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Real Estate Annual: A Matter of Opinion

More than 95 commercial real estate pros share their insights and viewpoints as D CEO Real Estate contributing editors.
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Susan Arledge

When we launched D CEO Real Estate (formerly D Real Estate Daily), we wanted to bring in a team of experts who could write about the industry from their on-the-ground perspectives. We looked for informed thought leaders who also wouldn’t be shy about sharing their opinions. More than five years later, the lineup has grown to more than 95 professionals across all sectors. Want to get the latest on design and urban planning? Read columns by the heads of three top architecture firms: Dan Noble (HKS Inc.), Bob Morris (Corgan), and Don Powell (BOKA Powell). Want to keep up with DFW’s white-hot multifamily market? Look for quarterly reports from Brian O’Boyle of ARA, a Newmark Co. Looking for the latest on development? Hear from Mike Berry (Hillwood Properties), Steve Van Amburgh (KDC), Michael Dardick (Granite Properties), and Bill Cawley (Cawley Partners). Along with returning favorites like Susan Arledge (E Smith Realty Partners), Randy Thompson (Cushman & Wakefield), Brant Bernet (CBRE), and Riis Christensen (Transwestern), the 2017 roster includes new writers like Diane Butler (BBG), Rob Huthnance (Port Logistics Realty), Kourtny Garrett (Downtown Dallas Inc.), and Frank McCafferty (Savills Studley). From Mike Ablon (PegasusAblon) to Steve Zimmerman (The Retail Connection), we’ve got you covered.



Susan Arledge


Managing Director, E Smith Realty Partners



Eight Proven Strategies for Success


From: Sept. 6, 2016

Even when everything else seems stacked against you, effort and persistence can still be your competitive advantages—and they may be the only advantages you truly need. Here are eight proven strategies for success:


Do your most-feared thing first. It’s often the task that can have the greatest impact.


1. Do your most-feared thing first. It’s often the one task that can have the greatest positive impact on your life and results.
2. Take strong stands. Even the most skeptical people tend to be at least partly persuaded by a confident speaker. So be bold.
3. Tap into the power of now. Then do one extra thing.
4. Feed your winners, starve your losers. Stop wasting your coaching time trying to make a bottom producer better; instead, invest that time in making your winning team members even more productive.
5. Learn to be both decisive and to purposefully delay decisions.
6. Learn when to cut your losses. Too many people hang on too long.
7. Write it down. Emmitt Smith, our E Smith Realty chairman, learned a life lesson from Dwight Thomas, his high school football coach in Pensacola, Fla., who told him, “It’s just a dream until you write it down, and then it becomes a goal.”
8. Do what others are unwilling to do. A quote I have on my desk reminds me every day: “Successful people form the habit of doing what unsuccessful people don’t want to do.”



Scott Beck


President and CEO, Beck Ventures


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Millennials and Rapid Urbanization


From: Sept. 20, 2016

It’s no secret that “millennials,” defined in 2015 as adults aged 18 to 34, are in the process of reshaping the social, political, and urban landscape of the United States. They now comprise a majority of the labor force (53.5 percent) and, with a population of 75.4 million, the largest American generation.


Millennials are reshaping the urban landscape in the U.S.


The arena in which millennials are effecting perhaps the most palpable, immediate change is the real estate market. They’re eschewing home ownership, with some choosing to live with their parents and others seeking an urban environment that offers public transit and a lot of entertainment options. North Texas cities are recognizing this trend and working with developers to subsidize and accelerate mixed-use growth. Plano, for example, has Legacy West, a $3 billion mixed-use development that features hudreds of apartments and a series of new shops and restaurants. The city of Dallas is working with local developers to facilitate mixed-use development near downtown and in Dallas Midtown. The new Park District project along Klyde Warren Park will be anchored by a big lease from PwC, whose move is designed to cater to its millennial employees.


DFW is projected to add 3 million more residents by 2030, and urban growth will continue to characterize the region’s real estate market for the foreseeable future.



Ran Holman


Dallas Market Leader, Cushman & Wakefield


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Dallas is Growing Up


From: Sept. 22, 2016

Firms like Google, Facebook, and Apple have taught us that office environments, to be desirable, have to do more than their designed function. There is now an experiential component to environments requiring them to be more than what they are. This can mean a lot of things.


Dallas is no longer “Fly over” territory. It is a legitimate player on all levels.


In Uptown, we’re seeing a financial district unfold, with the Ritz being the center of that universe. That confluence of amenities, parks, arts, sports, the trolley, and general coolness, make this area unique and defined. Most companies considering Uptown know exactly what they want, and they are willing to pay for it. A happy employee is typically a productive one, and a few extra bucks in rent pales in comparison to payroll.


But this “urbanism” is not restricted to traditional urban environments. What we are seeing in Legacy and Legacy West in Plano is another example of the sum of components being greater than its parts. Same with the micro market of Preston Center. In these markets we are seeing the highest rents, lowest vacancies, and lowest cap rates. It is no mistake. These areas are easy to get your mind around. Their energies are palpable.


Corporations are taking note, and so are investors. Dallas is no longer “fly over” territory. It is a legitimate player on all levels of the commercial real estate business.



Tim Hughes


President and CEO, Falcon Realty Advisors


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Practicing Conscious Capitalism


From: May 11, 2016

Conscious capitalism is a business model with a mission to inspire, educate, and engage with all stakeholders. I was introduced to the philosophy a long time ago, but it has taken years to see its full-circle impact. What began as a desire to give back to the community has grown into a holistic relationship between Falcon Realty and the communities we serve.


Some people may believe the real estate industry does not always appreciate the impact land development may have on the environment or community, and a business can’t possibly have both a positive impact and also be profit-driven. Although it is a lofty goal, I believe that an intersection can be accomplished by incorporating “conscious capitalism” business practices.


I was introduced to the philosophy a long time ago, but it has taken years to see its impact.


Two companies that have mastered the art of this are Whole Foods Market and Trademark Property Co. Partnering together, they’ve created the first ground-up “conscious place” known as Waterside in Fort Worth.


At our company, practicing conscious capitalism includes not centering our purpose on the amount of deals we are working on, but on supporting and elevating the brands we represent and the communities we serve. My goal has been to not only turn Falcon into a conscious company, but build and maintain relationships with companies that also practice these principles.



bloggers-linda-mcmahonLinda McMahon


President, The Real Estate Council



Bringing the Middle Class Back to Dallas


From: March 30, 2016

The city of Dallas and its partners have made great strides toward positioning the community for robust growth. But if we are to experience long-term economic strength, city leaders must now adopt mixed-income housing policies that will attract the forgotten middle class back to the city.


There is a severe deficit of [housing] options for the middle class.


Growing demand for housing in the region has resulted in Dallas having the highest rental rates in Texas. Additionally, fewer opportunities for middle class home ownership are exacerbating this rental squeeze. Although there is a severe deficit of options for the middle class, there are essentially no policy tools or funding streams available to help them secure affordable housing. This housing crisis is a complex issue, and it’s one that The Real Estate Council members have been studying for more than four months. After a comparison of the housing policies from 17 peer cities across the nation, our members determined the best ways to tackle the issue is to develop policies that will facilitate the creation of mixed-income housing. Recommendations include creating new sources of funding for the creation of affordable housing; a review of existing zoning policies to allow greater density; and creation of a Housing Trust Fund and a Land Trust. We firmly believe these recommendations will expand housing options.



Brian O’Boyle


Vice Chairman, ARA, A Newmark Co.


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Shifts in DFW’s Multifamily Market


From: November 1, 2016

During the last few months, the multifamily market has been witness to significant changes. Right now, buyers seeking properties in the Class A sector have an abundance of choice and, as a result, have become much more selective in their offer process. In the conventional “best and final” process, we are seeing a reduction in the number of participants. A year ago, six or seven potential buyers participating in the best and final round was the norm; today, that number is closer to three or four.


Buyers in the class A sector have become much more selective.


The underwriting process has also changed. Buyers are generally underwriting deals more conservatively. Even so, brokers are typically achieving their strike price—they are just having to work a little harder. Unfortunately, there has also been an increase in the number of deals that are falling out of escrow, with brokers having to opt for their second choice in the buyer pool.


That being said, Class B and Class A communities that have a strong value-add component continue to receive strong interest across the sector. Furthermore, we have seen substantial appreciation in the Classes B and C market and still frequently see new high-water marks set. The North Texas job growth story helps mitigate some of the concerns about the robust new construction pipeline, and Dallas continues to find itself on more buyer radar screens.



2017 Contributing Editors D CEO Real Estate


Mike Ablon
PegasuAblon


Marc Allen
Transwestern


Jon Altschuler
Altschuler and Co.


Susan Arledge
E Smith Realty Partners


Dan Avnery
NAI Robert Lynn


Randy Baird
Cushman & Wakefield


Scott Beck
Beck Ventures


Eric Beichler
Mohr Partners


Brant Bernet
CBRE


Mike Berry
Hillwood Properties


Walt Bialas
JLL


Anthony Bolner
Stream Realty Partners


Cliff Booth
Westmount Capital


John Brewer
Transwestern


Bill Brokaw
Hillwood Properties


Linda Burns
Burns Development Group


Bill Burton
Hillwood Urban


Diane Butler
BBG


Kim Butler
Hall Group


Bruce Carlson
CMA


Bill Cawley
Cawley Partners


Riis Christensen
Transwestern


John Conger
Colliers International


Brian Cramer
Newland Communities


Steve Crosson
Capright


Peggy Daly
Monogram Residential Trust


Chuck Dannis
National Valuation Consultants


Michael Dardick
Granite Properties


Steve Everbach
Colliers International


Collin Fitzgibbons
KDC


Celeste Fowden
CBRE


Rob Franks
JLL


Lisa Gardner
OMS Strategic Advisors


Kourtny Garrett
Downtown Dallas Inc.


Mike Geisler
Venture Commercial Real Estate


Jack Gosnell
CBRE | UCR


Robert Grunnah
Novus Realty Advisors


Karra Guess
E Smith Realty Partners


Allen Gump
Colliers International


Susan Gwin Burks
Colliers International


Ran Holman
Cushman & Wakefield


Tim Hughes
Falcon Realty Advisors


Rob Huthnance
Port Logistics Realty


Ryan Johnson
SRS Real Estate Partners


Craig Jones
JLL


Sam Kartalis
Novus Realty Advisors


Justin Keane
Wynmark Commercial


Blake Kendrick
Stream Realty Partners


Beth Lambert
Cushman & Wakefield


JJ Leonard
Stream Realty Partners


Steve Lieberman
The Retail Connection


Tanya Little
Hart Advisors Group


Torrey Littlejohn
JLL


Terrence Maiden
Corinth Properties


Frank McCafferty
Savills Studley


Linda McMahon
The Real Estate Council


Rick Medinis
NAI Robert Lynn


Marshall Mills
The Weitzman Group


Terry Montesi
Trademark Property Co.


Bob Morris
Corgan


Charlie Myers
MYCON General Contractors


Lauren Napper
Cushman & Wakefield


Dan Noble
HKS Inc.


Brian O’Boyle
ARA, A Newmark Co.


Kathy Permenter
Younger Partners


Ian Pierce
The Weitzman Group


Jennifer  Pierson
Pierson Retail Advisors


Don Powell
BOKA Powell


Jeff Price
JLL


Emily Rankin
Transwestern


Ari Rastegar
Rastegar Equity Partners


Mark Reeder
SRS Real Estate Partners


Ken Reese
Hillwood Urban


Andrew Schendle
Hunt Construction


Alan Shor
The Retail Connection


Paul Smith
Velocis


Eliza Solender
Solender/Hall Inc.


Jo Staffelbach Heinz
Staffelbach


Chris Summers
Xceligent Inc.


Tom Sutherland
Colliers International


Chris Teesdale
Colliers International


Steve Thelen
JLL


Randy Thompson
Cushman & Wakefield


Sanders Thompson
Transwestern


Steve Van Amburgh
KDC


David Walters
CBRE


Michael Walters
Falcon Realty Advisors


Herb Weitzman
The Weitzman Group


King White
Site Selection Group


Steve Williamson
Transwestern


Craig Wilson
Cushman & Wakefield


Jim Yoder
Velocis


Bob Young
The Weitzman Group


Moody Younger
Younger Partners


John Zikos
Venture Commercial Real Estate


Steven Zimmerman
The Retail Connection


This article appears in D CEO’s Real Estate Annual 2016 issue.

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