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Midland, Odessa apartment rents had largest drops nationallyMidland, Odessa apartment rents had largest drops nationallyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241352020-04-08T05:00:00Z2020-04-08T20:00:00Z

WASHINGTON – Far West Texas continued to feel the impact of the oil downtown in March as apartment rents decreased, according to a report from RentCafe.  

Rents in Midland and Odessa dropped 11.7 and 10.4 percent year over year, respectively.

The two metros are not only the comm​unities with the largest drops in the nation but also the only communities with annual drops larger than 2.5 percent.

The average rent in Midland was $1,433, down 1.3 percent from February. Last months, rents fell 1.4 percent in Odessa to $1,268.  the average rent fell 1.3 percent from February to $1,433. In Odessa, the average rent decreased 1.4 percent to $1,268.

Both metros saw drops in monthly rents in February, as well. 

Midland has the third-highest average rent in Texas after Austin overtook it for the No. 2 spot. The Woodlands has the highest average rents. 

RentCafé looked at market-rate multifamily properties 50 or larger units in size to determine rates. The data was compiled and reported by their sister company Yardi Matrix.

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

​Source: Midland Reporter-Telegram

Midland Reporter-Telegram
Midland
Multifamily
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Houston industrial market delivers 8.6M sf in 1Q2020Houston industrial market delivers 8.6M sf in 1Q2020https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241362020-04-08T05:00:00Z2020-04-08T20:00:00Z

HOUSTON – The industrial sector remains the metro's strongest asset class in the market, with 56 properties totaling 8.6 million sf delivered in first quarter 2020.

According to Avison Young, that is nearly double fourth quarter 2019’s 4.5 million sf in deliveries. 

The under-construction total dipped slightly​ to 18.9 million sf across 96 buildings last quarter. 

Houston is considered one of the nation’s dominant markets for industrial supply and has recorded an average of 14 million sf of construction for the last six years.

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

​Source: Connect Media

Connect Media
Houston-The Woodlands-Sugar Land
Industrial
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Mid-March job losses tallied 37,945 in Houston metroMid-March job losses tallied 37,945 in Houston metrohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241372020-04-08T05:00:00Z2020-04-08T20:00:00Z

HOUSTON – According to NAI Partners, area job losses due to COVID-19 were estimated to be 37,945 in mid-March. 

Currently, the most at-risk sectors include retail, plumbing and other home services, the arts, and most small businesses. 

The Greater Houston Partnership estimates job​ loss will hover between 150,000 and 350,000 jobs.

Texas logoThe Real Estate Center has a more COVID-19 and employment data online for free.

​Source: NAI Partners
NAI Partners
Houston-The Woodlands-Sugar Land
Employment
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131.2K-sf industrial project wraps up in Laredo 131.2K-sf industrial project wraps up in Laredo https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241382020-04-08T05:00:00Z2020-04-08T20:00:00Z

LAREDO – Developer Gulf Corp. and equity partner Tailwind Real Estate Equities have completed I-35 Logistics Center, a 131,178-sf industrial ​project at SH 35 Frontage Rd. and Beltway Pkwy.

The Class A facility features 4,000 sf of office space, 32-ft clear heights, 46 dock-high doors, 73 trailer parking spaces, and an ESFR sprinkler system. 

General contractor Park Avenue Construction started on the project in August 2019. CBRE is handling leasing.

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

​Source: REBusiness Online

REBUSINESS
Laredo
Industrial
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Three Lake Houston water projects underway Three Lake Houston water projects underway https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241332020-04-08T05:00:00Z2020-04-08T19:00:00Z

​​HOUSTON – City officials and area water agencies are pushing forward on three projects in response to a mandate from the Harris-Galvest​on Subsidence District to lessen groundwater usage and decrease subsidence.

The projects will include the:

  • $1.77 billion Northeast Water Purification Plant expansion,

  • $450 million Northeast Transmission Line, and 

  • $380 million Luce Bayou Interbasin Transfer project.

The Luce Bayou project will provide water to Lake Houston, from which the Northeast Water Purification Plant will transport surface water to the purification plant. 

The Luce Bayou project will wrap up late 2020 or early.

The  purification plant expansion began in fall 2017 and will be complete no later than 2025. 

The Northeast Transmission Line project began in summer 2018 and is set to be completed in fall 2022. 

Texas logoThe Real Estate Center has more infrastructure and transportation news for Houston.

Source: Community Impact Newspaper

Community Impact Newspaper
Houston-The Woodlands-Sugar Land
Infrastructure & Transportation
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Second phase coming to Atascocita Hike & Bike TrailSecond phase coming to Atascocita Hike & Bike Trailhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241342020-04-08T05:00:00Z2020-04-08T19:00:00Z

​​Map showing new Atascocita trailHUMBLE – Harris County Precinct 2 is planning the second phase of the Atascocita Hike & Bike Trail 

The concrete trail will connect to phase one of the trail, which was completed last June and runs from W. Lake Houston Pkwy. to Kings Park Way. 

Plans call for the trail moving down W. Lake Houston Pkwy. to just south of Atascocita Middle School. 

Precinct 2, who is funding the project, expects the phase should go to bid in late 2020.

Texas logoThe Real Estate Center has more infrastructure and transportation news for Houston.

Community Impact Newspaper
Houston-The Woodlands-Sugar Land
Infrastructure & Transportation
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Affordable apartment complex breaking ground near downtown Affordable apartment complex breaking ground near downtown https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241322020-04-08T05:00:00Z2020-04-08T17:00:00Z

Rendering of affordable san antonio multifamily complex

​SAN ANTONIO – The San Antonio Housing Association (SAHA) and Mission DG are developing a 200-unit apartment complex at 200 Tampico St. 

SAHA acquired the 3.76-acre property, which includes a 9,600-sf warehouse, from Citgo Petroleum Corp. in 1994. 

Allunits will have rents at less than 80 percent of the area’s median income, with some as low as 30 percent. 

Construction begins in late July. 

GRG Architecture is the designer. 

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

​Source: ​San Antonio Business Journal

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
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Austin lifts temporary ban on commercial, residential constructionAustin lifts temporary ban on commercial, residential constructionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241312020-04-08T05:00:00Z2020-04-08T16:00:00Z

​AUSTIN – The city has lifted a temporary construction ban after Gov. Greg Abbott issued a new directive deeming all construction to be essential services. 

New construction guidelines include additional measures to limit the spread of COVID-19, such as more hand-washing stations, no communal water coolers, and job site prescreening.

Texas logoGet more COVID-19-related news on the Real Estate Center's website:

​​​Source: REBusiness Online​

REBUSINESS
Austin-Round Rock
Economy
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California investor buys Telecom Corridor officeCalifornia investor buys Telecom Corridor officehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241282020-04-07T05:00:00Z2020-04-07T16:00:00Z

​RICHARDSON – Piedmont, Calif.-based Gold​​enberg & Associates Inc. has purchased a 121,420-sf office building at 2703 Telecom Pkwy. 

The single-story building is near the George Bush Turnpike east of US 75. It is fully leased to tenants including Hill & Wilkinson.

Colliers International brokered the deal.

The seller, Dallas-based Pillar Commercial, purchased the asset in 2019. 

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

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
Read more at {Source}
Duncanville warehouse under new ownershipDuncanville warehouse under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241292020-04-07T05:00:00Z2020-04-07T16:00:00Z

DUNCANVILLE – ​​Mansfield-based RFF Family Ltd. has purchased a 33,400-sf warehouse from Dallas-based Mazaya Investments LL​C. 

Built in the 1980s, the 24-suite project is on 1.8 acres at 706 E. Red Bird Ln. It was fully leased at the time of sale. 

Dallas-based Bradford Commercial Re​​al Estate Services represented the buyer and will manage leasing. 

Matthews Real Estate Investment Services represented the seller, which acquired the property four years ago. ​

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

Source: Connect Media
Connect Media
Dallas-Fort Worth-Arlington
Industrial
Read more at {Source}
Lewisville approves incentives for Ericsson's 5G factoryLewisville approves incentives for Ericsson's 5G factoryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241302020-04-07T05:00:00Z2020-04-07T16:00:00Z

​​​LEWISVILLE – ​Ericsson is transforming an existing 300,000-sf facility at 2601 S. Valley Pkwy. into its first fully automated 5G factory.  

The company will invest $64 million into factory renovations, utilities and infrastructure​ upgrades, office space, employee amenities, and energy efficient technologies. 

Ericsson will employ 400 full-time employees over a four-year period with an annual total payroll of $28 million. ​

The city has approved three economic incentives, including an annual grant based on 75 percent of the business personal property taxes paid to the city for ten years.

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

Community Impact Newspaper
Dallas-Fort Worth-Arlington
Industrial
Read more at {Source}
Jenkins Organization parks deal with Austin Oaks RV ResortJenkins Organization parks deal with Austin Oaks RV Resorthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241242020-04-07T05:00:00Z2020-04-07T15:00:00Z

​AUSTIN – Houston-based Jenkins Organization has acquired the 74-site Austin Oaks RV Resort.

The company will rebrand the comm​unity and implement a capital improvements program to the RV sites, pool, clubhouse, dog park, and other common areas. 

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

​Source: REBusiness Online

REBUSINESS
Austin-Round Rock
Retail
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Houston industrial market delivers 17.4M sf Houston industrial market delivers 17.4M sf https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241252020-04-07T05:00:00Z2020-04-07T15:00:00Z

​​​NAI Partners' Houston industrial market overview

HOUSTON – The local industrial market's overall vacancy was 7.5 percent in March 2020, up from 6 percent a year ago, according to NAI Partners.

This was due in large part to the 17.4 million sf delivered to the market during the last 12 months with an occupancy rate of 42 percent. 

Of the record-breaking 25.3 million sf currently under construction, 61 percent of that space is available for lease. 

The asking price for local industrial space was $0.62 per sf per monthly, up from March 2019's monthly rate of $0.60 per sf.

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

​Source: NAI Partners

NAI Partners
Houston-The Woodlands-Sugar Land
Industrial
Read more at {Source}
Telge Crossing phase one nearing completion Telge Crossing phase one nearing completion https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241262020-04-07T05:00:00Z2020-04-07T15:00:00Z

​​CYPRESS – Work is wrapping up on the first phase of Telge Crossing​, a 24-acre​ mixed-use development at the southwest corner of Jarvis and Telge Roads.

Phase one, which ​includes 15,000 sf of retail space and 12,000 sf of medical office space, will deliver this spring. 

​Phase two, which includes a 303-unit apartment complex, will be complete this summer.

The developer is i3.​ 

Edge Realty is handling retail leasing, and Transwestern will lease the medical office building. 

Arch-Con Corp. is the general contractor for the retail and medical office components, and Identity Architects is handling design. ​

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

Community Impact Newspaper
Houston-The Woodlands-Sugar Land
Mixed-Use
Read more at {Source}
Dakota Enterprises breaks ground on 240-unit Fishel’s Landing Dakota Enterprises breaks ground on 240-unit Fishel’s Landing https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241272020-04-07T05:00:00Z2020-04-07T15:00:00Z

​​HOUSTON – Locally based Dakota Enterprises has broken ground on the four-story, 240-unit Fishel’s Landing workforce housing complex at 4840 N. Shepard Dr. 

The garden-style property will include a two-story gym, swimming pool, dog park, and covered parking.

Mucasey & Associates Architects des​igned the project. Ibiza Enterprises is the general contractor.

Dakota Enterprises purchased the 225,000-sf site from Jones Oil in April 2019. 

Construction will wrap up in late 2021. 

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

​Source: BisNo​w

BISNOW
Houston-The Woodlands-Sugar Land
Multifamily
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Cornerstone Projects Group to develop 30K-sf office projectCornerstone Projects Group to develop 30K-sf office projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241202020-04-06T05:00:00Z2020-04-06T19:00:00Z

FORT WORTH – Cornerstone Projects Group is developing Triune Cent​er, a 30,000-sf office project at the intersection of I-30, Montgomery St., and Chisholm Trail Pkwy. 

The six-story, Class A building will feature an automated valet parking garage by Trident Structures. 

Construction will begin as early as May and will last 12 months. 

Stream Realty Partners will handle leasing.

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

REBUSINESS
Dallas-Fort Worth-Arlington
Office
Read more at {Source}
Quadrant redeveloping Dallas’ Design DistrictQuadrant redeveloping Dallas’ Design Districthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241212020-04-06T05:00:00Z2020-04-06T19:00:00Z

​DALLAS – Quadrant Investment Properties is renovating a series of old commercial and warehouse buildings northwest of downtown.

Most of the properties are on Manufacturing St., Irving Blvd., and Levee St. near the Trinity River.

The developer will repurpose the old buildings to take advantage of demand for tenants moving to the former industrial area.

CD Studio Design is the​ architect.

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

REBUSINESS
Dallas-Fort Worth-Arlington
Industrial
Read more at {Source}
Kansas City developer building 708K-sf industrial project in Fort WorthKansas City developer building 708K-sf industrial project in Fort Worthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241222020-04-06T05:00:00Z2020-04-06T19:00:00Z

​FORT WORTH ​– NorthPoint Development is building a 707,592-sf speculative warehouse on FM 156 near Alliance Airport.

Work will start on the $18 million Intermo​dal Logistics Center project next month, according to filings with the state.

CBRE is leasing the project, which was designed by Missouri-based StudioNorth.

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

Dallas Morning News
Dallas-Fort Worth-Arlington
Industrial
Read more at {Source}
SA Apartment Association proposes rental assistance program SA Apartment Association proposes rental assistance program https://www.recenter.tamu.edu/news/newstalk-texas/?Item=241232020-04-06T05:00:00Z2020-04-06T19:00:00Z

SAN ANTONIO – The San Antonio Apartment Association has proposed an emergency rental assistance program to help residents strug​gling to pay rent. 

The organization is encouraging its members to forgive 25 percent of outstanding rents and waive late fees for residents earning less than the area median income. 

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

​Source: REBusiness Online

REBUSINESS
San Antonio-New Braunfels
Multifamily
Read more at {Source}
227-unit Pasadena multifamily portfolio under new ownership227-unit Pasadena multifamily portfolio under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=241192020-04-06T05:00:00Z2020-04-06T18:00:00Z

​PASADENA – Two workforce housing properties totaling 227 units have been sold.

The portfolio consists​ of Fieldstone Apartments at 3201 Red Bluff Rd. and Embers Apartments at 2120 Strawberry Rd.

The buyer plans to make extensive renovations to both the interior and exterior of the properties.

Marcus & Millichap marke​ted the property on behalf of the seller and represented the buyer.

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

​Source: Connect Media

Connect Media
Houston-The Woodlands-Sugar Land
Multifamily
Read more at {Source}

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