Houston Realty Advisors
Houston Realty Advisors

Monthly Archives: November 2019

05
Nov 2019
0

JLL To Buy Peloton Commercial Real Estate

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JLL To Buy Peloton Commercial Real Estate Commercial real estate giant JLL announced plans to purchase Peloton Commercial Real Estate Thursday. The merger will effectively pull Peloton’s Dallas and Houston offices into JLL’s agency leasing and property management business lines.

As part of the merger, more than 130 Peloton employees will be joining JLL. The acquisition is expected to close in the next few weeks, with Peloton co-founding partners Joel Pustmueller and T.D. Briggs and JLL’s Jeff Eckert leading the statewide integration efforts.  Pustmueller and Briggs will work directly with the Dallas-Fort Worth and Houston offices while Eckert will oversee Austin, San Antonio, and Dallas-Fort Worth as the teams integrate.

Peloton Property Management partner John Myers will be named the regional leader of property management for DFW. “This is a momentous step in our journey to become a market-leading player in Texas,” said David Carroll, JLL market director for the South Central Region. “With the exceptional growth we have seen in those markets, Peloton’s position as a leading provider of leasing and property management services will greatly enhance our business capabilities and breadth of services. Just as importantly, we look forward to working with a team of professionals that share JLL’s strong commitment to collaboration and culture.” JLL has a long history of growing via mergers and acquisitions, including closing the $2B acquisition of HFF July 1. One of its most notable acquisitions in Texas was bringing The Staubach Co., led by Dallas Cowboys elite quarterback Roger Staubach, into its fold in 2008. Peloton is a leasing and property management firm that launched in 2002. It manages or leases more than 25M SF for clients.

05
Nov 2019
0

Chron Real estate transactions: Companies pick new offices in Westchase

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a large brick building with grass and trees: American Cross-Dock & Storage leased 102,863 square feet of industrial space at 9701 New Decade Drive, Pasadena.

Transwestern Commercial Services completed 187,054 square feet of office leases at Westchase Park I and II at 3700 and 3600 W. Sam Houston Parkway North. LJA Engineering, represented by Anthony Squillante and Dustin Devine of Stream Realty Partners, leased 90,989 square feet; Centurion Pipeline Co., represented by Lonna Dorman of Transwestern, leased 28,078 square feet; and ABB, represented by Beau Bellow and Josh Hirsch of JLL, renewed its lease for 67,987 square feet. The new tenants will take occupancy in the first half of 2020. Transwestern’s Eric Anderson, Parker Burkett, and Katy Gragg represented the owner, Clarion Partners. The 569,825-square-foot Westchase Park office complex has a freestanding amenity center with a Citrus Kitchen restaurant, fitness center with locker rooms and tenant conference center with seating for up to 100.

American Cross-Dock & Storage, a family-owned and operated logistics company led by president and CEO Deborah Bressie, signed two leases totaling 146,863 in Pasadena. The company leased 102,863 square feet of industrial space at 9701 New Decade Drive in the Bayport North Logistics Center I, from Triten Real Estate Partners, for storage and distribution, and subleased 44,000 square feet at 13225 Bay Park Road for drayage and cross-dock services. Bob Berry and Grant Hortenstine of Avison Young represented the tenant, while Jason Dillee and Andrew Jewett of CBRE represented the landlord. The company has more than doubled its space since being founded in March 2018. It provides warehousing, trans-loading, fulfillment and packaging services to the Greater Houston area.

Houston-based Hartman Income REIT purchased a three-property office portfolio totaling 254,225 square feet from New York-based HighBrook Investors. JLL Capital Markets, led by Martin Hogan, marketed the property on behalf of the seller and procured the buyer. The portfolio consists of 16420 Park Ten and 1400 Broadfield in the Energy Corridor’s Park 10 Business Park, as well as 7915 FM 1960 near Willowbrook Mall in northwest Harris County. The portfolio is 55 percent leased.

05
Nov 2019
0

Houston named a top ‘buy’ market for retail real estate

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Houston and two other Texas cities are among the nation’s most promising places to invest in retail real estate, according to a new Ten-X Commercial report.

Thanks to a booming economy and a resurgent energy sector, Houston ranked as the No. 4 “buy market” for retail real estate, according to Ten-X. Local retail rents are projected to rise by 4 percent to $17.42 per square foot per year by 2022. That compares with a projected 1 percent gain year-over-year in rents nationwide to $18.92.

The California-based company, which operates an online platform for commercial real estate transactions, ranked Austin as the nation’s top “buy market” ahead of San Francisco and Orlando, Fla. Dallas ranked No. 5.

Brick-and-mortar retailers continue to face challenges as more shoppers go online, with e-commerce doubling its share of retail sales over the last decade to 16.5 percent, the report stated. More than 8,560 stores have closed so far in 2019, up from 5,524 in all of 2018, according to Coresight Research.

Transaction activity on Ten-X Commercial’s platform, meanwhile, has increased.

“Despite a struggling retail market, overall sentiment for strategic retail investments remains strong,” Ten-X Chief Economist Peter Muoio said in an announcement. “The retail sector will remain relatively weak through 2020 as the sector contends with both cyclical and secular headwinds buffeting it. Thereafter, cyclical headwinds will dissipate somewhat, alleviating the pressures on retail demand somewhat.”

 The top “sell markets” identified by Ten-X are Milwaukee, Wis., Pittsburgh, Pa., Oakland, Calif., Cleveland, Ohio, and Northern New Jersey. Retail rents are projected to decline as much as 1.8 percent in those markets, while vacancies will go up as much as 80 basis points.

Katherine Feser covers a variety of subjects for the Houston Chronicle Business section. She coordinates some of the paper’s most popular special sections, including the Chronicle 100, Home Price Survey, and Top Workplaces. She compiles many of the staples of the section, including the daily markets page, People in Business, event listings and real estate transactions.

Houston and two other Texas cities are among the nation’s most promising places to invest in retail real estate, according to a new Ten-X Commercial report.

Thanks to a booming economy and a resurgent energy sector, Houston ranked as the No. 4 “buy market” for retail real estate, according to Ten-X. Local retail rents are projected to rise by 4 percent to $17.42 per square foot per year by 2022. That compares with a projected 1 percent gain year-over-year in rents nationwide to $18.92.

The California-based company, which operates an online platform for commercial real estate transactions, ranked Austin as the nation’s top “buy market” ahead of San Francisco and Orlando, Fla. Dallas ranked No. 5.

Brick-and-mortar retailers continue to face challenges as more shoppers go online, with e-commerce doubling its share of retail sales over the last decade to 16.5 percent, the report stated. More than 8,560 stores have closed so far in 2019, up from 5,524 in all of 2018, according to Coresight Research.

Transaction activity on Ten-X Commercial’s platform, meanwhile, has increased.

“Despite a struggling retail market, overall sentiment for strategic retail investments remains strong,” Ten-X Chief Economist Peter Muoio said in an announcement. “The retail sector will remain relatively weak through 2020 as the sector contends with both cyclical and secular headwinds buffeting it. Thereafter, cyclical headwinds will dissipate somewhat, alleviating the pressures on retail demand somewhat.”

The top “sell markets” identified by Ten-X are Milwaukee, Wis., Pittsburgh, Pa., Oakland, Calif., Cleveland, Ohio, and Northern New Jersey. Retail rents are projected to decline as much as 1.8 percent in those markets, while vacancies will go up as much as 80 basis points.
04
Nov 2019
0

Summer Moon is bringing Katy-area caffeine seekers a wood-fired option with the opening of a new coffee shop in Kingsland Plaza.

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Houston-based commercial real estate firm KM Realty has announced that it has leased 1,800 square feet in the plaza at 19901 Kingsland Blvd. in Cinco Ranch near Fry Road and I-10. With the lease of the end-cap space, KM Realty reports that the plaza is now 73 percent occupied.

“Katy is home, and I knew I wanted Summer Moon to enter Houston in this high-growth area,” Ryan Richardson, Summer Moon’s Houston licensee who grew up and lives in Katy, said in a news release.

According to the release, the area’s three-mile, five-year population growth is projected at 9 percent. Richardson connected with Steven Stone, KM Realty’s director of leasing, through Chris Abel of Keller Williams, and that brought him to Kingsland Plaza.

Summer Moon is a completely wood-fired coffee shop based in Austin. It has numerous locations in central Texas. The Katy location will be the first in the greater Houston area.

“The founding family of Summer Moon wanted to bring an American authenticity to coffee that was largely missing from American coffee culture,” according to the release. “Their use of brick, fire, and oak wood to craft their custom coffee roasts maintains an element of craftsmanship to the trade and instills much-deserved pride in the family business.”

Summer Moon in Katy will reportedly receive weekly shipments of new roasts of coffee. It also serves its “Moon Milk,” which is a “proprietary blend of all-natural, unrefined sugar with subtle hints of spice, leading to menu favorites of the whole moon, half-, and quarter-moon lattes.”

“Summer Moon will be a boon to Kingsland Plaza and our portfolio of tenants,” Stone said. “At Kingsland Plaza and the other properties that we own or manage, we always strive to bring in tenants that area residents may find appealing. Kingsland Plaza has the traffic counts and morning commutes in a great area that will make Summer Moon a runaway success.”

Summer Moon is scheduled to open in November.

The first shop opened in June of 2002 in Austin. Originally a simple coffee bar, it added coffee roasting. In 2004, it began fire-roasting its coffee blends.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at: www.houstonrealtyadvisors.com  Thank you for your interest.

04
Nov 2019
0

KM Realty space leased to Summer Moon coffee shop

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 Summer Moon, an Austin-based wood-fired coffee shop, leased space in Kingsland Plaza at 19901 Kingsland Blvd. Photo: Courtesy Of KM Realty
Summer Moon, an Austin-based wood-fired coffee shop, leased space in Kingsland Plaza at 19901 Kingsland Blvd.
Houston-based commercial real estate firm KM Realty has announced that it has leased 1,800 square feet in the plaza at 19901 Kingsland Blvd. in Cinco Ranch near Fry Road and I-10. With the lease of the end-cap space, KM Realty reports that the plaza is now 73 percent occupied.

“Katy is home, and I knew I wanted Summer Moon to enter Houston in this high-growth area,” Ryan Richardson, Summer Moon’s Houston licensee who grew up and lives in Katy, said in a news release.

According to the release, the area’s three-mile, five-year population growth is projected at 9 percent. Richardson connected with Steven Stone, KM Realty’s director of leasing, through Chris Abel of Keller Williams, and that brought him to Kingsland Plaza.

Summer Moon is a completely wood-fired coffee shop based in Austin. It has numerous locations in central Texas. The Katy location will be the first in the greater Houston area.

“The founding family of Summer Moon wanted to bring an American authenticity to coffee that was largely missing from American coffee culture,” according to the release. “Their use of brick, fire, and oak wood to craft their custom coffee roasts maintains an element of craftsmanship to the trade and instills much-deserved pride in the family business.”

Summer Moon in Katy will reportedly receive weekly shipments of new roasts of coffee. It also serves its “Moon Milk,” which is a “proprietary blend of all-natural, unrefined sugar with subtle hints of spice, leading to menu favorites of the whole moon, half-, and quarter-moon lattes.”

“Summer Moon will be a boon to Kingsland Plaza and our portfolio of tenants,” Stone said. “At Kingsland Plaza and the other properties that we own or manage, we always strive to bring in tenants that area residents may find appealing. Kingsland Plaza has the traffic counts and morning commutes in a great area that will make Summer Moon a runaway success.”

Summer Moon is scheduled to open in November.

The first shop opened in June of 2002 in Austin. Originally a simple coffee bar, it added coffee roasting. In 2004, it began fire-roasting its coffee blends.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at: www.houstonrealtyadvisors.com  Thank you for your interest.

04
Nov 2019
0

Real estate transactions: Terra Energy Partners inks office lease near Galleria

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 BH Properties has selected CBRE to lease and manage The Reserve at Park Ten office building at 15721 Park Row. Photo: CBRE

NIT Industrial bought a 151,260-square-foot distribution building at 12614 Hempstead Highway in northwest Houston. The seller, STAG Houston 3 LP, was represented by Ryan Byrd and Walker Barnett of Colliers International. Jason Tangen, also with Colliers International, represented the buyer. NIT, which plans to make capital improvements to the property, has retained Colliers to market the space to tenants.

Terra Energy Partners leased 33,457 square feet at 3050 Post Oak Blvd. in the Lakes on Post Oak office campus near the Galleria. Adam Grimm, Audrey Selber and Andy Iverson of Newmark Knight Frank represented the tenant. CBRE represented the landlord, Sinopec USA.

The Richland Cos. renewed several tenants at its Bay Plaza Office Complex, 711 West Bay Area Blvd. The deals include DYB Advisory Group for 5,039 square feet, Simien Properties for 3,476 square feet and DFI Organics for 2,070 square feet. Angie Steadman represented the landlord in-house.

BH Properties has selected CBRE to lease and manage The Reserve at Park Ten office building at 15721 Park Row in west Houston. Constructed in 2009, the six-story building has 140,000 square feet available for lease. Kirksey Architecture designed renovations to the lobby, tenant lounge and a new conference facility. Steve Rocher, Parker Duffie, and Jackie Mendoza will lead the marketing efforts.

Pomo Resources, doing business as Pomgranit Stones, purchased an 84,894-square-foot industrial building on 5.9 acres at 5150 Blalock Drive. William Rudolf and Kyle Golding with CBRE represented the seller, 5150 Blalock LLC. Cindy Wilson with Groen Realty Partners represented the buyer.

04
Nov 2019
0

JLL Completes Sale, Financing of Office Asset in Sugar Land, Texas

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JLL announced today that it has completed the sale and arranged acquisition financing for Sugar Creek Place I, a 151,772-square-foot, Class A office building in the Houston-area community of Sugar Land, Texas.

JLL represented the seller, HighBrook Investors, and procured the buyer, Songy Highroads LLC. Additionally, JLL worked on behalf of the new owner to secure the three-year, floating-rate acquisition financing through an affiliate of Marathon Asset Management, L.P.

Sugar Creek Place I is prominently located at 14100 Southwest Freeway at the corner of Interstate 69 and Commerce Green Boulevard in Sugar Land, one of Houston’s most sought-after and best-performing suburbs. The property has direct access to several primary transportation thoroughfares including Beltway 8, Westpark Tollway, Grand Parkway and U.S. 90, and has convenient access to Sugar Land’s residential communities of First Colony, Greatwood, New Territory, River Park, and Imperial. Recently renovated, the six-story office asset is 86% leased to a diverse tenant roster representing a broad range of business sectors, including energy, real estate, consulting, education, healthcare, and finance.

The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan and Senior Managing Director Dan Miller.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Directors Matt Casey and Michael Johnson.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

The deal secured by Holliday GP Corp prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

04
Nov 2019
0

Spanish investor eyes tower in downtown Dallas’ Arts District

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A European investor is close to a deal to buy one of downtown Dallas’ office towers.

Spain-based investor Masaveu Real Estate US wants to purchase the 18-story KPMG Plaza in the Arts District from the Korean investment fund that’s owned it for three years, according to brokerage company reports.

The 450,000-square-foot Ross Avenue office building has been up for sale for the last few months. The office tower is next door to the new 28-story Hall Arts Residences condos and hotel, which is near completion. The Meyerson Symphony Center is across the street.

Commercial property firm Cushman & Wakefield has been marketing the building for sale. Representatives with the firm declined to comment.

Tenants in the building include developer Hall Group, KPMG, UMB Bank, Jackson Walker LLP, and Spencer Stuart. KPMG Plaza has restaurants on the ground floor facing Flora Street and a sculpture garden on the east side of the tower.

The sale to Masaveu is estimated at $240 million, according to a report by real estate firm Colliers International in a just-released newsletter. KPMG Plaza sold for an estimated $200 million the last time it traded.

The nearby 1900 Pearl office tower recently sold for $700 per square foot — the highest price ever paid for a Dallas office project.

The KPMG high-rise is one of a handful of downtown Dallas office buildings that have recently been up for grabs. A Korean investment group just spent more than $96 million to acquire a majority stake in the 37-story One AT&T Plaza skyscraper on Commerce Street.

Masaveu Real Estate US is a unit of Corporación Masaveu, a family-owned investment group based in Oviedo, Spain. Founded in 1840, Masaveu has holdings in real estate, industrial companies, wineries, and medicine. Masaveu has operations in eight countries.

In the U.S., the firm owns buildings in Houston, Miami, and Washington, D.C.

04
Nov 2019
0

600 Travis Building, Pei & Partners, JP Morgan Chase Tower Houston

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HOUSTON – Hines, in alliance with Cerberus Capital, has secured the 600 Travis building, a 75-story office property known as the tallest tower in Texas.

I.M. Pei & Partners designed the building, previously known as the JP Morgan Chase Tower and earlier as the Texas Commerce Tower.

The tall tower is across the street from a construction site where Hines is building a 47-story office project. The new building, located on Texas Avenue, is called the Texas Tower.

Hines is planning a thorough renovation to the tallest building in Texas. HOK architecture is working on the plan now.

Here’s a submission for the Suggestion Box. Rather than letting the 1982-vintage building exist with its Travis Street address as its name, why not connect it to its heritage? Just rename the building “Texas Commerce Tower” again.

The 1002-foot tall skyscraper has some history to it. While I worked across the street at the Houston Chronicle, I’d frequently see Texas Commerce Bank CEO Ben Love walking in the bank’s tunnel level. George Mitchell, too.

In those days, the Chronicle would hand you a paycheck on Friday morning and you would walk across the street to deposit it in Texas Commerce Bank. The whole system had a steady, solid and secure aura about it. No online transfers. No Bitcoin. No Blockchain. No Libra. Just real money.

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