Category: North Texas News DO NOT USE

Well-known Commercial Real Estate Lawyer, Thomas O. Anderson, Jr., Joins Dallas-based Cherry Petersen Landry Albert LLP

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DALLAS, TEXAS, March 22, 2022 (GLOBE NEWSWIRE) — Cherry Petersen Landry Albert LLP is pleased to announce that Thomas O. Anderson, Jr. has joined the firm as Senior Counsel. Anderson’s practice is focused exclusively on commercial real estate transactions.

Anderson has a wide-ranging real estate transaction practice, representing sellers, purchasers, and lenders in commercial real estate throughout Texas and nationwide. He has extensive experience with real property title and survey matters due to his time as a licensed escrow officer. Thomas also regularly represents landlords and tenants in commercial lease negotiations.

“I have thoroughly enjoyed getting to know and providing counsel to the firm’s real estate clients” said Thomas Anderson, Senior Counsel at CPLA. “The firm has a strong and supportive culture and a tremendous team of lawyers, paralegals and staff.”

“I’ve known Thomas Anderson for a long time and I’m delighted to have him join us here at CPLA,” said Kevin Cherry, Partner at the firm. “His experience in real estate acquisitions and commercial leasing provides real value to CPLA’s clients.” Click to read more at www.globenewswire.com.

Industry Pioneer Roger Staubach Is the Ultimate Power Broker

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Commercial real estate services have evolved to include everything from space planning and data analytics to incentives negotiations. But in the early days, it was a simple matter of development and leasing. It’s hard to convey the huge impact the advent of tenant representation—and the unlikely disruptor who helped pioneer it—has had on the industry.

Heisman Trophy winner Roger Staubach was a 27-year-old rookie when he joined the Dallas Cowboys in 1969, after keeping his commitment of service to the U.S. Navy. Earning a salary of just $25,000, he began looking for work in the offseason. A Naval Academy friend connected him with the Henry S. Miller Co.

Staubach joined in 1970, working briefly in its insurance division until he talked firm leaders into letting him get involved on the real estate side of things. “I worked every offseason until I decided that I wanted to make real estate a future for me, outside of football,” he says.

After learning the ropes at Miller, Staubach joined developer Robert Holloway in a boutique venture in 1977. He retired from football in the spring of 1980, and two years later formed his own firm, The Staubach Co. It was an amicable split; Holloway wanted to focus on development, and Staubach wanted to build a company around his interest in representing tenants. Click to read more at www.dmagazine.com.

Real Estate In The Digital Age

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The Rise of Proptech

Real estate is one of the largest asset classes in the world, comprising over $225 trillion; ~$50 trillion in the United States alone. Historically, the industry has been a slow adopter of technology due to its capital intensity and illiquidity, the longevity of assets, many different stakeholders, and disjointed workflows. However, over the last 10 years we have seen that begin to change with the emergence of ‘PropTech’, or property technology. PropTech can be thought of as any technology that impacts the built world.

A wave of venture-backed companies has emerged to help solve pain points across the real estate lifecycle and to bring traditional real estate processes and offerings into the 21st century. Some major trends and themes that have become popular for investors include fintech and insure-tech solutions, workflow management software, data and analytics software (often utilizing AI and machine learning), “smart buildings” via IoT devices, co-working and flexible space offerings, residential real estate platforms, use of robotics in construction, and modular or prefabricated homes.

Over the last 5 years, over $95B in funding has been invested into PropTech startups and PropTech-specific venture capital firms such as Nine Four Ventures, Fifth Wall, MetaProp and Zigg Capital. New players continue to emerge in the space as technology evolves, so it’s no surprise that with the recent rise of NFTs the real estate industry has reacted in unprecedented ways. Click to read more at www.forbes.com.

Plano Retailers Expect to Continue ‘Tech and Mortar’ Balance in 2022

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Downtown Plano boutique Lyla’s Clothing, Décor & More did not have a significant online presence when businesses closed at the beginning of the coronavirus pandemic in March 2020.

Once a website was set up, Lyla’s owner Meagan Wauters said the page brought in nearly 50% of her revenues before people started feeling comfortable shopping in person again. And while that in-person traffic is now even better than it was before the pandemic, she said e-commerce still makes up nearly 15% of Lyla’s revenues.

“Store pickups have slowed down because people are excited to get out, but people are still utilizing it,” Wauters said.

That return to in-person shopping is happening throughout the Dallas-Fort Worth metroplex, according to Texas-based commercial real estate firm Weitzman.

“We’re in a much better place today [than March 2020],” Weitzman Executive Vice President Michelle Caplan said during the firm’s annual forecast that was live-streamed in January. “We’ve navigated risk and achieved one of the greatest market turnarounds ever.” Click to read more at www.communityimpact.com.

CA Industrial Expands Partnership with DWS with Grand Prairie Logistics Center

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CA Industrial announced the groundbreaking of its 2700 Avenue K logistics and last-mile delivery facility in Grand Prairie, Texas. The development is the product of a joint venture partnership between CA Industrial and DWS Group and is anticipated to deliver in the second half of 2022.

Located eight miles from the DFW International Airport, the logistics center is situated within the Upper Great Southwest submarket – one of the strongest submarkets in the area in terms of occupancy and rent growth. The site’s proximity to major transportation routes I-30 and highways 183, 360 and 161 enables visitors to reach any destination in the metro within a 60-minute drive time. The modern, more than 200,000 square foot multi-tenant Class-A+ facility will feature 36-foot clear heights, 185-foot truck court, 124 parking spaces, 39 trailer stalls and 31 dock doors. All leasing efforts will be managed by Luke Davis of Stream Realty Partners.

Over the last year, CA’s industrial and logistics platform has closed transactions totaling approximately $1 billion of project costs and has more than 9.7 million square feet of industrial space across currently under development in key US markets including in Phoenix, Dallas, Orlando, Atlanta, Savannah, Columbus, Richmond, Union City, Watsonville, Indianapolis and Las Vegas.

Marcus & Millichap Arranges Sale of 59-Unit Apartment Building in Fort Worth

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Marcus & Millichap announced the sale of Ridgemont, a 59-unit apartment property located in Fort Worth, Texas.

Associate Jonathan Ochstein, Vice President Investments Matt Aslan, Senior Managing Director Investments Nick Fluellen, Senior Managing Director Investments Bard Hoover and Senior Associate Wesley Racht at Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Mr. Ochstein, Mr. Aslan, Mr. Fluellen, Mr. Hoover and Mr. Racht.

“There was tremendous visibility on the marketing of Ridgemont with 14 tours, nearly 200 executed confidentiality agreements and over 10 offers,” said Ochstein. “We had the opportunity to close with the first buyer in escrow who was also a first time DFW multifamily buyer.”

Ridgemont is located at 2409 Ridgmar Plaza in Fort Worth, Texas.