RECON for February 14, 2020RECON for February 14, 2020Bryan PopePope

RECON Real Estate Center
galleria towers in dallas
Piedmont Office Realty Trust Inc. is under contract to buy the three Galleria Office Towers in Dallas. Additionally, Dallas has ranked fourth on Curbed's list of the best places to move to in 2020. Check out today's RECON for these stories and more. (Photo from Yahoo News.)
February 14, 2020

Curbed: Dallas among best places to live in 2020

​​​​NEW YORK (Curbed) – Dallas has ranked fourth on Curbed's list of the top ten best places to move to in 2020.

The report commended Big D's lower cost of living, which has enticed corporations to move there, especially into suburbs like Arlington and Garland. 

Although Dallas has been known for its sprawling growth, the article pointed out the city's focus on adding density. 

"But the move toward more walkable urban development is helping make the case that Dallas can increasingly offer desirable downtown living in neighborhoods such as Uptown and the Design District at a price that would make Californians or New Yorkers sigh," said Curbed writers. 

The real estate blog ​highlighted Deep Ellum, M-Streets, and Vickery as hot Dallas neighborhoods. Allen was recommended as a desirable suburb in which to live.

Other cities included in the rankings are:
  • No. 1 Arlington, Va.;
  • No. 2 Boise, Idaho​​;
  • No. 3 Charlotte, N.C.;
  • No. 5 Denver;
  • No. 6 Madison, Wis.;
  • No. 7 Minneapolis, Minn.;
  • No. 8 Provo, Utah;
  • No. 9 Raleigh, N.C.; and 
  • No. 10 ​St. Louis.
room to grow housing for a new economy
Registration for the "Room to Grow: Housing for a New Economy" conference from the Federal Reserve Bank of Dallas and Real Estate Center closes today. Secure your spot before time runs out.

Historic Mission Valley Cotton Mills getting new life

NEW BRAUNFELS (Connect Media) – Reata Real Estate Services (now part of CBRE) is transforming the former Mission Valley Cotton Mills into a mixed-use development.

The 35-acre project calls for a boutique hotel, multifamily units, restaurants, and retail and office space.

The mill closed in 2005. It includes several buildings, a dam, a hydraulic pump house, and 1,200 ft of river frontage.

Reata purchased the property in 2017. Construction will begin in late 2020. 
Podcast 441: You better El Paso up
Each of Texas' metros has something different to bring to the state's overall economy, and the Sun City is no exception. Real Estate Center Senior Data Analyst Joshua Roberson joins us on the latest Red Zone podcast to take a look at the El Paso economy.

Dallas’ Galleria Office Towers sell for $400M

DALLAS (Dallas Morning News) – Piedmont Office Realty Trust Inc. is buying the three Galleria Office Towers at LBJ Fwy. and Noel Rd. for $400 million.

Built in the 1980s and '90s, the high-rises were last sold in 2015 to CBRE Global Investors for over $300 million. CBRE spent almost $27 million to update the buildings. 

The 1.4 million-sf towers are almost 90 percent leased to major tenants including Amazon. 

Piedmont is funding the purchase with a $500 million line of credit and proceeds from the sale of a Philadelphia property. The sale is scheduled to close this quarter, according to filings with the Securities and Exchange Commission.​ 

JLL marketed the buildings for sale.​
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540-acre industrial project slated for Wharton Co.

EL CAMPO (REBusiness Online) – Stonemont Financial Group is developing Southwest International Gateway Business Park, a 540-acre industrial development at US 59 and CR 421. 

The rail-served development can house up to eight million sf of industrial space. 

Phase I will include a 125,000-sf distribution center that is preleased to Vitro Chemicals and a 200,000-sf speculative warehouse. 

Construction starts in first quarter 2020. 

Ridgeline Property Group is partnering with Stonemont on the project, and NAI Partners will handle leasing.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Sterling Org. Fund picks up 245K-sf Town Center Colleyville

COLLEYVILLE (Connect Media) – Sterling Value Add Partners III LP, a fund managed by Sterling Organization, has purchased Town Center Colleyville.

The 244,917-sf retail center at 5605 Colleyville Blvd. is 85 percent leased. It's anchored by a Market Street grocer and Studio Movie Grill.

Other tenants include Gloria's Latin Cuisine, First American Title, FedEx Office, and Costa Vida.

The seller was Dallas-based Velocis.​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

Winston Hotels buys Riverside Towers for mixed-use transformation 

SAN ANTONIO (CBRE) – A joint venture including Winston Hotels LLC has purchased Riverside Towers at 111 Soledad St.  

The 20-story, 298,000-sf office building will be transformed into a 342-room hotel with 60,000 sf of office space, 3,000 sf of ground-level retail space, and a rooftop bar.   

Once complete, it will be a dual-branded hotel with an AC Hotel by Marriott and Element Hotel by We​stin. 

CBRE represented Winston Hotels. Pri​mera Partners represented the seller.​
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Can you hear me now? Verizon adding to Irving corporate campus

IRVING (Dallas Morning News) – Verizon will add two million sf of office space to its $1 billion, 150-acre Hidden Ridge corporate campus.

The $285 million expansion will include two build-to-suit high-rises designed by Gensler and 3,600 parking spaces.

Work starts this summer. Opening is set for​ 2023.
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160K-sf Montrose Collective breaks ground 

HOUSTON (Houston Business Journal) – Random Capital and Michael Hsu Office of Architecture have broken ground on Montrose Collective, a 160,000-sf mixed-use development in the 800 block of Westheimer Rd. 

The project will include 100,000 sf of office and 10,000 sf of library space across four buildings. It will have six restaurants and 50,000 sf of retail across 15 spaces.

Completion is slated for late 2021. 

DE Harvey Builders is the project contractor. CBRE will handle office leasing.
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