OCTOBER 2016
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
Retailer Site Criteria
Does your property fit their needs?
Water woes:
Finding the balance between development and Mother Nature in Texas
GARDEN OAKS / OAK FOREST Ella Blvd & 34th Street
B RYA N D A N N A Bryan@REVIVEco.com Leasing@REVIVEco.com www.REVIVEco.com Office: 713.357.5800
Ella Blvd
34th St
N
For more information about the property, please see page 7
AVAILABLE RESERVES FOR INCENTIVES
Converse is open for business. Converse offers an agressive tax abatement policy to attract business investment and relocation. We also have a robust sales tax reserve fund balance of $2.4 million available for the right deal. Finally, Converse has a triple Freeport tax exemption available for qualifying value-added goods that remain in Texas for at least 175 days. Our local government has a pro-business attitude and welcomes new investment to Converse. Contact us today!
110 W. Legion • Converse, Texas 78109 888-984-5020 • converseEDC.com
Join us October 6th at ICSC Deal Making booth #1156 for a 5:00 pm reception & free raffle featuring an encore performance by Sebastien De La Cruz with Mariachis
MAY 2016
YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE
IN THIS ISSUE
8
14
20 LAND & HOUSING FORECAST
31
16
The Westin Houston, Memorial City Program Begins at 3pm | Networking Reception at 5pm $100/attendee All Net Proceeds to Benefit
For more information about the property, please see page ????
Title Sponsor
Media Sponsor
Market
LAOad_9.75x11.25.indd 1
Sales & Leases 1-3, 5, 7, 9, 13, 16–28
9/2/2016 8:40:47 AM
Features
Converse, Tx: Doubling Down 8
Services
Environmental Services 15, 30 Land Servicing 44 Legal Services 41 Real Estate Loans 26
Scoop
Events 32, 34, 36 Social 33, 35 ,37 Bulletin 38-40 4
October 2016
Texas Retailer Site Criteria 10-12 CIVIL FAIR PLAY Water Woes 14, 29 RAY'S BUZZ Cuba: Open for U.S. Tourism But Not Prepared 42
Livingston Town Center U.S. 190 West of U.S. 59
• Located at the crossroads of the major highways that bisect Livingston. • Gambling casino recently approved for Comanche reservation • Very high performing Super Walmart located across road.
Frank S. Nuchereno
Anthony Properties Development 12770, Coit Road, suite 970 Dallas, Texas 75251 214-683-9450
• New high school recently built on the western border of site. • Stripes and Chicken Express just opened within 6 months across road. • Discount Tire under contract.
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.
This is our 14th Annual Texas ICSC Retail Focus issue. Usually we are celebrating ICSC in November but are excited to see what October has in store. You can find us at Booth #534 so please come by and say hello.
This time last year Dr. Marci Rossell, Senior Economics Advisor for Delphin Investments, predicted that Houston could drive an environment where oil prices stay in the $50/barrel range and it appears that she was correct, given that Houston has maintained its equilibrium this year. Austin and Dallas have continued, from 2015 to 2106, to be in the top five U.S. cities for growth due to corporate relocations and data center developments. There are many retail expansions on the horizon and you can find the retailers that are interested in Texas on pages 10-12. Also noted, the ones in red are the ones that you’ll find at ICSC this month. Our Marketing and Sales Director, Eric Goins, dove head first in tracking down retail site criteria. After attending Retail Live, and talking to EDCs and others at the event, he noticed this information hard to come by or had to be pieced together. He also found that many of the retailers don’t have this information on their websites. Most of them have criteria on being a franchisee but not on property requirements. Both types of information are needed to make sure a new retail will be successful, but everyone knows it is all about location, location, location. Next month we’ll be covering Industrial/Office Service and Land. We are working on a story about redevelopment in historically industrial areas of Houston, Austin, San Antonio, and Dallas. Our Civil Fair Play series will talk with developers about Texas Water Woes. REDNews will also be covering a story about Houston’s Space Port and where we are headed with the space industry and commercial real estate.
Recently, I enjoyed visiting with Gary Maler, Director of the Texas A &M Real Estate Center, who graciously took me on a tour of the Real Estate Center. I’ll share their 45 year success story with you next month.
CONTRIBUTING WRITER
Ray Hankamer rhankamer@gmail.com
EMARKETING DIRECTOR
Rahul Samuel emarketing@REDNews.com
ART 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
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
Hope you have great success at ICSC and a very fun Halloween.
TOTAL QUALIFIED REDNews DISTRIBUTION: 50,458
Best Regards,
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
Ginger Wheless
6
October 2016
Doubling Down The rapidly growing community of Converse offers unique development opportunities BY BRANDI SMITH
Just 15 miles outside the second-largest city in Texas lies what might just be the state’s best-kept secret: the community of Converse. “You may drive through Converse and you may not see a lot happening right now,” said Kate Silvas, executive director of economic development at the City of Converse Economic Development Corporation. “Trust me, there’s a lot going on behind the scenes.” There’s also a lot front and center: 1,000 developable acres, $1 billion in buying power and $100 million in public investments.
“It’s just benefiting Converse tremendously,” said Silvas.
As those people flock to Central Texas, the city of Converse hopes to capitalize. It’s already seen some benefits, including more than 200 new homes going up each year for the past 10 years. Another 400 are already plotted.
“There’s just tremendous growth. We’re seeing some multi-family housing developments as well, so it’s really, really good in terms of density and retail availability,” said Silvas. “It’s an extraordinary place to find not only a place to live, but a place to do business as well.”
Best and Brightest Talent Possible More than 250 businesses have already set up in Converse and the city is working to bring in even more to accommodate the population boom.
“We’re able to turn permits in 30 to 45 days. Rezoning, special permits, whatever. If it’s legal, moral and ethical, we can do it and we are prepared to do so,” Silvas said. “We are really in a great position to be able to make some positive things happen.” October 2016
The diverse skills of those workers make almost any industry a potential success in Converse, according to Silva.
$1.5 Million Dollars in Incentive money 1,000 developable acres $1 billion in buying power $100 million in public investments 30 to 45 day turn on permits more than 250 businesses more than 200 new homes each year
“Texas is growing by leaps and bounds,” Silvas said. “Regulation in California, Illinois, New York and elsewhere is kind of magnetizing people to our area.”
8
“Many of these graduates are looking for places to work afterward and businesses pay attention to that,” said Silvas. “They want to succeed and they also want the best and brightest talent possible.”
City of Converse has a Loaded Deck
Growing by Leaps and Bounds Converse, like San Antonio, is located in Bexar County, which is growing more than twice as fast as the national average, according to the U.S. Census Bureau. The agency estimates a whopping 1.1 million new residents will move to the area in the next 25 years.
In addition to the city’s ideal location, Converse businesses also have access to the highly trained and highly educated workforce pool being churned out of local colleges and universities.
“The list of things that work here is almost endless,” she said. “We have a lot of manufacturing and construction, as well as information and technology. Retail sales are very important. We are also working on hospitality and entertainment destinations.”
Thrive and Succeed Seeing this growth and development looming on the horizon, the Converse EDC changed its focus about five years ago around the time Silvas came on board. In its first 10 years, the EDC worked on acquiring property for a long-term project aimed at mitigating traffic. While that effort is still underway, staff are also paying special attention to luring new employers to the city.
“How can we make businesses succeed here? How can we make businesses grow here? How can we create an environment where businesses will want to be here and the businesses that are here become tremendous ambassadors for us?” said Silvas. That’s where those 1,000 developable acres, $1 billion in buying power and $100 million in public investments come in.
“There’s also $1.5 million dollars in incentive money,” Silvas pointed out “Just come here and look. We’d love to have an opportunity to listen to their needs and see if we can make something positive happen.”
For more information about the property, please see page ???? “We want businesses to not only come here, but also thrive and succeed. We’re trying to help them and the City of Converse be prosperous. We’re really committed to that,” Silvas said.
No matter the type or size of development, Silvas says there is certainly room in Converse. It won’t be there forever, though, as businesses jump at the opportunity to build in such an ideal location. “We have a great story to tell,” she said. “I can’t think of a single reason why you wouldn’t consider and choose Converse in the end.”
INDUSTRIAL BUILDING FOR LEASE 2437 Peyton Rd | Houston, TX 77032
Property Features Square Footage: 24,258 Total SF 5,838 SF Office Area (incl. 1,500 SF Clean Room)
Land Area: 1.98 Acres Building Features: Two (2)-16’ x 16’ Grade Level Doors Two (2)-10-Ton Bridge Cranes Clear Height-27’6” T-5 Warehouse Lighting 3 Phase, 40 Volt, 400 Amp Power Fenced Truck Court Lease Rate: Contact Broker
FOR FURTHER INFORMATION, PLEASE CONTACT:
Rob Stillwell | Senior Managing Director | 713.599.5182 | rstillwell@ngkf.com Eric Fitts | Associate | 713.300.7907 | eric.fitts@ngkf.com 1700 Post Oak Blvd., 2 BLVD Place, Suite 250 | Houston, TX 77056 www.ngkf.com
• Building 1: 299,000 SF (Recently Completed) • Building 2: 343,720 SF (Build to Suit) • Rail Available • 32’ Clear Heights • Trailer Parking
Trey Fricke tfricke@lee-associates.com 972.934.4010 Will consider moving allowance for leases signed before October 31, 2016
Repsdorph Circle 30 minute drive from Downtown Houston
Your Business Belongs in Seabrook, TX! Over 200 acres of prime commercial properties available in a rapidly developing waterfront community
SH 146
Retail sites easily accesible via NASA Parkway and SH 146 NEW 416 unit luxury apartment complex to be completed by end of 2016
NASA/ Waterfront
259 unit senior living community to begin construction in 2017
NASA PKWY
Old Seabrook
Contact
Paul Chavez, Director of EDC (281) 291.5730 • pchavez@seabrooktx.gov
RETAILER SITE CRITERIA The following is a list of more than 150 retailers that are reportedly looking to add stores in Texas in 2016-2017. BY ERIC GOINS
2016 TEXAS RETAILER SITE CRITERIA RETAILERS
Store Size (Sq. Ft.)
*7-11, INC 99 cent Store *Ace Hardware Advance Auto Parts AI United Insurance Aldi Grocery Stores AMC Theaters Another Broken Egg Café Applebee's Aqua Tots *Arby's Restaurant Group AT&T - Prime Locations Bar Louie Baskin-Robbins Bealls/Burkes Outlet BJ's Restaurant Bonefish Grill Boston Market Brick House Tavern + Tap Brookshire Grocery Company Burger King Burkes Outlet Burlington Stores California Pizza Kitchen *Carls Jr. Carrabba's Carter's /Osh Kosh B'Gosh Cash America Children's Place Chili's Grill Chipotle Christian Brothers Automotive Church's Ckicken Consortium Food Group (Sbarro) Cracker Barrel Cricket Wireless Crunch Fitness CST Brands Culver's CVS Pharmacy Dairy Queen Del Taco Denny's Destination XL Dollar General *Dollar Tree Domino's *Dunkin' Donuts Einstein Bros. Bagels *El Pollo Loco
1-2 Acres 10,000-25,000 8,000-1,200 7,000 1,200-2,000 17,000 + 40,000-50,000 3,500 +
10
October 2016
4,000 - 6,500 1,800-2,200 1,500-2,400 6,000-8,000 20,000-25,000 8,500 + 4,500-6,500
Traffic per day Area Income
Preferred Site Location
Initial Term
Renewal Term
5 years
6x5 year options
10 year 10 year 5 Year 10 year
5x5 year options 2 year 4x5 year options
10 year 15 year 10 years
2x5 year options 4x5 year options 10 years
Negotiable 10 years
Negotiable 2-5 years
25,000 + vpd
ALL
Freestanding Freestanding
20,000 + vpd 15,000 vpd 20,000 + vpd
$40K + $35-75K $35K +
Freestanding
20,000 + vpd
Freestanding Freestanding/Endcap/Inline Freestanding
20,000 + vpd 25,000 vpd 20,000 + vpd
35,000 + vpd
12,000-60,000 20,000 + 20,000 40,000-50,000
10,000 + vpd 25,000 + vpd
33,000 4,500-6,500 4,000 5,000-8,000 3,800-5,500 4,300-6,000 2,200 4,920 + 1,800-2,200 850-950 8,960 + 800-1,500 20,000 65,000 4,500 65,000+ 1,886-2,612 store 2,500 + w/ drive thru 4,200 + 5,000 + 9,100-12,500 8,000-10,000
50,000 vpd 35,000 + vpd
30,000 + vpd
6,000 + vpd
$55K $75K+ $40K $50K +
$45K $45K + $45K + $55-65K $75K
$30K +
Freestanding/Endcap/Inline Freestanding/Endcap End Cap/Inline Freestanding/Inline Freestanding or Pop-Out (malls) Freestanding
5 year
5x5 year options
10 year
4x5 year options
Freestanding Freestanding/Endcap/Inline Freestanding In-line In-line
20 year 5-10 years 10 years
4x5 year options 5 years 5x5 year options
20 year 10 year
4x5 year options 4x5 year options
5 years
2-5 year options
15 year 10 years
25 year
3 years 10 years
2 year 2x5 year options
Freestanding Freestanding
Prefer Pur. 20 year
Own
Freestanding/Endcap/Travel/Hotels
20 year 10 year 10 year 5 year
3x5 year options 4x5 year options 3x5 year options
10 year
2x5 year
15 years
4x5 year options
Freestanding Freestanding In-line Freestanding/Endcap In-line Freestanding End Cap/Inline Freestanding Freestanding End Cap - Mall (Food Court) Freestanding on major artery All Freestanding/Endcap/Inline
30,000 +vpd
30,000 + vpd 40,000 + vpd 4,500 + vpd
10,000 +
20,000 + vpd
30,000
35,000 vpd
$45K + $32K + $25K + $30K +
Freestanding/Endcap/Inline Regional Center End Cap/Inline Free Stand/End Cap/with Drive Thru End Cap/Inline Freestanding
* Retailer Attending ICSC Dallas 2016 as of September 20, 2016
RETAILER SITE CRITERIA RETAILERS *Family Dollar Famous Footwear *Firehouse Subs First Cash Pawn Five Below Five Guys Burgers Flix Brewhouse Freddy's Frozen Custard Golden Corral Corp Great American Cookies *Great Clips Green Ceviche Harbor Freight Tools *Hibbett Sporting Goods Hobby Lobby Honest-1 Auto Care Hooters IHOP In-N-Out Burger Jack in the Box Jason's Deli *Jersey Mike's Jimmy John's Sandwiches KFC Krispy Kreme La Madeline Laundrylux LifeWay Christian Stores Little Caesars Logan's Roadhouse Long John Silvers LongHorn Steakhouse Lucky Sushi Marble Slab *Marcos Pizza Mattress HQ McDonalds Corporation Melrose Family Fashions Nothing Bundt Cakes NTB Off Broadway Shoe Warehouse Office Depot Olive Garden On the Border Outback Steakhouse *Panda Restaurant Group Panera Bread Papa John's Pizza Papa Murphy's Party City Payless Petsense PF Chang's *Pinch A Penny Pizza Hut Pollo Tropical Popeyes QDOBA QUIZNO'S
*
Store Size (Sq. Ft.)
Traffic per day Area Income
8,000-9,000 5,000-6,000 1,650 4,000-8,000 7,500-10,000 1,200-2,000 35,000-38,000 2,600 - 3,500 10,000 300-1,100 900-1,200 1,500-3,500 15,000 5,000 50,000 + 4,500 + 5,500 + 5,000 + 45,000+ Land: 25,000-35,000 4,600-6,000 1,500 800-2,000 2,850 2,500-3,000 3,500 + 3,000-6,000 4,000-7,000 1,300-15,00 5,500 1,500-3,500 800-1,200 1,500 3,500-5,000 40,000-60,000 10,000 1,500-2,200 7,000 15,000OBS 6,000 RRS 15,000 + 7,500-8,500 65,000 4,500-6,500 35,000 4,600 + 12,000-25,000 3,000 5,500 1,800-2,500 2,850 3,800 + w/ drive thru 28,000 + lot 1,200-1,600
20,000 vpd
< $60K $60K $40K + $55K +
35,000 vpd 20,000 + vpd 30,000 vpd 30,000 vpd +
30,000 +vpd 28,000 + vpd 30,000 vpd 20,000 + vpd
$60K + $40k-80K $40K + $75K + $35K +
$45K + $50K +
25,000 vpd 30,000 + vpd 50,000 + vpd
$40K + $50K + $60K + $20K +
30,000 + vpd $30K + $50K + 25,000 + vpd
$50K
18,000 + vpd
$25K-$45K
35,000 + vpd
$50K-$75K
20,000 + vpd 30,000 + vpd 35,000 + vpd 45,000 + vpd
25,000 + vpd 25,000 + vpd
$40K-$70K
$50K $50K + $40K
30,000 + vpd 20,000 + vpd
$50K-$80K
Preferred Site Location End Cap/Inline End Cap/Inline ALL End Cap/Inline End Cap/Inline Freestanding Freestanding/Endcap/Inline Freestanding Freestanding Mall/Specialty End Cap/Inline Free Stand/Outparcel Freestanding/Endcap/Inline End Cap/Inline Freestanding/Endcap/Inline 2nd gen auto with 8 bays Freestanding Freestanding/Endcap Free Stand/ Major Int Freestanding Freestanding/End Cap w/ Drive-thru End Cap/Inline Freestanding/End Cap w/ Drive-thru Freestanding Freestanding w/ Drive-thru Freestanding/Endcap Freestanding Freestanding/Endcap/Inline Freestanding Freestanding/Endcap Freestanding/Endcap Freestand/Outparcel End Cap/Inline End Cap/Inline Freestanding Inline End Cap/Inline Freestanding/Endcap Inline Freestanding/Inline Free Standing or Dominant Endcap Freestanding Freestanding Anchored End Cap/Inline End Cap/Inline End Cap/Inline Freestanding/Endcap End Cap/Inline End Cap/Inline Freestanding Freestanding Freestanding Freestanding End Cap/Inline End Cap/Inline
Initial Term
Renewal Term
5 year 5 year
5 years 5 year
15 years
3x5 year options
10 year
4-5 year options
5 years 5-10 years
2x5 year options 5 years
5-10 years
5 years
10 years 20 year 20 year Pur. /20 YR
2x5 year options 2x10 year options
10 years 10 years 25 year
2x5 year options 5 years 4x5 year options
10 years
2x5 year options
10 year 5-10 years
4x5 year options 5 years
5 years 5-10 years Pur. /20 YR 5 years 5-10 years
3x5 year options 5 year 8x5 year options 4x5 year options 5 years
10 years 5 year 10 year
3x5 year options 3x5 year options 4x5 year options
Pur. Only
Purchase/20 year
10 year 20 year 10 year
4x5 year options
10 years
4x5 year options
25 year
4x5 year options
10 Year
2x5 Year Options
3x5 year options
Continued on page 12
Retailer Attending ICSC Dallas 2016 as of September 20, 2016
October 2016
11
RETAILER SITE CRITERIA RETAILERS
Store Size (Sq. Ft.)
*RaceTrac Petroleum RaceWay Rack Room Shoes Red Lobster Red Robin Regis Corporation Romano's Macaroni Grill Roti Modern Mediterranean Ruby Tuesday Scooter's Coffee Sherwin-Williams Company Shipley Do-Nuts Shoe Carnival Skechers USA Smoothie King *Sonic Drive-In Spec's Liquor Spirit Halloween *Sports Clips Stage Stores Stanton Optical Starbucks Coffee Steak n Shake Subway Taco Bell Tacodeli Tea2Go Ted's Montana Grill Texas Roadhouse TGI Friday's The Cato Corporation The Home Depot McAlister's Deli The UPS Store TJ Maxx/Marshalls/Home Goods Tuesday Morning Twin Peaks Urban Bricks Pizza Co. Verts Mediterranean Grill Waffle House Watermill Express Wendy's Whataburger Which Wich? Wing Stop Yankee Candle *Zaxby's Zoes Kitchen
Land: 65,000-88,000 Land: 65,000-88,000 15,000OBS 6,000 RRS 7,200 + 6,500 + 1,000-1,200
25,000 + vpd 25,000 + vpd 35,000 + vpd 30,000 + vpd
2,000-2,500
30,000 + vpd
500-1,800 4,000-6,000 1,800-2,000 8,000-12,000 6,000-8,000 800-1,600 30,000 10,000-25,000 5,000-50,000 1,200 + 12K-20K 2,600-4,300 1,800-2,200 3,300-3,800 1,200-2,000 2,850 2,500 1,700 4,500 6,700-7,500 7,000-9,000 4,000 10 acre sites 3,600 or 1 acre 1,200 25,000-28,000 12,000 5,000-8,000 2,500-3,000 1,750-2,500
25,000 vpd 20,000 vpd 20,000 vpd
$60K $65K $50,000
50,000 vpd
$50,000
324 3,850 + 1,600-1,800 1,800-2,200 1,000-1,600 1 Acre 2,200-2,800
Traffic per day Area Income
$50K-75K $40K +
25,000 + vpd 25,000 vpd 25,000 + vpd 25,000 + vpd
$35K
$60K+ $50K+
$25K +
$35K-$60K 20,000 + vpd 20,000 + vpd
Self Developer Self Developer End Cap/Inline Freestanding Freestanding Freestanding
10 years 10 year
3x5 year options 4x5 year options
5 years
2x5 year options
15 year 10 years 5 to 10 years 5 years
2x5 year options 4x5 year options 5 year options
Under Utilized Parking in Busy Center Freestanding/Endcap Freestanding/End Cap w/ Drive-thru Freestanding/Inline Freestanding/Endcap/Inline Freestanding/End Cap w/ Drive-thru Freestanding Freestanding/Endcap/Inline Freestanding/Endcap/Inline Endcap/Inline End Cap/Inline End Cap/Inline Freestanding/End Cap w/ Drive-thru Inline w/ drive thru Freestanding/Endcap/Inline Freestanding
Freestanding Freestanding/Mall/Inline Regional Shopping Center Freestanding/Endcap End Cap/Inline
$75K + 20,000 + vpd
Renewal Term
$100K
30,000 + vpd 25,000 + vpd 30,000 + vpd
Initial Term
Freestanding/Endcap
25,000 + vpd 80,000
Preferred Site Location
$45K + $85K
Inline End Cap/Inline Urban Front/Entertainment/Colleges Freestanding/Endcap Freestanding Freestanding Freestanding Freestanding End Cap/Inline Freestanding/Inline Inline Endcap or out parcel
*
5 years 10 year 10-15 years 3 months 5 year 10+ year 10 year 5 year 25 year 5-10 years 10 years 10 year
2x5 year options 2x5 year options 4x5 year options 2x5 year options 3x5 year options
3x5 year options 20 year 5 years 10 years 2x5 year options 4x5 year options
5 years 5 years 5 years 10 year 5 years 10 years
4x5 year options 2x5 year options 2x5 year options 4x5 year options
10 year
Perf Purch
20 year ground 4x5 year options
Retailer Attending ICSC Dallas 2016 as of September 20, 2016
REDNews compiled this list of retailer site criteria from various sources including Retail Live!, ICSC, and retailer franchise web pages. Numerous attempts were made to verify this information via personal contact; however, in some cases, verification was unavailable. We hope you find this information helpful. We have additional criteria in our files that is not published, so please contact me for details, if interested: marketing@rednews.com or by phone at 713-661-6300.
12
October 2016
• Three Story Office Building • Fully Remodeled Lobby & Common Areas • Conveniently Located Across Bayshore Medical Center • 885-3596 NRA Available
CHAMPIONS AREA
909 Dairy Ashford Rd Houston, TX 77079
908 E. Southmore Blvd. Pasadena, TX 77502
17030 Nanes HOUSTON, TX 77090
• Two Story MOB • Renovated in 2008 • Up to 2,392 SF Available • Services the Memorial & Surrounding • Neighborhoods
• 46,462 SF, Three Story MOB • 80 Free Surface Parking Spaces • Recently Renovated Lobby • Generous TI Allowance • 532-3068 SF Available
• Up to 11,929 NRA Available • Two Story MOB • On Site Pharmacy • Located 2 miles from the NW Medical Center
GREENSPOINT
CHAMPIONS AREA
GALLERIA
ENERGY CORRIDOR
550 GREENS PARKWAY Houston, TX 77067
14505 TORREY CHASE BLVD Houston, TX 77014
7660 WOODWAY Houston, TX 77063
1505 S. HIGHWAY 6 Houston, TX 77077
• 560- 11,080 NRA Available • Beautiful Atrium Lobby, High End Finishes & Lush Landscaping • Secured Covered Parking
• 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
MISSOURI CITY
WOODLANDS
DICKINSON
PEARLAND
3340 FM 1092 Missouri City, TX 77459
19189 Interstate 45 S Shenandoah, TX 77385
650 FM 517 Dickinson, TX 77539
11041 Shadow Creek Parkway Pearland, TX 77584
• Up to 6,882 SF Retail Space Available • Easy Access to Highway 6 & U.S. Hwy 59 • Traffic Count Exceeds 30,653 CPD
• 1,300 SF Available • Freeway Visibility from I-45 North • Located in Shenandoah Market • Ample Parking & Pylon Signage Available
CORPORATE OFFICE: 7887 San Felipe Houston, TX 77063 (713) 974-4292
• Up to 16,014 NRA Available • Five Level, Class B Office Building • Renovated in 2014 • Property Secured by Security Gate & Card Key Access
• 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
MEDICAL
3315 BURKE ROAD Pasadena, TX 77504
PASADENA
OFFICE
FOR SALE
DAIRY ASHFORD / MEMORIAL
• 1,117-10,551 SF Available • Lobby & Common Areas Remodeled • Covered Two (2) Story Parking Garage • Located near the Energy Corridor
• 1,202 SF Available • 250,000 SF Master- Planned Class A Retail Complex • Located NW Corner of TX Hwy 288 and Shadow Creek Pkwy
AUSTIN OFFICE:
502 East 11th Street, #400 Austin, TX 78701 (512) 302-4500
RETAIL
PASADENA
civil fair play
Finding the Balance Between Development and Mother Nature BY BRANDI SMITH
The relationship between water and the state of Texas has always been a complicated one. Whether there’s too much or too little, water is a muchdiscussed resource in the Lone Star state, especially as development here booms. After a record drought that started in 2010 and brought massive, destructive wildfires, Texas has been hit by nearly two dozen flooding events, which have destroyed thousands of homes and crippled communities. However, it appears the push to build exceeds the challenges posed by Mother Nature.
It Is Getting Worse Most recently, Houston was hit by the so-called “Tax Day Flood,” which began with a storm on April 17. Harris County averaged 7.75” of rainfall, though some areas reported as much as 23.5” in 14.5 hours. As a result of the torrential rain, the three creeks that fill Addicks Reservoir in northwest Harris County set new flow records. In fact, more than 49,000 cubic feet of water per second flowed into the reservoir April 18.
On April 23, the Addicks and Barker reservoirs peaked at 102.63’ and 93.6’, respectively. Flood waters filled more than 7,000 homes in Harris County, along with another 2,700 apartments. The flooding also impacted more than 400 homes in Waller County.
“We’re subject to flooding from the sea and from the sky. We take that environment and we’re putting more and more people, structures and pavement into those vulnerable areas. That’s driving the spiraling cost of flooding and the loss of lives in this area.” Most experts agree that, in the face of overwhelming rainfall, the reservoirs performed as intended. Though they didn’t keep all the water at bay, the Harris County Flood Control District credits them with preventing more significant damage downtown. “The U.S. Army Corps of Engineers Addicks and Barker Reservoirs in western Harris County held back the Tax Day Flood runoff from the upstream watersheds and overflow from Cypress Creek,” wrote Jeff Lidner in a report on the catastrophic flooding. “The reservoirs storage helped keep the water levels along Buffalo Bayou and downtown from reaching major damaging flood levels.” The devastation caused by the floods led many to question what is 14
October 2016
Shoal Creek in Austin flooding on Memorial Day 2016
Photo Credit: Getty Images
being done to prevent similar damage in the future, especially after a 2006 FEMA-funded study revealed development in Harris County would exacerbate flood losses by an estimated 1,200 percent.
“It’s definitely getting worse. Our data shows it is getting worse,” says Dr. Samuel Brody, director of Texas A&M’s Center for Texas Beaches and Shores. “We’re subject to flooding from the sea and from the sky. We take that environment and we’re putting more and more people, structures and pavement into those vulnerable areas. That’s driving the spiraling cost of flooding and the loss of lives in this area.” Houston-area leaders knew decades ago that their low-lying city was prone to flooding due to powerful storms. As a result, the Army Corps of Engineers began purchasing property in the northwest part of Harris County, eventually creating the two reservoirs.
“When Congress authorized these projects, the goal was to reduce the potential for flooding along Buffalo Bayou and all the way to the ship channel,” said Richard Long, natural resources manager for the U.S. Army Corps of Engineers for Galveston and Houston.
What those leaders failed to predict was the incredible growth in that area. The northwest part of Harris County that was hit hardest is also one of the most recently developed and, despite this setback, still growing rapidly.
“When we put concrete down, when we build drainage channels, we concentrate that water and dump it off the land where it used to be stored; we push it downstream on ourselves. That’s been the story of Houston development,” says Jim Blackburn, civil engineering professor at Rice University. The issue isn’t immediately resolvable; however, it can be mitigated for future development, according to Brody. He suggests any new building be elevated or relocated, especially those that lie in the floodplain. Continued on page 29
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October 2016
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For all your commercial real estate needs, we’re here to point you in the right direction. LANDLORD & TENANT REPRESENTATION • SITE ACQUISITION • SALES & LEASING • REAL ESTATE CONSULTING • PROPERTY MANAGEMENT Montgomery Trace Retail Center For Lease
20821 Eva St./HWY 105 West, Montgomery
Portofino Plaza For Lease
Woodforest Plaza For Lease
6334 FM2920, Spring
19073 I-45, Shenandoah
• • • •
A Brookshire Brothers grocery anchored center Located in the heart of Montgomery, TX. Great visibility & accessibility to SH 105 and 149. Several 2nd generation retail & restaurant spaces available. • Conveniently located to Walden, Bentwater, April Sound, La Torretta, Grand Harbor & many other exclusive lakeside communities • Less than 1.5 miles from the Montgomery High School campus.
• Located ½ mile north of Research Forest Drive on Interstate 45, approximately 1 mile from The Woodlands Town Center & 5 miles from the Hardy Toll Road & the ExxonMobil Corporate Campus. • St. Luke’s, Texas Children’s, Houston Methodist & Memorial Hermann Hospital campuses are within 1 mile of the shopping center. • Maximum visibility on I-45. • 1,500 SF & 2,250 SF Spaces available.
• Property is located ½ mile west of Kuykendahl at the lighted intersection of T.C. Jester & FM 2920. • Anchored by Woodforest National Bank & Texas Children’s Pediatric Associates. • 2nd generation retail space available (1,340 SF former frame shop). • Great retail, office or medical/professional location with high traffic volume. • Other tenant’s include Southwest Allergy and Asthma, law office & dental office. • Retailers include Super Walmart, Lowe’s, Kroger, Chili’s, Discount Tire, O’Reilly Automotive, among others.
Retail Center For Sale or Lease
Research Forest Plaza For Lease
College Park Plaza For Lease
2626 Research Forest Dr., The Woodlands
1500 Research Forest Dr., The Woodlands
• Situated on 1.73-acre lot. • 8,400 SF building, 3,900 SF suite available for lease. • Located across from Research Forest Lakeside Development with nearly 2-million SF of new office improvements under construction. • Great location on the going-home side of Research Forest Drive, one of the main arterials within The Woodlands. • Located approximately 1-1/2 miles west of Interstate 45
• 1,800 SF, 1,500 SF & 1,944 SF spaces available. • Research Forest Drive is one of three main arteries into and out of The Woodlands, which places Research Forest Plaza, located approximately ½ mile west of I-45, in a perfect position for daily commuters that use I-45. • 60’ bay depths, with glass storefronts & covered walk along full length of center.
9.18 Acres For Sale
46 Acres For Sale
30045 FM 2978, Magnolia • Commercial development near the site, at the intersection of FM 2978 & Woodlands Parkway includes Super Walmart, Chase, Whataburger, & more. • Located within 1-1/2 miles, is Westwood Shopping Center, tenants include: 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 , among others. • New Luxury residential community delivered by Toll Brothers in 2016 just south of Woodlands PKWY on FM 2978. • Application for utility service through Aqua Texas • 494’ FF on FM 2978. • Great opportunity for mixed use development.
I45/Longstreet, Willis • Property consists of 46 +/- acres at the NEC of Long Street & Interstate 45 in Willis. • 2,274 FF on I-45. • Located approximately 17 miles from The Woodlands & 45 miles from Houston. • Site is located on the north end of the City of Willis, located South of New Waverly & 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.
3091 College Park Dr., The Woodlands • Up to 3,200 SF of space available • Conveniently located on College Park DR. (SH 242) at Interstate 45 in The Woodlands. • Site is adjacent to St. Luke’s Hospital and The Woodlands College Park High School & across from Sam Houston State University & Lone Star College. • Super Walmart, Lowe’s, At Home, Burlington and Kohl’s are in the immediate trade.
9 +/- Acres For Sale
26823 FM 2978, Magnolia • Located within 3 miles of the new Baker Hughes Western Hemisphere facility at the corner of FM 2978 & 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.
11 Acres For Sale
32496 Egypt Ln., Magnolia • Direct access to The Woodlands via Research Forest Drive & Egypt Lane. Situated on Woodlands ingress/ egress point. • Nearby national retailers including: Target, Kroger, Ross Dress for Less, OfficeMax, Home Depot, PetSmart, Famous Footwear & Gold’s Gym, Walgreen’s, T.J. Maxx. • Positioned near the heavily trafficked intersection of FM 2978 & FM 1488 with over 60,000 vehicles per day on nearby FM 1488. • Property is situated on the corner of Egypt Lane & Research Forest Drive, under ½ mile east of FM 2978. & approximately 6 ½ miles from I-45. • Utilities available.
2 +/- Acres For Sale
5.79 Acres For Sale
188 Lexington/ SH 242, Conroe
Woodlane @ FM 2978, Magnolia
• Property located on the Southeast Corner at SH 242 & Lexington Drive, signalized intersection, consisting of 2+/- acres (three lots). • Located in the growing Woodlands Submarket, approx. 2 miles from I45 and the new Toll access road. • Major growth in the market area to include Methodist Hospital, Texas Children’s, COSCO, Mercedes Dealership & CVS. • Harpers Preserve - Master Planned community located to the east of this site. • Utilities: Currently on Well & Septic. • Current improvements – residential home built in 1976.
• Located within The Woodlands Submarket 1-1/2 miles, is Westwood Shopping Center, development by Regency Center, consisting of over 300,000 SF of inline retail and pad site development, which includes 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.
10077 Grogan’s Mill Road, Suite 135 The Woodlands, TX 77380
281.367.2220 jbeardcompany.com 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.
ANCHORED RETAIL FOR LEASE BIRNHAM WOODS MARKETPLACE NEC of Birnham Woods Dr & Grand Parkway - Spring, Texas Anderson Smith & Eric Walker 281.816.6550 www.capitalretailproperties.com
VALLEY RANCH TOWN CENTER I-69 (US 59) and the Grand Parkway - Houston, Texas Eric Walker & Geoff Bracken
281.816.6550 www.capitalretailproperties.com
Tenant Representation
Capitalrp.com
Leasing Development
ANCHORED RETAIL FOR LEASE GLEANNLOCH RETAIL SEC of Boudreaux Rd & Champion Forest Dr. | Spring, Texas Eric Walker & Conner Lynch
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LA MARQUE CROSSING I-45 & FM 1764 La Marque, Texas Anderson Smith & Conner Lynch 281. 816.6550 www.capitalretailproperties.com
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Looking for the right fit for your business? It’s here in Waller County.
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• Great Location in Heart of Galleria/Uptown Area
• Loading Facilities: Rear,
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Mitchell Covell Director of Leasing
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713.682.5707 ∙ 800.368.6707
MCOVELL@RFS-INC.NET
713.682.5707 • www.THERICHLANDCOMPANIES.com • 550 POST OAK BLVD • SUITE 420 • HOUSTON, TX • 77027
The Woodlands, TX
Retail opportunities available in two award-winning master planned communities.
Cypress, TX
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RIP REYNOLDS Director, Leasing & Commercial Land 281.719.6125 Rip.Reynolds@howardhughes.com 16woodco2800_RedNews_Ad.indd 1
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October 2016
RETAIL SPACE FOR LEASE
Kaleidoscope
♦ 2,340 SF and 3,026 SF available on second floor. Base rent $15.00 PSF & NNN $4.20 PSF ♦ Excellent for retail, office or professional use ♦ 2 blocks west of Beltway 8
10612 Westheimer, Houston, 77042
Woodland Park Shopping Center ♦ 800 SF-7,350 SF available. Base rent $15.00-$18.00 PSF & NNN $3.60 PSF ♦ +/- 592’ of frontage on Westheimer ♦ 372 surface parking spaces available ♦ Traffic counts - 82,880 CPD (Westheimer) ♦ Pylon signage available ♦ Aggressive lease terms
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Continued from page 14
Experts, including Rice University civil and environmental engineering professor Phil Bedient, say Houston-area leaders and developers have been smart to take note because more massive floods are undoubtedly on their way. “There is no question. If you look at the last 15 years since Allison, we’ve had seven major floods in the Houston region,” he says. “That’s one every other year and that’s never happened.”
Preventative Measures North Texas is also feeling the environmental impact of its building boom. Because the Dallas Metro is so overwhelmed by concrete and rooftops, the Trinity River receives a deluge of water with each storm. What poses a bigger issue is the lack of oversight when it comes to flooding on the river.
“This growth has the potential to place residents at a greater risk for human and economic losses from floods.” The Corps of Engineers manages only a small part of property along the Trinity, due to the Corridor Development Certificate, or CDC, the result of an out-of-court settlement made with the City of Dallas in the 1980s.
“The CDC has no control over any potential changes in the rate at which runoff from other areas of the watershed reaches the Trinity,” the Corps said in a statement. “That leaves the vast remainder of the overall Trinity watershed up to the local governments and their ordinances for development permits to limit the effects of impervious surfaces created when projects are built within their jurisdiction.”
Trinity River flooding in Dallas, TX on Sunday, May 17, 2015
risk for the citizens of Dallas remains the cornerstone of this multi-faceted effort.”
One upstream water source that does have Corps oversight is Lewisville Lake. Billed as one of the riskiest dams in the nation, though, it provides little confidence for those living downstream of its 2 million acre-feet capacity. The now 61-year-old dam sits 34 miles upstream from Dallas, so its potential failure would threaten more than 430,000 people. That’s why Congress approved up to $200 million to fix it just this spring. Along with money, lawmakers also green lit a plan for an expedited repair schedule.
New Homes Every Year Central Texas has also proven vulnerable to Mother Nature as development there rages on. Building has in some cases outpaced efforts to mitigate the threat of floods, as evidenced by the 2015 Memorial Day weekend flash flooding. “The main challenge to rational planning for flood risk in the country is that private property rights trump even modest limitations
Photo Credit: NBC DFW
on floodplain development,” says Dr. Nicholas
Pinter, chair of applied geosciences at UC Santa Barbara. “And that sentiment runs deep in Texas. The result is unchecked construction on flood-prone land, up to the present day and in some places even accelerating.” Hays County, for example, boasted a 2015 population of 194,739 compared to 2010 when fewer than 98,000 people called it home. It’s also become known as Flash Flood Alley.
“This growth has the potential to place residents at a greater risk for human and economic losses from floods,” said Corps project manager Marie Vanderpool when announcing plans for a flood risk study focused on the area. San Marcos, home to Texas State University, is now the fast-growing mid-sized city over 50,000 in America, and was one of the areas hardest hit by the Memorial Day flooding.
In the years to come, it’s clear developers will play a key role in the equity between expansion and flood mitigation as the state’s population is expected to continue its impressive growth. Next month, REDNews will profile how developers are working to find that balance.
In layman’s terms: it is up to individual communities to develop plans that address the impact their development has on downstream neighbors.
The City of Dallas and Corps of Engineers plan to build new levees downstream from those already on the river. Called the Dallas Floodway Extension Project, the Corps of Engineers bills it as “a complex project in cooperation and partnership with multiple units of local, state and federal government. It addresses a number of regional concerns, although reducing flood
A Wimberley, Texas home ruined by flooding from May 26, 2015.
Photo Credit: Jorge Sanhuzea-Lyon - KUT
October 2016
29
Environmental Due Diligence Can Get Sticky. Let Us, Your TEXAS Environmental Consulting Firm, Help You Navigate Through Your Environmental Risks.
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Golden Triangle Mall
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
CENTRAL SOUTH TEXAS
October
4 Tuesday
BOMA-SA
ULI Austin
RECA
October 14
October 13
October 22
Sporting Clay Tournament
7th Annual Butler Game Day
Christmas in October
8:30 am
2 pm - 7 pm
8 am - Noon
BOMA Austin: Community Outreach Committee Meeting - 11 am - 12 pm *RECA: Christmas in October Committee Meeting - 12 pm - 1pm
5 Wednesday CREW Austin: Community Services Committee Meeting
11:30 am CTCAR: Happy Hour @ Punch Bowl Social - 5 pm to 7:30 pm
6 Thursday
BOMA Austin: Committee Meeting - 11:30 am - 12:30 pm BOMA SA: Program Committee Meeting CREW Austin: Programs Committee Meeting - 5:30 - 7 pm CREW Austin: Special Events Committee Meeting CREW Austin: Communications Committee Meeting IREM San Antonio: Board Meeting - 11:30 am - 1 pm Union Square ULI Austin: Housing and Community Development Meeting
7 Friday
ULI San Antonio: Infill Development Workshop - 8 am - 12 pm - Mays Family Center at Witte Museum
10 Monday
REC San Antonio: 25th Annual Council Open Golf Tournament - Hyatt Regency Hill Country Golf Club 11 am - 6 pm
11 Tuesday
BOMA Austin: Finace Committee Meeting - 10:30-11:30 am RECA: October Ideas Forum - 11:15 am - 1pm IREM Austin: Monthly Luncheon - 11:30 am to 1 pm CTCAR: On the Road Again - 11:15 am - 1 pm
12 Wednesday * RECA: City of Austin Policy Committee Meeting -12pm - 1pm 13 Thursday CTCAR: Property Info Exchange - 7:30 am to 9 am CREW Austin: Board Meeting CREW San Antonio: Luncheon IREM San Antonio: Chapter Luncheon - 11:30 am - 1pm IREM San Antonio: Ethics for the Real Estate Manager - 8am - 5pm ULI Austin: 7th Annual Butler Game Day - 1:30pm - 7pm ULI San Antonio: Brooks City Base Bus Tour - 2 pm - 5pm
32
October 2016
RECA AUSTIN: reca.org REC SAN ANTONIO: www.recsanantonio.com RETAIL LIVE: retaillive.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
*
Members Only
14 Friday
BOMA SA: Sporting Clay Tournament ULI San Antonio: Luncheon at Pearl Stable
18 Tuesday
BOMA Austin: Membership Committee Meeting - 2 pm - 3 pm * CREW Austin: Annual Meeting IREM Austin: Fall Leadership Conference - San Diego, CA
19 Wednesday
CREW Austin: Network Convention & Marketplace Wednesday 19 through Saturday 22 BOMA SA: Board Meeting BOMA Austin: Shoot Out Committee Meeting - 11:30 am - 1 pm ULI Austin: Monthly Breakfast Series - 7:30 am - 9 am
20 Thursday
ULI Austin: Management Committee Meeting TABB Austin: Monthly Meeting
22 Saturday
RECA: Christmas in October - Sammy's House 8 am - Noon
24 Monday
ULI: Fall Meeting - Dallas Monday 24 to Thursday 27
25 Tuesday
BOMA Austin: Emergency Preparedness Committee Meeting - 11:30 am - 12:30 pm TABB San Antonio: Monthly Meeting
26 Wednesday
CREW Austin: Membership Committee Meeting
27 Thursday
BOMA Austin: Shoot Out - 1 pm RECA: Networking Happy Hour - 5:30 pm to 7:30 pm
28 Friday
* CREW Austin: Annual Meeting
CREW Austin: New Member Orientation
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 SOUTH TX
September
SOCIAL
CTCAR PRESENTATION AT TAR CONVENTION L to R: Harry Gibbs, Amber Gilbert, Jef Conn, and Gail Whitfield
IREM SAN ANTONIO UTSA PROPERTY MANAGEMENT COURSES UTSA has offered two courses in Property Management since fall of 2012. Program Director, Dr. Tony Ciochetti, has worked closely with the local IREM, to deliver this curriculum.
RECA SEPTEMBER NETWORKING HAPPY HOUR Top,: L to R: Ward Tisdale, Liz Hansen, and Ryan Poulos L to R: Kelly Jimenez and Mary Koehler L to R: Gaines Bagby and Susan Vaughn
IREM SAN ANTONIO GOT "ETHICS"
Photo Credit: Diane Coliz
CBA AUSTIN
CREW SAN ANTONIO
DONATION TO EXPLORE AUSTIN &
CREWTINI SOCIAL
RONALD MCDONALD HOUSE
Top: RGD Designs – winners of The Best Martini
CBA Austin donated $25,000 to each Austin organization at an event on June 8.
CBRE – winners of The Nightcap Martini
L to R: Laura Nettleton, Explore Austin; Walker Hendry, Explore Austin; Mike Braeuer, Explore Austin; Patrick Ley, Equity Commercial Realty; Carolyn Schwarz and Tina Snider of Ronald McDonald House Charities of Central Texas.
Port San Antonio – winners of The Cutting Edge Martini Broadway Bank – winners of The Most Outrageous Martini
October 2016
33
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
NORTH TEXAS
October
NAIOP: northtexasnaiop.com NT CCIM: chapters.ccim.com/northtexas NTCAR: ntcar.org REC DALLAS: recouncil.com REC GFW: recouncilgfw.com TABB DALLAS: www.tabb.org TABB FORT WORTH: www.tabfortworth.com/ ULI NORTH TEXAS: northtexas.uli.org
REC GFW
NT NAIOP
IREM FW
October 12
October 13
October 14
The Cowtown Poker Run
Annual Golf Tournament @ Tribute Golf Club
Kickin' for Kids Kickball Tournament
5:30 pm to 9 pm
3 pm
4 Tuesday
BOMA Dallas: Focus Group Session - 11:30 am - 1 pm BOMA Fort Worth: Luncheon - Petroleum Club - 11:30 am REC GFW: Monthly Get Together - GRACE - 5 pm - 7 pm
5 Wednesday
ICSC: Texas Conference & Deal Making - Kay Bailey Hutchison Conference Center (Wednesday through Friday) IREM Dallas: Executive Council Meeting CREW Fort Worth: October Luncheon - 11:30 am - 1pm CREW Fort Worth: Treasury Committee Meeting - 1 pm CREW Dallas: Dine Arounds - 5 Star Evening - 5:30 pm CREW Dallas: Dine Arounds - Small Bites - 6:30 pm
6 Thursday
TREC: Giving Gala "Joy of Giving" - 6 pm CORENET North Texas: Annual C-Suite Panel - 11:30 am - 1 pm
7 Friday
NTCAR: Industrial Tour - 11:30 am - 4 pm
11 Tuesday 12 Wednesday
CREW Fort Worth: Comm/PR Committee Meeting - 9 am CREW Dallas: "Fall into CREW" REC GFW: The Cowtown Poker Run - 5600 Clear Fork 5:30 pm to 9 pm CREW Fort Worth: Programs Committee Meeting -11:45 am - 1 pm BOMA Dallas: BOMI Course: Asset Management - 9 am - 4 pm (Wed.-Fri.)
13 Thursday
TREC: Young Guns About Town - 4:30 pm North Texas NAIOP: Golf Tournament BOMA Dallas: Top Golf Networking Event - 5 pm - 8 pm
14 Friday
IREM Fort Worth: Kickin' for Kids Kickball Tournament Gateway Park - 3 pm
18 Tuesday
BOMA Dallas: October Luncheon - 11 am - 1 pm TREC: Power Hour - Old Parkland - 5 pm
19 Wednesday CREW Dallas: October Industry Luncheon
BOMA Dallas: Seminar: Inspirational Leadership 8 am - 12 pm TREC: TREC Olympics - Sandbar Cantina - 5 pm
34
October 2016
* Members Only
20 Thursday
BOMA Fort Worth: Community Service Committee Meeting - Invitation Only - 11:30 am BOMA Dallas: YP & CSC Volunteer - North Texas Food Bank 1 pm to 3:30 pm NT CCIM: October Luncheon - Park City Club 11:30 am - 1 pm
21 Friday
NTCAR: Office Tour - 11:30 am - 4 pm
22 Saturday
TREC: Young Guns Volunteer Day Genesis Women's Shelter - 9 am CREW Dallas: Volunteer Day with TREC Genesis Women's Shelter - 9 am
24 Monday
NT CCIM: CCIM Annual Meeting and Exam Atlanta, GA - (Monday through Friday) ULI North Texas: ULI Global Fall Meeting - Dallas (Monday through Friday)
26 Wednesday
IREM Dallas: Halloween Party Bank of America Plaza - 4:30 pm CREW Dallas: Networking & Happy Hour - 6 pm - 8 pm CREW Dallas: CREW Careers Program! BOMA Fort Worth: Volunteer Day Ronald McDonald House 4pm - 8 pm BOMA Fort Worth: Board Meeting - Noon
27 Thursday
BOMA Fort Worth: Sporting Clays Tournament Alpine Shooting Range - 8 am TABB DFW: Chapter Meeting
28 Friday
CREW Dallas: Lunch & Learn - 11:30 am to 1 pm
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.
NORTH TEXAS
September
SOCIAL
NORTH TEXAS CCIM NTCAR EXPO
THE WEITZMAN GROUP /CENCOR REALTY SERVICES
Joe Garrett, CCIM and Tim Veler, CCIM spread the word and provide information about North Texas CCIM.
VOLUNTEER DAY
On Sept. 9 The Weitzman Group spend the day giving back, to the North Texas Food Bank. Seventy-four people processed more than 29,000 pounds of food, which will provide 24,426 meals to hungry people in North Texas.
BOMA Dallas SEPTEMBER LUNCHEON
L to R: Debra Spears, Gaedeke Group; Andrea Saccomanno, Guard Texas; and Kelly Naumann, Mooring Restoration & Construction
NTCAR COMMERCIAL REAL ESTATE EXPO Top, L to R: Alexis Semach, Aguirre Roden; Melisa Baune, Cove States Group; Ryan Patterson, Texas Hotel Brokers L to R: Brad Quine, Quine & Associates, Inc.; Justin Peters, Quine & Associates, Inc.; Derek Jarrell, Quine & Associates, Inc.; David Lisner, Quine & Associates, Inc.
NORTH TEXAS CCIM CI 103 CLASS
Cliff Bogart, CCIM dives into a case study at the CI 103 course put on by the North Texas CCIN Chapter in Addison.
BOMA Dallas
L to R: Katie Oâ&#x20AC;&#x2122;Briant, Tonia Stevens, Cindy Britain, all of Henry S Miller Brokerage LLC
Top: Winning Team: Team Trane
L to R: Barry Maners, Entos Design; Kathy Permenter, Younger Partners; Sean Dalton, Younger Partners; Nicole Griffin, Entos Design; Brian Barnes, Entos Design
SPORTING CLAY TOURNAMENT Middle: Team Alpha Glass Bottom: Team Texas Roof Management
October 2016
35
SOUTHEAST TEXAS
October
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
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
BOMA Houston
CCIM Houston
Greater Houston
October 17
October 17
Houston BOMA Golf Classic
Scholarship Golf Tournament
8 am to 5 pm
Quail Valley GC
Partnership October 3 21st Annual Golf Classic
1 Saturday
BOMA Houston: Engineer All Stars Maintenance Olympics - 10 am - 2 pm
18 Tuesday
IREM Houston: Fall Leadership Conference San Diego, CA
3 Monday
Greater Houston Partnership: 21st Annual Golf Classic Jack Nicklaus Signature Golf Course - 8:30 am
19 Wednesday
O'Connor: Apartment Forecast Luncheon The HESS Club - 11:30 am - 1 pm
5 Wednesday
IREM Houston: October Luncheon Hilton Houston Westchase - 11:30 am
20 Thursday
BACREN: Monthly Luncheon Lakewood Yacht Club - 10:30 am - 1 pm BACREN: Marketing Session - 10:30 am - 11:30 am SIOR: Fall World Conference - New York City, NY (Thursday through Saturday)
21 Friday
CREN: Marketing Session - 7:30 am - 9 am
24 Monday
ULI Houston: ULI Global Fall Meeting - Dallas (Monday through Friday) CCIM Houston: CCIM Annual Meeting and Exam Atlanta, GA - (Monday through Friday) Riverway Title: 13th Annual Houston Commercial Real Estate Texas Hold'em tournament and Texas Football Game Watch Party - 5 pm - 11 pm
26 Wednesday
BOMA Houston: 6th Annual Medical Real Estate Summit 8 am - 11 am
27 Thursday
ACRP: ACRP Breakfast - Junior League - 7 am - 8:30 am CREN: Happy Hour - Morton's - 4:30 pm to 7 pm TABB Houston: Chapter Meeting The Palm - 11:30 am - 1 pm
6 Thursday
CREW Houston: Annual Business Luncheon & Economic Outlook - River Oaks CC - 11:15 am - 1:30 pm CORENET: Tour of ConocoPhillips and the Energy Center Campus - 7:30 am - 9 am
7 Friday
CREN: Luncheon - HESS Club - 11 am
10 Monday
C.R.E.A.M: Environmental Issues Luncheon Black Walnut Cafe - 11 am - 1 pm
11 Tuesday
CORENET: October Monthly Meeting - 7:30 am - 9 am
13 Thursday
CCIM Houston: October Luncheon - 11:30 am
17 Monday
BOMA Houston: Houston BOMA Golf Classic Black Horse Golf Club - 8 am - 5 pm CCIM Houston: Scholarship Golf Tournament Quail Valley Golf Club - 11:30 am
36
October 2016
* Members Only
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
September
SOCIAL
CORENET BOMA HOUSTON BACK TO SCHOOL BASH
More than 600 pounds of school supplies were raised for Star of Hope by the more than 70 attendees on August 11.
FBSCR
AUGUST MEETING L to R: Mike Moleski, Richard Muller, Jared Jameson, Rick Harsch and Tom Wilcox Photo by Dennis David
SEPTEMBER MONTHLY MEETING Top L to R: Steven A. Gonzalez, Associate Manager, Strategic Partnership Office at NASA/Johnson Space Center, speaks about the vision of the Houston Spaceport. L to R: Cindy Young, Duplantis Design Group, PC; Dawn Landry, Balfour Beatty Construction; and Mark Gribbons, Gensler
IREM LUNCH & LEARN L to R: Karina Garza, Lindsay Walbran CPM, and Tara Mitchell
CCIM HOUSTON EADO IN THE KNOW Top, L to R: Gary Martin, US Trust/Bank of America; David Denenburg, Denenburg Interests; Mike Sperandio, Ancorian Group L to R: Jennifer Horan, Phase Engineering; Tony Patronella, Read-King, Inc.; Christie Amezquita, CCIM, Read-King, Inc.; Ann Tran, Better Homes & Garden
BACREN
FBSCR
L to R: Shawn Budhwani, KW Commercial; Rosebud Caradec, Advent Waterfront Properties; Randy Drake, The Brown Company; and Jeff George, KW Commercial
L to r: Dennis David, Texas Gulf Bank; Lynn Krause, SouthTrust Bank; Corey Ferguson, Raintree Commercial
SEPTEMBER LUNCHEON
AFTER HOURS
L to R: Claire Barber, Generation One; Suri Clark, Generation One; Anton Sinkewich, East Downtown Management District; John Frazier, Start Houston L to R: David Littwitz, Littwitz Investments, Inc.; Trey Miller, CCIM, Boxer Property; Abe Gorne, Wilson, Cribbs + Goren, PC
October 2016
37
CENTRAL SOUTH TEXAS bulletin AUSTIN, TX MIXED-USE DEVELOPMENT
Austin developer Clark Lyda, along with Turnbridge Equities LLC, a privately held real estate investment & development firm is planning a mixed-use project at 1011 -1123 South Congress Avenue. The proposed project would have 130,740 sf of office, retail & restaurant space along with a parking garage. The project could break ground in spring 2017.
AUSTIN, TX OFFICE BUILDING SALE & DEVELOPMENT
Through their separate investment company, Eurus Capital Partners, Kucera, an Austin real estate firm, and partner Nikolaus Hensel of Frankfurt, Germany have purchased the Atrium Office Center, a 121,000 sf building at 8701 N. MoPac Expressway and plan to build a 100,000 sf office building, “MoPac Centre” at 8611 N. Mopac Expressway. The partners are constructing major upgrades to the Atrium and groundbreaking for the new building could begin within the next 30 days.
Omar Nasser has joined Peloton Real Estate as a Senior Associate focusing on industrial brokerage.
Barry Forrest has joined Cushman & Wakefield as a Senior Director in its downtown Austin office.
AUSTIN, TX DATA CENTER DEVELOPMENT Data Foundry Inc is building a second data center called Texas 2 at 4100 Smith School Road. The project is valued at approximately $23.5 million. Data Foundry built the first phase totaling 130,000 sf in 2011. HOTEL DEVELOPMENT Construction has commenced on a 24-story Austin tower that will house the 160-room Hotel ZaZa and about 200 apartments. The project is scheduled for completion late 2018. INDUSTRIAL DEVELOPMENT Live Oak-Gottesman & Prologis have broken ground on TechRidge two.1 & TechRidge three.1 totaling approximately 200,000 sf of space near West Howard Lane & McCallen Pass. MANUFACTURING DEVELOPMENT XBiotech Inc developer of next-generation True Human therapeutic antibodies has opened its 40,000 sf facility on 48 acres at 8201 E. Riverside Drive. Completion of this building is the first phase of the company’s plan for the property with additional production facilities, labs & administrative operations creating a headquarters campus as the center of its global operations. MIXED-USE DEVELOPMENT The land transaction recently closed for the projected $150 million, mixed-use project, St. Elmo, allowing for the first phase of the development near South Congress Avenue & St. Elmo Road. The project will include 400 apartment units, and a 40,000 sf renovated warehouse which will include a local music venue. MIXED-USE DEVELOPMENT River City Capital Partners purchased 7.34 acres at 6400 E. Riverside Drive for the construction of 300400 apartments & 150,000 – 200,000 sf of office/retail space. Co-founder Cory Older said his firm is in the process of obtaining site permits for the development. The selling broker was Jim Young with Longbow Real Estate Group. MIXED-USE SALE Investors affiliated with Clarion Partners LLC, based in New York, are reportedly the buyers of Seaholm the mixed-use project
38
October 2016
in downtown Austin bordered by Cesar Chavez, West Avenue & 3rd Street. The sellers, headed by Southwest Strategies Group, teamed with CIM Group of Los Angeles, who provided equity financing. MULTI-FAMILY SALE Castle Lanterra Properties purchased Arrangement, a 370-unit project located at 2101 Burton Street. The project was built in 1973 & had a $10 million redevelopment in 2013. OFFICE CONVERSION FROM RETAIL DEVELOPMENT San Diego, CA-based PacVentures has purchased a former Wal-Mart Supercenter at 8201 N. RM 620 with plans to redevelop the 220,000 sf store to offices. Situated on 39 acres, the building has the potential to be expanded to 550,000 sf. The property is located within close proximity to the Balcones Canyon Preserve which is seen as an advantage for office users, creating a unique & desirable setting. OFFICE BUILDING DEVELOPMENT JTM Development is building a 55,000 sf Class A office building at 2530 Walsh Tarlton Lane. The building is located west of Barton Creek Square mall on the former site of a Cinemark theater. OFFICE BUILDING CONSTRUCTION uShip Inc., a 13-year old tech company that helps cargo transporters is constructing a three-story, 45,000 sf campus at 205 E. Riverside Drive. The building will house the company’s 200-person workforce while accommodating aggressive hiring plans. OFFICE LEASE PROJECTED The Department of Treasury is currently seeking +/- 219,000 sf of office space in Austin to serve as the new national office for the IRS. They currently occupy 206,000 sf at 1821 Directors Blvd which expires April 2018. OFFICE COMPLEX FOR SALE 3M Company is planning to sell its 1,000,000 sf office campus on 156 acres located at RM 620 & RM 2222. It is projected to be an attractive redevelopment opportunity. 3M’s other facility off Research Blvd is not part of the sale.
OFFICE COMPLEX SALE Palo Alto, CA-based Menlo Equities closed on a deal with Endeavor Real Estate Group & Granite Property for Champion Square, the 221,136 sf, twobuilding office park at 6433 Champion Grandview Way. The buildings are 90% leased to online job site, Indeed, with the remainder leased to Jobs2Careers. Andrew Levy & Kevin MacKenzie of HFF handled the transaction.
GEORGETOWN, TX MULTI-FAMILY CONSTRUCTION McCann Realty Partners, a Richmond, VA based real estate investment & operating company, is constructing a 302-unit project called The Retreat at Wolf Ranch located near University Avenue & I-35. The project is located adjacent to Wolf Ranch Town Center and is part of the Wolf Ranch Master Planned Community being developed by The Hillwood Company.
KYLE, TX MIXED-USE DEVELOPMENT Walton Development & Management is planning to construct a mixed-use development on 763 acres with residential, commercial and office space. The project will be called Pecan Woods and is located a few miles east of downtown Kyle.
ROUND MOUNTAIN, TX INDUSTRIAL LEASE Texas Fabco Solutions Inc leased 35,000 sf at 178 E. RR 962 in Round Mountain north of Johnson City. Jerry Heare of REOC Austin represented the landlords, 4501 Springdale Ltd & Blanco Warehouses.
SAN ANTONIO, TX INDUSTRIAL SALE Cooper Duffin LLC sold a 12,000 sf industrial building located at 5835 Rittiman Plaza to 5835 Rittiman Plaza LLC. The seller was represented by Donald Duffin with DH Realty Partners, Inc & Cooper Duffin with Cooper Duffin LLC.
ARLINGTON, TX DATA PROCESSING & RETAIL DEVELOPMENT
Summit Racing Equipment, a direct marketer of performance auto parts & accessories, will develop an $82 million warehouse facility, retail super store & customer support center at the southwest corner of I20 & SH 360. The 700,000 sf facility will be the company’s fourth US location and is expected to open early 2017.
COPPELL,TX DISTRIBUTION CENTER DEVELOPMENT
Seattle-based Amazon.com Inc. plans to open a second massive distributions hub in Coppell. Details of the facility were not conveyed regarding address and whether this would be housed in a new or existing facility. They also plan to open two additional facilities in San Marcos & Houston.
DALLAS,TX INDUSTRIAL SALE
Global Logistics Properties (GLP) purchased Hillwood Development Company’s 15 million sf logistics portfolio. The company expects to close the $700 million purchase of Hillwood’s existing buildings in December and buy the remainder of Hillwood’s buildings under development for $400 million in phases over the next 18 months. The initial purchase includes buildings in Chicago, Dallas, Atlanta, Pennsylvania, Los Angeles, Cincinnati & Indianapolis.
MULTI-FAMILY SALE
Austin-based Network Acquisition Partnership Alliance (NAPA) purchased the 187-unit Westwood Apartments located at 3064 Spruce Valley & the 91-unit Woodbridge Townhomes located at 2403 Brown Blvd.
OFFICE LEASE
The U.S. General Services Administration & the U.S. EPA leased 229,000 sf in Renaissance Tower at 1201 Elm Street from landlord, Binyan Realty LP. They are relocating in early 2019 from their current location at Fountain Space at 1445 Ross Avenue.
OFFICE BUILDING SALE Orlando-based Foundry Commercial, a real estate
investment firm, in a joint venture with Boston-based Intercontinental Real Estate Corporation, purchased Walnut Glen Tower, an 18-story, 464,289 sf building at 8144 Walnut Hill Lane.
5602 & 5605 N. MacArthur Blvd. The company plans an $8.7 million value-add initiative for the properties.
RETAIL DEVELOPMENT
INDUSTRIAL CONSTRUCTION
Houston-based developer Ainbinder Company has started construction on a 275,000 sf retail center located on Northwest Highway at Abrams Road. The project will be a twolevel, urban-style retail center with garages and is one of the largest new shopping centers under construction in Dallas.
FRISCO, TX OFFICE LEASE
Rhode Island- based FM Global, a mutual insurance company, has leased more than 79,000 sf across floors 5 & 6 in The Star in Frisco, which is the Dallas Cowboys world headquarters. FM Global has a long standing business connection with the team and the Jones family’s real estate firm, Blue Land Star. They plan to move June 2017.
RETAIL DEVELOPMENT
LEWISVILLE, TX Cosmetics brand Mary Kay started construction on a 470,000 sf manufacturing facility on 26.2 acres at 2613 Denton Tap Road. Construction is set for completion first quarter 2018. The company received tax incentives & expects to invest at least $75 million and occupy 330,000 sf. Their current facility located on Regal Road is on the market for sale.
LEWISVILLE & PLANO OFFICE BUILDING SALE
Dallas-based developer Myers & Crow Company sold Dominion Legacy Office Center in Plano & Lakeside II totaling 173,214 sf to The Aztec Fund. Both buildings are fully leased to single tenants. Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill Pet Van Amburgh with CBRE represented the seller.
NewQuest Properties purchased 9 acres just northeast of the Preston Road – Warren Parkway intersection for the construction of a 110,000 sf Asian “foodie destination”. Three anchor tenants include 99 Ranch Market, Daiso Japan and 85 C Bakery Café.
MCKINNEY, TX
HUTCHINS, TX
TROPHY CLUB, TX
DISTRIBUTION CENTER DEVELOPMENT
Constellation Brands, one of the country’s largest beer & wine distributors, is building a 450,000 sf industrial building in the Prime Pointe Industrial Park at 1600 West Wintergreen Road. The project is being built for Constellations as well as California-based logistics company Biagi Brothers, which handles shipping for the firm.
IRVING, TX OFFICE SALE
Brookwood Financial Partners LLC (Brookwood), a private equity real estate investment firm, purchased the MacArthur Office Portfolio for $54,500,000. This includes 488,287 sf in three office buildings located at 5525,
MULTI-FAMILY SALE
Bascom Group LLC purchased the 260-unit Orchid Apartments for $20.4 million from the original developer of the project. The transaction was brokered by Sperry Van Ness.
MIXED-USE DEVELOPMENT
Dallas developer Scott Beck has started site work on a mixed-use development which will add a new hotel, luxury apartments, office building, townhomes & retail space to the town center. Beck is working alongside development partners including Plano-based Green Brick Partners (developing 39 townhomes), North American Properties (developing a 250-unit luxury apartment project) & a 1110Hyatt Place hotel by Kriya Hotels. There will also be a 6-story, 75,000 sf office building.
NORTH TEXAS bulletin
Signorelli Company No 10 Harwood - Courtesy Harwood International
DALLAS, TX OFFICE CONSTRUCTION Dallas-based developer Harwood International has started construction on a 22-story, 226,667 sf office tower called No 10 Harwood at 2850 N. Harwood Street.
Signorelli Company
Gaylord Texan Resort - Courtesy Marriott
GRAPEVINE, TX HOTEL EXPANSION
Gaylord Texan Resort has broken ground on a $120 million expansion to add more than 300 new guest rooms & 86,000 sf of meeting space to its resort bringing the total to 1,811 guest rooms & 490,000 sf of meeting space. Nashville real estate investment trust Ryman Hospitality Properties Inc owns the project.
Institutional Property Advisors (IPA), a division of Marcus & Millichap has named Joseph "Joey" Tumminello an associate in their Dallas office.
October 2016
39
SOUTHEAST TEXAS bulletin
BAYTOWN, TX CHEMICAL PLANT SALE
Albany, NY-based Si Group, a resin & chemical compound maker, has purchased TPC Group’s 10-acre chemical plant. The TPC employees are expected to become SI Group employee, reporting to the company’s Freeport manufacturing plant. SI Group operates 20 manufacturing plants on five continents and continues to pursue other acquisitions that will strengthen its core business or add more product lines.
FRIENDSWOOD, TX RETAIL LEASE Signorelli Company Courtesy of www1.hdrux.com Texas Medical Center
HOUSTON, TX HOTEL CONSTRUCTION
Houston-based Moody National Companies is developing a 182-room Residence Inn Hotel at 7807 Kirby Drive near the Texas Medical Center. A completion date has not been determined.
Ellington Trade Center - Courtesy Blau Journal
WEBSTER, TX INDUSTRIAL SALE
Dallas-based Lincoln Property Company purchased the three-building, 513,500 sf Ellington Trade Center located across from Ellington Airport at 12552, 12554 & 12556 Highway 3. The sale also included 18.23 acres of developable land. Rusty Tamlyn & Trent Agnew of HFF’s investment sales team represented the seller.
The Container Store is opening a 23,000 sf store at 187600 Gulf Freeway near Baybrook Mall in November 2016. This will be the fourth location for The Container Store in the Houston area.
HOUSTON, TX MEDICAL OFFICE SALE
Texas Children’s Hospital purchased O’Quinn Medical Tower & the Baylor Clinic Building from Baylor St. Luke’s Medical Center. As part of the purchase, Texas Children’s will lease back a portion of each building to Baylor College of Medicine & CHI St. Luke’s Health. Baylor College of Medicine will vacate their space in the McGovern Building & move some administrative offices into the O’Quinn Tower. Texas Children’s is also in the early stages of building a 19-story patient tower at its Texas Medical Center location.
MIXED-USE DEVELOPMENT
Tianqing Real Estate Development LLC has partnered with Houstonbased DC Partners to develop a $500 million project on 6 acres at the southeast corner of Allen Parkway & Gillette. A 150-180 room hotel, 200,000 – 250,000 sf office, retail & residential/condo project is planned for the site. Construction is projected for late 2017 or early 2018.
OFFICE COMPLEX FOR SALE
Halliburton is selling its 48 acre, 568,458 sf office complex located at 10200 Bellaire Blvd which is located just west of the Sam Houston Tollway & Bellaire Blvd. Rudy Hubbard & Kevin McConn of JLL Capital Markets are listing the property. OFFICE LEASE AlixPartners has opened a downtown office at 1221 McKinney Street which will house
40
October 2016
approximately 25 people. It’s AlixPartners’ 25th office in the world & its ninth in the US. OFFICE LEASE Houston-Blinds.com is increasing its headquarters space by 25,000 sf to 83,000 sf at 10255 Richmond Avenue. Since its acquisition in 2014 by Home Depot, Blinds. com has added approximately 170 employees. RESIDENTIAL HIGH-RISE CONSTRUCTION Hines has formed a partnership with the Zimmerman family & TIAA Global Asset Management to develop a 285-unit residential tower adjacent to the La Colombe d’Or hotel. Upon its completion in 2020, The Residences will connect to the adjoining hotel via an art gallery & outdoor plaza. An additional 14,000 sf of green space will be incorporated into the design plans as well as 17 additional guest rooms for guests of the hotel. RESIDENTIAL HIGH-RISE CONSTRUCTION High-rise developer Giorgio Borlenghi is planning a 26-story, 46unit condo tower located on Bammel Lane off Westheimer. There will be two units per floor and the average price will be $680 sf. The developer plans to begin construction summer 2017. However, this is dependent on pre-sales of 50% of the units prior to construction.
RETAIL CONSTRUCTION
H-E-B is interested in constructing a 60,000 sf grocery store on 9 acres of land at SH 288 & MacGregor. The City of Houston is interested in purchasing the land from Houston Community College which bought the land in 2013 for +/- $13.6 million. After purchase, they would lease the land back to H-E-B for a grocery store development. Projected construction is 2018.
RETAIL LEASE
The Kirby Collection, a 1 million sf luxury mixed-use project located on Kirby Drive & developed by Thor Equities, has leased its first retail space to Pinstripes for a 33,830 sf dining & entertainment venue featuring bowling, bocce ball & a bistro featuring Italian & American cuisine.
RETAIL LEASE
Big Ass Solutions is opening its first retail showroom in Houston at 1224 N. Post Oak Road. They will occupy 7,645 sf and will employ four persons. The company brands Big Ass Fans, high-volume, low-speed
wind machines that are marketed for industrial & residential use. RETAIL SALE Telephone Square LLC purchased the Glenbrook Square Shopping Center, a Kroger-anchored 73,000 sf center located at the northwest corner of Telephone Road & Bellfort Avenue. The seller, Weingarten Realty Investors, was represented by George Cushing & Wendy Vandeventer of JLL.
HUMBLE, TX MULTI-FAMILY SALE
Interurban Corp, a Denver, CO-based multifamily & asset management firm purchased the 282 –unit, Woodland Hills Apartments located at 3918 Atascocita Road from Crossbeam Concierge & Kohlberg Kravis Roberts & Co. Todd Stewart, Todd Marix, Chris Curry & JC Clemens of HFF’s investment sales team represented the seller.
LEAGUE CITY, TX SELF-STORAGE SALE
Public Storage Inc, a self-storage real estate investment trust, purchased the 674 unit Space Station Self Storage project located at 3730 Columbia Memorial Parkway. It was built in 2009 & sits on 5.4 acres.
PASADENA, TX MULTI-FAMILY CONSTRUCTION
Hawthorne at Pasadena, a joint venture between Brownstone Commercial, Hawthorne Residential Partners & Midway Investors purchased 19.6 acres at 4811 E. Sam Houston Parkway between Crenshaw & Red Bluff for the construction of a 294-unit apartment project.
SEALY, TX INDUSTRIAL LEASE
Valerus Field Solutions, a division of Montreal-based engineering & constructing firm SNC-Lavalin leased 398,880 sf of the 928,035 sf former BAE facility located at 5000 I-10. The Parker/Littman Team at Cushman & Wakefield represented the owner, Five Star Properties and Kyle Kelley of Savills Studley & Jim Stark of CBRE represented the tenant.
ADVERTISER INDEX A. A. Realty Company 28 City of Converse 1- Central/So, 3 City of Haltom City 28 City of La Porte 2 City of Seabrook 9 Colliers International Ltd 25 EuropaProperty 43 Freedom Crossing 18 Greenberg & Co. 26 Hankamer Commercial Brokers 42 Inland Real Estate Group of Companies, Inc. 26 Land Advisors Organization 20 Levcor, Inc. 17 National Environmental Services, LLC 15 NewMark Grubb Knight Frank 9 Phase Engineering, Inc. 30
classifieds & index RBF Credit Union 26 RE:VIVE DEVELOPMENT 1- SE Texas, 16 Richland Companies 24 Ridge Development Company 9 Showalter Law 41 Signorelli Company 7 Tarantino Properties Inc 13 The Hughes Corporation 25 The J. Beard Real Estate Company 21 Triad Real Estate Consulting Group 24 Waller County EDC 24 Windrose 44
In Next Month's Issue... The November Civil Fair Play will focus on feedback from developers about water issues.
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281-341-5577 • Info@ShowalterLaw.com October 2016
41
ray’s buzz
Cuba: Open For U.S. Tourism But Not Prepared BY RAY HANKAMER rhankamer@gmail.com
Note: I am just back from a week on the tenth cruise ship to go to Cuba in about 58 years. Here is what I saw…
Havana: A beautiful natural port, 90 miles from Key West, and our
ship was the only vessel I saw moving about the harbor for two days. We docked at one of what were once three parallel cruise ship piers. Today, 58 years later, only one is usable, and the other two are falling into the water, with no roofs and no traffic.
Old Havana begins at the pier. There are four big plazas in Old Havana, and many of the buildings facing these plazas have recently had their first coat of paint and first fresh plastering since the 1950s, as the government is trying to create some eye appeal on what is otherwise a tired, terribly antiquated neighborhood. The narrow streets connecting the plazas are freshened up, but a glance down any side street or alleyway, or into courtyards, shows crumbling stairwells, and buildings that are barely habitable.
There are no retail stores, so there is no advertising. The government is the landlord for everything, even the little corner bars with three or four tables and four or five bar stools. No door has a sign announcing what is inside…you just need to know.
The temperature is in the 90s with high humidity. There are many building with window units, but the windows are open. Like much else in this country, these units seem inoperable. Numerous airlines have been granted landing slots in 6-8 cities around Cuba, but the tourism infrastructure is slim. There are ‘green shoots’ however, with some new hotels going up and some grand old hulks being converted- very slowly- into hotels. I saw a number of construction sites with no workers present.
My guess is that these projects are owned by higher ups in the government or military, those same folks who purportedly live in the nicer homes on the outskirts of town, leaving the dilapidated housing to the normal everyday folks. The streets are in good shape around Havana, but there are very few cars. There are some horsedrawn surreys pulled by skinny nags. The people are shuttled about in what a Cuban man told me are called “ovens”- rickety trucks into which dozens of people are crammed in sardine-like in the stifling heat. Beautifully restored American cars from the ‘50s offer one hour rides around town with the top down for 40 Cucs, regardless of the number of passengers squeezing in. A Cuc is a government issue scrip which has no value outside of the country. One Cuc is pegged at $1 but when you change to Cucs a 13% fee is charged-hand the teller $100 and your get $87 Cucs back.
There are a few international standard hotels scattered around Havana, and a number along Varadero Beach, which is down the coast a bit. At the door of every restaurant or hotel for tourists is a doorman whose job it is to keep out local Cubans. 42
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The only private businesses I observed were the recently allowed B&B equivalents where private citizens are allowed to rent out a room or two, or operate a tiny restaurant with a handful of tables. The only private shopkeepers I observed were operators of small souvenir stands selling merchandise of below standard quality. I was told there are four television channels, all operated by the communist government, with political programming, as per a Cuban schoolteacher I met in a park.
I was told that sometimes electricity and water is intermittent, but I did not personally experience it.
Shopping by the people is accomplished with ration cards, which permit purchase of a small quantity of rice, beans, cooking oil, and low quality meat. The schoolteacher I met said diapers are not available and his wife must use t-shirts for their 8 month old son. Another lady begged me to go to the store and buy milk for her baby, who she said was ‘diabetic’. She said a box of powdered milk cost 23 Cucs, in a country where the average monthly salary is 25 Cucs.
Due to the poverty, there is thinly disguised ‘hustle’ in many people a tourist meets on the street, although there are strict laws and penalties for any Cuban ‘committing a crime against tourism.’ Video cameras are on poles on the major squares and ordinary Cubans will not discuss politics except off to the side, in private.
Cienfuegos and Santiago: These two smaller ports we visited seem less poor than Havana, and the people seemed more purposeful, with less loitering in the streets.
Summary: Most of the buildings in the country have suffered
from almost 60 years of zero or almost zero maintenance, so there is a tremendous pent-up need for all the architectural, engineering, construction, construction materials, labor, expertise, and financing which will be required. All is dependent on the government easing away from communism, and letting the people unleash their energies, as did happen in former communist states such as East Germany, Yugoslavia, Poland, etc., all of which now have thriving economies sinceThe Wall went down in 1989. With the huge influx of visitors now coming from the one cruise line serving Cuba and the multiple airlines, the challenge will be to deliver enough of a positive experience that people will want to return. My understanding is that this 600 mile long Caribbean island with a population estimated at 11 million has numerous stunning beaches, mountains, and SCUBA diving locations. Getting the tourists there, lodging them, and feeding them will be a huge challenge unless there are significant changes in the governance of theCourtesy: island. Randall Davis
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