May 24, 2013
Houston Housing Market Breaks Records
HOUSTON (Houston Business Journal) – The local housing market had a record-breaking April, according to the Houston Association of Realtors.
The median price for single-family homes increased 14.5 percent year-over-year to $184,900, an all-time high for the city. The average price for single-family homes also reached an all-time high of $253,907, 14 percent higher than April 2012.
Single-family sales spiked 27.2 percent year-over-year, the largest one-month sales volume since just before the recession. All price categories increased in sales except for homes priced under $80,000, which decreased 16.5 percent from last year.
Active listings were down 23.6 percent from April 2012.
Austin Skyline Goes Mile High
AUSTIN (Austin American-Statesman) – The city’s ever-evolving skyline will get another shot upward as the Frost Bank Tower developer starts on a 29-story tower.
Cousins Properties Inc. is set to break ground next week on Colorado Tower, a 371,000-sf office building at Third and Colorado Streets in downtown Austin.
Scheduled for completion in November 2014, the tower will include a fitness facility and conference center.
Ohio Firm Sells Two Dallas Complexes
DALLAS (Dallas Business Journal) – An Ohio-based real estate investment firm has sold two local apartment properties this month.
The Connor Group sold the 228-unit Park Gates at City Place, a 1988-built complex at 4211 Cabell Dr. in east Dallas.
Earlier this month the firm sold The Reserve at the Galleria, a 301-unit community at 13907 Montfort Dr. The property was completed in 1998.
The buyer for each of the properties was not disclosed.
Houston Developer Starts Senior Living Center
HOUSTON (Houston Business Journal) – A local developer has begun work on its latest senior living project.
Belmont Village Senior Living broke ground on its newest Houston location at 7667 Woodway Dr. The 113,000-sf assisted-living and memory-care complex will have 158 units when completed in July 2014.
Locally based Harvey Builders is the contractor for the project.
Air and Space Museum Soaring to Bigger Space
AMARILLO (Amarillo Globe-News) – The Texas Air and Space Museum looks to relocate and expand after acquiring about 20 acres.
The anonymously donated property, located at 280 Airport Blvd., features eight warehouses that could potentially hold 250 aircraft, significantly increasing the museum's ability to display and store aircraft.
Relocation from its current location on 1.5 acres at 1001 American Dr. is expected to cost about $430,000, with warehouse renovation costing between $450,000 and $1 million per building.
The board plans to support the museum with aviation events, grants and donations.
2100 Ross Getting Major Makeover
DALLAS (Dallas Business Journal) – A 33-story skyscraper purchased last year at auction is due for a major overhaul.
The 844,000-sf office tower acquired at 2100 Ross Ave. last August by Cousins Properties Inc. is preparing for a major renovation. The building’s exterior will get a large contemporary sculpture to better connect it with the surrounding Dallas Arts District.
Other planned upgrades include a fitness center, updated conference center and common areas, renovations to the restaurant, and upgrades to security and wireless networking.
The project is expected to wrap up by first quarter 2014.
Houston Building Permits: Retail Leads the Way
HOUSTON (Houston Business Journal) – Retail is a major player in local commercial building permits.
Retail stores accounted for one-third of the year-over-year growth in Houston’s commercial building permits in April.
The total value of retail building permits was $21.2 million for April, four times more than a year ago. Houston has issued $5.3 billion worth of building permits for the 12 months ending in April, a 29.4 percent increase over the previous 12 months.
The overall multitenant retail occupancy rate is approaching 90 percent, the highest in Houston in 20 years.
Velocis Nabs McKinney Place
DALLAS (Dallas Morning News) – An affiliate of KBS Realty Advisors has just sold an eight-story office building in one of the city’s hottest submarkets.
Locally based Velocis Fund snapped up the 150,000-sf McKinney Place office building at 3131 McKinney Ave. in Uptown Dallas. The property was completed in 1985.
Timberlodge, St. Francis Sold
DALLAS (REBusiness Online) – Two area apartment complexes have found new ownership.
ARA arranged the sale of the 216-unit Timberlodge Apartments from San Francisco-based The Reliant Group to Salt Lake City-based Bridge Investment Group Partners. The multifamily community was built in 1981 and is 92 percent occupied.
Hendricks-Berkadia arranged the sale of the 200-unit St. Francis, located at 8943 Senate St., from Dallas-based St. Francis Investment Partners LP to Dallas-based TACP SFRANCIS LP.
New Texas A&M Arts and Humanities Building Brings Celebration
COLLEGE STATION (Skanska) – The new Texas A&M University Arts and Humanities building celebrated its grand opening.
Built by Skanska, the 120,000-sf building that resides in the historic core of campus, next to the Melbern G. Glasscock building, is the new home of the Departments of English and Performance Studies.
The five-story brick and limestone structure has state-of-the-art classrooms and recording studio; a black box theater; and an outdoor courtyard with outdoor performance capacity.
First Titan Corp. Infiltrates East Texas
BEAUMONT (San Antonio Business Journal) – First Titan Corp. looks to profit on Texas oil.
The Bradenton, Fla.-based firm has acquired a working interest in 1,000 acres in Hardin County near Beaumont to add to its other land in Terrell County in West Texas.
The company said its aggressive acquisition strategy in Texas was in response to reports of the state’s current and potential oil production.
Calif. Investor Buys Whispering Hills
SAN ANTONIO (San Antonio Business Journal) – The area’s multifamily market continues to attract investors, as shown by the sale of Whispering Hills apartments.
Dallas-based Frontline Holdings acquired the 164-unit complex from Commerce Capital, a private investment firm from Santa Barbara, Calif.
The Class-B community at 13658 O’Connor Rd. in San Antonio was built in 1982.
ARA arranged the sale.
City of Amarillo, Coca-Cola Agree to Trade Spaces
AMARILLO (Amarillo Globe-News) – The city will trade spaces with the Amarillo Coca-Cola Bottling Co. in downtown redevelopment efforts.
City commissioners approved the plan to renovate the former Zarges building in CenterPoint Business Park and trade it for the three-and-a-half blocks occupied by Coca-Cola in the area around Southeast Seventh Ave. and South Lincoln St.
The plan for Coca-Cola’s land — appraised at approximately $2.4 million with buildings — is to build a $30.3 million ballpark and entertainment venue.