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RECON for November 12, 2019RECON for November 12, 2019Bryan PopePope
2019-11-12T06:00:00Z2019-11-12T06:00:00Z
​ ​
RECON Real Estate Center
NAI Partners' latest Houston industrial market report shows overall local industrial vacancy was at 6.6 percent last month, up from the same time in October 2018. This and more in today's RECON. (Photo from Center files.)
November 12, 2019

First high-rise residential tower opening in Legacy West

PLANO (Dallas Morning News) – LVL 29, a 328-unit high-rise residential tower in the $3 billion Legacy West development, is opening.

The 29-story high-rise project includes townhouses that surround the eight-level parking garage and seven penthouses on the top two floors.

Amenities include a swimming pool with a landscaped amenity deck, ground-floor business center, conference facilities, and a two-story fitness center.

N.E. Development is the developer. Humphreys & Partners designed the building, and AECOM Hunt was the general contractor.

The first tenants will begin moving into the apartments in three weeks.
It happens—an unexpected illness, car wreck, or license revocation or suspension of a business entity designated broker or an individual broker. When these occur, what happens to the brokerage business and sponsored agents will depend on swift action being taken. Click here to read "Who's on Deck? Broker Succession Planning."
Greystar plans 30-story mixed-use Austin tower
AUSTIN (Austin Business Journal) – Greystar Real Estate Partners LLC is developing a 30-story mixed-use tower near Waterloo Park.

The tower will include:
  • a parking garage,
  • 385 apartments,
  • 129,484 sf of office space,
  • 54,237 sf of co-living space, and
  • 9,930 sf of retail and restaurant space.
Construction on the 1.7-acre block will start in October 2020.  
Sketchy drawing of commercial buildingsThe 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. 

Houston's overall YOY industrial vacancy rate up in October, reports NAI

HOUSTON (NAI Partners) – ​​Overall local industrial vacancy was at 6.6 percent last month, up from the same time in October 2018, according NAI Partners' latest market update.

The increase was due in part to the 6.9 million sf of vacant space delivered to the market in 2019—half of the total 13.7 million sf completed. About three-fourths of the 18.3 million sf currently under construction is available for lease.

The vacancy rate for Class A properties was at 12.1 percent, up from 7.6 percent this time last year. Year-to-date overall net absorption is at 6.3 million sf, just south of the 7.1 million sf registered in October 2018. The asking price for industrial properties was at an average monthly rate of $0.61 per sf, up 3.4 percent from last October's $0.59 per sf.

Ross Stores Inc. bought 220 acres in Waller County for a planned distribution center at 31207 Kingsland Blvd., a mile south of I-10 in Brookshire. The project is estimated to cost $180 million and is calculated to stretch almost 2.2 million sf, larger than the 1.9 million-sf home of the Houston Texans. Completion of the project is projected for 2021. At buildout, it could employ 1,300, becoming Brookshire’s largest private employer after Igloo, according to the Waller County Economic Development Partnership.​​​
Helping Texans make the best real estate decisions since 1971
652-acre Spradley Farms mixed-use project underway in Mesquite
MESQUITE (Dallas Business Journal) – Spradley Farms, a 652-acre mixed-use development, has received approval from the city.

Located near I-20 and FM 2757 in Kaufman County, the project will have 2,500 single-family homes, 200 acres of open space (including parks), retail, and multifamily.

The project is being led by The Nehemiah Co. 

Reserve Capital Partners picks up Farmers Branch office building

FARMERS BRANCH (Dallas Morning News) – Reserve Capital Partners acquired the Two Colinas Crossing office building at 11511 Luna Rd. near LBJ Fwy.

Tenants in the building include IBM, S&P Global, BBVA, and Home Point Financial.

2GR Equity teamed up with Reserve Capital to make the buy. JLL brokered the sale and arranged financing.
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130K-sf project taking off at Addison Airport

ADDISON (Dallas Morning News) – Galaxy Aviation will soon break ground on a four-building complex at Addison Airport.

The project will include a 20,000-sf terminal, two 40,000-sf hangars, and a 30,000-sf hangar.

The new complex will be in the southeast quadrant of the airport on Addison Rd., according to a recent presentation from the economic development department.

Construction is scheduled to begin in early 2020.
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=326
RECON for November 8, 2019RECON for November 8, 2019Bryan PopePope
2019-11-08T06:00:00Z2019-11-08T06:00:00Z

RECON Real Estate Center
Welcome to Texas sign along highway
​​​​According to 2018 U.S. Census Bureau data, top migration inflows into Texas came from either highly populated coastal states like New York, Florida, and California or adjacent states like Oklahoma and Louisiana. What does this mean for Texas? Read today's RECON for the details on this story and more. (Photo from Center files.)
November 8, 2019

U.S. Census Bureau: Californians still flock to Texas

​​​​​​COLLEGE STATION (Real Estate Center) – According to 2018 U.S. Census Bureau data, top migration inflows into Texas came from either highly populated coastal states such as New York, Florida, and California or adjacent states like Oklahoma and Louisiana.

Last year, just over 86,160 moved to Texas from the Golden State. After accounting for migration outflows from Texas to California, the net migration between the two states still favors Texas by almost 50,000. Migration from Florida was a distant second with about 37,270 making the move to Texas (net migration was less than 15,000).

The sudden uptick of California migrants follows the passing of the Tax Cuts and Jobs Act of 2017 (TCJA), which holds many implications for residents living in high-tax states. Part of that legislation caps the deduction limits of state and local income taxes at $10,000 where formerly there was no limit.

The TCJA also reduced the mortgage interest deduction limit on new home purchases, which many real estate professionals initially believed would have a negative impact on housing activity, particularly for high-end homes. 

According to Real Estate Center Senior Data Analyst Joshua Roberson, that does not appear to be the case in Texas. Sales for luxury homes (priced at or above $1 million) expanded greatly in 2017, 2018, and so far into 2019. 

While high-income homebuyers may miss out some on the mortgage interest deduction, the net effect from other aspects of the bill may have been enough to provide a net positive impact for the luxury housing market. 

For the full article, read Josh's Mixed-Use blog post, "Taxes, tariffs, and Texas migration."
Helping Texans make the best real estate decisions since 1971.

Ross to build 2M-sf distribution center in Brookshire 

​​​​BROOKSHIRE (Houston Business Journal) – Ross Stores Inc. will build its new two million-sf distribution facility about a mile south of I-10 just across from the Uplands at Twinwood Business Park in southern Waller County.

The distribution center will make Ross the county’s largest employer, bringing 1,300 full-time jobs to the area.

The Waller County Economic Development Partnership agreed to a 40 percent tax reduction on the new building and a 20 percent tax reduction on the center’s equipment. 

The Waller County Road Improvement District agreed to provide assistance in expanding the roads leading into and out of the site of the new distribution center.

The deal includes a road reimbursement agreement with Ross that will allow the final leg of Kingsland Blvd. to be completed between Jordan Ranch Rd. and Woods Rd.

Road expansions will also widen Woods Rd. from two lanes to five lanes and Kingsland Rd. from two lanes to four lanes. 

The distribution center will​ open in 2021.
Podcast 438: Limiting liability with a brokerage business entity
Personal liability risk comes with being a broker, but there are ways to reduce it. Real estate attorney and former Texas Real Estate Commission General Counsel Kerri Lewis joins us on our latest podcast to elaborate on that plus talk about broker succession planning. Take a listen.
 

Victory! Uptown Dallas hotel sold

DALLAS (JLL) – The W Dallas Victory Hotel, a 252-room hotel in Uptown's Victory Park​, has been sold to a partnership between HN Capital Partners and Dunhill Partners, Inc.

The 33-story hotel is on 1.65 acres at 2440 Victory Park Ln. Amenities include a restaurant, lobby bar, terrace bar, pool and pool deck, and 10,800 sf of meeting and event space.

Victory Park contains 5,700 ​residences and 2.6 million sf of Class A office space.​

JLL marketed the property on behalf of the seller, Estein USA. It also acquired financing through Starwood Property Trust.​
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LA developer turning condos into office, residential tower

AUSTIN (Austin American-Statesman) – Los Angeles-based Karlin Real Estate has purchased the 112-unit Railyard Condominiums at 201 E. Fourth St. for $104 million.

The 70,694-sf, two-block site will be redeveloped in​to a 1.7 million-sf campus with a 47-story office tower and a 51-story office and residential tower. 

The $1,471 per-sf deal is believed to be a record for downtown land.

The Railyard was built in 1983 as an apartment complex and converted to condominiums in 1999.
Map showing Texas Quarterly Apartment Report's 2019 forecast for DFW, Austin, San Antonio, and Houston
The apartment market outlook for the rest of 2019 appears to be positive for the major Texas MSAs due to the strength of the U.S. and Texas economies. Learn more by reading the Real Estate Center's new Texas Quarterly Apartment Report, available online now. This quarterly report summarizes important economic indicators that help discern apartment real estate trends in Texas' major metros. 

Construction begins on East Quarter high-rise in Dallas

DALLAS (Dallas Morning News) – Todd Interests have started construction on the East Quarter high-rise, a 17-story mixed-use tower on downtown's eastern edge.

Part of the ten-block East Quarter development, the project will include 25,000 sf of retail space, 200,000 sf of office space, and 336 apartments.

Merriman Anderson Architects designed the building. Andres Construction is the general contractor.

Completion of the retail and office space is set for first quarter 2021. The apartments will deliver in second quarter 2022.
market viewer screen shotTexas 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. 

Shell Oil sells 28 acres to City of Houston for detention basin 

​​​HOUSTON (Houston Business Journal) – City officials have agreed to buy a 28-acre research property at 5521 Gasmer Dr. from​​ Shell Oil Co.

The property will be used to build a new detention basin that will help to prevent homes in the Westbury neighborhood from being flooded.​​

As a result, the planned Levitt Pavilion concert venue will be moved from along S. Post Oak Rd. to the Shell site. 

Relocating the pavilion will allow the city to expand the existing detention area near the intersection of S. Post Oak Rd. and Gasmer Dr.

The city also agreed to lease 6.4 acres back to Shell through December 2020.

The Bowen towers over The Domain 

AUSTIN (Austin Business Journal) – Stonelake Capital Partners has started building The Bowen, a 19-story high-rise luxury apartment building at the intersection of Alterra Pkwy. and Gracie Kiltz Ln.

The 340-unit, Class A building will be on 2.4 acres on the south side of The Domain mixed-use development.

It will be the tallest apartment building in the project. 

Amenities will include a pool, fitness center, terraces overlooking the city, and concierge service.

Stonelake will begin leasing​​​ in late 2021. ​
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Construction starts on Phase II of Regent Square 

HOUSTON (REBusiness Online) – GID Development Group has broken ground on Phase II of Regent Square, a mixed-use project at W. Dallas St. and Dunlavy St. near Buffalo Bayou Park.

Designed by Boston-based CBT, the second phase will consist of 50,000 sf of retail space, a 600-unit apartment building, and activated community space. 

The retail space will be available for occupancy by first quarter 2021, and the residential component will deliver by third quarter 2021.

Phase I of the project was completed in 2014. Arch-Con is the general contractor, and JLL is handling leasing of the retail space.

NYC buyer picks up $36M Plano office building

PLANO (Dallas Morning News) – Innovatus Capital Partners has taken out a $36.2 million loan from CIT Bank to purchase the 236,000-sf Park Center.

Built in 1999, the five-story office building at 2400 N. Dallas Pkwy. was sold by TA Realty, who had owned it since 2013.

The building is more than 95 percent leased to tenants including Learfield IMG C​​ollege, QBE America, Forescout Technologies, and Capital Title of Texas.

Cushman & Wakefield represented the seller.

Lincoln Property Co. will provide property management and leasing services. 
Texas Realtors quote about Real Estate Center
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=325
RECON for November 5, 2019RECON for November 5, 2019Bryan PopePope
2019-11-05T06:00:00Z2019-11-05T06:00:00Z

RECON Real Estate Center
A mid-rise apartment builsing in Dallas with a view of the downtown skyline behind it
The Real Estate Center's first-ever Texas Quarterly Apartment Report is now online. The report summarizes important economic indicators that help discern apartment real estate trends in Texas' major metros. Read this issue for second quarter 2019 data. (Photo from Center files.)
November 5, 2019

New REC report: Texas multifamily market outlook positive

COLLEGE STATION (Real Estate Center) – ​​The outlook for Texas' apartment sector for the rest of 2019 is positive, according to the Real Estate Center's newly released Texas Quarterly Apartment Report

Overall market trends for the majority of Texas areas (metropolitan and micro) show positive occupancy rate growth combined with positive rent growth. Only Bryan-College Station and Lufkin registered negative rent growth. 

​​With the supply of single-family starter homes being constrained, young adults continue to rent units in the apartment sector. The outlook for the rest of 2019 appears to be positive for the major Texas metros due to the strength of the U.S. and Texas economies.

Interest rates should continue to remain low as inflation pressure remains subdued combined with low future growth expectations. A declining trade environment and a slowing world economy are the greatest headwinds to the Texas economy, challenging some of the state's most productive industries like oil and manufacturing.

Sign up to receive email notifications each time this report is published. 
Texas Quarterly Apartment Report

Austin second-best large city for veterans

​​​​​WASHINGTON (WalletHub) – Austin has ranked as the second-best large city for veterans, according to a WalletHub study. Tampa, Fla., topped the list.

The Texas capital ranked seventh in quality of life, 11th in employment, 17th in economy, and 20th in health. 

Four other Texas cities landed in the top 25 overall rankings. They were:
  • No. 13 Fort Worth, ranking fifth in economy, 20th in health, 32nd in quality of life, and 70th in employment;
  • No. 14 Plano, ranking tenth in quality of life, 20th in health, 44th in ecoomy, and 82nd in employment;
  • No. 19 Laredo, ranking first in economy, 20th in health, 33rd in employment, and 78th in quality of life; and 
  • No. 21 San Antonio, ranking 19th in quality of life, 27th in economy, 29th in employment, and 47th in health. 
Laredo had the second lowest percent of veterans in poverty. 

Lubbock (​38th overall) and Arlington (31st) tied for first with Santa Ana, Calif.; Madison, Wis.; Durham, N.C.; and Boise, Idaho in lowest veteran unemployment rate. 

To determine the rankings, WalletHub compared the 100 most populated U.S. cities using 20 metrics. ​

Veterans are a key segment for Texas' many military housing markets. Due to their population size and high homeownership rate, they can have a strong impact. For more on this, read "Home Front: How the Military Influences Texas Housing Markets." ​​
Confused cartoon man sitting on coins at a computer desk
San Antonio’s homeownership rate typically trends higher than the statewide average. But according to U.S. Census Bureau data, the metro's rate dropped below the state's in 3Q2019. Why? REC's Paige Silva looks at the data in our latest mixed-use blog.

Life Time opens tenth Houston-area location 

HOUSTON (Club Industry) – Life Time Greenway, a 150,000-sf resort, has opened at the site of the former Houston City Club at 960 Memorial City Way.

Features include a 54,000-sf rooftop pool deck, 5,500-sf lounge, 3,000-sf LT recovery space, spa, cafe, kids' gym, fitness studios, two basketball courts, and an outdoor aquatic center. 

The $34 million resort is Life Time's tenth location in the greater Houston area. 

The company acquired the Greenway Plaza property in 2017 and began construction in 2018.​
Sketchy drawing of commercial buildingsThe 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. 

Construction takes off on Southwest's LEAD center expansion

DALLAS (Connect Media) – Construction is underway on a 141,000-sf expansion project for Southwest Airlines' Leadership and Aircrew Development Center.

The three-story project at the airline's local campus will add more space for flight simulators and smaller training devices.

McCarthy Building Cos. is leading the work.

Opening is set for fall 2020.
NewsTalk Texas logoHungry 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. 

Cielo stacks 31-story tower onto Block 87 

AUSTIN (Austin Business Journal) – Cielo Property Group is developing a mixed-use tower on Block 87, adjacent to the Austin Resource Center for the Homeless.

The development calls for:
  • 325,000 sf of office space,
  • 360 apartments,
  • 15,700 sf of retail space, and​​
  • 12,000 sf of restaurant space.
Construction will start in third quarter ​2020. 
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166K-sf Bent Tree office tower sold in Addison

ADDISON (REBusiness Online) – Regent Properties has sold Bent Tree Tower II, an eight-story, 166,000-sf office building, to a partnership formed by Hudson Peters Commercial.

The seller recently invested $4.7 million in capital improvements, including an entrance remodel, lobby and common areas upgrade, the addition of a large monument sign, and a modernization of mechanical systems.​

Forney Corp. is Bent Tree's anchor tenant. Colliers International brokered the deal. 
Helping Texans make the best real estate decisions since 1971

CIM Group picks up 270K-sf portfolio

AUSTIN (Connect Media) – Los Angeles-based CIM Group has acquired a three-property, 270,000-sf portfolio from 3423 Holdings LLC.

The portfolio consists of:
  • the Rail Spur Building, a Class A, 75,000-sf creative office building at 618 Tillery St.;
  • a creative office building at 507 Calles St.; and
  • a warehouse at 1300 E. 5th St. ​​​
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=324
RECON for November 1, 2019RECON for November 1, 2019Bryan PopePope
2019-11-01T05:00:00Z2019-11-01T05:00:00Z

RECON Real Estate Center
In today's RECON: beer distributor opens facility in Temple, Richardson land sold to LASIK surgeon, and Imelda disaster aid available in San Jacinto County. Keep reading for the details. (Photo from Center files.)
November 1, 2019

Exclusive Furniture opens 176K-sf distribution center 

HOUSTON (Houston Business Journal) – Exclusive Furniture has opened its new 176,000-sf distribution center at 631 Buffalo Lakes Dr. in the Park 8Ninety development near the intersection of US 90 and Beltway 8. 

Equipped with 44 docks, including 22 for receiving and 22 for distribution, the facility has 10,000 sf of office space with two employee cafés, three coffee stations, a break room, a boardroom, and communal workspaces.

Exclusive's $20 million investment includes a 15-year lease, $850,000 for new storage racks, and $500,000 for new forklifts. 

The center will employ 80 full-time and 15 part-time workers.

​The project is nearly three times larger than the 67,000-sf facility the company previously occupied on Westbury Pkwy.

Dallas-based Trammell Crow Co. was the general contractor.
Texas is known for its rich history. However, much of that history is more sinister than it seems. In honor of Halloween, we've compiled a list of some of the state's most haunted historical properties. Read the full story in our latest Mixed-Use blog post. 

Imelda disaster aid now available in San Jacinto County

​​​​AUSTIN (Texas Workforce Commission) – The Texas Workforce Commission (TWC) is now accepting Disaster Unemployment Assistance (DUA) applications for workers in San Jacinto County who were impacted by Tropical Storm Imelda.

DUA has already been available in Chambers​, Harris, Jefferson, Liberty, Montgomery, and Orange Counties. 

Individuals can apply online through Unemployment Benefit Services or by calling a TWC Tele-Center Monday through Friday between 8 a.m. and 5 p.m. at 800-939-6631.​

The application deadline for San Jacinto workers is Dec. 2, 2019. Affected individuals in the other six counties must apply by Nov. 7, 2019.

DUA is an unemployment insurance benefit made available especially for victims of disaster. Click here to read the eligibility requirements. ​
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Embrey builds mixed-use project near Alamo Heights

SAN ANTONIO (San Antonio Express-News) – Embrey Partners is building 7600 Broadway​, a $50 million mixed-use project at the intersection of Broadway St., Nacogdoches Rd., and W. Nottingham Dr.

The project will include 216 apartments averaging 1,300 sf with monthly rents ranging from $3,000 to $4,000. Amenities will include a piano bar, fitness center, game room, and conference space.

There will also be 53,000 sf of office space, half of which will be home to Embrey's new headquarters. 

​Work on the project started in 2016 and will finish in fall 2021. 
TALB logoThe Texas Alliance of Land Brokers is hosting Advanced Farm & Ranch Practice Update: 2019 on Thursday, Nov. 21, 2019, at 8:30 a.m. This eight-hour TREC continuing education course will give real estate licensees an updated analysis of farm and ranch best practices including discussions of water rights, market changes, mineral right issues, new legislation, the new geographic competency requirements, and Broker’s Price Opinions. It will be at the Inn on Barons Creek at 308 S. Washington St. in Fredericksburg. It costs $395 for TALB and TLBN members and $495 for non-members. 

Ten-story office tower slated for Cypress Waters

COPPELL (Dallas Business Journal) – Billingsley Co. is building a ten-story office tower at 3003 Olympus Blvd. within the 1,000-acre Cypress Waters mixed-use development.

The first of three new office towers on North Lake, the 322,877-sf building will have 31,933-sf floorplates.

Construction is estimated to cost $53.4 million. ​​

It was designed by O'Brien Architects. Rogers-O'Brien Construction will build the project. Billingsley Co. will handle leasing.

Work starts next spring​​, with completion set for late 2021.
market viewer screen shotTexas 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. 

KEG 1 O'Neil cracks open 108K-sf distribution center 

TEMPLE (Temple EDC) – KEG 1 O'Neal LLC, a wholesale beer distributor, has opened a 108,000-sf distribution center on 23 acres in the Temple Industrial Park.

The center houses a regional office and commercial distribution warehouse with 110 employees. ​

The $11 million facility is one of four in Texas, joining centers in Early, Fredericksburg, and Weatherford. ​

Irving office pair purchased for $78.5M

IRVING (Dallas Business Journal) – Kawa Capital Management and a partner have ​purchased a pair of office buildings for $78.5 million or $278 per sf.

The two buildings at 4795 and 4851 Regent Blvd. were built in 2015 and 2016 and measure 282,438 sf combined.

They were sold by their development team, a joint venture between Stream Realty Partners and Chief Partners.

The sale was brokered by JLL.

Both properties are fully leased and are home to such tenants as First American Title, 7-Eleven, Atos IT Solutions, and Compass One LLC. 
Helping Texans make the best real estate decisions since 1971.

Granite 190 tract sees new future with LASIK buyer

RICHARDSON (CBRE) – CBRE has brokered the sale of 10.1 acres at SH 190 and Waterview Pkwy.

This is the last remaining tract in the Granite 190 Center project by Granite Properties.

Michael Mazaheri, MD, a LASIK surgeon in Dallas, purchased the land and is open to a long-term ground ​​lease of the property.

American Landmark buys, rebrands two Houston properties

HOUSTON (REBusiness Online) – Tampa, Fla.-based American Landmark has purchased two assets totaling 484 units.

One of the properties was the 234-unit Newport on the Lake at 1895 Barker Cypress Rd., which will be rebranded as Lakefront Villas.

The 250-unit Harbor View Apartments at 4855 Magnolia Cove Dr., being rebranded as The Jaxon, was also sold. 

The​​ assets were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program.
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NIT acquires 152K-sf Houston distribution center

HOUSTON (REBusiness Online) – NIT Industrial has purchased a 151,260-sf distribution center at 12614 Hempstead Hwy.​

Colliers International represented both the buyer and the seller, STAG Houston 3 LP.

The new owner plans to make capital improvements to the asset.

Inogen leases industrial, office space in Plano

PLANO (CBRE) – Inogen has leased 154,097 sf of industrial and office space at 600 Shiloh Rd.

Their manufacturing operations will occupy about 90,000 sf of space while their call center will fill the remaining 60,000 sf.

The property's current tenant, Flextronics, will vacate the space at the end of 2019.

Inogen will move in​ early 2020.

CBRE represented Inogen as well as the landlord, Trident Capital Group.
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=323
RECON for October 29, 2019RECON for October 29, 2019Bryan PopePope
2019-10-29T05:00:00Z2019-10-29T05:00:00Z

RECON Real Estate Center
Aerial view of luxury homes in Cedar Park, TX
Which two Texas cities have landed on WalletHub's list of the best small cities in America to live in? Read today's RECON to find out. (Photo from Center files.)
October 29, 2019

Texas home sales, prices steadily increase in 3Q2019

​​​​​​AUSTIN (Texas Realtors) – Texas home sales and median price had steady increases in third quarter 2019, according to Texas Realtors' Texas Quarterly Housing Report.​​

Last quarter, 100,733 homes were sold statewide, an increase of 6.4 percent compared with 3Q2018. The median price increased 4.3 percent to $245,000. 

Of all the homes sold within the third quarter, 33.4​​​ percent were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions. Homes priced from $100,000 to $199,999 represented the second-highest share of sales with 26.9 percent.

"The Texas housing market continued to spur strong demand during the third quarter," said Real Estate Center Chief Economist Dr. Jim Gaines. "Based on sales activity, we saw prices, months of inventory, and active listings experience significant growth in most of the markets across the state. During the remainder of the year, we expect attractive interest rates to incentivize homebuyers. In addition, new-home construction will continue to pick up in markets such as Houston and Dallas, leading to an increase in housing inventory availability."

There were 111,013 active listings in the third quarter, a 3.5 percent increase from 3Q2018. Texas homes spent an average of 54 days on the market, two days longer than the same period last year.

Statewide, housing inventory increased to 3.8 months of inventory, an increase of 0.1 months since last year. The Real Estate Center considers six- to 6.5-months of inventory a balanced market. ​

Read the Center's latest Texas Housing Insight report for more. 
Helping Texans make the best real estate decisions since 1971

Cedar Park, Southlake among best small cities to live in

​WASHINGTON (WalletHub) – Two Texas​ cities have landed on WalletHub's list of the best small American cities in which to live.

Ranking tenth overall, Cedar Park was third in economic health, 49th in affordability, 284th in safety, 369th in education and health, and 393th in quality of life. 

No. 14 Southlake was seventh​ in economic health, 11th in affordability, 229th in safety, 475th in education and health, and 554th in quality of life. 

The North Texas city also had the lowest housing costs and the second highest percent of people with a high school diploma or higher. It was also fourth in both highest homeownership rate and lowest percent of population in poverty. 

Fort Hood had the highest average weekly work hours and lowest homeownership rate. San Juan, Pharr, and Socorro were first, third, and fourth in lowest percent of insured population, respectively. 

Leakwood, Kan. was the best small city to live in, according to the rankings. The rest of the top five were Brentwood, Tenn.; Sammamish, Wash.; Melrose, Mass.; and Carmel, Ind. ​​

WalletHub compared over 1,260 small cities to compile the list. 
man with gray beard in a flannel holding soilTexas A&M University researchers want to hear from Texas row-crop farmers. They are interested in your soil management practices and how you value soil health when purchasing or leasing land. If you are a row-crop farmer in Texas, please consider taking this 20-minute survey. The results will aid policy makers in making informed decisions that benefit the soil and farmers of Texas.

416-unit South Texas portfolio trades hands 

EDINBURG, BROWNSVILLE (RightQuest Real Estate Advisors) – Dallas-based RightQuest, in partnership with JTMR LLC and JJR Group Ltd., has sold a 416-unit luxury apartment portfolio in South Texas. 

One of the properties was Royal Vista Apartments, 144-unit, 110,700-sf community built in 2018 at 5348 S. Sugar Rd. in Edinburg.

Bella Vista Apartments at 4305 E. Ruben Torres Blvd. in Brownsville was also sold. Phase one of the community was built in 2014 and totals 128 units and ​103,216 sf. The 144-unit, 113,544-sf phase two was built in 2017.

IBC Bank provided construction financing. BBG Inc. provided the market feasibility and demand analyses.

Institutional Property Advisors represented the sellers. JLL represented the buyer.

Looking for information on Texas' border metros? Read the Center's latest Texas Border Economy.
Sketchy drawing of commercial buildingsThe 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. 

2.3M-sf industrial facility purchased in West Dallas

DALLAS (REBusiness Online) – Granite Real Estate Investment Trust has acquired a 2.3 million-sf industrial facility on 101 acres at 1301 Chalk Hill Rd.

The property features 41-ft clear heights, 2,500 auto parking spaces, and 300 trailer parking spaces.

The facility is fully leased for an initial lease term of 20 years by Amazon, according to the Dallas Morning News.

Granite ​acquired the property as part of a $296 million acquisition package.
NewsTalk Texas logoHungry 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. 

Major tech companies bolster Austin office construction

AUSTIN (Colliers International) – Over 5.7 million sf of office space is under construction across the metro with ​2.6 million sf of that preleased, according to Colliers International.

The report cites the continued construction is in part due to the movement of major tech companies into the city.

Last quarter, net absorption fell to negative 1.1 million sf. The average rental rate decreased less than one percent to $35.38 per sf. 

Leasing activity also fell slightly to almost 1.1 million sf.

​Vacancy increased from 9.3 percent to 11.5 percent. ​​Inventory totaled 59.2 million sf at the close of the third quarter.

Read the Center's Texas Quarterly Commercial Report for more information like this. 

q3 2019 austin office highlights

$540M Dickies Arena opening in Fort Worth

FORT WORTH (Dallas Business Journal) – Dickies Arena, a $540 million stadium built by city and multiple private partners, is opening in the Culture District.

In the works since 2014, the 560,000-sf arena can accommodate​​ up to 14,000 people at full capacity.

Trail Drive Management Corp. will operate the stadium, which sits on city-owned land. ​​​

The building was designed by David M. Schwarz Architects with HKS as the architect of record. 
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Hunt developing Forney senior-living community

​​​​​​​FORNEY (Hunt Properties) – ​Dallas-based​ Hunt Properties Inc.​​ is developing a 118-unit, Class A 55+ active adult community at 1450 Whaley Dr. 

The 10.5-acre property​​ offers one- and two-​​​​bedroom floor plans averaging 911 sf. 

Amenities include a swimming pool, fitness center, theater room, coffee/wine bar, commercial kitchen and dining​​​​ room, hair/nail salon, pet-grooming station, and dog park. 

Work started in June 2019 and​ will wrap up in third quarter 2020. 

West Anderson Plaza trades hands

AUSTIN (REBusiness Online) – West Anderson Plaza, a 117,000-sf retail property at 2438 W. Anderson Ln., has been sold. 

Tenants include Bartlett's, Hopdoddy Burger Bar, Jason's Deli, Precision Camera, Sun & Ski, and Terra Toys. 

CSA Realty represented the seller, and Carr Development Inc. represented the buyer.
Communication Matters video seriesThe 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.

1,603-unit Plano self-storage facility purchased

PLANO (REBusiness Online) – A partnership between Trez Capital and Hines has acquired a 1,603-unit self-storage facility at 525 N Ave.

The 235,400-sf facility near the intersection of President George Bush Tollway and US 75 has four buildings and 124 for-lease parking spaces.

The new owners will increase the leasable parking space by 30 to 40 percent. 

Presidian Hotels picks up Hilton San Antonio Airport

SAN ANTONIO (Connect Media) – Presidian Hotels & Resorts has purchased Hilton San Antonio Airport at 611 N.W. Loop 410 from Broadshore Capital Partners.

Built in 1981, the 385-room hotel includes a fitness center, pool, business center, and shuttle service.

Presidian​​ acquired the ​​DoubleTree by Hilton San Anton​io Airport in June. 
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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