Category: Southeast Texas
IREM Annual Bruncheon Friday, September 10, 2021 Speaker: Dr. Debbie Phillips, CPM
SEPTEMBER 10, 2021 / FRIDAY IREM Annual Bruncheon For our annual Bruncheon event, highly sought-after guest speaker Dr. Debbie Phillips, CPM will offer strategies for building your personal brand along with proven methods for effective communication. Attendees will also enjoy free professional headshots. Location: The Briar Club, 2603 Timmons Ln, Houston, TX 77027 Time: 10:30 am -12:00 pm Price: $55 Members, $60 Non-Members. Read More & Register
First Look: Victory Park’s Newest Luxury Multifamily Garners Sky-High Rents
Creatively fitting a towering multifamily in a neighborhood like Victory Park required deep thought by international developer Hines and their team of architects and designers. The infill development of a former parking lot on the northeast corner of Nowitzki Way and Victory Park Lane, The Victor is now the tallest building in Dallas’ Uptown—and it’s garnering some of the highest rents in the area at about $370 a square foot.
Typically, such a building would be long and rectangular, much like the high-rises you see in downtown Dallas. But such a design would crowd the neighborhood’s urban fabric, Munoz + Albin Principal Jorge Munoz tells me as we walk along Nowitzki Way to tour the site.
Comprised of 344 luxury residences and adjacent to the American Airlines Center, the 40-story tower blends beautifully into the neighborhood. To do so, designers broke the masing of the tower into two distinct shapes to accentuate its verticality: a thin floating glass volume on the east and a masonry volume on the west. Click to read more at www.dmagazine.com.
Houston Hits Major Milestone as Industrial Market Reaches Record Quarterly Leasing
While the Houston office market has had a rough 12 months, and will likely continue to lag in the coming quarters, the industrial market is booming. In fact, the industrial market in Houston is so strong, that the metro area has hit the highest quarterly leasing total on record, according to a recent report from NAI Partners.
By the end of the second quarter of this year, Houston’s overall industrial vacancy rate stood at 9%, more or less unchanged since the previous quarter, however, there were 12.5 million square feet of leasing activity recorded for Q2 of 2021, which is more than double the 6 million square feet of leasing activity during the same period last year. A wave of new deliveries from previous quarters has kept inventory levels stable and average gross rent rates relatively flat.
The news is significant for numerous reasons, but namely how the industrial market is helping bolster the broader commercial real estate sector as other asset classes continue to struggle since the start of the pandemic. But other economic indicators continue to show improvement, the report reveals, such as lower unemployment stats, the increase in drilling operations, and an uptick in new construction.
According to the report, the vast majority of industrial leasing over the last several years has been for warehouse and distribution space. The metro has had 12 straight years of positive net absorption, the report indicates, even as Houston continues to also witness record levels of industrial construction.
Major Q2 leases highlighted in the report include Ferguson’s 750,7750-square-foot lease at the Empire West Business Park, a 685,000-square-foot lease by Living Spaces Furniture Company at the Air 59 Logistics Center and a 645,000-square-foot lease at 4725 E. Grand Parkway by Webstaurant Store.
While 15 million square feet of new industrial space remains under construction, nearly 70% of it is already leased, the report indicates, further illustrating the high demand for industrial. Additionally, Port Houston’s container terminals have remained busy, with year-to-date activity increasing by 8% over the same period in 2020.
As Houston’s import-export activity increases and the economy continues to shift towards e-commerce and manufacturing on-shoring, and Texas’s population growth remains steady, the sky-high demand for new industrial products will likely continue for the foreseeable future.
Valbridge Property Advisors Welcome New Partners in Houston and Dallas
HOUSTON and DALLAS, July 22, 2021 /PRNewswire-PRWeb/ — Valbridge Property Advisors, the largest independent commercial property valuation and advisory services firm in the United States, is pleased to announce the addition of four new partners to their Houston and Dallas offices.
Valbridge Property Advisors | Houston and Valbridge Property Advisors | Dallas, led by Chris Lantz, MAI, Senior Managing Director; Gerald Teel, MAI, CRE, SGA, Senior Managing Director; Tim Treadway, MAI, CCIM, Senior Managing Director-Multifamily; and Michael Divin, MAI, Senior Managing Director, respectively, are pleased to announce new additions to their senior leadership team. Valbridge Property Advisors | Houston welcomes new partners:
• Jason Mushinski, MAI, Senior Managing Director
• Joshua W. Wood IV, JD, MAI, AI-GRS, Senior Managing Director
• Paul Gilliam, MAI, Senior Managing Director, Vice President of Financial Modeling
• Valbridge Property Advisors | Dallas welcomes new partner: Tim Brennan, MAI, Senior Managing Director
Jason Mushinski, MAI is Senior Managing Director and leader of the Right of Way Specialty Practice Group for the Valbridge Property Advisors | Houston office and is a member of both the Appraisal Institute and the International Right of Way Association. Click to read more at www.inforny.com.
Driftwood Capital Acquires Hotel Indigo® Houston At The Galleria
Driftwood Capital, a vertically integrated commercial real estate investment, development, and lending platform specializing in hospitality, announces it has acquired the Hotel Indigo® Houston at the Galleria, a 131-key hotel located in Houston’s Uptown submarket.
Driftwood Capital, which provides high-net-worth investors direct access to institutional-quality hotel assets through its unique syndication model, acquired the property through its acquisition GP fund, which targets hotel acquisition opportunities in the $30 million to $150 million range. The property will be open for syndication beginning on September 1 with a minimum investment of $50,000. Driftwood Capital, which has acquired 22 full-service hotels and developed seven new ground-up hotel projects since its inception, retains a 10 percent stake in all investments.
This is the fourth hotel property that Driftwood Capital has added to its growing portfolio in the last 12 months. Earlier this year, the firm acquired the 316-room Hyatt Regency Fairfax in Virginia, with the firm also acquiring the 248-key Hilton Southlake in Dallas and the 399-key Sheraton Pittsburgh Hotel at Station Square in Pittsburgh, Pennsylvania in 2020. Click to read more at www.hospitalitynet.org.