Sought-After Investor Market Results in New Concepts
The price of oil is stabilizing, which is favorable for all sectors, but especially the office sector as businesses gain confidence and start to expand again; properties with no Harvey damage are most desirable.
HOUSTON—At a time when retail leasing remains steady and office is gaining traction, the Richland Companies is adding reinforcements in the form of a familiar face to its leasing team. Angie Steadman has rejoined Richland’s Houston office as director of leasing and tenant representation. She was previously at Veritas Title Partners, where she was director of marketing.
“Angie’s expertise in commercial real estate, lending and financing will help us in achieving not only our current goals for 2018, but will assist us in exceeding those goals for many years to come,” says Richland president and CEO, Edna Meyer-Nelson.
In her new role, Steadman will lead the leasing and tenant representation teams in marketing and leasing Richland’s 35-property portfolio and strategic third-party properties in Houston, Laredo and Corpus Christi as well as representing clients in identifying locations and negotiating commercial leases in multiple US markets.
Richland’s leasing goal is to match tenants with the right properties to create a lasting partnership for mutual growth. Richland’s commitment to tenant success has allowed it to sustain a 90% overall occupancy.
During her previous stint at Richland, Steadman managed all aspects of lending and financing for the Richland portfolio as well as numerous other commercial purchasers and sellers. Her specialty was the origination and production of mortgage debt and structured finance transactions for commercial real estate. She was actively involved in securing and structuring debt equity transactions in commercial real estate throughout the United States.
In her 14-year banking and finance career, Steadman has successfully completed transactions ranging from $1 million to $50 million. While at Veritas, she received the CREW Houston 2015 networking story of the year award along with Meyer-Nelson for the acquisition of Richland’s corporate headquarters, 550 Post Oak. Prior to joining Richland Commercial Mortgage, Steadman’s career included positions at GMAC Commercial Mortgage, NorthMarq Capital, Situs Companies, Chase Bank and several other regional banks across Texas.
“It’s an interesting time in commercial real estate in all of the sectors Richland has interests in, so that adds an additional layer of appeal in this new role. There are some key trends we are seeing such as retail leasing remains steady and office is gaining. In fact, in the South Houston submarket, office leasing is doing much better than the Galleria area, however, we are starting to generate interest in the Galleria and Uptown market again,” Steadman tells GlobeSt.com.
Additionally, Houston is still a sought-after market for investors, which helps to bring in new concepts and opportunities. Moreover, the Galleria/Uptown office market has been oversaturated with new office construction in the last few years, but it is still a highly desirable area due to its central and prestigious location. The price of oil is stabilizing, which is favorable for all sectors, but especially the office sector as businesses are gaining confidence and starting to expand again, GlobeSt.com learns.
“Richland’s properties in this area are generating interest due to location, not sustaining damage during Harvey and our ability to adjust to the marketplace with flexible leasing terms as a result of owning and managing all of our properties,” Steadman tells GlobeSt.com.
In South Houston, there is an uptick in office leasing activity partially due to the fact that Richland’s office properties are located on Interstate 45 and there is a lot of momentum in that submarket with more retail centers and restaurants developed around the area.
Richland’s retail centers are focused on being destination centers, offering people who work and live in the area the necessities for daily life, Steadman tells GlobeSt.com.
“As we continue to see population and job growth in Houston, the suburbs and submarkets will continue to grow as well,” she explains. “Our ability and willingness to create flexible spaces for the changing retail landscape has also helped Richland keep retail leasing stable and balanced.”