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RECON for February 21, 2020RECON for February 21, 2020Bryan PopePope
2020-02-21T06:00:00Z2020-02-21T06:00:00Z

RECON Real Estate Center
Rendering of TAMU's health complex in the Texas Medical Center
What's happening in Texas real estate? Coastal Bend unemployment at December low, TAMU working on three-building project in Texas Medical Center, and Austin housing market starts 2020 on a high note. Read today's RECON for the details. (Photo from the Texas A&M University System.)
February 21, 2020

Coastal Bend records record-low December unemployment

CORPUS CHRISTI (South Texas Economic Development Center) – The Coastal Bend region ended 2019 on a high note with steady growth in employment and business activity despite uncertainty at the national and global levels.

According to the South Texas Economic Development Center at Texas A&M University-Corpus Christi, 1,327 jobs were added across the area last year. Several sectors, including mining and construction, contributed​ to the job growth, but trade and business services saw an annual decline. 

The 4.2 percent unemployment rate was a historical low for the month of December. Across the Coastal Bend, Live Oak County experienced the lowest unemployment at 2.9 percent.

Strong labor market and business conditions have contributed to a tight housing market locally and statewide. The region's median home sales price hit $215,500 by the end of 2019. 

Inventory shrank to 4.7 months, the lowest since mid-2014. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 
Border economy 2019 summary
Read our latest Texas Border Economy report for more. 

TAMU saying 'howdy!' to Texas Medical Center

HOUSTON (The Eagle)– ​​The Texas A&M University System is developing a three-building, $546 million complex in the Texas Medical Center.

The system purchased the 5.5 acres at 1020 Holcombe Blvd. in 2017.  

An existing 18-story building is being renovated for the Engineering Medicine program. The system will spend $145 million on purchasing and renovating the tower.

A 19-story, 365,000-sf building will have 572 student housing units with 704 beds. It will also have a 1.2 million-sf parking garage with 3,444 spaces. 

A&M medical students and Prairie View A&M nursing students will have priority housing. 

Completion is set for June 2022. 

The final building is the 30-story, 587,000-sf Integrated Medical Plaza. It will have a 13-story parking garage, 72,000 sf of retail space, and 8,700 sf of green space. It​​ will deliver by June 2023.

The development is the largest current project in the center. The two new construction projects are public-private partnerships with Medistar Corp. 
Helping Texans make the best real estate decisions since 1971.

City approves 80-acre Allen mixed-use project

ALLEN (Dallas Morning News) – The city council has approved The Avenue, an 80-acre mixed-use development at the southwest corner of SH 121 and Alma Rd.

The development, previously known as Allen Sports Village, will include: 
  • one million sf of office space,
  • 65 single-family homes,​
  • 1,600 urban residential units,
  • three hotels, and 
  • 275,000 sf of retail and restaurant space.
Many of the shops and dining venues will be built in old shipping containers. A food hall and a central outdoor plaza with water features will be included. 

Developer Thakkar originally proposed building a $500 million sports complex with a cricket stadium, but the deal was canceled after neighborhood opposition and the departure of a key player.
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Austin housing market takes off in 2020

​​​​AUSTIN (Austin Business Journal) – The metro kicked off 2020 with record-​high home sales and median sales prices in January.

Last month, sales volume increased by 8.6 percent from January 2019 to 1,738 single-family homes sold, according to the Austin Board of Realtors. 

The median sales price increased by 5.1 percent year over year to $310,000.

Austin proper also set a January record for median home price. It saw a 16 percent year-over-year​ increase to $405,500. 

Within city limits, single-family home sales decreased 1.7 percent over the year to 472 sales. 
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Work kicks off on 3.5M-sf South Belt Central Business Park

HOUSTON (REBusiness Online) – Locally based Investment & Development Ventures LLC (IDV) has broken ground on the two-building first phase of the 3.5 million-sf South Belt Central Business Park. 

​​According to IDV, the first building will be a 274,680-sf cross dock facility with 32-ft clear heights, ESFR sprinklers, trailer parking, and 307 parking spaces.

The second will be a 130,800-sf building featuring 32-ft clear heights, a 130-ft truck court, ESFR sprinklers, side load space, and 260 parking spaces. 

Phase I will deliver in fourth quarter 2020. 

Cushman & Wakefield will handle leasing for the project.

South Belt Central Business Park is on 214 acres at the northeast corner of Beltway 8 and Cottingham St. 
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NuHomes for new buyers

PORTER (Houston Business Journal) – Miami-based Lennar Corp. is opening its second Houston-area NuHome community, dubbed Country Colony, at 5803 Rosehill Forest Ln.

The community, which aims to provide low-cost homes to entry-level buyers, will offer more than 90 homesites with houses starting in the $170,000s. 

Buyers will choose from six floor plans, ranging from 1,174 to 2,229 sf, which come in three- and four-bedroom layouts. One- and two-story floor plans will be available.

Each home will have a​ two-car garage.

Down payment assistance will be available to qualified buyers. The first homes will be available for move-in this spring.
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=351
RECON for February 18, 2020RECON for February 18, 2020Bryan PopePope
2020-02-18T06:00:00Z2020-02-18T06:00:00Z

RECON Real Estate Center
Exterior of E.L. Wehner building in College Station with Mays Business School sign in the foreground
The Master of Real Estate program at Texas A&M University's Mays Business School has ranked as the second best masters program for real estate in the world. Keep reading today's RECON for the details. (Photo from Mays Business School.)
February 18, 2020

Austin best state capital to live in for third year in a row

​​AUSTIN (WalletHub) – For the third year in a row, Austin has snagged the top spot on WalletHub's list of 2020's best state capitals in which to live.

The Texas capital ranked first in economic well-being, third in quality of education and health, fourth in quality of life, and 12th in affordability.

Austin was ​first in both highest median household income (adjusted for cost of living) and lowest premature-death rate. It was first in most attractions, tying with Honolulu, Boston, Denver, Atlanta, and Nashville, Tenn. 

The Texas capital ranked second in highest percent of millennial newcomers and tied for third with Raleigh, N.C., for highest percent age of adults with a bachelor's degree or higher. 

Rounding out the top five overall capitals were Raleigh, N.C.; Madison, Wis.; Denver; and Lincoln, Neb.

The report compared all 50 state capitals across 51 key metrics, ranging from cost of living to K-12 school-system quality to number of attractions. ​​​
Outlook for the Texas Economy 2019 Annual Summary
Read the Outlook for the Texas Economy report for more. 

Mays Business School's MRE program second best in the world 

PARIS, France (Eduniversal) – The Master of Real Estate program at ​Texas A&M University's Mays Business School has taken the No. 2 spot on ​Eduniversal's list of the best real estate management masters programs worldwide. 

The 16-month program provides students with enrichment opportunities and access to research through the Real Estate Center. 

According to Mays' website, the placement rate for students within 90 days of graduation has been 100 percent almost every year since the program's inception nearly 40 years ago.  

The top five real estate graduate programs according to the French education ranking business​ are:
  • No. 1 Master of Science in Real Estate Development from the Massachusetts Institute of Technology Center for Real Estate in Cambridge, Mass.;
  • No. 3 Master of Real Esta​​te from Tongji University's School of Economics and Management in Shanghai;
  • No. 4 MBA Real Estate from the University of Pennsylvania's Wharton School in Philadelphia; and 
  • No. 5 Master of Construction Management from the University of Melbourne's School of Design in Melbourne, Australia. 
Helping Texans make the best real estate decisions since 1971

Jackson-Shaw to build 477K-sf Nexus Park NorthWest 

HOUSTON (Houston Business Journal) – Dallas-based Jackson-Shaw is building ​a 476,640-sf, four-building industrial business park at the intersection of FM 1960 and Bobcat Rd.

Dubbed Nexus Park NorthWest, the 45-acre project can accommodate tenants looking to occupy between 15,000 and​ 200,000 sf. 

Construction will start in March with completion slated for December.

Burton Construction is the general contractor, and Powers Brown is the architect. Cushman & Wakefield is handling leasing.

Diamond Realty Investments Inc. is an equity partner. 
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Dell Children's Medical Center undergoes $113M operation

AUSTIN (KXAN-TV) – The Dell Children's Medical Center is building the Dell Children's Specialty Pavilion, a new pediatric outpatient facility.

The $113 million facility will house cardiovascular, neurosciences, and cancer programs.

It will open in spring 2021.

Funding comes from an investment from Ascension and a $30 million grant from the Michael and Susan Dell Foundation.

An additional $187 million in expansions are planned for the hospital. 
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. 

Real Estate Center welcomes new database administrator 

COLLEGE STATION (Real Estate Center) – Alfonso Martinez is the new database administrator for the Real Estate Center at Texas A&M University.

His duties at the Center include database administration and development as well as data warehousing and integration.

Martinez is a 24-year retired veteran of the U.S. Air Force where he initially supported the F-15 fighter. He later cross-trained into the information systems career field. His first job in that field was as a computer mainframe developer. He has also worked in UNIX system administration and database administration supporting various Air Force projects and human resource research studies.

After retirement, he obtained his Masters of Business Administration from the University of Alaska – Anchorage. Martinez later returned to the Lower 48 where he worked at Keller Williams Realty International's corporate office supporting their database technologies and worldwide initiatives.

Before coming to work for the Center, Martinez worked as a senior database engineer at the Sandia National Laboratory where he supported the Microsoft SQL Server Database Group in restricted and classified environments. ​
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HP finds its way to Springwoods Village 

HOUSTON (Houston Business Journal) – Construction is underway on Hewlett Packard’s 440,000-sf campus in Springwoods Village at the southwest corner of E. Mossy Oaks Rd. and Lake Plaza Dr.

The project will have two five-story buildings with a bridge connector at each level and a 2,055-space parking structure. 

Amenities will include a multiuse basketball pavilion, fitness center, cafe, kitchen and pharmacy, fitness/yoga lawn, and a green rooftop terrace adjacent to the main conference center.

Locally based D.E. Harvey Builders is the general contractor. Connecticut-based Pickard Chilton is the design architect. 

The project will be completed in spring 2022.
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Marcel to start on 101K-sf Conroe development

CONROE (Houston Business Journal) – The Woodlands-based Marcel Group will break ground this March on Marcel Boulevard, a mixed-use development at 11322 I-45 S.

The 10.5-acre project in the Grand Central Park master-planned community will include 68,160 sf of restaurant and retail space, 32,400 sf of office space, and a ground-level special event/entertainment area.

Marcel will handle construction. Gensler is the architect. 

Tenants will start occupying the space in​​​ summer 2021.

Houston-based Johnson Development Corp. is developing Grand Central Park on the Boy Scouts' former Camp Strake site.

1,070-unit storage facility trades hands in Fort Worth

FORT WORTH (REBusiness Online) – Right Move Storage, a 1,070-unit, climate-controlled self-storage facility at 2000 Green Oaks Rd., has been sold.

The two-story property within the former Ridgmar Mall had previously housed a Macy's. In 2019, it was converted into a self-storage facility spanning 126,985 sf.

Marcus & Millichap represented the seller and procured the buyer, Colorado-based Spartan Investment Group.
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=350
RECON for February 14, 2020RECON for February 14, 2020Bryan PopePope
2020-02-14T06:00:00Z2020-02-14T06:00:00Z

RECON Real Estate Center
galleria towers in dallas
Piedmont Office Realty Trust Inc. is under contract to buy the three Galleria Office Towers in Dallas. Additionally, Dallas has ranked fourth on Curbed's list of the best places to move to in 2020. Check out today's RECON for these stories and more. (Photo from Yahoo News.)
February 14, 2020

Curbed: Dallas among best places to live in 2020

​​​​NEW YORK (Curbed) – Dallas has ranked fourth on Curbed's list of the top ten best places to move to in 2020.

The report commended Big D's lower cost of living, which has enticed corporations to move there, especially into suburbs like Arlington and Garland. 

Although Dallas has been known for its sprawling growth, the article pointed out the city's focus on adding density. 

"But the move toward more walkable urban development is helping make the case that Dallas can increasingly offer desirable downtown living in neighborhoods such as Uptown and the Design District at a price that would make Californians or New Yorkers sigh," said Curbed writers. 

The real estate blog ​highlighted Deep Ellum, M-Streets, and Vickery as hot Dallas neighborhoods. Allen was recommended as a desirable suburb in which to live.

Other cities included in the rankings are:
  • No. 1 Arlington, Va.;
  • No. 2 Boise, Idaho​​;
  • No. 3 Charlotte, N.C.;
  • No. 5 Denver;
  • No. 6 Madison, Wis.;
  • No. 7 Minneapolis, Minn.;
  • No. 8 Provo, Utah;
  • No. 9 Raleigh, N.C.; and 
  • No. 10 ​St. Louis.
room to grow housing for a new economy
Registration for the "Room to Grow: Housing for a New Economy" conference from the Federal Reserve Bank of Dallas and Real Estate Center closes today. Secure your spot before time runs out.

Historic Mission Valley Cotton Mills getting new life

NEW BRAUNFELS (Connect Media) – Reata Real Estate Services (now part of CBRE) is transforming the former Mission Valley Cotton Mills into a mixed-use development.

The 35-acre project calls for a boutique hotel, multifamily units, restaurants, and retail and office space.

The mill closed in 2005. It includes several buildings, a dam, a hydraulic pump house, and 1,200 ft of river frontage.

Reata purchased the property in 2017. Construction will begin in late 2020. 
Podcast 441: You better El Paso up
Each of Texas' metros has something different to bring to the state's overall economy, and the Sun City is no exception. Real Estate Center Senior Data Analyst Joshua Roberson joins us on the latest Red Zone podcast to take a look at the El Paso economy.

Dallas’ Galleria Office Towers sell for $400M

DALLAS (Dallas Morning News) – Piedmont Office Realty Trust Inc. is buying the three Galleria Office Towers at LBJ Fwy. and Noel Rd. for $400 million.

Built in the 1980s and '90s, the high-rises were last sold in 2015 to CBRE Global Investors for over $300 million. CBRE spent almost $27 million to update the buildings. 

The 1.4 million-sf towers are almost 90 percent leased to major tenants including Amazon. 

Piedmont is funding the purchase with a $500 million line of credit and proceeds from the sale of a Philadelphia property. The sale is scheduled to close this quarter, according to filings with the Securities and Exchange Commission.​ 

JLL marketed the buildings for sale.​
Helping Texans make the best real estate decisions since 1971.

540-acre industrial project slated for Wharton Co.

EL CAMPO (REBusiness Online) – Stonemont Financial Group is developing Southwest International Gateway Business Park, a 540-acre industrial development at US 59 and CR 421. 

The rail-served development can house up to eight million sf of industrial space. 

Phase I will include a 125,000-sf distribution center that is preleased to Vitro Chemicals and a 200,000-sf speculative warehouse. 

Construction starts in first quarter 2020. 

Ridgeline Property Group is partnering with Stonemont on the project, and NAI Partners will handle leasing.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Sterling Org. Fund picks up 245K-sf Town Center Colleyville

COLLEYVILLE (Connect Media) – Sterling Value Add Partners III LP, a fund managed by Sterling Organization, has purchased Town Center Colleyville.

The 244,917-sf retail center at 5605 Colleyville Blvd. is 85 percent leased. It's anchored by a Market Street grocer and Studio Movie Grill.

Other tenants include Gloria's Latin Cuisine, First American Title, FedEx Office, and Costa Vida.

The seller was Dallas-based Velocis.​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Winston Hotels buys Riverside Towers for mixed-use transformation 

SAN ANTONIO (CBRE) – A joint venture including Winston Hotels LLC has purchased Riverside Towers at 111 Soledad St.  

The 20-story, 298,000-sf office building will be transformed into a 342-room hotel with 60,000 sf of office space, 3,000 sf of ground-level retail space, and a rooftop bar.   

Once complete, it will be a dual-branded hotel with an AC Hotel by Marriott and Element Hotel by We​stin. 

CBRE represented Winston Hotels. Pri​mera Partners represented the seller.​
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Can you hear me now? Verizon adding to Irving corporate campus

IRVING (Dallas Morning News) – Verizon will add two million sf of office space to its $1 billion, 150-acre Hidden Ridge corporate campus.

The $285 million expansion will include two build-to-suit high-rises designed by Gensler and 3,600 parking spaces.

Work starts this summer. Opening is set for​ 2023.
Happy Valentine's Day

160K-sf Montrose Collective breaks ground 

HOUSTON (Houston Business Journal) – Random Capital and Michael Hsu Office of Architecture have broken ground on Montrose Collective, a 160,000-sf mixed-use development in the 800 block of Westheimer Rd. 

The project will include 100,000 sf of office and 10,000 sf of library space across four buildings. It will have six restaurants and 50,000 sf of retail across 15 spaces.

Completion is slated for late 2021. 

DE Harvey Builders is the project contractor. CBRE will handle office leasing.
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=349
RECON for February 11, 2020RECON for February 11, 2020Bryan PopePope
2020-02-11T06:00:00Z2020-02-11T06:00:00Z

RECON Real Estate Center
Highways in front of Houston skyline
In today's RECON: Fort Bend County and TxDOT working on Grand Pkwy. expansion projects, Midland housing market sets records in 2019, and Microsoft expanding in former Chevron data center. Keep reading for all this and more. (Houston photo from Center files.)
February 11, 2020

Midland closes out 2019 with record home sales, prices

MIDLAND (Midland Reporter-Telegram) – The local housing market​​​​​ closed out 2019 by setting records for homes sold, average sales price, and median sales price.​

According to the Permian Basin Board of Realtors, 2,543 homes were sold during 2019, ​​45 more than the​ record set in 2018.​​​​​

The median sales price increased 5.1 percent to $306,644. The average sales price was $346,999. ​

In 2019, an average of 414 homes were on the market at the end of any month. This is the most since 2016. There was 2.3 months of inventory in December. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

A typical home stayed on the market for 33 days in 2019.​
Registration for the "Room to Grow: Housing for a New Economy" conference from the Federal Reserve Bank of Dallas and Real Estate Center closes this Friday, Feb. 14. Secure your spot today.

Three Grand Pkwy. expansion projects starting in 2020

KATY (Community Impact Newspaper) – The Fort Bend County Toll Road Authority and the Texas Department of Transportation (TxDOT) are working on three major expansion​ projects for SH 99 (Grand Pkwy.). 

The state highway will be widened from a four- to six-line divided highway between I-10 in Katy to US 59 in Sugar Land. Work will be bid for construction in September 2022 and cost $59 million. 

Plans for the widening have been in the works s​i​nce mid-2017. The project was originally expected to cost $118 million. 

After the highway is widened, the project team will build new northbound connectors between the Westpark Tollway and the Grand Pkwy. The $46.5 million project will include one-lane eastbound and westbound connectors and take about 30 months to complete.

TxDOT and the county are working to build additional southbound frontage roads on the west side of the Grand Pkwy. in 2020. The $24 million project will include frontage roads between Cinco Ranch Blvd. and Westheimer Pkwy. and betweent S. Fry Rd. and FM 1093.
Texas Housing at a Glance
Read the Center's latest Texas Housing Insight report for more 2019 year-end details and a 2020 housing outlook. 

58-acre mixed-use project planned for Long Meadow Farms 

RICHMOND (Houston Business Journal) – CJ Development has purchased 42.7 acres at SH 99 and West Bellfort St. to develop a mixed-use project called Grand Center at Long Meadow Farms. 

The first phase of development​ will include a two-story, 46,000-sf shopping center with retail, restaurant, medical, and fitness tenants. The space will be available in April 2020. Presigned tenants include Members Choice Credit Union, Spring Creek Barbeque, Pet Suites, Service First, and 7-Eleven.

Grand Center will also have townhome units.

CJ is installing roads and offsite detention on the property.

​JLL represented the seller, and Chodrow Realty Advisors represented the buyer. NewQuest Properties is handling leasing and sales. 
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Microsoft expands former Chevron data center 

SAN ANTONIO (San Antonio Business Journal) – Microsoft Corp. is expanding its San Antonio data center at 5200 Rogers Rd.

The addition includes two data centers totaling 104,837 sf, a metal building connector corridor, and equipment service yard.

Construction began in November 2019 and will be complete by August 15 of this year.

The existing data center formerly owned by Chevron Corp. completed a $44 million renovation last year.
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. 

Griffin Partners adds 137K-sf office building to portfolio 

HOUSTON (Houston Business Journal) – Griffin Partners has purchased a six-story, 136,698-sf office building on 2.8 acres at 2900 Weslayan St. 

The recently renovated property is 81.9 percent leased.​​​ It includes retail space lea​​sed out to Baggy’s Grill, Apteek Pharmacy, and Results Physiotherapy.

JLL Capital Markets represented the seller, Madison Marquette, which will continue to handle leasing.

JLL helped the new owner secure an acquisition loan through Frost Bank.
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Continental Automotive drives forward with 215K-sf plant 

NEW BRAUNFELS (Connect Media) – Continental Automotive is developing a 215,000-sf manufacturing plant on 48 acres along Kohlenburg Rd. near I-35.

The $110 million facility will make products for advanced driver assistance systems. It will add 150 jobs. 

Construction begins later this year and will wrap up in 2021.​
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Mixed-use Magnolia Heights in full bloom 

ALAMO HEIGHTS (San Antonio Business Journal) – Argyle Residential and Cypress Real Estate Advisors are developing Magnolia Heights, a mixed-use building at 5500 Broadway St.

The development will sit on nearly 1.5 acres and have 150 residential units averaging 978 sf.  

The ground-floor retail space includes Pure Barre and Westlake Dermatology.

First units will be delivered by March, and full buildout is set for May. 
Helping Texans make the best real estate decisions since 1971

Draper & Kramer picks up 374-unit Las Colinas apartments

IRVING (REBusiness Online) – Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community at 871 Lake Carolyn Pkwy.

Units range from 600 to 1,500 sf and have hardwood-style plank flooring, granite countertops, and stainless-steel appliances.

Amenities include a resident lounge, flexible workspaces, fitness center, pool, and coffee bar.

Built in 2017, the property was 95 percent occupied at the time of sale.

Draper & Kramer acquired the asset via a 1031 exchange.
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Copyright © 2020, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=348
RECON for February 7, 2020RECON for February 7, 2020Bryan PopePope
2020-02-07T06:00:00Z2020-02-07T06:00:00Z
​ ​​
RECON Real Estate Center
Rendering of The Stack
What's happening in Texas real estate? Demolished Denton retail strip center getting second life, UTSA buys former county jail for downtown campus, and work starts on The Stack in Dallas. Today's RECON has the details on these stories and more. (Rendering via Ashlar Projects.)
February 7, 2020

Triple threat: three firms break ground on The Stack 

​​​​​​​​​DALLAS (Ashlar Projects) – ​​​​​Westdale Real Estate Investment and Management, Ivanhoé Cambridge, and Hines have broken ground on The Stack, a 16-story, mixed-use building in the Deep Ellum neighborhood.

Designed by 5G Studio Collaborative, the Class AA building will have 15,000 sf of street-front retail and 200,000 sf of office space.

Amenities will include electric vehicle charging stations, a tenth-floor terrace, fitness center, bicycle storage, coffee/cocktail lounge, and concierge package delivery.

Completion is scheduled for spring 2021. 

The project will be one of the city's first new construction projects to receive WELL certification, an accredation for buildings promoting health and well-being.
Texas Housing Insight 2019
Read the Center's latest Texas Housing Insight report for more 2019 year-end details and a 2020 housing outlook. 

Denton's Carriage Square to get a second life

DENTON (Denton Record-Chronicle) – Construction is underway to restore Carriage Square, a strip center near the University of North Texas that was demolished in 2018.

The development will have 117,621 sf of ground-floor retail space and four- and five-story sections for multifamily housing. There will also be a parking garage.

The lot was replatted into two in August, drawing a line between West Eagle Dr. and just south of Wilshire St. ​The southern lot has no construction plan yet.

Westdale is the property owner and developer.
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UTSA buying former county jail for downtown campus 

SAN ANTONIO (Connect Media) – The University of Texas at San Antonio (UTSA) is purchasing the two-acre site of the Central Texas Detention Facility at 218 S. Laredo St. 

The parcel sits between two other pieces of land owned by the university.

UTSA will build its new School of Data Science, National Security Collaboration Center, and College of Business extension on the property. 

The county will demolish the jail and prepare the property for construc​tion.
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Amazon expanding Dallas footprint with 420K-sf lease

DALLAS (REBusiness Online) – Seattle-based Amazon has signed a 419,626-sf, ten-year industrial lease at Eastpoint Distribution Center at 8901 Forney Rd.

The retail giant will use 12 acres on site for van, truck, and car parking.

Freight company Shippers most recently occupied the rail-served property.

Stream Realty Partners represented the landlord, Dalfen Industrial. CBRE represented Amazon.
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Work starts on Uplands Corporate Center phase II

AUSTIN (CBRE) – Construction has started on the second phase of Uplands Corporate Center, a two-building, Class A office campus. 

This phase will add a three-story, 124,405-sf office building and expand an existing parking garage to service the complex.

Work will be complete by the fourth quarter.

Phase one, a 167,369-sf, Class-A building at 5301 Southwest Pkwy., has been fully leased.  

​Amenities at Uplands Corporate Center will include an outdoor amenity center, gym, food truck service, and walking and running trails. ​​​
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JMJ purchases 4.5 acres for Frisco mixed-use tower

FRISCO (Dallas Morning News) – JMJ Hospitality has purchased 4.5 acres in the $1 billion Gate development on the Dallas North Tollway for a hotel and residential tower.

The tower will include a 231-room luxury hotel, 90 residences, a restaurant, and retail space​​.

JMJ bought the land from Dubai-based Invest Group Overseas, which owns the Gate development.

Opening is set for 2024.
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Lantower Residential hands over Magnolia Cove 

HOUSTON (Multi-Housing News) – Lantower Residential has sold Magnolia Grove, a 268-unit apartment community at 12601 S. Green Dr.

Built in 1984, the property has one- and two-bedroom units. Amenities include a clubhouse, swimming pool, and fitness center.

Berkadia represented the seller and secured a Freddie Mac loan on behalf of the buyer, a Dallas-based private investor.

According to Yardi Matrix, the asset was 91.4 percent occupied as of December 2019.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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