{{titleBar.title}}

{{titleBar.tagline}}

 

 

RECON for March 24, 2017RECON for March 24, 2017Bryan PopePope
2017-03-24T05:00:00Z

Austin and Dallas are two of ten U.S. cities whose downtown districts are "rising from the grave," says Realtor.com. Details in today's RECON. (Photo from Center files.)
March 24, 2017

MRE trailblazer Ivan 'Doc' Schmedemann dies at 87

​COLLEGE STATION (Real Estate Center) – Dr. Ivan W. ‘Doc’ Schmedemann died last Saturday at the age of 87.

Committed to education, Doc is best known for developing and leading the Master of Land Economics and Real Estate program, now the Master of Real Estate program, for Mays Business School at Texas A&M University.

From 1972 to 1994, more than 400 students benefitted from Doc’s teaching and mentoring.

His commitment to students was exemplified in his many awards, including Agricultural Economics Department Teacher of the Year, Honor Professor from the COALS Student Council, Texas A&M Association of Former Students teaching award, and the Education Innovation Award from the College of Agriculture.

For much of his three decades at Texas A&M, Doc held a joint appointment in agricultural economics and with the Real Estate Center where he was a research economist. He retired in 1996.

Read the Center's tribute online​.​​

Back from the dead: Downtowns coming back

​​AUSTIN (Realtor.com) – Austin and Dallas are two of ten U.S. cities whose downtown districts are "rising from the grave," says Realtor.com.

Authors of the website's article on downtown revitalization looked at the 200 largest U.S. cities, considering several factors when compiling their list. Those included downtown residential population growth; number of restaurants, bars, grocery stores, and food trucks per capita; number of department stores and independent retailers per capita; and number of jobs per capita.

Austin ranked sixth on the list and Dallas eighth.

"The story of downtown Austin isn’t entirely about rising from the ashes, like the other cities here," the article said. "Rather, it’s about a small urban area known best for hole-in-the-wall bars and middle-of-the-night taco joints exploding into a full-on hipster mecca.

"Today’s downtown is a place that attracts Silicon Valley techies long after the crowds of the music and technology festival SXSW empty out. Dozens of software, game, mobile, and chip design companies have already converged on downtown, and Google signed a lease on a 29-story office building that’s still under construction."

On Big D: "When the real estate market in Texas crashed in the early 1990s, nearly one-third of the offices in Dallas were left empty—the biggest chunk of urban vacancies in the country.

"That era has ended. Abandoned downtown offices are now luxury lofts, and more new condos have gone up. Once a ghost town after dark, downtown has found new life.

"A bold move in 2012—opening an urban park over the freeway that once isolated downtown—further catalyzed revival. The new Klyde Warren Park not only added 5.2 acres of green space but made downtown walkable."

What makes Austin's and Dallas' downtown districts so special? Realtor.com knows, and so do we. Also, we pay our respects to Dr. Ivan W. "Doc" Schmedemann, who paved the way for the Master of Real Estate program at Mays Business School at Texas A&M University. Doc passed away Saturday at 87.These stories and much more on the latest Red Zone podcast. (18 min. 12 sec.) 

Stream Realty completes Farmer Brothers' 540,000-sf HQ

​​FORT WORTH (CoStar Group) – ​​Dallas-based Stream Realty Partners has completed construction on the corporate headquarters and main manufacturing hub of Farmer Brothers, a national tea and coffee roaster, supplier, and distributor.

The facility, owned by Wells Fargo, broke ground last January on 27.5 acres along I-35W at 13601 North Fwy. in the Northlake area.

Totaling 539,448 sf, the $90 million complex houses Farmer Brothers' executives and helped create 300 new jobs. 

The Dallas Federal Reserve's latest ​Texas Employment Forecast suggests Texas employment will grow 2.7 percent this year, up from the previous forecast of 1.9 percent in January. Dr. Luis Torres talks more about tracking Texas job grow on our Mixed-Use blog.

Realtor.com: Houston fifth best city for millennials 

​​​​HOUSTON (Houston Chronicle) – Bayou City ​was ranked fifth on Realtor.com's list of Top Cities for Millennials​, released Wednesday.​

The city's young population and ample job opportunities put it at the top of the rankings. 

In the area, 14.5 percent of the population is made up of millennials, ages 25 to 34; that compares with 13 percent for the U.S. overall. The city has an unemployment rate of 5.4 percent.

Affordability is also a factor in the rankings. Houstonians on average spend 36.1 percent of their income to own a home.

The website cited The Heights, Oak Forest, and Timbergrove as hot spots for their proximity to trendy restaurants, shops, and craft breweries. 

Other cities in the top ten are: 

  • No. 1 Salt Lake City;
  • No. 2 Miami; 
  • No. 3 Orlando, Fla.;
  • No. 4 Seattle; 
  • No. 6 Los Angeles;
  • No. 7 Buffalo, N.Y.;
  • No. 8 Albany, N.Y.;
  • No. 9 San Francisco; and 
  • No. 10 San Jose, Calif.
Realtor.com compiled the list by analyzing the share of millennial page views on its real estate site in 60 of the largest markets. 
Market 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.

Epic plans for Deep Ellum

​​​DALLAS (KDC) – Westdale and KDC have started construction on The Epic, a mixed-use, transit-oriented development in Dallas’ Deep Ellum neighborhood.

The Epic will be developed on an eight-acre site currently occupied by the historic Union Bankers Building at Good Latimer Expy. and Pacific St. next to the Dallas Area Rapid Transit (DART) Deep Ellum Station.

KDC is developing the 250,000-sf office tower, which will have an average floor plate of 25,000 sf on ten office floors. KDC will seek LEED Gold certification for the core and shell. Perkins + Will is the architect. Balfour Beatty is the general contractor.

A new Pittman Hotel will be built within the existing Union Bankers Building. Vine Street Ventures Inc. is developing the 164-room boutique hotel.

The Epic will also include a 300-unit residential tower developed by StreetLights Residential. At 20 stories, it will be the second tallest building in Deep Ellum. Looney Ricks Kiss is the architect, 5G Studio is the interior designer, and StreetLights Residential is the general contractor.

Kimley-Horn is the civil engineer for the entire project. The office tower, hotel, and residential tower are slated for completion in late 2019.

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.

Targa Resources signs major lease at 811 Louisiana

​​​HOUSTON (Realty News Report) – One of the largest independent midstream energy companies in North America has signed a long-term office lease at 811 Louisiana.

Targa Resources Corp. will occupy 127,734 sf on four floors at the recently renovated Class A tower.​ The lease represents the largest new lease signed in the city's central business district year-to-date in 2017.

The 577,735-sf 811 Louisiana building was originally developed in 1970 by Hines.

Cushman & Wakefield represented the tenant, Colvill Office Properties represented the building's ownership. Hines professionally manages the building.​

Parking garage delivers in downtown Cowtown 

​​​FORT WORTH (REBusiness) – ​Adolfson & Peterson Construction has completed Cowtown Place Garage, a 312,500-sf, nine-story parking deck with 26,000 sf of ground-level retail space.

The 850-space structure is located next to Sundance Square.

Woodbranch Investments served as the general contactor on the project.

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=59
RECON for March 21, 2017RECON for March 21, 2017Bryan PopePope
2017-03-21T05:00:00Z
San Antonio office vacancy will tighten this year as new construction slows down, reports Marcus & Millichap in its latest market update. Details in today's RECON. (Photo from Center files.)
March 21, 2017

Kingsville hoping to breathe new life into old downtown

​KINGSVILLE (Corpus Christi Caller-Times) – This South Texas city's downtown district could be getting a makeover.

The Kingsville Downtown Vision Plan, which was revealed by the city during a public forum last month, calls for a civic events center, the rehabilitation of the old Texas Theater, and improving downtown's connectivity to Texas A&M University-Kingsville through bike paths.

It also establishes a "museum cluster" that would tie together the Train Depot, the King Ranch Museum, and the Mother Julia Museum with a tree-lined walkway within reach of downtown.

The plan was developed through a partnership with the University of Texas-San Antonio Center for Urban and Regional Planning Research and the Rural Business Program.

"Every vibrant community has a vibrant downtown," said Manny Salazar, executive director of the Greater Kingsville Economic Development Council. "This (project) is going to modernize and improve things in downtown, make downtown more navigable for people."

Phase one of the project would be paid for from a previously allocated $1 million certificate of obligation. City officials have been working several months trying to leverage those funds to get grants for additional improvements. City Manager Jesus Garza said they hope to eventually complete as much as $2.4 million in renovations if the city is awarded grant money.

Marcus & Millichap: San Antonio office vacancy to tighten this year

SAN ANTONIO (Marcus & Millichap) – Local office vacancy will tighten this year as new construction slows down, reports Marcus & Millichap in its latest market update.

"Tightening vacancy, rent gains attract investors to San Antonio," according to the report. "Steady hiring and a positive outlook for the metro’s office market are keeping investor interest elevated. Private local buyers are dominating deal flow, targeting office properties in the $1 million to $5 million range. Initial yields for these assets typically run from high 7 percent to low 8 percent. Strong absorption trends are also drawing a number of REITs and institutional funds to the market."​

Among the firm's projections for the remainder of the year:
  • Total employment will rise by 19,000 workers, including 3,200 office positions.
  • Builders will bring 200,000 sf of space online this year compared with 700,000 sf last year.
  • Vacancy plummeted 170 basis points last year, and a decline in 2017 pushes down the rate to 11.5 percent.
  • Tightening vacancy will spur healthy rent gains, raising the average rent to $20.89 per sf. Last year the average grew 2.1 percent.
  • Limited new construction bodes well for area office properties as vacancy declines and rent growth strengthens.
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. 

40-story multifamily skyscraper planned for Downtown Dallas

DALLAS (Dallas Morning News) –​​ Chicago-based Amli Residential bought the vacant block on Field St. just north of Ross Ave. with plans to build a 40-story skyscraper on the site.

The high-rise will have 367 rental units​. Construction will begin this summer.

Amli's Field St. tower will be the tallest downtown building started since construction began in 2010 on the 42-story Museum Tower condominium building in the Arts District.

Goddard Investment was the seller. Page Southerland Page Inc. designed the planned skyscraper.

GLO releases Texas action plan for 2016 disaster recovery

​​​AUSTIN (Texas General Land Office) – Seventy-one Texas counties will share $222.2 million in Community Development Block Grant Disaster Recovery (CDBG-DR) funds provided by the U.S. Department of Housing and Urban Development (HUD).

"Flood events in Texas over the past two years have had disastrous results in counties representing 76 percent of the state," said Texas Land Commissioner George P. Bush. "Affected counties are home to nearly 21 million people—a total population greater than the populations of 48 states."

HUD identified Brazoria, Fort Bend, Harris, Montgomery, and Newton as "Most Impacted Counties." They require an allocation of 80 percent of funds ($177.85 million). The remaining 20 percent ($44.5 million), will be allocated later. Cities, counties, and housing authorities in the declared areas are eligible to apply.

The plan is available for review online. The public and all stakeholders are encouraged to provide feedback.
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. 

Developers break ground on apartments west of downtown

AUSTIN (Oden Hughes) – CWS Capital Partners LLC and Oden Hughes LLC have broken ground on a 226-unit Class A multifamily community west of downtown.

The six-story project at 1301 W. Fifth St. will offer one-, two-, and three-bedroom units. Ten percent will be rented at below-market rates to qualified households. ​​

Scheduled to open in late 2018, the project will include nearly 2,200 sf of ground-floor retail.

Kelly Grossman Architects designed the project.

This is the first project co-developed by the two locally based companies.

Lowering the bar to raise new office space

SAN ANTONIO (San Antonio Business Journal) – The Stay Golden Social House will close this summer, clearing the ​​way at 401 Pearl Pkwy. for a two-building office development.

Silver Ventures' real estate entity, Broadway SA Investors GP LLC, purchased the 0.84-acre site in 2013. The property is appraised at nearly $1.1 million.

​​The developer's plan​ for a two-building office development on the 3.1​-acre site at 1801 Broadway St.—which will include the 401 Pearl Pkwy. site—was approved by the city's Historic Design Review and Commission earlier this week. 

The proposed ten- and six-story buildings, not including a 950-space parking garage with retail space, will add nearly 354,000 sf of office space to the lower Broadway neighborhood.​
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.

Florida investment firm sells 348 Grand Prairie units

​​GRAND PRAIRIE (REBusiness) – Florida-based ​​​Kislak Organization has sold Three60 North Apartments, a 348-unit multifamily complex at 1450 N. SH 360 Service Rd.

Moran & Co. Southwest represented the seller in the transaction.

115,000-sf shopping center trades hands

​CYPRESS (REBusiness) – An affiliate of United Equities Inc. has sold Fry-529 Retail Center, a 115,000-sf shopping center at ​​the corner of Fry Rd. and FM 529.

Anchored by Fiesta Mart and Goodwill Select Stores, the center was 98 percent occupied at the time of sale.​
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=58
RECON for March 14, 2017RECON for March 14, 2017Bryan PopePope
2017-03-14T05:00:00Z
Bluebonnets are springing up along highways and in fields all over the state, including in this little meadow near Ennis in Ellis County. (Photo by Center photographer JP Beato.)
March 14, 2017

CBRE: DFW No. 2 target market for investors

​​​DALLAS (CBRE) – Dallas-Fort Worth ranked as the number two metro for property investment this year, according to the CBRE Americas Investor Intentions Survey 2017.

North Texas, ranked just behind Los Angeles, is up a spot from number three in last year's survey, edging out New York City.

"Dallas-Fort Worth continues to be a very attractive market for institutional and private equity investors. Our sustained job growth over the last seven years, with no apparent reversal in sight, is providing lift across numerous asset classes," said Chris Hipps, senior managing director of investor services at CBRE. "Specifically, the industrial sector, with a vacancy rate of less than 10 percent since 2012 and an average annual net absorption of 17.7 million sf, is seeing high investment sale volumes."

Houston and Austin also are viewed as attractive markets for investment, ranking seventh and 11th, respectively. 

The 2017 survey results reveal that investors will remain actively engaged in real estate investment this year, with 67 percent intending to be net buyers (more acquisitions than dispositions). The percentage of net buyers has increased from 60 percent in 2015 and 65 percent in 2016. ​​The survey shows that 83 percent of investors intend to maintain or increase their purchasing activity in 2017.

The 22-question Americas Investor Intentions Survey 2017 was conducted among CBRE clients between Jan. 6 and Feb. 6, 2017. The Americas survey is part of the larger global survey, for which nearly 2,000 responses were received.

Age-restricted housing planned for Horseshoe Bay

​​​​​HORSESHOE BAY (Community Impact Newspaper) – ​Legend Communities is developing the Tuscan Village​ Horseshoe Bay on 68 acres within the master-planned Summit Rock Golf Course Community off SH 71. 

The project will include 300 homes limited to buyers age 55 and older, as well as trails and open spaces.

The property will be 60 percent villas, ranging​ from 1,800 to 3,200 sf, starting at $400,000. Townhomes, starting at $300,000 and ranging from 1,294 to 1,790 sf, will make up the remaining 40 percent of the property. It will also include 13 golf estate lots, starting at $800,000 and ranging from 3,600 to 4,400 sf.

Tuscan Village Horseshoe Bay anticipates to be open for sales this summer, with grand opening in early 2018​.​​

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. 

250 apartments planned for City Place

​CONROE (D'Agostino Companies) – D'Agostino Cos. and Slate Real Estate are partnering on a 250-unit multifamily complex at I-45 and League Line Rd. The $31 million project will be part of the City Place mixed-use development.

Units will average 937 sf and rent for $1.31 per sf. Construction begins Sept. 1 of this year. Occupancy is slated for October 2018.

Prosperity Bank Houston is the lender for this project.

City Place currently has 80,000 sf of medical office space and a 17-screen, stadium-seat movie theater. Future uses include senior living, restaurants, retail, and a pharmacy.​ (Editor's note: Article revised 3/20/2017.)​

78 acres slated for Lakeway City Center

​​LAKEWAY (Community Impact Newspaper) – ​Legend Communities is purchasing 78 acres bordered by RR 620, Lohmans Crossing​, and Rolling Green Dr. from the Lakeway Municipal Utility District.

Lakeway City Center will include 600,000 sf overall with commercial space, retail space, 300 unrestricted residential units, and 210 age-restricted units. 

Groundbreaking is slated for early 2018. Site delivery is expected for 12-14 months after, and total completion is expected in five to seven years.​​

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.

Fast food restaurants coming to Katy

​​​​KATY (REBusiness Online) – NewQuest Properties has begun work on the first round of fast food restaurants at Grand Morton Town Center, an 89-acre retail center at the corner of Grand Pkwy. and Morton Ranch Rd.

Taco Bell will open a 29,815-sf store,​ and McDonald's will operate a 67,894-sf site. Both locations are slated to open in late summer.

Whataburger and Chick-fil-A will follow at year's end with 42,574-sf and 59,699-sf ground-leased sites, respectively. ​

Developers ready for more Trinity Groves apartments

​DALLAS (Dallas Morning News) – After the success of the 350-unit Cypress at Trinity Groves apartment community, developers are ready to begin on a second apartment building in the development.

Columbus Realty Partners and West Dallas Investments​ are developing a 325-unit apartment building on Singleton Blvd. 

The developers also are talking to office building investors and partners about doing a building overlooking downtown.

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=57
RECON for March 10, 2017RECON for March 10, 2017Bryan PopePope
2017-03-10T06:00:00Z
The prognosis is good for medical real estate in Texas thanks to the state's continuing population growth and plenty of new construction. See our top story for details. (Photo from Center files.)
March 10, 2017

Texas' medical construction pipeline nation's second-largest

​DALLAS (Dallas Morning News) – At $15.8 billion, the Lone Star State has the second-largest pipeline for medical real estate in the nation, according to medical real estate data firm Revista in its annual healthcare construction analysis evaluating projects underway in 2017.

“There is a lot of construction and demographic growth in general in Texas, and healthcare real estate goes along with that,” said author Mike Hargrave. “It’s a vibrant economy.”

The new data from Revista focus on approved and funded projects that exceed $5 ​million in value. Analysts identified a total of 114 hospitals and medical office buildings under construction in Texas that met the criteria.

In North Texas alone there were 26 projects underway. They totaled nearly $8 billion. There were 31 projects totaling $3.8 billion in the Houston area, nine projects totaling $402 million in San Antonio, and eight valued at ​$503 million in or around Austin.​

Former Exxon Mobil property sold

​​HOUSTON (Houston Business Journal) – A former Exxon Mobil Corp. property at 3120 Buffalo Speedway has been sold after sitting on the market for over two years.

Spear Street Capital and Transwestern Development Co. purchased the 16.9-acre asset.​

The facility features a six-story, 450,000-sf office building, a 100,000-sf training center, 13 auxiliary buildings, and a large parking structure.

The Greenway Plaza-area property had been the headquarters of Exxon Mobil Upstream Research Co. since the 1950s​​. It was put on the market in summer 2014 as the energy giant was consolidating its local operations into its Springwoods Village campus.

JLL represented Exxon Mobil in the trans​action.

EPIC pipeline planned for Corpus Christi

CORPUS CHRISTI (Corpus Christi Caller-Times) – Three companies have raised $1 billion to build a 730-mile oil pipeline from the heart of West Texas to the Gulf of Mexico in what will be the state’s longest pipeline since at least 2008.

The “EPIC” pipeline—which stands for Eagle Ford, Permian, Ingleside, and Corpus—will transport upward of 440,000 barrels per day of crude oil and condensate out of the Permian Basin Shale field to the Gulf Coast region.

The Port of Corpus Christi has become increasingly important as U.S. production takes off. Almost $1.5 billion in oil was exported out of the city last year, according to the website U.S. Trade Numbers.

The EPIC pipeline project is being developed by TexStar, Ironwood Midstream Energy Partners, and Castleton Commodities International. 

Construction is set to begin in June and is scheduled to be completed by March 2019.

The project is being funded by private equity investors.​

DFW country's second-largest data center market

DALLAS (CBRE) – Dallas-Fort Worth is the second largest data center market in the country, according to a new report from CBRE.

Forty-seven megawatts (MW) of new deliveries last year brought the area's total inventory to 208 MW.

Northern Virginia leads with 557 MW and Chicago is third with 192 MW.​

North Tex​as absorbed 37.6 MW in 2016, slightly less than the 43 MW recorded the year before. The bulk of the absorption activity occurred in smaller increments. Wholesale transactions averaged slightly more than 1 MW for the year. 

There are currently 41 MW of existing wholesale capacity available in DFW, distributed across 15 data center facilities and ten providers. The vacancy rate for existing data center space in DFW remained relatively static year-over-year at 19.8 percent in fourth quarter 2016, and new supply is maintaining a balanced pace with net absorption. An additional 49.5 MW is currently under construction, with nearly all being delivered on a speculative basis.

Data center rates will continue to stay relatively stable between $120 and $145 per kilowatt per month, with large deals coming in below $120. The rates in DFW are in line with other major markets.​
Ready to move into your brand-new barndominium? First things first. Guest columnist Claudia Orum concludes her six-week blog series with a few money- and time-saving hints. Read it online today.

KDC adding 17-acre park to CityLine development

​RICHARDSON (Dallas Business Journal) – KDC has started construction on the initial phase of Fox Creek Park at the $1.5 billion CityLine mixed-use development.

This phase includes 11 acres of the 17-acre park. It will have a 75-foot pedestrian and cyclist bridge, playgrounds, covered pavilion, limestone benches, hike-and-bike trails, and ornamental planting beds.

TBG Partners designed the park, which will be along the east side of CityLine near Renner Rd. and Foxboro Dr. 

Fox Creek Park will join CityLine Park as part of the city's initiative to have a pocket park​​ within walking distance of every neighborhood in the city.

Stream developing 152,000-sf commercial project

FRISCO (REBusiness) – ​​Stream Realty Partners is developing a 152,000-sf office and industrial project within Frisco Park 25.

PowerSecure Lighting will anchor the Class A development with a 76,000-sf lease. The project will open in 2018.

Frisco Park 25 is a 216-acre, master-planned business and industrial park at Preston Rd. and Rockhill Pkwy.
Market 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.

Ashley Furniture making Mesquite home

MESQUITE (Dallas Business Journal) –​​ Wisconsin-based Ashley Furniture Industries Inc. will build​ a $65 million, 850,000-sf regional distribution hub at 37​90 Faithon P. Lucas Sr. Blvd.

The development will sit on 358 acres and house 347 full-time workers with an average salary of $43,577 plus benefits.

Construction will start by the end of the year with occupancy slated by Dec. 31, 2019.

The city's economic development department has given the furniture retailer incentives tied to the development of the facility and bringing new jobs to the area. 

JP Realty's 'Banner' month

DALLAS (REBusiness) – JP Realty Partners has purchased Banner Place, a two-building office property at 12660 and 12770 Coit Rd.

Built in 1985, the property consists of a 12-story, 258,493-sf tower and a three-story, 27,018-sf medical office building. The pair was 70 percent leased at the time of sale.

Colliers International Group Inc. represented the seller, Gaedeke Group.

Comptroller distributes nearly $620 million in sales tax revenue

​​​​AUSTIN (Texas Comptroller of Public Accounts) – Texas Comptroller Glenn Hegar announced he will send cities, counties, transit system​s, and special-purpose taxing districts $619.7 million in local tax allocations for March.

The allocations are 5.8 percent more than in March 2016 and are based on sales made in January​ by businesses that report tax monthly.

"The cities of Houston, San Antonio, Fort Worth, and Austin saw noticeable increases in sales tax allocations," Hegar said. "The cities of McAllen and Sugar Land saw noticeable decreases."​​
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.

Rentals rising near Memorial City Mall

HOUSTON (RealtyNewsReport) – MetroNational will break ground later this month on an eight-story, 327-unit midrise rental apartment adjacent to Memorial City Mall.

Designed by Ziegler Cooper Architects Residential, the project will have one-, two-, and three-bedroom units ranging from 555 to 1,796 sf. 

The tower will be at the northwest corner of Barryknoll Ln. and Memorial City Way. Completion is slated for summer 2019.

Slate​​ Real Estate Partners will assist in the development of the project.

Lone Star State has sixth highest property tax rate

AUSTIN (San Antonio Business Journal) – Texas has some of the highest property taxes in the nation, according to a new study from WalletHub.

The state's effective real estate tax rate is 1.9 percent, which ranks as the sixth most-expensive of the 50 states plus Washington D.C. Texas' average home value of $136,000 translates to $2,578 in taxes paid every year per home. 

Of course, Texas does not collect state income taxes, meaning the government relies more heavily on property taxes to fund agencies and services.

WalletHub compiled the statistics based off U.S. Census data using median tax payment and median home price.

The study also looked at effective vehicle tax rates. Texas is one of the 23 states along with Washington, D.C., to have no vehicle tax rates.​

For another perspective on Texas property taxes, read Real Estate Center Research Economist Dr. Charles Gilliland's article, "Texas Tax Conundrum​."

30-year mortgage rates hit 2017 high

McLEAN, Va. (Freddie Mac) – Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing average 30-year fixed mortgage rates hitting their highest mark of 2017.​
  • 30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, up from last week when it averaged 4.1 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
  • 15-year FRM this week averaged 3.42 percent with an average 0.5 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
  • Five-year, Treasury-indexed, hybrid, adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago, the five-year ARM averaged 2.92 percent.​​
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=56
RECON for March 7, 2017RECON for March 7, 2017Bryan PopePope
2017-03-07T06:00:00Z
Goldman Sachs is moving into one of Downtown Dallas' tallest office skyscrapers. Details in today's RECON. (Photo from Center files.)
March 7, 2017

Lone Star State leads in corporate expansions. . . again

​​​AUSTIN (Austin Business Journal) – Texas has been named a top state for new and expanded corporate facilities once again, according to Site Selection magazine.

The publication's two Governor’s Cups for 2016 went to Texas for the most qualified projects of any state and Nebraska, which won in the per capita category. 

By sheer number of projects, the state led by a wide margin. Site Selection recorded 642 qualified projects statewide, followed by Ohio at 515​. 

This is Texas' fifth consecutive cup since overtaking Ohio in 2009. Site Selection noted that Texas maintained its No. 1 ranking even during the energy downturn.

“The reason is we have continued to diversify our economy in areas and sectors that have nothing to do with energy,” Texas Gov. Greg Abbott told Site Selection. “The high-tech sector is in high growth in Texas, and our health care sector and innovation in life sciences are growing very rapidly. These are areas that, because they are sectors of the American economy that are growing so rapidly, will continue to spur our economy.”

Among metropolitan areas with populations of more than 1 million, Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land rank second and third, respectively. The DFW area logged 231 qualified projects last year, and Houston recorded 210. The Chicago metropolitan statistical area took the No. 1 spot, with 424 projects; the New York City MSA was a distant fourth, with 160.

Goldman Sachs signs lease in Arts District tower

​DALLAS (Dallas Business Journal) – Goldman Sachs has finalized a deal to take seven floors within the 50-story Trammel Crow Center, one of downtown's tallest skyscrapers.

The New York-based firm will move over 1,000 employees into 175,000 sf at 2001 Ross Ave. by early 2018.

Greenspoint office tower acquired by local firm

​​​HOUSTON (Realty News Report) – Locally based Austin Management Group has acquired the Northborough Tower, a 14-story ​​office building at 100 Glenborough Dr. in the Greenspoint area.

The 206,533-sf building is currently vacant, although it is 99 percent leased until 2018 by Noble Energy. 

Transwestern represented the seller.

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. 

Developers ready to build Brooks Business Park

​​SAN ANTONIO (San Antonio Business Journal) – ​​Brooks City Base has brought on a development partner to start on the first phase of the six-property Brooks Business Park.

Industrial Group Southwest will develop, build, and lease the first 350,000-sf building, which will sit on a 20-acre lot at Goliad Rd. and City Base Landing.​ Construction on the first building will begin this spring.

Five other buildings ranging from 40,000 to 60,000 sf will follow, sitting on lots ranging from 2.82 to 44.47 acres.

Once completed, the Brooks Business Park will span nearly 75 acres.

JLL has been hired as Brooks' listing agent.​

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. 

Dalfen sells 330,000-sf distribution hub

​​SUGAR LAND (Realty News Report) – Dalfen America Corp. has sold the 330,674-sf Gillingham Distribution C​​enter to Gillingham DC LLC.

The property is located in the Sugar Land Business Park near Beltway 8 and US 90A.

The sale also includes five acres of developable land that could handle as much as 80,000 sf of new construction.

Colliers International and CBRE represented Dalfen.

Work starts on condo tower near Grapevine Lake

​​​FLOWER MOUND (Dallas Morning News) – ​​Yates Construction has begun work on the 16-story Lakeside Tower overlooking Grapevine Lake.

Condominiums in the 48-unit building will range from 1,345-sf, two-bedroom, two-bath plans to 5,726-sf, four-bedroom, 4.5-bath plans. 

Developers also plan to build four 3,000-sf bungalow homes next to the high-rise.

Unit prices start near $600,000, and about 60 percent of the condos have been reserved to buyers.

Realty Capital has been working on the project, which is part of the Lakeside mixed-use development, for over two years. ​​

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.

Cowtown retail center trades hands

​​​FORT WORTH (REBusiness Online) – Florida-based Consolidated-Tomoka Land Co. has purchased a 136,000-sf shopping center at 3563 Alton Rd.

Situated on 10.3 acres and divided into three contiguous parcels, the asset includes four single-tenant properties and one multi-tenant property. Tenants in the 96 percent-occupied center include Albertsons, Cook Children's Health Foundation, Dollar General, and Ace Hardware.

North Carolina firm buys 416 Bearkat beds

​HUNTSVILLE ​​​(REBusiness Online) – Raleigh, N.C.-based The Preiss Co. has acquired Gateway at Huntsville, a 160-unit complex at 5050 Sam Houston Ave.

Sitting on 12 acres about a mile from Sam Houston State University, the property includes six four-story buildings with 416 bedrooms and bathrooms.​

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=55

 Search RECON Issues