RECON for August 9, 2019RECON for August 9, 2019Bryan PopePope

RECON Real Estate Center
photo of meeting
Real Estate Center Director Gary Maler (left) meets with leadership from the Texas Apartment Association Friday at the Center's offices in College Station. (Photo by Center Graphic Designer Alden DeMoss.)
August 9, 2019

Hooah! TAMU System approves Futures Command complex at RELLIS

​​BRYAN (The Eagle) – ​​The Texas A&M University System Board of Regents unanimously approved on Thursday the construction of a $130 million testing hub and combat development complex for the U.S. Army’s Futures Command at the RELLIS Campus.​​

The complex will include a $50 million facility equipped with laboratories and accelerator space and offices for the command, which is headquartered in Austin. It will also include an outdoor testing ground.

The A&M System has allocated about $80 million to construct the Research Innovation Center where researchers, students, industry, government, and the military can collaborate to modernize the Army.

The school has begun hiring about 25 research engineers and will hire another 30 support personnel in the coming months to work alongside the Army. The Army would be sending about five people to the Brazos Valley to work at the facility.

A groundbreaking ceremony will take place this fall.​

Work began on the RELLIS campus at SH 21 and SH​ 47 in 2016.​
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New Braunfels ISD starts on 190K-sf middle school

NEW BRAUNFELS (Community Impact Newspaper) – Work has started on the latest New Braunfels ISD (NBISD) middle school near​ the intersection of S. Walnut Ave. and Settlers Crossing.

Crews began surveying the site this month for the 189,500-sf building, which will hold 1,500 students.

Features include 12 science labs, three computer labs, full band and choir areas, and ​​safety and security measures such as card readers on exterior doors and ballistic glass film at entryways.

Along with the new middle school, a football field and four tennis courts will be added to the north side of the site opposite the NBISD transportation facility.

The school is part ​of a $118 million bond package passed in 2018.

The project will deliver in 2021.
Gary Maler and Gerald KlassenFeedback is important to the Real Estate Center. Center Director Gary Maler (left) and Research Data Scientist Gerald Klassen exchanged ideas with Realtors with Heritage Texas Country Properties in Bellville on Thursday. If you have any feedback for the Center, email us at info@recenter.tamu.edu (Photo by Center Communications Specialist Hayley Rieder.)

Hutto approves 95-acre mixed-use project

​​​​​HUTTO (Austin Business Journal) – ​​​​The city council has approved a development agreement with MA Partners for a 95-acre mixed-use project.

The development near FM 1660 and Mager Ln. will have single-family homes, multifamily development, commercial buildings, and open​ space.

The land is currently in the city's extraterritorial jurisdiction and will be annexed into the city limits.

MA Partners is the developer behind the Co-Op District, which is home to the recently opened city hall building​, a Flix Br​ewhouse, and more. ​
Crops in a row
Northeast Texas' crop portfolio is changing. The once attractive corn and soybean market is being impacted by price declines, oversupply, and trade uncertainty. Meanwhile, cotton is seeing a resurgence thanks to innovation. Read more in "Turning Soil: Northeast Texas Croplands Evolve," a Tierra Grande digital first.

Carrollton getting more multifamily

CARROLLTON (REBusiness Online) – A partnership between High Street Residential and Olympus Property has begun construction on Olympus at Broadway, a 383-unit multifamily project.

The project on 5.1 acres southeast of the intersection of E. Belt Line Rd. and S. ​Main St.​ will feature one-, two-, and three-bedroom units ranging from 474 to 1,540 sf.

Amenities will include a pool, conference room, business center, entertainment kitchen, dog park, fitness center, and resident lounge.

This is the fourth phase of the Union at Carrollton mixed-use project. The first two phases are at least 90 percent leased. The third phase is approaching 90 percent occupancy. 

JHP Architecture is designing the project, and Andres Construction is the general contractor. Comerica Bank and Southside Bank are providing construction financing.

Preleasing will begin in September 2020.
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Welcome to Texas: industrial portfolio sold

​​​HOUSTON (JLL) – Welcome Group LLC has purchased an 18-property, single-tenant industrial portfolio totaling 1.7 million sf​​​​​.

Thirteen assets are in the Houston area, with two each in Austin and Dallas and one in San Antonio.

The Class A portfolio is fully leased.

JLL worked on behalf​ of the buyer to place a $200.6 million seven-year credit facility with Global Atlantic Financial Group.​​

BoyarMiller was Welcome's legal council while Brownstein Hyatt Farer Schreck represented the lender.
retailing summit 2019The Center for Retailing Studies at Mays Business School at Texas A&M University is hosting the Retailing Summit October 10-11, 2019, at the Westin Galleria in Dallas. Attendees will learn how to thrive in today’s disruptive and digitally-competitive landscape. The conference is the Center’s number one fundraising event that supports educational programs, curriculum, and transformational learning opportunities for students at Mays. Register today.

299-unit Dallas apartment changes hands

DALLAS (REBusiness Online) – Westmount Realty Capital has purchased The View at Kessler, a 299-unit multifamily property in the Kessler Park neighborhood.

Built in 1964, the 11-story building at 2511 Wedglea Dr. is next to Stevens Park Golf Course.

It features one-, two-, and three-bedroom units with up to 1,214 sf. 

Westmount will undertake a renovation program that will upgrade the lobby, café, pool area, fitness center, leasing center, and elevator systems, as well as transform the 11th floor into a sky lounge.

Avenue5 Residential will manage the property. 
MarketViewer ScreenshotTexas Realtor's 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 is compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Partnership breaks ground on 300-unit Midland project 

MIDLAND (REBusiness Online) – A partnership between Stillwater Capital Investments and Wexford​ Capital LP has broken ground on a 300-unit multifamily project in the Adobe Meadows area.

The property will offer a pool, grilling stations, fitness center, and resident lounge. Units will feature stainless steel appliances, quartz countertops, and custom cabinetry. 

The fir​​st units will be available for occupancy in spring 2021, with full buildout set for that summer.
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The Kilby opening at Frisco Square 

FRISCO (Dallas Morning News) – KWA Construction is building T​​he Kilby, Toll Brothers' four-story multifamily project in the Frisco Square development. 

Located on Main St. east of the Dallas North Tollway, the project includes a club room, conference lounge, gaming lounge, two-story fitness center, pet spa, and resort-style pool.

The complex, set to open next year, is being designed by BGO Architects. It is part of B/K Multifamily​'s​ 25-acre Frisco Square district, which will have 1,600 apartments, condos, and other high-density residential units.
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Ribbon leases 107K-sf office space at Legacy Central

PLANO (CBRE) ​​​– Ribbon Communications Inc. has leased 107,000 sf of Class A office space at the Legacy Central campus.

The company joins several other tenants, including Samsung, Peloton Cycles, SPACES, Roland Technology Group, and Adroit Health Group.

CBRE represented Ribbon. Transwestern represented the landlord, Regent Properties.

Ribbon will move into the space in early 2020.

Rockwall industrial trades in sale-leaseback deal

​​​ROCKWALL (REBusiness Online) – Col-Met Engineered Finishing Solutions has sold and leased back its 145,375-sf industrial property at 2975 Discovery Dr.

The 12-acre property was built in 2015.

Marcus & Millichap represented the seller/tenant and procured the buyer. 
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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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