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RECON for March 6, 2020RECON for March 6, 2020Bryan PopePope
2020-03-06T06:00:00Z2020-03-06T06:00:00Z

RECON Real Estate Center
Laredo skyline at night. The Cathedral of San Agustin is on prominent display
Texas dominated Veterans United Home Loans' list of the top ten best places for military veterans to live in 2020. Which city took the number one spot? Keep reading today's RECON to find out. (Photo from Center files.)
March 6, 2020

Six Texas cities among most affordable places for veterans

JERSEY CITY, N.J. (Veterans United Home Loans) – Six Texas cities have landed on Veterans United Home Loans' list of the top ten most affordable places for military veterans to live in.

Laredo ranked first nationwide. It has a cost-of-living index (based on a U.S. average of 100) of 90.7. 

The border city has a veteran population of 5,080 and an unemployment rate of 5.4 percent. The median annual salary is $37,890.

​Corpus Christi ranked second with a veteran population of 25,153 and a cost-of-living index of 94.3. The unemployment rate is 5.6 percent and median annual salary is $43,325.  

No. 3 Lubbock has a cost-of-living index of 93.7, 12,018 veterans, a 4.8 percent unemployment rate, and a median annual salary of $36,653. 

El Paso and San Antonio rounded out the top five. The Far West Texas city has a cost-of-living index of 87.4, a veteran population of 44,580, and a 6.9 percent unemployment rate. San Antonio, with a cost-of-living index of 88.7, has 107,359 veterans and a 6.4 percent unemployment rate. 

Fort Worth-Arlington ranked seventh and was the only city on the list with a cost-of-living index above 100. It has 19,153 veterans and a 5.5 percent unemployment rate. 

​Veterans United supplemented their information with data from the U.S. Census Bureau, Council for Community and Economic Research, and Bureau of Labor Statistics.

For more on veterans' impact on the state economy, read "Home Front: How the Military Influences Texas Housing Markets."
30th annual outlook for texas land markets conference
Registration for the Real Estate Center's 30th Annual Outlook for Texas Land Markets conference is now open. This two-day event in San Antonio provides information on a variety of legal, economic, social, and natural resources issues influencing current land market dynamics. Get more information and register online. Don't forget to RSVP on Facebook. 

JV starts on 353K-sf Rankin 45 Distribution Center 

HOUSTON (Houston Business Journal) – A joint venture between Trammell Crow and Clarion Partners has broken ground on the 352,303-sf Rankin 45 Distribution Center.

Situated on 22.5 acres at 13800 North Fwy., the $11.2 million project will be a concrete, tilt-wall shell building.

The Class A cross-dock facility features a 32-ft clear height with 52-ft column spacing, 259 parking spaces, 23 trailer parking spaces, 60-ft speed bays, and four drive-up ramps.

The building was designed by Powers Brown Architecture. A&F General Contractors is overseeing construction. CBRE will handle leasing.

Construction will be substantially completed by August. 
Cartoon showing houses reflected as a military baseThe military base realignment of 2005 boosted El Paso's housing market and blunted the Great Recession's impact. However, the city has recently felt the effects of trade uncertainty and diminishing manufacturing output. Read more about the Sun City's economy by reading "El Paso: Military and Manufacturing's Influence on Houston."

500-home Leander development on the horizon 

LEANDER (Austin Business Journal) – SEC Planning LLC is working on Horizon Lake, a 201-acre residential​ development at the corner of US 183 and E. South St. 

The project calls for 500 single-family homes on 40- to 60-ft-wide lots. Homes will range from 1,500 to 3,700 sf. 

Homebuilders include PulteGroup and Taylor Morrison. ​

There will also be a 9.5-acre commercial project with 75,000 sf of retail and office space as well as 89.5 acres o​f parkland. 

The city ​council approved the initial​ plans this week. 
Podcat 442: Housing for Texas' future
Affordability and technological changes are challenging the national housing market. The Real Estate Center and the Dallas Fed recently hosted a conference focusing on the changing market. Center Chief Economist Dr. Jim Gaines and Research Economist Dr. Luis Torres join us on our latest podcast to share what they learned. 

Jackson-Shaw acquires 169 acres for industrial project

FORT WORTH (REBusiness Online) – Jackson-Shaw has acquired 169 acres at the intersection of Altamesa Blvd. and Campus Dr. for the 2.2 million-sf​ 46 Ranch Logistics Park. 

The first phase will have 560,000 sf of Class A industrial space across three buildings.

Work starts on phase one this June and will wrap up by first quarter 2021. 

Ridgemont Commercial Construction is the general contractor ​and GSR Andrade is the architect. Halff Associates is th​​e civil engineer. 

Stream Realty Partners is handling leasing. Liberty Capital Bank provided​ construction financing.
red stamp reading
A number of violations can result in loss or suspension of a Texas real estate license. Some, like bad acts or negligence, are obvious. However, some administrative violations may be less so. Attorney Kerri Lewis breaks down how not to lose your license. 

Texas Bankers replaces old HQ with nine-story high-rise 

AUSTIN (Austin Business Journal) – The Texas Bankers Association is transforming its existing headquarters at 203 W. 10th St.  

The company will demolish the building and build a nine-story ​office tower with 100,000 sf of leasable space.  

The high-rise will have ground-floor restaurant and office space, and three and a half floors each of offices and parking.

Top-floor amenities will include a board room, catering kitchen, and rooftop terrace.  

Construction begins in first quarter 2021.

Kimley Horn is the civil engineer. Beck Architecture is the designer, and ​Beck Construction is the contractor. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

1.7M-sf business park slated for Missouri City 

​​​MISSOURI CITY (Realty News Report) – Logistics Property Co. is developing CityPark Logistics Center, a 1.7 million-sf business park near the intersection of Beltway 8 and US 90​.

Phase one includes a 78,527-sf rear-load dock warehouse, a 176,319-sf cross-dock facility, and a 199,170-sf cross-dock facility.

The next two phases will include more cross-dock facilities and build-to-suit opportunities.

At buildout, the 97-acre park will have seven buildings. Phase one will deliver in fourth quarter 2020.
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. 

Farmers Branch office tower sold to local investor

FARMERS BRANCH (Dallas Morning News) – Mohr Capital has ​​purchased 4851 LBJ Fwy., a 12-story office high-rise near the Galleria Dallas.

Built in 1985, the almost 200,000-sf office building was recently renovated.

Tenants in the building, which is almost 90 percent leased, include the Associated Press, Sulphur River Exploration, NAI Robert Lynn, and Contender Energy.

The building was sold by Dallas' Champion Partners, which had owned the property since 2015.

CBRE brokered the sale.
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Beaumont's North Park Plaza trades hands

BEAUMONT (REBusiness Online) – Baker Katz has acquired North Park Plaza, a 139,926-sf shopping center at 5870 Eastex Fwy. 

The 14.3-acre property is being redeveloped by Tennessee-based CBL Properties.

Target is the anchor tenant. Other tenants include Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm, and Longhorn Steakhouse. 

JLL represented the seller, Houston-based Weingarten Realty Investors.
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20-story Novel Turtle Creek apartment tower breaking ground

DALLAS (Dallas Morning News) – Crescent Communities is building the 200-unit Novel Turtle Creek luxury apartment tower near the intersection of Oak Lawn and Avondale Avenues.

​Amenities in the 20-story tower will include 24-hour concierge services, onsite pet facilities, a fifth-floor amenity level, ​resident lounge, and two guest suites.

NTT Urban Development is an equity partner​. Sumitomo Mitsui Banking Corp. is providing construction financing.

WDG Architecture designed the building, and Rogers O'Brien Construction will be the general contractor.

Completion is set for early 2022.
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Church Project acquires legendary property in Spring 

SPRING (REBusiness Online) – Church Project has purchased the 100,000-sf Legends Sports Complex at 602 Pruitt Rd.

Built in 2007, the 14.8-acre property will serve as the company's headquarters. ​​

The J. Beard Real Estate Co. represented the seller, Caduceus Management. Mohr Partners represented 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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