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247-unit Dallas apartment community sells for $13.4M247-unit Dallas apartment community sells for $13.4Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232922019-10-16T05:00:00Z2019-10-19T01:00:00Z

​​​Villas del Lago apartment communityDALLAS – Villas del Lago, a 247-unit apartment community at 2911 Clydedale Dr. ​in the Bachman Lake submarket, has sold for $13.4 million.  

Built in 1974 and renovated in 2013, the property features one- and two-bedroom floor plans.

Greystone's Investment Sales Group represented the seller.

TexasThe Real Estate Center has more Dallas-Fort Worth-Arlington multifamily news online.​

Source: REBusiness Online​

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
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Westchase Park nabs two new tenants plus renewalWestchase Park nabs two new tenants plus renewalhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232892019-10-16T05:00:00Z2019-10-19T00:00:00Z

​​​​Evening photo of Westchase Park. HOUSTON – Three office tenants have inked a combined total of 187,054 sf at Westchase Park, Centurion Partners LP’s 560,825-sf office development.

LJA Engineering Inc. and Centurion Pipeline Co. LLC leased 90,989 and 28,078 sf, respectively. Both firms will to take occupancy during first half 2020. 

Additionally, ABB Inc. renewed its lease for 67,987 sf. 

Transwestern represented Centurion Partners LP, Stream Realty Partners represented LJA, and JLL represented ABB Inc.

Texas logoGet more Houston-area office news on the Real Estate Center's website:

​Source: REBusiness Online​​

REBUSINESS
Houston-The Woodlands-Sugar Land
Office
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62K-sf retail center sold on Spring Stuebner 62K-sf retail center sold on Spring Stuebner https://www.recenter.tamu.edu/news/newstalk-texas/?Item=232942019-10-16T05:00:00Z2019-10-19T00:00:00Z

​​​Image of the plaza on an overcast day.HOUSTON – Spring Stuebner Plaza, a 66,125-sf mixed-use property at 3332-3336 Spring Stuebner Rd., has been sold.

Tenants include Allstate Insurance, Major League Academy of Baseball, McDonald & Associates LLC, Brothers Lighting & Electrical, and Powertrain Industries Inc.

The property near Springwoods Village was fully leased at the time of the sale. 

NAI Partners represented the seller.

Texas logoGet more Houston-area news on the Real Estate Center's website:

​Source: Connect Media​

Connect Media
Houston-The Woodlands-Sugar Land
Retail
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510K-sf 59 Logistics Center breaks ground 510K-sf 59 Logistics Center breaks ground https://www.recenter.tamu.edu/news/newstalk-texas/?Item=232872019-10-16T05:00:00Z2019-10-18T23:00:00Z

​​​Rendering of 59 Logistics Center during the day.HOUSTON – Dallas-based Hunt Southwest Real Estate Development has started construction on 59 Logistics Center, a 509,600-sf industrial facility at 17440 US 59.

The building will feature a cross-dock configuration, 36-ft clear height, and an ESR sprinkler system.

There will also be 11 acres for extra parking or outside storage.

CBRE will oversee leasing. Powers Brown Architecture is the project architect and E.E. Reed Construction is the general contractor.

Completion is set for fourth quarter 2020.

Texas logoThe Real Estate Center has more on the Houston-area industrial market:

Hunt Southwest
Houston-The Woodlands-Sugar Land
Industrial
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Poco Loco store bound for WacoPoco Loco store bound for Wacohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232932019-10-16T05:00:00Z2019-10-18T22:00:00Z

​​Vacant building at 25th St. and Bosque Blvd. WACO – Poco Loco Supermercado is turning a 37,000-sf building at 1320 N. 25th St. near Bosque Blvd. into a new grocery store.

A Super Plaza grocery ​store last occupied the building in 2014.

The store will add 50 new jobs.

Texas logoThe Real Estate Center has more Waco-area real estate news online.

​​Source: Waco Tribune-Herald
Waco Tribune-Herald
Waco
Retail
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Austin median home price reaches all-time high for SeptemberAustin median home price reaches all-time high for Septemberhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232882019-10-16T05:00:00Z2019-10-18T19:00:00Z

​​​​AUSTIN – An 11.9 increase in the metro's home sales has driven the local median home price to $406,000, an all-time high for September.

The Austin Board of Realtors (ABoR) recorded 2,654 home sales in September 2019, a 13.4 percent increase from last year. Total sales volume jumped 19.6 percent to $1.06 billion.

New listings increased 9.5 percent year over year to 3,047. Active listings decreased 11.7 percent to 6,686.

During the same period, the metrowide monthly housing inventory dropped 0.4 months to 2.5 months of inventory. The Real Estate Center considers six- to 6.5-months of inventory a balanced market.​

​"The adverse effect of low housing stock within the Austin area is higher home prices,” said 2019 ABoR President Kevin P. Scanlan. "As the anchor city of our region, Austin and its land use code directly impact Central Texas’ ability to meet buyer demands for more housing that's affordable. Austin has to get our new land use code right and needs to do it sooner rather than later."

texaslogo.pngThe Real Estate Center has more information on housing:​
Austin Board of Realtors
Austin-Round Rock
Housing
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Florida Water Products dives into 28K-sf leaseFlorida Water Products dives into 28K-sf leasehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232902019-10-16T05:00:00Z2019-10-18T19:00:00Z

​​Front view of the property at 10000 Jones Maltsberger Rd.​SAN ANTONIO – Florida Water Products has signed a 28,148-sf industrial lease at 10000 Jones Maltsberger Rd.    

Built in 1973, the property sits on 5.4 acres and includes 43,000 sf of office space.

NAI Partners represented the tenant in lease negotiations. 

Texas logoThe Real Estate Center has more on the San Antonio-area industrial market:

​Source: Connect​ Media​
Connect Media
San Antonio-New Braunfels
Industrial
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Texas maintains record-low unemployment for fourth month in a rowTexas maintains record-low unemployment for fourth month in a rowhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=233052019-10-18T05:00:00Z2019-10-18T15:00:00Z

​​​AUSTIN – Last month, Texas' unemployment rate held steady at 3.4 percent, matching the record-low rate set in June 2019, according to the Texas Workforce Commission. 

The state economy added 7,600 seasonally adjusted nonfarm jobs in September. So far this year, 300,000 jobs were created.

Total nonfarm annual employment growth was at 2.4 percent and has held above 2 percent since February 2018.

The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2 percent. McAllen-Edinburg-Mission had the highest at 5.9​ percent.

The construction industry saw the most seasonally adjusted growth in employment from September 2018 to September 2019, growing 7 percent. The information industry was the only sector to see a drop in employment, falling 1.8 percent.​​

Texas logoGet more Texas employment news on the Real Estate Center's website:

​​Source: Texas Workforce Commission​

Texas Workforce Commission
Texas
Employment
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Aging baby boomers face housing challenges Aging baby boomers face housing challenges https://www.recenter.tamu.edu/news/newstalk-texas/?Item=233042019-10-18T05:00:00Z2019-10-18T14:00:00Z

​​CAMBRIDGE, Mass. – As the oldest members of the baby boomer generation turn 73 this year, agents must be thoughtful about the elderly when providing services, says RISMedia. 

According to the Joint Center for Housing Studies of Harvard University's Housing America’s Older Adults 2019 report,​ the number of households headed by individuals over age 65 increased from 27 million to 31 million between 2012 and 2017.

The number of households aged 75-79 will go up by 49 percent in the next ten years. By 2038, that number will increase by another 20 percent.  

Around 35 million retirement-aged individuals lived either alone or with a spouse or partner in 2017. Those in their 80s and older make up 57 percent of elderly homeowners who live on their own. 

This increase in a population that brings in lower incomes than couples, as well as higher disability rates, puts added stress on the market for affordable housing, especially units that offer supportive amenities.

In 2011, only 3.5 percent of all U.S. homes had accessibility features such as grab bars or handrails in the bathroom, extra-wide hallways and doors, and a bedroom on the main level.

In 2017, 10 percent of individuals aged 65-79 and 14 percent aged 80 and older took on at least one home renovation project to help with accessibility issues. But for much of the population, there’s simply not enough money for that, RISMedia commented.

The number of cost-burdened individuals over the age of 65 is rising. From 2016 to 2017, the number of cost-burdened individuals​ 65 or older increased by over 200,000 to almost ten million. Increased debt levels are putting pressure on dwindling retirement funds. 

In 2016, 46 percent of homeowners between the ages of 65 and 79 carried mortgage debt with a median balance of $77,000. Three decades ago, only 24 percent of homeowners in that age range still had mortgage debt.

texaslogo.pngThe Real Estate Center has more information on housing:​
RISMedia, Inc.
U.S.
Housing
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Midland home market normalizes Midland home market normalizes https://www.recenter.tamu.edu/news/newstalk-texas/?Item=233032019-10-18T05:00:00Z2019-10-18T13:00:00Z

​MIDLAND – The local housing market began to normalize in September, according to the Permian Basin Board of Realtors (PBBOR).

Last month, 193 homes were sold through the MLS in Midland County, down 20 percent (47 houses) from September 2018. This ended a six-month streak of over 200 homes sold.

Sales volume surpassed $64 million last​ month. 

​"Some have said that we are seeing a softening of the market, but we believe that what we are seeing is a normalization of the market," said Carroll Nall, MLS director and vice president of operations for the PBBOR. "Buyers actually have more choices and are taking more time to make decisions about their purchase."

The number of homes on the market increased for the sixth straight month to 534 homes, 190 more than September 2018.

The median home price held steady at $300,000, just $100 higher than last year​​. The $329,816 average home price is the lowest going back to January and more than $20,000 less than September 2018. 

Homes spent an average of 29 days on the market. ​

texaslogo.pngThe Real Estate Center has more information on housing:​
Midland Reporter-Telegram
Midland
Housing
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160K-sf distribution center underway in Farmers Branch160K-sf distribution center underway in Farmers Branchhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232792019-10-15T05:00:00Z2019-10-17T23:00:00Z

​​​Rendering of speculative distribution centerFARMERS BRANCH – Panattoni Development Co. struck a deal with Centurion American Development Group to acquire eight acres at 1701 Valley View Ln.

The new owner will develop a 159,405-sf, speculative distribution center on the land.

Completion is set for 2Q​​2020.

Biel Partners Commercial Real Estate represented Panattoni.

Texas logoThe Real Estate Center has more on DFW's industrial market:

Source: Connect Media​
Connect Media
Dallas-Fort Worth-Arlington
Industrial
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In with the new owner of Vintage PlazaIn with the new owner of Vintage Plazahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232772019-10-14T05:00:00Z2019-10-17T22:00:00Z



Vintage Plaza sold to SITE Centers Corp.ROUND ROCK – Beachwood, Ohio-based Site Centers Corp. has purchased Vintage Plaza from locally based Ironwood Real Estate.

Built in 2003, the 40,612-sf property is on 4.13 acres at 2711 La Frontera Blvd. It is part of the 330-acre La Frontera master-planned development.

It is 93.4 percent occupied with tenants including Men's Wearhouse, Bamboo Nails & Spa, Burn Boot Camp, La Frontera Dental, Chase Bank, and Brooklyn Pie Company.

JLL represented the seller. 

Texas logoGet more Austin-area retail news on the Real Estate Center's website:

​​Source: JLL

JLL
Austin-Round Rock
Retail
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G.W. Floyd buys N.E. Dallas business parkG.W. Floyd buys N.E. Dallas business parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232802019-10-15T05:00:00Z2019-10-17T22:00:00Z

​​​Switzer Business ParkDALLAS – G.W. Floyd Ventures LLC has acquired Switzer Business Park, a 123,000-sf office, industrial, and flex space business park.

Bradford Commercial Real Estate Services represented the seller, a California-based partnership.

Bradford will continue to lease the property, which is 95 percent leased to more than 60 tenants.

Texas logoThe Real Estate Center has more information like this online:

REBUSINESS
Dallas-Fort Worth-Arlington
Mixed-Use
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Denver company buys $80M Arlington industrial parkDenver company buys $80M Arlington industrial parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232832019-10-15T05:00:00Z2019-10-17T21:00:00Z

​​ARLINGTON – Black Creek Group has purchased the 1.2 million-sf Pioneer 360 Business Center at the southeast corner of SH 360 and East Pioneer Pkwy., according to county deed records.

The company closed on the industrial park earlier this summer. It consists of three buildings built nearly ten years ago. The seller was LaSalle Investment Management, who owned it since 2015.

Pioneer 360 Business Center was last assessed at $79.6 million by the Tarrant Appraisal District.

The property was the largest industrial sale in DFW during the third quarter, according to CBRE Group.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Industrial
https://www.bizjournals.com/dallas/news/2019/10/14/black-creek-group-arlington.htmlRead more at {Source}
Credit Union of Texas getting new HQ in Watters CreekCredit Union of Texas getting new HQ in Watters Creekhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232842019-10-15T05:00:00Z2019-10-17T21:00:00Z

​​​​ALLEN – Credit Union of Texas has leased 51,000 sf in the One Bethany East office building.

The 125,000-sf building is part of Kaizen Development Partner's ​17-acre corporate park. 

Two buildings have opened in the park and a third is under construction. The final 200,000-sf, eight-story building will deliver next year.

Other tenants include Verado Energy, BossFight Entertainment, and the Allen Economic Development Corp. ​

Texas logoGet more DFW office news on the Real Estate Center's website:

​​Source: Dallas Morning News​

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
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Solar farm illuminating Mart, Riesel ISDsSolar farm illuminating Mart, Riesel ISDshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232822019-10-15T05:00:00Z2019-10-17T18:00:00Z

​​​1.6 million solar panels will be placed in Mart and Riesel ISDsMART – Chicago-based Hecate Energy​​ LLC is developing a $500 million, 500-megawatt solar farm in Falls County.

The project will place 1.6 million solar panels across 6,000 acres in the Mart and Riesel Independent School Districts, with most of them in the former​​. ​

It will be among the largest solar projects nationwide​.

Construction will begin in February 2021 and wrap up in May 2022. 

Texas logoLooking for more stories like this? The Real Estate Center has got you covered:

​​Source: Waco Tribune​​
Waco Tribune-Herald
Waco
Infrastructure & Transportation
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SA manufactured housing community trades handsSA manufactured housing community trades handshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232812019-10-15T05:00:00Z2019-10-17T17:00:00Z

​​Ariel view of Crescent Place, a manufactured housing communitySAN ANTONIO – James Lee has sold Crescent Place, a 319-home manufactured housing community.

The property is on 60 acres at 5365 Southcross Ranch​​ near ​​​​the intersection of I-410 and New Sulphur Springs Rd.

Amenities include a pool, clubhouse, basketball court, playground, and dog park.

Orlando-based Capstone Manufactured Housing represented the seller. 

texaslogo.pngThe Real Estate Center has more information on housing:​
Capstone
San Antonio-New Braunfels
Housing
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Lakes of 610 dealt to new owner Lakes of 610 dealt to new owner https://www.recenter.tamu.edu/news/newstalk-texas/?Item=232732019-10-14T05:00:00Z2019-10-17T00:00:00Z

Pool at Lakes of 610 in Houston on a sunn day. There are palm trees around the in-ground pool.​HOUSTON – Starwood Capital Group has sold the 276-unit Lakes of 610 at 2701 W. Bellfort Ave. to Western Wealth Capital.

Completed in 1983, the gated community consists of one- and two-bedroom apartments in 18 three-story buildings.

Amenities include a pool with spa, outdoor grilling area, and clubhouse. 

As of August, the property was 91.3 percent occupied, according to Yardi Matrix. 

Berkadia originated a $19.7 million Freddie Mac loan for the new owner.

Texas logoThe Real Estate Center​​​​ has more Houston multifamily news online.

​Source: Multi-Housing News

Multi-Housing News
Houston-The Woodlands-Sugar Land
Multifamily
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$200M Drewery Place opens doors$200M Drewery Place opens doorshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232752019-10-14T05:00:00Z2019-10-17T00:00:00Z

​​​​Circular patio within a rooftop pool in Hoston's Drewery Place. It is a mostly sunny day at dusk, and the city skyline is visiblHOUSTON – Australian developer Caydon has opened Drewery Place, a $200 million multifamily community at 2850 Fannin St. 

The property features 357 units ranging from micro studios to two-bedroom floor plans. 

Amenities include a pool, fitness center, dog park, conference room, and whiskey bar. 

The apartment is the first phase of Laneways, Caydon’s mixed-use development inspired by the streets of Melbourne.

Texas logoThe Real Estate Center​​​​ has more Houston multifamily news online.

​Source: REB​usiness O​n​line​​​

REBUSINESS
Houston-The Woodlands-Sugar Land
Multifamily
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509-unit storage facility sold in Mineola509-unit storage facility sold in Mineolahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=232762019-10-14T05:00:00Z2019-10-16T23:00:00Z

​​Entryway of KeepIt Mini Storage in Mineola. The buildings are green military-style modularsMINEOLA – KeepIt Mini Storage, a 509-unit self-storage facility, has been sold.

Built in phases between 1994 and 2017, the property offers ​​116 climate-controlled units, 393 non-climate-controlled units, four uncovered parking spaces, and an 1,800-sf business center.

Marcus & Millichap represented the seller and procured the ​buyer. 

Texas logoThe Real Estate Center has more local commercial real estate news like this online:

REBUSINESS
Dallas-Fort Worth-Arlington
Retail
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