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RECON for October 20, 2017RECON for October 20, 2017Bryan PopePope
2017-10-20T05:00:00Z2017-10-20T05:00:00Z

Real Estate Center Online News
Dallas Smart District master-planned community
A 78-story office tower will be the focal point of the Dallas Smart District, an upcoming 20-acre master-planned community downtown. Read this story and more in today's RECON. (Photo from Sunwest PR.)
October 20, 2017

Austin home sales down, inventory up last month

​​AUSTIN (Austin Board of Realtors) – ​The Austin Board of Realtors has released its September 2017 Central Texas Housing Market Report. According to the report, single-family home sales across the Austin-Round Rock MSA​​ ​decreased while inventory increased.​​​​

Home sales decreased 4.3 percent year-over-year to 2,433 homes. The only county in the metro that saw sales growth was Williamson County, up 1 percent from last year.

Home prices continued to rise steadily in September. Monthly housing inventory rose for the ninth consecutive month, increasing 0.3 months to three months. 

In Austin proper, median price increased 4​​ ​percent to $355,000. Inventory remains unchanged at 2.4 months. ​​​​​
Former Fayette Co. jail in La Grange, Texas.
​​​​​​​

If there's one thing Texans love, it's a good ghost story. With Halloween creeping up on us, we thought we'd celebrate some of our favorite haunted Texas real estate. Check out three haunted properties that will make your spine tingle on this week's Mixed-Use blog

ALN: Texas adds more than 12,000 apartments in third quarter

​​​​​CARROLLTON (ALN Apartment Data) – ​Texas apartment markets a​dded more than 12,000 units over the 3rd quarter, according to the latest report from ALN Apartment Data​​​​.

"Even with all the new units added, the only Texas markets to have noteworthy negative occupancy growth were College Station and Lubbock," the report said. (Click here for ALN's full table, which contains stats for stabilized properties as well as overall multifamily stats.)

"Competition in Austin is heating up and average rents fell 0.7 percent to $1,210 per unit. Laredo and Texarkana saw modest decreases of a few dollars per unit over the summer.

"Hurricane Harvey took its toll and damaged almost 15,000 units, but that managed to push average occupancy up 1.8 percent to 89.1 percent as the displaced tenants were absorbed elsewhere in the market. Rents in Houston also spiked up more than 2.4 percent to an average of $1,​042 per unit."

Three Texas cities top hottest housing markets list

​​DALLAS (Dallas Morning News) – San Antonio, Fort Worth, and Dallas took the top three spots on Ten-X's hottest housing markets ranking.

According to the report, the cities saw double-digit price gains while still remaining affordable.

"The cities at the top of our list have consistently seen the most favorable market factors," Ten-X Executive Vice President Rick Sharga said. "However, hot housing markets can come and go.

"It remains to be seen what impact hurricanes Harvey and Irma will have on construction labor forces and housing inventory in Texas and Florida." 

Columbus, Ohio, and Tampa, Fla., rounded out the top five. Austin also made the list, coming in eighth.
Real Estate Red Zone logoOn this week's monthly mail call episode, we field questions about condo association boards, North Texas economic projections, building permit data on our website, fees that Texas licensees pay to fund us, and more. This plus the biggest real estate news from around the state. Tune in to the Red Zone podcast. (16 min. 24 sec.)

One of largest recent Austin CRE deals closes

​​​AUSTIN (Austin Business Journal) – ​Brandywine Realty Trust and DRA Advisors LLC has sold a five-property, nearly 1.2 million-sf office portfolio for $333.3 million.

The properties are:
  • ​Encino Trace, 5707 Southwest Pkwy., 319,743 sf across two buildings; 
  • Cielo Center, 1250 S. Capital of Texas Hwy., 270,711 sf; 
  • Crossings at Lakeline, 11001 Lakeline Blvd., 232,772 sf across two buildings; 
  • Park on Barton Creek, 3711 S. MoPac Expy., 205,195 sf across two buildings; and 
  • 7000 West at Lantana, 7000 W. William Cannon Dr., 136,075 sf.​​

Future Aggie dentists drilling into Deep Ellum

​​DALLAS (Dallas Business Journal) – ​​Texas A&M University is constructing a nine-story, 157,756-sf clinic and education building in Deep Ellum.

The $129 million College of Dentistry facility will help boost Texas A&M enrollment by 25 percent.

The University plans to break​ ground on the facility on Nussbaumer St. Monday. The site was formerly occupied by the Elbow Room bar. 
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TIG releases Gulf Coast restoration plan

​​​​​AUSTIN (Texas Parks & Wildlife) – The Texas Trustee Implementation Group (TIG) has released a Gulf Coast restoration plan.

The Texas Trustee Implementation Group Final 2017 Restoration Plan and Environmental Assessment: Restoration of Wetlands, Coastal, and Nearshore Habitats; and Oysters will cost over $45.7 million. It aims to compensate for natural resource damage caused ​by the Deepwater Horizon spill. The 13 selected projects include:
  • Bird Island Cove Habitat Restoration Engineering, Galveston Bay System;
  • Essex Bayou Habitat Restoration Engineering, Galveston Bay System;
  • Dredged Material Planning for Wetland Restoration, Texas Coast;
  • McFaddin Beach and Dune Restoration, Sabine Lake Area;
  • Bessie Heights Wetland Restoration, Sabine Lake Area;
  • Pierce Marsh Wetland Restoration, Galveston Bay System;
  • Indian Point Shoreline Erosion Protection, Corpus Christi Bay System;
  • Bahia Grande Hydrologic Restoration, Lower Laguna Madre;
  • Follets Island Habitat Acquisition, Galveston Bay System;
  • Mid-Coast Habitat Acquisition, Matagorda County;
  • Bahia Grande Coastal Corridor Habitat Acquisition, Lower Laguna Madre;
  • Laguna Atascosa Habitat Acquisition, Lower Laguna Madre; and
  • Oyster Restoration Engineering, Galveston Bay System.
The Texas TIG began planning the project in June 2016. They have considered over 800 projects​.​​
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Fort Sam Houston site of new exchange shopping center

​​​SAN ANTONIO (Austin Business Journal) – Leaders from the Army, Air Force, and the Medical Command gathered in Fort Sam Houston last week to break ground on a $54 million exchange shopping center on the base. 

As part of the Department of Defense, exchange shopping centers are the oldest and largest military retailers, offering tax-free shopping to authorized personnel.

This new shopping center will replace Fort Sam Houston's current facility, which was built in 1971 and remodeled in 2010.

The 210,000-sf facility will open in early 2020 and include the main exchange, a mall with detail clinic and pharmacy, and a food court. Fort Sam Houston will fund 94 percent of the project.

Austin-based Endeavor Real Estate Group is developing the project while White Construction Company will serve as the general contractor.​

Dallas Smart District plans unveiled 

​​​DALLAS (Sunwest PR) – Hoque Global and KDC are developing Dallas Smart District, a 20-acre downtown ​​master-planned community​​. 

It will sit on several blocks on​ Canton St. by I-30, adjacent to city hall. 

Phase I will include:
  • between 600,000 and one million sf of Class A office space,
  • a CBD location for a major urban grocery store,
  • a food hall,
  • a boutique hotel with residences, ​and 
  • park and greenspace. ​
  • The project's centerpiece will be a 78-story office tower.
​​Pelli Clarke Pelli Architects is joining Hoque and KDC on the project. The team started planning in 2016. 
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Pontikes developing Port 10 Logistics Center

​​​BAYTOWN (Houston Chronicle) – ​​Houston-based Pontikes Development is building the three million-sf Port 10 Logistics Center.

The development will include eight buildings on 246 acres at the southwest corner of I-10 and Thompson Rd. Two-thirds of it will be rail-served. 

Phase I will include two cross-dock buildings of 485,000 and 295,000 sf. Delivery is slated for third quarter 2018.

JLL is marketing the project. 

Vantage at Harlingen under new ownership

​​​HARLINGEN (Marcus & Millichap Real Estate Investment Services) – Presidium has purchased Vantage at Harlingen, a 288-unit apartment complex.

Institutional Property Advisors, a division of Marcus & Millichap represented the seller and procured the buyer.

The complex was built in 2015 at 902 Palm Court Dr. near one of the busiest crossroads in the Rio Grande Valley, the intersection of US 77 and US 83​.

Vantage at Harlingen is one of the few three-story, garden-style ​multifamily properties in the Rio Grande Valley area.
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

UT Health adding to South Texas Medical Center

​​SAN ANTONIO (San Antonio Business Journal) – UT Health San Antonio is developing a 108,000-sf research building in the South Texas Medical Center.

The $70.2 million building on Floyd Curl Dr. will be home to the Sam & Ann Barshop Institute for Longevity & ​Aging Studies. The institute has been at the Texas Research Park since 2005. 

Presidium's serendipitous apartment buy

​​DALLAS (REBusiness Online) – ​​​Presidium Group LLC has acquired Serendipity Apartments, a 343-unit Class B multifamily asset at 8780 Park Ln.

Built in 1975, the community offers one- and two-bedroom units averaging 610 sf.
Texas Association of Realtors quote about Real Estate Center
Copyright © 2017, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=118
RECON for October 17, 2017RECON for October 17, 2017Bryan PopePope
2017-10-17T05:00:00Z2017-10-17T05:00:00Z
Real Estate Center Online News
Bay Area Park in Pasadena
TALB is offering an eight-hour TREC continuing education course on advanced water rights on Nov. 15. (Bay Area Park in Pasadena, from Center files.)
October 17, 2017

NAI: Houston industrial construction 'still robust' despite summer slowdown

​​​​​​​​HOUSTON (NAI Partners) – Local industrial construction slowed down over the summer, but by the end of the third quarter it was holding steady, reports NAI Partners.

The market had 4.86 million sf of new construction in the works at the end of the quarter, up slightly from the second quarter (4.5 million sf) but down significantly from a year ago (9.67 million sf).

More than 2.5 million sf of new space was delivered during the third quarter, up from the previous quarter's 1.56 million sf but a big drop from last year's 6.29 million sf.

​​The city had an overall industrial vacancy rate of 5.4 percent at the end of the third quarter, a decrease of 20 basis points quarter-over-quarter and an increase of 20 basis points year-over-year.

Net absorption finished the quarter at positive 2.99 million sf, up from negative 67,870 sf in the second quarter, tallying close to 6.5 million sf year-to-date.

Both the Houston metro’s overall rent and leasing activity are down from last quarter, with the difference larger than a year ago.​
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Population growth boosting Lubbock housing market

​​LUBBOCK (Real Estate Center) – The local housing market has been humming along thanks in part to a boost in the local population, according to latest Real Estate Center data.

Since 2010, the county’s population growth has been above average compared with prior years. As of 2016, the Census Bureau estimated the City of Lubbock’s population at approximately 252,000. As a result, home sales have surged.

Sales in Lubbock County grew at around 5 percent year-over-year in both 2015 and 2016. As of August, year-to-date (YTD) county sales in 2017 totaled 2,634, over 100 sales short of where the county was last year. Even to the south and southwest of the city, where many of the area’s sales are recorded, sales have begun to slow. As of August 2017, YTD sales in ZIP codes 79424 and 79423 were 1,160, which is below August 2016’s YTD total of 1,257.

“Despite a possible slower pace, the market looks good with positive overall trends,” said Center Senior Data Analyst Joshua Roberson. “Five years ago, the median price in Lubbock County was $124,000 and homes took an average of three months to sell. Today, median price is over $150,000 and homes take on average only two months to sell.”

Lower sales could be due to the decline in active listings, especially for certain price ranges.

“There just aren’t as many homes to buy," says local Realtor Tim Garrett of Tim Garrett Real Estate. “We’re seeing buyers offer $3,000 to $6,000 more than listing price mainly for homes in the $100,000 to $200,000 range.”

“As listings fall, the lack of availability can put upward pressure on prices, which is exactly what we have seen over the past few years,” Roberson said. “Months’ inventory, a supply-side measure of home availability, has also been in decline and is at the lowest level recorded for the area.”

In response to current market conditions, Roberson said single-family construction sales through the MLS have picked up. The bulk of this activity is to the south, but there are also pockets of activity outside the loop to the west and northwest.

“Building permits for single-family starts surged late in 2016 and early 2017, so construction starts could soon rise very quickly,” Roberson said.

Lubbock Home Sales Trend

TxDOT cleans over ten million cubic feet of Harvey debris

​AUSTIN (TxDOT) – ​​The Texas Department of Transportation (TxDOT) has collected more than ten million cubic feet of debris — or the equivalent of about 186 football fields — in the four districts most impacted by Hurricane Harvey.

More than 600 TxDOT employees working weekly rotations have been brought in from around the state to assist local employees with debris removal in the hardest-hit areas on the coast from Corpus Christi to Beaumont.​

At the height of the storm, more than 500 road closures impacted the state transportation system. Today, only one road — Park Rd. 1C in Buescher State Park in Bastrop County —​​​ remains closed due to damage. Of the more than 4,300 bridges inspected following the storm, only 13 required repairs.​
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$1.2 billion Houston office portfolio sold

​​HOUSTON (Realty News Report) –​​ Canada Pension Plan Investment Board has purchased Parkway Inc. for $1.2 billion.

The Parkway portfolio totals 8.7 million sf of local office space, including the:
  • 1.3 million-sf Post Oak Central,
  • 627,000-sf Phoenix Tower,
  • 980,000-sf San Felipe Plaza, 
  • 1.5 million-sf CityWest Place in Westchase, and 
  • 4.4 million-sf Greenway Plaza. 
The Canadian investors had already purchased a major stake in the ten-building Greenway Plaza earlier this year. ​

Parkway Inc. was a pure-Houston play with all its holdings located in the city. 
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. 

Red Berry Estate to get $61.8 million redo

​​SAN ANTONIO (San Antonio Business Journal) – ​​The city council has approved a $61.8 million redevelopment project on the 84-acre Red Berry Estate at 856 Gembler Rd.

The property will be redone by the San Antonio Housing Trust Public Facility Corp. in conjunction with NRP Group and Casey Development. The latter two will fund the majority of the project, footing 83 percent of the bill, or $51.3 million.​​

NRP Group will develop a 330-unit apartment complex. Half of the units will be affordable to those making less than 80 percent of the area median income. 

Casey Development will build a 169,000-sf office for RK Group, which will employ no fewer than 300 people at the facility. It will also renovate the Red Berry Mansion and improve the Salado Creek Hike and Bike Trail System. 

As part of the deal, RK Group will provide the city with 12 rent-free event days annually for community​ engagements.

The city purchased the property in June 2012 for $2.25 million.

TALB water rights course set for Nov. 15

​​FREDERICKSBURG (Texas Alliance of Land Brokers) – The Texas Alliance of Land Brokers (TALB) is offering an eight-hour TREC continuing education course on advanced water rights. 

The course will examine water laws and regulations in Texas and explain the fiduciary duties of agents in transactions. 

It will also offer “Texas Water Rights Specialist” designations to all students who pass a short written examination at the end of the course.​​​​

The course is Nov. 15 from 8:30 a.m. to 6 p.m. at the Hill Country University Center, 2818 E. US 290. It costs $395 for TALB members and $495 for non-TALB members. 

Visit TALB's website​ to register. 
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Mimco buys San Antonio shopping center

​​SAN ANTONIO (REBusiness Online) – El Paso-based Mimco Inc. has acquired City Base Landing, a 200,000-sf shopping center at the intersection of I-37 and SE Military Dr. ​​​

Built in 2005, the center is shadow-anchored by Walmart and Sam's Club. It houses more than 40 tenants, including Best Buy, Office Depot, ​Chick-fil-A, AT&T, and Chili's. ​​

Mohr Capital sells ESAB's industrial facility

​​​DENTON (Dallas Business Journal) – Mohr Capital has sold ESAB Group's manufacturing and distribution center for over $35 million.​​​

​​New York-based New Mountain Capital acquired the 422,819-sf facility at 2800 Airport ​Rd. 

​In the last year, the seller expanded the facility on 30 acres by 187,400 sf.

​HFF​ marketed the property for Mohr Capital.​​
Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

KWA starts on Mustang Station second phase

​​FARMERS BRANCH (REBusiness Online) – KWA Construction has broken ground on Phase II of Mustang Station Apartments.​

The 186-unit, 177,106-sf property at 2501 Bill Moses Pkwy. will consist of one-, two-, and three-bedroom floor plans ranging from 588 to 1,400 sf. 

Phase II, which will also include​ a 263-space parking garage, is slated for completion in late 2018.

Austin marketing firm moving downtown

​​​AUSTIN (REBusiness Online) – Main Street Hub will open a new four-story, 114,000-sf headquarters at 2010 E. Sixth St. 

Employees from its two existing area offices and its New York City office will move into the downtown building in 2019. ​​​
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Copyright © 2017, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=117
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Associate Editor Bryan Pope talks to A&M grads at Thursday's REC 101 live event.
Associate Editor Bryan Pope shows Texas A&M University graduate students what the Center's website has to offer at Thursday's REC 101 Facebook live event. (Photo by REC Photographer JP Beato.)
October 13, 2017

Colliers: Houston office market hit by oil prices, Harvey

​​HOUSTON (Colliers International) – The local office market continues to struggle as U.S. crude prices waiver around $50 per barrel, reports Colliers International in its third quarter 2017 market update. Hurricane Harvey didn't help matters.

"With no indication that [oil] ​prices will rise substantially over the next few years, vacant office space placed on the market by firms in the energy industry will take longer to absorb," the report said.

Meanwhile, although much of Houston quickly got back to work after Hurricane Harvey, Colliers said the storm had permanent ramifications for others.

A joint industry survey confirmed that less than 7 percent of Houston’s office inventory suffered damage. Of that amount, approximately 45 percent were repaired and back on-line within the first month. An additional 30 percent reported repairs to be completed by the end of the year and the remaining properties were so severely damaged they could not report a time frame for repairs.
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Marcus & Millichap: Austin retail tenant demand strong in third quarter

​​​​​AUSTIN (Marcus & Millichap Real Estate Investment Services) – Positive net migration continues to boost household formation and lift retail spending in Austin, encouraging retailer expansion, says Marcus & Millichap in its third-quarter market report.

Cedar Park has attracted a number of new retail developments since 2009 as residents flock to this area and single-family and multifamily projects rise, according to the report.

"National credit tenants such as Whole Foods, Buy Buy Baby, and World Market have opened stores in the recently completed The Parke shopping center," the report said. "Other large retail projects coming online this year are mostly preleased, and several new entertainment options are opening throughout the metro. Despite healthy absorption trends, supply additions will outstrip demand for the first time in eight years during 2017, pushing up the overall vacancy rate."​

Marcus & Millichap's local retail projections for the remainder of the year:
  • Developers will ramp up deliveries this year (1.6 million sf) after bringing nearly 1.1 million sf of retail space online during 2016.
  • Deliveries will outpace absorption this year, pushing up vacancy to 3.5 percent. This marks the first annual increase since 2009.
  • Tight vacancy will prompt asking rents to increase 4.3 percent.
Woman holding October's issue of Tierra Grande magazine.
The October issue of Tierra Grande is on its way! If you can't wait for your paper copy, the digital issue is now online. Click here to read it now.

Back in black: McAllen industrial net absorption

​McALLEN (CBRE) – Following a quarter of negative net absorption that broke a 14-quarter streak, the local industrial market returned to positive territory.

According to CBRE's third-quarter market report, activity was healthy with gross absorption just shy of 210,000 sf. The third quarter was a strong one for "the stable, but usually low-profile McAllen market," the report said.​​​​

The vacancy rate declined from 5.3 percent in the second quarter to 3.8 percent. However, the majority of this decrease was due to database adjustments that removed 377,000 sf of vacant space from the market. These adjustments were the result of re-occupancy and building owners using available space in their buildings while continuing to market the property.

The average asking rate increased $0.08 per s​​f.

As the market entered the post-recession period, net absorption and leasing activity improved considerably. The buildup of demand during the recovery period saw relief and total industrial space requirements of active users in the market begin a downward trend, hitting a low of 830,000 sf in Q4 2016.

Local economic improvements, increased development, and new southbound commercial lanes at international ports renewed interest in the region. Demand for industrial space reached a cycle high of 1.65 million sf in the third quarter.
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Port acreage sold for deep-water terminal

​​​HOUSTON (Realty News Report) – Locally based Contanda Terminals has acquired 339 acres with deep-water access for a shipping terminal.

The facility will be built in multiple phases, and it will provide access to onsite processing, multiple ship and barge docks, and tank truck and railcar accessibility. ​​

Boston investor buys Hillcrest Tower

​​DALLAS (CBRE) – ​​​Albany Road Real Estate Partners has acquired Hillcrest Tower, a Class A office asset.

The recently renovated, 168,189-sf tower at Hillcrest Rd. and LBJ Fwy. is over 90 percent occupied.

CBRE arranged the transaction on behalf of the seller. 
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Details released on Willacy County prison sale

​​RAYMONDVILLE (Brownsville Herald) – Willacy County has sold the former Willacy County Correctional Center to Management & Training Corp. (MTC) for just over ​$2 million.

The 53-acre property on I-69 sold in March as part of an agreement that released the prison from its $68 million debt to its bond holders. MTC will pay the county $3 a day for every inmate held in the facility. 

Centerville, Utah-based MTC is repairing and making improvements to the facility's 1,000-bed housing unit. It also removed ten Kevlar-covered domes damaged in the February 2015 riot that led to the 3,000-bed facility's closure. 
The Texas Real Estate Commission has a wealth of information about its operations online. Read about it in this week's Mixed-Use blog post

PGI developing 300,000-sf mixed-use project

​​KYLE (REBusiness Online) – California-based PGI Investments ​​will develop a mixed-use property on 47 acres at Yarrington Rd. and I-35.

The 300,000-sf project will include offices, retail space, restaurants, a hotel, and gas stations.

The development should create about 200 jobs. ​

Apartments planned for west Dallas land

​​​​DALLAS (Dallas Morning News) – Toll Brothers has purchased four acres at the northeast corner of W. Commerce and Pittman Streets.

A seven-story, 280-unit rental community is planned on the site, which is currently occupied by an industrial building. 

"The community will break ground in June 2018, with initial deliveries scheduled for winter of 2019," Toll Brothers' John Piedrahita said.

Davidson Bogel Real Estate brokered the deal. 
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

Seabrook apartment community sold

​SEABROOK (CBRE) – 3000 NASA Parkway has purchased Edgelake Apartments from SEC Edgelake LLC.

Built in 1984, the ​​216-unit asset at 3010 E. NASA Pkwy. features one- and two-bedroom floor plans averaging 742 sf. It was 95 percent occupied at closing.

CBRE arranged the sale on behalf of the seller. 
Texas Association of Realtors quote about Real Estate Center
Copyright © 2017, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=116
RECON for October 10, 2017RECON for October 10, 2017Bryan PopePope
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Amazon's new 920,000-sf facility in Lancaster
Amazon is renting an upcoming 920,000-sf distribution center south of I-20 in Lancaster. Details on this deal and more in today's RECON. (Photo from Dallas Morning News.)
October 10, 2017

Mortgage refinance scams target veterans

WASHINGTON, D.C. (Realtor Mag) – Predatory lending schemes are targeting thousands of veterans with Veterans Administration (VA) mortgages.

According to VA loan giant Ginnie Mae, the scams aim to convince borrowers to repeatedly refinance. They often prompt homeowners to switch from a long-term, fixed-rate mortgage to a riskier short-term, adjustable-rate loan. 

The borrowers later find that the principal amount owed to the lender has increased by thousands of dollars. 

Some lenders also are being accused of using teaser interest rates, “cash out” windfalls, and lower monthly payments. They also use marketing materials that sometimes resemble Department of Defense information.

The VA warned that lenders who make “improper charges or fees” that lead to foreclosure will face stiff penalties. The Consumer Financial Protection Bureau plans to fine and sue offending lenders. 
The Real Estate Center is going live Thursday at 11.
Mark your calendars! The Center is going live on Oct. 12 at 11 a.m. Texas A&M University graduate students will join us in this new online event. For more info, check out the event page.

Amazon leases another North Texas facility 

​​​LANCASTER (Dallas Morning News) – Seattle-based Amazon has leased an in-the-works, 920,000-sf warehouse building off Dallas Ave. south of I-20.

The building is the first phase of a 164-acre logistics park being developed by VanTrust Real Estate. The project is planned for more than 2.5 million sf.

Gordon Highland Construction Management is finishing ​out the warehouse interior. 

Although the distribution center is still under construction, the digital retailing giant has already begun hiring.​
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Trammell Crow developing 37-story Austin tower

AUSTIN (Realty News Report) – Trammell Crow will develop a 37-story office tower on Block 71, a 1.75-acre site owned by the University of Texas System.

The project will include 665,000 sf of office space, plus restaurants and retail space.

The developer signed a 95-year lease on the site, bounded by W. Sixth, W. Seventh, Colorado, and Lavaca Streets.   
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. 

West Ten acreage slated for warehouse

KATY (NAI Partners) – Oakmont Industrial Group has acquired 42 acres in West Ten Business Park from Parkside Capital.

The buyer will develop a 673,785-sf warehouse called Oakmont West 10. The facility is expected to deliver in July 2018. The city and Waller County have approved property tax incentives.

​NAI Partners brokered the land sale and will represent Oakmont in leasing the facility. 
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Four DFW apartment communities sold

​FORT WORTH (Marcus & Millichap Real Estate Investment Services) ​​​​– Four area multifamily communities sold for over $36.7 million.

The properties total 573 units and include the:
  • 156-unit Castlewinds in North Richland Hills,
  • 69-unit El Ranchito in Fort Worth,
  • 188-unit Knollwood in Irving, and 
  • ​160-unit Holly Park in Dallas. 
Marcus & Millichap's Silva Multifamily investment team represented the private sellers and procured the buyers.
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One word: Plastics

​​​HUMBLE (Houston Chronicle) – Starplast, an Israeli plastics manufacturer, has signed a 181,540-sf industrial lease at Point North Cargo Park.

The facility at 8111 FM 1960 will serve as the company's base of manufacturing, storage,​​ and distribution operations in the U.S.

JLL represented Starplast, and Duke Realty represented the landlord. 

San Antonio-area self storage pair sold

​​​BOERNE, HELOTES (REBusiness Online) – Two self-storage facilities totaling 1,223 units and 186,859 sf of rentable space have been sold. 

Ten Oaks​ Self Storage Boerne is a 756-unit, Class A property on 7.5 acres at 131 Old San Antonio Rd. Ten Oaks Self Storage Helotes is a 467-unit facility at 16304 Bandera Rd. 

Bellomy & Co. represented the seller.
Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

Florida investor buys One Allen Center

​​​ALLEN (Dallas Morning News) – A New York investor has sold One Allen Center to a partnership set up by Florida-based Accesso Acquisitions.

The five-story, 154,000-sf office at 700 US 75 S. is 90 percent leased. Tenants include Premier Business Centers and Happy State Bank.

HFF marketed the 11-year-old property for sale.

Denver REIT buys industrial property for sale-leaseback

​​​HOUSTON (Realty News Report) – Denver-based Industrial Property Trust has purchased a 133,480-sf distribution facility at 7350 Langfield Rd. 

T&L Distribution will lease back the entire property from IPT. 

JLL Capital Markets arranged the transaction. 
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Copyright © 2017, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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The latest Tierra Grande magazine is underway! Here's a shot of it getting printed at RR Donnelley in Houston. Issues hit mailboxes soon. (Photo by REC Art Director Bob Beals.)
October 6, 2017

Texas condo, townhome sales top $5.4 billion

AUSTIN (Texas Association of Realtors) – Texas condominium and townhome sales exceeded $5.4 billion and posted strong sales gains between August 2016 and July 2017, according to the Texas Condominium Sales Report released by the Texas Association of Realtors.

Condos and townhome sales were around $3.3 billion and $2.1 billion, respectively. Texas condo sales increased 8.6 percent to 14,656 sales from August 2016 to July 2017. Townhome sales increased 5.1 percent to 8,134 sales in the same time frame. Condos and townhomes were one of the fastest-growing segments of the state's 2017 housing market.

Sales prices also increased for condos and townhomes throughout 2016 and into 2017. Statewide, the year-to-date median sales price as of July 2017 was $179,900 for condos and $226,675 for townhomes. That's an annual increase of 9 percent and 8.5 percent, respectively. The average price-per-sf during this time frame was $178 for condos and $136 for townhomes.
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What's the key to economic growth? There's more to it than monetary policy, says Center Research Economist Dr. Luis Torres. More in this week's Mixed-Use blog.

Experts weigh in on North Texas apartment boom

​​DALLAS (Dallas Morning News) – ​​A big chunk of North Texas' building boom is apartments, but will it continue? Several local market experts weighed in on market conditions with the Dallas Morning News.

"We've got the jobs that keep churning in this town, and we continue to be underserved in apartments," said Bradley Miller, Encore Multi-Family LLC president.

However, he also says soaring construction costs in some markets will slow things down.

"The construction costs have increased to such a level and rents are not able to keep up," Miller said. "With the hurricanes, it is only going to get worse. We are hitting the ceiling on rents and the numbers aren't working like they were a couple of years ago."

Spencer Stuart, senior managing director with apartment builder Legacy Partners, agrees.

"With the hurricanes in Florida and Texas — and now Puerto Rico — building materials prices are going up," Stuart said. "I'm really worried about appliance prices and supply.

"I do think that the level of apartment production in the Dallas area is going down and will continue to decline a little bit. I don't think we are in for a hard landing because of the strong economic factors."

"Vacancy rates are still low," said Jay Denton with RealPage. "Apartment demand is pulling back a little bit because job growth is not quite what it was."

For the 12 months ending with August, employment gains in North Texas added up to about 97,000 new jobs, down from the almost 120,000 annual job growth in recent periods.

"Construction will remain high but not as high as it has been," Denton said.​
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Oct. 12 workshop focuses on hunting leases

THRALL (AgriLife Today) – The Stiles Farm Foundation and Texas Parks and Wildlife Department (TPWD) are hosting a free workshop for those interested in leasing private land for public hunting.

The workshop will be Oct. 12 from 2:30-5:30 p.m. at the Stiles Farm Foundation, 5700 FM 1063. 

The first 75 individuals who RSVP will receive a free dove hunt and clay shoot.

To preregister, call 979-255-2761 or email Kyle Thigpen, TPWD biologist, at kyle.thigpen@tpwd.texas.gov.  
Real Estate Red Zone logoCenter Research Economist Dr. Luis Torres shares insights from last week's national business economists meeting in Cleveland, Ohio. Also, a shout-out to Whisper Valley, a Tyler hospital reaches to the sky(bridge), and Facebook still likes Austin. Plus, Texas A&M University, home of the Real Estate Center, turns 141. Join us on this week's Red Zone podcast. (24 min. 25 sec.) 

UPS delivering new Houston hub

​​HOUSTON (Houston Business Journal) – UPS Inc. is building a 260,000-sf distribution facility at 11770 Gessner Rd. to help support the upcoming holiday season's small package shipping increase.

According to public permits, the facility will cost $17 million. 

Locally based Alston Construction is the general contractor, and Method Architecture will design the facility. 

San Jac getting new energy, tech center

​​​​PASADENA (Laredo Morning Times) – San Jacinto College recently broke ground on its $60 million Center for Petrochemical, Energy, and Technology.

Set to open in 2019 on the college's Central Campus at 8060 Spencer Hwy., the planned 145,000-sf center at Fairmont Pkwy. and Cunningham Dr. is part of a $425 million bond passed in late 2015. It will house the school's associate degree and certificate programs for electrical technology, non-destructive testing, process technology, and instrumentation and analyzer technology.

School officials estimate that the planned center will lead to a 25 percent increase in admission to the programs it will house. Approximately 3,600 students now study those programs at San Jacinto.
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California investor acquires Irving office pair

​​IRVING (REBusiness Online) – KBS Strategic Opportunity REIT has acquired two office properties totaling 442,039 sf. 

The 18-story 125 E. John Carpenter and six-story 5100 N. O'Connor are, combined, 84 percent leased. Both properties are near the Gables Water Street mixed-use development and Irving Music Factory.

Food manufacturer relocating

BURLESON (Dallas Business Journal) – Fort Worth-based McLane Classic Foods is moving into a 150,000-sf build-to-suit facility along I-35W.

The company plans to move 40 jobs and invest $30 million into the new facility in HighPoint Business Park. 

Construction should start in early 2018 with work wrapping up a year later. 

City council approved a tax abatement reinvestment zone and a $1.7 million incentives package. ​
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Class A San Antonio office sells

​SAN ANTONIO (CBRE) – Radler Enterprises has purchased 3302 N. Ellison Dr., a 100,260-sf Class A office asset, from SRP Office Holdings I LLC. 

The property delivered earlier this year and is fully leased to a single tenant through April 2027.

CBRE and Cushman & Wakefield arranged the transaction.  

One Ridgmar Centre sold

​FORT WORTH (Fort Worth Business Press) – Addison-based Frontier Equity has purchased One Ridgmar Centre, a ten-story, Class A office building.

The 177,199-sf building at 6500 W. Fwy. was 89 percent occupied at the time of sale. 

Transwestern represented both the buyer and the seller, NavStar Commercial.​​
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

HSM purchases Mills Pointe retail center

CARROLLTON (REBusiness Online) – HSM Mills Pointe Partners LP has acquired Mills Pointe, a 126,000-sf shopping center on 11.5 acres at the corner of Trinity Mills Rd. and Marsh Ln.

Built in 1985 and renovated last year, the center was 80 percent leased at the time of sale. Fitness Connection is the anchor tenant. Other tenants include Subway, H&R Block, and State Farm Insurance.

Henry S. Miller Brokerage Co. represented both the seller and the buyer. 

Elite Street Capital buys Galleria office building

​​HOUSTON (Holliday Fenoglio Fowler) – Buchanan Street Partners and CarVal Investors have sold 2100 West Loop South to Elite Street Capital.

The 16-story, 162,336-sf building on 1.29 acres on I-610 is 88.7 percent leased. It was renovated in 2014.

HFF represented the sellers and procured the buyer. It also secured a five-year 4.25 percent, fixed-rate acquisition loan through Greystone. 
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Copyright © 2017, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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