{{titleBar.title}}

{{titleBar.tagline}}

 

 

RECON for September 20, 2019RECON for September 20, 2019Bryan PopePope
2019-09-20T05:00:00Z2019-09-20T05:00:00Z

RECON Real Estate Center
Dallas skyline with Bank of America Plaza lit up in blue
In today's RECON: Dallas fifth-largest flexible office market nationally, Austin top real estate prospect, and Japanese supplier announces $400M Cibolo project on heels of Toyota's San Antonio expansion. Keep reading for all this and more. (Photo from Center files.)
September 20, 2019

Austin top 2020 real estate prospect

​​​WASHINGTON (Urban Land Institute) – ​​Austin has ranked first nation​ally for overall real estate prospects for 2020 in the Urban Land Institute's (ULI) Emerging Trends in Real Estate ​report.​

The Texas capital's "deep talent pool, unique lifestyle, and ambitious commitment to business and real estate expansion" pushed the city up from sixth place a year ago.

According to ULI, transaction activity in Austin is above what is expected from a market of its size, and 2019’s early results are above the three-year historical average. Survey respondents rate Austin a "solid buy" for industrial, offices, and apartments for the coming year.​​

Austin's challenges include traffic and housing affordability pressures.

Austin ranked sixth overall in homebuilding prospects​.

​Dallas-Fort Worth also landed in the top ten, ranking sixth in overall real estate prospects and ninth in homebuilding prospects.

The Metroplex's development growth to the outer perimeter keeps land costs down but challenges efforts to develop the downtown areas​ as 24-hour or even 18-hour urban centers. 

Texas' property tax may face upward pressure to sustain infrastructure growth. 

​Houston ranked third in homebuilding prospects. It was 42nd in overall real estate prospects.

The rest of ULI's top ten real estate prospects are:
  • ​No. 2 Raleigh-Durham, N.C.;
  • No. 3 Nashville, Tenn.;
  • No. 4 Charlotte, N.C.;
  • No. 5 Boston;
  • No. 7 Orlando, Fla.;
  • No. 8 Atlanta;
  • No. 9 Los Angeles; and
  • No. 10 Seattle.
Read the Real Estate Center's most popular report, the Texas Housing Insight, for more.
Texas Border Economy summary
Slowing employment growth led to a less optimistic outlook on the Texas border, although unemployment hovered at historically low levels. Read our latest Texas Border Economy report to get the full story.

Toyota moving forward with $391M investment 

SAN ANTONIO (San Antonio Business Journal) – Toyota Motor Corp. is investing $391 million in its Toyota Motor Manufacturing Texas Inc. production plant on the city's south side.

The investment will result in a new vehicle-model production line for the plant, which currently produces Tundra and Tacoma pickup trucks.

This is the facility's first major expansion in nine years.​

The plant employs about 3,200 people. 

Aisin AW Inc., a supplier of drivetrain​ products to Toyota, has announced a $400 million project in Cibolo​ to complement the expansion.
Helping Texans make better real estate decisions since 1971

DFW fifth-largest flexible office space market in U.S.

DALLAS (CBRE) – DFW is the fifth-largest flexible office space market in the U.S. after significant expansion since 2017, according to a new CBRE report.

The market's flexible-space inventory grew from 1.8 million sf at the end of 2017 to 3.4 million sf at the end of 2Q2019.

The flexible space market now accounts for 1.5 percent of DFW's total office inventory, up from 1.2 percent a year ago.

Still, that ratio comes in below the U.S. average of 1.8 percent, indicating there is room for the sector to grow.

Flexible space in the Far North submarket accounts for 31.3 percent of the market's flexible space inventory, but since the beginning of 2019, 28 new locations have opened or are scheduled to open in eight different submarkets across DFW.​​

Read our Texas Quarterly Commercial Report for more on Dallas' industrial market and more.

Aisin AW greenlights $400M Cibolo project

​​CIBOLO (San Antonio Business Journal) – Japan-based Aisin AW Inc., a supplier of drivetrain products to Toyota, has greenlighted a $400 million project to complement Toyota Motor Corp.'s newly announced $391 million San Antonio expansion.

The city agreed to make 160 acres in its reinvestment zone available to Aisin AW for the facility, which will generate 900 full-time jobs.

The city and Guadalupe County offered the company a tax abatement agreement in return for the investment.

The San Antonio Economic Development Foundation projects that the total economic impact from the two investments will surpass $10 billion and 40,000 jobs over the next ten years. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Longview RV park becoming affordable housing community 

​​​LONGVIEW (Pine Ridge AHC) – Pine Ridge AHC LLC has purchased an RV park at 1060 I-20 W. Access Rd. with plans to turn it into an affordable housing community. ​​​

The 50-acre Pine Ridge RV Park is currently home to 38 RV lots, one single-family home, and 43 undeveloped acres​. ​

Over the next two years, the property, renamed Pine Ridge AHC (Affordable Housing Community)​, will be redeveloped to house a mix of mobile homes, tiny houses, and cabins. 

Homes will be priced between $20,000 and $35,000. The developer will provide financing for homebuyers.

SLS Rehab Pros has already started on renovations, which include adding signage, lighting, a laundry facility, park and picnic area, road work, mailboxes, and energy conservation measures.​​ Work will wrap up within a year. 

David Cleveland of Richmond sold the property for $385,000. TCNC Capital brokered the deal.​

Read "Tracking Texas Housing Trends" for more on types of housing across the state.

Broad Ocean Motors turns over 480K-sf warehouse 

HOCKLEY (Houston Business Journal) – Sealy & Co. has purchased a 479,806-sf warehouse at 18140 Kickapoo Rd. 

The Class A property near the intersection of US 290 and the Grand Pkwy. will serve as a distribution center for the company. 

The seller, Broad Ocean Motors, will remain in the building as a tenant. 

CBRE represented the buyer.​
MarketViewer ScreenshotTexas Realtor's 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. 

Icon leaves its mark with 3D-printed homes

AUSTIN (Austin American-Statesman) – Local construction technology firm Icon and nonprofit Mobile Loaves & Fishes (MLF) are adding more micro homes in the Community First Village at 9301 Hog Eye Rd.

Of the 300 tiny homes coming in the expansion, Icon will print six 500-sf homes with the Vulcan II 3D printer.

The printed homes will break ground this fall.

​Icon has already 3D-printed a 500-sf welcome center for the village in less than 27 hours. ​

MLF's Community First Village is a master-planned development that provides housing for the homeless.

Wu Family Trust bags Northbrook Shopping Center 

HOUSTON (CBRE) – Locally based Wu Family Trust has purchased the Northbrook Shopping Center, a 174,181-sf retail center at 5264 W. 34th St. 

The retail center is 96.6 percent occupied. El Rancho Supermarket opened in 2017 as the anchor tenant.  

CBRE National Retail Partners represented the seller, Weingarten Realty, in the transaction.
Subscribe to RECON if you haven't already. Click here to go to our website.
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?

$30.7M loan received for Alamo Ranch land

SAN ANTONIO (Connect Media) – Locally based Fulton Property Group LLC has acquired 22 acres along Alamo Ranch Pkwy.

Citizens Bank provided the $​30.7 million loan for the buyer.

The land is part of a 56-acre tract in the Alamo Ranch neighborhood. 

Grocery-anchored retail center sold for $71M

FRISCO (Dallas Business Journal) – InvenTrust Properties Corp. has purchased Eldorado Marketplace, a 186,068-sf grocery-anchored retail center, for about $71 million.

Located at the northwest corner of the Dallas North Tollway and Eldorado Pkwy., the center includes tenants such as AT&T, Jersey Mike's, Re/Max, PetSmart, and UPS.
Texas Realtors quote about Real Estate Center
Twitter
Facebook
LinkedIn
Instagram
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=310
RECON for September 17, 2019RECON for September 17, 2019Bryan PopePope
2019-09-17T05:00:00Z2019-09-17T05:00:00Z

RECON Real Estate Center
Nearly 200 Realtors visited the Real Estate Center's booth Saturday at the Texas Realtors Conference in Fort Worth. Center Research Data Scientist Gerald Klassen was on hand to teach visitors how to use MarketViewer, an online resource that gives members access to market statistics and tools to help their clients. (Photo by Center photographer JP Beato.)
September 17, 2019

Texas second most diverse state in U.S.

​​​​​WASHINGTON (WalletHub) – Texas has taken a top spot on WalletHub's list of the most diverse states, trailing behind only California.

Ranking second overall, the Lone Star State also ranked:
  • first in industry diversity (includes civilian employed population aged 16 and older);
  • third in linguistic diversity;
  • fourth in both cultural and racial/ethnic diversity;
  • fifth in household-size diversity;
  • sixth in religious diversity;
  • 13th in both economic and socioeconomic diversity;
  • 14th in household diversity; and 
  • 21st in political diversity. 
Earlier this year, Houston was named the most diverse city in the U.S.

Hawaii, New Jersey, and New York rounded out the top five rankings. West Virginia is the least diverse state. 

WalletHub compared the 50 states across six key dimensions: socioeconomic, cultural, economic, household, religious, and political diversity. 
Outlook July 2019 summary
Read more in our latest Outlook for the Texas Economy report. Don't forget to subscribe to email notifications so you always know when a new report is released. 

$162M United Airlines facility prepares for landing

​​​​HOUSTON (Houston Business Journal) – United Airlines is nearing the completion of its $162 million maintenance facility at 4933 Wright Rd.​

The city recently issued a $3.2 million permit to Manhattan Construction Co. for the project, which ultimately will add about 200,000 sf of hangar capacity to United’s maintenance operations. 

Additionally, the facility will add a warehouse distribution center, technical services, and administrative offices.

The first two phases of the project are scheduled to be completed later this year.​

Phase one includes the 185,850-sf Hangar X, which will be used for aircraft maintenance. It will accommodate two wide-body planes as well as a narrow-body aircraft.

Phase two includes renovations to an existing storage facility used by United’s line maintenance and base maintenance operations.

Phase three, which is scheduled to deliver in first quarter 2020, is focused on renovating another maintenance hangar and incorporating it into two adjacent hangars.

Helping Texans make better real estate decisions since 1971

Conn's HomePlus opens 657K-sf distribution center 

HOUSTON (Houston Chronicle) – Conn’s HomePlus has opened its 656,658-sf distribution center​ at 1401 Rankin Rd. 

The new facility can hold as many as 180,000 units of product, double the company’s current capacity, and employ more than 300 workers and still have room to grow. ​

The center will house the retailer’s:
  • distribution and logistics operation;
  • service and repair shop;
  • clearance store and corporate support offices;
  • human resources and information technology; and 
  • a customer service call center.
The LEED-certified building is owned by Pennsylvania-based Liberty Property Trust.
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.

SWBC purchases Stoneleigh Apartments 

CORPUS CHRIS​TI (REBusiness Online) – SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community at 18203 Westfield Pl. Dr. 

The garden-style community features one- and two-bedroom units and three pools, a fitness center, communal kitchen, and resident clubhouse. 

Stoneleigh was 95 percent occupied at the time of sale. 

​SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces, and building exteriors.
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. 

Parc Air 59 flying into Humble

HUMBLE (REBusiness Online) – Construction has started on Parc Air 59, ​a 279,632-sf industrial project at the corner of SH 59 and Will Clayton Pkwy. 

The project will consist of an 83,436-sf building with 28-ft clear heights and a 196,196-sf building with 32-ft clear heights. 

The buildings will have 150 and 245 parking spaces, respectively. 

Completion is slated for April 2020.

Jackson-Shaw is the developer. Cadence McShane is the general contractors.
bearded man 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.

The Travis tops out on Main 

HOUSTON (Houston Business Journal) – Madison Marquette has topped out The Travis, a 30-story residential tower on 1.16 acres at 3300 Main St. 

The 328-unit luxury high-rise in Midtown will offer floor plans averaging 1,114 sf. Units will begin delivering in spring 2020.

The property will have 14,967 sf of ground-floor retail, a two-story fitness center and "aqua" lounge, pool, and amenity deck.

Baltimore-based CallisonRTKL designed the building, and AECOM Hunt served as general contractor.
Email Notification graphic
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. 

Work finishing on 1.2M-sf Pioneer Natural Resources HQ

IRVING (REBusiness Online) – KDC and Verizon are wrapping up construction of the new 1.2 million-sf headquarters campus for Pioneer Natural Resources.​

Situated on 150 acres within the Hidden Ridge development, the ten-story building overlooks a pond and includes a seven-story parking garage.

Amenities include a daycare, wellness center, and food hall.

Cushman & Wakefield will manage the property. Move-ins will​​​ begin in November.

Multilevel H-E-B stepping up to Lake Austin 

AUSTIN (Austin American-Statesman) – H-E-B is developing a 110,000-sf store on Lake Austin Blvd.

The multilevel store will include underground parking, a coffee shop, pharmacy, and barbecue restaurant. The store will also have a two-story porch overlooking Lake Austin.

Construction will start in October and wrap up in 2021.

San Antonio-based Lake Flato Architects is the designer. 
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.

Texas State building more dorms

SAN MARCOS (Austin Business Journal) – Austin-based American Campus Communities is developing a 2,100-bed student housing development on the Texas State University campus. 

The 700-bed first phase will be on the west side of campus. It will open for incoming freshman in the fall 2021 semester. 

An increase in student enrollment has led to the demand for more on-campus housing at Texas State. 

146K-sf Point West Business Park joins investment fund 

HOUSTON (NAI Partners) – NAI Partners has purchased Point West Business Park, a 146,000-sf flex industrial park just south of the Westchase District. 

Interra Capital Group was the seller. 

NAI Partners’ Investment Fund negotiated and closed the deal.

The off-market deal is the buyer's first Fund III acquisition​.
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Twitter
Facebook
LinkedIn
Instagram
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=309
RECON for September 13, 2019RECON for September 13, 20192019-09-13T05:00:00Z2019-09-13T05:00:00Z

RECON Real Estate Center
Rendering of Granite Park Six
Granite Properties is preparing to start on the tallest building in its Granite Park in Plano. Get the details on this story and more in today's RECON. (Rendering from Boka Powell.)
September 13, 2019

San Antonio ranks third for home-price growth

​​SAN ANTONIO (San Antonio Express-News) – Ready, set, grow! Rising home prices have landed San Antonio in third place nationally for price growth, according to a Federal Housing Finance Agency report​.

Metrostudy Regional Director Jack Inselmann says that San Antonio has "picked up some momentum" over the past few years. In fact, single-family home prices in San Antonio have increased 8.9 percent over a year ago.

The pace of home construction in San Antonio has also reached a 12-year high in the second quarter, according to a Metrostudy report. Builders began work on 3,498 homes, a 6.8 percent spike over the same period last year. 

However, rising land, labor, and building costs make it difficult for developers to construct homes in lower price ranges, therefore making few of the new homes in San Antonio affordable. The median price of a home in the San Antonio region rose 4 percent to $239,500 in July, and sales jumped 6 percent, according to the San Antonio Board of Realtors. Despite this, the region is still more affordable than other major Texas metros.

Other Texas cities included in the top ten overall price growth rankings were Austin (fourth) and El Paso (tenth). 
Entering the ninth year of the business cycle expansion, Texas' economic activity remained strong in second quarter 2019. The outlook for the commercial real estate sector seems positive for the state's major MSAs due to the strengths of the U.S. and Texas economies. Read our latest Texas Quarterly Commercial Report for the details.

415K-sf high-rise underway in the Granite Park business campus

PLANO (Dallas Morning News) – Developers of Granite Park business campus are gearing up for Granite Park Six, the 18-story, 415,000-sf high-rise it plans to build on SH 121 just east of the Dallas North Tollway.

Plans for the new building include a ground-floor market café, customer lounge with a coffee bar and golf simulator, staffed fitness center, fifth-floor amenity deck, conference rooms, and lecture hall.

Granite Properties is already marketing office space in the building.

Designed by BOKA Powell and HKS, the Granite Park Six tower will begin construction in early 2020.
Podcast 434: Helping Texans stay aware of coastal development trends
As summer comes to a close, we look at why Texas' coastal cities are popular destinations for tourists and second-home shoppers. Sea Oats Group CEO Jeff Lamkin joins us on our latest Red Zone podcast to talk about development in Port Aransas and what makes the Texas coast so appealing.

Varidesk acquires Southlake building for second location

SOUTHLAKE (Dallas Business Journal) – Coppell-based Varidesk has acquired The Vista at Solana for the company's second flexible office concept​​. 

The 380,000-sf building, renamed VariSpace Southlake, is off SH 114 at ​​1 Kirkwood Blvd.

Varidesk will redevelop the building for multitenant use.

The property will get a new cafe, fitness center, meeting rooms, and upgrades throughout.

Cushman & Wakefield is assisting with the redevelopment and leasing. Corgan is the architect and interior​ designer. JLL represented the seller.

Last year, Varidesk purchased the former Zales headquarters​ for its first location.
Helping Texans make better real estate decisions since 1971

'Waters of the United States' rule repealed

​​​​DALLAS (Environmental Protection Agency) – The U.S. Environmental Protection Agency (EPA) and the Department of the Army have repealed a 2015 rule that "impermissibly expanded the definition of 'waters of the United States' (WOTUS) under the Clean Water Act."​

According to a press release from the EPA, "the agencies are recodifying the longstanding and familiar regulatory text that existed prior to the 2015 rule—ending a regulatory patchwork that required implementing two competing Clean Water Act regulations, which has created regulatory uncertainty across the United States."

For more background on the WOTUS rule, read "Treading Water"​ by Real Estate Center Research Economist Dr. Charles Gilliland.​
bearded man 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.

Houston home sales heat up in August 

​​​HOUSTON (Houston Association of Realtors) – Local single-family home sales rose 3.9 percent year over year in August, with 8,679 units sold, the second biggest one-month sales volume of all time. 

Total property sales rose 4.1 percent, with 10,375 units sold—the second largest one-month total property sales volume ever. 

The single-family median home price rose 4.5 percent and the single-family average home price was up 3.4 percent, both record highs for August. 

Townhome/condominium sales fell 2.9 percent year over year, with 641 units sold. The average price was flat at $209,075, and the median price rose 3.9 percent to $172,500. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Geothermal-powered mixed-use building under construction in SA

SAN ANTONIO (San Antonio Express-News) – Silver Ventures is constructing Oxbow, an eight-story mixed-use building at 1803 Broadway St. 

The building will have four stories of offices and parking along with restaurant and retail space on the ground floor. 

Along with its neighboring Pearl development,​ Oxbow will be the first local commercial structure to use geothermal power for heating and cooling.

Silver Ventures is building the complex with $8.8 million in tax abatements and rebates from the city and Bexar County.

Construction will finish in second quarter 2020.
Three people standing smiling
Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Saturday, Sept. 14, at the Fort Worth Convention Center.

Mixed-use development coming to East Austin

AUSTIN (Austin Business Journal) – Construction on the Red Bluff mixed-use development at 4713 E. Cesar Chavez St. will begin in the first quarter of next year.

The project will include a six-story building with 74,000 sf of Class A office space and 14,000 sf of ground-floor retail and a restaurant options.​​

A 63-room boutique hotel operated by Grupo Habita of Mexico City will be built shortly after. Amenities for the hotel will include a stainless-steel pool with a cold plunge, restaurant with outdoor seating, and terrace with views of the Colorado River.

The developers of Red Bluff are Ashmore Real Estate Advisors, HN Capital Partners, Lifestyle Resort Solutions, and the hospitality team behind Eberly and Stubbs.

Opening is set for mid-November 2020.

1031 exchange perches at Bird Creek Crossing

TEMPLE (REBusiness Online) – A San Diego-based firm has sold Bird Creek Crossing, a 129,941-sf retail center at 3550 S. General Bruce Dr.

The 98 percent-occupied property is shadow-anchored ​by Target and Home Depot. Other tenants include Best Buy, Michaels, PetSmart, and SPEC's Wine & Spirits. ​

Disney Investment Group represented the seller and procured the buyer, a private 1031 exchange.​
MarketViewer ScreenshotTexas Realtor's 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. 

H-E-B tech center coming to San Antonio 

SAN ANTONIO (Silicon Hills News) – H-E-B is building a 150,000-sf, five-story tech center in downtown.

It will bring 500 new jobs and have the capacity to house 1,000 employees.

The state-of-art tech center will accommodate the growth of H-E-B Digital, which includes its product, design, technology, and e-commerce teams.  

Construction begins next summer. The center will open by summer 2022.

Aligned Energy to expand Plano data center 

PLANO (Connect Media) – Aligned Energy is working on an eight-megawatt expansion of DFW-01, its 19-acre data center campus at 2800 Summit Ave.

At full buildout, the project will support a 375,000-sf, 60 MW facility.

DFW-01 is a carrier-neutral, Tier III ​data center that accommodates variable standard and high-power densities, up to 50 kilowatts per rack. 
Subscribe to RECON if you haven't already. Click here to go to our website.
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?

250K-sf office building purchased in North Dallas

DALLAS (REBusiness Online) – Admiral Capit​al Group has acquired Fourteen555​, a 249,564-sf, Class A office building in the Lower Tollway submarket.

Amenities in the six-story property include a restaurant, fitness center, and covered terrace.

The seller, Cawley Partners, developed the asset in 2018. BOKA Powell designed the building.

Westchase Place acquires new owner 

HOUSTON (REBusiness Online) – Fuller Westchase Pl. Ltd. has purchased Westchase Place, a 150,000-sf office building at 11200 Richmond Ave. 

The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013. 

JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction. 
Texas Realtors quote about Real Estate Center
Twitter
Facebook
LinkedIn
Instagram
Copyright © *|CURRENT_YEAR|*, 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=308
RECON for September 10, 2019RECON for September 10, 2019Bryan PopePope
2019-09-10T05:00:00Z2019-09-10T05:00:00Z

RECON Real Estate Center
Aerial view of apartments/townhomes
Homes come in many types and sizes, from attached to detached, duplexes to apartments, and manufactured homes to boats and RVs. How did Texans’ housing preferences change between 2005 and 2017? We’ll tell you in our latest article, "Tracking Texas Housing Trends." You can read this Tierra Grande digital first exclusively on the Center's website. (Photo from Center files.)
September 10, 2019

The rise of Austin's new tallest building 

AUSTIN (Austin American-Statesman) – Work will start within the next two months on 6 X Guadalupe, a 66-story tower that will surpass the Independent as the city's tallest tower.

Before construction​ can begin, a four-story Extended Stay America hotel on the site will​ be demolished. 

The skyscraper, designed by Gensler, will have more than 349 luxury apartments, 589,661 sf of office space, and 11,675 sf of retail space. 

Office amenities include 35,000 sf of elevated, park-like space and private offices with balconies. Apartment amenities include an indoor/outdoor deck, three pools, a fitness facility, and an outdoor yoga deck. 

There will also be​ 25 penthouses with access to a private rooftop clubroom, dining room, outdoor deck, and pool.​

The office portion will wrap up in late 2022.
Three people standing
Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Sept. 14 at the Fort Worth Convention Center.

Houston office market down 60 basis points 

HOUSTON (NAI Partners)– Local office market vacancy dropped 60 basis points year over year, reaching its current rate of 21.5 percent, according to NAI Partners. 

Net absorption is in the red at negative 438,000 sf, though still an improvement over this time last year, when the year-to-date total was around negative two​​​​ million sf.

Employment growth accelerated from 3.3 percent over the three months ending in May to 3.6 percent over the period ending in June. 

Metro job growth was 2.9 percent from June 2018 to June 2019 (89,650), with the largest number of jobs created in professional and business services. 

Recent local office leases include:
Helping Texans make better real estate decisions since 1971

817K-sf Park 249 breaks ground 

HOUSTON (Connect Media) – Panattoni and capital partner MetLife have begun construction on Park 249, an 816,920-sf speculative industrial project at SH 249 and Beltway 8. 

The development will consist of four build-to-suit facilities as part of a 64-acre, master-planned, deed-restricted corporate park. 

The site offers dock-high, cross-dock, and front-load distribution space. All buildings will include a 180-ft truck court for trailer parking.

Cushman & Wakefield will handle leasing. 

Completion is slated for first quarter 2020.
Texas Housing at a Glance
Read more in our latest Texas Housing Insight report.

Class A office space coming to Stone Oak

SAN ANTONIO (San Antonio Business Journal) – Concord Properties is adding 101,000 sf of Class A office space to the 180-acre Concord Park master-planned business campus in Stone Oak.

The four-story Concord Park III building will feature 25,000 sf of rentable, column-free floor plates; a communal​ conference room; limited-service deli; top-floor balcony; 67 covered below-grade executive parking spaces; and a parking ratio of four spaces per 1,000 sf.

Construction will be completed by first quarter 2021.
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. 

Space City multifamily market continues positive momentum 

HOUSTON (Transwestern) – Transwestern reported positive momentum for the city's multifamily sector over the second quarter as occupancy inc​reased, rental rates grew, and absorption hit its highest level since 4Q2017. 

Over the quarter, 5,904 units were absorbed, with Class A accounting for 48.1 percent at 2,838 units. 

The strong absorption pushed the occupancy rate past the recognized threshold of stabilization (90 percent) to 90.2 percent. 

With 14 new communities (3,992 units) delivering to market over the quarter, rental rates increased 170 bps to $1.18/sf. 

Given high affordability, low unemployment, and strong job growth, developer and investor interest is prevalent with nearly 3,800 units breaking ground and 12,000 units selling over the quarter.
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.

Rainey Street getting new high-rise

AUSTIN (Austin American-Statesman) – Construction will start next month on 44 East Ave., a 49-story, 322-unit condominium tower in the Rainy Street ​District. 

Prices for one-, two-, and three-bedroom units range from $400,000 to $2 million. Penthouses will be available for between $2 million and $4 million.

The project is valued at more than $200 million. 

Work will wrap up in late 2022.​
Email Notification graphic
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. 

Facebook opens new office in Austin

AUSTIN (Austin Business Journal) – Facebook Inc. has opened up new offices in the Third + Shoal tower at 607 W. Third St. in downtown. 

The social media company occupies 256,500 sf across 11 floors.  

Amenities include a fitness center, shipping center, laundry service, music room, full-service kitchens, and outdoor decks/terraces. There are also 14 art installations located in hallways throughout the building.
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.

Empyrean inks office lease at Pinnacle Westchase 

​​​HOUSTON (REBusiness Online) – Empyrean Benefits Solutions Inc., a software provider for human resource departments, has signed a 108,109-sf office lease at Pinnacle Westchase at 3010 Briarpark Dr. 

Newmark Knight Frank represented the tenant in lease negotiations. 

Stream Realty Partners represented the landlord, Pinnacle Tenant LLC.​

The McAdams wraps up construction

HOUSTON (REBusiness Online) – A partnership between MetroNational and Slate Real Estate Partners has completed The McAdams, a 333-unit apartment community at 12000 Barryknoll Ln. 

The property offers a mix of one-, two-, and three-bedroom​​ units ranging from 563 to 1,821 sf.

Amenities include a rooftop pool, resident lounge, fitness center, game room, and pet park. 

Monthly rents at The McAdams range from $1,515 to $4,865.
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Twitter
Facebook
LinkedIn
Instagram
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=307
RECON for September 6, 2019RECON for September 6, 2019Bryan PopePope
2019-09-06T05:00:00Z2019-09-06T16:00:00Z
​​
RECON Real Estate Center
Sun shining through piney woods in East Texas
In today's RECON: funds available for East Texas southern pine beetle prevention, federal tax credits awarded for low-income El Paso multifamily, and national pending home sales fall 2.5 percent in July. Keep scrolling for all this and more. (Photo from Center files.)
September 6, 2019

Federal tax credits awarded for five low-income El Paso apartments

​​EL PASO (El Paso Times) – The Texas Department of Housing and Community Affairs has awarded $53.4 million in federal tax credits for the construction and renovation of five low-income apartment complexes across El Paso County. 

The El Paso Housing Authority will use $15 million to start construction next summer on the $21 million, 120-unit Patriot Place apartments at Diana Dr. and Kenworth St. Opening is set for the end of 2021. 

Meanwhile, $14.4 million in federal tax credits will help finance renovations to the 98-unit DeWetter Apartments at 560 Lisbon Ave. and the 78-unit Kathy White Apartments at 2500 Mobile Ave. 

Renovations have already begun and will be complete by February 2021.

Investment Builders Inc. will use $15 million to help finance the $18.3 million, 104-unit Ridgestone Estates complex at 11050 Montana Ave. Construction will begin by the end of 2019 and wrap up by fall 2021.

Tropicana Building Corp. will use $9 million to help finance the $12 million, 80-unit Anthony Palms low-income apartment complex on the 100 block of Sandia Dr. in Anthony. ​​Work will start next summer, and opening is set for early 2021. 
You know those waiver and release forms some recreational businesses make you sign before you so much as step foot on their premises? If you think those don’t carry much legal weight, think again. When properly drafted, they can. Center Research Attorney Rusty Adams says more in his latest Tierra Grande article. 

Southern pending home sales drop 2.4 percent

​​WASHINGTON (National Association of Realtors) – U.S. pending home sales dropped in July, reversing course on two consecutive months of growth, according to the National Association of Realtors (NAR).​

The Pending Home Sales Index fell 2.5 percent to 105.6 in July, down from 108.3 in June. Year-over-year contract signings fell 0.3 percent, opposing last month's increase. ​

Pending home sales in the South—the region that includes Texas—fell at a similar rate, dropping 2.4 percent to an index of 122.7 in July, which is 0.1 percent higher than last July.

"Super-low mortgage rates have not yet consistently pulled buyers back into the market," said Lawrence Yun, NAR chief economist. "Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes."

Yun expects GDP growth to ease to 2 percent in 2019 and 1.6 percent in 2020, but growth predictions are somewhat uncertain due to trade tensions. With slower economic growth, interest rates will remain low. Though home sales will get a short-term boost from lower mortgage rates, existing-home sales are likely to be flat at 5.34 million in 2019 given the level of sales in the first seven months of the year. ​

Amid tight inventory conditions, the median price of existing-home sales will continue increasing, but at a slower pace of 4 percent in 2019, to $269,000, and 3 percent in 2020, to $278,500.
12 tips for staying safe at open houses
September is National Realtor Safety Month, so now is a great time to review your workplace safety practices. Although you should always cautious while holding an open house or showing, we've compiled a dozen tips to take into consideration this month.

Funds available for Southern Pine Beetle prevention

​​​COLLEGE STATION (Texas A&M Forest Service) – ​​Landowners in 21 East Texas counties conducting first-thinning operations in overly dense, pulpwood-sized pine stands may now apply for the 2019 Southern Pine Beetle (SPB) Prevention Program Thinning Cost Share.​

Eligible landowners may receive up to $50 per acre (100-acre maximum) to assist in first-thin operations. 

The forested property must meet several criteria and be in one of the following counties: Angelina, Cass, Cherokee, ​Hardin, Harrison, Houston, Jasper, Liberty, Marion, Nacogdoches, Newton, Panola, Polk, Rusk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, or Walker. 

All approved thinning projects must be completed within 12 months of the approval date. ​

This funding opportunity is available thanks to a cost-share grant through the USDA Forest Service Forest Health Protection Program and administered by Texas A&M Forest Service.

Since the SPB Prevention Program's inception, over 100,000 acres have been treated throughout East Texas.​​
Helping Texans make better real estate decisions since 1971

City approves 800 apartments on J.C Penney campus

PLANO (Dallas Morning News) ​​– Silos Harvesting Partners​ has received city planning approval to add almost 800 apartments to the 110-acre redevelopment of J.C. Penney's old corporate campus.

Trammell Crow Residential and Kairoi Residential will build at least five-story apartments on a small portion of the property at Legacy and Headquarters Drives.​

As part of the deal, which still must get the city council's approval, the property owners must set aside almost 14 acres of open space in the project.​

The project, called The Campus at Legacy West, will include converting the more than one million-sf​ ​headquarters into offices for multiple tenants. Developers will also add a hotel, retail and restaurant space, more offices, residential options, and a boardwalk.​
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Hanover developing 412-unit multifamily project 

HOUSTON (JLL) – The Hanover Co. and its joint venture partner, PCCP LLC, are developing a 412-unit apartment complex on 5.86 acres at 1500 Westbranch Dr. 

The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 sf. 

The project will feature:
  • nearly 3,000 sf of ground-floor retail space;
  • landscaped courtyard with resort-style pool, firepit, and grilling area; 
  • clubhouse with demonstration kitchen and multimedia area equipped with a cinema with stadium seating, gaming activities, and televisions; 
  • fitness center and business/conference rooms; and
  • 596 residential parking spaces.
JLL represented The Hanover Co. in joint venture equity negotiations. 

Completion is slated for ​​late 2021.

Viridian makes room for 400 more homes

​​​​​​ARLINGTON (Dallas Morning News) – ​Johnson Development Corp. is adding sites for nearly 4​​​​​​​​​00 homes in the Viridian community off N. Collins St. 

The new phase will include houses priced from $300,000 to $1 million. 

Homebuilders include CB Jeni Lifestyle Homes, CastleRock Communities, David Weekley Homes, Drees Custom Homes, Highland Homes, Normandy Homes, Plantation Homes, Toll Brothers, Glendarroch Homes, Struhs Homes, and Windmiller Custom Homes.

​Viridian opened in 2008 ​and was purchased by Johnson in 2015. In 2016, developers opened space for ​138 more homes. 

Earlier this year, the development landed on John Burns Real Estate Consulting's ​​top 50 master-planned communities list for 2018.​
MarketViewer ScreenshotTexas Realtor's 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. 

NuStar wraps up Corpus crude oil pipeline 

CORPUS CHRISTI (Corpus Christi Caller-Times) – NuStar Energy has completed the second stage of its export project, an eight-mile, 30-inch pipeline that will transport crude oil from Taft.

​NuStar is also adding 600,000 barrels of storage to its local terminal, which will bring its total capacity to 3.9 million barrels.

The company's storage expansion will be complete ​in December.

Massachusetts trust sells three Texas offices

​​NEWTON, Mass. (GlobeSt.) – Locally based Office Properties Income Trust has sold three Texas buildings​​ as part of a five-property, $223 million office portfolio across three states.

One property is a one-story, 182,630-sf office building at 2115-2116 E. Randol Mill Rd. in Arlington.

The other Texas asset includes a two-building, 618,000-sf property at 19100 Ridgewood Pkwy. in San Antonio. The buildings are six and 14 stories.

Other buildings in the portfolio are in Rochester, N.Y., and Hanover, Penn. ​
Subscribe to RECON if you haven't already. Click here to go to our website.
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?

H-E-B coming soon to Lubbock 

LUBBOCK (Lubbock Avalanche-Journal) – H-E-B is developing a 120,000-sf grocery store at 114th St. and Quaker Ave. 

The store will include the True Texas BBQ restaurant, pharmacy, Meal Simple department, bakery, healthy living department, and one-hour beer and wine delivery. ​

Construction will start early next year and wrap up in fall 2020. 

Switchyard Apartments power on

CARROLLTON (MultifamilyBiz) – Lincoln Property Co.'s 324-unit Switchyard Apartments ​​​at 1199 N. Broadway St. is now open and available for lease.

The four-story community offers studio, one-, and two-bedroom floor plans ranging from 525 to 1,262 sf. 

Amenities include indoor bike storage and repair studio, pet salon, juice bar, fitness center, interactive fitness studio, and easy access to the Dallas Area Rapid Transit system. ​
Texas Realtors quote about Real Estate Center
Twitter
Facebook
LinkedIn
Instagram
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=306

 Search RECON Issues