NewsTalk Texas

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-
    Baytown
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.

Fort Sam Houston lights up the world with these suites! 

(10/24/2014 6:43:00 AM)

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.

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 

(10/24/2014)

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 

(10/24/2014)

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 

(10/24/2014)

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  

(10/24/2014)

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 

(10/24/2014)

 

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.

Read more at GlobeSt.com.

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
Projected
Completion
Projected
Total
Costs
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 

(10/23/2014)

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 

(10/23/2014)

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 

(10/23/2014)

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
Projected
Completion
Projected
Total
Costs
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 

(10/23/2014)

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 

(10/23/2014)

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 

(10/23/2014)

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  

(10/23/2014)

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 

(10/23/2014)

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.

Source: GlobeSt.com

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

(10/23/2014)

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 

(10/23/2014)

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 

(10/23/2014)

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.

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
Change
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 

(10/22/2014)

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 

(10/22/2014)

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 

(10/22/2014)

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 

(10/22/2014)

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 

(10/22/2014)

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 umovefree.com.

Read more at GlobeSt.com.

Beaumont: Del Papa Distributing completes expansion 

(10/22/2014)

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 

(10/22/2014)

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 

(10/22/2014)

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.

Northwest Austin Cousins kisses $44M Research Park V 

(10/21/2014 10:00:00 AM)

AUSTIN - Cousins Properties has announced that it will break ground in November on the final installment at Research Park Plaza.

Research Park V, at 12301 Research Blvd., will be delivered in 11 months, according to Tim Hendricks, senior vice president of Cousins Properties.

The building will encompass 173,000 sf and cost about $44 million.

"We really feel there's a need for new product in the northwest market where occupancy rates are over 90 percent," Hendricks said.

Cousins Properties is also building Colorado Tower at 303 Colorado St. in downtown Austin, which will begin delivering space in December.

Read more at the Austin Business Journal.

For more on Colorado Tower, see previous story Austin's Colorado Tower 95% leased.

San Antonio: The Heights at Midcrown sold near Rackspace 

(10/21/2014 8:30:00 AM)

SAN ANTONIO - The Heights at Midcrown, a 208-unit apartment complex located at 8000 Midcrown in Northeast San Antonio has been sold. The PPA Group was the buyer.

The community offers one-, two- and three-bedroom units that range in size from 612 sf to 1,094 sf and in price from $525 to $810.

PPA plans to renovate some of the units in The Heights and add some new community perks. The Heights is located near one of the city's most prominent employers — Rackspace Hosting.

The Northeast Side submarket is familiar territory for PPA. In April, the firm announced plans to build a new complex called The Lookout at Comanche Hill.

PPA is also part of the team behind a new multifamily community known as the Aviator at Brooks City Base.

Read more at the San Antonio Business Journal.

Savills Studley 3Q 2014 Houston Office Report 

(10/21/2014 8:00:00 AM)

Houston - Savills Studley has released exclusive new third quarter 2014 findings on the state of Houston’s office market.

As hiring and leasing slow, the region’s Class A availability rate decreased to 17.5 percent in 3Q. In addition, the Class A availability rate has increased to 18.1 percent in the Katy Fwy. submarket and 30.3 percent in the Northwest/290 Far submarket.

The region’s overall average asking rent rose by 1.0 percent to $28.05 during 3Q and has jumped by 15.1 percent year-over-year.

Class A rent fell by 0.9 percent to $34.87 in 3Q but has increased by 11.0 percent compared to a year ago.

Leasing activity increased, rising by 6.0 percent in 3Q, slightly above the market’s five-year average. Class A deal volume jumped by 23.0 percent, with strong increases in activity in the Katy Fwy. submarket (590,118 sf) and the West Loop/Galleria submarket (320,236 sf).

"Some Houston real estate industry experts have growing concern that the combination of rapidly dropping energy prices and soft energy demand could spell the end of the longest sustained positive office market in the past 30 years," Steve Biegel, executive vice president and co-branch manager at Savills Studley, told GlobeSt.com.

Click here for the Savills Studley entire Houston Office Sector 3Q 2014 Report.

For more office stats, head over to Houston Market Data Sources.

San Angelo passes 100,000 population mark 

(10/21/2014)

SAN ANGELO - In 2013, San Angelo’s population surpassed the 100,000 mark, according to the U.S. Census Bureau’s American Community Survey results.

The Census Bureau reported a median age of 33 and a gender ratio of 96 male residents per 100 female residents. Sixteen percent of the population is younger than 18, and 15 percent is 65 or older.

The Tom Green County population increased to 116,914 from the 2010 census, when it reached the 100,000 mark. The county had a median age of 34 and a 49 percent male population.

“Surpassing the 100,000 mark tells us what we already know…employers are moving here because of San Angelo’s strategic geographic location and optimal business climate,” said Roland Peña, San Angelo director of economic development.

The climate is even more promising to large national retailers who require a baseline number of potential shoppers.

“The way business and industry prospects for locations is based on demographics, and you have reached a milestone,” said Aaron Cox, vice president of chamber relations with the Texas Chamber of Commerce and Texas Association of Business in Austin.

“This number has put us in a category in which developers and retailers look more closely than they did previously,” said Phil Neighbors, president of San Angelo Chamber of Commerce. “In addition, the sustained growth over the past three to four years is a positive indicator for prospective businesses and developers.”

The American Community Survey is conducted by the Census Bureau between standard ten-year censuses to provide estimated demographic figures. It targets geographic coverage but not individuals.

Read more at the San Angelo Standard-Times.

Laredo ProTrans logistics opens 231,000-SF warehouse 

(10/21/2014)

LAREDO - ProTrans International has opened its state-of-the-art distribution facility in North Laredo at 110 Consolidation Point Rd. The facility features over 221,000 sf of warehouse space and over 10,000 sf of office space.

About 2 million pounds of raw material flow through the facility daily and 10 million pounds of raw material head to manufacturing facilities in Mexico weekly, according to JC Zarate, the ProTrans Laredo facility manager.

Construction of the Laredo facility was completed in June 2014 and has been operating for about seven months. The facility features on-site customs brokers, warehouse management services and border processing services.

ProTrans International has locations in Eagle Pass, Brownsville, El Paso and McAllen; however, the Laredo facility is the largest and most up to date of all of the company’s other facilities.

Read more at the Laredo Morning Times, ProTrans and World Trade.

PMRG: Dallas office market 3Q 2014 

(10/21/2014)

DALLAS-FORT WORTH - The Dallas-Fort Worth metropolitan area has added 101,500 jobs through the 12 months ending August 2014, a 3.3 percent annual increase in employment, according to the third quarter report released by PM Realty Group.

DFW’s office market recorded 1,708,046 sf of direct net absorption during 3Q 2014, its largest absorption gain since the beginning of 2001, bringing the year-to-date total to nearly 3.2 million sf.

The direct occupancy rate increased to 82.5 percent as demand outpaced deliveries.

Recent corporate expansion and relocation announcements include State Farm Insurance, Toyota Motor Co., Omnitracs, Santander Consumer USA, Tenet Healthcare Corp., Kohl’s and USAA.

The region’s economic expansion is expected to continue for the remainder of 2014 and into 2015, resulting from the area’s booming energy and healthcare industries along with a growing presence of technology companies.

Largest Submarkets Ranked by Total SF
Submarket Inventory
SF (Total)
Direct SF
Available
Occ. Under
Construction
Class A
Asking Rent
(per SF)
Class B
Asking Rent
(per SF)
Las Colinas 27,883,538 6,391,913 82.5% 505,369 $24.78 $19.78
Dallas CBD 27,647,468 8,651,606 75.0% 450,000 $22.39 $18.62
Quorum/Bent Tree 18,929,116 3,425,885 83.8% 123,167 $25.56 $17.60
East LBJ        15,816,770 4,532,048 74.4% 0 $22.11 $17.01
Upper Tollway/West Plano 14,844,276 1,967,840 88.2% 772,264 $29.70 $24.87
Richardson 12,544,911 2,406,762 87.8% 1,500,042 $21.65 $17.56
Central Expy. 11,446,785 2,490,919 82.5% 235,893 $24.10 $19.19
Total* 219,071,897 45,851,507 82.5% 5,338,247 $24.60 $18.62

*Includes all DFW submarkets.

Click here to see the full 3Q report from PM Realty Group. For more office reports, see Office under DFW Market Data Sources.

Skyonic opens new carbon capture plant in San Antonio 

(10/21/2014)

SAN ANTONIO - Skyonic will unveil its new carbon capture plant today, next to the Capitol Aggregates cement plant.

Austin-based Skyonic developed a technology that captures and reuses industrial air emissions. The new SkyMine plant will use electricity to turn carbon emissions into baking soda, bleach and hydrochloric acid which will then be sold commercially.

The $125 million SkyMine plant was funded in part by a grant from the U.S. Department of Energy with a match from Capitol Aggregates' parent, San Antonio-based Zachry Corp.

It is expected to have a total carbon impact of 300,000 tons annually and generate $48 million in revenue and $28 million in annual earnings. The company already has five and ten-year contracts in place for the sale of the products.

The new plant employs 44 full-time workers.

Read more at the San Antonio Business Journal.

Historic Dallas candy factory sold for lofts housing 

(10/21/2014)

DALLAS - The 111-year-old Hughes Brothers Candy Co. building at 1401 S. Ervay St. south of I-30 has been purchased by Flint Hills Holdings Group.

The Kansas City-based development group bought the vacant five-story commercial building from Arlington-based real estate firm SkyWalker Property Partners, which owned the property for about a year.

The property was built in 1903 for $50,000 and has had a variety of uses, including as an ice cream cone manufacturing plant. It is valued at more than $1.4 million, according to the Dallas Central Appraisal District.

SkyWalker had planned to spend several million dollars converting the former manufacturing building into residential units.

Flint Hills plans to move ahead with the loft apartment plan, according to Clint Holland, SkyWalker’s director of acquisitions and asset management.

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

Houston's River Oaks District 300-unit high-rise with Gables 

(10/21/2014)

HOUSTON - A 15-story apartment is planned for a 2.5-acre site along Westcreek Lane between Westheimer and San Felipe. The yet-to-be-named building will have 300 units, averaging 1,400 sf and priced in the range of $2.60 per sf.

Gables Residential is the developer and plans to break ground second quarter 2015. Ziegler Cooper designed the building.

Joshua Landry, area vice president of investments for Gables Residential, said the building will target “a sophisticated renter with a higher disposable income.”

“We are doing a higher level of service, concierge service and amenities we will offer will be different from other projects,” Landry said.

This is the company’s first high-rise in Houston, though it has built tall towers in other markets. The building should open about 20 months after construction starts.

Read more at the Houston Chronicle.

Bell rings up sale: 316-unit Fort Worth apartments 

(10/21/2014)

FORT WORTH - The Lancaster + White Buffalo apartment community on W. 7th St. has been purchased, with Bell Partners Inc. acquiring the property.

Bell Partners has renamed the community Bell Lancaster and will manage the 316-unit property.

Constructed in 2013, the apartment complex is 93 percent occupied.

Bell Lancaster comprises a four-story “wrap” building surrounding structured parking and two three-story buildings with surface parking. It offers studio, one- and two-bedroom units in 30 available floor plans.

Read more at the Fort Worth Business Press.

Tomball: Lone Star's 85,000-SF Creekside Center underway 

(10/21/2014)

TOMBALL - Lone Star College System’s (LSCS) new 85,000-sf Creekside Center at the corner of West New Harmony Trail and Kuykendahl Rd. has broken ground.

Offering specialized workforce training, the Creekside Center is expected to span 15 acres with space to accommodate an estimated 3,500 students, said Lee Ann Nutt, acting president of LSC–Tomball.

Under the management of the Tomball campus, the Creekside Center is slated to open its doors to students beginning January 2016.

The new center will offer several certification and associate degree programs, including petroleum data technology, e-commerce programming, accounting and business marketing and management.

LSCS Chancellor Steve Head said the Creekside Center is funded through revenue bonds from the system’s operating budget.

Read more at Community Impact Newspaper.

Home sweet Taylor County: TAR reveals relocation stats 

(10/21/2014)

ABILENE, TAYLOR COUNTY - Taylor County is No. 6 in Texas for population migration growth in 2013, according to a Texas Association of Realtors report, which ranks the 43 most populous counties in Texas.

Overall, 1,023 people moved from Taylor County in 2013, however, 6,664 people moved to the county in 2013. The net gain of those moving in 2013 for Taylor County is 5,461.

The main counties that new residents arrived from include:

•  Tarrant: 398
•  Callahan: 395
•  Nolan: 278
•  Galveston: 212
•  Harris: 195

Read more at KTXS-TV.

See the full report here.

Waco: $5M cottages for Alzheimer's patients 

(10/21/2014)

WACO - Land clearing has begun at 8601 Old McGregor Rd. for Living Springs Village, which will consist of three cottages at a cost of $5 million to serve people suffering from Alzheimer’s disease or other dementias.

The first cottage, to serve 16 patients, likely will open by April. Management is currently accepting applications from anyone interested in the accommodations.

“We hope to open one cottage a year, with the first representing an investment of $2 million and the others $1.5 million each,” said Brent Wilson, a partner in the venture that includes Steve Wilson, Michael Hillman and Dr. David Myers, who will serve as the complex’s medical director.

Each cottage will employ about 25 people, so the venture will create 75 jobs, according to information provided by the partners.

Read more at the Waco Tribune-Herald.

SABOR: area home sales Sept. 2014 

(10/20/2014 8:00:00 AM)

SAN ANTONIO - San Antonio Board of Realtors (SABOR) released home sales data for September 2014. Some quick facts include:

•  The median price of existing single-family homes decreased to $173,000, down .7 percent versus August 2014.
•  Existing single-family home sales decreased 12.5 percent from August 2014 for a September 2014 total of 1,865 sold units.
•  Condos decreased in price to $100,000, down 8.7 percent versus August 2014.
•  Existing condo sales decreased 38.2 percent in September 2014 from August 2014 for a total of 55 sold units.

Select region cities are represented below along with statistics from the SABOR MLS area as a whole.

SABOR Sept. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Sept. 2014
Price Chg.
vs. Sept. 2013
Units Sold
Sept. 2014
Sales Chg.
vs. Sept. 2013
SABOR
(single-family)
$173,800 8.6% 1,865 6.7%
SABOR (condo) $100,000 -6.1% 55 3.8%
Region Cities*  
San Antonio $160,750 7.2% 1,289 8.1%
New Braunfels $199,900 12.3% 61 -28.2%
Converse $124,000 12.3% 57 58.3%
Boerne $319,500 7.2% 49 19.5%
Schertz $178,750 4.8% 42 16.7%
Cibolo $194,000 4.3% 37 8.8%
Helotes $245,000 -7.5% 33 -5.7%
Canyon Lake $198,000 -2.2% 31 -3.1%

*Region Cities' data include single-family only and represents eight select cities sorted by number of units sold.

See Housing under San Antonio Market Data Sources.

Source: San Antonio Board of Realtors (SABOR) as of October 10, 2014.

HAR: Houston area cities' home sales Sept. 2014 

(10/20/2014 7:45:00 AM)

HOUSTON - Houston Association of Realtors (HAR) released home sales data for September 2014. Some quick facts include:

•  The median price of existing single-family homes decreased to $197,900 — down 4.4 percent from August 2014.
•  Existing single-family home sales decreased 15.7 percent from August 2014 for a September 2014 total of 6,227 units sold.
•  Condos increased in price to $164,900 — up 7.1 percent from August 2014.
•  Existing condo sales decreased 5.9 percent in September 2014 over August 2014 for a total of 684 units sold.

Select region cities are represented below along with statistics from the HAR MLS area as a whole.

HAR Sept. 2014 Regional Sales and Price Activity
MLS Wide Median Price
  Sept. 2014
Price Chg.
vs. Sept. 2013
Units Sold
  Sept. 2014
Sales Chg.
vs. Sept. 2013
HAR
(single-family)
$197,900 7.4% 6,227 3.0%
HAR (condo) $164,900 9.2% 684 6.0%
Region Cities*        
Houston $180,000 5.9% 1,897 7.8%
Katy $228,250 8.7% 490 -7.7%
Spring $190,000 15.2% 437 3.6%
Cypress $232,000 13.2% 265 -4.3%
Richmond $235,000 15.8% 206 -3.7%
Sugar Land $287,750 0.8% 200 19.0%
Humble $160,100 0.3% 187 -14.2%
Pearland $229,000 16.5% 187 12.7%

*Region Cities' data include single-family only and represent eight cities sorted by number of units sold.

See Housing under Houston-Sugar Land-Baytown Market Data Sources or see the full report from Houston Association of Realtors.

Sold: San Antonio's 279,000-SF Sunset Ridge in Alamo Heights 

(10/20/2014 7:40:00 AM)

SAN ANTONIO - Philadelphia-based Resource Real Estate has purchased Sunset Ridge, the 41-building apartment community in Alamo Heights, from Austin-based SV Alamo Heights, according to CBRE.

The cluster of two-story buildings totals 279,026 sf and is located at 116 Vanderheck Rd., just north of the McNay Art Museum.

The two-story buildings were constructed in 1949.

Read more at the San Antonio Business Journal.

Copaken Brooks buys 228,000 SF in two Addison buildings 

(10/20/2014 7:28:00 AM)

ADDISON - Copaken Brooks, a Kansas City-based real estate investor, has purchased the two remaining industrial buildings of a four-building portfolio named the Addison Tech Center Portfolio.

The two buildings — 4555 Excel Pkwy. and 16750 Westgrove Rd. — are part of a four-building, Class A office and industrial portfolio totaling 228,400 sf.

The portfolio is 100 percent leased to tenants including Porter Lighting, Signature Floors, Southwest Solutions Group and Clinical Pathology Laboratory.

The Addison portfolio gives Copaken Brooks a foothold in a strong commercial real estate environment, said Troy Marquis, the firm's chief investment officer.

Read more at the Dallas Business Journal.

Pearland's Shadow Creek reserves 40 acres for mixed-use 

(10/20/2014)

PEARLAND - NewQuest Crosswell has broken ground on a 40-acre mixed-use development, The Reserve at Shadow Creek Ranch, along SH 288 in Shadow Creek Ranch.

It will include up to 300,000 sf of office space, a multifamily project and a 110,000-sf medical facility.

NewQuest Crosswell secured the property for Shadow Creek Ranch, which totals 200 acres, eight years ago and has been selling tracts to national retailers like Sam's Club along with medical providers like Memorial Hermann Healthcare System and Kelsey-Seybold Clinic.

This remaining 40-acre property is the last portion of those 200 acres and is planned to be the most dense. It is also the largest contiguous undeveloped property in the area, according to NewQuest.

Memorial Hermann is currently building a 230,000-sf acute care hospital nearby that will include 64 beds. It is slated to open in December 2015.

Last year, Kelsey-Seybold opened its new 180,000-sf corporate campus housing 1,200 employees. It is located about a mile northwest of The Reserve.

Read more at the Houston Business Journal.

The Woodlands: 205-room Embassy Suites at Hughes Landing 

(10/20/2014)

THE WOODLANDS - The Howard Hughes Corp. has begun construction on a 205-room Embassy Suites Hotel at Hughes Landing. The 172,000-sf hotel is described as an upscale, all-suite, full-service hotel for both business and leisure travelers.

It will include 3,000 sf of meeting and event space, a full-service bar and restaurant, a fitness center and a 4,000-sf rooftop pool deck overlooking Lake Woodlands. It is slated for completion in late 2015.

“The rapid growth at Hughes Landing has created significant demand for a new hotel in the area to effectively serve the needs of our local business and leisure travelers," Paul Layne, executive vice president of master planned communities for The Howard Hughes Corp., said.

The hotel is located within Hughes Landing, a 66-acre mixed-use development, which will include several Class A office buildings, shopping, restaurants, Whole Foods' first Woodlands location and a 390-unit upscale multifamily project called One Lake's Edge.

Two 197,700-sf office buildings — One Hughes Landing and Two Hughes Landing — are already open. Three Hughes Landing, a 12-story, 321,000-sf office building recently broke ground and is expected to be complete the third quarter 2015.

Read more at the Houston Business Journal.

Houston: Ascension rising to 280 units near CityCentre 

(10/20/2014)

HOUSTON - Ascension on the Bayou, a Class A, 280-unit apartment building, is underway. The building is located on 4.2 acres at 150 Sam Houston Pkwy. The property is one mile south of CityCentre and sits across from the east side of Terry Hershey Park.

Ascension features five stories of living over two levels of parking, one underground. The LEED Silver-certified building will be energy efficient and use brick, stone and metal materials in its construction.

Ascension will have one- and two-bedroom units with an average size of 950 sf. Each unit will have a balcony overlooking the bayou or an interior courtyard.

PRD is the developer of the project and expects to deliver the first units in early 2016. Construction began earlier this spring.

Common amenities will include a large clubhouse, multipurpose room, conference room, theater and fitness center. Outside, residents will be able to enjoy a patio with an outdoor grill and fireplace as well as a large courtyard with an infinity-edge pool.

To encourage walkability in this growing urban location, PRD plans to develop a pedestrian and bike path from Ascension under Beltway 8 to Terry Hershey Park.

Read more at the Houston Business Journal.

New shopping center coming at McKinney’s Craig Ranch 

(10/20/2014)

McKINNEY - Developer Encore Enterprises Inc. has bought 20 acres in Craig Ranch where it plans to build a shopping center.

The new project, known as Marketplace at Craig Ranch, will be anchored by a grocery store with infill retail space and pad sites along Custer Rd. and Stacy Rd.

“With the excellent access, quality of the design, and strong trade area, the development will appeal to a wide array of retailers looking to expand into the growing submarket,” Nicholas Barber, President of Encore Retail, said.

Craig Ranch is a 2,200-acre master-planned community located north of SH 121.

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

253,000-SF Downtown Dallas Belo Building sold 

(10/20/2014)

DALLAS - The 17-story Belo Building at 400 S. Record St. has been sold to an international business and investment group after being on the market for several months.

The 235,303-sf office tower was built in 1985 and previously housed the offices for Belo Corp. and other tenants.

Downtown real estate brokers say that the new owners plan a significant upgrade of the tower, which is just across the street from the Omni Dallas Hotel. They plan to consolidate workers from other locations — including outside Dallas — into the property.

The transaction includes a large parking lot across the street from the Omni on Young St. that is a potential development site.

Read more at the Dallas Morning News.

Angelo State's online graduate program ranks nationally  

(10/20/2014)

SAN ANGELO - Angelo State University’s (ASU) College of Graduate Studies has been named one of the Top 50 Online Graduate Programs in the U.S. for the second straight year by GraduatePrograms.com.

Overall, ASU’s graduate program is ranked No. 21 and is joined on the Top 50 list by Lamar University, Texas A&M University, Sam Houston State University and Stephen F. Austin State University.

Programs are ranked utilizing ratings and reviews by more than 20,000 students enrolled in over 500 different online graduate programs. Students rate their respective programs using a ten-star system, with one being the worst and ten the best. ASU’s average ranking is 8.72 stars.

Rankings cover a variety of topics, such as academic competitiveness, career support, financial aid and quality of network. For a given graduate program, rankings are determined by calculating the average score based on the 15 ranking categories.

“The GraduatePrograms.com ranking is a further testament to the quality of our graduate program, which has posted new record enrollments for ten straight long semesters and now includes more than 1,000 students. Many of those students are enrolled in our online programs,” said ASU President Brian J. May.

ASU offers online graduate degree programs in business administration, criminal justice, curriculum and instruction, education, homeland security, nursing, psychology and security studies.

Read more at San Angelo LIVE!

Austin Lakeline Station affordable housing planned 

(10/20/2014)

AUSTIN - Nonprofit Foundation Communities is slated to begin construction on an affordable housing complex near Capital Metro’s Lakeline Station Park & Ride in 2015 to provide low-income families with access to public transportation, retail and jobs.

The property, located in Northwest Austin, is named Lakeline Station Apartments and will be located at 13635 Rutledge Spur Rd.

Upon completion, the property will have 128 units including 13 units dedicated for families transitioning out of homelessness. The complex will have one-, two- and three-bedroom apartments, and average rent for an apartment will be about $650 per month.

Residents who live at Foundation Communities properties typically make an average annual income of $25,000, said Julian Huerta, deputy executive director at Foundation Communities.

Austin-based Foundation Communities offers housing, education and financial planning services to low- and moderate-income families.

The Texas Department of Housing and Community Affairs gifted $30 million in funding to Foundation Communities on July 31 to build three low-income residential properties in Austin, including Lakeline Station Apartments.

Read more at Community Impact Newspaper.

Ag-Power(s) 20,000 SF to replace Tyler store 

(10/19/2014)

TYLER - Ag-Power, a dealer of agricultural and consumer equipment, has broken ground on a new building adjacent to the current store at 14630 Hwy. 155.

The 20,386-sf store will replace the current store and will provide eight service bays to service the area’s community.

The new steel building will be clad in brick veneer with storefront glass in the retail area and will mirror the modern aesthetics and design of the Ag-Power retail store in Athens.

The store is scheduled for completion summer 2015.

Read more at Digital Journal.

Pflugerville chooses 150-acre tract for fourth high school 

(10/18/2014)

PFLUGERVILLE - Pflugerville ISD (PISD) has chosen a 150-acre tract off Weiss Lane near Lake Pflugerville for the district’s fourth high school.

Construction is expected to begin before the end of the year, with the expectation of opening for the 2017-18 school year.

The high school was approved by district voters in May as part of a $287 million bond package and will be home to 2,500 students.

The site is expected to become the home to additional campuses in the future, as the district is seeing most of its growth east of SH 130.

Read more at Community Impact Newspaper.

Behringer $60M bears down on Dallas' 435-unit Lakewood Flats 

(10/17/2014 3:00:00 PM)

DALLAS - The 435-unit Lakewood Flats apartment complex at 7425 La Vista Dr. has been sold for $60.5 million.

The property, which was constructed in 2013, contains approximately 339,000 net rentable sf and consists of 318 one-bedroom apartments with an average size of 645 sf and 117 two-bedroom apartments with an average size of 1,141 sf.

Lakewood Flats is situated on a 13.5-acre site and features two resort-inspired swimming pools, a clubhouse with lounge, gourmet kitchen, game room and a 24-hour fitness facility.

The community was approximately 97 percent leased as of October 7, 2014.

Behringer Harvard Opportunity REIT II Inc. purchased Lakewood Flats from an unaffiliated third party.

Read more at the U.S. Securities and Exchange Commission.

San Antonio spying: NSA jobs to grow by 1,000-plus jobs 

(10/17/2014 11:00:00 AM)

SAN ANTONIO - San Antonio will gain over 1,000 cybersecurity jobs over the next few years, according to Admiral Michael Rogers, director of the National Security Agency and commander of U.S. Cyber Command.

The military is growing a force of about 6,200 people to support its cybersecurity efforts through 2016-17 and a substantial segment of that growth will occur in San Antonio with the expansion of the 24th and 25th Air Forces.

The mission is critical because the potential cost to the nation from cyber attacks on critical infrastructure would reach into the hundreds of billions of dollars.

Read more at the San Antonio Business Journal.

CBRE: Houston industrial 3Q 2014 review 

(10/17/2014 10:59:00 AM)

HOUSTON - Due to the continued growth in the oil and gas industry, Houston’s industrial market continues to be one of the strongest in the nation, according to the third quarter report from CBRE.

Texas is expected to produce more oil and gas than all but one of the OPEC nations in 2014 due to the booming Eagle Ford Shale and Permian Basin, and Houston’s industrial real estate market will profit from that growing production.

The Port of Houston, thanks to the Houston Ship Channel, generates $178 billion annually, 1 million jobs and is the largest chemical port in the world.

In 2013 Houston led the nation in exports for the second consecutive year, according to data recently released by the U.S. International Trade Administration (ITA). The region shipped almost $115 billion in goods overseas, up 4.2 percent from $110.3 billion in 2012.

Houston Industrial Market Statistics 3Q 2014*
Market Rentable
Area SF
Vacancy
Rate
3Q Net
Absorption
(SF)
YTD Net
Absorption
(SF)
Under
Construction
SF
Avg. Asking
Rate
($/SF/Year)
Northwest 133,368,897 4.1% 567,638 1,412,017 3,533,164 $0.78
North 76,848,752 7.9% 518,695 1,279,973 2,032,795 $0.71
Southeast 73,994,055 7.0% 725,058 1,119,672 219,841 $0.68
Southwest 60,769,170 5.4% 166,776 329,607 121,000 $0.78
CBD 53,090,186 5.2% 94,523 227,689 0 $0.53
Total** 471,985,610 5.3% 2,615,636 5,834,743 6,069,644 $0.67

*Ranked by market rentable area.
**Totals are based on all submarkets. Only top five are shown of the seven submarkets.

Click here to see the full Industrial 3Q 2014 report from CBRE.

Also, check out Houston Market Data Sources for more Industrial stats.

Red Tail buys 462,618 SF in Richardson, Carrollton 

(10/17/2014 10:47:00 AM)

CARROLLTON, RICHARDSON - A six-property, 16-building industrial portfolio totaling 462,618 sf has been purchased by Red Tail Acquisitions.

The properties consist of 1360-1420 Presidential Dr. and 850-890 North Dorothy Dr. in Richardson, as well as 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Dr. and 2855 Trinity Square Dr. in Carrollton.

The buildings are 87 percent leased to 41 tenants, which include Optex Systems Inc., Laboratory Corporations of America and Select Cabinet Co.

Red Tail Acquisitions bought the portfolio that included an $18.75 million ten-year, fixed-rate loan.

"The DFW industrial submarket is one of the most established industrial submarkets in Texas," said Tucker Knight, a managing director at HFF, which represented the seller, AEW Capital. "The properties in this portfolio are well-located, quality assets, and I expect them to see an upward trend in leasing."

Read more at the Dallas Business Journal.

Summit's 242,000-SF Fort Worth office sold 

(10/17/2014 10:45:00 AM)

FORT WORTH - The 242,482-sf Summit Office Park just west of downtown has been sold.

The two-building, Class A office complex was constructed in 1974. The eight-story buildings, located at 1200 and 1300 Summit Ave., are 95 percent leased and have 120,396 sf and 122,086 sf, respectively.

The property is valued at $22.3 million by the Tarrant Appraisal District. It includes a parking garage and is situated on about nine acres.

Dallas-based Prescott Realty, which purchased Summit Office Park in 2007, sold the property to Pennybacker Capital.

Read more at the Fort Worth Star-Telegram and the Fort Worth Business Press.

San Antonio: 900,000 SF for Dollar General; 530 jobs 

(10/17/2014 10:44:00 AM)

SAN ANTONIO - Dollar General is building a 900,000-sf distribution center that will employ 530 people once the facility is open.

The center will serve more than 1,000 stores in Texas and the surrounding region. The Tennessee-based retailer will begin hiring people in the summer of 2015 and operations will begin next October.

The distribution center will be built on 110 acres at South Foster Industrial Park.

Dollar General currently has 61 stores in the San Antonio area that collectively employ 460 workers.

Read more at the San Antonio Business Journal.

Texas A&M University-Central Texas huge economic impact 

(10/17/2014 10:43:00 AM)

KILLEEN - Texas A&M University-Central Texas, dubbed the second largest development in the region behind Fort Hood, opened in 2009. At the beginning of the current fall semester, its second building — Warrior Hall — opened.

Warrior Hall is the second of three planned buildings that will make up a centralized area.

In 2007, an economic impact projection was conducted. It predicted the university would have a total annual impact on the region of more than $37 million with 2,500 students enrolled.

Already near that projected enrollment, the impact is higher. According to the Consumer Price Index, with inflation factored in, A&M-Central Texas has an annual impact of about $43 million on the region, which includes Bell, Coryell and Lampasas counties.

The same study projected the annual economic impact of the university at 3,500 and 6,500 students enrolled would be about $54.7 million and $106.5 million, respectively. With inflation, the Consumer Price Index puts the impact at $65 million and $129 million.

Read more at the Killeen Daily Herald.

Click here for the full campus buildout overview.

Pearland: 500,000-SF Shadow Creek High underway 

(10/17/2014 8:00:00 AM)

PEARLAND - The Alvin Independent School District has begun construction on the 500,000-sf Shadow Creek High School. The 72-acre facility will be the third high school in the district.

The school's 2,500 students will be grouped into five learning houses, each with two learning hubs. Each hub will have 240 students and ten teachers. The school will be completed in 2016.

Stantec designed the school. According to Stantec, the school’s design “removes physical barriers, incorporates collaboration space and has an abundance of technology, transparency and natural light.”

Read more at Texas Real Estate Business and ABC13.

ABoR: Austin area home sales Sept. 2014 

(10/17/2014 7:55:00 AM)

AUSTIN - The Austin Board of Realtors has released home sales facts for September 2014. Below is a snippet of cities that you might want to see. There's more at the link below!

• The median price of existing single-family homes decreased to $239,900, down 2.5 percent vs. August 2014.
• Existing single-family home sales decreased 12 percent from August 2014 for a total of 2,160 sold units.
• Condos decreased in price to $201,000, down 4.3 percent vs. August 2014.
• Existing condo sales decreased 20.5 percent from August 2014 for a total of 210 sold units.

Select region cities are represented below along with statistics from the ABoR MLS area as a whole.

Austin Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Sept. 2014
Price Chg.
Sept. 2013
Units Sold
Sept. 2014 
Sale Chg.
Sept. 2013
ACTRIS* (single-family) $239,900 9.0% 2,160 3.6%
ACTRIS (condo) $201,000 6.3% 210 -8.3%
Region Cities**        
Austin $304,000 8.6% 867 0.5%
Round Rock $219,000 12.3% 237 1.7%
Cedar Park $262,750 14.2% 146 15.9%
Georgetown $250,000 13.6% 139 24.1%
Pflugerville $187,000 8.7% 116 2.7%
Leander $194,500 12.4% 102 7.4%
Kyle $163,000 7.2% 72 4.3%
Hutto    $159,000 8.7% 53 0.0%
Buda $200,000 8.1% 35 -30.0%

*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold at least 35 units during September 2014.

See Housing under Austin-Round Rock-San Marcos Market Data Sources or see the full report from the Austin Board of Realtors.

San Antonio: more homes bought, being built 

(10/17/2014)

SAN ANTONIO - Single-home sales and construction continued on their climb last month, according to San Antonio Board of Realtors (SABOR). “Consumer confidence is very prevalent right now,” SABOR President and CEO Angela Shields said.

In September, 2,280 single-family homes were sold, a 13.7 percent jump compared with September 2013, when 2,005 homes were sold. The September figure is lower than August, when 2,468 homes were sold.

The median home price jumped 9.4 percent from $168,800 in September 2013 to $184,700 last month.

SABOR's research also showed that in September more homes in the $200,000 to $500,000 range were sold, accounting for 39.4 percent of total sales, or 5.4 percent more than in September 2013.

Houses priced at less than $200,000 made up 56.1 percent of total sales last month — a 6 percent decrease from September 2013.

The average number of days that houses sold in September sat on the market was 63, six fewer than September 2013.

Read more at the San Antonio Express-News. See more SABOR stats at NewsTalk Texas.

Porter: 70-acre Valley Ranch planned for Montgomery County 

(10/17/2014)

PORTER, MONTGOMERY COUNTY - A new 70-acre, master-planned office park — Valley Ranch Commerce District — is planned for the intersection of Hwy. 59 and the Grand Pkwy. section that is scheduled for completion late 2015.

Plans include up to a total of 1.5 million sf of office space, a full-service hotel and conference facilities. The campus-style setting of the Commerce District will offer users elaborate green space with natural water features and jogging trails.

The project, along with planned medical, residential, retail and entertainment, will comprise the 1,400-acre Valley Ranch master-planned community.

Transwestern vice president Greg Tilton will lease the property on behalf of the owner, The Signorelli Co. of The Woodlands.

“We are looking to draw new tenants from outside the Houston market or from other submarkets, such as The Woodlands, since the project is a great alternative to the higher-priced Woodlands office choices,” said Tilton.

Directly across the Grand Pkwy. and within walking distance of the Commerce District will be the Market District, a 240-acre mixed-use development by Signorelli with a grocery-anchored retail center, a movie theater and other retail tenants, including restaurants.

Read more at Realty News Report and Commercial Property Executive.

$185M Waterside project starting in Fort Worth 

(10/17/2014)

FORT WORTH - Construction will begin next week on the $185 million Waterside development in southwest Fort Worth. The project includes a Whole Foods Market and a 375-unit multifamily community.

Trademark Property Co., in partnership with Sarofim Realty Advisors, closed on the purchase of 63 acres along the Trinity River at Bryant Irvin Rd. and Arborlawn Dr. from the Bryant Irvin Recreation Complex.

Trademark has planned the development for more than a year. In March, the City Council approved $18.5 million in incentives to help build roads and bridges in the project.

Trademark had been under contract to buy the land since May 2013.

Construction is scheduled to begin on October 20 on the initial phase of Waterside, which will include a 45,000-sf Whole Foods Market, space for shops and restaurants and an apartment community by Transwestern Development Co.

Phase one is excepted to be completed spring 2016, according to Trademark.

When completed, Waterside will have about 200,000 sf for shops and restaurants, 20 acres for residential use, 200,000 sf for offices and a signature hotel.

Read more at the Fort Worth Star-Telegram and the Dallas Business Journal.

Checking in The Colony: 125-room Marriott to break ground 

(10/17/2014)

THE COLONY - A five-story, 125-room Marriott Courtyard will soon break ground at Cascades at The Colony on the Sam Rayburn Tollway, about two miles west of the Dallas North Tollway. Completion is scheduled for fall 2015.

The Marriott signals the final phase of the Cascades at The Colony, a 100-acre master-planned commercial and residential community.

Jackson-Shaw is developing the hotel and also has plans to develop three restaurants — which are scheduled to break ground in spring 2015 — for the final phase of construction.

Read more at the Dallas Business Journal.

Avanti seeding Flower Mound $15M senior living 

(10/17/2014)

FLOWER MOUND - Houston-based Avanti Senior Living will build a $15 million assisted-living and memory care community just north of Cross Timbers Rd. and Long Prairie Rd.

Avanti at Flower Mound will have housing for at least 90 seniors in a 77,000-sf building with 50 assisted-living units and 40 memory care suites.

The project will break ground in January. Avanti expects the community will open in spring 2016.

“The layout of the community will give residents easy access to various destinations, including a wellness center with ballet bar and fitness equipment, a theater, a full-service salon and spa,” Tim Hekker, CEO of Avanti, said.

Read more at the Dallas Morning News.

Southlake Recreation Center groundbreaking 

(10/17/2014)

SOUTHLAKE - Phase I of the Southlake Community Recreation Center has broken ground at 315 North Shady Oaks Dr. in the southwest corner of Bicentennial Park.

The first phase of construction will cost approximately $13.9 million and will include a community events hall, a senior center, multipurpose rooms, a lounge, kitchen, lobby and a 2,500-seat amphitheater for a total of 20,500 sf.

Completion is scheduled for August 2015.

Read more at the Community Impact Newspaper.

Breeze brings bucks in Raymondville, Willacy County 

(10/17/2014)

RAYMONDVILLE, WILLACY COUNTY - E.ON Climate & Renewables plans to build about 116 turbines along FM 186 between San Perlita and Raymondville as part of phase two of Magic Valley Wind Farm.

The project will create between 125 and 200 construction jobs during an eight-month period and eight to 15 permanent jobs, said Catalina Ozuna, executive director of the Raymondville Economic Development Corp.

San Perlita ISD will get much of the project’s tax revenue, taxing the turbines at 70 percent of their taxable value, said Agustin Lopez, chief appraiser of the Willacy Appraisal District. Raymondville school district will tax the wind turbines at 30 percent of their taxable value.

Willacy County will generate about $210,000 in yearly tax revenue along with about $260,000 in annual payments in lieu of taxes during a ten-year period.

Willacy County Commissioners gave E.ON an 85 percent tax break as part of an agreement in which the developer will pay the county about $200,000 a year in payment in lieu of taxes. E.ON will also pay the county $1,125 for each megawatt that the wind farm generates, or about $258,000 a year.

So far, E.ON has built 112 wind turbines in an area that stretches from Lyford toward San Perlita as part of the first phase of Magic Valley Wind Farm.

In Lyford, the county’s two wind farms more than tripled the school district’s property tax collection in 2013, when the district generated about $10 million through its taxation of more than 200 turbines within its 356-square-mile boundaries.

In Starr County, Duke Energy is building 247 wind turbines in an area off FM 490 near Pipeline Rd., about 20 miles northeast of Rio Grande City.

In Los Fresnos, Apex Clean Energy plans to build 80 wind turbines along FM 1847 between FM 510 and the Arroyo Colorado.

Read more at The Monitor.

Dallas Airmotive to open 30,000-SF facility at DFW Airport 

(10/17/2014)

DFW AIRPORT - Grapevine-based Dallas Airmotive Inc., a provider of turbine engine overhaul and repair services, has broken ground on its new 20-acre test facility and rotorcraft center at the southern end of Dallas-Fort Worth International Airport.

Plans for the new 30,000-sf facility include a new rotorcraft center and six-cell test facility: three for turbo shaft engines and three for turbo fan engines.

The facility will feature a centralized state-of-the-art control room and a 15,000-sf pre- and post-test preparation area.

The move will help Dallas Airmotive consolidate portions of its turbine engine repair and overhaul business leading to a more streamlined and efficient business model, according to Doug Meador, president of Dallas Airmotive.

Read more at the Dallas Business Journal.

Grapevine Mills to get $40M facelift 

(10/17/2014)

GRAPEVINE - Simon Property Group has announced that the Grapevine Mills Mall will undergo a series of visual and structural updates, valued at $40 million.

The renovations will “de-theme” the mall, eliminating much of the overhead visuals and using lighting and other elements to focus attention on the stores instead, according to General Manager Joe Szymaszek.

The renovations are expected to last until October 2015.

The major focus of the renovations includes raising the storefronts and common areas to the roof deck level.

The renovations will be completed in four phases, with most of the work planned to occur while the mall is closed to limit inconveniences to shoppers and retail outlets. The first phase of the project will focus on the area between the food court and Neighborhood 6.

Read more at Community Impact Newspaper.

San Angelo's $45M medical expansion projects 

(10/16/2014 7:00:00 AM)

SAN ANGELO - Shannon Medical Center and Shannon Clinic have announced six expansion projects totaling $45 million to update facilities and provide additional space.

The largest of the projects is a new $23.8 million, 80,000-sf multi-story medical office building that will be located downtown near Shannon Medical Center on Harris St. Completion is expected in early 2017.

The first floor of the new building will include ancillary services, such as lab and radiology, as well as Shannon’s downtown urgent care location.

The Shannon Ambulatory Surgery Center will add 3,800 sf for patient procedure rooms and preparation and recovery space. The Shannon Southwest Clinic on Sunset will add 1,800 sf of office space for gastroenterology specialists. Both projects are expected to be complete in August 2015, and will cost a combined $3.5 million.

An additional expansion will take place at the Shannon St. John’s Campus on Pulliam with the relocation of the hospital’s Rehab Care Unit.

Construction has already begun on the third floor of the St. John’s facility, and will allow the Rehab Unit to utilize 13,000 sf as it continues to grow. The move will also create 14 additional acute care beds within the main hospital to serve the growing number of patients there.

Another project slated to open in January 2015 is the new 6,500-sf Shannon Urgent Care West location.

The new urgent care location, Shannon’s fourth, will be located at the corner of Sherwood Way and Sunset Dr. at the former Big 5 Sporting Goods building. The space will include nine exam rooms and onsite x-ray and laboratory services.

Shannon Medical Center and Shannon Clinic plan to spend an additional $14 million upgrading all patient rooms over the next two years, the lobbies and waiting areas, and all three floors of the main clinic on Beauregard.

Read more at San Angelo LIVE!

Corpus Christi building permits Sept. 2014 

(10/16/2014 6:43:00 AM)

CORPUS CHRISTI - Commercial and residential permits for September 2014 have been released by the City of Corpus Christi.

City of Corpus Christi Building Permits
New Residential New Commercial
2014 2013 2014 2013
Month Permits Valuation Permits Valuation Permits Valuation Permits Valuation
Jan. 81 $13,926,350 112 $17,650,881 15 $25,860,814 14 $3,032,616
Feb. 114 $17,607,833 88 $13,704,177 18 $45,727,979 28 $8,684,603
March 83 $13,712,134 88 $14,576,746 19 $11,227,623 18 $19,098,042
April 108 $32,936,237 85 $13,702,209 18 $10,422,553 19 $9,687,048
May 95 $15,420,414 84 $23,938,380 28 $12,117,567 18 $11,146,266
June 82 $14,622,895 111 $33,703,070 33 $27,042,716 34 $17,567,784
July 80 $13,611,821 93 $14,836,113 25 $8,829,450 12 $4,098,037
Aug. 87 $14,232,404 136 $31,301,520 22 $3,114,809 28 $20,633,547
Sept. 92 $16,262,307 88 $14,999,463 56 $49,146,522 9 $4,501,391
Totals 822 $152,332,395 885 $178,412,559 234 $193,490,033 180 $94,449,334


Source: City of Corpus Christi

The Sky’s the limit for Wichita Falls 

(10/16/2014)

WICHITA FALLS - The Wichita Falls Regional Airport will receive $5 million as part of the Federal Aviation Administration Military Airport Program (MAP) for 2014. The MAP converts former military airports to civilian use and supports improvements to joint-use airports.

Sheppard AFB/Wichita Falls Municipal Airport was first approved for MAP funding in 2012, and was redesignated in 2014 for one additional year to allow the airport to complete the final phase of the terminal rehabilitation project.

The regional airport is jointly used by area residents and is a main hub for thousands of incoming/outgoing airmen and other military personnel from Sheppard Air Force Base.

The City of Wichita Falls leases the land for the airport from the Air Force. The airport began a $24 million renovation project, scheduled for November 2014 completion, will provide 50,000 sf of new passenger terminal space. The current terminal is 17,487 sf and is more than 50 years old.

Surplus funds from the MAP grant may go toward repair of Armstrong Dr. and some Taxiway C reconstruction, according to John Burrus, the Wichita Falls Aviation and Transportation Director.

Read more at the Wichita Falls Times Record News. Listen to Podcast 231 for this story and other small towns, big deals.

Edinburg's ticket for over $2M IMAX theater 

(10/16/2014)

EDINBURG - Carmike 20 will add an IMAX movie theater, the first one in the Rio Grande Valley. The $2.5 million dollar project could commence as soon as October 2014.

Movie-goers may be able to watch films on an IMAX screen as soon as May 2015.

Currently, the next nearest IMAX movie theaters to the Valley are in Corpus Christi or Monterrey.

Read more at ValleyCentral.com.

Listen to Podcast 231 for Small Towns, Big Deals.

Walmart shopping Devine and Universal City 

(10/16/2014)

DEVINE, UNIVERSAL CITY - A 126,000-sf Walmart Supercenter has opened its doors at 175 I-35 North in Devine. The estimated cost of construction was $7.3 million, according to state filings.

The store will create approximately 200 full- and part-time jobs.

In Universal City, Walmart will also start construction on a $13.5 million store and gas station at 510 Kitty Hawk Rd. Universal City will land its first Walmart store sometime in 2016.
 

Read more at the San Antonio Express-News.

Listen to Podcast 213 for this story and more.

$240M to unplug terminals on Houston Ship Channel 

(10/16/2014)

PASADENA, GALENA PARK - Kinder Morgan Energy Partners LP will invest $240 million to expand its Pasadena and Galena Park terminals.

The project will provide additional infrastructure to help meet growing demand for refined product storage and dock services along the Houston Ship Channel.

The project will include the construction of 2.1 million barrels of storage between the two terminals. The company will also construct a new ship dock capable of handling ocean going vessels and add infrastructure improvements at its Galena Park Terminal.

The project is backstopped by long-term contracts with existing customers. The new ship dock and the existing Galena Park ship docks will be capable of loading vessels at rates up to 15,000 barrels per hour.

“The new tankage will provide refined product producers and traders the ability to send more barrels to the water for international exports or to the network of pipelines for domestic use,” said John Schlosser, president of Kinder Morgan Terminals. “Kinder Morgan will now have nine ship docks on the Houston Ship Channel and will double the load rates on existing docks.”

Kinder Morgan is the largest midstream and the third largest energy company in North America with a combined enterprise value of approximately $120 billion.

Read more at Business Wire.

Nordstrom Racks up 31,000 SF in Clear Lake's Baybrook Square 

(10/16/2014)

CLEAR LAKE - Nordstrom Rack is adding a 31,000-sf shop at Baybrook Square, located at the southwest corner of I-45 and West Bay Area Blvd. across the street from Baybrook Mall, which is currently undergoing a multimillion-dollar expansion.

The store is set to open next spring and will be the fifth location to open in the greater Houston area. The store will move into the space that was occupied by the DSW shoe store.

The 295,000-sf Baybrook Square is almost 100 percent leased and has more than 30 tenants including Old Navy, DSW, Marshalls HomeGoods, Sun & Ski Sports and Office Depot. It is managed by Fidelis Realty Partners.

Read more at the Houston Chronicle. For more information on the Baybrook Mall expansion, see previous story Friendswood Baybrook Mall growing to 1.7M SF.

Spring Valley Village: five-story office, retail underway 

(10/16/2014)

SPRING VALLEY, HARRIS COUNTY - Spring Valley Village, a five-story building encompassing four floors of office space and 14,000 sf on the ground floor for retail and restaurants, is underway.

"It's nice to see something happening there again," Spring Valley City Councilman Marcus Vajdos said referring to the site, which has sat vacant for the past eight years.

The Stoller Group, which develops and sells plant performance products, partnered with real estate development and management firm Ersa Grae Corp. to construct and manage the building, located at the northeast corner of Katy Fwy. and Campbell Rd.

The building will allow Stoller to consolidate such entities as StollerUSA, Stoller International, Stoller Enterprises and its nonprofit the Stoller Foundation and bring the 75 employees under one roof.

The Stoller Group will occupy at least two floors, while the rest of the space will be leased. The company move is slated for October 2015.

The Stoller project is the first of four commercial real estate projects approved by City Council for the area. A similar six-story office building will be built across the street from Spring Valley Village, and a third commercial building and a medical building are in the works.

Read more at the Houston Chronicle.

Home is where the Heartis in San Antonio 

(10/16/2014)

SAN ANTONIO - Dallas-based Caddis Partners plans to develop a 101-unit assisted-living and memory care complex in far North Central San Antonio near Huebner Rd. and Churchill Estates Blvd.

The Texas Department of Licensing and Regulation shows that the 86,000-sf development will cost $12.3 million to construct.

The facility will be branded as Heartis San Antonio and will house 77 assisted-living units and 24 secured memory-care units.

The project will be operated by Frontier Management and construction is slated to begin in November.

Read more at the San Antonio Business Journal.

Amarillo construction on the rise 

(10/16/2014)

AMARILLO - Through third quarter 2014, the City of Amarillo issued permits for projects worth $411 million, compared with $350 million in projects through 3Q 2013, according to an Amarillo Globe-News analysis of city permit reports.

Amarillo Construction Permits
Jan. 1 to Sept. 30
Year Single-Family Total
Construction
Value*
Permit # Value
2014 341 $91.4 million $411 million
2013 370 $95.7 million $350 million
2012 384 $95.4 million $254 million
2011 429 $99.1 million $219 million
2010 401 $93.2 million $245 million

*all projects

Read more at the Amarillo Globe-News.

Longview's Autumnwood Apartments sold 

(10/16/2014)

LONGVIEW - The 160-unit Autumnwood Apartments at 300 Lake Lamond Rd. has been sold.

Constructed in 1971, the property is situated on almost eight acres and consists of ten two-story buildings.

Autumnwood Apartments has a unit mix of 32 one-bedroom units of 665 sf each, 96 two-bedroom units of 905 sf each, and 96 three-bedroom units of 1,088 sf each.

Source: Marcus & Millichap Real Estate Investment Services

90,000 Homes sold in Houston — strongest 12 months ever 

(10/15/2014 1:00:00 PM)

HOUSTON - Single-family homes are selling at a record pace in Houston. Not only did sales hit the highest total ever for a September, but the yearly totals are record-setting as well.

Over the 12 months ending Sept. 30, a total of 90,124 homes were sold in the Houston area, a 4.4 percent increase over the comparable period of last year.

It was the first time ever that Houston recorded more than 90,000 sales in a 12-month period, according to the Greater Houston Partnership.

The total volume of all properties sold through the Houston Association of Realtors (HAR) totaled $2 billion in September, up about 16 percent from a year ago.

Some observers predicted that the Houston housing market would taper off slightly in 2014, but the negativity failed to materialize. The incredibly tight inventory did not derail the market and job growth took off on an upward sprint.

Mortgage interest rates remain low, not much over 4 percent for 30-year home loans, and that is not expected to change much for the remainder the year.

The Houston economy has been surging as the energy industry has led Houston to be the national leader in job growth. Thousands of people are relocating to the Bayou City every month.

Read more at Realty News Report. To see HAR's Houston home sales stats for September 2014, click here.

Bedford, Rockwall, Grapevine, Irving homes sold Sept. 2014 

(10/15/2014 9:00:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems (NTREIS) released home sales facts for September 2014. Below is a snippet of cities that you might want to see. There's more at the link below!

Some quick facts include:

• The median price of existing homes decreased to $180,000, down 4.9 percent from August 2014.
• Existing home sales decreased 18.9 percent from August 2014 for a total of 6,594 sold units.
• Condos increased in price to $162,500, up 8.4 percent from August 2014.
• Existing condo sales decreased 16.7 percent from August 2014 for a total of 423 sold units.

NTREIS Sept. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Sept. 2014
Price Chg.
vs. Sept. 2013
Units Sold
Sept. 2014
Sales Chg.
vs. Sept. 2013
NTREIS (single-family) $180,000 5.9% 6,594 -4.5%
NTREIS (condo) $162,500 17.8% 423 -12.2%
Region Cities*        
Bedford $182,600 -7.3% 45 25.0%
Rockwall $209,900 9.5% 67 19.6%
Grapevine $267,450 15.8% 52 18.2%
Lancaster $117,950 24.3% 20 17.6%
Irving $200,000 8.1% 104 16.9%
Granbury $179,900 4.6% 67 9.8%
Forney $165,950 6.1% 54 8.0%

*Data include single-family only and represent seven select region cities sorted by percent increase in units sold when compared to August 2013.

See Housing under Dallas-Fort Worth-Arlington Market Data Sources or see the full report from North Texas Real Estate Information Systems.

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