Banking on LubbockBanking on Lubbockhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107372015-10-07T05:00:00Z

​LUBBOCK - Lubbock-area bank deposits surpassed the $7.5 billion mark in 2015 with nearly a $290 million increase in deposits between July 2014 and June 2015, according to figures compiled by the Federal Deposit Insurance Corp.

The Lubbock area's 28 banks had combined deposits of nearly $7.68 billion, a 3.9 percentage increase from $7.38 billion on June 30, 2014, according to the FDIC data, which includes banks in Crosby and Lynn counties.

Area bankers said the continued increase in deposits is a sign of the city's healthy economy, along with a continued growth in construction.

City Bank, PlainsCapital and Wells Fargo Bank held the first, second and third spots. The three represent almost half the market.​
Lubbock Avalanche-Journal
http://lubbockonline.com/filed-online/2015-10-03/lubbock-area-banks-experience-increase-2014-15-deposits-due-growth-cityRead more at {Source}
Irving: CBRE announces sale of 308-unit NewportIrving: CBRE announces sale of 308-unit Newporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107432015-10-07T05:00:00Z

​​​IRVING - CBRE Capital Markets’ Investment Properties announces the sale of Newport, a 308-unit multifamily community in the North Dallas suburb of Irving. ​

The 238,784-sf asset, located at 3466 North Beltline Rd. in Irving, was built in 1981. The Class B complex is comprised of one- and two-bedroom units with an average size of 775 sf. 

Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. ​​

The experienced buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.​

It was 96 percent occupied at closing. 

The PPA Group, based in Austin, purchased the asset from Shreveport, Louisiana-based Fortis Company. Chris Deuillet, First Vice President with CBRE in Dallas, represented the seller.​

CB Richard Ellis
Dallas-Fort Worth-Arlington
http://www.cbre.us/o/dfwmarket/real-estate-news/Pages/default.aspxSource: {Source}
San Antonio: $30M grant sprouts redevelopment at Wheatley CourtsSan Antonio: $30M grant sprouts redevelopment at Wheatley Courtshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107442015-10-07T05:00:00Z

​SAN ANTONIO - The 13-acre site where Wheatley Courts once stood will soon be transformed from public housing to mixed-income apartments, making it the centerpiece of a $100 million effort to rebuild an entire East Side neighborhood.

The redevelopment, spearheaded by a $29.7 million Choice Neighborhood grant from the Department of Housing and Urban Development, involves the purchase of more than 30 homes to be leveled for more apartments.

The project also will rehab existing homes, repave streets and sidewalks, add 137 pedestrian light poles, 292 trees and create a new park and basketball courts.

According to the 2010 census, the median household income for the Wheatley Courts neighborhood was $17,795 — 64 percent lower than the median household income for San Antonio. Population growth from 2000–2010 was 1.5 percent compared with 25 percent across the rest of the city.

The massive construction zone where the courts once stood accounts for phase one and two (215 apartments) of the unnamed mixed-income project. Also, 80 senior apartments, a park and the Bibliotech electronic library is planned for inside the Wheatley Courts footprint.

Included in the Choice grant is money to purchase vacant lots surrounding the former courts — roughly 35 properties — to eventually be sold to builders of single-family homes for infill.
San Antonio Express-News
San Antonio-New Braunfels
http://www.expressnews.com/business/article/Revival-under-way-at-old-East-Side-housing-project-6548132.php?cmpid=gsa-mysa-resultRead more at the {Source}
Embry buys Brackenridge at Midtown for $51M in San AntonioEmbry buys Brackenridge at Midtown for $51M in San Antoniohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107342015-10-07T05:00:00Z

​​​SAN ANTONIO - The Brackenridge at Midtown has been acquired for $51 million, or approximately $181,000 per unit.

Pure Multi-Family REIT LP sold the property to Embry Partners.

The 282-unit multifamily complex was completed by Embry early last year at 223 Brackenridg​e Ave. in San Antonio's Mahncke Park Multifamily submarket. 

The community is comprised of one-, two- and three-bedroom units that average 852 square feet and was 97 percent occupied at the time of purchase. 

The 19-building apartment complex is located near The Pearl entertainment district and within two miles of the University of the Incarnate Word, Trinity University, Downtown San Antonio and Fort Sam Houston — the largest public sector employer in the San Antonio metro area.

CoStar Group
San Antonio-New Braunfels
http://www.costar.com/News/Article/Pure-Multi-Family-REIT-Finalizes-$51-Million-Purchase-of-Brackenridge-at-Midtown/175923?Read more at {Source}
Houston: New convention hotel books an amazing 200,000 room-nightsHouston: New convention hotel books an amazing 200,000 room-nightshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107252015-10-07T05:00:00Z

​​HOUSTON - Boosted by the 2017 Super Bowl, the new 1000-room Marriott Marquis Houston, which will open next year, has booked almost 200,000 room-nights, a phenomenal amount of advance business, a hotel executive says.

The downtown hotel, 1777 Walker St., ​​which will be linked by skybridge to the convention center, has booked a sizable number of rooms for the Super Bowl. 

But the 200,000 rooms represents a lot more than just Super Bowl business, said Jay Marsella, director of sales and marketing for the downtown hotel.

Initial guests at the Marriott Marquis hotel are expected to check-in in September 2016 with room rates in excess of $200 a night.

The hotel’s group and convention business will start arriving in 2017, says Marsella, who expects occupancy rates of 68 percent in the first year and over 70 percent thereafter.

Houston-based RIDA Development is developing the $370 million hotel in conjunction with the Houston First Corp.

Downtown Houston is getting a lot of new hotels, which are under construction now: a 215-room Holiday Inn in the old Savoy Hotel building; a 223-room Hotel Alessandra by Midway and Valencia Group; the Aloft hotel being put in the historic Stowers building by Bill Franks; and two new hotels by Nick Massad: a 168-room Hampton Inn and a 132-suite Homewood Suites.

Check out the full Ralph Bivens story.​
Realty News Report
Houston-The Woodlands-Sugar Land
http://realtynewsreport.com/2015/10/05/a-year-before-opening-houstons-new-convention-hotel-books-an-amazing-200000-room-nights/Source: {Source}
Austin Transwestern Market Watch Bundle Sept. 2015Austin Transwestern Market Watch Bundle Sept. 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=106962015-10-07T05:00:00Z

​​​​AUSTIN - Transwestern has released the September 2015 Market Watch reports for Austin industrial, multifamily, office and retail — all in one bundle. 

The reports also contain recent sales, sales statistics and submarket overviews. ​

Austin-Round Rock
Market Overview

​​Click to download the latest Austin Market Watch bundle here

Source: {Source}
$75M lifestyle center to ‘King’ of the stable in Houston$75M lifestyle center to ‘King’ of the stable in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107192015-10-06T05:00:00Z

​​HOUSTON - NewQuest Properties will develop a $75 million community lifestyle center on the last available commercial parcel at the King family's 704-acre Arabian horse farm in west Houston.

The project will include a Kroger Signature store that will anchor the first phase of Stableside at Falcon Landing, along with 28,700 sf of inline retail space, a 7,350-sf multi-tenant building and four pad sites.

The first phase will feature restaurants, fitness, salons, pet stores, and banks.

Phase II of the project will feature a 39,000-sf theater, oversized shared green space with patio seating and a water feature.

Scraping on the 34.4-acre site will commence in two months.
Stableside at Falcon Landing is slated to open in December 2016.

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/News/Article/$75-Million-Dollar-Lifestyle-Center-Planned-For-Houston/175637Source: {Source}
935K-sf Austin industrial campus to become data center935K-sf Austin industrial campus to become data centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107362015-10-06T05:00:00Z

​​​​AUSTIN – Local developer International Development Management (IDM) has purchased the former Freescale Semiconductor Inc. campus at 3443 Ed Bluestein Blvd.

The sale of the 109-acre, 935,255-sf campus closed at the end of September. The sellers include a consortium of ​local investors that purchased the site in 2012 for an estimated $5 million. 

IDM will convert the aging industrial campus to a data center and value office space. The first phase, called MOS 8, will deliver in 2017.

MOS 8 will have eight buildings and parking garages. The primary target markets include government agencies and educational users.

IDM, backed by Canadian investor Romspen, is investing $100 million in the first phase. Other local team members include GSC Architects, Bury, White Construction, Digital 724 LLC, Paul Koehler Brown structural engineers, Dynamic Systems Inc. and Schmidt Electric. Global engineering firm WSP is also involved.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2015/10/austin-investor-acquires-massive-east-austin.html?ana=e_aus_bn_exclusive&u=yG2E0oPJdYiGi7lZ36mOd56qtUl&t=1444146039Read more at {Source}
North Texas apartment rents reach record highNorth Texas apartment rents reach record highhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107162015-10-06T05:00:00Z

​​DALLAS-FORT WORTH - North Texas apartment renters this year are being slammed with record rent increases, as increased construction this year has not put the brakes on significant apartment rent hikes.

"We can't find a quarter in the past where rent increases were this high year-over-year," said Greg Willett, MPF Research chief economist. "Such strong rent growth in Dallas-Fort Worth really is unprecedented. ​Some slowing of rent growth is likely, but the pace of price increases should remain way above Dallas-Fort Worth's long-term norm of 2 percent to 2.5 percent," Willett said.​

An average apartment in North Texas now costs $975 per month. Rents for newly built units in hot markets like Dallas' Uptown district are running more than $1,500.

Net apartment leasing totaled more than 5,000 units in third quarter.

DFW leads the country in both apartment leasing and the number of new units added to the market,​​ as less than 5 percent of North Texas apartments are vacant. 

More than 38,000 apartments are being built in North Texas — the highest total in decades.

Despite one of the largest construction volumes in decades, apartment builders cannot keep up with demand in the DFW area caused by strong job growth and increasing populations.​

Denton Record Chronicle
Dallas-Fort Worth-Arlington

​Click to​ see MPF Research​ Dallas-Fort Worth multifamily reports. 

Read more at the {Source}
Demand for San Antonio retail growingDemand for San Antonio retail growinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107302015-10-06T05:00:00Z

​SAN ANTONIO – Demand is growing for retail assets here, according to Marcus & Millichap's third-quarter 2015 market report.

​High-quality, multitenant assets are drawing the strongest interest, and bidding for these properties is intensifying. As demand for these centers continues, Marcus & Millichap said investors will begin to close the gap between Class-A and B assets.

Cap rates for high-quality retail centers are around 7 percent, while a Class-B center will trade approximately 50 basis points higher.

Construction will remain limited to mostly single-tenant product this year, creating new opportunities for investment and further fueling the number of sales for these properties. Buyers will continue to target single-tenant investment opportunities, and cap rates will remain on par with other Texas metros in the mid-to-high 6 percent range.​

Among the firm's other projections for the remainder of the year:
  • Building contractors will complete 700,000 sf of retail space this year, less than half of the 1.6 million sf delivered in 2014. Most of the development is occurring in the northern portion of the metro, which is also ripe with home construction and employment expansion.
  • Demand will keep pace with supply additions this year. Average retail vacancy will dip 10 basis points from the end of last year to 5.8 percent. In 2014, vacancy tumbled 20 basis points on net absorption of 1.7 million sf.
  • As vacancy remains at constricted levels, the amount of quality space available for lease is diminishing. As a result, the average asking rent will rise 1.7 percent this year to $15.20 per sf. The average rent grew 0.9 percent last year.
Marcus & Millichap Real Estate Investment Services
San Antonio-New Braunfels
Read more at {Source}
'Robust' economy sparking Austin retail interest'Robust' economy sparking Austin retail interesthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107312015-10-06T05:00:00Z

​AUSTIN – A robust economy stemming from strong job growth and net migration is attracting investors to Austin and sparking demand for retail assets.

Marcus & Millichap's third-quarter 2015 market report shows that the majority of properties have stabilized, and investors will find that upside potential will be gained by bringing rents up to market or by placing additional capital into property improvements.

Though few opportunities exist, competition for value-add assets is intense, and properties will sell at premium cap rates, sometimes below 7 percen​t.

The market is also appealing to a wider buyer pool as some single-tenant and apartment investors begin to target multitenant retail properties in search of higher yields. Cap rates for high-quality, stabilized properties average in the low-to-mid 7 percent range, while Class-B and C assets trade in the high 7 percent area.

Other projections from Marcus & Millichap's report:

  • Developers will complete 500,000 sf of retail space this year, increasing inventory 0.6 percent. In 2014, retail stock expanded 0.9 percent with the addition of 778,000 sf.
  • Retail construction will remain limited this year. Combined with heightened retailer demand, vacancy will drop 50 basis points during 2015 to 4.6 percent. The vacancy rate fell just 10 basis points in 2014.
  • Rents will continue to surge as space demand strengthens. The average asking rent will advance to $18.98 per sf in 2015, an increase of 3.5 percent from last year. In 2014, the average asking rent grew 3.1 percent.
Marcus & Millichap Real Estate Investment Services
Austin-Round Rock
Read more at {Source}
Texas and Oklahoma: 'Room for Rent'... available in your walletTexas and Oklahoma: 'Room for Rent'... available in your wallethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107322015-10-06T05:00:00Z

​​​​​TEXAS - Major metros in Texas and Oklahoma offer more affordable multifamily housing alternatives than other parts of the United States.

The country's year-over-year rent growth averaged 5.5 percent at mid-year, exceeding the 8-year average of post-recession gains and far above the pace of consumer inflationary increases.

In Texas and Oklahoma, while apartment rent growth is likewise a prevalent pattern, the major markets still fall below the national benchmark and are comparatively more affordable than other major metros.


The average nationwide rent payment now consumes 40 percent of household income. Multifamily renters in Texas and Oklahoma have extra room in their wallets with rent-to-income ratios all under 30 percent and as low as 20 percent in Oklahoma City.

CB Richard Ellis
http://www.cbre.us/o/houstonmarket/real-estate-trends/Pages/MarketFlash-October-5-Room-for-Rent-Available-in-Your-Wallet-Measuring-TX-and-OK-Apartment-Affordability.aspxSource: {Source}
Schlumberger's sweet new HQSchlumberger's sweet new HQhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107332015-10-06T05:00:00Z

​​​​​​​​​SUGAR LAND – Schlumberger is moving its headquarters from 5599 San Felipe in Houston to Sugar Land as part of its long-term strategy to consolidate operations. 

​​Currently Sugar Land's second-largest employer, Schlumberger plans to improve the roughly 33-acre campus at US 90 and Gillingham Lane. It will demolish obsolete buildings, repair utilities and redo landscaping.

The company will ultimately build over 250,000 sf of Class-A office space and a 100,000-sf amenities building. Delivery is slated for late 2017.

Schlumberger projects that the $200 million capital investment to the property will bring 500 jobs to the city.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2015/10/schlumberger-plans-to-relocate-national-headquarters-to-sugar-land/Read more at {Source}
Third Annual State of Real Estate Forum Nov. 5Third Annual State of Real Estate Forum Nov. 5https://www.recenter.tamu.edu/news/newstalk-texas/?Item=107352015-10-06T05:00:00Z​​RANCHO VIEJO – Edwards Abstract and Title Co. will host the Third Annual State of Real Estate Forum Thursday, Nov. 5, at the Rancho Viejo Country Club Conference Center. 

Former Real Estate Center Chief Economist Dr. Mark Dotzour is the keynote speaker. He will give his economic outlook for investors and business decision makers. 

​Edwards Abstract and Title Co. will also welcome Dr. Theresa A. Maldonado, senior vice president for research, innovation and economic development for the University of Texas Rio Grande Valley.

​Registration for the free forum starts at 8:30 a.m., and the program runs from 9 to 11 a.m. Deadline to register for the event is Oct. 30.​​ For more information, contact Elva Jackson Garza at elva.garza@edwards-titleco.com​.
The Monitor
Center News
http://www.themonitor.com/life/edwards-abstract-and-title-co-hosts-real-estate-forum-nov/article_915694c4-6955-11e5-bbbe-c77ca399b90d.htmlRead more at {Source}
Construction job growth hammers hard in San AntonioConstruction job growth hammers hard in San Antoniohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107262015-10-06T05:00:00Z

​SAN ANTONIO - Pent-up demand and uncertainty in the Eagle Ford Shale have pushed San Antonio to the top of the stack in terms of statewide construction employment growth.

According to a report from the Associated General Contractors of America, San Antonio posted the largest increase in construction employment in the year between August 2014 and August 2015 throughout the state of Texas.

Over the 12-month period, the San Antonio-New Braunfels area posted a 10 percent increase in construction employment, putting the region at 26 of the country's 339 metro areas.

In comparison, Dallas saw a 3 percent increase, the Austin-Round Rock metro had a 0.2 percent jump, Fort Worth-Arlington dropped 8 percent and Houston-The Woodlands-Sugar Land fell 2 percent.

Population and job growth in San Antonio will remain the main drivers behind demand for increased development, and neither of those two factors appear to be slowing their pace anytime soon.

"Aside from single-family and multifamily residential, the biggest area of growth in San Antonio, in terms of new construction, is educational," said Kirk Kistner, Bartlett Cocke General Contractors' vice president of business development, adding that school districts in and around the city are all planning significant construction development projects. Altogether, the projects will account for nearly $4 billion of work that has or will hit the market over the next two years."
San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2015/10/01/san-antonio-leads-texas-in-construction-job-growth.htmlRead more at the {Source}
State buying three historic buildings near AlamoState buying three historic buildings near Alamohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107272015-10-06T05:00:00Z

​SAN ANTONIO ​​– The General Land Office is buying three major historical buildings on Alamo Plaza, pot​enti​ally clearing the way for improvements for the area across from the Alamo.​

The Woolworth, Crockett and Palace buildings are at 518 E. Houston St., 319 Alamo Plaza and 321 Alamo Plaza, respectively. 

The transaction could close by the end of the year. 

San Antonio Express-News
San Antonio-New Braunfels
http://www.mysanantonio.com/news/local/article/State-to-buy-three-major-buildings-across-from-6552176.phpRead more at {Source}
Cool beans! Pinto Business Park trio sellsCool beans! Pinto Business Park trio sellshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107282015-10-06T05:00:00Z

​​​​​HOUSTON – Three buildings totaling​ 840,000 sf inside the Pinto Business Park have been sold to TIAA-CREF.

Pinto Business Park, a 971-acre industrial park located at the corner of Beltway 8 and I-45, is a joint venture of locally based Hines, New York-based Kohlberg Kravis Rob​erts & Company and local firm Pinto Realty Partners.

One of the buildings is home to Atlanta-based HD Supply, which occupies 500,000 sf​

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/morning_call/2015/10/exclusive-buildings-in-pinto-business-park-trade.html?ana=e_hstn_rdup&s=newsletter&ed=2015-10-06&u=yG2E0oPJdYiGi7lZ36mOd56qtUl&t=1444141871Read more at {Source}
Texas A&M institute releases new land-use trend online toolTexas A&M institute releases new land-use trend online toolhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107292015-10-06T05:00:00Z

​​​COLLEGE STATION – ​The Texas A&M Institute of Renewable Natural Resources has a new interactive online tool on​ its Texas Land Trends​ website that allows users to access land-use information released last year. ​​​

The October 2014 Texas Land Trends report described key findings of changes in land use, ownership size and property values of rural​ working lands alongside population changes from 1997 to 2012. 

With the tool, users can view 15-year trends in private working lands for such metrics as land use, market value, ownership size and population by county, river basin, eco-region or region of interest. Users can also compare the metrics of regional areas. 

The interactive data provides public and private decision-makers with information needed to plan for the conservation of these vital working lands. 

AgriLife Today
http://today.agrilife.org/2015/10/04/institute-offers-new-land-use-tool/Read more at {Source}
CHI St. Luke's Hospital to Spring into north HoustonCHI St. Luke's Hospital to Spring into north Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=106852015-10-06T05:00:00Z

​​​​SPRING - As the 2,000-acre Springwoods Village grows up around the new Exxon Mobil Corp. campus just south of The Woodlands, CHI St. Luke's Health is preparing to unveil its newest concept for medical facilities.

The CHI St. Luke's Health Springwoods Village medical campus, a $120 million, 150,000-sf facility on 23 acres, has been operating a primary care clinic since May and will open the hospital in January 2016.

The six-story hospital will focus on providing outpatient and preventative health care, with four inpatient beds, ten emergency room beds, four operating suites, two endoscopy suites, full diagnostic imaging capabilities and 100,000 sf of medical office building space.

It will open with 35-40 employees, with plans to expand the staff and the services in phases as the community need grows.

The Springwoods Village campus emergency department is expected to eventually be able to treat up to 18 patients at capacity.

Even as the health care sector crept up on energy as the largest non-retail employment sector in 2014, accounting for 18 percent of non-retail jobs compared to energy's 32 percent, according to The Woodlands Area Economic Development Partnership, the sector is expected to grow even more as area hospitals realize major expansion plans in the coming years.

Houston Chronicle
Houston-The Woodlands-Sugar Land

Need free data? See Houston Market Research for reports on office, industrial, retail and more.

Read the full article at the {Source}
San Antonio: 150-unit Ashler Oaks branches out to new ownerSan Antonio: 150-unit Ashler Oaks branches out to new ownerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107142015-10-06T05:00:00Z

​SAN ANTONIO - California-based Omninet Capital has sold the 150-unit Ashler Oaks to San Antonio-based Michael & Laura Gasparrelli Group LLC.

Ashler Oaks, a garden-style apartment complex spanning 6.65 acres, was built in 1997 and is currently 90 percent occupied.

Near the Medical Center at 4100 Parkdale Dr., the buyer purchased it as a value-add opportunity and secured a $7.8 million mortgage from RAIT Financial.
San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2015/10/02/transaction-action-whataburger-and-cst-continuing.htmlRead more at the {Source}

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