Fun in Fort Worth 2.0
Overgeneralizing is so much easier on our brains, but it seems that not everyone who developed a building the past few years hasregrets. In fact, some of the panelists at our Fort Worth State of the Market event at the Hilton last week happily fall into that category. Today, a second day of coverage, including delivering properties during the downturn and what's in the pipeline.
|Jackson Walker partner Susan Halsey with panelists Sundance Square prez/CEO Johnny Campbell, Red Oak Realty prez Jim Eagle, Crescent Real Estate Equities managing director John Zogg, and JLL managing director Todd Burnette. Johnny says Sundance Square delivered 300k SF in January 2009, completely out of the cycle that everyone else was experiencing, but it worked out OK. ?We've tried to look at the long-term horizon,? he says, ?and hold tight to our roots.? When the CRE world tumbled, he thought the recession was just going to last about 18 to 24 months. Now, he's hoping some two and a half years later that things are bottoming out.|
Jim (to the right of Johnny) says his firm delivered the 86k SFCantey Hanger Plaza in 2008, also at awkward timing. He credits the current increase in occupancy across the CBD to the migration of oil companies, adding that it's stabilized the Class-B market and is starting to impact the Class-A market, too. He says the life companies and long-term debt folks are just waiting for the prices to drop and then that huge flood we've all been waiting for will finally be triggered. But, when and how that will happen? There's still no clear answer, but he thinks there is a short bell curve for prices going back up.
Here's sponsor Haltom City EDC's Susan White with Woodmont Co's Bryan Dyer. Haltom City has more than 300 acres of vacant land along the IH 820 corridor ready for development. Having highway frontage and close proximity to IH 35 with adjacent residential growth, the property is ideal for commercial and multi-use development, Susan tells us. City officials have created theEnvision Belknap Project, to make the corridor a high-density, mixed-use environment. Incentives include: a $10k faade improvement grant for existing businesses and a $50k infrastructure grant for new developments. A TIF is being planned for the corridor, and tax rebates will also be considered.
Holt Lunsford Commercial's Fort Worth office (also a sponsor): Dusty Craven, Geoff Shelton, Matt Carthey and Rachel Scarbrough. (HLC?s Phil Sandlin missed the photo because he was networking.) Matt tells us the Fort Worth team has grown its leasing and management portfolio to almost 4.3M SF of office and industrial properties and agrees with the panelists that the market's turning. Some of the firm's featured assignments include One Ridgmar Centre, Western Place, Overton Centre, Tindall Square, Mallick Tower, Northpoint Trade Center, Carter Distribution Center, andCopeland Tower/Stadium Place in Arlington.
Taking advantage of the promotional freebies, Buehler Mayflower'sChristopher Paonessa was visiting with another of our sponsors, Atrium Executive Business Centers, repped by Lauren Reeves,Brenda Hesse, and Dawn Curtis. Brenda tells us that Atrium provides full-service office business centers, formally known asexecutive suites. The woman-owned business has been around for more than two decades and has seven locations for office space in DFW, including space in Carter Burgess Plaza in Fort Worth. The firm can provide satellite offices, meeting spaces and virtual services among all it offers. Bonus: Brenda says they have great coffee, too, so you don't have to run to Starbucks!
Here's event sponsor Bradford Cos CEO Kevin Santaularia with his eldest son (and Bradford broker associate) Joe. Kevin tells us that firm reps sold 40 buildings (for users and distressed lender sales) in the second half of last year. The firm also transitioned 2.5M SFfor its clients. Kevin says there's a flight to quality and a need for multi-market service providers. Bradford?s decentralized platform—having four field offices with project manager capacity and dealmakers—has created a venue for a single source service company with expertise in all facets of each market.
Texas Exchange Bank?s Rick Jenkins, LegacyTexas Bank?s Ginger Johnson, Hexter-Fair Title Co's Norma Crow, and Kim Martin Co'sTom Law Jr. (who won an iPad from one of our sponsors, lucky guy) Norma tells us that her CRE team has closed a number of deals in the past month including multifamily projects, mid-size office buildings, medical and dental new construction loans, a largemixed-use development in Tarrant County, and construction loans for churches. She hasn?t worked much retail or land deals in recent months but is seeing more activity in land transactions coming into the pipeline.
|Sponsor CyrusOne?s Ximena Cole (here with Bisnow founder Mark Bisnow) tells the crowd that CyrusOne is an enterprise data center co-location provider, focused on delivering fully redundant power, cooling, and raised white floor space to Fortune 1000 companies. Through its acquisition of Cincinnati Bell, the firm's adding multiple data centers nationally and internationally this year. It's designed to provide fully redundant power and accommodate high-density environments to allow customers to install up to 1000 watts PSFbacked up by two separate power feeds. CyrusOne locations include mega-centers in Houston, Dallas, and Austin repping more than480k SF. With the Cincinnati Bell addition (in Chicago), there's now more than 600k SF of raised white floor space all together.|
|Mays Realty's Debby Stein couldn't resist the ?we've got your back? back-scratchers from sponsor Ameritex Guard Services? Eve Travelstead. Eve tells us that the woman-owned and managed firm provides security services to a variety of clients including office buildings, commercial properties, residential communities, manufacturing facilities, industrial areas, construction sites, healthcare, and federal, state and local government facilities. The company has more than 450 employees in the North Texas market.|
|We found one of our panelists, Johnny (second from right) with event sponsor, Blackmon Mooring?s Cameron Blackmon, Christy Earley, and Cole Coulson. Cameron is the third generation of the family owned business, which opened in 1948. It started out doing carpet and air duct cleaning, but now when disasters strike, the firm has a range of disaster recovery services including fire/water damage restoration and mold remediation. Blackmon Mooring's global division was part of the 9/11 cleanup in NYC and the Pentagon, the Oklahoma City bombing, the Hudson Bay plane crash, and the post-hurricane flooding of the University of Texas Medical Branch?s 92 buildings in Galveston.|