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RECON for January 31, 2023RECON for January 31, 20232023-01-31T06:00:00Z2023-01-31T06:00:00Z
RECON Texas Real Estate Research Center
UT Tyler medical education building
What's happening in today's RECON? UT Tyler constructing medical school building, The Woodlands Mall expansion approved, $170 million mixed-use project rising in Seabrook, and more. Keep reading for the details. (Rendering from UT Tyler.)
January 31, 2023

$100M The Woodlands Mall expansion gets greenlight

​​​​​​​​​​THE WOODLANDS (Houston Chronicle) – Brookfield Properties has started planning a $100 million expan​sion of The Woodlands Mall after receiving township approval. 

The expansion will include two hotels with 30,000 sf of conference space, 80,000 sf of retail space, and a 1,200-spot parking garage.

The bulk of the development will be on an existing parking area and two retail sites, the former of which will be demolished.

Incentives include a 1 percent economic development zone sales tax and 1 percent hotel occupancy tax.

Plans will be finalized in 2024 with groundbreaking set for 2025.
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UT Tyler starts on $308M Medical Education Building

​​​TYLER (CW33) – The University of Texas at Tyler (UT Tyler) has broken ground on The Medical Education Building, a five-story, 248,000-sf facility.

The buildin​g will be connected to the UT Health East Texas Hospital via skybridge.

Delivery is slated for March 2025. The UT Tyler School of Medicine​ will accept its first class of approximately 40 students this summer.
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

$170M mixed-use development slated for Seabrook

​​​SEABROOK (Houston Business Journal) – Seabrook Plaza, ​a $170 million mixed-use development featuring two Margaritaville-branded hotels is underway.

The project will include a 100,000-​sf boutique hotel, a 120,000-sf extended-stay hotel, a 25,000-sf event center, apartment complex, 25,000 sf of retail space, and 1,200 parking spaces.

The seven-story apartment community will have 260 one- and two-bedroom units. 

There will be nearly 1,200 parking spaces.

Seabrook Plaza One LP acquired the 11-acre property in June 2022.
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. 

Exxon skyscraper becoming apartment complex

​​​​​​​​HOUSTON (Realty News Report) – ExxonMobil Oil's former headquarters, a 45-story skyscraper at 800 Bell St., is becoming a residential​ project.  

Built in 1962, the 1.2 million-sf downtown tower has been vacant for nearly eight years. ExxonMobil had moved its operations to Spring in 2015. 

The 606-ft tower and its nearby parking garage was sold by Shorenstein Properties at the end of 2022. 
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Corpus Christi multifamily property trades hands 

​​​​CORPUS CHRISTI (REBusiness Online) – The 240-unit Aventine Apartments has been sold.

The property has one-, two-, and three-bedroom units, pool, playground, and onsite laundry facilities.

Northmarq represented the seller, 3CM Multifamily.
Communication Matters video seriesThe Texas Real Estate Research 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.

Rockwall logistics center breaks ground

​​​​ROCKWALL (REBusiness Online) – Seefried Industrial Properties and USAA Real Estate have broken ground on Rockwall Park 30, a 315,440-sf logistics center off I-30.

The 23-acre site w​ill have two rear-load buildings with 32-ft clear heights, 88 dock-high doors, and four grade-level doors.

KBC Advisors is leasing the development, which will deliver in the fourth quarter. 

103-unit multifamily property in Arlington sold

​​​​​ARLINGTON (REBusiness Online) – Villas at the Parks, a 103-unit multifamily property at 3638 Waverly Dr., has been sold.

Built in 1983, the property has one- and two-bedroom units, a pool, fitness center, and onsite laundry facilities.

The Multifamily Group represented the seller and procured 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 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 Hayley Rieder Wiley. 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.


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RECON for January 27, 2023RECON for January 27, 20232023-01-27T06:00:00Z2023-01-27T06:00:00Z
RECON Texas Real Estate Research Center
Aerial view of Houston housing
Existing-home sales across the country fell for the 11th straight month, according to the National Association of Realtors. However, sales are projected to pick up again as mortgage rates begin to moderate. The details are in today's RECON. (Photo from Center files.)
January 27, 2023

NAR: home sales continue falling, but outlook is positive

​​​​WASHINGTON (National Association of Realtors) – National existing-home sales fell for the 11th consecutive month in December 2022, according to the National Association of Realto​rs (NAR). 

Total existing-home sales decreased 1.5 percent from November to a seasonally adjusted annual rate of 4.02 million. Sales were down 34 percent from the 6.09 million sales closed in December 2021. 

"December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates," said NAR Chief Economist Lawrence Yun. "However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year."

​Last month, around 970,000 homes were available for sale, down 13.4 percent from November but up 10.2 percent from December 2021. 

Months of inventory sits at 2.9 months, down from November (3.3 months) but up over the year (1.7 months). The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market. 

The median existing-home price for all housing types in December was $366,900, up 2.3 percent over the year. This marks 130 consecutive months of year-over-year increases, the longest-running streak on record.

Properties remained on the market for an average 26 days in December, up from 24 days in November and 19 days in December 2021. More than half (57 percent) of homes sold in December 2022 were on the market for less than a month.

First-time buyers were responsible for 31 percent of sales in December. All-cash sales accounted for 28 percent of transactions.

​In the South (the region that includes Texas), existing-home sales slipped 2.2 percent in December from November to an annual rate of 1.8 million, a 33.1 percent decrease from the previous year. The median price in the South was $337,900, an annual increase of 3.5 percent.
Outlook for the Texas Economy
Read more in our latest Outlook for the Texas Economy.

Renovation of HeightsMED underway

​​​​HOUSTON (Houston Business Journal) – Work has started on the renovation of a 120,000-sf medical office building at 427 W. 20th St.

Formerly called Heights Medical Tower, the building has been rebranded as HeightsMed.

The renovation​ includes the construction of spec suites following the demolition of vacant spaces in the building. It will also include upgrades to the building's HVAC and plumbing systems, elevator cabs, restrooms, MEP systems, lobby, exterior, and surrounding streetscape.

Completion is slated for the end of the year.

Heights Venture designed the renovation. Wolf Capital Partners owns the property.
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Second office in WatersEdge project under construction

​SAN ANTONIO (San Antonio Business Journal) – Construction has started on WatersEdge II, an $18.6 million office building within the Brooks City Base mixed-use development.​​

The project is second in a pair of office buildings. Water​sEdge I will deliver this summer. 

The facilities will offer a combined 200,000 sf of Class A for lease.

Harvey Cleary is the general contractor. Cambridge Development Group LLC is the developer.
In Other News: From the NewsTalk Texas feed
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20-acre mixed-use project slated for DFW

​​​CORINTH (REBusiness Online) – Realty Capital Management is developing The Parkway District, a 20-ac​re mixed-use project at the corner of I-35 and Corinth Pkwy.

The community will have 275 market-rate apartments, 16 townhomes, a select service hotel, 22,000 sf of retail and restaurant space, and central park.

Construction is slated to begin this summer.
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Shea Homes buys 430 acres in Montgomery for 1,000-home project

​​​​​​​MONTGOMERY (Total PR) – Shea Homes has acquired 430 acres along FM 1486​ for a residential community.​​​​​​

Construction on the 1,000-home c​ommunity will take about eight years. Sales will begin in 2025.

NewQuest Properties represented the seller, Crown Ranch Development LTD. Texas Land and Commercial Properties represented the buyer.
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314K-sf Fort Worth office building becoming multifamily

​FORT WORTH (REBusiness Online) – A partnership between 3L Real Estate and Syndicated Equities has purchased The Oncor, a 314,514-sf office building at 115 W. 7th St.

The new ownership will convert the building into a 330-unit multifamily community.

Amenities will include a pool, fitness center, rooftop deck, and business center.
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Logistics company inks Houston office lease

​​​HOUSTON (BisNow) – Texas Logistics and Fulfillment Services has leased a 188,378-sf office/warehouse at 10600 Corporate Dr.

Transwestern repre​sented the tenant. Colliers represented the landlord, AIC Industrial.
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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 Hayley Rieder Wiley. 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. 

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RECON for January 24, 2023RECON for January 24, 20232023-01-24T06:00:00Z2023-01-24T06:00:00Z

RECON Texas Real Estate Research Center
Top 5 mistakes new licensees make
Once you've passed your real estate licensing exam, you're ready to start selling homes. But not so fast: there are a few things you need to avoid when starting your career. Real estate broker Avis Wukasch and real estate attorney Kerri Lewis share the top five mistakes new real estate agents make in our latest video.
January 24, 2023

Austin getting $53 million affordable housing project

​​​​AUSTIN (Connect CRE) – Austin Housing Finance Corporation, The Vecino Group, and Caritas of Austin are developing​ a $53 million affordable housing project.

Called The Libertad Austin, the p​roject will have 198 units across three four-story buildings at 900 Gardner Rd.

It will have 50 one-, 95 two-, and 44 three-bedroom floor plans ranging from 653 to 1,052 sf.

Most apartments will be reserved for families making at or below 30 percent to 60 percent of the median family income. The remaining 50 will be reserved for people experiencing homelessness. ​
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Sheraton Fort Worth Downtown Hotel begins revamp

​​​​​​FORT WORTH (REBusiness Online) – Work has started on a $45 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel at 1701 Commerce St.

Opened in 1974​, the hotel currently has 25 suites with the renovation adding 12 more.​ The project will also include upgrades to the entryway, lobby and amenity spaces, private and conference-style workspaces, and the addition of​​ 30,000 sf of event space.

Completion is slated for this fall.

HKS Architects designed the renovation. ​1701 Commerce Acquisitions owns the property.
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The English-Spanish Real Estate Glossary defines, translates, and explains 787 real estate terms. Just click on the translated term and hear it spoken in Spanish. It's a must-have for anyone with Spanish-speaking real estate clients. 

106-acre Houston Methodist hospital campus tops out

​​​C​​YPRESS (REBusiness Online) – McCarthy Building Cos. has completed vertical construction on a 106-acre hospital campus for the Houston Methodist health syste​m.

​The campus will include a seven-story​, 570,700-sf hospital connected via sky bridge to two medical office buildings totaling 320,000 sf.

The development will include a utility plant and several open green spaces.

Work began in 2022 and will wrap in late 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. 

Industrial complex coming to Cedar Park

​​CEDAR PARK (Commercial Search) – Prologis Inc. is building a five-building industrial complex on 75 acres along Brushy Creek Rd.

The 68-acre and seven-acre parcels were sold by National Instruments Corp.

Construction begins in spring or early summer with completion slated for 2024. 
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JV snags East Texas self-storage portfolio

​​HOUSTON (REBusiness Online) – Eight self-storage facilities totaling 1,440 units have been sold.

The portfolio spans 237,735 sf across Wylie, Hallsville, Flint, Longview, and Carthage. 

Marcus & Millichap represented the seller and procured the buyers, LandPark Advisors and Sunset Capital.
Magnifying glass in librarySearching for reliable and accurate real estate and economic papers can be time consuming. The Texas Real Estate Research Center is here to help. Access our Research Library for a nearly endless database of economic reports, research articles, and technical papers. Get it all in one place completely free. 

Montgomery marina, boat rental store sold

​​​​​MONTGOMERY (Connect CRE) – April Plaza Marina, a five-acre marine facility at 17742 SH 105, ha​s been sold to TopSides Marina.

The facility has boat storage, boat rentals and slips, and a boat store.
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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 Hayley Rieder Wiley. 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. 

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RECON for January 20, 2023RECON for January 20, 20232023-01-20T06:00:00Z2023-01-20T06:00:00Z
RECON Texas Real Estate Research Center
CityPlace 2
What's happening in today's RECON? Houston office pair change hands, Bryan getting manufacturing facility, six acres sold in Georgetown, and more. Keep scrolling for the details. (Photo of CityPlace 2 in Spring from Patrinely Group.)
January 20, 2023

CDC Houston snags two office buildings

​​​​SPRING (REBusiness Online) – Two office buildings totaling 476,300 sf have been sold to CDC Houston. 

CityPlace 1 at 1700 City Plaza Dr. was built in 2019 and totals 149,500 sf. It is currently leased​ to tenants like Arroyo Energy Investors and Focus Optica​l. 

CityPlace 2 at 1701 City Plaza Dr. was built in 2018 and totals 326,800 sf. It is the headquarters of the American Bureau of Shipping.

The buyer purchased the assets in partnership with ​Patrinely Group and USAA Real Estate.
Helping Texans make the best real estate decisions since 1971.

Manufacturing, distribution facility coming to Bryan

​​​BRYAN (Connect CRE) – CertainTeed, a subsidiary of Saint-Gobain, is building a manufacturing and distribution facility. Construction is scheduled to start this year.

The 160,000-sf facility will cost nearly $145 million. Incentives include ten years of property tax savings, a gift of 211 acres, infrastructure improvements worth $3 million, and a free easement for an adjacent rail line.​

The company expects to create 130 full-time jobs. 

Work starts this year and will wrap in 2028. 
November Border Report
Read more in our latest Texas Border Economy.

Novak Commercial Development acquires six acres in Georgetown

​​​​​GEORGETOWN (Public Content) – Partners Real Estate has sold six acres within The Commons at Rivery, a mixed-use project, to Novak Commercial Development.

The site at Williams Dr. will eventually house a 300-unit multifamily property.

The four-story property will have more than 45,000-sf of retail, service, and restaurant space.

The first phase of retail construction begins in second quarter 2023. Overall completion is slated for 2025. 
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Dallas-area 377-unit multifamily portfolio sold

​​​​​DALLAS-FORT WORTH (REBusiness Online) – A three-property, $36.6 million multifamily portfolio ​totaling 377 units has been sold.

The portfolio includes:
  • Park Place, a 120-unit property at 621 Arcadia St. in Hurst;
  • Twenty Oaks, an 86-unit property at 5620 S. Cooper St. in Arlington; and
  • The Francisco, a 171-unit property at 3035 E. Ledbetter Dr. in Dallas.
Marcus & Millichap brokered the sale.
In Other News: From the NewsTalk Texas feed
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1M-sf industrial lease inked in Wilmer

​​​WILMER (REBusiness Online) – A one million-sf industrial lease has been signed at Southport Logistics Park.

The tenant will occupy Building 3 i​n Logistics Property Co.'s 252-acre development.

The building has 40-ft clear heights, 354 parking spaces with expansion up to 724, and 164 trailer parking spaces with expansion up to 197.

CBRE brokered the deal.
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EastGroup developing 129K-sf industrial project

​​​​ROUND ROCK (Austin Business Journal) – EastGroup Properties will develop 350 Texas Industrial, a 128,716-sf industrial project.

Plans call for two warehouses on nine acres at 350 Texas Ave. Both buildings will have 28-ft clear heights.

Pross Design Group Inc. is the project designer.

Construction starts April 17 and will wrap up in January 2024.

53.3 acres of Houston industrial storage sites sold

​​HOUSTON (REBusiness Online) – ​Triten Real Estate Partners has acquired three industrial outdoor storage sites totaling 53.3 acres.

The properties are:​
  • 35.3 acres at 3004 Aldine Bender Rd.,
  • 6.8 acres at 3434 Greens Rd., and 
  • 11.2 acres at 15005 Crosby Fwy. 
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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 Hayley Rieder Wiley. 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. 

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RECON for January 17, 2023RECON for January 17, 20232023-01-17T06:00:00Z2023-01-17T06:00:00Z
RECON Texas Real Estate Research Center
TG Cover Winter 2023
The Winter 2023 issue of TG magazine is online now. Read it here. (Cover photo of snow in Brazos County by Center Photographer JP Beato III.)
January 17, 2023

Apple's second phase in Austin starting next month

​​​AUSTIN (Connect CRE) – Apple will start work next month on the second phase of its Parmer Lane campus. 

The new building, called​ Capstone Phase Two AC09, will be a four-story, 203,941-sf facility at 6900 W. Par​mer Lane. It will cost $120 million and deliver by the end of March 2025. 

Apple also filed plans for a five-story, 368,726-sf facility to be developed during the same time frame. It will cost around $100 million.  

HKS Architects designed the buildings. 

The 33-acre, $1 billion campus will total three million sf. The original phase included a variety of functions including engineering, R&D, operations, finance, sales, and customer support. It will eventually house up to 15,000 employees.
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Mark your calendars: the 32nd Annual Outlook for Texas Land Markets conference will be April 13-14, 2023, in San Antonio. Registration opens soon, so stay tuned.

Former SMU satellite campus in Plano getting new purpose

​​PLANO (Connect CRE) – A former Southern Methodist University (SMU) satellite campus in Plano is being redeveloped into a creative office and technology hub.

ELEVAR will accommodate media, entertainment, technology, and research and development companies in single- or multitenant configurations. 

Alvarez & Marsal Capital Real Estate is leading the project. 

The 204,000-sf upgraded campus will open in third quarter 2023.

SMU sold the campus in 2018 and moved all its local operations back to the main campus in University Park. 
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

Rainey Street District gaining 557-unit multifamily tower

​AUSTIN (REBusiness Online) – LV Collective will start work on Paseo, a 48-story multifamily tower in the Rainey Street District​​, in first quarter 2023.

The 557-unit tower will have one-, two-, and three-bedroom floor plans. Approximately 20 percent of units will be reserved for affordable housing. It will also have several ground-floor restaurants and residential​ amenities across multiple floors.

JE Dunn Construction will be the general contractor. Pappageorge Haymes Partners is the architect.

UMB Bank is providing construction financing.

Completion is slated for late 2025. 
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. 

418K-sf Dallas industrial facility swaps hands

​​DALLAS (REBusiness Online) – Lake Washington Partners has acquired Tradepoint 20/45, a 418,000-sf industrial facility.

The property has 36-ft clear heights, 78 doc​k doors, two ramps, 124 car parking spaces, and 107 trailer stalls.

JLL represented the seller, a partnership between Blumenfeld Development Group and Declaration Partners. 
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Build-to-rent community coming to Missouri City

​​​MISSOURI CITY (Realty News Report) – The Dinerstein Companies has broken ground on Inspire Homes, a single-family build-to-rent community.

The 36-acre development at 10050 SH 6 will have 186 homes.

The community will offer ​two- to three-bedroom units ranging from 1,114 to 1,374 sf.
Communication Matters video seriesThe Texas Real Estate Research 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.

Tesla signs 1M-sf lease in Brookshire

​​​​​​BROOKSHIRE (Houston Business Journal) – Tesla has leased a 1.04 million-sf building at 111 Empire Blvd. in the Empire West Business Park.

Cushman & Wakefield brok​ered the lease. Stream Realty Partners is developing the business park.
Helping Texans make the best real estate decisions since 1971.

100-unit Lubbock apartment complex sold

​​​​LUBBOCK (REBusiness Online) – San Remy Apartments, a 100-unit community at 3001 S. Loop 289, has been sold.

The five-bu​ilding complex was built on 3.5 acres in 1973. It ​was 96 percent occupied at the time of sale.

Coldwell Banker Commercial Capital Advisors represented the seller.
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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 Hayley Rieder Wiley. 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.

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