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December 24, 2013
World Class Capital's Wish List
World Class Capital Group can cross one thing off its shopping list: the 141k SF Culebra Crossing in San Antonio. The challenge is fitting it under the tree. We asked SVP Sheena Paul for the rest of their wish list.
This deal was a great buy for WCCG because of the few retail properties available in San Antonio, Sheena says. (Finding a good retail property is even more difficult than trying to find things inside those retail properties when Chirstmas shopping.) The off-market deal resulted from relationships cultivated by WCCG, Sheena says. The 93% occupied shopping center is on Culebra Road, two miles north of Loop 410 in Northwest San Antonio (the area's major source of retail activity), and includes vacant pad sites for future development. Sheena says WCCG will increase operational efficiencies at the property and make some capital improvements.
Culebra Crossing was the fifth retail center purchase by WCCG this year. It also bought the 100k SF Galleria Oaks and the 42k SF Crestview Crossing in Austin, Sheena tells us. The firm looks for value-add and opportunistic deals. WCCG plans to invest about $400M to $500M for acquisitions and development projects in 2014. She says that WCCG's biggest advantage is the company's flexibility and capacity to acquire and operate in any asset class, opening up a larger variety of acquisitions, including secondary and tertiary markets. Though the firm typically holds properties for about seven years, Sheena says they're open to timelines changing and ref opportunities depending upon the markets. For Christmas, the entire Paul family will be around the tree in Austin.
A Bisnow Education Video!
We're often asked after our events, what's a cap rate, a 1031 exchange, a REIT, mezz debt, NOI, CMBS, loan-to-value, "core," etc. Well, we're the wrong people to ask, because we don't know either. BUT, we know someone who does! So we made a video. It's 90 minutes, broken into 19 different 5-minute segments on these different issues. Never be intimidated again! And dazzle the world with your use of highfalutin' acronyms.
Peter Linneman is really smart. He started the Wharton School's Real Estate Department, and he's been Chairman of Rockefeller Center Properties, and on the Executive Committee of Equity Office Properties. He's widely considered the top real estate professor in the United States. So try out the trailer above. And if you like it, for $59 you can stream it as much as you like. And you, too, can get really smart. More info and purchase.
Tis the Season for Great Causes & Holiday Shindigs
Holidays bring out the generosity in people and companies (or even the Grinch and Scrooge). Here's CBRE assistant real estate manager Dana Barton and real estate services coordinator Taylor King. They organized a Salvation Army angel tree effort resulting in a bundle of presents for 50 kids from tenants of 100 Congress (which is managed and leased by CBRE staff and home to CBRE's Austin office). Of the 50 angels, 15 were sponsored by CBRE staff.
The San Antonio office of Stream Realty Partners collected 176 toys in two weeks for the Dan Cook Youth Center. Four years ago Stream Realty employees saw that the center had a need and they've have been helping out every year since. The 30-year-old community org provides drop-out prevention and recovery programs for San Antonio's low-income children and young adults. Stream employees delivered the toys to the youth center and helped host a Christmas party with cupcakes and juice for the kids (and some young at heart, too).
Winstead's Austin office rang in the season with a client reception. Here's Austin Title's Brian Baize, Winstead's Greta Goldsby, Austin Title's Josh Williams, and Four T Realty's Taylor Terkel. Winstead also collected gifts and money for the Partnerships for Children program that benefits children served by Child Protective Services. Last year, they collected more than $3,000 in gifts and money to benefit local children in the CPS program.
Bisnow Movember Winners: Bury Mo Bros
Every November, mustaches start sprouting on men's faces around the globe with one goal in mind: raise money and awareness to combat prostate and testicular cancer. Here's one of the winning team members from Bury, Bobark Tehrany, sporting a sweet stache.
Bury's guys (and gals) got to work raising funds through the Bury Mo Bros (and Mo Sisters support group). They raised $4,000 for men's health efforts. Here's Bobark's alter ego, Mario. You can also check out Bury's stache shaving here.
Merry Christmas & Happy New Year
We've had so much fun covering the market this year, getting to know all of you through your deals and emails. As we take a break in publishing for the week, know we appreciate every time you read us and every joke you chuckle at. (Laughter is a great gift because people love when you return it. And you can bring it back to any location, not just where you got it.) Meanwhile, send news to: catie@bisnow.com and tonie@bisnow.com.
Have a wonderful holiday. We'll be back in your inbox on Jan. 2. Please send us your news (no fruitcakes, though). Catie@bisnow.com and Tonie@bisnow.com
