| RECON for January 24, 2020 | RECON for January 24, 2020 | | | 2020-01-24T06:00:00Z | 2020-01-24T06:00:00Z |
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| We're making headlines. KBTX News' Clay Falls interviewed Real Estate Center Chief Economist Dr. Jim Gaines about property tax issues at the Center's office in College Station yesterday morning. (Photo by Center photographer JP Beato.) |
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AUSTIN (Texas Realtors) – Texas ranked second in the nation for relocation activity in 2018, according to Texas Realtor's 2020 Texas Relocation Report.
"For the sixth year in a row, more than half a million people chose Texas as their new home," said 2020 Texas Realtors Chairman Cindi Bulla. She cited the state's business-friendly environment and diverse culture as primary drivers.
According to the report, which analyzes the latest migration data from the U.S. Census Bureau and U-Haul, Texas welcomed 563,945 new residents in 2018.
The net gain of out-of-state residents increased 78.1 percent from 57,173 in 2017 to 101,805 residents in 2018.
Among U.S. states, the highest number of new Texans came from California (86,164), Florida (37,262), and Louisiana (29,108). The number of people who relocated from California to Texas increased by 36.4 percent compared with 2017.
At the metro level, Los Angeles-Long Beach-Anaheim, New York-Newark-Jersey City, and Chicago-Naperville-Elgin produced the highest volume of residents relocating to Texas.
Dallas-Fort Worth-Arlington had the highest number of incoming residents from out of state (200,966). At the county level, Harris County led the state with a net gain of 80,572 out-of-state residents.
The Lone Star State also welcomed 201,559 new residents from outside the United States in 2018.
Texas ranked third nationally for the number of residents moving out of state (462,140) in 2018. The most popular out-of-state relocation destination for Texans was California (37,810), followed by Oklahoma (31,551) and Colorado (26,930).
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WASHINGTON (Wall Street Journal) – The Environmental Protection Agency has released new federal clean-water regulations that are less restrictive than those adopted in 2015, eliminating many seasonal streams, small waterways, and wetlands from federal oversight.
The new rules will exclude most roadside and farm ditches, groundwater, farm and stock watering ponds, and water bodies that form only when it rains.
Waters under federal oversight would be limited to four categories: the territorial seas and navigable waters including oceans and major rivers; perennial and intermittent tributaries; some lakes and ponds; and wetlands adjacent to federal waters.
The 2015 rule expanded the reach of the 1972 Clean Water Act, giving the federal government oversight of some ditches and shallow wetlands that, when swollen with rain, could carry pollution downstream.
While supporters said the 2015 rule would improve drinking water for more than 100 million Americans, critics said protections extended to dry land and amounted to overreach on property-owner rights.
For more on water rules, check out "Treading Water" by Real Estate Center Research Economist Dr. Charles Gilliland.
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AUSTIN (Texas Workforce Commission) – Texas' unemployment rate inched up a tenth of a percentage point over the month to 3.5 percent in December, breaking a five-month streak of record-low unemployment, according to the Texas Workforce Commission.
Texas employers added 29,800 jobs in December and 342,800 jobs over 2019, an annual employment growth rate of 2.7 percent last month. It has held above 2 percent since February 2018.
The Texas metro with the lowest non-seasonally adjusted unemployment rate was Midland at 2.1 percent. McAllen-Edinburg-Mission had the highest at 7 percent.
The construction industry had the most seasonally adjusted growth in employment from December 2018 to December 2019, growing 7.4 percent. The mining and logging and information industries were the only two sectors to see a drop in employment, falling 3.8 and 1.2 percent, respectively.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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AUSTIN (Austin Board of Realtors) – The metro closed out the decade with a record 33,084 homes sales in 2019 and $13 billion in sales volume, according to the Austin Board of Realtors (ABoR).
In December 2019, sales volume increased 9.2 percent to 2,608 sales, while inventory decreased by 0.5 months to 1.7 months of inventory. The Real Estate Center considers six to 6.5 months of inventory a balanced market.
Growing demand pushed the median price of a single-family home to $323,000.
New listings increased 1.4 percent year over year to 39,309 listings. Active listings decreased 4.3 percent to 6,216 listings. and pending sales increased 10.5 percent to 33,976.
Although the local housing market is doing well, ABoR President Romeo Manzanilla warns, "If we don't take action to increase housing supply in Austin, we will continue to see exponential increases in home values."
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SAN ANTONIO (San Antonio Business Journal) – Southwest Research Institute has bought 260 acres near its campus to develop more facilities.
The purchase includes 180 acres at 103 Callaghan Rd. and 80 acres south of US 151.
The acquisition brings the institute to 1,500 acres with 2.3 million sf of labs, test facilities, workshops, and offices on its property. Around 3,000 employees work there.
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 Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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MARBLE FALLS (Austin Business Journal) – Harvard Investments is developing Gregg Ranch, a 240-acre, master-planned community in Burnet County near the intersection of SH 281 and SH 71.
The development will have 700 single-family homes and 550 multifamily units.
The project's central community area will have an outdoor pool, covered porch, barbeque area, dog park, games such as bocce ball and horseshoes, and jogging and biking trails.
Pulte Homes is the community's first builder. It will begin pre-sales on the first 100 homes this year.
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AMARILLO (News Channel 10) – The Texas Tech University System Board of Regents has approved $90 million for the Texas Tech School of Veterinary Medicine.
The 185,000-sf, two-story vet school building will accommodate 400 students and include break-out rooms and office suites.
Construction will be complete in fall 2021.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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HUTCHINS (Dallas Morning News) – USAA Real Estate and Seefried Industrial Properties are developing a distribution building at 1305 Cleveland Rd.
The 800,000-sf warehouse is the second of four buildings in the 45-acre Interchange 20/45 business park near the southeast corner of I-20 and I-45.
CBRE is leasing the project, which is set to open later this year.
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HOUSTON (NAI Partners) – Redwood Property Investors III LLC has purchased the former Exterran Energy Solutions campus at 12001 N. Houston Rosslyn Rd.
The nearly 32-acre campus consists of 301,127 sf of industrial office and manufacturing buildings.
NAI Partners represented the buyer, while JLL represented the seller, Exterran Energy Solutions L.P. NAI will also market the property.
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| https://www.recenter.tamu.edu/news/recon/?Item=343 |
| RECON for January 21, 2020 | RECON for January 21, 2020 | Bryan Pope | Pope
| 2020-01-21T06:00:00Z | 2020-01-21T06:00:00Z |
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| According to a WalletHub study, Texas is the fourth-best state for driving. For the details on this story and more, keep reading today's RECON. (Photo from Center files.) |
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HOUSTON (Houston Business Journal) – Katy-based Testa Rossa Properties LLC will soon begin construction on Museo Plaza, a mixed-use project in the Museum District.
Phase one will feature a ten-story, 364,000-sf medical office tower at 5115 Fannin St.
The $77 million tower will have five parking garage levels above the ground-floor lobby, which will include 16,000 rentable sf.
Floor plates will be nearly 35,000 sf to help accommodate the space requirements of medical service providers.
The building’s anchor tenant, The Mann Eye Institute, will occupy 37,000 sf on the top floor.
Construction will begin in February and wrap up in first quarter 2022.
It was designed by PJMD Architects. Mission Constructors Inc. and CBRE are leasing the property. J.A. Billipp Co. and Skyhawk Partners are handling development managements.
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IRVING (Community Impact Newspaper) – The former Dallas Cowboys practice grounds in Valley Ranch is becoming a new housing project called Legends Crossing.
The 36-acre project will add 251 units to Valley Ranch's current housing stock: 63 small-footprint bungalows, 86 townhomes, and 102 villas.
The community will include a trail system, community center, lawn care services, and Cowboys-themed road names and memorabilia.
Prices will start at $350,000 and top out between $550,000 and $600,000. Centurion American is the developer.
With utility construction underway, the first building permits will be issued in April.
Construction will take three to four years.
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 The Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.
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WASHINGTON (WalletHub) – Texas is the fourth-best state to drive in, says a WalletHub study.
The Lone Star State ranks second in access to vehicles and maintenance, 13th in safety, 20th in cost of ownership and maintenance, and 41st in traffic and infrastructure.
Texas was fifth in both lowest average gas prices and fewest days without precipitation.
The top three driving states are Iowa, Tennessee, and North Carolina.
Last year, Texas ranked fifth on WalletHub's list of the top states for summer road trips.
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 Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
NewsTalk Texas is updated each weekday, throughout the day.
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AUSTIN (Austin American-Statesman) – New York-based Reger Holdings is developing The Linden, a 28-story residential tower at 313 W. 17th St.
The tower will have 117 one- to three-bedroom luxury condominiums and a limited selection of two-story penthouses.
Eight levels of parking will be above 5,000 sf of ground-level retail and restaurant space.
Amenities will include a fitness center, pool, hot tub, club house, and grilling areas.
Rhode: Partners is the architect and interior designer.
Construction will begin in March and wrap up in 22 to 24 months.
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| Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. |
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NORTH RICHLAND HILLS (Dallas Morning News) – Centurion American Development group has purchased more than 50 acres on the former North Hills Mall site for a major mixed-use development.
Called City Point, the development on Grapevine Hwy. will include 364 single-family lots, eight acres of multifamily development, 60,000 sf of commercial space, a hotel, amenity center, trail system, and green space.
The city has already built a new city hall and a public safety and municipal court complex on the property.
Centurion American is currently in the design phase and will begin development in first quarter 2020.
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 The Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.
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NOLANVILLE (Killeen Daily Herald) – Cliff Brown is building Cen-Tex RV and Boat Storage, a 696,960-sf storage facility at 1993 E. Central Expy.
The property will offer 335 total spaces, many of which will be 14 ft wide and 40, 45, and 50 ft long. Two-hundred covered spaces will be 12 ft wide and 37.5 ft long.
MRI Builders of Thorndale is the contractor.
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| https://www.recenter.tamu.edu/news/recon/?Item=342 |
| RECON for January 17, 2020 | RECON for January 17, 2020 | Bryan Pope | Pope
| 2020-01-17T06:00:00Z | 2020-01-17T06:00:00Z |
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| El Paso's industrial market closed out 2019 with record-low vacancy and record-high rents, according to CBRE. For more news like this, keep reading today's RECON. (Photo from Center files.) |
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DALLAS (Dallas Business Journal) – Todd Interests has started on 300 Pearl, the first of four ground-up developments within the East Quarter revitalization project.
Located between Pearl St. and Cesar Chavez Blvd., the 20-story building will include 180,000 sf of office space, 25,000 sf of ground-floor retail, and 336 Class A apartments.
Other features will include enclosed parking, a fitness center, and a private bar.
The project will preserve two 1940s-era buildings along Cesar Chavez Blvd.
The building will cost around $130 million, according to the Texas Department of Licensing and Regulation.
Altschuler and Co. are leasing the office space, while Shop Cos. will lease the retail. Merriman Anderson Architects is the designer, and Andres Construction is the builder.
The office portion is set for completion by early 2021, while the residential portion will be delivered by mid-2022.
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Today is your last chance to enter to win a copy of our ever-popular 2018-19 Annual Report + 2020 Calendar! Take our survey before 5 p.m. to get your hands on a copy. No purchase necessary. While supplies last.
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PFLUGERVILLE (Austin Business Journal) – The city council has approved the rezoning of 94 acres at 2000 E. Pecan St. for a proposed Amazon distribution center.
Dubbed Project Charm, the four-and-a-half-story, 3.8 million-sf facility will feature 43,000 sf of office space, 780,552 sf of warehouse space, and three million sf for robotics on a mezzanine level. There will be 1,706 parking spaces.
Jones/Carter is the civil engineer, SMDH Inc. is the structural engineer, and Dialectic Engineer is the mechanical, electrical, and plumbing engineer.
A final reading of the rezoning ordinance will occur later this month.
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| For years, Texas has enjoyed a reputation as an economic powerhouse. While that's still true, other states are beginning to shine just as brightly. REC Research Economist Dr. Luis Torres and Research Associate Paige Silva elaborate on our latest Red Zone podcast. |
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HOUSTON (Multi-Housing News) – Waterton has acquired a local multifamily portfolio totaling 809 units.
The portfolio includes the:
- 348-unit Reserve by the Lake at 18600 S. Parkview Dr. in Houston,
- 264-unit Madison on the Meadow at 12660 Stafford Rd. in Stafford, and
- 197-unit Summerwind at 2414 County Rd. 90 in Pearland.
All three of the assets will undergo capital improvement programs, focusing on interior and exterior renovations.
According to Yardi Matrix information, Hills Properties was the seller of all three properties.
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FRISCO (Dallas Morning News) – Newland Communities and North America Sekisui House LLC are gearing up for the second phase of The Grove Frisco community.
The 735-acre project on S. Custer Rd. near the Sam Rayburn Tollway opened last summer. Three-thousand homes are planned for the community.
The second phase will have patio homes, townhomes, luxury apartments, retail, and restaurants.
JPI will build the 424-unit apartment community at the southwest corner of Main St. and Custer Rd. The eight-building apartment complex was designed by JHP Architecture.
The townhome community will have 129 units.
American Legend Homes, Drees Custom Homes, Highland Homes, and Southgate Homes are building in the community.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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EL PASO (CBRE) – The local industrial market closed out the year with record-low vacancy and record-high rents, according to CBRE.
High levels of activity decreased vacancy to 4 percent. Class A vacancy fell to 8.2 percent, a record low for the current cycle.
Net absorption for the quarter fell to 222,734 sf but remained above the ten-year quarterly average.
Decreasing availability has pushed marketwide average asking rents to $5.07 per sf, a $0.69 per sf increase from last year.
There is 706,000 sf of space under construction.
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Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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NASSAU BAY (REBusiness Online) – Hoar Construction has broken ground on the Houston Methodist Clear Lake Medical Office Building, a 158,000-sf project at 18300 Houston Methodist Dr.
The six-story building will house orthopedics and sports medicine practices. Two floors will be devoted to physical therapy and a sports medicine gym and clinic.
The building is the first phase of the hospital’s master-planned site.
Completion is scheduled for first quarter 2021.
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The Real Estate Center will be closed on Monday, Jan. 20, in observance of Martin Luther King Jr. Day.
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SAN ANTONIO (San Antonio Express-News) – The Still Golden Social House building is being transformed into a 12-story mixed-use tower that will house Jefferson Bank's new headquarters.
The development at 1900 Broadway St. will have 190,000 sf of office space and 15,000 sf of retail on the ground floor.
Construction will begin in second quarter 2020 and wrap up in 2022.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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HOUSTON (REBusiness Online) – A joint venture between Fuller Realty Partners and Independencia Asset Management has acquired The River Oaks Bank Building, a 170,233-sf office building at 2001 Kirby Dr.
The deal includes the recently renovated 14-story building, an attached 323-space parking garage, and 185 surface parking spaces.
JLL represented the seller, a client of L&B Realty Advisors LLP, and arranged acquisition financing on behalf of the buyer.
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| https://www.recenter.tamu.edu/news/recon/?Item=341 |
| RECON for January 14, 2020 | RECON for January 14, 2020 | | | 2020-01-14T06:00:00Z | 2020-01-14T06:00:00Z |
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| What's the scoop? The Lone Star State has fastest-growing GDP nationally, Real Estate Center welcomes new research economist, and North Texas city leads Texas in office development. Today's RECON has all the details. (Photo from Center files.) |
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WASHINGTON (U.S. Bureau of Economic Analysis) – Texas' gross domestic product (GDP) grew 4 percent in third quarter 2019, faster than any other state, according to the U.S. Bureau of Economic Analysis.
The United States' GDP grew 2.9 percent over the quarter.
The state's third quarter growth rate was lower than the first and second quarters, which were 5.3 and 4.7 percent, respectively.
"Nondurable goods manufacturing, retail trade, and professional, scientific, and technical services were the leading contributors to the increase in Texas real GDP," said Real Estate Center Research Economist Dr. Luis Torres. "Surprisingly, oil and gas extraction was another top contributor to the growth."
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 COLLEGE STATION (Real Estate Center) – Dr. Adam Perdue is a new research economist for the Real Estate Center at Texas A&M University.
Perdue's research with the Center will focus on public policy and urban, real estate, and spatial economics.
Perdue, a Houston native, received two B.S. degrees—one in civil engineering and one in economics—from the University of Houston (UH).
After working as a transportation engineer in Houston, then in San Antonio, he returned to UH to obtain his M.A. and Ph.D. in economics.
Before coming to work for the Center, Perdue worked as an economist at the UH Institute for Regional Forecasting. He focused on the spatial distribution of Houston economic activity and the local real estate industry.
Perdue also previously worked as an oil and gas consultant for IHS and a real estate consultant for John Burns Real Estate Consulting.
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Didn't snag a copy of our ever-popular Annual Report + 2020 Calendar? Don't worry, because we're giving away the last of our stock! Take our survey before Friday, Jan. 17, at 5 p.m. CST for a chance to win. Hurry before they're gone!
No purchase necessary. While supplies last.
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SANTA BARBARA, Calif. (CommercialCafé) – Plano added nearly 10.6 million sf of office space since 2009, making it the top small Texas city for office development, according to CommercialCafé.
The North Texas city had a total of nearly 37.2 million rentable sf of office space at the end of 2019, up 39.67 percent from 2009, when it had 26.6 million rentable sf.
At the end of the decade, Plano had 395,333 sf of office space under construction.
The other small (population under 300,000) Texas cities in the top ten are Irving, The Woodlands, Richardson, Spring, Frisco, Midland, Katy, Sugar Land, and Round Rock.
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DALLAS (Connect Media) – Locally based The Ricchi Group has acquired Optima Business Park, a two-building, 200,000-sf office complex that was once home to Mary Kay Inc.'s headquarters.
The asset at 8777 N. Stemmons Fwy. includes the eight-story Tower I and five-story Tower II. They opened in 1976 and 1985, respectively.
Mary Kay relocated from the buildings to Addison in 1995. Current tenants include the Salvation Army and Transport Workers Union.
Ricchi has begun renovations on the property, which will be renamed El Dorado Towers. Improvements will include a gym, lounge, and interior and exterior upgrades.
Cushman & Wakefield represented the seller, Optima Stemmons LLC. The buyer was represented by Pan American Group LLC.
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Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
NewsTalk Texas is updated each weekday, throughout the day.
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AUSTIN (Austin Business Journal) – Austin Proper Hotel & Residences, downtown's newest high-rise, is now open.
The 32-story hotel and condominium building at 600 W. 2nd St. offers 244 guest rooms and suites, 99 luxury condo units, 14,000 sf of meeting space, and four restaurants run by McGuire Moorman Hospitality.
Handel Architects LLP and Kelly Wearstler handled the design.
Proper Hotels is managing the hotel. Developer The Kor Group and Den Property Group are selling the condos.
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HOUSTON (Dallas Business Journal) – Southwest Airlines Co. opened its new 240,000-sf maintenance complex at William P. Hobby International Airport.
The multipurpose facility includes offices, training facilities, warehouse space, and a 140,000-sf hangar.
The site can service up to six 737 aircraft indoors and an additional eight aircraft outside of the hangar. It has paved aircraft parking areas, aircraft washing facilities, taxiway connections, parking, and loading docks.
Nearly 400 locally based technical operations employees will staff the complex.
McCarthy Building Companies Inc. was the general contractor.
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The Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.
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SAN ANTONIO (Austin Business Journal) – Sabot Development is building a ten-story multifamily and retail tower near the Pearl, a revitalized former industrial site.
The development at Euclid Ave. and Locust St. will span a city block with 325 residential units, 400 underground parking spaces, and 14,000 sf of ground-floor retail space.
The project has been approved by the Historic and Design Review Commission and the Planning Commission. It is awaiting city council approval.
Gensler is the architect and KFW Engineers is the civil engineer. Project Control will oversee project management.
Groundbreaking is set for second quarter 2021.
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| https://www.recenter.tamu.edu/news/recon/?Item=340 |
| RECON for January 10, 2020 | RECON for January 10, 2020 | Bryan Pope | Pope
| 2020-01-10T06:00:00Z | 2020-01-10T06:00:00Z |
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| What's happening around the state? Renting more affordable than buying in most Texas markets, two downtown office towers among several El Paso properties sold, and Texas A&M opens Dallas dental clinic and education building. Keep reading today's RECON for the details. (Photo from Texas A&M University College of Dentistry.) |
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IRVINE, Calif. (ATTOM Data Solutions) – Buying a three-bedroom property is affordable in 455 of the 855 U.S. counties analyzed in ATTOM Data Solution's 2020 Rental Affordability Report.
However, that is contrary to the trend in Texas, where it is more affordable to rent than buy in more than half of the 57 Texas counties that were analyzed. Those counties are (in alphabetical order):
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- Bexar
- Brazoria
- Brazos
- Burnet
- Collin
- Comal
- Dallas
- Denton
- Fort Bend
- Galveston
- Guadalupe
- Harris
- Hays
- Henderson
- Hidalgo
- Hood
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- Kendall
- Kerr
- McLennan
- Midland
- Montgomery
- Parker
- Randall
- Rockwall
- Smith
- Tarrant
- Travis
- Walker
- Williamson
- Wise
- Wood
- Van Zandt
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The counties in which it is more affordable to buy are:
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- Angelina
- Bell
- Cameron
- Coryell
- Ector
- El Paso
- Ellis
- Gregg
- Hunt
- Jefferson
- Johnson
- Kaufman
- Lamar
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- Liberty
- Lubbock
- Navarro
- Nueces
- Orange
- Potter
- San Patricio
- Taylor
- Tom Green
- Victoria
- Webb
- Wichita
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The analysis used 2020 rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and public record sales deed data from ATTOM. Read last year's list of Texas counties for renting and buying.
For more analysis, check out "Purchasing a Home versus Renting and Investing" by Center Research Economist Dr. Harold Hunt and Research Intern Clare Losey. |
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Didn't snag a copy of our ever-popular Annual Report + 2020 Calendar? Don't worry, because we're giving away the last of our stock! Take our survey before Friday, Jan. 17, at 5 p.m. CST for a chance to win. Hurry before they're gone!
No purchase necessary. While supplies last. |
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DALLAS (Texas A&M Today) – Texas A&M University's College of Dentistry has opened its 160,000-sf, nine-story Clinic and Education building.
Featuring nearly 300 advanced dental-chair stations, specialized clinics, clinical support areas, classrooms, and study spaces, the facility is the first stand-alone building constructed for the dental school since 1950.
Dental-school-specific patient parking will be available on the first three levels of the new structure.
Construction of the $127 million facility was completed at the end of 2019. Approximately $72 million of the building’s estimated cost came from approval for bond authority that the A&M Health Science Center received from the Texas Legislature during the 2015 legislative session.
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EL PASO (KTSM) – Franklin Mountain Investments Limited Partnership is purchasing several downtown properties from Borderplex Realty Trust. Among them are two of downtown's largest office towers.
The 20-story One San Jacinto Plaza, formerly the Chase Tower, is at 201 E. Main. Built in the early '60s, the over 350,000-sf Class A building has been owned by Borderplex Realty Trust since 2007.
Built in 1971, the 22-story Wells Fargo Plaza at 221 N. Kansas St. has just over 325,000 sf. It was formerly known as the Norwest Bank Plaza.
According to a press release from the buyer, the purchase also includes the parking garages at the two towers as well as other nearby properties and land parcels.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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AUSTIN (Austin American-Statesman) – KKR has purchased Riata Corporate Park, an eight-building office campus at 12331 Riata Trace Pkwy.
Built between 1998 and 2000, the 688,100-sf complex is on 51 acres between US 183 and W. Parmer Ln.
The deal includes an adjacent 5.6 acres slated for a 64,550-sf office building.
Tenants at Riata include Apple, Allergen, Accenture, UnitedHealth Group, Conduent, Abrigo, and Sonic Healthcare.
KKR purchased the property for $285 million from Partners Group and Accesso Partners. The new owner is planning an $11 million capital improvement program.
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Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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HOUSTON (REBusiness Online) – At the end of the year, a record-high 19.1 million sf of industrial space across 112 buildings was under construction in the metro, according to Avison Young.
Year-end vacancy stood at 6 percent, and two million sf was absorbed in the fourth quarter.
Four of the five largest projects are build-to-suit developments totaling almost 3.9 million sf.
The largest of those, Medline's 1.3 million-sf project off I-10 in Katy, broke ground during the fourth quarter.
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PLANO (Dallas Morning News) – Gaedeke Group is building Two Legacy West, an office high-rise within the $3 billion Legacy West development.
Plans call for as much as 600,000 sf of office space.
The new building will join the 14-story One Legacy West tower at Legacy Dr. and SH 121.
Gensler is designing the building, which is set to open in 2022.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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TEXAS CITY (San Antonio Express-News) – Work will start this year on the $1 billion Gulf Coast Ammonia plant.
The plant will produce 1.3 million tons of ammonia per year. It will create 40 permanent jobs and 1,000 temporary construction positions.
Completion is set for 2023.
The project was developed by Agrifos but has been acquired and jointly funded by Starwood Energy Group and Mabanaft.
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DALLAS (Dallas Morning News) – A unit of Alliance Residential has purchased The Verandas at Timberglen, a 500-unit apartment community near the Dallas North Tollway.
Built in 1999 by JPI, the property at 4607 Timberglen Rd. is valued at $67 million.
The community was sold by a partnership of Berkshire Residential Investments.
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| https://www.recenter.tamu.edu/news/recon/?Item=339 |
