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RECON for January 21, 2020RECON for January 21, 2020Bryan PopePope
2020-01-21T06:00:00Z2020-01-21T06:00:00Z

RECON Real Estate Center
The downtown skyline and surrounding metropolitan area of Houston, Texas; the fourth largest city in the United States shot from an altitude of about 1000 feet.
According to a WalletHub study, Texas is the fourth-best state for driving. For the details on this story and more, keep reading today's RECON. (Photo from Center files.)
January 21, 2020

364K-sf medical office tower slated for Museum District 

HOUSTON (Houston Business Journal) – Katy-based Testa Rossa Properties LLC will soon begin construction on Museo Plaza, a mixed-use project in the Museum District. 

Phase one will feature a ten-story, 364,000-sf medical office tower at 5115 Fannin St. 

The $77 million tower will have five parking garage levels above the ground-floor lobby, which will include 16,000 rentable sf.

Floor plates will be nearly 35,000 sf to help accommodate the space requirements of medical service providers.

The building’s anchor tenant, The Mann Eye Institute, will occupy 37,000 sf on the top floor. 

Construction will begin in February and wrap up in first quarter 2022.

It was designed by PJMD Architects. Mission Constructors Inc. and CBRE are leasing the property. J.A. Billipp Co. and Skyhawk Partners are handling development managements. 
Helping Texans make the best real estate decisions since 1971

Former Dallas Cowboys facility becoming housing project

IRVING (Community Impact Newspaper) – The former Dallas Cowboys practice grounds in Valley Ranch is becoming a new housing project called Legends Crossing.

The 36-acre ​project will add 251 units to Valley Ranch's current housing stock: 63 small-footprint bungalows, 86 townhomes, and 102 villas.

The community will include a trail system, community center, lawn care services, and Cowboys-themed road names and memorabilia.

Prices will start at $350,000 and top out between $550,000 and $600,000. Centurion American is the developer.

With utility construction underway, the first building permits will be issued in April.

Construction will take three to four years. ​
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. 

Texas fourth-best state for driving

WASHINGTON (WalletHub) – ​​​Texas is the fourth-best state to drive in, says a WalletHub study.

The Lone Star State ranks second in access to vehicles and maintenance​, 13th in safety, 20th in cost of ownership and maintenance, and 41st in traffic and infrastructure. 

Texas was fifth in both lowest average gas prices and fewest days without precipitation. 

The top three driving states are Iowa, Tennessee, and North Carolina.​

Last year, Texas ranked fifth on WalletHub's list of the top states for summer road trips. 
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. 

28-story luxury condos rise in downtown Austin

AUSTIN (Austin American-Statesman) – New York-based Reger Holdings is developing The Linden, a 28-story residential tower at 313 W. 17th St.

The tower will have 117 one- to three-bedroom luxury condominiums and a limited selection of two-story penthouses.

Eight levels of parking will be above 5,000 sf of ground-level retail and restaurant space.

Amenities will include a fitness center, pool, hot tub, club house, and grilling areas.

Rhode: Partners is the architect and interior designer.

Construction will begin in March and wrap up in 22 to 24 months. 
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Major mixed-use project underway at North Hills Mall

NORTH RICHLAND HILLS (Dallas Morning News) – Centurion American Development group has ​purchased more than 50 acres on the former North Hills Mall site for a major mixed-use development.

Called City Point, the development on Grapevine Hwy. will include 364 single-family lots, eight acres of multifamily development, 60,000 sf of commercial space, a hotel, amenity center, trail system, and green space.

The city has already built a new city hall and a public safety and municipal court complex on the property. 

Centurion American is currently in the design phase and will begin development in first quarter 2020.
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.

Eight-acre RV, boat storage coming near Killeen

NOLANVILLE (Killeen Daily Herald) – Cliff Brown is building Cen-Tex RV and Boat Storage, a 696,960-sf storage facility at 1993 E. Central Expy.

The property will offer 335 total spaces, many of which will be 14 ft wide and 40, 45, and 50 ft long. Two-hundred covered spaces will be 1​2 ft wide and 37.5 ft long.

MRI Builders of Thorndale is the ​contractor. ​​​
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=342
RECON for January 17, 2020RECON for January 17, 2020Bryan PopePope
2020-01-17T06:00:00Z2020-01-17T06:00:00Z
​ ​
RECON Real Estate Center
El Paso commercial buildings in the sunlight
El Paso's industrial market closed out 2019 with record-low vacancy and record-high rents, according to CBRE. For more news like this, keep reading today's RECON. (Photo from Center files.)
January 17, 2020

Todd Interests building 20-story mixed-use tower at East Quarter 

DALLAS (Dallas Business Journal) – Todd Interests has started on 300 Pearl, the first of four ground-up developments within the East Quarter revitalization project.

Located between Pearl St. and Cesar Chavez Blvd., the 20-story building will include 180,000 sf of office space, 25,000 sf of ground-floor retail, and 336 Class A apartments.

Other features will include enclosed parking, a fitness center, and a private bar.​

The project will preserve two 1940s-era buildings along Cesar Chavez Blvd.

The building will cost around $130 million, according to the Texas Department of Licensing and Regulation.

Altschuler and Co. are leasing the office space, while Shop Cos. will lease the retail. Merriman Anderson Architects is the designer, and Andres Construction is the builder.​

The office portion is set for completion by early 2021, while the residential portion will be delivered by mid-2022.
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Rezoning approved for potential Amazon center in Pflugerville

PFLUGERVILLE (Austin Business Journal) – The city council has approved the rezoning of 94 acres at 2000 E. Pecan St. for a proposed Amazon distribution center.

Dubbed Project Charm, the four-and-a-half-story, 3.8 million-sf facility will feature 43,000 sf of office space, 780,552 sf of warehouse space, and three million sf for robotics on a mezzanine level. There will be 1,706 parking spaces. 

Jones/Carter is the civil engineer, SMDH Inc. is the structural engineer, and Dialectic Engineer is the mechanical, electrical, and plumbing engineer.

A final reading of the rezoning ordinance will occur later this month.
Podcast 440: Texas' ebbing economic edge?
For years, Texas has enjoyed a reputation as an economic powerhouse. While that's still true, other states are beginning to shine just as brightly. REC Research Economist Dr. Luis Torres and Research Associate Paige Silva elaborate on our latest Red Zone podcast. 

Waterton bags 809-unit portfolio 

HOUSTON (Multi-Housing News) – Waterton has acquired a local multifamily portfolio totaling 809 units.

The portfolio includes the:​
  • 348-unit Reserve by the Lake at 18600 S. Parkview Dr. in Houston,
  • 264-unit Madison on the Meadow at 12660 Stafford Rd. in Stafford​, and 
  • 197-unit Summerwind at 2414 County Rd. 90 in Pearland​.
All three of the assets will undergo capital improvement programs, focusing on interior and exterior renovations.

​According to Yardi Matrix information, Hills Properties was the seller of all three properties.
Outlook for the Texas Economy November 2019 summary
Read our latest Outlook for the Texas Economy report for more. 

The Grove Frisco phase two underway

FRISCO (Dallas Morning News) – Newland Communities and North America Sekisui House LLC are gearing up for the second phase of The Grove Frisco community.

​The 735-acre project on S. Custer Rd. near the Sam Rayburn Tollway opened last sum​​​​​mer. Three-thousand homes are planned for the community.

The second phase will have patio homes, townhomes, luxury apartments, retail, and restaurants.​

JPI will build the 424-unit apartment community at the southwest corner of Main St. and Custer Rd. The eight-building apartment complex was designed by JHP Architecture.

The townhome community will have 129 units.​

American Legend Homes, Drees Custom Homes, Highland Homes, and Southgate Homes are building in the community.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

El Paso industrial market hits record-low vacancy, record-high rents 

EL PASO (CBRE) – The local industrial market closed out the year with record-low vacancy and record-high rents, according to CBRE.

High levels of activity decreased vacancy to 4 percent. Class A vacancy fell to 8.2 percent, a record low for the current cycle.

Net absorption for the quarter fell to 222,734 sf but remained above the ten-year quarterly average.

Decreasing availability has pushed marketwide average asking rents to $5.07 per sf, a $0.69 per sf increase from last year.   

There is 706,000 sf of space under construction. 
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Houston Methodist Clear Lake phase one breaks ground

NASSAU BAY (REBusiness Online) – Hoar Construction has broken ground on the Houston Methodist Clear Lake Medical Office Building, a 158,000-sf project at 18300 Houston Methodist Dr. 

The six-story building will house orthopedics and sports medicine practices. Two floors will be devoted to physical therapy and a sports medicine gym and clinic. 

The ​building is the first phase of the hospital’s master-planned site.​​​

C​​​ompletion is scheduled for first quarter 2021. ​
The Real Estate Center will be closed on Monday, Jan. 20, in observance of Martin Luther King Jr. Day.

12-story mixed-use tower replaces Still Golden building

SAN ANTONIO (San Antonio Express-News) – The Still Golden Social House building is being transformed into a 12-story mixed-use tower that will house Jefferson Bank's new headquarters.  

The development at 1900 Broadway St. will have​​​ 190,000 sf of office space and 15,000 sf of retail on the ground floor.

Construction will begin in second quarter 2020 and wrap up in 2022. 
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JV acquires 171K-sf River Oaks Bank Building

HOUSTON (REBusiness Online) – A joint venture between Fuller Realty Partners and Independencia Asset Management has acquired The River Oaks Bank Building, a 170,233-sf office building at 2001 Kirby Dr.

The deal includes the recently​ renovated 14-story building, an attached 323-space parking garage, and 185 surface parking spaces.

JLL represented the seller, a client of L&B Realty Advisors LLP, and arranged acquisition financing on behalf of the buyer.​​
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=341
RECON for January 14, 2020RECON for January 14, 20202020-01-14T06:00:00Z2020-01-14T06:00:00Z
RECON Real Estate Center
High-rise buildings in Plano Legacy business park
What's the scoop? The Lone Star State has fastest-growing GDP nationally, Real Estate Center welcomes new research economist, and North Texas city leads Texas in office development. Today's RECON has all the details.  (Photo from Center files.)
January 14, 2020

Lone Star GDP fastest-growing in 3Q2019

​​WASHINGTON (U.S. Bureau of Economic Analysis) – Texas' gross domestic product (GDP) grew 4 percent in third quarter 2019, faster than any other state, according to the U.S. Bureau of Economic Analysis. 

​The United States' GDP grew 2.9​ percent over the quarter.

The state's third quarter growth rate was lower than the first and second quarters, which were 5.3 and 4.7 percent, respectively.

"Nondurable goods manufacturing, retail trade, and professional, scientific, and technical services were the leading contributors to the increase in Texas real GDP," said Real Estate Center Research Economist Dr. Luis Torres. "Surprisingly, oil and gas extraction was another top contributor to the growth."
Texas Housing at a Glance

Real Estate Center welcomes new research economist

Adam Perdue headshotCOLLEGE STATION (Real Estate Center) – Dr. Adam Perdue is a new research economist for the Real Estate Center at Texas A&M University.

Perdue's research with the Center will focus on public policy and ​urban, real estate, and spatial economics.

​Perdue, a Houston native, received​ two B.S. degrees—one in civil engineering and one in economics—from the University of Houston (UH). 

After working as a transportation engineer in Houston, then in San Antonio​, he returned to UH to obtain his M.A. and Ph.D. in economics. 

Before coming to work for the Center, Perdue worked as an economist at the UH Institute for Regional Forecasting. He focused​​ on the spatial distribution of Houston economic activity and the local real estate industry. 

Perdue also previously worked as an oil and gas consultant for IHS and a real estate consultant for John Burns Real Estate Consulting.
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Plano leads office developing in Texas 

​​​SANTA BARBARA, Calif. (CommercialCafé​​) – ​​Plano added nearly 10.6 million sf of office space since 2009, making it the top small Texas city for office development, according to CommercialCafé​.

The North Texas city had a total of nearly 37.2 million rentable sf of office space at the end of 2019, up 39.67 percent from 2009, when it had 26.6 million rentable sf. 

At the end of the decade, Plano had 395,333 sf of office space under construction. 

The other small (population under 300,000) Texas cities in the top ten are Irving, The Woodlands, Richardson, Spring, Frisco, Midland, Katy, Sugar Land, and Round Rock. ​​​

Top 10 Cities for Office Development in Texas

Former Mary Kay HQ getting makeover

​​​DALLAS (Connect Media) – Locally based The Ricchi Group has acquired Optima Business Park, a two-building, 200,000-sf office complex that was once home to Mary Kay Inc.'s headquarters. 

The asset at 8777 N. Stemmons Fwy. includes the eight-story Tower I and five-story Tower II. They opened in 1976 and 1985, respectively. 

Mary Kay relocated from the buildings to Addison in 1995. Current tenants include the Salvation Army and Transport Workers Union.

Ricchi has begun renovations on the property, which will be renamed El Dorado Towers. Improvements will include a gym, lounge, and interior and exterior upgrades.

Cushman & Wakefield represented the seller, Optima Stemmons LLC. The buyer was represented by Pan American Group LLC. 
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Hotel-condo combo opens in downtown Austin

AUSTIN (Austin Business Journal) – Austin Proper Hotel & Residences, downtown's newest high-rise, is now open.

The 32-story hotel and condominium building at 600 W. 2nd St. offers 244 guest rooms and suites, 99 luxury condo units, 14,000 sf of meeting space, and four restaurants run by McGuire Moorman Hospitality.

Handel Architects LLP and Kelly Wearstler handled the design.

Proper Hotels is managing the hotel. Developer The Kor Group and Den Property Group are selling the condos.
Helping Texans make the best real estate decisions since 1971

Southwest opens 240K-sf complex at Hobby Airport

HOUSTON (Dallas Business Journal) – Southwest Airlines Co. opened its new 240,000-sf maintenance complex at William P. Hobby International Airport.

The multipurpose facility includes offices, training facilities, warehouse space, and a 140,000-sf hangar.

The site can service up to six 737 aircraft indoors and an additional eight aircraft outside of the hangar. It has paved aircraft parking areas, aircraft washing facilities, taxiway connections, parking, and loading docks.

Nearly 400 locally based technical operations employees will staff the complex.​​​​​​

McCarthy Building Companies Inc. was​ the general contractor.
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. 

325-unit San Antonio mixed-use project underway 

SAN ANTONIO (Austin Business Journal) – Sabot Development is building a ten-story multifamily and retail tower near the Pearl, a revitalized former industrial site.

The development at Euclid Ave. and Locust St. will span a city block with 325 residential units, 400 underground parking spaces, and 14,000 sf of ground-floor retail space.

The project has been approved by the Historic and Design Review Commission and the Planning Commission. It is awaiting city council approval.

Gensler is the architect and KFW Engineers is the civil engineer. Project Control will oversee project management. 

Groundbreaking is set for second quarter 2021.
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Copyright © *|CURRENT_YEAR|*, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.


https://www.recenter.tamu.edu/news/recon/?Item=340
RECON for January 10, 2020RECON for January 10, 2020Bryan PopePope
2020-01-10T06:00:00Z2020-01-10T06:00:00Z

RECON Real Estate Center
Glass and concrete exterior wall of TAMU's new dentistry building in Dallas
What's happening around the state? Renting more affordable than buying in most Texas markets, two downtown office towers among several El Paso properties sold, and Texas A&M opens Dallas dental clinic and education building. Keep reading today's RECON for the details. (Photo from Texas A&M University College of Dentistry.)
January 10, 2020

Renting more affordable than buying in most Texas markets

​​​​​​​IRVINE, Calif. (ATTOM Data Solutions) – Buying a three-bedroom property is affordable in 455 of the 855 U.S. counties analyzed in ATTOM Data Solution's 2020 Rental Affordability Report. 

However, that is contrary to the trend in Texas, where it is more affordable to rent than buy in more than half of the 57 Texas counties that were analyzed. Those counties are (in alphabetical order):
  • Bexar
  • Brazoria
  • Brazos
  • Burnet
  • Collin
  • Comal
  • Dallas
  • Denton
  • Fort Bend
  • Galveston
  • Guadalupe
  • Harris
  • Hays
  • Henderson
  • Hidalgo
  • Hood
  • Kendall
  • Kerr
  • McLennan
  • Midland
  • Montgomery
  • Parker
  • Randall
  • Rockwall
  • Smith
  • Tarrant
  • Travis
  • Walker
  • Williamson
  • Wise
  • Wood
  • Van Zandt​
The counties in which it is more affordable to buy are:
  • ​Angelina
  • Bell
  • Cameron
  • Coryell
  • Ector
  • El Paso
  • Ellis
  • Gregg
  • Hunt
  • Jefferson
  • Johnson
  • Kaufman
  • Lamar
  • Liberty
  • Lubbock
  • Navarro
  • Nueces
  • Orange
  • Potter
  • San Patricio
  • Taylor
  • Tom Green
  • Victoria
  • Webb
  • Wichita​

The analysis used 2020 rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and public record sales deed data from ATTOM. 

Read last year's list of Texas counties for renting and buying​.

For more analysis, check out "Purchasing a Home versus Renting and Investing" by Center Research Economist Dr. Harold Hunt and Research Intern Clare Losey. 

Giveaway!

Didn't snag a copy of our ever-popular Annual Report + 2020 Calendar? Don't worry, because we're giving away the last of our stock! Take our survey before Friday, Jan. 17, at 5 p.m. CST for a chance to win. Hurry before they're gone!

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TAMU opens Dallas dental school building

DALLAS (Texas A&M Today) – Texas A&M University's College of Dentistry has opened its 160,000-sf, nine-story Clinic and Education building.

Featuring nearly 300 advanced dental-chair stations, specialized clinics, clinical support areas, classrooms, and study spaces, the facility is the first stand-alone building constructed for the dental school since 1950. 

Dental-school-specific patient parking will be available on the first three levels of the new structure.

Construction of the $127 million facility was completed at the end of 2019. Approximately $72 million of the building’s estimated cost came from approval for bond authority that the A&M Health Science Center received from the Texas Legislature during the 2015 legislative session.
Helping Texans make the best real estate decisions since 1971.

LP buying two downtown El Paso office towers

​​​​​​​EL PASO (KTSM) – Franklin Mountain Investments Limited Partnership is purchasing several downtown properties from Borderplex Realty Trust. Among them are two of downtown's largest office towers.

​The 20-story One San Jacinto Plaza, formerly the Chase Tower, is at 201 E. Main. Built in the early '60s, the over 350,000-sf Class A building has been owned by Borderplex Realty Trust since 2007. 

Built in 1971, the 22-story Wells Fargo Plaza at 221 N. Kansas St. has just over 325,000 sf. It was formerly known as the Norwest Bank Plaza.

According to a press release from the buyer, the purchase also includes the parking garages at the two towers as well as other nearby properties and land parcels.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Northwest Austin office campus sells for $258M

AUSTIN (Austin American-Statesman) – KKR has purchased Riata Corporate Park, an eight-building office campus at 12331 Riata Trace Pkwy.

Built between 1998 and 2000, the 688,100-sf complex is on 51 acres between US 183 and W. Parmer Ln.

The deal includes an adjacent 5.6 acres slated for a 64,550-sf office building.

Tenants at Riata include Apple, Allergen, Accenture, UnitedHealth Group, Conduent, Abrigo, and Sonic Health​care.

KKR purchased the property for $285 million from Partners Group and Accesso Partners. The new owner is planning an $11 million capital improvement program.​​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Houston industrial construction at record high

HOUSTON (REBusiness Online) – At the end of the year, a record-high 19.1 million sf of industrial space across 112 buildings was under construction in the metro, according to Avison Young. 

Year-end vacancy stood at 6 percent, and two​​ million sf was absorbed in the fourth quarter.

Four of the five largest projects are build-to-suit developments totaling almost 3.9 million sf.

The largest of those, Medline's 1.3 million-sf project off I-10 in Katy, broke ground during the fourth quarter.​

Two Legacy West office tower underway

PLANO (Dallas Morning News) – Gaedeke Group is building Two Legacy West, an office high-rise within the $3 billion Legacy West development.

Plans call for as much as 600,000 sf of office space.

The new building will join the 14-story One Legacy West tower at Legacy Dr. and SH 121.

Gensler is designing the building, which is set to open in 2022. 
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$1B Gulf Coast Ammonia plant underway in Texas City

TEXAS CITY (San Antonio Express-News) – Work will start this year on the $1 billion Gulf Coast Ammonia plant. 

The plant will produce 1.3 million tons of ammonia per year. It will create 40 permanent jobs and 1,000 temporary construction positions.

Completion is set for 2023. 

The project was developed by Agrifos but has been acquired and jointly funded by Starwood Energy Group and Mabanaft.

$67M North Dallas apartment community sold

DALLAS (Dallas Morning News) – A unit of Alliance Residential has purchased The Verandas at Timberglen, a 500-unit apartment community near the Dallas North Tollway.

Built in 1999 by JPI, the property at 4607 Timberglen Rd. is valued at $67 million.

The community was sold by a partnership of Berkshire Residential Investments.
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=339
RECON for January 7, 2020RECON for January 7, 2020Bryan PopePope
2020-01-07T06:00:00Z2020-01-07T06:00:00Z

RECON Real Estate Center
A woman with read hair shows a magazine layout to a man with glasses in a press printing office.
Kelly Goodpasture with R.R. Donnelley Houston shows Real Estate Center Managing Editor Bryan Pope how the next issue of TG magazine is coming along.  The January 2020 edition of our flagship publication is set to hit mailboxes soon. (Photo by Center Creative Director Bob Beals.)
January 7, 2020

Sealy buys 1.6M-sf DFW industrial portfolio

​​​​​​​​DALLAS (Connect Media) – Sealy & Co. has purchased 1.6 million sf of infill industrial space from Rialto Capital Management and Wafra Inc.

The 97 percent-occupied portfolio includes:
  • 10990 Petal St., Perimeter Distribution Center, Jupiter West A&B, and Forest Lane in Northeast Dallas;
  • 2215 Valley View in Northwest Dallas;
  • 2727 Airport in the South Stemmons submarket;
  • Riverside Business Center in Arlington; and 
  • Executive​ Center I-7 and 3700 Eagle Place in South Dallas. 
CBRE represented the seller.​​
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In memorium: father of Real Estate Center Julio Laguarta 

​​​COLLEGE STATION (Real Estate Center) – "A marriage made in heaven." That's what Julio Laguarta called the partnership between Texas Realtors and Texas A&M University when the Real Estate Center was created nearly 50 years ago.

Laguarta, former National Association of Realtors and Texas Realtors president, died Jan. 3.

"Julio was the father of the Center," said Executive Director Gary Maler. "Creating an organization to conduct real estate research for Texas was his idea. Although he was a Longhorn, he was ecstatic when Texas A&M agreed to house the Center he envisioned."

Appointed to a six-year term on the Center's first advisory committee, Laguarta was elected its first chairman.

Read more about Laguarta's role in creating what was known at the time as the Texas Real Estate Research Center.
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. 

American Furniture Warehouse buys Conroe land for mega store

​​CONROE (REBusiness Online) – American Furniture Warehouse has purchased 30 acres at I-45 and River Plantation Dr. ​for a new 443,375-sf mega store.

The store will include 150,000 sf of showroom space and 293,375 sf of warehouse/merchandise storage space. 

It will be the company's third store in the Houston area.

Baker Katz represented the buyer. Caldwell Cos. represented the seller, Gross Land Fund I LP.​​
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. 

Arizona builder starts on new Lake Lewisville community

​OAK POINT (Dallas Morning News) – ​​​Scottsdale, Ariz.-based Taylor Morrison has broken ground on South Oak, a 236-home community on Lake Lewisville near US 380 in Denton County. 

Homes will range from 1,700 to 2,900 sf. Prices will start in the $200,000s. 

The waterfront community will include a private clubhouse with a fitness center, swimming pool, walking trails, and fishing area.​

It will open for sales in the first quarter.
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Historic downtown hospital sold to hotel operator

SAN ANTONIO (San Antonio Express-News) – The downtown building that housed the Nix Medical Center for nearly 90 years​ has been sold to InnJoy San Antonio LLC. 

Built in 1930, the ​310,000-sf, 24-floor high-rise is on a third of an acre at 414 Navarro St. 

The buyer, who is linked to a Rio Grande Valley-based hotel operator, took out a $19 million loan from Green Rock Property.

The seller, Los Angeles-based Prospect Medical Holdings, purchased the Nix Health system in 2012. 
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Work begins on 701 Rio in downtown Austin

​​​​AUSTIN (REBusiness Online) – Barings and B&Z Development LLC will break ground this week on 701 Rio, a 120,983-sf downtown office building.

The five-story building will be in the Original Austin neighborhood at Rio Grande and 7th Streets.

BGK is the architect, and Colorado-based Hensel Phelps is the general contractor. 

JLL is handling leasing.​​​
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LA investor buys four-building Carrollton industrial portfolio

​​​CARROLLTON (Dallas Business Journal) – Los Angeles-based Cohen Asset Management Inc. has purchased a four-building, 353,3000-sf industrial​ portfolio within the 26 million-sf Valwood Industrial Park.​​

The seller, Temecula, Calif.-based The Garrett Group, had owned the properties since 2015.

The properties were last assessed together for $22.3 million.

Cawley Partners picks up Plano office

​​PLANO (REBusiness Online) – Dallas-based Cawley Partners has purchased 5501 Headquarters, a three-story, 169,179-sf office building in the Legacy submarket.

The office serves as the corporate headquarters of the building's seller, Rent-A-Center. The company will continue to occupy about 60 percent of the building. 

Cawley plans to modernize the 2007-era facility. ​​
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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