RECON for February 11, 2020RECON for February 11, 2020Bryan PopePope

RECON Real Estate Center
Highways in front of Houston skyline
In today's RECON: Fort Bend County and TxDOT working on Grand Pkwy. expansion projects, Midland housing market sets records in 2019, and Microsoft expanding in former Chevron data center. Keep reading for all this and more. (Houston photo from Center files.)
February 11, 2020

Midland closes out 2019 with record home sales, prices

MIDLAND (Midland Reporter-Telegram) – The local housing market​​​​​ closed out 2019 by setting records for homes sold, average sales price, and median sales price.​

According to the Permian Basin Board of Realtors, 2,543 homes were sold during 2019, ​​45 more than the​ record set in 2018.​​​​​

The median sales price increased 5.1 percent to $306,644. The average sales price was $346,999. ​

In 2019, an average of 414 homes were on the market at the end of any month. This is the most since 2016. There was 2.3 months of inventory in December. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

A typical home stayed on the market for 33 days in 2019.​
Registration for the "Room to Grow: Housing for a New Economy" conference from the Federal Reserve Bank of Dallas and Real Estate Center closes this Friday, Feb. 14. Secure your spot today.

Three Grand Pkwy. expansion projects starting in 2020

KATY (Community Impact Newspaper) – The Fort Bend County Toll Road Authority and the Texas Department of Transportation (TxDOT) are working on three major expansion​ projects for SH 99 (Grand Pkwy.). 

The state highway will be widened from a four- to six-line divided highway between I-10 in Katy to US 59 in Sugar Land. Work will be bid for construction in September 2022 and cost $59 million. 

Plans for the widening have been in the works s​i​nce mid-2017. The project was originally expected to cost $118 million. 

After the highway is widened, the project team will build new northbound connectors between the Westpark Tollway and the Grand Pkwy. The $46.5 million project will include one-lane eastbound and westbound connectors and take about 30 months to complete.

TxDOT and the county are working to build additional southbound frontage roads on the west side of the Grand Pkwy. in 2020. The $24 million project will include frontage roads between Cinco Ranch Blvd. and Westheimer Pkwy. and betweent S. Fry Rd. and FM 1093.
Texas Housing at a Glance
Read the Center's latest Texas Housing Insight report for more 2019 year-end details and a 2020 housing outlook. 

58-acre mixed-use project planned for Long Meadow Farms 

RICHMOND (Houston Business Journal) – CJ Development has purchased 42.7 acres at SH 99 and West Bellfort St. to develop a mixed-use project called Grand Center at Long Meadow Farms. 

The first phase of development​ will include a two-story, 46,000-sf shopping center with retail, restaurant, medical, and fitness tenants. The space will be available in April 2020. Presigned tenants include Members Choice Credit Union, Spring Creek Barbeque, Pet Suites, Service First, and 7-Eleven.

Grand Center will also have townhome units.

CJ is installing roads and offsite detention on the property.

​JLL represented the seller, and Chodrow Realty Advisors represented the buyer. NewQuest Properties is handling leasing and sales. 
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. 

Microsoft expands former Chevron data center 

SAN ANTONIO (San Antonio Business Journal) – Microsoft Corp. is expanding its San Antonio data center at 5200 Rogers Rd.

The addition includes two data centers totaling 104,837 sf, a metal building connector corridor, and equipment service yard.

Construction began in November 2019 and will be complete by August 15 of this year.

The existing data center formerly owned by Chevron Corp. completed a $44 million renovation last year.
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. 

Griffin Partners adds 137K-sf office building to portfolio 

HOUSTON (Houston Business Journal) – Griffin Partners has purchased a six-story, 136,698-sf office building on 2.8 acres at 2900 Weslayan St. 

The recently renovated property is 81.9 percent leased.​​​ It includes retail space lea​​sed out to Baggy’s Grill, Apteek Pharmacy, and Results Physiotherapy.

JLL Capital Markets represented the seller, Madison Marquette, which will continue to handle leasing.

JLL helped the new owner secure an acquisition loan through Frost Bank.
Email Notification graphic
Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

Continental Automotive drives forward with 215K-sf plant 

NEW BRAUNFELS (Connect Media) – Continental Automotive is developing a 215,000-sf manufacturing plant on 48 acres along Kohlenburg Rd. near I-35.

The $110 million facility will make products for advanced driver assistance systems. It will add 150 jobs. 

Construction begins later this year and will wrap up in 2021.​
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.

Mixed-use Magnolia Heights in full bloom 

ALAMO HEIGHTS (San Antonio Business Journal) – Argyle Residential and Cypress Real Estate Advisors are developing Magnolia Heights, a mixed-use building at 5500 Broadway St.

The development will sit on nearly 1.5 acres and have 150 residential units averaging 978 sf.  

The ground-floor retail space includes Pure Barre and Westlake Dermatology.

First units will be delivered by March, and full buildout is set for May. 
Helping Texans make the best real estate decisions since 1971

Draper & Kramer picks up 374-unit Las Colinas apartments

IRVING (REBusiness Online) – Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community at 871 Lake Carolyn Pkwy.

Units range from 600 to 1,500 sf and have hardwood-style plank flooring, granite countertops, and stainless-steel appliances.

Amenities include a resident lounge, flexible workspaces, fitness center, pool, and coffee bar.

Built in 2017, the property was 95 percent occupied at the time of sale.

Draper & Kramer acquired the asset via a 1031 exchange.
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 © 2020, 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.

 Search RECON Issues