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RECON for June 2, 2020RECON for June 2, 20202020-06-02T05:00:00Z2020-06-02T05:00:00Z

RECON Real Estate Center
Rendering of 41-story condo building
What's happening in today's RECON? Work moves forward on 105-acre Waco mixed-use project, 283-unit condo tower rising on Austin's Rainy St. (pictured above), and Texas sales tax revenue sees largest drop in over 20 years. Keep reading for the details. (Rendering from STG Design.)
June 2, 2020

State sales tax revenue down 13.2 percent YOY

​AUSTIN (Texas Comptroller of Public Accounts) – According to the Texas Comptroller, state sales tax revenue totaled $2.61 billion last month, 13.2 percent less than in May 2019.

That's the steepest year-over-year decline since January 2010. 

The majority of May sales tax revenue is based on sales made in April and remitted to the agency in May. Widespread social distancing requirements were in place across much of the state throughout April.

Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections, but the effects of the economic slowdown and low oil prices were evident in​ other sources of revenue in May 2020. 

Texas collected the following revenue from other major taxes:
  • ​motor vehicle sales and rental taxes, $265 million, down 38 percent year over year (YOY); 
  • motor fuel taxes, $221 million, down 30 percent YOY and the steepest drop since 1989;
  • natural gas production tax, $31 million, down 76 percent YOY;
  • oil production tax, $90 million, down 75 percent YOY, the steepest drop since March 1988, and the lowest monthly amount since July 2010;​
  • hotel occupancy tax, $8 million, down 86 percent YOY and the steepest drop on record in data going back to 1982; and
  • alcoholic beverage taxes, $28 million, down 76 percent YOY and the steepest drop on record in data going back to 1980.
The comptroller extended the due date for franchise tax payments this year from May 15 to July 15, meaning that comparisons to May 2019 collections are uninformative.
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CIM Group acquires 1.1M-sf logistics center

​​​FORT WORTH (Connect Media) – CIM Group has acquired Junction 20/35, a 1.1-million-sf cold- and dry-storage facility at 7550 Oak Grove Rd.

The acquisition also included an adjacent 14.42​ acres.

Built in 1989, the facility has modern clear heights and column spacing, loading bays, a truck court, car and trailer parking, and rail accessibility. 

It has been renovated several times, most recently in 2018, and ​provides freezer and cooler space.
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105-acre Floyd Casey development moves forward

​​​​​WACO (Waco Tribune-Herald) – Locally based Turner Behringer is developing a housing-heavy mixed-use project at the 105-acre former site of Floyd Casey Stadium. 

The development will have 300 households, 7,200 sf of trails, ten acres of open space, 74,000 sf of office and commercial space, community facilities, 7.3 acres of gathering areas, and a park. ​
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. 

283-condo tower to rise in Rainey St. district

​AUSTIN (Austin Business Journal) – Pearlstone Partners is developing a 283-unit condominium ​high-rise at 84 East Ave. 

The 41-story building will feature one- and two-bedroom units averaging 955 sf. Prices will range from $499,000 to $999,000.

Amenities will include a rooftop pool, fitness center, coworking space, and dog park.

Construction begins in 2021. 

STG Design is the developer. 
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. 

35-story Museum District tower becoming condos

​​HOUSTON (Realty News Report) – ​​​Locally based Tema Development Inc. is converting the 35-story Parklane residential tower from rental units into for-sale condos. 

Built in 1983, the tower at 1701 Hermann Dr. will have 195 condos starting in the $300,000s. 

Mirador Group is the architect​, interior designer, and landscape architect. Elevated Group at Compass will handle sales. 
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26.4 acres at Highland Park neighborhood rezoned

​TEMPLE (Temple Daily Telegram) – The city has approved the rezoning of 26.4 acres at 6510 Hartrick Bluff Rd. for residential ​use, expanding the Highland Park neighborhood.  

Developers will use the land to create a front entrance for the neighborhood, located to south and west. 
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.

Legendzway inks 267K-sf industrial lease at DFW Airport

​​​IRVING (Dallas Morning News) – Legendzway Distribution has leased a 267,000-sf industrial building at 2600 Market St., just north of US 183.

The warehouse is at the south end of the airport in Bandera Venture's Gateway Logistics Center.

Rubicon Representation negotiated the lease on behalf of the tenant with HPI Real Estate Services. 

TxDOT picks up 57 acres in Pflugerville 

​​PFLUGERVILLE (Austin Business Journal) – The Texas Department of Transportation has purchased 57.3 acres on N. FM 973 from Foster Legacy LLC. 

Newmark Knight Frank represented the buyer in the transaction. ​
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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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