Stream Realty Partners announced that over 80,000 square feet of leases have been executed over the past 12 months at Memorial Tower One and Two, and Woodway Tower on behalf of CapRidge Partners. Of these leases, 32,000 square feet were executed during the pandemic, reflecting the tenant trend to transition from density to proximity. “CapRidge remains committed to delivering a revitalized, first-class office product with a boutique feel and a people-first environment to the office users in the Memorial neighborhoods,” said Dan Terpening, director at CapRidge. “The response has been overwhelmingly positive amongst existing and prospective tenants and in the market. We are excited to unveil the finished product once complete.” This leasing activity comes just before the delivery of multi-million-dollar renovations to all three properties that will be delivered in phases. The initial phase, which includes reconfigured and upgraded lobbies, new tenant lounge, training facility and upgraded common areas, restrooms and elevator cabs, will be completed by the end of the month. Exterior upgrades include a new park-like green space with a programmable activity lawn, shaded seating area and outdoor meeting space, which is expected to deliver by fourth quarter 2020. “We are closely monitoring an emerging trend in Houston whereby more and more tenants make the decision to move from high-rise office buildings in Houston’s major business centers to high-quality, right-sized office space closer to home,” said Craig McKenna, vice president at Stream in Houston. “CapRidge is poised to capitalize on this demand by delivering on their promise to create the premier office opportunity for those who call the Memorial area and Village cities home.” McKenna, Matthew Asvestas and Elliot Collie oversee leasing at the three properties. Current availabilities at the three properties range from 1,000 square feet spec suites up to a full floor. The three-building office portfolio is nestled between the Memorial Villages and Tanglewood, minutes from a diverse range of restaurants and hotels. In addition to the prime location, the buildings offer 24-hour security, key card access, rotating food services, conferencing facilities, and on-site banking and property management. These buildings also offer exceptional and convenient access to the 610 Loop, Katy Freeway, Memorial Drive, Woodway Drive, Westheimer Road and Beltway 8.
Amazon.com Inc. plans to open 1,000 small delivery hubs in cities and suburbs all over the U.S., according to people familiar with the plans. The facilities, which will eventually number about 1,500, will bring products closer to customers, making shopping online about as fast as a quick run to the store. It will also help the world’s largest e-commerce company take on a resurgent Walmart Inc. Amazon couldn’t fulfill its two-day delivery pledge earlier this year when shoppers in Covid-19 lockdown flooded the company with more orders than it could handle. While delivery times have improved thanks to the hiring of 175,000 new workers, Amazon is now consumed with honoring a pre-pandemic pledge to get many products to Prime subscribers on the same day. So with the holidays approaching, Chief Executive Officer Jeff Bezos is doubling down by investing billions in proximity, putting warehouses and swarms of blue vans in neighborhoods long populated with car dealerships, fast-food joints, shopping malls and big-box stores. Click to read more at www.bloomberg.com.
TEXARKANA — TexAmericas Center has upgraded its website on Thursday to provide a depth of information that could be valuable to business owners, site selectors and commercial listing agents evaluating locations. The website, in addition to a more user-friendly and intuitive interface, integrates with RealMassive, a real estate database provider, and ZoomProspector, a leading commercial real eastate data portal, according to a TexAmericas Center press release. Site selectors are used to culling multiple sources to identify, vet, and eventually select the ideal location for business establishment or expansion. Businesses have different goals for projects which can require weighing variables like cost per square foot, utilities, labor markets, tax rates, incentives, transportation, and cost of living. The press release states that the new TexAmericas Center website is designed to offer a single resource for more of these critical data points. The new website provides visitors with an overview of Texarkana a 75-mile, four-state (Texas, Arkansas, Louisiana and Oklahoma) region — as well as a robust database of TAC’s commercial property listings. The Property Search Database integrates listing information with economic and community data via RealMassive and ZoomProspector including regional demographics, laborshed, and industry concentrations. The aggregation of this information allows site selectors to view a variety of data points in one resource. This streamlines the initial process, after which the TAC real estate development professionals can offer more customized information, reports, and solutions for businesses. Click to read more at www.texarcanagazette.com.
Sunbelt expanded into 16,861SF at 2300 Quitman Road in Houston, TX for two years. Justin Harrity represented the landlord, Hartman Income REIT.
Being in the business of distressed debt for the past 12 years has taught me a lot about investor appetite in this space, but most importantly, and as with most things, timing is everything. Traditionally, real estate investors and developers never want to have the music stop in the middle of development, days after a recent purchase, or at a time when they are struggling with an investment. However, recessions usually don’t come with warnings for the average owner. This cycle is very different than what we have experienced in the past, and in my opinion, is worse. If you think about it, when the Great Recession hit, as soon as the dust settled over Wall Street, there was nowhere to go but up. With the pandemic, the recovery doesn’t begin until the pandemic ends. So what does that mean for those who have funds waiting on the sidelines and want to be the first in line for distressed debt?
It’s not here yet. Yes, assets are hurting, but if the true recovery hasn’t begun, the impact to value is still unknown. This is one of the most important considerations to those making decisions on buying and selling distressed debt/properties. In my opinion, until the end is in sight for the pandemic, it will be difficult for any investor to underwrite effectively. Next year will provide the best opportunity for purchases of distressed assets. Click to read more at www.dmagazine.com.
Correro & Rhodes leased 2,031SF at 2909 Hillcroft in Houston, TX for 5 years. Richard Maloof represented the landlord, Hartman Income REIT.