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RECON for August 23, 2019RECON for August 23, 2019Bryan PopePope
2019-08-23T05:00:00Z2019-08-23T05:00:00Z

RECON Real Estate Center
Aerial view at sunset of a housing community in Round Rock, TX
Austin-area single-family home sales through the Multiple Listing Service increased 11.7 percent over the year last month, setting an all-time high for any July on record. Get the details on this story and more in today's RECON. (Photo from Center files.)
August 23, 2019

Texas job growth up 2.6 percent year over year in July

​​​​​COLLEGE STATION – Texas' job creation has accelerated since March 2019. According to the Real Estate Center's latest Monthly Review of the Texas Economy, the state gained 323,300 nonagricultural jobs from July 2018 to July 2019, an annual growth rate of 2.6 percent, higher than the nation’s employment growth rate of 1.5 percent.

The nongovernment sector added 316,600 jobs, an annual growth rate of 3 percent, also more than the nation’s employment growth rate of 1.7 percent in the private sector.

Texas’ seasonally adjusted unemployment rate in July 2019 was 3.4 percent, lower than the 3.8 percent rate in July 2018. The nation’s rate decreased from 3.9 to 3.7 percent.

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

All Texas metro areas except Victoria had more jobs. Dallas-Plano-Irving ranked first in job creation followed by Killeen-Temple-Fort Hood, Houston-The Woodlands-Sugar Land, Odessa, McAllen-Edinburg-Mission, and Austin-Round Rock.

The state’s actual unemployment rate in July 2019 was 3.7 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Austin-Round Rock, College Station-Bryan, and Sherman-Denison.​​
upward-facing line graph made out of leavesTexas' decentralized rural land market has become more organized and efficient with numerous participants. Although many of those participants look to year-to-year price changes to identify trends, changes in the total number of acres sold and total dollar volume provide a better leading indicator of land market health. Persistent declines in total dollar volume may presage a decline in prices. Read "Gaining Ground: Texas Land Markets Larger, Active, Efficient" online now for more.

Austin July home sales hit all-time high

AUSTIN (Austin Board of Realtors) – Area home sales set an all-time high for any July on record as sales through the MLS increased 11.7 percent over the year to 3,439, according to the Austin Board of Realtors (ABOR).

The median sales price for a single-family home in the metro was $325,000 last month, up 3.2 percent.

Across the market, new listings increased 4 percent year-over-year to 3,841. Active​ listings fell 3.5 percent to 7,197. Pending sales jumped 17.4 percent to 3,385. 

The total dollar volume of single-family properties sold through the MLS grew 15.4 percent since July 2018 to $1.4 billion. 

Austin-Round Rock had 2.7 months of inventory in July, down 0.2 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market.

Other highlights from the report include:
  • Travis County single-family home sales increased by 4.6 percent to 1,641. Sales dollar volume rose 10 percent to $827.2 million. 
  • New listings increased 10.7 percent to 1,330 in Williamson County, while pending sales experienced an increase of 20.1 percent to 1,206.
  • In Hays County, single-family home sales jumped 22.4 percent to 431 while pending sales increased 11.8 percent.
  • Bastrop County single-family home sales also saw a big increase of 41.1 percent to 127. Housing inventory increased 0.3 months to 4.3 months.
  • Caldwell County experienced the biggest spike, with single-family home sales jumping 52.2 percent to 35. During the same period, new listings decreased 19.6 percent to 37.​
Texas-Arkansas border at Texarkana
Although Texarkana has had little recent household growth, existing-home sales and loan requests have been on the rise the past few years. However, 2019 data show housing activity could begin cooling, following the statewide trend. For more, read "Tanks & Timber: Texarkana's Economy and Housing Market."

Windmill Investments acquires 524K-sf SA office portfolio 

​​​​SAN ANTONIO (San Antonio Business Journal) – Windmill Investments has acquired the six-building, 523,255-sf Cotter & Sons office portfolio.

The portfolio includes:
  • the 183,487-sf Alamo Towers;
  • the 230,020-sf Petroleum Towers; and 
  • the 109,748-sf 1800 Plaza.
Windmill borrowed $37 million from Fortress Credit Co. to make the purchase, according to county records.

The Alamo Towers were sold for $13.1 million, and the Petroleum Towers sold for $15 million, according to court documents. 

Cushman & Wake​field represented the seller.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Pelican Builders developing luxury condos in Upper Kirby 

HOUSTON (Houston Business Journal) – Pelican Builders is developing​ Westmore, a luxury condominium project at 2323 W. Main St. in Upper Kirby.

Designed by Mirador Group, the seven-story midrise will feature 33 residential units,​​ including four penthouses. 

The penthouses will average 2,500 sf and start at $1.6 million, while the other residences will range from 1,560 to 1,800 sf and start at $960,000. 

All units will have high ceilings, floor-to-ceiling windows, hardwood flooring, ​​​​​stainless steel appliances, and prewiring for smart-home technology. 

Amenities will include same-floor storage, terraces, optional pet porch potty upgrades, and a fitness center.
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. 

390K-sf Chase Tower sold in downtown Austin

AUSTIN (Connect Media) – Los Angeles-based CIM Group is now the owner of Chase Tower, a 21-story, 390,000-sf, Class A office building at 221 W. 6th St. in downtown.

Delivered in 1974, Chase Tower and its adjacent parking lot span a full city block.

Cushman & Wakefield represented the seller, a joint venture between Goldman Sachs Asset Management and Lincoln Property Co.
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Two Lakes Edge set to deliver spring 2020 

THE WOODLANDS (Community Impact Newspaper) – Construction has started on Two Lakes Edge, an eight-story, 386-unit project at Hughes Landing Blvd. and Lake Woodlands Dr.

Adjacent to Lake Woodlands, the complex will offer efficiencies and one-, two-, and three-bedroom apartments averaging 997 sf.

It will also offer a parking garage​, resort-style pool, coworking space, wine room, fitness center, yoga area, and sky lounge.

Additionally, the complex includes 11,000 sf of retail space.

Delivery is set for spring 2020, and preleasing will begin in late 2019.
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Caris adding 500 DFW jobs with new corporate park

IRVING (Dallas Morning News) – Caris Life Sciences is developing a corporate park that will add 500 new job opportunities to the Metroplex.

The 115,000-sf facility will include new research and development space as well as offices.

Construction on the first of three phases is already underway.

Phase one will deliver in 2020.
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=302
RECON for August 20, 2019RECON for August 20, 2019Bryan PopePope
2019-08-20T05:00:00Z2019-08-20T05:00:00Z
​ ​
RECON Real Estate Center
Dolce Twin Creeks
Sovereign Properties has received funding for the construction of Dolce Twin Creeks Phase II. The 366-apartment community is in Allen. The details are in today's RECON. (Photo via Connect Media.)
August 20, 2019

Dallas Fed: Texas economy continues strong growth

​​​​​​DALLAS (Federal Reserve Bank of Dallas) – Texas employment will grow 2.6​ percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas.​

Based on the forecast, the state will add 331,100 jobs this year. Employment in December 2019 will reach 12.9 million.

This prediction comes after incorporating June 2019's annualized employment growth of 3.4 percent and a slight increase in the leading index.

"Despite continued declines in the energy sector, the Texas economy continues to grow at a strong pace,"​ said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. "Growth in the construction, financial services, and leisure and hospitality sectors has been particularly robust, while the manufacturing sector has picked up from modest growth in the first five months of the year."​

For more Texas employment data, head to the Real Estate Center's website. ​​​
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Dolce Twin Creeks phase two underway

ALLEN (Connect Media) – Sovereign Properties is developing phase two​​​ of Dolce Twin Creeks, a 366-unit apartment community on ten acres on Junction Dr.

A 15,000-sf medical office building will be adjacent to the community, which will include a fitness center, resort-style pool, and business lounge.​​

Completion is set for fourth quarter 2020.

JLL Capital and BridgeInvest will provide a senior loan totaling $45.5 million to support construction.

Cottonwood Communities Inc. has also committed lending of up to $10 million.​
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.

Coworking company adding 173K sf in DFW

PLANO (CBRE) – Coworking provider Spaces will add four new locations totaling 173,395 sf across the Metroplex over the next six months.

In Plano, it will occupy ​48,171 sf at Legacy Central, 47,046 sf at the Shops at Legacy, and 31,152 sf in West Plano Village.

Spaces will also take 47,026 sf at The Epic in Grand Prairie.

The company currently operates locations in Uptown and Southlake.

The location at Legacy Central will open Aug. 26. The other locations will open in early 2020.
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

279-unit multifamily breaks ground in East Austin

AUSTIN (Compass Communications) – Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily complex at 4910 E. 7th St.

The community will include 28 income-restricted units reserved for households making no more than 80 percent of the median family income.

One- and two-bedroom units will range from 528 to 1,157 sf. Amenities will include two pools, a skyline terrace, and coworking studio.

It is within a designated Opportunity Zone Census tract, making the project eligible for federal tax incentives.

Oden Hughes Construction will serve as general contractor. 

Completion is set for early 2021.
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National healthcare company moving to Alliance

​​FORT WORTH (Dallas Business Journal) – American Specialty Health is moving into Heritage Commons IV within Hillwood's AllianceTexas development.

The Indiana-based company will employ 500 in the 164,000-​sf space​​ at 13650 Heritage Pkwy. when it moves in by the end of the year. ​Its current​ offices are at 950 E. SH 114 in Southlake.​​

Griffin Capital Essential Asset REIT is the landlord.
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.

West Texas self-storage portfolio sold

​​ODESSA (Marcus & Millichap) – A Texas-based private investor has purchased the three-property Guardian Self-Storage Portfolio. 

Built in 2000, the 143,000-sf portfolio contains 823 drive-up units, a two-bay car wash, and room for expansion.

Marcus & Millichap marketed the property on behalf of the seller, a Permian Basin private investor, and secured the buyer.

252 bobcat beds sold

​​​​SAN MARCOS (MultifamilyBiz.com) – Vie Management has purchased Ella Lofts, a five-story student housing community near Texas State University. 

The 75-unit, mid-rise building at 817 Chestnut St. has 252 beds. It offers one-, two-, and four-bedroom units.

A $1 million renovation will wrap up in fall 2019. It will be rebranded​ as Vie Lofts at San Marcos.

Amenities for Texas State and Austin Community College students include a fitness center, yoga studio, infinity pool, coworking and study lounge, and coffee shops.
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=301
RECON for August 16, 2019RECON for August 16, 2019Bryan PopePope
2019-08-16T05:00:00Z2019-08-16T05:00:00Z

RECON Real Estate Center
Erin and Charlie talking
Research Economists Dr. Erin Kiella and Dr. Charles Gilliland talk to Real Estate Center research staff and guests from Capital Farm Credit about Texas rural land at the Center's office in College Station this week. (Photo by Photographer JP Beato.)
August 16, 2019

Texas condo, townhome sales dip, inventory increases 

​​​AUSTIN (Texas Realtors) – Texas condominium and townhome sales​ fell ​​​between July 2018 and June 2019, according to a Texas Realtors report.

Condo sales dropped 8.4 percent to 13,118 sales. Total dollar volume for condos was just over $3.2 billion. The median sales price was $189,000 ($194 per sf), up 1.5 percent. Inventory grew 0.6 months to 5.1 months, and the average Texas condo was on the market for 69 days. 

Townhome transactions​ slipped 2.7 percent to 8,849 sales totaling over $2.8 billion. The median sales price was $226,000 ($140 per sf), down 1.2 percent from July 2018. Inventory was 5.4 months, up 0.9 months. Townhomes spent an average of 63 days on the market. 

"The statistics from the Texas Condominium Sales Report prove that all types of housing in our Texas real estate market are in demand, especially more affordable options for first-time homebuyers," said Real Estate Center Chief Economist Dr. Jim Gaines. "Although condominium and townhome sales experienced slight decreases across the major Texas markets, the increase in inventory statewide is a strong indicator of developer demand to build upward​ in not only urban areas but some suburban areas as well."

In 2017-18, condominium sales fell 2.1 percent while townhome sales grew 3.4 percent.​
texas border economy coverOverall economic conditions in Texas' border communities revealed dampened growth in June 2019. Unemployment remained low and hourly earnings increased, but payroll expansions tapered while average weekly hours declined except in Laredo. Total construction values and permits plateaued as housing sales dipped, although monthly business day fluctuations may account for some of the decrease. Trade values remained suppressed amid threats of tariffs; however, the quick resolution paired with the ratification of the U.S.-Mexico-Canada Agreement by the Mexican Senate could boost values. A slowing global economy, immigration reform, and increased supply-chain disruptions from U.S.-China trade tensions are headwinds to the border economies. Read our latest Texas Border Economy report for more. 

Texas unemployment remains at all-time low

​​​AUSTIN (Texas Workforce Commission) – Last month, Texas' unemployment rate held steady at 3.4 percent, matching the record-low rate ​set in June 2019, according to the​ Texas Workforce Commission. 

The state economy added 35,200 seasonally adjusted nonfarm jobs in July. So far this year, ​323,300 jobs were created.

Total nonfarm annual employment growth was at 2.6 percent and has held above 2 percent since February​​ 2018.

The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2.2 percent. McAllen-Edinburg-Mission had the highest at 6.7 percent.

The construction​ industry saw the most seasonally adjusted growth in employment from July ​2018 to July 2019, growing 6.6 percent. The information industry was the only sector to see no change.
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Très bon! French utility company moving Houston headquarters

​​​​​​​HOUSTON (Houston Business Journal) – Engie North America, the local arm of French utility company Engie, is moving its headquarters within the Galleria/Uptown area.

The company will move into 109,667 sf in the Four Oaks Place office complex at 1360 Post Oak Blvd. in December. It will occupy floors four through nine of the building, which used to be BHP Billiton's local headquarters.

Although BHP put most of its space up for sublease i​n 2017, the deal was not a sublease. BHP surrendered the space so Engie could lease it directly from the landlord.

JLL represented Engie, and Cushman and Wakefield​ represented BHP. Transwestern represented the landlord, a joint venture between Nuveen Real Estate and Allianz. 

Currently, Engie occupies 134,000 sf in the Post Oak Central office complex at 1990 Post Oak Blvd. ​
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18K acres in South Texas sold

​​​​​DIMMIT COUNTY (Whitetail Properties Real Estate LLC) ​– La Bandera Ranch, an 18,043-acre ranch 15 miles southwest of Carrizo Springs, has been sold.

The ranch, separated into 9,600- and 8,400-acre pastures by FM 3252, features over 40 surface tanks and lakes and 24 water wells. 

It can accommodate entertainment space, large-scale commercial hunting, and full-time residen​​cy across its three main lodges. 

La Bandera Ranch also has a 5,000-ft paved and lighted aircraft runway​, mechanic shop, pole barns, breeder deer pens, and ranch foreman homes. 

The property was listed on March 1 at over $54 million, and an offer and contract was secured within 26 days. The deal closed July 26.

Pittsfield, Ill.-based Whitetail Propertie​s Real Estate LLC ​marketed the property on behalf of the seller and secured the buyer. The deal was the largest in company history. 

Former Sears to undergo $20M renovation 

HOUSTON (Houston Business Journal) – Momentum BMW will relocate to a former Sears department store at 9570 Southwest Fwy. following a $20 million renovation.

Turner Construction has been hired to convert the 186,000-sf facility to an auto sales center.

Construction will be carried out in several phases and include the building of a new showroom and sales gallery, service shop, service drive, parts department, and support spaces.​​​

Engineers from Walter P. Moore, Kimley Horn & Associates, and Syska Hennessy Group will advise on the project. Gensler designed the building.

Momentum BMW will begin moving in early 2020. 
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 is compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Tarrant County donates 12 acres for veteran home

FORT WORTH (Connect Media) – The Tarrant County Commissioner's Court has approved donating 12 acres for a Texas State Veterans Home.

​The 120-bed skilled-nursing facility at 1100 Circle Dr. will be open to Texas veterans 65 and older as well as their spouses and Gold Star parents.

The design process is underway.

Work starts on Euless warehouse

​​EULESS (REBusiness Online) – Seefried Industrial Properties and Clarion Partners have started on DFW Airfield Logistics Center, a 356,518-sf speculative warehouse project. 

The 31-acre property consists of a 145,878-sf rear-load building and a 210,640-sf front-load facility. 

Features include 28- to 32-ft clear heights, 84 dock doors, four drive-in doors, 110 trailer parking spaces, and 407 automobile parking spaces.

Pross Design Group is the architect, and FA Peinado LLC is the general contractor.​​

Completion is set for second quarter 2020.
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172K-sf industrial lease signed in Houston

HOUSTON (REBusiness Online) – Builders FirstSource has signed a 171,850-sf industrial lease at 16245 Port N​W Dr.

The property was built in 2014 and features 160-ft truck court depths, 28-ft clear heights, and an ESFR sprinkler system.

Lee & Associates represented Builders FirstSource in the lease negotiations. Transwestern represented the landlord.

Panattoni, MetLife start on Bayport South

​​​​​​PASADENA (GlobeSt.) – Panattoni Development Co. and MetLife Investment Management have started work on the Bayport South industrial warehouse.

The 642,994-sf, Class A cross-dock facility at 10575 Red Bluff Rd. will be foreign-trade-zone-compatible.

Delivery is set for first quarter 2020. 
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=300
RECON for August 13, 2019RECON for August 13, 2019Bryan PopePope
2019-08-13T05:00:00Z2019-08-13T05:00:00Z

RECON Real Estate Center
Three smiling people - two men and one woman - stand in front of a real estate center sign
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. Pictured, from left to right: Center Managing Editor Bryan Pope; Graphic Designer Alden DeMoss; and Research Data Scientist Gerald Klassen. (Photo by Center Photographer JP Beato.)
August 13, 2019

Houston Methodist to anchor former Chevron campus

BELLAIRE (Houston Business Journal) – Houston Methodist Hospital has signed a 100,812-sf lease to become the anchor tenant at Bellaire Place, a 30-acre former Chevron Campus.

The health system will occupy the top three floors of a ten-story building at 4800 Fournace Pl. when it moves in first quarter 2020.

The location will serve as administrative office space for Houston Methodist.

Built in 1976, ​the Class B building was once part of Chevron's 547,370-sf campus. SLS Properties acquired the two-building campus in October after the oil and gas company vacated the property in 2017. ​

Colliers International represented the tenant while the landlord was represented in-house.

​Yearly rents in the building start at $22 per sf.​​

Kirskey Architecture has been tapped to redevelop portion of Bellaire Place into a mixed-use project.
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Austin making room for 17-story office project

AUSTIN (Connect Media) – Demolition is underway on the 1.2-acre Block 164 where an existing three-story building will be replaced by a 17-story office building.

Located near the former University Medical Center Brackenridge, the downtown building will house some University of Texas Dell Medical School operations, among​ other tenants.

The development will include a proposed straightening of Red River St. through the property.

The site is being leased to Central Health by the 2033 Higher Educational Foundation.

Completion is set​ for early 2022.
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.

200,000-sf shopping center coming to Richmond

​​​​​​​RICHMOND (REBusiness Online) ​​– Houston-based NewQuest Properties will soon start on the ​first phase of the Grand at Aliania, a 200,000-sf retail project.

Tenants will include 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works, and Sketchers. 

There will also be a 10,454-sf urgent and primary care clinic by Baylor St. Luke's Medical Group. 

Out-parcels have been ground-leased to McDonald's, Jason's Deli, Freddy's Frozen Custard & Steakburgers, Timewise, and Express Oil.

​​Opening is set for second quarter 2020.
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Three-property multifamily portfolio sold in East Texas 

LONGVIEW, LUFKIN (Institutional Property Advisors) – A three-property, 658-unit multifamily portfolio in East Texas has been sold.

Saxony Capital Management purchased Pine Knoll, a 310-unit asset at 2019 Toler Rd. in Longview. The 26-building property near Loop 281 was built in 1983.

Haley Residential acquired the 168-unit Deer Cross and 180-unit Deer Wood​ communities in Lufkin. The assets were built in 1986 and 1979, respectively, at 3000 S. 1st St. and 110 Champions Dr. in Lufkin.​ They are off SH 59 near Angelina Junior College.

Institutional Property Advisors represented the seller and procured the buyers. ​​
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ORIX USA relocating to Trammell Crow Center

DALLAS (Connect Media) – ORIX Corporation USA has signed a 100,000-sf lease in J.P. Morgan Asset Management's Trammell Crow Center at 2001 Ross Ave.

Approximately 300 employees will move into the space​ in the first half of 2020.

The 1.1 ​million-sf center recently underwent a $130 million renovation, which added ground-floor retail space, a tenant lounge, larger gym, new conference center, and an updated lobby.

Stream Realty Partners is leasing out and managing the space.​
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.

First Industrial's new project fully leased

​​​HOUSTON (Realty News Report) – First Industrial Realty Trust's brand-new First 290 building at 6913 Guhn Rd. is now fully leased.

Iron Mountain and Black Horse Carriers ​signed leases for 45,990 and 80,260 sf, respectively. 

The 126,250-sf bulk warehouse delivered four months ago.

Stream Realty Partners represented the landlord. JLL represented Iron Mountain, and Cushman & Wakefield worked on behalf of Black Horse.​
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=299
RECON for August 9, 2019RECON for August 9, 2019Bryan PopePope
2019-08-09T05:00:00Z2019-08-09T05:00:00Z

RECON Real Estate Center
photo of meeting
Real Estate Center Director Gary Maler (left) meets with leadership from the Texas Apartment Association Friday at the Center's offices in College Station. (Photo by Center Graphic Designer Alden DeMoss.)
August 9, 2019

Hooah! TAMU System approves Futures Command complex at RELLIS

​​BRYAN (The Eagle) – ​​The Texas A&M University System Board of Regents unanimously approved on Thursday the construction of a $130 million testing hub and combat development complex for the U.S. Army’s Futures Command at the RELLIS Campus.​​

The complex will include a $50 million facility equipped with laboratories and accelerator space and offices for the command, which is headquartered in Austin. It will also include an outdoor testing ground.

The A&M System has allocated about $80 million to construct the Research Innovation Center where researchers, students, industry, government, and the military can collaborate to modernize the Army.

The school has begun hiring about 25 research engineers and will hire another 30 support personnel in the coming months to work alongside the Army. The Army would be sending about five people to the Brazos Valley to work at the facility.

A groundbreaking ceremony will take place this fall.​

Work began on the RELLIS campus at SH 21 and SH​ 47 in 2016.​
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New Braunfels ISD starts on 190K-sf middle school

NEW BRAUNFELS (Community Impact Newspaper) – Work has started on the latest New Braunfels ISD (NBISD) middle school near​ the intersection of S. Walnut Ave. and Settlers Crossing.

Crews began surveying the site this month for the 189,500-sf building, which will hold 1,500 students.

Features include 12 science labs, three computer labs, full band and choir areas, and ​​safety and security measures such as card readers on exterior doors and ballistic glass film at entryways.

Along with the new middle school, a football field and four tennis courts will be added to the north side of the site opposite the NBISD transportation facility.

The school is part ​of a $118 million bond package passed in 2018.

The project will deliver in 2021.
Gary Maler and Gerald KlassenFeedback is important to the Real Estate Center. Center Director Gary Maler (left) and Research Data Scientist Gerald Klassen exchanged ideas with Realtors with Heritage Texas Country Properties in Bellville on Thursday. If you have any feedback for the Center, email us at info@recenter.tamu.edu (Photo by Center Communications Specialist Hayley Rieder.)

Hutto approves 95-acre mixed-use project

​​​​​HUTTO (Austin Business Journal) – ​​​​The city council has approved a development agreement with MA Partners for a 95-acre mixed-use project.

The development near FM 1660 and Mager Ln. will have single-family homes, multifamily development, commercial buildings, and open​ space.

The land is currently in the city's extraterritorial jurisdiction and will be annexed into the city limits.

MA Partners is the developer behind the Co-Op District, which is home to the recently opened city hall building​, a Flix Br​ewhouse, and more. ​
Crops in a row
Northeast Texas' crop portfolio is changing. The once attractive corn and soybean market is being impacted by price declines, oversupply, and trade uncertainty. Meanwhile, cotton is seeing a resurgence thanks to innovation. Read more in "Turning Soil: Northeast Texas Croplands Evolve," a Tierra Grande digital first.

Carrollton getting more multifamily

CARROLLTON (REBusiness Online) – A partnership between High Street Residential and Olympus Property has begun construction on Olympus at Broadway, a 383-unit multifamily project.

The project on 5.1 acres southeast of the intersection of E. Belt Line Rd. and S. ​Main St.​ will feature one-, two-, and three-bedroom units ranging from 474 to 1,540 sf.

Amenities will include a pool, conference room, business center, entertainment kitchen, dog park, fitness center, and resident lounge.

This is the fourth phase of the Union at Carrollton mixed-use project. The first two phases are at least 90 percent leased. The third phase is approaching 90 percent occupancy. 

JHP Architecture is designing the project, and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing.

Preleasing will begin in September 2020.
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Welcome to Texas: industrial portfolio sold

​​​HOUSTON (JLL) – Welcome Group LLC has purchased an 18-property, single-tenant industrial portfolio totaling 1.7 million sf​​​​​.

Thirteen assets are in the Houston area, with two each in Austin and Dallas and one in San Antonio.

The Class A portfolio is fully leased.

JLL worked on behalf​ of the buyer to place a $200.6 million seven-year credit facility with Global Atlantic Financial Group.​​

BoyarMiller was Welcome's legal council while Brownstein Hyatt Farer Schreck represented the lender.
retailing summit 2019The Center for Retailing Studies at Mays Business School at Texas A&M University is hosting the Retailing Summit October 10-11, 2019, at the Westin Galleria in Dallas. Attendees will learn how to thrive in today’s disruptive and digitally-competitive landscape. The conference is the Center’s number one fundraising event that supports educational programs, curriculum, and transformational learning opportunities for students at Mays. Register today.

299-unit Dallas apartment changes hands

DALLAS (REBusiness Online) – Westmount Realty Capital has purchased The View at Kessler, a 299-unit multifamily property in the Kessler Park neighborhood.

Built in 1964, the 11-story building at 2511 Wedglea Dr. is next to Stevens Park Golf Course.

It features one-, two-, and three-bedroom units with up to 1,214 sf. 

Westmount will undertake a renovation program that will upgrade the lobby, café, pool area, fitness center, leasing center, and elevator systems, as well as transform the 11th floor into a sky lounge.

Avenue5 Residential will manage the property. 
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 is compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Partnership breaks ground on 300-unit Midland project 

MIDLAND (REBusiness Online) – A partnership between Stillwater Capital Investments and Wexford​ Capital LP has broken ground on a 300-unit multifamily project in the Adobe Meadows area.

The property will offer a pool, grilling stations, fitness center, and resident lounge. Units will feature stainless steel appliances, quartz countertops, and custom cabinetry. 

The fir​​st units will be available for occupancy in spring 2021, with full buildout set for that summer.
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The Kilby opening at Frisco Square 

FRISCO (Dallas Morning News) – KWA Construction is building T​​he Kilby, Toll Brothers' four-story multifamily project in the Frisco Square development. 

Located on Main St. east of the Dallas North Tollway, the project includes a club room, conference lounge, gaming lounge, two-story fitness center, pet spa, and resort-style pool.

The complex, set to open next year, is being designed by BGO Architects. It is part of B/K Multifamily​'s​ 25-acre Frisco Square district, which will have 1,600 apartments, condos, and other high-density residential units.
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Ribbon leases 107K-sf office space at Legacy Central

PLANO (CBRE) ​​​– Ribbon Communications Inc. has leased 107,000 sf of Class A office space at the Legacy Central campus.

The company joins several other tenants, including Samsung, Peloton Cycles, SPACES, Roland Technology Group, and Adroit Health Group.

CBRE represented Ribbon. Transwestern represented the landlord, Regent Properties.

Ribbon will move into the space in early 2020.

Rockwall industrial trades in sale-leaseback deal

​​​ROCKWALL (REBusiness Online) – Col-Met Engineered Finishing Solutions has sold and leased back its 145,375-sf industrial property at 2975 Discovery Dr.

The 12-acre property was built in 2015.

Marcus & Millichap represented the seller/tenant and procured the buyer. 
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Copyright © 2019, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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