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2 / / June 2013
3
4 / / July 2013
Central/South/West(Austin/San Antonio/Midland)Deals and Moves..............................29Calendar of Events..............................33Networking.................................30, 31Office..................................................9
North Texas (Dallas/Ft.Worth Metroplex)Deals and Moves..............................28Calendar of Events..............................32Networking ................................30, 31
Southeast Texas (Metro Houston)Deals and Moves..............................27Calendar of Events..............................32Churches...........................................19Networking ................................30, 31Office..................................8, 9, 13, 19Office/Retail................................13, 19Retail.........................................7, 9, 13 Vacant Land......................2, 3, 15, 19, 34
Outside of Texas (Phoenix)Industrial........................................1, 5
Commercial ServicesLending..............................................34Environmental ....................................32
Texas ClassifiedsTexas Classifieds.................................34
Table of Contents
On the Cover:California’s oldest and most experienced commercial real estate brokerage company, DAUM, founded in 1904, has nine (9) offices throughout Southern California and Arizona. The company provides a full array of commercial real estate services, including brokerage, corporate services, consulting, leasing, sale and property management.
DAUM is an affiliate of ONCOR International, a premier global commercial real estate referral network. ONCOR is comprised of more than 50 independent commercial real estate partner bro-kerages that employ more than 1,800 individual sales associates working from over 170 offices in 32 countries. ONCOR specialists provide commercial corporate services for clients through affiliated offices covering over 220 global markets on six continents.
Fred Baca interviews Bill McDade with CBRE...p.10 Rural Land Value...p.14
Land for Sale...p.18
Capital Markets Multi-Housing Market Report...p.20
ULI Special Report: Micro-Size It...p.18
Redeveloping Residential and Parks in Southeastern Downtown...p.24
Surface Water: Will Central Texas Adapt or Fail?...p.22
Earned Profit vs. Unearned ProfitAdvertorial...p.25
5
6 / / July 2013
5909 West Loop South, Suite 135Bellaire, Texas 77401
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Dear Readers,
Change is good! Our mission, since REDNews’ inception in 1994, has been to provide
the CRE industry with a consolidated resource for obtaining news about the industry and
available properties. We initially covered only the Texas market. However, over the years,
we expanded our database to reach all of the US CRE market as well as about 10% of
international CRE investors and we’re excited to bring you a Phoenix, Arizona industrial
investment opportunity on our front cover this month! (The Phoenix market is strong – check out Cassidy Turley’s Arizona Q1 2013 Industrial Market Snapshot…”Robust Demand Sets Stage for Specu-lative Construction”)
The way we all receive our news - both socially and professionally – continues to evolve and whereas print
was the primary source of news 15 years ago it has expanded to include online news coverage, social
media, etc.
Is print going away? Maybe in the future, but not yet. We have made a concerted effort to talk to our read-
ers about how they want to receive their RED”News” and we continue to get mixed messages – about half
(granted they are 35 years of age & older) still want print as well as digital so we continue on!
If you like print and want to continue to receive the print version of REDNews each month, please fill out the
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current 200 Houston locations so you’ll be seeing REDNews out and about throughout Texas.
One more change: You will notice a different format in this issue. More photos and deals means Karisa Con-
nell, REDNews’ Assistant Editor, is spending a lot of time at events and paying close attention to who’s doing
the deals. Send her your deals & announcements and/or go online to post them so we can get you noticed.
Happy 4th of July!
Ginger Wheless
5909 W. Loop South, #135, Bellaire, Texas 77401 | Fax: 713.610.9015 | email: [email protected]
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8 / / July 2013
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10 / / July 2013
Bill McDade, a man who is often re-ferred to as a ‘CRE Maverick’ enjoys a reputation as an individual who is able to discern value in properties where many other CRE professionals will look at the property and see only dirt. Recently Bill McDade spoke with Fred Baca and offered these insights into how he views his profession. Bill is avid in his insistence that CRE pro-fessionals need to pay attention to the market. And Bill’s not just talking about the commercial real estate mar-ket in Houston or Texas or even within the entire United States. He states, “It’s important for all CRE professionals to keep up with what’s going on in the world around us, as international and worldwide factors have an impact on every deal that we do or consider do-ing.” Bill reads newspapers and other ‘trade publications’ daily and consis-tently participates in professional and community organizations. Interesting to note is that although Bill is a fan of gar-nering as much information as possible about what’s happening in the world today as he is evaluating a prospective property, he isn’t a huge fan of comps. Bill says, “How can you find a market comparable to the one we’re in today? Houston has never ever been this hot. Houston is an incredibly solid market and for the first time in my career,
Houston truly stands out worldwide as ‘the place to be’. Relying on comps to produce valuation estimates provides entirely too narrow a focus to be either reliable or useful.”
Fred: Mavericks are known as uncon-ventional persons who can be charac-terized as eccentric, individualistic, re-bellious, ‘one of a kind’. Does Bill see himself in this light? Perhaps so, per-haps not, but he does understand and embrace his uniqueness. At the same time, Bill clearly does understand that not everyone’s approach to the CRE market emulates his own. When asked,
Bill mentioned other individuals in the CRE community whom he admires and enjoys collaborating with.
Bill: “Mike Rose is just a pleasure to be around; he’s a very good real estate person as well. Before I left MSGJM we made money by investing jointly in some deals as well as brokering some deals. Our relationship didn’t start out with that degree of mutual respect. Ac-tually, I ended up apologizing to Mike after our first ‘done deal’. For a while the two of us had been quite adver-sarial, and at one point, I wasn’t sure which one of us was going to kill the other one first. But ultimately, I apolo-gized to Mike, not for what I said, but for the manner in which I’d spoken to him. We’ve been good friends ever since.
Mike, for me, exemplifies the type of individual that I am most comfortable working with. First and foremost, with Mike Rose, I know that when he tells me he is going to do something, he will do exactly that. I also know that he will accomplish what he’s set out to accom-plish in a completely professional man-ner. I believe that we’re talking about trust here. The qualities that I value in Mike, the ethics and standards that make me both respect and trust him,
“Houston is an incredibly solid market and for the first time in my career, Houston truly stands out worldwide as ‘the place to be’”
11
are ones that I see in many others in the Houston CRE community as well. I’ve worked with all sorts of people during my CRE career, and, at the end of the day, what’s important is that element of respect and trust that the people we work with bring to the table every time we’re considering or negotiating a deal.”
Fred: Bill describes himself as some-thing of a vagabond. Bill says, “I went to five different high schools. I moved 38 times before I got married. Today I consider my previous mobility to be the foundation of my real education. Dur-ing all of those moves, I learned how to meet people, and how to get to know others at the same time I was becoming a known presence in the professional community. At some point, I discovered that the most important aspect of the real estate business is the people. Expe-rience can be a great teacher if a per-son manages to learn something from each and every one of his experiences. Over the years, I’ve learned that CRE is going to have ups and downs and that the down times are not occasions to jump ship. If ever Texas CRE had a ‘down time’, the mid 70s, and almost the entire 80s were those times. Then things got a little ‘iffy’ again in 2001, and yet another low point occurred in our professional community in 2009. People were bailing out of the real es-tate business right and left but, early on, I had decided that I wasn’t going to bail. There were several occasions when I thought that I might be the only soldier left standing once the smoke cleared, but I hung in there. I was a mortgage banker early in my career, back in the ‘60s, and that experience certainly contributed to the perspective that I bring to the CRE community to-day.
Fred Baca and Bill McDade go way back. At one point during this conver-
sation, Fred said, “Longevity is one issue. The other is loyalty.” To which statement, Bill responded, “I’m open to the thought that I’m longevity. Again … as long as I enjoy what I’m doing, as long as I’m having fun doing what I do, I’d like to keep doing it. People have started to ask me when I’m going to quit. Retire is the word they’re thinking, but not saying. My response to one and all, including my wife is simply this: I’m not going to quit until my head hits the table. Why? Because I like what I do; I like the people I work with; I have fun doing my job. I’m excited about what the next day will bring. Why should I hang it up at this point?”
Fred: I’m glad you sort of segued into
personal relationships. I’d like to hear you talk about the personality part of your business. You seem to have an awful lot of friends, and I am aware of many people who respect, admire and look up to you. Over the years, I’ve seen you demonstrate a tremen-dous amount of loyalty to the people that you work with.
Bill: Thanks, Fred. It does seem to me that every deal I’ve ever worked on has been a personal deal. Some guy may own the lot on the corner of Main and Main, and immediately I’m drawn to what he can tell me about that prop-erty’s personal connection for him. The history of the property from the owner’s perspective is what makes each and every deal that I encounter an impor-tant ‘personal’ experience. Once I learn from the seller how he acquired this piece of property and he’s told me everything about it that matters to him, I’ll understand why and how this seller is attached to this lot on the corner of Main and some other street. So, yeah, with me, the CRE business is always personal. I form the same sort of con-nections with buyers that I represent. The more I understand about who he or she is, and what this particular buyer wants and needs, the better I’m able to find the ‘perfect property’.
My best client is a man who is younger than I am and we’re also very good friends. These days, we’ll get in the car and drive out to a site, and he knows what he wants, even though he can’t exactly articulate it. But I know him so well that I understand what he wants. Sometimes I get the impression that he knows what I’m going to say about a property before I say it. This sort of per-sonal relationship goes both ways, you know. It all harkens back to the trust factor that plays into the longevity and loyalty concepts. Sometimes we’ll drive over 700 miles, looking at properties.
“...the CRE business is always personal. I form the same sort of connections with buyers that I represent. The more I understand about who he or she is, and what this particular buyer wants and needs, the better I’m able to find the ‘perfect property’.”
12 / / July 2013
And because I know so many ‘property histories’, my friend will drive and, as we go from site to site, I’ll talk about the properties that are out there. With tech-nology the way that it is today, driv-ing along, we can also fill in the gaps of my ‘personal database’ by logging onto the Internet and doing research as we drive along.
Fred: You talked about what a good run you’re having in commercial real estate. Regardless of how long this run lasts, it’s a good run. One thing that might dampen that run is the rapidly rising price of land. What do you think about that?
Bill: There are so many sayings and cli-chés about our business that it makes it hard to comment without sounding trite. One example is buyers are liars! Actually, right now industrial guys are saying, ‘We can’t pay more than $350 per square foot for an industrial tract and make our numbers work.’ They’re not factoring in that for the first time in the history of Houston, Texas, we’re 95 percent occupied. Buyers want the property, they’re going to have to pay more than the current ‘comps’ suggest is reasonable. As long as this run lasts, people are going to pay what it takes to get in the game. And then, when the situation gets too out of control like what happened in California and in Florida, they’ll drop Houston and go somewhere else. Houston is the most attractive place right now, because relatively, industrial and commercial property is cheap here. And Houston has got jobs. The key word is ‘relatively’. I don’t know how high this will go. Truth is, nobody else does either. So it isn’t just the buyers who are liars, now is it?
Fred: One important factor that many people miss is the fact that Houston’s lack of zoning is an asset to the busi-ness community as opposed to the
detrimental factor that many outsid-ers (people who don’t understand the Houston market) consider it to be.
Bill: Seasoned commercial people from all different parts of the country talk to me about the quality of life in San Fran-cisco, Chicago, or New York as com-pared to here in Houston.
I’ve had so many of these conversa-tions that I’ve got my response more or less down pat. What I say to them is, “No, what I think quality of life is, what does it cost you to put a roof over your head and what does it cost you to eat? What can you buy with the money you’ve got coming in? What can you buy? I believe that the current aver-age price for a residence in Houston is just under $190K. What can you buy in San Francisco for $189,000? What can you buy in New York City for $189,000? What can you buy in Chicago for $189,000? You can’t buy much; there is no way that you can. Houston with its lack of zoning laws takes a lot of ‘government’ out of our business.
Fred: If you were speaking to new pro-fessionals coming into the CRE busi-ness and you were counseling them on this business and how to be successful, what do you think you might say to them?
Bill: Actually, I do that all the time. I tell the new CRE professional several things: You’ve got to be involved in
more ways than just showing up at the office and acquiring listings and show-ing properties. You need to be involved in the community, and you’ve got to keep up to date. I advise them to invest in the stock market. A person doesn’t have to have a billion dollars to invest in the stock market. Invest a little bit to start, whatever you can afford. Once you start buying companies and watch-ing to see which companies are rising and which ones are falling, you’ll start asking yourself why and you’ll pay attention to all these laws that they’re passing in Congress and observing the effect that governmental legislation has on the business community.
Fred: Bill, you are known as a Maver-ick. Yet, three years ago, you made the decision to join the largest international real estate in the world. How do you put those two things together?
Bill: When the decision was made, I did not know what my future was but we got an offer from CBRE that was structured in a way that addressed all three of the principal owners. The of-fer to me was very impressive and it got me to thinking about one very im-portant question. To be honest, I was concerned about my age. And that one particular offer told me that age was not a factor. I got 13 offers, some of them attractive, others from companies that for one reason or another, I did not want to work for. I wanted to work with a large international company because I’d never worked for a large company. So we had this conversation and I believe that I said something to the effect that they had made me an offer that made me realize that I wasn’t too old. The individual that I was speaking to said, “Bill, we never gave age a thought. We were after your enthusiasm.”
Houston with its lack of zoning laws takes a lot of ‘government’ out of our business.
13
14 / / July 2013
Dr.Gilliland has recently published a new book, Buying Rural Land in Texas, and on April 25th at the A&M Land Conference, he presented information from this book. Texas rural land prices are going up across the state for a va-riety of reasons. Prices per acre are up about 10% this year thus far over 2012. Long story short: things are looking pretty good. The number of acres actually sold is up a bit this year as well, although there is a 4-year deficit to overcome. Cropland markets are exploding, even land without min-erals, although access to water is a huge concern. The im-pact of the drought on Texas surface water is not a positive develop-ment. Reservoir stor-age is only at 63 per-cent, and the word is that junior water rights may be curtailed. The drought may be causing electricity blackouts, and is likely to persist or worsen through August of this year. One fact to remember in regard to the water rights of rural landowners is that ‘agriculture always loses out when they go up against the water rights/needs of cities and industries’.
In the Eagle Ford Shale area, many people are now saying that they didn’t move to the area to live in Texas City, and are leaving, looking to relocate
in more peaceful rural areas of Texas. You can expect shale oil production to continue to produce for another 10-15 years at a minimum. Right now, it is difficult to sell land in that area without mineral rights. Rural land sales in Aus-tin-Waco-Hill Country are impacted by the activity of the Eagle Ford.
In the Panhandle and South Plains part of Texas, prices about $500 per acre was customary for many years; however that part of the state has seen a 42% increase in the past 24 month period. People are asking: Is there a
farmland bubble? But the price of com-modities is also trending up and ever since 1971 when President Nixon an-nounced we weren’t redeeming gold certificates in the customary way, there has been a bubble in something. The US adjusted monetary base has been driving up the prices of commodities since that time. However, when all of this is taken into consideration, Texas land is still a bargain.
Market forces are not driving the over-
all US economic outlook; all of the contributing factors are being driven by actions undertaken within the po-litical arena. Employment is growing, with Texas growing faster than the US overall. About the only industry that is really in trouble these days is publish-ing.
Hopeful signs: unemployment is de-clining, attitudes are improving, debt payments are declining, and people are buying homes. Possible negative factors: a lack of confidence in our economy, the payroll tax, high un-
employment, increasing regulations, job market expanding, and housing improving.
Economic 2014 predic-tions: We are looking at five years of pent-up de-mand, a return of credit
capacity; prices for housing, commer-cial, and industrial products are up. Likely there is a moderating of farm-land, and possibly a rebirth of recre-ation.
Statewide indicators are up, with an emphasis on quality. Expect the vol-ume of sales to pick up in 2014, with a premium for large properties. Dr. Gilliland does express concerns re-garding ‘looming cost increases’.
Prices per acre are up about 10% this year thus
far over 2012
Rural Land ValuesBy: Charles Gilliland:
Research Economist, Real Estate Center, Texas A&MFor REDNews: Janis Arnold
Recap from A&M Land Conference April 25- 26, 2013
15
Bill McDade713.577.1876 [email protected]
Peter Mainguy713.577.1782 [email protected]
Kristen McDade713.577.1808 [email protected]
©2012, CBRE, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future
performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. All marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
CALL FOR OFFERS
UNIQUE BEACH FRONT PROPERTY±219 ACRES FOR SALEGALVESTON, TEXAS
SPECTACULAR BEACH FRONT PROPERTY NOW AVAILABLE. Site is located on far west end of Galveston Island, fronting the Gulf of Mexico & Bluewater Highway.
Approximately 60 miles from Houston CBD.
16 / / July 2013
In the first quarter of 2013, land sales remained strong in the Houston market. Based on data reported to Costar, land sales were at roughly $250 million in the first quarter, about the same level as the fourth quarter and only down slightly from sales of about $270 mil-lion in the second quarter of 2012.
These numbers reflect dramatic im-provement since the recession ended in 2009. Although the market has
yet to recover its all-time high of over $750 million in reported sales in the second quarter of 2007, they are up from the trough of the market of about $40 million in the second quarter of 2009.
Also, these are reported sales - Tex-as is a non-disclosure state and it is likely that the actual total sales volume
is much higher. This can be seen in the total number of acres sold - over 7,200 - which is the highest since the 2007 peak. We expect to see an even higher number once the Q2 figures are in - there were 115 land tracts over 20 acres that were in escrow at the close of Q1.
Citywide, median days on the market decreased to just under 400 - so it’s taking on average about a year to close a land transaction. We also saw the sales to list price ratio narrow in the first quarter as sellers and buyers both continue to get more realistic about values.
Areas outside the Beltway continued to dominate in total acres - compris-ing 85% of total acreage sold. That is what you would expect given the con-strained supply of land inside the Belt-way and particularly inside the Loop.
The total numbers, however, mask an interesting development. Land sales in-side the Loop have swung between 20 and 40 acres each quarter since 2009.
“...Inner Loop land sales probably
make up 65% or more of
the land sales market in
Houston right now.”
Summary from the O’Connor Land Luncheon May 29th by Scott Davis, Senior Director of Land Services
for CASE Commercial Real Estate Partners.
17
But from 1q2012 through 1q2013, in-ner loop land sales more than tripled from 47 acres to more than 165 acres. Looking at it another way, assuming an average sales price of $50/SF, Inner Loop land sales would represent about $360 million in land sales. Giving an average price of $35,000 per acre to the 6,300+ acres that sold outside the Beltway represents about $220 million in value. So despite only being 5% of the acreage sold, Inner Loop land sales probably make up 65% or more of the land sales market in Houston
right now. These data are just for land sales and don’t include the sales of older, functionally obsolete properties like apartments and shopping centers that are being redeveloped as medium density apartments and town homes.
What’s fueling the demand for dirt? The first is Houston’s continued dramat-ic growth. The region, just over 6 mil-
lion today, is expected to add another million residents by 2020. The city also continues to perform well on the jobs front - Mayor Annise Parker noted in the April state of the city address that there were more than 150,000 open jobs in the Houston area right now, which is about 6% of the total market.
The Inner Loop demand is specifically being drive by the influence of the Millennial generation, currently ages 9-32. While the leading edge of this generation are in the home using mar-
ket, the bulk of them are now in prime apartment age. In 2013 the US will see a record number of 22 year olds - and they have a significant prefer-ence for urban living. Houston ranks second in the country as a destination for Millennials because of its low cost of living and job opportunities. We should see this change in the next 3-5 years as those apartment renters age
into homebuyers. Research shows that the urban preference centers on close-ness to work and that should drive a shift back to suburban locations as the highest job growth locations all lie on suburban markets.
The biggest challenge that lies ahead is pricing - builder activity has driven land pricing to a level that has pushed many developers out of the market and should begin translating into higher home prices. The combination of high-er home prices and increasing mort-
gage rates could brake land develop-ment activity, but probably not enough to outweigh the impact of adding 150,000+ residents a year over the next decade. If anything, we may look back on 2013 as the year that Houston lost its affordability advantage over the rest of the country.
Expected Job Growth in Suburban Centers
by 2020
Inside Loop:Bellaire 11.3%
Inside Beltway: Greenspoint 9.5%
Outside Beltway: Sugar Land 16.3%
Katy 15.4%The Woodlands 13.5%Source: HGAC, 2035 Regional Transportation Plan
12.20%Percent growth
which ranks Houston the #1 in Self-
Employment Growth
Real preference by Gen X
and Gen Y is for a shorter
commute and close to
shopping
18 / / July 2013
Can apartments be too small? Develop-ers are testing the boundaries, experi-menting with layout and design to de-termine just how tiny and inexpensive a space they can easily lease. During the Urban Land Institute’s Spring Meeting on May 22, Kauri Investments Ltd. chairman James Potter and AREA Real Estate L.L.C. principal David Adelman offered some creative configuration ideas that are at-tracting not just Gen. Y programmers seeking to live near their Silicon Valley jobs but even empty nesters in search of close-in urban locations in San Antonio. Either group may use the units as their sole residence or maintain a larger, per-haps weekend-only additional home far-ther from the city. What makes these rent-ers different from those who prefer more space, Potter noted, is their even greater focus on price point.
Over the past four to five years, Potter has been striving for increasingly smaller units. With eight projects currently under development, he has achieved an aver-age size of 100 to 200 square feet. So far focused on smaller buildings with a limited number of units, his latest, in downtown Oakland, Calif., is situated on a 40-by-100-foot site and includes six to eight “bedrooms” and a kitchen.
Potter achieves such small unit sizes by considering what can be removed from the unit. A central kitchen, for instance, can be a big space saver, since people are not cooking to the extent they used to, he noted. Having discovered that a shared refrigerator does not make for good neighbors, he includes a small
model in each unit, plus a sink (not a “kitchen sink” or a “bathroom sink”—just a sink, said the developer, who maintains that putting labels on the properties or their contents complicates their image). Residents must supply their own dishes, eating utensils and linens, but the central kitchen includes pots and pans and cook-ing utensils. Residents can collaborate on any herbs or spices they want to share. The units are fully furnished—there is only room for a bed, table and chair—and include utilities and Internet access. A central bathroom—dormitory style—can also help reduce the unit size.
Adelman’s initial micro-apartment units are not nearly as small. His San Anto-nio property 12WELVE 2WENTY1, at 1221 Broadway, offers a mix of “loft apartments,” the smallest of which is 456 square feet and rents for $725. He is currently planning to renovate 606 Avenue B to produce 113 units in three sizes: one-bedroom units with 614 square feet, studios with 514 square feet and micro-units with 380 square feet. The micro units, which will comprise 10 per-cent of the total, will include “almost no kitchen,” whereas the larger micro units in 12WELVE 2WENTY1 include gal-ley kitchens with minimal furnishings to provide flexibility. “The more you allow people to set up the way they want to, the more it will attract,” he maintains.
Potter noted that he is able to charge $200 to $400 per month for units by reducing his own costs. The units come with neither parking (in Oakland, only 15 to 20 percent of the property’s resi-
dents have cars, he said) nor amenities (people prefer to interact with their com-munity, anyway). The leasing contract (currently generally 90 days, offering flexibility and a chance to learn more about these tenants, but he will produce a lease for as long as nine months) and monthly payments are all handled elec-tronically. Potter provides laundry facili-ties in the building, and has experiment-ed with card systems and free use but is avoiding coin operation, while Adelman will help residents arrange for a local company to install a stacked washer and dryer in the unit on request.
Such units, the developers noted, have had no trouble attracting residents or financing from local community banks. Major banks—which might offer lower interest rates—have been more reluc-tant to embrace the concept, and mu-nicipalities’ responses have been mixed. For instance, Potter was rebuffed by San Francisco before heading across the bay to a more welcoming Oakland. Parking creates the biggest challenge, since mu-nicipalities are accustomed to requiring parking for their residents and homeown-ers can be leery of losing their own on-street parking alternatives to renters who have no other option. Although alleys, when present, can alleviate this concern, Potter suggested an agreement with an office building as another alternative, as businesses tend to utilize their garages during the day while apartment residents are more likely to need them at night.
ULI Special Report:By Suzann D. Silverman, EditorCommercial Property ExecutiveMay 22, 2013
19
LAND / CHURCHESFOR SALE
Church in Richmond, TX - 1500 Branch - 3,300 SF. ........................................SOLD ..................... $135,000
Land on Ella Blvd - 4.538 Acres ........................................................................SALE PENDING .......$325,000
Baytown Spanish SDA - 704 + 750 E Texas Ave 4,200 SF. ..........................................................$150,000
Majestic Christian Center - 3512 McLean Rd - 19,500 SF. ......................................................$1,500,000
Dome Church - South Acres at Scott Street - 57,000 SF ..........................................................$3,740,000
3.9 Acres - 7225 Bellfort Avenue .......................................................................SALE PENDING .......$229,000
Church Facility - 3730 South Acres - 14,000 SF .............................................SALE PENDING .......$595,000
Channelview Area Church - 1100 Dell Dale ....................................................REDUCED ...........$1,995,000
League City UMC - 1411 West Main Street - 34,000 SF ...........................................................$3,950,000
Land in Tomball, TX - Holderrieth & S. Cherry - 2.03 Acres ........................................................$230,000
Faith Tabernacle Pentecostal Church - 1329 Ross, LaMarque, TX - 15,000 SF ........................$750,000
Miracle Christian Fellowship - 16310 Chimney Rock - 15,000 SF.............................................$855,000
13 Acres on Beechnut at Rustling Leaves - $6.25 PSF ............................................................$3,536,250
Multipurpose Bldg - 710 College St. - 7,200 SF ..........................................................................$650,000
Religious Facility in South Houston - Beaumont St. @ Illinois - 11,800 SF ..............................$799,000
Baytown Campus/Training Center Facility (Income producing property) - 301 Ilfrey .......$3,400,000
SE Area Church - 10050 Fuqua - 9,995 SF .................................................................................$1,100,000
International Church Realty(713) 541-4005
POINT WESTKaty, Texas
±1,015 Acres on Interstate 10 in Katy, TexasFor sale by sealed-bid. Call for details. OFFERS DUE BY SEPTEMBER 6, 2013
B. KELLEY PARKER, III, SIOR - (713) 963-2896JOHN F. LITTMAN, SIOR, MAI - (713) 963-2862TIM M. THOMAS - (713) 963-2837COE PARKER - (713) 963-2825
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20 / / July 2013
AUSTINMarket Highlights2012 sales volume reached near record highs, with 94 transactions
and 23,805 units sold. Typical seller motivations included tax rea-
sons, loan maturities and harvesting profits. Given its strong market
fundamentals, Austin attracted a wide base of buyers in 2012 in-
cluding REITs, institutions and private buyers, a trend that is expected
to continue throughout the coming year.
SAN ANTONIOMarket HighlightsSan Antonio’s sales transactions in 2012 were well over the num-
bers seen in 2011, with 51 transactions and $748 million in sales
volume. The pace of these sales picked up toward the end of the
year as some investors tried to sell their properties ahead of impend-
ing tax changes.
Capital Markets Multi-Housing Market Report
............................................................................
Excerpts from CBRE’s Capital Markets Multi-Housing 2013 Annual Market Report
Cap RateClass A Asset(Stabilized/Value Add)
4.50% - 5.00%4.50% - 5.00%
Class B Asset(Stabilized/Value Add)
5.25% - 5.75%5.25% - 5.75%
Class C Asset(Stabilized/Value Add)
6.00% - 6.50%6.00% - 6.50%
Cap RateClass A Asset(Stabilized/Value Add)
4.50% - 5.00%4.50% - 5.00%
Class B Asset(Stabilized/Value Add)
5.25% - 5.75%5.25% - 5.75%
Class C Asset(Stabilized/Value Add)
6.00% - 6.50%6.00% - 6.50%
2012 SnapshotTotal Employment*824,000Population1,858,000
Per Capita Income$42,891Multi-Housing Units176,000
2012 SnapshotTotal Employment*878,000Population2,265,000
Per Capita Income$38,053Multi-Housing Units146,000
To view CBRE’s full market highlight report go to REDNews.com/CBRE-Multi-Housing
21
DALLAS/FORT WORTHMarket HighlightsThe Dallas/Fort Worth economy continues to thrive, growing the
employment base 2.45% between December 2011 and December
2012, which translates into the addition of 72,600 jobs. The local
apartment fundamentals continued to be solid in 2012, though sta-
bilizing throughout the year. Overall occupancy ended the year at
93.7%, which exceeded 93% for the second time since 2008.
HOUSTONMarket HighlightsBuyer demand in the Houston multi-housing market is robust, driv-
en by improving fundamentals based on phenomenal job growth
throughout the region. Unemployment is improving slowly on a na-
tional basis, but Houston’s economic engine keeps the market run-
ning far ahead. Unemployment in Houston reached a recession high
of 8.3% in 2010. By the end of 2012, Houston area unemployment
had fallen to 5.8%, below the Texas average of 6.1% and dramati-
cally lower than the U.S. average of 7.8%.
............................................................................
Cap RateClass A Asset(Stabilized/Value Add)
4.25% - 5.25%5.75% - 6.25%
Class B Asset(Stabilized/Value Add)
6.25% - 6.75%6.50% - 7.25%
Class C Asset(Stabilized/Value Add)
7.25% - 7.75%7.75% - 8.25%
Cap RateClass A Asset(Stabilized/Value Add)
4.50% - 5.00%5.50% - 6.00%
Class B Asset(Stabilized/Value Add)
6.00% - 6.50%6.25% - 6.75%
Class C Asset(Stabilized/Value Add)
7.00% - 7.50%7.75% - 8.25%
2012 SnapshotTotal Employment*2,112,000Population4,481,000
Per Capita Income45,381Multi-Housing Units465,000
2012 SnapshotTotal Employment*2,704,000Population6,272,000
Per Capita Income48,894Multi-Housing Units576,000
To view CBRE’s full market highlight report go to REDNews.com/CBRE-Multi-Housing
22 / / July 2013
CREW Austin met for its monthly luncheon on Tuesday, Febru-ary 19 at the Cha-teau Bellevue / Aus-tin Woman’s Club in
downtown Austin. Buddy Garcia, former chairman for TCEQ and former Railroad Commissioner [and he happens to be my brother], had a lot to say on the subject of water. Water and water issues are signifi-cant concerns in Central Texas, and prom-ise to become more prominent.
Garcia reminded the group that surface wa-ter, i.e. rivers and lakes, are state owned, with water rights issued by the state, while ground water, i.e. Edwards aquifer is the property of land owners. Over 95% of Texas is privately owned land with virtu-ally all of the state’s watersheds, recharge zones and all the countryside on private property. Texas ‘loses’ rural and agricul-tural land faster than any other state. Land-owner stewards are going to be an integral part of ensuring continued water for the en-tire state for years to come.
By the year 2060, it is anticipated that Texas’ population will increase by 80%. Water demand is expected to increase by 22%, while supply is expected to decrease by 10%.
As of 2013, 90% of the state is considered to be in a drought that exceeds the “drought or record” conditions of the 1950s. The cost of the drought to Texas’ economy is $11.9 billion and 115,000 jobs per year.
Groundwater, which lies beneath the land-
Surface Water: Will Central Texas adapt or fail?
scape, and surface water which form our rivers and lakes, are treated as if they are a different substance. Groundwater is con-sidered the private property of landowners above it, and surface water is considered the property of the state. Some feel we can’t have it both ways. The disconnect between groundwater and surface water is unsustainable and will continue to be the source of litigation for years to come.
Garcia raised another issue that most of us in Central Texas have not considered: Protection of the ecosystems of our rivers, streams, bays and estuaries. Anyone up-stream doesn’t want to release water just so that it makes it to the Gulf – but the eco-systems need the runoff of water. In spite of the passage of legislation, to many the state has not addressed the core issues re-garding the maintenance of environmental flows that keep those systems healthy.
Legislative plans so far appear to revolve around: • Recycling and reuse; • New techniques to purify more and
use less water;• Brackish water technology; • Cleaning up oil field practices/waste
disposal, etc.;• Loans to local governments for shovel
ready water projects; • Rebrand the Texas Water Develop-
ment Board.
SOLUTIONS TO THE WATER PROBLEM: CONSERVATION! We waste water in Texas. Garcia suggested that state-wide campaigns to stop littering and smoking worked – why not have a water savings
campaign? It’s time to get locals on board. Look at San Antonio and El Paso – both are growing in population yet lead the nation in water conservation. One of the worst water wasters is poorly maintained water mains. We can easily ensure future water by managing and maintaining the water we already have.
But conservation alone is not enough.
SUGGESTIONS: Withdraw money from the state’s rainy day fund to pay for wa-ter conservation projects. That spending will require approval from two-thirds of the legislature. They are also weighing invest-ments in infrastructure that could tap new supplies.
If conditions are indeed changing -- regard-less of why -- then anticipating and adapt-ing to those different conditions is a more productive use of energy and resources than doing nothing or fighting unpopular development. A combination of strategic planning and realistic goals is a better ap-proach.
After working over 22 consecutive years for the great State of Texas, Buddy Garcia recently began his government consulting career. “Modern Stewardship” specializes in providing legislative and regulatory strat-egy to clients interested in influencing state government policy. Areas of expertise in-clude regulatory policy, environmental sus-tainability, energy production, and Gulf of Mexico coastal & bi-national (Texas/Mex-ico) issues. For more information, email [email protected].
By Rosalie G. Keszler, CCIM
Rosalie G. Keszler, CCIM - Contributing Editor-AustinKeszler is the principal and owner of her own consulting firm, Rosalie Keszler Consultants, working primarily with commercial real estate investors. She wears many hats in her roles with her clients, performing services related to commercial real estate such as financial analysis, due diligence/underwriting for acquisition or disposition, asset management, business development, marketing, relationship liaison, the list goes on and on. She is past-president of CREW Austin and a CCIM designee. Most recently she added ‘writer’ to her resume, now serving as a contributing editor for REDNews Magazine. www.rokezconsultants.com
‘ ‘
23
Hispanic Shoppers50 million today 134 million by 2050Does your business plan capitalize on this growing market? It better! Plan now to be profitable in the next 17 years.
This exploding demographic is creating never before seen opportunities. Learn how to navigate the nuances of this market - from Financing to Permits, to Marketing, Operations, Security, and much more. Acquire valuable take-home information to apply to your business immediately.
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24 / / July 2013
The Junior League ballroom was filled to capacity on June 13, as an Urban Land In-stitute expert panel presented findings and recommenda-
tions of their study “Making the case for urban green space in southeast-ern Downtown.” The study and report were funded in part by a grant from the ULI Foundation, and produced a collaboration between veteran real estate industry professionals, Down-town civic leaders, graduate real es-tate students and faculty at Texas A&M University, Central Houston, Inc., and corporate ULI Urban Innovation Grant Partners, including: AECOM, Griffin Partners, HFF, HOK, TBG Partners, and the ULI Houston District Council.
Key recommendations for redevelop-ing the 64-block study area bounded by Clay Street to the north, Milam Street to the west, I45 / Pierce Street to the south, and US 59 to the east included:• A strong placemaking and brand-
ing initiative to give this nonde-script area more identity.
• New urban green space, as an amenity for residents and to gen-erate additional activity in these areas:1. at the abandoned Days Inn
property, as a holding strat-egy for eventual redevelop-ment
2. immediately south of the Co-Cathedral of the Sacred Heart
3. on the eastside of the Study Area.
• Linking new parks with Downtown activity areas with “greenways”--complete streets with enhanced landscaping, focusing initially on: Leeland Street, LaBranch Street, and St. Joseph Parkway.
• Opening the Downtown tunnel with a visual connection to the new Leeland Greenway.
• Rethinking connections to “shoul-der neighborhoods” in EaDo, and Midtown as creative design op-portunities to overcome the barri-ers posed by elevated freeways.
But, the panel cautioned that new ur-ban parks and green spaces by them-
selves, are not enough.• Good design, management, and
more residential development are needed to activate parks and fuel additional retail development.
• Focus the residential development program east of Jackson Street, South of Leeland Street.
• Capitalize upon the Downtown Living Initiative Chapter 380 In-centives in this area.
Finally, the panel expressed a sense of urgency. The building blocks are already in place with previous Down-town redevelopment successes at Discovery Green, expansion of the George R. Brown convention center and new construction around it, new investment and population growth in surrounding “shoulder neighbor-hoods,” which ULI defines as the re-viving areas just outside Downtown to the east, south and west, the favorable economic climate, and the limited time to receive Downtown Living Initiative Chapter 380 incentives for qualifying residential developments.
Study Recommends Redeveloping Residential and Parks in Southeastern Downtown
Aerial Map with Study Boundaries, source: Houston Downtown Management District
The panel of experts who volunteered their time to serve on the ULI panel included:
Panel Chair, Dennis JerkeAdjunct Professor, College of Architecture
Texas A&M UniversityCollege Station, Texas
Panelists:Keiji Asakura
Principal, Asakura Robinson Company Lance Gilliam
Managing Partner, UCR
Theola PettewayExecutive Director, OST/Almeda Corridors
Redevelopment Authority – TIRZ #7
Fred GriffinChairman, Griffin Partners, Inc.
Rudy RasmusCo-Pastor, St. John’s United Methodist Church
Wally ReidSenior Managing Director – Houston Co-Office Head, HFF
The full report of findings and recommendations is avail-able online at Houston.ULI.org
25
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If you have made the decision to fur-ther explore the possibility of owning your own building you quickly realize there are a multitude of questions that you will need assistance in answering
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26 / / July 2013
27
Deals & Moves: SoutheastFor details on these deals and others, visit REDNews.com
Rosemont Realty LLC has hired Commercial Real Es-tate Women Houston chapter president Michele Ellis-Felder as its managing di-rector, leasing for the Houston office.
Rosemont Realty employee Carrie Powledge has been promoted to the posi-tion of director, leasing.
Boxer Property is pleased to announce the addition of Treasurer, Brett A. Scholz
28 / / July 2013
Deals & Moves: NorthFor details on these deals and others, visit REDNews.com
Dallas - Allen Gump, with Colliers International North Texas was elected to SIOR’s Executive Committee.
Dallas - D. Stephen Don-osky, CCIM, has been named President of Encore Land, LLC.
ANNOUNCEMENT: Dal-las - Tug Hill Real Estate Partners has opened its second real estate office, taking space at The Cres-cent in Dallas.
Addison - Holt Lunsford Commercial, Inc. (HLC) an-nounced that Jim Brice has taken on the additional lead-ership responsibility.
29
Deals & Moves: Central SouthFor details on these deals and others, visit REDNews.com
San Antonio - D.H. Realty Partners announced today that Gilles Ghez has joined their real estate team.
San Antonio - Blakeley Commercial Real Estate has announced that Susan Gragg has joined their bro-kerage team.
30 / / July 2013
CC
IM H
ouston | Chapter Luncheon | June 13
BOM
A H
ouston | 2013 BOM
A Expo | M
ay 9
BOM
A H
ouston | 2013 BOM
A Expo | M
ay 9
CC
IM South TX, C
REW San A
ntonio, CoreN
ET Global | A
pril 25
CC
IM South TX, C
REW San A
ntonio, CoreN
ET Global | A
pril 25
CC
IM South TX, C
REW San A
ntonio, CoreN
ET Global | A
pril 25
CC
IM C
entral Texas | June Luncheon | June 5
CC
IM C
entral Texas | June Luncheon | June 5
CREW
San Antonio | M
ay Luncheon | May 14
CREW
San Antonio | M
ay Luncheon | May 14
CREW
San Antonio | M
ay Luncheon | May 14
CREW
San Antonio | M
ay Luncheon | May 14
31
CC
IM H
ouston | Chapter Luncheon | June 13
Ft.Bend Society of Com
mercial Realtors M
eeting | June 18
AC
RP | Happy H
our | June 25
AC
RP | Happy H
our | June 25
IREM H
ouston | June Luncheon | June 4
IREM H
ouston | Multifam
ily Mixer | M
ay 22
SCR Breakfast | M
ay 29
SCR Breakfast | M
ay 29SC
R Breakfast | May 29
SCR Breakfast | M
ay 29C
REW D
allas | May Luncheon | M
ay 15
IREM H
ouston | June Luncheon | June 4
32 / / July 2013
Southeast Texas (Hous-ton Area Events)
July 5 - FridayCREN LuncheonHouston11:00a - 1:00pwww.houstoncren.com
July 8 - MondayCREAM LuncheonHouston11:00a - 1:00pwww.creamtx.com
July 10 - WednesdayCREW Houston LuncheonHouston11:30a - 1:00pwww.crewhouston.org
July 11 - ThursdayHRBC BreakfastHouston7:00a - 8:30awww.houstonrealty.org
July 11 - ThursdayCCIM Houston LuncheonHouston11:30a - 1:00pwww.ccimhouston.org
July 12 - FridayCREN LuncheonHouston11:00a - 1:00pwww.houstoncren.org
July 16 - TuesdayFBSCR MeetingSugar Land, Texas8:00a - 9:00awww.fbscr.com
July 17 – WednesdayO’Connor Houston Apart-ment Forecast LuncheonHouston 11:30 a – 1:00 pwww.poconnor.com
July 18 - ThursdayBACREN LuncheonHouston10:30a - 1:00pwww.bacren.com
IREM Houston Young Profes-sionals Happy HourHouston5:00 p – 8:00 pwww.iremhouston.org
July 19 - FridayCREN BreakfastHouston7:15a - 9:00awww.houstoncren.com
July 23 - TuesdayACRP Happy Hour (Cock-tails/Networking)Houston5:30p - 7:30pwww.acrp.orgJuly 25 - Thursday
IREM Houston: IREM LEED Celebration Luncheon“Beyond the Building Houston11:00a - 1:00pwww.iremhouston.org
July 25 - ThursdayCREN Happy HourHouston4:30p - 7:00pwww.houstoncren.com
July 31 - WednesdayHouston IREM: IREM Advanced ExcelHouston8:00a - 11:30awww.iremhouston.org
North Texas – Dallas/Ft. Worth
July 11 – ThursdayNTCAR - Income Property AnalysisDallas8:30a - 6:30pwww.ntcar.org
July 15 – 18CCIM North TexasCI 104: Investment Analysiswww.ntccim.com July 16 - TuesdayBOMADallas- LuncheonDallas11:30a - 1:00pwww.bomadallas.org
July 17 - WednesdayCREW Dallas – Luncheon Dallas11:30a - 1:00pwww.crew-dallas.org
July 17 - WednesdayNorthTexas CCIM-HappyHour Location TBDDallas5:30p - 7:00pwww.ntccim.com July 29 - MondayBOMA - Volunteer DayFort Worth4:00p - 8:00pwww.bomafortworth.org
CALENDAR OF EVENTS
1. If you DO NOT have changes please sign, date and return.2. If you HAVE CHANGES, indicate changes on proof and return within 24 hours.3. Proofs not returned within 24 hours will be considered approved to run AS IS.4. Ads or inserts cancelled after the 10th of the month will be billed 100%. Oct 2012
IREM DallasEP / 4CAnnouncementGinger WhelessIREMDallas_RN_EP_1012_01.inddBC09.12.12
1Send your
Deals Done to
ETH IC S EDUCATIONEXCELLENCE
Choose a real estate professional... choose an IREM® designee.
www.irem-dallas.org
Using the information in this ad, property information will be sent to LoopNet to be added/updated in their listing service (at no cost to you). To opt-out, contact us at [email protected]
CI 104: Investment Analysis for Commercial Investment Real Estate
July 15-18, 2013The Addison Conference Center
for more info visit: www.ntccim.com
For additional information/registration, go to event website
33
Central South Texas Calendar – Austin/San Antonio
July 9 - TuesdayIREM Austin - Monthly LuncheonAustin11:30a - 1:00pwww.iremaustin.org
July 9 - TuesdayCREW San Antonio - LuncheonSan Antonio11:30a - 1:00pwww.crew-sanantonio.org
July 11 - ThursdayCTCAR Property Info ExchangeAustin7:30a - 9:00awww.ctcaronline.com
July 11 – ThursdayIREM San Antonio11:30a – 1:00 pwww.iremsanantonio.org
July 16 – TuesdayCREW Austin – LuncheonAustin11:30 a – 1:00 pwww.crewaustin.com
July 16 - TuesdayIREM Austin MCE Seminar - “How to Build a Better Budget”Austin8:30a - 11:30awww.iremaustin.org
July 17 – WednesdayCBA – Austin LuncheonAustin11:30 a – 1:00 pwww.cbaaustin.nationbuilder.com
July 18 - ThursdayCREW & BOMA Movie MixerSan Antonio6:00p - 10:00pwww.crew-sanantonio.orgJuly 18 – ThursdayBOMA Austin – LuncheonAustin 11:30 a – 1:00 pwww.bomaaustin.org July 24 – WednesdayCCIM Central Texas - Commercial Real Estate NegotiationsAustin8:30a - 5:00pwww.ccimtexas.com
July 25 – ThursdayCCIM – San Antonio Luncheon11:45 a -1:00 pwww.ccimsa.com
July 30 - TuesdayCTCAR-MCECourse - “Zip Form Professional”Austin8:00a - 12:00pwww.ctcaronline.com
If you have events you’d like
to list on our calendar please
contact [email protected]
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Your real estate deserves real management.Count on a CPM® professional to deliver real results.
To find a CPM®
in your area, visitwww.irem-dallas.org
For optimal returns on your real estate portfolio, turn to a CERTIFIED PROPERTY MANAGER® (CPM®).
A CPM® has:Demonstrated experience in building value Pledged commitment to the highest ethical standardsProven expertise in maximizing returns
CPM®
Austin July Luncheon Tuesday, July 9, 2013 11:30am – 1:00pm
Westwood Country Club – 3808 West 35th St. Austin, TX 78703
www.iremaustin.org • 512-301-3311
MCE - Build a Better Budget - July 16th
2 1 4.8 9 0.6 4 9 0 c rew-d a l las.o r g
commercial real estate women
Join CREW Dallas Today!
Enjoy Mid-YearSpecial Half-Price Dues.
Professional Development Opportunities
Committee InvolvementExclusive Social EventsCREW Network–With
8,000 + Members
Contact Ginger Coleman at 713.783.0297or [email protected]
www.ccimhouston.org (applicaiton form)
Want to Become a Professional CommercialReal Estate Broker?
* Join CCIM Houston Gulf Coast Chapter* Course Scholarships Available To Members
Networking Educat ion Technology
iremhouston.org
IREM’s Annual LEED Celebration Luncheon“Beyond The Building”
Speakers, Lauri Goodman Lampson with PDR andMason Arnold with Greenling
Thursday, 7/25 - The Hilton Post Oak
For additional information/registration, go to event website
34 / / July 2013
advertiser indexA. A. Realty Company..........................................13
ACRP..................................................................35
Biltmore Construction & Development......................25
Caldwell Companies..........................................2, 3
CBRE................................................................ . 15
CCIM Central Texas..............................................33
CCIM Dallas........................................................32
CCIM Houston.....................................................33
CREAM................................................................32
CREN.................................................................32
CREW Dallas.......................................................33
CREW San Antonio..............................................33
CTCAR................................................................33
Cushman Wakefield..............................................19
Daum Commercial Real Estate Services.................1, 5
Greenberg & Co..................................................19
ICSC..................................................................23
International Church Realty....................................19
IREM Austin.........................................................33
IREM Dallas.........................................................32
IREM Houston......................................................33
IREM San Antonio................................................33
Maple Development..............................................34
Phase Engineering, Inc.........................................32
Red Oak Commercial..............................................7
TAO Interests, Inc.................................................34
Tarantino Properties, Inc......................................8, 9
Texas Funding Corporation....................................34
Zarsky Industries...................................................15
CLASSIFIEDS
35
5909 West Loop South, Suite 135 Bellaire, Tx 77401
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DALLAS, TX
