Category: Southeast Texas

Edge Realty Partners, Capital Markets (“Edge”) brokered sale of I-45 & Monroe Blvd, 8452 – 8464 Gulf Freeway in Houston, Texas

Posted on by Sarah

FOR IMMEDIATE RELEASE

HOUSTON, TX (May 12, 2020)

Edge Realty Partners, Capital Markets (“Edge”) brokered the sale of I-45 & Monroe Blvd located at 8452 – 8464 Gulf Freeway in Houston, Texas.  Burdette Huffman of Edge represented the seller.  I-45 & Monroe Blvd is a 49,865 SF retail center featuring a value-add redevelopment opportunity with in-place cash flow. The property, located along Interstate 45 South, features incredible access and exposure to 207,000+ cars per day.  Further, the property is surrounded by dense demographics with a population exceeding 335,000 people within a five-mile radius.

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About Edge Realty Partners, Capital Markets

Edge Realty Partners, Capital Markets (“Edge”), the investment services platform for Edge Realty Partners, has deep ties in the capital markets industry and a transaction history that represents over $6.0 billion in sales across asset categories located throughout the nation. With significant market insight and a long-term approach to building client relationships, Edge provides third-party property disposition and note sale representation. Edge, with offices in Dallas, Houston, Austin/San Antonio, and Southern California, offers services across the country. For more information on Edge, please visit  www.edge-re.com.

Contact:

Taryn Triola
Edge Realty Partner
ttriola@edge-com.com
713.900.3034

Jenn Rosenberry
Edge Realty Partners
jrosenberry@edge-re.com
713.900.3022



Support in Seabrook: The City’s EDC steps up to help businesses

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In many ways, the City of Seabrook had prepared for a disaster of this level. Even before Hurricane Ike slammed into Galveston Bay in 2008, the city had
developed a plan in case the inevitable occurred. But the COVID-19 storm that started brewing in early 2020 hit in an entirely new way. “It was certainly like a tidal wave that hit shore so fast. We saw it coming, we started to prepare and then it hit. We just went straight into emergency mode,” says Paul Chavez, director of the Seabrook Economic Development Corporation. “It’s unprecedented because the whole world is experiencing something as significant as Ike. Everybody is affected by it.” He says that in early February, the city started reaching out to citizens and businesses, trying to prepare them for what lay ahead. “A lot of hard decisions had to be made, but we knew that for the safety of everybody, we had to make those decisions and enforce them,” Chavez says. In some cases, it means abiding by and enforcing decisions made at a higher level, such as Harris County’s Stay Home, Work Safe order. “We’re asking our residents to work from home if they can and that’s the same policy we’re using at the city,” says Chavez. There are exceptions to the rule, such as EMS crews, firefighters, police officers, and public works. In addition to responding to emergencies
throughout the city, Chavez says first responders are also checking on local businesses, which may or may not be open. “They make sure that there isn’t any kind of suspicious activity going on inside because we know a lot of people are scared about looting and burglaries,” he explains. Click to read more at www.rednews.com.

Ingrum returns to Texas to lead office institutional investment sales for CBRE

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CBRE announced April 23 that Russell Ingrum will lead office institutional investment sales for CBRE Capital Markets in Texas. Ingrum, an accomplished office investment sales professional with a long and successful track record in Texas, is returning to the region from the San Francisco Bay area where he was a senior leader in the firm’s Northern California Capital Markets team for the past eight years. Ingrum, a vice chairman, will be based in CBRE’s Dallas office. “We are thrilled to have Russell return to Texas where he started his career. He has extensive experience and strong relationships in these markets and he knows the investment community in Texas well, allowing him to advise our clients immediately,” said Michael Caffey, president, South-Central Division & Latin America for CBRE. “Russell has deep national and international investor relationships developed from his role as the national office practice leader and as a leading producer on the West Coast. We believe Russell will have real success assisting investors in deploying capital across markets from the West Coast into Texas markets,” said Chris Hipps, senior managing director, Investor Services for CBRE. Ingrum has closed more than 850 equity sales transactions in the U.S., consisting of 605 million square feet for a total consideration of $36 billion. He has consistently been a top national producer for CBRE in investment sales, representing some of the country’s largest equity/opportunity funds, life insurance companies and REITs. Click to read more at www.fortworthbusiness.com.

GrayStreet wants to buy former Lone Star Brewery complex

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The owner of the former Lone Star Brewery complex has a buyer lined up, but it’s unclear whether a deal will be completed by a May 1 deadline. An affiliate of GrayStreet Partners, a San Antonio development firm, wants to purchase the roughly 32-acre property for $17.25 million from Lone Star Brewery Development Inc. Lone Star filed for bankruptcy protection in January, stopping a foreclosure auction of the complex at 500 and 600 Lone Star Blvd. It is trying to sell the property for at least $13.5 million. JLL, a commercial real estate firm, is marketing the site and received several preliminary offers ranging between $6 million and $20 million, court documents note. “Many bidders dropped out because they either didn’t qualify or they didn’t put up earnest money,” said Thomas Rice, an attorney at Pulman, Cappuccio & Pullen LLP who represents Lone Star. GrayStreet’s bid was the highest qualifying offer. State filings indicate GrayStreet Acquisitions LLC, the bidder, is registered to Kevin Covey, a managing partner at GrayStreet Partners. Covey didn’t immediately respond to a request for comment. Click to read more at www.creativenews.com.

Seabrook Emergency Business Retention Incentive

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The Seabrook Economic Development Corporation (SEDC) is now inviting Seabrook businesses who have been impacted by the COVID-19 pandemic to apply for the Seabrook Emergency Business Retention Incentive. To be eligible, businesses must be located with a Seabrook Empowerment Zone (see map below) and the business must have been active on or before January 1, 2020. Businesses who qualify may receive an incentive between $3,500 to $10,000 dependent upon the following the criteria:

Current operating status of the business
Size and number of employees within the business
Business type (franchise or independent)
Type of business; ie. retail, restaurant, professional, service related, automotive, personal care (salons), sales, industrial, etc.
A total program budget of $250,000 has been allocated to help local businesses recover from the COVID-19 pandemic and economic disaster. Each incentivized business must use the funds for business lease/loan payments, utilities, payroll, etc. and are determined by the SEDC to promote new or expanded business development and/or for the creation/retention of primary jobs. The funds are not intended for business owner salaries.
Click here to read more at www.seabrooktx.gov.

Coalition of businesses urges Houston, Harris County to ease stay-at-home restrictions

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A coalition of 350 local businesses is urging Mayor Sylvester Turner and County Judge Lina Hidalgo to begin May 1 to ease stay-at-home restrictions meant to slow the spread of the novel coronavirus, warning many firms cannot survive additional weeks of forced closures. The impromptu association, calling itself the Houston Coronavirus Business Group, said in identical letters to the leaders Wednesday that a balance must be struck between the medical community’s desire to keep cases and deaths down and the need to limit damage to the economy. The group said business leaders should have an equal influence in extending restrictions beyond April 30 as doctors, who they said fail to grasp the severe economic damage wrought by the “draconian” stay-at-home order. “These good folks aren’t business or economic experts, and they don’t see or understand the economic spiral that we are currently experiencing and the human toll a complete shutdown will ravage in terms of lives, mental health, physical wellbeing, crime, poverty, etc.,” the letter states. Click to read more at www.Houstonchronicle.com.