NewsTalk Texas

Spring: Woodson's Reserve(s) 1,050 homes near Riley Fuzzel 

(10/30/2014 11:00:00 AM)

SPRING - Woodson’s Reserve, a 692-acre community, will be developed between The Woodlands and Kingwood along the future Grand Pkwy., currently Riley Fuzzel Rd.

It is situated east of I-45, six miles from Exxon Mobil’s 385-acre campus.

Designed for 1,050 homes, the development will offer single-family houses with lot widths averaging 60 feet, 70 feet, 80 feet and 90 feet. Patio home sites will average 55 feet and 65 feet wide.

The community is designed to integrate the homesites into the area’s wooded topography.

More than 150 acres has been designated for open areas, nature preserves and trails. Among the planned amenities are a 6,400-sf community center with a clubhouse, 24-hour access fitness room, children’s room, pool, lake and dog park.

Houses will be built by Toll Brothers, Meritage Homes and Perry Homes beginning in early 2015. Model homes are expected to open in January. The community will be part of the Conroe Independent School District.

Toll Brothers is developing the project in partnership with Texas-based Cernus Development.

Read more at the Houston Chronicle.

Austin Techni Center I, II, IIB sold to Calif. company 

(10/30/2014 10:23:00 AM)

AUSTIN - IC Berkeley Partners III of San Francisco purchased the 145,027-sf Techni Center I at 4100 Ed Bluestein Blvd. and the 61,893-sf Techni Center II and IIB at 6001 Techni Dr.

The seller was Techni Center Partners Ltd. of Austin.

Source: Austin Business Journal

Tractor Supply deepens Seguin roots in 75,000 SF  

(10/30/2014 10:00:00 AM)

SEGUIN - Tractor Supply will construct a new 75,000-sf regional distribution center on 13 acres near Strempel Rd. and SH 123. Construction is expected to begin in 2014.

The facility is expected to create 19 new jobs and more than $8 million in new capital investment

"We are excited about Tractor Supply's decision to locate their Distribution Center in Seguin," said Terry Trevino, executive director of the Seguin Economic Development Corporation, "Tractor Supply has been in Seguin for 17 years since 1997, the addition of the Distribution Center further demonstrates that Seguin is well positioned for growth."

Read more at Fox 29 and the Seguin Gazette.

Listen to Podcast 233 for this story and more.

Flower Mound's first hotel in River Walk 

(10/30/2014 9:00:00 AM)

FLOWER MOUND - The Flower Mound Town Council has approved plans for a 140-room hotel as part of River Walk, a 158-acre development bound by FM 1171, Morris Rd. and FM 2499.

The hotel, along with Texas Health Presbyterian Hospital Flower Mound, will anchor the development.

Rainier Medical Investments and DePalma Hotels & Resorts are planning a five-story, 140-room hotel by Marriott, Hilton, Hyatt or Starwood. It is expected to comprise 100,000 sf, 6,000 of which will be dedicated to meeting and conference room space.

Groundbreaking for the five-story hotel is planned for first quarter 2015, with completion coming early 2016.

The hotel is also expected to include a restaurant and bar, exercise room, indoor pool and an outdoor area with fire pits facing the River Walk. It will have a parking garage equipped with 400 to 600 spaces.

Read more at the Dallas Business Journal.

Missouri City: $5.2 million swarms Market at Bees Creek 

(10/30/2014 8:45:00 AM)

MISSOURI CITY - The Market at Bees Creek, located at 4225 Sienna Pkwy., has been purchased by a local investor for $5.2 million, or about $233 per sf.

The 22,307-sf, Houston-area shopping center was built in 2004 in the Far New Territory Retail submarket. The property was reportedly 73 percent occupied at the time of sale.

Read more at CoStar Group.

Listen to Podcast 233 for this story and more.

Longview apartments Woods and Paladin progress 


LONGVIEW - The Woods and Paladin Luxury Apartments, two apartment complexes under construction, will begin leasing soon.

The Woods, located at Judson Rd. and Magnolia Lane, is nearing completion. The community will open 46 units Dec. 1., according to Manager Judy Tidwell.

The first phase of The Woods will be followed by a second phase that will bring the complex’s total to 100 units.

Paladin Luxury Apartments, located on the Hawkins Pkwy. extension between US 259 and Tryon Rd., is a 220-unit complex that is also nearing completion.

Dallas-based Portfolio Development, Paladin's developer, expects to start leasing spring 2015.

Read more at the Longview News-Journal.

Listen to Podcast 233 for this story and more.

WoodLofts, 350 luxury units, coming to Shenandoah 


SHENANDOAH - WoodLofts, a 350-unit, five- and six-story apartment complex, will begin construction in early 2015. The apartments will be located at I-45 and David Vetter Blvd.

The first building, fronting I-45, will offer restaurants and shopping on the first floor with five levels of apartments.

The second building will feature a wraparound parking garage with four stories of apartments. Both apartment complexes will feature underground parking.

The average size of an apartment will be 900 sf and floor plans will range from studio to three bedrooms. 

A high-level lounge offers views of The Woodlands and downtown Houston.

The developers of WoodLofts include Kevin Kirton & Matthew Morgan of Buckhead Investment Partners and Carlos Gonzalez & Zane Segal of NorthGulf ZSP.

The completion date is set for third to fourth quarter 2016.

Read more at Community Impact Newspaper.

Oden Hughes adding 561 apartments to Austin market 


AUSTIN - Oden Hughes has started construction on the second phases of two of its Austin apartment projects that will bring 561 new units to market for renters seeking luxury living south of downtown.

Oden Hughes will add 285 units just south of its Landmark Southpark community at S. 1st St. and Slaughter Lane. Units will rent for between $950 and $1,750 a month when the first units open in October 2015.

The developer also recently broke ground on 276 units adjacent to the South Austin community formerly known as Landmark Double Creek, which Oden Hughes completed in 2013 and sold last year to Toronto-based Brass Enterprises. That complex has since been renamed The Landing.

Both projects were planned as expansions of the company’s previous developments. However, the new complexes will operate independently under yet-to-be determined new names once they open.

With the new projects, Oden Hughes will have 800 units under construction in Austin. The multifamily developer also has two projects under construction in Houston and one in San Antonio.

Read more at the Austin American-Statesman.

San Antonio College: Scobee planetarium meets the Challenger 


SAN ANTONIO - It's all systems go at San Antonio College’s Scobee Education Center. The Scobee Education Center is a state-of-the-art 22,000-sf facility, combining the Scobee Planetarium with the world's newest Challenger Learning Center.

The project, which broke ground in May 2012, included extensive remodeling and expansion of the Scobee Planetarium and Observatory, which has been a San Antonio College staple for more than 50 years.

The core of the Challenger Learning Center is an interactive computerized simulator with a Mission Control room and an orbiting Space Station. The facility gives students an opportunity to become astronauts and engineers through space simulation and role playing.

The center joins a network of more than 40 Challenger Learning Centers throughout the United States, Canada, the United Kingdom and South Korea.

SAC's Scobee Education Center is named for Francis "Dick" Scobee, flight commander of the ill-fated Challenger mission. Scobee attended San Antonio College while stationed at Kelly Air Force Base in the early 1960s.

Read more at the San Antonio Business Journal.

Spring Valley: 68,000-SF medical plaza underway 


SPRING VALLEY - Developer i3Interests has started construction of Spring Valley Medical Plaza — a six-story, 68,000-sf medical office building and surgery center in the City of Spring Valley.

The building will be located at 9234 Katy Fwy. near Blalock a few miles east of the Energy Corridor.

Completion is planned in fourth quarter 2015. It is 60 percent preleased, and spaces are available ranging from 2,000 to 24,000 sf.

The tenants have not been announced, but the building will house a surgery center, plastic surgeons and emergency medical technicians. The building will consist of two stories of space, three stories of garage parking and a basement garage.

Nearby, Ersa Grae Corp. and The Stoller Group broke ground on a 98,500-sf headquarters building in October for the The Stoller Group at 9090 Katy Fwy.

See previous story Spring Valley Village: five-story office, retail underway for more information.

Read more at the Houston Chronicle.

Gemma completes biomass power plant in Woodville 


WOODVILLE, TYLER COUNTY - Gemma Power Systems has completed construction of the East Texas Electric Cooperative (ETEC) Woodville Renewable Power Project three months ahead of schedule.

The 49.9 megawatt biomass plant has completed testing and been turned over to ETEC for commercial operation.

The ETEC Woodville Renewable Power Project is fueled by chipped forest waste. The plant features a Shin Nippon steam turbine generator and a Riley Power advanced stoker boiler with integrated air quality control system.

Construction of the plant began in July 2012.

Read more from Biomass Magazine.

Traditions planning 154-unit Parc Community for seniors 


BRYAN - A new senior community, a 154-apartment Parc Community, will be built in Traditions on 30 acres near the corner of Club Dr. and South Traditions Dr. Construction is set to begin early next year with expected completion in summer 2016.

The community is expected to help Bryan stay ahead of both an increasing population and the 76 million members of the baby-boom generation heading into retirement, said Dennis Goehring, executive director of the Bryan Business Council.

"We've had a lot of retirees and former students come back to the community," Goehring said. "I think a lot of people are waiting for it to be built. It's a function that will really be needed."

Andy Slavin, the executive vice president of Parc Communities, said the company was drawn to the area because of the growth of Bryan and College Station.

The community borders the Health Science Center, and Slavin said he's been in talks for more than a year with officials at the center to find ways to incorporate the senior community with the research being done next door.

Dr. Paul Ogden, interim dean of the Texas A&M Health Science Center College of Medicine, said the retirement community could benefit the students as much as the seniors.

"The opening of Parc at Traditions provides another exemplary clinical training site for our medical students within the Bryan-College Station community," Ogden said.

Read more at The Eagle.

BJ's adds 29,000-SF brewery in Temple 


TEMPLE - The Temple Economic Development Corporation has announced BJ’s Restaurants will add the company’s first brewpub concept in Texas with a 29,000-sf, $2.5 million brewpub in downtown Temple.

The brewpub will be located near the intersection of East Central Ave. and North 12th St. in downtown Temple.

While the primary function of this new concept will be to supply craft beer to many of the BJ’s Restaurant and Brewhouse locations in Texas, a tasting room will also provide guests an opportunity to sample the micro-brews.

BJ’s Brewhouse will bring approximately eight new jobs to downtown Temple in 2015.

BJ’s will complete a remodel and finish-out of the building. The company has already begun construction work on the building and expects to open in first quarter 2015.

Read more at the Temple Economic Development Corporation.

Walmart to hire up to 95 for new Amarillo market  


AMARILLO - Walmart is hiring up to 95 employees for a new Neighborhood Market under construction on Southeast 34th Ave. near South Osage St. The estimated cost of construction is $3.7 million according to state filings.

Veterans who have been honorably discharged from active duty within the past 12 months and meet Walmart’s standard hiring criteria will be offered jobs. Most new hires will begin work in December 2014.

Walmart is planning additional Neighborhood Markets on South Coulter St. at Arden Rd. and on Southeast 58th Ave. at South Georgia St.

Read more at the Amarillo Globe-News.

San Antonio's East Kelly Railport hauls in record growth 


SAN ANTONIO - The 350-acre Port San Antonio East Kelly Railport set a new record during fiscal year (FY) 2014 by handling nearly 10,000 railcars.

Logistics service providers at East Kelly Railport processed 9,983 railcars in FY 2014 — an increase over the 9,693 railcars handled in FY 2013.

About two-thirds of the products shipped were sand, pipe and equipment that arrives by train and transferred onto trucks for delivery to well sites throughout the shale-producing region.

The railport has direct access to tracks owned by Union Pacific Railroad and BNSF Railway. East Kelly has the loading and unloading capabilities at Port San Antonio to ship cargo in the energy, retail, construction and manufacturing industries.

The Eagle Ford Shale is a 21-county geological formation that crisscrosses a wide swath of Southwest Texas. A recent report pegged the economic contribution in the Eagle Ford region to Texas at $87 billion.

Producers in this region are directly responsible for supporting 155,000 full-time jobs.

Read more at the San Antonio Business Journal.

305-Unit, The Carter, going up in Houston Museum District 

(10/29/2014 11:00:00 AM)

HOUSTON - The Carter, a 20-story, 305-unit apartment tower, is underway in the Museum District. The two-acre site is located on Chelsea Blvd. between Montrose Blvd. and Travis St. It is expected to be complete in 2017.

The building will include one-, two- and three-bedroom floor plans ranging from 723 to 3,329 sf. It will also have two-story rental "townhomes" on the first two floors that will range from 1,691 to 2,373 sf.

The units will have ten-foot ceilings, keyless entry systems, built-in speakers and stone countertops.

Amenities include a pool with lounging areas and fire pits, a kitchen, fitness center, outdoor covered dog park and private garages with access to electric car charging stations.

Dallas-based StreetLights Residential is developing the project.

Read more at the Houston Business Journal and the Houston Chronicle.

TriMarsh buys 3rd retail: 122,000-SF Arlington Park Square 

(10/29/2014 10:00:00 AM)

ARLINGTON - The 121,942-sf Arlington Park Square retail center at 3701 S. Cooper St. has been sold to TriMarsh Properties.

The retail center was built in 1996 in the South Arlington retail submarket.

Since August, TriMarsh has purchased more than 400,000 sf of retail space in the I-20 corridor. Recent purchases include the Emerald Square shopping center in Grand Prairie and Hulen Pointe shopping center in southern Fort Worth.

The company now owns seven North Texas shopping centers.

Read more at the Dallas Morning News.

For more on TriMarsh’s recent buys, see previous stories Grand Prairie's 148,000-SF Emerald Square to sparkle and Sold: Fort Worth's 174,000-SF Hulen Pointe Shopping Center.

2200 West Loop South sold: energy supplier pays $47 million 

(10/29/2014 9:00:00 AM)

HOUSTON - Tenaris has purchased 2200 West Loop South from real estate investment firm APF Properties for approximately $47 million, or about $233 per sf. The 200,000-sf, ten-story office building is located along I-610 within the Galleria/Uptown submarket.

Fully integrated real estate investment firm APF Properties realized a 60 percent return on its 2200 West Loop South investment.

The property is in line to potentially see a bump in future value with 75 percent of the building's below-market leases slated to expire by year-end 2017. APF acquired the property in 2013 for $37 million.

Hines developed 2200 West Loop South in 1974. Renovated in 2000, the building is currently 94 percent leased to a tenant roster that includes Morgan Stanley, Parsons Engineering and White and Mackillop & Baham, according to CoStar information.

Read more at CoStar Group.

Colliers 3Q 2014: Houston office YTD delivers 4.5M SF 


HOUSTON - Houston’s strong economy continues to spur office development with over 17.3 million sf currently under construction, according to Colliers International 3Q 2014 Office Report.

Over 1.2 million sf of new inventory delivered during Q3, bringing 2014 year-to-date delivered inventory to 4.5 million sf. Our forecast projects another 5.3 million sf of new inventory will be completed by year-end 2014, which includes the ExxonMobil north campus.

Houston’s economy is expected to remain strong in 2014 due to healthy job growth and continued expansion in the energy sector.

Houston’s office market posted 420,419 sf of positive net absorption in 3Q 2014, much less than the 1.6 million sf posted in the previous quarter.

Suburban Class A space posted the largest gain, with 631,776 sf of positive net absorption, the majority of which occurred in The Woodlands, Katy Freeway, and West Loop/Galleria submarkets.

Houston Office Market Indicators
  2Q 2014 3Q 2014
Citywide net
absorption (SF)
1.6 million 420,000
Citywide avg.
11.6% 11.9%
Citywide avg.
rental rate
$26.52 $26.94
Citywide delivered
inventory (SF)
1.7 million 1.5 million
Class A Rental Rate    
CBD $40.54 $42.52
Suburban $32.17 $31.80
Class A Vacancy    
CBD 9.9% 9.8%
Suburban 8.9% 9.6%

Click here
to see the full Houston Office Market Report 3Q 2014 with submarkets from Colliers.

See Houston-Sugar Land-Baytown Market Data Sources for more office data.

Self-storage hauls 350,000 SF to Garland, McKinney, Mesquite 


GARLAND, McKINNEY, MESQUITE - Platinum Storage will open one and start construction on three self-storage facilities totaling 347,250 sf.

In McKinney, 9233 Westridge Blvd., 55,250 sf of self-storage and 13,000 sf of boat/RV storage opens this month. The property in on nearly five acres.

In Garland, development starts this month on an 85,000-sf facility at 3417 Broadway Blvd. The asset will be situated on nearly four acres.

Another Garland property, located at 2900 Centerville Rd., will total 107,000 sf situated on nearly 16 acres. Develpment is scheduled for February 2015.

The Mesquite facility at 1350 N. Beltline Rd. will be comprised of 87,000 sf of storage situated on nearly four acres. The project is scheduled to break ground in January 2015.

Based in Rockwall, developer Ron Valk owns Platinum Storage.

Read more at Inside-Self Storage.

Listen to Podcast 233 for this story and more.

Houston: 174,000-SF Woodbranch Three completed 


HOUSTON - PM Realty Group completed the construction of the 173,608-sf Woodbranch Three, a seven-story office building located at 12140 Wickchester Lane within the Jacobs Plaza.

PM Realty Group broke ground on the property in 2013 near I-10 in the Energy Corridor. The property is anchored by Jacobs Engineering, which occupies about 81,000 sf.

Kirksey Architect served as project architect. Wade Bowlin and Allie Hubbard of PM Realty Group handle leasing.

Read more at CoStar Group.

Laredo International Airport Sept. 2014 comings and goings 


LAREDO - The enplanement and deplanement statistics and cargo report for Laredo International Airport have been released through September 2014.

Enplanements and Deplanements 2014
Month Enplaned Deplaned Change
2014 2013 2014 2013 Enplaned Deplaned
May 8,305 7,774 8,228 7,349 6.83% 11.96%
June 10,489 11,163 10,018 10,172 -6.04% -1.51%
July 12,846 12,771 12,697 12,456 0.59% 1.93%
Aug. 9,647 9,647 10,886 10,886 -1.28% 0.00%
Sept. 7,874 7,804 8,432 7,947 0.90% 6.10%
YTD Total 76,937 75,854 79,274 75,175 1.43% 5.45%

Cargo Report 2014
Month 2014 2013 Change
May 34,121,518 32,813,720 3.99%
June 34,725,682 29,998,979 15.76%
July 31,656,089 22,137,158 43.00%
Aug. 49,764,551 40,721,227 22.21%
Sept. 37,875,352 37,298,864 1.55%
YTD Total 325,497,711 253,890,678 28.20%

Source: Laredo International Airport

Brownsville’s All In the State of the South report 


BROWNSVILLE, CAMERON COUNTY - Brownsville was among nine cities in the nation included in the 2014 “State of the South” report from Durham, N.C.-based nonprofit MDC.

This year’s report, titled “Building an Infrastructure of Opportunity for the Next Generation,” examines “youth mobility” in the South.

Brownsville’s All In partnership, formed in 2011, has a mission to double the number of young adults locally who earn a post-secondary credential with labor market value by 2025. A post-secondary credential can range from a two-year certification to a four-year degree.

All In is made up of more than a dozen community stakeholders from business and economic development, K-12 and post-secondary education, and community services sectors. United Way serves as the lead agency. MDC coached All In’s partners during the program’s implementation and still works with the coalition.

“We’re sort of held up as the against-all-odds community in the report,” said Traci Wickett, president and CEO of United Way of Southern Cameron County.

Read more at the Brownsville Herald.

See the full State of the South report here.

Grapevine's 925 Main Street sold, renamed the Resort 


GRAPEVINE - The 251-unit 925 Main Street community has been sold and will be rebranded as The Resort at 925 Main.

The Resort at 925 Main offers one- and two-bedroom floor plans with up to a total of 1,592 sf. Units include gourmet kitchens, granite countertops, soaking tubs and 12-foot ceilings.

The apartment community is located within walking distance of historic downtown Grapevine and is just minutes away from DFW Airport.

Grapevine’s new state-of-the-art Community Activities Center is located next door and is scheduled to open in early 2015, and Dallas Area Rapid Transit has announced plans to open a new station nearby.

Irving-based Paramount Investments purchased the urban-style loft development.

Read more at PRWeb.

Plano fall season housing update in 60-second video 


PLANO - The fall season is starting to affect the housing market in Plano.

Prudential Texas Properties reports that demand and home values have been trending downward in recent weeks, but not enough to create any cause for concern over the strength of the market.

Altos Research reports the demand for homes in Plano have eased since the start of September, which is actually good news for the community that experienced a high level of competition for available homes in the spring season.

Altos uses a unique figure called the Market Action Index to measure the local conditions to determine whether they are trending up in favor of sellers or down in favor of buyers based on a neutral value of 30.

During the height of the real estate season, the index was marked around 51, well into seller’s territory. As of October 10, the index was marked at 44.04, still a very strong seller’s market.

Home values are moving downward because of the lessening demand for homes. The median single-family home in Plano was valued at $341,319 after consistent downward movement that began in May when the median value was around $380,000.

There were about 625 available Plano homes as of the second week in October, much higher than it was at the start of the spring buying season in March.

The average time a home is spending on the market has increased fairly substantially since August with the average property spending about 67 days on market.

For a 60-second video update on Plano, check out Prudential Texas Properties.

Read more at PRWeb.

Rosewood's Heritage Creekside mixed-use to kick off in Plano 


PLANO - Rosewood Property Co. will break ground before the end of the year on its Heritage Creekside project, just west of North Central Expy. at the George Bush Turnpike.

The high-density project will span 156 acres and will start with a 320-unit apartment project and three restaurants that back up to Pittman Creek, according to Rosewood President Bill Flaherty.

“And there will be homes,” Flaherty said. “That’s the most attractive area for residential.”

At the west end of the development along Custer Rd. and Plano Pkwy., Rosewood plans to build an office campus with six 20-story buildings, bringing up to 2.5 million sf of office space.

“We can also do a 15-story hotel,” Flaherty said. Up to up 1,300 apartment units, a few hundred townhouses and homes and shopping space will be included in the development.

“This is a new neighborhood, it isn’t just a project,” said Scott Polikov with Gateway Planning Group, which worked with Rosewood to design Heritage Creekside. “This is an urban neighborhood.”

Read more at the Dallas Morning News and the Dallas Business Journal.

166,000-SF Platinum Park ready to shine in Plano 


PLANO - Stream Realty Partners will break ground in November on a speculative 166,000-sf office building called Platinum Park.

Stream is seeking tenants for the five-story building that will be located at the southwest corner of Tennyson Pkwy. and Communications Dr. in West Plano’s Legacy Business Park.

Stream has plans for a phase two, according to spokesman Matt Wieser.

Below are other properties in the works in West Plano.

Developer Granite Properties has broken ground on 12-story office building in its Granite Park project on the Dallas North Tollway.

Cawley Partners is building a four-story, 175,000-sf office building in Legacy Business Park.

Lincoln Property Co. is building a three-building, 240,000-sf office project on the north side of Tennyson Pkwy. west of Preston Rd.

Read more at the Dallas Morning News.

For more on Granite Park, see previous story 306,000-SF Granite Park Five underway in Plano. For more on Cawley Partners' project, see previous story Underway: Plano Legacy Center kicks off 175,000-SF office.

Corpus Christi economic indicators Sept. 2014 


CORPUS CHRISTI - The latest reading of the local Business Cycle Index confirms that the economy of Corpus Christi has expanded at a sustainable pace. Except sale tax revenues, the economic indicators that make up the Index present a picture of continued growth.

According to Texas Workforce Commission's latest data releases, the Corpus Christi metro area gained 700 non-farm jobs in September.

The net increase of 1,500 government jobs alone offset all job losses in other sectors. The mining and construction industries continued to expand, with an over 8 percent job gain over the past year.

Corpus Christi's unemployment rate registered at 4.9 percent in August, compared with 6.0 percent a year earlier. Its seasonally adjusted unemployment rate at 4.7 percent was the lowest since early 2008.

The official unemployment rate for the Coastal Bend region also edged down to 4.7 percent. Those local and regional unemployment rates were about one percentage point below the national average.

The local wage rate in constant dollars gained an annualized rate of 4.8 percent in September, the strongest monthly gain in nearly two years. In addition to higher nominal wages, a fall in the overall cost of living has helped to boost wage earnings in real terms.

Sales tax collections for local taxing entities in the metro area declined about 10 percent, after a substantial gain of about 20 percent in August. Compared with a year earlier, the volume of local tax revenues remained about 5 percent larger.

Read more at the Nueces County Record Star.

Also see more Corpus Christi employment numbers from the Texas Workforce Commission.

USAA: military vets best Texas cities to retire, work 


TEXAS - San Antonio and Austin are the No. 1 and No. 2 destination for military retirees, according to a study commissioned by USAA and the U.S. Chamber of Commerce.

"Best Places for Veterans" identifies ten U.S. metros in three categories: Starting Out, Mid-Career and Military Retirement.

The Military Retirement category looks at metros that offer more opportunities to maximize military retiree benefits and offer employment that aligns with military skills.

The Starting Out category measures local unemployment rates, the presence of higher education facilities, in order to identify cities where military veterans might have the best chance to get jobs. Austin also ranked No. 2 using that measurement, while College Station ranked No. 9.

The third study ranking looked at Mid-Career measurements such as job growth in the top local industries that employ veterans, veteran wage growth and certification/license transfers.

Houston ranked No. 1 in that category. San Antonio was No. 2. Austin ranked No. 5 and Fort Worth was No. 9.

Read more at the Austin Business Journal.

Check out the full rankings at USAA (must have cookies enabled in your browser).

Pflugerville: newspaper founders plan Class 32,000-SF office 


PFLUGERVILLE - 130 Commerce Center is getting a new $5 million Class A office building, adding an additional 32,000 sf of office space to the rapidly developing business and industrial center.

The building will be built by MRS Holdings Inc., which plans to begin construction in early 2015. The Pflugerville City Council approved an agreement Tuesday that lets the Pflugerville Community Development Corp. (PCDC) prelease up to 66 percent of the building.

"This was a mutually beneficial opportunity for the PCDC and MRS Holdings. They have assurance of tenants upon completion, and I am more than confident that we will fill the space with businesses," said PCDC Executive Director Floyd Akers.

MRS Holdings is owned by Pflugerville residents John and Jennifer Garret, who founded the Community Impact Newspaper chain in 2005.

Previously, their company built a $2.5 million, 16,000-sf building at the 130 Commerce Center park, where they then relocated Community Impact Newspaper's headquarters.

Read more at the Austin Business Journal.

Alamo City apartment sector strikes balance: supply, demand 

(10/28/2014 6:45:00 AM)

SAN ANTONIO - There's been no lack of new product in the local multifamily sector. Developers are moving quickly in an effort to capitalize on the city's economic and demographic growth.

By the time 2014 ends, another 6,400 units are slated to enter the market — the highest annual completion total in five years, according to Apartment Research Market Report Second Quarter by Marcus & Millichap.

Here is a look at some of the apartment projects underway in San Antonio.

San Antonio Multifamily Update
Facility Units Location
Balcones Lofts 84 Intersection of Loop 410,
I-10 and Fredericksburg Rd.
The San Miguel (renov.) 330 5202 Texana Dr.
1130 Broadway 290 1130 Broadway
Aviator at Brooks
City Base
280 Brooks City Base
The Lookout at
Comanche Hill
150 Nacogdoches Rd. near
Comanche Lookout Park

Read more at the San Antonio Business Journal.

Fortune maps Houston 

(10/28/2014 6:40:00 AM)

HOUSTON - Between 2012 and 2013, Houston gained ten additional Fortune 1000 companies whose HQ’s reside in Houston, according to JLL.

The 58 companies averaged nearly an 8.0 percent jump in revenue from 2012 to 2013 and have an average market value of $16.4 billion as of March 2014.

See JLL and Fortune map here!

'Natural growth' worth $100 million in SW McAllen 


McALLEN - Economic incentives are often used to spur commercial development and bring jobs, but city leaders said they realized there is $100 million worth of what they’ve dubbed “natural growth” in southwest McAllen, according to construction permits in the past 18 months.

In other words, commercial operations are opening up shop without any of the usual deal sweeteners frequently offered by municipalities to lure in companies.

The Palms Crossing shopping center accounts for much of the growth.

Other businesses include retailers and restaurants such as Harley Davidson, Tilted Kilt, Rodizio Brazilian Steak House, Saltgrass Steak House as well as local favorites like Blue Onion restaurant, RGV Cupcake Factory and Los Asados.

The $45 million McAllen Performing Arts Center broke ground in summer 2014, and a $20 million Embassy Suites Hotel is also under construction next to the convention center.

“We’re now adding the extra dimension of the performing arts center and with that comes all the hospitality and industry growth,” said Rebecca Olaguibel, the city’s retail and business development director of the 150-room hotel with swimming pools, a spa and executive meeting rooms.

Hotel tax revenue is also sky high, according to the McAllen Chamber of Commerce, though mainly due to the presence of National Guard members currently deployed to help secure the border.

Read more at the Brownsville Herald.

Walmart steps into Big Country footprint 


BIG COUNTRY - Walmart is about to have a bigger footprint in the Big Country with two cities getting larger stores and four communities opening Walmart Neighborhood Markets within the next few months.

In Stamford, a new 70,000-sf Walmart has opened its doors at 1608 N. Swenson St.

In Breckenridge another 70,000-sf Walmart will open in November 2014, replacing a 49,000-sf store. The Breckenridge supercenter will also have a small convenience-style store with gas pumps.

Other communities will see 12,000-sf Neighborhood Markets, reflecting a national trend for many new Walmart locations.

Neighborhood Markets in the Big Country are expected to open in the following areas:

•  Anson — November 2014,

•  Winters — December 2014,

•  Merkel — January 2015, and

•  Haskell — late January to early February 2015.

Walmart will hire approximately 30 associates to work at the new Walmart Neighborhood Market slated to open this fall in Anson.

The four locations will have identical formats, said Max Powell, manager of the Merkel store. They will each have a pharmacy and a complete grocery line, along with selected Walmart merchandise.

Each will also have a fuel station, where patrons can either pay at the pump or pay inside the store. The stores will be open 24 hours.

Read more at The American and Big Country Homepage.

O'Connor: San Antonio apartment overview Oct. 2014 


SAN ANTONIO - Apartment data for October 2014 have been provided by O'Connor and Associates. Below is a portion of what's available.

San Antonio Apartment Overview Oct. 2014
Property/Unit Data Class A Class B Class C Overall
Total number units 53,402 53,296 42,400 157,549
Avg. SF 918.84 801.16 802.68 831.27
Avg. physical occupancy 91.36% 92.36% 89.81% 91.12%
Avg. preleased occupancy 92.63% 93.73% 90.70% 92.24%
Avg. market rent/SF $1.12 $0.93 $0.88 $0.96
Avg. market rent/unit $1,012.06 $719.60 $679.92 $780.59

Click here to see San Antonio Apartment Data Overview Oct. 2014.

See more apartment data at O'Connor and Associates.

Also see Multifamily in San Antonio Market Data Sources.

American Campus student housing 4Q 2014 occupancy 


TEXAS - American Campus Communities (ACC) has released fourth quarter 2014 statistics for their student housing properties across the U.S.

The chart below shows Texas properties with a final fall 2013 occupancy of 98 percent or greater.

4Q 2014 Same Store Properties with Final Fall 2013
Occupancy of 98% or Greater
      Physical Occ. Sept. 30
2014 2013
Vintage and Texan West Campus, Austin 124 311 99.4% 98.7%
26 West, Austin 367 1,026 99.4% 99.5%
The Callaway House Austin &
The Penthouse at Callaway, Austin
219 753 99.5% 99.5%
U Club Townhomes on Marion Pugh,
College Station
160 640 99.4% 99.4%
The Callaway House, College Station 173 538 104.1% 103.9%
City Parc at Fry Street, Denton 136 418 98.3% 98.3%
Villas on Sycamore-Huntsville 170 680 99.4% 99.4%
University View, Prairie View 96 336 100.0% 100.0%
University Village Northwest,
Prairie View
36 144 100.0% 100.0%
Aggie Station, Bryan 156 450 100.0% 100.0%
Campus Edge on UTA Boulevard,
128 488 100.0% 99.6%
Callaway Villas, College Station 236 704 99.3% 99.7%
Sanctuary Lofts, San Marcos 201 487 93.4% 98.2%
Union, Waco 54 120 97.5% 98.3%
The Outpost, San Marcos 162 486 95.9% 99.2%

*Design beds include beds for staff accommodations.

See the PDF at American Campus Properties Sept. 2014.

See American Campus Communities for more information.

Fort Sam Houston lights up the world with these suites! 


JOINT BASE SAN ANTONIO - The new 153,685-sf, 310-suite Candlewood Suites has opened at Joint Base San Antonio-Fort Sam Houston. The hotel is the largest Candlewood Suites in the world.

Each room comes equipped with a kitchen, an oversized work area and full bathroom. The hotel's amenities include:

•  a swimming pool with patio pavilion,
•  business and fitness centers,
•  guest laundry facilities,
•  a breakfast bar, and
•  on-post shuttle services.

The hotel had to meet stringent military base structural requirements for collapse and blast impact standards.

Read more at the San Antonio Business Journal.

Lewisville adding 81,000-SF Lakeside II office 


LEWISVILLE - Myers & Crow Co. is building the Lakeside II Office Center at 2900 Lake Vista Dr. near the southwest corner of SH 121 and Stemmons Fwy.

The two-story, 81,000-sf office project faces a small lake in the Lakeside business park.

“We have been building there for 15 years,” developer Marc Myers said. “It’s the only site we had left.”

More than a half dozen office buildings have already been built in the park.

Read more at the Dallas Morning News.

Carrizo plays shale with $250 million 


SAN ANTONIO - Carrizo Oil & Gas Inc. bought leasehold and producing interests in the Eagle Ford Shale from Texas-based Eagle Ford Minerals LLC for $250 million in cash.

The deal includes 6,820 net acres, primarily in LaSalle, Atascosa and McMullen counties.

Net production is approximately 2,670 barrels of oil equivalent per day, 85 percent of which is oil, from 81 gross wells. Carrizo estimates the assets' net proved reserves at 16.7 million barrels of oil equivalent, of which 82 percent is oil and 34 percent is developed.

Carrizo paid approximately $93 million when the deal closed October 24 and will pay the remaining $150 million by February 16, 2015.

Read more at the San Antonio Business Journal.

DPT Laboratories renews 60,000 SF in San Antonio 


SAN ANTONIO - DPT Laboratories, a pharmaceutical development and manufacturing organization, signed a two-year lease renewal for 60,000 sf in the industrial building at 5303-5305 Distribution Dr.

The single-story, 106,700-sf facility was completed in 1976 and is partially leased to Team Express Distributing.

Known as Distribution Drive Center, the facility is part of the approximately 22-building Rittiman East Industrial Park in Northeast San Antonio.

Read more at CoStar Group.

Houston: $35M Lone Star Flight Museum on Ellington's radar 


HOUSTON - The Lone Star Flight Museum has unveiled the master plan to build a 130,000-sf museum at Ellington Airport.

The museum has been located in Galveston for 20 years and was renovated after damage from Hurricane Ike.

The new master plan includes a spring 2015 groundbreaking on the project that will reopen in 2016 at Ellington Airport.

Museum officials and patrons have already raised $25 million of the $35 million needed for the project that will include an enriched educational experience.

The new museum will feature examples of historic aircraft and will include a hands-on interactive learning environment for students, focusing on science, technology, engineering and math.

Read more at the Houston Chronicle.

Rockport home sales Sept. 2014: Swearingen 


ROCKPORT - The Swearingen Report for residential homes has been released for the 12 months ending September 2014 by Coldwell Banker The Ron Brown Company.

The average sales price for residential homes was $242,381 for the 12 months ending September 2014 — down 0.7 percent versus the same period last year when it was $244,134.

Total sales of residential homes for the Rockport MLS for the 12 months ending September 2014 was 508, an increase of 2.0 percent (ten homes) versus the same period last year.

Rockport MLS Residential Home Sales September 2014
All Categories* 12 Months Ending
Sept. 2013
12 Months Ending
Sept. 2014
Residential property sales 498 508 2.0%
Residential total dollar volume $121,578,536 $123,129,630 1.3%
Average residential sales price $244,134 $242,381 -0.7%
Median residential sales price $178,250 $182,000 2.1%
Total active listings end of month 396 376 -5.1%
Months inventory 8.0 7.4 -7.5%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company.

Baby boomers wanting to downsize could face housing shortage 

(10/27/2014 10:30:00 AM)

TEXAS - Baby boomers trying to downsize or move closer to the urban core might see a housing deficit in some U.S. markets, a Metrostudy report concluded. Houston and Dallas-Fort Worth topped the list.

The baby-boom generation, now 55 years old and older and nearing retirement, will create a demand for more housing in the next five years, leaving some without the ability to move into the type of home or location they want.

Metrostudy found that 52 percent of all new home purchases within the next five to ten years will be made by adults 55 and older.

The potential housing gap is more than 260,000 in the top ten ranked markets. The top ten metro areas with the largest housing deficits are:

1. Dallas-Fort Worth
2. Houston
3. District of Columbia
4. Atlanta
5. Miami
6. Denver
7. Seattle
8. Phoenix
9. Austin
10. Minneapolis-St. Paul

Read more at the Houston Chronicle.

$370M Austin Fairmont Hotel groundbreaking Nov. 3 

(10/27/2014 9:00:00 AM)

AUSTIN - Construction will begin on Nov. 3 on the 1,066-room Fairmont Austin, at the corner of E. Cesar Chavez St. and Red River St. The 1.7-acre site, located next to the Austin Convention Center, is currently a parking lot.

The 37-story hotel is currently projected to open June 3, 2017.

The development will total roughly 1.4 million sf, and — at 595 feet tall — will be the second-tallest building in Austin's skyline after the 680-foot Austonian residential tower.

The $370 million project will be the third convention hotel in the downtown area, joining the 800-room Hilton Austin and the JW Marriott Austin, which is currently under construction on Congress Ave. and is expected to open in February 2014.

The hotel will be the second Fairmont hotel in Texas and will have more than 106,000 sf of meeting space and a 19,000-sf deck. It is expected to generate more than $15 million in hotel occupancy tax revenue and more than $6 million in property taxes each year.

Read more at Culture Map Austin and the Austin Business Journal.

Houston: Sept. 2014 construction permits set new record 

(10/27/2014 8:00:00 AM)

HOUSTON - For the seventh consecutive month, the 12-month total for construction permitting in the City of Houston set another record in Sept. — topping $8.6 billion, a 51.3 percent increase from $5.7 billion in permits issued over the 12-months ending Sept. 2013, according to the Greater Houston Partnership.

Permitting activity in Sept. 2014 totaled $1.2 billion, the highest monthly total on record and a 161.9 percent increase from the $469.7 million in permits issued in Sept. 2013.

Residential permits increased 119.4 percent from $198.1 million in Sept. 2013 to $434.4 million in Sept. 2014. Multifamily permits nearly quadrupled year-over-year, from $77.4 million (13 buildings) in Sept. 2013 to $294.5 million (94 buildings) in Sept. 2014.

The City approved permits for hotel construction valued at $225.4 million in Sept. 2014, up from $950,000 in Sept. 2013.

Office building permits increased from $47.8 million in Sept. 2013 to $236.9 million in Sept. 2014.

Click here to see the full Building Permits Update from the Greater Houston Partnership for Sept. 2014.

San Antonio's $13.4 billion hospitality industry 


SAN ANTONIO - The hospitality industry employs nearly 125,000 people and pumps an estimated $13.4 billion into the San Antonio economy annually, up from a record $12.2 billion set in 2012, according to a Trinity University study.

Trinity professors Richard Butler and Mary Stefl found that, of the total $13.4 billion that the hospitality industry generates for the local economy, nearly $350 million ends up in the city's and county's coffers.

The study reveals 122,500 local residents — or one in eight San Antonians — work in the travel and tourism sectors, which span hotels, taxis, theme parks, museums and more. Their annual payroll exceeds $2.49 billion, an increase from $2.23 billion in 2011 when about 112,500 employees worked in the industry.

An estimated 31 million people visit San Antonio each year, with 24.9 million of them traveling to the city for leisure.

Read more at the

Cargill beefs up with 96,000-SF Fort Worth buy 


FORT WORTH - Westmount Realty Capital has sold 1401-1424 Northpark Dr. to one of its tenants, Cargill Meat Solutions Corp.

Built in 1978, the 96,400-sf single-building property is currently 100 percent leased to four tenants.

Northpark is configured with overall office finish of 5 percent and includes additional trailer parking to accommodate approximately 15 trucks.

Westmount had owned the property since 2012.


Brownsville building permits hit $163M FY 2014 


BROWNSVILLE - The value of fiscal year 2014 building permits, ending in September, was $162.7 million compared to $155.6 million in 2013, according to Evaristo Gamez, Director of the Brownsville Building Permitting Department.

The value of new residential construction permits for fiscal year 2014 was more than $54 million. For new commercial construction, it was almost $76 million.

Permits for September 2014 totaled $16 million, double the number for September 2013. August 2014 was a good month as well, with $29 million in permit valuation compared to $21 million in August 2013.

Permit valuation is a based on a number of factors, including estimated construction cost, square footage and type of project.

Read more at the Brownsville Herald.

Tarleton humanities $13M addition opens in Stephenville 


STEPHENVILLE - Tarleton State University has completed a 34,000-sf addition to the campus’ O.A. Grant Humanities Building.

The $13.6 million expansion and renovation project was completed ahead of the fall 2014 term, and was covered by Permanent University Funds granted to Tarleton. The Grant building is located near the main south entry into the campus, at the corner of Lillian St. and Washington St.

The expansion project included renovating more than 12,000 sf of existing space and adding two floors, bringing the entire facility up to three floors.

Originally constructed in 1973, the 40-year-old building was rehabilitated to keep up-to-date with current educational needs and trends, and features collaborative learning spaces for use by students from all across the university.

Read more at the Stephenville Empire-Tribune.

Denton County makes a break for 40,700-SF Government Center 


LEWISVILLE, DENTON COUNTY - The 40,700-sf Denton County Precinct 3 Government Center has broken ground at Valley Pkwy. and Civic Circle. Construction is slated for completion in 360 days.

The two-story building will house offices for the Precinct 3 Commissioner, Precinct 3 Justice of the Peace, Precinct 3 Constable as well as the Texas Department of Public Safety, county clerk and tax assessor/collector offices for southern Denton County, veterans services and an adult probation office.

After the first phase is complete, the existing Lee Walker Government Center will be torn down and replaced with a new one-story facility housing offices for the health department, WIC and juvenile probation, according to Commissioner Bobbie Mitchell.

The buildings will be funded by a $495 million bond package approved by voters across Denton County, $395 million of which is designated for roads and the remainder for county facilities.

Mitchell said plans are underway to build a government facility in Flower Mound to house Precinct 4 Commissioner Andy Eads and his staff.

Read more at the Cross Timbers Gazette.

Memory Care America to Westover Hills in San Antonio 


SAN ANTONIO - Memory Care America and Embree Healthcare Group are set to break ground on Memory Care of Westover Hills, a 64-bed facility that will care for residents with Alzheimer's and dementia.

Construction on the 45,370-sf facility will cost $8.5 million, according to the Texas Department of Licensing and Regulation. Memory Care of Westover Hills will be located at 10910 Town Center Dr.

Residents are expected to move in during fall 2015.

Read more at the San Antonio Business Journal.

UTSA freshman class is one of the largest 


SAN ANTONIO - The University of Texas at San Antonio enrolled nearly 5,000 new students for fall 2014, making the freshman class one of the largest in the school's history.

UTSA receives approximately 15,000 fall semester applications each year — admission was offered to about 60 percent of them. The school has steadily increased its admission standards in recent years.

This year, nearly 60 percent of incoming students graduated in the top quartile of their high school. That compares to just 38 percent who did so just five years ago.

UTSA's total enrollment, according to the fall 2014 Census Day Report, is 28,628.

Read more at the San Antonio Business Journal.

52,000-SF 4228 North Central Expressway sold in Dallas 


DALLAS - Caddo Holdings has purchased 4228 North Central Expy., a 52,000-sf office building.

Caddo plans to spend more than $1 million in upgrades on the property, which was developed in 2000.

“The quality of the building and strong demographics around the intersections of Knox-Henderson, Fitzhugh and Central attracted us to this property,” said Caddo President Tim Slaughter.

With its latest purchase, Caddo has acquired nine buildings with 950,000 sf since the company was formed in 2009.

Read more at the Dallas Morning News.

Houston: 112,000 SF and 72,000 SF check in at two hospitals 


HOUSTON - Texas Orthopedic Hospital plans to add two floors totaling 112,500 sf as part of an expansion plan, according to Debra Burbridge, vice president of marketing for HCA Gulf Coast Division.

Construction is expected to begin next year. The expansion allows for the privatization of patient beds as well as the creation of clinical, business office and educational space on the fourth and fifth floors, said Karen Bard, a marketing official from the hospital.

The hospital is owned and operated by Hospital Corp. of America (HCA), Houston's second largest health care system, according to Houston Business Journal research.

HCA also operates the Women's Hospital of Texas, which is in the process of finishing a 72,000-sf expansion that will add a pediatric floor and pediatric support area in its emergency department.

When finished, the Women's Hospital of Texas project will cost around $26.5 million, according to Linda Russell, the hospital's CEO. Part of the build includes shell space on the hospital's fourth floor that will allow for future growth.

Read more at the Houston Business Journal.

Pasadena: $16.7M, 124,000-SF middle school underway 


PASADENA - The 124,294-sf Nelda R. Sullivan Middle School has broken ground. It is located at the corner of Queens Rd. and South Houston Rd. The $16.7 million dollar campus, made possible through School Bond 2011, will accommodate about 850 students.

The school will accommodate students from L.F. Smith, South Shaver and Williams Elementary. It was named after long-time Pasadena ISD board member Nelda Sullivan, a retired businesswoman and volunteer in the community.

“The project is part of a three part process,” Dr. Kirk Lewis, the district’s superintendent of schools said. “Queens Intermediate used to stand in this place. That campus was replaced by a new facility down the street. The old building was torn down. And now construction has begun on the Sullivan Middle School.”

SBWV Architects Inc. is designing the building.

Read more at Your Houston News.

Robstown building $5 million city hall 


ROBSTOWN, NUECES COUNTY - The City of Robstown is constructing a new 17,500-sf city hall facility to house city utility departments, council chambers, and the municipal court.

The New City Hall will also be used at the Emergency Operations Center. The building will have a backup generator and it will implement green features into the design.

The project will cost nearly $5 million according to the Texas Department of Licensing and Regulation.

Robstown officials expect to move into the facility by May 2015.

Read more at KiiiTV.

SurePoint Self Storage hauls 123,000 SF to Sugar Land 


SUGAR LAND - SurePoint Self Storage has acquired 2.3 acres near the intersection of the Grand Pkwy. and Hwy. 59 on which it plans to build a four-story, 123,000-sf building.

Construction is scheduled to begin in early 2015. The location will be the company’s second in the Houston area. The owners are Jeff Bailey, Brian Cisarik and Robert Loeb.

The three San Antonio-based developers have several self-storage projects under development in Texas, including one on Spring Cypress Rd. in Cypress. Construction on the three-story, 110,000-sf facility is expected to commence before the end of the year.

Read more at Inside Self-Storage.

Houston’s Clay-Campbell, Kirby Center sold for $13M 

(10/24/2014 7:00:00 AM)

HOUSTON - EastGroup Properties sold a three-building industrial portfolio totaling 243,100 sf for $13.4 million to Cabot Properties Inc. The buildings were 100 percent leased at the time of sale.

Clay-Campbell I and II are located at 4300-4320 and 4444-4456 Campbell Rd. Completed in 1982, both buildings have 58,846 sf and are equipped with cross-dock, dock-high loading bays with a building depth of 220 feet.

Kirby Business Center is located at 9350-9370 South Point Dr., which is just south of NRG Stadium and the Texas Medical Center. The building was completed in 1980 and is equipped with dock-high, front-load bays with an approximately building depth of 204 feet.

Read more at GlobeSt. and SEC filings.

Metros that top Texas employment rankings Sept. 2014 

(10/24/2014 6:45:00 AM)

TEXAS - The Texas Workforce Commission released Total Nonagricultural Employment rankings for September 2014. Rankings are by Metropolitan Statistical Area (MSA). Numbers are preliminary and subject to revision.

Top Texas MSA Rankings Sept. 2014*
Unemployment Rate Monthly Job Growth Rate Actual Annual Job Growth Rate Actual
1. Midland 2.6% 1. College Station-Bryan 4.2% 4,300 1. Midland 6.4% 5,500
2. Odessa 3.1% 2. McAllen-Edinburg-Mission 1.5% 3,500 2. Odessa 5.1% 3,700
3. Amarillo 3.6% 2. Odessa 1.5% 1,100 3. Houston-Sugar Land-
4.3% 119,400
4. Lubbock 3.8% 4. Texarkana 1.3% 700 4. Longview 3.9% 3,900
5. San Angelo 3.9% 5. Midland 1.2% 1,100 4. Victoria 3.9% 2,100
5. College Station-Bryan 3.9% 6. Laredo 1.1% 1,100 6. Austin-Round Rock-
    San Marcos
3.6% 31,400

*total nonagricultural employment
"Yes, Virginia, we know we have the same number twice in some places. Those are cities that tied."

Source: Texas Workforce Commission

To see the full report, click MSA Monthly Rankings under MSA Profiles.

Houston raises the bar on new Class A office rents 

(10/24/2014 6:38:00 AM)

HOUSTON - Newly constructed, Class A office space in Greenway Plaza, the West Loop/Galleria area and the Central Business District is commanding comparatively higher rent levels.

In some cases, tenants will pay up to $6 more per sf for these buildings, compared to other Class A offices in these submarkets, according to the Houston office of CBRE. The CBRE data takes into account all Class A buildings.

When comparing rent for existing Class A office buildings to asking prices for projects under construction, Greenway Plaza, West Loop/Galleria area and the Central Business District will see the largest difference.

The majority of the new buildings in these submarkets are considered top of the line, called trophy assets, and typically command high rents, according to Graham Hildebrand, Houston research manager for JLL.

When compared to existing trophy assets, such as BG Group Place, the gap between asking prices is likely to be less, closer to a $3 difference, said Hildebrand.

Office construction in Houston has increased by about 54 percent over the last 12 months. More than half of that space is leased or committed, with large tenants moving or expanding to take the bulk of it. That's the highest level the area has seen since the boom of the 1980s.

Read more at the Houston Business Journal.

Forecast predicts DFW among top markets in 2015 

(10/24/2014 6:20:00 AM)

DALLAS-FORT WORTH - The Dallas-Fort Worth area is forecast to be one of the top commercial real estate markets in the country in 2015, according to the Emerging Trends in Real Estate report from the Urban Land Institute and PricewaterhouseCoopers.

Houston, Austin, San Francisco, Denver and DFW were singled out for their strong real estate fundamentals, according to a poll of more than 1,000 property market leaders. The cities are singled out as the best place to build and invest in real estate.

“The comparative strength of the local Dallas-Fort Worth market seems like it can be attributed to the strength of the local economy that is supported by an active and viable local development community,” the forecast reads.

“Investor demand remains high and there are no concerns about the availability of capital for 2015.” The forecast predicts continued increases in the real estate business in the coming year.

Read more at the Dallas Morning News.

Check out Emerging Trends in Real Estate at the Urban Land Institute.

Tyler home sales up more than 25 percent in Sept. 

(10/24/2014 6:19:00 AM)

TYLER - Greater Tyler Association of Realtors (GTAR) has released home sales data for September 2014.

Home sales in the area skyrocketed in September, up 25.8 percent from September 2013.

The median home price for September was $156,000 — a 7.6 percent hike from $145,000 during September 2013 and a 1 percent increase from the median price of $154,400 reported for August 2014.

The home inventory for the greater Tyler area was 8.6 months in September, an improvement from the 9.1 months seen in August 2014 and the 10.2 months reported in September 2013.

Tyler Region Sales and Price Activity by Units Sold Sept. 2014
MLS Wide Median Price
  Sept. 2014
Price Chg.
Sept. 2013
Units Sold
Sept. 2014
Sales Chg.
Sept. 2013
TYLER (single-family) $155,000 7.5% 336 9.1%
TYLER (condo) $140,500 -19.5% 4 -20.0%
Region Cities*        
Tyler $167,000 12.2% 110 6.8%
Flint $182,500 13.0% 22 22.2%
Whitehouse $151,500 7.3% 18 12.5%
Bullard $190,000 -10.0% 15 36.4%
Jacksonville $114,000 26.7% 15 400.0%
Pittsburg $150,000 -21.1% 15 200.0%

*Data include single-family only and represent six select region cities sorted by number of units sold. Data released October 10, 2014.

Read more at the Greater Tyler Association of Realtors and the Tyler Morning Telegraph.

For more housing stats, see Tyler MLS Housing Activity from the Real Estate Center at Texas A&M University.

Bowling championship to strike $75M impact in El Paso 

(10/24/2014 6:18:00 AM)

EL PASO - The men's United States Bowling Congress (USBC) Open Championships will draw about 70,000 bowlers and visitors to Judson F. Williams Convention Center from March to July 2015.

An estimated $75 million will be spent between lodging, restaurants and local retailers, according to Bryan Crowe, general manager of Destination El Paso.

The convention center will be transformed into a 62-lane state-of-the-art bowling alley and will, “…create ten to 20 jobs just to build, and create 70 to 100 jobs during the tournament,” said Greg Moore, senior director of tournament programming for the USBC.

The USBC will work with a local staffing agency and will also buy the majority of its building supplies from local vendors. Among supplies required for the project are more than five miles of cable, 35,000 sf of drywall and 20,000 sf of flooring.

The lumber for the 62 bowling lanes will be donated to Habitat for Humanity once the tournament is over.

In comparison, the women's championship held in El Paso in 2010 spanned several weeks and drew about 30,000 bowlers and 10,000 spectators. More than $40 million was pumped into the economy from the 100-day event.

Read more at the El Paso Times.

Sold: Fort Worth's 174,000-SF Hulen Pointe Shopping Center 

(10/24/2014 6:15:00 AM)

FORT WORTH - The 174,783-sf Hulen Pointe Shopping Center has been sold. The property is located in southwest Fort Worth on S. Hulen St., one mile south of Hulen Mall.

TriMarsh Properties purchased the four-building property, which is 47.6 percent occupied by a combination of national, regional and local tenants.

Anchor tenants include Dollar Tree, Dickey’s BBQ, State Farm and Great Clips. More than a quarter of the tenants have occupied space at Hulen Pointe for more than ten years.

“We are ready to lease about 45,000 sf to national tenants and bring the center’s occupancy to 80 percent,” said Avery. “We are ready to be aggressive on rental rates.”

The recently opened Chisholm Trail Pkwy., a 27-mile toll road from downtown Fort Worth to Cleburne, has increased traffic counts near the center.

Read more at the Fort Worth Business Press.

Traditions Club tees off on phase two in Bryan 


BRYAN - Traditions Club, a private golf and residential community, has broken ground on Phase Two of its Game Day Cottages.

Phase Two includes ten 1,900-sf to 2,500-sf residences staring at $439,900. Each home includes three or four bedrooms, a one-car garage, and a covered patio.

Traditions Club boasts the 7,146-yard Jack Nicklaus / Jack Nicklaus II designed golf course.

Read more at Real Estate Traditions.

Richardson: State Farm's Black Flag 129,000-SF datacenter 


RICHARDSON - State Farm Insurance plans to build a large datacenter near its new 1.5 million-sf office in the CityLine development that is located at Plano Rd. and Bush Turnpike.

State Farm is working with developer KDC to build the 129,180-sf data center at the vacant corner of Lookout Dr. and Plano Rd.

Plans filed with the City of Richardson show that the datacenter — called Project Black Flag — will take up about 15 acres. Plans include a one-story building and parking for more than 130 workers.

The property is part of the historic Spring Creek Farms, which closed in 2013.

Read more at the Dallas Morning News.

Dallas' 236,000-SF Corner Shopping Center sold 


DALLAS - Cypress Equities has purchased the 236,050-sf Corner Shopping Center at the northeast corner of North Central Expy. and Walnut Hill Lane.

Cypress plans to redevelop the site and will detail plans for the property “in the coming months.”

“This center has remained basically unchanged since its original development in 1977,” said Cypress CEO Chris Maguire. “Cypress is fortunate to now have the opportunity to lead the value enhancement, redevelopment, and repositioning of this prime urban Dallas property.”

Corner Shopping Center is across the street from Dart’s Walnut Hill/Presbyterian Hospital rail station and is across the highway from where Provident Realty Advisors and Kroenke Holdings are building their Preston Hollow Village mixed-use project.

Read more at the Dallas Morning News.

For more on the Preston Hollow Village project, check out previous story Dallas: Preston Hollow Village's next step to 500 apartments.

Former prison land selling fast in Sugar Land  


SUGAR LAND - More than half of the 90 acres of prime commercial property in Sugar Land that was recently put up for sale at the master-planned community Telfair have sold with medical offices, a mixed-use development and multifamily project in the works.

Approximately 40 acres are left for sale at the southeast quadrant of US Hwy. 59, US Hwy. 69 and University Blvd.

San Diego-based Newland Communities, the developer behind the master-planned community Telfair, put the property up for sale in February.

Vista Equities Group purchased 14 acres of the Newland property to develop a mixed-use project tentatively dubbed University Commons. The $45 million project will be at the intersection of Hwy. 59 and University Dr. and includes 110,000 sf of retail space and 40,000 sf of office space. The approximate opening date will be mid-2016, according to Woody Mann Jr., president of Vista Equities.

"Upon full build-out, the property will add over a billion dollars of new capital investment and will be the home for several thousand employees,” said Charlie Herder, co-chairman & principal of Colliers International, who is marketing the land.

The land was originally owned by the Texas Prison System.

Read more at the Houston Business Journal.

Hillwood grabs $700M Georgetown residential development 



GEORGETOWN - Hillwood Communities has purchased the 755-acre, $700 million Wolf Ranch residential community. The property consists of two separate tracts located off Wolf Ranch Pkwy. and Hwy. 29.

Wolf Ranch will include approximately 1,700 single-family homes, 388 multifamily units, 350 age-targeted units and 20 acres of commercial development. Home prices are expected to range from the high $200,000s to around $550,000.

Groundbreaking is expected to occur in the middle of 2015, with model homes available the following spring.

The development, situated one mile from Georgetown’s historic courthouse square and just west of I-35, is planned to have over seven miles of trails and over 100 acres of parks and open space.

Over 4,000 residents will call Wolf Ranch home after the final building phase is completed within eight to ten years. Hillwood Communities has two additional developments in the Austin area: Rocky Creek Ranch, near Bee Cave, and Sarita Valley in Leander.


Corpus Christi 641 self-storage units sold in five-state buy 

(10/23/2014 10:00:00 AM)

CORPUS CHRISTI - The 641 self-storage units at 10802 Interstate 37 have been sold along with units outside Texas. The Corpus Christi units contain 100,100 rentable sf.

REIT W.P. Carey scooped up five self-storage facilities in five states for a total of $32 million.

In all, the facilities encompass more than 350,000 rentable sf and more than 2,800 units.

The facilities are
•  Palm Desert, Calif. — 73750 Dinah Shore Drive, 93,098 rentable sf, 798 units;
•  Miami, Fla. — 5055 NW 77th Ave., 57,240 rentable sf, 598 units;
•  Corpus Christi, Tex. — 10802 Interstate 37, 100,100 rentable sf, 641 units;
•  Kailua-Kona, HI — 73-4864 Kanalani St., 39,500 rentable sf, 366 units; and
•  Columbia, SC — 9700 Two Notch Road, 63,121 rentable sf, 442 units, 48 RV and parking spaces

See the entire list at SpareFoot.

Houston: EastGroup distribution projects 3Q 2014 

(10/23/2014 7:00:00 AM)

HOUSTON - EastGroup began construction of four business distribution projects during third quarter 2014. The two in Houston, West Road III (78,000 sf) and Ten West Crossing 7 (68,000 sf), have projected total investments of $5 million and $4.9 million, respectively.

During the first nine months of 2014, EastGroup began construction of 15 development projects containing 1,236,000 sf with a projected total investment of $88.9 million.

These developments are located in Houston, San Antonio, Charlotte, Phoenix, Orlando and Tampa. The Houston projects are detailed in the table below.

Houston Development Properties Started in 2014
Property Size (SF) Actual or
World Houston 41 104,000 08/2014 $6,900,000
Ten West Crossing 6 64,000 10/2014 $4,800,000
West Road I 63,000 10/2014 $4,900,000
West Road II 100,000 10/2014 $6,800,000
West Road III 78,000 02/2015 $5,000,000
Ten West Crossing 7 68,000 04/2015 $4,900,000
Totals 477,000 - $33,300,000

Source: SEC filings

See San Antonio: EastGroup distribution projects 3Q 2014 SEC for details on the San Antonio projects.

Big retailers move in as West Texas population explodes 


WEST TEXAS - Big retailers are moving into the oil boomtowns of West Texas, a clear indication that demand for prime real estate is on the rise.

Historic oil production is keeping residents and capital gushing into region, and now major retail chains are discovering what Taylor Consulting Inc. (TAYO) already knows: West Texas is good for business.

Through its real estate division, Third Avenue Development, TAYO has acquired two prime properties in the town of Merkel: a standard one-acre lot and a self-storage facility.

During summer 2014 the Merkel City Council approved a zoning change, clearing the way for a Walmart Express store. Merkel is a small town but it is near Abilene, the region’s largest economic center.

With the West Texas oil boom showing few signs of slowing down, Walmart clearly sees that the perfect time to invest in the region is now. The retail giant will open seven new stores around the area within the next two years.

“Walmart is moving into this small town for the same reason that we are,” said Scott Wheeler, CEO of TAYO.

“It’s because the economic potential of this town is bursting at the seams. West Texas is now at the heart of the nation’s hottest industry, and small towns like Merkel are growing and changing very rapidly," Wheeler said.

Read more at Business Wire.

Houston: $533M Memorial Hermann expansion 


HOUSTON - Memorial Hermann Healthcare System is launching a $533 million expansion that will add a major hospital tower and 160 additional hospital beds to its facility in the Texas Medical Center campus.

The master plan project includes construction of the Hermann Pavilion 2, a 17-story hospital that will provide the Texas Medical Center with more than 1 million sf of expanded emergency room, operating room, intensive care and administrative support capacity.

The hospital will include 160 additional new inpatient beds (plus 71 replacement beds), 24 new operating rooms, with six additional shell space floors for future patient bed expansion.

A helipad on the roof of the hospital will provide expanded capacity for the Memorial Hermann Life Flight air ambulance.

The construction of a new six-story parking and infrastructure building will provide additional parking, future space for a new kitchen service and the expansion of hospital heating, cooling and emergency generator systems.

The Texas Medical Center campus operates one of only two Level I trauma centers in the greater Houston area, providing 24/7 emergency and trauma care. The master plan project is scheduled for completion in 2018.

Read more at Realty News Report. This story is an update from the previous story Body of experts' $650M Houston Memorial Hermann expansion.

San Antonio: EastGroup's three distribution properties 3Q 


San Antonio - Here's an update on three business distribution projects underway by EastGroup, according to SEC filings.

During the first nine months 2014, EastGroup began construction of 15 development projects containing 1.24 million sf with a projected total investment of $88.9 million.

The developments are located in Houston, San Antonio, Charlotte, Phoenix, Orlando and Tampa.

San Antonio Development Properties Started in 2014
Property Size (SF) Actual or
Alamo Ridge I 96,000 12/2014 $6,500,000
Alamo Ridge II 62,000 12/2014 $4,100,000
Thousand Oaks 4 66,000 03/2015 $5,100,000
Totals 224,000 - $15,700,000

Source: SEC filings

See Houston: EastGroup distribution projects 3Q 2014 SEC for details on Houston projects.

Houston's 120,000-SF Bellevue near River Oaks sold 


HOUSTON - The Bellevue, an extensively renovated 14-story office building near River Oaks, has a new owner. Principal Financial Group purchased the 120,000-sf building at 2323 S. Shepherd.

The sellers, Stream Realty Partners and DRA Advisor, had purchased the building in 2011. They transformed the 1984 building into a boutique property with a more streamlined layout and redesigned lobby.

The improvements include: an extensive building and lobby redesign and upgrades; new high-speed elevator system including cabs; common corridor improvements; restroom upgrades; exterior landscaping improvements; and installation of an EMS system.

The Bellevue’s tenants include law firms and small oil and gas companies.

Read more at the Houston Chronicle.

Tyler Pounds Regional Airport activity report: Sept. 2014 


TYLER - The enplanement and deplanement statistics for Tyler Pounds Regional Airport have been released through September 2014.

Month Enplaned Deplaned
2013 2014 Change 2013 2014 Change
Jan. 5,328 6,694 20.4% 5,214 6,342 17.8%
Feb. 5,517 6,300 12.4% 5,315 6,089 12.7%
Mar. 6,356 6,945 8.5% 6,441 6,630 2.9%
April 6,819 7,317 6.8% 6,180 6,779 8.8%
May 7,321 7,329 0.1% 7,099 7,106 0.1%
June 7,424 7,461 0.5% 7,022 6,995 -0.4%
July 7,789 8,064 3.4% 7,334 7,522 2.5%
Aug. 7,887 7,190 -9.7% 7,890 7,818 -0.9%
Sept. 7,396 7,475 1.1% 7,526 7,331 -2.7%
Total 61,837 64,775 4.5% 60,021 62,612 4.1%

Source: Tyler Pounds Regional Airport

Grocery shopping service perk of Homewood Suites in Spring 


Spring - Homewood Suites by Hilton Spring, located at 23800 I-45 N, is in the exterior finishing stage of the construction process. The four-story, 123-suite hotel contains more than 88,000 sf.

One of the more unique aspects of the new hotel is its complimentary grocery shopping service. Guests will be able to leave a list and the hotel staff will purchase and deliver the items. The only cost is that of the groceries.

The new facility will be made up of a mix of studio, one-bedroom and two-bedroom rooms. All suites will offer fully equipped kitchens and separate sleeping and living spaces.

The hotel will feature recreational options to stay active, including an outdoor pool, sports court and fitness center with Precor brand equipment. In addition, the hotel also will offer complimentary Internet and daily full-hot breakfast bar.

The hotel is scheduled to open April 2015.

Read more at the Houston Chronicle.

Pflugerville lures West Coast coating manufacturer  


PFLUGERVILLE - LifeLast Inc., a Vancouver, Washington-based manufacturer of polyurethane coatings for steel water pipes, is moving its headquarters to Pflugerville.

The company will move into a new, 24,000-sf industrial space at 130 Commerce Center near SH 130 and Pecan Street.

The headquarters relocation is expected to bring about 15 jobs to the region over the next three years and includes a $500,000 capital investment for the company to build and furnish its new base.

The community development corporation is also providing a suite of incentives to the company for its relocation, including six months free rent on its new space, $3,500 in incentives per employee, and a $25,000 relocation expense grant.

Source: Austin Business Journal

Houston: 103,000-SF Cypress Business Center sold 


HOUSTON - HFF has closed the sale of Cypress Business Center, a 103,979-sf flex distribution facility in Houston.

Cypress Business Center is located off I-45 and Cypress Creek Parkway (FM 1960) at 301-305 Wells Fargo Dr. in North Houston, approximately 12 miles from George Bush Intercontinental Airport.

The property is 74 percent leased to AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speedy Printing & Office Supplies.


Mercedes replaces 87-year-old firehouse with $2.6M facility 


MERCEDES - A $2.6 million, 17,500-sf fire station is Mercedes’ new crown jewel for first responders. It replaces the former station four blocks away, which was built in 1927.

Mercedes’ fire department employs six paid firefighters supported by 17 volunteers, according to Fire Chief Jaime Garcia. Four times larger than the old fire station, the new building will allow the city to add three new paid positions in the next year.

“The new facility has dorms, showers, and restrooms that will allow us to staff 24/7,” said Garcia of the two dormitories that can accommodate up to 14 firefighters and kitchen area.

The new fire station will allow for around-the-clock protection, and could reduce fire insurance premiums for business owners in the city — something officials hope will spur more economic development.

Read more at The Monitor.

Cabela's to open 72,000-SF League City store 


LEAGUE CITY - Cabela's Inc. plans to open a 72,000-sf store, which will anchor a new retail development at the intersection of I-45 and Big League Dreams Pkwy. Construction is expected to begin later in 2014.

The store is expected to open in fall 2015 and create approximately 170 full-time and part-time jobs. Store features will include an indoor archery range, an archery tech room, a "gun library," a "bargain cave," and a deli.

The store will be Cabela's sixth Texas location, in addition to stores in Fort Worth, Buda, Allen, Waco and Lubbock.

Read more at the Houston Business Journal.

Turtle Creek tower's new shell, new owner 


DALLAS - Dallas-based Cardinal Capital Partners Inc. has purchased 3131 Turtle Creek, a 140,000-sf office building at the corner of Cedar Springs Rd. and Turtle Creek Blvd.

Built in 1972, the building overlooks Turtle Creek Park and has views of downtown Dallas. Cardinal Capital plans to “fully renovate” the building, with new lobby, signage, exterior landscaping and mechanical upgrades.

“3131 Turtle Creek is one of the premier office locations in Uptown that has gone somewhat unnoticed during the past cycle,” said President Gil Besing. “We intend to introduce modern elements while preserving the classical aesthetic of the building.

Read more at the Dallas Morning News.

Walmart to hire 95 at new San Antonio Neighborhood Market 


SAN ANTONIO - Walmart will hire nearly 100 individuals to work at the company's new San Antonio Walmart Neighborhood Market that will open later this winter.

Hiring managers at the new store at the intersection of Nacogdoches Rd. and MacArthur View will honor Walmart's national commitment to offer a job to any qualified veteran who has been honorably discharged within the past 12 months.

Store Manager Daniel Zamora said in a news release that the store will be hiring both full- and part-time workers who will help get the store ready in time for its January 2015 opening.

Read more at the San Antonio Business Journal.

Former meatpacking site in Fort Worth Stockyards sold 

(10/22/2014 2:00:00 PM)

FORT WORTH - The 16.8-acre site of the historic, former Armour meatpacking plant in the Stockyards has changed hands.

Chesapeake Land Development Co., which bought the site at 400 E. Exchange St. in 2007, has sold it to an entity called Niles City Resort.

Chesapeake razed the buildings on the land, and the site — across from the historic Swift & Co. packing plant offices that became a Spaghetti Warehouse restaurant and now are offices for XTO Energy — is vacant today.

Read more at the Fort Worth Business Press.

Houston: Tall buildings, steep prices in River Oaks District 

(10/22/2014 9:00:00 AM)

HOUSTON - The River Oaks District is one of the largest real estate developments in Houston's urban core. A number of luxury brands, including Cartier, Dior, Hermès and Tom Ford, have signed agreements to operate stores in the 15-acre complex.

Residential developers are staking their claims on the remaining parcels of land behind the former Westcreek apartments on Westcreek Lane.

Their plans include a cluster of tall buildings to house well-to-do Houstonians who can pay the steep prices that come with living next to one of the city's newest and flashiest mixed-use developments.

"People will be able to walk to restaurants, high-end retail and theaters. It's something that hasn't been offered in Houston," said Robert Bland of Pelican Builders, which is planning a 17-story residential tower on Westcreek Lane.

Bland plans to break ground on the 96-unit building on a 1.5-acre site next summer and have it open two years later. Individual condominiums will average 2,000 sf, and prices will range from $800,000 to $2 million.

Nearby, Randall Davis is in the early stages of planning a condo tower on nearly two acres, developers are building the 25-story SkyHouse River Oaks and Gables Residential is planning to break ground on a 15-story apartment.

An office building, a hotel and two additional high-rise apartment buildings are planned on the remaining Westcreek property.

High-density development will increasingly take the place of low-rise buildings in desirable, close-in areas as more people want to live in the city center and land becomes more expensive.

Additional traffic, Bland said, is the price of progress. However, he also points out that the number of new residential units proposed on the old Westcreek site won't be much higher that what was there originally.

Read more at the Houston Chronicle.

Victoria home sales Sept. 2014: Swearingen 

(10/22/2014 8:00:00 AM)

VICTORIA - The Swearingen Report for residential homes has been released for the 12 months ending September 2014 by Coldwell Banker The Ron Brown Company.

The average sales price for residential homes was $176,691, up 6.1 percent versus the same period ending September 2013 when it was $166,475.

The average Days on Market for residential homes for the 12 months ending September 2014, was 86, 14.0 percent shorter than the same period 2013.

The median price of residential homes for September 2014 was $160,000, up 6.7 percent versus September 2013 when it was $150,000.

There were 926 residential homes sold in the Victoria MLS for the 12 months ending September 2014, 3.7 percent (33 homes) more than the same period in 2013.

Victoria MLS Residential Home Sales Sept. 2014
All Categories* 12 Months Ending
Sept. 2013
12 Months Ending
Sept. 2014
Residential property sales 893 926 3.7%
Residential total dollar volume $148,662,445 $163,616,310 10.1%
Average residential sales price $166,475 $176,691 6.1%
Median residential sales price $150,000 $160,000 6.7%
Total active listings end of month 244 245  0.4%
Months inventory 2.7 2.8 3.7%

*These figures refer to the residential homes market.

See the full report at Coldwell Banker The Ron Brown Company.

Fresh Market to debut in Dallas 100,000-SF Arboretum Village 

(10/22/2014 7:00:00 AM)

DALLAS - The first tenants in the 100,000-sf Arboretum Village shopping center in northeast Dallas will open their doors in November.

A Fresh Market grocery store is anchoring the retail center that Lincoln Property is building on Gaston Ave. just west of Garland Rd.

“Fresh Market is opening November 17,” Lincoln Property executive vice president Robert Dozier told the Greater East Dallas Chamber of Commerce. “They will be flanked on either side by Lakewood Hardware and PetSmart.”

Lincoln bought the retail center located south of White Rock Lake two years ago and has been working to redevelop the property.

The shopping center will also have a Luke’s Locker athletic store, a Starbucks and a taco eatery.

Read more at the Dallas Morning News.

Midland Microtel Inn decor includes guestroom work stations 


MIDLAND - The 82-room Microtel Inn & Suites by Wyndham has opened 12 miles from the Midland International Airport.

There are numerous corporate offices within a five-mile radius of the hotel including IBM, Halliburton, Patriot Drilling, as well as the Midland Center, several attractions, and dozens of restaurants within a two-mile radius.

This Microtel Inn & Suites by Wyndham is the newest hotel in Midland and offers guest laundry facilities and an ergonomic work station in each of the new guestrooms.

Read more at Hospitality Net.

DivcoWest secures 185,000-SF office purchase in NW Austin 


AUSTIN - DivcoWest has purchased 185,000 sf of Austin office space, acquiring the Lakewood Center and The Park from Dallas-based Lone Star Funds.

The three-building portfolio consists of Lakewood Center I and II at 6801 Capital of Texas Hwy. and The Park at 8300 N. MoPac Expy.

Located in Northwest Austin, the two-story Lakewood Center buildings measure approximately 47,000 sf each, while the three-story The Park building totals 93,000 sf.

This is the second major Northwest Austin acquisition this year by San Francisco-based DivcoWest, which closed on the 317,000-sf The Campus @ Arboretum in January.

Read more at CoStar Group.

Balcones Lofts may spark revitalization with 84-unit complex 


BALCONES HEIGHTS, BEXAR COUNTY - Construction crews are set to break ground this week on Balcones Lofts, an 84-unit mixed-use development.

Balcones Lofts will be built with a community center and will have more than 3,500 sf for retail or commercial development to attract more businesses to the city.

Balcones Lofts is being developed as a partnership between The NRP Group, the City of Balcones Heights and Bexar County with an eventual goal of spurring additional economic development in the city.

The $11.9 million property will be located within walking distance of VIA Metropolitan Transit's VIA Primo bus rapid transit service.

Balcones Heights is located at the intersection of Loop 410, I-10 and Fredericksburg Rd.

Read more at the San Antonio Business Journal.

Texas No. 1 business climate, new survey says 


TEXAS - For the sixth consecutive time Texas took the top spot on Development Counsellors International's (DCI) "Winning Strategies in Economic Development Marketing" survey.

The survey, published every three years since 1996, tracks trends in economic development. DCI specializes in economic development and tourism marketing.

Of the 356 respondents in 2014 49.7 percent said Texas has the most favorable business climate.

Florida ranks a distant second, with 18.1 percent, and Georgia and North Carolina tied for third with 17.6 percent each.

The survey also listed Houston among the best cities for economic development.

Corporate executive respondents cited Texas' tax climate (54 percent), "pro-business environment" (47 percent) and incentives/financial assistance (18 percent) as reasons for ranking the state so highly.

Site selection consultants who participated also ranked the Texas Governor's Office of Economic Development the No. 2 "best in class" state-level economic development agency.

Texas has received a number of such accolades, including Site Selection magazine's Governor's Cup for 2013, the fifth time the Lone Star State received that honor over the past decade.

Read more at the Austin Business Journal.

Dallas' Park Lane Apartments acquired by Paladin 


DALLAS - Paladin Preferred Capital, an affiliate of BRC Advisors, has acquired the 97-unit Park Lane Apartments, located at 3040 Park Lane.

“This attractive C+ property is a well-maintained, 97-unit multifamily community built in 1974 and renovated in 2007,” said Ken Chong, director of capital markets for Paladin. “It sits on four acres and consists of 12, two-story townhouse-style buildings.”

Park Lane Apartments offers efficiency, one- and two-bedroom units that range in size from 550 sf to 1,300 sf and in rent from $500 to $740, according to


Beaumont: Del Papa Distributing completes expansion 


BEAUMONT - Del Papa Distributing Company has completed an expansion project at its Beaumont distribution center, 410 I-10 South.

The eight-month construction efforts added 27,500 sf of warehouse space, five new loading docks, an upgraded drive way and a new 2,500-sf draught cooler.

"We've seen unprecedented growth in the Beaumont market," Vice President of Logistics Eric Joseph said in a prepared statement.

The Beaumont center employs 110 and distributes Anheuser-Busch InBev products and an assortment of import, specialty and craft brands, including the popular Houston-based Karbach Brewing, to convenience stores, bars, restaurants and grocers in Jefferson, Chambers, Hardin, Jasper, Liberty, Newton, Orange, Sabine and parts of Galveston counties.

The Beaumont expansion follows a similar project completed last year in Victoria.

Read more at the Beaumont Enterprise.

Holiday Inn Express sold in San Angelo 


SAN ANGELO - Holiday Inn Express San Angelo, a 68-room hotel located at 4613 Houston Harte Expy., near Hwy. 67, has been sold.

Amenities include a business center, gym, pool and spa. The buyer was a private investor.

Read more at Texas Real Estate Business.

New 348 units to splash in Conroe Waterfront Center 


CONROE - Buckhead Investment Partners Inc. will soon close on 13.7 acres behind the Market Place Shopping Center at 2932 I-45 North, near the intersection of Teas Nursery Rd. (FM 3083) and Plantation Blvd.

Buckhead plans to build a 348-unit garden-style apartment complex — consisting of ten three-story buildings. Construction is expected to begin in late first quarter 2015 and will last 16 months.

The apartments will be zoned to Conroe Independent School District's Reaves Elementary, Cryer Intermediate, Peet Junior High and Conroe high schools.

The project will offer one- to three-bedroom floor plans with an average of 846 sf.

The project will be situated in the 118-acre Conroe Waterfront Center, which is being developed by Houston-based Newquest Crosswell.

Read more at the Houston Business Journal.

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