RECON for November 12, 2019RECON for November 12, 2019Bryan PopePope
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RECON Real Estate Center
NAI Partners' latest Houston industrial market report shows overall local industrial vacancy was at 6.6 percent last month, up from the same time in October 2018. This and more in today's RECON. (Photo from Center files.)
November 12, 2019

First high-rise residential tower opening in Legacy West

PLANO (Dallas Morning News) – LVL 29, a 328-unit high-rise residential tower in the $3 billion Legacy West development, is opening.

The 29-story high-rise project includes townhouses that surround the eight-level parking garage and seven penthouses on the top two floors.

Amenities include a swimming pool with a landscaped amenity deck, ground-floor business center, conference facilities, and a two-story fitness center.

N.E. Development is the developer. Humphreys & Partners designed the building, and AECOM Hunt was the general contractor.

The first tenants will begin moving into the apartments in three weeks.
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Greystar plans 30-story mixed-use Austin tower
AUSTIN (Austin Business Journal) – Greystar Real Estate Partners LLC is developing a 30-story mixed-use tower near Waterloo Park.

The tower will include:
  • a parking garage,
  • 385 apartments,
  • 129,484 sf of office space,
  • 54,237 sf of co-living space, and
  • 9,930 sf of retail and restaurant space.
Construction on the 1.7-acre block will start in October 2020.  
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. 

Houston's overall YOY industrial vacancy rate up in October, reports NAI

HOUSTON (NAI Partners) – ​​Overall local industrial vacancy was at 6.6 percent last month, up from the same time in October 2018, according NAI Partners' latest market update.

The increase was due in part to the 6.9 million sf of vacant space delivered to the market in 2019—half of the total 13.7 million sf completed. About three-fourths of the 18.3 million sf currently under construction is available for lease.

The vacancy rate for Class A properties was at 12.1 percent, up from 7.6 percent this time last year. Year-to-date overall net absorption is at 6.3 million sf, just south of the 7.1 million sf registered in October 2018. The asking price for industrial properties was at an average monthly rate of $0.61 per sf, up 3.4 percent from last October's $0.59 per sf.

Ross Stores Inc. bought 220 acres in Waller County for a planned distribution center at 31207 Kingsland Blvd., a mile south of I-10 in Brookshire. The project is estimated to cost $180 million and is calculated to stretch almost 2.2 million sf, larger than the 1.9 million-sf home of the Houston Texans. Completion of the project is projected for 2021. At buildout, it could employ 1,300, becoming Brookshire’s largest private employer after Igloo, according to the Waller County Economic Development Partnership.​​​
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652-acre Spradley Farms mixed-use project underway in Mesquite
MESQUITE (Dallas Business Journal) – Spradley Farms, a 652-acre mixed-use development, has received approval from the city.

Located near I-20 and FM 2757 in Kaufman County, the project will have 2,500 single-family homes, 200 acres of open space (including parks), retail, and multifamily.

The project is being led by The Nehemiah Co. 

Reserve Capital Partners picks up Farmers Branch office building

FARMERS BRANCH (Dallas Morning News) – Reserve Capital Partners acquired the Two Colinas Crossing office building at 11511 Luna Rd. near LBJ Fwy.

Tenants in the building include IBM, S&P Global, BBVA, and Home Point Financial.

2GR Equity teamed up with Reserve Capital to make the buy. JLL brokered the sale and arranged financing.
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130K-sf project taking off at Addison Airport

ADDISON (Dallas Morning News) – Galaxy Aviation will soon break ground on a four-building complex at Addison Airport.

The project will include a 20,000-sf terminal, two 40,000-sf hangars, and a 30,000-sf hangar.

The new complex will be in the southeast quadrant of the airport on Addison Rd., according to a recent presentation from the economic development department.

Construction is scheduled to begin in early 2020.
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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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