Yearly Archives: 2019

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.

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.

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.

 

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

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.

 

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.

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.

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.

Metro NEXT Plan Earns Houston Realty Business Coalition Stamp Of Approval Houston Other October 15, 2019, Kyle Hagerty, Bisnow Houston Want to get a jump-start on upcoming deals? Meet the major Houston players at one of our upcoming events! At the ballot this November, Houston Metro will ask voters for a $3.5B bond, more than ever before, in hopes of funding 75 miles of rapid bus service and 16 miles of light rail while putting $600M into the local bus system. The plan, not without its critics, could be a game-changer for Houston’s Inner Loop, constrained by traffic and ever-widening highways. The plan was officially endorsed by the Houston Realty Business Coalition, with a two-thirds majority vote from trustees. But with a concerning lack of specifics, Metro NEXT’s vision may be more of a dream.  Courtesy of Metro Houston Metro Light-Rail “We are pleased to support this forward-looking bond measure,” Houston Realty Business Coalition Chair Alan Hassenflu said in a statement. President and CEO of Fidelis Realty, Hassenflu is behind several high-profile developments across the Houston area, like the redevelopment of the 1.1M SF San Jacinto Mall and Yale Marketplace, a chic Whole Foods-anchored retail center. “To secure our region’s continued economic prosperity as its population grows to 10 million by 2040, and to keep congestion from crippling our region, we must expand our mobility options in a fiscally prudent manner,” Hassenflu said. “We believe the METRO Proposition does that.” The plan, which can be viewed here, contains dozens of projects aiming to be completed over the course of a 20-year timeline. Metro has said it will apply for matching federal dollars that could raise the investments to $7.5B. The plan lists start and endpoints of routes, but not where the buses or rails will run in between those points. Critics say the lack of transparency about what will be built, when it will be built and where exactly it will be built is setting up voters for a false bill of sale, just like the last Metro bond vote.  Courtesy of Metro Houston Metro Buses The last time Houston voters went to the ballot for a Metro bond, a $640M proposal voted on in 2003, things didn’t work out as originally planned. Routes were decided after the vote, changing massive portions of the plan. Critics say the same thing can happen with this bond.  “I think the plan is as specific as the process allows,” Metro Chairwoman Carrin Patman said, the Houston Chronicle reported. “No one has to worry they are not going to have a chance to weigh in on a given connection.”