REDNews August 2014-Southeast Texas by RE Journals

August 2014

In this issue: A Learning Laboratory, CRE Graduate School Founding of a Restaurant Dynasty

FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS

Legal Column: To Sue or Not To Sue How to Attract Your Perfect Client

Sugar Land Where Development is Celebrated

VISION | BEAUTIFICATION | GROWTH | SAFETY | AMENITIES

Now, you have 3 million new reasons to move to Westchase District

With three million square feet of new, Class-A office space under construction, there’s never been a better time to relocate your business to Westchase District. We are renowned for our exceptional beauty, mobility, safety, schools and neighborhoods – qualities that are also enticing developers to build new hotels, apartments and amenities. So explore your opportunities in Westchase District today.

Learn more: WestchaseDistrict.com or 713-780-9434

WESTCHASE. WHERE BUSINESS IS MOVING.

Success Thrives Here The City of

Sugar Land is an award-winning community 20 miles southwest of Houston. This master-planned community has achieved its sustainable, strong local economy through a strategically focused and aggressive economic development program creating new wealth and jobs. As a regional employment center, the City is home to numerous high-profile regional and international corporations housed in over 25 million square feet of commercial space, including Minute Maid, Schlumberger, Fluor Corporation, Bechtel, Aetna and UnitedHealthcare. Sugar Land has also uniquely positioned itself as a hub for premium shopping, dining and entertainment. Venues such as the Houston Museum of Natural Science at Sugar Land and Constellation Field as well as the future performing arts center and Sugar Land Heritage Museum will further establish the community as a cultural and historical destination. Sugar Land is more than just a wonderful place to live. It’s a land of remarkable resources and unlimited opportunity, where prosperity abounds and the business climate is ideal for unprecedented growth. It’s where numerous international corporations call home.

Discover how sweet building your business in Sugar Land can be Extraordinary Opportunity • Highly educated workforce (55% with bachelor’s degree and higher) • Ranked 15th in the nation for highest median household income • Access to a trade area population of over 585,000 • Prime locations – nearly 17 million sq. ft. of office and industrial space • 8.2 million sq. ft. of destination retail, dining and entertainment • Aggressive economic development program • Luxury Corporate Airport with U.S. Customs • Close proximity to two major commercial airports (Bush Intercontinental & Houston Hobby)

Exceptional City CNN Money Magazine, Best Places to Live in the U.S. (2006, 2008) Anti-Defamation League, “Community of Respect” (2007-2013) One of the Safest Cities in America, By CQ Press (2007-2013) Global Select at Sugar Land Regional Airport, One of the Top Fixed-Base Operators in the Americas by International News (2009-2013) International City/County Management Association (ICMA), “Community Sustainability Award” (2011)

Building Partnerships with Business SugarLandEcoDev.com | 281.275.2229

Table of Contents

Lawsuit Advice: To Sue or Not To Sue

A Learning Laboratory for Commercial Real Estate

12, 14, 16

The Founding of a Houston Restaurant Dynasty

18, 20, 22

Houston Commercial BUZZ

24, 26

Last Page: How to Attract Your Perfect Client

Properties For Sale/Lease

1-3, 5, 7-9, 11, 13, 15, 17, 21, 23, 25, 27, 28, 41, 44

Commercial Services Cleaning Services

Environmental

Legal Services

Moving & Relocation

Property Leasing & Management

Whatâ&#x20AC;&#x2122;s Happening in Texas CRE Calendar of Events Networking Photos Deals & Announcements

32, 34, 36, 43 33, 35, 37 38 - 40

PUBLISHER

Ginger Wheless

Publisher’s Letter

ginger@rednews.com

EDITOR Marjorie Gohmert info@rednews.com

FOR 100,000+ CRE BROKERS, INVESTORS & DEVELOPERS

ASSISTANT EDITOR Carol Swiantek STAFF WRITER Janis Arnold CONTRIBUTING WRITERS Ray Hankamer rhankamer@gmail.com Brad Porter brad@porterpowers.com Jim Wilkie jimwilkie@swbell.net San Antonio - Kim Gatley MANAGING DIRECTOR Chris King chris@rednews.com ART DIRECTOR Connie Marmolejo - connie@rednews.com MARKETING MANAGER Amanda Simonian amanda@rednews.com

Dear Readers, As Chris King and I have mentioned in the past several issues, we continue to evolve REDNews’ print/digital/ online marketing programs. The effect of combining print/online/social media marketing fascinates and surprises me all at the same time, probably because I can be defined as a baby boomer. I recently saw the movie, “Chef ” which is a comedy about a Chef/Restaurateur from the Generation X era (born early 60s to mid 70s) whose rant to the food critic that gave him a bad review found its way onto YouTube. He was astounded at the publicity he received and it was only with the help of the chef ’s 10 year old son’s simplistic and consistent social media/ Twitter postings that he was able to regain a large group of followers which resulted in huge success for his new mobile restaurant business. The source of his new found popularity bewildered the father and was an amusing reminder to me that I can still learn a lot from a fifth grader.

ACCOUNTING Benton Mahaffey accounting@rednews.com SALES Chris King chris@rednews.com Amanda Simonian amanda@rednews.com Ginger Wheless ginger@rednews.com

Print & Digital Distribution

REDNews is directly mailed each month to commercial real estate brokers, investors & developers in the following cities /areas as well as 200+ locations throughout Texas: Texas Brokers 7,650 Texas Leasing / Tenant Rep 6,232 Texas Investors 4,979 Texas Developers 4,710 Outside Texas Investors, Brokers, Developers, etc 81,577 Total REDNews Distribution 105,148

REDNews Has Gone Green Using Recycled Paper Thank you, Midway Press To subscribe to REDNews call 713.661.6300 or log on to www.REDNews.com/free 5959 West Loop South, Suite 135 Bellaire, Texas 77401

This issue has a fun transcript of a speech Johnny Carrabba gave to ACRP at the Houston Country Club in June. On page 18 Johnny talks about what it was like to come up with a business concept, find a location, get financing and eventually expand to a national franchise. On page 12 is an interview with John Walsh about the graduate program in commercial real estate at University of Houston’s Bauer College. John, along with others, was instrumental in putting this program together and it was interesting to learn how it came about. Next month is Office/Office Medical focus and we’ll be distributing REDNews at North Texas Commercial Association of Realtors (NTCAR) Expo on August 28th in Dallas. If you plan to attend the event, be sure to stop by our booth to say hello. Marcus & Millichap is having a high profile Retail Forum on September 18th in Houston that you don’t want to miss and you can save $50 on your registration by using the promo code when you register (see inside back cover.) Best Regards,

Ginger Wheless

6 REDNews.com

Development Opportunities Development Opportunities A SELECTION OF COLLIERS INTERNATIONAL AVAILABLE PROPERTIES A SELECTION OF COLLIERS INTERNATIONAL AVAILABLE PROPERTIES

J.V. OPPORTUNITY J.V. OPPORTUNITY

N. PADRE ISLAND BEACH FRONT + 51 ACRES N. PADRE ISLAND BEACH FRONT + 51 ACRES 16562 PARK ROAD 22 Corpus Christi, TX 78418 16562 PARK ROAD 22 Corpus Christi, TX 78418 • •• ••

Joint Venture or Seller Financing Preferred - High Density Zoning Site just south of newFinancing Schlitterbahn Waterpark & Resort JointisVenture or Seller Preferred - High Density Zoning Distance to:south Corpus Christi – 20 miles; Waterpark S. Padre Island bridge – 3 miles; Site is just of new Schlitterbahn & Resort Airport – 15 –miles; Schlitterbahn 1.85 miles; • Corpus DistanceChristi to: Corpus Christi 20 miles; S. Padre–Island bridge – 3 miles; Eagle Shale - 30 miles CorpusFord Christi Airport – 15 miles; Schlitterbahn – 1.85 miles; • Eagle Utilities: Water to -site; 1,100’ to sanitary; Fiber optic to site Ford Shale 30 +miles • Utilities: Water to site; + 1,100’ to sanitary; Fiber optic to site CLARENCE “TREY” ERWIN CHRISTOPHER S. KLEIN +1 713 830 2191 +1 713 830 2141S. KLEIN CLARENCE “TREY” ERWIN CHRISTOPHER trey.erwin@colliers.com chris.klein@colliers.com +1 713 830 2191 +1 713 830 2141 trey.erwin@colliers.com chris.klein@colliers.com

FOR SALE FOR SALE

±16.72 ACRES PREMIER DEVELOPMENT SITE ±16.72 ACRES PREMIER DEVELOPMENT SITE FM 529 & FRY ROAD Houston, FM 529 &TX FRY77449 ROAD Houston, TX 77449

• Pricing: $3,824,000 ($5.25 SF) Whole Tract • Prime for apartments, retail & commercial development Pricing:site $3,824,000 ($5.25additional SF) Whole Tract • FM 529site recently widened additional retail & commercial development Prime for apartments, • Grand 3 miles west of the property FM 529Parkway recentlylocated widened • Harris County MUD #157, Tax Rate: Grand Parkway located 3 miles west$0.845 of the property • Regional detention (Not located in 100 year flood plain) Harris County MUDpond #157,available Tax Rate: $0.845 • Regional detention pond available (Not located in 100 year flood plain) CHRISTOPHER D. WINTERS BILL BYRD, CCIM, SIOR +1 713 830 2106D. WINTERS +1 713BYRD, 830 2131 CHRISTOPHER BILL CCIM, SIOR chris.winters@colliers.com bill.byrd@colliers.com +1 713 830 2106 +1 713 830 2131 chris.winters@colliers.com bill.byrd@colliers.com

±12.27 ACRES PREMIER DEVELOPMENT SITE ±12.27 ACRES PREMIER DEVELOPMENT SITE FM 529 & FRY ROAD FM 529 &TX FRY77449 ROAD Houston, Houston, TX 77449

• Pricing: $3,741,368 ($7.00 SF) • Prime for additional retail Pricing:site $3,741,368 ($7.00 SF)& commercial development • FM 529site recently widenedretail & commercial development Prime for additional • Grand 3 miles west of the property FM 529Parkway recentlylocated widened • Harris County MUD #157, Tax Rate: Grand Parkway located 3 miles west$0.845 of the property • Not located in 100 flood Harris County MUDyear #157, Taxplain Rate: $0.845 • Not located in 100 year flood plain CHRISTOPHER D. WINTERS BILL BYRD, CCIM, SIOR CHRISTOPHER BILL CCIM, SIOR +1 713 830 2106D. WINTERS +1 713BYRD, 830 2131 +1 713 830 2106 +1 713 830 2131 chris.winters@colliers.com bill.byrd@colliers.com chris.winters@colliers.com bill.byrd@colliers.com

TO VIEW ALL LISTINGS, PLEASE VISIT TO VIEW ALL LISTINGS, PLEASE VISIT

www.colliers.com/texas www.colliers.com/texas

FOR SALE FOR SALE

Personalized Service. Proven Results.

www.tarantino.com

FOR SALE OR LEASE | Airport Office Building 8031 Airport Boulevard Houston, TX •E xcellent Owner/User Purchase Opportunity • Full Floor Available

Building Identity Available

• Across From Hobby Airport •G reat Location – Perfect Combination of Local Access and Global Reach • Building Identity Available

Eric Ohlson | eohlson@tarantino.com

Peggy Rougeou | peggy@tarantino.com

256 N. Sam Houston Pkwy

The Center Buildings For

or Sale

Leas

256 N. Sam Houston Pkwy, Houston, TX

8313 Southwest Freeway, Houston, TX

• 1,200 – 10,491 NRA Available

• 3 Building, 377,000 SF Office Complex

• Located just 15 Minutes from IAH

•U p to 25,000 SF open concept space ideal for school/ engineering firms

• Building Signage Available • Gernerous Building Allowance • Competitive Rates & Terms

Eric Ohlson | eohlson@tarantino.com Peggy Rougeou | peggy@tarantino.com

•V isit the new Center website for all the amenities, photos and floor plans! www.thecenterbuildings.com

Kris Lilly| klilly@tarantino.com 713-772-6633

Corporate Office: 7887 San Felipe, #237 Houston, TX 77063 (713) 974-4292

San Antonio Office:

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

Bingle Village Shopping Center

2305-2339 Bingle Road Houston, TX 77055 • 3,263 – 8,976 SF Retail Space Available • Pylon Signage Available • Extensive Parking • Landlord will Build to Suit for Credit Tenant

Eric Dr ymalla | edr ymalla@tarantino.com

De Zavala

Austin Office:

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

Angleton Four Corners Shopping Center

1804 N Velasco Street Angleton, TX 77515 • • • • •

Up to 5,444 SF Retail Space Available Center is Located Across the Street From Wal-Mart Pylon Signage Available Traffic Count Exceeds 13,000 Cars Per Day Retail Center Remodeled in 2014

Peggy Rougeou | peggy@tarantino.com

Edgebrook Shopping Center

12770 Cimarron Path San Antonio, TX 78249

10500 Gulf Freeway Houston, TX 77034

• 3,000 – 10,000 SF, Flex Office & Biomedical Space Available

• Big Box- 24,343 SF Now Available

• Climate Controlled Warehouse • Generous Tenant Finish-Out Allowance • Northwest Location with Easy Access to I-10 & 1604

Coni Jenkins| cjenkins@tarantino.com

• Located on Hard Corner of Gulf Freeway & Edgebrook • Pylon Signage Available • Traffic Count Exceeds 222,000 Cars Per Day

Eric Dr ymalla | edr ymalla@tarantino.com Peggy Rougeou | peggy@tarantino.com

CRE

LEGAL UPDATE

www.PorterPowers.com

BRAD PORTER Partner

Porter & Powers, PLLC

Lawsuit Advice: To Sue or Not to Sue... In commercial real estate, there are numerous opportunities to sue, and unfortunately, to be sued. But just because you were injured, slighted, or suffered damages does not mean that you should necessarily sue. Is it really worth the time, effort, and considerable expense to pursue a suit that may take years to resolve? You should answer some basic questions before deciding whether it is worthwhile to file a lawsuit. Do you have a good case? To figure out whether you have a good case, it helps to know that lawyers break down each type of lawsuit, or claim, into a short list of legally required “elements”. In commercial real estate, a typical dispute is a “breach of contract” as there is typically a document or a set of documents – construction agreements, partnership agreements, leases, or contracts – under which the parties are bound. In order to win your case, you will need to convince a fact-finder (whether a jury, a judge, a mediator, or an arbitrator) that you have performed under the agreement(s) and the other side has failed to perform under the agreement(s). When a client or a potential client asks me to pursue a breach of contract case, among other things, I make sure the following elements are satisfied: 1) Contract formation. You must show that you have a legally binding contract with the other party. If you have a written agreement, it would seem that this element should be easy to prove, but you would be surprised how often what appears to be a clearly written agreement can be open to multiple interpretations or the agreement is incomplete because it failed to envision certain scenarios. 2) Performance. You must prove that you substantially did what was required of you under the terms of the contract or had a reason not to perform. 3) Breach. You must show that the party you plan to sue failed to meet his or her contractual obligations.

10 REDNews.com

4) Damages. You must show that you suffered an economic loss as a result of the other party’s breach of contract. If your claim satisfies these elements, then you could have a good case but before you run down to the courthouse to file a claim, you may want to figure out if a lawsuit is the only way to settle your dispute. Is there an alternative? If required under the agreement(s), if you have concerns about being able to collect on a judgment, if you want to save time and money on attorneys’ fees, or if you want to salvage a relationship, you might want to think about ways to settle your dispute out of court prior to filing the lawsuit. Another option is hiring a mediator – a neutral third person who will help you and your opponent evaluate your goals and options in order to find a solution that works for everyone. Can you collect if you win? To put it another way, can the defendant pay? Most landlords have dealt with a tenant breaching their agreement causing the landlord damages. Sure, there is an obvious breach of contract, and getting a judgment against a deadbeat tenant can certainly be easy. But it can be much more difficult, or even impossible, to collect on that judgment. Moreover, if you push too hard, that party may just file for bankruptcy causing you to spend more time, effort, and money for more attorneys. Unless your goal is to set the tone for other tenants (i.e. “they need to know that if they break a lease, they are getting sued”), there is little point in filing a lawsuit against a party with few or no assets. In my experience, if you find yourself wanting to sue, and the only reason you can come up with is “because of the principal of the matter”, then it is almost always better to walk away. Do you have the resources to pursue a claim? Even if you have a great claim against a solvent defendant, do you have the time and money to pursue the claim? Litigation drags on. I have lawsuits that I

have been working on for years. Yes, years. Even if you prevail at trial, the other side has a right to appeal, and depending on the outcome in the appellate court, an appeal could add another year or more to your dispute. Although you will not be required to be fully engaged every day the litigation is active, you will certainly invest a lot of time and emotional energy going to depositions, hearings, mediations, and then trial (or a final hearing in an arbitration) over the life of the lawsuit. In addition to time spent, you will also be incurring attorneys’ fees, which are going to be costly. If you cannot afford the attorneys’ fees, if you just want to try to spread the risk around, or if you want to try to motivate your attorney, you can try to find a lawyer who will take your case on a contingency fee basis. If your case is good (I’m not sure a perfect case exists, but a case does not need to be perfect to be winnable) with a defendant that appears to be able to pay a judgment, then an attorney (including me) may be willing to take your case on a contingency fee basis. Be prepared to pay anywhere from 30% to 40% of collected damages plus costs to your lawyer depending upon risk and whether you are asking the attorney to cover costs of the litigation. The upside, though, is that if there is no judgment or collection of money, then you may not be out any costs. Despite the foregoing issues, litigation can be a great tool to achieve the business objectives you want in real estate. If you have questions or would like to discuss a potential matter, please feel free to contact me to discuss at 713.533.1499 or brad@porterpowers.com.

ID G N I D IL

ENT

ILAB A V A ITY

8300 Bissonnet, Houston, TX 77074 This six-story all glass building sits beautifully amongst the trees just off the corner of Gessner and Bissonnet. The lobby has marble floors, rich landscaping, and vast skylights that illuminate the entire interior. Upper floors offer views of prestigious BraeBurn Country Club, which sits directly across the street.

S Gessner

• On-Site Deli Space Available • Excellent Parking • Stable Ownership

Braeburn Country Club

• 24 Hour Controlled Access

• Single Offices to Full Floor Available

Beechnut

• $1.5 Million in Renovations!

• Professional On-Site Management

Flexible Leases | Responsive Management | Great Parking Bill McGrath, CCIM bmcgrath@landparkcommercial.com www.LandParkCommercial.com 713-789-2200

2550 Gray Falls Dr, Houston, TX 77077 Beautiful 4 story office building conveniently located at Westheimer and Gray Falls in Southwest Houston. Minutes from Sam Houston Parkway.

• Covered/Surface Parking • Card-Key Access • Professional On-Site Management • Local Stable Ownership • Single Offices–11,500 SF Available www.LandParkCommercial.com

Local stable ownership with onsite responsive management and leasing. Attractive lobby with comfortable visitor seating.

A Learning Laboratory for Commercial Real Estate Interview with John Walsh on the University of Houston’s Practice-Based Degree Program

by Christopher King REDNews John Walsh is the Director of the Graduate Real Estate Program at the University of Houston Bauer College of Business. He previously acted as Deputy Chief of Staff for Mayor Bill White and the City of Houston from June 2005 through May 2007 and was president of the Friendswood Development Company from 1971 through 1996.

Katz, Louis Sklar and Welcome W. Wilson, Sr. Chairman of the Board of Regents at the University of Houston. At that time, I was serving as Director, Real Estate Services at the University of Houston and had been recruited to this position by Welcome Wilson, Sr. My background was in real estate development, as President of Friendswood Development Company, which was a large scale company active in commercial, residential and industrial industry sectors here in Houston. Our goal was to establish a graduate degree program in real estate at the University of Houston. Under Welcome Wilson, Sr.’s leadership, we approached Dr. Arthur D. Warga, the Dean of the UH Bauer College of Business. He was cordial but expressed concern that such a program might not attract students and uncertainty as to whether graduates could get jobs in the profession.

John Walsh

Real estate hovers at around 10% of the Texas Gross Product and around 5% of statewide employment, well over a billion dollars of the annual gross. Until 2010, Houston, the largest real estate market in Texas, had no graduate program for real estate professionals. John Walsh was an integral part of and a catalyst in the development and success of the graduate program. Mr. Walsh was kind enough to let REDNews interview him regarding the school’s impressive start and early growth.

We said that we thought it was possible. The Dean estimated that it would take twenty or thirty million dollars of investment and ten or more years under active leadership to build a first class, competitive program. We questioned his view as to the potential for the program, but respected his judgment and felt that scale of philanthropic contribution was not feasible for us.

Tell us about the program at Bauer. When did the program start to come together?

We thought this through and went back to Dean Warga with a proposal that I would come to the University and develop the program at the salary of one dollar per year. We would get underwriting for the cost of the program for three years. The goal would be to build the program and recruit student enrollment sufficient to generate tuition and fee revenue to make the program financially self-sufficient within three years, 2011-2014. The Dean concluded that was a good alternative and became a big supporter of the program.

The idea for the graduate real estate program originated about five years ago when a group of us active in the Houston real estate community began discussing the need for a degree program in real estate. The group included Ed Wulfe, Marvin

We raised $850,000 and gave it to the University of Houston to underwrite the cost of the fall semester 2011. We started with thirteen students and one course, real estate finance taught by an adjunct professor, Kyle Miller.

12 REDNews.com

We offered a real estate certificate as a specialty within MBA, and MS Finance graduate degree programs. The MBA is a 48 credit hour degree, of which 9 credit hours were in electives. We combined two finance courses and our real estate finance course to make a certificate. That became successful. I decided that we would set some goals. So I researched graduate real estate degree programs around the country, and found there were 64 universities that offered a graduate degree Stanford Alexander in real estate and Houston didn’t have one. The graduate degree programs range from very comprehensive, sophisticated, offering 36 credit hour MS real estate degrees, to less comprehensive, as specialties within graduate degrees. Leaders include the Ivy League universities, such as Wharton School, NYU, and MIT as well as Wisconsin, UC Berkeley, and University of Florida. These programs typically specialize in real estate finance and take a scholarly, academic approach to education. They were taught by noted, tenured track professors who did research for publication as well as teach. My conclusion was that, number one, we wanted to have a great program. We wanted to be nationally recognized. Second, we weren’t going to wait twenty years to get there. I looked at the real estate market in Houston and thought that Houston was more about getting things done than about studying things. We’re more about building things than we are about doing scholarly research. I suggested that we be a practicebased program and that is what we are. In the spring semester of 2012, we recast the curriculum from one course to seven courses. We incontinued on page 14

FOR LEASE

OFFICE/RETAIL SPACE 1. Woodland Park Shopping Center 11380 Westheimer, Houston 77077

• Shopping center size - 75,620 SF - Built in 1985 • Retail space available (1st floor) - 1,600 SF - 4,000 SF - $13.00/SF + NNN • Aggressive lease terms • Pylon signage available • Traffic counts - 82,880 CPD (Westheimer) • +/- 592’ of frontage on Westheimer • 372 surface parking spaces available

2. Kaleidoscope

10612-10692 Westheimer, Houston, TX 77042

• 2 blocks west of Beltway 8 • 2,952 SF - 2nd floor • Excellent for retail, office or professional use

3. Park West Plaza

8989 Westheimer, Houston 77063

• 20,000+ SF Available • Up to 6,000+ SF Contiguous Space • Aggressive lease terms - $13.00/SF Gross • Generous surface parking at no charge for open, non-reserved spaces • Card-key controlled access • Pylon signange available • On-site management • Parking ratio - 3.4/1000

Kenneth K.Y. Leung 281.467.3535 713.988.0888 x108

A A Realty Co

eleung8888@aol.com

www.aarealtytx.com A A Realty Co

Accredited Management Organization

Beltway 8 West

For more information

3 Westheimer Rd

a Westpark Tollw

continued from page 12

creased the certificate from nine credit hours to eighteen credit hours, which used all of the electives available in the MBA. You take thirty credit hours of core courses and eighteen credit hours of electives. This gave students six full courses in real estate. We also expanded to an MS finance degree, which is a thirty-six credit hour degree with a real estate certificate. Recently, we just added the JD MBA with a real estate certificate. We offer three degrees with the real estate certificate. We do not offer a master’s degree in real estate but instead, an MS Real Estate or Ph. D. We have elected to stay within the confines of a graduate degree in another subject, an MBA or an MS Finance. We said that we wanted it practice-based and that is what we implemented. All of our courses are taught by adjunct professors. They bring their projects as case studies to the classroom. All of the field trips are done as projects with that professor giving the student the orientation to it. We use case studies in which students are organized into teams to do case study solutions on a competitive basis, then they’re judged by panels of experts.

“All of the field trips are done as projects with that professor giving the student the orientation to it. We use case studies in which students are organized into teams to do case study solutions on a competitive basis, and then they’re judged by panels of experts.” We also started a real estate center. Typically, centers are institutes that do scholarly research. Since we are practice based, we’re going to offer a suite of support services that help the student grow professionally. There are three parts to our center. Number one is industry support. It was imperative that we have real estate industry leadership run the program. Under the generous leadership of the Dean, our curriculum and approach to teaching has been developed by real estate industry leadership, which is organized as an executive advisory board. Welcome Wilson, Sr. was the first chairman. . We started a partnership program with real estate professional groups, Urban Land Institute,

Melcher Hall

Greater Houston Builders Association, Houston Association of Realtors, Houston Apartment Association, Great Houston Builders Association, NAIOP, BOMA, IRUM, and all the rest of them. They agreed to allow our students to be members of their associations, participate in their monthly events, and take advantage of their educational programs. They also provide internships, mentorships and scholarships. The associates of the real estate center are former graduates who have come back in service to the students that are in the program now. The second part of the center is Student Success. In the Student Success program, we manage all of our internships. We guarantee every student an internship with a professional real estate organization. We do mentorships through a partnership with the Urban Land Institute Houston District Council, which has worked out really well. They had a mentorship program within the ULI District Council that took young leaders in the council and paired them with older professionals. Once they graduated, those mentees became the mentors for our students. So they had just been through the mentorship program themselves, plus they were young enough to be able to remember what it was like to be in school, so they could relate well to the students. What a fantastic and forward thinking program! It really worked out great. Students love it. The mentors love it. It’s been really good. It reinforces the just finished education for the mentors, as well. They say that teaching is the best way to learn thoroughly. Exactly, yes. They can share from their perspective. They’ve seen all sides of it.

We’ve also been able to provide a scholarship for every student that needed a scholarship. I’m grateful that those have all been contributed. We do academic counseling, which I do, and career counseling and placement service. Every student has obtained a job. The third area of our center is Industry Service. I struggled a little bit with this. But since the industry has done so much to build this program, I wanted to do something that we could give back. We came up with the idea of doing an Innovative Practices symposium every year. The concept is that we will look at some real estate industry sector that is undergoing some aspect of change and look within that to see how the participants in that industry sector are dealing with it, coping with change, and looking for innovation. We just had our first one June 4th, and it was called Office of the Future. If you’re trying to recruit millenials into the workplace, it’s a lot different from people in their 50s. The technology has changed the way we work, having more collaborative work spaces, having more open-space planning, offering more amenities and connectivity to childcare and restaurants, and fitness, health, and well being, and all of the other things that go into it. We did the research and found case studies. We first defined the Office of the Future. We had three speakers deal with that. Then we had five speakers give examples of their development of the Office of the Future. How did it turn out? It was very good. We had Hines’, John Loos cover their two spec buildings and the one that they did downtown, the BG Group, and now the 609 Main and Texas one. We had John Anderson, who’s continued on page 16

14 REDNews.com

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 48 Acres Development Tract For Sale

24818 Gosling Rd., Spring • Development tract with ideal uses of : Retail, Office, Medical, Residential, Senior Living • Located at the major intersection of West Rayford Rd. & Gosling Rd.

4.9880 Acres For Sale

4.67 Acres - For Sale The Woodlands Submarket

4.996 Acres - For Sale Harris County

10527 SH 242, Conroe (at Needham Rd.)

29305 FM 2978, Tomball

• South side of FM 2920 between Alvin A. Klein Drive/ T.C. Jester. South of Grand Parkway, F-2 Under construction.

• 4.67 ACRES – divisible, with additional .5694 acres contiguous available, additional 2.182 acres adjacent also available west of site.

• Located within 2.1 mi. North of the new Baker Hughes Western Hemisphere facility

• 8.1mi. to SH 249, Tomball & 5.5 mi. to I-45.

• Growing Woodlands Submarket, approximately 2 miles east of Interstate 45.

6753 FM 2920, Spring

• 1,240 Feet of Frontage on Gosling Rd. per survey

• Utilities available through MUD 32

5.79 Acres - For Sale The Woodlands Submarket

2 Acres - For Sale The Woodlands Submarket

SWC Woodlane @ FM 2978, Magnolia • Great opportunity for future development • New apartments built 2013, south of site. • Application for utility service available through Aqua Texas. • .48 of a mile north of Woodlands Pkwy.

• Proposed use: Industrial & Manufacturing

Westwood N Dr., 5702 FM 1488, Magnolia

• Potential Uses: Auto, Fast Food, Service Station, Office.

Bridgeland – Lakeland Village Center Multi-Use Development Lease & Pad Sites Available

Fry Rd., Cypress

• Located at signalized NWC of Westwood N Dr/FM 1488

• 11,600 ac master-planned community by Howard Hughes Corp.

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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.

continued from page 14 now with Dresser Rand, but at the time was with El Paso, and he did the renovation of the Teneco Building and it’s a complete office of the future. Chuck Service of BP discussed the development of their West Lake campus. It’s incredible what they’ve done there. Brandon Houston gave an explanation of how they’ve created two spec office buildings that have become Offices of the Future. It was all very interesting.

start the course.” So he’s the teacher. It’s been great. Once we started the center, we began to look for ways to build financial security for it. Stanford and Joan Alexander expressed interest in the program and have generously established an endowment to underwrite the cost of the center. Their gift will be funded over five years. The Center is now named, The Stanford Alexander Center for Excellence in Real Estate in his honor. Twenty percent of our students are international. They’re here to have their real estate education from another country at the U of H because they wanted to be in a practice-based program. 40% of our students are minorities and 30% are women. What are the differences between the MBA versus the finance degree?

Latha Ramchand, Dean and Professor of Finance

We have a 12 course academic program taught by adjunct professors. We have a real estate center that provides the professional development and industry leadership. We’ve now graduated three classes. We have grown from thirteen students and one course, to twelve courses and, I think, sixty-eight students, which is our current class.

The MBA covers more management and marketing, whereas the MS Finance is strictly finance courses. One is a broader 48 credit hours, more general business degree, and the other one is a more specialized and smaller, 36 credit hours degree. With the MS finance, it’s a 12 credit hour certificate because they only have 12 electives. The certificate fills the electives. We combine all of the electives in the MS finance and all of the electives in the MBA. The MBA JD is a 111 credit hour course, and of that, 15 credit hours are in electives and business, so we use 13 of them. We have almost all MBAs, and almost all of them are night students. All of our classes are taught Monday through Thursday, 6:00 pm to 9:00 pm. 20% will be full-time students, and 80% will be part-time.

That’s three years, four years? In three years. It’s really taken off. But if you stop and think about it, why wouldn’t it? Oh, yes, absolutely. Let me give you an example of how this thing has come together. The Apartment Association came to me and said they wanted to offer degree programs relative to their staffing needs. They provided the funding to underwrite a course. We put together a curriculum for multi-family residential. They provided the teachers, Jerry Winegrad of Judwin Properties and David Hargrove of Graystar. They then provided all of the students with internships and hired the students that have finished the course. It’s been great, just a perfect example of what we’re all about as a professional development program. Full reciprocation. GHBA, Greater Houston Builders Association, saw that and they wanted the same thing for their onsite project managers. Will Holder, who used to work for me at Village Builders with Friendswood, was the president of GHBA. He said, ”I want to

16 REDNews.com

“We guarantee every student can have an internship with a professional real estate organization.” I would imagine the ages are older than in other programs. It varies. We’ve had everyone from a 22 year old just getting out of an undergraduate program, all the way to someone like Christian Domo, an Austrian Romanian. He has a Ph.D. in economics from Romania. He participated in the privatization of the nationalized firms when the Iron Curtain fell. He came to Houston to get into the real estate business in our program. It’s amazing the background of some of our students. We had the son of one of the sheiks of Saudi Arabia. We have been very fortunate to have really solid people on our board and as part of our industry outreach. If you think about it, having these professional organizations all around one table, we’re

the only place that all of these sixteen professional organizations come together. They share ideas and get to know one another with a common purpose. The industry support has really made the difference for this program. That answers your question about how to give back. The meetings alone are probably invaluable to the real estate community as a whole. Right. It’s been very good. They’re organized into committees, and each one has its own mission. We’ve been very fortunate. What a rich environment with everything going on here. With the level of the market activity right now the energy must be incredibly exciting in the classroom. Absolutely. Students are very excited. For us Houston as a laboratory for learning is the biggest asset we’ve got. Texas A&M has a very strong real estate program with two full masters degrees, and Houston’s real estate community supports their program, but we have Houston as our learning laboratory, as opposed to College Station/Bryan. We are fortunate to have Houston’s leading real estate professionals teaching our courses, and using their real estate projects as case studies for student exercises and field trips. It’s one thing to go to A&M and be taught by a tenured track research professor and go look at a shopping center in College Station. There’s a difference between that and having Jonathan Brinston take you out to City Center and give you a personal tour, tell you how they bought the land and what the development process was like, how the economics worked, and all the rest of it. Big difference. The philosophical differences between working in some place that has actual zoning laws, and someplace where it’s kind of the wild, wild West, and how things organically come out of that, is a brilliant situation. Yeah, the students love that. It sounds like it. And the people you have in place seem like they fit really well. I’ll put our program up against anybody’s. We’re not going to have all of our professors publishing in the finest of finance journals. But we are going to have great track records from students who have compleated our program and been ready to go to work the day they finished. For the students it’s great because every day when they go to class, they’re talking to a prospective employer.

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REDNews.com 17

The Founding of a Houston Restaurant Dynasty Johnny Carrabba Speaks to the Association of Commercial Real Estate Professionals

by Christopher King REDNews side of Houston on Canal Street. My grandfather and my dad did business at Harrisburg. Back then they all knew us.

Johnny Carrabba gave a talk on June 20th at the Houston Country Club for ACRP. His speech touched on what it was like to find property and start a business in the Texas economy.

We met with Chip Allen. Damian, who was mostly the spokesperson, tells him, “We’ve got this concept, open kitchen, wood-burning pizza ovens, pasta in big bowls, big portions, blah, blah, blah.” When we finished pitching, Mr. Allen said, “Johnny, I can’t let you do this.” This was 1986. “It’s the worst economy in Houston history.”

If you’ve eaten at Carrabba’s, many of you have read that Johnny’s grandparents came to Brighton, Texas, from Sicily via Ellis Island. In fact, there is a Carrabba Street in Brighton, Texas. Johnny the Third was born and raised in Houston where he attended Saint Thomas High School at the University of Saint Thomas. Nearly thirty years ago, Johnny opened the original Carrabba’s on Kirby Drive. A second location on South Voss opened its doors two years later. In 1993 Outback Steakhouse created a joint venture and partnership that resulted in opening over two hundred Carrabba’s restaurants nationwide; yet Johnny and his family continue to own and operate the two original Carrabba’s here in Houston. In 2012 the family’s new casual counter service concept, Mia’s, opened one block behind the original Carrabba’s on Kirby, and in 2014 Grace’s, named for Johnny’s grandmother Grace Mandola, opened its doors, becoming their fourth family-owned and operated restaurant. Johnny and his family give back to the community through many venues and charities, especially those for children. He serves on the board of directors for Saint Thomas High School as well as the Sunshine Kids. Johnny Carrabba’s story: Carrabba’s was a long shot. I was running a restaurant on Shepherd called Tony Mandola’s Blue Oyster Bar. I was a young guy then, in my early twenties. Damian Mandola, who’s my uncle, and only six years older than I was, owned Damian’s. Sometimes, on his way home, he’d drive down Shepherd and stop to eat with me. One night he comes in and says, “Johnny, man, I just got back from New York. It was unbelievable. A couple of restaurants were doing fast, casual, with pasta in big bowls. One had a wood burning pizza oven with an open kitchen.” He was animated and said, “Well, what do you think about doing that?” I

18 REDNews.com

He advised me to “keep managing for a while until the economy gets better.” Well, as a young guy, you don’t want anybody telling you what you can do and what you can’t do. We went to a second bank and they turned us down. A third bank turned us down. Eventually we’d been turned down by ten banks. Ten banks turning us down was very demoralizing for a young Italian boy. said, “Are you asking me to do it?” “Yeah,” he said, “I want you to do it.” I had mixed emotions. Partnerships are hard in general, but partnerships are really hard when it comes to family. I was 27 and Damian was 33. He had just started Damian’s so he was in debt. I was living in Kingwood at the time, and I was doing everything I could to pay that little mortgage. We started looking at locations. The first location was the PF Chang’s in Highland Village. That was a tough negotiation that didn’t work. We kept looking and finally found this little shop on Kirby Drive. It was a 3,000 square foot pornographic newsstand. The guy, I’ll never forget his name was Sam Sicola, a nice Italian boy from Chicago. I don’t know why Italians would be in porn but anyhow … He didn’t want to lease the spot, he wanted to sell it because the city was putting pressure on those kinds of establishments, especially on Kirby Drive. Young and broke, we didn’t want to buy. We wanted to lease but he wanted to sell it so we started going to banks. The first was Harrisburg Bank. My grandfather had done business there. He had a small neighborhood grocery store on the eastern

I was walking to the kitchen one day at the restaurant and a man stopped me and said, “Hey, Johnny, how you doing?” It was a guy by the name of Ralph Minchen. He says, “How’s your new deal working out?” I answered, “Mr. Minchen, I think it’s about over. We’ve been to ten banks. They all turned us down.” He says, “Hold on” and reaches into his pocket. He hands me a card and says, “Go try Omni Bank on Old Spanish Trail behind the University of Houston. I’m on the board, and we love making loans to family-owned businesses.” On the way to our appointment at Omni, I told Damian, “Man, if we don’t get this, it’s about over.” We met with Rhonda Lewis and Damian went through his spiel, “Wood-burning pizza oven, open kitchen, pasta in big bowls, etc…” Rhonda Lewis tells us, “Johnny, my fiancée and I love your food at Tony Mandola’s and, Damian, you own the best restaurant in town. That’s where he proposed to me.” Rhonda says, “we love lending money to family owned businesses and we love to lend money to native Houstonians.” She said, “Today is Monday. Thursday we have our loan committee meeting. I think I can do this deal.” Come Thursday, Rhonda calls and says, “Johnny, I have great news. We can give you the money to buy that little shop on Kirby Drive but you need to continued on page 20

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I said, “There have been four restaurants that have gone broke there in the last fifteen years.” He said, “No, there have been five restaurants in thirteen years.” “But if you want a good restaurant, demographically, those are the wealthiest two ZIP codes in the United States.” It was an overnight success. It did $60,000 the first week. I don’t want to talk too much about numbers, but everybody always asks me why that second location did so well right out of the gate. People might say, “Oh, it was marketing.” We didn’t know what that meant at the time. Some would say, “Woodway, Voss is a better location,” but it’s not. It was because we were impressing people and from that we created a demand. Either you impress people or you don’t. Johnny Carrabba in front in front of Mia’s while under construction.

come up with $100,000.” That was a huge high and a real low. $100,000 is a lot of money today. It was everything back then.

mian called me. Damian’s running Damian’s, I’m the managing partner of Carrabba’s and he says, “Johnny, I think Carrabba’s has legs.”

I called Damian and I said, “Man, bad news. We can get the loan, but we need $100,000.” He said, “Oh, that’s easy, call your parents.” Like all great Sicilian deals, this one was done at the dining room table. I called my dad. He left his little small grocery store on Canal Street where he was the butcher. We sat at the table and he said, “Boys, let’s give it a shot.” Then Damian asked me, “Johnny, this is your spot. What do you want out of this deal?” I was like a young athlete and said, “Well, I think, Damian, you deserve 45% because you’re the mastermind and I think my parents deserve 10%” I’m a bad negotiator. I should have asked for more but anyhow, and I said, “I think I can get 45% as the operator. I want $25,000 a year.” I said, “When the company gets out of debt, I would like the company to buy me a new car.” I was still young and thinking very small.

I said “What do you mean?” He says, “I think Carrabba’s can grow.” He was thinking outside the box. I wasn’t. All I was thinking about was how I was working from eight in the morning till one in the morning, seven days a week. Who’s going to run this place if we open another?

We opened up the place on December 26th, 1986 and I’ll tell you how broke I was. We were sitting at Christmas dinner and I said, “Dad, do you have any money on you?” He goes, “Yeah, but what do you need it for?” I told him, “Well, we’re going to open up the restaurant tomorrow, and I don’t have any money for petty cash to open up the registers.” I borrowed another $500 from my dad and we opened on December 26, a little 3,000 square foot restaurant. Nobody had ever seen a wood burning pizza oven or an open kitchen. It was an instant success. I think we did $18,000 our first week. At the time I thought that restaurant on Kirby Drive was going to be where I spent the rest of my life. I’d be a part of the community, just like my grandparents and parents did at the grocery store. Then one day, when we were about a year old, Da-

“Everybody says ‘Oh, if you go to a good location, you’re going to be successful,’ but that might not be the right location for a particular business, so you have to know what your client really wants. It’s not all about the sale.”

Reluctantly, I called a real estate man by the name of Mr. Ed Wulfe. I said, “Mr. Wulfe, Damian wants me to look for a second location.” He said, “Oh, Johnny, I think that’s a great idea but listen to me. You’ve got to give me two weeks on this because you have to be strategic.” I didn’t know what he meant. He said, “You can’t be too close to your original location but you can’t be too far away.” He told me, “Give me two weeks.” He called me back an hour later, and said, “Johnny boy, I’ve got the perfect location for you.” I said, “Mr. Wolfe, where?” He said, “On the corner of Woodway and Voss.” I said, “Mr. Wolfe, with all due respect, have you lost your mind?”

I started getting investment bankers calling me. People that had money to invest would say, “Hey, we want to put some money on this and let you grow it.” I’d go to meetings and I never really was impressed. I had a couple of restaurant groups call me who wanted to grow because Italian food was popular. The two restaurants were doing well. I turned everybody down. Then I got a phone call, “Johnny, you don’t know me. My name’s Tim Gannon. I’m one of the founders of Outback Steakhouse. I used to live on Sunset in West University in a garage apartment.” He says, “The CEO of our company, Chris Sullivan, thinks that we need another growth prospect. We’re up to about sixty Outbacks and it’s doing well. We need something else because we just went public and we need another growth deal. He asked me what restaurant we should approach in the United States.” Tim told him, “Carrabba’s on Kirby. I used to eat there all the time at the little pasta bar.” I said, “Well, Tim, I’m flattered but I want to stay family owned.” “Johnny,” he said, “it never hurts to talk. Can we come visit you tomorrow?” They flew up, Chris Sullivan and Tim Gannon, and we pretty much made a deal at the dinner table. We talked about their history, my history. I don’t know if you know it or not but they were big shots in Steak and Ale, Bennigan’s, Chili’s. They were Norman Brinker protégés, so they knew what they were doing. I called my CPA and said, “Becky, I need to pay attention to these guys; they’re for real.” We entered into a 50/50 joint venture. What I want everybody to know is that you never know who’s going to affect your life. What I try to tell my staff all the time is that you have to be a little bit like Joe DiMaggio. He said he played the game of baseball hard every play because there might be somebody in the stands that has never seen him play but had heard about how continued on page 22

20 REDNews.com

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continued from page 20

want to be treated. Treat people with genuine concern. Yes, is the answer, what’s the question? I like to have a little motto: “Give for the sake of giving and not for the sake of gaining.” That’s what makes service good. Cleanliness and is there an ambiance? That’s … What is that? That’s music, lighting, the way we conduct ourselves. Anybody can buy a stereo system and play Frank Sinatra in an Italian restaurant, but the real atmosphere and ambiance comes from the way we move and the way we act, the way we greet people, the way we know their names. Those things are all important. High morale is just a byproduct of winning. If you look at any team at the end of the World Series, who’s celebrating? It’s the winner and so that’s always a lot of fun. Our company is twenty eight years old. Some companies start to falter when they get this old. Why do they falter? They falter because number one, most of the time there’s absentee ownership. Johnny Carrabba (left) and District C Houston City Councilmember Ellen Cohen with a proclamation deeming April 24, 2014, as Johnny Carrabba Day in Houston.

good he was. He played hard every play because he wanted to impress that person who had never seen him before. That’s what we have to do every day of our lives because we never really know who’s in control of our fate and that’s what I like to tell a lot of my staff. You never know when you’re waiting on somebody, how they might control your destiny. A lot of people think in business that “Oh, I can go sell real estate or I can broker this or I can open up a restaurant ...” Everybody thinks a restaurant business is glamorous but what people really don’t understand is that there are a million things that have to happen every day to put on the show. Everybody has fundamentals in their business. Our fundamentals are food, service, cleanliness, atmosphere and ambiance, and then the sixth one is morale, high morale. I don’t really worry too much about high morale and the reason being is that I can come in every day and say, “Come on, guys, let’s go.” You’re a coach. High morale is a byproduct of executing your fundamentals. When it comes to service, there are fundamentals. Treat people the way you want to be treated. Yes, I know that we’re supposed to serve from the left and pick up from the right. Never grab a glass up here, you always grab it down low. Those things are technical. They’re important but they’re technical. They can be taught. You have to live by the Golden Rule when it comes to any of our businesses. Treat people the way you

22 REDNews.com

I like to have a little motto: “Give for the sake of giving and not for the sake of gaining.” I would like to be absent but my mother would not let me. But, the real reason is because you lose your culture. You lose your principles and beliefs, you lose your fundamentals. You get away from the game. You try to get trendy but no matter what, Mamma Mandola’s Sicilian Chicken Soup is always going to be in style. What you have to do is make sure that you stick to the basics. You can’t get away from that. We can get cute with technology. Yeah, we can have a bunch of answering machines answer your phone calls but we believe in doing things the old fashioned way. I don’t know much about real estate. The only thing I do know is that every time I drive down Kirby and my kids are in the car, I tell them, “Never sell this property.” We have to represent our clients. It’s like a customer that comes into a restaurant. Most servers want to sell them the veal chop and the big Barola wine because they know that the more the ticket, the more tips they’re going to get, right? We don’t have that philosophy. I would make sure to know my customer, know what my customer wants. If they want the chicken soup and a glass of iced tea, that’s fine with us because we want to be customer paced. We want to give customers what they want. That’s the same thing here. The prob-

lem that I always ran into when I was looking at locations was to go with different realtors in different markets but did they really represent me or were they just trying to sell something they had because they needed the commission? I would think that everybody in this room is very successful for a reason, because they put their client first and that’s the way you have to be successful. No matter what business you’re in, the customer is paramount and we can’t get away from that. If we put the customer first, the old-fashioned way, where the customer’s always right, we’re all going to be successful. You have to get engaged with your customers. Know what they really want. Know the market. I’ve seen restaurants come and go, especially on Kirby Drive. Everybody thinks Kirby Drive is the cat’s meow when it comes to locations. Yeah, I would say, Westheimer or Highland Village, Post Oak’s a good location. Kirby might be the third or fourth best location. It hadn’t always been that way. Everybody says, Oh, if you go to a good location, you’re going to be successful, but that might not be the right location for a particular business, so you have to know what your client really wants. It’s not all about the sale. Carrabbas was a long shot. I count my blessings every day, but the main thing is that I’ve gotten to meet so many nice people and I appreciate all of them.

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HOUSTON

COMMERCIAL BUZZ

RAY HANKAMER Hankamer & Assoc, Broker, Houston Contributing Writer

O’Connor and Associates Hotel Forecast Luncheon Bruce Walker, President, Source Strategies, Inc., Speaker

“The national economy is still uncertain, but Houston and Texas in general are booming,” said Walker. He went on to explain that the “oil counties” were experiencing the strongest occupancies and rates, although in Midland/Odessa things were leveling off (at a high plateau) while developers where waiting to see if recent additions to room supply would be absorbed by increasing demand. In some oil counties occupancy is in the low 80s, which is Bruce Walker far above the average for the state, which ended 2013 at 64%. The first quarter of 2014 showed a 66% statewide occupancy average, heavily influenced by oil and gas activity. Walker pointed out that East Texas, Central Texas, and the Valley with occupancy in the mid-50% range were weak, and below the overall state average, although Austin-Round Rock is strong because difficulty developing there acts as a barrier to entry to competitors.

Although sales per occupied room statewide continue to be on a strong upward trendline, they are just now catching up to what they were in 2008, just before the sharp fall-off due to the recession. And although numbers of room nights sold have caught up, rates have not quite caught up yet overall in the state with before the recession. Houston’s occupancy has risen from 66.4% in 2013 to 69.9% in the first quarter of 2014. “Houston is VERY healthy,” according to Walker. Walker provided a chart that showed that Houston’s central business district REVPAR (revenue per available room) has risen steadily over the last ten years, from $60 to $140! For comparison purposes, the hotel with the highest REVPAR in the state is the Four Seasons in downtown Austin, which enjoys a REVPAR of $314. Houston’s top REVPAR hotel is the Granduca at $275. There are a number of hotels in the development pipeline in Houston, but not enough to take the bloom off the rose for hoteliers any time soon, as long as demand remains strong.

C.R.E.A.M. Luncheon by Jim Wilkie, CCIM Senior V.P., Seacoast Commerce Bank The Commercial Real Estate Association of Montgomery County (CREAMtx.com) meets the second Monday of every month near The Woodlands for lunch, networking, a vibrant have-wants session and timely discussion of curJim Wilkie rent happenings in the market. The group has grown steadily in average attendance, membership and prestige along with The Woodlands area. I am honored to be a Past President, Member of the Board and Gold Sponsor.

construction in The Woodlands. From Hughes Landing along the banks of Lake Woodlands to a major expansion and overhaul of the Resort & Conference Center, to a new Waterway hotel (no names please), things are clearly going strong in this market. With a 4.6% vacancy in office space, you can see why.

The much anticipated Exxon/Mobil corporate campus just south of The Woodlands is just now seeing its first full-time workers and it is already over-subscribed. To the point that Hughes is completing a 500k sf office tower for them at Hughes Landing. Other notable tenants there will include - Whole Foods, Escalante’s, Local Pour, At our July 14th meeting we were honored to DelFrisco’s, and a brand new waterfront hotel for hear from Paul Layne, SVP of the Howard Hughes 2015. Corporation (parent company of The Woodlands Of course, Hughes (and Paul) are also heavily inDevelopment Corp.). Paul was proud to note volved in developing Bridgeland - an 11,400 acre that they currently have about $700mm under residential / mixed-use neighborhood along the

24 REDNews.com

Speaker Paul Layne, SVP, Howard Hughes Corporation with Karyn Jackson, J. Beard Company (sponsor) and current President of C.R.E.A.M.

Grand Parkway, just S of 290. In addition to all the retail and commercial breaking ground, they anticipate 20,000 sfr over the next 24-36 months. So if your not active in North side (The Woodlands, NW Harris and Montgomery Counties) you might want to reconsider. And a great place to test the waters might be our next CREAM luncheon - Aug 11. Check us out at www.creamtx. com. Or give me a shout.

LAND/CHURCHES FOR SALE Pasadena Church

4444 Vista Rd. - 46,000 SF.................................................................... $950,000

+/- 13 Acres

Beechnut @ Rustling Leaves.........................................$6.25/PSF or $3,539,250

New Beginnings Family Church

6303 Bramley, Pasadena, TX - 8,240 SF.............................................. $499,900

Eastex Church

11255 Eastex Frwy - 15,500 SF............................................................ $950,000

Miracle Life Church International

9930 Aldine Westfield - 3,200 SF.......................................................... $275,000

LEASE SPACE - St Paul Presbyterian Church

7200 Bellaire Blvd. - 5,600 SF............................................................ $5,000/mo.

Multi-Purpose Facility w/housing

15402 Sellers Rd. - 7,000 SF.....................................REDUCED..............$225,000

NW Houston Church

10225 Woodedge - 20,000 SF...........................SALE PENDING.......... $1,100,000

Baytown Campus/Training Center Facility (Income producing property)

301 Ilfrey .........................................................................SOLD...........$3,400,000

International Church Realty (713) 541-4005

www.internationalchurchrealty.com

5 1 N 0 E 2 OP ER

M SU

REDNews.com 25

HOUSTON

COMMERCIAL BUZZ

RAY HANKAMER Hankamer & Assoc, Broker, Houston Contributing Writer

Is Texas Running Out of Water? Attorney David M. Oliver, Jr., Speaks to CCIM In addition to concerns about the quantity of water which will be available to our children and grandchildren are concerns about where the water will come from: surface, wells, conservation, effluent recycling, desalination, etc. Mr. Oliver spoke to the fact that in principle the owner of the surface owns the water under the surface, and has certain priorities to its use now and moving into the future; however, there are some caveats to that doctrine, including prohibition from wasting that water, and from maliDavid M. Oliver, Jr., ciously affecting the subsurface water of neighPartner - Allen, Boone, Humphries, Robinson, LLP boring tracts. In addition, use of subsurface water that creates subsidence also comes under regulation, since subsidence affects neighboring structures and drainage patterns on surrounding property as well. Drainage problems can be expensive to remedy, and often require building of complex infrastructure. “Water is the oil of the 21st century”, said Oliver. And from his remarks it seems that just like the extraction and use of oil, water will fall under increasing regulations from local, state, and federal agencies as we move into the future. Oliver pointed out that over 2,000,000 residents in the Greater Houston Area receive their water through Municipal Utility Districts (MUDS) of which 651 are licensed in our Greater Houston area. These districts and their “waterworks,” which are generally built in the Extra Territorial Jurisdiction (ETJ) of Houston must be compatible with the system already in place with the City, since many MUDS will eventually be incorporated into the city. These MUDS

26 REDNews.com

serve residential and commercial water needs and are generally needed in outlying areas not yet reached by the city. Houston has the reputation of having the most reliable system for providing water to its citizens for the future with our three reservoirs: Lake Houston, Lake Conroe, and Lake Livingston. Surface water demands are expected to grow by 60% by 2060, and as the demands grow, so do the remoteness of the areas demanding water with relation to these three reservoirs. Fort Bend County and Katy are example of this relative remoteness. With regard to the mix of sourcing our water: we must move from current reliance on mainly water wells to 80% reliance on surface water by the year 2030. Over-dependency on wells leads to potentially unacceptable levels of ground subsidence. As population needing water grows, the cost of sourcing, providing, and distributing reliable water becomes more costly. Moving water to its end user already involves a network of pipelines-some as large as 96 inches in diameter-and this network is already mapped out for extensive growth. State and local agencies try to “pick the low-hanging fruit” first, i.e. find water to treat and distribute in the least expensive but safe way. But we can look forward to water being more and more precious, and expensive. Adding to the cost of capturing, treating, and delivering water for the growing population is the natural phenomenon of evaporation, which occurs in huge volumes on the three reservoirs which serve Houston. And, as more population concentrates around the sources of our water, the more there is a chance that the quality of that water will degrade. To protect our water quality under the Clean Air and Water Act, the EPA will be getting involved on an increasing basis. The “bottom line” message from David Oliver to real estate developers and other professionals is to make sure that availability and quality of water is taken into account early on in the planning of any new development. We cannot exist without it.

For Sale 10,000 sq. ft. Warehouse on 1.8 acres

THE WOODLANDS

• 5609 13th St., Katy, TX • 264 sq. ft. office with warehouse. Restroom serving both warehouse and office.

https://www.google.com/maps/preview?oe=utf-8&client=firefox-a&channel=sb&ie=UTF-8&f...

• 3 cargo doors - semi dock high • Eve is approximately 16 feet • Building is insulated

4.82 Acres - West Bellfort • Just east of Sam Houston Pkwy • Easy access to Southwest Fwy

Up to 49,372 SF of Prime Office Available

• 821’ on West Bellfort

2700 Research Forest

• 1,032’ on Ruffino Road

• New construction and activity in the area

Joel Dalak 713.974.5226 jdalak@tigusa.com

• REDUCED PRICE - Owner is motivated to sell before year end

Robert C. Watson, CCIM

Robert C. Watson Associates, Inc.

713-465-3100 | rcwatsonre@gmail.com

Subject to change or withdrawal without notice

For Sale - 10,325 SF - User or Investment Property 8616 Daffodil St., Houston - Westpark Tollway/Beltway 8 Area Owner Retiring & Ready to Sell Owner financing available to qualified buyer

• Building has 95% A/C & Heat • Located on 30,000 SF Land • Concrete Surface Parking • Wet - Sprinkler • Easy Acess to Westpark Tollway & Beltway 8 • Asking Price: $899,900

Sam Houston Tollway

2000 ft

Richmond Avenue

8616 Daffodil St.

Dunvale Road

Westheimer Road

llway

To Westpark4:39 7/15/2014 PM

Blake Hillegeist 832.860.6066 | blake@blakesellshouston.com REDNews.com 27

Harry M. Green Interests, Inc.

Broker: Donald Daum Office: 713.953.9800 Mobile: 281.546.9073 ddaum99517@aol.com

4,950 SF Drive Through Restaurant Space For Lease

Dedicated Pylon Signage | Second Generation Space | Lighted Menu Board Demographics

1 Mile

3 Mile

5 Mile

8358 Longpoint, Houston TX - Ridgecrest Shopping Center

Broker: Donald Daum | Office: 713.953.9800 | Cell: 281.546.9073 | ddaum99517@aol.com

SEPTEMBER

FOCUS ON:

OFFICE/OFFICE MEDICAL

INDUSTRIAL/MIXED-USE/LAND

STATE OF THE 2014 CRE MARKET

PORT OF HOUSTON100 YEARS

REDNews highlights the state of the CRE market.

REDNews celebrates one hundred years of the Port of Houston.

Featuring office and medical properties.

Featuring industrial properties, mixed-use and land across Texas.

Get your listings in today.

Be a part of the celebration.

Deadline for Content and Ads August 14th

Deadline for Content and Ads September 12th

DECEMBER

FOCUS ON:

OFFICE/OFFICE-MEDICAL/LAND

RETAIL/RETAIL LAND

WINTER PROPERTIES

ICSC

REDNews covers the spectrum of business development.

REDNews will be at ICSC Texas. Will you?

Featuring office, office-medical and land listings.

Got a booth? Let us help 3,000+ attendees find you at ICSC.

Don’t miss out.

No booth? We’ll be there to market for you!

Deadline for Content and Ads November 13th

Deadline for Content and Ads October 13th

NOVEMBER

PRINT | ONLINE | MOBILE - FULL SERVICE MARKETING - CALL 713.661.6300

OCTOBER

EDITORIAL CALENDAR

PREMIUM SPACE AVAILABLE

EPA Adopts New ASTM Standard Environmental Risk Alert: Environmental Risk Alert: As of December 30,Environmental 2013, the Environmental Protection Risk Alert:

EPA Adopts New ASTM Standard

EPA Adopts New ASTM Standard Agency (EPA) approved the new Phase I Environmental Site EPA Adopts New ASTM Standard Assessment (ESA) ASTM E 1527-13 standard for All December 30, 2013 , the Environmental Protection AsAs of of December 30, 2013 , 2013 the AsInquiries of December 30, ,Environmental the Environmental Protection Appropriate (AAI) Landowner Liability Protection Protections. Agency (EPA) approved new Phase IIEnvironmental Site Agency (EPA) approved thethe new Phase I Environmental Site Agency (EPA) approved the new Phase Environmental Site Assessment (ESA) ASTM E 1527-13 standard for All Assessment (ESA) ASTM E 1527-13 standard All Assessment (ESA) ASTM E 1527-13 standard All Phase Engineering’s Phase I reports comply with for thefor EPA’s Appropriate Inquiries (AAI) Landowner Liability Protections. Appropriate Inquiries Landowner Liability Protections. Appropriate Inquiries (AAI) Landowner Liability Protections. ESA(AAI) requirements. Phase Engineering’s Phase I reports comply with EPA’s Phase Engineering’s Phase I reports comply with thethe EPA’s Phase Engineering’s Phase I reports comply with the EPA’s Full range of nationwide ESA requirements. ESA requirements. ESA requirements. professional environmental Licensed & Certified Lender Approved

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Phase I and Phase II ESAs Full range of nationwide Full range of nationwide Full range of nationwide professional environmental Asbestos • Mold• Lead Licensed & Certified professional environmental professional environmental services including: Licensed &Lender Certified Approved Licensed & Certified Stormwater Compliance services including: services Lender Approved Phase I and including: Phase II ESAs Lender Approved Wetlands• PCAs Phase I and Phase II ESAs Phase I and II ESAs Asbestos • Phase Mold• Lead Asbestos • Mold• Lead Stormwater Compliance Asbestos • Mold• Lead Wetlands• PCAs Stormwater Compliance Stormwater Compliance For details on how your due diligence Wetlands• PCAs Wetlands• PCAs can affect your transaction, call us at Melanie Edmundson, P.G., Principal Mobile 713 826 3342 Melanie@PhaseEngineering.com Melanie Edmundson, P.G., Principal Mobile 713

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Melanie@PhaseEngineering.com Melanie Edmundson, P.G., Principal Melanie Edmundson, P.G., Principal Mobile 713 826 3342 Mobile 713 826 3342 Melanie@PhaseEngineering.com Melanie@PhaseEngineering.com

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EVENTS • NETWORKING • DEALS • ANNOUNCEMENTS

What’s Happening in CRE Texas The following pages contain a calendar of Texas CRE events, networking photos and deals/announcements. For more of the above, log on to REDNews.com. We update CRE news and events daily!

Central / South Texas

Austin | San Antonio | Rio Grande Valley

Calendar of Events Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday 2

August 2014 4

CREW Austin Membership Committee 12:00 PM-1:00 PM

CREW Austin PR Committee Meeting 10:00 AM-11:00 AM

REC Austin Mid-Year Economic Forecast 11:30 AM - 1:30 AM

REC Austin Executive Committee meeting 7:30 AM - 9:00 AM

11 REC Austin Signature LDC Program 12:00 PM - 1:00 PM REC Austin Regional Issues Committee 12:00 PM - 1:00 PM

CREW-CCIM San Antonio Joint Luncheon Panama Canal Expansion: Impacts on the US Market 11:30 AM - 1:00 PM

IREM Austin Property Insurance Navigating the Challenges 2 Hours of TREC MCE 10:00 AM - 12:00 PM

REC Austin Mayoral Forum Luncheon, 11:00 AM - 1:00 PM

CTCAR “Introduction to DocuSign” 10:00 AM - 12:00 PM

ULI Austin Breakfast Meeting 7:30 AM - 9:00 AM

CCIM Central Texas CI 103: User Decision Analysis 8:30 AM - 5:30 PM

CI 103: User Decision Analysis 8:30 AM - 5:30 PM BOMA San Antonio Monthly Lunch REC Austin 11:30 AM - 1:15 PM Membership Committee Meeting REC San Antonio 4:00 PM - 5:00 PM 2014 Water/Transportation Update 7:30 AM - 9:00 AM

CREW Austin Community Outreach Committee 11:30 AM-12:30 PM

7 BOMA Austin Executive Committee Meeting 11:30 AM - 1:00 PM IREM San Antonio Board/Committee Chair Luncheon 11:30 AM - 1:00 PM BOMA Austin- Air Handling, Water Treatment, & Plumbing Sys 6:00 PM - 9:00 PM

BOMA Austin Board of Directors Meeting 7:45 AM - 9:00 AM BOMA Austin - Air Handling, Water Treatment, & Plumbing Sys 6:00 PM - 9:00 PM CTCAR Property Information Exchange 7:30AM - 9:00AM BOMA Austin Monthly Membership Luncheon 11:30 AM - 1:00 PM

BOMA Austin REC Austin Air Handling, Water Treatment, City of Austin Policy Issues Committee & Plumbing Sys 12:00 PM - 1:00 PM 6:00 PM - 9:00 PM

CTCAR Citizens’ Advisory Group 4:00 PM to 6:00 PM

CREW Austin Programs Committee Meeting 12:00 PM-1:00 PM

27CCIM Central Texas

CCIM Central Texas CI 103: User Decision Analysis 8:30 AM - 5:30 PM

CREW Austin Golf Committee 12:00 PM-1:00 PM IREM IYP Icebreaker 5:30 PM - 7:30 PM CCIM Central Texas CI 103: User Decision Analysis 8:30 AM - 5:30 PM

Commercial Organization Contacts - Dallas | Fort Worth Austin BOMA................................................................................. www.bomaaustin.org CBA Austin............................................................................www.cbaaustin.com CCIM..................................................................................... www.ccimtexas.com CREW..................................................................................www.crewaustin.com CTCAR................................................................................. www.ctcaronline.com IREM.................................................................................... www.iremaustin.org RECA................................................................................... www.recaonline.com ULI......................................................................................... www.austin.uli.org

32 REDNews.com

San Antonio BOMA San Antonio......................................................www.bomasanantonio.org CCIM .........................................www.chapters.ccim.com/sanantoniosouthtexas CREW..........................................................................www.crew-sanantonio.org IREM.............................................................................www.iremsanantonio.org IREP........................................................................................... www.irepsa.com RECSA.............................................................................www.recsanantonio.com SABOR......................................................................................... www.sabor.com SIOR (South Texas Chapter)............................................................ www.sior.com

For a complete list of monthly events, visit their website

For more information on

CALENDAR OF EVENTS log on to

Email your events to: Chris@REDNews.com Event dates are based on each organization’s typical monthly schedule which is subject to change. Please verify each event with the related organization.

Networking For more networking photos, log on to www.REDNews.com | Send your networking photos to info@REDNews.com CREW July Speed Networking Luncheon

Cherie Short, Stewart Title, Yesenia M. Dominguez,Transwestern, Brenda Tuma, Teknion

Christi Griggs, Peloton Commercial Real Estate, Robbie Casey, Robbie Casey Commercial Real Estate

Stacey Littlefield, Blackmon Mooring, Melissa Coo, Pritchard Industries

Judith DeSantiago, HTOA Commercial Properties , Susie Wallis, 2014 CREWSan Antonio President / KW Commercial

CTCAR 1031 Exchanges Training Class

Ladies sporting the new CREW Austin scarves -Spring Business Meetings

Taught by Teresa Person of 1031 Exchange Corp. Gail Whitfield, CCIM of The Whitfield Co & Steve Presti of First Close Title among the attendees (front)

Tia Ambaum & Kathy Carr

Sarah Scott & Gail Ayres

REDNews.com 33

North Texas Calendar of Events

Dallas | For t Wor th

2014 Sponsorship Packages now available! Is your company looking for exposure and recognition in the commercial real estate industry?

commercial real estate women

SPONSORSHIP OPPORTUNITIES START AT $750.

Sunday

Monday

Tuesday

Wednesday

Visit the CREW-Dallas.org website for more information or call the CREW office at 214.890.6490

Thursday

Friday

Saturday 2

August 2014 4

6 BOMA Fort Worth Membership Luncheon 11:30 AM - 1:00 PM

CREW Fort Worth New Member Breakfast 8:00 AM TREC Community Initiatives Application Deadline

IREM North Texas Asset Analysis CPM Course 8:00 AM - 5:30 PM

CREW Fort Worth 380 Agreement Panel 11:30 AM

CCIM North Texas CI 101: Financial Analysis for commercial properties 8:00 AM - 5:30 PM

IREM North Texas Asset Analysis CPM Course 8:00 AM - 5:30 PM

Asset Analysis CPM Course 8:00 AM - 5:30 PM BOMA Fort Worth Volunteer Day 4:00PM - 8:00PM CCIM North Texas Happy Hour, 5:30 PM CREW Fort Worth Monthly Luncheon 11:30 AM

20 NTCAR 21 NTCAR Income Property Analysis and Income Property Analysis and Advanced Income Property Advanced Income Property Analysis Analysis 8:00 AM - 6:30 PM 8:00 AM - 6:30 PM CORENET- Economic Development CORENET Executive Exchange: John Crawford, Panel, 11:30 PM- 1:00 PM CORENET - State of the Submarkets, Downtown Dallas, Inc. 11:30 AM - 1:00 PM 6:30 PM - 9:00 PM

IREM North Texas Asset Analysis CPM Course 8:00 AM - 5:30 PM

13 IREM North Texas

IREM North Texas Asset Analysis CPM Course 8:00 AM - 5:30 PM

28 NTCAR Commercial Real Estate Expo, 4:00 PM - 8:00 PM SCR Breakfast and Discussion: Rail and Road Panel with Q&A 7:30 AM - 9:00 AM

Commercial Organization Contacts - Dallas | Fort Worth BOMA Dallas....................www.bomadallas.org

IREM Dallas .....................www.irem-dallas.org

TREC................................... www.recouncil.com

BOMA Fort Worth...... www.bomafortworth.org

NAIOP.....................www.northtexasnaiop.com

ULI...............................www.northtexas.uli.org

CCIM..................................... www.NTCCIM.com

NTCAR........................................ www.ntcar.org

CREW Dallas.....................www.crew-dallas.org

SCR........................................... www.scr-fw.org

CREW Fort Worth....................www.fwcrew.org

SIOR............................................www.sior.com

GFWREC.................................www.gfwrec.com

SW Corenet ........www.southwest.corenetglobal.org

34 REDNews.com

For a complete list of monthly events, visit their website

For more information on

CALENDAR OF EVENTS log on to

Email your events to: Chris@REDNews.com Event dates are based on each organizationâ&#x20AC;&#x2122;s typical monthly schedule which is subject to change. Please verify each event with the related organization.

Networking For more networking photos, log on to www.REDNews.com | Send your networking photos to info@REDNews.com CREW Dallas luncheon/meeting on June 18th featuring, Steve Brown, real estate editor of The Dallas Morning News

Ann Murray, Lisa Novotny, Steve Brown, Janice Peters

Sadie Fitzpatrick, Kasandra McLaughlin, Irene Hosford, Steve Brown, Janice Peters, Michelle Hudson, Ann Murray

North Texas CCIM Education Happy Hour at Pluckers

Jim Hancock, CCIM, Al Berry, Joe Fischer, CCIM

Chris Mims with a few 104 class attendees

Having a great time at Pluckers!

CREW Dallas partners with Girl Scouts of Northeast Texas

BOMA Dallas Dinner

BOMA â&#x20AC;&#x201C; Dallas Dinner bound!

Steve Williamson, CCIM, Robert Faust, Paul Huang, David Albright

BOMA International chair Rich Greninger and BOMA Dallas president Angelique Wade

Karla Peterson, Sandy Watson, Beth Carroll, Heather McClure, Coni Hennersdorf, Debbie Bagley, Kaye McCallum, Michele Langenberg, Rebecca Tudor.

REDNews.com 35

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

Southeast Texas Calendar of Events Sunday

Networking

Monday

Houston and Vicinity |

Educat ion

Technology

CCIM Course Scholarships

Tuesday

Wednesday

Thursday

CI 101, CI 102, CI 103, CI 104 or CCR & Exam

Available to current Houston/Gulf Coast CCIM Chapter Members

CREW Luncheon: What is the story on Camp Strake? 11:30AM - 1:00PM

BOMA Project Management/ Construction Panel Seminar 8:00 AM - 10:00 AM

FBSCR Monthly Meeting 8:00 AM - 9:00 AM

ULI Future Of Water In Houston: Minimizing Your Risk Luncheon 11:00 AM - 1:30 PM

ACRP/SIOR Joint Event Breakfast 7:30AM

CREN Happy Hour 5:30PM - 8:00PM

Commercial Organization Contacts - Houston and Vicinity | Galveston ACRP...................................................www.acrp.org BACREN........................................www.bacren.com BOMA.................................www.houstonboma.org CCIM ....................................www.ccimhouston.org CoreNet................www.houston.corenetglobal.org CREAM........................................www.creamtx.com CRE.......................................................www.cre.org CREN..................................www.crengulfcoast.com

36 REDNews.com

CREW................................... www.crewhouston.org FBSCR...............................................www.fbscr.com Greater Houston Partnership......www.houston.org HOLBA............................................. www.holba.org HRBC..................................www.houstonrealty.org IREM.....................................www.iremhouston.org NAIOP.................................www.naiophouston.org O’Connor & Associates.............www.poconnor.com

CREN Breakfast/Marketing Session 8:00 AM

BACREN Luncheon, John Kennedy 10:30AM Greater Houston Partnership Member Engagement Meeting 9:00 AM - 10:30 AM HRBC Monthly Meeting 7:00AM - 8:30AM

www.iremaustin.org • 512-301-3

CCIM Luncheon, Speaker: Joan Neuhaus Schaan 11:30 AM

September 10th, 2013, 8:00am – 5:0 For more information and registrati visit iremaustin.org

C.R.E.A.M. Luncheon Speaker: David Assid, Toll Brothers Inc. 11:00A M

ETH800 -Ethics for the Real Estate M CREN

Luncheon 11 AM - 1:00 PM

Contact Ginger Coleman at 713.783.0297 or ginger@amchouston.com /www.ccimhouston.org

Saturday IREM2 AUSTIN PRESEN

Friday

August 2014 3

A CP z De z Ple Galveston sta z Pro

HREC................ www.houstonrealestatecouncil.org SIOR......................................www.siorhouston.com ULI..........................................www.houston.uli.org For a complete list of monthly events, visit their website

For more information on

CALENDAR OF EVENTS log on to

Email your events to: Chris@REDNews.com Event dates are based on each organization’s typical monthly schedule which is subject to change. Please verify each event with the related organization.

Networking For more networking photos, log on to www.REDNews.com | Send your networking photos to info@REDNews.com June ACRP breakfast at the Houston Country Club. Johnny Carrabba was the speaker.

Todd Fuller, Charles Crane & Scott Duplantis

ACRP Steve Sapio, Libby Seamans, Wendy Ghormley & Johnny Carrabba

John Gonzalez & Dave Gilkeson

IREM Community Involvement BEAR Graduation Celebration

C.R.E.A. M. July Networking Event

John Morris of Chase Bank, Sach Prassad of Environmental Performance, Lance Langenhoven, The Commercial Professionals.

Mark Kidd & Steve Montgomery

Presenter Paul Layne, SVP of the Howard Hughes Corporation.

IREM Community Involvement members help decorate for a good cause!

Third Annual â&#x20AC;&#x153; Wined, Dined & Served so Fineâ&#x20AC;? benefitting CREW in the Community

L to R: Suzanne Brasuell, ENTOS Design; Rena Chappell, JJ Leonard, Cushman & Wakefield; Kari Walker-Higgins, walker+Miranda; Paula Nelson, Fischer & Company; Karen Pierre, Axiometrics;

Celebrity servers included (L to R)back row: JJ Leonard, Cushman & Wakefield; Jon Napper, Courtland Development; Mike Wyatt, Ran Holman, Van Trust Real Estate; Jim Tudor, Twinrose Investments; Manny Ybarra, Pillar Commercial

REDNews.com 37

ANNOUNCEMENTS & DEALS DONE

CENTRAL/SOUTH TEXAS

(AUSTIN/SAN ANTONIO AREAS)

ANNOUNCEMENTS

be as many as 800 apartments, shops and a grocery store located on the nowvacant lot that surrounds a MetroRail stop. Sands Investment Group (SIG), a Santa Monica, CA-based commercial real estate brokerage firm, continued its national expansion, this time opening up an office in Austin, TX. The firm has tapped net lease advisors Max Freedman and Elan Sieder to head up the new location.

MIXED USE DEVELOPMENT Pflugerville (DEVELOPMENT) - A $25 million office project is in the works in a mixed-use development. Olympus Plaza will contain 130,000 sf at 130 Commerce Center. Groundbreaking is scheduled by year’s end, with the first building being the 60,000-sf, threestory Olympus Plaza I. The project is being developed by Austin-based Russell Interests Inc. A summer 2015 completion is expected.

Max Freedman and Elan Sieder

Adam Zimel

Endeavor Real Estate Group has appointed Adam Zimel as its new director of retail brokerage operations. Zimel joins the Endeavor team after many years of success with The Weitzman Group, overseeing a portfolio totaling more than 2 million square feet, closing more than 50 transactions a year for the past five years and being recognized as one of the Top 10 “Heavy Hitters” for retail representation by the Austin Business Journal for the past six years.

Carson Hawley recently joined SRS Real Estate Partners as an associate in the firm’s Austin, TX office.

Carson Hawley Austin-based Oden Hughes has started a new property management division, which will be led by Stephani Park. The industry veteran has worked in the multifamily property management sector for more than 25 years. Stephani Park

LAND

Austin (DEVELOPMENT) - Austin City Council is considering turning a cityowned, East Austin parcel just a few blocks east of the Plaza Saltillo MetroRail station into Austin’s next transit-oriented housing hub. The report also suggested that a project would take about a $13 million investment from the city to ready the site for development. Austin (DEVELOPMENT) Endeavor and Columbus Realty have won the competition to develop the Plaza Saltillo site downtown after hours of deliberation and a split that deadlocked the eight-person Capital Metro board twice. With the decision made, Endeavor’s team will negotiate further with Capital Metropolitan Transportation Authority staff and reach a specific deal over the next few months to redevelop the 11-acre site just east of I-35 in downtown Austin. The result could

38 REDNews.com

Log on to REDNews.com for daily updates

MULTI-FAMILY Austin (DEVELOPMENT) Southwest Strategies Group, Momark Development and DMA Development Co. LLC will rehab the existing 16-story RBJ Center and will add another affordable senior housing component, mixed-income apartments, privately owned condominiums and 25,000 square feet of commercial space. Austin (SALE) The Retreat at Barton Creek, a huge apartment complex in one of Austin’s most popular neighborhoods, has been sold to a Southern California investor. The property, at 3816 S. Lamar Blvd., was purchased by Paydar Properties of La Jolla, California, for an undisclosed price. The seller was San Francisco-based Hamilton Zanze & Co. in partnership with New York-based NYL Investors. The community was 95 percent leased at closing. Charles Cirar of CBRE Group Inc. represented the seller.

OFFICE San Antonio (DEVELOPMENT) – Stream Realty Partners is building an office development in Westover Hills. The 100,000-sf One51 Office Centre will be at 10162 SH 151 with a floor plate design accommodating tenants from 22,000 to 100,000 sf. Parking will be at a 6:1,000 ratio. Stream will break ground on the 8.28-acre site in August, with completion in second quarter 2015. Austin (SALE) Drawbridge Realty Trust, a San Francisco-based privatelyheld commercial real estate investment and development company, acquired the 170,357-square-foot office building at 5301 Southwest Pky. in Austin, TX from CBRE Global Investors for $42.5 million, or about $250 per square foot. Todd Mills, Hunter Mills, Troy Holme and Casey Ford of CBRE represented the seller in the transaction.

RETAIL San Antonio (DEVELOPMENT) - A new Walmart will open on the city’s west side next spring. The 150,000-sf store at 918 Bandera Rd. will create about 300 jobs. According to the San Antonio Express-News, the retail giant plans to open another Walmart Supercenter in Cibolo next year. San Antonio (LEASE) Gold’s Gym has signed a 26,000 SF lease in San Antonio. Gene Williams with CBRE San Antonio and Rich Flaten with CBRE Dallas represented the tenant. Don Thomas with REATA represented the Landlord. Austin (LEASE) A 8,532 SF restaurant is going into Windsor Village (5811 Berkman Drive, Austin). Tucker Francis of Retail Solutions and Lance Tindall of The Tribeca Company represented the landlord. Matt Holm with Team West Real Estate represented the tenant.

NORTH TEXAS

ANNOUNCEMENTS & DEALS DONE (DALLAS/FT. WORTH AREAS)

ANNOUNCEMENTS

E Smith Realty Partners, a premier commercial real estate company based in Dallas, has named Christopher Schafer vice president. Schafer will be responsible for expanding and pursuing E Smith Realty’s national accounts. He brings more than 14 years of combined commercial real estate and legal experience to the firm.

Christopher Schafer

INDUSTRIAL

Dallas/Fort Worth (SALE) - San Franciscobased Prologis Inc. has sold off 7.5 million square feet of industrial real estate throughout the country, including Dallas, to Fort Worthbased TPG, a private investment firm, for an undisclosed sum.

Coppell (LEASE) ENKEI International, a distributor of wheels for both regular and racing cars, signed a 79,750-square-foot lease at the Park West Business Center I building located at 1111 Executive Dr. in Coppell, TX. Trey Fricke and George Tanghongs of Lee & Associates represented the tenant. Drew Richardson and Pete Richardson represented the landlord, Primera Cos. Dallas (SALE) Atlanta-based Invesco Advisers acquired the Dallas Cowboys Distribution Center at 2500 Regent Blvd. in Dallas, TX from KBS REIT II for $22.3 million, or approximately $56 per square foot. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain of CBRE brokered the transaction on behalf of KBS. Garland (LEASE) – Garden Ridge LP is growing its distribution operations with a new lease. The housewares and floral products retailer has leased 146,600 sf in Logistics Pointe/Garland warehouse at 2600 McCree Rd. CBRE Group negotiated the new lease with building owner Westmount Realty Capital. With the Garden Ridge lease, the 1.1 million-sf warehouse is now 85 percent leased. Fort Worth (LEASE) Gardner Denver Petroleum Pumps leased the entire building at 2600 Sylvania Cross Dr. in Fort Worth, TX. The 94,000-square-foot, Class A industrial building was constructed in 2012 on 14.93 acres of land in the Meacham Fld/Fossil Creek Industrial submarket. Brian Randolph and Andrew Ward of Mercantile Partners represented the landlord in-house. Jonathan Bonime of Fischer & Co. represented the tenant.

to $500,000s. Highland Homes, Drees Custom Homes and Darling Homes have their homes available for potential buyers. With a projected 10- to 15-year build-out of Windsong Ranch, the developer expects to construct 3,100 singlefamily residential lots, as well as 150 acres of mixed-use development and 550 acres of open space with native preserves, trails and parks. The development also includes a 50-acre Community Park. Terra Verde Group bought the 2,030acre tract from Forest City Enterprises Inc. for $29.8 million in June 2012.

OFFICE Carrollton (LEASE) Independent Movers signed a 66,000-square-foot lease at 1445 W Belt Line Rd. in Carrollton, TX. Ken Smith of K&D Investments Co. represented the landlord. Fort Worth (LEASE) Gardner Denver Petroleum Pumps leased the entire building at 2600 Sylvania Cross Dr. in Fort Worth, TX. The 94,000-square-foot, Class A industrial building was constructed in 2012 on 14.93 acres of land in the Meacham Fld/Fossil Creek Industrial submarket. Brian Randolph and Andrew Ward of Mercantile Partners represented the landlord in-house. Jonathan Bonime of Fischer & Co. represented the tenant. Irving (SALE) Codina Partners has sold Crestview Office Tower in Irving, TX for $34.5 million. The property, located at 105 Decker Ct., was purchased by CapRidge Partners Fund I. Irving (SALE) CapRidge Partners, a value office investor and manager based in Austin, TX, acquired the Crestview Tower at 105 Decker Court in Irving, TX on behalf of CapRidge Partners Fund I for $34.5 million, or approximately $131 per square foot. Evan Stone, Jack Crews and Lauren Zimmer at JLL represented Codina Partners in the transaction. Frisco (DEVELOPMENT) Gearbox Software plans to move its headquarters from Plano to Frisco at the completion of a new office building development near Toyota Stadium. The building is being developed by Encore Office LLC, a subsidiary of Dallas-based Encore Enterprises Inc., in partnership with Wolverine Interests, which acquired the land to develop the mid-rise office building for Gearbox. The software company plans to move into the 166,051-square-foot building at Main Street near the Dallas North Tollway in Frisco Square by next year. JLL’s Jeff Eckert and James Esquivel represented the landlord in the real estate deal. Dallas (DEVELOPMENT) Cloud-based software firm Active Network, LLC is the latest company to announce relocation from California to Texas, planning to move its headquarters from San Diego’s Sorrento Mesa submarket to Dallas. According to Texas Gov. Rick Perry’s office, the move - aided by $8.6 million in public funds through the Texas Enterprise Fund (TEF) - will bring 1,000 jobs and $13 million in capital investment to the Lone Star State.

El Paso (SALE) CBRE today announced the sale of the 10/375 industrial portfolio. IndCor Properties purchased the assets, which total just over one million sf. The portfolio includes seven Class-A bulk distribution buildings that are 83 percent occupied. Tenants include ProTrans International Inc., Electrical Components International and Handgards Inc. CBRE retains the leasing and property management assignments for the assets. The firm represented the international seller

MASTER-PLANNED DEVELOPMENT

Prosper (DEVELOPMENT) - $1.2B master-planned residential community set to open in Prosper. The initial phase, which includes about 275 single-family homes, will market houses from the mid-$300,000s

Log on to REDNews.com for daily updates

Dallas (SALE) Goddard Investment Group LLC has paid $200 million for the 58-story Fountain Place office tower at 1445 Ross Ave. Goddard purchased the property from J.P. Morgan Asset Management through the Goddard Value-Add Office Fund I LP. HFF marketed the property. Cassidy Turley will handle leasing.

RETAIL Little Elm (LEASE) Cozy Cafe has leased 3,200 SF at Paloma Creek (26735 US 380 West, Little Elm, TX). Chris Flesner and Sam Littlejohn of Retail Solutions represented the landlord.

REDNews.com 39

ANNOUNCEMENTS & DEALS DONE

SOUTHEAST TEXAS

(HOUSTON AREA)

ANNOUNCEMENTS

David Kamen, Daniel Leonardi and Camille Amidei

Cassidy Turley bolstered its occupier services capabilities with the addition of David Kamen, MCR.H, SLCR, Daniel Leonardi, MCR, and Camille Amidei as senior managing director, managing director and vice president, respectively.

Anderson Properties, a Houston-based real estate firm that became part of the Berkshire Hathaway HomeServices group in 2013, has bought Tulsa, Oklahomabased Prudential Alliance Realty. Financial terms of the deal were not released.

Log on to REDNews.com for daily updates

Houston (SALE) P Investments recently purchased the 52,000-square-foot industrial building at 10506 Kinghurst St. in Houston, TX for $3.2 million, or about $62 per square foot. Amy Shao of Realty Associates represented the seller, Manconix, while Patrick McKiernan and Marc Drumwright of Southwest Realty Advisors represented P Investments.

MULTI-FAMILY

Sugar Land (SALE) HFF announced today that it has closed the sale of SouthWind, a 312-unit, Class A multi-housing community in Pearland, Texas. HFF marketed the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. An entity owned by JMG Realty, Inc. purchased the asset for an undisclosed amount free and clear of debt. The HFF investment sales team representing the seller was led by director Chris Curry, senior managing directors Todd Marix and Todd Stewart and director Tre Banks. Houston A new residential tower is expected to break ground in a matter of weeks amid growing demand for downtown living. The 40-story Market Square Tower will be built at 777 Preston in downtown Houston by Woodbranch Investments Corp, an affiliate of BMS Management Inc. It will have 463 apartments ranging from 550-square-foot efficiencies to three-bedroom, three-bathroom, 1,950-square-foot units, plus a few larger penthouses.

Caldwell Communities’ Towne Lake was named among RCLCO’s Top 20 Best-Selling Master-Planned Communities for Mid-Year 2014. Derrick Jones joined Sealy & Co. as regional manager for the Houston office. Jones will take charge of the growth initiatives for Sealy & Co. He will grow the company’s Houston platform through acquisitions and development and solidify the Fred Caldwell Sealy brand.

OFFICE

Derrick Jones

INDUSTRIAL Houston (LEASE) Lennox International (NYSE: LII) will anchor Phase 1 of Denver-based DCT Industrial Trust’s (NYSE: DCT) Northwest Crossroads Logistics Center after preleasing 190,000 square feet at the northwest Houston development. Gene Allred of Allred & Associates brokered the transaction on behalf of Lennox. Will Hedges of DCT Industrial negotiated the lease in-house on behalf of DCT.

Houston (DEVELOPMENT) Transwestern Development Co. has broken ground on a 312,000-square-foot office building known as Westway Plaza. The future Class A building will be located at the northwest corner of Sam Houston Tollway and Clay Road in Houston, TX, and is expected to be completed in the second quarter of 2015. Powers Brown Architecture designed the building, while EE Reed Construction Co. is the general contractor. Cardno Haynes Whaley is the structural engineer; DBR is the mechanical, electrical and plumbing engineer; and Walter P. Moore is the civil engineer. SWA is the project’s landscape architect. Transwestern will handle leasing.

CenterPoint Properties, an Illinois-based industrial real estate developer purchased Cedar Crossing Industrial Park and 3240 South Loop East in two separate transactions. The first deal was the acquisition of four buildings in the Cedar Crossing Industrial Park in Baytown totaling 1.2 million square feet. The second acquisition was 3240 South Loop East with 212,961 SF.

represented Hartman in-house.

40 REDNews.com

Houston (SALE) Houston-based REIT Hartman Short Term Income Properties XX purchased the Mitchelldale Business Park at 5151-5401 Mitchelldale St. in Houston, TX from Falcon Southwest for an undisclosed price. Rusty Tamlyn and Trent Agnew of HFF represented the seller, while Julian Kwok, Dave Wheeler and Russell Turman

Houston (LEASE) William Jacob Management, a full life-cycle engineering and project management service provider, leased 29,251 square feet at 15810 Park Ten Place in Houston. Stewart Lyman and Ryan Bishop of Stream Realty Partners represented the landlord, TIC Properties Management. John Richardson of Office Space Advisors represented the tenant.

Houston (SALE) ExxonMobil Corp. sold its 198,257-square-foot Eight Greenspoint Plaza building at 222 Benmar Dr. in Houston, TX to a partnership consisting of Stream Realty Partners and New York-based AllianceBernstein LP. Rudy Hubbard, Kevin McConn, Paul House, Ronnie Deyo and Rick Goings of JLL represented the seller.

RETAIL

Houston (SALE) Hunington Properties, Inc. a full service commercial brokerage company has announced the sale of the Plaza at Bellaire, a 74,315 square foot shopping center in Houston, TX. Todd A. Carlson had the exclusive listing to sell the property for a local private partnership who built the property in 2008 and later added more square footage in 2011. The buyer was a local investor who assumed a non-recourse securitized note and they will continue to manage and lease the property.

INDEX

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1.9 AC - Fry Rd. Near W. Little York, Katy, TX N

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A. A. Realty Company .......................................................... 13 ACRP.................................................................................... 36 BACREN . . ............................................................................ 36 C.R.E.A.M. .. ........................................................................ 36 CREN .................................................................................. 36 Freedom Crossing . . ....................................... 1- North Texas, 5 Avison Young ....................................... 1- Central/So Texas, 44 Blake Hillegeist Real Estate ................................................. 27 CCIM Central Texas ............................................................. 32 CCIM Houston .................................................................... 36 CCIM North Texas . . ............................................................. 34 City of Sugar Land ............................................. 1- SE Texas, 3 Colliers International .............................................................. 7 CREW Dallas ...................................................................... 34 CREW San Antonio ............................................................. 32 CTCAR ............................................................................... 32 FSA Cleaning Services . . ....................................................... 41 Greenberg & Co. . . ................................................................ 17 Harry N. Green Interests ...................................................... 28 International Church Realty .................................................. 25 ICSC Texas Dealmakers . . .................................................... 17 IREM Houston .. ................................................................... 36 LandPark Commercial .......................................................... 11 Levcor, Inc. .......................................................................... 25 Lila Construction .................................................................. 23 Marcus & Millichap . . ............................................................ 43 Maxx Builders ...................................................................... 17 Mockingbird Management , LLC ........................................... 19 Move Resources .................................................................. 41 Phase Engineering, Inc. ....................................................... 30 Porter Powers ...................................................................... 41 R. S. Hart Commercial Brokerage, L.L.P. .............................. 21 Robert C. Watson Associates, Inc. . . ...................................... 27 TAO Interests, Inc. .............................................................. 41 Tarantino Properties, Inc. ................................................... 8, 9 The J. Beard Real Estate Company, L.P. .. ............................. 15 TIG Real Estate Services ............................................... 25, 27 Westchase District ................................................................. 2

CLASSIFIEDS

• 1.96 Acres • $570k/$6.66 PSF; Below Market

Fry Road

ADVERTISER

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• All Utilities Available TAO Interests, Inc - Broker

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Tim Opatrny • 713.621.9841 www.taointerests.com email: tim@taointerests.com

5900 Memorial Suite# 305 Houston, TX 77007

713-533-1933 porterpowers.com REDNews.com 41

LAST

PAGE

How to Attract Your Perfect Client Stand Out in a Crowd

by Amanda Simonian REDNews

In the last issue we asked the question “do you stand out in a crowd?” While this is a simple question by definition, when it comes to marketing, there really is no simple answer. We are all looking for our perfect client. Before we can even begin answering that question, we need to first know exactly who our target audience is. The first response to that question in the world of CRE is obviously buyers and sellers, but do you really know who they are? To understand how to attract your perfect client, you have to look beyond the obvious. Marketing in this new age of technology demands it. It’s not about plastering your face in the yellow pages or on the side of a bus any more. Those days are long gone. The entire premise of marketing has moved to a global strategy. Your potential perfect client base has grown from your friends, family, and neighbors in your hometown. It now includes the entire world, literally. The very idea of trying to figure out how to stand out in the crowd consisting of the entire world can be daunting. There is one key element in every perfect client. They are human. That detail can be something we tend to forget when it comes to marketing.

looked at the item that has a big red box around it before you looked at anything else. You do that every time you go back to that restaurant, even though you know it’s a pickled egg, liverwurst, and sardine. How do they do that? How do they get you thinking about that terrible sandwich every single time you go there? It’s one of the oldest marketing strategies, and one that is still very relevant in today’s ever changing rules of marketing.

90% of information transmitted to the brain is visual, and visuals are processed 60,000X faster in the brain than text. 3M corporation did a study in which they found that, “90% of information transmitted to the brain is visual, and visuals are processed 60,000X faster in the brain than text.” Humans are immediately drawn to pictures, colors, and dollar signs. But be careful, too many of these visual cues in your marketing materials can easily become confusing and muddled.

Think about the last time you were out for dinner. When you were handed your menu, I bet you

42 REDNews.com

Marketing your brand is just as important as having one of your listings in front of the right client. Getting brand recognition by advertising in the best industry publications is ideal. Finally, you

have to look at your digital footprint. There is no way around it. We live in a world where we are constantly plugged in. Email, social media, and the internet run our lives. It is important to engage your audience in order to fish out your perfect client. Make the internet work for you.

Social media makes it easy to improve brand awareness and build your brand’s identity. You can effectively establish your brands personality and give your business a human voice that people can relate to. Connecting on an emotional level or showing some personality are both effective ways of helping your brand stand out from your competitor’s. So, do you stand out in a crowd? Are you harnessing all of the resources you have available to you? It’s what we think about here at REDNews every day. It’s why we offer our clients such a wide range of services including website design, email marketing, and print advertising. Our goal is to make you successful. We want you to stand out in the crowd. To learn more about how we can help you, email me: Amanda@REDNews.com

POSTMASTER: PLEASE EXPEDITE TIME SENSITIVE MATERIAL 5909 West Loop South, Suite 135, Bellaire, Tx 77401 Return Service Requested

PRSRT STD U.S. POSTAGE PAID Permit No. 2436 DALLAS, TX

HIGH PROFILE ASSETS FOR SALE Partnership. Performance.

AUSTIN, TX: +/- 7.295 Acres

I-35 frontage site located near Highway 183

AUSTIN, TX: Topgolf Ground Lease +/- 11.76 acres next to The Domain

GALVESTON, TX: Stewart Plaza +/- 18,024 SF CVS shopping center

Hunter R. Jaggard

713.993.7828 hunter.jaggard@avisonyoung.com

KATY, TX: Westheimer Lakes II

+/- 57,780 SF brand new, multi-tenant center

Darrell L. Betts, CCIM

713.993.7704 darrell.betts@avisonyoung.com

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