|RECON for March 10, 2023||RECON for March 10, 2023||2023-03-10T06:00:00Z||2023-03-10T06:00:00Z|
Not to be outdone by bluebonnets, Indian Paintbrush are beginning to adorn Texas highways. (Photo from Center files.)
MDH Partners purchases 555K-sf El Paso industrial development
|EL PASO (REBusiness) – MDH Partners has entered into an agreement to acquire Loop 375 Industrial, a three-building, 554,960-sf development.|
The site spans 36.7 acres, and the development has 191 trailer-parking spaces, 230 car-parking spaces, and clear heights of 32 to 36 feet.
Colliers represented the seller and developer, NIT Industrial.
MDH Partners provided NIT Industrial with mezzanine debt to complete construction. The senior construction loan was provided by Veritex Community Bank.
CBRE is leasing the development, which is scheduled to come on line this fall.
Texas manufactured housing activity stabilizes after 2022 correction
|COLLEGE STATION (Texas Real Estate Research Center) – Despite upticks in interest rates and ongoing macroeconomic concerns, general business activity increased in Texas’ manufactured housing industry for the first time since April 2022, according to the latest Texas Manufactured Housing Survey (TMHS).|
Supply chains continued to smooth, and the costs of raw materials fell for the ninth consecutive month amid moderating inflation.
“In the first two months of 2023, Texas’ manufactured housing plants pulled back production to the lowest level in the past ten years,” said Rob Ripperda, vice president of the Texas Manufactured Housing Association, “but retailer sales to consumers are running near the same elevated levels as they were in 2021.”
TMHS respondents mentioned saturated inventory for retailers back in December, but those levels appear to be normalizing as all but one manufacturer in the February survey expected sales to increase in the short run.
“March marks the beginning of the spring selling season, so sales should be picking up across the state, and retailers are going to need more inventory,” said Ripperda.
Manufacturers plan to expand payrolls and workweeks after cutting back last summer. They also anticipate an increase in available workers, which will temper labor costs moving forward.
On the other hand, the industry is slowing plans for capital expenditures, possibly in response to a potential increase in the cost of capital. On the demand side, borrowing costs affect the manufactured housing industry through multiple channels.
“The Federal Reserve is signaling further rate hikes that could translate into higher mortgage rates,” said Dr. Harold Hunt, senior research economist at the Texas Real Estate Research Center. “Even so, this could still result in better manufactured housing sales as consumers find it harder to qualify for traditional site-built homes.”
Real estate professionals should give as much attention to the estate tax and the property tax as they do to income tax. Our latest article, "Deep in the Heart of Taxes
," explains why.
Veterans Land Board increases home loan amount to $726K
|AUSTIN (Texas General Land Office) – The Veterans Land Board (VLB) has increased the VLB home loan amount from $647,200 to $726,200.|
All qualifying veterans will continue to receive a competitive interest rate, and veterans with a Veterans Affairs (VA) service-connected disability rating of 30 percent or greater still qualify for a discounted interest rate.
Eligible Texas Veterans and Military Members can now apply for VA, Federal Housing Administration (FHA), or conventional financing using the Veterans Housing Assistance Program (VHAP) and a VLB participating lender.
Veterans who use VA-backed home-buying benefits along with a VLB home loan may be eligible for a home loan with no down-payment and no private mortgage insurance (PMI). VHAP can be used to purchase a single-family attached or detached home, townhome, or condominium. Veterans can use VHAP more than once.
For more information about the home loan program and a list of VLB lenders, visit the VLB website.
Construction wraps on 156K-sf spec warehouse in northwest Houston
|HOUSTON (Houston Business Journal) – Stream Realty Partners has completed The Raceway Northwest Distribution Center, a 156,483-sf speculative warehouse along Fairbanks N Houston Rd. and Fallbrook Dr.|
The development has front-load configuration with 36-ft clear height, 25 dock-high doors, and parking spaces for 109 vehicles and 22 trailers.
The company is looking to lease spaces from 70,000 to 156,483 sf.
Kansas logistics firm snags 900K-sf distribution building lease
|FORNEY (Dallas Morning News) – Hayes Co. has leased a more than 900,000-sf distribution building at 11333 County Rd. 212 near US 80.|
The building was developed in 2022 by Stillwater Capital and Grandview Partners.
KBC Advisors negotiated the lease with Paladin Partners.
|Did you know the Texas Real Estate Research Center has employment and unemployment data for states, counties, and metropolitan areas? View monthly and annual data going back as far as 1976. Check out the data for free on our website.|
Construction begins on $320 millon Austin medical tower
|AUSTIN (Connect CRE) – Construction is underway on a $320 million medical tower at W. 38th St.|
On its completion in 2025, the facility will include neonatal intensive care units, C-section suites, a dedicated OB-GYN emergency department, teaching and learning center, areas for minimally invasive gynecologic surgeries, and an expanded antepartum space.
The tower will be on the south side of the Ascension Seton Medical Center campus.
Revamped 274K-sf Dallas office building trades hands
|DALLAS (REBusiness) – Founders Square, a 274,010-sf office building at 900 Jackson St., has been sold.|
Originally constructed in 1914, the building was most recently renovated in 2016.
Newmark represented the seller, Taiwanese investment firm Fidelity Commercial, in the sale to Charter Holdings.
300K-sf SA industrial facility swaps hands
|SAN ANTONIO (REBusiness) – Cold Creek Solutions has sold a roughly 300,000-sf facility at the intersection of I-10 and Loop 410.|
The facility has 48-ft clear heights, 45,000 pallet positions, and 6,000 sf of office space.
ARCO National Construction served as the general contractor for the project.
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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 Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Bryan Pope. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley.