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RECON for January 12, 2017RECON for January 12, 2017Bryan PopePope
2018-01-12T06:00:00Z2018-01-12T06:00:00Z

Real Estate Center Online News
Lenox Ridge, a 350-unit luxury apartment in North Austin, is underway. Get the details on this story and more in today's RECON. (Photo from Oden Hughes.)
January 12, 2018

CBRE: 2018 outlook good for Metroplex retail

​​​​DALLAS (CBRE) – Strong net absorption and heavily preleased deliveries within DFW's tightening retail market caused occupancy to measure an all-time high, reports CBRE in its fourth quarter 2017 market update.

At the end of the fourth quarter, North Texas retail occupancy was at 94.6 percent. More than 5.8 million sf of new space was under construction, down from the previous quarter. Net absorption was at just over one million sf, also down from the previous quarter.

"The year has proven to be a strong one for reta​il landlords and tenants alike, with an expectation of positive sales growth continuing into 2018," the report said.

"Multiple construction projects across North Texas have been sidelined as labor and borrowing costs remain elevated, specifically for those in the early stages. An increase in equity requirements and cost of capital may result in a delay to bring these projects to market, as well as increased tenant sales​ volume expectations to appease lenders."

The pace of absorption in big box retail space slowed throughout 2017 compared with past years, even within Class A product, CBRE reported. As seen in other major U.S. retail markets, elevated supply, at 813,572 million sf, is because of a smaller pool of big box retailers.

Three major local developments celebrated their grand openings recently, accounting for 702,000 sf of delivery and absorption in the Metroplex: Tanger Factory Outlets on Oct. 27, Legacy Food Hall on Dec. 6, and IKEA in Grand Prairie on December 13.
January 2018 issue of Tierra Grande magazine sitting on a yellow dinner table.
At the Real Estate Center, our quality research is enhanced by the way we present the results. Director Gary Maler elaborates in this week's Mixed-Use blog post.

Houston housing hits new high despite Harvey

HOUSTON (Houston Chronicle) – T​he local housing market hit a new high for home sales in 2017, besting the previous year's record by 3.5 percent amid an unexpectedly strong rebound after Hurricane Harvey.

By the end of December, 79,117 single-family homes sold across the area, representing $23 billion, said the Houston Association of Realtors. The median price for the year increased 3.8 percent to $229,900.

The supply of available homes, which had begun moving to more sustainable levels earlier this year, has fallen off considerably since Harvey.

​For December, home sales were up 4.1 percent to 6,875 over the same month in 2016. The strongest sales performance took place among homes priced between $250,000 and $500,000.​
Real Estate Red Zone logoU-Haul's moving data put Texas on top for growth in 2017. Houston home sales hit new high last year despite Hurricane Harvey. The Texas economy continues to outpace the nation's. All this and much more in this week's Red Zone podcast(11 min. 36 sec.) 

300 Colorado in the pipeline

​​​AUSTIN (REBusiness Online) – A partnership between Cousins Properties, Riverside Resources, and Ironwood Real Estate will develop 300 Colorado, a 309,000-sf office tower.

The $175 million tower is fully preleased to Parsley Energy, which will occupy 302,000 sf, and Del Frisco’s, which signed a 7,000-sf lease.

Construction is expected to start in December ​and deliver two years later. The tower will sit across the street from Cousins' Colorado Tower.​
Texas housing at a glance

Three Texas cities among best performing, says Milken Institute 

​​​​SANTA MONICA, Calif. (PR Newswire) – ​​​​​​Three Texas metros have landed in the top ​25 of​ the ​Milken Institute's Best-Performing Cities 2017 Index.

​​​​​​​Dallas-Plano-Irving, Austin-Round Rock, ​​​and San Antonio-New Braunfels ranked third, ninth, and 19th, respectively.  ​​​​​​​​​

According to the report, Dallas has added over 50,000​​​​​ high-skilled professional, scientific, and technical industry jobs in the last five years. ​​

Provo-Orem, Utah, ranked first on the list. Raleigh, N.C., ranked second.

The Milken Institute Best-Performing Cities Index has been published annually since 1999. According to the institute, "The index uses fact-based metrics in nine categories to evaluate the relative growth of metropolitan areas. Metrics include growth in jobs, wages and salaries, and technology output over time. The index also measures high-tech fields whose concentrations in a metropolitan area are higher than the national average."
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Copart 'tired' from land purchase

​​SAN ANTONIO (Connect Media) – Copart Inc. has purchased a 36-acre tire disposal site at 11150 Applewhite Rd.

The new owner, which operates an auction location next ​to the site, will clear it of tires and expand its vehicle storage and auction operations​​.

Safe Tire Disposal Corp. moved to the location in 1992. Eclipse Renewables bought the site in 2009.
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Oden Hughes bringing 350 units to Austin

​​​​AUSTIN (Oden Hughes) – Oden Hughes LLC ​has broken ground on the 350-unit Lenox Rid​ge luxury apartment community.

The ten-acre site is at the southeast corner of Mopac Expy. and Scofield Ridge Pkwy. The project wi​​ll include a 1,600-sf Community Work Studio to provide shared workspace.

The four-story community is set to open in early 2019.
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If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free?

Sam's Club shutters four Texas locations

​​​BENTONVILLE, Ariz. (Business Insider) – Walmart is closing 63 Sam's Club stores across the country, four of which are in Texas.

Each location employs around 175 people, meaning over 11,000 employees could be affected.

The shuttered Texas stores are:
  • 1615 S Loop W, Houston;
  • 13331 Westheimer Rd., Houston;
  • 22296 Market Place Dr., New Caney; and​
  • 12919 San Pedro Ave., San Antonio.
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

Archway developing 111-acre mixed-use project

​​HOUSTON (REBusiness Online) – Archway Properties is developing Park Air 59, a 111-acre mixed-use project along US 59.

The project's first build-to-suit is underway on 4.2 acres at the corner of US 59 and Will Clayton Pkwy. Archway is developing a 65,000-sf, three-story medical office building for Vital Heart & Vein. ​​​​The clinic is set to open in the summer.

NewQuest Properties and Cunningham Ventures are marketing Park Air 59 and co-brokered the land sale to the cardiology group. Commercial Regional Properties of Texas LLC represented Vital Heart & Vein in the land acquisition.​

Work starts on Grapevine luxury apartments

​GRAPEVINE (Fort Worth Business Journal) – Irving-based JPI has started work on Jefferson Silverlake, a luxury multifamily development.

The 371​​​​-unit community is at SH 26 and Bass Pro Dr. ​​​​​​​​​
Texas Association of Realtors quote about Real Estate Center
Copyright © 2018, 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 Bryan Pope. 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=139
RECON for January 9, 2018RECON for January 9, 2018Bryan PopePope
2018-01-09T06:00:00Z2018-01-09T06:00:00Z

Real Estate Center Online News
According to CBRE data, about 4.4 million sf of office space was under construction in Dallas-Fort Worth at the end of 2017. That's the lowest since second quarter 2013. Details in today's RECON. (Photo from Center files.)
January 9, 2018

DFW office construction lowest since 2013

​​​​​​DALLAS (CBRE) – Two years after having the second-highest square footage of office space under construction in the country, DFW "definitively began to see its development pipeline dwindle," according to CBRE's fourth quarter 2017 market update.

About 4.4 million sf was under construction at the end of 2017, the lowest since second quarter 2013.

With over 8.4 million sf delivered in the last two years alone, the area's vacancy remained stable, indicating strong occupier demand.

Currently, 22 projects are in the construction pipeline with prelease rates showing a positive demand outlook for this year, the report said.

The office leasing market finished 2017 with its 31st consecutive quarter of positive growth. CBRE says this year's forecast is robust thanks to 1.7 million sf in prel​ease commitments.​

Average asking office rents rose nearly a full percentage point quarter over quarter to $24.48 per sf, marking the 20th consecutive period for increases.

Fourth quarter 2017 yielded the most net absorption of the year at just over 1.05 million sf for an annual total of nearly 2.7 million sf. This caused vacancy to compress by 10 basis points—the first decrease in 15 months.
Helping Texans make better real estate decisions since 1971

2017 record year for North Texas home sales

​​​​​​​​​​DALLAS (Dallas Morning News) –​ ​​Over 106,000 preowned single-family homes were sold last year in North Texas, 5 percent more than the all-time high in 2016. 

The 2017 sales increase was helped by a jump in December home purchases. Dallas-Fort Worth real estate agents sold 8,990 houses last month, a 12 percent rise from December 2016, according to data from the Real Estate Center and North Texas Real Estate Information Systems Inc.

Median sales prices last month were 8 percent ahead of December 2016 at $250,000. P​rices grew 9 percent from 2016 to 2017.

At the end of December, 17,400 preowned homes were listed for sale in North Texas—6 percent more than a year earlier. 

Sales ​of houses priced below ​$180,000 declined in 2017 because a low number of these properties were on the market. ​​

​​​DFW home sales have risen more than 60 percent since 2010. 

Read the Real Estate Center's November 2017 housing report ​for Dallas-Fort Worth for more information.
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

CBRE: San Antonio industrial finishes '17 on 'healthy note'

​​​​SAN ANTONIO (CBRE) – ​​​The city's industrial market finished 2017 with just under 1.2 million sf of net absorption, reports CBRE in its fourth quarter 2017 market update.

Although that's less than the 1.6 million sf reported in 2016, CBRE says demand remained above t​he trailing ten-year average of one million sf and just below the trailing four-year average of 1.4 million sf.

Class A space had an annual net absorption of 1.6 million sf in 2017, while Class B and C had a total of more than 400,000 sf of negative net absorption.

Vacancy held steady at 9.7 percent in fourth quarter 2017, well below the city's cycle high of 15.5 percent in 2010.

Weighted average asking rents for Class A industrial warehouses grew 4.4 percent over last quarter and increased $0.86 above Class B asking rents. Asking rents for flex product dropped across all classes.

By the end of the fourth quarter, just under one million sf was in the development pipeline. It will deliver through fall 2018.

Texas top growth state, says U-Haul

​​​FORT WORTH (Fort Worth Business Press) – Texas continued its reign ​as America's top growth state during 2017, according to U-Haul data.

Year-over-year arrivals of one-way U-Haul truck rentals rose 1 percent while departures climbed 3 percent from Texas' 2016 numbers. Some of the activity increase can likely be attributed to the active hurricane season, the Fort Worth Business Press said.

Despite a larger increase in departures, arriving trucks still accounted for 50.3 percent of all one-way U-Haul traffic in the Lone Star State. ​

McKinney, Prosper, College Station, Temple, and Kaufman paced Texas' net gain of one-way U-Haul trucks. 

Texas secured the No. 1 growth ranking for 2016 after settling for the No. 39 spot for 2015.​

Florida, Arkansas, South Carolina, and Tennessee rounded out the top five. California overtook Illinois on the list as the biggest net-loss state.
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. 

No room on Austin store shelves as retail occupancy soars

​​​​​​​AUSTIN (CBRE) – Limited availability of local retail space continues to constrict market activity, reports CBRE in its fourth quarter 2017 retail market update.

Class A occupancy was down only slightly during the final 90 days of 2017.​

"Retailers aren’t just o​n the search for prime, Class A space," the report said. "Overall occupancy is also high at 96.3 percent—the highest measured in Texas.​​"

Net absorption continued to fall off peak levels registered in 2015, while new construction captured a large portion of demand—over 150,000 sf of the 247,000 sf absorbed. Large blocks were occupied in the fourth quarter by fitness tenants, including Crunch Fitness and Orangetheory Fitness.

CBRE forecasts Austin retail sales volumes to reach $29.7 billion this year, a 6 percent increase from 2017. Similar sales growth is projected to continue over the next five years at an annual rate of 5.6 percent, higher than the ​U.S. average.

McCarthy building Southwest hangar at Hobby

​​​​​HOUSTON (REBusiness Online) – ​McCarthy Building Cos. Inc. has been selected to build the Southwest Airlines Tech Ops MX Hangar project at William P. Hobby Airport. 

The 240,000-sf, two-bay hangar maintenance facility will house up to six 737 aircraft. It will include paved aircraft parking, aircraft wash facilities, taxiway connections, parking, loading docks, offices, part storage, and other support areas.​​
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Stockyards hotel breaks ground

​​FORT WORTH (Fort Worth Business Press) – Bryan-based Oldham Goodwin Group LLC has broken ground on a SpringHill Suites by Marriott.

The 133,000-sf hotel will be in the Stockyards on the site of what was known as "The Wedge" building.

Construction of the six-story, 170-room hotel at 2315 N. Main St.​​​​ will take 17 months. It will open in summer 2019.

Atlanta-based Niles Bolton Associates designed the property. Dallas-based Studio 11 Design will handle the interior. 

5757 Woodway sold

​​​HOUSTON (Holliday Fenoglio Fowler) – A partnership led by Braun Enterprises has purchased 5757 Woodway, ​a 162,188-sf boutique​​​​​​ office property. 

The two- and four-story buildings are 70 percent leased and sit on four​ acres within the Galleria submarket.

HFF represented the seller, Woodway Office Partners LLC, a joint venture sponsored by Fuller Realty Partners and Harbert Management Corp. ​​

259 more apartment units planned for Frisco Square

​​​​​​​​FRISCO (Dallas Morning News) – B/K Multifamily and Toll Brothers are building a 259-unit apartment community in Frisco Square​​.

The Kilby community on Page St. and the Dallas North Tollway will open in 2019. 

BGO Architects designed the four-story project.​​​
Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

Chrisman Road adds to Port of Houston portfolio

​HOUSTON (Connect Media) – ​​Chrisman Road Property LLC has acquired two industrial properties.

Bart Industries ​LP sold an 81,936-sf asset on 22 acres at 1605 Genoa Red Bluff Rd. in Pasadena. Bayou Properties Co. sold a 40,000​​-sf asset on 2.1 acres at 400-403 N. 10th St. in La Porte.

NAI Partners represented Chrisman Road.​

160 Bedford apartment units trade hands

​​​BEDFORD (Marcus & Millichap Real Estate Investment Services) – A Dallas-based partnership has purchased Toscana, a 160-unit apartment property at 1325 Tennis Dr. 

The new owner plans to make substantial improvements to the Class B asset. 

​​Marcus & Millichap secured the buyer and represented the seller, a Lubbock investment company. ​​

Oregon investor buys Stoneleigh on Spring Cypress

​SPRING (Realty News Report) ​– Lake Oswego, ​​Ore.-based Hayden Properties has purchased Stoneleigh​ on Spring Cypress.

Completed in 2005,​ the 216-unit ​property at 7215 Spring Cypress Rd. ​​​is 94 percent leased.

HFF marketed the property on behalf of the seller, Seneca Investments.  ​​​​
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Copyright © 2018, 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 Bryan Pope. 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=138
RECON for January 5, 2018RECON for January 5, 2018Bryan PopePope
2018-01-05T06:00:00Z2018-01-05T06:00:00Z
​​
Real Estate Center Online News
Luxury suburban home
The recently passed Tax Cuts and Jobs Act will likely affect few homebuyers in Texas, writes Real Estate Center Chief Economist Dr. Jim Gaines and Research Assistant Clare Losey in "How Much Home Can a Household Afford?" However, the changes to the tax code could affect the development of affordable housing. (Photo from Center files.)
January 5, 2018

Affordable housing conference Feb. 23 in Dallas

​​​​​DALLAS (Real Estate Center) – The Real Estate Center and the Federal Reserve Bank of Dallas are partnering on a Texas affordable housing c​onference Feb. 23.

"Finding Shelter: Affordability Squeeze in a Tight Texas Housing Market​" will be at 2200 N. Pearl St. in Dallas.

The one-day conference will explore whether market fundamentals support unprecedented home price increases. Experts will discuss current trends and the outlook for the U.S. and Texas residential real estate markets.

Featured speakers will include:
  • John Duca, vice president and associate director of research, Federal Reserve Bank of Dallas
  • James P. Gaines, chief economist, Real Estate Center at Texas A&M University
  • Enrique Martínez-García, senior research economist and advisor, Federal Reserve Bank of Dallas
  • David Long, president, Texas State Affordable Housing Corporation
  • Paul Lynn, senior managing director, Hilco Real Estate
  • Jeff Smith, executive director, Houston Housing Finance Corporation
  • Greg Willett, chief economist, Real Page Inc.
  • Granger MacDonald, chairman, National Association of Home Builders
  • John Baen, real estate professor, University of North Texas
  • David Brown, senior vice president, Metrostudy
  • Luis Torres, research economist, Real Estate Center at Texas A&M University
Learn more about the conference on this week's Real Estate Red Zone podcast. 
Helping Texans make better real estate decisions since 1971

Texas jobs still growing

COLLEGE STATION (Real Estate Center) – ​​​​​​The Texas economy continues to outpace the U.S. econo​​​​my in job creation. The state gained 330,600 nonagricultural jobs from November 2016 to November 2017, an annual growth rate of 2.7 percent, higher than the nation's employment growth rate of 1.4 percent.​​

According to the Real Estate Center's latest Monthly Review of the Texas Economy, the nongovernment sector added 294,600 jobs, an annual growth rate of 2.9 percent, also higher than the nation's employment growth rate of 1.6 percent in the private sector.

Texas' seasonally adjusted unemployment rate in November was 3.8 percent, lower than the 4.8 percent rate in November 2016. The nation's rate d​​ecreased from 4.6 to 4.1 percent.

All Texas industries except the information industry had more jobs. The mining and logging industry ranked first in job creation followed by manufacturing, other services, financial activities, professional and business services, construction, leisure and hospitality, and transportation, warehousing, and utilities.

All Texas metro areas except Brownsville-Harlingen and Waco had more jobs. College Station-Bryan ranked first in job creation followed by San Antonio-New Braunfels, Corpus Christi, Dallas-Plano-Irving, El Paso, and Austin-Round Rock.

The state's actual unemployment rate in November was 3.7 percent. Amarillo and Midland had the lowest unemployment rate followed by Austin-Round Rock, College-Station-Bryan, Lubbock, and San Antonio-New Braunfels.
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Save the date: TREC residential realty summit set for April 2

​​AUSTIN (Texas Real Estate Commission) – With Texas cities still recovering from Hurricane Harvey, natural disasters will be the focus of the Texas Real Estate Commission's second annual residential realty summit, April 2 in Austin.

TREC is sponsoring the event with the Texas Appraiser Licensing and Certification Board, the Real Estate Center, and the Austin Board of Realtors.

Frisco Square space sold

​FRISCO (CBRE) – An affiliate of Maxus Realty Trust Inc. ​has purchased a large portion of Frisco Square. 

The purchase includes three Class A office buildings. The over 213,000-sf of office space is 92 percent leased. 

The Plaza at Frisco Square, a 95 percent-leased, two-building, 144-unit apartment community was also included in the sale. The apartment buildings include ground-floor retail space, which is 66 percent leased to tenants such as Cinemark, Barre3, Mattito's Tex Mex, and Jake's Uptown Burgers. 

CBRE represented the seller. 
The Real Estate Center hopes to expand its reach in 2018 through webinars. Learn more in this week's Mixed-Use blog

Village at Allen sells for $170 million

​​​ALLEN (Dallas Morning News) – DLC Management has purchased the 180-acre Village at Allen retail center from ​Prudential Insurance and MGHerring Group.

The over one million-sf development at the southeast corner of US 75 and Stacy Ln.​ opened in 2008. It includes major retailers like Best Buy, Toys 'R' Us. Pier 1 Imports, Leather Sofa Co., Tuesday Morning, Total Wine, Dicks Sporting Goods, and Sleep Experts. 

Eastdil Secured brokered the sale. 
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Register today for North Texas Realty Symposium 

​​​​ADDISON (Appraisal Institute) – Registration is now open for the 9th Annual North Texas Realty Symposium. Sponsored by the North Texas chapter of the Appraisal Institute, the one-day conference will be Friday, Jan. 26.

Industry leaders will share their first-hand experiences and perspectives on the current state of the real estate market and economy. They'll also offer their projections for 2018.

Real Estate Center Research Economist Dr. Harold Hunt is the featured speaker.

The symposium will be at the Crowne Plaz​​​a Dallas Hotel at 14315 Midway Rd. in Addison.

Click here​ for details or to register.
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

Trinity Falls grows with Heritage Farm buy

​McKINNEY (Dallas Morning News) – Johnson Development has acquired the 271-acre Heritage Farm next to its 1,700-acre Trinity Falls development.

The land will allow for 1,000 homes, retail space, an elementary school, offices, and a park. 

Heritage Farm w​as purchased for $6 an acre by Colin County pioneer Charles Moore in 1857. ​​

Maryland self-storage company buys 606 units

​SAN ANTONIO (REBusiness Online) – Rockville, Md.-based Store It All Self Storage has purchased the 606-unit Judson Self Storage facility at 14989 Judson Rd. ​​​

The 129,573-sf facility was 72 percent occupied at the time of sale. 

New Braunfels-based HLB Investments represented the seller. Bellomy & Co. procured the buyer. ​​​​​
Texas Association of Realtors quote about Real Estate Center
Copyright © 2018, 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 Bryan Pope. 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=137
RECON for January 2, 2018RECON for January 2, 2018Bryan PopePope
2018-01-02T06:00:00Z2018-01-02T06:00:00Z

Real Estate Center Online News
One Oak Over the Line LLC has sold Arlington Oaks Office Park to ReyCo Dallas Holdings LLC of El Paso. Details in today's RECON. (Photo courtesy of Coldwell Banker Commercial Advisors DFW.)
January 2, 2018

Buck stops here: Longview getting Dollar General distribution center

​​LONGVIEW (Dollar General) – Dollar General Corp. will build a nearly one million-sf distribution center and create 400 full-time jobs in the area.

The new center—the company's second in Texas and 17th nationwide—will serve roughly 1,000 Dollar General stores in Texas and the Southeast.

Tennessee-based Dollar General has selected Clayco as the project’s general contractor, Leo A. Daly as the architectural engineering firm, and Elan Design as the civil engineering firm.

Groundbreaking is scheduled for early this year​.

Dollar General currently has more than 1,400 stores and over 12,000 employees in Texas alone.​
Helping Texans make better real estate decisions since 1971

TREC seeks working group members

​​AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) is looking for qualified candidates for its Broker Responsibility Working Group.

The working group reviews experience requirements for brokers and supervisory role responsibilities and makes recommendations to TREC based on its findings.

The group will meet as needed, and members may be asked to serve until the work of the group is finished.

Limited funds may be available for travel reimbursement for committee members, but members are not compensated for their time.

To be considered for an appointment, send a cover letter and resume to TREC’s general counsel, Kerri Lewis, at kerri.lewis@trec.texas.gov. Feb. 1 is the deadline to apply. TREC will announce appointments at its February meeting. 
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Driftwood says hi to Harbor Hilton

Hilton Dallas/Rockwall Lakefront photo​​ROCKWALL (Holliday Fenoglio Fowler) – Driftwood Acquisitions & Development LP has purchased the Hilton Dallas/Rockwall L​akefront in The Harbor mixed-use development.

The 231-room, five-story, full-service hotel has 31,532 sf of flexible meeting space. It was completed in 2008 and renovated in 2017. It is on nearly nine acres on the eastern side of Lake Ray Hubbard at 2055 Summer Lee Dr.

HFF marketed the property and represented the seller, TRC Capital Partners LLC.
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. 

ReyCo takes over Arlington Oaks Office Park

ARLINGTON (Coldwell Banker Commercial) – One Oak Over the Line LLC has sold Arlington Oaks Office Park at 301 Osler Dr. to ReyCo Dallas Holdings LLC of El Paso.

The 13-building asset totals 95,232 sf. The buyer was ReyCo Dallas Holdings LLC of El Paso, which plans to open a law office in roughly 3,000 sf of the 64 percent leased property.

Arlington Oaks is on 12.4 acres off SH 360, close to the I-30 and President George Bush Turnpike junction.

New ownership includes principals in the Reyes & Reyes firm. Rubicon Representation was the buyer's broker.​ Coldwell Banker Commercial Advisors DFW represented the seller, a single-purpose entity of locally based Hangover Opportunity Fund.

406 Dallas apartment units sold

DALLAS (Marcus & Millichap) – The 164-unit Adira Apartments and the 242-unit The Corners have been sold in two separate transactions.

Built in 1972, Adira is at 1301 West Wheatland Rd. The Corners was built in 1986 and is at 7878 Marvin D. Love Fw​y.

The two separate buyers were locally based investment companies. Marcus & Millichap marketed the property on behalf of the separate sellers.​
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CBRE: 2017 active year for Austin office market

​AUSTIN (CBRE) – The local office market once again registered an active year of over one million sf of positive net absorption, reports CBRE in its fourth quarter 2017 market report.

Among other highlights from CBRE's report:
  • Developers kicked off 600,000 sf of new construction in Q4 2017, closing out the year with approximately 2.7 million sf of new office space under construction.
  • Vacancy held steady in Q4 2017 at 8.8 percent, a low not seen since Q2 2001.
  • Operational costs in Austin rose $0.86 per sf in the past 180 days, climbing to a citywide annual average of $9.57 per sf. To offset increasing operational costs, landlords have been pressed to again lower triple net (NNN) asking rates to a citywide average of $24.82 per sf, down from $25.22 per sf in Q3 2017 and $26.12 per sf in Q2 2017.
  • Despite the decreasing triple net asking rate, the citywide average full-service gross rate rose $0.07 per sf from Q3 2017 to $34.39 per sf.
  • In October 2017, Austin’s unemployment fell to 2.6 percent, the lowest level since the late '90s.
  • Technology firms accounted for 32 percent of signed office leases in the fourth quarter.
Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

Nationally, pending home sales inch up 0.2 percent in November

WASHINGTON (National Association of Realtors) – Pending home sales were mostly unmoved in November, but they did squeak out a minor gain both on a monthly and annualized basis, according to the National Association of Realtors (NAR).

This year, NAR forecasts a slowdown in existing-home sales and price growth, primarily because of the altered tax benefits of homeownership affecting some high-cost areas.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 0.2 percent to 109.5 in November from 109.3 in October. With that modest increase, the index remains at its highest reading since June (110.0), and is now 0.8 percent above a year ago.​
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Copyright © 2018, 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 Bryan Pope. 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=136
RECON for December 22, 2017RECON for December 22, 2017Bryan PopePope
2017-12-22T06:00:00Z2017-12-22T06:00:00Z

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2400 August Place in Houston
Interra Capital Group has sold 2400 Augusta Place, a 124,543-sf office building in Houston's West Loop/Galleria submarket. Details in today's RECON. (Photo courtesy of HFF.)
December 22, 2017

Texas population grew to 28.3 million in 2017

​​​​​​FORT WORTH (Fort Worth Business Press) – ​After gaining almost 400,000 new residents in one year, Texas is now home to 28.3 million people.

The Census Bureau estimates that Texas crossed that population threshold between July 2016 and July 2017.

The Lone Star State had the seventh fastest growth rate in the country in the past year at 1.4 percent. It experienced the biggest numeric population growth of any state.

Unlike last year, a majority of the state’s growth came from natural increase and not people moving to the state.​ The addition of 209,690 residents was attributed to natural increase. The state added an additional 189,580 residents as a result of net migration.​​
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Bayport Distribution Center II trades hands

Bayport Distribution Center II​​PASADENA (HFF) ​​​​​– Duke Realty Corp. has purchased ​Bayport Distribution Center II from Mount West Industrial Properties.

Built in 2008, the center includes 600,000-sf and 172,500-sf buildings occupied by three tenants. The buildings feature 24-to-30-foot clear heights, 157 dock-high doors, and eight drive-in ramps.

Bayport Distribution Center II sits on 41.71 acres at 4331 and 4033 Underwood Rd.

HFF represented the seller.
Real Estate Red Zone logoTo finish out 2017, we tell you which North Texas city is the holly-jolliest in the Lone Star State according to Google Trends data. We also look at one Texas law firm's rankings of the most dangerous intersections for pedestrians, and we cover stories from Corpus Christi, Houston, and Hudson Oaks. Tune in. (12 min. 49 sec.) 

Mesquite residential project gets green light

MESQUITE (Dallas Morning News) – ​​​​City officials have approved the 800-acre Polo Ridge Ranch community. 

The community just south of I-20 near the Trinity River​​​ will include over 1,000 homes and more than 400 acres of parks and amenities. Homes will be priced as high as $750,000.

Phase one will include 200 homes built around two small lakes off FM 2757. Centurion American Development Group plans to ​start the development in March or April.​​​​​

Investor buys 840 Baylor beds

WACO (MultifamilyBiz.com) – Preferred Apartment Communities has purchased the 250-unit, 840-bed Haven South apartment complex.

The property at​ ​2255​ S. University Parks Dr. near Baylor University was rebranded as Preferred Campus Communities Waco.​​
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HEB coming to Meyerland Plaza

​​HOUSTON (RealtyNewsReport) – HEB yesterday announced plans to develop a two-story grocery store at Meyerland Plaza along Loop 610.

The two-story, 95,000-sf store will replace another HEB at Chimney Rock and South Braeswood. That store was flooded during Hurricane Harvey​ and in a previous storm a few years ago.

Construction will begin in first quarter 2019. Completion is slated for the following fall.​
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Flower Mound mixed-use on Point

​​​FLOWER MOUND (Dallas Morning News) – Flower Mound's Town Council this week approved Direct Development's plans for the 35-acre Point mixed-use project at Long Prairie Rd. and Silveron Blvd. in the Lakeside DFW district.

Plans for the $150 million development call for more than 300 apartments in the first phase; a four-story, 100-room Hilton hotel; and office buildings with over 200,000 sf of space. Construction is scheduled to start next year.​

Direct Development is teaming up with Dallas-based Trammell Crow Residential to do the apartments. Architect JHP designed the rental units. LandDesign provided site planning and landscape architecture.
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

2400 Augusta Place sold

​HOUSTON (HFF) – Interra Capital Group has sold 2400 Augusta Place, a 124,543-sf office building in the West Loop/Galleria submarket.

The 84.8 percent leased, four-story property sits on 4.18 acres near the intersection of Augusta and Westheimer.

HFF represented the seller and procured the buyer. ​
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Copyright © 2017, 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 Bryan Pope. 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=135

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