Commercial Real Estate

Barnett & Hill listed a parcel of land on Catclaw Ln.  Recent developments in the southwest part of Abilene had brought new commercial activity to adjacent parcels, but the owner desired to sell this 3.65 acre tract in one transaction.

The parcel was sold to an individual with plans for commercial development.  Working with Barnett & Hill, the owner begin reducing this tract with the plan to retain only what was needed for his project.  Subsequent to this plan, Barnett & Hill sold a 1 acre parcel and a .65 acre parcel, leaving the investor with his initial target: a 2 tract.

Attracted by another opportunity in tandem with the gains in price per square foot in this growing part of town, the owner chose to sell the remaining 2 acre parcel he had edited for himself.  In the span of 2 years, Barnett & Hill helped this investor double the value of his initial purchase by subdividing the land associated with this single transaction.

Five west Texas Pizza Hut locations were listed by CBRE Houston.  Two of these franchise locations were in Abilene.  The other three were in Coleman, Stamford, and Sweetwater.  CBRE Houston entered into a referral relationship with Barnett & Hill to assist with their ground game in this market.  Our brokerage provided the initial site assessment and determination of value of the five locations and served as local contact for these properties while marketed. Ultimately, four of the properties sold to investors looking for a NNN lease option with Pizza Hut.

In the spring of 2014, Citibank announced it was closing its west Texas locations.  Four of these locations were in Abilene and announced for sale through CBRE.

Barnett & Hill worked to purchase the 14,000 sf River Oaks Shopping Center location at S 14^th and Willis from Citibank.  At purchase, this location had a single tenant who was slated to move in 6 months.  Barnett & Hill found a bank tenant for the existing, vacant bank space and, today, this building is leased with a title company, a commercial real estate brokerage / developer, a law office, an independent oil producer and offers a nine-suite executive office for individuals.

A second, downtown Citibank location was purchased by an individual and Barnett & Hill assisted with the sale of this building to a commercial investor and took over the management of this building.  Today, today this 6,500 sf, single-story structure is fully occupied with five tenants.

A developer contacted Barnett & Hill about a 150 acre tract located in growing northeast Abilene near Hwy 351 and I-20.  The tract featured a man-made lake and the developer saw this as a unique attribute around which he could center a neighborhood with amenities unlike most residential development in Abilene.  This parcel was to be accessed off Griffin Road – a two-lane stretch of poorly maintained blacktop.  During due diligence, the City of Abilene made the determination that the developer would be obligated to repave 1.3 miles of Griffin Rd. – a potential deal-killer.  Barnett & Hill worked with the seller, the developer and City of Abilene staff to negotiate an outcome that satisfied all parties so that the deal could close.

1031 N 6th is a 1500 sf commercial building situated on the north edge of Abilene's central business district next to Abilene's Civic Center.  The owner of this property had done extensive renovations to the the property and stabilized this dilapidated structure with a new roof, HVAC and steel interior supports to keep the integrity of the brick exterior.  This open space was marketed as retail, office or hospitality space. Following sale, this property was used for retail.

Barnett & Hill was contacted by a local investor who needed a new location for his corporate headquarters.  Several options were considered – leasing, new build, purchase of existing property – but ultimately the decision was made to purchase the former Areawide Phonebook facility – a 28,000 sf single story office complex located in west Abilene.  The property met this owner and his partner’s need for their business operations along with satisfying both their interest in acquiring an income-generating investment.

When standing, the Matera Building was sited on an acre lot in Abilene’s central business district. The City of Abilene stabilized and then sold this structure to a developer who planned to repurpose the space with loft apartments.  A fire in 2012 destroyed the entire structure and, once the rubble was cleared, all the remained was the basement foundation.

The City of Abilene determined the basement foundation was unacceptable and began legal proceedings to compel the owner to fill the basement foundation and level the lot.  When Barnett & Hill listed the property, city staff contact the brokerage to explain that any sale would be encumbered by the pending lawsuit.  Barnett & Hill brokered several meetings between Abilene’s city manager and the property owner to find a solution so the property could be sold.  Once a buyer was identified by Barnett & Hill, a deal was struck between the City of Abilene, the buyer and the seller that enabled the sale to close.

1025-31 Oak Street had been home to Media Texas  - Abilene’s leading outdoor sign company for many decades.  The outdoor sign portion of the business was sold to Lamar Outdoor, who continued to lease this office space from the seller.

Lamar Outdoor decided to build a new facility and relocate from the Oak St. location.  In preparation for this vacancy, the owner elected to sell this property.  The property was unique – it consisted of two structures that functioned as one, 13,000 sf facility and was zoned heavy industrial.  4,000 sf was finished office space and the 9,000 sf balance was warehouse used for sign production.  The facility had a large yard with a 12-foot fence and the entire property was just at 1 acre several blocks of Abilene’s central business district.

Barnett & Hill had been working with a local oil producer who needed an attractive office space, but desired a warehouse facility and an outdoor yard. Together, these two interests resulted in a 1031 tax exchange transaction where the oil producer was able to sell his current office, orchestrate renovations, and seamless move to a newly-renovated office at 1025-31 Oak.

The property management component of Barnett & Hill sees residential as commercial - especially when you consider the number of doors owned by our clients.  A client of Barnett & Hill owned a five-house portfolio and decided to sell.  Barnett & Hill identified another Barnett & Hill client who was willing to purchase all five houses, resulting in a straightforward transfer for both parties.

In addition to his work as a real estate broker, John Hill is also an investor.  Hill owns and Barnett & Hill manages 176 residential units across four multifamily properties in Abilene.  John's experience with Abilene multifamily properties extends beyond his ownership and brokerage work.  As a Ph.D. economist and university professor that teaches business analytics, econometrics and urban & regional economics, Hill uses the properties as a starting point to teach his students real-world applications of economics in real estate.