Category: News & Market Reports

Pieces Relocates Expanded Headquarters to Irving’s Williams Square

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CBRE announced that Pieces, Inc., the healthcare artificial intelligence and technology company, has moved and expanded their headquarters to The Offices at Williams Square in the Las Colinas business park of Irving, Texas. The company will occupy a full floor at 5201 N. O’Connor Boulevard. “Our new state-of the-art premises not only provides our employees with an environment suitable for the innovative, industry-leading work they are undertaking but also enables us to balance a flexible work-from-home policy with sufficient social distancing for those who prefer to spend time in the office,” said Fayiaz Chaudhri, president of Pieces. “This space allows us to showcase our cutting-edge technology to our customers and facilitates accelerated growth for the company while keeping our team inspired and motivated to continue delivering results for our clients serving the community at large.” Jeffrey D. Eiting, Ryan Buchanan and John Roper with CBRE in Dallas represented Pieces in the lease negotiations. Bill Brokaw and Karch Schreiner of Hillwood Urban represented the landlord, AGRE Williams Square Holdings, LLC. Corgan Architects was selected as the architect to incorporate Pieces’ company culture and brand into their new office space. Pieces, launched in 2016, spun out of Dallas’ Parkland Health & Hospital System. In just over three years, the Pieces software has enabled up to a half-day reduction in hospital length-of-stay, sustained reduction in readmissions and has been deployed at several notable health systems and communities across North America. Local clients include the North Texas Food Bank, Parkland, Children’s Health and hundreds of community-based social service organizations. The company made the decision to move its headquarters to Williams Square based on several different factors. The space provides a larger and newly designed office that is walkable to the area’s top amenities. The location is convenient for current employees, provides more opportunities for future talent recruitment and it offers prominent signage. “Pieces was able to negotiate favorable terms for its new headquarters, which coincided with a series B raise, that allowed them a platform for their office space to be a catalyst for innovation, recruiting and retention,” said Eiting, technology and media practice at CBRE in Dallas. “The design process was intentional and Corgan did a stellar job of translating Pieces’ brand and business into the space. The office space incorporates elements ranging from always-on technology throughout the space, to quality materials and attention to detail, to high impact and functional furniture.” The iconic Towers at Williams Square is a four-building, professional office campus in the heart of Las Colinas which has long stood for quality and service. Tenants have access to amenities including a newly renovated lounge and conference center that includes a Starbucks, fitness center and locker rooms and the La Cima Club atop the Central Tower. The outdoor plaza is slated for updates including an in-demand outdoor tenant space. Williams Square is immediately accessible to the new Waters Street development as well as Toyota Music Factory.

RESOLUT RE Closes Eight Deals Around Texas

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RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Austin, Dallas, Houston and San Antonio markets. Clinica Hispana Nazaret has leased 1,201 square feet at The Shops on Howard (1200 W. Howard Lane, Austin). Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. Gabriela Saravia of Sperry Commercial represented the tenant. Hay Elotes has renewed at The Shops on Howard. Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. An undisclosed buyer has purchased 1.04 acres at 211 Hasler Boulevard in Bastrop, Texas. Jerel Choate of RESOLUT RE represented the seller. Feng “Leo” Lin of Austin 101 Real Estate represented the buyer. DS Pharmacy has leased 1,000 square feet at Westwood Village Center (215 Sunset Boulevard, Sherman, Texas). Mai Nguyen and Colin Cannon of RESOLUT RE represented the landlord. Patrick Jones Gallery has leased 2,228 square feet at AMLI Design District (1400 Hi Line Drive, Dallas). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Disciples Christian Fellowship has renewed at Plaza at Highway 6 (15040 Hwy 6, Rosharon, Texas). Benny Nguyen and Eric Broussard of RESOLUT RE represented the landlord. Mangum Insurance has leased 1,500 square feet at Plaza at Highway 6 (15040 Hwy 6, Rosharon). Benny Nguyen and Eric Broussard of RESOLUT RE represented the landlord. All Appliance Parts has leased 600 square feet at Pecan Valley Center (6214 Pecan Valley Drive, San Antonio). Aisha Chapa of RESOLUT RE represented the landlord.

Colliers Mortgage Closes $14.6 Million HUD Loan for Beckley Townhomes in Dallas

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The Minneapolis office of Colliers Mortgage, part of Colliers International, recently closed a $14.6 million loan for the refinancing of Beckley Townhomes, a 100-unit affordable multifamily housing property located in Dallas. The 35-year term and amortization HUD 223(f) loan was arranged for borrower TX Timbercreek Housing, L.P. Amenities at the pet-friendly property include on-site laundry facilities, fitness center, outdoor playground, swimming pool and picnic/grilling areas. 

CCIM March Luncheon – Cost Segregation Strategies-Understanding the Details of Increase Cash Flow

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• Companies specializing in cost segregation studies can help developers show potential equity investors how their returns can be maximized before they invest
• Cost segregation front-ends tax losses by classifying everything in the building: chattels, carpet, light fixtures, etc., and assigning an economic life to them, and then amortizing each of them over that life
• Land is excluded and is not depreciable
• Different categories of assets may be depreciated over 5, 7, 15, 25, or 39 years
• Savings can be reinvested in other real estate ventures, by rolling them forward into new deals
• This cost segregation strategy can be employed by individuals, estates, corporations, partnerships, and LLCs
• There was a special limited-term act passed in 2017 called “Bonus Depreciation” that increased benefits to property owners even more than the basic Act allowing cost segregation which was passed in 1987
• The age of the building does not matter-what does is the year in which it is acquired-cost segregation can begin then on it and on capital improvements
installed by the new owner-so the formula becomes: Buy, Renovate, Hold for appreciation, and Sell
• Cost segregation can even be applied retroactively on a building some years following its acquisition
Click to read more at www.rednews.com.

CCIM Commercial Real Estate Forecast Competition – February 2020

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Keynote Speaker: Mark Dotzour, PhD We should have a solid economy ongoing in Houston and Texas, with a few ‘clouds’, such as election year uncertainty, China trade issues, and the Covid19 virus scare. Energy exploration and production will be curtailed due to lack of capital from investor/lenders, which should eventually lead to an upward trend in oil prices. Our current economic expansion is into its 129th month, and going strong. 2020 will be a little slower but consumer confidence and most other economic indicators remain strongly positive. Commerce is so interconnected on the planet that trade disputes will inevitably need to be worked out. Even if 2020 is a little slower, it should create pent-up demand for 2021. Wages are up about 3.5% a year, and lots of job openings remain, despite steady increase of hiring, which has been in the range of 200-300,000 new jobs per year in recent years. Housing starts are up and household debt is down; corporate profits are leveling off-companies did not reinvest savings from last tax cut but instead bought own stock. Unemployment claims are way down, and interest rates are low and going lower. It is a ‘given’ that we will have a recession in next five years but it is not on the immediate horizon. Click to read more at www.rednews.com.

Texas is Open for Business. Now What?

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Over the final two weeks in May, Texas Governor Greg Abbott instituted a graduated opening of the state’s economy. But what does this look like on the ground? What are the prospects moving forward for the larger economic engine in the face of the COVID-19 pandemic? “Mixed in with the controversy that surrounds the reopening plans and whether it’s the right thing to do or not is that nobody really knows what’s next,” said Ryan Walsh, executive director, NRG Park. “All we can do is plan against the worst-case scenario.” Walsh was part of a panel discussion that REDnews recently hosted to explore what the next steps are for Texas businesses and properties now that stay-at-home orders are lifting. NRG Park—the four-stadium, 350-acre property that hosts Texans games, the Houston Livestock Show and Rodeo and other live events—has joined a task force with other
Houston arenas regarding the best practices for opening up their venues.
Following guidelines from the CDC and the White House about strict social distancing requirements would mean that NRG Stadium, for example, would only be able to fill 17 to 18 percent of the 72,000 seats for a Texans home game. NRG Park has been in constant contact with their vendors and the NFL as to how they can safely reopen the stadium, but at the moment there are no set-in-stone plans. Walsh said that one frustration is the mercurial communication coming from various government agencies as to how to proceed. Click to read more at www.rednews.com.