RECON for November 19, 2019RECON for November 19, 2019Bryan PopePope

RECON Real Estate Center
Rendering of the Allen, a walkable, green mixed-use community in Houston
Work has started on The Allen, a six-acre luxury mixed-use development in Houston. Get the details on this story and more in today's RECON. (Photo from DC Partners.)
November 19, 2019

Texas sees fifth consecutive month of record-low unemployment

​​​AUSTIN (Texas Workforce Commission) – Texas' unemployment rate held steady last month at 3.4 percent, matching the record-low rate set in June 2019, according to the Texas Workforce Commission. 

Total non-farm annual employment growth was at 2.4 percent in October. It​ has held above 2 percent since February 2018. Over the year, Texas employers added 297,100 jobs. 

The Texas metro with the lowest non-seasonally adjusted unemployment rate was Midland at 2.1 percent. McAllen-Edinburg-Mission had the highest at 5.6 percent.

The construction industry saw the most seasonally adjusted growth in employment from October 2018 to October 2019, growing 6.9 percent. The mining and logging and information industries were the only two sectors to see a drop in employment, falling 0.5 and 0.2 percent, respectively.
texas border economy September 2019 summary
Read more in our latest Texas Border Economy report. 

Hines buys business campus on Trinity River

DALLAS (Dallas Morning News) – Hines has purchased The Inwood Center, a 740,000-sf retail and industrial campus on the Trinity River.

The 14 buildings are on 38 acres at Inwood Rd. and Conveyor Ln. The land is zoned for high-density development with buildings 20 stories and taller allowed.

Constructed in the 1960s and 1970s, the center was previously owned by Vantage Cos.

Buildings​ are 90 percent leased to tenants including Crate & Barrel, Gulfstream Aerospace, Community Coffee, and Bearing Distributors.

JLL brokered the transaction.
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The Allen breaks ground near Buffalo Bayou Park

HOUSTON (REBusiness Online) – DC Partners has broken ground on The Allen, a six-acre mixed-use project near Buffalo Bayou Park at Gillette St. and Allen Pkwy.  

The development will include a 99-unit condominium building, a Thompson-branded luxury hotel, an office building, and retail/restaurant spaces. ​

The grand opening is slated for first quarter 2021, though the hotel will not deliver​​ until 2023. 

DC Partners is developing the project in partnership with Tianqing Real Estate Development and Westmont Hospitality Group.
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. 

Walmart leases Fort Worth warehouse

FORT WORTH​ (Dallas Business Journal) – W​almart Inc. has signed a 213,000-sf lease at a recently built warehouse at 1201 N.E. Loop 820.

The 270,000-sf building, the second at the Park 820 development, was developed by Indianapolis-based Scannell Properties. 

The Bentonville, Ark.-based retailer will use the space to house fixtures and supplies for store remodels. Around 30 employees will work there. 

Walmart already occupies two distribution centers in the Fort Worth area.
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. 

More apartments coming to Creekside Park Village Center

THE WOODLANDS (Connect Media) – The Howard Hughes Corp. is developing a second multifamily​ project in its Creekside Park Village Center development ​​​at 8440 Creekside Green Dr.

The six-building, 360-unit property will offer one, two, and three-bedroom units ranging from 600 to 1,400 sf. Private attached garages will be available for all buildings.

Community amenities include a swimming pool and cabana with resident wet bar, fireplace, dog park, grilling areas,​ package delivery room, coffee bar, and electric vehicle charging stations.

Humphreys & Partners designed the project. 
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Austin Energy powers through construction of 275K-sf HQ

AUSTIN (Austin Business Journal) – Austin Energy is building a $150 million headquarters on 3.3 acres at 4815 Mueller Blvd.

The four-story, 275,000-sf building will house 900 to 1,000 employees.

It will have a series of 400-kilowatt photovoltaic solar panels.

Construction will wrap up in early 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.

121K-sf industrial lease signed in Hutchins

HUTCHINS (REBusiness Online) – National Container Group LLC has signed a ten-year, 120,960-sf industrial lease at Intermodal Business Center.

Built in 2017, the property features 32-ft clear heights, an ESFR sprinkler system, and 38 dock doors. It is being reconfigured.​​​

Cushman & Wakefield represented the tenant.

Bradford Commercial Real Estate Services represented the landlord, Intermodal Warehouse Partners.

Tarantino Properties captures 174K-sf Cypress Pointe 

CYPRESS (REBusiness Online) – Tarantino Properties has purchased Cypress Pointe, a 173,344-sf, Kroger-anchored shopping center at 360 Cypress Creek Pkwy. 

The property was 99 percent leased at the time of sale. 

JLL represented the seller, Houston-based Weingarten Realty Investors and procured​ an acquisition loan through Morgan Stanley. 
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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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