Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/817755
54 • May 2017 • Texas Real Estate Business www.REBusinessOnline.com opportunities for law firms with the foresight to cultivate specific product and development expertise. "Austin has hit about every top 10 list in the last few years," says Zim- merman. "However, popularity has its challenges: namely, transportation, affordable housing and the local regu- latory struggle to understand and ac- commodate innovation and 'outside the box' developments. These chal- lenges are present in almost every proposed new development." The Dallas-based firm has seen more mixed-use development and master- planned communities in Houston, North Texas and Austin. New single- family development abounds in the Lone Star State, with the exception of Houston. "Real estate projects have evolved far beyond buying and selling dirt," Zimmerman says. "Developers now face sophisticated and wide-ranging demands including capitalization, regulatory, corporate, tax, immigra- tion matters with EB-5 (employment- based fifth preference visa program for foreign investors), intellectual property, environmental issues and more." Winstead, which can deliver a deep bench of more than 100 CRE devel- opment, investment and finance lawyers, continues to see large, com- plex projects with multiple sources of capital, as well as interesting use combinations, innovative ownership arrangements and more sophisticated operators. Zimmerman adds, "For land use and entitlement, there is an increased difference in assembling debt and capital placed due to a greater empha- sis and importance on incentives and public financing vehicles needed to put projects together." Gray Reed & McGraw In business, taxes and regulations are constants, but their level and reach can fluctuate. Gray Reed & McGraw, a full-service law firm with more than 120 lawyers practicing in Dallas and Houston, counsels clients on the all- important formation and structure of real estate entities to be in the best position possible with regard to taxes, debt and other risk considerations. "Entity selection has changed with changes to the Texas Margin Tax," says Lindsey Postula, a Houston-based partner at Gray Reed & McGraw, about limited part- nerships losing fa- vor to series LLCs in the Lone Star State. "Limited partner- ships are no longer an entity of choice to the extent that they were prior to 2006 when the tax was extended to those entities." Before real estate developers and investors can take advantage of Texas' many business advantages, they must first have access. "As demand continues to grow in areas with no zoning, clients are increasingly faced with the need to change applicable developmental constraints and requirements, get special use permits or variances, and various other issues relating to public constraints on property use," Postula says. Other areas of legal expertise at the more than 30-year-old firm include construction, technology and health- care practices. Gray Reed & McGraw continues to expand its client roster of institutional landlords, particularly owners of retail and mixed-use cen- ters. The firm also represents a num- ber of corporations using leases to effectively structure their real estate holdings and manage income and li- abilities. While there are structural challenges that commercial real estate law firms face, such as the growth of competitor advisor businesses and the increased use of in-house lawyers, Postula as- serts that the robust and rising Texas tide lifts all real estate ships. "Although there have been fluc- tuations in the oil and gas industry, the Houston economy has been suf- ficiently diverse to maintain an ac- tive business climate and Dallas-Fort Worth continues to see businesses move to the area," she adds. "On the whole, opportunities for various real estate transactions in Texas continue to thrive." n For sponsorship information, contact Scott France: (404) 832-8262 • scott@francemediainc.com For speaking information, contact Richard Kelley: (914) 468-0818 • rkelley@francemediainc.com For registration information, contact Alicia Lewis: (404) 832-8262 • alewis@francemediainc.com www.interfaceconferencegroup.com Presents... October 4th • New York City Bar Association • New York InterFace RETAIL INVESTMENT & FINANCE Early Bird Registration Rate of $495 Available Until August 18th France Media, Shopping Center Business magazine and the InterFace Conference Group are pleased to host InterFace Retail Investment & Finance on October 4th in New York City at the New York City Bar Association. InterFace Retail Investment & Finance will be a national information and networking conference bringing together the leading buyers and sellers of retail real estate as well as the capital sources, lenders and intermediaries financing the transactions. This one-day event will attract institutional, opportunity fund, REIT, private capital and overseas owners, investors and developers, leading investment sales professionals, top commercial banks, credit companies, LICs and mortgage banks. InterFace Retail Investment & Finance will kick off with an opening networking reception at The Terrace Club, just off Rockefeller Center, on the evening of Tuesday, October 3rd. The conference will run from 8 am-4 pm on Wednesday, October 4th, and include six panel sessions and a keynote speaker. The event will include five+ hours of networking and conference registration includes the opening reception, breakfast and lunch. If you invest in or finance retail real estate, this will be a can't miss event! TOPICS TO BE DISCUSSED: WHO SHOULD ATTEND: • Who is buying and selling retail properties? • How is transaction velocity and where are cap rates are headed in 2018? • What impact are interest rate hikes are having on the investment and development market? • To what degree is negative publicity about the sector and some retailers impacting the market? • What is the availability, and cost, of debt & equity capital for retail property and portfolio transactions? • What elements of the capital stack are most active in retail lending and financing? Anyone involved in retail real estate investment, development and lending including: • Owners/Investors/Developers • Lenders/Financial Intermediaries • Investment Sales Brokers, Appraisers, Attorneys • Private Equity & Opportunity Funds, Foreign Capital, Sovereign Wealth Funds • Leasing and Property/Asset Management Professionals • Vendors and Others Allied to the Field Lindsey Postula Gray Reed & McGraw