RECON for July 6, 2018RECON for July 6, 2018Bryan PopePope

Real Estate Center Online News
Solar panels
A Canadian investor is developing a 250-megawatt solar farm in West Texas. The project will be the largest solar farm in the state. Keep reading today's RECON for this story and more. (Photo from Center files.)
July 6, 2018

Texas' first all-digital real estate deal closes

​​​DALLAS (Dallas Morning News) – A 2017 Texas online notarization law went into effect July 1, prompting​​​​​ the closure of the state's first all-digital real estate transaction. ​

The deal was between Houston-based Stewart Information Services and Georgetown-based Georgetown Mortgage LLC. 

The law permits notaries to approve documents over a two-way video conference. ​​Clients must display their government ID and sign their names on the screen before the notary digitally signs and stamps. A recording of the video conference is uploaded to the cloud.

Security for the process is tighter in Texas than in other states. The notary either needs to know the client personally or verify the ID through third-party software. ​​​

Real Estate Center Research Attorney Rusty Adams wrote about the law in the April 201​8 issue of Tierra Grande magazine. ​​​
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DFW industrial construction reaches new high

​​​​DALLAS (CBRE) – ​​Last quarter marks over two and a half years of consecutive quarterly positive net absorption​ for the North Texas industrial market, reports CBRE. 

Net absorption hit nearly six million sf in the ​second quarter. Year-to-​​date absorption was just under ten million sf, consistent with mid-year levels over the past three years. 

Vacancy remained steady at 5.8 percent as 6.4 million sf of industrial space was delivered. ​​​

Nearly 22.3 million sf are under construction in the Dallas-Fort Worth market with 7.9 million sf of new starts tracked last quarter alone.​​​​

Residences at La Colombe d'Or underway

​​​HOUSTON (Houston Business Journal) – Locally based Hines has broken ground on the Residences at La Colombe d'Or, a 34-story luxury apartment community. 

The tower will sit next to the La Colombe d'Or, a luxury​​​​ boutique hotel built in 1923. 

Apartments will have up to three bedrooms and range between 740 and 3,100 sf. Ten penthouses will sit on the top two floors.​

The $68.5 million project will feature 14,000 sf of indoor amenity and lobby space and 9,000 sf of outdoor amenities.

The project team includes locally based architect Muños + Albin, locally based interior design firm Rottet Studio, and Hines' affiliate contractor Urban Oaks Builders. ​

Opening is s​et for first quarter 2020, and full delivery is expected ​​later that year. ​​​
A barn and home sits on rocky rural Texas terrain
In part two of his blog series, Dr. Charles Gilliland discusses how minerals, restrictive covenants, the environment, and taxes affect the land-purchasing process. Don't forget to read part one if you haven't already. 

CBRE: North Texas office growth returns

​​DALLAS (CBRE) – ​​​The local office development pipeline is pacing with demand as 5.1 million sf ​​is under construction, according to a CBRE report. 

Net absorption grew by 578,235 sf to 62 percent in the second quarter. The vacancy rate bumped up 40 basis points to 20.9 percent. 

The average asking rate was $24.49 per sf on a full-service gross basis, up 27 basis points over the quarter.

There were two deliveries totaling 225,000 sf last quarter. ​​​

216-unit midrise apartment project coming to Midtown

​​​HOUSTON (Houston Chronicle) – H Midtown LP, a subsidiary of Winther Investment, is developing​ ​​​a 216-unit apartment building at 2111 Austin St. ​

The community will offer efficiencies and one-, two-, and three-bedroom floor plans averaging 830 sf. Rents will start around​ $1,300 per month. It will also have five levels of parking.​​​​

Steinberg Dickey Collaborative designed the project. Completion is set for spring 2020.

Winther purchased the land and an adjacent block in October 2013. ​​​​​​​
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Work starts on 41-story Dallas apartment tower

​​DALLAS (REBusiness Online) – Orlando, Fla.​-based ​​ZOM Living has broken ground on Atelier, a 41-story multifamily tower next to Klyde Warren Park.​ 

The 364-unit property will include one-, two-, and three-bedroom floor plans ranging from 702 to 2,266 sf. It will also have 15,000 sf of retail space and a ten-story parking garage. 

Stantec designed the property, and Balfour Beatty is the general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.

State's largest solar farm coming to West Texas

​​WINKLER COUNTY (Midland Reporter-Telegram) – ​​​​Canada-based Innergex Renewable Energy Inc. is developing​ the 250-megawatt Phoebe solar farm. 

Completion of the $400 million project is set for third quarter 2019.

​Innergex purchased the project from Longroad Energy Partners.

The Phoebe solar farm has a 12-year power purchase agreement with Shell Energy North America. ​
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AFW opening first two Texas stores in Katy, Webster

​HOUSTON (REBusiness Online) – Colorado-based American Furniture Warehouse (AFW) will open two Texas stores totaling 853,700 sf.

Construction​​ on the 355,000-sf store on 23 acres in Webster will begin in July or August. Work will start on the 498,700-sf store on 29 acres in Katy in late fall or early winter. ​Both projects are expected to take ten to 12 months.

Baker Katz represented AFW in the land acquisition deals. ​​​

Partnership purchases 23,000 Eagle Ford Shale acres

​​​SOUTH TEXAS (Midland Reporter-Telegram) – ​Austin-based ​Venado Oil and Gas and New York-based ​KKR have purchased 23,000 acres in the Eagle Ford Shale​ oil field. 

The land produced​​​ 4,500 net barrels of oil equivalent a day in second quarter 2018. 

The partnership now operates 136,000 acres in the Eagle Ford that produces 43,000 barrels of oil equivalent a day.​​
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Beaumont investor buys Cowtown shopping center

​​​​​FORT WORTH (REBusiness Online) – Beaumont-based Albanese Cormier Holdings has acquired the 105,605-sf Renaissance Square shopping center.

Built in 2014, the Class A property was 98.5 percent leased at the time of sale. 

The project is shadow-anchored by Walmart. Other tenants include Ross Dress for Less, Marshalls, Dollar Tree, and Hibbett Sports. 

Hanley Investment Group represented the buyer. CBRE represented the seller, Midland-based Moriah Real Estate Co. ​​​​

Investor acquires second DFW multifamily asset

​​​MANSFIELD (MultifamilyBiz.com) – American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community at 370 N. SH 360. 

Built in 2010, the property offers one-, two-, and three-bedroom floor plans. 

The new owner plans to invest over $1.5 ​million​ into improving the asset. 

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