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Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Your Trusted Katy / Fulshear & Houston Commercial Real Estate Brokerage

Viking Enterprise LLC is part of eXp Commercial, an agent-led, cloud-based commercial real estate brokerage with agents across the globe.

Looking to invest, buy, sell or lease? We can help.

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Looking to invest, buy, sell or lease? We can help.

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eXp Commercial - Viking Enterprise Team's real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the Katy- Houston area. Our knowledge, experience, and reputation sets us apart from many firms.

A commercial property owner might have various plans that would necessitate the services of a commercial real estate broker. Some of the common scenarios include:

1. Selling the Property: If the owner decides it’s time to sell the property, a commercial real estate broker can help determine the market value, market the property effectively, and negotiate with potential buyers to get the best possible price.

2. Leasing Space: For property owners looking to lease out part or all of their commercial space, a broker can help find suitable tenants, negotiate lease terms, and ensure the lease agreements meet all legal requirements and serve the owner’s best interests.

3. Acquiring More Properties: Owners looking to expand their portfolio would benefit from a broker's knowledge of the market, access to listings, and negotiation skills to secure additional properties at favorable terms.

4. Property Management: While not all brokers offer this service, some commercial real estate brokers or their affiliates offer property management services. This can be particularly appealing for owners who prefer a hands-off approach or are managing properties from a distance.

5. Market Analysis: Owners considering future developments, renovations, or rebranding of their property might engage a broker for a comprehensive market analysis. This helps in understanding current market trends, the demand for different types of spaces, and potential returns on investment for various strategies.

6. Refinancing: In situations where a property owner is looking to refinance their property, a commercial real estate broker can provide valuable insights into the property’s current market value, assist in gathering necessary documentation, and even help in finding the best financing options.

7. Partnership or Investment Opportunities: Owners interested in exploring partnerships, joint ventures, or seeking investors for expansion or development projects might use a broker to find and vet potential partners or investors.

8. Consulting on Zoning and Use Changes: When contemplating a change in the use of the property or dealing with zoning issues, a broker with experience in local regulations and the specific property type can provide guidance and strategic planning assistance.

9. Exit Strategy Planning: For owners looking to plan an exit strategy from their investment, whether it’s through a strategic sale or a gradual winding down of operations, brokers can provide market insights, timing advice, and valuation services to optimize the exit process.

In any of these scenarios, the expertise and services provided by a commercial real estate broker can save the property owner time and money, while also providing access to a wider network of potential buyers, tenants, and industry professionals. Give us a call today!

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Conn’s Closes: Texas Retail Shake-Up 🏬💥

Commercial Real Estate

August 23, 2024•3 min read

Conn’s Closes: Texas Retail Shake-Up 🏬💥

Texas Retail Faces Conn’s Shutdown 🛒🚪

If you’ve been keeping an eye on the retail scene in Texas, you might have heard about the recent buzz surrounding Conn’s HomePlus stores. The well-known retailer, headquartered in The Woodlands, has decided to close all 174 of its stores, along with around 380 Badcock Home Furniture stores, following a bankruptcy filing in July. This move leaves behind a significant footprint—nearly 4 million square feet of industrial space across the state. 😲

But what does this mean for Texas? 🇨🇱

First off, it’s important to note that Conn’s isn’t just saying goodbye to its retail outlets. The company has also announced layoffs, impacting 267 workers across locations in The Woodlands, San Antonio, Beaumont, and Grand Prairie. This includes both call centers and industrial facilities, signaling a broader impact beyond just empty storefronts. 💼

What makes this situation unique is that, unlike other nationwide closures—like those of Red Lobster and Buca di Beppo—Texas will feel the sting a bit more with Conn’s. Typically, underperforming locations are scattered across regions where population growth and demographics don’t favor retail success. However, this time, Texas, with its generally strong market, is taking a bigger hit. 📉

Conn’s currently operates 83 locations across Texas, including a significant presence in industrial and office spaces. For instance, their largest property, located at 1401 Rankin Road in Houston, houses a clearance center, distribution center, and corporate office, all within a 657,000-square-foot space. Another prime spot is a 443,000-square-foot Class-A industrial facility in Grand Prairie, which is less than two years old. 🏢

The closure of these locations might seem like a gloomy forecast, but it’s not all bad news. Texas has enjoyed a robust industrial demand, outpacing the rest of the country. Even in the retail sector, vacancy rates are low—just 2.6% nationally in the first quarter, with Texas being a strong player in that mix. Retail construction has slowed down, and where it’s happening, about 75% of the space is preleased. This means there’s still demand, and Conn’s departure could open doors for new tenants, possibly even leading to higher rents in some areas. 📊💸

However, there’s a catch. Conn’s stores range from about 5,000 to 77,000 square feet, which is larger than what most retail users are looking for. While these spaces could be divided for multiple tenants, the sudden exit of a large anchor store like Conn’s could have a ripple effect, potentially causing smaller tenants to follow suit. ⚠️

So, is this a red flag for Texas retail? Not quite. It’s more of a yellow flag, a reminder to stay vigilant as we navigate these changes. The fundamentals of the market are still strong, especially in Texas and the broader Sun Belt region. But with so many closures happening across the country, it’s worth keeping an eye on how this shakes out. 🔍

In the end, Conn’s closure is a significant event, but it’s not a death knell for Texas retail or industrial markets. Instead, it’s an opportunity for landlords and new tenants to step in and reshape these spaces for the future. 🌟

#TexasRealEstate #RetailClosures #ConnsBankruptcy #IndustrialSpace #CommercialRealEstate #TexasEconomy #RetailMarketUpdate #HoustonRealEstate #DallasRealEstate #SanAntonioRealEstate #RetailSpaceForLease #RealEstateInvesting #SunBeltGrowth

I’m an experienced Commercial Real Estate Broker, please feel free to reach me at 281-222-0433.

https://www.houstonrealestatebrokerage.com/

https://www.commercialexchange.com/agent/653bf5593e3a3e1dcec275a6

http://expressoffers.com/[email protected]

https://www.tenantbase.com/advisors/bill-rapp/

https://buildout.com/plugins/3e7ef61d54725c99fd76ca1f4ae24a348c56a0d4/brokers/[email protected]

www.linkedin.com/comm/mynetwork/discovery-see-all?usecase=PEOPLE_FOLLOWS&followMember=mortgageviking

https://www.fastexpert.com/agents/bill-rapp-95118/

https://www.homelight.com/agents/bill-rapp-tx-595622?preview=t

https://www.houstonrealestatebrokerage.com/houston-cre-navigator

https://www.smartbizloans.com/assist/partner/vikingenterprisellc/expcommercial

Conn’s ClosuresTexas RetailIndustrial closuresConn’s HomePlusBadcock Home Furniture Houston Real EstateRetail MarketRetail ConstructionVacancy RatesCommercial Real EstateWorker Adjustment and Retraining Notification Act (WARN)

Bill Rapp, CRE Broker

I am a Houston commercial broker, with residential experience, as well as a lending background. I have been in the real estate industry for 14 years and counting, and I have worked in many roles within the industry and each has given me a unique perspective of the industry as a whole. My dedication to clients is rooted in this industry knowledge, but also includes my desire to go the extra mile in networking to source off market opportunities for my clients. Me and my team at eXp Commercial have a cutting-edge technology package that gets the widest exposure for each transaction. eXp Commercial offers a nationwide network through which we can deliver the best exposure and professional advice to achieve our clients’ goals while also minimizing their risk. Clients appreciate my methodical method of discovery in our initial consultation. Through which we can get to know each other and their specific’s business’s needs and objectives on a granular level. Our processes help navigate each transaction and its potential pitfalls through to a successful outcome for our clients. It is my stated goal to provide our clients with extensive market analysis and expertise that fosters innovative solutions and rewarding commercial real estate opportunities.

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eXp Commercial - Viking Enterprise team real estate network provides unparalleled commercial real estate services to Tenants and Landlords around the greater Katy & Houston MSA area. Our knowledge, experience, and reputation sets us apart from many firms.