June 2016

YOUR COMMERCIAL REAL ESTATE MARKETING SOURCE

MAY 2016 | RETAIL

Darin Gosda+1 713 577 1819

Nolan Mainguy+1 713 577 1841

Kristen McDade+1 713 577 1808

HOUSTON, TX 77007

±1.48 ACRES | FULL BLOCKCENTER ST. BETWEEN SHEPHERD & DURHAM


Eminent Debate:The discussion over eminent domain in Texas

New Lease on Leasing Breaking down FASB's New Standards

Spot the Trends & Spot Their TriggersOpportunities Around In Commercial Real Estate

For more information about the property, please see page 7

JUNE 2016

PROPERTY DETAILS v ±39,160 SF in a quickly growing area. Flanked by

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Kristen McDade+1 713 577 [email protected]

Nolan Mainguy+1 713 577 [email protected]

±39,160 SF8411 HEMPSTEAD RD.HOUSTON, TEXAS 77008

4 June 2016

CONTENTS

MarketSales & Leases 1–3, 5, 7, 9-11, 12, 13, 15, 17,-19

ServicesEnvironmental Services 22Land Servicing 36Legal Services 33

ScoopEvents 24, 26,28Social 25, 27, 29Bulletin 30-32

FeaturesNew Lease On Leasing 8, 9

PACE 21

CIVIL FAIR PLAYEminent Debate: 12, 14, 16

RAY'S BUZZSpot The Trends 20

8

23

34

12

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JOHN BRAUN, CCIM, CPM 16821 Buccaneer Ln Suite 106 Houston, TX 77058 [email protected]

6000 Broadway Galveston, TX 77551

3828 Hughes CourtDickinson, TX 77539

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6 June 2016


PUBLISHERGinger Wheless [email protected]

EDITORMargie Gohmert [email protected]

STAFF WRITERJanis Arnold [email protected] Smith [email protected]

CONTRIBUTING WRITERSRay Hankamer [email protected] Grossman [email protected]

EMARKETING DIRECTORRahul Samuel [email protected]

DIGITAL/MARKETING DIRECTORTony Nelson [email protected]

ACCOUNTINGBenton Mahaffey [email protected]

SALESGinger Wheless [email protected]

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

Texas Brokers: 8,150Texas Leasing/Tenant Rep: 6,232Texas Investors: 4,979Texas Developers: 4,710Outside Texas Investors, Brokers, Developers etc: 26,387

TOTAL QUALIFIED REDNews DISTRIBUTION: 50,458

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5909 West Loop South, Suite 135Bellaire, TX 77401

Dear Readers,

As I write this, I know many of you are en route to Las Vegas for ICSC. I hope you have great success, get a lot of deals done and arrive home happily exhausted.

At the beginning of 2016, we initiated a Civil Fair Play column in REDNews as a means to explore the issues that affect commercial property owners & developers in Texas.

There is a long standing eminent domain debate about which a state favors: private property rights or public benefit. Recently we were encouraged to review the proposed Houston to Dallas high-speed rail which seems to be spurring debate in Texas about property rights since it may impact thousands of acres. (See Pages 12, 14, 16)

As Waller County Judge Trey Duhon pointed out, the issue of eminent domain flies under the radar for all those Texans who are not property owners because it doesn’t affect them now, but it behooves everyone to acquaint themselves with any issue that might impact them at some future date.

Hope you have plans for a fabulous summer vacation!

Best Regards,

Ginger Wheless

Letter from the Publisher

7June 2016


±1.48 acres of land located at 1107 Shepherd Dr., a full block, conveniently situated between Shepherd Dr. and Durham Dr., Center St. and Nett St. in the Washington Corridor, directly adjacent to the Heights. Site is one block north of bustling Washington Avenue.

Prime location, well-suited to many uses including retail, office, multi-family, storage, mixed-use developments and others.

Signalized intersection at Shepherd and Center

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Nolan MainguyAssociate+1 713 577 [email protected]

Darin Gosda, CPASenior Vice President+1 713 577 [email protected]

8 June 2016

The goal of FASB’s new standard is to increase transparency and comparability among organizations that lease assets, according to

FASB Chairman, Russell Golden. During a conference held in November 2015, Golden said the rules will provide a means of recognizing assets and liabilities that arise from lease transactions. Currently, companies can cloak lease costs to appear more stable.

As of Jan. 1, 2019, companies that lease property or equipment will be required to identify on their balance sheets assets and liabilities for leases with terms of more than 12 months.

“When a company shows that they don't have that many liabilities, then the perception is that they are stronger, because they have so much liquidity,” said Randy

Dishongh, president of Dishongh, Jankowski, & Eubank.

FASB’s change will allow a more apples-to-apples comparison when reviewing different companies, whether they lease property or own it.

“The FASB lessee accounting model continues, like today, to account for two types of leases,” Golden said. “One type of lease – the capital lease – will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The other type of lease – the operating lease – will be accounted for in a manner similar to operating leases under existing GAAP, except that

Breaking down FASB's new standardsAfter nearly a decade of drafts and rewrites, a new lease accounting standard was adopted by the Financial Accounting Standards Board. The changes aren’t expected to have a significant impact on lessors, but lessees will need to adjust accordingly.

NEW LEASE ON LEASING:

BY BRANDI SMITH

9June 2016

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lessees will recognize a lease liability and a lease asset for all of those leases.”

“It will change the way they plan deals to be done,” he said.

The new policy applies to both equipment and property, which means companies may opt to purchase property instead of leasing it since there is little financial advantage to a long-term lease.

“Generally, if you own an asset, you control it. You can get a little bit better pricing, because you paid for it,” said Dishongh.

“If you're the CFO of the company and you know suddenly that your $8 million remaining liability on this lease space is going to go on your balance sheet and is going to impact your liquidity, you might go to the real estate director and say, ‘Are we using all that?’” said Brandi McDonald, the executive managing director at Newmark Grubb Knight Frank, during a recent CREN meeting in Houston. “Idle space is going to come into question and real estate directors are going to get the mandate to densify space.”

Dishongh recommends companies start planning ahead for the new standards, which don’t go into effect for nearly three years.

“You keep track of a lot of the information in the notes already,” he said. “You're already examining leases. It's already part of the audit process, so that you have all of the background information in order to make the changes.”

One way in which firms can prepare is by having a conversation with their financial institutions.

“The key would be to make sure that you go back and meet with the lenders and confirm that this change in accounting will not affect the debt-to-equity calculation,” said Dishongh.

Skipping that conversation could result in companies inadvertently violating some provisions in their loan agreements. Because leases have not been included on the balance sheet, their sudden appearance in 2019 could be a red flag for banks that a company’s liabilities are beyond what is allowed. If a covenant is violated, banks can demand immediate payment in full, despite the change being a technicality.

"As more companies start accounting according to the new FASB standards, we will have to wait to find out just how significant an impact they will have on the future of commercial property leasing," Dishough concluded. l

"If more companies were to begin leaning toward buying property over the option of leasing it, that could have a trickle-down effect into the commercial real estate industry."

10 June 2016

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12 June 2016

civil fair play

June 201612

As this issue of REDNews went to print, a discussion was beginning in Washington, D.C., that may have an impact on thousands of acres of privately held Texas property. The Surface Transportation Board, which oversees freight and passenger railways , is considering whether it has jurisdiction over Texas Central, a first-of-its-kind, high-speed rail line proposed from Dallas to Houston.

The filing is a preliminary step in the process of moving the project forward, but it’s already spurring debate in Texas about property rights because of the amount of property that could be needed to build the line. At this point, that amount is unclear because a final route has yet to be determined.“[Eminent domain] is the power of governmental entities and other private

entities to take people's property involuntarily,” explained attorney David Showalter of Richmond’s Showalter Law Firm. “A lot of people hear about it when, for example, a new freeway is being built.”

What might surprise some REDNews readers is the list of agencies that are gifted the ability to acquire land by invoking eminent domain, including utility districts, school districts and private companies.“As the state grows and as people move here, the decision is made to deal with transportation issues by widening roads and adding more roads,” Showalter said. “It is just constant. It is nonstop. It is pervasive.”The issue, though, typically flies under the radar for most Texans because, as Waller

County Judge Trey Duhon pointed out, “it doesn’t impact them.” Once a property owner does feel the effect of eminent domain, it almost always sparks a debate about which a state favors: private property rights or public benefit. “I still think we have an eminent domain process in Texas that really puts the landowner at a serious disadvantage,” said Duhon. “It kind of becomes a self-fulfilling prophecy in regard to land values in that area.”The power of eminent domain has been challenged hundreds of times in Texas and results vary depending on the complainant's case, but generally, Showalter said, property owners take the biggest hit. Owners usually cannot stop the taking of their property. Rather, the primary focus becomes obtaining the greatest possible compensation. While the state and federal constitutions require that condemnees be fully compensated, various court decisions actually prevent a landowner from recovering all the damages an appraiser would document in an ordinary transaction. These limits include impaired access and loss

Eminent Debate: The discussion over eminent domain in Texas BY BRANDI SMITH

“It is just constant. It is nonstop. It is pervasive.” - David Showalter

Continued on page 14

Judge Trey Duhon

13June 2016

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14 June 2016

civil fair play

of visibility.“I think the courts have decided if they allow landowners to be compensated for all of their true damage, it would be a crushing liability on the state,” Showalter said. “I understand eminent domain has its place and time. I know that sometimes you have to use it for the public good, but people are still entitled to due notice,” said Duhon.

Houston to Dallas in 90 minutesDuhon said he is most troubled about the lack of notice regarding TC’s filing with the STB. TC, though, said it has held two dozen open houses in communities and counties along the proposed route in an effort to keep the public informed about the project.“It is extremely controversial,” he said.TC, managed by Texas Central Partners (TCP),

plans to spend roughly $10 billion dollars to bring high-speed rail to the state of Texas. In fact, it would be the first bullet train system in the country.The Houston-to-Dallas route would only take 90 minutes, thanks to Japanese N700 Shinkansen trains, which can reach speeds of up to 200 miles per hour. The goal by 2021 is to have more than 60 of those trains running each day, providing an easy and environmentally friendly commute option

between Texas’ two largest cities.“Nearly 50,000 Texans, sometimes called ‘super-commuters,’ travel back and forth between Houston and Dallas/Fort Worth more than once a week,” the group’s website reads. “Many others make the trip regularly.”While few would argue against the value of such a project, the challenge comes when considering it will take roughly 3,000 acres to build the 240-mile rail line. It would cross through 11 counties, including Dallas, Harris, Montgomery and Duhon’s Waller. TC says it plans to follow utility lines or freight tracks when possible, but inevitably some private property will be needed.“TCP is committed to treating landowners with respect, negotiating in good faith and engaging in a fair and transparent land acquisition process consistent with Texas law

and the “Texas Landowner Bill of Rights,” according to the group’s website. “Eminent domain would be used as a last resort after voluntary options have been exhausted.”The issue of eminent domain recently came up at a Texas A&M Student Senate meeting, during which Aggies voted 68-2 to pass the Eminent Domain Opposition Act.“We wouldn’t have the Internet if telephone companies didn’t have eminent domain,” said Holly Reed, managing director of TC,

during the discussion. “We wouldn’t have air-conditioning without eminent domain. All these things, we can’t imagine living without them.”Duhon countered that, while eminent domain does have its time and place, he believes in transparency, something he accused TC of ignoring.“TC filed these petitions with the STB without any notice to the counties involved or the municipalities that are affected,” Duhon said. “So basically they filed with no notice whatsoever to anybody.”TC countered in a statement: “This request does not seek to remove protections afforded to landowners under Texas law. It merely clarifies the STB procedures that Texas Central must follow and does not change or override any state landowner protections.”

The group also posted a lengthy “Bill of Rights” on its website, outlining its policies regarding land acquisition.

“A lot of noise”As the STB mulls TC’s petition, there’s debate at the state level about how to respond to property owners who are concerned about the project.“Texas is a huge private property rights state,”

Continued from page 12


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16 June 2016

civil fair play

said Duhon, “and there should be a process that's followed.”That process could be the topic of discussion in Austin come next January. During the last legislative session, Texas lawmakers didn’t intervene. However, in the months since, homeowners along the line have increased the volume of their opposition.“There has been a lot of noise made in the last couple of legislative sessions about protecting property owners' rights and changing eminent domain laws. There have been some laws passed, but they still fall short of fully compensating landowners,” said Showalter. Some states other than Texas have laws that require condemning authorities to pay the landowner’s legal fees when the landowner successfully attacks a low-ball offer. Additionally, lawmakers could step up efforts to ensure property owners are paid for the full value of any land taken due to eminent domain. That, Showalter said, is a long shot.“The legislators who also have to balance the state budget would have to decide, ‘OK, we are going to be more fair or generous to the landowners,’” he said. “They are the ones who have to pass the laws that do that. They also have to fund the state government. I think there may be a lot of talk about it, but whether

there is real action is something else.”

“Counsel can navigate these different competing interests”Though currently TC is certainly the most visible project considering eminent domain in the state of Texas, smaller entities invoke the power often, as Showalter said. There are a number of things property owners can do proactively and reactively to lessen its impact.The first tip comes into play before a property is purchased and involves having a conversation with the lender about what would happen should eminent domain be exercised on part of the land.“Typically, in deeds of trust, the lender has the right to dictate that all of the money goes to them toward the balance of any debt,” Showalter said. “Sometimes, if the property owner has sufficient equity and a good relationship with the lender, he can negotiate something that allows the property owner to keep some or all of the proceeds.”If you already own the property and have received notice that an entity is seeking to invoke eminent domain, Showalter said the most important thing you can do is call an attorney experienced in eminent domain.

“Often, there's tension among these competing interests and what the landowner has to do,” Showalter said. “The landowner's counsel can navigate these different competing interests.”An attorney, especially one who specializes in eminent domain, will be far more well-versed in the deadlines and considerations at play than a typical property owner.“We see time and time again where the landowner thinks, ‘I can negotiate this myself,’ or, ‘I can reason with the condemning authority and get more money without having to pay a professional,’” said Showalter. “That is really a false hope. Often, the condemning authority will take information that has been given to it in good faith in negotiations and use it to limit or cap the damages of the landowner.”Eminent domain is a complicated and controversial issue that typically flies under the radar for most Texans. Now that TC has brought it into the spotlight, it’s important for all property owners to educate themselves about the topic. l

Continued from page 14

17June 2016

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20 June 2016

ray’s buzz

Happenings seemingly unrelated to CRE are taking place all the time. Success can come from spotting them and surfing forward on the trends. Here are some historical examples which may give you, dear reader, ideas for spotting some of these trends.Interstate Highway System went in over about twenty years nationwide…• Which led to: all existing tourist courts,

motels and highway cafes on national highways leading into cities being bypassed and left with seriously decreased business…many of these tired lodging facilities were re-purposed into other CRE uses

• Which led to: the appearance of “franchised” hotels and motels on the “bypasses” (Interstates) around the cities, and an unprecedented demand for new hotel sites to accommodate a surge of leisure and business travelers…these hotels had to have restaurants in them since there were no free-standing ones around, and hotels were 120 rooms plus to concentrate enough guests to support their restaurants and bars

• Which led to: Asian immigrants and others buying the old distressed / abandoned tourist courts at bargain prices, and moving in to operate them with their families

The Pill became available for birth control…• Which led to: liberation of women from

surprise and unwanted pregnancies• Which led to: employers giving them better

jobs in the workforce, including law, medicine, general corporate, CRE, and many other professions

• Which led to: many of our brightest women leaving teaching and nursing, which had been two of the few respectable professions for women

• Which led to: working women/wives returning home after work being too tired to cook

• Which led to: appearance of “franchised fast food” restaurants with drive-thru pick-up windows – “just pick up a bucket of chicken from The Colonel on your way home, Mommy”…tens of thousands of sites for these small efficient restaurants were sold nationwide

• Which led to: hotels being able to drop food and beverage operations now there were a large variety of restaurants all around, all of which were on the Interstate

• Which led to: hotels being able to operate as smaller rooms-only properties, with less land for parking lots and cheaper to build

• Which led to: affordability of these new, smaller hotel prototypes for the now experienced Asian and other small operators who had cut their teeth on the abandoned tourist courts years before…now Asian Americans control a majority of mid-segment hotel rooms nationwide

• A Criminal Rape by a man posing as a hotel maintenance man in a hotel with rooms whose exterior doors opened onto the parking lot…

• Which led to: all the major hotel chains going to interior corridor prototypes which offered controlled room access with more security and lower insurance premiums

• Which led to: smaller hotel building footprints and smaller site requirements, since hotels and motels now -instead of being sprawling exterior corridor design-were now compact and mid-rise

AIDS/HIV Panic…• Which led to: disco clubs/restaurants

shutting down nationwide as patrons feared possible death from casual sex from strangers met at clubs

• Which led to: proliferation nationwide of fitness clubs and facilities promoting a healthy lifestyle, although the patrons still “danced” in aerobic and other exercises wearing the same skimpy Lycra outfits-or

similar-that they had worn to the nightclubs, AND much of the fitness training was done to…disco music

• Which led to: the re-purposing of many big box retail locations into fitness centers, benefitting landlords since these centers required huge square footage

• Which led to: consumer demand for eating ‘organic’ foods, which led to a whole new class of grocers promoting a fit and healthy lifestyle

• Which led to: multi-family developers targeting Whole Foods stores and other large organic grocery stores nationwide with high-rise development for seniors side by side with the grocer

• Which led to: grocers beginning to provide take-out food prepared from on-premise chefs

• Which led to: residential units which were smaller and more affordable since they did not need a large kitchen

• Which led to: more affordability to increasing numbers of empty-nesters who wanted to downsize

• Which led to: concentration of residential population in walkable neighborhoods

• Which led to: population density, which led to feasibility of more mass transit

• Which led to: a reduced need for automobiles-now one per couple suffices

• Which led to: reduced parking requirements for developers, fewer car dealerships, and fewer automotive support businesses, such as tire and battery, repair shops, etc., and with corresponding slack-off in demand for sites and buildings

And on and on…an interesting exercise is to take the smartphone, and track what it has replaced: cameras, watches, maps, and how it has probably reduced crime, since every bystander now carries a video camera.

Spot the Trends and Spot Their TriggerOpportunities Abound in Commercial Real Estate (CRE) if you are Thinking Ahead

BY RAY HANKAMER [email protected]

Takeaway for CRE practitioners: think about all trends as you see them developing and imagine what implications they may have on need, location, size, and function of sites, whether land or retail or hotel or office or multi-family locations. Think “where the movements of people will be” as we transition to a denser city with more transit routes. Traffic patterns are what CRE is all about.

21June 2016

The following is an overview of the discussion regarding PACE by David Emmerich, a Managing Partner of Pace Equity at the April CREW Austin meeting.

Main Points: • Energy efficient improvements can be made to a property that can

offset the cost of the loan , making the project cash-flow positive from the start with no out-of-pocket cost for the owner

• Private lenders, through the PACE program, can now facilitate a super-priority lien on a property & have the lien paid back through the property tax system.

• The loan places a lien on the existing building which is paid back over an extended period of time and can be transferred from owner to owner if the building is sold.

• 20-25% of the total value of the building is available and, in some cases, loan terms are 20 -25 years which allows for low payments.

• The expense is classified as a tax which, in some cases, can be passed on to the tenant.

Many business owners want to do the right thing by updating an aging building with new, energy efficient equipment but are often daunted with the high cost and extended return on investment for things like

chillers, roofing, windows and insulation. This becomes especially true if owners plan to sell the building after a few years as they may never see those investments pay off.

This is where a private lending firm comes in and can provide capital for energy efficient projects which is paid back over an extended period of time. In Texas, these funds can only be used for existing buildings, but some other states allow funds to be used on new construction projects.

Once the new, energy efficient equipment has been installed, the money saved while using them can be used to pay back the loan. Funds can be used for electric, gas or water with water efficiency seen as being extremely useful in Texas.

One of the big advantages of using funds from PACE is that the loan is placed as a lien on the building from owner to owner as an easy, paper-work free transition. Owners can also pay off the loan early if they choose. PACE is a super priority lien, meaning it’s ahead of the mortgage and it works with most major and smaller banks.

The rules and regulations for using PACE funds are consistent throughout Texas making it simple to use no matter where the building is located. Emmerich said that his Texas office already has so many projects lined up, Texas will quickly become the largest, fastest moving PACE program in the nation.

PACEPACE: (Property Accessed Clean Energy) is an innovative financing program that enables owners of commercial and industrial properties to obtain non-recourse, long-term loans for water conservation, energy-efficiency improvements, and renewable retrofits.

BY PAGE GROSSMAN

Courtesy of PACE Equity

Melanie Edmundson, P.G., Principal 832 485 2247 [email protected]

Environmental Due Diligence Can Get Sticky. Let Us, Your TEXAS Environmental Consulting Firm,

Help You Navigate Through Your Environmental Risks.

Full range of nationwide professional environmental services including: Phase I and Phase II ESAs • USTs • Asbestos • Mold • Lead • NEPA Reports

Vapor Assessments • Wetlands • Property Condition Assessments

Melanie Edmundson, P.G., Principal 832 485 2247 [email protected]

Environmental Due Diligence Can Get Sticky. Let Us, Your TEXAS Environmental Consulting Firm,

Help You Navigate Through Your Environmental Risks.

Full range of nationwide professional environmental services including: Phase I and Phase II ESAs • USTs • Asbestos • Mold • Lead • NEPA Reports

Vapor Assessments • Wetlands • Property Condition Assessments

Golden Triangle Mall

24 June 2016

events

June 2016 CalendarCENTRAL SOUTH TEXAS

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

IREM Austin: Monthly Luncheon 11:30am-1:00pm

ULI Austin: Young Leaders 2016-17 Mentorship Forum Kickoff 6:00pm-8:00pm

CREW San Antonio: June Luncheon "Rebranding" San Antonio 11:30AM-1:00pm

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY

IREM Austin: Board Meeting 11:30am-1:00pm

CREW Austin: Networking Luncheon

CREW Austin: New Members Orientation

CCIM: Networking Luncheon & Presentation 11:30am-1:00pm

ULI Austin: Members Luncheon 11:00am-1:00pm

BOMA Austin: Community First BOMA Volunteer Workday 9:00am-12:00pm

BOMA Austin: Community Services Committee Meeting 11:30am

RECA Austin: City of Austin Policy Committee Meeting-Members Only 12:00pm-1:00pm

REC San Antonio: Downtown Development 11:30am-1:00pm

ULI Austin: Monthly Breakfast Series Transportation 7:30pm-9:00pm

BOMA Austin: Shoot Out Committee Meeting 11:30am-1:00pm

CREW Austin: Crew Membership Committee

CTCAR Professional Series: Building your business 2:30pm-4:00pm

BOMA San Antonio: Board Meeting

ULI Austin: Young Leaders Committee Meeting 7:30pm-9:00pm

CTCAR: CE Course 8:00am-6:00pm

CREW Austin: Special Events Committee

CREW Austin: Communication Committee

BOMA San Antonio: Pro-gram Committee Meeting

REALSHARE Austin 2016: 7:30 am - 12:00 pm

CREW Austin: Board Meeting

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

IREM San Antonio: Social at Pigpen Bar 5:00pm-7:00pm

ULI Austin: 7th Annual Marketplace 5:30pm-7:30pm

BOMA Austin: June Board of Directors Meeting 7:45am-9:15am

BOMA Austin: Monthly Membership Luncheon 11:30am-1:00pm

CREW Austin: Spring Leadership

ULI Austin: Management Committee Meeting 11:30am-1:00pm

ULI Austin: Program Committee Meeting 11:30am-1:00pm

CCIM: CI 102 Course 8:30am-5:00pm

CREW Austin: Spring Leadership

IREM Austin: Bowling Tournament 12:00am-5:00pm

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IREM AUSTIN iremaustin.orgIREM SAN ANTONIO iremsanantonio.orgRECA AUSTIN reca.orgREC San Antonio www.recsanantonio.comULI AUSTIN austin.uli.orgULI SAN ANTONIO sanantonio.uli.org

Brad Parscale

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BOMA SAN ANTONIO GOLF TOURNAMENT

From Top: Willie Toscano, Michael Ortega, Jeff Rooney, Bronson Rooney

Wyatt Stevenson, FSG & Chris Clem-ents, South Texas Interiors

Teresa Tuma, BOMA San Antonio & Rosa Valdez, ABM Janitorial Services

Christy Rhone – Cram Roofing & Justin Titus, Gerloff Company Inc.

CREW SAN ANTONIOMAY LUNCHEON

From Top: Sally Smith, Candace Neal, Cheryl Pyle, Deborah Bauer, Carrie Caesar. Deborah Bauer won the “Deal of the Year” award at the luncheon.

Middle: Members enjoying May luncheon

Bottom: Speaker Tom Jones, Aviation Director, gave an update on the developments at the San Antonio International Airport

CREW AUSTINUCREW 2016

From Top: Helen Jonbes, Capella Commercial LLC

Kristin Hays, UT-Austin

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CREW AUSTINHAPPY HOURFrom Top: Marc Bove, Erika Schippert, Catherine Case

Lisa Allen , Mark Bove

26 June 2016

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June 2016 Calendar


NORTH TEXAS


BOMA Dallas Course:Energy Management & Controls 5:00pm-7:00pm

BOMA Fort Worth:Luncheon 11:30am

TREC WEBINAR: Dallas is a Smart City 11:00am

NTCCIM CI 103: User Decision Analysis 8:30am-5:30pm

BOMA Fort Worth: 2016 International Conference

CREW Fort Worth: Treasury Committee Meeting 1:00pm

CREW Fort Worth: June CRE Luncheon 11:30am

BOMA Dallas Course: Managing the Organization

BOMA Fort Worth: Committee Meeting-Membership 12:00pm

CREW Fort Worth: Program Committee Meeting 11:45am-1:00pm

IREM Fort Worth: Luncheon 11:30am


Bisnow DFW Senior Living 7:30am - 10:30am

NTCCIM: Class Happy Hour 5:30pm-7:00pm

BOMA Fort Worth: Board Meeting

BOMA Fort Worth: 2016 International Conference

BOMI Dallas: TOBY Happy Hour

NTCCIM: Special Joint Event Luncheon with SIOR featuring Emmitt Smith 11:30am-1:00pm

CREW Dallas: June Industry Luncheon 11:30am-1:00pm

RC Fort Worth: Board Meeting 11:30am-1:00pm

ULI Breakfast Forum 7:30am-9:30am

IREM Dallas: Luncheon 11:30am

CORENET: Annual Economic Forcast Luncheon 11:00am-1:00pm


CREW Dallas: Lunch & Learn 11:30am-1:00pm

BOMA Dallas Course: Engineer Lunch & Learn 11:30am-1:00pm

BOMA Fort Worth: CSC Meeting 11:30am

NTCCIM June Luncheon: 11:30am-1:00pm

ULI Bisnow DFW Retail Forum 7:30am-10:30am

BOMA DallasNetworking Event: Golf Classic 2:00pm-7:00pm

NTCAR Broker Classic Golf Tournament 11:00am

CREW Fort Worth: Communications/PR Committee Meeting 9:00am-9:30am

TREC: Trinity Forest Golf Club Tour 4:15pm

CREW Fort Worth: New Member Breakfast & Orientation 7:30am-8:30am


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IREM FORT WORTH www.fortworthirem.orgNAIOP northtexasnaiop.comNT CCIM chapters.ccim.com/northtexasNTCAR ntcar.orgREC OF DALLAS recouncil.comREC OF GFW recouncilgfw.comULI NORTH TEXAS northtexas.uli.org

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BOMA DALLASYoung Professionals Happy Hour From Top: Lauren Stegman, Mason Bodie, Ross Hurt, Greg Simnacher and Abigail Simnacher

Annie Williams, Kallie McCambpell, Courtney Kuebler and Blake Mauritzen

CCIM DALLAS3rd Annual Topgolf CompetitionFrom Top: Congrats to John McClure, CCIM, Josh Potter, Todd Blair, Mark Marrie on winning Top Team of the day!

Event Partners ReadyCap Lending smile big with other competitors and North Texas CCIM President, Saadia Sheikh.

Mark Graybill, CCIM, and Howard Fuerst with other Topgolf attendees

REC FORT WORTHScott Walker Golf Tournament

From Top: Members gather for tournament

1st Place: Ben Allen, Matt Tucker, Gavin Wallace, and Brad Chapman!

2nd Place: Jay Redford, TJ Smith, Mark McLeod, and Ben Loughry (not pictured)

3rd Place: Ryan Johnson (pictured), Henry Campbell, Tyler Marshall, and Blake Lloyd! (not pictured)

CREW FORT WORTHAward Banquet

Above: Nina Petty, Tarrant County Com-munity College; Paxton Motheral, Cassco Development; Carrie Marquis, Trademark Property Co.

Nina Petty, Tarrant County Community College; Amanda Osborn, Southwest Bank; Monica Luera, Trademark Property Co.

Nina Petty, Tarrant County Community College; Bobby Lutz, GL Seaman & Com-pany; Lyle Thornton, Southwest Bank

Nina Petty, Tarrant County Community College; Ashley Tinsley, Fort Construction

28 June 2016

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June 2016 Calendar


SOUTHEAST TEXAS


CREW Houston: Luncheon 11:30am-1:00pm

BOMA International Conference Washington, DC June25th - 28th 8:00am-7:00pm

SIOR June MCE Class: 8:00am - 12:00pm

BOMA Houston: Luncheon 11:00am

BOMA Leadership Lyceum - Session III 8:30am-10:00am

O'CONNOR & ASSOC: Hotel Forecast Lunch 11:30 a.m. - 1:00 p.m.

CCIM Houston: Luncheon 11;30am-1:00pm

ACRP Breakfast Meeting 7:00am-8:30am

CORENET Houston: BMC Campus Tour 4:30pm-6:00pm

ULI Houston: June Leader Luncheon 11:30am-1:00pm

TABB Luncheon 11:30 am

CREN: Happy Hour 4:00pm-7:00pm

BACREN Guest Luncheon 11:00am

CREN Luncheon 11:00am-1:00pm

IREM Ethics Course 8:00am-4:30pm

BOMA Houston: RPA/FMA Course – The Design, Operation, and Maintenance of Building Systems, Part II

C.R.E.A.M: Environmental Issues 11:00am-1:00pm

CORENET Houston: June Healthcare Break-fast (Rescheduled from April) 7:30am-9:00am

CREN Marketing Session: 7:30am-9:00am

FBSCR: Greater Fort Bend Economic Development Council 8:00am-9:00am

BOMA International Confer-ence Washington, DC June25th - 28th 8:00am-7:00pm

ACRP acrp.orgBACREN bacren.comBOMA HOUSTON houstonboma.orgCCIM HOUSTON ccimhouston.orgCORENET houston.corenetglobal.orgC.R.E.A.M. creamtx.comCREN crengulfcoast.comCREW HOUSTON crewhouston.orgFBSCR fbscr.com

GREATER HOUSTON PARTNERSHIPhouston.org

HREC houstonrealestatecouncil.orgIREM HOUSTON iremhouston.orgNAIOP naiophouston.orgO'CONNOR & ASSOCIATES poconnor.comTABB Group www.tabbgroup.com/SIOR www.sior.com/ULI houston.uli.org

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BOMA HOUSTON 2016 BAC PAC Sporting Clays Tournament

From Top: Top Shot Male and Female, Marshall Heins and Monica Keels

South Course First Place Team, Memorial Hermann

North Course First Place Team, Schneider Electric

ACRP Cinco de Mayo Happy Hour at Ula's

From Top: Dave Gilkeson, Dylan Schoppe, Andrea Gallagher, Michelle Martin

Evan Howell, Ty Eckley, Steve Sapio, Abe Goren, Brian Cogburn, Imad Abdullah

C.R.E.A.M May Luncheon

Daniel E. Wolfson, Elizabeth Palmer, Sean Duffy, Jennifer Horan

Robert (Bob) Watson, Tom Condon

NAI PARTNERS TGS CEDAR PORT Client EventFrom Top: William F. “Bill” Scott, Managing Partner of TGS Cedar Port Partners

Ryan McCord, McCord Development, Inc., Drew Coupe, Stream Realty Partners , Susan Haysom, Stream Realty Partners

Gary Mabray, Colliers International, Barrett Gibson, Colliers International

Bruce Mann, Port of Houston Authority, Graham Horton, Senior Vice President CBRE, Peter Holda, Americas Performance Chemicals Business

O'CONNOR & ASSOCIATES GROUP PROPERTY TAX FORECAST LUNCHEONPatrick O’Connor, MAI, Owner and President of O’Connor & Associates

CCIM 2016 Crawfish Boil

Below: Christen Hatfield, Lyla Talbot, Old Republic National Title, Jamie Oberreither, Phase Engineering

Gill Dolan, Grandbridge, Blake Willeford, Grandbridge

CREN HOUSTON May Luncheon

Below: Imad F. Abdullah, Jean-nette Kew, Richard Pevey

Christopher S. Conry, Scott Margraves, Sue Lehrer, Chad Abbey

PlusCorp Photography & Marketing











30 June 2016

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CENTRAL SOUTH TEXASAustin/San Antonio Areas

AUSTIN, TXHOTEL CONSTRUCTIONTP Heritage Inn Austin is building a four-story, 103-room hotel at 13501 Lyndhurst Street in far Northwest Austin. The project is valued at $8 million and should be completed by August 2017.

HOTEL /CONDOMINIUM CONSTRUCTIONAustin-based Bunkhouse Group is building a four-building company which will house Madalena Hotel & Condominium projects located off Academy Drive in South Austin.

INDUSTRIAL CONSTRUCTIONVanTrust Real Estate Services of Dallas is building five office/warehouse buildings in phases at Commerce Center South, 5811 Trade Center Drive. The 380,000 sf project is valued at $23 million and could be completed as early as March 2017.

INDUSTRIAL LEASESalient Systems, a video surveillance management firm, leased 20,922 sf in North Tech-1, located at 4616 W. Howard Lane. Scott Studzinski, Otto Swingler & Doug Thomas of Live Oak-Gottesman represented the landlord Deutsche Asset &Wealth Management.

MULTI-FAMILY CONSTRUCTIONTranswestern Development Company is developing Indie Apartments, a 139 micro-unit complex, located at 1648 E. Sixth. The project will also include a 2500 sf restaurant.

MULTI-FAMILY SALEThe Catherine, a new high-rise at 214 Barton Spring Road has been sold to Catherine Tower LLC, an affiliate of Christopher Commercial Inc, which also owns The Shops at Arbor Trails, Escarpment Village & Avanti Hills at the Galleria.

MULTI-FAMILY SALE Presidium Group LLC purchased Balcones Club, a 312-unit project located at 9218 Balcones Club Drive near Spicewood Springs Road & US 183. The seller was M&A Texas Balcones Ltd.

OFFICE CONSTRUCTION Peloton Commercial Real Estate has broken ground on a two-building, 75,000 sf each office

development near Hill Country Galleria. The project is being developed by Adrian Overstreet and will include a 150,000 sf parking garage. True Car has preleased 37,757 sf of the space in Building 1.

OFFICE CONSTRUCTIONAustin-based JTM Development LLC is building a 56,700 sf office building and 225-car garage at 2500 Walsh Tarlton Lan. The $9.5 million project is scheduled for completion February 2017.

OFFICE LEASE Mattersight Corp, an Illinois-based behavioral analytics software company, leased 15,287 sf at the Treemont Plaza, located at 3001 Bee Caves Road. Paul Hudson of Hudson Properties, Inc. represented the landlord in-house and Doug Jones of Colliers International represented the tenant.

OFFICE LEASEAccruent Inc, a software company, is consolidating its Austin headquarters in 104,448 sf at 3110 Esperanza Crossing in The Domain.

RETAIL LEASEDart ‘Em Up is moving into a 12,523 sf space at Market at Lake Creek, located at 13776 N. US Hwy 183. Adam Zimel & Dan Frey from Endeavor Real Estate Group represented the landlord, ASAC Property Management.

RETAIL LEASE 99 Ranch Market, a California-based Asian supermarket chain leased 37,349 sf at the Crestview Market , located at 6929 Airport Blvd. John Heffington & Eric DeJernett of CBRE represented the landlord, Misuma Holdings.

SENIOR LVIING EXPANSIONBuckner Villas, a 25-acre senior living community at 11110 Tom Adams Drive near Braker Land & Dessau Road, has broken ground on a $29.8 million expansion which will add 122,331 sf to the facility.

BUDA, TXVACANT LAND SALE BNT Holdings LLC purchased +/- 10 acres near I35 & Suffield Drive. Plans for the property were not disclosed.

CEDAR PARK, TXRETAIL LEASE Blue Lion leased 10,868 sf at Lakeline Plaza, located at 11066 Pecan Park Blvd. David Simmonds & Drew Smith of Retail Solutions represented the landlord and Robert O’Farrell of JLL represented the tenant.

PHARR, TXCOLD STORAGE CONSTRUCTION Red Suns Farms Phase III has begun the second expansion of their cold storage facility. The additional 24,000 sf construction is designed to meet the increasing demand for their greenhouse grown produce and will give the facility a total of 66,000 sf.

ROUND ROCK, TXHOSPITAL SALE St. David’s HealthCare is buying Forest Park Medical Center for an amount equal to $115 million. The Dallas-based company that owns Forest Park filed for Chapter 11 bankruptcy early this year. The hospital is located at the corner of I-35 & Texas SH 45.

SELF-STORAGE CONSTRUCTION Leon Capital Group has started construction on a 105,987 sf self-storage project at 215 N. A.W. Grimes Blvd. The company is set to break ground on two additional Austin-area self-storage developments by the end of the year.

SAN ANTONIO,TXOFFICE BUILDING SALE Whataburger bought the 50,000 sf, three-story building located on 2.4 acres at 400 Concord Plaza Drive which is next door to their corporate headquarters.

SAN MARCOS, TXENTERTAINMENT MIXED-USE CONSTRUCTION The Spot, an entertainment venue featuring a movie theater, restaurant, bar & bowling alley has begun construction in Springtown Center at 1180 Thorpe Lane. The 36,000 sf facility will occupy space that formerly housed a Target store.

Cynthia Ellison has joined REOC San An-tonio as a retail broker, tenant rep, landlord rep and investment sales specialist.

Matt Greer joined ARA Newmark as senior managing director in their central Texas office.

Steve Monroe has joined Oldham Goodwin Group as Market Man-ager & VP of Brokerage for their San Antonio/South Texas office.

AUSTIN, TXMIXED-USE DEVELOPMENTVelocity Crossing, a 390-acre mixed-use development off SH 71, east of Austin-Bergstrom IAH received a zone change and will proceed with their development to include 410,000 sf of retail/ restaurant space, 1.5 million sf industrial space, 893 apartments, a 10-screen move theater, 1200 hotel rooms and 26 acres of open space.

Photo Courtesy: KDC

31June 2016

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ADDISON,TXOFFICE LEASESpreemo, a New York City-based health care platform that helps large companies, insurance carriers & third party administrators manage care for their injured employees leased 8000 sf at 14901 Quorum Drive The new space will be the first outside its New York City headquarters.

OFFICE SALE A Delaware-based limited liability company sold The Forum at Beltline, a three-building, 205,771 sf office complex located at 4002 -4006 Beltline Road. Herbert & Michael Lawrence in the seller’s Newport Beach, Calif. office represented the seller and Marcus & Millichap represented the buyer.

CELINA,TXMASTER-PLANNED CONSTRUCTION Addison-based Tomlin Investments, a real estate investment & development firm, is building a $2 billion, 4500-home master-planned community called Green Meadows, a 15-phase, 1408-acre development. The initial phase will include 465 homes. Plans for the project include a $4.5 million amenity center, multiple resort-style pools, a dog park, community garden, etc.

COPPELL,TXINDUSTRIAL CONSTRUCTION Chicago-based real estate investment firm ML Realty Partners LLC plans to start construction on the next phase of Park West Crossing, located at Freeport Parkway & Southwestern Blvd. Four buildings totaling 304,943 sf will be added to the 612,443 sf project.

DALLAS,TXMULTI-FAMILY CONSTRUCTION Dallas-based developer Mill Creek Residential, in partnership with Boston-based GID Development Group, is constructing a 340-unit project on Hall Street east of North Central Expressway. The project will be called Modera Hall Street and will include a fifth floor sky lounge as well as pool, owner’s lounge, fitness center, etc.

OFFICE SALEDallas ISD is purchasing the 16-story, 387,000 sf building located at 9400 N. Central Expressway for $46.5 million It will be utilized to consolidate its headquarters & other district offices at a reported $3.8 million savings in administration costs in 2018 increasing to $27.7 million in 2021.

OFFICE SALE – CONVERSION TO MIXED-USECalifornia-based Drever Capital Management purchased the 52-story, 1.2 million sf vacant tower located at 1401 Elm Street. The property was acquired from bankruptcy court for $65 million. The project will be redeveloped with 335 apartments, a 225-room luxury hotel & spa, floors of retail & restaurant space & a rooftop entertainment & relaxation deck. Completion is expected by the end of the first quarter of 2018.

TRUCK TERMINAL DEVELOPMENTGRT Transportation of Laredo, Texas purchased +/- 4.2 aces in Redbird Industrial Park at 4321 W. Ledbetter Drive, in southwest Dallas for the development of a trucking terminal. Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the buyer and Jean Russo of Cushman & Wakefield represented the seller, Ace Investments, Inc.

FORT WORTH, TXRESEARCH/DEVELOPMENT EXPANSIONThe $22 million, 100,000 sf expansion of Galderma’s US headquarter has brought the facility to a total of 170,000 sf located at the NEC of Texas Longhorn Way & Heritage Parkway. The new facility gives Galderma Laboratories LP the ability to add 342 new employees for a total of 600 workers.

FRISCO, TXOFFICE LEASEEmeryville, California-based Jamba Inc, which owns and franchises Jamba Juice stores, is relocating its headquarters to 25,000 sf at Frisco’s Hall Office Park, located at 3001 Dallas Parkway. The space will include 19,000 sf of office & meeting space and a 6000 sf test kitchen & retail store front. Robbie Baty & Bill McClung of Cushman & Wakefield represented the

tenant. Hall Group’s Kim Butler, Brad Gibson & Tammy Nellis represented the landlord.

GRAND PRAIRIE, TXMANUFACTURING EXPANSION Siemens is increasing its electrical circuit manufacturing facility located at 501 Fountain Parkway from 197,000 sf to 247,000 sf. The expansion will include +/- 42,000 sf of manufacturing & warehouse space & 8000 sf of office space.

HASLET, TXDISTRIBUTION CENTER CONSTRUCTIONAmazon.com, is opening a second fulfillment center in Haslet that will include 1 million sf and add 1000 full-time employees. This is the retailer’s fourth customer order & shipping center in the Dallas-Fort Worth area and the sixth in Texas.

IRVING, TXCORPORATE OFFICE CONSTRUCTIONIrving-based Pioneer Natural Resources USA Inc may receive an economic incentive package to relocate its headquarters from The Towers at Williams Square into its own campus at Verizon’s proposed, $1.54 billion Hidden Ridge corporate magnet. If approved, Verizon could construct a 750,000 sf building that would house Pioneer’s headquarters & 1090 corporate employees upon its completion at the end of 2020.

INDUSTRIAL CONSTRUCTIONJackson-Shaw, in partnership with Clarion Partners, will develop Parc GSW, a 50-acre, 682,491 sf development offering industrial space within two buildings located with the Great Southwest Industrial District.

ROANOKE, TXINDUSTRIAL DEVELOPMENT California-based Wesco Aircraft Holdings Inc leased 309,357 sf at 4250 Dale Earnhardt Way at Northport 35 Business Center which is expected to be completed by the third quarter of 2016. Brad Struck & Jim Hazard of E. Smith Realty Partners represented the tenant.

FRISCO, TXOFFICE CONSTRUCTIONKansas-City-based developer VanTrust Real Estate, along with the Rudman Partnership & Fort Worth-based Hillwood, have teamed up to develop the entirety of Frisco Station which is planned to include 1.5 million sf of mid-rise office space and a 1 million sf corporate campus. The project is located near the Dallas North Tolllway & Warren Parkway. Construction is going forward with the development of the first speculative 228,000 sf office building.

JT Samford has joined ML Realty Partners LLC as Acquisition Associate to coordinate acquisition of existing industrial facilities, redevelopment opportunities and development sites.

Photo Courtesy: Frisco Partners

32 June 2016

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SOUTHEAST TEXASHouston Area

BAYTOWN, TXRETAIL REDEVELOPMENT Fidelis Realty Partners began demolition & reconstruction of the 1.2 million sf San Jacinto Mall located at the SWC of I10 & Garth Road. The initial phase will demolish the former Ward’s & Bealls buildings, but the mail will remain open for business. Plans are to completely redevelop the mall and eventually build a 1 million sf open-air center on the 107 acre property.

BELLAIRE, TXRETAIL REDEVELOPMENTH-E-B is replacing their existing store at 5130 Cedar in Bellaire with a multi-level store which will begin construction in early 2017. H-E-B also plans redevelopment of their Shepherd Plaza Center, just south of Richmond between Greenbriar & S. Shepherd when the last lease, Tuesday Morning, expires in 2019. The company also wants to open a location in the Heights area along Washington Avenue.

HOUSTON, TXINDUSTRIAL LEASE Winsupply leased 55,600 sf on +/- 3.3 acres at 9600 Bamboo. The landlord, Apex Bamboo LLC was represented by B. Kelley Parker III, John Littman, COE Parker & Tim Thomas with Cushman & Wakefield and James Stark with CBRE represented the tenant.

INDUSTRIAL SALE Power Supply Seals purchased a 22,415 sf freestanding building on 2.82 acres at 4740 Eastpark Drive from BV Oilfield Service & Supply. Darren O’Conor of NAI Partners represented the seller and Jake Wilkinson of NAI Partners represented the buyer.

MANUFACTURING CONSTRUCTIONDaikin Industries is nearing completion of its 4 millions sf, $417 million manufacturing & logistics campus off US 290. The campus will include one of the largest & most technologically advanced HVAC manufacturing facilities in the country & house at least 4000 workers.

OFFICE LEASEThe Potts Law Firm leased 18,740 sf at 3737 Buffalo Speedway. Amanda Fox with

Fox Properties represented the tenant and Wade Bowlin with PRMG represented the landlord.

OFFICE LEASEMy Computer Career leased 8513 sf at 7908 North Sam Houston Parkway. Trey Martin with NAI Partners represented the tenant and Blake Virgilio of Caldwell Companies represented the landlord.

RETAIL CONSTRUCTIONAn affiliate of Wile Interests has purchased two parcels of land totaling 1.2 acres on North 610 Loop just east of Yale Street between Arlington & Courtlandt for the construction of a 10,000 sf retail center. The buyer was represented by Matt Parsons & Mark Raines of JLL and the sellers were represented by Glenn Groth & John Gribble of Tarantino.

SCHOOL CONSTRUCTIONAwty International School is close to breaking ground on +/-$50 million, 73,000 sf early learning center on 5.25 acres at 1110 North Post Oak Road. The facility will include 25 classrooms as well as dining facilities, work spaces, a library & a gym.

KATY, TXINDUSTRIAL LEASEJet Line leased 30,375 sf at 21401 Park Row Drive in a newly constructed multi-tenant industrial building. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant and Darryl Noon with Transwestern represented the landlord, MCA Mason Creek Owner, LLC.

RETAIL LEASEJapan-based Daiso California LLC has leased 10,998 sf in Mason Park Shopping Center at 501 S. Mason Road. They plan to open a dozen stores in the next two years and currently, five other leases are at various stages of negotiations in South Texas. Daiso Industrial designs, manufactures & brands innovative private-label products ranging from $1.50 to $10. Heather Nguyen & John Nguyen of NewQuest Properties represent Daiso.

RETAIL SALE CH Retail/Acquisitions, LLC purchased Katy Green II shopping center located at the SWC of I10 & Greenhouse from an affiliate of Wile Interests

Inc. The buyer & seller were represented by Anderson Smith of Capital Retail

LA PORTE, TXINDUSTRIAL LEASEGulf Intermodal Services, a brand of IMC Companies, has added space to its warehouse at 359 Pike Court, more than doubling the facility’s size to 243,900 sf. The warehouse was expanded to meet demand from customers in the lumber, cotton, apparel, electronics & other industries.

INDUSTRIAL LEASE Levey Group has signed a tenant to fully occupy the 100,000 sf industrial facility at 2200 Lauder Road and S.I. Warehousing has leased 150,000 sf at 359 Old Underwood Road. Cushman & Wakefield represented the tenant and CBRE represented the landlord for 359 Old Underwood.

PORT ARTHUR, TXINDUSTRIAL SALE Sabine Land Holding Company purchased a 50,000 sf fabrication facility on 21.58 acres at 8200 Old Yacht Club Road from Sabine Breakwater, LLC. The seller was represented by B. Kelly Parker III, John Littman, Coe Parker, & Tim Thomas of Cushman & Wakefield.

ROSENBERG, TXRETAIL LEASE 24 Hour Fitness Worldwide Inc has leased 38,835 sf at the 550-acre Brazos Town Center located at the junction of Southwest Freeway (I69) and FM 762. NewQust Properties handled the transaction.

STAFFORD, TXINDUSTRIAL BUILD-TO-SUIT LEASEQuest, a company that designs & produces award winning environments, is leasing a 70,000 sf build-to-suit property located at the SWC of Stafford Road & Stafford Blvd. Jon Silberman, John Simons & Holden Rushing of NAI Partners represented the tenant and Joe Moody represented the developers, Black Flag Properties, LLC.

PEARLAND, TXMIXED-USE DEVELOPMENTAmerican Modern Green LLC, the Houston-based subsidiary of Modern Land of China, a Hong Kong Developer, is constructing Ivy District, a CityCentre-size development with residential, office, retail and a possible hotel. It will be located on 48.5 acres at the SWC of SH 288 & Spectrum. The developer has partnered with Sueba USA to build the project. Part of the financing will come from the ED-5 program.

Photo Courtesy: Ivy District In Pearland

Clint Duncan has joined CBRE as senior vice president of its Houston multifamily team.

Marilyn Guion has joined CBRE as senior vice president of its advisory & transaction services & investor leasing team.

Andrew Pappas has joined NAI Partners to head up the firm’s in-vestment management division as senior vice president.

Bob Stephan has been named Director of Ac-quisitions for Tarantino Properties Inc. He will be overseeing the sourcing, underwriting, structuring finance & general oversight of all new acquisitions.

33June 2016

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