NewsTalk Texas

Fort Sam area: Brackenridge at Midtown selling for $51M 

(8/31/2015 3:00:00 PM)

SAN ANTONIO - The owners of Brackenridge at Midtown, 223 Brackenridge, have agreed to sell the luxury property to a Canadian real estate investment trust for $51 million. The purchase should close by September 30.

Built in 2014 and consisting of 282 residential units averaging 852 sf,

Brackenridge at Midtown is located just east of Broadway on Brackenridge Ave. The property is located within a few miles of downtown San Antonio, Joint Base San Antonio-Fort Sam Houston, the University of the Incarnate Word and Trinity University.

Pure Multi is a publically traded Canadian vehicle offering investors exposure to U.S. multifamily real estate assets.

Read more at the San Antonio Business Journal.

Arlington's 232-unit Runningbrook sells to Canadian firm 

(8/31/2015 10:00:00 AM)

ARLINGTON - Running Brook, a 232-unit multifamily community, has been sold to Canada-based Marlin Spring US Realty.

The 185,224-sf asset, located at 1519 Running Brook Dr., was built in 1983. The 21-building complex is comprised of studio, one-, two- and three-bedroom units. It was 96 percent occupied at closing.

Recent capital improvements include new roofing, irrigation system installation, new property signage, new commercial grade playground, new solar screens and business center addition.

The buyer assumed a Fannie Mae loan that will be due in 2021. This is the buyer’s first DFW-area acquisition.

Chris Deuillet, First Vice President with CBRE in Dallas, represented the seller.

SOURCE: CBRE

Texas City bags new H-E-B 

(8/31/2015)

TEXAS CITY - The debut of the 57,000-sf H-E-B will be September 15, according to Jimmy Hayley, president of the Texas City-La Marque Chamber of Commerce.

The store is just east of SH 146 and north of Palmer Hwy. at the site of the old Kmart building.

The grocer has long operated at 918 20th St. N. But Texas City officials wanted a better store for residents and for 18 months negotiated to make it happen. The existing store will close with the opening of the new one.

Read more on Galveston Daily News.

Being civil in $74M Tom Vandergriff Civil Courts Building 

(8/31/2015)

FORT WORTH - The City of Fort Worth has opened the new $74 million, 235,000-sf Tom Vandergriff Civil Courts Building.

The downtown development consists of a public plaza and six levels, including 13 courtrooms.

The finished building mirrors the architecture of other buildings downtown and is located at 100 N. Commerce Street, between East Weatherford and East Belknap streets.

Read more at the Fort Worth Star-Telegram.

Fishing Tackle Unlimited gears up in Sugar Land 

(8/31/2015)

SUGAR LAND - Fishing Tackle Unlimited, a fishing gear store, leased 27,930 sf in the Sugar Creek Village shopping center at 13711-13897 Southwest Freeway.

The 130,976-sf shopping center was constructed in 1980. Other tenants include CVS and Nifty After Fifty.

Source: CoStar Group

 

New office, hotel for River Oaks District in Houston 

(8/31/2015)

HOUSTON - OliverMcMillan Inc. is under contract for several restaurants and businesses near the River Oaks District in the Galleria area to build future redevelopment projects — including a possible hotel, residential units and offices — according to public records filed with the Harris County Clerk’s Office.

Property documents show the San Diego-based developer plans to redevelop about 3.4 acres of land directly west of the River Oaks District, a major mixed-use project at 4444 Westheimer Rd., near the 610 Loop.

The company’s website briefly describes the “Phase II” as a 455,000-sf expansion with 190,000 sf of office space, a luxury hotel, 90,000 sf of residential space and 25,000 sf of retail.

The agreement with the landowners — Restprop Ltd, Urquhart Restprop LLC and McKissack Restprop LLC — allows OliverMcMillan to pay monthly rent on the land as it builds offices on nearly 1.5 acres and a hotel with possible residential units on about 1.9 acres, according to the documents.

The first phase of River Oaks District is expected to open October 1. The 252,000-sf development will include such high-fashion brands as Hermès, Cartier, Dior, Dolce & Gabbana, along with 279 apartment units and a three-story 92,000-sf office building.

Read more at the Houston Business Journal and Houston Chronicle.

Waco Kingsdown mattress up and running with a queen 

(8/28/2015 2:00:00 PM)

WACO - Kingsdown Inc. is now operating from its 100,000-sf facility — a state-of-the-art sleep products manufacturing and distribution center.

Kingsdown is the nation's largest independent and employee-owned mattress manufacturer.

Kingsdown invested $2 million within the facility to support its growing business in the central U.S. The new plant created 50 new local jobs.

As reported earlier, the company signed a ten-year lease on the former U.S. Postal Service sorting center at 7300 Imperial Dr.

Source: Greater Waco Chamber

College Credit for Heroes marches to Alamo Colleges 

(8/28/2015 1:15:00 PM)

SAN ANTONIO - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program, a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including Alamo Colleges — to the third phase of the program:

Alamo Colleges, San Antonio: $200,000 is dedicated to creating five new accelerated curriculum pathways leading to an Associate of Applied Science Degree in the fields of pharmacy technologist, emergency medical technician, medical assisting, dental assisting and nursing.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

Ventures to Vista's $19.5M office in NW San Antonio 

(8/28/2015 1:00:00 PM)

SAN ANTONIO - Northwest San Antonio's office market is going to become a bit more crowded, this time with Galleria Venture's plans to deliver its latest project, the Vista Corporate Center, which is expected to break ground next month.

The five-story, 158,000-sf development will be in the southeast corner of the Loop 1604 and I-10 corridor at 13801 IH 10 West — estimated cost is $19.5 million with the estimated completion set for July 2016.

The site, currently being cleared for construction, will be neighbors with Fulcrum Development's Landmark One office project, a six-story, 164,351-sf building slated to break ground later this year.

The area also includes Stream Realty's Lockhill Crossing, the second phase of La Cantera's WestRidge office park as well as Bitter Blue's 52,000-sf building that broke ground this month.

Read more at the San Antonio Business Journal.

Check out San Antonio-New Braunfels NewsTalk and San Antonio-New Braunfels Market Research.

Dallas: two-building office complex sold, redo coming 

(8/28/2015 12:00:00 PM)

DALLAS - Two North Central Expressway office buildings — 6060 and 6080 North Central Expressway — have been acquired by a joint venture between Houston-based Triten Real Estate Partners and Chicago-based Convexity Properties.

6060 North Central Expressway is an eight-story, 224,682-sf boutique office building. It was constructed in 1972 and renovated seven years ago.

The second building, 6080 North Central Expressway, includes a four-story building with three levels of parking and a floor totaling 45,817 sf of office space.

The new partnership plans to immediately begin a multimillion-dollar renovation to the buildings to bring them up to Class AA standards. In the future, the two firms plan to build a mixed-use lifestyle center surrounding the properties to focus on offering a work-play-live environment to the neighborhood.

At the time of the deal, 6060 North Central Expressway was 88 percent leased and 6080 North Central Expressway was 100 percent leased to Zenith Education Group.

Read more at the Dallas Business Journal.

Stay up to date on news! See Dallas NewsTalk and Dallas Market Research

Hotel occupancy 2Q 2015: seven metros rank above Texas 

(8/28/2015 11:00:00 AM)

TEXAS - In second quarter 2015, seven areas exceeded the state hotel occupancy average. Meanwhile, 17 of 27 Texas areas showed decreased occupancy compared to 2014, according to Source Strategies Inc.

The table below is sorted by 2Q 2015 occupancy. Click the full report which shows the negative effect of decreased oil and gas exploration and production activity.

In all oil and gas counties statewide, 2Q 2015 occupancy averaged 64.6 percent, down 4.6 points from 2Q 2014:

Top Metros Ranked by Occupancy 2Q 2015
  2014 Total 2Q 2015
Metro Area Occ.
%
Rev
% Chg
Occ.
%
Pt.
Chg
$ Rev
% Chg
Austin-Round Rock 73.8 10.4% 78.3 2.6 18.1%
Dallas-Plano-Irving MD 68.5 8.4% 72.9 1.0 7.6%
El Paso 65.7 8.7% 71.6 4.5 12.7%
Waco 66.4 12.2% 70.3 2.7 10.9%
Lubbock 67.2 6.9% 69.9 -2.6 2.4%
Amarillo 63.2 3.7% 68.7 4.3 11.2%
Houston-The Woodlands-
Sugar Land
68.7 10.8% 68.2 -3.7 -1.0%
State average 65.7 9.7% 66.2 -1.8 2.5%


See the full report at Source Strategies Inc. 

For more stats on cities, counties and MSAs, see Hotel under Market Research.

Foreclosure rates sliding down for Rio Grande Valley 

(8/28/2015 12:30:00 AM)

McALLEN-EDINBURG-MISSION - Foreclosure rates across the Rio Grande Valley are sliding down from last year according to data collected by CoreLogic.

The foreclosure rate in the McAllen-Edinburg-Mission metro area dropped about .29 percentage points from last June. The McAllen area foreclosure rate this June was just under 1 percent — last year about 1.20 percent of properties were in the foreclosure process.

Mortgage delinquency in June 2015 was just under 4 percent, compared to nearly 4.5 percent last year in the McAllen-Edinburg-Mission metro area.

Across the Valley, the foreclosure rate is below the national average of 1.28 percent.

Home prices and sales were also recently reported to be on the upswing.

The median price for a single-family home in the McAllen-Edinburg-Mission metro area is $122,500, a 3.8 percent jump compared to 2014 prices, according to the 2Q 2015 Texas Housing Report compiled by the Texas Association of Realtors and the Real Estate Center at Texas A&M.

Read more at The Monitor.

See Housing under McAllen-Edinburg-Mission Market Research for quarterly reports and more!

Tyler new medical center shot in job market's arm 

(8/28/2015)

TYLER - Up to 350 new jobs are coming to Tyler according to the Tyler Economic Development Council President, Tom Mullins.

Fresenius Medical Care North America (FMCNA) is constructing an 80,000-sf facility on Earl Campbell Parkway and Loop 323. 

The 9.2-acre site is currently owned by the Tyler Economic Development Council (TEDC) and Tyler Junior College (TJC).

FMCNA has 120 existing jobs in Tyler. FMCNA chose Tyler over multiple competing locations to capitalize on the town’s robust medical industry and attract well-paying jobs.

The project is set for completion in 14 months.

Read more at KLTV.

Downtown Austin cranking cranes up to Aloft, Element hotels 

(8/27/2015 3:30:00 PM)

AUSTIN - White Lodging has broken ground on two new hotels — an Aloft and an Element — and both will be located at East Seventh St. and Congress Ave.

The new Aloft and Element hotels planned for downtown Austin will add about 400 hotel rooms to the city’s inventory and are expected to open by summer 2017.

White Lodging — the Austin area’s largest hotel operator, adding more than 1,300 rooms this year — already has more than 20 hotels in Central Texas.

The trendy, upscale Aloft and Element brands are both affiliated with Connecticut-based Starwood Hotels and Resorts Worldwide.

Read more at the Austin American-Statesman.

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

Also of interest: Battle of hotel revenue: Austin surpasses Alamo City

SpringHill Suites Downtown Houston from 'Humble' beginning 

(8/27/2015 2:00:00 PM)

HOUSTON - Maryland-based RLJ Lodging revamped one of Houston's most historic downtown buildings into a hotel and opened its doors.

The SpringHill Suites by Marriott in downtown Houston is located on Dallas St. in the former Humble Oil Building complex, which was placed on the national register of historic places in 1999.

The 167-suite SpringHill Suites by Marriott in Downtown Houston is located at 914 Dallas St. The SpringHill Suites Houston Downtown/Convention Center will operate as a Marriott franchise.

The company first acquired the complex's three towers, which span an entire city block, in 2013 for $79.5 million. The previous 82-unit apartment tower has now been converted into a 167-suite hotel.

The other towers operate as a 191-room Courtyard Houston Downtown Convention Center and a 171-room Residence Inn Houston Downtown Convention Center.

Read more at the Houston Business Journal.

Allen Eagles fly home to $60M stadium 

(8/27/2015 10:00:00 AM)

ALLEN - It's been more than a year since the $60 million Allen Independent School District's Eagle Stadium — the most expensive high school stadium in North Texas — has been open to crowds for a Friday night football game after structural problems were found in the newly completed facility.

But Friday, the Landry Classic — where the Allen Eagles will face off against Denton Guyer — is expected to bring a sellout crowd of 9,000 fans to the facility, Allen ISD Chief Information Officer Tim Carroll told the Dallas Business Journal.

This fall, Eagle Stadium will host a total of eight home games during the football season.

Source: Dallas Business Journal

Battle of hotel revenue: Austin surpasses Alamo City 

(8/27/2015 9:55:00 AM)

AUSTIN - For the first time, according to industry tracker Source Strategies Inc., Austin-Round Rock passed up the Alamo City, generating more hotel revenue than a market so heavily dependent on the tourism sector.

Austin hotels generated more than $315 million in second quarter 2015 — an 18.1 percent improvement over the same three-month period the previous year, according to Source Strategies’ latest Hotel Brand Report.

San Antonio’s hotel industry generated $299 million in revenue in 2Q 2015 — a 2.3 percent decline from 2Q 2014.

Austin is outperforming San Antonio in another critical area — REVPAR, or revenue per available room. Austin’s hotel industry eclipsed $105 in REVPAR in 2Q. San Antonio hotels generated just over $71 on average in revenue per available.

2Q 2015 Texas Metro Hotel Revenue
Metro Areas %
Market
Total Revenue* %
Chg.
%
Occ.
2014 2015
Dallas-Fort Worth-
Arlington
26.7% $651.5 $700.2 7.5% $72.15
Houston-The Woodlands-
Sugar Land
23.6% $624.6 $618.2 -1.0% $78.98
Austin-Round Rock 12.0% $267.1 $315.4 18.1% $105.36
San Antonio-New Braunfels 11.4% $306.1 $299.0 -2.3% $71.06
Non-Metro Areas 8.3% $230.5 $216.8 -6.0% $46.39
Corpus Christi 2.9% $74.8 $76.2 1.9% $66.03
Midland & Odessa 1.9% $58.8 $48.7 -17.2% $71.91
Balance of Texas 13.3% $346.5 $349.8 1.0% $50.51
Total State of Texas 100.0% $2,559.8 $2,624.2 2.5% $68.74


*total revenue in millions
*Metro Areas include seven metros with revenue gains exceeding 7%.

Get more hotel data for Texas cities, MSA's and counties from Source Strategies.

Read more at the San Antonio Business Journal.

Case-Shiller: Dallas-area home prices jump 8.2 percent 

(8/27/2015 9:15:00 AM)

DALLAS - Dallas-area home prices are up 8.2 percent in June, nearly double the national rate, according to the latest S&P/Case-Shiller Home Price Indices.

Following a trend seen in other recent months, Dallas ranked No. 3 nationally behind Denver and San Francisco, where year-over-year home prices rose 0.2 percent and 9.5 percent, respectively, in June.

The average increase for 20 large metropolitan areas tracked by Case-Shiller was 5 percent, about the same as in May.

In the Dallas area, home prices are at a record high and up 19 percent from where they were at the peak of the housing market before the recession in April 2007, according to data from Case-Shiller.

June 2015 S&P/Case-Shiller Home Price Indices by 1-Year Change
Metro Area* May 2015-
June 2015
Chg.
1-Year
Chg.
Denver 1.3% 10.2%
San Francisco 0.4% 9.5%
Dallas 0.9% 8.2%
Portland, Ore. 1.5% 7.8%
Miami 0.3% 7.7%
Seattle 1.1% 7.4%
Los Angeles 0.9% 6.3%
Las Vegas 0.8% 6.1%
Detroit 1.8% 5.7%
Atlanta 1.3% 5.4%


*Only top ten metro areas shown.

Source: S&P/Case-Shiller Home Price Indices

Read more at the Dallas Morning News.

Don't miss out! See DFW Market Research for more Housing stats.

Richardson's quick turnaround for 83,000-SF The Shire 

(8/27/2015 9:00:00 AM)

RICHARDSON - The Shire, an 83,000-sf mixed-use specialty retail and office project — east of Richardson's high profile, $1.5 billion CityLine project — has been sold.

Located at SH-190 (President George Bush Turnpike) and Jupiter Rd., the center was acquired by a local investment group formed by Huey Investments and Standridge Cos.

The Shire features a number of upscale and casual restaurants, as well as service and office users.

Restaurants in the specialty retail space include Silver Fox Steakhouse, Ye Shire Tavern, Main St. Bistro/Bakery, Thai’s Thumbz Urban Kitchen and Apollonia’s Italian Kitchen. Other tenants include Bright Horizons Early Education and Republic Title.

Read more at Globe St.

Also see Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

ALN El Paso apartment review July 2015 

(8/27/2015 8:55:00 AM)

EL PASO - ALN Apartment Data has released July 2015 apartment occupancy and effective rent data for apartments.

El Paso Market Review
El Paso Market Stabilized Market*
July
2015
Annual
Chg.
Occupancy rate 91.0 0.7%
Units added 863  
Units absorbed (annual) 729  
Average size (SF) 834 N/A
Asking rent $751 N/A
Asking rent per SF $0.90 N/A
Effective rent $745 N/A
Effective rent per SF $0.89 N/A
Offering concessions 17% N/A
Avg. concession package 4.6% N/A


*Stabilized market is everything in a market except for apartments in initial lease-up.

Floor Plan Breakdown - El Paso
Plan
Type
Market Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Eff. 3.6% 394 $500 $499
1 BR 33.6% 654 $663 $658
1 DEN 0.5% 800 $748 $748
2 BR 49.7% 927 $772 $765
2 DEN 0.4% 1,128 $827 $827
3 BR 17.3% 1,182 $965 $957
>3 BR 1.0% 1,276 $860 $857


Read more at ALN Market News.

Ciao! Bella Vita Apartments changes hands in Waxahachie 

(8/27/2015)

WAXAHACHIE, ELLIS COUNTY - With 1031 exchange funds to deploy, California-based KD Real Property Investments LLC has acquired a 72-unit, Class A apartment complex in Ellis County from a north Texas investor in an off-market transaction.

The complex is known as Bella Vita Apartments and was 99 percent occupied at the time of sale.

The seven-building, gated complex at 380 Solon Rd. was a purpose-built project for residents aged 55 and over.

Units at Bella Vita range from 840 sf to 1,075 sf and include either one or two bedrooms. Rent ranges from $885 to $1,235.

Amenities include a walking trail, clubroom, business center, library, fitness center and pool.

Read more at Citybizlist.

Edinburg's $9M Sports centers on hoops, boxing, dance 

(8/27/2015)

EDINBURG - The new $9.3 million Sports & Wellness Center — located at 315 E. Palm Dr. — across from Cats Stadium has opened.

The 84,046-sf building was constructed in the same area as the old parks and recreation facilities.

The facility has six basketball courts, nine volleyball courts, four dance studios, a computer lab, a media room, an arts and crafts room, a boxing ring and martial arts room, a conditioning room, a concession area and two restaurant pad sites.

Read more at Your Valley Voice.

Kite Realty swoops up Chapel Hill Shopping Center 

(8/27/2015)

FORT WORTH - Kite Realty Group Trust has acquired the 200,000-sf Chapel Hill Shopping Center.

The center is 96 percent leased and anchored by H-E-B Grocery’s premier Central Market, The Container Store and Cost Plus World Market. The shopping center also includes a strong lineup of other high-quality retailers such as Ann Taylor, Beauty Brands, New Balance and Men’s Wearhouse.

The purchase price, net of $18 million of debt, was funded using remaining 1031 sale proceeds and other cash and liquidity sources.

Chapel Hill Shopping Center is located at the intersection of I-30 and Hulen St., one of the area’s most highly traveled crossroads, and benefits from multiple access points and ease of entry. The densely inhabited area has an estimated population of 275,000 residents.

Read more on the Street Insider.

Kilgore hits grand slam with new $1.5M baseball complex 

(8/27/2015)

KILGORE - Council members accepted a $1.5 million bid from W.M. Miller Construction Co. Inc. to construct six ballfields, a concession stand and related facilities for a new Kilgore Baseball Complex on South Commerce St.

The estimated cost for the project is $1,534,856.

"Construction of this project is estimated to take up to 12 months," Kilgore Public Works Director Seth Sorensen said. "It is estimated that grass will be fully established and ready for long-term playing conditions within the next 24 months."

Read the full article on Longview News Journal.

Round Rock: 304-Unit Lone Oak sells to Passco 

(8/27/2015)

ROUND ROCK - Passco Companies LLC has acquired Lone Oak Apartments — a 304-unit, Class A garden-style multifamily community.

Lone Oak Apartments was completed in 2014, and is currently 92 percent occupied.

The units are spread across 16 three-story buildings, with one-, two- and three-bedroom floorplans.

Gary Goodman of Passco Companies noted the Austin apartment market’s average occupancy rate is 94.4 percent, while the Round Rock area’s rate is as high as 97.8 percent.

“In both Austin and its Round Rock submarket, occupancy rates have increased each year for five consecutive years,” Goodman notes. “As occupancy climbs and Austin expands, renters will continue to look outside the downtown area for housing.”

Read more at RealEstateRama.

Click Austin-Round Rock Market Research for quarterly reports.

Waco: July record-high home sales spur economy 

(8/27/2015)

WACO - With homes selling at a record pace and consumers digging deeply into their pockets, the Greater Waco economy continued to flex its muscles in July, extending the local expansion to 31.5 years, economist Karr Ingham reported.

“Index growth in July was powered by record home sales along with increases in general spending, auto spending, hotel/motel tax receipts and unemployment rate decline” Ingham said.

A total of 285 homes changed hands last month, which is a new record not only for July but for any month, breaking the previous high mark of 280 closed sales in June 2006. That number is about 18 percent more than the 242 sold in June.

Waco issued 18 permits in July for construction of new homes, down from 25 a year earlier.

However, year-to-date through July, a total of 242 permits have been issued, which is 17.5 percent more than the 206 during the first seven months of 2014.

Retail sales hit $184 million in July, up 5.7 percent from the $174 million during July 2014. Automobile spending remains in the fast lane, hitting $52 million in July compared to $47 million in July of 2014, an increase of 9.4 percent.

Read more at the Waco Tribune-Herald.

501 Congress 'passes' to sold in Austin 

(8/26/2015 11:45:00 AM)

AUSTIN - The 501 Congress building — a Class A office building in a prime downtown Austin location with some high-profile tenants — has been purchased by AFIAA Swiss Foundation, an investment entity of 40 Swiss pension funds that focuses on international commercial properties.

The acquisition includes a newly constructed parking garage that adjoins 501 Congress.

The 116,000-sf building formerly was a five-story annex to the adjoining 26-story Bank of America tower.

Stream Realty Partners gutted the annex into a contemporary building that now houses cloud file-sharing giant Dropbox Inc.; Charles Schwab; wine-storage company Vine Vault; Allen Edmonds, a manufacturer and retailer of men’s footwear; and EMC2 Corp., the world’s largest supplier of data storage systems.

AFIAA is an investment foundation with offices in Zurich, New York and Sydney.

Read more at the Austin American-Statesman.

Click Austin NewsTalk Texas and Austin Market Research.

Dallas County: duo buy in Great Southwest Industrial Park 

(8/26/2015 11:33:00 AM)

DALLAS - Dallas-based private equity group Stonelake Capital Partners has bought two industrial buildings within the Great Southwest Industrial Park in southern Dallas County.

The buildings — totaling roughly 150,000 sf of industrial space — are located about half-a-mile from each other and are 100 percent leased to four regional distribution tenants.

The acquisition brings the private equity firm's total industrial portfolio to 2.5 million sf of space in the Lone Star state.

Read more at the Dallas Business Journal.

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

Austin's Broken Spoke still in the middle; The 704 for sale 

(8/26/2015 11:30:00 AM)

AUSTIN - Denver-based real estate manager Amstar, acting on behalf of one of its public retirement system clients, and its partner Transwestern Development Co. have built and decided to sell The 704, a Class A mixed-use apartment development.

The 378-unit multifamily property with 20,000 sf of retail and restaurant space, located at 3401 S. Lamar surrounds the famed Broken Spoke, a Texas country-western dance hall.

Amstar and Transwestern Development Co. acquired the seven-acre site in May 2012 and built the property.

“With The 704 now 97 percent leased, it was perfect timing to bring the asset to market," Josh Delk, associate vice president of Transwestern Development Co. said.

“Austin is an attractive market for investors due to its low vacancy and rising rents, presenting favorable conditions to market The 704.”

The property’s other retail space is leased to several local and national tenants, such as aRoma Italian Kitchen and World of Beer tavern.

Read more at Commercial Property Executive.

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

$25M 'Tex' donation drives Longhorns to Cowtown  

(8/26/2015 9:30:00 AM)

FORT WORTH - The University of Texas System expands to Fort Worth with the new UT Southwestern Monty and Tex Moncrief Medical Center at Fort Worth, after receiving a $25 million donation from W.A. "Tex" Moncrief Jr.

The center is the UT System's first named campus outside of Dallas. It builds on UT Southwestern Medical Center's recent expansions at the Moncrief Center Institute within Fort Worth's Medical District.

The new campus adds onto Fort Worth's strategic goals of making the health care industry a top priority to the city. Recently, Fort Worth landed two major medical expansions and relocations.

The campus' first building will sit on 6.3-acres at the northwest corner of Pennsylvania Ave. and Main St.. Construction is slated for completion in September 2016.

In all, the campus will include the newly acquired property, the new facility and the Moncrief Cancer Institute, which is on a nearby 3.4-acre site at 400 W. Magnolia Ave. in Fort Worth.

Click here to read more on the Dallas Business Journal.

College Credit for Heroes marches to Lone Star Houston 

(8/26/2015)

HOUSTON - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program, a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including the Lone Star College System — to the third phase of the program:

Lone Star College System (LSCS), Houston: $150,000 is dedicated to creating new streamlined curricula (fast track certificates) based on Prior Learning Assessments (PLA) in the fields of industrial diesel technology, oil and gas drilling and electrical technology.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

Frisco: Edgestone at Legacy planned for 300 acres 

(8/26/2015)

FRISCO - Hines and Capital Limited Partnership of Canada acquired 311 acres near Dallas for a master-planned community called Edgestone at Legacy.

The new owners plan to build a new residential community — west of the Dallas North Tollway near Legacy Dr. and Stonebrook Parkway — with hundreds of home sites.

Home builders in Edgestone include Coventry Homes, Darling Homes, Highland Homes, Huntington Homes, Shaddock Homes and Village Builders.

The prime development site was purchased from the estate of the late businessman Bert Fields Jr.

Construction is expected to begin late this year.

Read more at Realty News Report and the Dallas Morning News.

Adults only: Taylor Morrison to develop 228-acre community 

(8/26/2015)

HOUSTON - Taylor Morrison is expanding its 55 and up active adult presence in the Houston area with the development on a Bonterra active lifestyle community in Cross Creek Ranch on Houston’s west side.

The 228-acre community will have 700 homes — prices from $250,000 to $450,000 — in a gated neighborhood. Last year Taylor Morrison opened another Bonterra active adult community in Woodforest, north of Houston.

Cross Creek Ranch is a master-planned community, developed by Johnson Development, about six miles west of the Grand Parkway near FM 1093. The 3,000-acre project, planned by the SWA Group, emphasizes sustainable landscaping, wildflowers, wetlands and controlled water usage.

Read more at Realty News Report.

354-Unit Altís Lakeline rises in NW Austin 

(8/26/2015)

AUSTIN - The Altman Cos. — a developer of luxury apartment communities — has broken ground on its first development in Austin’s Northwest submarket.

Located at 12700 Ridgeline Blvd., the 354-unit complex will be known as Altís Lakeline.

The property will consist of 19 two- and three-story residential buildings, and the floor plans will include one-, two- and three-bedroom units.

The gated community has private entries and attached garages, as well as private balconies and patios. The clubhouse includes a Starbucks, conference room, fitness center and a yoga and aerobics studio.

Read more at Texas Real Estate Business.

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

The Epic to start: Grand Prairie's massive $75M water park 

(8/25/2015 8:00:00 AM)

GRAND PRAIRIE - Grand Prairie is getting ready to start construction on a new $75 million water park-anchored development, known as The Epic, to bring a large recreational hub to the city.

The Epic — slated to get underway with a groundbreaking on October 17 —  will anchor the city's Central Park, west of SH 161 and the future extension of Waterwood Dr., with an indoor 70,000-sf water park with a retractable roof and 3.5 acres of outdoor space.

The water park is expected to have one of the longest lazy rivers in the United States after completion.

Ultimately, Grand Prairie will add new rides and slides in future phases of the project.

Grand Prairie is working to bring retail and restaurants to the 19 pad sites adjacent to the development.

Construction on The Epic is slated for completion in April 2017.

Read more at the Dallas Business Journal.

REOC: San Antonio 2Q 2015 retail market 

(8/25/2015 7:30:00 AM)

SAN ANTONIO - The San Antonio retail market closed second quarter 2015 with a citywide vacancy rate of 10 percent.

There were no notable deliveries in 2Q but more than 826,000 sf of multi-tenant retail space is currently under construction led by the redevelopment of the former Joske’s Building at RiverCenter Mall downtown.

The remaining projects under construction are mostly smaller, unanchored centers scattered throughout the market in niche locations.

REOC San Antonio: 2Q 2015 Retail*
All Types Citywide CBD / South Non-CBD / North
2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014
Inventory 47,163,523 47,164,952 6,244,326 6,375,326 40,919,197 40,789,626
Direct vacant 4,721,976 4,679,243 580,536 757,115 4,141,440 3,922,128
Vacant 10.0% 9.9% 9.3% 11.9% 10.1% 9.6%
Average rent $16.30 $16.58 $15.24 $15.50 $16.40 $16.67
2Q absorption 65,962 108,746 -1,377 -13,799 67,339 122,545
YTD absorption 230,479 371,043 27,949 41,853 202,530 329,190


*Statistics based on multi-tenant centers totaling 20,000 sf and larger (including both leaseable and separately owned inline space). Rental rates reflect non-weighted strict average asking rates quoted on an annual triple net basis (excluding regional malls).

Source: REOC San Antonio (all reports)

Or click on REOC Quarterly Retail Report (PDF).

Don't forget! See San Antonio Market Research for more quarterly reports.

San Angelo housing 2Q 2015: Coldwell Banker Patterson 

(8/25/2015)

SAN ANGELO - Coldwell Banker Patterson has released its second quarter 2015 San Angelo housing report.

Home prices advanced substantially in 2Q 2015. Average sale prices, median sale prices and average price per sf all registered increases over last quarter and 2Q 2014. This appears to be a continuation of the upward trend established in 2012.

The number of sales also increased substantially, consistent with seasonal trends observed in the past. Looking year-over-year, sales increased by just over 1 percent.

Inventory also had a meaningful increase. However, months of supply dropped from last quarter, registering just over four months of inventory.

San Angelo Key Stats
  2Q 2014 2Q 2015 Change
Average sales price $164,083 $184,147 12.2%
Average $/SF $90 $96 6.9%
Median sales price $150,950 $165,000 9.3%
DOM 104 112 7.2%
Sale % of list 96.5% 97.1% 0.6%
# of sales 408 413 1.2%
Listed inventory 538 578 7.4%


Source: Coldwell Banker Patterson

Full report? See 2Q 2015 Quarterly Housing Market Report (PDF).

Check out San Angelo NewsTalk and San Angelo Market Research!

Belton buzz: $20M Colonial Crossing complex set 

(8/25/2015)

BELTON - A $20 million apartment complex is about to get started on the southeast corner of South Loop 121 and FM 93/West Second Ave.

The City of Belton issued a building permit to Colonial Crossing Co. Ltd. for construction of a new 200,000-sf apartment complex.

Colonial Crossing Apartments plans include 208 units in ten apartment buildings.

A separate clubhouse will be a part of the complex to house the laundry, exercise and office areas. A pool will be outside of the clubhouse.

It is estimated the project will take 18 months to complete.

The Belton City Council in January approved the redistricting of 1.44 acres of the project site from retail to multiple family zoning. This change was made to accommodate the apartment complex, but the remainder of the surrounding land is still retail.

The complex will go on one of two parcels of land on that corner, and there are plans to develop the other into retail space. All three corners of the intersection have retail plans as well.

The complex’s proximity to the Belton Business Park, access to US Hwy. 190 and the construction of the Martin Luther King Jr. Ave. bridge would help draw tenants including military members, college students and business professionals.

Read more at the Temple Daily Telegram.

Berkadia: El Paso apartments 2Q 2015 

(8/25/2015)

EL PASO - In the last five years, absorption averaged 320 apartments. So far this year, renters occupied 100 additional apartments. During the same period in 2014, there was negative net absorption of 170 units.

In the first half of this year, builders completed approximately 150 units among the Santi Dwellings at Montecillo apartment community in northwest El Paso and The Quest at Edgemere development in northeast El Paso.

Completions in the first six months of this year were down 47.6 percent compared to first half 2014.

Over the next six months, 180 additional apartments are expected to be delivered metrowide.

Metrowide vacancy rose 40 basis points since the end of first quarter. Despite the recent increase, the rate was down 20 basis points from mid-2014, to 7.7 percent in June of this year.

The annual decline in vacancy was fueled by leasing activity that outpaced completions by 22 percent.

Market rent decreased 0.3 percent from mid-2013 to mid-2014. During the most recent four quarters, however, asking rents appreciated 1.3 percent to $796 per month.

Meanwhile, effective rents advanced at a slower rate, a 1 percent increase to $781 per month, as concessions edged up from 1.7 percent to 1.9 percent of asking rents.

El Paso Vacancy & Rent Comparison
Area Vacancy Avg. Rent
Increase
Avg. Rent
2Q
2015
2Q
2014
2Q
2015
2Q
2014
2Q
2015
2Q
2014
El Paso 7.7% 7.9% 1.3% -0.3% $796 $786


Source: Berkadia

Click to see the full El Paso Apartment 2Q 2015 (PDF) report.

Don't miss out! El Paso Market Research, El Paso NewsTalk

Waco: Hulking warehouse to Altura luxury lofts 

(8/25/2015)

WACO - The five-story building at 216 S. Sixth St. once employed hundreds of people to make military uniforms and Gene Autry blue jeans. Soon, the hulking 98-year-old historic building will become luxury lofts — Altura Lofts.

The loft condos will sell for between $250,000 and $415,000 each.

“This building is by far our favorite building, as far as doing lofts,” Shane Turner said. “It’s 100 percent concrete inside, with great views of the Baylor campus, the river and downtown.”

A car entrance will be built for access to the basement level, which will become parking for 25 cars.

The partnership  includes Bicycle World owner Todd Behringer and downtown developers Shane and Cody Turner.

Built in 1917 as headquarters and warehouse for Waco Dry Goods Co., it is the last of the giant downtown warehouses to be renovated.

Read more at the Waco Tribune-Herald

Also see Waco NewsTalk for stories you might have missed.

Abilene ISD repeats history with $9.5M Bowie Elementary 

(8/25/2015)

ABILENE - Abilene Independent School District (AISD) has completed the $9.5 million Bowie Elementary School, 2034 Jeanette St.

The 67,000-sf building has 35 classrooms and six specialty rooms for various needs.

Meanwhile, demolition of the previous Bowie Elementary, opened in 1951, will begin near the end of August.

Read more about this story at Abilene Reporter-News.

The Woodlands medical center area tops off new hospitals 

(8/25/2015)

HOUSTON - The race to build up what some are calling The Woodlands Medical Center has reached a milestone as both Houston Methodist The Woodlands Hospital and Texas Children's Hospital The Woodlands put the final beams in place in the construction of the two new hospitals.

Houston Methodist The Woodlands Hospital building will sit on 59 acres at the corner of I-45 and Texas 242 and will open with 193 in-patient beds and plans to ultimately include 400 beds.

The hospital shares the land with a 150,000-sf medical office building, which is planned to open in February 2016. Houston Methodist is investing $380 million in this campus, which is the eighth in the system and modeled after Houston Methodist West Hospital near Katy.

Texas Children's The Woodlands:

On the other side of the freeway, adjacent to CHI St. Luke's -The Woodlands Hospital, the $360 million, 548,000-sf Texas Children's Hospital The Woodlands pediatric facility is keeping pace.

The hospital will include 24 emergency center rooms, 74 outpatient rooms, five radiology rooms and 30 acute care beds at opening with plans of up to 200 additional beds.

Both hospitals are slated to open in 2017.

Read more at the Houston Chronicle.

REOC: San Antonio 2Q 2015 medical office market 

(8/25/2015)

SAN ANTONIO - The medical office market closed the quarter with a citywide vacancy rate of 19.5 percent — unchanged from last quarter but softened compared to 17.5 percent recorded 2Q 2014, in part, to the addition of nearly 200,000 sf of new inventory over the past 18 months.

The cost of renting medical office space stepped up $0.24 compared to 2Q 2014 to close the quarter at a citywide average rate of $24.05 per sf per year on a full-service basis which marks a modest annual increase of only 1 percent.

Increased vacancy and flat absorption combine to limit rental rate growth. Pre-leasing success in buildings such as Inwood Medical Office (20,887 sf) and Rogers Rd. Medical Plaza (32,390 sf) will bolster absorption figures in third quarter.

REOC San Antonio: 2Q 2015 Medical Office Building*
All Types Citywide CBD Non-CBD
2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014
Inventory 6,879,450 6,662,911 1,059,393 1,012,037 5,820,057 5,650,874
Available 1,339,748 1,167,178 142,553 82,960 1,197,195 1,084,218
Vacant 19.5% 17.5% 13.5% 8.2% 20.6% 19.2%
Average rent $24.05 $23.81 $20.23 $20.78 $24.74 $24.35
2Q absorption 1,874 72,376 18,902 -900 -17,028 73,276
YTD absorption -18,674 146,170 12,262 -900 -30,936 147,070


*Statistics based on all multi-tenant medical office buildings 20,000 sf and larger excluding single-tenant, owner-occupied and government buildings.

Source: REOC San Antonio

For the full report, see Quarterly Medical Report (PDF).

Click San Antonio Market Research, San Antonio NewsTalk for more quarterly reports.

85,000-SF WinCo Foods to Garland 

(8/25/2015)

GARLAND - WinCo Foods LLC will open its sixth Texas store located at 1122 W. Centerville Rd. on August 27, 2015.

The 85,000-sf store will initially employ approximately 150 individuals, about 140 of whom have been hired locally.

Estimated cost of construction is $6.5 million according to the Texas Department of Licensing and Regulation.

WinCo Foods is an employee owned company founded in 1967 in Boise, Idaho. WinCo operates as a regional discount supermarket company currently employing over 15,000 individuals and operating 102 stores and five distribution centers in the states of Washington, Idaho, Nevada, California, Oregon, Arizona, Utah and Texas.

Read more at PRNewswire.

Homewood Suites to Galveston's seawall 

(8/25/2015)

GALVESTON - Hilton Worldwide's Homewood Suites is coming to Galveston's East End.

The $5.5 million, 69,000-sf project will be an 86-room property at First St. and Seawall Blvd. SRI Galveston Hospitality, a company that emerged due to the area's booming healthcare scene, is helming the project.

The launch of this new hotel is due to the growing influx of hospital patients and their families. This Homewood Suites is intended to be an extended-stay type of accommodation, which will include kitchens, will open in the fall.

The $438 million, 200-room Jennie Sealy Hospital is currently under construction and expected to be completed next year.

Read more at the Galveston Daily News.

Houston multifamily strong in Spring Branch submarket 

(8/25/2015)

HOUSTON - Transwestern’s Houston Multifamily Investment Services Group completed the sale of a two-property multifamily portfolio totaling 117 units in Spring Branch —  near the Katy Freeway, west of Loop 610.

Transwestern said the Spring Branch submarket had an occupancy rate of 94.1 percent, compared to a citywide rate of 91.4 percent. Monthly PSF rentals rates for Class A, B and C were $1.42, $1.04, and 85 cents, respectively. 

Demand for well-located assets in the Spring Branch submarket remains high.

Transwestern said the off-market deal involved the sale of Spring Gardens, a 79-unit, garden-style community located at 1714 Wirt Rd. and Johanna Square, a 38-unit, garden-style community, located at 1715 Johanna Dr.

Read more on Realty News Report.

Don’t forget! Click Transwestern's Houston Metro Mid-Year Report and see page 22 for multifamily data.

Typhoon Texas forming in Katy 

(8/25/2015)

KATY - Katy's "Typhoon Texas" waterpark has broken ground and is planned to open in May 2016, featuring a 27,000-sf wave pool, a 1,500-foot lazy river and more than 13 rides and attractions.

Plans for the $45 million park — located at 555 Katy Fort Bend Rd. on 25 acres near the Katy Mills mall — began in 2012.

There will be body slides such as the 50-foot "Open AquaDrop."

Tube slides such as the "Constrictor" will spin pairs of riders through series of loops.

Plans include a state-of-the-art microfiltration system that that cycles 70,000 gallons of water per minute, high velocity rides and a rainforest aqua play area.

With the help of the Katy Area Economic Development Council, the site was chosen near the Grand Parkway and close to where the mall will soon undergo a $25 million facelift and where a future boardwalk, hotel and convention center, restaurant strip and shopping center are planned.

Read more at the Houston Chronicle and Community Impact Newspaper.

Don't miss out! Houston Market Research, Houston NewsTalk

College Credit for Heroes marches to Grayson College 

(8/25/2015)

SHERMAN-DENISON - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program, a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including Grayson College — to the third phase of the program:

Grayson College (GC), Denison: $200,000 is dedicated to providing internship collaborations with industry partners in advanced technologies and manufacturing certifications created during Phase I and to replicate program areas developed by Phase I and II CCH grantees in which academic credit may be awarded for military training and experience, specifically in the area of health care.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

College Credit for Heroes marches to Texas Tech 

(8/25/2015)

LUBBOCK - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program.

The program is a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including Texas Tech University Health Sciences Center — to the third phase of the program:

Texas Tech University Health Sciences Center (TTUHSC), Lubbock: $199,544 is dedicated to the TTUHSC School of Nursing's “Operation RevUp,” which will begin the implementation phase of a new accelerated one-year Veteran to Bachelor of Science Nursing in (VBSN) Pilot Program designed specifically for veterans.

Launched as a pilot program in 2011, College Credit for Heroes was designated as a permanent program with the passage of SB 806 in the 84th Legislative Session.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

College Credit for Heroes marches to Texas State Harlingen 

(8/25/2015)

HARLINGEN - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program, a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including Texas State Technical College Harlingen — to the third phase of the program:

Texas State Technical College Harlingen (TSTCH), Harlingen: $58,938 is dedicated to creating a new streamlined Associate of Applied Science Degree based or the Ford Maintenance Light Repair Certification.

Well-qualified veterans have the opportunity to translate military skills into college credit for up to one full semester under the proposed program.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

Brooks City Base to lure visitors south of downtown 

(8/25/2015)

SAN ANTONIO - The transformation of Brooks Air Force Base has delivered a historic amount of new retail development to Southeast San Antonio.

Those tasked with repositioning the former military site are convinced the campus is positioned now to attract more hotel investment and visitors, creating new economic opportunities in an area of the city that has missed out on much of the market’s multibillion-dollar tourism trade.

Continued activity in the Eagle Ford Shale oil and gas play south of San Antonio, coupled with the recent designation of four South Side missions as World Heritage Sites, has created a perfect storm of opportunity.

Crews broke ground on a new Embassy Suites by Hilton San Antonio hotel at Brooks City Base. The 156-room property will have a full restaurant, as well as meeting rooms, banquet facilities that can accommodate 500 people and an 8,000-sf ballroom.

Earlier this year, a Holiday Inn Express opened on the campus.

A new Hampton Inn is already under construction, and La Quinta is expanding its hotel.

Brooks City Base officials anticipate there will be additional hotel development in the area.

“I expect that the World Heritage designation of our missions will only lead to additional opportunities,” said Brooks City Base President Leo Gomez.

Three of the sites — Missions Espada, San Jose and San Juan — are located near Brooks City Base.

Read more at the San Antonio Business Journal.

Check out San Antonio-New Braunfels NewsTalk and San Antonio-New Braunfels Market Research.

Marcus & Millichap: San Antonio multifamily 3Q 2015 

(8/25/2015)

SAN ANTONIO - Employment is up, construction is up, vacancy is down and rents are up — all of the arrows indicating the health of San Antonio's multifamily market are pointing in the right direction.

Bolstered by the diverse economy and job growth across a variety of fields, widespread demand for multifamily units in the city will continue to rise through the third quarter of this year, according to Marcus & Millichap's Apartment Research Market Report 3Q 2015.

With most of the corporate interest focused in the far north central and northwest submarkets, it only makes sense that a majority of new apartment construction will come up in those areas as well.

The report states that investors are scouring the San Antonio market for apartment assets, and transaction velocity will be limited only by the number of available properties for sale this year.

More construction projects are beginning in the southern market, such as Southtown Flats, Big Tex, the next phase of residential development at the Blue Star Arts Complex, as well as a handful of smaller townhome developments.

By the numbers:

  • Employment in the city increased 2.2 percent, with the creation of 20,700 jobs. Last year, that growth settled at 3.3 percent with the addition of 31,100 jobs.
  • Construction in San Antonio continues to rise, with 6,500 new units added this year alone. That will result in a 3.8 percent expansion to the multifamily inventory. Last year, 6,300 units were delivered.
  • Vacancy in 2015 has so far fallen to 6.5 percent, an 80-basis-point drop on net absorption of 5,000 units. Last year, vacancy rose to 10 percent.
  • Average effective rents are expected to increase by 3 percent this year to $884 per month. In 2014, rents jumped 4.6 percent year over year.


Read more at the San Antonio Business Journal.

Click to see M&M's San Antonio 3Q 2015 Apartment Market Report (PDF).

Grand Prairie: 436-unit Towns of Riverside streams to 'sold' 

(8/24/2015 8:00:00 AM)

GRAND PRAIRIE - Towns of Riverside, a 436-unit multifamily community at 2803 Riverside Parkway, has been acquired by The Bascom Group LLC.

The unit mix is comprised of 52 percent one-bedroom units, 40 percent two-bedroom units, and 8 percent three-bedroom units; 39 percent of the 436 units provide direct access garages and 28 percent are townhome-style apartment homes, offering a diverse set of floor plans for young professionals, singles, and families.

Towns of Riverside offers units ranging from 722 sf to 1454 sf. Rent ranges from $863 to $2,321.

Built in 1999, the 54-acre property consists of 59 residential buildings and a stand-alone leasing center.

Community amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court and fishing pier overlooking the community lake.

Read more at Globe St.

Midland posts lowest jobless rate in Texas, others follow 

(8/24/2015 7:05:00 AM)

MIDLAND - Midland’s labor market showed some unexpected strength in July, according to figures released by the Texas Workforce Commission.

An increase in the Midland metropolitan statistical area’s civilian labor force combined with an increase in the number of employed residents to send the unemployment rate inching down to 3.3 percent from 3.4 percent in June.

Midland was the only MSA to report a decline in its unemployment rate. The decrease was enough to allow Midland to again report the state’s lowest unemployment, just ahead of Amarillo with 3.4 percent and Austin-Round Rock San Marcos with 3.5 percent.

Preliminary numbers for July with June numbers in parentheses:

  • Midland 3.3 (3.4)
  • Amarillo 3.4 (3.2)
  • Austin-Round Rock 3.5 (3.3)
  • Lubbock 3.8 (3.7)
  • San Antonio-New Braunfels 3.9 (3.8)
  • Abilene 4.0 (4.0)
  • College Station-Bryan 4.0 (3.9)
  • Dallas-Plano-Irving 4.1 (4.0)
  • Sherman-Denison 4.2 (4.0)
  • Fort Worth-Arlington 4.3 (4.1)
  • San Angelo 4.3 (4.3)
  • Victoria 4.3 (4.2)
  • Odessa 4.5 (4.4)
  • Waco 4.5 (4.3)
  • Wichita Falls 4.6 (4.4)
  • Houston-The Woodlands-Sugar Land 4.7 (4.5)
  • Tyler 4.8 (4.5)
  • Killeen-Temple 4.9 (4.7)
  • Laredo 5.0 (5.0)
  • Corpus Christi 5.1 (5.0)
  • Longview 5.1 (4.9)
  • Texarkana 5.4 (5.2)
  • El Paso 5.5 (5.3)
  • Beaumont-Port Arthur 6.6 (6.3)
  • Brownsville-Harlingen 7.1 (7.0)
  • McAllen-Edinburg-Mission 8.1 (7.8)


See Midland again posts lowest jobless rate in Texas.

Also see the Texas Workforce Commission's August 2015 Labor Review or see a one-page snapshot of an area's economy.

Got gigs? Rural telecommunication expands to Houston 

(8/24/2015 7:00:00 AM)

HOUSTON - Texas Lone Star Network (TLSN) has established a point of presence at Data Foundry's newest data center, Houston 2, located in North Houston.

Houston 2 is a 350,000-sf purpose-built, concurrently maintainable data center with 60 megawatts of power, 185 mph wind-rated structure and carrier neutral access to 11+ telecom carriers.

TLSN now offers connectivity to both Houston 2 and Texas 1 which gives customers have another carrier option.

Data Foundry controls and manages over 650,000+ sf of data center facilities in Austin and Houston along with a global network and colocation presences for deployments worldwide.

The company also provides disaster recovery readiness solutions, such as secondary sites, and dedicated office space to complement its core suite of services.

TLSN is a consortium of 40 Rural Telecommunications Carriers in Texas. Our Member Owners have been providing quality services to rural Texas customers for 50 to 100 years.

Read more at IT Business Net.

Frisco's 395-Unit Amalfi Stonebriar buy at $45M 

(8/24/2015 6:50:00 AM)

FRISCO - The 395-unit Amalfi Stonebriar rental community on Town and Country Blvd. north of SH 121 has been purchased for $45 million. 

Amalfi Stonebriar offers one- and two- bedroom apartments and townhomes that range from 603 sf to 1,689 sf. Rent ranges from $879 to $2,899.Completed last year, the luxury rental project is more than 90 percent leased.

The community — purchased by Pure Multi-Family REIT LP — is just north of where Toyota is building its huge North American headquarters in West Plano.

Read more at the Dallas Morning News.

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

Homes, values growing rapidly in Burleson 

(8/24/2015 6:45:00 AM)

BURLESON - Burleson's residential building is on track to surpass that of 2014.

According to new single-family home permits, 252 lots have been permitted for building so far this year, compared with 413 total last year.

The average home permit's square footage during July was 3,374 sf, with an average value of $202,518.

Although 12 fewer permits were issued for residences last month compared with July 2014, Burleson Assistant Director of Development Services Justin Bond said he anticipates 400 or more homes to be built this year.

"When we talk to the development community, they are very interested in getting new lots together because the demand is there from both homebuyers and builders," Bond said.

Staff predictions show 432 homes being permitted or completed by year's end, with an average value of $208,642. The average home value in 2014 was $201,010.

"The demand for a higher-valued home is a good indicator of a strong local economy," Bond said. "Putting more lots on the ground is a priority to keep the supply available to meet this growing demand."

Last year, Burleson came in second in the region for new single-family home permits in comparable cities, just behind Arlington.

Permits issued between January and November 2014 totaled 383 in Burleson, compared with 433 in Arlington.

The next-highest number of permits issued was in Waxahachie with 286.

Read more at the Burleson Star.

Frisco fires up population to 150,000 

(8/24/2015)

FRISCO - Frisco has joined the ranks of cities with estimated populations of 150,000 residents.

Frisco has been one of the country’s fastest-growing cities for years.

New homes are being steadily added to the mix. So far this year, the city has issued, on average, 198 single-family building permits each month. Buildout is projected to reach about 350,000.

The latest population estimate is staggering when you think back to 2000, when the census recorded just 33,714 people in this suburb straddling the Collin-Denton county line.

The latest focus is the city’s “$5 Billion Mile,” which plays off the value of four new mixed-use developments along a stretch of the tollway.

Among them is The Star in Frisco, a partnership with the city, Frisco ISD and the Dallas Cowboys. By this time next year, the Cowboys will have moved out of Valley Ranch and will be calling Frisco home.

Read more at the Dallas Morning News.

Dallas metamorphosis: hotel to data center 

(8/24/2015)

DALLAS - Lincoln Property Co. and T5 DataCenters are buying Cabana Motor Hotel — an old hotel northwest of downtown Dallas on Stemmons Fwy. — and plan to replace the building with a six-story data center complex.

Dallas County earlier this year agreed to sell the 52-year-old hotel — recently used as a detention center — to Lincoln Property for $8.7 million.

Lincoln Rackhouse, the data center subsidiary of the Dallas-based real estate developer, is already hunting business for the more than 300,000-sf data center it plans to build on the site at 899 N. Stemmons.

The planned data center would be one of the largest in the downtown Dallas area and would handle a growing need for Internet, telecommunications and data transfer traffic.

T5 and Lincoln plan to have the building open in early 2017, according to marketing materials for the project.

Read more at the Dallas Morning News.

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

REOC: San Antonio 2Q 2015 industrial market 

(8/24/2015)

SAN ANTONIO - The San Antonio industrial market closed the second quarter with a citywide vacancy rate of 8.4 percent, which is up compared to 5.9 percent recorded a year ago.

Two new industrial projects were delivered to the San Antonio market in second quarter:

  • In the North Central sector, Thousand Oaks Business Park 4 (66,405 sf) came online anchored by Interceramic Tile (53,061 sf).
  • In the South, a 60,000-sf build-to-suit for Custom Fab was delivered at South Park Business Park located at 7030 Old Pearsall Rd.

Over the past four quarters, the market experienced nearly 639,000 sf of positive net absorption offset by more than 863,000 of new inventory.

San Antonio Industrial Market 2Q 2015
Submarket* Total
Inventory
Direct
Vacant SF
%
Vacant
Avg. Rent
Rate
CBD 233,395 0 0% $3.60
NC 5,401,214 388,100 7.2% $9.05
Far NC 26,586 0 0% $12.00
NW 3,982,905 458,641 11.5% $8.72
NE 18,887,659 1,539,098 8.1% $5.81
South 5,746,829 481,801 8.4% $6.17
Far West 151,474 31,274 20.6% $3.84
Totals 34,430,062 2,898,914 8.4% $7.74


*See a map of the San Antonio submarkets in the full report.

Source: REOC San Antonio

See the full Quarterly Industrial 2Q 2015 Report (PDF), including previous quarters.

Don't forget! Visit San Antonio-New Braunfels Market Research for more stats.

Austin-area July home sales sizzle 

(8/24/2015)

AUSTIN-ROUND ROCK - Amid a hot summer selling season, Central Texas home sales hit an all-time high in July and the median price rose 8 percent, according to the Austin Board of Realtors.

In its latest monthly report, the board said there were 3,149 existing home sales in July. That was a 12 percent increase over July 2014’s volume and was the highest monthly total on record.

The median price set a record for the month of July, rising to $269,500. In July, fewer than 30 percent of single-family homes sold in Central Texas were priced below $200,000.

There were 7,174 houses on the market, a 5 percent year-over-year increase that boosted inventory levels up to a supply of three months for the first time since July 2014.

However, the supply remains below the 6.5-month level that is considered to be a market where neither buyers nor sellers have the upper hand.

Read more at the Austin American-Statesman.

Click to see the ABOR July Market Report and ABoR: Austin area home sales July 2015,

Click Austin NewsTalk Texas and Austin Market Research.

Houston: Dalfen acquires 201,000-SF Lockwood HQ 

(8/23/2015)

HOUSTON - Dalfen America Corp. has acquired Lockwood International’s corporate headquarters and distribution facilities at 10203 Wallisville Rd.

The three-building portfolio is comprised of two warehouses and one office building totaling 201,000 sf. The properties were a build-to-suit project for Lockwood — a valve automation and supplier — in 1998, 2002 and 2004.

Located approximately two miles from Union Pacific’s Englewood and Settagast intermodal terminals, with access to I-10, and I-620, the property is also located 15 minutes from downtown Houston and 30 minutes from George Bush Intercontinental Airport.

Read more at Globe St.

Also see Houston Market Research with quarterly reports and Houston NewsTalk.

Grand Prairie: Falken Tires distribution to Wildlife 3 

(8/21/2015 12:15:00 PM)

GRAND PRAIRIE - An affiliate of Dallas-based national development company Crow Holdings broke ground on a build-to-suit project for Falken Tires within the Wildlife Commerce Park in Grand Prairie.

It is being developed on a 15-acre site at 2401 N. Beltline Rd.

Falken Tires is a Sumitomo Rubber Industries brand with its corporate headquarters in Rancho Cucamonga, Calif. and distribution locations in Tennessee, New Jersey, Texas and Florida.

Known as Wildlife 3, the new 233,740-sf facility will be utilized as a distribution center once construction wraps up in first quarter 2016.

The groundbreaking of Wildlife three follows the completion of Wildlife 2, Crow Holdings’ 344,400-sf speculative building currently available for lease at 705 E. Wildlife Pkwy.

Wildlife two is the second completed project in the park, with the first, a 315,000-sf warehouse to be occupied by AT&T, Milgard Windows & Doors, and Millennium Packaging, delivering in March 2015. Six projects are still proposed in the 220-acre industrial park.

Read more from CoStar Group.

Houston Post Office stamped for redevelopment 

(8/21/2015 11:45:00 AM)

HOUSTON - Lovett Commercial has acquired the downtown U.S. Post Office property, a key 16-acre redevelopment site overlooking Buffalo Bayou.

“This is one of the most important tracts of land in the City of Houston,” said Ann Taylor, Executive Director of Urban Land Institute (ULI) Houston.

Lovett is expected to develop a mixed-use project with retail, residential and office on the Post Office site, 401 Franklin St.

“It’s extremely rare to find a downtown site with direct, easy access to I-10, I-45 and numerous adjacent neighborhoods in Houston,” said Burdette Huffman, Vice President for Lovett Commercial. “Our goal is to create a very special mixed-use development that leverages the Bayou, the theater district and the significant scale of the property.”

The Lovett organization paid about $40 million for the site, although the sales price was not disclosed in Lovett’s press release.

The Post Office, built in 1962, has 517,000 sf of buildings, including a five-story office building that may be redeveloped by Lovett into office space or lofts.

Read more at Realty News Report.

Don't miss out! Houston Market Research, Houston NewsTalk

Amazon places order for 1,000 new jobs in San Marcos 

(8/21/2015 11:30:00 AM)

SAN MARCOS - Amazon.com Inc. has agreed to open a fulfillment center in San Marcos with plans to hire up to 1,000 people when it reaches full capacity.

The 855,000-sf facility, which will be the online retail giant’s fifth in Texas, will begin construction at the end of 2015 and is expected to open in 2017. It will hire 350 people upon opening.

In July, the San Marcos City Council approved an incentives package that featured a 40 percent reduction in city property taxes for ten years.

The facility will be on McCarty Lane and won't be far from a similar facility operated by Walmart Stores Inc.

The news about Amazon's San Marcos center comes on the heels of its June announcement that it plans to hire an additional 300 people at its 1.25 million-sf fulfillment center in Schertz, where it already employed 450 people.

Read more at the San Antonio Business Journal.

Need 2Q 2015 reports, see Austin Market Research. Check out Austin NewsTalk.

Tomball business growth ignites housing boom 

(8/21/2015 11:15:00 AM)

TOMBALL - With mobility improvements and further business growth, new housing developments are continuing to sprout in the Tomball region.

From the expansion of Wildwood at NorthPointe and the developing Woodtrace community off Texas 249 to The Reserve at Spring Lakes off Zion Rd., Alexander Estates off FM 2978 and Pine Country off Tomball Cemetery Rd., new housing is keeping pace with population growth.

Opening of the 6.7-mile, $73 million Tomball Tollway and construction of the Grand Parkway, coupled with the business growth in the area, including nearby campuses of Exxon Mobil Corp., Baker Hughes, Southwestern Energy and Noble Energy, has meant a population boom for the region.

Wildwood at NorthPointe, located off Texas 249 and Northpointe Blvd., is answering that need by expanding the community.

Friendswood Development Co. has acquired a 200-acre parcel of land for the expansion of its top-selling community.

The 200 acres, which borders Boudreaux Rd. and is north of the Oakcrest at Wildwood neighborhood, will add about 475 lots, plus space for trails, pocket parks and a recreation center.

Buildout for the expanded Wildwood at NorthPointe is projected for spring 2019. Builders consist of Village Builders, Lennar, M/I Homes, Meritage Homes and Anglia Homes.

Wildwood at NorthPointe, a 700-acre community offering homes priced from about $190,000 to more than $600,000, reported 442 home sales last year.

The Reserves at Spring Lakes is a 232-acre community located on Zion Rd., less than a mile from Tomball High School.

The community is located five miles from The Woodlands and less than two miles from Lone Star College Tomball.

Woodtrace is located off Texas 249 and FM 149 and being developed by Friendswood Development Co. The community will have 850 homes upon completion.

The number of apartments in the Tomball area has doubled in the last two years, said Bruce McClenny, president of Apartment Data Services in Houston, which analyzes apartment trends throughout the region.

There are 5,127 units in the area now, compared with 2,500 a year ago, he said.

In the last year, there have been about 1,300 apartment units added in Tomball at four communities

At the new Alexan Creekside in northeast Tomball on Hufsmith Rd. and Kuykendahl Rd., there are 380 units among its 17 buildings, and at the new Avenues at Northpointe apartment community, located off Texas 249, there are 280 units.

Read more at the Houston Chronicle.

Quarterly reports are available at Houston-The Woodlands-Sugar Land Market Research. Also see what's happenin' at Houston NewsTalk.

Houston Gateway to office stats 2Q 2015 

(8/21/2015)

HOUSTON - Commercial Gateway, the commercial division of the Houston Association of Realtors (HAR), has released its area office reports for 2Q 2015.

Houston Area Office Market Summary 2Q 2015*
Market
Area
Bldg.
SF**
Vacancy
Rate
Net Absorp.
YTD
Under
Const.
Wtd.
Avg.
Rent***
Suburban 169,189,585 13.2% 2,471,980 9,449,610 $24.58
CBD 40,315,042 9.0% -283,197 1,525,000 $36.90
Uptown 28,932,922 12.8% -413,210 1,383,824 $33.48
Inner Loop 25,081,447 10.0% -519,250 1,025,151 $26.76
Energy
Corridor
18,832,381 9.8% 165,419 1,965,701 $28.78
Houston-Area
Total
209,504,627 12.4% 2,188,783 10,974,610 $26.49


*Top five markets ranked by SF.
**Includes all general-purpose existing industrial buildings 20,000 sf or larger.
***Rental rates are weighted and averaged based on available space.

Source: Commercial Gateway

See the full 2Q 2015 Office Market Summary (PDF).

Also see Houston Market Research with quarterly reports and Houston NewsTalk.

Amarillo: 33,000-SF Winpark Place retail follows homes 

(8/20/2015 9:30:00 AM)

AMARILLO - Shinall Group will launch construction of the 33,000-sf Winpark Place shopping center this fall. 

Retail strip centers like Winpark Place have popped up in several locations across the city, primarily in southwest Amarillo but also on redeveloped sites in such areas as I-40 and South Washington St.

Winpark Place is located on the southwest corner of Hillside Rd. and South Bell St. — behind Golf Headquarters and an Amarillo National Bank Hillside branch.

“Amarillo’s done a good job of growing at the right pace,” said Brian Shinall of Shinall Group, the commercial real estate firm behind Winpark Place.

“The commercial is always a step behind the residential. You get retail to serve the rooftops that have gone in. Plus occupancy is high, and also the rent rates are up to the point where it justifies (the cost of) new construction.

The center will contain three separate buildings and a freestanding structure, which likely will be leased to a restaurant," Shinall said.

Winpark will contain between 12 and 18 tenants, depending upon how the space in the buildings is divided.

Read more at the Amarillo Globe-News.

UTRGV Edinburg pencils in $37.6M building  

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

EDINBURG - The University of Texas Rio Grande Valley in Edinburg could expand by 53 acres, and a $37.6 million Interdisciplinary Engineering and Academic Studies Building could grace the existing campus under key items set for action by the UT System Board of Regents, the Edinburg Economic Development Corporation has announced.

Those two items, along with the appropriation of $10 million for the UT-RGV School of Medicine and the new proposed official seal for UT-RGV are among local interests being monitored by the EEDC and the Edinburg City Council, which championed those measures last spring through the Texas Legislature.

According to the synopsis provided by the UT System:

  • This project will construct an approximately 77,000 GSF (gross sf) building on the Edinburg campus for interdisciplinary space necessary to support enrollment growth in the rapidly growing region;
  • The facility will include a large, 250-seat lecture auditorium, 150-seat lecture hall, 60-seat classrooms, and offices.
     

Although particular emphasis will be placed on preparation of engineering students, this facility will also address flexible space requirements for other disciplines as needed.

Additionally, the project will include an outdoor pavilion to be used as a gathering area and study space to relieve pressure on more expensive indoor space and to support academic events.

Read more at Texas Border Business.

Goose Creek CISD $14M IMPACT in Baytown 

(8/20/2015 7:30:00 AM)

BAYTOWN - Goose Creek CISD’s fourth high school now has a permanent home.

Since IMPACT Early College High School was first established in 2010, its students have been shuffled between Lee College, the Peter E. Hyland Center and portable buildings.

Now, a $14 million building has been constructed to house the ECHS students between Bicentennial Park and Robert E. Lee High School.

Students at IMPACT or “Intelligent Minds Participating in Acts of Courageous Talent,” have the opportunity to earn a high school diploma and an associate’s degree or at least 60 hours of college credit tuition-free.

The new 50,000-sf facility will hold up to 400 students and has plenty of offices, a commons area, multiple classrooms, science labs, computer labs and a teacher/lounge workroom.

IMPACT is a collaborative project of Goose Creek CISD and Lee College.

Read more at The Baytown Sun.

Click Houston Market Research and Houston NewsTalk.

Texas Tech plans $77M experimental science bldg. ESB II 

(8/20/2015 7:15:00 AM)

LUBBOCK - A first stage design budget of $2.21 million was approved by the facilities committee of the Texas Tech Board of Regents, the first step in building a new $77 million experimental sciences building.

Funding for the 150,000-sf experimental sciences building, known as ESB II because the first ESB was completed in 2006, will be covered by $70 million from the Texas Legislature’s authorization of a tuition revenue bond, as well as $7 million in revenue finance system funds to be repaid by Higher Education Assistance Funds.

President M. Duane Nellis said the building will be a state-of-the-art facility and a major investment.

The new laboratories and facilities for interdisciplinary work should allow the university to retain faculty and to attract additional faculty, he said.

Read more at the Lubbock Avalanche-Journal.

Corpus Christi: July home sales, home prices on the rise 

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

CORPUS CHRISTI - Corpus Christi home sales increased 12 percent to 579 sales in July 2015 while home prices rose, according to the July 2015 Corpus Christi housing market report released by the Corpus Christi Association of Realtors.

According to the report, 579 homes were sold in Corpus Christi in July 2015, a 12 percent increase from the year prior.

The median price for Corpus Christi homes increased 4 percent year-over-year to $179,950 during the same time period.

Corpus Christi’s monthly housing inventory was 5.8 months in July 2015, 0.5 months more than July 2014. 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.

Homes spent an average of 79 days on the market in July 2015, the same amount of time from the year prior.

Additionally, active listings increased 12 percent year-over-year to 2,546 listings during the same time frame.

Read more at the Nueces County Record Star.

Proposed $41M redevelopment Braniffe Centre at Love Field 

(8/20/2015)

DALLAS - A proposed $41 million multimillion-dollar redevelopment of Braniff Centre at Love Field in Dallas would create 1,200 aviation, office and retail jobs totaling roughly $65 million in annual salaries and remove an eyesore from the city-owned airport, according to a briefing to economic development officials.

According to the briefing, Reed Enterprises will develop both aviation and commercial uses for the site, including:

  • $17 million capital investment commitment for aviation use within 36 months;
  • $20 million capital investment commitment for commercial use within 60 months; and
  • an additional $4 million capital investment within ten years.


The facility would generate total average rent of $1.15 million per year for the airport and add about $500,000 annually to the tax rolls and $600,000 annually in sales taxes, the briefing says.

Other benefits include the 1,200 aviation, office and retail jobs at full build-out, with about $65 million in annual salaries, as well as the historical preservation, Mark Duebner, director of aviation for the City of Dallas said.

Read more at the Dallas Business Journal.

Don't forget Dallas NewsTalk and Dallas Market Research for quarterly data of commercial real estate.

UIW campus rolls into Irapuato, Mexico (the auto hub) 

(8/20/2015)

SAN ANTONIO - The University of the Incarnate Word (UIW) has opened a campus in Irapuato, Mexico, in the state of Guanajuato, UIW's second academic site south of the border.

Guanajuato is an important hub for the automobile industry, including General Motors, Mazda, Honda, Toyota, Pirelli, Volkswagen and Ford. Other important industrial sectors are food, textile and footwear manufacturing, with companies such as Conagra, Procter & Gamble, Nestlé, Nike and Florsheim having a presence.

With the opening, UIW is the only American university with two campuses in Mexico, according to the Border Education Research Team at the State University of New York at Albany.

In 2016, UIW plans to add six bachelor's and two master’s degree programs, which will be dual degrees accredited in Mexico and the United States.

UIW began operating the campus June 1, 2015 in the facilities of Universidad Liceo Cervantino. UIW acquired two facilities: a historic property in downtown Irapuato and a 44.5-acre site near the Pan American Hwy.

Read more at the San Antonio Business Journal.

Frisco to buy Omni conference center for $17.5M 

(8/20/2015)

FRISCO - City Council approved a purchase agreement that allows the city to buy the conference center attached to the Omni Hotel coming to The Star development.

The agreed purchase price for the conference center is $17.5 million. The city will purchase the conference center once it is complete.

The conference center will be 43,000 sf, including 13,000 sf of main ballroom space and 24,000 sf of breakout space.

The attached Omni Hotel will be about 250,000 sf with 16 stories and 300 rooms. The hotel will be part of The Star, a 91-acre mixed-use development at Warren Parkway and the Dallas North Tollway.

Read more at Community Impact Newspaper.

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

Heavenly HQ: $16M Insight for Living coming to Frisco 

(8/20/2015)

FRISCO - The Rev. Chuck Swindoll’s ministry, Insight for Living, is building its international headquarters in Frisco and is expected to be finished with the first portion in January 2016.

In 2011, Insight for Living purchased seven acres of land for the $16 million, 64,000-sf headquarters, which will include a bookstore, apartments for visiting pastors and a distribution center.

The development will be at Lebanon Rd. and Parkwood Blvd. next to Stonebriar Community Church, where Swindoll preaches. Insight for Living headquarters and bookstore are scheduled to open in 2016.

Project manager Nila Hutcheson said construction began in November 2014 and is currently at 40 percent on the first phase of the project.

Read more at Community Impact Newspaper.

ABIA breaks passenger records... once again 

(8/20/2015)

AUSTIN - For the third month in a row, Austin Bergstrom International Airport has set a monthly passenger record, with 1,165,811 travelers making their way through the airport in July.

According to the airport's announcement, this is the seventh time in the past 17 months that the airport has set a passenger traffic record.

Further, it is the 34th consecutive month that the airport has grown its traffic — a feat it has accomplished 66 out of the past 67 months.

In all, total passenger traffic rose 16 percent compared to July 2014.

The most-active airline at the airport in July was Southwest Airlines, with 435,191 passengers, an increase of 13.5 percent compared to July 2014.

Austin-Bergstrom International Airport
July 2015 Statistics
Carrier* Passengers Y-O-Y
Chg.
Southwest Airlines 435,191 13.50%
American Airlines 190,947 6%
United Airlines 185,719 15%
Delta Air Lines 136,224 0.4%
U.S. Airways 50,664 20.50%
JetBlue Airways 48,307 -1.00%
Frontier Airlines 43,589 165%
Virgin America 25,800 135%
Alaska Airlines 17,734 74.5%
Allegiant Air 15,283 207%
Total enplanements 585,478 16.00%
Total passengers 1,165,811 16.00%


*Carriers listed by number of passengers

Source: Austin-Bergstrom International Airport

Read more at the Austin Business Journal.

Want more stats? See Infrastructure under Austin Market Research.

Parking pains: $11M garage set for TWU 

(8/20/2015)

DENTON - By fall 2017, Texas Woman’s University will have an additional 300 parking spaces thanks to a new $11 million parking garage.

The garage, which will take the place of a 300-spot commuter parking lot on Oakland St., will have an estimated 600 parking spaces.

To prepare for the construction, the university plans on adding a lot for 197 vehicles on land TWU owns at the intersection of Woodland St. and Frame St. just north of East University Dr. across from the TWU campus.

The lot will open next summer, and shuttles between the lot and campus will be provided for those who park in the lot.

Once the lot is open, construction will start on the new garage.

Read more at the Denton Record-Chronicle.

Houston sale: IMT Uptown Post Oak's $90M 

(8/19/2015 3:00:00 PM)

HOUSTON - IMT Uptown Post Oak, a 392-unit apartment community at 1111 Post Oak Blvd. near Houston’s Galleria has been acquired by IMT Capital LLC.

The complex was acquired for $90.1 million from Plano, Texas-based Monogram Residential Trust.

IMT Uptown Post Oak offers studio, one- and two-bedroom units ranging from 674 sf to 1,533 sf. Rent ranges from $1,165 to $3,320.

Read more at Realty News Report.

Don't miss out! Houston Market Research, Houston NewsTalk

New Alliance Northport adding 3M SF in north Fort Worth 

(8/19/2015 1:00:00 PM)

FORT WORTH - Developer Hillwood Properties has purchased 260 acres on I-35W near SH 114 where it plans to develop an office and industrial park called Alliance Northport.

The property is in the same area where Farmer Bros. Co. is building a new headquarters and industrial complex for the coffee company, which is moving to Texas from California.

The expansion will add more than 3 million sf to Hillwood’s AllianceTexas project, which currently totals over 40 million sf.

Alliance Northport is planned for more than a half dozen buildings centers ranging from under 100,000 sf up to almost 1.3 million sf.

AllianceTexas is now home to more than 400 companies, and has created over 40,000 jobs.

Read more at the Dallas Morning News.

Texas industrial strength: 158 warehouses underway 

(8/19/2015 9:00:00 AM)

HOUSTON - Texas is in the midst of a warehouse boom, CBRE Research reports 158 large industrial buildings were under construction in the state during second quarter 2015.

Houston, riding the wave of a petrochemical growth, has 10.2 million sf underway.

Dallas, a major retail distribution hub, leads the way with 14 million sf of industrial space under construction, CBRE reported.

Strong job growth and population gains fuel the industrial real estate market in the Lone Star State, which has 1.4 billion sf of warehouse, distribution and industrial space.

The construction totals do not include the recently completed Amazon e-commerce distribution facility, a 1.2 million-sf project where 450 are employed and 350 more will be hired, CBRE reported.

Read more at Realty News Report.

Click to see the full CBRE Houston Industrial 2Q 2015 report. Stay tuned for CBRE's Texas Industrial Report 2Q 2015

No. 4 in U.S. for corporate moves? Plano's Zip Code 

(8/19/2015 8:30:00 AM)

PLANO - With thousands of workers moving to Plano for jobs with Toyota, Liberty Mutual Insurance, FedEx and others, it should not be a surprise the Collin County town is near the top of home shopping lists.

So far in 2015, Plano has ranked fourth among U.S. markets for Internet home on Realtor.com.

“Plano is identified as the country’s 4th hottest zip code so far this year out of 32,000 others across the U.S.,” Realtor.com reports. Neighborhoods in San Antonio and Austin also made Realtor.com’s top ten home search list.

Toyota is moving about 4,000 jobs to Plano to work in its new North American headquarters now under construction in Legacy business park.

Liberty Mutual Insurance is building a new regional office campus in Plano that will house up to 5,000 workers.

FedEx Office will open its new worldwide headquarters in Plano later this year with more than 1,000 employees.

Top 10 Hottest Zip Codes
Midyear 2015
Rank Zip Name
1 02176 Melrose, Mass.
2 43085 Columbus, Ohio
(Worthington)
3 80122 Littleton, Colo.
(Centennial)
4 75023 Plano
5 48375 Novi, Mich.
6 78247 San Antonio
7 63126 St. Louis, Miss.
(Crestwood)
8 78729 Austin
9 58103 Fargo, N.D.
10 92010 Carlsbad, Calif.


Source: Realtor.com

Read more at the Dallas Morning News.

Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Kroger pushes their cart from Houston to Coppell 

(8/19/2015 8:15:00 AM)

COPPELL - Kroger is spinning off a Dallas division — separating its North Texas operations from its central Houston hub.

With the split, the Dallas branch will move to 40,000-sf office Coppell by the end of the year. From its new site, the Dallas hub will oversee around 100 stores in North Texas, East Texas and North Louisiana.

Kroger is undergoing what Gary Huddleston, Kroger’s director of public affairs for Texas, dubbed as an “aggressive opening program.”

It is working to open a store at Ross Ave. and I-75 in Dallas and this year has launched marketplace concepts in Granbury, Burleson, Lewisville and Bartonville, near Flower Mound.

Its North Texas presence encompasses about 85 stores and a dairy plant in Fort Worth.

Read more at the Dallas Business Journal.

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

FedEx Ground stamps 305,000-SF lease at Alliance Airport 

(8/19/2015 8:00:00 AM)

FORT WORTH - A new 304,608-sf industrial building located in the Fort Worth Alliance Airport at 2701 Texas Longhorn Way has been acquired at a purchase price of $35,300,832.

Monmouth Real Estate Investment Corporation acquired the property net-leased for 15 years to FedEx Ground Package System, Inc.

The building is situated on approximately 44.2 acres.

Read more at PRNewswire.

See Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Houston Palms on Westheimer snapped up for $40M 

(8/19/2015 7:45:00 AM)

HOUSTON - Vende Capital boosted its local holdings with the purchase of Palms on Westheimer Apts. at 6425 Westheimer Rd. from BRT Realty Trust for $39.9 million, or approximately $50,000 per unit.

Located in the Great Uptown Multifamily submarket, the 763,455-sf complex consists of one- and two-bedroom units in 29 buildings.

The Houston-based asset management and real estate investment company assumed $24.1 million of mortgage debt to acquire the 798-unit gated community, which delivered in 1974 and was last renovated in 2012.

Source: CoStar Group

Mega-dorm Park West swings 1,300 units to Texas A&M 

(8/19/2015)

COLLEGE STATION - Cairo-based Orascom Construction said that The Weitz Company, a wholly-owned subsidiary, has been selected to design and build a new student housing project at Texas A&M University for about $245 million.

The Weitz Company has been selected to design and build the largest student housing project in the nation for about $245 million.

Park West will accommodate 3,402 students in more than 1,300 units ranging from studio apartments to three-bedroom units.

The $360 million development will be built on 48 acres located near the south side of campus.

The complex will also include retail and office space, as well as an eight-story parking garage.

The development is expected to open August 2017.

Servitas LLC is the developer and manager for Park West. The land will be leased to NCCD-College Station Properties LLC.

Read more from The Texas A&M University System and Reuters Africa.

Langham Hotel to Frisco's Wade Park 

(8/19/2015)

FRISCO - Developer Stan Thomas has snagged another luxury hotel for his firm's $1.6 billion, 175-acre Wade Park project, an upscale mixed-use development that's part of Frisco's much-touted "$5 Billion Mile."

Wade Park will become home to the first Langham Hotels & Resorts hotel in the Lone Star state.

The international luxury hotel brand is slated to open up in 25 floors of a 35-story tower near the Dallas North Tollway and Lebanon Rd. in Frisco in early 2018.

The remaining ten floors of the new tower will be devoted to residential homes.

The modern-looking high-rise at Wade Park plans include a 250-room hotel that ranges from one- and two-bedroom suites to two 2,906-sf presidential suites. 

Read more at the Dallas Business Journal.

Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Downtown San Antonio's skyline change 

(8/19/2015)

SAN ANTONIO - San Antonio's downtown skyline, which has seen dramatic changes in the past few years, is gearing up for more.

Buildings such as the Grand Hyatt and Embassy Suites along the Riverwalk, the 247-unit Class A Vistana apartments and the 146-unit condominium Vidorra have established the foundation for some of the future changes.

New downtown Class A office product has been virtually nonexistent in recent years, a trend that will hopefully change with CPS Energy's commitment to keeping its headquarters in the area and Weston Urban's plans to deliver the first new downtown office tower in 30 years that will house Frost Bank's new headquarters.

Downtown's retail scene has largely been segmented between tourists and locals — heavily weighted toward the former. Rivercenter Mall, which is on track to complete construction in early fall, will help solve that problem.

Hemisfair's multipronged approach and development plans will be an anchor for downtown San Antonio, connecting with the Pearl to help define the city's urban core.

The changes to San Antonio's skyline over the past seven years are undeniable, but what developers, brokers and residents are most excited about is that the real change is just getting started.

Read more at the San Antonio Business Journal.

Want a visual of the progress? See the changes at Rentcafe.com.

See San Antonio Market Research for quarterly reports.

El Paso: $23M Miner Canyon opens student housing at UTEP 

(8/19/2015)

EL PASO - A new $23 million high-tech housing complex at the University of Texas at El Paso (UTEP) has opened its doors, increasing the number of students living on campus to nearly 1,000.

The Miner Canyon Housing Complex includes two apartment-style residence halls built on 6.2 acres north of UTEP's Helen of Troy Softball Complex off Sun Bowl Dr.

The complex is the first step toward the development of the northern zone of the campus.

The project took about a year to complete and the two four-story halls follow the university's signature Bhutanese architectural style.

Overall, the complex has 83 units that can house up to 352 students.

Each unit has apartments that range from single-person lofts to six-person suites. All units have kitchens, bathrooms, living areas and are furnished.

UTEP officials said rent at Miner Canyon ranges from $525 to $600 per person per month.

The housing complex also includes the Boquillas community building with a computer lab and other common areas.

Miner Canyon is the first expansion of the university's housing community, which includes Miner Village and Miner Heights, which opened in 2001 and 2010, respectively.

UTEP officials said the new housing complex is part of the institution's transition from a primarily commuter school to one offering more on-campus options in an effort to draw and keep students on campus.

Read more at the El Paso Times.

San Antonio's hottest zip code points north 

(8/19/2015)

SAN ANTONIO - San Antonio earned a spot on Realtor.com’s Top Ten Zip Codes in America for having healthy housing dynamics, strong local employment and what company officials call that 'it factor.'

Realtor.com said that the North Central zip code 78247 ranked the sixth-hottest zip code in the country.

The zip code roughly encompasses an area bounded by US Hwy. 281, Loop 1604 and Nacogdoches Rd.

Realtor.com officials found that 49,514 residents live in 78247.

The report found that households and population have grown 7 percent in this zip code in the past five years, two times faster than the rest of the country.

The share of $100,000 earning households is expected to grow by 15 percent by 2020.

Median list prices in June were 33 percent lower than the metropolitan area. However, they grew 7 percent year-over-year during the first half of the year.

Top 10 Hottest Zip Codes
Midyear 2015
Rank Zip Name
1 02176 Melrose, Mass.
2 43085 Columbus, Ohio
(Worthington)
3 80122 Littleton, Colo.
(Centennial)
4 75023 Plano
5 48375 Novi, Mich.
6 78247 San Antonio
7 63126 St. Louis, Miss.
(Crestwood)
8 78729 Austin
9 58103 Fargo, N.D.
10 92010 Carlsbad, Calif.


Source: Realtor.com

Read more at the San Antonio Business Journal.

Blue Bell: back to churning on a shelf near you Aug. 31 

(8/18/2015 1:00:00 PM)

BRENHAM, WASHINGTON COUNTY - Blue Bell Creameries will relaunch its product in select markets August 31.

The products will return to stores in 25 Texas counties — including Travis, Williamson, Hays, Bastrop, Burnet and Llano — on a limited basis.

The company began producing ice cream in late July at its production facility in Sylacauga, Ala.

Additional facilities in Brenham, Texas and Broken Arrow, Okla. are still undergoing facility and production process upgrades similar to those made at the Alabama plant.

Blue Bell said it will re-enter parts of 15 states in five phases. The first phases will include the Brenham, Houston and Austin areas, as well as the Alabama communities near Birmingham and Montgomery.

Next, it will launch in North Central Texas and Southern Oklahoma, followed by Southwest Texas and Central Oklahoma. Phase four includes the majority of Texas and Southern Louisiana.

The final phase will be a complete launch in the states of Texas, Alabama and Oklahoma and distribution in Arkansas, Florida, North Louisiana and Mississippi.

In May, 1,450 employees were laid off and 1,400 more were furloughed.

Out of 900 Blue Bell workers in Brenham, there were 250 layoffs and 300 furloughs.

The company said that as of August 31, Blue Bell will have called back about 380 furloughed employees.

Read more at the Austin American-Statesman and Blue Bell Creameries.

Transwestern: Austin apartment watch Aug. 2015 

(8/18/2015 11:00:00 AM)

AUSTIN - Transwestern has released its August 2015 Apartment Market Watch report for Austin's apartment sector.

Austin Submarket Apartment Statistics Aug. 2015
Submarket* Units Occ. Class A
Rent PSF
Class B
Rent PSF
Avg. Rent
PSF
Far North 20,814 93.60% $1.37 $1.17 $1.25
Northwest 17,587 96.20% $1.25 $1.18 $1.19
Southeast 14,885 94.10% $1.56 $1.19 $1.28
South 14,615 94.80% $1.41 $1.20 $1.37
Southwest 13,949 91.20% $1.40 $1.34 $1.37
Northwest Hills 13,566 94.80% $1.38 $1.36 $1.32
North 10,760 96.90% $1.50 N/A $1.18
Round Rock 10,752 96.60% $1.17 $1.12 $1.14
Central 10,351 88.10% $1.94 $1.81 $1.80
Northeast 10,262 95.90% $1.73 $1.18 $1.29
Travis County 124,739 93.20% $1.62 $1.27 $1.36
Austin MSA 161,454 93.60% $1.50 $1.23 $1.31


*Survey includes top ten Austin submarkets by number of units.
**Travis County and Austin MSA totals include all 16 Austin submarkets.

Source: Transwestern

See Austin Apartment Market Watch August 2015 (PDF) for the full report.

Click Austin NewsTalk and Austin Market Research for updated quarterly reports.

Show me the stats: Lubbock economic growth 

(8/18/2015 10:00:00 AM)

LUBBOCK - Lubbock's Economic Index showed a slight increase in June, up to 145.5 from May's 145.3. The monthly index is also up 3.1 percent from its level of 141.1 in June 2014.

The increase is due to Lubbock's low unemployment rate at 3.8 percent and an increase in spending and building activity throughout the city, according to Lubbock National Bank officials.

Chip Gilmour, Lubbock National Bank senior vice president, said Lubbock's economy in 2015 should continue a trend of steady growth.

"Construction activity is extremely strong, and I would say construction activity is spectacular. In 2015, there have been $378.8 million worth of permits purchased, which sets an all-time record," Gilmour said.

Job growth has increased 1.6 percent from a year ago, and 2.2 percent over first quarter 2015.

"Since 2009, we've seen a steady growth in our economy," Gilmour said.

General spending is up about 3.5 percent, compared to the first six months of last year.

Dollars spent on retail sales in June equaled about $225.1 million, which is almost $5.6 million more than the same month last year.

Auto sales is the only section in the economy that has had a slight decrease. Automobile sales are down about 2 percent.

Single-family housing construction permits are down just a little bit for the month of June.

Permits decreased about 7.9 percent compared to June 2014, but Gilmour said for the quarter, single-family housing permits are up 11 percent, even with June's decrease.

The number of cotton bales for the crop year ginned through the end of June is up 31 percent compared to a year ago.

Cotton prices are down about 19.5 percent compared to June 2014, which had prices at $76.35 — about $15 more than the June 2015 price.

Oil prices in June were down 44.7 percent at $56.24 per barrel compared to the $101.68 per barrel price in June 2014.

The rig count in June was also down 71.1 percent compared to last year in June. There were 11 rigs this June and 38 last year in the same month.

Read more at the Lubbock Avalanche-Journal.

Don't forget! Lubbock NewsTalk, Lubbock Market Research

800 workers travel to Richardson Frontier 

(8/18/2015 10:00:00 AM)

RICHARDSON - After landing in North Texas three years ago, Connecticut-based Frontier Communications Corp. has expanded its regional hub within Richardson's famed Telecom Corridor.

The telecommunications provider has signed a short-term lease for 192,340 sf of office space within the tower at 2221 Lakeside Blvd. in Richardson, which will consolidate the firm's North Texas locations and bring upwards of 800 employees to the new campus.

The majority of the employees will come from Allen, where Frontier Communications had been operating since early 2012. At the time, the firm signed a 10-year lease at Allen Office Center for 85,000 sf to house 300 employees.

Along with this real estate move, Frontier Communications is also reportedly shopping for a data center in North Texas.

Read more at the Dallas Business Journal.

Stay up to date! See Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Houston retail occupancy hits ten-year high 

(8/18/2015 9:00:00 AM)

HOUSTON - Prices for Houston retail properties jumped sharply in the last 12 months — more than 20 percent in some cases, reports Deal Sikes & Associates, a Houston-based real estate valuation firm.

Investors are finding the inventory of available retail properties is tight and prices are very strong, says Mark Sikes of the Deal Sikes firm.

Houston’s retail occupancy rate is over 94 percent, the highest in over ten years, reports Lisa Bridges, director of research for Colliers International in Houston. Colliers reports only 2 million sf of new space is in the construction pipeline.

The new retail space in the pipeline is 78 percent preleased, Colliers reported. During second quarter, 933,719 sf of Houston’s retail inventory was absorbed.

Houston’s average retail vacancy rate decreased slightly from 6.2 percent a year ago to 5.8 percent in the second quarter.

The citywide average quoted retail rental rate increased to $15.30 per sf, up 2.3 percent from $14.96 per sf a year ago.

Read more at Realty News Report.

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