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