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RECON for September 24, 2021RECON for September 24, 20212021-09-24T05:00:00Z2021-09-24T05:00:00Z
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Curious about Texas' commercial real estate market? Our research staff has got you covered. Your questions could be answered on our next episode of Texas Real Estate Research Today. Submit your questions here. (Image from Center files.)
September 24, 2021

Texas condo, townhome sales increase, prices rise

AUSTIN (Texas Realtors) – Both condominium and townhome sales increased year over year in June 2021, according to Texas Realtors' Texas Condominium Sales Report. 

Condo sales increased 41 percent​ to 17,152 sales, while townhomes grew 36.4 percent to 11,508 sales. 

From June 2019,​ condo and townhome sales increased 30.8 and 30.0 percent, respectively. 

Total dollar volume for condos and townhomes sold in Texas during the year ending June 2021 was $5.07 trillion and $3.42 trillion, respectively. 

Sales price increased for both property types. Statewide, the year-to-date median sales price was $240,000 for condos (24 percent annual increase) and $285,000 for townhomes (18.7 percent increase). 

The average price per sf in June 2021 was $247 for condominiums and $170 for townhomes.​​

Texas condo inventory decreased from 5.1 months in June 2020 to 2.2 months​​​ in June 2021. Townhome inventory fell from 4.2 to two months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

Condos spent an average of 48 days on the market in June 2021, down from 71 days. Days on market for townhomes fell from 63 days to 36. ​
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Work starts on Houston's largest spec industrial building

​​​​​BAYTOWN (NAI Partners) – TGS Cedar Port Partners LP has broken ground on a 1.2 million-sf​ cross dock warehouse.

The spec distribution building will include 40-ft clear height​​​, 8-inch minimum slab, ring road around the building and truck court, LED warehouse lighting, ESFR sprinkler system, and over 1,000 trailer and 1,500 car parking spaces. 

It will be at 6363 FM 1405 within the TGS Cedar Port Industrial Park.​

Delivery is set for second quarter 2022.

​Powers Brown Architecture is the architect and E.E. Reed Construction LP is the general contractor. NAI Partners is handling leasing. Bank of Texas provided construction financing. 
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Austin housing market calms in August 

AUSTIN (Austin Board of Realtors) – Although the local housing market is calming, the Texas Capital still remains a top market in the U.S. 

According to the Austin Boa​rd of Realtors, home sales in August declined 4.6 percent year over year to 3,849. 

The median sales price increased 34.7 percent to $470,000, an all-time high for the month of August. Sales dollar volume increased 18.7 percent to $2.2 million. 

Monthly housing inventory fell to one month. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

Last month, new listings increased 14.1 percent to 4,409; active listings declined 19.1 percent to 3,380; and pending sales decreased 8.6 percent to 3,970.
The Texas Weekly Leading Index increased for a fourth straight week the week ending Sept. 4. The index points toward higher future economic activity as the reopening of the economy continues. Unfortunately, after months of declines in COVID-19 cases the number of new cases has risen due to the presence of the Delta variant, which has shown to be more contagious. This has increased uncertainty surrounding the end of the pandemic. Read more in our latest report.

Senior living slated for Beaumont

BEAUMONT (Cadence McShane Construction Co.​) – The City of Beaumont Housing Authority and Brinshore Development are developing Century Heights, a 200-unit senior living community.

The 6.8-acre project w​ill have a four-story, low-rise building with one- and two-bedroom units. 

Amenities will include a fitness center, computer learning center, health screening room, community room, pickle-ball court, barbeque pavilion, dog park, sensory garden, and fountain. 

Cadence McShane Construction Co. is handling construction​.​​​ Steinberg Dickey Collaborative​​ is the project architect. 

Completion is slated for the end of 2022. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Plano’s Haggard family planning 142-acre mixed-use project

​​​​​​PLANO (Dallas Morning News) – Haggard Enterprises Ltd. and Stillwater Capital are developing a 142-acre mixed-use project on Spring Creek Pkwy.

The development will include​ 700,000 sf of offices, 700 multifamily units, a 98-room hotel, 30,000 sf of retail space, and a 427-unit senior living community.

About 13 acres at Spring Creek and Windhaven Parkways will be set aside for future single-family home construction, and 28 acres will be designated for open space.
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

ConocoPhillips picks up Permian assets from Shell

​​​HOUSTON (Connect CRE) – ConocoPhil​lips has purchased 225,000 net acres in the Permian Basin fr​om Royal Dutch Shell for $9.5 billion. 

The purchase also includes 600 miles of associated infrastructure​. 

The deal marks Shell's exit from the largest U.S. oilfield to focus on clean energy. ​

ConocoPhillips already owned 750,000 net acres in the Permian.

Crescent starts on $250M mixed-use project in Fort Worth’s cultural district

​​FORT WORTH (Dallas Morning News) – Crescent Real Estate has broken ground on a $250 million mixed-use development on Camp Bowie Blvd., west of downtown.

The project will include a 20​0-room hotel, 170,000-sf office building, and 170 residential units.

Crescent will move its headquarters to the project. 

OZ Architecture designed the development, which will open in 2023.
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Copyright © 2021, 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 Texas Real Estate Research 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 Texas Real Estate Research 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=507
RECON for September 21, 2021RECON for September 21, 20212021-09-21T05:00:00Z2021-09-21T05:00:00Z
Masked realtor giving masked homebuyers a key
Can we just forget last year already? When it comes to the state’s housing market, comparing this year with the anomaly that was 2020 is futile. Comparing it with 2019, on the other hand, is a different story. Read more in "Return to Normalcy? Texas Housing Mid-Year Update." (Photo from Center files.)
September 21, 2021

Texas 2021's second most diverse state

WASHINGTON (WalletHub) – According to a WalletHub study, Texas is the second most diverse state, behind only California. 

The Lone Star State ranks fourth in cultural diversity and sixth in religious diversity. It is 13th in both socioeconomic and economic diversity, 14th in household diversity, and 21st in political diversity. 

Texas is also second​​ in linguistic diversity​, third in industry diversity, fourth in racial and ethnic diversity, and fifth in household size diversity.  

Hawaii, New Jersey, and New York rounded out the top five. 

Earlier this year, Houston was named the most diverse city in the country. 

To determine the rankings, WalletHub compared all 50 states across six key dimensions. 
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$1.45B master-planned community planned for Celina 

​​​CELINA (Connect Media) – Tellus Group LLC has acquired 686 acres for Mosaic, a $1.45 billion master-planned community. 

The land is immediately north of Tellus' W​indsong Ranch and nine miles southwest of downtown.

Home prices will be from the low $400,000s to more than $1 million. Home sites​ will range from 40 to 70 feet.​​

More than 47 acres will be preserved for open spaces and parks.

Initial home sites will deliver in early 2023.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

100K-sf Alamo Visitor Center & Museum slated for Alamo Plaza 

​​​SAN ANTONIO (San Antonio Business Journal) – The Alamo Trust Inc. is redeveloping the Crockett and Woolworth Buildings into the Alamo Visitor Center & Museum.

​​​The $130 million museum and visitor center will be over 100,000 sf, with 32,000 sf dedicat​ed to museum galleries for programming. 

Amenities will include a special event space, rooftop restaurant, and retail space. 

Construction will be complete in 2025.  

Gensler and GRG Architecture are the designers.
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. 

Work starts on Beaumont apartments

​​BEAUMOUNT (Cadence McShane Construction) – The City of Beaumont Housing Authority and Brinshore Development ​are developing the 192-unit Trinity Grove Apartments.

The eight-building, 195,000-sf project will span 9.6 acres. Amenities will include children's playscapes, courtyards, gazebo areas, fitness center, community room, and computer learning center.

Cadence McShane Construction will build the project, which was designed by JHP Architecture. 

Completion is slated for fall 2022.
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Raybec purchases 216-unit Edinburg apartment complex

​​​​​​EDINBURG (Raybec Investment Co. LTD) – Illinois-based Raybec Investment has acquired the University Commons o​n Schunior apartment complex at 1709 W. Schunior St.

The 216-unit complex has 120 on​e-bedroom, 72 two-bedroom, and 24 three-bedroom apartments. 

Raybec has rebranded the complex to Edinburg Place Apartments. It will also add amenities including a clubhouse, dog park, fitness center, and tennis/basketball courts.
Communication Matters video seriesThe Texas Real Estate Research 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.

Saddle Creek Logistics Services to open 864K-sf distribution center

​​​FORT WORTH (Fort Worth Business Press) – Saddle Creek Logistics Services is opening an 864,000-sf distribution center in the South Fort Worth I35 Logistics Center at 11900 S. Freeway Service R​​​d.​​​​​​​​

The newly constructed building has 40-ft ceilings and 120 dock doors. 

Opening is set for December 2021.​
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The Point at Cypress Woods trades hands, rebrands

​​​​CYPRESS (REBusiness Online) – San Francisco-based Hamilton Zanze has sold The Point at Cypress Woods.​

​The 530-unit apartment community was built in 1983. It has one-, two-, and three-bedroom floor plans. 

Amenities include two pools, outdoor grilling stations, a fitness center, playground, and onsite laundry facilities.

The property was renamed Estates at Cypress after purchase.

Hamilton Zanze purchased the property in 2014 and implemented capital improvements during its hold. 
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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Copyright © 2021, 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 Texas Real Estate Research 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 Texas Real Estate Research 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=506
RECON for September 17, 2021RECON for September 17, 20212021-09-17T05:00:00Z2021-09-17T05:00:00Z
What does the remainder of 2021 look like for the state's apartment market? Texas Real Estate Research Center economists Dr. Luis Torres and Dr. Harold Hunt share their insights. They also look ahead to what's in store for the beginning of 2022. Watch more here. (Photo by Center Photographer JP Beato.)
September 17, 2021

Texas unemployment rate falls below 6 percent in August

AUSTIN (Texas Workforce Commission) – Texas' seasonally adjusted unemployment rate fell 0.3 percent to 5.9 percent in August, according to the Texas Workforce Commission. 

Texas added 39,300 nona​​gricu​ltural jobs last month, marking gains in 15 of the last 16 months. Since August 2020, Texas added a total of 681,000 jobs.

Amarillo had the lowest nonse​asonally adjusted unemployment rate in the state​ at 3.6 percent. McAllen-Edinburg-Mission had the highest at 8.9 percent. 

All employment sectors had seasonally adjusted job gains since August 2020 except for government, which ticked down 0.1 percent. The leisure and hospitality sector's employment jumped 15.8 percent over the year, but lost 25,600 jobs since July. 
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Work starts on 238-acre residential development in Houston

HOUSTON (Realty News Report) – ​​​Johnson Development Services and M/I Homes have started construction on a 238-acre residential project along the FM 2920 corridor near Mueschke Rd. 

The community, named Sorella, will have 40- and 50-ft hom​e sites and half-acre lots around an amenity lake. 

Of the 838 home sites, 433 will be built by M/I Homes. Prices will start in the $200,000s. 

Johnson Development Services will sell its 405 home sites​ to Newmark Homes and Beazer Homes

Lot delivery is slated for the end of next year. Model and inventory homes will be available by spring 2023.​
Pivoting: Texas' licensee boom | Red Zone podcast #464
More people than ever hold a Texas real estate license. In addition, licensees have had to adapt to new post-pandemic business practices. The Texas Real Estate Commission's Chelsea Buchholtz and Scott Kesner join us in the Red Zone to discuss Texas' new licensee boom.

Casey building 303-unit apartment complex 

​​​​​​SAN ANTONIO (San Antonio Business Journal) – Casey Development Ltd. is building Tacara at Crosswinds, a 303-u​nit apartme​nt complex at 11411 Crosswinds Way. 

The community will have studio and one-, two-, and three-bedroom units. Rents will range from $1,049 to $1,899 per month. 

Amenities will include a fitness center, pool, and clubhouse. 

Construction will be complete by summer 2022. 

Casey recently completed construction on the 338-unit Tacara at Stone Oak​ and is breaking ground on the 300-unit Tacara at Gruene in October.

TALCBThe Texas Appraiser Licensing and Certification Board (TALCB) has launched its new complaint portal. This simple-to-use tool allows consumers to file complaints directly on the TALCB website. It also allows consumers to check the status of their complaints online. In addition, it integrates backend efficiencies for staff, which decreases complaint processing times. The complaint portal is located on the Filing a Complaint page of the TALCB website. Learn more.

Pearlstone, ATCO team up for 200-unit mixed-use condo project 

​​AUSTIN (Austin Business Journal) – Pearlstone and ATCO are developing a mixed-use project at 1808 Aldrich St.

The mixed-use ​development will include 200 condos, 30 of which will be reserved as affordable units. The project will also have 22,318 sf of office space and 4,884 sf of retail space. 

STG Design Inc.​ is the architect. Bartlett Cocke General Contractors LLC is the contractor.

Knighthead Funding LLC provided $59.5 million in financing. 

Construction will be complete by fall 2023.
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ThredUp investing in Lancaster

​​​LANCASTER (Dallas Morning News) – California-based ThredUp is leasing a 600,000-sf fulfillment center ​​​from Dallas-based IDI Logistics. 

The facility will be on 35 acr​​es at the southeast corner of Interstates 35E and 20. It will open in late 2022. 

ThredUp will make a $50 million investment and create 1,500 jobs.

The city council approved the project and a maximum incentive grant of $150,000 for creating at least 150 full-time jobs by Jan. 1, 2026.
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

Forney getting $800 million residential project

​​FORNEY (Connect Media) – Megatel Homes LLC is developing the Bellagio Lagoon community, an $800 million residential community. 

The project will in​clude a man-made lagoon with white sand beaches. Homes will range from 1,800 to 4,200 sf and be priced between $349,000 and $600,000.

​The 400-home first phase will be complete in April 2022. The lagoon will deliver by August 2022.
Helping Texans make the best real estate decisions since 1971

KKR sells $300M Riata Corporate Park 

​​​AUSTIN (Austin American-Statesman) – KK​R has sold Riata Corporate Park, an eight-building office campus at 12331 Riata Trace Pkwy.

The campus is fully leased to tenants including Accenture, Allergan, the Advisory Boa​​rd Company, Sonic Healthcare, and Zynga. 

According to Bloomberg news service, the buyer is an affiliate of Starwood Capital Group.

Villas at Valley Ranch trades hands

​​​​PORTER (REBusiness Online) – San Antonio-based Lynd Co. has purchased Villas at Valley Ranch.​

The 312-unit apartment community at 21899 Valley Ranch Crossing Dr. has one- and two-be​droom floor plans. 

Amenities include a pool, clubhouse, conference room, theatre room, and a fitness center.

New York-based Lument provided $32.3 million in acquisition financing, which will also fund capital improvements. 
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research 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 Texas Real Estate Research 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=505
RECON for September 14, 2021RECON for September 14, 20212021-09-14T05:00:00Z2021-09-14T05:00:00Z
Rendering of data center
According to CBRE, Dallas-Fort Worth's data center inventory grew 225 percent since 2015, the second fastest rate of any primary data center market in the U.S. Keep reading today's RECON for the full story. (Photo from Center files.)
September 14, 2021

Six Texas counties among fastest growing nationally

WASHINGTON (U.S. Census Bureau) – According to U.S. Census Bureau data, six Texas counties are among the top ten fastest growing​ counties with at least 100,000 residents in the country.​

From 2010 to 2020, Hays County's population grew from 157,107 to 241,067, an increase of 53.4 percent. That makes the Central Texas county the fastest-growing nationally.

Comal County followed closely with its population increasing 48.9 percent from 108,472 to 161,501. 

The other four Texas counties ​​in the top ten are: 
  • No. 4 Williamson County, 44.1 percent increase;
  • No. 7 Kaufman County, 40.6 percent;
  • No. 8 Fort Bend County, 40.6 percent; and 
  • No. 10 Rockwall County, 37.6 percent.
Texas' total population grew to almost 29.15 million in 2020. 

The rest of the top ten rankings include No. 3 Osceola County, Fla., up 44.7 percent; No. 5 Saint Johns County, Fla., up 43.9 percent; No. 6 Forsyth County, Ga., up 43.2 percent; and Sumter County, Fla., up 38.9 percent. 

Texas Real Estate Research Center Senior Data Analyst Joshua Roberson talked more about the latest Census data on a recent Real Estate Red Zone podcast. Listen to it here.
Homeowners who qualified for temporary relief from mortgage payments in the wake of the COVID-19 recession will eventually have to repay any missed or reduced payments. Their ability to do so is largely a function of their age and length of time working. Read "Payback Predicament: COVID, Mortgage Forbearance, and Repayment Affordability" for more.

DFW number two market in data center inventory growth

​​​​​​​DALLAS (CBRE) – ​​​​Dallas-Fort Worth's data center inventory has grown 225 percent since the first half of 2015, according to CBRE's first half 2021 data center report. 

​The Metroplex has 367.3 megawa​tts (MW) of inventory, up 19.9 MW from the first half of 2020. Northern Virginia is the only wholesale primary market with more inventory and faster six-year inventory growth.

DFW's vacancy rate fell 260 basis points over the year to 18.5 percent. That's the highest vacancy rate of the primary markets. 

Net absorption was at 3.7 MW in the first half of the year, down 8.5 MW. Rental rates were between $100 and $140 per kilowatt (kW) per month. 

Of the secondary markets, Austin/San Antonio had the second-largest inventory at 150.6 MW. It also had the lowest vacancy rate of the secondary markets at 3.1 percent. Absorption was at 3.4 MW, and rental rates were between $125 and $140 per ​kW/month. 

Houston had the fourth-largest inventory of the secondary markets at 133.5 MW. Vacancy fell to 21.6 percent, and rents were at $120-$140 per kW/month.
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. 

Trammell Crow starts on Houston business park

HOUSTON (REBusiness Online) – Trammell Crow Co. has broken ground on the first phase of Weiser Business Pa​rk, a 130-acre speculative industrial redevelopment project. 

Phase one will include three buildings totaling 557,490 sf. 

The first and smallest building will have 28-ft clear heights and 128 vehicle parking spaces. The second and third buildings will both span more than 200,000 sf and offer 32-ft clear heights and​ nearly 500 combined parking spaces. 

The first phase will open in second quarter 2022. 

Construction of a 520,000-sf fourth building with 36-ft clear heights will begin early next year.​​​​

Lee & Associates is handling leasing.
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Costco Business Center coming to Stafford

​​​​STAFFORD (Realty News Report) – Issaquah, Wash.-based Costco is opening a 148,000-sf retail store that caters to small businesses, restaurants,​ and stores.

The 148,000-sf facility, which will open this fall, will be on 13 acres​ at 12717 Network Dr.​​​ within The Grid development. 

It ​will sell heavy duty commercial appliances and large-scale packages of groceries along with routine consumer-sized portions.​

The Grid is being developed by Street Level Investments and Provident Realty Advisors.
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Comet Signs signs off on 166,000-sf industrial facility 

​​​SAN ANTONIO (REBusiness Online) – Comet Signs has sold its 166,000-sf industrial facility at 5003 Stout Dr. in a sal​e-leaseback deal. 

Built in 1985, the property has 22.5-ft clear heights, 93 parking stalls, and a 21 percent office finish. 

JLL represented Comet Signs, which will occupy the building.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

Port America under new ownership

​​​​DALLAS (REBusiness Online) – California-base​​d REIT PS Business Parks Inc. has acquired Port America for $123 million.

​​The 717,735-sf industrial project consists of eight buildings. 

Port America was 96 percent leased at the time of sale. The average tenant suite is 8,000 sf. 
Communication Matters video seriesThe Texas Real Estate Research 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.

Royal Ridge office campus under new ownership

​​​​IRVING (REBusiness Online) – ​Affiliates of Menlo Equities​ has purchased Royal Ridge, a 505,948-sf office campus in Las Colinas. 

The four-building campus was built between 1998 and 2000. Tenants include Michaels and Honda. 

JLL represented the sellers, ​Switzerland-based Partners Group and Florida-based Accesso.​​
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Chempak International signs Stafford lease

​​​​STAFFORD (Connect Media) – Houston-based Chempak International has signed a 156,726-sf industrial lease within Weatherford Farms Industrial Park.

The new Class A facility is on 19.2 acres at 10421 Mula Rd. It includes 122 parking spaces and a small office area. 

Avison Young represented the tenant. Colliers represented the landlord, Crow Holdings Industrial. 
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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Copyright © 2021, 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 Texas Real Estate Research 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 Texas Real Estate Research 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=504
RECON for September 10, 2021RECON for September 10, 20212021-09-10T05:00:00Z2021-09-10T05:00:00Z
The COVID-19-induced economic shutdown accelerated the shift to e-commerce retail, the distribution of which needed extra support from the industrial market. Additionally, the office market was disrupted with the push to remote work. Our 2021 Mid-Year Texas Commercial & Economic Outlook has more. (Photo from Center files.)
September 10, 2021

Houston housing remains stable in August

HOUSTON (Houston Association of Realtors) – After the area's 13-month run of positive sales was interrupted in July, sales volume increased in August with inventory levels improving and prices showing signs of moderation while remaining higher than last year.

According to the Houston Association of Realtors' (HAR) Aug. 2​021 Market Update, single-family home sales rose 8.5 percent from August 2020, up from 9,118 sales to 9,890. On a year-to-date basis, local home sales are 17.4 percent ahead of 2020’s record pace.

Total dollar volume jumped 26.7 percent over the year to more than $4.3 billion. 

Pricing eased a bit ​since setting record highs in June. The median single-family home price climbed 15.2 percent to $310,000, while average price increased 14 percent to $380,233. 

Active listings fell 14.4 percent to 27,555 homes for sale. Pending single-family sales increased 8.9 percent to 10,431. 

Total days on market for single-family homes were nearly cut in half from August 2020, falling from 51 to 26 days. Months of inventory fell to 1.9 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

According to HAR, homes priced at $750,000 and above had the largest jump in sales, increasing 48.5 percent year over year. That was followed by the $250,000 to $500,000 segment, which rose 31.8 percent.

August sales of townhouses and condominiums increased for the 12th consecutive month, jumping 27.1 percent with 807 closed sales versus 635 a year earlier.
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DJE buys 401-unit apartment complex 

SAN ANTONIO (REBusiness Online) – DJE Texas Management Group has purchased Limestone Oaks, a 401-unit apartment community at 9001 Wurzbach Rd.

Built in 1981, the property has one- and two-bedroom units. Rents range from $750 to $1,339 per month.

Amenities include a poo​​​l, pet play area, laundry facilities, and walking and biking trails.

DJE has rebranded the community as The Helix Apartments.

Lument arranged a $29.4 million bridge loan for the borrower
The Texas Weekly Leading Index increased for a second week straight the week ending Aug. 21. The index is pointing toward higher future economic activity as the reopening of the economy continues. Unfortunately, after months of declines in COVID-19 cases the number of new cases has risen due to the presence of the more contagious Delta variant. This has increased uncertainty surrounding the end of the pandemic. Read out latest Texas Weekly Leading Index for more. 

Work starts on H-E-B-anchored Willis retail center

​​​​WILLIS (Houston Business Journal) – Houston-based Fidelis​​ has broken ground on The Market at Willis Shopping Center.

Phase one will include over 200,000 sf of retail and restaurant space anchored by a 110,000-sf H-E-B grocery store. Other tenants include Crust Pizza, Mod Pizza, Akashia Asian Bistro & Sushi Bar, Texas Hair Team, Great Clips, and Community Dental Partners. 

Completion of the initial phase will wrap up​ in 2022. Work will start on phase two—which includes a three-story, 250-unit multifamily complex—in third quarter 2022.

The Market at Willis is part of a new 510-acre master-planned community on the former Moran Ranch. Houston-based Satya Inc. and Alpharetta, Ga.-based Stolz Partners purchased the land in 2019. Fidelis bought its initial 31.6 acres for the shopping center shortly ​after. It later purchased two adjacent tracts, bringing the future shopping center to 69.7 acres.
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225-unit apartment community slated for east El Paso 

EL PASO (El Paso Times) – Furman Malooly Development is developing Desert Commons, a 225-unit apartment complex at 2801 N. Zaragoza Rd.

The property will have one- to three-bedroom units. Rents will range from $800 to $1,600 per month.

Amenities will include a pool, pocket park, clubhouse, fitness center, co-working lounge, and game lounge.

Construction begins this month and will be complete in late fall 2022. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Total Office Solutions leases 330K-sf Irving logistics center 

IRVING (REBusiness Online) – Total Office Solutions has signed a 329,328-sf lease for the entire Stadium Logi​​stics Center, a newly built speculative development at Chemsearch Blvd. and E. Airport Fwy.

The 20-acre property ha​s 192 trailer parking stalls and 300 parking spaces. It will serve as the company's new headquarters.

Transwestern represented the tenant while JLL represented the landlord, CT Realty. 

Stonelake developing 50-acre industrial center

GEORGETOWN (Austin American-Statesman) – Stonelake Capital Partners is developing Georgetown Logistics Park, a 625,000-sf industrial center at the southwest corner of I-35 and SH 130 along Aviation Dr.

Construction begins in first quarter 2022. The first 432,360-sf space will open in third quarter 2022. The project will be completed the following quarter. ​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Texas Real Estate Research Center, and all MLSs across the state. 

Over 460K sf in Alamo Ranch shopping center sold

​​​​​​SAN ANTONIO (San Antonio Business Journal) – Charlotte, N.C.-based Big V Property Group has acquired over 460,000 sf in the Alamo Ranch shopping center.

The retail center includes more​ than 900,000 sf of restaurant and retail space. Major tenants on Big V's property include Best Buy, Dick's Sporting Goods, Ross Dress for Less, and Old Navy.​

Singapore investor snags 730K-sf shipping hub in Fort Worth

FORT WORTH (Dallas Morning News) – GLP Cap​ital Partners has purchased the Speedway Distribution Center at 16101 Three Wide Dr. near SH 114.

Built in 2014, the 730,000-sf distribution complex is occupied by a Sam's Club shipping center.​​

The building was developed by IDI Logistics.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research 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 Texas Real Estate Research 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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