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SpaceX has purchased two deep-water oil rigs off the Texas Gulf Coast to someday use as sea-going spaceports for their Starship spacecraft. The commercial space firm, through an entity called Lonestar Mineral Development, bought the platforms from offshore drilling company Valaris in July, according to public filings. Several media reports say Lonestar Mineral Development bought the rigs that were headed to the scrapyard for $3.5 million each, a steal compared to the original production costs between $330 and 515 million in 2008. London-based Valaris has corporate offices in Houston and filed for Chapter 11 bankruptcy in August. The new owner has renamed the rigs Deimos and Phobos, presumably after the Martian moons, according to space media outlet NasaSpaceFlight.com. Bret Johnsen, SpaceX’s chief financial officer, is listed in public records as Lonestar Mineral Developments’ principal. Click to read more at www.chron.com.
The Houston healthcare sector, like the overall market itself, witnessed incredible growth over the past decade. That activity came to a skid, however, leaving owners and occupiers attempting to navigate the choppy waters brought about by the pandemic. All market metrics—from absorption to vacancy to investment activity—either remained relatively stable or trended in discouraging directions, according to Q3 research compiled by Transwestern. For example, absorption during the quarter was less than that of a typical dialysis center, totaling just 456 square feet. Granted, just barely positive absorption is better than negative, but that figure is tempered even further by the 70 bps quarter-over-quarter vacancy rate increase to 13.1 percent. One contributing factor to this rise in vacancy is the approximately 252,000 square feet of new healthcare space that came online, less than half of which was pre-leased. The largest delivery during the third quarter was Bissonnet Medical Plaza, a 53,000-square-foot MOB in the Bellaire submarket. All across Houston, multiple projects are in the pipeline that will add additional healthcare supply. In or near the TMC alone there are three hospital facilities now under construction, totaling more than 733,000 square feet. The largest of these is the 427,000-square-foot O’Quinn Medical Tower going up on the Baylor St. Luke’s McNair campus, scheduled for completion in early 2024. The two-building UTHealth Public Education Mental Health Hospital will comprise 220,000 square feet when it wraps construction this December. Slated to deliver in the fourth quarter of 2023, the MD Anderson Cancer Center Proton Therapy Center will occupy 86,500 square feet. Click to read more at www.rednews.com.
Jo D. Miller, the chapter’s executive director, introduced Hancock to some of the others in the room, warmly welcoming the then-assistant property manager into the IREM family. “That was a key moment in my IREM life.
If it hadn’t been for Jo D. taking the initiative or noticing that there was a new person in the room who was looking a little lost, I probably wouldn’t have come back,” Hancock said. “Because of that moment, I am now the 2020 president!” IREM Houston is made up of hundreds of CRE professionals with similar stories. Many joined the organization for its educational opportunities only to find, like Hancock, a kind of family within their field. “We tend to support each other and treat each other like we are family—and I love that,” said Hancock, now operations director for REIS Associates, LLC. “I love that we don’t just network with each other. We support each other inside and outside of IREM.” “In my career with IREM, it has been just a true pleasure to see how uniquely special this organization is and how it affects people’s lives because the relationships are so sincere,” said IREM associate director Lindsay Konlande. “It is obviously very professional, but it’s also a network of people caring about people and supporting each other.” That network is focused on one goal: educating and lifting up people in the CRE industry. IREM offers real estate and property management certification that is recognized on an international level. Programs include Certified Property Manager (CPM), Accredited Residential Manager (ARM) and Accredited Commercial Manager (ACoM) for individuals. “A lot of employers now are seeking out credentialed real estate managers, especially those with a CPM,” Hancock said. “I think IREM provides a phenomenal opportunity—not only to further your career path, but also to increase your knowledge through all of the educational offerings the organization provides.” The opportunities offered by IREM aren’t reserved for newcomers. Konlande said even someone with 25 years of experience can benefit from continuing education. “We have options that could potentially get you a raise or the ability to open up your own organization,” she said. IREM also offers companies the option to pursue Accredited Management Organization (AMO) certification or the Certified Sustainable Property (CSP) program. “Those are all credentials through IREM that are very recognizable within the commercial real estate industry,” said Hancock. “They give you an overall advantage.” And they connect you with the heart of IREM: the people. “Initially, you just sign up for classes and network with your peers. But you start to cultivate these relationships. Then next thing you know, someone in one of your classes who’s on a committee wants you to join or get involved,” Hancock said. “You come for the education, but you thrive off of the relationships and camaraderie.” The group that belongs to IREM is as diverse as they come with members in all different sectors of different ages with different experience levels. “It’s a welcoming place for anyone of any background and at any level of their career,” said Konlande. Echoed Hancock, “It really is like no other organization because of its welcoming environment and the connections that will last you a lifetime. It pays off professionally and personally.” For more information about IREM, visit IREMHouston.org.
Stonelake Capital Partners has closed on 6161 Bingle, a 127,513-square-foot industrial property situated on 17 acres, in the heart of northwest Houston. This acquisition marks Stonelake’s sixth Houston industrial transaction in 2020, and their 18th Houston industrial transaction since 2015. The seller, Graybar Electric Company, had previously vacated the building and desired to sell the building quickly. Graybar was represented by Andy Sowell, SIOR with Boyd Commercial, LLC. With Sowell’s assistance, Stonelake began working to acquire this functional, infill distribution building near the intersection of Highway 290 and Bingle Road. Stonelake and Graybar agreed to terms only days after the property hit the market. With the help of David Munson, SIOR and Wes Williams, both also with Boyd Commercial, Stonelake was able to successfully negotiate a lease with Hannibal Industries. Hannibal Industries is one of the largest steel pallet rack manufacturers in the United States and is recognized as a leader in the material handling industry. The full-building, long-term lease was fully negotiated and executed in conjunction with Stonelake’s acquisition of the property. Since entering the Houston market in 2015, Stonelake has owned or developed nearly 3.5 million square feet of industrial warehouses.
NAI Partners recently arranged a 38,765-square-foot office lease for First Investors Financial Services, Inc. at 5757 Woodway in Houston. The building is occupied by a variety of tenants including medical, traditional office, service and co-working tenants. NAI Partners’ Dan Boyles, partner and member of the company’s office tenant rep group, represented First Investors Financial Services in the transaction. The landlord, 5757 Woodway Realty, LTD, was represented by Braun Enterprises. 5757 Woodway Realty, Ltd. (a Braun Enterprises-related partnership) purchased the building in 2018 and immediately rebranded the building, transforming the project inside and out. Braun initially built out their office suite concept—Urban Office by Braun Enterprises—which consists of modernized small office suites with shared work space, conference rooms, kitchen, lounge area and other amenities and later leased it to Local Office a local co-working concept. Additionally, Braun developed space beneath the parking garage which is now occupied by Sola Salon Suites. First Investors Financial Services is an automobile finance company founded in 1988 to serve the special finance needs of automobile dealers and consumers.
Houston, TX (January 4, 2021) George W Evans Properties, Ltd. has sold 5902 and 5904 Dolores Street containing 23,177 SF of land and 2,844 sf of improvements. The buyer was represented by Kal Drooby Realtors. The seller was represented by Mark Kidd, Sr. and Mark Kidd, Jr. of M Kidd Properties, Inc.
For information contact: Mark Kidd, Sr. M Kidd Properties, Inc. Email: mark@mkiddproperties.com Office: 713-968-4601