WestMark Commercial - WestMark, Realtors

WestMark Commercial
Spring 2013
CONNECTION
westmarkrealtors.com
Our cover picture is River Crossing
and includes the new location for
WestMark Residential Property
Management and Leasing office
located at 6023 82nd Street
Commercial PROPERTY for sale
Commercial Agents
Kirk Schneider, CCIM
Well rounded, knowledgeable and experienced, with
strong negotiation skills
& work ethic, proud to be
making a difference in the
industry. kschneider@ccim.net
806.776.2815
Karen Higgins
CCIM
Representing clients with
integrity while achieving
their investment goals.
khiggins@ccim.net
Great Industrial Investment - 2024 Avenue C
Kay Ward
CCIM
20 years in commercial real
estate, expertise in office,
retail, industrial leasing,
and brokerage services.
kward@westmarkcommercial.com
806.776.2817
Alison Blalock
CCIM
Has a proven track record
with NNN investments and
office/retail/industrial
leasing.
Building has been completely remodeled with new roof, new HVAC
and new restrooms. 20’ ceiling height & fenced stack yard.
$1,200,000
31,500 sf
2 – 14’x25’ overhead doors, dock high
Office area is open concept with 2 executive offices, conference
room, supply and server room; with contemporary colors & finishes.
ablalock@ccim.net
806.776.2833
Nita Kiesling
CCIM, CBI, CRB
Specializing in the sale of
businesses across the West
Texas area.
jkiesling@ccim.net
3
806.776.2821
Jay Dycus
Commercial
Bringing commercial banking experience to better
serve clients in purchasing
land and warehouses.
915 Buddy Holly Avenue
906 FM 1585
4202-4209 19th Street
Great downtown building with parking
$375,000
Main bldg. – 11,500 sf
Inc. 2,000+ sf warehouse w/4 overhead doors
Previous gas station/ C-Store
$449,000
Lot size – 70,188 sf
Located at the intersection of I-27/FM 1585
Great redevelopment opportunity
$839,000
Lot size – 62,405 sf
Zoned IHC, nice location for hotel or restaurant
2435 S Loop 289
1001 Texas
jdycus@westmarkcommercial.com
806.776.2819
Tom McDonald
Commercial
Experienced agent for all
property types, specializing in multi-tenant income
packages and apartments.
tmcdonald@westmarkcommercial.com
806.776.2825
806.776.2811
Sue Stephens
Farm & Ranch
Member Accredited Land
Consultant, specializing
in farm, ranch, and other
commercial transactions.
sstephens@westmarkcommercial.com
806.776.2829
Crystal Edwards
Property Manager
David Haymes
Commercial
cedwards@westmarkcommercial.com
dhaymes@westmarkcommercial.com
806.776.2837
806.776.2831
15 years in commercial
real estate, including 12 in
corporate leasing, detail
oriented.
Utilizing banking experience to better assist clients
in making informed sales
and leasing decisions.
Industrial warehouse w/4,374 sf office space
$1,700,000
34,774 sf
Income producing billboard included
Updated downtown office building
$1,150,000
27,147 sf
Private parking lot included
“I am very
optimistic
about 2013.
Investors are
very active
and interest in
buildings has returned. I have
lots of interesting prospects
working for 2013.”
– Karen Higgins, CCIM
Commercial PROPERTY for sale
Lubbock commercial real estate is active
Texas, as well as Lubbock, is one of the nation’s economic hot spots. There are several important factors contributing to
the rapidly increasing interest in both investor and user specific real estate activity in the Lone Star State and our local
community. In an article by RCLCO’s Managing Director Paige Mueller, she cites the following:
5
westmarkcommercial.com 3
Fabulous Office/Warehouse – 2011 Avenue C
• diversified employment base
• growing energy and technology sectors
• low cost of doing business
• warm climate
• proximity to trade routes
Research and on-going monitoring of the State’s real estate industry by the Real Estate Center at Texas A&M provides
hard data to validate the activity and importance of real estate activity in Texas. In the Center’s Tierra Grande
publication, businesses and investors who purchase or lease space are attracted to Texas because there is more
opportunity for profitability, the taxes are lower and the cost of labor is less expensive. Factor in the low interest rates
and stable prices, and it all adds up to opportunity for your real estate investment.
The same positive trends and data reflected across the State are mirrored in the Lubbock market. Our broad based
economy and the renewed activity in the oil and gas sector are contributing to a great deal of enthusiasm and activity in
Lubbock and the surrounding region. We welcome you call to any of the professional associates in our Commercial
Division to answer your specific questions on properties.
4,848 sf of updated, modern office space w/ 9 offices, reception & conference room.
$1,350,000
Lot size – 74,760 sf 5 overhead doors
30,000+ sf of warehouse between two buildings w/stack yard and onsite apartment.
4020-4024 Avenue A
Can we help you with your commercial brokerage, investment, leasing or property management needs? Visit www.
westmarkcommercial.com for the latest on available properties for sale or lease. WestMark Commercial is ready to go
to work for you.
Linda Ferguson, President
Principle Broker,
WestMark, Realtors
Sales Volume For Texas Properties
Sales Volume
($ billions)
7
2011 (Q1-Q3)
2012 (Q1-Q3)
6
5
Income Producing Property w/tenants in place
$623,900
18,260 sf + 1,820 sf storage building
Industrial office warehouse; 38,510 sf lot to the West included in purchase
4
3
2
1
0
Recently Sold
3602 Slide Road
Represented seller in listing and sale of
60,482 sf retail/office shopping center.
Kay Ward, CCIM
Hotel
Industrial
Retail
Multifamily
Unbelievable Frontage - 4902 W Loop 289
Office
2811 S Loop 289
Represent seller in listing and sale of 19,530
sf retail shopping center.
Karen Higgins, CCIM
westmarkcommercial.com
The best
website
in Lubbock
for searching
Commercial
properties
5806-5812 34th Street
Represented seller in listing and sale of
17,283 sf retail/office shopping center.
Sue Stephens
Great retail location with frontage on Loop 289, 50th Street and Frankford Ave.
$1,200,000
10,791 sf 2 overhead doors
Multiple offices, conference room, drive-up ramp into building, make ready
warehouse and showroom, 75 parking spaces
“Investors
should
purchase
now while
properties
are valued below cost.”
– Kay Ward, CCIM
Commercial PROPERTY for sale
Business for Sale-Curbscape Designs
7615 University
Investment Package
Commercial PROPERTY for LEASE
7
Open-Space Office Building - 5812 64th Street
Design/install decorative curbing
$29,900
Equipment and inventory included
Freestanding restaurant building
$960,000
6,656 sf
Great business location - endless possibilities
All Located near Texas Tech University
$786,000
9 properties included
13 rental units can be sold individually
Abernathy Apartment Building
7606 University
3802 MLK Blvd
24 one bedroom & 6 two bedroom units
$850,000
25,000 sf
Units equipped w/microwave, fridge & stove
A+ Office Building
$950,000
10,233 sf
Well maintained, w/great long term tenants
Beautiful brick office building
$295,000
2,823 sf
3 offices, conference room + executive office
Great location in a friendly Southwest Lubbock neighborhood with plenty of parking
$3,000/month Modified Gross
3,000 sf 20 parking spaces
Renovated in 2011 with 7 offices, a break room, large conference room, 2 restrooms
and a rent drop box.
8008 Slide Rd #34-35
5738 82nd Street
4413 82nd Street
Two story office condo space
$12/sf/yr
2,530 sf
5 large offices, conference room/bull pen area
SW Lubbock office/flex space
$3,750/ month
3,746 sf
Can be divided or leased as a whole
Large office & production/retail space
$16/sf/yr
Available Summer 2013
82nd Street frontage available for retail space
1655 Main Street
2424 50th Street
3225 50th Street
Quaint downtown 2-story office building
$2,700/month Suite 203 – 2,400 sf
Full service w/community breakroom
3 stories of medical office space
$14.52/sf/yr
1,010 – 3,604 sf
Various suites available; under new mgmt
Cornerstone Shopping Center
$12/sf/yr gross
1,000 sf
Great central Lubbock location
Medical Office Building - 5812 64th Street
Excellent redevelopment opportunity next to high traffic
intersection
$2,495,000
Lot size – 77,943 sf
building size- 22,437 sf
Ideal location for chiropractor, physical therapy & general offices
with potential for redevelopment.
Commercial PROPERTY for LEASE
What Does 2013 Hold?
9
1306 Broadway Avenue
1318 50th Street
6102 45th Street Suite A
2nd floor Broadway Offices
#201 – 769 sf for $640/month
#202 – 1,100 sf for $917/month
Free standing retail building
$5.47/sf/yr NNN
3,074 sf
Large open floor plan w/separate storage
Southwest Lubbock office/warehouse space
$7/sf/yr Modified Gross
5,000 sf
Overhead door and fenced stack yard
2014 50th Street
10107 Quaker Avenue
2401 S Hall Ave - Littlefield
Retail w/storage on 50th Street
$8.50/sf/yr
10,212 sf
Lg showroom + storage room w/overhead door
Contemporary office building
$16.00/sf/yr NNN
2,264 sf
Space open to plan w/landmark entry
Nice medical office building
$14/sf/yr NNN
6,594 sf
14 exam rooms, waiting room, 5 offices + more
Even though we are into March as we write, it’s still invigorating to look at predictions for 2013 as they impact commercial real
estate activity. Our focus this month will be on what the experts are saying about this year in view of the fiscal cliff, sequestration,
and recent happenings in Washington.
National
The commercial real estate investment market ended 2012 with some huge deals—one estimate from Costar says close to 20%
above historical norms. While some of this may have been fear of fiscal cliff, other investors might fear future availability of
properties for sale. With foreign investors, REIT’s, pension funds and retail investors all poised to increase their exposure to U.S.
real estate, there may not be many sellers, and the high quality properties that come onto the market could spark intense bidding
wars. But investors who choose to sit on the sidelines… are likely to find the 2014 environment similarly competitive and will miss
out on a year of attractive income returns and potential appreciation. Analysis of sales data shows recovery in office, industrial and
even retail property. Commercial land prices also showed signs of recovery in the last quarter of 2012. From the CCIM Deal Makers
group, total transactions were more than $1.7 billion and the breakdown is as follows:
Specialty
$73.4 million
Finance
$162.4 million
Hospitality
$9.7 million
Retail
Industrial
$339.5 million
$232.1 million
Land
Office
$167.4 million
$535.8 million
Mixed-use
$89.8 million
Multifamily
$152.8 million
Texas
Our Texas Comptroller, Susan Combs, reported an economy that is healthy and has successfully emerged from the recent recession.
The Census Bureau reported that Texas, with 8% of the nation’s population, added nearly 19% of the national population growth.
Unemployment rate fell to 6.1% in Dec 2012 and has been at or below the national rate for 70 consecutive months. Oil and natural
gas production tax collections for the first two months in 2013 were 12% higher than during the same period in 2012. Sales tax
receipts were 13.1% higher than a year ago.
Ray Perryman, a Waco economist, predicts that interest rates will likely stay low into 2014. As uncertainties are worked out, Perryman predicts the pace of economic expansion will increase. He believes the nation’s real gross product will increase at an annual
average rate of 3.47%, up from 2%, through 2017. Perryman’s biggest concern for long-term growth in Texas is expansion to
markets outside the U.S. Texas adds 1,200 people to its population each day and the U.S. isn’t growing fast enough to absorb all of
the products the state produces.
Melonie Square Shopping Center - 8004 Indiana Avenue
Vacancy
Lubbock
Lubbock Economic Index figures indicate the local economy finished December less than one percentage point away from its record
peak in September 2008. Key contributions to the improvement: significant year-over-year increases in general . . . as well as the
construction and housing industries, along with increased inflation-adjusted taxable spending and estimated payroll employment, a
low unemployment rate and declining inflation. Finishing December at the highest level in four years, the index rose 7.3 % from the
same month the previous year, continuing the strong, steady economic recovery Lubbock has experienced for the past 16 months.
“The residual effect of the oil and gas activities in the Cline Shale and Permian Basin regions has spurred growth across the area, and
contributed to a robust economy not only for those areas, but Lubbock, as well (James Arnold of LNB). After a solid year, all factors
are lining up for the growth and improvement seen in 2012 to continue throughout 2013.
Lubbock Economic Development Alliance has recently released figures showing Lubbock MSA’s 2012 Annual Average Overall Cost
of Living was 89.1% of the national average. Lubbock ranked 28th out of 307 MSA’s in the nation and 8th out of 35 MSA’s in the
state of Texas. As a result of this low cost of living, both employers and their employees benefit from a higher standard of living at
a lower cost than almost anywhere else in the nation.
The immediate future looks bright for Lubbock and surrounding areas. Our skilled commercial agents are ready to assist you in your
real estate needs—just call 794-3300.
–Nita Kiesling, CCIM, Commercial Director
Various spaces available from small office to large service provider, school or restaurant
$10/sf/yr NNN
1,325 – 9,819 sf
501 Parking spaces
Neighborhood shopping center with easy access to all areas of town, co-anchored
by Big Lots and Dollar General
Commercial PROPERTY for LEASE
1601 S Phelps - Littlefield
Hwy 194 & Andy Taylor Rd
1101 E Slaton Hwy
Commercial PROPERTY for LEASE
2116 Broadway
6301 19th Street Unit D
Quaint Broadway house converted to office
$1,750/month 1,500 sf
Executive office, fire place, 3 offices & reception
Retail space end cap on 19th Street
$10/sf/yr NNN
Signage available w/2 pass through doors
8008 Slide Rd #17
7412 S University
11
D
E
S
A
LE
New Shopping Center
$12/sf/yr NNN
3,000 sf
Great retail, restaurant or spa/salon location
Nice office/warehouse in Plainview, TX
$3/sf/yr Modified Gross
50,000 sf
10 offices, conf. room, 47,000 sf warehouse
Office/warehouse with showroom
$3,600/month Modified Gross
8,200 sf
4 overhead doors; 3 truck wells, covered dock
4202 19th Street
2601 SE Loop 289
7701 19th Street
5 office suites near 19th St. & Quaker Ave.
$8/sf/yr
2,000-10,000 sf
Zoned IHC; short-term leases available
Nicest, cleanest warehouse space in Lubbock
$0.25/sf/month
52,500 sf
14 dock high doors with lifts
Fenced industrial office warehouse
$2,500/month 3,600 sf
3 offices, reception, storage, 2 overhead doors
5137 69th Street
Office in quiet condo setting
$1,225/month
Executive office + 2 other offices, side patio
1,069 sf
Great established retail center
$11/sf/yr NNN
Ample front door parking & signage
1,067 sf
1,750-6,923 sf
Distribution Warehouse Space - 116 Slaton Hwy
property management
794.3300
3714 146th Street
New South Lubbock warehouse space
$600 - $1,200/month
1,600-3,200 sf
Office space can be built if needed
Prime office/retail spaces for lease
$12/sf/yr
2 spaces @ 1,176 sf each
Leased and Managed by WestMark Commercial
229 Phelps - Littlefield
Commercial Retail Building
$2.95/sf/yr
6,250 sf
Open space with endless retail possibilities
“2013’s
activity
indicates
that it will
be as strong
as 2012 or
stronger. Every aspect of
commercial real estate has
picked up significantly.”
– Alison Blalock, CCIM
Great location off Slaton Hwy, shares complex with
Nabisco and Unisource
$2.72/sf/yr Modified Gross 58,725 sf
Zoned: M-1
4 dock high overhead doors in the rear of property with 16’ ceilings
Development Land for Sale
6501 4th Street
34th & Hwy 179
Development Land for Sale
13
Stonecrest Office Park Building Sites - 6102 82nd Street
u/C #11
Commercial investment Land
$3,049,200
10 acres
Great NW Lubbock location with endless commercial possibilities
Hard corner at 34th St. and Inler Ave.
56.057 acres
$650,000
Zoned R-1 for future residential and commercial development
Prime Milwaukee Development Tracts – 3 Tracts
Tract 1 –
Tract 2 –
Tract 3 –
Preferred professional office or medical use;
zoned M-1; 2.0687 gross acres; $6.00/sf
Preferred apartment, professional office or medical use; zoned M-1; 9.5 gross acres can be divided; $6.00/sf
Preferred retail, medical or office use; zoned IDP/IHC; 6.76 gross acres can be divided; $13.95/sf
Lot sizes to meet individual needs w/utilities & infrastructure stubbed to the lots inc.
$10.50/sf
4,995.5 - 14,847 sf
9 lots available
Build to suit w/building requirements to protect the integrity of the overall complex
11706 County Rd 1800 (Frankford Ave.)
Previous nursery-garden center investment opportunity
$1,200,000
11.017 acres
Multiple improvements w/frontage on expanding Frankford Ave.
“I am very
optimistic
about the
economic
growth
although it
does not seem to be on the
government’s agenda.
People want to buy houses
again and that means
residential development is in
a position to expand. As new
houses are built, the need
for office and flex space will
increase. As businesses hire,
there will be an effective
demand and people will have
money to buy. Household net
worth is recovering with the
stock market rally. Expect
dollars from bonds to go into
real estate.”
– Kirk Schneider, CCIM
Commercial
LAND FOR1.736
SALE
66th & Inler Corner Lot
ac
15
1
$450,000
26
5425 Frankford
1 ac
$11.50/sf
2
66th & Inler
6.43 ac
$2.50/sf
27
102nd & Fulton lots
7.48 ac
$5.50/sf
3
914 Hwy 62/82
3.468 ac
$3/sf
28
9501 W 19th
1.5 ac
$653,400
4
Milwaukee & Ursuline
9.8 ac
$1.87/sf
29
Fox Ridge lots
78 lots @ 5,500 sf
$22,000/lot
5
9804 W 50th
125 ac
$400,000
30
1010 4th
8.75 ac
$1.28/sf
6
7211 4th
3 ac
$4/sf
31
4325 Milwaukee
9.5 ac
$6.00/sf
7
7910 4th
46.25 ac
$10,000/ac
32
1209 N Ave T
3.3 ac
$0.55/sf
8
5225 Slide
3.889 ac
$10/sf
33
9507 W 19th
2 ac
$182,900
9
1202 SE Loop 289
21.56 ac
$807,650
34
7303 19th
2.38 ac
$5.00/sf
10
1516 E Loop 289
4.99 ac
$19,853
35
6301 50th
2.0687 ac
$540,684
11
201 E Harvard
49.51 ac
$222,795
36
8700 19th
63 ac
$9,000/ac
12
6803 Indiana
23,680 sf
$7.59/sf
37
6501 4th
10 ac
$7.00/sf
13
4413 Clovis Rd
2.69 ac
$82,500
38
102nd & Ave W
82.188 ac
$990,000
14
1301 34th 20,400 sf
$950/month
39
207 Hwy 62/82
3.79 ac
$495,00
33
15
1702 Inler
1.908 ac
$166,225
40
7404 82nd
90,088 sf
$179,950
19
16
6102 82nd lot #15
9,991 sf
$10.50/sf
41
6907 19th
3 ac
$890,000
lot #14
9,991 sf
$10.50/sf
42
901 S Loop 289
13.476 ac
$1.16/sf
lot #12
9,764 sf
$10.50/sf
43
8002 Pontiac Ave
1.789 ac
$428,604
lot #11
14,847 sf
$10.50/sf
44
8805 Wausau Ave
12.07 ac
$329,500
lot #10
10,024 sf
$10.50/sf
45
Cedar Park lots
107 lots @ 5,500 sf
$19,000/lot
lot #9
12,613 sf
$10.50/sf
46
2812 MLK Blvd
31.76 ac
$123,864
lot #8
13,961 sf
$10.50/sf
47
102nd & FrankfordN corner 36,400 sf
$8.50/sf
lot #7A
5,018 sf
$10.50/sf
u/C #11
17
6007 Spur 327
.586 ac
$250,000
18
34th & Inler
56.037 ac
$650,000
19
9420 19th
1.13 ac
$350,000
20
8811 19th
34,374 sf
$150,000
21
4702 4th
36.7 ac
$4.32/sf
22
212 University
39,784 sf
$695,000
23
4608 Avenue H
3.812 ac
$913,278
24
1823 Avenue B
21,285 sf
$3.75/sf
25
2611 SE Loop 289
15.377 ac
$341,609
46
13
4
32
21
7
6
22
37
15
20
34
24
41
28
36
18
14
31
23
35
5
1
17
2
26
12
25
40
South
26,000 sf
$7.50/sf
43
42
16
45
44
8902 University
36,890 sf
$262,000
48
3
“Through the
first two months
of 2013 I have
personally seen
an increase in
leasing and sales
interest. If this is any indication of
the future then we are poised for a
great year in commercial real
estate in Lubbock.” - David Haymes
10
30
Middle 26,000 sf
$7.50/sf
48
11
39
27
47
8
29
38
9
4105 84th Street
Lubbock, TX 79423
806.794.3300
westmarkrealtors.com
Office
Industrial
Multi-Family
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Retail
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Purpose
Business