August 21, 2012
Texas Economy Outpaces Nation's
COLLEGE STATION (Real Estate Center) – The Texas economy continues to grow at a rate higher than the national average, according to the Real Estate Center's latest Monthly Review of the Texas Economy.
The state gained 226,800 nonagricultural jobs from July 2011 to July 2012, an annual growth rate of 2.2 percent compared with 1.4 percent for the United States.
The state’s nongovernment sector added 260,400 jobs, an annual growth rate of 3 percent compared with 1.8 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 7.2 percent in July 2012 from 8.1 percent in July 2011. The nation’s rate decreased from 9.1 to 8.3 percent.
All Texas industries except the information industry had more jobs in July 2012 than in July 2011, but the state’s government sector continues to lose jobs. The state’s mining and logging industry ranked first in job creation, followed by the construction industry, the leisure and hospitality industry, and the professional and business services industry.
All Texas metro areas except Killeen-Temple-Fort Hood, Wichita Falls, Beaumont-Port Arthur, Abilene and Brownsville-Harlingen had more jobs in July 2012 than in July 2011. Texarkana ranked first in job creation followed by Odessa, Corpus Christi, Midland and Tyler.
The state’s actual unemployment rate in July 2012 was 7.5 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, San Angelo and Abilene.
The Monthly Review of the Texas Economy was written by Center Research Economist Dr. Ali Anari and Chief Economist Dr. Mark Dotzour. It can be downloaded free from the Center's website.
Austin Home Sales, Prices Up
AUSTIN (Austin Board of Realtors) – July marked the 14th straight month of sales volume increases and sixth month of median price increases in the Austin area, according to the MLS report released yesterday by the Austin Board of Realtors.
The report showed that 2,344 single-family homes were sold in the area last month, 20 percent more than July 2011. During the same period, the median price was $214,000, a 9 percent increase over last year.
The market had 4.3 months of inventory, which is two months less than July last year. In addition, the market had 3 percent more new listings, 18 percent fewer active listings and 16 percent more pending sales compared with the previous year.
On average, homes spent 63 days on the market last month, a decrease of 14 days from a year ago.
Dominium Dominates Four Multifamily Properties
DALLAS (Dallas Business Journal) – Dominium has purchased four multifamily properties in Texas, bringing its Texas portfolio to 2,887 units.
The Minneapolis-based buyer now owns the Village of Kaufman Apartments in Kaufman, Fox Run Apartments in Orange, La Promesa Apartments in Odessa and Patman Switch Apartments in Hughes Springs.
900K-SF Freescale Sells
AUSTIN (NAI REOC Austin) – MFPB Ed Bluestein LLC has purchased the 935,255-sf Freescale facility at 3501 Ed Bluestein Blvd.
The property consists of nine buildings on 109 acres.
According to NAI REOC Austin, which represented seller Freescale Semiconductor, the sale does not affect operations at the adjacent Freescale semiconductor chip manufacturing plant.
Kennedy Wilson represented the buyer in the transaction.
National Health Building Sold
GRAND PRAIRIE (Colliers International) – The six-story, multitenant National Health Building has been sold to Capital Commercial Investments.
Built in 1984, the 98,928-sf office building is on 3.25 acres at 1901 N. SH 360. Tenants include the National Transportation Security Administration, National Health Corporation and FYI Television.
Collier International negotiated the transaction on behalf of seller AIC ventures.
Inland Absolutely, Positively Buys FedEx Center
HOUSTON (Houston Business Journal) – Inland Real Estate Acquisitions Inc. has acquired FedEx Center at Houston’s William P. Hobby Airport for $39.3 million.
The property includes 66 acres and two buildings totaling about 256,800 sf. The buildings house FedEx Freight and FedEx Ground operations.
The leases for both buildings have remaining terms of more than ten years. FedEx Corp. is the guarantor for both.
Magic Comes to Houston Pavilions
HOUSTON (RealtyNewsReport.com) – Canyon-Johnson and Houston-based Midway have acquired the Houston Pavilions mixed-use project at Fannin and Dallas Streets.
The 560,000-sf Class-A property was built in 2008.
The 260,000-sf 11-story office tower is fully leased to NRG Energy. The 300,000-sf retail portion is 60 percent occupied. Among the tenants are the House of Blues, Forever XXI, McCormick & Schmick’s and Lucky Strike.
Canyon-Johnson is an alliance between Canyon Capital and Magic Johnson Enterprises.
Extra Space, More Storage
DALLAS (HFF) – 5B Investments Inc. has sold a two-property self storage portfolio totaling about 163,000 sf to Extra Space Self Storage.
One property is at Preston Rd. and President George Bush Turnpike. The facility was completed in 1998 and contains 540 units, 71 percent of which are climate-controlled.
The second property is in Grand Prairie along SH 360. The facility was completed in 2000 and contains 856 units, 59 percent of which are climate-controlled.
Both properties have been maintained to institutional standards and include a mixture of self storage and RV/surface units.
HFF represented the seller.
News, News and More News
COLLEGE STATION (Real Estate Center) – If you're hungry for more Texas real estate news, check out NewsTalk Texas, our online news database.
Here are just a few of the stories you'll find there this week:
- Kingwood Medical starts $71M project
- Dirt flies for Baylor Bears new $250M stadium
- Palestine debuts new high school
- Canutillo ISD orders $21M combo
- After 50 years, Robstown rings new school bell
NewsTalk Texas is updated each weekday, throughout the day.