RECON for January 17, 2020RECON for January 17, 2020Bryan PopePope
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RECON Real Estate Center
El Paso commercial buildings in the sunlight
El Paso's industrial market closed out 2019 with record-low vacancy and record-high rents, according to CBRE. For more news like this, keep reading today's RECON. (Photo from Center files.)
January 17, 2020

Todd Interests building 20-story mixed-use tower at East Quarter 

DALLAS (Dallas Business Journal) – Todd Interests has started on 300 Pearl, the first of four ground-up developments within the East Quarter revitalization project.

Located between Pearl St. and Cesar Chavez Blvd., the 20-story building will include 180,000 sf of office space, 25,000 sf of ground-floor retail, and 336 Class A apartments.

Other features will include enclosed parking, a fitness center, and a private bar.​

The project will preserve two 1940s-era buildings along Cesar Chavez Blvd.

The building will cost around $130 million, according to the Texas Department of Licensing and Regulation.

Altschuler and Co. are leasing the office space, while Shop Cos. will lease the retail. Merriman Anderson Architects is the designer, and Andres Construction is the builder.​

The office portion is set for completion by early 2021, while the residential portion will be delivered by mid-2022.
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Rezoning approved for potential Amazon center in Pflugerville

PFLUGERVILLE (Austin Business Journal) – The city council has approved the rezoning of 94 acres at 2000 E. Pecan St. for a proposed Amazon distribution center.

Dubbed Project Charm, the four-and-a-half-story, 3.8 million-sf facility will feature 43,000 sf of office space, 780,552 sf of warehouse space, and three million sf for robotics on a mezzanine level. There will be 1,706 parking spaces. 

Jones/Carter is the civil engineer, SMDH Inc. is the structural engineer, and Dialectic Engineer is the mechanical, electrical, and plumbing engineer.

A final reading of the rezoning ordinance will occur later this month.
Podcast 440: Texas' ebbing economic edge?
For years, Texas has enjoyed a reputation as an economic powerhouse. While that's still true, other states are beginning to shine just as brightly. REC Research Economist Dr. Luis Torres and Research Associate Paige Silva elaborate on our latest Red Zone podcast. 

Waterton bags 809-unit portfolio 

HOUSTON (Multi-Housing News) – Waterton has acquired a local multifamily portfolio totaling 809 units.

The portfolio includes the:​
  • 348-unit Reserve by the Lake at 18600 S. Parkview Dr. in Houston,
  • 264-unit Madison on the Meadow at 12660 Stafford Rd. in Stafford​, and 
  • 197-unit Summerwind at 2414 County Rd. 90 in Pearland​.
All three of the assets will undergo capital improvement programs, focusing on interior and exterior renovations.

​According to Yardi Matrix information, Hills Properties was the seller of all three properties.
Outlook for the Texas Economy November 2019 summary
Read our latest Outlook for the Texas Economy report for more. 

The Grove Frisco phase two underway

FRISCO (Dallas Morning News) – Newland Communities and North America Sekisui House LLC are gearing up for the second phase of The Grove Frisco community.

​The 735-acre project on S. Custer Rd. near the Sam Rayburn Tollway opened last sum​​​​​mer. Three-thousand homes are planned for the community.

The second phase will have patio homes, townhomes, luxury apartments, retail, and restaurants.​

JPI will build the 424-unit apartment community at the southwest corner of Main St. and Custer Rd. The eight-building apartment complex was designed by JHP Architecture.

The townhome community will have 129 units.​

American Legend Homes, Drees Custom Homes, Highland Homes, and Southgate Homes are building in the community.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

El Paso industrial market hits record-low vacancy, record-high rents 

EL PASO (CBRE) – The local industrial market closed out the year with record-low vacancy and record-high rents, according to CBRE.

High levels of activity decreased vacancy to 4 percent. Class A vacancy fell to 8.2 percent, a record low for the current cycle.

Net absorption for the quarter fell to 222,734 sf but remained above the ten-year quarterly average.

Decreasing availability has pushed marketwide average asking rents to $5.07 per sf, a $0.69 per sf increase from last year.   

There is 706,000 sf of space under construction. 
market viewer screen shotTexas Realtors' 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 are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Houston Methodist Clear Lake phase one breaks ground

NASSAU BAY (REBusiness Online) – Hoar Construction has broken ground on the Houston Methodist Clear Lake Medical Office Building, a 158,000-sf project at 18300 Houston Methodist Dr. 

The six-story building will house orthopedics and sports medicine practices. Two floors will be devoted to physical therapy and a sports medicine gym and clinic. 

The ​building is the first phase of the hospital’s master-planned site.​​​

C​​​ompletion is scheduled for first quarter 2021. ​
The Real Estate Center will be closed on Monday, Jan. 20, in observance of Martin Luther King Jr. Day.

12-story mixed-use tower replaces Still Golden building

SAN ANTONIO (San Antonio Express-News) – The Still Golden Social House building is being transformed into a 12-story mixed-use tower that will house Jefferson Bank's new headquarters.  

The development at 1900 Broadway St. will have​​​ 190,000 sf of office space and 15,000 sf of retail on the ground floor.

Construction will begin in second quarter 2020 and wrap up in 2022. 
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JV acquires 171K-sf River Oaks Bank Building

HOUSTON (REBusiness Online) – A joint venture between Fuller Realty Partners and Independencia Asset Management has acquired The River Oaks Bank Building, a 170,233-sf office building at 2001 Kirby Dr.

The deal includes the recently​ renovated 14-story building, an attached 323-space parking garage, and 185 surface parking spaces.

JLL represented the seller, a client of L&B Realty Advisors LLP, and arranged acquisition financing on behalf of the buyer.​​
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