David A. Nettles, vice president and corporate broker for RBI's Texas office, says the firm also will work the Dallas, Austin, San Antonio and the Rio Grand Valley markets from its branch office at 5100 Westheimer Rd. in the Galleria submarket. RBI's will handle property management, retail center acquisitions and dispositions and land deals.
"We'd like to focus on land tracts we can sell to developers," Nettles tells GlobeSt.com. "We're really trying to be a land player to take the experience we have in retail development and management and parlay that into development as well."
Nettles says he currently has a staff of eight in various locations throughout the state, but he'd like to have 12 in place within the next several months. As Nettles gets the Texas operations under way, the Scottsdale, AZ-based company already has deals pending in the state, which are anticipated to close during the first quarter. RBI already has holdings in Seabrook, Houston and nearby Pearland.
Nettles, who came to RBI from the Gadsen, AL-based JP King Auction Co. Inc., says there are no specific financial or portfolio size goals set for Texas. However, he adds that "Texas is a very strong state, an active state and we want to be a player here." With the new office, RBI has 10 offices in six states, including Arizona and New Mexico.
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