NewsTalk Texas

Colliers: The Woodlands 2Q 2015 Office Snapshot 

(7/28/2015 10:00:00 AM)

THE WOODLANDS - Class A rents increased slightly over the quarter while Class B rents remained flat, according to Colliers International Market Office Snapshot 2Q 2015.

Positive net absorption and new supply reflected the continuation of ExxonMobil’s relocation into Phase III of its new campus.

Construction activity remains slow as proposed projects are still on hold due to the slump in energy prices.

The Woodlands Office Snapshot 2Q 2015
  Inventory Direct Vacancy Vacancy Rate Net Absorption (SF) Rental
Rate
Class Bldgs. Total (SF) (SF) Rate 2Q 2015 1Q 2015 2Q 2015 1Q 2015 Avg. (SF)
A 32 9,251,755 434,129 4.7% 5.2% 5.0% 452,559 1,671,730 $35.60
B 70 4,426,517 442,448 10.0% 10.7% 8.1% -115,935 762 $24.66
C 5 338,038 1,000 0.3% 0.3% 0.3% 0 0 $19.80
Total 107 14,016,310 877,577 6.3% 6.9% 5.9% 336,624 1,672,492 $30.28


See The Woodlands Office Research Snapshot 2Q 2015 (PDF) for the full report.

Free and easy data? See more quarterly reports under Houston Market Research under Office.

Fort Hood marches with $25B economic impact 

(7/28/2015 9:00:00 AM)

FORT HOOD - USAG Fort Hood has issued its latest 2015 Economic Impact Fact Sheet for Fort Hood and the surrounding areas. The annual economic impact on Texas Economy totaled $25.3 billion.

Fort Hood has 6,374 buildings and structures containing over 37 million sf. The Economic Impact Region includes the 218,823 total acres in USAG Fort Hood.

Supported population of 370,012 combines 245,589 retirees, survivors and family members, 71,599 post population (less deployed soldiers) and 52,824 off-post family members.

Among the 76,062 on post population are 40,820 military assigned (includes 4,463 deployed), 15,933 on post family members and 760 KISD on post school staff and employees.

For the full report, see the 2015 Fort Hood Fact Sheet.

50,000-SF Mustang Creek Industrial Park to Taylor 

(7/28/2015 8:00:00 AM)

TAYLOR - The Taylor Economic Development Corporation (TEDC) has broken ground for the construction of its new 50,000-sf industrial/manufacturing facility in Mustang Creek Industrial Park.

The building will be available for occupancy before the end of 2015.

TEDC plans to build a total of three buildings of this size and fill them within the next 60 months.

Read more from Texas Real Estate Business.

For more information on land grant incentives, see the Build on Our Lot program from TEDC.

CBRE: Houston North by NW industrial leases high in 2Q 2015 

(7/28/2015 7:30:00 AM)

HOUSTON - Building on a record year, during the first five months of 2015, the Port of Houston Authority handled more than 16 million tons of cargo, an increase of 9 percent, compared to the same period last year.

Even though leasing activity has taken a breather, second quarter 2015 posted positive net absorption of 1.1 million sf, and the market has seen 17 consecutive quarters of positive net absorption.

Construction remains on the fast track with 72 buildings underway, totaling 10.3 million sf in the greater Houston industrial market.

Houston Industrial Market Statistics 2Q 2015*
Market Rentable
Area
(SF)
Vacancy
Rate
2Q 2015
Net
Absorption
(SF)
Under
Construction
(SF)
Avg. Asking
Rate
($/SF/Yr)
Northwest 138,146,402 4.7% 144,708 6,294,869 0.79
North 80,459,789 8.1% 386,551 1,860,611 0.72
Southeast 77,490,632 3.6% 123,970 947,827 0.71
Southwest 62,541,580 4.7% 427,222 1,129,046 0.79
CBD 53,117,266 4.9% -33,860 22,800 0.55
Totals** 487,063,332 4.8% 1,149,402 10,325,153 0.69


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

Source: CBRE

Full report? CBRE's Houston Industrial MarketView 2Q 2015 (PDF)

Also see Houston Market Research and Houston NewsTalk.

Downtown Fort Worth residential stats 2Q 2015 

(7/28/2015 7:30:00 AM)

FORT WORTH - Apartment occupancy and rental rates as well as the residential sales price range for Downtown Fort Worth for second quarter 2015 are available.

Apartment Occupancy and Rental Rates Downtown Fort Worth
Apartments 2Q 2013 2Q 2014 2Q 2015
Occupancy 96.6% 94.6% 97.8%
Average rent $1,680 $1,670 $1,743
Average rent/SF $1.57 $1.53 $1.69

Residential Sales Price Range Downtown Fort Worth
Price 2Q 2013 2Q 2014 2Q 2015
Low $111,000 $131,000 $134,800
Median $200,000 $223,500 $300,450
High $575,000 $812,000 $780,000


Data presented in this report are derived from the North Texas Real Estate Information System’s MLS which covers 29 counties in North Texas. This report excludes non-MLS sales.

Click to see the full Residential Focus Report 2Q 2015 (PDF).

Source: Downtown Fort Worth Inc.

Click DFW NewsTalk Texas or DFW Market Research for free data.

Conroe: 2,046-acre Grand Central Park out of the woods 

(7/28/2015 6:00:00 AM)

CONROE - The Johnson Development Corp. has big plans for its newest master-planned community, Grand Central Park.

The Houston developer revealed the master plan for the 2,046-acre wooded property, located on the southwest corner of I-45 North and Loop 336 in Conroe.

Johnson Development purchased the former Camp Strake property from the Sam Houston Area Council Boy Scouts of America in November 2013.

The master plan for Grand Central Park calls for traditional single-family homes, townhomes, apartments, condominiums, offices, retail shops, hotels and conference centers, as well as Montgomery County’s first medical school.

Johnson Development wanted to create a “distinct forest living experience with a decidedly urban feel” in Grand Central Park.

The developer said it is taking a careful approach, developing only a third of the property and protecting more than 1,200 acres of woodlands and 100 acres of lakes.

Read more at the Houston Business Journal.

Music to Texas A&M ears: $4M donation to $40M complex 

(7/28/2015)

COLLEGE STATION - The Texas A&M Foundation recently received $4 million in contributions to help build a new $40 million music activities center to serve as the home of the Texas A&M Band.

"The new facility — to be located on the current Duncan Drill Field site — will replace the E.V. Adams Band Hall and be completed in 2017," said Timothy Rhea, director of bands.

The donors are Anne and David Dunlap of The Woodlands, who contributed $3 million; Patti and Weldon Kruger of College Station, who donated $1 million; and Elizabeth and Paul Motheral of Spicewood, who gave the Foundation a deed to a home on Lake Travis in Austin.

The 100-yard artificial drill field will be named the Dunlap Drill Field, a plaza will be designated as the Patricia C. and Weldon D. Kruger '53 Plaza and a rehearsal hall is to be named to honor the Motheral couple, Rhea said.

Current plans are for the university to provide half of the funding for the new music complex while donations will be used to pay for the remaining $20 million in costs.

Read more at Texas Government Insider.

McKinney’s Craig Ranch wrangles $130M in development 

(7/28/2015)

McKINNEY - McKinney’s Craig Ranch has completed more than $130 million in commercial real estate deals that will add new retail and office projects to the popular Collin County community.

Construction is underway on the Marketplace at Craig Ranch, a 100,000-sf shopping center at Custer and Stacy roads that will include a supermarket and additional retailers. Encore Enterprises Inc. has bought 20 acres for the retail center.

Development sites have also been sold for a Moviehouse & Eatery cinema near the northeast corner of Craig Ranch Pkwy and SH 121. The theater chain is building a 10-screen, 40,000-sf facility on the property, which will open late this year.

Sewell Automotive Cos. has also purchased 10.5 acres near the northwest corner of SH 121 and Stacy Rd. to build an Audi dealership. The dealership will be about 65,000 sf and will employ 100 people.

Construction is underway on the second, 333-unit phase of Craig Ranch’s Parkside luxury apartment community at Custer and Collin-McKinney roads.

“We are approaching $1 billion in value in Craig Ranch,” said developer David Craig.

Read more at the Dallas Morning News.

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Lone Star propels 50,000-SF center to Generation Park 

(7/28/2015)

HOUSTON - Lone Star College will build a 50,000-sf Process Technology Center on 8.3 acres of land in the 4,000-acre Generation Park.

The center will prepare students for technical careers in the energy industry.

Using funds from a $485 million bond package the college passed last November, Lone Star College purchased six acres of land. The other 2.3 acres were donated by McCord Development.

"We are moving quickly to address the key employment issues facing Houston companies today," said Dr. Katherine Persson, Lone Star College, Kingwood President. "This Process Technology Center will prepare students with the critical skills that are in high demand from the world's leading oil and gas companies."

Read more at the Houston Business Journal.

Don’t forget! Click Houston Market Research and Houston NewsTalk.

Houston hotel market 1Q 2015 

(7/28/2015)

HOUSTON - Source Strategies Inc. has released Houston occupancy, revenue and room data for first quarter 2015.

Houston Hotel / Motel Performance 1Q 2015*
  Number of
Rooms
$ Room Revenues
(000's)
Occupancy
  2014 2015 %
Chg.
2014 2015 %
Chg.
2014 2015 Point
Chg.
Houston 51,136 52,294 2.3 395,835 406,246 2.6 73.5 71.2 -2.4
Galveston 4,857 4,856 0.0 24,283 27,526 13.4 42.8 47.4 4.6
The Woodlands 1,964 2,261 15.1 21,609 26,146 21.0 71.3 72.7 1.4
Webster 1,868 1,868 0.0 8,323 8,923 7.2 73.8 71.4 -2.4
Baytown 1,639 1,674 2.1 6,893 7,783 12.9 73.2 73.7 0.5
Humble 1,503 1,654 10.0 7,172 7,732 7.8 72.4 69.9 -2.6
Total** 82,239 84,342 2.6 557,084 585,550 5.1 70.2 69.0 -1.1


*Ranked by 1Q 2015 number of rooms.
**Total includes all submarkets of the Houston area.

Source: Source Strategies Inc.

See more hotel data under Houston Market Research.

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Fourth & brings residential and office space to East Austin 

(7/28/2015)

AUSTIN - A 130,000-sf residential condo and commercial project — named Fourth & — will be built at Fourth and Chicon streets in a flourishing area of East Austin.

Rance Clouse, founder of Capsa Ventures LLC, said demolition on an existing warehouse will begin by August 1. The project — 97 residential units and 42,000 sf of commercial space — is expected to be finished by fall 2016.

The residential units range from 512 sf to 1,465 sf. Prices will start at about $235,000 for a studio and top out around $600,000.

The commercial space could be purchased for offices or studios and some limited retails uses. A business could purchase up to 15,000 sf of contiguous space or as small as 750 sf. Prices for commercial space range from $330 to $365 per sf.

Amenities include reserved and guest parking, a dog wash, public showers along the adjacent bike trail, an amenity deck with outdoor grills and a conference room.

Read more at the Austin Business Journal.

Click Austin NewsTalk Texas and Austin Market Research.

Houston: Richland Cos. acquires 53,872-SF office space 

(7/27/2015)

HOUSTON - The Richland Cos. has acquired 550 Post Oak from Japan-based Synerfac, an oil and gas company, and will move its corporate headquarters to the West Loop building.

The 53,872-sf, six-story, brick building is on the northeast corner of Post Oak Blvd. and Post Oak Park. The property sits on approximately one acre and offers amenities such as card-key access, onsite management and podium-style parking.

Additional amenities will include a gym/workout facility available to tenants, along with onsite car washing services, laundry and dry-cleaning pickup and gourmet food trucks twice a week.

Read more at GlobeSt.com

ACU leases 25,000 SF for Addison campus 

(7/27/2015)

ADDISON - Abilene Christian University (ACU) has rented office space in Addison for a new campus.

The Christian education organization has rented 25,000 sf in the One Hanover Park office building at 16633 North Dallas Pkwy.

Founded in 1906 in Abilene, ACU has an enrollment of close to 5,000 students.

Built in 1998, the eight-story One Hanover Park is 96 percent occupied.

Read more at the Dallas Morning News.

Pharr Town Center's $5M expansion not far off 

(7/27/2015)

PHARR - A $5.3 million expansion is set to begin next month at Pharr Town Center, located at Jackson Rd. and Expressway 83.

Filings with the Texas Department of Licensing and Regulation show 125,951-sf and 12,360-sf developments set to begin work in August 2015 and continue into April 2016.

The project is being constructed by McAllen Levcal, also known as Levcor, which owns Pharr Town Center. The site has not undergone redevelopment since the demolition of El Centro Mall.

Read more at The Monitor.

Waco: tractors, combines to new John Deere on I-35 

(7/27/2015)

WACO - A new John Deere dealership is taking shape on I-35 and is expected to open January 2016.

At 40,000 sf, the multimillion-dollar dealership dotes on farm combines and four-wheel-drive tractors priced at $300,000 and utility vehicles running $15,000 to $20,000.

The facility is almost twice as large as Neuhaus’ Brazos Valley Equipment building at 1601 LaSalle Ave., where John Deere products have been sold since 1964 and Neuhaus has been dealing since 1980.

Construction crews have nearly completed the steel skeleton for the new dealership, which will sell farm and ranch equipment, parts and attachments.

Read more at the Waco Tribune-Herald.

60,000-SF office building planted in Pearland Town Center 

(7/27/2015)

PEARLAND - CBL Properties, a Tennessee-based REIT, is developing a 60,000-sf office building in Pearland Town Center, a large mixed-used project just south of Houston.

The existing office space in the project is 96 percent leased and rents are strong, reports broker Lilly Golden of Evergreen Commercial Realty.

Pearland Town Center is located on 110 acres at the southwest corner of Hwy. 288 and FM 518.

Read more at Realty News Report.

San Antonio: Hotel Emma hiring 175 employees before opening 

(7/27/2015)

SAN ANTONIO - Hotel Emma, the 146-room hotel set inside the historic Pearl brewery, plans to open October 5, 2015.

Management is currently working to hire 175 employees.

The hotel will be managed by Kimpton Hotels and Restaurants, who was purchased by InterContinental Hotels Group for $430 million.

Read more at the San Antonio Business Journal.

168-Unit Sierra Hermosa in Fort Worth sold 

(7/27/2015)

FORT WORTH - Sierra Hermosa Apartments, a 168-unit apartment property located at 3254 Las Vegas Trail, has been sold.

Sierra Hermosa Apartments offers one- and two-bedroom units ranging from 735 to 1200 sf. Rents range from $470 to $570 at the community.

Sierra Hermosa Apartments — built in 1970 — is located near West Camp Bowie Blvd. with access to Hwy. 820 and I-30.

Read more from Texas Real Estate Business.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

Tomball: 380-unit Alexan Creekside surfs to Francis Property 

(7/27/2015)

TOMBALL - ARA Newmark has arranged the sale of Alexan Creekside, a 380-unit, Class A apartment complex located at 8627 Hufsmith Rd.

Los Angeles-based Francis Property Management purchased the property from Trammell Crow Residential and The Carlyle Group.

Constructed in 2014, Alexan Creekside is located near The Woodlands’ 3,500-acre Creekside Park.

Read more at Texas Real Estate Business.

Fort Worth: Galderma saddles up for $14M facility 

(7/27/2015)

FORT WORTH - Fort Worth-based Galderma Laboratories LP plans to expand its U.S. headquarters with a new 100,000-sf facility in the I-35W corridor in north Fort Worth that will become home to 302 new jobs.

Galderma plans to invest nearly $14 million in building the new medical products facility at the northeast corner of Texas Longhorn Way and Heritage Pkwy.

As it expands its U.S. headquarters, Galderma will retain its 280 full-time employees, with plans to grow its workforce in phases. The company plans to create 40 new full-time jobs by December 31, 2016, increasing that number by an additional 302 full-time employees by December 31, 2020.

Read more at the Dallas Business Journal.

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Conn's to add 240 employees in Beaumont-Port Arthur 

(7/27/2015)

BEAUMONT-PORT ARTHUR - Conn's, the Southeast Texas-based national retail chain, plans to hire 240 employees in the Beaumont area as it continues to build new stores throughout the country.

The new positions, which range from entry-level to management, will add to the 800 existing Conn's jobs in Beaumont-Port Arthur.

Conn's operates three stores and a warehouse in Beaumont-Port Arthur.

Read more at the Beaumont Enterprise.

June 2015: Austin-area home sales top 3,000 sales 

(7/24/2015)

AUSTIN - Austin-area home sales topped 3,000 sales for the first time since July 2013, increasing 5 percent year-over-year to 3,051 sales for the month of June, according to the Multiple Listing Service (MLS) report released July 21 by the Austin Board of Realtors (ABOR).

Mid-year statistics show that Austin-area home sales increased an average of 4 percent year-over-year to 13,917, putting 2015 on pace to potentially exceed 2014’s historical high in sales volume.

According to the report, the median price for Austin-area single-family homes increased 8 percent year-over-year to $272,250 in June 2015, while average price increased 2 percent to $333,866 during the same time frame.

Keeping with the upward trend over the last several months, less than three in ten single-family homes sold in the Austin area were priced below $200,000.

While new listings increased by 3 percent to 3,812 for June 2015, inventory held steady at 2.8 months, remaining well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.

June 2015 Statistics include:

  • 3,051 – Single-family homes sold, 5 percent more than June 2014.
  • $272,250 – Median price for single-family homes, 8 percent more than June 2014.
  • $333,866 – Average price for single-family homes, 2 percent more than June 2014.
  • 42 – Average number of days single-family homes spent on the market, three days more than June 2014.
  • 3,812 – New single-family home listings on the market, 3 percent more than June 2014.
  • 6,701 – Active single-family home listings on the market, 4 percent more than June 2014.
  • 3,023 – Pending sales for single-family homes, 8 percent more than June 2014.
  • 2.8 – Months of inventory* of single-family homes, unchanged compared to June 2014.
  • $1,018,625,166 – Total dollar volume of single-family properties sold, 8 percent more than June 2014.


*The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Source: ABOR

Click Austin NewsTalk Texas and Austin Market Research.

CBRE: DFW industrial 2Q 2015 marketview 

(7/24/2015)

DALLAS-FORT WORTH - Second quarter 2015 marks the 19th consecutive quarter of positive net absorption for the DFW industrial market as it posted 4.2 million sf in total market absorption, according to CBRE’s Industrial Marketview 2Q 2015.

Deliveries totaled 3.8 million sf in 2Q 2015, less than half the amount of completions from last quarter, when DFW posted the highest amount of quarterly new inventory in CBRE’s tracked history.

Because of the fewer deliveries and steady amount of starts, the under construction pipeline remained relatively flat over the quarter, totaling just over 14 million sf of projects underway.

DFW Industrial Market Statistics 2Q 2015
Market Rentable
Area
(SF)
Available
(SF)
Vacancy
Rate
2Q 2015
Net
Absorption
(SF)
Avg. Asking
Rate ($/SF/Yr)
Industrial
Avg. Asking
Rate ($/SF/Yr)
Flex
Dallas total 480,354,152 53,031,227 7.8% 3,251,394 4.26 8.36
Fort Worth total 242,717,537 22,930,822 6.5% 932,735 3.93 6.68
Totals* 723,071,689 75,962,049 7.4% 4,184,129 4.11 8.25


*Totals are based on all submarkets in Dallas and Fort Worth.

Source: CBRE

For the full report, click DFW Industrial MarketView 2Q 2015 (PDF).

Also see DFW Market Research and DFW NewsTalk.

NTREIS: Abilene, Callahan, Jones, Taylor home sales 2Q 2015 

(7/24/2015)

CALLAHAN, JONES, TAYLOR COUNTIES - North Texas Real Estate Information System (NTREIS) has released home sales data for second quarter 2015. The chart below reflects the Abilene area MLS.

2Q 2015 Abilene MLS
  Median Sales
Price
Avg. Sales
Price
Homes for
Sale
DOM* Months
Supply
Callahan County $99,000 $119,756 46 119 4.6
Jones County $106,500 $119,589 53 167 8.3
Taylor County $149,900 $166,770 521 81 3.7


*Days on Market

Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 2Q 2015 (PDF) for more information.

How's the tide? Corpus Christi June 2015 housing trends 

(7/24/2015)

CORPUS CHRISTI - The Texas Association of Realtors (TAR) has released local market trend numbers for June 2015.

Corpus Christi June 2015 Market Trends
Category June 2014 June 2015 Change
Median sold price $168,000 $187,000 11.31%
New listings 454 490 7.93%
Average days on market 119 102 -14.29%
Closed sales 354 349 -1.41%
Under contract 324 350 8.02%
Months supply of inventory 3.60 3.40 -5.56%


For more market trends, please visit the Texas Association of Realtors.

Farmer Bros. spills the beans in 500,000-SF HQ in Northlake 

(7/23/2015 3:00:00 PM)

NORTHLAKE, DENTON COUNTY - It has been several months since Torrance, California-based Farmer Bros. Co. revealed plans to leave its California roots to plant its corporate office in North Texas.

The 103-year-old manufacturer, wholesaler and distributor of coffee, tea and other food items plans to break ground on its new 500,000-sf office and distribution center in Northlake on August 11.

The company's new headquarters will be a $40 million headquarters campus near Texas Motor Speedway on I-35W.

The company plans to employ more than 300 workers at the new Northlake facility, which will be LEED certified with roasting equipment and a 1,000-sf teaching lab.

Read more at the Dallas Business Journal.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

Illinois buyer digs The Highlands of Flower Mound with $45M 

(7/23/2015 11:00:00 AM)

FLOWER MOUND - The Highlands of Flower Mound shopping center on Long Prairie Rd. has sold for $45.75 million.

The 169,447-sf retail center — bought by InvenTrust Properties Corp. — is 96 percent occupied by tenants including Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City.

Read more at the Dallas Morning News.

You can link (or just click) Dallas-Fort Worth Market Research for quarterly reports and/or Dallas-Fort Worth NewsTalk to your own website or blog.

1,110 Units Spring Branches to sale in Houston  

(7/23/2015 11:00:00 AM)

HOUSTON - Three adjacent multifamily properties totaling more than 1,100 units in the Spring Branch submarket have been acquired.

Los Angeles-based Nimes Capital — the private investment arm of Nazarian Enterprises — acquired the properties with a plan to renovate the units; the firm will also update the exteriors and improve common-area amenities.

The communities are Kempwood Hollow, Kempwood Place and Spring Shadows.

  • Kempwood Hollow, located at 9999 Kempwood Dr., are a mix of one- and two-bedroom units ranging from 765 sf to 1,110 sf.
  • Kempwood Place, located at 10,010 Kempwood Dr., are a mix of one- and two-bedroom units ranging from 607 sf to 903 sf.
  • Spring Shadows, located at 10,105 Kempwood Dr., are a mix of one-, two- and three-bedroom units ranging from 555 sf to 1,296 sf.


Read more at Globe St.

2,000-Acre Viridian community in Arlington sold 

(7/23/2015 10:00:00 AM)

ARLINGTON - The Viridian community, one of North Texas’ largest residential developments, has a new owner.

The Johnson Development Corp. and Tricon Capital Group Inc. have purchased the 2,083-acre Viridian community in Arlington.

The community — located just west of SH 360 along the Trinity River — was acquired from a company controlled by CrossHarbor Capital Partners of Boston.

Viridian was started in 2011 and is expected total $1.5 billion in value at completion.

About 1,000 home lots in Viridian have been contracted for sale to ten home builders. About 700 lot sales have already closed.

Development plans for Viridian include the addition of a 10,000-sf event center, swimming pool, event lawn, two tennis courts and a basketball court in the second phase.

Viridian has 500 acres of parks, recreational areas, trails and open spaces with another 600 acres of lakes and water features. The community also has about 20 miles of paved trails.

New homes at Viridian start at more than $200,000.

Read more at the Dallas Morning News.

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Green Brick lays $900M Rosewood community plans to Plano 

(7/23/2015 9:55:00 AM)

PLANO - A Plano mixed-use development is getting a new home community as Green Brick Partners Inc. bought land in the Heritage Creekside for 135 homes.

The $900 million mixed-use development is being built by Rosewood Property Co. on Bush Turnpike just west of US Hwy. 75.

The 156-acre development is planned to include offices, retail, restaurants apartments and homes.

Rosewood Property and Carbon Thompson are already building 327 apartments in the first phase of Heritage Creekside. Three restaurant and retail sites along Plano Parkway area also opening in the first phase next year.

The entire development is planned for 2.3 million sf of office space, 50,000 sf of retail and restaurants, a 15-story hotel, more apartments and single-family homes.

Read more at the Dallas Morning News.

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Tyler home sales high, inventory low 

(7/23/2015)

TYLER - The latest numbers from the Greater Tyler Association of Realtors (GTAR) show the average number of days a home spends on the market is creeping down, even as the number of sales and the average prices are rising.

“The days-on-market are shorter every month of the year so far,” says GTAR’s Claudia Carroll. “That means it’s a little more of a seller’s market. There are buyers out there waiting for things to come on the market.”

That is a statewide trend, according to the Texas A&M Real Estate Center. Research Economist Dr. Jim Gaines said in a release that the state is seeing high demand and low inventory.

“As long as inventory stays tight, and as long as demand stays high relative to supply, we’re going to keep seeing these kinds of price increases,” Gaines said.

The 216 homes sold in Smith County in May showed an increase of 15 percent from April’s 188 homes. It is also up slightly (about 1 percent) from May 2014’s 214 homes.

There are some important trends evident in the newest GTAR numbers — one is number of days-on-market. In the past 12 months, that number has been as high as 84. In May, it was down to 65, from April’s 73 and March’s 74. That trend shows how eager buyers are.

The average price rose about 6 percent, from April’s $199,262 to $211,579. That is a record for Smith County. The median for May was $172,500, up about 6 percent from April’s $162,500, and May 2014’s $161,400.

Read more at the Tyler Morning Telegraph.

Home Zone sold in Wichita Falls 

(7/23/2015)

WICHITA FALLS - Home Zone, a 37,500-sf, single-tenant retail building on 4.13 acres has been sold.

Located at 3921 Fairway Blvd., Home Zone is situated along US Hwy. 82, one of several highways leading into Wichita Falls.

Read more from Texas Real Estate Business.

Dallas’ Infomart unveils $40M upgrade plans 

(7/23/2015)

DALLAS - The owners of Dallas’ Infomart are making $40 million in upgrades to the building — the first of many improvements to make the landmark property more attractive to data center tenants.

About 60 percent of the filigree-clad building northwest of downtown is already used for data center space. Out front construction has already started on additional power generator facilities to serve the data center tenants in the building.

Infomart has just built its own 24,000-sf wholesale data center facility that will contract with clients.

About 90 percent of the 1.6 million-sf building at 1950 N. Stemmons Fwy. is rented, Infomart Data Centers president John Sheputis said.

The owners are working on plans for a 330,000-sf expansion building that would be located on the north side of the Infomart.

Read more at the Dallas Morning News.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

Report ranks Houston's best hospitals 2015 

(7/23/2015)

HOUSTON - Of the top six Texas hospitals that landed spots on this year’s U.S. News & World Report’s Best Hospitals list, half were from Houston.

Houston Methodist Hospital earned the No. 1 spot in both the area and the state again this year.

The Texas Medical Center location of CHI St. Luke’s Health — formerly St. Luke’s Episcopal Hospital — regained its second-place position on both lists after slipping to No. 3 statewide last year.

Memorial Hermann Hospital-Texas Medical Center also climbed back up on the list, coming in at No. 3 in the city and No. 4 in the state. Last year, the hospital fell three spots to No. 7 in the Houston area.

Clear Lake Regional Medical Center also moved into the top nine on the Houston-area list. The hospital in Webster, which is a part of the Hospital Corp. of America, earned the No. 6 spot this year.

The University of Texas M.D. Anderson Cancer Center was ranked the best hospital for cancer care nationwide again with a 100 percent overall score.

Click here to see the best hospitals in Houston.

Read the full story at the Houston Business Journal.

San Antonio: LA Fitness builds muscle with 37,000-SF gym 

(7/23/2015)

SAN ANTONIO - LA Fitness is set to open its sixth San Antonio location on the city's west side.

The fitness chain has acquired a five-acre tract in the newest phase of Potranco Village at the northeast corner of Potranco Rd. and Loop 1604.

The 37,000-sf gym is set to lead the second phase of development at the retail center.

The club is slated to open in late 2015.

Read more at the San Antonio Business Journal.

Dallas: Class A Energy Square office complex sold  

(7/23/2015)

DALLAS - GlenStar Properties teamed up with USAA Real Estate to buy the three-building Class A Energy Square development on North Central Expressway at University Dr.

The office buildings — which are located next to a commuter rail station — contain about 960,000 sf and have been for sale since last year.

The previous owners starting in 2012 spent more than $9 million upgrading the properties — the oldest of which dates back to the 1970s.

Tenants in the buildings include New York Life, Davaco and Stonegate Mortgage.

The new owners say they plan additional upgrades to the property that will further integrate the office space with retail and potentially and apartment building.

Read more at the Dallas Morning News.

Click DFW NewsTalk Texas or DFW Market Research for free data.

El Paso unemployment rate dips to 4.9 percent  

(7/23/2015)

EL PASO - El Paso County's unemployment rate declined again in June to 4.9 percent, the Federal Reserve Bank of Dallas reported late last week.

The local rate was 5 percent in May, and 6.5 percent in June 2014. The El Paso unemployment rate continued to be below the national rate, which was 5.3 percent in June, but above the Texas rate, which was 4.2 percent.

The El Paso rate declined even though El Paso lost jobs in June, most of those tied to school closures for summer vacation, the Texas Workforce Commission reported.

El Paso gained only 1,300 jobs since June 2014, for a 0.4 percent annual gain, the state agency reported.

El Paso's unemployment rate was the fourth highest rate among Texas metro areas in June. McAllen had the highest rate at 7.3 percent.

Texas Unemployment Rates
Metro Area    June         May   
Austin-Round Rock 3.1% 3.2%
Brownsville-Harlingen   6.6% 6.7%
Dallas-Plano-Irving 3.7% 3.8%
El Paso 4.9% 5.0%
Fort Worth-Arlington 3.9% 3.9%
Laredo 4.3% 4.4%
McAllen-Edinburg-Mission   7.3% 7.4%
San Antonio 3.5% 3.6%
Texas 4.2% 4.3%
U.S. 5.3% 5.5%


Read more at the El Paso Times.

Also see the Texas Workforce Commission.

Click El Paso NewsTalk for more about El Paso.

Houston real estate HQ to Galleria area 

(7/23/2015)

HOUSTON - A Houston-based company is moving into the Galleria and making major upgrades to its new space.

The Richland Cos., which owns and manages more than 2 million sf of commercial space in Texas and three other states, purchased 550 Post Oak, and will move its office into the building Aug. 1.

The 58,000-sf building includes four floors of parking beneath three floors of office space. The building is 85 percent leased including the 6,000 sf that Richland will occupy.

Richland founder and CEO Edna Meyer-Nelson said the company is putting $1.5 million into upgrades on the building, which will include a new facade, new elevators and a fitness center.

The company moves from 1110 N. Post Oak Lane, near I-10, a building the company owned and served as its headquarters for the past 12 years. Richland sold the property to Awty International School Houston.

Read more at the Houston Business Journal.

Click for Houston NewsTalk plus quarterly data at Houston Market Research.

Downtown Fort Worth commercial stats 2Q 2015 

(7/23/2015)

FORT WORTH - Office and retail occupancy rates for Downtown Fort Worth for second quarter 2015 are available.

Data presented in the office and retail occupancy rates are provided by the Costar Group.

Downtown Fort Worth Office / Retail Occupancy Rates
 Type 2Q 2015 2Q 2014 2Q 2013
Office 89.6% 87.0% 87.1%
Retail 94.8% 93.7% 92.4%

 



Office Rental Rates
Downtown Fort Worth*
Type 2Q 2015 2Q 2014 2Q 2013
Class A $28.48 $28.89 $28.35
Class B $19.78 $20.69 $20.62
Class C $16.92 $16.77 $18.10


*Full service rent ($/SF/YR)

See the full Downtown Fort Worth Inc. commercial market report.

For more stats on office, retail and more, see Dallas-Fort Worth-Arlington Market Research.

NTREIS: Tarrant County housing stats 2Q 2015 

(7/23/2015)

TARRANT COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Market Watch Report for second quarter 2015.

Tarrant County Marketwatch Report

Key Metrics
2Q 2015 1-Yr.
Chg.
Median sales price $184,500 11.8%
Average sales price $237,456 8.9%
Orig. price rec'd. 98.3% 1.2%
Homes for sale 4,641 -18.2%
Closed sales 7,245 -1.1%
Months supply 2.2 -22.1%
Days on market 58 32.5%

Tarrant County Market Activity
  2Q 2015 2Q 2014 2Q 2013
Homes for sale 4,641 5,672 6,359
Closed sales 7,245 7,326 7,099


Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 2Q 2015 (PDF) for more information. To find data quickly, see page 96.

CBRE Austin Office Report 2Q 2015 

(7/23/2015)

AUSTIN - Even with the recent uptick to 11.9 percent, Austin’s office vacancy is the tightest amongst state major metros, according to CBRE's Austin Office Marketview 2Q 2015.

The Austin office market witnessed its 18th consecutive quarter of positive net absorption and finished at 489,183 sf. That was a 46,501 sf increase over 1Q 2015, and a year-over-year gain of 336,122 sf.

The 291,638 sf of absorption in the CBD was 152,402 sf more than 1Q 2015. At the end of 2Q 2015, the Austin market had over 2.2 million sf of office space under construction.

Austin’s office availability increased 50 basis points (bps) and ended the quarter at 15.5 percent.

Austin Office Market Statistics 2Q 2015
Market Rentable
Area
(SF)
Vacancy
Rate
(%)
Net
Absorption
(SF)
Avg. Direct Asking
Lease Rates
($/SF/YR)
Class A Class B
Northwest 13,158,731 10.3 200,957 32.74 27.45
Southwest 10,109,725 12.2 21,626 33.76 27.71
CBD 9,809,755 10.2 291,638 41.90 36.43
Far Northwest 4,110,579 15.6 -20,021 31.50 27.33
Totals 44,534,490 11.9 489,183 35.60 25.33


*Ranked by market rentable area.

**Totals are based on all submarkets. Only top four of the eight submarkets are shown.

Source: CBRE

Full report? See Austin Office MarketView 2Q 2015 (PDF).

San Angelo building permits June 2015 

(7/23/2015)

SAN ANGELO - The City of San Angelo has released building permit data for June 2015.

San Angelo Building Permits June 2015
Type June 2015 June 2014
Permits Total Value Permits Total Value
New single-family residence 24 $2,939,300 21 $6,158,716
New commercial 10 $2,340,100 21 $3,468,900
June totals 681 $6,444,570 715 $10,134,381
YTD totals 3,727 $60,231,079 4,468 $113,731,956


See the City of San Angelo Building Permits for current and archive data.

Houston leads nation in apartment growth  

(7/22/2015)

HOUSTON - Multifamily permitting activity continues to grow in the city despite an apparent slowdown in the market, according to a new national report.

The Houston metropolitan area ranked No. 2 nationally for the number of apartment permits issued over the past 12 months trailing May, according to Axiometrics Inc., a Dallas-based multifamily research company.

Houston-area developers received permits for 23,340 multifamily units in the 12 months trailing May, a 21 percent increase from the previous year.

The City of Houston issued more than half of the permits in the region, permitting 12,636 apartment units in the 12 months trailing May.

Nationally, 557,000 apartment units were permitted from June 2014 to May 2015, a 54 percent increase from the previous year.

Here are the top ten metro areas leading the nation for multifamily units permitted in 12 months trailing May.

U.S. Multifamily Rankings by Units Permitted*
City Units
New York City
44,333
Houston 23,340
Los Angeles 14,379
Dallas 14,218
Seattle 13,981
Washington, D.C. 9,738
Atlanta 9,262
Austin 9,135
Miami 8,054
Denver 7,840


*12 months trailing May 2015

Read more at the Houston Business Journal.

Click Houston Market Research for multifamily quarterly data or Houston NewsTalk multifamily.

CyrusOne adds 60,000 SF to Carrollton data center 

(7/22/2015)

CARROLLTON - Global data center provider CyrusOne unveiled plans to expand its Carrollton data center with a new data hall, which will total nearly 60,000 sf of additional space and 4.5 megawatts of power.

The company's Carrollton data center is one of the largest of its kind in Texas with a 670,000-sf colocation campus, which brings in a variety of tenants with data center needs.

The campus is expected to showcase the region's data center capabilities as more third-party data centers eye North Texas for additional data center locations.

Read more at the Dallas Business Journal.

Don’t forget! Click: Dallas-Fort Worth Market Research, Dallas-Fort Worth NewsTalk for more free data without ads.

San Antonio: Fulcrum community to pivot around Landmark One 

(7/22/2015)

SAN ANTONIO - While a majority of Northwest San Antonio's new office product is built around existing retail or multifamily activity, Fulcrum's Class A development, Landmark One, will build the surrounding environment on its own.

Nestled in the southeast corner of I-10 and Loop 1604, the local development group is plowing ahead with plans to build a six-story, nearly 165,000-sf office building as one of the first pieces for Landmark Centre, Fulcrum's 32-acre master-planned community.

Landmark One will be right in the middle of a dynamic master-planned community that is at the epicenter of one of the most active submarkets in the city. In other words, it will truly be at the center of everything in Northwest San Antonio.

Rents at Landmark One are set at $27 per sf NNN.

Read more at the San Antonio Business Journal.

Don't forget! Click San Antonio Market Research and San Antonio NewsTalk.

University of Houston Sugar Land receives $54M to expand 

(7/22/2015)

SUGAR LAND - State leaders have paved the way for new construction at the University of Houston Sugar Land (UHSL).

UHSL received a $54 million allocation in House Bill 100 to construct a new 150,000-sf classroom building.

The new building, planned to be completed in 2019, will primarily house programs offered by the UH College of Technology.

A portion of the college will relocate to Sugar Land, and additional programs in business, education and health-related fields are also expected in the next two to five years.

The addition of a fourth building to the 250-acre campus allows for expanded programs that complement the workforce needs of the area, which is home to a number of technology and engineering companies.

Read more at the Fort Bend Star.

NTREIS: Grayson County housing stats 2Q 2015 

(7/22/2015)

GRAYSON COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Market Watch Report for second quarter 2015.

Grayson County includes the cities of Sherman and Denison.

Grayson County Marketwatch Report
Key Metrics 2Q 2015 1-Yr.
Chg.
Median sales price $129,000 9.3%
Average sales price $151,102 -4.1%
% Orig. price rec'd. 94.0% 3.2%
Homes for sale 633 -31.0%
Closed sales 471 4.7%
Months supply 4.6 -39.6%
Days on market 93 12.3%


Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 2Q 2015 (PDF) for more information. To find data quickly, see page 42.

New $5M entertainment center ramps up in McAllen 

(7/22/2015)

McALLEN - A new $5 million entertainment center is planned on a 2.4-acre lot on the corner of Expressway 83 and Taylor Rd. by summer 2016.

Several bowling lanes, two of which may be separated for private parties, about 30 arcade games and VIP rooms will be in the more than 26,200-sf building.

The building will have a sleek geometric grey look with glass-paneled balcony, fountains and underground parking garage.

Read more about this story at The Monitor.

CBRE: McAllen area industrial market 2Q 2015 

(7/21/2015 11:00:00 AM)

McALLEN - McAllen’s industrial market continued in transition after recording 259,522 sf of positive net absorption in second quarter 2015, the second largest quarterly net gain in area demand seen this cycle.

This progressive activity pushed vacancy down to single digits reaching 9.7 percent.

CBRE: McAllen Industrial Market 2Q 2015
Market Rentable
Area
(SF)
Vacancy
Rate
Availability
Rate
Net Absorp.
(SF)
Net Avg.
Asking
Rates
(SF/Yr
.)
McAllen 11,497,339 9.9% 11.3% 172,522 $3.88
Pharr 3,598,958 4.0% 4.7% 0 $6.16
Edinburg 2,245,771 12.4% 13.4% 0 $3.12
Hidalgo 1,435,748 12.8% 12.8% 50,000 $4.14
Mission 1,486,640 7.7% 25.9% 37,000 $4.22
Off-Park 2,283,597 14.4% 17.5% 0 $4.01
Totals 22,548,053 9.7% 12.1% 259,522 $4.10


Source: CBRE Research 2Q 2015

Full report? See Industrial MarketView 2Q 2015 (PDF)

More stats or stories? Visit McAllen Market Research and McAllen NewsTalk.

San Antonio: Conn's $9.2M distribution center breaks trend 

(7/21/2015 10:45:00 AM)

SAN ANTONIO - As San Antonio's retail market shifts toward food, medical and services, Conn's HomePlus is stepping outside the trend to build a $9.2 million distribution center in Northeast San Antonio.

Adding to the retailer's seven store locations throughout the city, the new 305,000-sf distribution center at 1710 Cornerway Blvd. will beef up Conn's presence in South Central Texas.

Tucked into one of San Antonio's most industrial corridors in the northeast corner of the Loop 410 and I-10 crossing, Conn's new distribution facility will be a significant boost to the city's already thriving industrial market.

The retailer will spend more than $9 million on construction for the new center. Construction is expected to last from August 2015 to February 2016.

Read more at the San Antonio Business Journal.

Lubbock wind blows in $34M expansion to United distribution 

(7/21/2015 10:30:00 AM)

LUBBOCK - The United Family has had a busy year that has included the opening of new stores in West Texas and the announcement of a $33.7 million expansion to its Lubbock distribution center.

With the grocery store business investing and expanding, that means more jobs and dollars for the Lubbock economy.

Even though stores may not be opening in the local area, new stores in neighboring communities are supported by employees and products from Lubbock-based United distribution centers.

Robert Taylor, United president, said the United Family recently opened three new United Family stores in just three weeks, which he said is a historic feat for the business.

“In three weeks, we opened a brand new United in Brownwood, the next week we had the complete transformation and grand opening of Market Street in Midland and the next week we had a ribbon cutting in Abilene where we transformed the Albertsons store into the Market Street,” Taylor said.

Chris St. Clair, United executive vice president of info and logistics, said the current Lubbock distribution facility is about 500,000 sf, which will have an additional 220,000 sf after the expansion project is complete.

“We’re doubling the size of the freezer, we’re adding 90,000 sf to dry storage and we’re significantly expanding the perishable,” St. Clair said. “We now as a company own that distribution center. We didn’t before so that’s a good thing for Lubbock. We call it a stake in the ground in this community because we’ll have a significant investment in our distribution facility here.”

“United actually employs about 3,700 people in our area, and they are going to be adding about 190 jobs over the next year or two to support the new distribution building that will be built,” said John Osborne, Lubbock Economic Development Association CEO. “Those 190 jobs, a part of them will be within the distribution center and a part of them will be in the operation center of United.”

Read more at the Lubbock Avalanche-Journal.

Wichita Falls: MSU mustangs make room to roam in $35M hall 

(7/21/2015 10:15:00 AM)

WICHITA FALLS - Midwestern State University students will have one more place to call home thanks to its latest campus addition.

A $35.25 million residence hall is slated to open in August 2016.

MSU broke ground this summer on a 152,000-sf, five-story building that will tout 500 beds in traditional double- and single-resident arrangements.

It will be located between McCullough-Trigg Hall and the Fain College of Fine Arts.

The new building will be the sixth student housing facility on campus.

When construction is completed, "it will be the largest (residence hall) on campus," said Matthew Park, associate vice president for student affairs.

The anticipated cost to live in the new facility will be between $2,400 and $2,500 per semester.

The addition of this 500-bed residence hall means that MSU will be able to accommodate approximately 1,800 students.

Read more at the Wichita Falls Times Record News.

UTEP dorms razed to make way for $70M research building 

(7/21/2015 10:00:00 AM)

EL PASO - The ongoing demolition of two nearly 50-year-old dorms at the University of Texas at El Paso is a building block toward reaching Tier One research status, university leaders said.

Burges and Barry halls, both of which once served as student dormitories, will be replaced with a $70 million, 250,000-sf interdisciplinary research building.

Contractors are removing materials from the inside of Barry Hall while Burges Hall is being razed.

The demolition is expected to be completed in September 2015.

Read more at the El Paso Times.

Grove of houses coming to Austin, bearing fruit! 

(7/21/2015 9:55:00 AM)

AUSTIN - A residential project is coming with an unusual twist — 38 'farmhouse-inspired' homes clustered in an East Austin development that will include an orchard that in a few years will bear peaches and pears that residents can harvest and enjoy year-round.

The $14 million project, under construction at Pleasant Valley Dr. and Webberville Rd., next to LifeWorks, has a nostalgic theme that hearkens back to a time when the world was simpler.

The model home is complete, and more than a dozen more houses will be completed by year-end. So far, 17 houses have been presold and the entire project is due to be complete in 2016.

Prices for the three-story units range from $330,000 to $450,000.

Read more at the Austin American-Statesman.

Click Austin NewsTalk and Austin Market Research for free data and link to your own website or blog.

San Antonio oil field firm opens 'Lowe's' of the Eagle Ford 

(7/21/2015)

SAN ANTONIO - FMC Technologies has officially opened its $15 million Eagle Ford 'supercenter' in south San Antonio.

Sitting on 36 acres of land, the oil field logistics 'super store' and service shop is located off Loop 1604 just west of I-37 and is accessible to key highways throughout the Eagle Ford Shale.

The facility takes four of the company's businesses — fluid control, wellhead, flowback and measurement — and puts them under one roof.

The $15 million facility includes 18,000 sf of office space and 40,000 sf of shop space that will be used to provide the four services. Construction originally started in July 2014.

"It's something that is relatively new for the oil and gas industry," said Richard Alabaster, Vice President of Surface Technologies. "It's something that we're trying to do to adjust to the challenges that the industry is currently facing. There's the need to reduce cost and to bring in more integrated suites of services that can help operators reduce their costs on the oil pad."

With 86 full-time employees, the facility is expected to generate $1.4 million in economic activity per year, Mario Hernandez with the San Antonio Economic Development Foundation said.

Read more at the San Antonio Business Journal.

Dallas' old industrial district along Trinity to apartments 

(7/21/2015)

DALLAS - Trammell Crow Residential’s latest apartment development near downtown Dallas is the first luxury rental community in the area between Riverfront Blvd. and the Trinity.

With development spreading through the Dallas Design District and in West Dallas, the old Trinity industrial district along Riverfront Blvd. is ripe for a reboot.

Crow Residential’s six-story building will open in about 18 months in the 100 block of Turtle Creek Blvd. with more than 300 apartments.

The building will tower over the Trinity River levee, with a parking garage on the lower floors.

“Our development site is already within walking distance of restaurants and bars,” Crow Residential’s Steve Bancroft said.

The old commercial and industrial quarter northwest of downtown Dallas, along what used to be Industrial Blvd., was built mostly in the 1940s and 1950s.

Read more at the Dallas Morning News.

Don’t forget! Click: Dallas-Fort Worth Market Research, Dallas-Fort Worth NewsTalk for more free data without ads.

Fire put out: Fireman’s leaves 125,000-SF office in Dallas 

(7/21/2015)

DALLAS - A large Dallas office tenant is shutting down the operation, which will result in a big chunk of empty space in a downtown skyscraper.

Fireman’s Fund Insurance Co. leases almost 125,000 sf of office space in Ross Tower on Akard St.

The 152-year-old California-based insurance firm moved into Ross Tower almost a decade ago and at one time had about 400 people working in the downtown high-rise.

With recent restructuring of Fireman’s Fund by its owner, Allianz, the Ross Tower office is being eliminated.

The company is expected to maintain some presence in the Dallas market, just not with the Ross Tower office. Fireman’s Fund is one of the largest remaining insurance company offices downtown.

The 45-story Ross Tower has been for sale since earlier this year. The 1.1 million-sf skyscraper — built in the 1980s — was about 60 percent leased before Fireman’s Fund decided to close its office.

Read more at the Dallas Morning News.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

Granite's $50M bet on Dallas' 237,000-SF West End 

(7/21/2015)

DALLAS - Developer Granite Properties has completed its purchase of the historic West End Marketplace in downtown Dallas and is renaming the building Factory Six03.  

Granite plans to spend upwards of $50 million on the acquisition and the redevelopment of the building. The new owner plans to renovate the 112-year-old former bakery and warehouse complex into office space with restaurants on the first floor.

The seven-story, 237,000-sf building at Market and Munger streets has been empty for almost a decade. Granite plans to repurpose the buildings as unique office space for creative and high-tech firms.

Construction will start this summer to redevelop the complex, which previously housed retail space, a movie theater, restaurants and nightclubs.

Granite plans to build an eighth floor addition to the building that will house a rooftop entertainment space and amenity deck.

Inside there will be a community lobby, coffee bar and about 10,000 sf of restaurant space.

The basement will be converted to parking. Granite also has parking available in a garage located a block away on Lamar St.

The building will reopen in September of next year.

Read more at the Dallas Morning News.

Click DFW NewsTalk Texas or DFW Market Research for free data.

360-Unit Derby Park races to 'sold' in Grand Prairie 

(7/21/2015)

GRAND PRAIRIE - Derby Park — a 360-unit multifamily community located at 606 West Palace Pkwy. at the northwest corner of Beltline Rd. and I-30 — has been sold.

The buyer is planning interior unit upgrades for the 95 percent occupied property.

Community amenities include two swimming pools, cyber cafe, business center, fitness center and playground. Intergerman Derby Limited Partnership purchased the asset from a private equity firm for an undisclosed price.

Dirk Goris, Chris Deuillet and Daniel Baker, with CBRE in Dallas, represented the seller.

Source: CBRE

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

Houston adds 57,000 new jobs in last 12 months 

(7/21/2015)

HOUSTON - Houston has gained 57,000 new jobs over the last 12 months, including 4,300 new jobs in June, the Texas Workforce Commission reported.

Although Houston has lost jobs in the manufacturing sector, the overall unemployment rate is low. The unemployment rate stood at 4.3 percent in June, an improvement from 5.3 percent a year earlier.

Houston gained over 100,000 new jobs in 2014, one of the strongest areas in the nation for job growth. However, a huge drop in oil prices darkened the outlook for the Houston economy.

Economic forecasters say Houston will still gain jobs in 2015, but it will be fewer than the boom of last year.

Read more at Realty News Report. Also, see Texas Workforce Commission.

Click Houston NewsTalk and Houston Market Research.

224-Unit Carol Oaks acquired in Fort Worth 

(7/21/2015)

FORT WORTH - Miami-based Lloyd Jones Capital — a multifamily investment firm — has acquired Carol Oaks Apartments in east Fort Worth.

The firm plans to upgrade and rebrand the 224-unit community, located at 7412 Ederville Rd.

“We are excited to rebrand Carol Oaks to our new Vibe model — a new concept for work force housing,” said Chris Finlay, chairman/CEO of Lloyd Jones. “Our Vibe communities will be fun and hip with the latest in technology for our residents’ use. The Vibe will offer a new experience in apartment living.”

Read more at Globe St.

You can link (or just click) Dallas-Fort Worth Market Research and/or Dallas-Fort Worth NewsTalk to your own website or blog.

H-E-B becomes boss of the block with 80,000-SF purchase 

(7/21/2015)

SAN ANTONIO - It already has its retail support center, meat and ice cream plant in Northeast San Antonio, but H-E-B's recent manufacturing facility purchase in the area shows the local retail giant has no intention of scaling back its hold on the submarket.

H-E-B has closed on an 80,000-sf industrial building at 4702 Goldfield Dr.

The property has resulted in the retailer's control over most of the block sectioned off by Rittiman Rd., Gibbs Sprawl Rd. and Loop 410, providing it with direct access for some of the other manufacturing facilities it has in the region.

Read more at the San Antonio Business Journal.

Lubbock: Walmart adding first Neighborhood Market 

(7/21/2015)

LUBBOCK - Walmart is planning to build its first Neighborhood Market in south Lubbock. Construction is set to begin this fall at 9809 University Ave.

It will be a 41,000-sf Neighborhood Market with a drive-through pharmacy. It will also have the added convenience of a fuel station.

The new Neighborhood Market will provide about 95 new jobs in Lubbock.

The new market is scheduled to open in summer 2016.

Read more at the Lubbock Avalanche-Journal.

Dallas: 258-room Le Méridien hotel sells  

(7/21/2015)

DALLAS - A luxury hotel in Far North Dallas has changed hands.

The 258-room Le Méridien Dallas by the Galleria has been purchased by NB Holdings.

Built in 2002, the 11-story luxury hotel is on Noel Rd. just north of LBJ Fwy. It is located across the street from the Dallas Galleria shopping mall and office towers.

Read more at the Dallas Morning News.

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Plano's Flextronics to lay off 168 employees 

(7/21/2015)

PLANO - Flextronics — the electronics manufacturing and assembly company — is laying off local workers for the second time in two years.

The company plans to cut 168 employees at its Plano plant in phases between October and the end of the year as it consolidates two Texas sites.

“We regret the need to take this action as it is always difficult to initiate a mass layoff,” Flextronics human resources manager Maureen Armstrong said. “This decision was not taken lightly and is the direct result of a change in Flextronics’ strategy to consolidate our Plano Global Operations Group into our Austin Global Operations Group.”

Flextronics said it is trying to place some affected workers at other company sites and even plans to contact nearby employers about job openings.

Read more at the Dallas Morning News.

Click DFW NewsTalk Texas or DFW Market Research for free data.

Bryan: June 2015 building permits 

(7/21/2015)

BRYAN - The City of Bryan's building permit data for June 2015 are available.

Bryan Building Permits
Permit Type Permits Total Value
June
2015
June
2014
YTD
2015
YTD
2014
June
2015
June
2014
YTD
2015
YTD
2014
New residential – single-family 20 25 141 112 $4,132,297 $6,067,586 $26,419,547 $26,453,237
New residential – 2-unit bldgs. 0 0 7 3 $0.00 $0.00 $727,716 $999,534
New residential – 3-4 unit bldgs. 0 0 8 2 $0.00 $0.00 $606,672 $459,220
New residential – 5+ unit bldgs. 0 0 0 0 $0.00 $0.00 $0.00 $0.00
New commercial 2 11 29 35 $31,683,467 $1,017,332 $51,514,609 $20,951,366
Totals* 133 148 711 742 $38,555,447 $12,374,805 $108,345,712 $73,605,443


*Totals include all permit types including additions, renovations and manufactured homes.

Source: City of Bryan

NTREIS: Palo Pinto County housing stats 2Q 2015 

(7/21/2015)

MINERAL WELLS, PALO PINTO COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Market Watch Report for second quarter 2015.

Palo Pinto County Marketwatch Report
Key Metrics 2Q 2015 1-Yr.
Chg.
Median sales price $133,500 11.3%
Average sales price $262,895 -12.2%
% Orig. price rec'd. 86.6% -1.0%
Homes for sale 473 11.6%
Closed sales 93 24.0%
Months supply 21.8 10.3%
Days on market 185 50.9%


Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 2Q 2015 (PDF) for more information. To find data quickly, see page 78.

JLL: San Antonio office insights 2Q 2015 

(7/20/2015 11:00:00 AM)

SAN ANTONIO - Jones Lang LaSalle (JLL) released its second quarter 2015 Office Insight for the San Antonio market.

With so much growth in San Antonio and Texas in general, demand for office space continues to grow and with growing demand comes higher rental rates.

San Antonio’s rental rates have jumped 30 percent since 2005, only decreasing once in 2009.

San Antonio’s total vacancy rate is now at its lowest point since 2008.

The market now sits at 14 percent total vacancy in comparison to 2008 when vacancy was at its lowest point in a decade at 12.5 percent.

Demand for office space will continue to rise as San Antonio’s labor force grows with low unemployment.

JLL Office Insight 2Q 2015
  Inventory
(SF)
Net
Absorption
(SF)
Total
Vacancy
Avg. Rent
($/SF)
Downtown 5,199,872 -5,864 20.7% $20.31
Far North Central 1,136,866 9,227 7.4% $27.03
North Central 7,338,679 59,248 10.6% $23.66
Northeast 3,072,171 -2,156 10.6% $24.14
Northwest 8,753,141 88,261 15.2% $22.72
South 437,605 436 9.2% $23.29
Suburban San Antonio 20,738,462 155,016 12.3% $23.33
San Antonio Total 25,938,334 149,152 14.0% $22.41


Here's the full 2Q 2015 JLL's San Antonio Office Insight and Stats.

For more data see San Antonio-New Braunfels Market Research. Also see San Antonio NewsTalk.

Cambria Suites hotel on track to open in McAllen 

(7/20/2015 8:00:00 AM)

McALLEN - Cambria Suites hotel is now slated to be built on McAllen Convention Center grounds and construction of the $9 million project is expected to be complete by October 2016.

Located just north of the thriving McAllen-Foreign Trade Zone, the 85,000- sf hotel will have 121 rooms, four-story property which will also offer two banquet rooms and an executive conference room.

Cambria Suites is working with McAllen Strategic Group LLC and affiliates Hankin Enterprises and Fulcrum Management Corp. on the project.

Read more about this story at the Brownsville Herald and at ChoiceHotels.com

Check out McAllen hotel data at Source Strategies. Data are available for city, county, MSA in Texas.

McKinney keeping in shape with $34.5M aquatic fitness center 

(7/20/2015 7:55:00 AM)

McKINNEY - The City of McKinney is getting ready to start a massive $34.5 million aquatic and fitness center that will make the city more marketable to incoming residents to the region.

The three-story, 80,000-sf facility will include a gymnasium, fitness areas, sports courts with an elevated track, child care area, classrooms an indoor 25-meter competition pool, indoor leisure pool and outdoor leisure pool. In all, the surface water of the pools will total 10,000 sf.

The project is slated to begin at Gabe Nesbitt Community Park at 3003 Alma Rd. on July 27, 2015.  Officials expect construction to be complete by the end of December 2016.

The development is being paid for with funds pooled together by McKinney Community Development Corp. (MCDC) and the City of McKinney.

Read more at the Dallas Business Journal.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

ALN Austin apartment review June 2015 

(7/20/2015 7:45:00 AM)

AUSTIN - ALN Apartment Data has released June 2015 apartment occupancy and effective rent data for apartments.

Austin Market Review
Austin Market General Overview
June
2015
Annual
Chg.
Occupancy rate 91.4 0%
Units added 5,596  
Units absorbed (annual) 7,905  
Average size (SF) 854 0.5%
Asking rent $1,140 7.3%
Asking rent per SF $1.33 6.8%
Effective rent $1,133 7.3%
Effective rent per SF $1.32 6.8%
Offering concessions 11% -5.6%
Avg. concession package 4.7% -0.8%


Click ALN Apartment data covering Texas and other states. Easy data here with one click.

Click: Austin NewsTalk, Austin Market Research

Pearson Testing flunks out, hundreds laid off in Austin 

(7/20/2015 7:30:00 AM)

AUSTIN - Long the largest provider of testing services in Texas, education giant Pearson confirmed that it will lay off more than 200 Texas employees after the state chose another vendor for the majority of its new standardized testing contract.

Company officials confirmed that it would be laying off a total of 270 employees in its North American operations, with 208 of the layoffs coming in the Austin area as the company combines its four regional locations.

In May, the Texas Education Agency announced Pearson Education would no longer be the exclusive standardized testing vendor, a position the British mega-company had held for more than three decades.

Pearson had held the contract since 1980, but lost out on a four-year, $280 million contract in May to New Jersey-based Educational Testing Services.

Pearson will continue to have a presence in Texas and will remain home to much of the company’s research and development operations, and employees who include education researchers, scientists and former teachers.

Read more at the Austin American-Statesman.

See Austin NewsTalk Texas and Austin Market Research.

South Padre Island building permits: Jan.–June 2015 

(7/20/2015)

SOUTH PADRE ISLAND - Building permit totals for January–June 2015 have been released by the South Padre Island Economic Development Corporation (SPIEDC).

South Padre Island Building Permit Valuations
Month Commercial Residential Total
Jan. $3,765,670 $725,147 $4,490,817
Feb. $95,488 $1,792,251 $1,887,739
March $2,111,506 $207,629 $2,319,135
April $72,753 $8,603,337 $8,676,090
May $387,671 $755,351 $1,143,022
June $39,150 $803,253 $842,403


See Building Permits under South Padre Island Economic Development Corporation

Heartis senior community going up in Arlington 

(7/20/2015)

ARLINGTON - Heartis Arlington, a 67,000-sf, one-story, 81-unit assisted-living and memory care community is currently being developed.

The new senior community — from Caddis, a health care and real estate firm — is scheduled to open in spring 2016.

Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop.

Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response.

In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.

Read more from Texas Real Estate Business.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk

92-Unit Fairfield underway on Cabela's Dr. in Buda 

(7/20/2015)

BUDA - A 92-unit Fairfield Inn & Suites has broken ground and will open at 1240 Cabela’s Dr. during summer 2016.

A Marriott product, the Fairfield Inn & Suites will be four stories tall and comprise amenities such as an indoor swimming pool, indoor hot tub and meeting space.

Prayes Majmudar — principal investor with Seva Hospitality, the Dallas-based company that owns the hotel — said Buda was chosen as the site of Seva Hospitality’s newest hotel because of its strong leisure economy.

City planners created a planned unit development, or PUD, where the hotel will be built. An additional seven acres of the PUD is available to be developed into retail, commercial and office space.

Read more at Community Impact Newspaper.

Click: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Houston company to buy $1.5B Enterprise gulf assets  

(7/19/2015)

HOUSTON - Genesis Energy LP has agreed to purchase the offshore pipeline and services business of Enterprise Products Partners LP for approximately $1.5 billion in cash.

Genesis will assume ownership interest in Enterprise’s Gulf of Mexico assets in nine crude oil pipeline systems, nine natural gas pipeline systems and six offshore hub platforms. According to a release from Enterprise, this totals approximately 2,300 miles of pipeline.

Genesis also announced it would fund the acquisition through a series of public offerings. The company will offer $750 million in senior unsecured notes due in 2022 and 9 million common units of limited partner interests.

Read more at the Houston Business Journal.

North Austin: General Motors buys 303,000-SF office building 

(7/17/2015 10:10:00 AM)

AUSTIN - General Motors has purchased a 303,000-sf office building to expand its IT Innovation Center — a business division the automaker created in 2012 to bring its IT functions back in house.

The purchase of the 302,604-sf building at 13201 McCallen Pass was announced by the seller, Karlin Real Estate based in Los Angeles.  

Currently, there are four GM Innovation Centers across the country — in Michigan, Georgia, Arizona and Austin.

GM already leases 320,000 sf nearby at 717 E. Parmer Lane. That building is owned by an entity formed by Gladstone Commercial Corp., which purchased the property from Karlin in 2013 and immediately leased it to GM.

When GM announced the opening of the Innovation Center, company officials said about 500 employees would be hired in Austin. It would seem that number could grow with the new acquisition. On its website GM shows 75 jobs available in Austin.

A year ago, Karlin announced its partnership with Trammell Crow to develop the rest of the land as Parmer, a mixed-use, master-planned commercial and residential community that would be built over multiple years. Generally the area is east of I-35 between Howard and Parmer lanes.

The first element of the new build space is Parmer 3.2, a 192,000-sf office building, which is nearing completion. That property has not been leased as yet.

Mark Emerick and John Barksdale of CBRE Group Inc. in Austin were at the center of the transaction.

Read more at the Austin Business Journal and KXAN.com.

See Austin NewsTalk Texas and Austin Market Research.

NW San Antonio residential competition heats up 

(7/17/2015 10:00:00 AM)

SAN ANTONIO - Another upscale residential development has started construction in Northwest San Antonio, but given the amount of new product in that area, it is going to be a challenge to separate each property from the pack.

Construction recently started on Legacy Flats, a 310-unit apartment complex along Loop 1604 at Shanefield Rd.

The biggest draw of the $30 million project would be what other similar properties in the area will never have: access. The nearly 12.5-acre site has primary access and 580 feet of frontage on Shanefield Rd., as well as direct access onto Loop 1604.

Scott Weems, senior director at San Antonio Commercial Advisors, said, "With 40 percent of the city’s housing starts in the northwestern submarket, combined with rapid population growth and the onslaught of young professionals, it is an attractive but increasingly competitive submarket."

In a submarket where incomes average $80,000, new developments have been able to command nearly $1.30 per sf.

Take a look at the chart to see how some of the other neighboring developments compare.

Northwest Market Quick Take*
Project Name Units Year Built Occupancy Market
Rent
Avg.
$/SF
Legacy Flats 305 2015 0% $1,097 $1.28
Carriage Hill 240 2014 90% $1,118 $1.28
Springs at Alamo Ranch 232 2014 94% $1,188 $1.21
Thirty Oaks 297 2014 45% $1,145 $1.29
Westwood 204 2014 98% $838 $1.18
Sevona Westover Hills 296 2012 87% $1,031 $1.30
Carmel Canyon 124 2011 95% $989 $1.19
Alamo Ranch 340 2009 96% $995 $1.25
Brynwood 276 2007 94% $894 $1.11
Laurel Canyon 356 2004 95% $921 $1.23
Rent Comp Averages 263 - 96% $996 $1.21


*Ranked by year built.

Read more at the San Antonio Business Journal.

University of Texas 235,000-SF Dobie Center sells 

(7/17/2015 9:30:00 AM)

AUSTIN - The 27-story Dobie Center near the University of Texas campus has been sold by The Carlton Group.

The 234,500 sf, 975-bed Class A student housing tower was purchased for a reported $74 million, according to Globe St.com.

Included was a 90,000-sf, two-story retail mall and a six-story 668-space parking garage.

The building at 2021 Guadalupe St. was purchased in December 2005 and has made at least $6 million in upgrades during the ownership cycle.

The property is across the street from the UT campus, and is opposite the new 458,000-sf McComb’s Business School, currently under construction.

Regus Business Centers is also opening a brand new 13,000-sf office suite facility within the center; it will cater to athletic and technology companies who do business with the university.

Fowler Property Acquisitions was the buyer.

Sources:  Carltongroup.com, GlobeSt.com and the Austin Business Journal.

Baytown buy: 1.2M-SF San Jacinto Regional Mall 

(7/17/2015 9:15:00 AM)

BAYTOWN - A Fidelis Realty Partners affiliate has acquired the 1.2 million-sf San Jacinto Mall for a major redevelopment.

The mall, built in 1981, is located on the east side of Houston on 107 acres at the southwest corner of I-10 and Garth Rd., and is anchored by Macy’s, JCPenney and Sears.

Houston-based Fidelis said the redevelopment plan, which could take five years to complete, will likely include the demolition of the existing mall and construction of a 1 million-sf open air retail center.

The existing mall anchors, which own their own buildings, will be incorporated into the new development.

San Jacinto Mall is 70 occupied and there is deferred maintenance, said Lynn Davis, head of leasing for Fidelis.

Source: RealtyNewsReport.com

See Houston area NewsTalk and lots of quarterly data at Houston Market Research.

100,000-SF Emmons Self Storage sells in Killeen 

(7/17/2015 9:01:00 AM)

KILLEEN - The 50 buildings of B.A. Emmons Self Storage, 1300 W. Stan Schlueter Loop, have been sold. The property consists of 100,000 net rentable sf of storage space in 755 units, vehicle parking and seven retail spaces.

Source: Inside Self-Storage

GM investing $1.4B in Arlington SUV plant 

(7/17/2015 9:00:00 AM)

ARLINGTON - A $1.4 billion overhaul will expand General Motors Corp.'s Arlington plant to nearly 4.5 times its size when it opened 61 years ago.

The project will add 1.2 million sf to the factory’s 4.375 million sf across 250 acres.

The facility will also be outfitted with new equipment, machinery and tools, as well as training for the 4,100 employees who create 280,270 Chevrolet Tahoe and Suburban, GMC Yukon and Cadillac Escalade SUVs each year.

Construction will begin this summer and span three years, said Cathy Clegg, vice president of GM North America Manufacturing and Labor Relations.

Development of the project will encompass 600 jobs, $1 billion in equipment and $300 million in construction costs.

With its latest upgrade, GM has invested nearly $2 billion in manufacturing improvements at the Arlington plant, the largest automotive manufacturing plant in Texas.

Read more at the Dallas Business Journal.

You can link (or just click) Dallas-Fort Worth Market Research and/or Dallas-Fort Worth NewsTalk to your own website or blog.

Wildlife Commerce Park project begins near Lone Star Park 

(7/17/2015 8:45:00 AM)

GRAND PRAIRIE - The largest construction project in the city is the Crow Holdings development across Belt Line Rd. from Lone Star Park, said Bill Crolley, planning and development director for Grand Prairie.

Wildlife Commerce Park is a 160-plus-acre, mixed-use development at the southwest corner of Wildlife Parkway and Belt Line Rd.

The first phase, already under construction, will consist of three warehouse distribution buildings that are 315,000, 350,000 and 240,000 sf. Additional buildings of 850,000 and 230,000 sf could be built in phase one as well.

Two other projects that are close to starting construction are a new Walmart near the southeast corner of SH 161 and Pioneer Parkway and a 300-plus-unit apartment complex just south of the L.A. Fitness on I-20, said Crolley.

Source: Dallas Morning News

Click DFW NewsTalk Texas or DFW Market Research for free data.

ALN Lubbock apartment data June 2015 

(7/17/2015 8:00:00 AM)

LUBBOCK - ALN Apartment Data released June 2015 apartment occupancy, effective rent and more data for apartments.

Lubbock Market Review
Lubbock Market General Overview
June
2015
Annual
Chg.
Occupancy 92.0 0.8%
Units added 108 -
Units absorbed (annual) 353 -
Average size (SF) 847 0.1%
Asking rent $718 2.7%
Effective rent $715 3.0%
Effective rent per SF $0.84 3.1%
Offering concessions 16% 7.7%
Avg. concession package 3.4% -42.1%

 

Floor Plan Breakdown - Lubbock
Plan Type %  of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 2.9% 391 $497 $497
1 BR 39.3% 668 $655 $653
1 DEN 0.0% 755 $640 $640
2 BR 37.9% 954 $827 $825
3 BR 12.7% 1,249 $1,106 $1,103
>3 BR 7.3% 1,553 $1,983 $1,983


Read more at ALN Market News.

ALN Longview/Tyler apartment review June 2015 

(7/17/2015)

LONGVIEW, TYLER - ALN Apartment Data has released June 2015 apartment occupancy and effective rent data for apartments.

Longview/Tyler Market Review
Longview/Tyler Market General Overview
June
2015
Annual
Chg.
Occupancy rate 89.4 -1.8%
Units added 226  
Units absorbed (annual) -385  
Average size (SF) 854 N/A
Asking rent $769 N/A
Asking rent per SF $0.90 N/A
Effective rent $768 N/A
Effective rent per SF $0.90 N/A
Offering concessions 4% N/A
Avg. concession package 3.9% N/A


Click ALN Apartment data covering Texas and other states. Easy data here with one click.


Source: ALN

North Central Baptist Hospital $50M orthopedic dest­ination 

(7/17/2015)

SAN ANTONIO - North Central Baptist Hospital's groundbreaking will be Monday for a $50 million three-story addition to its campus that will span nearly 77,000 sf and house a new orthopaedic institute.

The hospital, owned by Tenet Health care Corp., is investing in the expansion because of the continued migration of people and businesses to the Stone Oak area.

This is the hospital's second major expansion in the last three years.

The new institute will include an 18-bed pre-operation center, a 15-bed post-anesthesia care area and a 30-bed inpatient unit. The new space will also house ten operation and recovery rooms.

The $50 million project will transform the look of North Central Baptist and create a new hospital entrance off Madison Oak Dr.

It will offer diagnosis and treatment of diseases and injuries of the musculoskeletal system, which is a great need in the San Antonio community.

Read more at the San Antonio Business Journal.

Click on San Antonio Newstalk Texas and San Antonio Market Research.

73,000-SF All Star Self-Storage sells in Fort Worth 

(7/17/2015)

FORT WORTH - All Star Self-Storage at 7400 N. Blue Mound Rd. has been sold. Located on two parcels totaling 4.95 acres, the facility consists of eight single-story buildings comprising 72,775 sf of storage space and a two-story management office and residence.

It is near a U.S. Postal Service Center and 217 residential lots under development on an adjacent property.

Source: Inside Self-Storage

Risin' up, back on the streets for San Antonio housing 

(7/16/2015 8:55:00 AM)

SAN ANTONIO - The records keep falling in the San Antonio housing market.

In May, the median price of a single-family home surpassed $200,000 for the first time.

In June, 2,925 homes were sold — a record number according to data released by the San Antonio Board of Realtors (SABOR). The record is a 17.8 percent year-over-year increase.

The second highest month was June 2006, when 2,812 homes were sold, according to the Real Estate Center at Texas A&M University.

Experts attribute the records to the continued prosperity of San Antonio’s economy.

“People are working; more jobs are being created,” said Jim Gaines, research economist at the Center. “Incomes are going up.”

And San Antonio’s population continues to grow. Between 2010 and 2015, the Alamo City’s population grew 6.6 percent, according to San Antonio Economic Development Foundation. The local population is expected to grow 6.34 percent through 2020.

“I think there is some concern on the part of buyers that home prices are going up, and that they need to get into the market now and not postpone,” Gaines said.

In June, the median price reached $200,900, a slight decrease from the record-breaking figure of $202,500 reached in May. A low supply of homes coupled with high demand — the pattern in San Antonio since late 2013 — continues to raise prices.

Read more at the San Antonio Express-News.

More June housing stats? See SABOR's June market report.

Austin: 58-story The Independent sky high in reservations 

(7/16/2015 8:30:00 AM)

AUSTIN - Interest is high for The Independent, the 58-story, 370-unit tower under construction in downtown Austin.

Constructive Ventures and Aspen Heights announced that more than 90 percent of the units have been reserved, setting a new record for most number of units reserved in a one-week period in downtown Austin.

Located at the northeast corner of West 3rd St. and West Ave. in downtown Austin, the building will continue to take reservations for its waitlist.

The condo tower — aimed for completion in 2018 — will offer floor plans sized from 675 to 3,485 sf and be priced from the mid-$300,000s to more than $3 million.

The Independent condo tower planned at the 1.7-acre site and set to rise 685 feet will be the tallest structure in Austin and the tallest residential building west of the Mississippi River. It is aiming for completion in 2018.

Read more at Globe St and The Wall Street Journal.

Click on Austin-Round Rock Market Research, Texas property sold.

Top 10 North Texas area sales by price per SF June 2015 

(7/16/2015 8:15:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems home sales are available year-to-date through June 2015.

Below is a chart of the NTREIS MLS Area Housing Activity Report of single-family homes ranked by highest price per sf.

YTD June 2015 Single-Family Sales Closed by Price per SF
Area* $/SF Chg.
June
2014
Sales Sold to
List Price
Chg.
June
2014
Days on
Market
Chg.
June
2014
25-University Park/
Highland Park
$360 2% 362 97% 1% 52 -4%
11-Dallas North $264 1% 366 97% 1% 55 -26%
17-Dallas Oak Lawn $255 -2% 46 97% 8% 43 -36%
12-Dallas East $180 10% 1,258 98% 1% 33 -13%
125-Southlake $175 8% 304 98% 0% 60 25%
132-Trophy Club/
Westlake
$161 13% 143 98% 1% 41 -21%
16-Dallas Northwest $150 10% 369 99% 1% 37 -12%
108-Fort Worth
Central West
$150 7% 438 96% 0% 58 -11%
23-Colleyville $148 1% 228 98% 1% 52 -13%
18-Dallas Northeast $146 9% 387 98% 0% 35 0%


*Ranked by price per square feet.

For the full report see NTREIS Housing June 2015 YTD (PDF) which can also be found under Dallas-Fort Worth Market Research.

And the list goes on! Downtown Houston residential projects  

(7/16/2015 8:08:00 AM)

HOUSTON - Developers are clamoring to build residential projects in downtown Houston, but some projects have been delayed amid a slowdown in the multifamily market.

Nine projects totaling 2,729 units are under construction and nine others representing 2,458 units are planned, according to Central Houston's second quarter 2015 report.

Here is a list of current projects under construction in downtown Houston:

  • 500 Crawford: Houston-based The Finger Cos. is building a seven-story, 400-unit apartment project, which is expected to be complete by 3Q 2015.
     
  • 1111 Rusk: Dallas-based Provident Realty Advisors and EFO Holdings LP are redeveloping the old Texaco building into a 323-unit apartment project, which is expected to be completed at the end of 2015.
     
  • Block 334: Phoenix-based Alliance Residential Co. is building a five-story, 207-unit apartment project one block north of SkyHouse Houston. The project is expected to be complete in 1Q 2016.
     
  • Catalyst: Illinois-based Marquette Cos. is building a 28-story, 361-unit apartment tower on Block 52, which is bounded by Texas, Austin, Prairie and La Branch. The project is expected to be completed in 4Q 2016.
     
  • Hines Market Square: Houston-based Hines is building a 32-story, 274-unit apartment at the southeast corner of Travis and Preston. The project is expected to be complete 2Q 2017.
     
  • Market Square Tower: Woodbranch Investments Corp., an affiliate of Houston-based BMS Management Inc., is building a 40-story, 463-unit apartment tower next to Market Square Park. The project is expected to be completed in 1Q 2017.
     
  • SkyHouse Main: Atlanta-based Novare Group is building a 24-story, 336-unit apartment tower one block south of SkyHouse Houston. This second building is expected to be completed in 1Q 2016.
     
  • The Hamilton: Houston-based Resolution Real Estate is building a five-story, 149-unit apartment on a city block bounded by St. Joseph, Chenevert, Pierce and Hamilton. The project is expected to be completed in 2Q 2016.
     
  • Untitled: Dallas-based Leon Capital Group is building a five-story, 220-unit apartment on city block 365, bounded by Austin, Caroline, Jefferson and Pease. The project is expected to be completed in 4Q 2016.


Want to see the nine planned projects? Read more at the Houston Business Journal.

Catch a bird's-eye view of downtown development of Downtown Houston Development Map April 2015

San Antonio: KBS stocks up $62M for Promenade I, II at Eilan 

(7/16/2015 8:05:00 AM)

SAN ANTONIO - KBS Real Estate Investment Trust III has acquired 100 percent of the outstanding shares for Promenade I and II at Eilan for $62.2 million.

As of June 1, 2015, Promenade I & II at Eilan collectively was 100 percent leased to 15 tenants with a weighted-average remaining lease term of 6.2 years.

The annualized base rent for the tenants of Promenade I & II at Eilan was approximately $5.0 million. The average annualized base rent per sf was $24.88.

Built in 2011, the office properties span a total of 200,072 sf and house tenants such as KPMG, Merrill Lynch, Northwestern Mutual, Apache Corporation, among others.

Located at 17806 and 17802 I-10 on six acres, the two buildings are surrounded by exploding population growth, as well as a slew of new residential, commercial and retail development.

The tenants include the properties of resort-style workout facilities, a spa, convenience stores, tennis courts, parks and gardens, and can count the Shops at La Cantera and the Rim as neighbors.

Read more at the San Antonio Business Journal and the SEC.

Amarillo home sales bigger than a Big Texan Steak 

(7/16/2015 8:04:00 AM)

AMARILLO - Buyers bought more than 1,000 homes in the Amarillo-Canyon area during second quarter 2015, making it the busiest three-month period on record.

Randy Jeffers, Coldwell Banker First Equity Realtors Broker, places sales at 1,749, up 14.6 percent.

An analysis from Greg Glenn, a broker with Berkshire Hathaway HomeServices/Anderson Properties, determined 1,761 homes were sold, an increase of 11 percent.

The Amarillo market had already logged 1,366 sales by the end of May, according to a five-month update from the Realtors group.

The inventory of homes available to buyers has continued to shrink.

“Inventory is tight,” Glenn said. “I do sense the builders would build more houses if they had the lots to do it.”

The number of new homes starts in Amarillo has not returned to prerecession levels.

From 2004 to 2007, before the downturn, the City of Amarillo issued permits for construction of 600 to 760 homes a year, according to Amarillo Globe-News analysis of city data.

Builders launched construction of just 469 homes in 2008, and the number since has hovered between 425 and 555.

Inventory currently hovers at 1,100 homes on the market, with almost 250 of them being priced at $300,000 or more.

Amarillo Subdivision Activity YTD June 30, 2015*
Subdivision # Sold Avg. Sold
Price
$/SF DOM
City View 78 $202,112.26 $105.76 100.35
Hillside Terrace 66 $182,332.66 $104.79 95.92
Country Club II/Avondale 54 $96,108.46 $69.39 111.87
Colonies 50 $448,686.38 $138.09 97.60
Greenways 49 $304,763.03 $122.26 86.57
Wolflin 49 $181,088.28 $90.56 83.70


*Ranked by number of homes sold.

Read more at the Amarillo Globe-News.

What's going on in your neighborhood? See Amarillo Single-Family Housing Market Stats 2Q 2015 (PDF).

Source: Berkshire Hathway Home Services/Anderson Properties, Coldwell Banker First Equity Realtors

Colliers 2Q 2015: Austin leads nation in startups 

(7/16/2015 8:00:00 AM)

AUSTIN - It is the Texas capital and tech center, and not Silicon Valley, that is home to the greatest number of startup businesses, 180 all told. So says Colliers International, citing the annual Kaufmann Index report, in its second-quarter roundup on the city’s office sector.

The city’s technology job base has grown by 17.8 percent since 2011, thanks in part to eastward migration by California-based companies. Austin’s unemployment rate trended below both the state and national averages a year ago at 4.1 percent, and is now even lower at 3.1 percent.

All of the positive economic news is belied somewhat by the fact that Austin’s office vacancy citywide has crept up over the past few quarters. It increased 20 basis points from 10.2 percent in 1Q to 10.4 percent this past quarter, although CBD vacancy is trending in the opposite direction, dropping 60 basis points from 8.2 to 7.6 percent.

Overall, suburban vacancy increased 30 basis points from 10.7 percent to 11.0 percent in 2Q, due mainly to a 100-basis points increase in Class A suburban office vacancy.

Colliers is predicting a further vacancy increase and decrease in net absorption as more new space delivers in the year’s second half, although it also expects the pace of new construction to slow down.

Six buildings totaling 730,000 sf were delivered in 2Q, and another 2.2 million sf of office is now under construction.

The city’s average rental rate increased by 3.7 percent from $28.16 per sf to $29.20 over the course of 2Q.

The average CBD Class A rental rate decreased from $42.64 per sf to $41.58, and the average suburban Class A rental rate increased from $31.54 per sf in 1Q to $32.87.

Read more at Globe St.

Click to see Colliers Austin Office Research Report 2Q 2015 (PDF).

For other Austin office quarterly reports, click Austin Market Research.

Lancaster Ridge Logistics Center 2.5M SF heads to 164 acres 

(7/16/2015 7:58:00 AM)

LANCASTER - Van Trust Real Estate struck a deal with Ridge Development, the industrial development arm of Transwestern Development Co., and Prudential Financial to acquire 164 acres at the Ridge Logistics Center in South Dallas.

The site — located at the northeast corner of Dallas Ave. and Telephone Rd. — is approved for the construction of approximately 2.5 million sf of industrial space.

Van Trust Real Estate intends to begin construction shortly on two big-box speculative bulk industrial facilities to total more than 1 million sf.

Read more at CoStar Group and Globe St.

Click Dallas-Fort Worth-Arlington NewsTalk and Dallas-Fort Worth-Arlington Market Research for data and news for commercial real estate.

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