Texas/Okla. Cap Rates Forecast: stable with chance of compressionTexas/Okla. Cap Rates Forecast: stable with chance of compressionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107892015-10-12T05:00:00Z

How did the Texas and Oklahoma markets stack up in CBRE’s recent North America Cap Rate Survey? CBRE Research highlights the region’s results just in time for last week’s annual release of PwC’s Emerging Trends in Real Estate, which placed DFW and Austin at the top of investors' interest. ​


See CBRE's link for the First Half 2015 ​cap rates forecast for office, industrial, retail and multifamily and Class A Forecast Trends.

Read more at {Source}
Upscale Austin apartments 'Bridge' to affordableUpscale Austin apartments 'Bridge' to affordablehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=106942015-10-12T05:00:00Z

​​​AUSTIN - The Community Development Trust is partnering with the Austin Affordable Housing Corp. — a nonprofit subsidiary of the Housing Authority of the City of Austin — in the acquisition and operation of two fairly new apartment complexes in North Austin, The Bridge at Center Ridge and The Bridge at Tech Ridge.

A combined purchase price of $67 million was confirmed by a CDT spokesman.

Half of the 642 units will be converted into long-term affordable housing. The north central location is in an area of rapid population and job growth, where there are few affordable housing options, a news release stated.

Here are some specifics about each complex:

  • ​The Bridge at Center Ridge at 701 Center Ridge Dr. encompasses 348 units. 

    It sold for $36 million or $103,448 per unit. 
    The Travis Central Appraisal District most recently appraised the complex at $32,290,400.

  • The Bridge at Tech Ridge at 12800 Center Lake Dr. encompasses 294 units.

    It sold for $31 million or $105,442 per unit. 
    The Travis Central Appraisal District most recently appraised the complex at $27,434,000.
Austin Business Journal
Austin-Round Rock

​​See Austin Multifamily Market Research. It's free.

Read more at the {Source}
PMRG: Houston office market 3Q 2015PMRG: Houston office market 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=107612015-10-12T05:00:00Z

​​​​​HOUSTON - Houston’s office leasing market has held up and managed to post 1,019,195 sf of positive direct net absorption during third quarter 2015 — ​​bringing the year-to-date tally to nearly 1.6 million sf, according to PMRG Houston.

The Class A market experienced 1,046,727 sf of occupancy gains, with over half of the quarterly gains attributed to ConocoPhillips moving into 546,604 sf in the recently delivered Energy Center Three.

The Class B sector countered these gains with 81,547 sf of losses during the quarter, bringing the year-to-date loss to 323,911 sf, even though the Class A sector has recorded nearly 1.8 million sf of direct net absorption for the year.

Direct occupancy levels have dropped 300 basis points to 87.1 percent within the past 12 months because of the steep supply/demand imbalance. Meanwhile, Class B direct occupancy rates have only declined by 10 basis points to 85 percent over the past 12 months.

Houston-The Woodlands-Sugar Land

See a variety of Houston Office Market Research here.​

See the full report at {Source}
NW Austin: 170,000-SF Market at Lake Creek remodel spurs retailersNW Austin: 170,000-SF Market at Lake Creek remodel spurs retailershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107492015-10-13T05:00:00Z

​​​​​​AUSTIN - A multimillion-dollar makeover appears to be paying off for a nearly 30-year-old Northwest Austin shopping center as Endeavor Real Estate Group is heading up the search for new tenants to fill the Market at Lake Creek at 13776 N. US 183.

Up until recently, the 171,794-sf strip mall had been known as the Anderson Mill Shopping Center.

The two biggest leases, according to city permits, are for a 30,000-sf Goodwill store and a 52,212-sf Fitness Connection gym — the chain's first Austin-area location.

Austin Gymnastics Club has also signed a lease for 10,000 sf at Market at Lake Creek and plans to open in November.

Next year, Austin-based burger chain P. Terry's will join the list of tenants, building a new restaurant in a spot once occupied by an H-E-B gas station.

Just a handful of storefronts remain to be leased, according to Endeavor, the largest of which is a 27,023-sf space near the soon-to-open Fitness Connection.

The newcomers join existing shops and restaurants in the center, including Wonko's Toys, O'Reilly Auto Parts, Little Caesars Pizza and Thundercloud Subs.

Austin American-Statesman
Austin-Round Rock

​Looking for free Austin retail reports? See them here.​

Read more at the {Source}
Two terminals spark $93M La Porte commerce centerTwo terminals spark $93M La Porte commerce centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107452015-10-13T05:00:00Z

​​​​​LA PORTE - Liberty Property Trust has closed on a $93 million deal in La Porte's Port Crossing Commerce Center.

The purchase from ML Realty and National Property Holdings included three fully leased buildings totaling 921,000 sf and 139 acres that could accommodate up to 2 million sf of additional development.

The site is west of Texas 146 along the Union Pacific rail line, just south of Fairmont Parkway, between the Barbours Cut and Bayport container terminals at the Port of Houston.

The purchase included two rail-served buildings leased by Anheuser-Busch and Gulf Winds and a building leased by Ferguson Enterprises and Overland Distribution.

Liberty Property Trust could add six to eight buildings on the land, starting with two buildings early next year. Phase I could include a 408,000-sf cross-dock building and a 105,000-sf rear-load building.

Rents have been rising as the vacancy rate has gone down to about 3 percent in the southeast submarket compared with more than 7 percent a year ago.

Higher occupancy rates and rents have pushed up values for east side industrial properties by 25 percent in the last year or two.

Cargo handled through the Port of Houston rose to 37.6 million tons in 2014, up from 31.3 million tons in 2010, according to the Port of Houston Authority. Container goods made up slightly more than half of the cargo.

The Houston region overall posted a vacancy rate of 4.8 percent for industrial properties in second quarter and the southeast side is among the tightest submarkets, according to the CBRE 2Q Houston Industrial Marketview Report.

Houston Chronicle
Houston-The Woodlands-Sugar Land

​Want the latest data on Houston's industrial market? Click here and browse Market Research!

Read the full article at the {Source}
'Reserve'-ation please: 152-unit student housing acquired in San Marcos'Reserve'-ation please: 152-unit student housing acquired in San Marcoshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107462015-10-13T05:00:00Z

​​​SAN MARCOS - Alex. Brown Realty Inc. and Asset Campus Housing announced the acquisition of a 152-unit student housing project near the main campus of Texas State University.

Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Ave. and undergo extensive capital improvements focused on strategic interior and exterior upgrades in order to refresh the property and correct deferred maintenance.

At closing, the property was 98 percent pre-leased for the upcoming 2015-2016 academic school year.

Built in 1998, the property's 152 units range from two-, three- and four-bedroom units.

"Once the capital impr​ovements have been completed, we plan to restructure the lease rates and expense payments beginning in the 2016-2017 school year to bring the property in-line with the market," said Stephen Mitchell, EVP with Asset Campus Housing.​

Austin-Round Rock
http://www.businesswire.com/news/home/20151005006631/en/Alex.-Brown-Realty-JV-Acquires-Student-Housing#.VhVYoPlVhBdRead more at {Source}
Fort Hood: $47M Clear Creek Shopping Center opensFort Hood: $47M Clear Creek Shopping Center openshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107182015-10-13T05:00:00Z

​​​​​​​​​FORT HOOD - Soldiers and families filled the new $47 million, 270,000-sf​ Clear Creek Shopping Center eager to see what Fort Hood’s newest post exchange has to offer.

FortHood_PX_2015 (2).png

The new post exchange, or PX, is divided into three main parts: a main store, a food court and a mall.

The new PX is located across the street from the Clear Creek Main Exchange on Clear Creek Rd. near Tank Destroyer Blvd.

Fort Hood’s two currently operating post exchanges — Clear Creek and the Warrior Way Specialty Store — will both be repurposed.

The old Clear Creek site will house military clothing, alterations, embroidery, furniture, a barber and some name-brand concessions.

For the Warrior Way store, the Exchange will retain parts of the building for concessions and food including GNC, Firestone, Charley’s (Grilled Subs) and Domino’s.​

Fort Hood Sentinel

​​Click for the Enhanced Shopping Experience​ at Fort Hood Clear Creek Shopping District.

Also see the Killeen Daily Herald.

Read the full article at the {Source}
Bulverde: 250-acre Singing Hills raises voice for new tenantsBulverde: 250-acre Singing Hills raises voice for new tenantshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107902015-10-12T05:00:00Z

​BULVERDE, COMAL COUNTY - Singing Hills — REOC's largest master-planned project in San Antonio so far — has hit its stride.

Handfuls of retail tenants are closing on portions of Singing Hill's more than 246,000 sf of inline space on a near-weekly basis, with the most recent additions including Security Service Federal Credit Union, Whataburger and Popeyes.

As more retailers close on land, begin construction and start to open their doors, momentum for the 250-acre, mixed-use development reaches a higher level.

The 200,000-sf Walmart Supercenter in the southern half of the project has been opened.

"The project is in full swing, and we hit the market at just the right time," said REOC President and Managing Partner, Todd Gold, adding that construction is about to start on additional floater retail centers throughout the property, some already close to being 100 percent preleased. "Pent-up demand in the market is working in our favor."

Over the next year or so, Singing Hills will quickly be filled with tenants such as quick-service restaurants, a Jiffy Lube, Wash Tub car wash, a couple of banks and financial service providers, medical providers, salons, a Burger King, a hotel, entertainment venue and possibly more office developments.

The multifamily and single-family components of the project will most likely begin in early 2016.
San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2015/09/29/reocs-singing-hills-development-continues-leasing.htmlRead more at the {Source}
A'gaci defies e-tailing trends with $10M San Antonio 'wear'houseA'gaci defies e-tailing trends with $10M San Antonio 'wear'househttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107712015-10-13T05:00:00Z

​​​SAN ANTONIO - Los Angeles-based A'gaci continues to grow and has plans for a nearly $10 million distribution facility in San Antonio to bolster its expansion goals — despite traditional apparel retailers across the country scaling back on new brick-and-mortar locations.

Starting construction this month, a 283,818-sf warehouse and distribution center will be built for the retailer at 10939 Fischer Rd. in the southwest quadrant of the I-35 and Loop 410 intersection.

The $9.985 million development — which will include a tilt-wall exterior, steel-framed roof, interior finish out and truck court — is expected to wrap up by June 2016, with Dallas-based Pross Design Group Inc. as the lead architect for the project.

A'gaci currently has 31 Texas stores across 22 cities, with five of those locations in San Antonio. It is also currently in the process of opening stores in Tyler and Killeen, Texas.​
San Antonio Business Journal
San Antonio-New Braunfels

​Click here for San Antonio Industrial Market​ Reports​.

Read the full article at the {Source}
Cornhuskers harvest hotel in Downtown San Antonio for $17.5MCornhuskers harvest hotel in Downtown San Antonio for $17.5Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107812015-10-12T05:00:00Z

​​SAN ANTONIO - The SpringHill Suites Downtown has been bought for $17.5 million by Condor Hospitality Trust Inc., a real estate investment trust (REIT) based in Norfolk, Nebraska.

The 116-room hotel at 524 S. St. Mary's St. was built in 1997 and renovated last year.​​

The four-story property spans more than an acre of prime urban real estate, especially considering it's just one block west of Hemisfair's recently opened Yanaguana Garden park.

Condor Hospitality Trust Inc. plans to focus on newer, higher-quality assets as it rebuilds its portfolio.

The $42.5 million hotel portfolio acquisition includes the 142-room Hotel Indigo Atlanta Airport in College Park, Georgia, and the 120-room Courtyard Jacksonville Flagler Center in Jacksonville, Florida.​

San Antonio Business Journal
San Antonio-New Braunfels

​​See 'retail' under San Antonio Market Research.

Read more at the {Source}
El Paso CBRE industrial report 3Q 2015El Paso CBRE industrial report 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=107392015-10-12T05:00:00Z

​​​EL PASO - El Paso's industrial vacancy rate decreased to 10.4 percent in third quarter 2015, compared to 10.9 percent in 2Q 2015, according to the CBRE Group.

The average asking rate has increased to $4.02 per sf compared to $3.87 per sf in the previous quarter.

El Paso

Click here​ for El Paso Industrial Market Research!

See the full report at {Source}
Cushman & Wakefield: DFW office occupancy up nearly 50 percentCushman & Wakefield: DFW office occupancy up nearly 50 percenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107662015-10-10T05:00:00Z

​​DALLAS-FORT WORTH - As businesses grow, office occupancy across DFW has grown about 50 percent in 2015.

A Cushman & Wakefield report shows net office leasing of 4 million sf through the first three quarters, up from 2.7 million sf at this time last year. DFW-Office-BISNOW-October-8-2015.png

The demand is also triggering increases in rental rates with an almost 6 percent increase from third quarter last year.

DFW is adding more office space, too, with almost 7 million sf under construction with almost half of that pre-leased.

It's no surprise where the majority of the office leasing is occurring either in Richardson's Telecom Corridor (think CityLine pictured above), Las Colinas, Legacy West in Plano and the $5 billion mile in Frisco.

Dallas-Fort Worth-Arlington

Want more? See North Texas net office leasing up almost 50 percent in 2015​ from the Dallas Morning News. 

Source: {Source}
Port of Galveston to funnel BMWs through island portPort of Galveston to funnel BMWs through island porthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107762015-10-10T05:00:00Z

​​​​GALVESTON - The Port of Galveston’s governing board approved a series of contracts totaling $1.3 million for work to ready the Wallenius Wilhelmsen Logistics vehicle-processing center by January 1, 2016.

The vehicle-processing center is underway at Pier ten and promises to funnel thousands of new BMWs through the island port and potentially attract the attention of other automakers.

Security grants will pay about $390,000 of the $1.3 million and Wallenius will reimburse the port for capital costs on the project during a ten-year period.

The processing center will import more than 32,000 BMW and MINI vehicles a year. Workers at the facility will perform vehicle inspections, mechanical repairs and accessory installation.

The vehicle-processing center will consist of 44,000 sf in two buildings. The $11 million facility is expected to create 35 jobs.

Galveston Daily News
Houston-The Woodlands-Sugar Land
http://www.galvnews.com/news/article_1ba65444-68bf-11e5-b1d8-bb383603216f.htmlRead the full article at the {Source}
209-Unit South 400 breaks ground in downtown Fort Worth209-Unit South 400 breaks ground in downtown Fort Worthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107632015-10-10T05:00:00Z

​​​​FORT WORTH - Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth at 400 S Jennings Ave. 

The 2.1-acre parcel is located at the corner of Jennings and Broadway Ave. across the street from the Broadway Baptist Church.

In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation.

The five-story, 209-unit community, will include 2,600 sf of ground-floor retail space and four live/work studio lofts.

South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.

Dallas-Fort Worth-Arlington
http://rebusinessonline.com/ventures-development-begins-construction-on-south-400-apartments-in-fort-worth/Source: {Source}
$4.2M Hyatt House reservation in Bryan$4.2M Hyatt House reservation in Bryanhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107772015-10-10T05:00:00Z

​​​BRYAN - A new four-story Hyatt House Bryan hotel is set to start construction soon on Wildflower Dr.​

The 69,852-sf hotel will have 112 rooms, ranging from 431 sf to 721 sf.

The cost of construction is $4.2 million.

The project is to start November 1, and is slated to be complete by December 2016.

City of Bryan
College Station-Bryan
,%20Hyatt%20House,,%209-29-2015.pdf, http://docs.bryantx.gov/planning_development/SDRC/2015%20SDRC/9-29-2015/SP15-53,%20Hyatt%20House,%209-29-2015.pdf

Click here to see more details on the project at the Texas Department of Licensing and Regulation.

Source: {Source}
Peninsula at Rough Hollow claims last gated community at Lake TravisPeninsula at Rough Hollow claims last gated community at Lake Travishttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107562015-10-09T05:00:00Z

​​AUSTIN - Developers Haythem Dawlett, founder and principal of Legend Communities, and Tommy Tucker, Central Texas residential vice president for Crescent Communities, said the new Rough Hollow neighborhood will be the last gated community on Lake Travis.

The developers broke ground on the 1,800-acre The Peninsula at Rough Hollow in March and are offering the first 20 lots of the three-phase, 80-lot project to buyers.

The entrance is located at 903 Highlands Blvd. in Lakeway.

The sites are priced from the upper $200,000s to more than $1 million, Dawlett said.

"This is the last undeveloped large parcel on the south shore of Lake Travis. It just presents a unique opportunity to create an incredible community," Tucker said.

Community Impact Newspaper
Austin-Round Rock

​Also see Rough Hollow's interactive map.

Read more at {Source}
Homebuying flourishes in Parker CountyHomebuying flourishes in Parker Countyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107692015-10-09T05:00:00Z

PARKER COUNTY - With demand increasing, it is a good time to sell a house in Parker County as existing home sales and prices are up, according to Multiple Listing Service data collected by North Texas Real Estate Information Systems.

As of August, home sales were up 11.7 percent over the same time last year in Parker County, with more than 1,400 homes sold so far this year. 

The average home sales price was $246,506, up 10.2 percent over the same time last year. 

The median sales price of a home was $220,000, up 10.6 percent over the same time last year.

Buyers have been paying 95.5 percent of the original list price, also slightly up over last year.

Parker County is not alone. Home sales are rising in the DFW area and the state.

The Real Estate Center at Texas A&M University earlier this week announced that MLS data show Texas home sales had a 7 percent year-over-year increase in August as the median price went up 7.4 percent. 

Weatherford Democrat
Dallas-Fort Worth-Arlington
http://www.weatherforddemocrat.com/news/home-buying-market-flourishes-in-county/article_cdf5aeee-67c8-11e5-9170-f794363780c5.htmlRead more at the {Source}
Aggieland Inn attracts new ownerAggieland Inn attracts new ownerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107502015-10-09T05:00:00Z

​​COLLEGE STATION - Marcus & Millichap announced the sale of Aggieland Inn, a 167-room hospitality property located at 1502 Texas Ave. South, only one block away from the Texas A&M University complex. 

Built in 1972, the interior corridor, midscale, limited service hotel — formerly ​Ramada — is situated on nearly four acres of land. 

At the time of closing, the buyer commented the property would undergo a multimillion dollar renovation before reopening for guests in first quarter 2016.

Marcus & Millichap Real Estate Investment Services
College Station-Bryan
http://www.marcusmillichap.com/about-us/news-events#/overviewRead more at {Source}
Houston’s medical construction boom slowing?Houston’s medical construction boom slowing?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=107642015-10-09T05:00:00Z

​​HOUSTON - The healthcare construction boom in Houston’s suburbs is going to slow down somewhat as medical organizations’ building programs have caught up with city’s population expansion.

Marshall Heins, chief facilities service officer of Memorial Hermann Health System, told the Texas Healthcare Real Estate 2015 Summit that growth could continue to sustain some degree of future construction.

But it appears this wave of suburban medical construction is winding down. Some $3 billion of medical related construction is under construction in the Houston area, according to Colliers International.

Construction costs have been high, Heins says, because so many office buildings, apartments and other commercial projects have been built in Houston in recent years, which pushed up construction costs.

The expansion in Houston area petrochemical plants is significant and that trend may apply upward pressure on construction costs and provide economic stimulus that creates demand for medical facilities.

Tod Fetherling, founder Perception Health, a demographic and medical site selection consultant based in Nashville, says some submarkets in Houston offer opportunity for new medical development.

Three exceptionally promising zip codes are ZIP code 77073, west of Bush Airport; the Richmond area west of Houston and ZIP code 77007, west of downtown, Fetherling says.​
Realty News Report
Houston-The Woodlands-Sugar Land
http://realtynewsreport.com/2015/10/06/houstons-medical-construction-boom-may-be-winding-down/Read more at {Source}
125,000 sf of self-storage trades in Humble, Beaumont125,000 sf of self-storage trades in Humble, Beaumonthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107832015-10-09T05:00:00Z​​​​LONGVIEW – ​Deason Financial Group LLC of Longview arranged acquisition financing for two separate self-storage facility purchases totaling just shy of 125,000 sf.

The first was for Via Bayou Inc.'s purchase of the 42,475-sf Affordable Self Storage at 8569 E. North Belt Dr. in Humble. Expansion financing was also provided.

Two separate loans were arranged:
  • Acquisition loan of $2.5 million at 75 percent LTV with a five-year term and 25-year amortization.
  • Construction and min-perm financing of the expansion at $2 million at interest-only for 24 months, converting to principal and interest payments for months 25–36.
Sixty-eight percent of the ten-year-old facility is climate-controlled. The expansion will add 70,000 sf.

Meanwhile, in Beaumont, AA Storage Beaumont Ltd. purchased the 82,390-sf AA Climate Control Storage at 9040 SH 105. Built in 2010, the facility has 632 self-storage units, 83 percent of which are climate-controlled.

Financing of $4.5 million was obtained at 75 percent LTV with a ten-year term, 30-year amortization and three years interest only.​
Deason Financial Group LLC
Houston-The Woodlands-Sugar Land
Read more at {Source}

 Search NewsTalk Texas