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RECON for February 21, 2017RECON for February 21, 2017Bryan PopePope
2017-02-21T06:00:00Z
2016 was a good year for Texas home sales and prices, according to the latest housing report from the Texas Association of Realtors. Details below. (Photo from Center files.)
February 21, 2017

TAR report: 2016 another good year for Texas home sales, prices

​​​AUSTIN (Texas Association of Realtors) – Texas home sales volume and home prices reached all-time highs for the second year in a row in 2016, according to the 2016 Texas Real Estate Year in Review Report released today by the Texas Association of Realtors.

Prices rose steadily throughout last year, with the median price increasing 7.7 percent from the previous year to $210,000.

During that time, sales volume increased 4.6 percent to 324,924 homes sold.

Real Estate Center Chief Economist Dr. Jim Gaines said the 2017 market is projected to keep pace with last year’s strong levels, but it may be difficult because of current housing supply levels.

"Household incomes are rising at a disproportionally lower rate than home prices, creating housing affordability challenges across the state," Gaines said. "In housing development, labor shortages and regulatory barriers are slowing construction and in turn, driving up new home prices.”

The state’s low housing inventory level remained consistent with 2015, ending at 3.3 months of inventory in December 2016.

Homes stayed on the market an average of 58 days, and active listings increased 6 percent from 2015 to 2016.​

North Texas led nation in industrial space demand in fourth quarter 2016

​DALLAS (GlobeSt.com) – A new report from Cushman & Wakefield shows the North Texas industrial market had 5.3 million sf of net absorption in fourth quarter 2016, leading the nation in demand for industrial space.

Overall, tenants absorbed nearly 23.7 million sf in North Texas last year—43.2 percent more than in 2015.​

Leasing activity totaled 31.5 million sf at the end of last year, 11.2 percent below the 2015 total.

Vacancy was down by 0.6 percentage points year-over-year to 6.9 percent.

Construction completions totaled nearly 22.4 million sf at the end of the year, 45.9 percent more than the same time the year before. 

Just under 17.1 million sf of new industrial space is in the pipeline. Of that, 86.8 percent is being built on spec.
Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Florida REIT selling half its stake in Greenway Plaza, Phoenix Tower

HOUSTON (Houston Business Journal) – Florida-based REIT Parkway Inc. is selling 49 percent of its interest in Greenway Plaza and nearby Phoenix Tower for $512.1 million.

The deal, which will close in the second quarter​, puts the value of the roughly five million-sf portfolio​​ at about $210 per sf.

Under the terms of the deal, Parkway will form a joint venture with affiliates of TH Real Estate, Silverpeak Real Estate Partners, and Canada Pension Plan Investment Board.

Parkway will retain a 51 percent interest, will serve as general partner, and will provide property management and leasing services for the joint venture.

Downtown Houston's 'Star' attraction

​​​HOUSTON (RealtyNewsReport.com) – ​​The 102-year-old Texaco building at 1111 Rusk has found new life as a high-rise apartment building.

Dallas-based Provident Realty Advisors began redeveloping the 410,000-sf building into The Star in 2013. HBG Design was the architect on the redesign.

In addition to 286 residential units, The Star will also have 21,000-sf of retail space.

Martin Fein Interests is handling leasing.​ Rents start at $2,150.​​
Obtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

265K sf of Allen office space underway

ALLEN (Dallas Morning News) – Two new office projects are in the works here, including a $47 million corporate headquarters building.

WatchGuard Video breaks ground this week on its 140,000-sf HQ project, which will be on the east side of US 75 on Allen Station Pkwy.

Meanwhile, Kazen Development Partners has already broken ground on a 125,000-sf office project in the Watters Creek development at Bethany Dr. and US 75.

The five-story One Bethany building was designed by BOKA Powell. Balfour Beatty Construction is the general contractor, and JLL is handling leasing.​

Both projects will be finished early next year.
In a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

Sunridge Business Park warehouse sold

WILMER (Wilmer EDC) – Makita USA, a manufacturer of industrial power tools, has purchased a 227,230​-sf warehouse on 14.3 acres in Sunridge Business Park.

Scannell Properties built the spec building last year.

As part of the tax abatement agreement, Makita will hire 55 employees and expand the facility, adding some $28 million in new assessed value to the city.

Sunridge Business Park is on I-45 across from Union Pacific's 360-acre Intermodal terminal. Unilever, Osborn-Hessey, Sprouts, Ace Hardware, and Medline currently occupy over 2.6 million sf there.
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=51
RECON for February 17, 2017RECON for February 17, 2017Bryan PopePope
2017-02-17T06:00:00Z
The Austin Board of Realtors released its Central Texas Housing Market Report yesterday. Details in today's RECON. (Photo by REC photographer JP Beato.)
February 17, 2017

January home sales up 9.8 percent in Austin

AUSTIN (Austin Board of Realtors) – Single-family home sales posted strong gains throughout the Austin-Round Rock MSA in January, according to a new and expanded Central Texas Housing Market Report released this week by the Austin Board of Realtors.

Sales for the MSA increased 7 percent year over year to 1,549. In Austin alone, sales jumped 9.8 percent annually to 469.

Inventory remained largely flat across the MSA, increasing 0.1 months to two months of inventory. Inventory levels in Williamson County and other markets are now on pace with the City of Austin, where the level remained unchanged at 1.4 months. The inventory of homes priced under $250,000 is now at less than one month of inventory in many local markets. 

Area home prices continued to climb at a steady pace. Median home price across the MSA increased 9.8 percent year over year to $279,990, while the median price in Austin increased 2.3 percent year over year to $312,000.
A lot of work went into printing our popular 2017 wall calendar and annual report. Follow REC Graphics Specialist JP Beato III on a tour of the print shop where it all happened. Also, we have 50 copies left to give away. To request one, send your name and mailing address to texrec@recenter.tamu.edu. Be sure to include “Calendar giveaway” in the subject line. While supplies last.

Prognosis good for Texas Health's first Frisco hospital

FRISCO (Dallas Morning News) – ​​Arlington-based Texas Health Resources is developing a 20-acre​ hospital campus at the southeast corner of N. Dallas Tollway and Cobb Hill Dr. 

The city's planning and zoning commission voted on Tuesday to approve a preliminary site plan for the new Texas Health Frisco campus. It is scheduled to open in third quarter 2019.

The campus will house a 325,000-sf acute-care hospital, a 120,000-sf medical office building, and a 90,000-sf multispecialty clinic.
It will be Texas Health's first local hospital.
REC's Claudia Orum on the importance of research (and lots of it), reference checks, and good old-fashioned word of mouth when selecting a general contractor for your barndominium. Part three in our series is now online.

EDA invests $1.2 million in Mexia Industrial Park expansion

MEXIA (U.S. Department of Commerce) – The U.S. Department of Commerce's Economic Development Administration (EDA) is awarding a $1.2 million grant to the Mexia Economic Development Corporation (MEDC).

The grant will allow for roadway infrastructure improvements needed to boost capacity at the Mexia Industrial Park and open additional land to development​.

According to grantee estimates, the project will help to retain more than 100 jobs.

The project will resurface and upgrade the existing Industrial Blvd. and Stanton Rd. in Mexia Industrial Park to provide a roadway adequate for the semi-tractor trailer traffic. This project will also build a new road to provide access to approximately 600 acres of MEDC-owned property adjacent to the industrial park to allow expansion.​

Duke Realty sells Houston office building

HOUSTON (RealtyNewsReport) – ​​Duke Realty of Indianapolis has sold Sam Houston Crossing II, a 160,000-sf office building at 10344 Sam Houston Pkwy. 

Newport Beach, Calif.-based Buchanan Street Partners purchased the fully leased asset.

Tenants include subsidiaries of Forum Energy Technologies, PEMEX, and First American Title Company.

CBRE represented Duke. Buchanan was self-represented.
Relax with a cup of coffee while we bring you the latest real estate news from Austin, Fort Worth, Dallas, Bellaire, Stephenville, Dripping Springs, Pflugerville, and Georgetown. We'll also update you on what's been happening here at the Real Estate Center and give you details on our upcoming Texas land markets conference. You won't want to miss it. This week's Real Estate Red Zone podcast. (13 min. 41 sec.)

JV developing second phase of UT Dallas housing property

RICHARDSON (REBusiness) – Balfour Beatty Campus Solutions, along with Wynne/Jackson and lead equity partner Star Alliance​, has closed on financing for the second phase of a mixed-use project at the University of Texas at Dallas.

The team is expanding on the Northside Phase 1 development by adding​ 275 housing units and over 6,600 sf of retail space. The second phase, sitting on 12 acres, will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants, and entertainment venues.

​Construction is underway. Completion is slated for August 2018. The $67 million project is part of a public-private partnership. 

Andres Construction will lead the overall design/build ​team, with Architecture Demarest as the lead design firm.

Massive Travis County development approved

AUSTIN (Austin Business Journal) – ​Travis County commissioners on Tuesday approved development plans that could bring more than 3,300 homes and apartments to western Travis County and parts of eastern Burnet County.

The commissioners court unanimously approved the master development plan for the project's Travis County portion, which will house the majority of units in the 2,200-acre project. The development will also include shops, entertainment venues, restaurants, and a resort hotel and spa.

This is one of the largest proposed developments to hit Central Texas in recent years, reports the Austin Business Journal.

New York-based Hart Howerton Architects designed the masterplan, and infrastructure planning is being handled by Doucet & Associates. 

Additional consulting on the project was provided by Dannenbaum Engineering, Sherwood Engineers, SWCA Environmental Consultants, Kimley Horn, Ten Eyke Landscape Architects, and Integra Group.

January apartment stats for Texas available from ALN

For more, read the latest edition of ALN Monthly News.

1,600 DFW, Tyler units totaling $85 million sold

DALLAS (REBusiness) – Transwestern has brokered the sale of 1,600 multifamily units valued at $85 million across five transactions.

A New York-based investment group acquired North Park Terrace, a 310-unit property at 8662 Park Ln. in Dallas. The group also purchased Pecan Tree, a 173-unit community at 3001 Kendale Dr. 

In the second transaction, an Oregon-based investment group purchased Eastfield Plaza, a 216-unit community at 2626 John West Rd. in Mesquite. The buyer plans to renovate the property.

In the third deal, a New York-based investment group acquired Parque Del Sol, a 200-unit property at 238 E. Oates Rd. in Garland.

A Northern California-based investment group purchased Woods of Ridgmar, a 235-unit community at 2200 Taxco Rd. and 2200 Ridgmar Pla​za in Fort Worth.

In the final deal, a Dallas-base​d investment group acquired 34 Hundred, a 484-unit complex at 3400 Varsity Dr. in Tyler. The buyer plans to renovate the property, which is across the street from the University of Texas at Tyler.

Construction starts on Valley Ranch Town Center Phase II

​THE WOODLANDS (REBusiness) – ​​Signorelli Co. has started construction on the second phase of Valley Town Center. 

Slated to open in late 2017, phase two​ will bring 320,000 sf of retail space to the 1.5 million-sf masterplanned development. T.J. Maxx, Ross Dress for Less, Rack Room Shoes, and PetSmart have preleased space. 

Cinemark Theatres is developing a NextGen all-recliner theater at the property. The ten-screen theater will be the first anc​hor for Valley Ranch Town Center Entertainment District.​

By the numbers: Texas Comptroller on trade's economic impact 

"The Texas Comptroller’s office estimates that nearly $650 billion in trade facilitated by Texas ports in 2015 directly or indirectly supported nearly 1.6 million Texas jobs and added $224.3 billion to our gross state product." For more, read "Texas Ports: Gateways to World Commerce" in this month's FiscalNotes.

Arrimus buys 1,044 UNT units

DENTON (REBusiness) – Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property at 201 Inman St. near the University of North Texas.

The 420,684-sf development features 14 three-story buildings totaling 348 units, or 1,044 beds. Units are available in one-, two-, three-, and four-bedroom layouts.

Boca Raton, Fla.-based Parkland Development sold the property.

CBRE represented both the buyer and ​seller.
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=50
RECON for February 14, 2017RECON for February 14, 2017Bryan PopePope
2017-02-14T06:00:00Z
A newly created select committee will address economic challenges and opportunities facing Texas' coastal areas. Details in today's RECON. (Photo courtesy of Port Corpus Christi.)
February 14, 2017

Former REC advisory committee chairman named Texas Realtor of the Year

AUSTIN (Originator Times) – ​Abilene Realtor Dave Dalzell was awarded the Texas Association of Realtors' (TAR) highest honor, Texas Realtor of the Year, at the association's winter meeting.

Dalzell has 40 years of experience in Texas real estate, joining his parents at Ray Scott Company in 1977. In 1983, he established Dalzell Realtors.

Dalzell is a former chairman of the Real Estate Center's advisory committee. He has also served on the board of directors for the West Central Texas Workforce Board.

His real estate experience includes serving as chairman of TAR in 2004, leader of the TAR Housing Opportunity Foundation from 2004 to 2010, president of the Abilene Association of Realtors in 1986 and 2013, and numerous leadership roles with the National Association of Realtors.

New House select committee to address Texas coastal challenges

AUSTIN (Texas General Land Office) – Texas House Speaker Joe Straus has appointed 11 House members to the newly created Select Committee on Texas Ports, Innovation, and Infrastructure.

Joe Deshotel (Jefferson and Orange Counties)​​​​ is chairman, and Dennis Paul (Harris County) is vice-chairman. Other members are Wayne Faircloth (Chambers and Galveston Counties), Craig Goldman (Tarrant County), Tracy King (Dimmit, Frio, Uvalde, Webb, Zapata, and Zavala Counties), Geanie Morrison (Aransas, Calhoun, DeWitt, Goliad, Refugio, and Victoria Counties), René Oliveira (Cameron County), Evelina "Lina" Ortega (El Paso County)​​, Dade Phelan (Jefferson and Orange Counties), Kevin Roberts (Harris County), and Justin Rodriguez (Bexar County).

According to the proclamation for the committee:

"Texas ports connect to global markets across a vast array of industries. The advent of 'megaships,' expansion of the Panama Canal, and Mexico's project to reform its energy sector are transforming global transportation networks and markets. To ensure Texas is able to take full advantage of these innovations and other economic opportunities presented by its ports, the committee shall review Texas ports' infrastructure including inland borders and border ports of entry. The committee shall also analyze changes to the global trade landscape and the preparedness of Texas ports and border ports of entry to capitalize on those changes. Further, the committee shall identify the near- and long-term challenges facing Texas ports and border points of entry and propose solutions to address those needs."

Texas has 367 miles of coastline.​

Austin Realtor elected REC advisory committee chairman

COLLEGE STATION (Real Estate Center) – Stephen D. “Doug” Roberts of Austin was elected chairman of the Real Estate Center’s advisory committee at the group’s meeting Friday in Austin. W. Douglas Jennings of Fort Worth was re-elected vice chairman.

Roberts, who succeeds Russell L. Cain of Port Lavaca as chairman, is a real estate broker with Moreland Properties. His term on the advisory committee expires in January 2019.

Jennings is a vice president and principal for William C. Jennings Company. His father, William C. Jennings, served on the advisory committee in the 1980s. Jennings’ term expires in January 2021.

The advisory committee approves the Center's research plans and reviews findings. Members also approve the Center’s proposed budget before it is submitted to the university.​

IKEA assembling third DFW store

​FORT WORTH ​​(REBusiness) – IKEA has submitted a proposal to the city for the development of IKEA Fort Worth on 27 acres at the southwest corner of I-35 and N. Tarrant Pkwy.

Construction could begin in spring 2018 with an opening in summer 2019.

The 289,000-sf store would have 900 parking spaces and create more than 250 jobs.
Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day.

Apartment, retail projects start at Cypress Waters

​​​​IRVING (Dallas Morning News) – Billingsley Co. is breaking ground on the next phase of its 1,000-acre Cypress Waters development at LBJ Fwy. and Belt Line Rd.

The Sound, located on the south shore of North Lake,​​ will include 527 lakeside apartments plus retail. Most of the development is scheduled to open in early 2018.

Apartments in The Sound will rent for about $1.80 per sf. ​

Architect Hensely Lamkin Rachel Inc. designed the buildings.

The developer is also starting work soon on a five-story, 250,000-sf office building at 3100 Olympus Blvd. within The Sound.

West Lake Houston acreage slated for 300 apartments

​HOUSTON (RealtyNewsReport) – ​​​Locally based Martin Fein Interests​ has acquired 18 acres near West Lake Houston Pkwy.

A 300-unit, garden-style apartment community​ will be developed on the site.
Obtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

OM Housing developing affordable multifamily

BENBROOK (REBusiness) – OM Housing LLC is developing Villas at Boston Heights, an eco-friendly, affordable ho​​​using multifamily complex at 3510 Boston Ave.

KWA Construction has started construction on the $28 million, 165,000-sf garden-style property that​​ opens in December.

Designed by BGO Architects, the property will have 130 affordable units and 14 market-rate units.

Frontline Capital Partners acquires 333 multifamily units

UNIVERSAL CITY (REBusiness) – Frontline Capital Partners has acquired Sable Ridge Apartments, a 333-unit multifamily property at 330 Kitty Hawk Rd​., near the intersection of I-35 and Loop 1604.

JLL Capital Markets secured financing on behalf of the buyer through LegacyT​​​exas Bank for the acquisition and rehabilitation of the property.​
In a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

Dallas firm buys London Park apartments

HOUSTON (RealtyNewsReport) – ​​​Dallas-based Westmount Realty Capital has purchased the 257-unit London Park apartments, a Class B garden-style project at 14545 Bammel N. Houston Rd.

The community, which was purchased from an affiliate of San Diego-based Fairfield Residential Company​​, was built in 1982.

Renamed Westmount at London Park, it is 95 percent occupied.

Financing was provided by Berkadia.

Downtown office tower gets new life as data center

​​​DALLAS (Dallas Morning News) – ​The 2020 Live Oak tower ​has been renovated into a top-of-the-line data center by Provision Data Services​.

The new owners purchased the 12-story, 137,000-sf building out of foreclosure and spent over a year renovating it.

Built in two phases in 1938 and 1963, the tower was originally an insurance company office. 
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=49
RECON for February 10, 2017RECON for February 10, 2017Bryan PopePope
2017-02-10T06:00:00Z
February 10, 2017

24 Dallas industrial buildings sell as part of $1 billion-plus deal

DALLAS (Dallas Morning News) – New York-based DRA Advisors LLC has purchased almost 20 million sf of warehouse and distribution space in 21 U.S. markets—much of it in North Texas.

The 184 buildings ​were bought ​from Boston-based Cabot Properties.

The largest share was in Dallas-Fort ​Worth, which had two dozen buildings totaling 2.7 million sf.

The properties—in Dallas, Lewisville, Copp​ell, Carrollton, Farmers Branch, Irving, and Grand Prairie—range from 20,000 to 550,000 sf and are 96 percent leased.

The largest DFW building in the purchase is at 200 N. Northpoint Dr. in Coppell.

Cushman & Wakefield negotiated the sale with Eastdil Secured.

Whole Foods to anchor residential-grocery midrise

HOUSTON (Austin Business Journal) – ​​​​​​​The Morgan Group has started construction on what will be the first local residential-grocery midrise.

A 40,000-sf Whole Foods Market will anchor the eight-story project, which is expected to open in 2019.

The development, occupying an entire city block at 3120 Smith St., will offer 264 residential units at build-out.

Locally based Ziegler Cooper Architects is the project's architect, and Carne​gis Group is the interior designer.
The REC's Claudia Orum continues her blog series, "Building a Barndominium." This week's column talks about financing and factors to consider when deciding the best place to build.

Hill Country Land Stewardship Conference April 20-21 in Kerrville

​​KERRVILLE (AgriLife Today) – ​​​The fourth annual Hill Country Land Stewardship Conference hosted by the Texas A&M AgriLife Extension Service will be April 20-21 at the Y.O. Ranch Hotel.

“This conference provides a comprehensive update on many aspects of ranch management to those new to Hill Country ranching, as well as something for those who have been​ at it a long time,” said Dr. Larry Redmon, AgriLife Extension program leader and Texas A&M University soil and crop science associate department head.

Funded in part by the Rut​h and Eskel Bennett Endowment, the cost of the two-day conference is $75 and includes meals and tour transportation costs. Online registration will be available Feb. 16-April ​14.

For more information, contact Redmon at l-redmon@tamu.edu​ or go to http://agrilife.org/bennetttrust/.

J.P. Hart Lumber developing North Texas distribution center

SHERMAN (REBusiness) – J.P. Hart Lumber Co. is developing a distribution center within Progress Park, a 3,300-acre master-planned business park.

The ​​company acquired ​37.6 acres along Progress Dr. to develop the $5.5 million to $6.5 million ​facility, which will create 37 full-time jobs.

J.P. Hart Lumber contracted with the Sherman Economic Development Corp., represented by Stream Realty Partners, to acquire the site.
After mourning the Falcons' Super Bowl loss, Bryan Pope, Edie Craig, and Hayley Rieder bring you the latest real estate news from DFW, Austin, McKinney, Pasadena, Sherman, Wichita Falls, and Round Rock. They'll also tell you about a famous Hollywood director's connection to the biggest natural disaster in both Texas and U.S. history. These stories and much more on the latest Red Zone podcast. (14 min. 57 sec.) 

South Plains profitability workshop in Lubbock on Feb. 21

LUBBOCK (AgriLife Today) – ​The Texas A&M AgriLife Extension Service will conduct the South Plains Profitability Workshop beginning at 9 a.m. Feb. 21 at the Texas A&M AgriLife Research and Extension Center at 1102 E​ FM 1294.
 
“Lubbock County and other South Plains producers continue to face stressful times due to depressed commodity prices and a reduced safety net,” said Dr. Jackie Smith, A​griLife Extension economist in Lubbock. “Even though 2016 was more favorable than the previous two years, producers will still be looking for and considering decisions that could cut costs or improve yields.     

“They will also be considering alternative crops. So the purpose of this workshop is to help them weigh their options from a strictly economic standpoint.”

​Smith will be joined by Jeff Pate and Will Keeling, both AgriLife Extension risk management specialists.  

Smith said another workshop is scheduled for March in Littlefield. The crop spreadsheet budgets used for the workshops will be available by Feb. 10 at http://southplainsprofit.tamu.edu/.

Each participant will receive a thumb drive containing the budget spreadsheet. Participants​ are also welcome to bring their own computers.

There is no charge for the workshop, and lunch will be provided.

For more information, contact Smith at 806-746-6101.

Mercantile Distribution Center trades hands

​​​​FORT WORTH (CBRE) – Austin-based Spraberry Interests LLC has purchased​ Mercantile Distribution Center 40 from locally based Mercantile Partners LP.

The 182,500-sf distribution center, located at 4201 N. Beach St., is fully leased. KPS Global is a major tenant.

CBRE National Partners represented the seller in the transaction.​
In 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.

G.E.T. set to move into Prologis Park

​JERSEY VILLAGE (Colliers International) – ​​​G.E.T. Enterprises LLC has leased 201,600 sf at 7401 Security Way in Prologis Park.​

CBRE represented the landlord, Prologis NA2 Texas LLC. Colliers International represented G.E.T.

First building complete in Southport Logistics Park

WILMER (Port Logistics Realty) – ​​Port Logistics Realty (PLR) has completed the first building at its 531-acre Southport Logistics Park.

The 1.1 million-sf, Class-A property has 36-foot clear height, 570-foot building depth, 185-foot truck court, a 60-foot staging area, 54x50 column spacing, and truck courts and vehicle parking,.

Phase one of Southport Logistics Park includes $22 million in infrastructure investments and will have five buildings totaling over 3.8 million sf. The park’s second building, a 400,000-sf facility, is under construction and slated for completion in second quarter 2017. 

At build-out, Southport Logistics Park will consist of nine million sf of new distribution and e-commerce fulfillment centers, with up to nine buildings ranging from 400,000 to 1.5 million sf.

Southport Logistics Park is a joint venture with Diamond Realty Investments, a wholly owned subsidiary of Mitsubishi Corporation.
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=48
RECON for February 7, 2017RECON for February 7, 2017Bryan PopePope
2017-02-07T06:00:00Z
Austin's Class A Quarry Oaks I and II are under new ownership. Details in today's RECON. (Photo courtesy of HFF.)
February 7, 2017

U.S. News & World Report: Austin best place to live

WASHINGTON, D.C. (Yahoo! News) – Austin claimed​ the top spot on U.S. News & World Report's Best Places to Live ranking for ​​2017.​​

The Capital City takes the top spot after being No. 2 on the list last year.

The Austin Board of Realtors (ABOR) reports housing inventory was at two months, well below the balanced level of 6.5 for the area, as determined by the Real Estate Center at Texas A&M University. The current median home price is $262,182.

The area is expected to double in population over the next ten years after growing more than 10 percent between 2011 and 2015, according to the U.S. Census Bureau. However, this growth may not be enough to help with home affordability.

"The local household incomes are not rising fast enough to match the rising home prices right now," says Brandy Guthrie, ABOR president. Guthrie said, for now, the suburbs are the best affordable option for people hoping to buy in the area.

Other Texas markets making the top 100 were Dallas-Fort Worth (No. 15), Houston (No. 20) , San Antonio (No. 23) , El Paso (No. 76), and McAllen (No. 94).​

2017 Land Conference registration now open

COLLEGE STATION (Real Estate Center) – Registration is open for our 27th Annual Outlook for Texas Land Markets conference.

The two-day event begins April 20 at the Omni Hotel at the Colonnade in San Antonio. Cost is $220 if you register by March 20. After that, the cost is $250. The conference will be followed by TREC's MCE Legal Update 2 course. There is an additional $30 cost for that session.

Click here for the conference agenda, speaker list, and registration information.

The event is presented with Mays Business School at Texas A&M University in cooperation with Texas Chapter American Society of Farm Managers & Rural Appraisers, Texas Chapter Realtors Land Institute, and the San Antonio Board of Realtors. Conference underwriter is Capital Farm Credit, and sponsors are Crockett National Bank, Lone Star Ag Credit, and United Country Real Estate.​
Obtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

SPI, Coastal Bend beach cleanup this weekend

AUSTIN (Texas General Land Office) – The 13th Annual Winter Beach Cleanups will be this Friday on South Padre Island and the next day at seven Coastal Bend beaches.

​Registration for each begins at 8:30 a.m. The cleanup will begin at 9 a.m. Volunteers should wear closed-toe shoes and bring plenty of drinking water. Adopt-A-Beach will provide all necessary materials.

Rio Grande Valley (one location):
  • South Padre Island – Andy Bowie Park, Access Rd. #2, SH 100, 7300 State Park Rd. 100, South Padre Island.​
Coastal Bend (seven locations):​

Goldman Sachs acquires office duo

​​​AUSTIN (HFF) – Goldman Sachs Asset Management Private​​​ Real Estate has purchased Quarry Oaks I and II, a two-building, Class A office complex.

The 292,421-sf property sits at 10900 Stonelake Blvd.​ within the Quarry Oaks master development that wraps around Quarry Lake.

HFF marketed the property on behalf of the seller,​ Principal Real Estate Investors, and procured the buyer.​
Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Work begins on downtown McKinney project

McKINNEY (Dallas Business Journal) – Former Dallas Cowboy Robert Shaw's Columbus Realty Partners Ltd. and the city have started work on a mixed-use development on the site of the former Collin County courthouse.

The development will bring 320 apartments, a parking garage, 45,000 sf of office space, and 20,000 sf of retail space to the nine-acre site at the southwest corner of Davis St. and McDonald St. 

​​​Dallas-based JHP Architecture is the project architect.​

Pasadena Park Shopping Center trades hands

​​PASADENA (Marcus & Millichap) – Pasadena Park Shopping Center, a 163,922-sf retail property at 6804 Spencer Hwy., has been sold.

The 91 percent-occupied property is in the Deer Park market. Tenants include Big Lots, Dollar Tree, Surplus Warehouse, and Harbor Freight. The listing price was around $8 million.

Marcus & Millichap secured the buyer.
In a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

New Jersey investor buys Uptown apartments

​​​DALLAS (Dallas Morning News) – New Jersey-based Connell Real Estate & Development Co. acquired the Riviera at West Village apartments.

Built in 1995, the 150-unit community at 3530 Travis St.​​ is across the street from the West Village retail and restaurant complex. ​​The property is near Katy Trail.

​The Riviera is almost 97 percent leased, with aver​age rents near $1,600 per month. 

HFF marketed the property for sale.

Massive Grand Prairie industrial facility sold

GRAND PRAIRIE (CBRE) – Logistics Crossing I, a 667,635-sf industrial facility at 2305 W. Marshall Dr., has changed hands.

Washington, D.C.-based AFL-CIO Building Investment Trust, ​advised by PNC Realty Investors, purchased the asset from Atlanta-based Robinson​ Weeks Partners.

The facility is fully leased to a top automotive manufacturer with eight years remaining on its lease.

The asset ha​s a 497-foot rail spur, 32-foot clear heights, and a cross-dock configuration.
CBRE National Partners represented the seller in the transaction.​
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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 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=47

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