24 months from now, the apartment market will be looking better, and the office market, too.”

Potential and Commitment

Wolff Companies has traditionally focused on the west side of Houston. The southeastern Houston area is now experiencing industrial growth with petrochemical plant construction. Hightower said, “I’m happy for my friends who are developing there,” but that his company didn’t find a space that intrigued them. “We are always looking for opportunities to determine if there is an area we should be active in,” he explained. They’ve considered Austin and San Antonio in the past. As a loyal A&M alumnus who owns property near Brenham, he noted that Bryan/College Station and Brenham are two places he monitors for potential opportunities. Earlier this year, they sold an 87-acre investment property in Brenham.

Areas where they choose to develop have to be a perfect fit because of the company’s long-term vision and commitment to their projects. Wolff Companies stays active even after the development is completed and sold out, to sustain their investment and fulfill the promises made to their clients. “We stay involved with managing the property owners’ associations, overseeing landscaping maintenance, and enforcing covenants even after the development has sold out,” Hightower said. “It distinguishes us from others. We consider it service after the sale.” l

David Hightower Favorite Sports Team The Aggies Favorite Houston Rodeo Event Steer Wrestling | David is a life member of the Houston Livestock Show and Rodeo. Favorite Texas Tourist Attractions State Capitol and the Bob Bullock Texas State History Museum Favorite Wolff Companies Legacy Projects • Westway Park | A 150-acre, master-planned office park. “We were able to execute the vision and watch it come to being. I still love the feel of the park as I drive through it.” • Westlake Center | At 17.5 acres, their smallest development project, Hightower said they bought it and sold out of it in seven transactions in just 51 weeks. “We caught the upside of a market. Streets and infrastructure were already in place….It was kind of fun.”

“Everyone I know in the industrial business market is doing well; the retail market is

September 2016

1.08 ACRES FOR SALE Price

$750,000

Lot Size

1.08 AC

Price/AC

$694,444.42

Lot Type

Industrial (land)

1+ acre tract with 255’ frontage on Blalock with common easement access to Clay Rd. Located against Jack-In-The Box at the high car count intersection of Blalock and Clay. Cross access easement goes through Jack-In-The Box parking and includes signage easement on Clay. Clear and high, ready for development. Great tract to cash in on a very high volume established lunch traffic flow! Excellent for non-hamburger/taco fast food (chicken, sandwich, barbeque, etc), retail center, commercial, industrial or gated residential.

N. Blalock at Clay Road, Houston, TX 77041

• Electricity/Power • Irrigation • Water

• Telephone • Cable • Gas/Propane

18,000 SF LAND FOR SALE Price

$630,000

Lot Size

18,000 SF

Price/SF

$35

Lot Type

Industrial (land)

Operating Mini-storage. Buildings priced at no value, sold as lot only. Off Hammerly between Wirt and Bingle. • Electricity/Power • Water

2039 Pech Rd., Houston, TX 77055 8.05 ACRES FOR SALE Price

$1,404,008

Property Sub-Type

Retail (Land)

Lot Size

351,002 SF

Additional Sub-Type

Residential Land

8+ acres of level mostly clear land ready for development to residential subdivision, apartments, retail center, or most other projects requiring a large tract with great access. Frontage on Preston, Harris Street dead ends into back of tract, and great cross access easement through Kroger retail center that fronts on Red Bluff. This 8 acre tract borders the Kroger retail center and was originally for future expansion of the center. Tract has sewer in place on the site around the perimeter. Tract has a cell tower in back corner with potential for future income due to FCC regulatory requirements limiting construction of future cell sites. Great flexible non-approval owner financing. Located on Red Bluff at Preston between 225 and Beltway 8 Sam Houston Parkway.

N. Preston, Pasadena, TX 77503

• Electricity/Power • Water

Contact: Cathy Cagle September 2016 713.561.7528 or ccagle@johndaugherty.com

• Telephone • Cable

• Gas/Propane

John Daugherty Realtors 520 Post Oak Blvd, Floor 7 Houston, TX 77027

20 ACRES FOR SALE; WILL DIVIDE INTO SMALLER TRACTS Northwest Corner of Brittmoore and Clay Rd.

20.12 acres of unrestricted retail/commercial/residential land located on the northwest corner of Brittmoore and Clay Rd. Tract has available utilities, water and sewer. • • • • •

Electricity/Power Water Telephone Cable Gas/Propane

Town & Country:

go inside the development booming in NE Houston BY BRANDI SMITH

At the intersection of the Grand Parkway and I-69 (US 59 North), just north of Kingwood, lies another intersection: one of planning and opportunity.

195,000 and an average household income of $88,237 within a 15-minute drive to Valley Ranch.

Texas Leads the Nation

Valley Ranch Town Center is rapidly taking shape in the northeast Houston corridor, seizing on a development boom in the area. The difference is that Valley Ranch isn’t scrambling to keep up; it’s building according to the plan that got its start nearly two decades ago.

“That's about the most exciting thing in our world right now because we have so many moving parts, so many leases that we're negotiating, so much construction going on,” Signorelli said. “We have critical mass with substantial anchors and a handful more that we will be announcing here in the next 45 to 60 days.”

For years, Signorelli watched while the area was virtually ignored as suburbs expanded far from Houston’s downtown. Communities such as The Woodlands and Kingwood are nearing completion, he pointed out, which means developers are looking for replacement properties in the northeast corridor.

Phase one is now under construction with an impressive roster of stores and restaurants featuring anchors Kroger Marketplace®, Sam’s Club, Academy Sports + Outdoors and Hobby Lobby, plus dozens of other popular stores and restaurants. The first phase of 505,000 square feet of retail is ahead of schedule and projected to open in a few months. The second phase is expected to open in the spring of 2017, adding another 275,000 square feet, and the final phase is projected to be delivered by the end of 2017.

“What drew us to the area really was a small piece of property, just 100 acres. That was the initial acquisition for Valley Ranch in 1999,” explained Daniel Signorelli, President and CEO of The Signorelli Company, recognized as one of the leading real estate developers in Texas and Oklahoma. “From 1999 to 2006, we quietly made seven acquisitions to ultimately assemble the 1,400 acres that make up Valley Ranch.”

"It’s a true new market and arguably the only one of its kind in Houston.” - Daniel Signorelli Valley Ranch, meanwhile, is a short 15-minute commute to IAH and 25 minutes to downtown Houston. The 10-minute commute to the ExxonMobil campus in Spring, and other new business centers in The Woodlands/Spring area, are also expected to positively impact growth in northeast Houston. Currently, the area boasts a current population of more than 12

September 2016

Now a thriving master-planned community, the development is taking the next step: building a new 240-acre town center. With more than 1.5 million square feet, it is the largest retail project under construction in the Houston area.

“Not only are prospective retailers impressed by the tenant lineup, they are also excited about the growth and promise of this entire area,” said Eric Walker, partner with Capital Retail Properties and the leasing agent for Valley Ranch Town Center.

“Our vision early on was to have probably 80 percent residential with 20 percent retail and other uses,” said Signorelli. “Ultimately, this project evolved into maybe 40 percent residential, 10 percent parks and common areas and stuff, and the other 50 percent will be retail, medical, or commercial uses.”

Valley Ranch Town Center will also include an entertainment district with a state-ofthe-art Cinemark Theatre, multi-family residences, and community attractions including the massive 8,500-seat Texas Drive Stadium, 400-seat New Caney ISD Aquatic Center, Little League baseball complex and family activities at Ed Rinehart Park, and a 10,000-seat amphitheater. Bordering the

Daniel Signorelli

hub of Valley Ranch Town Center is the 135-acre Town Grove Park, providing serene greenspace and pristine lakes for events and gatherings.

“We are focused on bringing the highest quality and variety of retailers to Valley Ranch Town Center. But we are also creating a ‘downtown destination’ for a vibrant corridor that lacks these high quality components that other Interstate corridors enjoy,” Signorelli said. Along with a wide variety of tenants, Valley Ranch Town Center will feature new prototypes for several stores including curbside online order pickup for the 123,000-square-foot Kroger Marketplace® and Sam’s Club.

“The biggest surprise to tenants today seems to be the high population and excellent household incomes found in our trade area,” Signorelli said. “They are excited to have a store underway, less than a half-hour from downtown and not having to worry about cannibalizing an existing store. It’s a true new market and arguably the only one of its kind in Houston.”

"You know, they say it's better to be lucky than good. We've been substantially lucky on this project" - Daniel Signorelli Development in the northeast quadrant is only expected to grow. According to a study conducted by CDS Market Research, the Valley Ranch trade area will add 2,560 housing units per year between 2015 and 2020. That means it will double its population and households by 2030.

“You know, they say it's better to be lucky than good. We've been substantially lucky on this project,” Signorelli said. “Valley Ranch is clearly at the epicenter of mobility, connectivity, significant population and future growth for this I-69 corridor. This is the next big frontier where strong existing population is being met by significant development.” l

Parker/Littman Team Premier Marine, Industrial, Manufacturing and Rail-Served Offerings FOR SALE

FOR SALE

601 Industrial Park

96 Front Avenue

8010 S. First Ave.

GulfPort Industrial Park

FOR SALE

FOR SALE OR LEASE

FOR LEASE OR SALE

FOR SALE

±825 Acres

800 Koomey

West 10 Industrial Park

FOR SALE

Pascagoula, MS ±106.37 acre deepwater facility adjacent to the Port of Pascagoula; rail-served

Wharton County, TX ±824.9 acres on US 59/I-69 at CR 307; rail-served; ±60 miles southwest of Houston

Orange, TX ±119.291 acres on the Sabine River; rail-served; former marine construction yard

Brookshire, TX ±186,306 sq. ft., crane-served manufacturing facility on ±38.15 acres

B. Kelley Parker, III, SIOR John F. Littman, SIOR, MAI 713.963.2896 713.963.2862 kelley.parker@cushwake.com john.littman@cushwake.com

Sabine Pass, TX ±62.5 acre marine industrial facility near the mouth of the Sabine River

Sealy, TX ±528,120 sq. ft. available; craneserved; on a ±150 acre site

Coe Parker 713.963.2825 coe.parker@cushwake.com

Houston, TX ±188.11 acres on the Houston Ship Channel; PTRA Rail; numerous pipelines

±565 Acres on FM 1006 Orange County, TX Dual-rail-served plant site; numerous pipelines; near the Port of Orange

Cushman & Wakefield of Texas, Inc.

1330 Post Oak Boulevard Gulf Inland Logistics Park Suite 2700 SH 146, TX ±1,500 acres, dual-rail-served; sites Houston, TX 77056 713.877.1700 available

Tim M. Thomas 713.963.2837 September 2016 tim.thomas@cushwake.com

GReenberg & Company

VACANT LAND FOR SALE/LEASE GREAT LOCATIONS - MAJOR TRAFFIC

Commercial Real Estate Brokerage Firm

Galleria Downtown

6111 Richmond Ave. Houston TX 77057 Retail/Office/Townhomes/Medical SALE/LEASE/BUILD-TO-SUIT

Midtown

4510 Main St. Houston TX 77002 Prime Midtown Site SALE/LEASE/BUILD-TO-SUIT ♦ Vacant Land ♦ Easy Access To Major Freeways ♦ Land Size: 50,000 SF

♦ Galleria Area ♦ Major Thoroughfare ♦ Land Size: 100,000 SF

CALL FOR DETAILS

1200 Lockwood Houston TX 77026 Vacant Land Near Downtown SALE/LEASE/BUILD-TO-SUIT ♦ Vacant Land ♦ Easy Access to I-10 ♦ Land Size: 20,750 SF

CALL FOR DETAILS

Contact Broker: David Greenberg at David@GreenbergCompany.com 5959 Richmond Avenue, Suite 440 Houston, TX 77057 - Phone: 713-778-0900 - WWW.GREENBERGCOMPANY.COM

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NORTH MAIN SHOPPING CENTER

550 GREENS PARKWAY

1505 S. HIGHWAY 6

TOWNSHIP SQUARE

1001-1017 Main Street Liberty, TX 77575

550 GREENS PARKWAY Houston, TX 77067

1505 S. HIGHWAY 6 Houston, TX 77077

3340 FM 1092 Missouri City, TX 77459

• Former H-E-B Box, 30,000 SF Available • Located in the Heart of Liberty • Shadow Anchors: Family Dollar, Baskins Western Wear, American Mattress, Baytown Seafood

• Full Building, 72,000 NRA Available for Lease • New Ownership • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking

NORTHCHASE BUSINESS PARK

7660 WOODWAY

14505 TORREY CHASE BLVD Houston, TX 77014

7660 WOODWAY Houston, TX 77063

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

• 1,117-10,551 SF Available • Lobby & Common Areas Remodeled • Covered Two (2) Story Parking Garage • Located near the Energy Corridor

PASADENA PROFESSIONAL

FOR SALE

3315 BURKE ROAD Pasadena, TX 77504

• Up to 16,014 NRA Available • Five Level, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access

• Up to 6,882 SF Retail Space Available • Easy Access to Highway 6 & U.S. Hwy 59 • Traffic Count Exceeds 30,653 CPD

908 EAST SOUTHMORE

908 E. Southmore Blvd. Pasadena, TX 77502

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

• 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance • 532-3,068 SF Available

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ASHFORD PROFESSIONAL

10907-11095 I-10 East Houston, TX 77029

9920 Hwy 90 Sugar Land, TX 77478

650 FM 517 Dickinson, TX 77539

909 Dairy Ashford Rd Houston, TX 77079

• Up to 30,979 SF Available • End Cap Available • NWC I-10 E Frontage @John Ralston

• Hard Corner of Hwy 90 & Dairy Ashford • Up to 3,889 SF Available • Great Co-Tenancy • Traffic Count Exceeds 78,000 CPD

CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292

• 2,550 SF Available • 22,745 SF Shopping Center • Located at FM 517 & Hansen Dr. • Three Access Drives to its Parking Lot

SAN ANTONIO OFFICE: 12770 Cimarron Path St. 122 San Antonio, TX 78249 (210) 212-6222

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

AUSTIN OFFICE:

502 East 11th Street, #400 September 2016 Austin, TX 78701 (512) 302-4500

Master-Planned Communities Texas leads the way

David Jarvis

Kirk Laguarta

BY ANNE FARRELL PETERSON

Master-planned communities (MPCs) represent a large share of residential developments in eastern Texas metropolitan areas, according to two respected real estate consultants, and as demonstrated on popular real estate and relocation websites in Austin, San Antonio, Dallas-Fort Worth (DFW) and Houston. Texas Leads the Nation John Burns Real Estate Consulting annually ranks the top MPCs, based on homes sold in the prior year. Texas MPCs garnered 17 of the top 50 spots in the 2015 rankings published in January 2016. Houston led the nation with nine MPCs on the list, while DFW made a strong showing with six. Kirk Laguarta, a Houston-based broker with the national brokerage firm, Land Advisors Organization, said MPCs are thriving in eastern Texas.

of Realtors, or HAR.com site, lists 93 MPCs in the greater Houston area. Realtor Dave Downs, on his website, names 50 MPCs within the North Dallas suburbs.

“Dallas is super-heated right now. North Dallas and North Fort Worth have a huge amount of job growth fueling housing developments. The result is record lot prices and record home prices. It’s the economy of supply and demand,” he remarked.

“The expression MPC is over-used, in my opinion,” said David Jarvis, a senior vice president of consulting with the John Burns group. “Our definition in Texas is 1,000 or more acres under a single developer shepherding the property for mixed uses – homes, schools, retail, and in some cases, job growth.”

Another real estate consultant, RCLCO, publishes an annual list of the 20 top-selling MPCs based on home sales reported from the prior year. In their list of the top MPCs from 2015, Texas accounted for seven of the top 20, down slightly from eight in 2014, when all eight were in the Houston market. RCLCO’s latest list included five in Houston. DFW landed the other two Texas spots, with newcomers Westridge in McKinney at No. 11 and Paloma Creek in Little Elm at No. 14. Two MPCs in the northern DFW area – Phillips Creek Ranch in Frisco and Light Farms in Celina – narrowly missed the RCLCO top 20.

Jarvis is not surprised with the surge of highperforming MPCs in the DFW market. Statistics support these Dallas market trends. The latest S&P/Case-Shiller Home Price Indices for May 2016 show 43.3% growth in home prices in Dallas in the past five years, and a 9.0% year-over-year increase from May 2015. Comparatively, the national 20-city composite index increased 5.2% in the past year.

“We believe master-plans are very strong and very healthy and they will continue to be a good business model, as they have been in the past,” Laguarta said.

It’s hard to pin down a reliable number of MPCs in each of the four major eastern Texas metro areas. What qualifies as an MPC varies, based on the region or the organization hosting the information. The Greater Austin Newcomer Guide lists 12 MPCs in the vicinity of Austin and San Marcos. The popular Houston Association 16

September 2016

WestRanch - Courtesy Friendswood Development Company

Houston MPC activity is still strong, even if it has slowed slightly. Jarvis said MPCs actually maintain or increase their market share of total home starts during down cycles. “MPCs are better financed,” Jarvis explained. “Their developers have the stability to come put houses on the ground. The private equity in non-MPC developments is not there.”

Job growth is the major factor that drives MPCs, Laguarta said. In DFW, companies such as Toyota North America, State Farm, JPMorgan Chase, Raytheon, Charles Schwab, and Liberty Mutual Insurance are among employers fueling job growth with expansions and new complexes.

In Houston, the petrochemical industry in the South and Southeast is experiencing job growth, but large land parcels for MPCs are not readily available in that area, Jarvis said.

Montgomery County, Fort Bend County, and Brazoria County represent flourishing areas for MPC growth in Houston.

Jarvis described the Austin market as warm. “It’s not white hot like Dallas, but there is an increasing volume of home sales and demand. It’s a mild growth,” he said. Sizeable MPCs in Austin include Belterra by Crescent Communities (1,600 acres); Rough Hollow by Legend Communities (1,800 acres); Sweetwater by Newland Communities (1,400 acres); and Avery Ranch by Waterstone Development (1,800 acres). Blake Magee Company lists three different Mayfield Ranch developments on its website, totaling about 1,000 acres and 3,000 homes. Mayfield Ranch ranked No. 36 on the John Burns list. In San Antonio, land prices and lot prices have risen too fast, Jarvis said. “It’s outstripped home buyers’ ability to pay.”

The 3,000-acre Alamo Ranch by Galo Properties was No. 7 on the John Burns list, representing San Antonio’s only entry. Stillwater Ranch is another well-known San Antonio MPC recently in the news. It was purchased in July by RSI Communities LLC. It will include 2,300 homes at buildout, and covers 830 acres.

MPC Developers

The John Burns top-50 list reveals several MPCs from the same developers achieving success. In the Houston metro area,

Johnson Development Corp. has four communities on the list and Friendswood Development Company has three. Republic Property Group has two top-50 MPCs in the DFW market. This is no accident, according to Laguarta.

“Regardless of the price of oil, Houston has produced no less than 18,000 home starts every year for the past 20 years,” Laguarta added. “No other market in the nation can boast that many home starts. This year, we are on track for 24,000 or 25,000 home starts. Phoenix or Atlanta would love that.”

“The MPC business is a highly, highly specialized field. Someone who is used to developing 200 or 300 acres can’t automatically transition to 1,000 or 2,000 acres. You must have a broader perspective and a grander vision, plus a plan for the long-term reach. The real money people know this,” Laguarta said. The 41-year-old Johnson Development Corp., in Houston, has 17 MPCs in some stage of development, primarily located in the greater Houston area. Four of its MPCs have been developed in partnership with Tricon Capital Group, Inc., including two

in the DFW market – Viridian in Arlington and Trinity Falls in McKinney. Trinity Falls, a 1,700 acre MPC, was purchased in July by Johnson-Tricon from Castle Hills Partners. In a press release issued July 16, Larry D. Johnson, president and chief executive officer of Johnson Development Corp., stated, "Trinity Falls is an established master-planned community with a proven track record in a dynamic, fast-growing market. This was a unique opportunity to acquire one of the region's premier largescale master-planned communities."

Jarvis noted, “Johnson purchased the existing MPC to do what they do – to take that community and do an excellent job of molding it into a first-class MPC. They did not buy the asset to do more of the same.”

In another partnership, Allegiant Realty Partners is a joint venture formed in 2013 of Siepiela Interests and Taylor-Duncan Interests. Since then, Allegiant has purchased 2,200 acres in North Texas and the Austin area, with intentions to develop 5,500 home lots. Besides Light Farms and Phillips Creek Ranch, which ranked No. 23 and No. 25 on the latest John Burns list, Republic is planning a mammoth MPC west of Fort Worth. Walsh is a 7,200-acre community projected to include more than 18,000 homes upon buildout, which will come decades down the road, according to the company’s website.

Continue on page 18

ALLEGIANT REALTY PARTNERS MASTER-PLANNED COMMUNITIES MPC

Market

Area

Acres

Lots

ArrowBrooke

DFW

Denton County

410

1,750

Bozman Farms

DFW

Wylie

600

1,285

Caliterra

Austin

Dripping Springs

600

580

Crosswinds

Austin

Kyle

445

1,400

Bluffview

Austin

Leander

179

515

JOHNSON & TRICON MASTER-PLANNED COMMUNITIES MPC

Market

Area

Acres

Lots

Cross Creek Ranch

Houston

W. Houston/Fulshear

3,200

7,000

Grand Central Park

Houston

Conroe

2,000

550+ (TBD)

Viridian

DFW

Arlington

2,000

3,00

Crosswinds

DFW

McKinney

1,700

4,000

Recent examples of developers and investors forming joint ventures to purchase big tracts of land or existing MPCs does not jeopardize opportunities for other developers, according to David Jarvis of John Burns Real Estate Consulting. “None of the actions by MPC developers has had a negative effect. The market is just so big, there is room for everyone,” he said.

September 2016

Viridian - Courtesy Johnson Development

It has to be in the proper order, Laguarta stressed. “Before retail or commercial development, you have to have the bodies. No one is going to buy one thousand acres on the periphery of a community without customers in the area. You get the bodies coming first; once you get to critical mass, commercial development starts to take off.”

Evolution of an MPC

“For a new MPC to succeed, it requires a large land parcel that offers good access, within a good school district,” Laguarta said.

Besides good schools and good access, it’s important to have experts who know the area. He mentioned Larry Johnson and Doug Goff at Johnson; Ted Nelson and Alan Bauer at Newland Communities; Travis Stone at Aliana Development Company; Dan Naef at Rise Communities LLC; and Fred Caldwell and Peter Barnhart with Caldwell Companies as commercial real estate professionals who know the ins and outs of the regions where they build.

the business of financing these communities. “You need cash or private equity for the land. You need additional cash and private equity before banks will give money to start construction.”

From a homebuyer’s perspective, buying a home in an MPC is a good value. The homes tend to hold their value and the communities are filled with amenities that people want. Commercially, they also represent a good value, both experts agree. “You know the developer is going to build the rooftops to support the commercial development,” Jarvis said.

Towne Lake in Cypress and Cross Creek Ranch in Fulshear are two examples of MPCs at the commercial expansion stage of development.

MPC Trends

Regardless of the hundreds of MPCs in DFW, Houston, Austin and San Antonio, Laguarta said, “There is always room for more. It is predicated by a good location and execution of a very good plan.” Demand for homes is at an all-time high. In its Texas Quarterly Housing Report released on August 1, the Texas Association of Realtors® reported 91,418 homes sold during the second quarter of 2016, a 4.4% increase from the same period in 2015, and the highest volume of Texas home sales ever in a single quarter.

Those figures support the potential for even more Texas MPCs. Over the next three to four years, John Burns Consulting predicts that Dallas, San Antonio, and Austin will experience a rising market with more housing demand, more sales, and more home permits issued, according to Jarvis. In Houston, they forecast a tamer market, with 2017 lower than the current year, but are hopeful that next year will mark the low of the current market cycle. “We are not prognosticators of oil prices,” Jarvis said, but with the price of a barrel being the catalyst for job growth and home sales, the two go hand in hand. l

And, Laguarta added, the source of money drives the MPC. One struggle right now in Houston is attracting outside investors for new MPCs.

“The Wall Street perception of Houston is not a reality,” Laguarta said. “Where we are in the cycle, now is absolutely the perfect time to enter the market. Those who live in Houston know this.”

Stillwater Ranch - Courtesy WS-SAS Development

Bozeman Farms - Courtesy Allegiant Realty Partners

Caliterra - Courtesy Allegiant Realty Partners

Light Farms - Courtesy Republic Property Group

The Greater Houston Partnership reported in March that Houston’s natural population increase, based on 95,000 births and 35,000 deaths annually, adds 60,000 people per year. Even without economic drivers, the population will continue to grow. Financing an MPC is a capital-intensive endeavor, Jarvis agreed, and banks are not in 18

September 2016

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• Property is located ½ mile west of Kuykendahl at the lighted intersection of T.C. Jester and FM 2920. • Anchored by Woodforest National Bank and Texas Children’s Pediatric Associates. • 2nd generation retail/restaurant space available. • Great retail, office or medical/professional location with high traffic volume. • Other tenants include Southwest Allergy and Asthma, law office and dental office. • Nationally known area retailers include Super Walmart, Lowe’s, Kroger, Chili’s, Discount Tire, O’Reilly Automotive, among others.

• 250,000 SF of Class ”A” office building, designed as LEED Silver Certified with high-end finishes • Attractive 4-story, tilt wall and glass office building with 4-level covered parking garage • Located between the ExxonMobil Campus and The Woodlands Town Center with access to numerous amenities • Site has excellent access and visibility along I-45 between Woodlands Parkway and Rayford/ Sawdust Road • Close proximity to Hardy Toll Road; readily accessible from George Bush Intercontinental Airport and the Houston Central Business District

• Located within 1 block of Westwood Shopping Center, which includes Target, TJ Maxx, Ross, Office Max, PetsMart, Gold’s Gym. Area restaurants include: Chili’s, Starbucks, Taco Bell, Chick-fil-A, Five Guys Burgers, Which Wich Sandwich Shop, and Brother’s Pizza to name a few. • The property features abundant parking, courtyards and open breezeways. • Suites are individually metered and feature: 1-7 offices, reception area, kitchenettes and private restrooms. • Property is located in The Woodlands Submarket, one block north of Research Forest Drive, and approximately 6.2 miles west of Interstate 45.

9 +/- Acres For Sale

11 Acres For Sale

46 Acres For Sale

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26823 FM 2978, Magnolia • Located within 3 miles of the new Baker Hughes Western Hemisphere facility at the corner of FM 2978 and FM 2920 • Five-lane road improvements on FM 2978 in progress • New luxury community by Toll Brothers across the street under construction, with 850 +/- new luxury homes, 2016 Delivery (Montgomery County). • 390 FF on FM 2978, 1090’ North line, 1090’ South line approximately, 380’ West line • Great opportunity for future development; Potential Uses: Commercial Development/ multifamily • Utilities Available

32946 Egypt Ln. ,Magnolia • Direct access to The Woodlands via Research Forest Drive and Egypt Lane. Situated at a main ingress/egress point for The Woodlands. • Nearby national retailers including Target, Kroger, Ross Dress for Less, OfficeMax, Home Depot, PetSmart, Famous Footwear and Gold’s Gym, Walgreen’s, T.J. Maxx • Positioned near the heavily trafficked intersection of FM 2978 and FM 1488 with over 60,000 vehicles per day nearby FM 1488 • Property is situated on the corner of Egypt Lane and Research Forest Drive, under ½ mile east of FM 2978, and approximately 6 ½ miles from I-45. • Utilities available

I45/Longstreet, Willis • Property consists of 46 +/-approx. acres at the NEC of Long Street and Interstate 45 in Willis. • 2,274 FF on I-45 • Located approximately 17 miles from The Woodlands and 45 miles from Houston • Site is located on the north end of the City of Willis, located South of New Waverly and North of the City of Conroe • Property is located in Zone X (to be verified , per Montgomery County Flood Plain Viewer) • Utilities: Available through the City of Willis

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281.367.2220 jbeardcompany.com

Woodlane @ FM 2978, Magnolia • Located within The Woodlands Submarket 1-1/2 miles, is Westwood Shopping Center, including Target, TJ Maxx, Ross, Office Max, PetsMart, Gold’s Gym, as well as a Michaels. Pad users include Chili’s, Starbucks, Taco Bell, Chick-fil-A, etc. • Commercial development south of the site, at the intersection of FM 2978 and Woodlands Parkway is Super Walmart, Chase, Whataburger, and more. • Application for utility service available through Aqua Texas. • New luxury residential community by Toll Brothers south of Woodlands PKWY on FM 2978 • 983.9 FF on Woodlane

ICSC Booth #1619 September 2016

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

Not Satisfied with your Appraisal Review Board (ARB) Hearing Results? You Can Still Litigate or Arbitrate Your Property Tax Value.

Paul Bettencourt

BY PAUL BETTENCOURT

Whether the economy is trending up or down, there are always opportunities to reduce your property taxes. In Texas, property taxes average around 40% of total business tax expenses. They are a large component of your expenses that can be challenged and changed. With noticed commercial property tax valuations around the state up approximately 20% in 2016 and with economic conditions continuing to change through 2017, do not miss your final chance for a 2016 appraised value reduction that can save you money on your property tax bill.

The property tax system allows you three opportunities to lower your property tax valuation: the informal hearing, the formal ARB hearing, and Litigation or Arbitration. If you were not satisfied with the results of your formal ARB hearing, consider filing litigation or arbitration as a third and final appeal in the protest process. You have 45 days to file arbitration and 60 days to file litigation from the date of your ARB hearing order. It is important to hire a team that has experience in property tax judicial appeals to successfully navigate the different options available.

The judicial appeal process can be complex and hiring someone who understands the system can help tremendously when choosing the best course of action. The first step is to determine whether to file arbitration or litigation. Commercial and residential property up to $3 million can be arbitrated by a property tax agent without hiring legal counsel. Not all property tax agents have done arbitrations, so always ask about their experience and track record. Knowing how to prepare evidence packages and present them to arbitrators can lead to a better chance of success.

Litigation settlement agreements can be arrived at in different ways: court-ordered mediations, settlement conferences, negotiated agreements – and, rarely, actual trials. A successful outcome can depend on the team you assemble and their ability to navigate the different venues. A well-integrated relationship between the property tax agent and litigation attorney is key to winning. In Texas, the attorney of record must be hired by the building owner(s) and cannot be your property tax consultant, so it is important that both parties are knowledgeable and can work well together. If you have never filed litigation or arbitration don’t worry. It is more common than you think. A significant percentage of all civil litigation at the county court house is property value appeals. For example, in Harris County that is nearly 25%.

Filing a judicial appeal can save you nearly 10% on average, with the right representation and evidence. Every $1,000,000 in value reduction 20

September 2016

saves approximately $25,000 in property taxes. Lowering your property taxes can greatly affect your bottom line. So after your formal hearing do not hesitate to file arbitration or litigation if you have a case for further reduction, because it gives you another opportunity for a property tax cut! “The Quickest Way to a Property Tax Cut is a Successful Property Tax Protest” – The Taxman

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civil fair play

Going Up:

the fall and rise of 1717 Bissonnet BY BRANDI SMITH

Just more than 10 years after Buckhead Investment Partners Inc. acquired a 1.6-acre piece of Houston property, one chapter in the legal battle over its planned redevelopment has finally come to an end*. “It feels good to be vindicated,” said Kevin Kirton, Buckhead’s CEO and director. “We were confident the law was on our side from the beginning.” When Buckhead purchased the site in August 2006, the multi-family Maryland Manor Apartments were operating there.

The goal of the project, called 1717 Bissonnet, was to create “a neighborhood gathering place.” “It was a two-story building, but it was certainly different in character than the properties that it abutted, which were singlefamily and some duplexes,” said Reid Wilson, attorney and chairman of Wilson, Cribbs & Goren, P.C., the firm representing Buckhead on real estate and litigation issues.

September 2016

Reid Wilson

Neighborhood Gathering Place

Early in 2007, on-site leaks prompted a new sewer design and construction. As that project wrapped up, Buckhead decided to move forward with redeveloping the site to a primarily residential, mixed-use concept. The 23-story design included specialty retail and a restaurant at street level, along with a spa and office space on the sixth floor, combined with 17 floors of apartments or condominiums.

Buckhead said the goal of the project, called 1717 Bissonnet, was to create “a neighborhood gathering place.” At the time it was proposed, it would have been one of the city’s first highrise residential projects.

The company met with the two neighborhood civic associations to educate neighbors about plans for the property, hoping for an amicable start to the project. What ensued was anything but. Opponents launched a website and distributed signs in the area, even getting the city to revoke its prior approval of 1717 Bissonnet’s traffic impact analysis. The neighborhood pressured the City of Houston on the issue of permitting the project. It took 11 submissions before the City issued a permit for a reduced density project, resulting in litigation between Buckhead and the City over the density. In a 2012 settlement, most of the requested density was permitted, and Buckhead agreed to reduce the project from 23

Kevin Kirton

stories to 21 stories, add a pedestrian plaza and provide traffic and noise mitigation measures.

“As soon as Buckhead tore Maryland Manor down in Spring 2013, the neighbors brought a lawsuit against our client, the developer, saying that the proposed high rise, if built as permitted by the City, constituted a private nuisance,” Wilson said. “Let's just say that was a novel and extreme interpretation of the law.”

Community Disapproval

The threat of a lawsuit sent a chill through the Houston development community because of the dangerous precedence the case could create. “A nuisance case would be filed and say, ‘We don't care that you have your city permits. We don't care that there's not an element of danger. We just feel this is abnormal and out of place,’” said Wilson. “People could argue that many, many situations in Houston seem abnormal to folks outside Houston.” In time, 140 neighbors joined the effort to get an injunction against Buckhead to stop the construction of 1717 Bissonnet. They nicknamed it the “Tower of Traffic,” arguing that it would have a damaging impact on the neighborhood. “I think this is the ultimate example of a NIMBY: Not In My BackYard,” said Wilson.

Continue on page 26

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Continued from page 24

“The only reason the case went as far as it did was because it played out in a very wealthy neighborhood. There were a number of people who obviously felt strongly about it and supported the litigation with their pocketbooks.”

specifically taking on the project’s label as a ‘nuisance’, and the prospective nature of that determination.

“This is technical, but it's an important distinction. The way the judge presented it to the jury would allow someone who just didn't like a project to challenge it,” Wilson said. “We argued: how can you determine something is a nuisance if it doesn't exist yet?”

“Matthew [Morgan, Buckhead’s president] and I grew up in this community. We believe in Attractive Alternative our location, we believe in our addressed the issue of nuisance law in product, and we have designed Wilson a paper he presented at a land-use conference a project that will complement in 2015. In it, he said, “Nuisance law is a tool a landowner from ‘unreasonable’ the community and the City of tolossprotect of use and enjoyment of that land owner’s property.” But, he pointed out, its use must be Houston as a whole. The 1717 Bissonnet project is a perfect fit balanced. Wilson also stated that cities with zoning or for the area and its residents.” land-use development regulation rarely run

“Some mention has been made of the personal nature of the opposition, especially early on in this saga,” Kirton said. “We believe it was an emotional response to proposed change, maybe a fear of the unknown.” Though some developers may have backed down in the face of the mounting legal challenge, Buckhead did not, due to an overwhelming belief in its project.

“Good projects in good locations get built,” explained Kirton. “Matthew [Morgan, Buckhead’s president] and I grew up in this community, we believe in our location, we believe in our product, and we have designed a project that will complement the community and the City of Houston as awhole. The 1717 Bissonnet project is a perfect fit for the area and its residents.”

By the time Loughhead et al v. 1717 Bissonnet, LLC went to trial in November 2013 - six months after the lawsuit’s filing - the number of plaintiffs had dropped to 45 property owners and 30 properties. Fred Cook of Wilson Cribbs + Goren led a five attorney trial team (plus Ray Viada, an appellate specialist) for the 4 week trial. The jury ended up agreeing with the closest of the project’s opponents. “It was a fully entitled project, approved by the City after litigation, and on unrestricted property in an unzoned city, yet [the jurors] determined that it would be a nuisance to the fenceline neighbors,” said Wilson.

The jury awarded roughly $1 million in damages to the plaintiffs due to loss of market value for the closest 20 homes, denying damages to 10 others. However, the judge denied the injunction, allowing Buckhead to move forward with construction. Buckhead appealed to the Fourteenth Court of Appeals, 26

September 2016

into issues regarding nuisance law because a “detailed regulatory scheme” already exists. “All developers know to investigate local land use regulations before purchasing land for redevelopment,” he wrote. In the case of Buckhead, the company did do its research and learned that, though several adjacent properties had deed restrictions, its property did not.

“The court said that you can't have a nuisance for something that doesn't exist. It reversed all of the damages. It upheld the denial of the injunction,” Wilson said.

Here, however, neighboring landowners who believed the development plan would, in the future, interfere with their property in some way invoked nuisance law as a means to prevent a project from being completed. Wilson called this “judicial zoning.” Incidentally, one week before the appellate court rendered its decision on the Buckhead case, the Texas Supreme Court tackled a nuisance issue. Also in its appeal, Buckhead challenged the award of damages to the plaintiffs. The three-judge panel ruled earlier this summer, favoring Buckhead on every issue.

“The court said that you can't have a nuisance for something that doesn't exist. It reversed all of the damages. It upheld the denial of the injunction,” Wilson said. “That was very

important, so we feel very, very good about the decision.”

"...a year after the dust settles from our construction, most people who opposed the project will be glad to have another residential alternative that gives them, a friend or a family member, a place to live that is walking distance to some of the best that Houston has to offer.”

“The appeals court got it right and we are very grateful for its well-reasoned decision,” added Kirton. “Stepping back and looking at the big picture, it is a big victory for the development community. This decision, along with the recent Texas Supreme Court ruling on another nuisance case, provides clarity and certainty for developers, allowing them to confidently make investments in urban developments.”

Now that the ruling is in, Buckhead plans to move forward with construction of 1717 Bissonnet, according to Kirton.

“Matthew, myself and our investment partners will build a great project on the best residential redevelopment site in the City of Houston,” he said. “I have said for a long time that a year after the dust settles from our construction, most people who opposed the project will be glad to have another residential alternative that gives them, a friend or a family member, a place to live that is walking distance to some of the best that Houston has to offer.” While this legal fight has come to a close, Wilson said there are many more on the horizon.

“There are more local land use disputes today than there were when I started practice,” he said. “We’re even seeing it in Houston, the Great Unzoned City. There’s more conflict as new development becomes bigger and denser.” He called the changes inevitable and also predicted it would usher in a wave of more government regulation on development in Houston and beyond.

“We're in battle every day on land use issues,” Wilson said, “and we're seeing more demand from the private sector for representation in this area. In fact, we are bulking up that practice area with the hiring of Omar Izfar, formerly the City Attorney for the Houston Planning Commission.” l

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Shawn Cloonan

ray’s buzz

O’Connor Apartment Forecast Luncheon Speakers: Jennifer Campbell, IPA, and Jim Humphries, Colliers BY RAY HANKAMER rhankamer@gmail.com

Takeaway: Between now and the end of 2017 there will be some softness in rent growth in Class A. and even flatness and some rent and other concessions, but then absorption will resume as proposed projects are put on hold. Class B is effectively at full occupancy with some rent growth. • Houston has had 57 months steady employment growth, while losing some higher paid jobs and gaining some lower paid jobs

by underlying fundamentals and not a feeding frenzy of demand, so this pricing is sustainable

• The falling rig count may have bottomed out • Lots of Millennials living with parents and seeking to move out are

• The major Texas cities are at the top of investor interest, in part

• Shortage of lots and single family home inventories push people

• For the time being, rents have peaked in Houston, although

providing a welcome demand for rentals, as are splitting families and empty nesters selling their single family homes and moving to rentals in the urban core-these three sources of demand will help fill vacant rental units into renting

• Investment property-wise, lots of international funds and

countries’ sovereign funds are seeking yield through investments in multi-family in Houston and other Texas cities, with strong sovereign funds pushing aside private funds in some instances

• Investment prices are at an all-time high; however, this is driven

because of our long prospective population / rent growth

• No big distress opportunities yet-private money which has built

many of our multi-family projects is patient and can wait to sell until occupancies and rates reach originally projected levels; these investors have invested for the long term the properties with the best locations are filling up faster and maintaining higher rents

• Texas is at “full employment” statewide: 95.6% • Long term demand scenario for Houston multi-family: “favorable” • Have backlog of jobs

Offering Properties & Hotel Consulting PROPERTIES AVAILABLE • Hotel, Condo, Retail Site - Cruise Terminal - Galveston, TX • Freeway Sites - I-20 - Monahans, TX • 30 Acres Commercial/Rail Serviced - Tomball, TX • 12 Acres Residential/Commercial - I-45 - Huntsville, TX • Hotels - Statewide • Hotel Sites - Katy, TX

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September 2016

(713) 922-8075 • www.hankamer.com (713) 789-7060 www.hankamer.com

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The premier advocacy and networking organization for the Central Texas commercial real estate industry

Why Should You Join RECA? • Networking opportunities with other industry professionals • Access to development discussions with local government • Discounts on events and educational programming

Interested in advanced commercial real estate education? Call us. Learn More & Join:

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The Real Estate Council of Greater Fort Worth provides exclusive opportunities for young professionals to excel in the commercial real estate industry. From networking events to our Mentoring Series, REC of GFW has you covered!

The Real Estate Council of Greater Fort Worth is an association made up of 350+ members of the commercial real estate development profession and its partners, including financial institutions, law firms, architects, engineers, and commercial construction companies. Our unified voice supports initiatives that will accomplish long-term job growth and economic opportunity while enhancing the quality of life in the September 2016 29 greater Fort Worth area.

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events

CENTRAL SOUTH TEXAS

September 2016 Calendar MONDAY

TUESDAY

BOMA AUSTIN bomaaustin.org BOMA SAN ANTONIO bomasanantonio.org CCIM ccimtexas.com CETA cetalliance.com CREW AUSTIN crewaustin.com CREW SAN ANTONIO crew-sanantonio.org CTCAR ctcaronline.com IREM AUSTIN iremaustin.org IREM SAN ANTONIO iremsanantonio.org

WEDNESDAY

RECA AUSTIN reca.org REC San Antonio www.recsanantonio.com TABB Austin www.tabb.org/austin_chapter.php TABB San Antonio www.tabb.org/san_ antonio_chapter.php ULI AUSTIN austin.uli.org ULI SAN ANTONIO sanantonio.uli.org

THURSDAY

FRIDAY 1

BOMA San Antonio: Program Committee Meeting 11:30AM

CREW Austin: Communications Committee

*Members Only

CREW Austin: Special Events Committee

CCIM: 3rd Annual Golf Tournament 11:00AM CTCAR: TAR Commercial Event 8:00AM September (7th & 8th)

CCIM: CREN Course Commercial Real Estate Negotiations 8:00AM - 5:00PM

IREM Austin: Luncheon 11:30AM - 1:00PM

*RECA Austin: Christmas In October Committee Meeting 12:00PM - 1:00PM CCIM: CI 103 Course 8:30AM - 5:00PM September (13th-16th)

BOMA Austin: Project Management 101 8:15AM

*RECA Austin: City of Austin Policy Committee Meeting 12:00PM - 1:00PM

CREW Austin: Board Meeting

ULI Austin: UDMUC Meeting *RECA: September Ideas Forum 11:15AM - 1:00PM

*RECA Austin: REAL YP Christmas in October 12:45PM - 1:15PM

*RECA: Membership Committee Meeting 12:00PM - 1:00PM

CREW Austin: Networking Luncheon 11:30AM - 1:00PM CREW Austin: New Member Orientation ULI Austin: Mentorship Forum Large Group Event

CREW Austin: Golf Adventure

TABB San Antonio: Chapter Meeting

CCIM: Networking Luncheon 11:30AM - 1:00PM *RECA: Charity Golf Classic Committee Meeting 12:00PM - 1:00PM

September 2016

BOMA San Antonio: Luncheon 11:30AM

ULI San Antonio: Quarterly Luncheon 11:30AM - 1:30:pm BOMA Austin: AAFAME Expo 10:00AM - 2:00PM

IREM San Antonio: Board Meeting 11:30AM - 1:00PM

CREW Austin: Community Service Meeting 11:30AM

CREW Austin: Golf Committee Meeting 11:30AM

CTCAR: Property Information Exchange 7:15AM - 9:15AM

ULI Austin: Next Kickoff CTCAR: Professional Series 2:30PM - 4:00PM BOMA Austin: Monthly Luncheon 11:30AM - 1:00PM CREW San Antonio: CREWtini 6:00PM - 9:00PM TABB Austin: Chapter meeting ULI Austin: Lunch 11:00AM - 1:00PM ULI San Antonio: Back to School 5:30PM - 7:30PM

CTCAR: Networking Luncheon 11:30AM - 1:00PM

BOMA San Antonio: Community Service Committee

IREM Austin: Top Golf Play Date 2:00PM - 5:00PM

ULI Austin: Advisory Board Meeting 4:00PM - 6:00PM ULI Austin: HCD Meeting 4:00PM - 6:00PM

IREM Austin: Board & Committee Chair Meeting 11:30AM - 1:00PM

CREW Austin: Membership Committee ULI Austin: Breakfast 7:30AM - 9:00AM

BOMA Austin: Seminar: Active Shooter Table Top - We had an incident now what? 11:30AM - 1:00PM

IREM San Antonio: Fish Bowl 2016 2:00PM - 5:00PM

CREW San Antonio: Kendra Scott Gives Back Party 5:00PM - 8:00PM IREM Austin: Breakfast Meeting 8:30AM - 10:00AM

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.

CENTRAL SOUTHEAST TEXAS TEXAS SOUTH

BOMA AUSTIN

ROUND TABLE WITH COUNCIL WOMAN ELLEN TROXCLAIR L to R: Amy Newsom, Rex Gore, Lauren Rameriz, Chris Covo, Ellen Troxclair, Stephen Shepard, Peggy Dills, Kirk Golinghorst

September 2016

social

TOUR OF MOBILE LOAVES & FISHES Top L to R: Marla Johnson, Irene Melendez Above: Jamie May

CTCAR & CCIM CT

CTCAR & CCIM CENTRAL TEXAS JOINT NETWORKING LUNCHEON “DIRT TO DOOR” L to R: Beth Guillot, Shelly Mitchell, Adam Kohler, Chip Mills

October 2015

IREM AUSTIN

BOMA SAN ANTONIO

SUMMER SOCIAL AT TOP GOLF Above L to R: Cindy Winters, Michelle Sepulveda, Lisa Gunkle and Patty May.

RECA

EXCHANGE Top, L to R: Bobak Tehrany, Jewels Nickells, Kathy Smith Speaker: Austin Mayor Steve Adler Speaker: Gary Golden

RETAIL LIVE! AUSTIN 2016 CREW SAN ANTONIO MOVIE NIGHT

CREW AUSTIN DINE AROUND

CREW Austin Dine Around held at True Food Kitchen

Top, L to R: LeAnne Berreth, Dawn Vernon L to R; Dena Welch, Amanda Reed, Michelle Bolt & Kelly Rabanal.

Top L to R: Scott Cummings of Rohde Ottmers Siegel Realty, Randy Summers of Davis Equity Realty, Dale Davis of Davis Equity Realty L to R: Ashley Williams of NewQuest Properties, Laura Lund of Panda Restaurant Group L to R: Justin Levine of LEVCOR, Nina Kuhn of LEVCOR, and Adrian Ramirez of Waterman Steele Real Estate Advisors September 2016

events

NORTH TEXAS

September 2016 Calendar MONDAY

TUESDAY

BOMA DALLAS bomadallas.org BOMA FORT WORTH bomafortworth.org CORENET NORTH TEXAS northtexas. corenetglobal.org CREW DALLAS crew-dallas.org CREW FORT WORTH crewfw.org/ IREM DALLAS irem-dallas.org IREM FORT WORTH www.fortworthirem.org

WEDNESDAY

NAIOP northtexasnaiop.com NT CCIM chapters.ccim.com/northtexas NTCAR ntcar.org TREC recouncil.com REC GFW recouncilgfw.com TABB DFW www.tabb.org ULI NORTH TEXAS northtexas.uli.org

THURSDAY

FRIDAY 1

NTCAR: Commercial Real Estate Expo 4:00PM - 8:00PM

BOMA Dallas: Course: Boilers, Heating Systems and Applied Mathematics 5:00PM - 7:00PM

CREW Fort Worth: Luncheon 11:30AM - 1:00PM IREM Dallas: Executive Council Meeting

REC of GFW: Board Meeting 11:30AM1:00PM ULINT: Breakfast Forum 8:00AM

CREW Fort Worth: Treasury Committee Meeting 1:00PM

BOMA Dallas: Course: Design Operation & Maintenance of Building Systems - Part 2 5:00PM 7:00PM

IREM Dallas: 21st Golf Tournament 7:00AM

CoreNet: North Texas Golf Experience 12:00PM 8:00PM

BOMA Fort Worth: Luncheon 11:30AM

BOMA Dallas: Luncheon 11:30AM

IREM Dallas: Luncheon 11:30AM - 1:00PM IREM Fort Worth: Stockyard update 11:30AM TREC: New Member Mixer 5:30PM BOMA Fort Worth: Committie Meeting Membership 12:00PM

CREW Dallas: Industrial Luncheon 11:30PM

NAIOP: Luncheon 11:30AM - 1:00PM

BOMA Fort Worth: CSC Meeting 11:30AM

CREW Fort Worth: Brews & BBQ 6:00 PM - 8:30 PM NTCAR: 3rd Quarter Membership Meeting

CREW Fort Worth: Breakfast & Orientation 8:00AM to 9:00AM

ULI NT: 2016 Urban Summit 15th & 16th

ULI NT: 2016 Urban Summit 15th & 16th BOMA Dallas: Engineering Luncheon 11:30AM - 1:00PM

BOMA Fort Worth: Dine & Dash Event 5:00PM

REC GFW: The Panther City Dodge Ball Tournament

BOMA Dallas: Fall Adopt A Block 8:30AM - 6:00PM

TREC: Bank of Texas Speaker Series 7:30AM TREC Dallas: North Texas Giving Day 6:00AM TABB DFW: Chapter meeting 11:30AM

NT CCIM: Finanical Analysis for Commercial Investment Real Estate (26th-29th)

NTCCIM: Finanical Analysis for Commercial Investment Real Estate (26th-29th)

NTCCIM: Class Happy Hour 5:30PM

BOMA Fort Worth: Board Meeting NT CCIM: Finanical Analysis for Commercial Investment Real Estate (26th-29th)

NTCCIM: Luncheon 11:30AM - 1:00PM

CREW Dallas: An Evening of Outstanding Achievement 6:00PM - 8:30PM BOMA Fort Worth: Emergency Preparedness Seminar 10:00AM NT CCIM: Finanical Analysis for Commercial Investment Real Estate (26th-29th)

September 2016

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.

September 2016

social

October 2015

NORTH TEXAS

CCIM NORTH TEXAS

CROWD-FUNDING COURSE Top: The 23 students of the CI 103 Course CI 103 course is in full swing as the students work hard on a Case Study with Instructor Cliff Bogart, CCIM

CREW DALLAS

AUGUST LUNCHEON

BOMA DALLAS

Top L to R: Fran Piegari, Maschera Usrey L to R: Nancy Waters, Mike Geary, Amy Reilly Sallusti, Dr. Suzanne Maxwell, MaryBeth Shapiro L to R: Dr. Suzanne Maxwell, MaryBeth Shapiro

LUNCHEON

Speaker: Chad Hennings Presenting-Luncheon

CCIM NORTH TEXAS

2017 CCIM CHAPTER TRAINING

L to R: Cassie Poss, Chapter Administrator, John McClure, CCIM, Saadia Sheikh, CCIM, Collin Flynn, CCIM, Debi Carter, CCIM

Speaker: Scott Moore emcee-Principal member Speaker: Gardner Pate presentation-Principal Member Attendees enjoying BOMA Luncheon

L to R: Debi Carter, CCIM, Saadia Sheikh, CCIM, Cassie Poss enjoy the Illinois CCIM Chapter boat cruise during the 2017 CCIM Chapter Officer Training September 2016

events

SOUTHEAST TEXAS

September 2016 Calendar MONDAY

TUESDAY

ACRP acrp.org BACREN bacren.com BOMA HOUSTON houstonboma.org CCIM HOUSTON ccimhouston.org CORENET houston.corenetglobal.org C.R.E.A.M. creamtx.com CREN crengulfcoast.com CREW HOUSTON crewhouston.org FBSCR fbscr.com

WEDNESDAY

GREATER HOUSTON PARTNERSHIP houston.org HREC houstonrealestatecouncil.org IREM HOUSTON iremhouston.org NAIOP naiophouston.org O'CONNOR & ASSOCIATES poconnor.com SIOR www.sior.com/ TABB Group www.tabb.org ULI houston.uli.org

THURSDAY

FRIDAY 1

TABB Houston: Course #210, 9:00AM (6th-9th)

CCIM Houston: September Special Event 4:30PM - 7:00PM

CREW Houston: Luncheon 11:30AM - 1:00PM

Greater Houston Partnership: The Game Day Impact 11:00AM - 1:30PM

C.R.E.A.M: Luncheon 11:00AM - 1:00PM IREM Houston: Public Policy Committee Meeting 11:30AM

CoreNet Houston: Breakfast 7:30AM - 9:00AM

BOMA Houston: RPA Course 8:00AM

IREM Houston: September Luncheon Texas Speed Rail 11:30AM - 1:00PM

Greater Houston Partnership: Mexico's Energy Regulatory Framework 8:00AM - 10:30AM

ULI Houston: 6th Annual Sporting Clay Classic 11:30AM - 5:00PM

BOMA Houston: RPA Course 8:00AM

CREN Houston: Luncheon 11:00AM 1:00PM

CREN Houston: Breakfast 7:30AM 9:00AM

CCIM Houston: Breakfast 7:30AM - 9:00AM BOMA Houston: RPA Course 8:00AM

IREM Houston: Course Sept. 20-21, 8:00AM 5:00PM

Greater Houston Partnership: Luncheon 11:30AM - 1:00PM

IREM Houston: Course Sept. 20-21, 8:00AM 5:00PM

O'Connor & Associates: Luncheon 11:30AM - 1:00PM

FBSCR: Breakfast: 8:00AM 9:00AM

ULI Houston: ULI Houston Women's Leadership Initiative 5:30PM - 8:00PM

IREM Houston: Course Leadership & Human Resources 8:00AM 5:00PM

BACREN: Monthly Luncheon 10:30AM - 1:00PM ACRP Houston: Happy Hour 5:00PM - 7:00PM BOMA Houston: Membership Luncheon 11:30AM - 1:30PM

CCIM Houston: Night at the Ballpark 6:30PM - 9:00PM

ACRP Houston: Cocktails/ Networking 5:00PM 7:00PM

September 2016

BOMA Houston: Educational Seminar 8:00AM - 10:00AM

CREN Houston: Happy Hour 4:30PM - 7:00PM TABB Houston: Trade Show followed by Happy Hour 8:30AM - 5:30PM Greater Houston Partnership: State of Metro ULI Houston: Breakfast 7:30AM - 9:00AM

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.

SOUTHEAST TEXAS

BOMA HOUSTON

TABB HOUSTON

Top Speaker: Houston Mayor Sylvester Turner

Top L to R: Shanna & Dominick Caravella

Schneider Electric Attendees at BOMA Luncheon

L to R: Dominick Caravella and Marcia Bowron

Photo by PlusCorp

HAPPY HOUR

LUNCHEON

FBSCR

September 2016

social

Photo by PlusCorp

Top Speaker: Randall Malik, Rosenberg Economic Development Director

Photo by PlusCorp

LUNCHEON

Photo by PlusCorp

C.R.E.A.M LUNCHEON

Top L to R: Mandy S. Harper; Bobbie Bozarth

Photo by PlusCorp

L to R: Leah Forney, Sean Duffy, Ryan Hutson, Bella Cruz

Photo by PlusCorp

L to R: Bob Graf, Marlene Hay, Larry Indermuehle

CCIM HOUSTON

CREN HOUSTON

Top L to R: Michael Borden, Ann Tran, Kristen Wiehe, Benjamin Goss, Jennifer Horan

Top L to R: Rin Willis, Adnan Ahmed, Richard Miranda, and Imad F. Abdullah

L to R: Marcus Moody and James Greene

L to R: Angelina Hsieh, Andrew Armistead, Julia Wood

LUNCHEON

BACREN

MCE CLASS Top L to R: Jim McIngvale "Mattress Mack",Shawn Budhwani; Keller Williams Commercial - Nasa / Clear Lake L to R: Jim McIngvale "Mattress Mack" and Jan Briggs

L to R: Jose Porth, Veronica Martinez, Larry J. Riklin, Jeff Polasek Speaker: Lilly Golden September 2016

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CENTRAL SOUTH TEXAS Austin/San Antonio Areas

AUSTIN, TX

International Realty.

BUDA, TX

CORPORATE CAMPUS CONSTRUCTION

OFFICE LEASE

VACANT LAND SALE

Northern CA-based software company, Oracle Corporation, has started construction on the 560,000 sf corporate campus located near Lakeshore Blvd & Pleasant Valley Road in the East Riverside Drive corridor. Oracle also purchased the adjacent Azul Lakeshore Apartments at 1201 Lady Bird Lane with the intent of eventually converting it into workforce housing.

CORPORATE CAMPUS CONSTRUCTION

AUSTIN, TX Five Austin CREW members named by Austin Business Journal as "Renaissance Women" in Interior Design

San Francisco-based Charles Schwab Corporation is planning construction of two buildings at 2309 Gracy Farms Lane. They will break ground in October on a 185,000 sf building and will also build an 80,000 sf corporate amenity building. The new campus will house as many as 2200 employees.

HOTEL/MIXED-USE CONSTRUCTION Jen Bussinger, Page

Jennifer Carter, Studio8 Architects

Jennifer Keaton, The Bommarito Group

The 33-story Austin Property Hotel & Residences is breaking ground near Cesar Chavez &San Antonio Streets. Goldman Sachs & Company became a capital partner with developer Kor Group for the development of the project which will include 244 rooms and more than 12,000 sf of indoor & outdoor meeting spaces & a retail component.

INDUSTRIAL LEASE

Daryl Flood Logistics leased the 104,146 SF building located at 15833 Long Vista Drive. Owned by Global Logistics Properties, the facility is within the Vista Industrial Park near I-35 and Grand Avenue Parkway. Centric Commercial/CORFAC International represented the tenant.

MIXED-USE DEVELOPMENT

Mary Bledsoe, Gensler

Travis County recently approved the boundaries for a public improvement district for Wildhorse Ranch which brings the 1450 acre development located near Walter E. Long Metropolitan Park closer to fruition. The developer, Pete Dwyer, estimated the project could ultimately have 1.5 million sf of commercial space.

MULTI-FAMILY SALE PollyAnna Little, STG Design

September 2016

Austin developer, Embrey Partners Ltd sold the 316-unit Estate at Bee Cave project located at 3544 S. Ranch Road to San Antonio developer,

Hellas Construction leased 13,838 sf of space at 12710 Research Blvd. Matt Levin & Jason Steinberg with ECR represented the landlord and Jim Vann with Moody Rambin represented the tenant.

OFFICE LEASE

TriNet Group Inc, a CA-based human resources company, leased approximately 34,000 sf in Riata Corporate Park located off US Hwy 183 just south of Apple Incâ&#x20AC;&#x2122;s Austin campus.

OFFICE CONSTRUCTION

Google signed a lease for 200,000 sf at 500 W. 2nd Street and $20.2 million in build-out is planned for the first 140,000 sf.

OFFICE SALE

Newport Beach, CA-based KBS Realty Advisors purchased Stonebridge Plaza I & II from Heitman. The two buildings total 386,101 sf and are located at 9600 & 9606 N. MoPac Expressway.

OFFICE SALE

The Texas State Teachers Association purchased the 28,332 sf Hyridge Place building located at 8716 N. MoPac Expressway. Travis County Appraisal District listed the previous owner as local investor, Cheryl Ogle. Jeff Coddington & Diana Holford of JLL handled the transaction.

RESEARCH/DEVELOPMENT SPACE LEASE

Samsung Electronics is doubling its Austin presence by leasing a 112,000 sf space at San Clemente on Capital of Texas Hwy near Westlake Drive.

RETAIL LEASE

House of Horrors leased 10,000 sf at Tanglewood Village, located at 2110 W. Slaughter Lane. Rob Merritt of Retail Solutions represented the landlord.

RETAIL SALE

Melver Carpenter LLC purchased 18,000 sf of big box space at 12625 N. I35. The building was formerly an OfficeMax store. Lance Morris with The Retail Connection represented the seller and Gay Ruggiano with The Kucera Companies represented the buyer.

Cotton Development 2, LP sold 43.686 acres in Buda to Back 40 Developers, LLC. Perry Horton of Lead Commercial & Josh Hubka of REOC Austin represented the seller and Jeremy Cummings of Structure Commercial represented the buyer.

CEDAR PARK, TX RETAIL LEASE Champion Performance leased 5800 sf at Lakeline Village at 12617 Ridgline Blvd. Dave Burggraaf of Retail Solutions represented the landlord and Buddy Frances of Mutual Trust Corporate Real Estate represented the tenant.

COLLEGE STATION, TX MULTI-FAMILY SALE

A limited liability company sold Landmark on Longmire, a 144-unit project at 2302 Longmire to an undisclosed buyer. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap represented the seller.

HARLINGEN, TX OFFICE SALE

A private investor sold West Jefferson Avenue Office, a 35,061 sf building located at 1820 West Jefferson to an undisclosed buyer. Kenneth Hartmann & Joshua Murphy of Marcus & Millichap handled the transaction.

MARBLE FALLS, TX RETAIL NET-LEASED SALE/ LEASEBACK

Sana Vida Wellness, a 5451 sf net-leased property located at 507 FM 1431 just off US 281. Upon closing, Sana Vida Wellness will enter into a 15-year triple-net sale/leaseback. Geoff Ficke with Marcus & Millichap represented the seller.

PFLUGERVILLE, TX RESIDENTIAL CONSTRUCTION

AHV Communities purchased land to develop Village on Legacy, which will be 84 marketrate-single-family rental detached homes which will have 1440 to 1882 sf with three to four bedrooms.

ADDISON, TX OFFICE SALE

TriGate Capital has sold two of its office buildings along the Dallas North Texas Tollway after holding the buildings for the past six years. Stark and Chris Boyd of Colliers represented TriGate Capital in selling the two buildings to two separate investors. Emerald Plaza, a 74,182 sf office building was sold to Grander Capital Partners, which represented itself and The Landmark, a 158,650 sf office building was sold to Libitzky Property Company and Sunwest Real Estate, which also represented themselves in the deal.

CARROLLTON, TX RETAIL SALE/LEASEBACK

Marcus & Millichap announced the facilitation of the saleleaseback of Spirit International, a 30,335 sf net-leased property located in Carrollton, Texas. Adam Abushagur had the exclusive listing to market the property on behalf of the seller, a private investor.

DALLAS, TX OFFICE CONSTRUCTION

Victory Center could soon get underway if Houston-based Hines and Atlanta-based Cousins Properties Inc. land some “strong prospects,” to anchor the proposed 23-story office tower, which is expected to cost nearly $200 million to develop. The development group wanted to find a large tenant – ranging in size from 150,000 sf to 200,000 sf before breaking ground on the 460,000 sf tower.

OFFICE SALE

Canadian investor Dalfen America Corp has sold Dominion Plaza to New York investor, DRA Advisors LLC. The threestory building, located at 17300 Preston Road, has 318,695 sf rentable office space, includes a four – level parking garage and surface parking. John Alvarado, Gary Carr, Eric Mackey and Robert Hill of CBRE represented the seller.

OFFICE SALE

Crescent Real Estate LLC and Boston-based Long Wharf Real Estate Partners LLC acquired a 13-story, 354,182 sf office building called the International Plaza III which is located at 14241 Dallas North Tollway. JLL’s Jack Crews,

Evan Stone and Lauren Zimmer worked on the deal which is part of Crescent’s recently established GP Invitation Fund I.

OFFICE SALE

Watermark Community Church is buying a 127,913 sf Park Capital office building at 9616 LBJ Freeway in Dallas. Houstonbased Hartman Income REIT Management Inc.’s affiliate acquired the property nearly 12 years ago. The buyer will utilize the property to host meetings & overflow from the congregation as well as lease the building to new office tenants.

OFFICE SALE

German investor Union INVESTMENT Real Estate is buying 2000 McKinney Avenue in Uptown for more than $200 million, or more than $500 per sf. The 21-story, 442,355 sf office tower has been on the market since earlier this year. The Tower has been marketed by Eastdil Secured on behalf of the owners, Lincoln Property, and a foreign Investment group.

OFFICE SALE

New-York based Fortis Property Group LLC has acquired one of the tallest skyscrapers in downtown Dallas. Fortes Property Group purchased the property which was valued at $178.7 million from Houston based Hines, which was represented by HFF. Fortis plans to upgrade the curb appeal of the 55-story, 1.3 million sf tower at 2200 Ross Avenue.

OFFICE SALE

The former regional headquarters building of Geico Insurances has been acquired with plans to upgrade the property to attract new tenants. The 240,000 sf building located at 4201 Spring Valley road near Midway Road in North Dallas has four parking spaces per 1,000 sf of office space.

OFFICE/RETAIL REDEVELOPMENT

Matthews Holding Southwest Inc. will soon begin transforming the historic Dallas High School into office and retail space. Construction on the four-story, 109,000 sf building, will begin by the end of the month. The 109 year old building at 2218 Bryan St. will have 66,000 sf of office space and 26,000 sf of retail space.

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FORT WORTH, TX OFFICE LEASE

GE Transportation, which has been in North Texas for the past four years, plans to relocate its global services operation group into an office building in Alliance Town Center, The Company, a division of General Electric Co., has signed a lease for 16,573 sf within Hillwood Commons I at Alliance Town Center.

NORTH TEXAS

Dallas/Fort Worth Areas

RETAIL DEVELOPMENT

Construction will begin this fall on a 182,000 sf Walmart Supermarket at Park Vista Blvd. Walmart had until June 30, 2016, to build its store and also construct four lanes of Park Vista Blvd. between Ray White Rd. and Keller Hicks rd. However, the project was postponed as the city faced delays in acquiring the right-of-way needed for the road project. The store will open in spring 2018.

FRISCO, TX OFFICE LEASE

Bank of America will move into The Star in Frisco, operating out of the eight-story, Class A office building where the Dallas Cowboys headquarters will be located. Bank of America plans to occupy more than 60,000 sf within two floors.

RETAIL SALE

The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200 sf center located at the southwest corner of Main Street and FM 423, for an undisclosed price. Eddie Liebman and Matt Rosenfeld with the Weitzman group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchase.

Photo Courtesy: Dallas Business Journal

DALLAS/HOUSTON/SAN ANTONIO INDUSTRIAL SALES

Dallas based private equity firm Stonelake Capital Partners has assembled a large Texas industrial portfolio with the estimated value of $200 million, with plans to hold the properties for the next three to five years. The 35 building, 3.1 million sf portfolio in Dallas, Houston and San Antonio was assembled through 11 separate transactions in the last 18 months.

Ryan Smith has joined Venture Commercial’s Landlord Rep Team as Vice President.

GRAPEVINE, TX RESORT/WATER PARK DEVELOPMENT

Stand Rock Hospitality is developing a $330 million, 1,020-room resort and waterpark. It will be the city’s third water resort. The resort will sit on 33 acres with the city’s 185-acre development site adjacent to Grapevine Mills Mall. The $170 million first phase will begin mid-2017.

September 2016

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SOUTHEAST TEXAS Houston Area

ALVIN, TX RETAIL LEASE

EM Marketing, a San Franciscobased consulting firm & agency, leased 60,000 sf at 1701B Fairway Drive. Jarrett Dunaway of Mohr Partners International represented the tenant and Dan Silvestri of Silvestri Investments represented the landlord.

VACANT LAND SALE

Alvin ISD bought 98 acres in the new Meridiana MPC location at Iowa Colony Blvd & CR 64 for the construction of a 10,000 seat stadium with admin offices.

CONROE/ROUND ROCK/RICHARDSON, TX Phot Courtesy: Paul Takahashi/HBJ

HOUSTON, TX HIGH-RISE CONDOMINIUM DEVELOPMENT

The Washington, D.C. –based private equity firm & asset manager, The Carlyle Group LP, is a major financier in The Wilshire, located at 2049 Westcreek. The project is a 17-story with 96 units and more than 70% of the units have been sold.

MEDICAL OFFICE SALE

Sanders Trust LLC purchased three Texas medical facilities for $111.5 million from Medical Properties Trust in a joint venture with Chicago-based capital partner Harrison Street Real Estate Capital LLC. The three buildings total 191,800 sf including HealthSouth Rehab Hospital with 75 beds in Round Rock, Texas, 50 beds in Richardson, Texas and 60 beds in Conroe.

CYPRESS, TX Jason Gaines has joined NAI Partners as a senior vice president.

Dustin Cruz has joined Cresa Houston as a senior local & national tenant advisor

HEALTH CLUB CONSTRUCTION

San Rafael, CA-based VillaSport, is building a 130,000 sf health club at 12951 Barker Cypress Road that will open in spring 2017. The facility will include year-round swimming pools & a NBA hardwood court as well as a 14,000 sf VillaKids club.

FRIENDSWOOD, TX RETAIL LEASE

Robert Garcia has joined Transwestern as vice president of the firm’s healthcare advisory services team

REI plans to open a 25,000 sf store in the recently expanded Baybrook Mall located at Baybrook Mall Drive & I45 South.

HOUSTON, TX DISTRIBUTION CENTER LEASE

Amazon.com Inc. has announced plans to open its seventh Texas fulfillment center in Houston. The center will have 855,000 sf and will employ 1000 associates.

HIGH-RISE CONDOMINIUM DEVELOPMENT Pelican Builders is planning a 33-unit high-rise luxury 40

September 2016

condominium project target to wealthy empty nesters at 2325 Welch at Revere. They will be priced between $1.6 million & $2.9 million.

HOTEL CONSTRUCTION

A Holiday Inn Express will break ground in September at 10500 Katy Freeway near CityCentre. The hotel will have 123 rooms in five floors.

INDUSTRIAL LEASE

Bectel Oil, Gas & Chemicals has leased 24,000 sf at Harms Road Industrial Park, a project developed by United Equities in northwest Houston. Derrell Curry of Savills Studley represented the tenant and Travis Land of NAI Partners represented the landlord.

INDUSTRIAL SUB-LEASE

La Porte-baed JV Industrial Cos. Ltd, a subsidiary of San Antonio-based Zachry Group, is subleasing 90,140 sf at a distribution facility at 750 Almeda Genoa Road. The space is being subleased from Houston’s Fortitude Manufacturig LLC. Jason Whittington of NAI Partners represented the tenant and Jim Vann of Moody Rambin represented Fortitude Manufacturing.

INDUSTRIAL SALE

Victor A. Lundy sold a 3,200 sf warehouse on 16,758 sf of land at 5412 Ashbrook near Chimney Rock & US 59. The seller was represented by Barrett Von Blon of Davis Commercial.

MULTI-FAMILY CONSTRUCTION

Melourne,Australia-based Caydon Property Group plans to break ground in January on The Midtown, a 380-unit project located in Midtown alongside MetroRail.

OFFICE LEASE

Saudi Basic Industries Corp, one of the world’s largest petrochemical manufacturers, has leased an additional floor at 2500 CityWest Blvd.

OFFICE LEASE

Chicago-based United Airlines leased 225,000 sf in Hines’ new downtown office tower at 609 Main Street. The airline will occupy floors 12 – 19. CBRE represented United and Colvill Offices Properties represented Hines.

OFFICE LEASE

The international law firm of Hogan Lovells US LLP leased 43,000 sf in Hines’ 609 Main Street building with plans to move in spring 2017.

OFFICE SALE/LEASE

BP is selling its 6-story Helios Plaza building in the Westlake office complex south of I10 & west of Eldridge Parkway. They have plans to lease back the building after it sells.

RETAIL CONSTRUCTION

Steve Radom, managing principal of Radom Capital LLC & Evan Katz are developing the 40,000 sf Heights Mercantile that is expected to be completed in the second quarter of 2017. The project is located at Yale & Seventh Street.

RETAIL LEASE

DICK’S Sporting Goods is on track to open six stores, including two that will feature a DICK’S, Field & Stream & Golf Galaxy all under one roof. The Shoppes at ParkWest at 24600 Katy Freeway in Katy and Baybrook Maill will house the 105,000 sf specialty stores and traditional leases are planned for Deerbrook Mail, First Colony Mall, The Woodlands Mall, The Woodlands & Willowbrook Mall.

RETAIL LEASE

Lam Bespoke, a Montrose custom furniture shop, is opening its second location in 6,100 sf at 12601 Memorial Drive in Midway Companies Memorial Green development.

SHOWROOM/DISTRIBUTION CENTER LEASE Anaheim, CA-based Eleganz Tiles, a luxury tile company has leased 44,130 sf at Apex Distribution Center in northwest Houston at Brittmore & Tanner. Clay Peeples with Boyd Commercial represented the tenant and Matteson Hamilton & Blake Warren with Stream Realty Partners represented the landlord, Dallas-based Crow Holdings Industrial.

HUNTSVILLE, TX VACANT LAND SALE

Legendary gymnastic coaches Bela & Martha Karolyi will sell 36.2 acres of their 3000 acres ranch at 454 Forest Service Road to Indianapolisbased USA Gymnastics. The portion that USA Gymnastics will buy includes housing for 300 athletes, coaches & administrators as well as training guys and dance studios.

ADVERTISER INDEX A. A. Realty Company 22 Bettencourt Tax Advisors 20 Caldwell Companies 5 CCIM North Texas 29 City of Converse 14 City of La Porte EDC 3 Cushman & Wakefield 13, 25 Greenberg & Co. 14 Hankamer Commercial Brokers, LLC 28 ICSC - Texas 43 John Daugherty Realtors 10, 11 Levcor, Inc. 23 National Environmental Services, LLC 7 Phase Engineering, Inc. 30 Plus Corp Photography 28 RBF Credit Union 14 REC Austin 29

classifieds & index REC Ft. Worth 29 Red Wing Aerials 23 Showalter Law 41 Signorelli Company 2 TABB 29 Tarantino Properties Inc 15 The J. Beard Real Estate Company 19 The Richland Companies 13 Waller County EDC 25 Windrose 44 Wolff Companies 1, 21 Wolverine Management 25

In Next Month's Issue... Civil Fair Play will focus on Texas water: The issues related to too much & too little.

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