CBRE Promotes Tony Lenamon to Lead Multifamily Practice For Valuation & Advisory Services

CBRE announced today that Tony Lenamon has been promoted to Executive Vice President and leader of CBRE’s National Apartment Practice for Valuation & Advisory Services (VAS), based in Dallas. 

A seasoned industry veteran with more than 30 years of commercial real estate experience, Mr. Lenamon will coordinate more than 100 apartment specialists located in every major U.S. market.  In this newly created role, Mr. Lenamon will report to Richard West, executive managing director, VAS, CBRE.

As part of the transition, Aimee Morgan will assume leadership of CBRE’s Dallas VAS Multifamily Practice. Previously led by Mr. Lenamon, this team completes more than 500 separate north Texas multifamily assignments each year. 

As National Apartment Practice Leader, Mr. Lenamon’s responsibilities include the cultivation of new clients and client care of existing major accounts; thought and culture leadership; national relationships; appraisal methodology/formats; portfolio management; and quality/risk management. He will continue to provide expert witness testimony on complex realty litigation in State and Federal Court.

“I’m excited to begin this new partnership with the leadership and professionals across the CBRE national multifamily platform. Our goal is to provide consistently outstanding outcomes that cannot be achieved elsewhere in the marketplace. We’ll also add and expand new service lines, such as affordable and HUD housing, and exploit the unrivaled power of the national CBRE apartment team to widen the gap with our competition,” said Mr. Lenamon.

“This appointment is a substantial investment in this major practice as part of our growth strategy for VAS. Tony is a nationally recognized multifamily expert with deep client relationships and is uniquely qualified to help drive the national team to the next level,” said Mr. West.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

Stream Realty Sells 109,165 SF Warehouse / Distribution Facility in University Park

SAN ANTONIO- Stream Realty Partners, a national real estate services, development and investment firm, recently is pleased to announce the sale of 12626 Silicon, a 109,165 square foot warehouse/distribution facility located in University Park in Northwest San Antonio. 

Jason Schnittger, Managing Director, Michael T. Kent, Vice President and Kevin Cosgrove, Senior Associate of Stream Realty Partners – Central Texas, L.P. represented the Seller, First Industrial Realty Trust, Inc., while Dan Gostylo and Seth Prescott of Providence Commercial Real Estate Services represented the Buyer.

“This is an excellent distribution facility located in a non-traditional warehouse market. Our pool of tenants and users was limited due to the property’s distance from I-35, but the building was maintained extremely well by First Industrial and it was only a matter of time before we found a user that would jump on the opportunity to own a facility in University Park,” said Jason Schnittger of Stream Realty Partners.

About Stream Realty Partners

Stream Realty Partners is a national real estate services, development and investment firm. The firm represents a diverse mix of local, national and international clients and leases and/or manages a portfolio of more than 130 million square-feet of office, industrial and retail properties. Founded in 1996, Stream Realty has grown from two partners to more than 750 real estate professionals operating throughout the U.S. For more information, visit www.streamrealty.com.

Exclusive: Houston Center to trade hands for $875 million

Houston Center officially has a buyer.

Toronto, Canada-based Brookfield Asset Management agreed to buy Houston Center, sources familiar with the deal told the Houston Business Journal. Brookfield will pay $875 million for the property, per sources. The deal should close in around 60 days.

Houston Center went on the market in late June. The 4.2 million-square-foot office complex includes LyondellBassell Tower, 2 Houston Center, Fulbright Tower and 4 Houston Center, which also includes 200,000 square feet of retail space.

Click to read more at Houston Business Journal.

 

JLL’s new Texas office sales leader: ‘This is the right time to invest in Houston’

So far, this year’s office investment sales volume is four times as large as 2016’s office investment sales volume, per JLL research.

That’s good news for Michael Zeitsman, an international director with JLL’scapital markets group, who’s been tasked with leading the firm’s office investment sales efforts in Texas and Denver.

In 2016, approximately $330 million in office investment sales transactions were executed. To-date in 2017, though, more than $1.4 billion in office transactions have been closed.

“A lot of our clients are telling us that this is the right time to invest in Houston,” Zeitsman said.

Click to read more at Houston Business Journal. 

Houston among top 10 cities for millennials

How does Houston rank when it comes to appealing to millennials?

According to a new survey, there are only eight better cities for millennials than Houston. Click through the slideshow to see the top 10 cities, according to the analysis by Apartment List.

Apartment-finding company Apartment List surveyed 24,000 millennial renters, between ages 18 to 34, and ranked 75 U.S. cities for jobs, affordability and livability.

Houston received an overall “A+” grade, scoring high for its job market — based on median wages, wage growth and millennial unemployment rate. But its affordability score and livability score were about average.

Click to read more at Houston Business Journal. 

Why Houston is on the rise as a major retail distribution hub

Several factors, including Houston’s rapid population growth and its access to Port Houston, are solidifying the Bayou City as a viable retail distribution hub poised to compete with Dallas.

Over the past 12 months, a flurry of consumer goods retailers, including Seattle-based Amazon.com Inc. (Nasdaq: AMZN), The Netherlands-based Ikea and Minnesota-based Best Buy Co. Inc., have either leased or are looking to lease distribution space in Houston.

Click to read more at Houston Business Journal.