Category: News & Market Reports

M2G Ventures, Pennybacker Acquire 1.2 MSF Industrial Portfolio in DFW

Posted on by Sarah

M2G Ventures, a North Texas-based real estate investment and development company, and Pennybacker Capital LLC, a data-driven real estate private equity firm, have purchased the 1.19-million-square-foot industrial distribution facility and corporate store formerly owned by Tuesday Morning, located at 14303, 14621, 14601, 14639 Inwood Road and 4404 S. Beltwood Pkwy in Farmers Branch, Texas. The agreement also includes Tuesday Morning’s 105,000-square-foot headquarters, located at 6250 Lyndon B Johnson Freeway in Dallas. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership on this transaction. “We are pleased to partner with Pennybacker to unlock value for Tuesday Morning, while significantly growing our urban industrial portfolio,” said Jessica Miller Essl, co-founder of M2G Ventures. “This transaction is an important milestone in M2G’s history, for Tuesday Morning, and the industrial market, collectively.” The 46.7-acre assemblage is located along Inwood Road within the 95 percent occupied Metropolitan Addison submarket. The site is located less than 20 minutes from both downtown Dallas and DFW International Airport, providing access to over 3.5 million people within a 30-minute drive-time. The buildings have clear heights in excess of 26 feet across the portfolio and are in immediate proximity to affluent growing areas including Addison, Richardson, Northwood Hills, Farmers Branch and Carrolton along with the Galleria shopping district. The size of this portfolio offers optionality and serves as one of the largest single-market urban industrial plays in recent news. “There is more to come in 2021, but this is certainly a historic moment for all and the market as a whole,” said Miller Essl.

Houston’s Healthcare System Takes a Pause, but for How Long?

Posted on by Sarah

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.

Professional and Personal: IREM Houston Offers Unique Networking and Educational Opportunities

Posted on by Sarah

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.

CREW San Antonio Announces 2021 Board of Directors

Posted on by Sarah

2021 CREW San Antonio Board of Directors, Advisors, and Liaisons Left to Right (sitting): Yesenia Marili, Immediate Past President; Dawn Vernon, President; Laura Gilliland, President-Elect/UCREW Liaison Left to Right (standing): Jennifer Soto, Director of Special Events; Cindy Cohn, Strategic Advisor; Lisa Mochel, Director of Membership; Emily Brown, Director of Communications; Natasha Sattler, Secretary; Erin Salinas, Chapter Champion; Martha Hardy, Legal Liaison; Brianna Covington, Director of Sponsorship; Jennifer Mansour, Director of Programs; and Diane White, Treasurer.

(JANUARY 2021 – SAN ANTONIO) – Commercial Real Estate Women of San Antonio (CREW) today announces 11 women were appointed to the Board of Directors, which will be led by President Dawn Vernon in 2021. Vernon and other members of the 2021 Board officially took office in January of this year. CREW San Antonio’s mission is to pave the way, breaking barriers for women to enter and excel as leaders in the commercial real estate industry. We provide unsurpassed connections, innovative resources and
education to enhance the real estate community,” said Vernon.

2021 Board of Directors and Chapter Leaders:
• President: Dawn M. Vernon, Bain Medina Bain, Inc.
• President-Elect/UCREW Liaison: Laura Gilliland, UTSA School of Business, Embrey Real Estate
Finance & Development Program
• Immediate Past President: Yesenia Marili, Transwestern
• Secretary: Natasha Sattler, HCFD Realty Management Inc.
• Treasurer: Diane White, ATKG, LLP
• Director of Charity & Community Outreach: Kristin Savage, LK Design Group
• Director of Communications: Emily Brown, First National Bank Texas
• Director of Membership: Lisa Mochel, Lone Star Capital Bank
• Director of Programs: Jennifer Mansour, Broadway Bank
• Director of Special Events: Jennifer Soto, Marmon Mok, LLP
• Director of Sponsorship: Brianna Covington, Kimley-Horn
• Legal Liaison: Martha Hardy, Brundage Management Company
• Chapter Champion: Erin Salinas, KFW Engineers & Surveying
• Strategic Advisor: Cindy Cohn, Springboard Consulting

Allen, Texas’ 135-Acre ‘Farm’ Project Attracts Major Entertainment Venue to Join Site Along 121 Corridor

Posted on by Sarah

The Allen Economic Development Corporation announced that JaRyCo’s 135-acre development, The Farm, which is set to break ground in early 2021, will include a 2.6-acre food and beverage-focused entertainment venue, The Hub. This comes as the city’s 121 Corridor, a five-mile stretch along State Highway 121, now includes 900 acres of planned development, with 2.5 million square feet soon underway or recently completed. The Farm site is designed to be a premier place to live, work and play with over 1.6 million square feet of office, 142,000 square feet of retail, a 150-key hotel, 60,000 square feet of restaurants, townhomes and 2,400 urban residential units. The Farm’s entertainment component, The Hub, is set to complete construction in 2022. It will feature 0.75 acres of open space, a 2,000-square-foot stage, a 5,700-square-foot outdoor, covered lawn, nine restaurants, 15,000 square feet of shared dining space and nearly 13,000 square feet of additional outdoor space. “The Farm will be a wonderful addition to the Dallas–Fort Worth metro, with the help of The Hub’s active dining and entertainment space, providing an experience that’s simply unrivaled in North Texas,” said Daniel Bowman, executive director of the Allen Economic Development Corporation. “Its dynamic location also borders other new mixed-use developments. These are projects that will appeal to office workers, residents, students and visitors across the region.” “The Hub, located at the entrance to our Central District and adjacent to West Lake Park, perfectly aligns with our mission to create a master-planned, walkable community oriented around families,” said Bruce Heller, president of JaRyCo. “As developers and operators, The Hub ensures its event spaces are activated daily. Plus, the open-air setup is perfect for today’s circumstances, allowing The Farm in Allen’s tenants and patrons to safely unwind in their own backyard.” The Farm site also embraces the property’s natural beauty with a 2.5-acre lake, boardwalk restaurants, over 2.5 miles of hike and bike trails, a 16-acre greenbelt along Watters Creek and four additional park areas. The development will tie into Allen’s extensive hike and bike trail system and will also include several energy-efficient and sustainable design features. JaRyCo engaged Omniplan Architects, civil engineer Dynamic Engineering, landscape architect TBG and RSM Designs for graphics on The Farm project. Also along the 121 Corridor, Collin College has opened a $177 million, 340,000-square-foot, four-building Technical Campus, serving 7,100 students once fully occupied. It offers courses in advanced manufacturing, health sciences, architecture and construction, science, technology, engineering and math (STEM), as well as logistics and transportation. Other planned developments along 121 include The Avenue, an 80-acre mixed-use development from Thakkar Developers, Allen Gateway, featuring a hotel and office condominiums, and Monarch City, a 238-acre mixed-use development perfect for corporate campuses. “Without question, the 121 Corridor is the future of Allen,” Bowman added. “With its shovel-ready sites along the Tollway and The Farm’s undeniable presence—offering a work-live-play fee—we expect ‘121’ to be a center of culture, innovation and employment, recognized as one of North Texas’ most prominent destinations.” Much of the five-mile corridor where Allen borders McKinney, Texas, is former privately owned farmland that is now being redeveloped to house modern amenities for the city’s growing workforce.

Surprise! This Chart Shows Holiday Shoppers Did Rush to Malls in Final Weeks of 2020

Posted on by Sarah

A data analysis released this week by Placer.ai shows how shopper visits to malls have ebbed and flowed amid the Covid pandemic. The research firm, which uses cellphone data to track consumer behavior, studied foot traffic at more than two dozen “top-tier” malls across the country over the span of the year. Visits to the malls tracked, which Placer.ai declined to name, peaked before the pandemic, in February, climbing 10.7% from 2019 levels. In March — when retail stores and malls began to shut down to try to slow the spread of Covid — visits tumbled 59.5%. That was followed by a 95.9% year-over-year decline, marking a bottom, in April. During the summer months, as Americans felt a bit more comfortable getting out of the house, visits to these malls steadily rebounded, month by month into the fall. But a resurgence in Covid cases hit traffic in November and led some to believe that U.S. malls would be especially bleak in the final weeks of the year. A surprise came in December, however, as visits rebounded again. Some procrastinators had no choice but to head to the mall in the final days leading up to Christmas to snag last-minute gifts. The uptick shows, for some consumers, malls still serve a role as a convenient shopping option. Click to read more at www.cnbc.com.