Texas Central won a critical legal decision in developing a high-speed rail project between Dallas and Houston. The landowners, Leon County’s Jim and Barbara Miles, plan to appeal the ruling to the Texas Supreme Court, according to published reports. “If ever there was a ruling that created ‘the Wild, Wild, West’ of eminent domain authority, this is it,” Blake Beckham, The landowner’s attorney and special litigation counsel to Texans Against HSR, said in a statement. A Texas appeals court ruled in favor of Texas Central, holding that it was both a railroad company and an interurban electric railway, despite operating no trains yet. The Thirteenth Court of Appeals said Texas Central and its subsidiary Integrated Texas Logistics are legally railroads in the state of Texas, reversing a previous decision by the 87th District Court of Leon County. The decision by Justice Nora Longoria comes after a four-year court battle made by landowners along the proposed route in Leon County. The landowners argued that the project wasn’t a railroad and therefore didn’t have the rights associated with a railroad, including eminent domain and access to the property for surveyors. Click to read more at www.dmagazine.com.
Axiom Space Inks Clear Lake’s Largest Deal Since COVID-19 Stay-at-Home Order
(May 12, 2020 – Houston) – Transwestern Real Estate Services (TRS) announces Axiom Space Inc. has signed a lease for an entire floor at 1290 Hercules Ave. in Houston, taking the building from full vacancy to 52% occupancy. The 31,327-square-foot deal marks the largest new lease signed in the Clear Lake submarket since Houston’s stay-at-home order took effect. Transwestern Senior Associate Matthew Seliger, Senior Managing Director Doug Little and Senior Vice President Louann Pereira provide office leasing services on behalf of the building owner, Capital Commercial Investments Inc. “We are extremely pleased to have developed a creative solution with Axiom Space, especially during the current situation with COVID-19,” said Seliger. “Despite the challenges of working from home during a global pandemic, we stayed highly focused to ensure the execution of this complicated and fast-paced transaction and we are excited to have Axiom Space as a valued tenant at the Hercules project.” Because Axiom Space has been selected by NASA to build a privately funded attachment to the International Space Station, they needed modern space with proximity to Johnson Space Center and room for future growth. “Capital Commercial Investments has been active in the Clear Lake market for several years, and we are thrilled to add Axiom to our fine list of tenants at Hercules. We developed and implemented a renovation plan with new lobbies, elevator cabs and spec suites that enabled our success,” said Chuck Kemp EVP/Head of Asset Management at CCI. Hercules II is a two-story, 65,233-square-foot, Class A office building less than a mile from the main entrance to Johnson Space Center and surrounded by large Clear Lake institutions, including University of Houston – Clear Lake, Clear Lake Regional Medical Center and Baybrook Mall. The property’s ideal location along Hercules Avenue offers convenient access to Interstate 45 and other major Clear Lake area thoroughfares. Ownership of the property has invested a substantial amount of capital in a complete renovation of the common areas, including custom landscaped green space. New move-in ready speculative suites with custom finishes range from 2,600 to 16,400 square feet in the adjacent building at 1300 Hercules Ave. Noah Kruger and Derrell Curry of Savills Inc. provided tenant representation services.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
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Note to Editors: We have changed the company name from Transwestern Commercial Services to Transwestern Real Estate Services. However, “Transwestern” is acceptable on second reference.
Stefanie Lewis Peeler
Media Relations Manager
National Marketing and Communications
1900 West Loop South, Suite 1300
Houston, TX 77027
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.
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.
Edge Realty Partner
Edge Realty Partners
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.
A major U.S. shopping center owner is making curbside pickup a permanent feature at its properties, as more customers are turning to this option during the coronavirus pandemic. Kimco Realty, which owns more than 400 shopping centers and other mixed-used developments, is rolling out designated curbside pickup spaces in parking lots at 23 centers in Texas, starting as soon as this week. It will be adding these spaces to its shopping centers nationwide in the coming days, Kimco told CNBC. Kimco said it initially tried the service at its Grand Parkway Marketplace in Spring, Texas, whose tenants include Ross Stores, Party City and PetSmart. It made 60 parking spots designated for curbside pickup, which all retailers at the property are able to use as a shared amenity. When shoppers place orders from these retailers — opting to use curbside pickup — they are instructed which parking slot to arrive at. “While curbside pickup was already gaining traction before the pandemic, some of our national retailers are now reporting a 200 percent increase in curbside pickup orders,” Kimco Chief Executive Conor Flynn said in a statement. Click to read more at www.cnbc.com.
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.