Category: News & Market Reports

Laura Hines-Pierce to Carry on Grandfather’s Legacy as Co-CEO of Hines Real Estate Firm

Posted on by Sarah

HOUSTON – Hines, the global real estate firm, announced Thursday that Laura Hines-Pierce has been promoted to co-CEO.

Hines-Pierce has served as the firm’s senior managing director in the office of the CEO since 2020, and previously served as Hines’ transformation officer.

“Laura has brought tremendous innovation to the firm and has been instrumental in driving efficiency and creating value for our investors and clients. It’s an honor to have her join me as co-CEO,” said Jeff Hines, chairman and co-CEO of Hines. “Leading Hines during the real estate industry’s massive transformation takes strategic thinking, vision and empathetic leadership, which are qualities that Laura exemplifies. I’m looking forward to us continuing my father’s legacy of prioritizing quality, service and integrity together.”

“I’m proud to become co-CEO and continue the momentum we’re experiencing across the board at Hines,” said Hines-Pierce. “My father has been the catalyst for our global expansion and growth over the past three decades and I’m excited to partner with him at this pivotal moment for the firm. The pace of innovation in real estate is finally catching up with other industries; my primary focus has always been – and continues to be – positioning Hines at the forefront of those changes.” Click to read more at www.click2houston.com.

Force Majeure: COVID-19 Pandemic Prompts Evolution of Longstanding Lease Clause

Posted on by Sarah

What had long been an afterthought in most lease agreements has been spotlighted the past two years as tenants, property managers and landlords wrestled with ‘force majeure.’

In its most basic interpretation, ‘Force Majeure’ translates to a superior force.’ Its use can be traced back to Roman law, which incorporated the term ‘vis major’ and determined “possibility” was the limit of obligations. Today, the clause included in many contracts “is meant to protect the parties in the event that a contract cannot be performed due to causes which are outside the control of the parties and could not be avoided by the exercise of due care,” according to Black’s Law Dictionary.

“The benefit of a force majeure clause is that it allows the parties to fashion a rational allocation of the risk imposed by unknown and uncontrollable events,” says Paula M. Bagger, Principal at Bagger Law. “In an ideal world, in which the parties have equal bargaining power and (importantly) are paying equally close attention to the entire contract, including the “boilerplate” during negotiations, a force majeure clause allows the parties to select a resolution that works best for their situation.” Click to read more at www.rednews.com.

San Antonio Makes Debut on List of Best Markets for Commercial Real Estate Investment

Posted on by Sarah

If a new ranking is accurate, San Antonio’s hot market for commercial real estate will continue to sizzle in 2022.

The ranking, from Austin-based CrowdStreet, positions the Alamo City as the country’s No. 14 market for commercial real estate investment this year, marking the city’s debut on the top 20 list. CrowdStreet’s online platform enables private investment in commercial real estate.

San Antonio’s military presence, population growth, and retail growth led to “outsized growth” here last year, CrowdStreet points out. 

“A military presence and above-average population and retail sales growth have helped to spur outsized growth for the local economy in 2021,” CrowdStreet says, also noting a LaborIQ report that its proximity to Austin could eventually lead to a combined market that could have a significant impact on labor, the economy, and real estate. “San Antonio and Austin may be moving closer to merging into a single labor market, similar to Dallas-Fort Worth.”

CrowdStreet ranked the top 20 commercial real estate markets based on nearly 30 factors, including population growth, job growth, unemployment rate, economic diversification, education levels, climate, property prices, and quality of life. Click to read more at www.sanantonio.culturemap.com.

Inspire Development Embarks on Massive Pearson Ranch Mixed-Use Project in Northwest Austin

Posted on by Sarah

Inspire Development broke ground Jan. 27 on Pearson Ranch, a 156-acre mixed-use project that aims to bring office space, retail, hotels, housing and parks to an area developers called Williamson County’s “burgeoning technology corridor.”

Located at the northeast corner of SH 45 N and West Parmer Lane, the development is 2 miles from Apple’s $1 billion new campus. Pearson Ranch will feature 2.6 million square feet of Class A office space; 200,000 square feet of retail, restaurant and community spaces; two hotels, thousands of multifamily housing units; and 30 acres of parkland, according to a Jan. 31 release from Inspire Development.

In the release, Pearson Ranch developers said the community is designed to attract local restaurants and retailers and provide access to parks, public spaces and hike-and-bike trails. The site is also located east of Capital Metro’s Lakeline Station, which provides access to the MetroRail Red Line as well as bus service. Click to read more at www.communityimpact.com.

Wood Partners Starts Construction on Luxury Multifamily Community in Dallas Market

Posted on by Sarah

National multifamily real estate developer Wood Partners has started construction of its newest luxury residential community—Alta at The Farm—in the Dallas area. With construction on the new apartment community currently underway, Alta at The Farm is scheduled to open in early 2023.

Alta at The Farm will be situated within The Farm, a newly constructed 135-acre mixed-use development in the Dallas suburb of Allen, Texas. At full build-out, The Farm will host a mix of office, retail, entertainment and residential facilities.

Highlights of The Farm will include a 16-acre greenbelt and open space spanning the entire length of the development, a 2.5-acre lake and boardwalk with numerous dining options, multiple pocket parks and multi-use trails that connect to the broader Allen trail system. Furthermore, Alta at The Farm will be next door to the first Texas location of The Hub, a multifaceted outdoor entertainment and retail venue that originated in Watersound Beach along 30A in the Florida Panhandle.

Alta at The Farm’s midrise design will feature 325 apartment homes, offering residents a mix of studio, one- and two-bedroom floor plans. Each unit will provide best-in-class finishes including high-end kitchens featuring granite countertops, stainless steel appliances, upgraded fixtures, and tile backsplash, as well as in-unit technology, keyless entry, wood plank flooring and in-unit washer and dryer sets.

The development will also offer residents access to a top-tier amenities package, headlined by a resort-style pool with tanning ledges, a second courtyard with grilling areas and fire pits, a community clubhouse featuring a state-of-the-art fitness facility, private fitness micro-studios, and a Sky Room and roof deck overlooking West Lake Park. There will also be remote working areas, social gathering spaces, and enhanced Wi-Fi throughout the common areas.

Pre-leasing for Alta at The Farm will begin in Winter 2022.

Real Estate Transactions: Town & Country Village Office Building Fills with Tenants

Posted on by Sarah

Houston-based commercial real estate firm Moody Rambin announced leases that bring its 253,714-square-foot Town Centre One office building at 750 Town & Country Blvd. to full occupancy. JFE Shoji America, represented by Robert Ritschel of The Saywitz Group Co., leased 1,566 square feet. USP Houston, represented by Nelson Udstuen of CBRE, leased 4,049. Axis Communications, represented by Michael Massaro of Mohr Partners, leased 5,863 square feet. Constellation Real Estate Partners, represented by Russell Hodges of CBRE, leased 3,722 square feet. Completed in 2015, the building is part of Town and Country Village, a 41-acre mixed-use development owned and managed by Moody Rambin. The company is seeking tenants for Town Centre Two, an eight-story, 167,141-square-foot office building planned next door.

Los Angeles-based BH Properties acquired Mason Creek II, a vacant three-story office building at 21700 Merchants Way in Katy. Originally designed for a single occupant, the 127,955-square-foot building will be repositioned as a multi-tenant building with amenities such as a tenant lounge and conference center, according to Scott Henry, BH Properties managing director of acquisitions. Jeff Hollinden of JLL Capital Markets represented the seller. Bob Cromwell and Kevin Nolan of Moody Rambin will handle leasing. Click to read more at www.houstonchronicle.com.