| RECON for May 14, 2021 | RECON for May 14, 2021 | | | 2021-05-14T05:00:00Z | 2021-05-14T05:00:00Z |
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| In a survey from the Association of Foreign Investors in Real Estate, 90 percent of respondents say they plan to increase their position in U.S. cities over the next three to five years. According to the report, two Texas cities are top target markets. Keep scrolling for the full story. (Photo from Center files.) |
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COLLEGE STATION (Texas Real Estate Research Center) – Since the start of the year, COVID-19 cases have been declining steadily and life has gradually returned to something resembling before the pandemic. Employment, however, is still a work in progress.
Texas, like the rest of the U.S., is still trying to recover jobs lost since March of last year. As of March 2021, Texas has done better regaining jobs than the nation as a whole. Texas didn't have as large a gap to make up, having lost at most around 12 percent of pre-pandemic jobs compared with 15 percent nationwide.
One of the key drivers toward recovery has been the COVID vaccine rollout. As of mid-April, approximately 66 percent of Texans aged 18 years or older reported receiving full or partial vaccine doses, according to the U.S. Census Bureau's Household Pulse Survey. An additional almost 8 percent reported that vaccination is on the to-do list.
Despite the vaccine, consumer behavior appears to be on a slow crawl back to normal. Almost 40 percent of Texans report no change in shopping trip habits, while 31 percent report making more combined shopping trips, resulting in fewer overall trips. Eighteen percent reported more online shopping, resulting in fewer in-person shopping trips.
On the housing front, the risk of losing one's home is still a real threat for many Texans. In general, homeowners appear to be in much better shape than renters. When asked in mid-April by the Census Bureau, almost 90 percent of Texas homeowners replied the threat of losing their home due to foreclosure in the upcoming months was either not very likely or not likely at all. Around one-third of renters, meanwhile, responded that the risk of upcoming eviction was either very likely or somewhat likely.
Finally, another nuance of the pandemic is the shift toward remote work. Almost a third of Texas households reported having at least one adult in the family still working remotely. Further data indicate that half the households claiming a college degree were still working away from the office. That figure drops to approximately 15 percent for households with only a high school degree.
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WASHINGTON (Association of Foreign Investors in Real Estate) – According to a survey from the Association of Foreign Investors in Real Estate (AFIRE), Austin and Dallas are top U.S. markets for international investments in 2021.
The survey found that 30 percent of all respondents cited Austin as a top three market for planned investment this year. Austin tied with Boston for the top spot for investors. Dallas followed closely, ranking third with 29 percent.
Rounding out the top five were Atlanta and New York City, at 25 percent and 21 percent, respectively.
Some 33 percent of respondents said Austin would be a top three market for them in the next three to five years, more than any other market. Boston and Dallas tied for second at 24 percent.
Meanwhile, 23 percent of respondents identified Austin as their top target market, more than any other market. Austin's top ranking on this list is unprecedented, according to AFIRE, as a tertiary city has never ranked No. 1 before.
Overall, 90 percent of respondents said they plan to increase their position in U.S. cities over the next three to five years.
Of the markets foreign investors plan to leave, New York, Chicago and San Francisco top the list. Houston was also in the top five.
Multifamily and industrial property are the biggest targets for foreign investors over the next three to five years. Interest for office and retail property has cooled, but hotels are gaining interest.
Investors from Asia, Europe, and Canada are expected to make the biggest contributions within the U.S. real estate market over the next few years.
The survey gathered insights from 101 respondents across 19 countries.
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HOUSTON (REBusiness Online) – Philadelphia-based Equus Capital Partners has purchased a 757,325-sf industrial portfolio near the intersection of I-45 and Beltway 8.
The portfolio consists of three rear-load buildings and two cross-dock buildings that were constructed between 2008 and 2014.
They were 62 percent leased to 11 tenants at the time of sale.
Equus will implement a capital improvement program and rebrand the properties as Park 845 Crossing.
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NEW BRAUNFELS (San Antonio Business Journal) – Locally based SouthStar Communities is developing Mayfair, a master-planned community on 1,900 acres right outside city limits.
The project will include:
- 6,000 residential units,
- more than 300 acres of public parks,
- 35 miles of trails,
- four Comal Independent School District schools, and
- more than 200 acres of commercial space.
Construction will take place over 15 years.
Mayfair is expected to create almost 2,000 permanent jobs once complete.
The land is in the New Braunfels extraterritorial jurisdiction and is currently owned by the Texas General Land Office.
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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 Texas Real Estate Research Center, and all MLSs across the state.
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HALTOM CITY (REBusiness Online) – Stream Realty Partners is nearing completion of Midway Logistics Park, a 491,218-sf speculative industrial project off SH 121.
The development consists of a 156,085-sf cross-dock building, 126,320-sf rear-load complex, and 208,813-sf rear-load facility.
Stream, which is also handling leasing, will deliver the buildings in the third quarter.
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HOUSTON (REBusiness Online) – Locally based Blackline Cold Storage has broken ground on a 300,000-sf industrial building within Cedar Port Industrial Park.
The facility will be situated on 36 acres site near the Barbours Cut and Bayport container terminals and will feature multiple segregated temperature zones, 48-ft ceiling heights, up to 50 truck doors, and blast freezing capability.
CBRE arranged debt and equity for the construction of the project.
Completion is set for first quarter 2022.
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| https://www.recenter.tamu.edu/news/recon/?Item=469 |
| RECON for May 11, 2021 | RECON for May 11, 2021 | | | 2021-05-11T05:00:00Z | 2021-05-11T05:00:00Z |
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| According to Texas Real Estate Research Center rural land expert Dr. Charles Gilliland, 2021 Texas rural land markets have boomed in the wake of the COVID-induced economic lockdown. Read more about the market in today's RECON. (Photo of the Texas Hill Country from Center files.) |
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COLLEGE STATION (Texas Real Estate Research Center) – Booming countryside sales that marked the third and fourth quarters of last year were just a prelude to what’s happened so far in 2021.
"In the aftermath of the COVID-induced economic lockdown, 2021 Texas rural land markets have exploded in a burst of activity," said Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University.
"First quarter 2021 sales of large acreage rural properties grew more than 50 percent in West Texas and 37 percent statewide compared to 2020," said Gilliland. "First quarter activity exceeded the remarkable levels seen in the third and fourth quarter of 2020 in most areas.
"This vigorous demand has sent the statewide price 9.5 percent higher than 2020 prices to a record high at $3,251 per acre. This unprecedented sales volume confirms reports of buyers flocking to rural environments during these uncertain times."
In first quarter 2021, the Texas rural land industry posted a record annualized total dollar volume of $1.99 billion, up more than 38 percent with 612,699 acres changing hands.
"These developments mark one of the most active times in the history of Texas land markets as urban-based buyers seek out rural retreats," said Gilliland. "The pandemic-inspired lockdown prompted a growing number of individuals to review their lives and seek out a more relaxed mode of living.
"Anecdotal reports from market participants have pointed to a desire to escape the problems faced by cities mired in political and social unrest. In addition, some buyers seem to be concerned about governments' ability to sustain its debt burdens."
Sales by region
Activity in West Texas expanded driving dollar volume up 103.97 percent with the number of sales up 53.28 percent. In the Gulf Coast-Brazos Bottom and Austin-Waco-Hill Country regions, the number of transactions increased 48.34 and 39.81 percent, respectively.
The Northeast region grew 31.60 percent in sales volume. Even the Panhandle and South Plains had a sales increase of 17.76 percent. Bucking this trend, Far West Texas sustained a sizable drop in activity, retreating 22.61 percent due to a sudden halt in purchases from the oil and gas industry.
Prices by region
The uptick in demand began to incite price increases with the Northeast region’s prices rising 12.11 percent to $5,423 per acre. Prices in the Gulf Coast-Brazos Bottom followed suit, increasing 11.22 percent to $7,069 per acre.
In Central Texas, Austin-Waco-Hill Country prices rose 7.07 percent to $4,424 per acre. The abundance of West Texas sales saw regional prices grow by a modest 2.9 percent to $1,702.
South Texas prices remained steady, retreating 0.35 percent to $3,950 per acre. Although volume expanded in the Panhandle and South Plains region, prices retreated, falling 4.68 percent to $1,120 per acre. The Far West Texas region did not register enough sales to provide an accurate indication of price dynamics there.
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SAN ANTONIO (San Antonio Business Journal) – Midway and GrayStreet Partners will break ground on the first phase of the Lone Star Brewery redevelopment in the fourth quarter.
The first phase will include:
- 301 multifamily units;
- 1,187 parking spaces;
- 133,729 sf of office space;
- 5,914 sf of retail, food, and beverage space; and
- 38,312 sf of commercial space.
Phase two will have:
- 199 multifamily units;
- 1,560 parking spaces;
- 186 hotel rooms;
- 225,323 sf of office space;
- 44,560 sf of retail, food, and beverage space; and
- 25,456 sf of market space.
The third and final phase will include:
- 782 multifamily units;
- 1,422 parking spaces; and
- 14,746 sf of retail, food, and beverage space.
- The development will be complete in 2030.
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 The Texas Real Estate Research 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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EL PASO (Austin Business Journal) – Stonelake Capital Partners LLC has purchased 69 acres off I-10 at Eastlake Blvd., adjacent to Amazon's new fulfillment center.
The site will be home to a 1.1 million-sf spec industrial project called Eastlake Logistics Park.
Work will start on the first industrial building in fourth quarter 2021. First delivery is set for third quarter 2022.
CBRE will handle leasing.
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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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DALLAS (Holt Lunsford) – Dogwood Industrial Properties has acquired Turnpike 3 and Turnpike 4, two industrial buildings totaling 600,000 sf.
The properties are at 2170-2180 and 2130-2160 French Settlement Rd.
They were previously owned by Billingsley Company.
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AUSTIN (REBusiness Online) – Cousins Properties is developing Domain 9, a 335,000-sf office building in The Domain.
The $174 million building at 2904 Palm Way will have nine floors of office space above nine floors of parking and ground-floor office space.
Construction begins in the second quarter and will be complete by mid-2023.
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 The Texas Real Estate Research 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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WAXAHACHIE (Fort Worth Inc.) – Kalterra Capital Partners has sold Park Place, a 213-unit apartment community.
Built in 2019, the Class-A community is on 12 acres at 240 Park Place Blvd.
The property has one-, two-, and three-bedroom units, as well as a pool, fitness center, dog park, and courtyards.
Premium Property USA partnered with Kalterra in the closing.
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| https://www.recenter.tamu.edu/news/recon/?Item=468 |
| RECON for May 7, 2021 | RECON for May 7, 2021 | | | 2021-05-07T05:00:00Z | 2021-05-07T05:00:00Z |
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| A career in commercial real estate brokerage can be incredibly rewarding, but success takes time and effort. In our latest Mixed-Use blog post, a Texas commercial professional shares five questions new brokers should ask themselves to maximize the odds of success. Read it here. (Photo from Center files.) |
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COLLEGE STATION (Texas Real Estate Research Center) – Texas manufactured housing sales flattened in April, and the volume of new orders decreased for the first time this year. Despite the demand blip and soaring lumber prices, industry leaders say the outlook improved with early signs of a smoother supply chain this summer.
Latest results from the Texas Manufactured Housing Survey (TMHS) indicate supply-chain disruptions pulled the production index to its lowest level since July 2020, and lengthy wait times between ordering and receiving finished products may be forcing demand elsewhere. The monthly survey is conducted by the Texas Real Estate Research Center in cooperation with the Texas Manufactured Housing Association (TMHA).
"Every manufacturer I spoke with said that, were it not for materials shortages, they would be building more homes," said Rob Ripperda, vice president of operations for TMHA.
"Home deliveries to retailers from out-of-state manufacturing plants kicked up to a higher level in March—when the latest data are available—so orders that might otherwise have been placed in Texas could be finding their way to neighboring states," said Ripperda. "The TMHS, however, suggests Texas manufacturers should expect conditions to improve enough to increase production and lower backlogs over the next six months."
Survey respondents noted an increased regulatory burden, which may be related to ongoing adjustments to building-code changes announced by the U.S. Department of Housing and Urban Development earlier this year.
On the labor front, manufacturers reined in hiring after extensive expansions during the past two quarters.
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 The Texas Weekly Leading Index increased for a fifth straight week, marking two straight weeks of sizeable increases. The weekly index has been gathering impetus and is pointing toward higher future economic activity. The recovery's pace continues to be hindered by the incomplete reopening of the economy and future uncertainty regarding the pandemic. For the latest data, read the COVID-19 Impact Projections on Texas' Economy report. Click here to receive email notifications each time this report is published.
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COLLEGE STATION (Texas Real Estate Research Center) – Initial jobless claims in Texas decreased to 29,000 the week ending May 1, marking five straight weeks of declines.
About 5.05 million unemployment claims have been filed since March 21, 2020, according to U.S. Department of Labor (DOL) data.
Continuing unemployment claims decreased to 255,400 the week ending April 24, recording the lowest level since the pandemic and two straight weeks of declines.
"Despite the decreases, levels of both initial and continuing claims still remain around 1.7 and 1.6 times higher, respectively, than their pre-COVID-19 levels," said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center.
"Anecdotal evidence from service sector businesses point toward the lack of available applicants and generous unemployment benefits as major impediments in rehiring workers," said Torres.
The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, decreased the week ending May 1.
Last week, U.S. initial claims decreased to 498,200, the lowest level of the pandemic. This brings the 59-week total to 81.3 million.
Fewer people in all of Texas' major and border metros filed new unemployment claims the week ending April 24. This marks three straight weeks of declines.
Using data from the DOL and the Employment and Training Administration, the Center has estimate d unemployment claims for Texas' major and border metros since March 21, 2020:
- Houston-The Woodlands-Sugar Land, 1.19 million claims;
- Dallas-Fort Worth-Arlington, 1.15 million claims;
- San Antonio-New Braunfels, 350,700 claims;
- Austin-Round Rock, 296,500 claims;
- McAllen-Edinburg-Mission, 138,700 claims;
- El Paso, 120,400 claims;
- Brownsville-Harlingen, 61,200 claims; and
- Laredo, 34,700 claims.
"Increasing vaccination rates should lead to a faster recovery in the leisure and hospitality sector, possibly creating a wave of hiring that would allow thousands of laid-off workers to find jobs," said Torres.
Retail registered the highest number of initial claims the week ending April 24. The sector was followed by administrative/support/waste management/remediation services, healthcare and social assistance services, and construction.
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COLLEGE STATION (Texas Real Estate Research Center) – Patrick Geddes, a McKinney attorney, has been appointed by Gov. Greg Abbott to a six-year term on the Texas Real Estate Research Center Advisory Committee.
Geddes is an attorney at Platt Cheema Richmond PLLC. He is a member of the State Bar of Texas and a board member on the City of McKinney Board of Adjustment.
Geddes received a bachelor of arts in government from the University of Texas at Austin and a juris doctor degree and a graduate diploma in comparative law from Louisiana State University Paul M. Hebert Law Center.
The Texas Legislature created the Texas Real Estate Research Center 50 years ago this month and placed it at Texas A&M University. The legislature also created a ten-member Advisory Committee, nine of whom are appointed by the governor. Six are real estate brokers representing finance; brokerage; improvements; and residential, commercial, and industrial properties.
Geddes is one of three members representing the public. He replaces J.J. Clemence of Sugar Land. Another member is ex-officio and represents the Texas Real Estate Commission. |
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WALLER (Bold Fox Development) – Bold Fox Development has partnered with HistoryMaker Homes, Chesmar Homes, and Empire Communities to purchase 470 acres for an agrarian-inspired residential community.
The tract is along SH 290, FM 362 and Owens Rd. and was sold by the Wood family.
The community will offer approximately 1,200 homes.
NAI Partners represented the seller. Land Advisors Organization represented the buyers. Capital advisory services were provided Land Advisors Capital.
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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 Texas Real Estate Research Center, and all MLSs across the state.
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DALLAS (D Magazine) – Cantex purchased a 30-acre secured manufacturing campus with nine heavy industrial buildings totaling nearly 300,000 sf.
Located at 1000 Forest Ave., the campus originally headquartered the Guiberson Corp. and, later, Dresser Industries.
Trinity Southwest Commercial Real Estate represented the seller.
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AUSTIN (KXAN Austin) – The University of Texas is completing Moody Center, a 530,000-sf arena at 2001 Robert Dedman Dr.
The 15,000-seat arena replaces the 42-year-old Frank Erwin Center.
Construction will be complete in April 2022.
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| https://www.recenter.tamu.edu/news/recon/?Item=467 |
| RECON for May 4, 2021 | RECON for May 4, 2021 | | | 2021-05-04T05:00:00Z | 2021-05-04T05:00:00Z |
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| According to a Texas Realtors report, Texas homebuyers are more diverse and earn higher wages than the national average. Keep reading today's RECON for the details on this story and more. (Photo from Center files.) |
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AUSTIN (Texas Realtors) – Texas homebuyers are more diverse and earn higher incomes than homebuyers nationally, according to the 2021 Texas Homebuyers and Sellers Report by Texas Realtors.
"The increase in household income is encouraging as well as the broader base of diversity in homebuyers," said 2021 Texas Realtors Chairman Marvin Jolly. "Even with higher income levels, buyers are experiencing one of the most challenging markets in history right now, as the supply of homes for sale in most areas of Texas is extremely low."
According to the report, 18 percent of homebuyers identified as Hispanic/Latino, up from 14 percent the previous year; 7 percent identified as Black/African-American, up from 5 percent; and 6 percent identified as Asian/Pacific Islander, up from 4 percent. White/Caucasian homebuyers fell from 78 to 69 percent between the two reporting periods.
The majority of Texas homebuyers (68 percent) were married couples, followed by single females (15 percent), single males (9 percent), and unmarried couples (6 percent). The median age of Texas homebuyers was 48, four years younger than the previous year.
The median household income for Texas homebuyers was $112,500, $16,000 more than the national median. Of all Texas homebuyers, 31 percent were first-time homebuyers, unchanged from last year.
"Although median household incomes continue to rise, median home prices have risen aggressively," said Jolly.
The most popular reason for Texans to put their homes on the market was to move closer to friends or family, followed by job relocations and a desire for a larger home. Sellers spent a median of nine years in their homes. The median sales price was $70,000 more than what sellers paid for their homes, and the median length of time the home spent on the market was four weeks.
The annual report provides in-depth insights into the demographics, motivations, and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2019 and June 2020.
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COLLEGE STATION (Texas Real Estate Research Center) – Initial jobless claims in Texas decreased considerably the week ending April 24, falling around 19,400 claims to 27,400.
This marks three straight weeks of significant drops and the lowest level of initial unemployment claims since before the pandemic.
Just over five million unemployment claims have been filed since March 21, 2020, according to U.S. Department of Labor (DOL) data.
Continuing unemployment claims decreased to 275,900 the week ending April 17.
"Despite the decreases, levels of both initial and continuing claims still remain around 1.6 and 1.8 times higher, respectively, than their pre-COVID-19 levels," said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center.
The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, decreased the week ending April 24.
Last week, U.S. initial claims decreased to 553,400, the lowest level of the pandemic. This brings the 58-week total to 80.7 million.
Fewer people in all of Texas' major and border metros filed new unemployment claims the week ending April 17.
Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas' major and border metros since March 21, 2020:
- Houston-The Woodlands-Sugar Land, 1.18 million claims;
- Dallas-Fort Worth-Arlington, 1.14 million claims;
- San Antonio-New Braunfels, 348,400 claims;
- Austin-Round Rock, 294,700 claims;
- McAllen-Edinburg-Mission, 137,600 claims;
- El Paso, 119,600 claims;
- Brownsville-Harlingen, 60,700 claims; and
- Laredo, 34,400 claims.
"Increasing vaccination rates should lead to a faster recovery in the leisure and hospitality sector, possibly creating a wave of hiring that would allow thousands of laid-off workers to find jobs," said Torres.
Retail registered the highest numbers of initial claims the week ending April 17. That sector was followed by healthcare and social assistance, administrative/support/waste management/remediation services, and construction.
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The Texas Real Estate Research 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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IRVING (Appraisal Institute) – The North Texas chapter of the Appraisal Institute is hosting its 12th Annual North Texas Realty Conference virtually on Friday, May 14.
The one-day program will include industry information about the North Texas and national real estate markets. It will also include current information and 2021 projections about the regional and national economies.
Dr. James Gaines, economist at the Texas Real Estate Research Center at Texas A&M University, will give his 2021 economic outlook presentation at the conference.
The event will offer 40 points of Appraisal Institute continuing education credit. Eight hours of Appraiser Continuing Education are pending through the Texas Appraiser Licensing and Certification Board.
The conference costs $195. Register on the Appraisal Institute's website.
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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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HOUSTON (NAI Partners) – Local medical office vacancy was at 16.7 percent in March, up slightly from 16.6 percent this time last year, according to NAI Partners.
Availability also crept up to 21 percent from 19.1 percent in March 2020.
There was around 863,800 sf of medical office space under construction in March, over double the 415,800 underway in March 2020. There were no deliveries year to date (YTD).
Gross average asking rent ticked up ten cents to $25.77.
Net absorption increased over the year yet remained negative at -29,400 sf YTD compared with -55,900 sf YTD in March 2020. Leasing activity fell to 358,900 sf YTD from 485,700 sf YTD.
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BURNET COUNTY (Ridge Point Estates) – Leander-based Honeycomb Land Development LLC is developing Ridge Point Estates, a 98.4-acre housing community on N. FM 1174 north of Bertram.
The project has 37 lots with 14, ten, and 13 lots in phases one through three, respectively. Lots average two acres, and prices in the first phase average $55,000 per acre.
Buyers can bring their own builder, with many current and prospective owners working with Silverado Signature Homes.
K.C. Engineering is providing civil engineering, and Cuplin & Associates is handling planning and survey work. Austin-based Ross Construction Inc. is excavating and constructing roads. 3-D Realty Group at Coldwell Banker United is also on the project team.
Honeycomb purchased the land in 2019. So far, three lots have been sold.
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The Texas Real Estate Research 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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LEWISVILLE (Dallas Morning News) – Arteriors, a lighting and furniture firm, is opening a 335,500-sf office and warehouse at 1901 Midway Rd.
More than 100 employees will work at the new location, which includes 35,000 sf of office space and 500 sf of space for merchandise testing.
Arteriors will move into the space in June.
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THE WOODLANDS (REBusiness Online) – JLL has topped out Memorial Hermann The Woodlands Medical Center, a 365,000-sf medical office project.
Work started on the nine-story building in early 2020. Work will wrap up in spring 2022.
Austin Commercial is the general contractor, PhiloWilke was the architect, and SSA was the engineer.
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| https://www.recenter.tamu.edu/news/recon/?Item=466 |
| RECON for April 30, 2021 | RECON for April 30, 2021 | | | 2021-04-30T05:00:00Z | 2021-04-30T05:00:00Z |
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| What's happening in today's RECON? Six-property DFW multifamily portfolio sold, work starts on Houston cold-storage project, TREC confirms three new members, and more. Keep scrolling for the details. (Rendering of Houston ColdPort from Boomerang Interests LLC.) |
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AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) has confirmed broker members Leslie Lerner and Mark Woodroof and public member Ben Peña as new commissioners for terms to expire Jan. 31, 2027.
The commissioners were nominated in March and confirmed by Senate vote April 28.
Lerner is broker-owner of Leslie Lerner Properties LLC in Houston. She is a member of the Texas Realtors and the Houston Association of Realtors (HAR). She currently serves as chair of the TREC Broker Responsibility Working Group.
Woodroof is a managing partner of Better Homes and Gardens Real Estate Gary Greene in Houston. He served as 1999 chairman of HAR and held leadership roles with the Texas Realtors and the National Association of Realtors.
Peña of Brownsville recently completed his six-year term at the Texas State Board of Public Accountancy, where he served as a member of the executive committee and chair of the Behavioral Enforcement and Peer Review committees.
The newly appointed Commission members’ first meeting will be Monday, May 3, at 10 a.m. in Austin.
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DALLAS-FORT WORTH (REBusiness Online) – Manhattan Five Partners has acquired a six-property multifamily portfolio totaling 2,167 units.
The properties, all built between 1970 and 1985, include:
- The Hangar, a 268-unit asset at 201 S. Clark Rd. in Cedar Hill;
- The Annex, a 267-unit complex at 4709 Samuell Blvd. in Mesquite;
- Forty200, a 512-unit community at 4200 US 80 Frontage Rd. in Mesquite;
- Residence on Lamar, a 482-unit property at 1224 E. Lamar Blvd. in Arlington;
- Amp at the Grid, a 446-unit community at 765 Polk Dr. in Arlington; and
- Current at the Grid, a 192-unit complex at 724 Polk Dr. in Arlington.
NorthMarq represented the seller, S2 Capital Partners.
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 The Texas Weekly Leading Index increased for a fourth straight week, recording a big jump the week ending April 17. The recovery's pace continues to be hindered by the incomplete reopening of the economy and future uncertainty regarding the pandemic. The increase was mainly due to a decrease in the number of people filing for unemployment insurance and an increase in the number of new business applications. The elevated number of new business applications is signaling strong business activity. Read our latest report for the full story.
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HOUSTON (Houston Business Journal) – Work has started on Houston ColdPort, a 315,101-sf cold-storage warehouse on 22.48 acres at 7600 Uvalde Rd.
The facility will have a 50-ft clear height warehouse, a 60-ft-deep cold dock, 38 dock positions, LED lighting, dry fire sprinkler system, 200-ft-deep truck court with 57 trailer parking spaces, and automobile parking.
Completion is slated for second quarter 2022.
The project is a joint venture between locally based Boomerang Interests and Philadelphia-based CenterSquare Investment Management.
ARCO Design/Build is designing and building Houston ColdPort. Colliers will handle leasing. JLL arranged financing.
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FORT WORTH (Connect Media) – M2G Ventures has completed North Quarter 35, a 645,000-sf, Class A industrial development.
The site is at the intersection of North Fwy. and Golden Triangle Blvd. along I-35 in the TexasAlliance Mobility Innovation Zone.
GSR Andrade was the architect and FCL Builders was the general contractor.
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SOUTHSIDE PLACE (Realty News Report) – Lubbock-based Madera Residential has acquired the 270-unit Alexan Southside apartments at 4139 Bellaire Blvd.
Built in 2017, the four-story property consists of 190 one-bedroom and 80 two-bedroom units averaging 752 and 1,241 sf, respectively.
The building wraps around a five-story parking deck with 445 parking spaces.
PCCP LLC provided a $30 million senior loan to the buyer.
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SAN ANTONIO (San Antonio Business Journal) – XPEL Inc. has signed a 115,825-sf industrial lease at PanAm West Industrial Park at 3215 N. PanAm Expy.
The industrial complex is now 91 percent leased, with one 40,000-sf vacancy remaining.
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HOUSTON (Realty News Report) – Locally based David Z. Mafrige Interests has purchased World Houston Plaza, an eight-story building near Bush Airport.
The 216,889-sf office building at 15710 John F. Kennedy Blvd. was built in 1985.
It was purchased at a Ten-X auction.
Colliers International represented the seller.
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| https://www.recenter.tamu.edu/news/recon/?Item=465 |
