Congrats to the YP Top Brokers for 2020! Top Producers are Trae Anderson, Sean Dalton, Scot Farber, Jack Gail, Tom Grunnah, David Hinson, Ben McCutchin, John St. Clair and Tom Strohbehn. A new award this year goes to the broker who generated the most revenue by working with other YP brokers. Congrats to Michael Ytem for being our Teammate of the Year. We can’t wait to see what 2021 brings for our great team.
Included in the list for office leasing are Trae Anderson, Kathy Permenter and Sean Dalton. For land and commercial property sales are Scot Farber, Tom Strohbehn, Tom Grunnah, David Hinson, Ben McCutchin and John St. Clair.
See the full list at: https://bit.ly/37PyBKZ
By Scot C. Farber
Sometimes the most life-changing events happen by accident. Today, I’m a yogi who practices being in the moment and enjoying life every day. However, the path that led me to reach that balance was not one I had planned to take.
About 15 years ago, I lost a bet with a female coworker and had to go to a 90-minute hot yoga class. I was already struggling with prior long term injuries, including a torn ACL and a dislocated pelvis, which had impacted my gait and left me with unmanageable pain. Getting out of bed each day was challenging.
That yoga class was pure misery, even just five minutes in. I’ve never been a quitter. I was going to tough it out, and I did.
Once I finished the class, I thought I would keep doing it. It was hard for me, but I’m always up for a physical challenge. I wanted to keep on and prove to myself that not only could I do this, but I could master it.
I’m not just a Type-A personality; I’m a Type-A+. So I searched for the longest, hardest yoga classes I could find. I’d chug an energy drink and tackle it. I looked like a train hit me when it was over. While I burned off a tremendous amount of stress, I still was not at peace.
Then, about four or five years ago, the mental part of yoga clicked for me. I even became an RYT 500 Hour yoga instructor and began to embrace life from a different point of view. I started changing my life and my habits.
I live, think, and even breathe differently today. My core has changed, both mentally and physically. As a result, my life has improved dramatically. This way of thinking, breathing, and living is part of what is helping me get through this chaotic new norm we are living in right now.
Finding balance in life allows me the ability to monitor what I absorb; you can only take in so much at one time.
Any of us can get ourselves all wound up about our circumstances, but I find it critical for me to look at what I can do next. Sometimes, we just have to be in the moment, breathe, and know that everything is going to be ok. When it gets crazy, each one of us has something within ourselves that we were born with to help us through this–our breath.
Slowing down and focusing from one breath to the next one is a natural calming tool.
Balance requires both physical and mental attention. If you’re trying to balance on one foot, it’s almost impossible to be thinking about other things at the same time. You have to have an almost complete focus to maintain your balance. Life is like that.
I see things clearer today than I ever have. That’s not to say that I don’t get stressed, wound up or tight, because I do. However, I can find a way through, with breathing, yoga, and other things to calm myself and see the bigger picture. For instance, I look at what I can do this week to prepare for next week, month, and year that could position myself to be in the right spot to find a prosperous outcome from the current situation.
Many of us have been through these cycles before with stock market crashes and deals blowing up. We can hope things were like they were, or we can accept that things have changed dramatically. If you are waiting for something to go back to “normal,” you’ll be stuck in the past. We have to take a moment to figure out how we can use our current skills, or if we need to develop new ones, to create a new successful strategy. The current environment gives us all the opportunity to take this blank slate and create a new way to be proactive and successful.
While I was fortunate to close two deals in the past few weeks, I’ve also had several deals fall out of a contract. Some owners are pulling properties off the market for now, and I assist them with reevaluating their options. I look at business day-to-day right now because it’s changing so fast. This will turn out ok, but when I feel like it won’t, I slow down my breathing, and I focus my thoughts on what I can do next.
I’ve taken up hiking and enjoy being able to take my yoga practice deeper mentally while being in the outdoors. I can connect to nature when I slow my breath and get outside. Like so many things in my life, I’m going big! I’m training now to climb Mount Kilimanjaro in Africa. Because I will use my breath to get there, I will send pictures from the summit!
While making my wish come true to Climb Kilimanjaro, I decided to combine this effort with helping others. I’ve teamed up with the Make-A-Wish Foundation of North Texas to help them grant wishes for critically ill children. My goal is to raise $1 for every foot I climb, which brings my goal to $19,341. To date, I have raised nearly $6,000 or 30 percent of my goal. #TheHopeClimb (You can donate here.)
While we are all feeling the punch in the gut from the economy right now, charities are being hit especially hard. Make-A-Wish grants thousands of unique wishes each year to critically and terminally ill children. It’s truly amazing what they do for these kids and families, giving children renewed energy and strength, bringing families closer together and uniting communities. For every wish granted, another eligible child is waiting for his or her wish to come true.
Please consider helping me help them? No amount is too small. Collectively, we can all make the world a better place, one breath at a time.
Scot C. Farber is the managing principal for capital markets at Younger Partners. You can see the article here.
By Candace Carlisle
March 27, 2020 | 03:44 P.M.
A Texas-based real estate investment and services firm has made its latest buy in North Texas and plans to renovate the office building.
Dallas-based Sunwest Real Estate Group bought the building from iStar, a New York City-based real estate investment trust, according to CoStar data. The three-story, 185,148-square-foot office building is at 2901 Kinwest Parkway in Irving, Texas.
Terms of the deal were not disclosed, but the Dallas Central Appraisal District last valued the property at $13.6 million.
“We’ve been working on [the deal] since November in starts and stops,” Marc Grossfeld, managing principal at Sunwest Real Estate Group, said in an interview. “For all intents and purposes, we are buying a vacant building. We think repositioning a vacant building in this submarket will have long-term potential.”
The Irving office building has been the home of operations for AllianceRx Walgreens Prime, a home delivery pharmacy collaboration between Walgreens and Prime Therapeutics. But the company is in the midst of moving out of the office building into about 90,000 square feet of space in Dallas as part of a larger real estate strategy for the home delivery pharmacy.
In looking at the building, Sunwest Real Estate Group knew the pharmacy would no longer be leasing space, but given the firm’s knack for renovating and leasing up value-add office buildings, Grossfeld said he wasn’t concerned and still isn’t concerned going forward. That being said, a lot has changed since the firm began looking at the building with the coronavirus pandemic bringing a new level of uncertainty into the investment market.
“I am nervous with the current environment and leasing has slowed down, but this is the building for us and we are going to renovate the building and market it as a low-cost back office call center,” he added. “It’s a very attractive value proposition for call center users in today’s environment.”
Some office tenants, such as dentists, unable to work for what could be months, he said, have begun asking for special lease considerations in existing office buildings Sunwest Real Estate Group manages. So far, he said, the team has been able to handle those requests.
“There is no standard operating procedure,” Grossfeld said. “These are unprecedented times and we are looking at this on a case-by-case basis. Right now, we are evaluating April, but haven’t evaluated anything beyond that.
“A few of our dentist tenants can’t practice right now and whether that’s six months or 45 days, it’s hard for us to make a decision like that today,” he added.
In future deal making, Grossfeld said he believes the market will create some buying opportunities, but those buyers will have to carefully underwrite rent growth and manage for potentially extending lease up time. For sellers, they may need to set more realistic expectations, he said, and not expect pricing from months ago to return anytime soon.
“Something we still have going for us is the really low interest rates,” he added. “We are still going to be buying.”
For the Record
Sunwest Real Estate Group represented itself in the deal. Scot Farber and Tom Strohbehn of Younger Partners represented the seller.
It has been almost a month since FightNight XXXI and ICYMI, more than $1.4 million was raised for the TREC Foundation and its good works. Kudos to Younger Partners Co-Founder Moody Younger for his efforts as the FightNight Chairman for the event’s 25th anniversary. Here is a look at some of the FightNight photos featuring Younger Partners.
Photos courtesy of TREC.
Dallas-based commercial real estate firm Younger Partners welcomed CRE veterans Scot Farber and Tom Strohbehn to lead a new capital markets team. They will serve as managing principals effectively immediately.
The duo comes to Younger Partners from Cushman & Wakefield of Texas Inc. where Farber served as Executive Managing Director and Strohbehn was Senior Financial Manager within Cushman & Wakefield’s Capital Markets Group.
“Scot and Tom bring with them years of experience, extensive market knowledge, and long-term industry relationships,” says Younger Partners Co-Founder Moody Younger.
“They are highly respected within the commercial real estate world and we are thrilled to have them join our team. Moody and I worked with them at Grubb & Ellis and know the dedication and integrity they bring to their clients,” says Younger Partners Co-Founder Kathy Permenter.
“We have a long history with Moody and Kathy and some of the other team members at Younger Partners. Younger Partners’ platform and reputation complements our area of focus and creates outstanding opportunities to leverage their strengths and our own in the market,” Farber says.
Strohbehn and Farber focus on the disposition of office and flex assets within DFW and other Texas markets, as well as Oklahoma, Arkansas, Louisiana and New Mexico.
“Our goal is – and always has been – to provide institutional quality service to our clients regardless of transaction size. As a result, we have completed nearly 250 assignments across the Southwest,” Strohbehn says.
At Cushman & Wakefield, Farber was in charge of the disposition of investment sales properties for financial institutions, banks, special servicers, pension funds, REITs, corporate users and private investors. Throughout his career, Farber has completed investment sales assignments with a market value of approximately $5 billion.
Tom has analyzed, underwritten, and valued more than $3 billion worth of commercial property. He has completed more than 22.2 million square feet of commercial transactions, with a market value in excess of $1.5 billion.