David Luther and Kelley Workman, one of Greater Houston's premier brokerage teams, have joined NewQuest Properties to launch a dedicated investment sales division for a full-service firm focused on expanding its brand.
"NewQuest prides itself on attracting and retaining the best talent in our industry," says Katherine Hatcher, COO of the Houston-based brokerage firm. "With such a highly respected and accomplished pair in David and Kelley joining our team of high-caliber brokers, we're continuing to redefine and expand our service lines on a national platform."
Luther has been named executive vice president and head of NewQuest's investment sales group. Workman is starting as vice president. Also joining the firm is Morgan Hansen, who has worked with the top-ranked team for the past year. The new senior associate was named rookie of the year in 2018.
Luther has spent more than 20 years at Marcus & Millichap Real Estate Investment Services, managing offices throughout Texas and closing $750 million-plus of commercial sales in retail, medical, office and industrial assets during his career. He served as the firm's senior vice president of investments.
"There comes a time when you've seen it, done it and feel it's time for a new adventure. Yet, it was a difficult decision to make," Luther says. "I needed to be confident there would be a superior back-end support system in place to grow my team's sales platform and service line in diverse product types, not just retail. NewQuest is making the investments that we'll need to build and grow this team."
The investment sales division is NewQuest's second major expansion in the past month. The firm also has added a healthcare and wellness group.
"The real estate environment is constantly evolving. We, at NewQuest, believe these two expansions will be the catalyst for showing the industry the depth of our capabilities," Hatcher says. "We are investing in our future as a full-service firm and ensuring our success for years to come."
Workman is an eight-generation Texan and native Houstonian with 28 years' experience in real estate. She was a senior associate at Marcus & Millichap, starting in 2014 with the late Jerry Goldstein as her mentor and moving to Luther's team last year. During her tenure at Marcus, she has closed more than $200 million in single- and multi-tenant retail, medical and office assets.
"Becoming part of the NewQuest team provides a truly comprehensive platform under one roof, which I didn't have access to at Marcus & Millichap," Workman says. "I'm ready for this new opportunity and expanded ability to be an adviser to my clients from development to leasing and management, acquisitions and disposition in all asset classes."
NewQuest Properties' major talent acquisition diversifies the firm's service offerings in both the development and investment sales space, including underwriting, a skill Luther possesses along with deep capital markets' knowledge. "I'm looking forward to growing the capital markets' service line into different asset classes with best-in-class support for the entire brokerage team and their clients," Luther says.
The privately owned NewQuest has 39 brokers, owns a $2.08 billion portfolio with 60-plus properties in Texas and Louisiana and provides leasing services for more than 12 million square feet of commercial space, much of which it has developed or redeveloped. In addition to development, NewQuest specializes in landlord and tenant representation, land brokerage and property management.
"In the spirit of partnership with NewQuest, this new division will be highly integrated within the firm's other service lines and will leverage the company's expertise in development, land and leasing," Luther says. "NewQuest has a desire to diversify into different product types and will be providing us with invaluable tools to better advise our clients with ways to enhance their return on equity and maximize their commercial real estate values."
Luther and Workman are members of the International Council of Shopping Centers. He also is a member of the National Association of Office Industrial Properties. Workman is active in CREW Houston and a future CCIM candidate.
Luther is considered one of the region's leading commercial real estate experts. He has been quoted in more than 110 articles and press releases and is a highly sought-after industry panelist. He holds degrees in real estate finance and mathematics from Southern Methodist University in Dallas.
SOUTH TEXAS SALES
2018 Splendora Trust has purchased 199.4 acres along FM 2090 in Splendora, northeast of the Woodlands, from JM Texas Land Fund No. 5 LP. Jeff Lokey and Dave Ramsey of NewQuest Properties represented the buyer. Michael Ross of Rockspring Capital negotiated on behalf of the seller. James Kadlick, Matt Herring and Chris Hutcheson of McAlister Real Estate represented the seller.
Crossbell Ventures Real Property LLC has purchased a 0.14-cre tract (1,619 sf) at 2601 Baylor St., Houston, from Jared Meadors. Ori Batagower of NewQuest Properties represented the buyer. Bob Beszborn of Porchlight Realtors represented the seller.
SOUTH TEXAS LEASE
PANEM Bakery & Bistro has leased 3,550 sf of retail space in Tanglewood Shopping Center, located at the intersection of San Felipe Street and Post Oak Lane, Houston, from RPI Management. Josh Friedlander of NewQuest Properties represented the landlord. David Littwitz and Adriana Shaw of Littwitz Investments Inc. represented the tenant.
NORTH TEXAS LEASE
Mangoleaf Dental has leased 2,120 sf of retail space in Lantana Town Center, located at the intersection of FM 407 and Jeter Road, Bartonville, from NewQuest Properties. Josh Friedlander and Ronnie Miranda of NewQuest Properties represented the landlord. Brandon Fauley and Geoff Waddell of Xite Realty represented the tenant.
CENTRAL TEXAS LEASE
Nothing Bundt Cakes has leased 2,000 sf of retail space in Creekside Town Center, located at the intersection of FM 306 and Interstate 35, New Braunfels, from NewQuest Properties. Ashley Strickland and Nick Ramsey of NewQuest Properties represented the landlord. Mark Stanislawski and Greg Stanislawski of the Retail Strategy Real Estate Group represented the tenant.
