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​​​DALLAS – Asana Partners has purchased 421,617 sf of retail and office properties in Victory Park. The seller was Estein USA.

Victory Park is at the intersection of downtown and uptown Dallas and has direct connectivity to I-35 and the Woodall Rogers Fwy.

Tenants include Cinépolis Luxury Cinemas, HERO by HG Supply, Imoto, Billy Can Can, Mesero, V.O.D., Jinya Ramen Bar,​ and Orangetheory Fitness.

HFF represented the seller.

​​​SAN ANTONIO – Knight Aerospace is moving into an 80,000-sf facility within Port San Antonio.

The company has outgrown its current facility at 1119 S. Acme Rd. due to an increase in demand for its products.

By late 2020, Knight Aerospace plans to double its current workforce as it will employ 100 people this year. 

​​​​AUSTIN – A partnership between PointOne Holdings and NRP Group will develop The Knoll at South Congress, a 308-unit multifamily community.

Units at the 13.3-acre, Class A property will feature stone countertops, designer cabinetry, stainless steel appliances, and hardwood-style flooring. 

Amenities will include a pool, fitness center, resident clubhouse, business center, dog park, spa, sky lounge, and package concierge service. 

Construction will begin in the next month.

​​​​HOUSTON – Urban Genesis has purchased an acre for Waterworks Highline, a multifamily development in the Heights near the corner of W. ​20th and Lawrence Streets. 

The four-story building will house 80 to 100 units averaging 650 to 700 sf. The average monthly rent will be $1,300.​

Work will start by the end of the year.

​​​​DALLAS – Fort Capital has purchased the five-property Valwood Portfolio.

The 157,000-sf portfolio includes the properties throughout the north and northwest parts of the city. 

​​​AUSTIN – Texas' seasonally adjusted unemployment rate fell to 3.7 percent in April, returning to an all-time low last held in December 2018, reports the Texas Workforce Commission (TWC).

Last month marked the 108th consecutive month of annual nonfarm employment growth as 28,900 seasonally adjusted positions were created.

"Our state’s ongoing success is linked to the innovation and competitiveness of employers in a range of industries providing Texans more opportunities to demonstrate their world-class skills," said TWC Chair and Commissioner Representing Employers Ruth R. Hughs.

The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 1.7 percent. McAllen-Edinburg-Mission had the highest at 5 percent.

The mining and logging industry saw the most seasonally adjusted growth in employment from April 2018 to April 2019, growing 6.8 percent. The information industry was the only sector to see a drop in employment, falling 0.7 percent.

The Real Estate Center has more employment data going back to 1976 on its website.​

​​​​HOUSTON – The north industrial submarket has posted positive net absorption in all but two quarters during the past five years, and vacancies have remained steady, averaging 7.6 percent during the period.

Inventory expansion since the oil downturn in 2014 has added 217 industrial properties totaling an additional 13.3 million sf, representing a 15.1 percent growth. Development is still increasing with 5.4 million sf underway.

The largest projects under construction include:

• Coca-Cola Southwest Beverages' $250 million, one million-sf facility;
  

• Grocers Supply's 727,600-sf distribution center;  
  

• Conn's HomePlus' 657,000-sf warehouse;
  

• Cypress Preserve Logistics Center’s 560,000-sf distribution center; and 
  

• the 525,000-sf Kennedy Greens Distribution Center I. ​
  

​​​​CYPRESS – Gray Spear Development has broken ground on a 124,500-sf office-warehouse project at 19005 FM 529.

The $12 million business park is on 12.2 acres and will have 526 ft of frontage along the feeder road to SH 290.

​​​​SAN ANTONIO – At the end of first quarter 2019, the vacancy rate for Class A and Class B office/medical properties rose 90 basis points quarter over quarter to 16.8 percent.

Net absorption slowed to -94,000 sf, with Class A space representing -46,000 sf and Class B space totaling -47,000 sf.

Worth & Associates and TSAOG have broken ground on​ two local office and medical properties. RidgeWood Plaza II, a 123,000-sf, four-story Class A office building, and the 97,000-sf, three-story Ridgewood Orthopedic Center will open by summer 2020.

Moreover, Harrison Street Real Estate Capital LLC has bought the Children’s Hospital of San Antonio Health Pavilion​ at 1434 E. Sonterra Blvd. The brand-new 57,250-sf medical office building was 100 percent leased at the time of sale by Seavest Healthcare Properties LLC.

​​​FORT WORTH – Stanley Black & Decker will expand its U.S. footprint​ with a 425,000-sf advanced manufacturing and resource management facility. 

The plant will manufacture Craftsman mechanics​ tools, a brand the company purchased in 2017. It will create 500 full-time jobs.

​The groundbreaking will be this fall, and completion​​ is set for late 2020.

​​​​DENTON – Local property owners older than 65 or with a disability will receive a property tax limitation starting in 2020. 

The ceiling applies to a resident's homestead, not a second or rental home.

​According to the county auditor's office, 5 percent of the tax base will be eligible for the ceiling. As a result, $250,000 in tax revenue is expected to be lost in 2020.

The limitation took effect Tuesday, but the ceiling will not be finalized until next year. 

​​​​​​​ABILENE – Clearway Energy Group and Hill County Wind Power have started construction on the Mesquite Star wind farm in Fischer and Nolan Counties. 

The 419-megawatt​ ​​​project will have 118 wind turbines supplied by Siemens Game​sa Renewable Energy.

Mizuho Bank of Japan led the group of banks including KeyBank, MUFG, and Santander, that will provide construction financing. Berkshire Hathaway Energy is providing a tax equity commitment.

Commercial operations will start in early 2020. 

​​HOUSTON – The northeast industrial submarket broke records in first quarter 2019, delivering 438,000 sf, with an additional 835,200 sf—the second-largest amount during a quarter—under construction. 

According to NAI Partners, the market contains 37 million sf of inventory. Vacancies have been gradually rising due in part to new inventory delivering with vacant space. 

The l​argest projects under construction include:

• the ​685,400-sf Air 59 Logistics Center​; 
  

• the 150,000-sf warehouse at 8701 Miller Rd. 2 and SH 90; and 
  

• the 124,800-sf Lockwood Business Park Building 2.

IKEA purchased just over 144 acres in Generation Park ​for between 1.2-1.5 million sf of distribution space.

​​PLANO – Work starts in July on the $1 billion Collin Creek redevelopment project.

It will be the first project of this scale to convert a 20th century shopping mall into a modern mixed-use project.

Centurion American Development Group's project will include new apartments, hotel rooms, restaurants, office buildings, entertainment, and a water feature in the middle.​

​​PFLUGERVILLE – Gray Point Homes has started construction on Cardinal Crossing, a 187-unit townhome community.

The community is less than two miles from both I-35 and SH 130 with access to Downtown Austin and Round Rock. 

Floor plans will range from 1,700 to 2,100 sf. Preselling begins in the next few weeks. 

​Cardinal Crossing is the homebuilder's first entry into the townhome market.

​​​​​​CYPRESS – The Howard Hughes Corp.'s new multifamily community, Lakeside Row The Residences, will start leasing in July.

The 312-unit community will offer apartments and townhomes as the first multifamily development within Bridgeland. 

For-rent townhomes will come with a one- or two-car garage, fenced yards, and gas fireplaces. 

Apartments will have one-, two-, and three-bedroom floor plans. Other amenities will include a resort-style pool, dog park, fitness center, and yoga/spin studio.

​​​HOUSTON – Exeter Property Group has acquired Century Oaks Business Park, a 245,860-sf industrial development.

The six buildings are on 19 acres at 10621 to 10641 S. Sam Houston Pkwy. 

Boyd Commercial LLC/CORFAC International represented the seller, Bearden Investments.

​​​​​​TYLER – Garrett & Associates has completed the renovation of Martin Hall, a 30,000-sf historic landmark building on the campus of Texas College at 2404 N.​ Grand Ave. 

The building, which suffered structural damage from a 2015 storm, serves as the school’s designated administration space. 

Merriman Anderson was the project architect.

​​​​​FORT WORTH – A partnership between Ridgeline Capital Partners and Harrison Street has acquired Fort Behavioral Health, a 124,990-sf healthcare property at 7140 Oakmont Blvd. 

The 125-bed, Class A facility was renovated in 2018 and offers addiction treatment programs and residential programs for adolescents with autism spectrum disorder. 

​​​​​​​​HOUSTON – The Northwest industrial submarket has posted positive net absorption in all but three quarters during the past five years, and first quarter 2019 was one of them.

The previous quarter had posted a robust 1.7 million sf of absorption. Vacancies have been gradually rising, although only averaging 5.4 percent since 2014. 

Last quarter, over 1.3 million sf of industrial space delivered with another two million under construction. The average asking rents are $0.59 per sf. Inventory surpassed 166.8 million sf. 

Additionally, Home Depot recently signed a 20-year, 770,640-sf lease for a distribution center in the 106-acre Grand National Business Park. The site will be built in two phases, with phase one delivering in April 2020. 

The immense infrastructure improvement to SH 290 warrants the long-term continual growth of the submarket and serves as an incentive for expanding development along the corridor.