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RECON for June 2, 2020RECON for June 2, 20202020-06-02T05:00:00Z2020-06-02T05:00:00Z

RECON Real Estate Center
Rendering of 41-story condo building
What's happening in today's RECON? Work moves forward on 105-acre Waco mixed-use project, 283-unit condo tower rising on Austin's Rainy St. (pictured above), and Texas sales tax revenue sees largest drop in over 20 years. Keep reading for the details. (Rendering from STG Design.)
June 2, 2020

State sales tax revenue down 13.2 percent YOY

​AUSTIN (Texas Comptroller of Public Accounts) – According to the Texas Comptroller, state sales tax revenue totaled $2.61 billion last month, 13.2 percent less than in May 2019.

That's the steepest year-over-year decline since January 2010. 

The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May. Widespread social distancing requirements were in place across much of the state throughout April.

Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections, but the effects of the economic slowdown and low oil prices were evident in​ other sources of revenue in May 2020. 

Texas collected the following revenue from other major taxes:
  • ​motor vehicle sales and rental taxes, $265 million, down 38 percent year over year (YOY); 
  • motor fuel taxes, $221 million, down 30 percent YOY and the steepest drop since 1989;
  • natural gas production tax, $31 million, down 76 percent YOY;
  • oil production tax, $90 million, down 75 percent YOY, the steepest drop since March 1988, and the lowest monthly amount since July 2010;​
  • hotel occupancy tax, $8 million, down 86 percent YOY and the steepest drop on record in data going back to 1982; and
  • alcoholic beverage taxes, $28 million, down 76 percent YOY and the steepest drop on record in data going back to 1980.
The comptroller extended the due date for franchise tax payments this year from May 15 to July 15, meaning that comparisons to May 2019 collections are uninformative.
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CIM Group acquires 1.1M-sf logistics center

​​​FORT WORTH (Connect Media) – CIM Group has acquired Junction 20/35, a 1.1-million-sf cold- and dry-storage facility at 7550 Oak Grove Rd.

The acquisition also included an adjacent 14.42​ acres.

Built in 1989, the facility has modern clear heights and column spacing, loading bays, a truck court, car and trailer parking, and rail accessibility. 

It has been renovated several times, most recently in 2018, and ​provides freezer and cooler space.
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105-acre Floyd Casey development moves forward

​​​​​WACO (Waco Tribune-Herald) – Locally based Turner Behringer is developing a housing-heavy mixed-use project at the 105-acre former site of Floyd Casey Stadium. 

The development will have 300 households, 7,200 sf of trails, ten acres of open space, 74,000 sf of office and commercial space, community facilities, 7.3 acres of gathering areas, and a park. ​
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. 

283-condo tower to rise in Rainey St. district

​AUSTIN (Austin Business Journal) – Pearlstone Partners is developing a 283-unit condominium ​high-rise at 84 East Ave. 

The 41-story building will feature one- and two-bedroom units averaging 955 sf. Prices will range from $499,000 to $999,000.

Amenities will include a rooftop pool, fitness center, coworking space, and dog park.

Construction begins in 2021. 

STG Design is the developer. 
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. 

35-story Museum District tower becoming condos

​​HOUSTON (Realty News Report) – ​​​Locally based Tema Development Inc. is converting the 35-story Parklane residential tower from rental units into for-sale condos. 

Built in 1983, the tower at 1701 Hermann Dr. will have 195 condos starting in the $300,000s. 

Mirador Group is the architect​, interior designer, and landscape architect. Elevated Group at Compass will handle sales. 
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26.4 acres at Highland Park neighborhood rezoned

​TEMPLE (Temple Daily Telegram) – The city has approved the rezoning of 26.4 acres at 6510 Hartrick Bluff Rd. for residential ​use, expanding the Highland Park neighborhood.  

Developers will use the land to create a front entrance for the neighborhood, located to south and west. 
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.

Legendzway inks 267K-sf industrial lease at DFW Airport

​​​IRVING (Dallas Morning News) – Legendzway Distribution has leased a 267,000-sf industrial building at 2600 Market St., just north of US 183.

The warehouse is at the south end of the airport in Bandera Venture's Gateway Logistics Center.

Rubicon Representation negotiated the lease on behalf of the tenant with HPI Real Estate Services. 

TxDOT picks up 57 acres in Pflugerville 

​​PFLUGERVILLE (Austin Business Journal) – The Texas Department of Transportation has purchased 57.3 acres on N. FM 973 from Foster Legacy LLC. 

Newmark Knight Frank represented the buyer in the transaction. ​
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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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RECON for May 29, 2020RECON for May 29, 20202020-05-29T05:00:00Z2020-05-29T05:00:00Z
RECON Real Estate Center
Strawberry farm at sunset
Texas' specialty crop sector—consisting primarily of fruits and vegetables—has been one of the agricultural sectors hit hardest ​by the COVID-19 pandemic, according to the Texas A&M AgriLife​​ Extension Service. The pandemic has caused a reduction in produce demand and disruptions in the supply chain. Keep reading today's RECON for more. (Photo from Center files.)
May 29, 2020

Texas initial unemployment claims fall for fifth straight week

COLLEGE STATION (Real Estate Center) – In the week ending May 13, over 122,400 initial unemployment insurance claims were filed in Texas. That brings the total since March 21 to 2.2 million, according to data from the U.S. Department of Labor (DOL). 

Unemployment claims fell for the fifth straight week after rebounding on April 18. 

"The number of initial claims continue to fall steadily, although the numbers are still worrisome," said Real Estate Center Research Economist Dr. Luis Torres.

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to May 16 nearly 468,000 seasonally adjusted claims were filed in Dallas-Fort Worth. That is the highest of Texas' major metros. 

In Houston, San Antonio, and Austin, an estimated 457,600, 147,600, and 136,600 claims were filed during that time, respectively. 

Along the border, an estimated 49,600, 49,200, 22,200, and 13,800 claims were filed in McAllen, El Paso, Brownsville, and Laredo, respectively. 

From March 21 to May 16, over 10,300 unemployment claims were filed in College Station-Bryan.

Accommodation and food services, administrative/support/waste management/remediation services, and retail trade represented the sectors with the biggest unemployment claims.

Last month, around 1.05 million Texans left the workforce.

"This has implications for the unemployment rate and future growth potential," said Torres.

Nationwide, 40.7 million unemployment claims have been filed since March 21. ​​
COVID-19 and TexasAccording to a Center report, the Texas weekly leading index signaled modest economic improvement during the first weeks of May. Most importantly, the index possibly reached a trough during the last week of March and the first week of April, indicating either a stagnant position for the short term or perhaps a slight trend upward. This could mean the worst part of the shock from the COVID-19 shutdown is in the past. However, the index still indicates that a recession will continue into the near future. Read COVID-19 Impact Projections on Texas Economy for the details. Click here to get notified every time the economic indicator is updated. 

Texas specialty crop sector hit hard by pandemic

COLLEGE STATION (Texas A&M Today) – ​​The specialty crop sector in Texas—consisting primarily of fruits and vegetables—has been one of the agricultural sectors hit hardest ​by the COVID-19 pandemic, according to Texas A&M AgriLife​​ Extension Service economists. 

According to a report from the Agricultural and Food Policy Center (AFPC), if the pandemic persists, Texas fruit and vegetable producers could be left without outlets for their highly perishable products and ultimately lose more than $397 million.

Typically, a large fruit and vegetable producer sells about 40 percent of its product to retail grocers, another 40 percent to restaurants and food-service outlets, and the remaining ​20 percent to other outlets.

“As a result of the COVID-19 pandemic, the closure of most restaurants and schools has caused a major reduction in demand for produce," said AgriLife Economist and AFPC Co-Director Joe Outlaw. “The pandemic has also caused significant disruptions to the supply chain and agricultural systems."

Many grocery stores have significantly reduced the variety of items they stock.​​​

Fruit and vegetable producers in South Texas have experienced anywhere between a 20 percent to 50 percent reduction in sales. Additionally, imports of fruits and vegetables from Mexico went down 18 percent in April, indicating low demand for both domestic and imported produce.

Additionally, South Texas' labor shortage has only worsened due to the pandemic, especially as labor is diverted to cleaning, disinfecting, and sanitizing. Some producers have experienced up to a 50 percent reduction in harvesting crews.

While growing conditions in the state's Winter Garden area bode well for most crops already in the ground, pandemic factors will likely continue to affect producer profitability for some time to come.
Texas Border Economy March 2020 infographic
Read the March 2020 issue of the Texas Border Economy report for more. Click here to subscribe to email updates. 

1.2M sf of industrial space leased at Logistics Crossing

​​​​​LANCASTER (Dallas Morning News) – Two companies have leased a combined 1.2 million sf in Crow Holding's I-35 Logistics Crossing industrial park. 

Mars Inc. is taking a more than 610,000-sf warehouse that is currently under construction.

Next door, ICU Medical has leased over 600,000 sf in a distribution​​ center that delivered in February.

The new business park is on Houston School Rd. south of I-20.
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FWISD sells properties totaling $22M

FORT WORTH (Fort Worth Business Press) – The Fort Worth Independent School District Board of Education has approved the sale of eight more surplus properties.

The assets include:
  • Central Administration Building, 100 N. University Dr., $5.2 million; 
  • Metro Opportunity School, 2702 Cullen St., $3.6 million;
  • former Adult Education Center/Young Women's Leadership Academy, 1066 W. Magnolia Ave., $2.7 million;
  • Capital​ Improvements Program facility;
  • maintenance buildings;
  • various office facilities; and 
  • accompanying parking areas. 
The 1066 Magnolia property is under contract with Urban Genesis LLC. The others are individual contracts with Keystone Investment Opportunities LLC. 

JLL brokered the sales.​​​
Texas flagThe Texas economy is suffering from COVID-19 pandemic and low oil prices. The state's economy lost 1,110,600 nonagricultural jobs from April 2019 to April 2020, an annual decline of 8.7 percent. The Center's latest Monthly Review of the Texas Economy report has the details. Don't forget to subscribe to email updates.

More businesses allowed to open on May 29

​​AUSTIN (REBusiness Online) – Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs, and mall food courts to reopen Friday, May 29. 

Under Phase II of the state’s reopening plan, these establishments may reopen at a limited capacity of 25 percent. 

CIM Group opening renovated Austin office project

​​​AUSTIN (REBusiness Online) – CIM Group is finishing work on Fifth + Tillery, a 182,700-sf office project at 618 Tillery St. 

The developer acquired the property in October 2019 as part of a three-property portfolio. 

Opening is set for July.
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Dallas craves the wave: Ocean Spray plans shipping hub

​​DALLAS (Dallas Morning News) – Ocean Spray is developing a 270,000-sf shipping hub at 9890 Bonnie View Rd.

The distribution facility will be in a warehouse owned by NFI Industries, who already occupies part of the building.

The remainder of the 626,000-sf property is being outfitted for Ocean Spray with warehousing and cold storage space.

CBRE is marketing the vacant building space.

The $2.2 million project is set to open in September 2020.
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Construction to start on $31M Roanoke distribution center

​​​ROANOKE (Community Impact Newspaper) – Construction will start next month on a $31 million dollar privately funded distribution center west of SH 114 and Litsey Rd.

The 568,858-sf asset will include over 20,00​0 sf of office space, a cross-dock configuration, and 36-ft clear heights. 

The owner is John Bunten with BN Roanoke Partners LP.

Completion is set for spring 2021.
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Copyright © 2020, 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.

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RECON for May 26, 2020RECON for May 26, 20202020-05-26T05:00:00Z2020-05-26T05:00:00Z
RECON Real Estate Center
Inwood Station apartments in Dallas
What's happening in today's RECON? Texas economy loses 1.3 million jobs in April, 250-unit cottage development underway in San Angelo, and Dallas' Inwood Station apartments becoming affordable housing. Keep reading for the details. (Photo from Fairfield Residental.)
May 26, 2020

Texas unemployment rate hits 12.8 percent in April

AUSTIN (Texas Workforce Commission) – Over the past month, the Texas economy lost nearly 1.3 million jobs due to the COVID-19 outbreak, according to the Texas Workforce Commission. 

The state's se​asonally adjusted unemployment rate rose to 12.8 percent in April, below the national average of 14.7 percent. 

Before the pandemic, the state's job growth rate had remained above 2 percent for around two years. 

Amarillo had the lowest nonseasonally adjusted unemployment rate in the state at 8.8 percent. Beaumont-Port Arthur had the highest at 18.1 percent.

All employment sectors had seasonally adjusted job losses since April 2019 except for the financial services industry, which grew 0.5 percent. Leisure and hospitality had the largest job loss with employment falling 39.3 percent. 

In the week ending May 16, nearly 130,800 initial unemployment insurance claims were filed in Texas, bringing the total since March 21 to 2.1 million.

The Center's latest Monthly Review of the Texas Economy report has more Texas employment data.
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Cy-Fair ISD buys 16.7 acres for new school

​​CYPRESS (Houston Chronicle) – ​The Cypress-Fairbanks Independent School District has purchased 16.7 acres in Parkland Village within Howard Hughes Corp.'s Bridgeland master-planned community. 

The site near Tuckerton and Westgreen Roads will be home to a two-story elementary school. The 125,000-sf school will accommodate​ nearly 1,100 students when it opens for the 2022-23 school year. 

Texas-IBI Group is the architect. 

The school will be the fourth in Bridgeland. ​​​
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. 

Inwood Station apartments becoming affordable housing

​​DALLAS (Dallas Morning News) – The Dallas Housing Authority has acquired Inwood Station apartments at 2727 Inwood Rd. near Love Field.

The agency leased-back the asset to seller Fairfield Residential with requirements that at least 50 percent of the project be used for affordable housing. 

Affordable apartments must be rented to residents earning less than 80 percent of the area’s median income.​

Built in 2018, the 347-unit project was last assessed at $28.8 million.​
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250-unit multifamily underway in southwest San Angelo

​SAN ANGELO (San Angelo Standard-Times) – JFerg Homes and Flat Creek Builders' Justin Hardin are developing Creek 27, a 250-unit multifamily development. 

​The project at 5702 Melrose Ave. will consist of small homes ranging from 750 to 1,100 sf. 

The first half of the project will be ready this November.
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.

Trez Capital, Hines pick up 760-unit Wylie storage facility

​​WYLIE (REBusiness Online) – A partnership between Trez Capital and Hines has acquired a 760-unit self-storage facility at 570 Country Club Rd. 

The 11-building, Class A property spans 101,931 sf and includes 75 RV storage spaces. 

CubeSmart operates the facility.

Killeen ISD turns page with Elementary School No. 36

​​KILLEEN (Killeen Daily-Herald) – The Killeen Independent School District has broken ground on Elementary School No. 36 at 5501 Azura Way. 

The $16.7 million project will be constructed by Bartlett Cocke General Contractors. 
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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.


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RECON for May 22, 2020RECON for May 22, 20202020-05-22T05:00:00Z2020-05-22T05:00:00Z
RECON Real Estate Center
Plano apartments
What's happening in today's RECON? Texas unemployment claims exceed two million, Gov. Greg Abbott allows more business to reopen, and Plano named best place for staycations. Keep reading for the details. (Photo from Center files.)
May 22, 2020

Texas unemployment claims hit 2.1 million in nine weeks

​​​​​​​​COLLEGE STATION (Real Estate Center) – In the week ending May 16, nearly 130,800 initial unemployment insurance claims were filed in Texas. That brings the total since March 21 to 2.1 million, according to data from the U.S. Department of Labor (DOL). 

Unemployment claims fell for the fourth straight week​ after rebounding on April 18. 

"These are still worrisome unemployment numbers, but there is some hope as the numbers continue to fall," said Real Estate Center Research Economist Dr. Luis Torres.​

​The Center estimates the unemployment rate across the state could be as high as 18.7 percent in May.

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to May 9 nearly 439,500 seasonally adjusted claims were filed in Dallas-Fort Worth. That is the highest ​of Texas' major metros. 

In Houston, San Antonio, and Austin, an estimated 425,800, 138,500, and 49,800 claims were filed during that time, respectively. 

At the metro level, the Center estimates May's unemployment rate could be 16.4 percent in Houston, 14.4 percent in San Antonio, 14.3 percent in DFW, and 7.1 percent in Austin.

Accommodation and food services, and administra​​tive/support/waste management/remediation services, and retail trade represented the sectors with the biggest unemployment claims.

Nationwide, over 38.6 million unemployment claims have been filed since March 21. The Center estimates the U.S. employment rate could be 20.1 percent in May. ​
Outlook for the Texas Economy March 2020
Read more in the latest Outlook for the Texas Economy report.

Austin home sales dip in April, but prices keep rising

AUSTIN (Austin Business Journal) – Local home sales saw a double-digit fall in April with COVID-19 and shelter-in-place orders slowing transactions. 

Single-family home sales through the Multiple Listing Service decreased 21.6 percent to 2,611, according to the Austin Board of Realtors (ABoR). Consequently, sales dollar volume fell 18.3 percent to $1 billion. 

Although sales decreased, homes still spent less time on the market and sold at higher prices than last April. Demand was high enough that the median sales price rose 3.2 year over year to $325,000. Homes also spent nine fewer days on the market for an average of 43 days. 

​ABoR is anticipating May sales to see a decline because of slow listing activity in April. Active listings fell 7.3 percent to 6,349 last month. New listings dropped 21.1 percent to 3,516, and pending sales fell 25 percent to 2,801. 

In Austin proper, home sales fell 33.1 percent to 759, and sales dollar volume dropped 23.9 percent to $387.9 million. ​​
Today's Smart Home infographic
A growing number of homes are using smart devices. While such technology can make a listing more attractive, it also adds steps to the buying/selling process that license holders need to know. Read "Get Smart: Buying, Selling High-Tech Homes" for more.

Staycation, all I ever wanted: Plano best city for at-home holiday

WASHINGTON (WalletHub) – Plano has taken the top spot on WalletHub's list of the best places for a staycation.

The Collin County city ranked second in rest and relaxation and 18th in recreation. Plano also has the highest average home square footage out of all the cities WalletHub analyzed. 

Grand Prairie and Austin also ranked in the top ten, landing eighth and ninth, respectively. Grand Prairie was 11th in rest and relaxation and 57th in recreation. Austin was 96th and eigh​​​th in those metrics, respectively. 

The capital tied for first with several other cities for the most running trails per capita. 

No. 27 Irving had the fifth-highest average home square footage. No. 42 Fort Worth had the fourth-lowest average price of pizza and burgers.

The top five cities behind Plano are Boise, Idaho; Tampa, Fla.; Charleston, S.C.; and Lincoln, Neb.

Due to the COVID-19 outbreak, more would-be vacationers will need to stay home, either due to travel restricts or tight budgets. 
The Center will be closed on Monday, May 25, in observance of Memorial Day. Take some time to honor those who have made the ultimate sacrifice for our country. 

Second phase of Texas economy reopening starts this Friday

​​AUSTIN (REBusiness Online) – Gov. Greg Abbott will allow more Texas businesses to reopen Friday, May 22. 

Texas bars, wine-tasting rooms, and craft breweries may reopen at 25 percent occupancy.

Childcare centers, youth clubs, and bowling alleys may also begin reopening.  ​

Restaurants may increase their occupancy levels to 50 percent. Texas public schools now have the option to conduct in-person summer school classes.
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SA luxury apartment rents hit hardest during pandemic

​​SAN ANTONIO (San Antonio Business Journal) – COVID-19 resulted in an overall drop in the metro’s apartment​ rent prices, with the highest class of properties most severely affected. 

From March to May 13, the average rent dropped $9 to $969. 

Luxury apartments, which account for 23 percent of the market, dropped $14 to $1,229. 

The decreased rents can be attributed to renters avoiding moving during the pandemic. 
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Texas Children’s Hospital building $450M hospital in north Austin

​​​AUSTIN (Austin American-Statesman) – Texas Children’s Hospital is building a new 360,000-sf hospital at N. Lake Creek Pkwy. and SH 45. 

The 48-bed hospital will provide emergency care, neonatal and pediatric intensive care, operating rooms, sleep center, epilepsy monitoring unit, and labor, delivery, and postpartum care.

It will also have 1,200 parking spaces. 

Construction will be complete at the end of 2023. 

McCarthy Building Cos. is the general contractor.
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. 

NAI picks up 16-building Stafford industrial park

​​​​STAFFORD (Realty News Report) – NAI Partners' Investment Fund III has acquired the Avera Commerce Center, a 16-building flex industrial park.

The 245,495-sf single-story property is on 14.6 acres near Greenbriar Dr. Around 60 tenant​s are at the park. 

Houston-based Avera Cos. was the original developer. NAI will rebrand the park.​
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Take three: Patrinely, USAA start on Aspen Lake Three

​​AUSTIN (Connect Media) – A joint venture between Patrinely Group and USAA Real Estate has broken ground on Aspen Lake Three, a 128,990-sf build-to-suit office at 10355 Pecan Park Blvd. 

Q2 Holdings, which occupies part of Aspen Lake One and all of Aspen Lake Two, will occupy the entirety of the new development. 

JLL represented the tenant. 

Ball Corp. leasing 678K-sf warehouse in south Fort Worth

​​​FORT WORTH (Dallas Business Journal) – Ball Corp. will move into a new build-to-suit warehouse off Everman Pkwy.

The 678,000-sf building will be the largest in phase one of Majestic Realty Co.’s Majestic Fort Worth South. 

Completion is set for January 2021. 
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Copyright ©  2020, 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.

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RECON for May 19, 2020RECON for May 19, 20202020-05-19T05:00:00Z2020-05-19T05:00:00Z
RECON Real Estate Center
Photo of governor preston smith signing SB 338 into law in 1971)
On Monday, the Real Estate Center celebrated its 49th birthday. When the Center was founded in 1971, the average U.S. home sold for $23,900. While much has changed since then, one thing hasn't: the Center's goal to help Texans make the best real estate decisions. (Pictured: Gov. Preston Smith signing Senate Bill 338 on May 18. 1971. L to R: Ervin W. Luedtke, Julio Laguarta, Robert Hale, Rep. Delwin Jones, Lawrence Miller, Dr. Harry O. Kunkel, Sen. William T. Moore, Dr. A.B. Wooten, and Cecil Culpepper.)
May 19, 2020

SA home prices rising despite slowing housing market

​​​SAN ANTONIO (San Antonio Express-News) – The metro’s housing market is slowing down, but prices are still rising. 

The San Antonio Board of Realtors reported that 2,748 homes were sold through the Multiple Listing Service in April, down 8 percent year over year. 

Pending sales fell from 3,182 to 2,652. 

Still, prices increased 5 percent to $241,500 as inventory tightened to 3.3 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

The metro's sales dip was smaller than the drop across Texas. Statewide, the number of homes sold decreased 17.4 percent to 24,795 homes. 
covid-19 and mortgageBroadly speaking, “acts of God” or force majeure are natural events that could not reasonably have been foreseen and prevented by parties in a legal contract. Whether the COVID-19 pandemic qualifies is an interesting question courts will need to address. See what Center Research Attorney Rusty Adams has to say.

McCord expanding 4,000-acre Generation Park development

​​HOUSTON (Houston Business Journal) – Locally based McCord Development Inc. has purchased 201.2 acres to expand its 4,000-acre Generation Park development. 

The land is near the northwest corner of E. Beltway 8 and N. Lake Houston Pkwy. 

The Harris County Appraisal District valued the land at nearly $3.5 million in January​.

Cresa Global Inc. represented the seller, Exelon Generation Co. LLC, an affiliate of Chicago-based Exelon Corp. Cushman & Wakefield represented McCord. 

Since 2017, Generation Park has welcomed 438,000 sf of office, 490,000 sf of retail, 908,000 sf of industrial, 251 luxury apartment units, and two colleges totaling $1 billion. An additional 2.1 million sf of projects is in the works.​
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Fort Worth ISD approves sale of four surplus properties

​​​​FORT WORTH (Fort Worth Business Press) – The Fort Worth Independent School District Board of Education trustees approved the sale of four surplus properties for $13​ million.

The assets are:
  • the district's Professional Development Center at 3150 McCart Ave., $9 mill​ion;
  • the Thomas Place Community Center, $1.4 million;
  • undeveloped land at 840 Cooks Ln., $750,000; and
  • three undeveloped acres at the northwest corner of Wichita St. and I-20, $1.8 million.
The Thomas Place Community Center was purchased by the city.

 JLL brokered the sales.​
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. 

Kairoi Residential buys W. 6th St. site for apartment tower

​​SAN ANTONIO (San Antonio Business Journal)  – Kairoi Residential has purchased a quarter block along W. 6th and Rio Grande Streets for a new apartment tower. 

The 292,000-sf tower will sit on a 19,300-sf site​. 

Apartments will be available for lease starting in 2023. 
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1.1M-sf industrial space headed to North Fort Worth

​​FORT WORTH (Dallas Morning News) – DHL Supply Chain has filed building permits for two big warehouses near FM 156 and Alliance Airport.

The buildings will contain 1.1 million sf of logistics space. 

Called the DHL Alliance Buildings D and E, the warehouses are valued at more than $36 million.

ARCO National Construction Co. will build the pair. 
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.

140K-sf industrial building sold in La Porte

​​​LA PORTE (Realty News Report) – ​​Clay Partners-Port 146 #1 GP LLC​ has sold a 140,400-sf industrial property to an affiliate of Denver-based Black Creek Group.

The asset is on eight acres at 2020 N. SH 146. 

CBRE represented the seller. The buyer was BCI IV Port 146 DC LP. 
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