RECON for February 8, 2019RECON for February 8, 2019Bryan PopePope

Real Estate Center Online News
A creek in the Bear Creek Ranch in Aledo.
JMJ Development has purchased the over 2,000-acre Bear Creek Ranch in Aledo for nearly $35 million.​ Get the details on this deal and more in today's RECON. (Photo from Ranch Connection LLC.)
February 8, 2019

REC: DFW home sales down 7.6 percent in 4Q 2018

​​​DALLAS (Real Estate Center) – North Texas home sales fell 7.6 percent to 22,402 transactions at the end of the year, according to a fourth quarter 2018 report by the Real Estate Center.

According to the report, the median home price grew 2.4 percent over the year to $260,000. 

Months of inventory for all residential properties rose 32.5 percent to 2.5 months. The Center considers a six- to 6.5-months inventory a balanced market.

Dallas-Fort Worth residential property listings increased 29.4 percent over the year to 20,627 active listings.

The single-family new construction median price decreased by .6 percent to $327,960.

Average rents for single-family homes ended the quarter at $1,695, up 2.7 percent year over year.
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Registration for our 29th Annual Outlook for Texas Land Markets on April 25-26 in San Antonio is now open! The conference provides information on a variety of legal, economic, social, and natural resource issues influencing current land market dynamics. ​Register by Tuesday, March 26, for early-bird pricing. Don't forget to RSVP to our Facebook event to stay in the loop. 

'Now that's refreshing!' $90M pours into Temple

TEMPLE (Temple Economic Development Corp.) – Niagara Bottling LLC will invest $90 million in a new bottling facility on 50 acres in the Temple Industrial Park.

The project will be divided into two phases. Phase one will include a $70 million capital investment and create 49 jobs. The second phase will be a $20 million capital investment and add 21 jobs.

Niagara will start construction on the 450,000-sf facility in March and will begin operations in fourth quarter 2019.​​
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Center Senior Data Analyst Joshua Roberson joins us on this week's Red Zone Podcast to talk about the latest data from the Texas Home Price Index. Plus, we look at a housing costs article and a technical report about renting and investing versus buying a home. Get all this and more in just 15 minutes. (15 min. 01 sec.)

Granite pays $78.4M for Eldridge Place

HOUSTON (Houston Business Journal) – Plano-based Granite Properties has purchased the 824,632-sf Eldridge Place office complex from Dallas-based TIER REIT Inc. for $78.4 million.

The properties are at 777, 757, and 737 N. Eldridge Pkwy. in the Energy Corridor. They consist of:
  • One Eldridge Place, a 12-story, 239,417-sf building that’s 62.1 percent leased;
  • Two Eldridge Place, a 14-story, 279,329-sf building that’s 77.9 percent leased; and
  • Three Eldridge Place, a 13-story, 305,886-sf building that’s 71.1 percent leased. 
HFF represented TIER REIT. Granite was self-represented. ​
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Attention, Waco residents: We want your opinion about how "Fixer Upper" has affected the local housing market. Take a short four-question survey to help us tell your story.

A bear market? Not for this ranch

ALEDO (Dallas Morning News) – JMJ Development has purchased the over 2,000-acre Bear Creek Ranch from the Dixon Water Foundation for nearly $35 million.​

The property, located just 15 minutes west of Fort Worth, is near the 7,200-acre Walsh Ranch community development.

It includes stretches of prairie, limestone outcroppings along creeks, and eight stock tanks. There is also a 3,882-sf pavilion with a two-bedroom apartment on site. 
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Hammertime for Alliance industrial development

NORTHLAKE (Dallas Morning News) – A new 1.2 million-sf shipping hub for tool manufacturer Stanley Black & Decker is bringing more than 300 jobs north of Fort Worth.

The regional distribution center will be in Hillwood Properties​ Alliance Northport business park at the intersection of I-35W and SH 114.

It will open next month.

The site is near Fort Worth's Alliance Airport, BNSF Railway's Alliance Intermodal Facility, the FedEx Express Southwest Regional Hub, and the UPS and FedEx ground-shipping centers.​
TREC logoA real estate license holder may receive up to four hours of continuing education elective credit per license period for attendance in person at a February Texas Real Estate Commission meeting.   

To be eligible for the credit, you must:
  • Attend the meeting in person;
  • Attend the meeting from the start to the end of the proposed rules portion of the posted agenda;
  • Provide photo identification; and
  • Sign in and out on the class attendance roster for the meeting.

Fifty shades of an Addison Grove multifamily development

ADDISON (Dallas Morning News) – Greystar Real Estate Partners is building the 321-unit Elan Addison Grove​ within the Addison Grove project on Belt Line Rd. west of the Dallas North Tollway.

The apartment project will include a community center, resort-style pool, outdoor kitchen, and fitness center. 

Construction began in July 2018, and first move-ins will start in October of this year.

The mixed-use Addison Grove project will include a rental community, townhouses, and retail space on the 17-acre former site of a big-box retail store.
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Make peace on Miraval's 220-acre resort

AUSTIN (PRNewswire) – Hyatt brings its Miraval spa and wellness brand to 13500 FM 2769 with the opening of Miraval Austin.

Set on 220 acres overlooking Lake Travis, the resort offers 117 guestrooms, a 20,000-sf spa, state-of-the-art restaurant, and a ten-acre farm and ranch.

Guests can also enjoy daily activities such as hiking, yoga, wellness counseling, and nutrition classes.

In December 2016, Hyatt acquired the Travaasa Austin for the purpose of redeveloping the property into the Miraval Austin.

Shops lead Saginaw to Victory

SAGINAW (Fort Worth Star-Telegram) – The southeast corner of Basswood Blvd. and N. Blue Mound Rd. will soon be home to a new retail development called Victory Shops at Basswood.

Managed by the Segovia Retail Group, the development will span over 26 acres and include 19 buildings. 

Future tenants include German grocer Lidl, Chase Bank, Jersey Mike’s Subs, Chipotle, Verizon, Chick-Fil-A, Andy’s Frozen Custard, Starbucks, and Brakes Plus.

​Work will wrap up on the first buildings early this year. 
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Senior livin' kickin' it to Cibolo

​CIBOLO (PRNewswire) – Civitas Senior Living and Trepex Construction have broken ground on a 247,821-sf senior living community called The Brooks of Cibolo.

The property at 816 Bentwood Ranch Dr. will have 156 independent-living, 54 assisted-living, and 24 memory-care units. It will also feature a dog park, movie theater, restaurant, and salon.

When opened in February 2020, the facility will bring between 85 to 100 full-time jobs to the area.

A most aus-picious development

FRISCO (Dallas Morning News) – Auspire, a three building, eight-acre, office and retail project, is in the works within the 900,000-sf The Gate mixed-use development in the city’s $5 billion mile.

Dubai-based owner Invest Group Overseas and developer Ryan Cos. are partnering on The Gate, which is along the west side of the Dallas North Tollway. It is just north of the new Frisco Station and the Dallas Cowboys' Star development.
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Apartments planned for 24-acre Leon Valley site

LEON VALLEY (San Antonio Business Journal) – White-Conlee Development has bought 23.86 acres from Pierce Family Trust.

The property includes five plots and sits near the intersection of Grissom Rd. and Timberhill.

White-Conlee took out a $26.6 million loan for the purchase. The company plans to build a multifamily complex.

Richardson office attracts investment duo

RICHARDSON (Dallas Morning News) – Pillar Commercial teamed up with Ascent Real Estate Advisors of New York to buy the 2703 Telecom Pkwy. building near the Bush Turnpike.

The 121,420-sf building was constructed in 1997 and is leased to Hill & Wilkinson, XPS Solutions, and Bestway.

The seller was a private family investor.
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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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