Commercial Real Estate: Hey, Save a Piece of Stimulus Pie for Me!

Commercial Real Estate: Hey, Save a Piece of Stimulus Pie for Me!
NAI Global - Knowledge Center

Following a year that saw the near meltdown of the banking system and the sweeping impact of a global recession, 2010 could shape up to be a better year for investors, though perhaps not as robust as some would wish. According to “Ordering Your Slice of the Stimulus Pie,” the latest podcast produced by John B. Levy & Co., the new year has ushered in an uptick in market activity for commercial real estate investors, putting some in a position to secure stimulus bailout dollars.

Levy, a former columnist for Barron’s and NREI for 23 years, is the founder of real estate investment banking firm John B. Levy & Co. based in Richmond, Va.

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Proposal to Jump-Start Commercial Real Estate Markets with Benefits for Investors & Lenders

ICSC Community Real Estate Investment Proposal Gains Traction
ICSC
Serving the Global Retail Real Estate Industry
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ICSC is moving forward with a proposal that was unveiled before the ICSC Board of Trustees last month and is presenting it to Capitol Hill as an incremental solution to the current credit crisis in commercial real estate. On February 11 the Congressional Oversight Panel of the Troubled Asset Relief Program reported that between 2010 and 2014 about $1.4 trillion in commercial real estate loans will reach the end of their terms and nearly half are “underwater,” meaning the borrower owes more than the property is worth, we believe the timing of our proposal is critical.

ICSC’s plan provides temporary tax incentives to attract new equity to existing commercial real estate projects. The incentives include accelerated depreciation on the investment and deduction of losses without being subject to passive loss limits.

ICSC's proposal is designed to attract new equity capital to commercial real estate, with the requirement that at least 80% of the new invested capital be used to pay down commercial bank loans of existing projects, thereby reducing the excessive debt ratios that threaten the commercial real estate and banking sectors, as well as the broader economy. If enacted, this concept will not only assist ICSC's largest segment of members (small and medium private owner/operators) but also community and regional banks and Main Street businesses around the country. According to the Oversight Panel’s report, it is these small and mid-sized banks that may bear the brunt of coming losses on commercial real estate loans. The report found...

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Stick a Fork in Them...They're Done!

NAI Rio Grande Valley...Closed Deals!

February:
1,500 SF of Retail Space sold in McAllen, TX  |  Agent: Carlos Molina

3.55 Acres in 495 Commerce Center sold in McAllen, TX  |  Agents: Charles Mueller, Mike Blum & Juan Pena

2,609 SF of Office Space leased in McAllen, TX  |  Agents: Mike Blum, Roger Stolley, Linda Cantu

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Texas is Number One Exporting State for 8th Consecutive Year

Texas is Number One Exporting State for 8th Consecutive Year

Thursday, February 11th, 2010
Texas Border Business
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HOUSTON – Gov. Rick Perry today touted Texas’ strong economic environment – created by low taxes, a reasonable and predictable regulatory climate, and a skilled and educated workforce – for helping to make Texas the top exporting state in the nation for the eighth year in a row in 2009. The governor spoke at the North Houston Economic Outlook Annual Symposium.

"Texas leads the nation in so many positive categories, from Fortune 500 companies to job creation, and we owe it to our citizens to continue our economic success by adhering to our proven fiscal disciplines,” Gov. Perry said. “Our principled leadership has created an environment that allows us to compete for jobs, investment and business, and defend the economic climate that has made Texas the top exporting state in the nation for the eighth straight year.”

Texas’ exports totaled more than $163 billion for 2009, with the top export recipients being Mexico, Canada, China, the Netherlands and Korea, which respectively imported $56 billion, $13.7 billion, $8.9 billion, $6 billion and $5.3 billion in Texas-manufactured goods. Texas’ top exporting industries in 2009 were computers and electronics, chemicals, machinery, petroleum and coal, and transportation equipment.

The governor credited the Texas Enterprise Fund (TEF) with helping attract businesses, jobs...
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McAllen Named Among Cities with Best Jobs for 2010

McAllen Named Among Cities with Best Jobs for 2010
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McAllen has been ranked fourth in a list of the ten cities with the best jobs for 2010 by Payscale.com


The site writes: “McAllen has been coming on strong in the list of top cities over the past few years, driven by its top ranking for employment growth and high-tech GDP growth between the years of 2003-2008. The area has been luring companies with its low business costs, which has fueled employment growth numbers and helped to increase population. As a result of this and population growth of gainfully employed folk, the service-based industry, which has taken such a hit elsewhere, continues to prosper.”

Harlingen Economic Development Corporation Announces Tyco Flow Control (TFC) Expansion

Harlingen Economic Development Corporation Announces Tyco Flow Control (TFC) Expansion
Posted: 02/05/2010
Author: Harlingen Economic Development Corporation
Rio South Texas Economic Council

Harlingen, Texas – February 3, 2010 – The Harlingen Economic Development Corporation announced today that Tyco Flow Control, a business unit of Tyco International Ltd. (NYSE: TYC), intends to expand their facility in Harlingen, Texas, which is estimated to create over 50 new jobs.

Tyco Flow Control plans on a multi-million dollar investment to add a 33,000 square foot expansion and additional equipment to its 80,000 square foot facility in Harlingen. The expansion could bring the total investment in the Harlingen facility to nearly $20 million.

The Harlingen facility began operations in 1984 under the name of Keystone Valve/Anderson Greenwood Co. and celebrated a 25th anniversary last year. “Harlingen has always been a productive location for Tyco Flow Control,” according to Ed Rushing, vice president of operations. “The continued positive business climate of Harlingen and work by the Harlingen Economic Development Corporation helped us to decide to expand our Harlingen facility.”

The announcement is welcome news to Harlingen, according to Mayor Chris Boswell. “Tyco Flow Control is a good corporate citizen and we welcome their continued growth.” “Harlingen is an excellent location for manufacturers,” according to Armando Elizarde, president of the Harlingen Economic Development Corporation. “We take pride in helping existing manufacturers with expansion.”

Tyco Flow Control currently employs 120 people in Harlingen. Construction will commence as soon as plans are complete and the estimated new jobs are planned to be added within one year of occupancy.

The expansion will allow Tyco Flow Control to provide 4 product brands including industry-leading valves and controls, services, and other solutions, to customers in more than 60 countries.

Tyco Flow Control, a business unit of Tyco International Ltd. (NYSE: TYC), is a leading global manufacturer and marketer of valves and controls, water and environmental systems, and thermal control solutions to vital industries including energy, power, water, mining, chemical, food/beverage, and construction. Tyco Flow Control has more than 15,000 employees in more than 300 locations globally. For more information on Tyco Flow Control, visit http://www.tycoflowcontrol.com/.

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McAllen breaks ground on Bicentennial extension

McAllen breaks ground on Bicentennial extension
January 27, 2010 8:36 PM
Nick Pipitone
The Monitor

McALLEN — City officials and contractors broke ground on the long-awaited extension of Bicentennial Boulevard on Wednesday, saying that the 2.2-mile extension from Nolana to Trenton Road will go a long way toward alleviating traffic congestion in the city.

Plans for the extension have been 15 years in the making and have faced several obstacles along the way. City officials now estimate the $5.2 million project should be finished by fall 2012.

“One of our biggest challenges here is mobility,” Mayor Richard Cortez said. “We are a long and narrow city, and getting people from north to south and south to north is very important.”

Cortez said that adding another major four-lane, north-south corridor to the existing Jackson, McColl and Ware roads and 10th and 23rd streets is a good start to addressing the city’s traffic problem.

The extension will be similar to Second Street, with two northbound and two southbound lanes and a hike-and-bike trail along the east side of the corridor, though final landscaping and beautification is not expected until 2012 because of budgetary concerns, City Commissioner Scott Crane said.

But unlike Second Street and other major north-south roadways, the Bicentennial extension will have limited access and traffic lights, Crane said, which will make it a much faster route. The only intersections will be at 4 mile line and Dove Avenue.

“Because it is limited access, it helps...

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Here comes Cheddar's; Irving-based eatery to open new location in Brownsville

Here comes Cheddar's; Irving-based eatery to open new location in Brownsville

February 10, 2010 9:46 AM

By STEVE CLARK, The Brownsville Herald

Cheddar’s Casual Café needn’t worry: Brownsville loves its chain restaurants.

Cheddar’s is bringing its all-American comfort food concept to the city, with construction under way on a site at Frontage Road and Charlie Clark Drive, and an opening set for spring.

Jim Weber, executive vice president of operations for the company, seemed to want to downplay the fact that the restaurant is, in fact, a chain — a dirty word in some markets, maybe, but certainly not here.

"We don’t think of ourselves as a chain," Weber told The Brownsville Herald. "We’re a simple company that is very focused on great, quality food. We’re not a big company with 400 or 500 locations. We’re not trying to be the biggest guy out there."

That’s good, since the Irving-based company, which started in 1978 with a single store in Arlington, has just 82 locations in 20 states, according to the company’s Web site. Thirty-five of those locations are in Texas. In contrast, Applebee’s, founded in 1980, has nearly 2,000 restaurants in all 50 states and 15 foreign countries.

"We don’t take too many chances," Weber says. "We’re a conservative Texas company. We’re mindful about our growth. We try to be as thoughtful as we can."

He says the company is "pretty selective" about which markets to enter. McAllen got its first Cheddar’s just over a year ago and that store has been very successful, Weber says, adding that the company is expecting similar success in Brownsville.

"We feel great about the Valley and southern Texas," he says. "We were very confident (about the decision to come to the Valley). We’re generally received very positively."

Each Cheddar’s location employs 154 people. Weber expects a flood of applications once the "now hiring" sign goes up, noting that Cheddar’s doesn’t have to do much in the way of advertising for employees. The company does no advertising at all, in fact.

"We don’t run TV ads," Weber says. "We don’t do any of that. We invest all that in our people and in our quality products."

He describes the restaurant as a "casual dinner house — a little more polished," with an emphasis on "quality food, fair price and great atmosphere."

The new Cheddar’s sits on a 1.8-acre outparcel — part of the land assembled by Coastal Realty, a local commercial real estate firm, for the construction of Lowe’s. Lowe’s is the big anchor for North Towne Plaza, as the development is called.

Coastal’s Mark Barnard says marketing of the outparcels to "junior anchors" started before the Lowe’s was finished, and Cheddar’s was the first one to bite.

"The outparcel users and junior anchors always follow the large anchors such as Lowe’s," he says. "Now that Cheddar’s is under construction, other restaurants will look more seriously at the North Towne project."

Surrounding Cheddar’s is a 3-acre parcel that would work for...

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Just Listed with NAI Rio Grande Valley: See It First!

SURPLUS BANK OWNED PROPERTY SALE

200 S. Sugar Rd. Edinburg, TX

Building Size:1,900 SF

Property Type: Retail

Lot Size: 33,486 SF

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Contact Broker: Laura Liza Paz and Mike Blum

3.2 ACRES WITH OWNER FINANCING

6005 N. SUGAR ROAD, Pharr, TX 78577

Lot Size:3.20 AC

Property Type:Land

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Contact Broker: Laura Liza Paz and Mike Blum

EXP. 281 FAIRHAVEN CROSSING DEVELOPED PAD SITES
2636 S. EXP 281, Edinburg, TX 78539

Lot Size:30,451 - 52,556 SF
Total Lot Size:124,995 SF
Property Type:Land
Property Sub-type:Retail
Find Out More...
Contact Broker: Carlos Molina

 
 
 
 
 

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Edinburg mayor delivers state-of-the-city address

Edinburg mayor delivers state-of-the-city address

The Monitor February 03, 2010 11:42 PM

By Jared Janes

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EDINBURG - The growth that has marked this city since Mayor Richard Garcia’s first stint in office has come with its share of challenges.

First and foremost, the mayor said Wednesday during his state-of-the-city address, has been finding jobs for its newest residents.

With an eye on growth, the city established a Monterrey office to attract foreign investment, traveled to conventions to lure a mall development and offered innovative incentives to interested investors, said Garcia, a board member on the city’s economic development corporation since May 2003. While the rest of the nation was hit last year by a deep recession, Edinburg’s sales tax collections grew by 2 percent, it saw a large increase in home construction, and its credit rating went up.

But Garcia said the real proof that the city was resilient enough to withstand the recession was the year-end unemployment rate of 6.7 percent, well below the county, state and national averages.

“Job creation,” Garcia said on numerous occasions Wednesday. “We got it then. We get it now.”

Speaking in the historic school auditorium housed on the grounds of City Hall, the mayor touted Edinburg’s financial stability, infrastructure improvements and quality-of-life improvements.

In his first state-of-the-city address since re-assuming the mayoralty last year — he first held the position from 2003 to 2006 — Garcia initially highlighted projects that began his first term, including a new City Hall, police and municipal court facilities and a water plant.

But he moved quickly to the city’s ongoing projects, most notably its efforts to revitalize its downtown.

The city hired a consulting firm to develop a master plan that could bring life back into a downtown area that dies after the regular working day, Garcia said.

The city is gathering input for the master plan, which would incorporate plaza and street improvements, a pedestrian connection to the University of Texas-Pan American and arts, culture and entertainment options.

Saying he wanted the city to continue to be a college town that remains culture- and family-oriented in its development, Garcia envisioned a downtown venue focusing on the arts for residents of all ages and walks of life.

The mayor also emphasized the partnerships the municipality is building with other entities.

The city is partnering with the university on several projects, including