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RECON for June 18, 2019RECON for June 18, 20192019-06-18T05:00:00Z2019-06-18T05:00:00Z
RECON Real Estate Center
David Jones accepts a gold quill award
Real Estate Center Senior Editor David Jones accepted a Gold Quill award at the International Association of Business Communicators' (IABC) World Conference in Vancouver last week. The Center's flagship publication, Tierra Grande magazine, was honored with the international award. (Photo from IABC.)
June 18, 2019

Texas fifth-best state for summer road trips

​​​​​​​​​​​WASHINGTON (WalletHub) – Texas is the fifth-best state for summer road trips nationally, according to a WalletHub study.

The Lone Star State ranked fourth in costs, seventh in activities, and 42nd in safety.

Texas was also:
  • seventh in both driving laws and lowest price of three-star accommodations;
  • eighth in both the lowest price of camping and nightlife options per capita;
  • ninth in average gas prices;
  • 12th in access to scenic byways;
  • 14th in both number of attractions and vehicle​ miles traveled per capita; and 
  • 30th in car thefts per capita.​
The rest of the top-five state rankings are North Carolina, Wyoming, Minnesota, and Virginia. 

Texas recently ranked tenth on a WalletHub ranking of the most fun states in the U.S.
Helping Texans make better real estate decisions since 1971

Accesso to occupy 200,000-sf in Austin

AUSTIN (REBusiness Online) – Accesso has signed two leases totaling 200,000 sf at Riata Corporate Park, a 61.5-acre office campus at 12331 Riata Trace Pkwy. 

Transwestern negotiated both leases on behalf of Accesso.​​

Global pharmaceutical company Allergan has leased 107,000 sf at the eight-building campus, which offers multiple fitness centers, an employee lounge, and a deli café. 

In addition, an unnamed Silicon Valley-based computer company will occupy 93,000 sf. 
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.

CONTI picks up 350-unit multifamily

PLANO (REBusiness Online) – CONTI Organization has acquired Waterford on the Meadows, a 350-unit apartment complex on 22 acres at 1414 Shiloh Rd.

Built in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court, and onsite laundry facilities.

CONTI now owns 29 multifamily communities totaling 8,180 units across the Metroplex​​​.

The seller was California-based Steadfast Income REIT. CBRE brokered the transaction.​
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. 

Kempwood Tech Center uploads new owner 

HOUSTON (Holliday Fenoglio Fowler) – LNR Partners LLC has sold the Kempwood Tech Center at 2700-2778 Bingle Rd. to CG7600 LP.

T​​​​he 7.18-acre property consists of three Class B flex industrial warehouse buildings totaling 113,117 sf.

Home to two tenants, the one-story buildings feature between 14- and 16-ft clear heights, 30 grade-level loading doors, and varying amount of office space.

HFF marketed the property in conjunction with Ten-X on behalf of the seller. Garver Real Estate handled the acquisition for the buyers.
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New owner making a splash at Schlitterbahn

​​​​​​SAN ANTONIO (San Antonio Business Journal) – Sandusky, Ohio-based Cedar Fair Entertainment C​o. is purchasing two Schlitterbahn-branded waterparks in New Braunfels and Galveston for $261 million.

Cedar Fair will also buy Schlitterbahn's closed Kansas City, Kan. water park for an additional $6 million.​

The deal is expected to close in the second quarter. ​
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.

176 Irving units change hands

IRVING (CBRE) – EBEX Irving Apartments LLC has purchased Hidden Village, a 176-unit multifamily community at 1901 W. 5th St.

The buyer purchased the asset because of the location half a mile from downtown, which has historically had high apartment occupancy.

Hidden Village was 96 percent occupied at the time of sale.

CBRE Capital Markets' Investment Properties represented the seller.​
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Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Copyright © 2019, All rights reserved.
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.


https://www.recenter.tamu.edu/news/recon/?Item=283
RECON for June 14, 2019RECON for June 14, 2019Bryan PopePope
2019-06-14T05:00:00Z2019-06-14T05:00:00Z

RECON Real Estate Center
Rendering of Life Time's development
Life Time Inc. is developing a $130 million mixed-use project near the intersection of Six Pines Dr. and Lake Front Circle. It will have a fitness-coworking facility and multifamily units. Details are in today's RECON. (Photo from Life Time Inc.)
June 14, 2019

Texas home sales hit new high

​​​COLLEGE STATION (Real Estate Center) – Texas surpassed a record-high 30,000 home sales in April 2019 as lower mortgage rates and the healthy labor market spurred demand across the price spectrum, according to the Real Estate Center's latest Texas Housing Insight report. 

Robust demand pulled Texas' average days on market down to 60 days.

The recent spurt of demand pushed prices upward after a relatively calm start to the year. Pricing pressures picked up but held well below peak growth levels.​

The Texas median home price increased $2,000 to $238,000, surpassing 4.1 percent year-over-year ​​growth for the first time since October. While still increasing, home prices are no longer soaring at double-digit levels as in 2017. 

Austin and Dallas maintained the highest median price at $303,800 and $288,800, respectively, but remained on a flat trajectory. The Houston ($241,250) and Fort Worth ($237,100) medians maintained steady year-over-year growth at 2.2 and 3 percent, respectively, while San Antonio ($227,300) posted 4.3 percent growth.

According to the report, Texas' robust economy and population growth support a favorable outlook​.​
To say subprime mortgages single-handedly caused the Great Recession of 2006-07 would be over-simplifying things, but certainly they were a key culprit. More than ten years later, many Texans are still feeling their residual effects. Read "Lingering Effects of Subprime Lending" for more.

Cedar Fair's $261M Schlitterbahn splash

NEW BRAUNFELS, GALVESTON (Community Impact Newspaper) – Cedar Fair has purchased two Schlitterbahn properties for $261 million.

The deal included the 70-acre original waterpark in New Braunfels with a resort featuring 221 rooms, and Schlitterbahn Waterpark Galveston.

The two parks hosted 1.2 million guests in 2018 and generated revenues of approximately $68 million.

With the purchase, Cedar Fair will have 15 parks, more than 2,000 rooms at six parks, more than 600 luxury RV sites at four parks, and two marinas.

Tenet Healthcare signs 372K-sf lease

FARMERS BRANCH (Dallas Business Journal) – Tenet Healthcare Corp. is moving its downtown headquarters to Farmers Branch.

Currently occupying 220,000 sf in Fountain Place, the company has ​signed a long-term lease for the entire 372,000-sf International Plaza I at 14201 N. Dallas Pkwy.

Taconic Capital acquired the 13-story building and the International Plaza II next door in 2018 and is currently improving the pair.

​​​Cushman & Wakefield marketed the property for Taconic. Tenet Healthcare was represented by Younger Partners.

Tenet employees will move into the building in phases beginning at the end of the year.
Russ Peterson and Hayley Rieder recording podcast
Behind a real estate development is a large team of professionals pitching in to make the project a success. According to Dr. Russ Peterson of Mays Business School, developers are the quarterback, calling the plays and leading their team to a development touchdown. Tune in to this week's podcast to learn what it takes to become a developer and how data can help. 

Life Time starts on $130M Woodlands development 

THE WOODLANDS (Houston Business Journal) – Life Time Inc. will soon break ground on a $130 million mixed-use project near the intersection of Six Pines Dr. and Lake Front Circle.

The development will be anchored by a 140,000-sf fitness-coworking facility. The 50,000 sf of coworking space will be on the top floor.

A 420-unit multifamily project will be next door. Mill Creek Residential is working on that portion. 

Construction will begin late this summer. The fitness facility will deliver in early 2021. The residential piece will finish in early 2022, with preleasing starting in 2021.​
Outlook for Texas Economy graphicEntering the ninth year of the business cycle expansion, Texas' economic activity remained healthy and diverse. Crude oil prices trended upward, and payroll employment grew at a steady pace, and unemployment remained historically low. Low interest rates supported commercial investment and pushed housing sales to a record high. Political tension, trade uncertainty, and a slowdown in the global economy present the greatest challenges. More in our latest Outlook for the Texas Economy report. 

60K-unit affordable housing plan approved in Austin 

AUSTIN (KVUE News) – The city council has approved a plan to​ build 60,000 affordable housing units across the city.

This goal came out of their housing blueprint which aimed to build a total of 135,000 units.

The affordable housing will be spread out across the ten districts, specifically looking in areas with easy access to public transportation and increased gentrification.

Districts six and ten will have the most affordable housing units with about 8,000 units apiece. Districts four and nine will have the least with about 3,000 units each.

​Completion is projected for 2027.​​
Helping Texans make better real estate decisions since 1971

Three-property multifamily package sold in DFW

ARLINGTON (Marcus & Millichap) – MacDonald Realty Group has sold a three-property multifamily portfolio totaling 532 units to three separate sellers.

Madera Residential purchased the 168-unit The Rochester, which was built in 1980 at 2604 Furrs St.

The 228-unit Aspen Woods at 2910 S. ​Collins St. was purchased by Sentinel Peak Capital. The buyer has renamed it​ The District on Collins.

Obsidian Capital purchased the 136-unit Cobble Hill. The property at 6050 Oakland Hills Dr. was built in 1983.​​​​​

Marcus & Millichap marketed the properties, collectively called The MacDonald 3 Value-Add Portfolio.

The properties all closed within 30 days of one another and will undergo multi-million-dollar renovations to common area amenities, building exteriors, and unit interiors.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

668-unit Avana Eldridge trades hands 

HOUSTON (Multi-Housing News) – Greystar has purchased the 668-unit Avana Eldridge at 1415 Eldridge Pkwy. from AMLI Residential.

The 26.6-acre property consists of one-, two-, and three-bedroom apartments with floor plans ranging from 643 to 1,575 sf. 

Amenities include two pools, a fitness​ and business center, tennis court, and clubhouse. 

The community was 93.4 percent occupied in April, according to Yardi Matrix data.
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Independent Bank moves into new Craig Ranch headquarters

McKINNEY (Dallas Morning News) – Independent Bank has moved 400 employees into its new headquarters in the Craig Ranch development at SH 121 and Grand Ranch Pkwy.

The 165,000-sf, six-story building is the first phase of a 400,000-sf campus that will include an outdoor plaza and walking trails.

Developer KDC started building the $52 million project on ten acres in late 2017.

Architect SmithGroup designed the building. Rogers O'Brien Construction was the general contractor.​​​
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335-unit Edge & Stone underway in the wilderness 

SAN ANTONIO (San Antonio Business Journal) – Thompson Realty Capital has started construction on Edge & Stone, a 335-unit multifamily complex at 24625 Wilderness Oak. 

The 22-acre gated community will have studio and one-, two-, and three-bedroom floor plans. It is next to Tuscany Heights Elementary School.

Amenities will include a resort style pool and fitness center. Designed by Cross Architects, the project will deliver by ​early 2020.
Texas Realtors quote about Real Estate Center
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=282
RECON for June 11, 2019RECON for June 11, 2019Bryan PopePope
2019-06-11T05:00:00Z2019-06-11T05:00:00Z

RECON Real Estate Center
The Tribute at the Rim, a 380-unit community in The Rim development in San Antonio, has been sold. Keep reading today's RECON for the details on this transaction and more. (Photo from Passco Cos.)
June 11, 2019

Texas tenth-most fun state in U.S.

​​​WASHINGTON (WalletHub) – Texas is the tenth-most fun state in the nation, according to a WalletHub study. 

The Lone Star State ranked ninth in nightlife and tenth in entertainment and recreation. It was fifth in most fitness centers per capita.

Texas tied for first with California, Florida, and New York for most restaurants per capita. It also tied for the top spot with California​ and New York for most movie theaters per capita.

However, Texas has the fifth-worst access to national parks. 

The rest of the top ten are California, Florida, New York, Washington, Colorado, Nevada, Minnesota, Pennsylvania, and Oregon.

Texas fell three spots from seventh in 2018. For more about what attractions the state has to offer, check out a Real Estate Center Mixed-Use blog about last year's rankings. ​​
business people at conference tableRural land management isn’t just big business—it’s family business. At least it can be for Texans hoping to teach heirs how to manage substantial real estate holdings. In such cases, business structures can be a practical option. Read more in "Leaving a Legacy: Limited Partnerships, LLCs, and Corporations," a Tierra Grande digital first article by Center Assistant Research Economist Dr. Erin Kiella.

644K-sf Baytown logistics center breaks ground 

BAYTOWN (Connect Media) – Avera Cos. and AEW Capital Management have broken ground on Cedar Port Logistics, a 643,951-sf, rail-served speculative building in the Cedar Port Industrial Park.

The 40.8-acre development off SH 99 and east of FM 1405 will be served by the Union Pacific and BNSF railroads.

The building can be expanded to 760,400 sf. It offers a 36-ft clear height, 185-ft truck court, and outside storage. 

NAI Partners will handle leasing.
the economic impact of a typical home sale in Texas

Passco acquires Tribute at the Rim

​SAN ANTONIO (Multi-Housing News) – Passco Cos. has bought Tribute at the Rim, a 380-unit community at 5810 Worth Pkwy.

The eight-acre property consists of one-, two-, and three-bedroom apartments in a three-story and a four-story building completed in 2017.

Amenities include a pool, fourth-floor lounge, fitness center, conference room, and an electric charging station.

According to Yardi Matrix data, the community was 95.5 percent occupied in April.

JLL represented the seller, Kairoi Residential.
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.

618K-sf industrial lease signed in metro Dallas

CARROLLTON (REBusiness Online) – Steelcase Inc. has signed a​ 618,000-sf industrial lease at 1050 and 1150 Luna Rd.

The company will occupy the entire space in Atlanta-based Core5 Industrial​ Partner's facility, which features 32- to 36-ft clear heights. It will move in this summer.

​Steelcase plans to hire approximately 400 seasonal employees this year. The company recently acquired manufacturing space in Plano.

NAI Robert Lynn and NAI Puget Sound negotiated the transaction.
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. 

Sugar Land approves 316K-sf tax abatement project

SUGAR LAND (Community Impact Newspaper) – The city council has approved a tax abatement agreement with Johnson Development Associates to construct two industrial buildings off Gillingham Lane between Jess Pirtle and W. Airport Boulevards.

The buildings will total 315,892 sf across 18 acres. The developer will invest about $11.6 million and benefit from a tax reduction of 35 percent over ten years.

The buildings should be fully leased by March 2021.
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JV sells Westwood Business Park

FARMERS BRANCH (Commercial Property Executive) – A joint venture between TriGate Capital and Finial Group has​​​ sold Westwood Business Park, a 227,709-sf industrial facility at 1801 Royal Ln.

The 17.8-​acre property has 12 one-story buildings with 14-ft clear heights, 76-ft truck court depth, and 2,000 sf of retail space. 

Property Advisers Realty represented the seller. Finial Group will handle leasing and management of the property.
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.

386-unit project tops off at Hughes Landing 

THE WOODLANDS (REBusiness Online) – The Howard Hughes Corp. has topped off Two Lakes Edge, a 386-unit multifamily project within its Hughes Landing development.

Units will consist of studio, one-, two-, and three-bedroom floor plans averaging 997 sf. 

Amenities will include a sports lounge, coworking space, individual storage units, fitness center, and a pool. 

Completion is slated for spring 2020, with preleasing set​ to begin by end 2019.
Helping Texans make better real estate decisions since 1971

145K-sf distribution center sold in DFW

GRAND PRAIRIE (REBusiness Online) – JLL Income Property Trust has acquired a 145,000-sf distribution center five miles south of Dallas-Fort Worth International Airport.

The Class A property is fully leased to Fruit of the Earth until January 2027.
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=281
RECON for June 7, 2019RECON for June 7, 2019Bryan PopePope
2019-06-07T05:00:00Z2019-06-07T05:00:00Z

Katy Boardwalk District rendering
Plans have been announced for the Katy Boardwalk District, a six-phase mixed-use project consisting of a hotel, lofts, retail space, and single-family housing. Keep scrolling for the details. (Rendering from the Katy Boardwalk District.)
June 7, 2019

Texas economy 12th-strongest nationally

​​​​WASHINGTON (WalletHub) – The Texas economy ranked 12th nationally on WalletHub's list of the best and worst state economies in 2019.

The Lone Star State ​​was​​ seventh in economic health, tenth in economic activity, and 20th in innovation potential.

According to Real Estate Center Research Economist Dr. Ali Anari, Texas' economy benefited from higher oil prices, higher growth rate of the U.S. economy, and lower interest rates.

He also highlighted how the state's affordable land and business-friendly government helped push people into the state, generating more demand for homes, jobs, and other goods and services. 

"The processes of getting a building permit and construction of homes in Texas are much quicker than in other states," said Dr. Anari. "There are fewer regulations, a friendlier government, and a better business attitude compared with other states. Housing supply flexibility plus strict lending rules helped to shield the state from the housing market crash in the Great Recession."

Dr. Anari lists lower oil prices, slower national economic growth, and interest rate increases as potential obstacles for the Texas economy for the rest of 2019.

Washington, Utah, and Massachusetts took the top three spots on WalletHub's rankings.​

Read Dr. Anari's latest Monthly Review of the Texas Economy ​report for more of his insights.
Talk about necessity being the mother of invention. Homeowners in some parts of Texas have been hit by floods each of the past few years, prompting builders and engineers to find innovative ways to help. Read "Ahead of the Storm: New Ideas in Flood Protection," a Tierra Grande digital first article by Center Research Economist Dr. Harold Hunt, for more.

Rental rates projected to increase for Dallas apartments 

DALLAS (Multi-Housing News) – The North Texas multifamily market continued to show healthy fundamentals last year and into first quarter 2019, according to Yardi Matrix.

However, supply dampened rent growth, slowing it to 2.8 percent year over year through March, slightly below the U.S. average.

More than 26,800 units were delivered in 2018 for a new cycle high, with an additional 44,700 apartments underway as of March. 

Following last year’s $5 billion transaction volume, investors already traded nearly $900 million in multifamily assets in 1Q2019, at a per-unit price of $105,032. 

With rapid economic expansion and population gains slated to keep demand healthy, Yardi Matrix expects rents in Dallas-Fort Worth to rise 4.3 percent in 2019.

Dallas v National Rent Growth graph

Gulf States Toyota moving forward after expansion 

SEALY (Houston Business Journal) – Gulf States Toyota (GST) has completed the first stage of its $11 million expansion project at 5614 I-10 Frontage Rd.

Phase one increased the size of the distribution center by 40 percent to 426,000 sf. 

Upgraded amenities include a new basketball court, improvements to an existing soccer field and volleyball court, and an expanded on-site gym and break room.​

The expanded shipping operation will be fully operational by third quarter 2019.​​​​

Construction was handled by Structura Inc. ​​​​​​​​GST served as project manager. 
Helping Texans make better real estate decisions since 1971

411-home Calallen South slated for Corpus Christi

CORPUS CHRISTI (Corpus Christi Caller-Times) – The local planning commission has approved preliminary plans for a 411-home master-planned community called Calallen South.

The Walker Family is handling development of the 117 acres off US 77 and County Rd. 48. 

Homes will be between 1,800 and 2,500 sf, on 6,000-sf lots. 

The city council already approved rezoning the acreage from agriculture to single-family purpose. The first of six phases will be focused on infrastructure. 

$71M business park approved in Mesquite

MESQUITE (Dallas Morning News) – The city council approved zoning for a more than $71 million business park near I-30 and Republic Pkwy.

Urban Logistic Realty's 80-acre, 979,000-sf complex will include five new industrial buildings, green space, and public art.​ It is within the city's Urban District 30 area.

Officials expect the park to generate more than 500 additional jobs.

The developer is seeking economic incentives for the project. Construction is set to start later this year.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Suite life at WhyHotel 

HOUSTON (Houston Chronicle) – WhyHotel, a temporary housing firm that offers short-term stays in vacant units of newly developed buildings, will turn 100 apartments into a hotel—for a little while​​.

The space is in Camden Property Trust's new 271-unit apartment building at 1515 Austin St.

A "pop-up" hotel, the operation will run through late 2020 during the lease-up phase of Camden's development. ​

During that time, customers will be able to book ​stays ranging from one night to three months. 

WhyHotel will begin accepting guests late this year.

Crestview Commons begins final construction phase

AUSTIN (REBusiness Online) – High Street Residential and Principal Real Estate Investors have broken ground on the final phase of ​Crestview Commons.

Phase IV of Crestview Commons at 801 Sugaree Ave. ​will feature 226 one-, two-, and three-bedroom units ranging from 525 to 1,451 sf.

Amenities will include a pool, outdoor grilling areas, fitness center, entertainment kitchen, conference room, business center, rooftop club, and package lockers.

JHP Architecture designed the project, and Andres Construction is the general contractor. Amegy Bank provided construction financing.

Leasing will​ begin in March 2020.
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Developers reveal Katy Boardwalk District’s construction schedule 

KATY (Houston Business Journal) – Project officials have announced a construction timeline for the Katy Boardwalk District at Kingsland Blvd. and Katy Fort Bend Rd.

Anchored by a $100 million, 314-room hotel and conference center, the project will be completed in six phases over the next several years.

Phase one got underway in March when Sueba USA broke ground on Boardwal​k Lofts​, a 319-unit apartment project that will cater to higher-income residents.

Work will start on phase two, which will include the hotel and convention center, by the end of the year and wrap up ​in 2021.

Phase three will consist of a 140,000-sf retail complex and an accompanying 1,200-space parking structure. It will break ground early next year and open fall 2021.

P​​hases four and five will include a 143-lot single-family residential community and a large-format office park, respectively. 

Gensler will design the retail complex and hotel and conference center.

AMG Realty acquires 384 units near Port San Antonio

SAN ANTONIO (Connect Media) – AMG Realty Group of Chicago has acquired Preserve at the Port, a 384-unit apartment complex at 402 Gillmore Ave.

The property offers one-, two-, and three-bedroom floor plans ​ranging from 667 to 966 sf. Amenities include a fitness center, pool, playground, laundry facilities, and storage units.

The Multifamily Group represented the seller, Terravista Corp. 
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Dallas Restoration Hardware construction begins

DALLAS (Dallas Morning News) – Demolition crews recently knocked down the half block​ of buildings at the southeast corner of Knox and Cole Ave. to make way for a three-story Restoration Hardware gallery store. ​​​

The over 100,000-sf retail project will also ​include a restaurant and parking garage.

​With construction underway just down the street, the south side of Knox west of US 75 is seeing some of the biggest changes since the retail district started a century ago.

Make room, EaDo Storage coming through 

HOUSTON (Commercial Property Executive) – The Jenkins Organization has opened EaDo Storage, an 110,000-sf Class A facility at 1025 Sampson St.

The 1.4-acre, three-story development has 850 climate- and non-climate-controlled units, ranging from 25 to 300 sf. 

Units also feature elevators and drive-up access, 12- to 15-ft ceiling heights, three secured and covered loading bays, keypad access, and security cameras. 
Texas Realtors quote about Real Estate Center
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=280
RECON for June 4, 2019RECON for June 4, 2019Bryan PopePope
2019-06-04T05:00:00Z2019-06-04T05:00:00Z

Real Estate Center Online News
Wood being cut in an under-repair home
According to a new report, annual growth in home improvement and repair spending is expected to moderate in most metros by the end of 2019. How do Texas' major metros stack up in spending? Read today's RECON to find out. (Photo from Center files.)
June 4, 2019

Houston to lead major Texas metros in 2019 home improvement spending

​​​​CAMBRIDGE, Mass. (Joint Center for Housing Studies at Harvard University) – A new report from Harvard University's Joint Center for Housing Studies (JCHS) says Houston-The Woodlands-Sugar Land will see an 8 percent growth rate in home improvement and repair spending in fourth quarter 2019, faster than​​ Texas' other major metros.

Austin-Round Rock and Dallas-Fort Worth will see spending grow 6 percent and 4 percent, respectively. San Antonio-New Braunfels' spending growth rate will slow to 1 percent. 

At the national level, annual growth in home improvement and repair spending is expected to moderate in most metros by the end of the year, according to the Leading Indicator of Remodeling Activity (LIRA) released by JCHS' Remodeling Futures Program.

While no major metros are projected to see spending levels decline in 2019, the LIRA indicates that the pace of spending by homeowners will slow in 29 of the 49 major metros tracked relative to their estimated 2018 gains. 

Annual growth in improvement expenditures is projected to fall to the lowest rate in three years in nearly half (22) of these metros.

​​“Metros with cooling home prices and sales activity are not able to sustain the same pace of investment in home improvements as in recent years," said JCHS Managing Director Chris Herbert.
Robot arms on a conveyor belt
According to sci-fi writer Isaac Asimov’s, a robot can neither harm a human nor disobey a human’s orders. They can, however, perform more jobs once handled by people. Welcome to the 21st century. Read "Robot Revolution: Automation and the Changing Job Landscape."

Ace is the place to add space, jobs

WILMER (Dallas Morning News) – Ace Hardware is adding more than 450,000 sf of shipping and warehouse space to its huge distribution center on Pleasant Run Rd. in Sunridge Business Park.

The retailer opened the 450,000-sf shipping hub near I-45 in 2014. It was built by CenterPoint Properties. 

The expansion project will create about 250 construction jobs, and the new space will support 70 jobs.​​

Completion is set for mid-2020.
Texas Quarterly Commercial Report
The overall strong performance in the Texas economy translates into a positive outlook for the commercial real estate sector in first quarter 2019. Construction activity accelerated as nonresidential construction values increased in 1Q2019. However, growth may slow going forward. Our updated Texas Quarterly Commercial Report has all this and more. 

Best or nothing: 200k-sf Mercedes-Benz business center opens

FORT WORTH (REBusiness Online) – Mercedes-Benz Financial Services USA LLC has opened a 200,000-sf business center at AllianceTexas.

Hillwood broke ground on the build-to-suit office project at 14372 Heritage Pkwy. in February 2018.

The facility features a fitness center, onsite café, basketball court, jogging trails, and outdoor dining areas.

The company has maintained a presence at the 26,000-acre development since 2017, and company officials estimate that the opening of this facility will keep about 900 local direct or indirect jobs.
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Road work ahead for I-635 LBJ East

DALLAS (Dallas Business Journal) – Fluor Corp. and Balfour Beatty Infrastructure​ Inc. will design and construct the I-625 LBJ East Project.

The Texas Department of Transportation's project will improve capacity, operational efficiency,​ and safety from east of US​​​ 75 to I-30 along a portion of the I-635 loop. It​ will widen and fully reconstruct about 11 miles of I-635 at the LBJ Fwy. and create a new general purpose lane in each direction after​ rebuilding the existing managed lane.

The project will provide about 500 construction-related jobs at the peak of construction. Substantial completion is expected for the second half of 2024. ​​
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. 

Central Houston Nissan peels out this month 

HOUSTON (REBusiness Online) – Harvey Construction has completed Central Houston Nissan, a 162,500-sf car dealership at at 2901 S. Loop W. 

The dealership will employ more than 200 and have two coffee bars, three lounges, a children’s play area, and an entertainment center.

It will serve as the hub for Central Automotive​​ Group, which comprises an additional three of the Japanese carmaker's local dealerships.

Kirksey Architects designed the 16-acre property, which will hold its grand opening this month.
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300K-sf office popping up in Plano

PLANO (REBusiness Online) – Cawley Partners is developing a​ 300,000-sf office building within the 150-acre Campus at Legacy West. 

The 15-story property will be at 6333 Legacy Dr. at the main entrance to Legacy West. 

Amenities will include a fitness center, restaurant, bar, and conference center.

Avison Young will handle leasing. 
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.

Allied Orion retreats to Creekside Way

NEW BRAUNFELS (Multi-Housing News) – Allied Orion Group has begun construction on The Retreat at Creekside, a 281-unit multifamily complex at 580 Creekside Way.

It offers one- to three-bedroom floor plans ranging from​ ​722 to 1,440 sf. 

Amenities will include a swimming pool, outdoor entertainment area, fitness center, clubhouse, dog park, and several car-charging stations.     

Steinberg Dickey Collaborative will design the project, which will deliver by December 2020.

New owner heads for the Hills of Palos Verdes

GARLAND (REBusiness Online) – The Hills of Palos Verdes, a 154-unit multifamily community at 930 I-30, has been sold.

Built in 1983, the property has eight three-story residential buildings and one auxiliary building.

Amenities include a pool, fitness center, playground, and outdoor grilling areas.

Dougherty Mortgage arranged a loan in partnership with Old Capital Lending on behalf of the undisclosed borrower. 
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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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