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RECON for December 6, 2016RECON for December 6, 2016Bryan PopePope
2016-12-06T06:00:00Z
San Antonio apartment demand has been strengthened by local job creation. More on this from Marcus & Millichap in today's RECON. (Photo from Center files.)
December 6, 2016

Marcus & Millichap: Job growth supporting San Antonio multifamily

SAN ANTONIO (Marcus & Millichap) – Local job creation strengthened apartment demand and pushed vacancy to near-historical lows during the third quarter, Marcus & Millichap said in its fourth quarter market update.

The firm expects "robust absorption trends" through the remainder of the year to keep vacancy below 6 percent.

"An influx of Class A apartments softened conditions in the northern portion of the metro this year, but the construction pipeline is beginning to thin and shift to other areas of the market. As a result, the increase in vacancy in these units will be short term as assets stabilize amid healthy job creation in higher-wage industries nearby."

Meanwhile, hiring in service-oriented and consumer-driven sectors is supporting "vigorous demand" for Class B and C units, with vacancy falling below 5 percent for these complexes.

Housing affordability is also shifting demand back to apartments, the firm said.

Construction starts on Outfitter Center in Boerne

BOERNE (REBusiness) – ​​​Cordillera Ranch Development Corp. ​​has started construction​​ of an Outfitter Center at the 8,700-acre Cordillera Ranch master-planned community.

Slated for completion early next year, the facility will house the River Club and its river and fishing equipment and provide a retail shop fully stocked with fishing, kayaking, and outdoor equipment.

The River Club is one of seven resort-style clubs at Cordillera Ranch.
You might not think that Texas’ top commodities have a connection to land prices. But you would be wrong. Turns out that land prices move with the ups and downs of the commodities market. For more on this, click here.
Friday last day to take TREC's
license holder survey
AUSTIN (Texas Real Estate Commission) – Friday is the last day to take the Texas Real Estate Commission's (TREC) online survey designed to give the commission insights into the status and needs of Texas real estate license holders.

"While the agency’s laws and rules set requirements for obtaining and renewing each type of license, the agency needs to better understand who our license holders are and how they view their work environment, daily business, and professional practices," the commission said in a press release.

"A survey of this type has not been conducted in over a decade. During that time, significant changes have directly affected developments in the real estate industry. The agency seeks to gather more information and gain additional perspective as it strives to improve customer service, increase license holder expertise, and enhance consumer protection."

The survey, which was created in cooperation with the Real Estate Center and is hosted by the University of Houston, is anonymous and should take about ten minutes to complete.
Houston Hilton trades hands
HOUSTON (HFF) – ​​The DoubleTree by Hilton Houston Downtown, a full-service hotel within the mixed-used Allen Center, has been sold.

Located on just over one acre at 400 Dallas St., the 350-room hotel has 18,000 sf of function, including two ballrooms.

HFF represented the seller. 
How can taxing entities lower property taxes yet have enough money to cover the rising costs of schools for the state’s burgeoning population? If you know the answer, please dial 1-800-HelpTXS. If you don't, click here to read Dr. Charles Gilliland's latest article.

1.5 million-sf industrial park coming to far south Dallas

DALLAS (Dallas Morning News) – Trammell Crow Co. is working on a 1.5 million-sf industrial park near Bonnie View Rd. south of I-20.

The 106-acre, two-building Cedardale warehouse project will cost more than $27 million, according to filings with the Dallas Economic Development Committee.

Construction will begin next year with a 600,000-sf first phase.

Trammell Crow is asking for a ten-year, 90 percent property tax abatement. The tax incentives would add up to more than a half million dollars in value over ten years.

Empire building sixth Lone Star community

​LEAGUE CITY (Total PR) – Canada's ​​​​Empire Continental Land has started development of a 206-acre master-planned community.

​Located west of SH 146 north of FM 646, the community will offer approximately 540 homes starting in the mid $200,000s. 

Empire is also developing Dellrose, a 600-acre master-planning community in northwest Houston. 
Hungry 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. 

Marcus & Millichap: 'Intense demand' for Austin apartments

AUSTIN (Marcus & Millichap) – Population and job growth will support record absorption this year as vacancy for local apartment buildings remains near 4 percent, reports Marcus & Millichap in its fourth quarter market report.

​"Household formation during the past several years has favored apartments as home prices rose at a faster pace than rents," the report said. "As a result, renting has remained the more affordable option, especially in high-density areas such as the core, where builders added thousands of units over the past five years. Vacancy has dropped below 4 percent in southern and northern submarkets, and developers are beginning to shift their focus to these areas.

"Rent advances will be healthiest outside the core through the remainder of the year and into 2017 as vacancy remains tight, though the pace of overall rent growth will slow.

"As home price appreciation rises at a healthy clip, the gap between owning and renting will widen, keeping demand for area apartments strong in the months to come.

"Investor demand is rising for Austin apartment assets as tight vacancy and healthy rent growth spur intense interest from a wide range of buyers. Fewer active listings and healthy competition are pushing up apartment prices.

"Vacancy has tightened across all property classes, diminishing the number of value-add properties available on the market. As a result, private buyers are targeting Class B/C stabilized deals in the $1 million to $10 million range."

312-unit apartment community sells for $55 million

​​​​​SAN ANTONIO (San Antonio Business Journal) – Dallas-based Lantower Residential has purchased the 327 Sunset apartment community in Alamo Heights for $55 million, or $178 per unit.

The 312-unit property—developed on seven acres by Columbus, Ga.​-based Flournoy Companies​ in 2015—is Lantower's first purchase in the city. 

The community is at 327 W Sunset Rd​.​ near US 281.​

Berkadia secured the buyer in the transaction. 
In 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.

Castle Lanterra acquires 284 multifamily units

CORPUS CHRISTI (REBusiness) – ​​Castle Lanterra Properties has acquired Springs at Corpus Christi, a new multifamily property at 5701 Timbergate Dr.

Constructed in 2014, the 284-unit property has one-, two-, and three-bedroom floor plans.

This is the company's​ second acquisition in the city and its sixth in the state.​

Presidium purchases Dallas apartment pair

DALLAS (Presidium Group LLC) – ​Presidium Group LLC has purchased​ Linda Vista Apartments and Carlton Court Apartments.

Carlton Court is a 270-unit Class B asset with one-, two-, and three-bedroom floor plans averaging 828 sf. It will be rebranded as Cottonwood at Park Central.

​Built in 1980, the 370-unit Linda Vista has efficiencies and one- and two-bedroom floor plans averaging 667 sf.

Both properties are near I-635 and SH 75.

Luxury Alamo Heights apartments sold

SAN ANTONIO (Institutional Property Advisors) – The Meridian, a 146-unit luxury​ apartment community at 680 East Basse Rd. near Alamo Heights, ​has been sold.

The previous owner spent around $1.42 million on property upgrades.

Institutional Property Advisors represented the seller and procured the buyer.
Copyright © 2016, 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=32
RECON for December 2, 2016RECON for December 2, 2016Bryan PopePope
2016-12-02T06:00:00Z
Education and health services ranked first in job creation in Texas in October, according to the Center's latest Monthly Review of the Texas Economy. More in today's RECON. (Photo from Center files.)
December 2, 2016

Texas' job growth still climbing (slowly)

COLLEGE STATION (Real Estate Center) – ​Texas gained 204,500 nonagricultural jobs from October 2015 to October 2016, an annual growth rate of 1.7 percent, higher than the nation’s employment growth rate of 1.6 percent. The nongovernment sector added 158,100 jobs, an annual growth rate of 1.6 percent compared with 1.7 percent for the nation’s private sector.

​According to the Real Estate Center’s latest Monthly Review of the Texas Economy, Texas’ seasonally adjusted unemployment rate in October 2016 was 4.7 percent, up from 4.5 percent in October 2015. The nation’s rate decreased from 5 to 4.9 percent.

All Texas industries except mining and logging and manufacturing had more jobs. Education and health services ranked first in job creation followed by leisure and hospitality, financial activities, and the government sector.

All Texas metro areas except Texarkana, Wichita Falls, and Odessa had more jobs. Dallas-Plano-Irving ranked first in job creation followed by Laredo, College Station-Bryan, McAllen-Edinburg-Mission, Brownsville-Harlingen, and Victoria.

The state’s actual unemployment rate was 4.4 percent. Amarillo, Austin-Round Rock, and Lubbock had the lowest unemployment rate followed by College Station-Bryan, Dallas-Plano-Irving, and Sherman-Denison.

And speaking of the Texas economy . . .

"If the [U.S.] economy grows a little faster, we're going to benefit from that. A lot of that growth is going to find its way coming to Texas. We have become sort of a bellwether state for growth and development. Our housing market is going to do well. We're anticipating a slight increase in overall volume in the market in 2017, but probably not as dramatic an increase as we saw two or three years ago." Listen to Real Estate Center Chief Economist Dr. Jim Gaines' 2017 economic forecast on the latest Red Zone podcast. (26 min. 58 sec.) 

Texas housing demand diversifies in 2016

AUSTIN (Texas Association of Realtors) – ​​The demand for Texas real estate grew this year with robust sales activity among several types of property, according to the Texas Annual Housing Report​ by the Texas Association of Realtors.

Demand increased among first-time homebuyers, single women, and international buyers, especially those from Asia, over the last year. The report showed that 30 percent of Texas homebuyers were first-time buyers, and that single women were twice as likely to purchase a home than single men.

International buyers from India purchased more homes in Texas than in any other state, with one in five homebuyers from India buying here.

Condominiums, new homes, luxury homes, and small land parcels also saw higher demand. The Texas Condominium Mid-Year Sales Report​ showed condo sales experienced double-digit growth in most of the major metropolitan areas in the first half of 2016.

​Sales of homes priced $1 million and higher continued to rise throughout the state, and 30 percent of Texas homes purchased in a 12-month period were new homes.

The total number of Texas home sales is on track for another record​ year in 2016, as sales posted modest but steady gains while inventory continued to remain low.​

2017 REC calendar giveaway now open

Test your knowledge of the Real Estate Center's website for a chance to win a copy of our 2017 wall calendar. While supplies last. Click here for more information.

IKEA assembling first San Antonio-area store

LIVE OAK (Community Impact Newspaper) – ​Swedish furniture retailer IKEA is planning its fifth Texas store and its first in the San Antonio area.

Governmental approvals for the 289,000-sf store off I-35 are expected by summer 2017.

The company will break ground on the new location by 2018 with opening expected by summer 2019.​

Hutto gets first grocery store with H-E-B opening

HUTTO (Costar.com) – ​A 121,000-sf H-E-B Plus opened at 5002 Gattis School Rd., marking the first grocery store in the city's jursidiction.

The store includes a full-service meat market, hand-rolled sushi, bulk healthy-living section, deli, scratch bakery, and in-house roasted meats.

The San A​​ntonio-based grocer, which broke ground on the site this past summer, will employ around 350.​​

North Dallas tower sells to Florida investor

DALLAS (Dallas Morning News) – ​​Florida-based Founder Commercial has purchased the 17-story 8080 North Central tower.

Located near North​Park Center, the 289,000-sf building was built in 1984 and is more than 90 percent leased to tenants such as BVA Compass Bank, Health Texas, and Regency Center.

8080 North Central is valued for taxes at almost $47 million.
Click here to read.

SXSW building new corporate headquarters

AUSTIN (Austin Business Journal) – South by Southwest is building a 12-story tower at 1400 Lavaca St. for its new headquarters.

Th​e 0.81-acre site, currently home to a 17,168-sf, two-story ​​building and surface parking, was previously occupied by the Texas Restaurant Association, which sold the property to CZ Properties LLC in September 2015. 

CZ Properties' engineering firm, Jones/Carter, has submitted plans for 150,000 sf of office space with a restaurant and five floors of parking. SXSW would occupy the top three floors of the building.

Groundbreaking is scheduled for April 2017 with completion projected around January 2019.

Other companies involved in the project are:
  • Greenbelt Commercial, developer;
  • Pei Cobb Freed & Partners, lead architect;
  • Gensler, architect of record;
  • DWG, landscape architect; and
  • Center for Maximum Potential Business Systems, sustainability consultant.

Work starts on Bella Vista phase II

BROWNSVILLE (RightQuest Real Estate Advisors) – ​​Addison-based RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate luxury community.

Bella Vista is on 28 acres fronting Ruben M. Torres Sr. Blvd. near SH 48, just southwest of the ​recently expanded SH 511. 

The first phase included 128 units of Class A luxury apartments as well as a clubhouse with pool and full Class A amenities. Phase II adds 144 Class A apartments. 

RightQuest is developing the property on behalf of locally based JJR Group Ltd. San Antonio-based B&A Architects and locally based civil engineering firm Mejia & Rose Inc. coordinated the design.

Other firms on the team include:
  • Nations Construction LLC, general contractor;
  • ICB Bank-Brownsville, financing;
  • Capstone Real Estate Services, lease-up and property management services;
  • SSP Design, landscape design; and
  • Davidson Design Group, interior design.
The development is RightQuest's fifth in the Rio Grande Valley.

Reven purchases 97-home portfolio

HOUSTON (Multifamilybiz.com) – Reven Housing REIT has acquired a porfolio of 97 single-family homes for just over $9 million.

The properties​ average 1,482 sf and are mostly three-bedroom, two-bath homes.

Of the acquired homes, 55 are subject to one-year leases, five are vacant, and 37 are subject to month-to-month leases. 

AV firm signs massive industrial lease

​​​​DALLAS (Dallas Business Journal) – ​​Freeman Audio Visual has signed a long-term lease for 202,137 sf of industrial​ space at I-30 Business Center III, currently under construction in Pinnacle Park.

The company plans to consolidate operations in the 292,250-sf building in January. ​​​​​

JLL represented Freeman in the deal. CBRE represented the owner, a partnership between Trammell Crow Co. and Clarion Partners.

The 70 percent-leased building is designed with a cross-dock configuration, 32-foot clear heights​, and design flexibility for multitenant occupancy. 

JV sells 314-unit Cowtown community

​​​​FORT WORTH (REBusiness) – The Davies Cos. and Marquette Cos. have sold the Verandas at City​view, an apartment community on 15 acres at 7301 Oakmont Blvd.

​The 314-unit community offers one-to-three bedroom layouts.

SPI Advisory represented​​ the buyer, and CBRE represented the sellers.

Bell Partners secures 11th multifamily investment of the year

​AUSTIN (Costar.com) – ​​Greensboro, N.C.-based Bell Partners has purchased Aria Steiner Ranch from the NRP Group.

The seller, based in Cleveland, broke ground on the 302-unit apartment complex in February 2014. Construction finished in early 2015 at 4800 Steiner Ranch Blvd. 

Currently 96 percent leased, Aria Steiner Ranch consists of one-, two-, and three-bedroom units averaging 1,080 sf across 22 three- and four-story buildings.

The acquisition is Bell Partners' 34th investment in Texas and its 11th multifamily investment of 2016. The company will rebrand it as Bell Steiner Ranch and manage the community​ in-house. 

Mark IV cracks open Pecan Park

​​​​AUSTIN (REBusiness) – Equ​us Capital Partners has sold Pecan Park, a four-story office property,​ to Mark IV Capital Properties.

Built in 2009, the 136,444-sf property at 10800 Pecan Park Blvd. is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 sf. 

Cornerstone Apartments sold

​​​​​DALLAS (Marcus & Millichap) – Cornerstone Apartments, a 209-unit multifamily community at 9709 Starlight Rd., has changed hands.

Completed in 1972, Cornerstone Apartments was marketed for one week and closed 60 days after hitting the market.

Marcus & Millichap represented the seller and procured the buyer. 
Copyright © 2016, 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=31
RECON for November 29, 2016RECON for November 29, 2016Bryan PopePope
2016-11-29T06:00:00Z
The Real Estate Center's Annual Report + Calendar is in such demand that we have more requests for it than we can fill. So, if you want to be in the running for a 2017 calendar, click here to take our 11-question quiz. You'll have to score high, but don't worry: all of the answers can be found at www.recenter.tamu.edu. (Photo by Alden DeMoss.)
November 29, 2016

Austin still third on CBRE's annual Tech-Thirty list

AUSTIN (CBRE) – The Capital City held steady at number three on CBRE's annual Tech-Thirty list, which analyzes the 30 leading technology markets in the U.S. and Canada in terms of high-tech software/services job growth.

The city saw its high-tech jobs grow 33.3 percent from 2013 to 2015, evenly paced with 33.4 percent growth from 2012 to 2014 and above the national annual average of 7.3 percent growth seen over the last five years for this sector.

Austin ranked second for two-year office net absorption or occupancy growth from Q3 2014 to Q2 2016 with 4.1 million sf of net absorption in that period, representing 8.4 percent of inventory.

Average office rents in Northwest Austin rose 15.8 percent to $32.99, compared with 15.3 percent to $33.22 for the overall market from Q2 2014 to Q2 2016. The city was eighth in office market rent growth.​

“Austin is approaching a maturity level in this cycle, though our record absorption levels indicate rental rates will likely continue to climb," said Erin Morales, senior vice president of the Technology and Media Practice group in CBR​E. "​Mature tech companies continue to cluster in the Northwest submarket, which has a lot going for it—extensive development in The Domain offers new amenities to support talent recruitment and retention, while residential development is booming in the surrounding suburbs.”​

DFW up seven spots on CBRE's tech ranking

DALLAS (CBRE) – Dallas-Fort Worth climbed to number ten on CBRE’s annual Tech-Thirty list, which analyzes the 30 leading technology markets in the U.S. and Canada in terms of high-tech software/services job growth.

Up from number 17, the Metroplex saw its high-tech jobs grow 19.7 percent from 2013 to 2015, up from 10.8 percent from 2012 to 2014, making it one of the top three momentum markets for high-tech jobs in the country.

Average office rents in North Texas' top tech submarket, Far North Dallas, rose 17.6 percent to $24.67. That compares with a 16.6 percent growth rate in the overall market from Q2 2014 and Q2 2016.​ The area ranked seventh in office market rent growth.

“This report is further evidence that DFW has become a major tech market to be recko​ned with,” said Jeff Eiting, vice president and co-leader of the Technology and Media Practice group in CBRE’s Dallas office. “With more than 90,000 high-tech jobs, our tech workforce is twice the size of Austin’s and growing. Tech companies will continue to be attracted to the large, well-educated labor pool that DFW offers, as well as our relatively low cost of living and cost of office space.”
Click here to read.

Making the connection in Arts District

HOUSTON (Houston Chronicle) – Ground has broken on an 810-vehicle parking garage that will connect the Lyric Centre and the Alley Theatre Center in downtown Houston.

When finished, the 327,315-sf facility will be eight stories and have ground-level space for restaurants, according to Rhode Island-based Gilbane Building Co., which is working on the project for developer Hines.

Plans are to renovate the plaza and sidewalks to add outdoor seating.

A tunnel under Prairie St. will connect the Lyric Centre to the basement level of the Alley Theatre.​

2,162-unit self-storage portfolio sold

HOUSTON (HFF) – A joint venture between Woodbridge Capital Partners LLC and RHW Capital Management Group LLC has sold a four-property, Store Here-branded self-storage portfolio totaling 2,162 units in Austin, Denton, Fort Worth, and Harker Heights.

HFF marketed the portfolio on behalf of the seller. Westport Properties Inc. was the buyer.
 
The portfolio consists of facilities at 201 West Stassney Lane in Austin, 1815 Shady Oaks Dr. in Denton, 4772 Golden Triangle Blvd. in Fort Worth, and 700 Indian Trail in Harker Heights.​
Download The Texas Deer Lease publication free at http://txrec.io/2fzc5wS.

196-unit Waterford Court sold

ADDISON (REBusiness) – ​​​Waterford Court LLC has purchased a 196-unit apartment community at ​14700​ Marsh Ln.

The complex, Waterford Court, has one-, two-, and three-bedroom layouts.

Dougherty Mortgage closed on a $26 million Fannie Mae acquisition loan on behalf of the borrower. The ten-year loan has five years of interest-only​ payments and a 30-year amortization schedule. 

255 Austin apartment units change hands

AUSTIN (REBusiness) –​ Cooper's Hill Apartments LLP​ has sold The Place at West Village apartments, which is at 793 W. William Cannon Dr. 

The 255-unit property has one- and two-bedroom units averaging 699 sf. 

IBC Bank of Austin provided​​​​ acquisition financing for the buyer, 739 W. William Cannon LLC.

Muskin Commercial brokered the sale. 
Hungry 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. 

Kirby Collection office tower tops out

HOUSTON (Houston Business Journal) – Thor Equities has announced that its 13​-story office tower at 3200 Kirby Dr. has topped out and is on schedule for a fourth quarter 2017 delivery.

The 210,000-sf office tower will have 65,000 sf of retail space on two floors. It is part of The Kirby Collection, a one million-sf luxury mixed-use project.

Los Angeles-based​ Richard Keating Architecture is the design architect, and Los Angeles-based Dianna Wong Architecture and Design is the interior designer. Locally based Kinsey is the architect of record, Walter P.​ Moore is the structural engineer, Wylie & Associates is the MEP engineer, and E.E. Reed Construction is the general contractor.
Copyright © 2016, 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=30
RECON for November 22, 2016RECON for November 22, 2016Bryan PopePope
2016-11-22T06:00:00Z
Colliers International says Austin's industrial market is as "strong as ever." Details in today's RECON. (Photo from Center files.)
November 22, 2016

Forbes: Texas fourth-best state for business

NEW YORK (San Antonio Business Journal) – Texas ranked fourth overall in the nation on Forbes' annual "Best States for Business" list, up two spots from last year.

The Lone Star State was first for economic climate, fourth for business costs, and eighth for both labor supply and growth prospects​. It performed worse in regulatory environment and quality of life, ranking 25th and 32nd in these categories, respectively. 

Utah, North Carolina, and Nebraska took the top three spots on the list.

Texas, with a gross domestic product (GDP) of $1.6 trillion, joined No. 24 New York and No. 30 California as one of only three states with GDPs in the trillions.
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Colliers: Austin industrial market 'strong as ever'

AUSTIN (Colliers International) – The city's industrial market continues to tighten up, reports Colliers International in its third quarter 2016 report. Asking rents are increasing, vacancy rates are still falling, and construction is strong.

Average citywide rental rates increased over the quarter from $9.83 to $10.58 per sf triple net (NNN), the highest it has ever been.

Warehouse-distribution rental rates decreased slightly to $7.89 per sf NNN, while citywide flex-R&D rental rates jumped from $11.29 to $13.39 over the quarter.

The citywide average vacancy rate dropped from 7.2 to 6.2 percent over the quarter.

More than one million sf of industrial supply was under construction in the third quarter, including seven new projects totaling 409,595 sf.

Although nearly 1.1 million sf of industrial space was delivered, absorption made a "huge jump" in the third quarter—1.5 million sf of positive net absorption, up from 112,373 sf in the second quarter.

Waco Commons trades for $9.7 million

WACO (REBusiness) – ​​​Johnson Family Shopping Center LLC has purchased a shopping center from B.H. Waco Retail Mills LLC for $9.7 million.

Waco Commons is a 128,769-sf shopping center at 300 N. Valley Mills Dr. and 4125 Franklin Ave.

The property was 82 percent occupied at the time of sale by tenants including Dirt Cheap, Tractor Supply Co., Planet Fitness, Firehouse Subs, CSL Plasma, and Brident Dental.

BH Properties completed the sale, and Reid Co. brokered the transaction.
Obtaining 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. 

Rhino Linings charging into Greenville

GREENVILLE (REBusiness) – ​​Rhino Linings Corp. is relocating its global​ production and blending headquarters at a 100,000-sf production plant.

Located on 100 acres at 1001 Ed Rutherford St., the facility will include a lab, blending and material drumming machinery, large warehouse, showroom, and offices.

Baybrook Mall expansion complete

HOUSTON (Houston Business Journal) – The third-largest shopping center in Texas, Baybrook Mall, is almost fully leased following the completion of its massive 555,000-sf expansion project.

The mall's "outdoor lifestyle center" is 95 percent leased, and its recently completed power center is 90 percent leased. Space inside the mall has been entirely leased for at least the past five​ years.​

The mall now spans 1.8 million sf. The last part of the multimillion-dollar expansion wrapped up earlier this year. Roadwork along I-45 is expected to finish in July 2017.

​Alabama-based Hoar Construction oversaw the construction and renovation project.
Hungry 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. 

Work starting this month on $125 million luxury women's hospital

DALLAS (Dallas Morning News) – Nashville-based Hospital Corporation of America is developing a $125 million luxury hospital in Medical City Dallas.

The new Women's Hospital, adding five new floors to an existing Medical City Dallas tower, will offer specialized health care for a comprehensive range of neonatal and women's obstetric services. It will have:
  • 222 private patient rooms;
  • 12 VIP suites; 
  • four new C-section operating rooms; 
  • 56 post-partum rooms; and
  • 84 neonatal ICU rooms.
Construction will start this month and wrap up in March 2018. The facility will accept all health plans.

Hospital Corporation of America also announced last week name changes for its Dallas-Fort Worth locations and plans to commit $1.5 billion to expand, improve its locations, and introduce new services. 

Realty Capital building $25 million Depot on Main

​BURLESON (Dallas Business Journal) – Realt​​y Capital Management has received economic incentives from the city for a $25 million apartment development.

Work will start in second quarter 2017 on Depot on Main, a four-story, 200-unit community on five acres at the northwest corner of King and Main Streets. 

The developer will also upgrade public sidewalks and improve parking. Work is expected to wrap up by the end of 2018.

In exchange for the real estate investment, the city approved a tax rebate of up to 80 percent for the next 15 years or $2 million to fund public and private improvements.
In 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.

212-unit Ridge at Southcross sold

SAN ANTONIO (Berkadia) – ​​​Ridge at Southcross, a 212-unit multifamily complex at 4700 Stringfellow Dr., has been sold.

Built in 1974, the property offers studio, one-, and two-bedroom floor plans. It recently underwent major renovations, and the buyer plans to continue the rehab.

Berkadia completed the sale. 
Copyright © 2016, 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=29
RECON for November 18, 2016RECON for November 18, 2016Bryan PopePope
2016-11-18T06:00:00Z
Austin's 700-acre Mueller redevelopment recently became the largest neighborhood in the world to attain Stage 3 LEED-certification by the U.S. Green Building Council. Details in today's RECON. (Photo from muelleraustin.com.)
November 18, 2016

Mueller world's largest LEED Gold neighborhood

​​​​AUSTIN (Mueller Austin) –​ The 700-acre Mueller redevelopment recently became the largest neighborhood in the world to attain Stage 3 LEED-certification by the U.S. Green Building Council.

It's also the first neighborhood in Texas to earn LEED for Neighborhood Development Stage 3 Gold Certification under the pilot program.

Mueller is a joint project between the Austin's economic development department and Catellus Development Corp.

It includes more than 1,175 single-family homes that have achieved an Austin Energy Green Building rating.

In addition, the community has three Platinum, six Gold, and five Silver LEED-certified buildings,​ including the first LEED Platinum-certified hospital in the world.

More information about the community's sustainability results can be found in this press release

Andrews Realtor appointed to Center Advisory Committee

COLLEGE STATION (Real Estate Center) – Andrews Realtor Carliss A. "Alvin" Collins has been appointed to the Advisory Committee for the Real Estate Center at Texas A&M University. Warren D. "Doug" Jennings of Fort Worth was reappointed.

Collins is president of Legacy Real Estate Brokerage in Midland. He succeeds Ronald Charles Wakefield as the committee's real estate finance representative.

Jennings has been a member of the Advisory Committee since February 2015. He represents commercial real estate and currently serves as vice chairman. He is a vice president and principal for William C. Jennings Company.

Collins' and Jennings' terms both expire Jan. 31, 2021.

The Advisory Committee was created by a 1971 law establishing the Real Estate Center. It consists of ten members appointed by the governor. Six are real estate brokers licensed for at least five years. The brokers represent finance, improvements, residential properties, commercial properties, and industrial properties. Three members represent the public, and one is the ex-officio representing the Texas Real Estate Commission.
Click image to read article.

Sugar Land approves annexation date for 3,850 acres

SUGAR LAND (Community Impact Newspaper) – The city council approved an annexation date for Greatwood and New Territory after nine years of planning.

Effective Dec. 12, 2017, the two communities will become part of the city, adding at least 3,850 acres and 29,633 people to its jurisdiction, a 30 percent population increase. 

Greatwood and New Territory's nine municipal utilities w​ill dissolve, and the city will provide all utility services.

The council also adopted an amendment to the fiscal year 2016-17 budget to cover costs associated with the annexation.

The amendment cost $4.2 million in general fund expenditures and will cover additional resources for departments including​ police, public works, fire and emergency medical services, and finance. ​

Century Square luxury apartments open

​COLLEGE STATION (Elmore Public Relations) – ​​​​Midway and Texas A&M University celebrated the ribbon cutting for 100 Park, the 21-and-older luxury apartment community within Century Square.

Designed by STG Design, the 249-unit, four-story 100 Park offers studio, one-, ​and two-bedroom floor plans. It is at 170 Century Square Dr. ​

The 60-acre public-private collaboration will​ have retail, restaurant, and entertainment space as well as full-service hotels.

Tenant Neighbors Emergency Clinic opened there in October.  
Click image to read article.

Limited partnership acquires Plano office, industrial project

PLANO (Dallas Morning News) – ​​A limited partnership organized by Dallas-based Harkinson Investment Corp. has acquired a 109,897-sf office and industrial project from Exeter.

Located at the northeast corner of Jupiter Rd. and Technology Dr., the property has three buildings​ on 8.7 acres. 

Harkinson will lease and manage the property. 

Work to start on Brushy Creek Corporate Center

​​CEDAR PARK (Austin Business Journal) – A joint venture by IGX Brushy Creek LLC and A​​NICO Eagle LLC is developing a 231,000-sf office and industrial project. 

Work will start next week on the $18.2 million Brushy Creek Corporate Center, a two-buildi​ng development on 24 acres at 120​0 BMC Dr.​​ near Brushy Creek Rd. and US 1​83. ​​

CBRE Group Inc. lined up financing, and Aquila Commercial will handle leasing.
With Thanksgiving less than a week away, we have a cornucopia of Texas real estate news for you, plus “Thanksgiving by the Numbers.” This week’s program is dedicated to the more than 400 residents of Turkey, Texas. (20 min. 07 sec.) 

Offices at Greenhouse sold

​HOUSTON (REBusiness) – ​​​KBS Growth & Income REIT has purchased The Offices at Greenhouse, a 95 percent-leased office building.

Built in 2014​, the five​​-story, 203,221-sf building at 19219 Katy Fwy. is LEED Silver-certified. 

Fidelis buys Rayzor Ranch Marketplace

DENTON (REBusiness) – Fidelis Realty Partners has purchased Rayzor Ranch Marketplace​​, a retail center at the corner of SH 380 and I-35.

Academy Sports + Outdoors, Ross Dress for Less, Petco, Jo-Ann Fabric and Crafts, Boot Barn, and Guitar Center are tenants at the 252,000-sf retail center.​

Fidelis also purchased 18 acres for future development. 
Stan Kroenke, who recently bought the 535,000-acre W.T. Waggoner Ranch, is only the fourth largest landowner in Texas. Who makes up the rest of the top ten? Find out in our latest Mixed-Use blog post. Click here to read.

Exchange Park changes hands

AUSTIN (Costar) – Seamless Capital has acquired the two-story Exchange Park office building at 7800 Shoal Creek Blvd. from Equity Commonwealth Management.

The office building delivered in 1974 and underwent renovations in 1997. The asking price for the 151,395-sf asset was $29.2 million with a 7.5 percent CAP rate.

The property was almost fully occupied at the time of purchase.

HFF represented the seller in the transaction.

New owner, name for Orion Frisco

FRISCO (REBusiness) – Bell Partners has purchased Orion Frisco, ​​​an​​ apartment community at 1801 McCord Way.

Built in 2012, the 12-building community, renamed Bell Frisco at Mina, has 360 units averaging 887 sf.

Construction starting on Lake Park Townhome Apartments

PEARLAND (Funding Incorporated) – Funding Incorporated has closed on a $41.9 million construction and permanent mortgage through FHA's 221(d)(4) program for a 247-unit ​multifamily community.

Lake Park Townhome Apartments will be built on 30 acres at 1555 Cullen Blvd.

The loan amount is for 80 percent of the project's total development cost.​

Construction will begin immediately and be completed by spring 2018.
Copyright © 2016, 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=28

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