NewsTalk Texas

Austin-Round Rock-San Marcos

CBRE: Austin Industrial MarketView 4Q 2014 

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

AUSTIN - The Central Texas industrial market ended fourth quarter 2014 with 325,620 sf of positive net absorption, pushing vacancy down to 10.6 percent, according to CBRE.

Net absorption finished up 265,989 sf for the year.

Construction remained unchanged in 4Q 2014 with 469,423 sf in progress. Almost 240,000 sf of that total was in the Southeast submarket, which made up over half of the construction in progress.

For the year, developers have delivered 578,109 sf of new industrial space to the Austin market.

Austin Industrial Market Statistics 4Q 2014
Market Rentable
Area SF
Vacancy
Rate (%)
Net
Absorption
(SF)
CBD 26,776 0.0 0
Central 1,426,566 7.8 -5,806
East 3,554,975 22.5 -13,661
Far Northeast 2,476,336 10.4 86,337
Far Northwest 510,465 1.9 3,641
Georgetown 1,238,554 0.6 3,150
Hays County 593,663 32.8 0
North 13,829,571 9.7 157,781
Northeast 7,830,210 14.4 93,029
Northwest 2,600,971 10.6 13,719
Round Rock 3,274,070 14.7 20,428
South 1,761,700 1.7 -2,717
Southeast 10,210,364 8.6 -15,272
Southwest 415,046 15.2 -15,009
Totals 49,749,267 10.6 325,620


Source: CBRE Research

See CBRE's 4Q 2014 Austin Industrial MarketView.

tag: Austin industrial news

Lookout! 600-Acre Clearwater Ranch set for Liberty Hill 

(1/28/2015)

LIBERTY HILL, WILLIAMSON COUNTY - Model homes are open to the public on the 600-acre Clearwater Ranch master-planned development on CR 200 just north of SH 29

The Clearwater Ranch project includes 500 custom homes on one-acre lots. The builders are Austin-based Giddens Homes, San Antonio-based Sitterle Homes and Kentucky-based Drees Custom Homes.

Model homes are open to the public and the community's official opening is set for March 1.

The Lookout Group will develop Clearwater Ranch. The company has also developed Crystal Falls, a 5,000-acre master-planned community in Leander, and Esperanza, a 1,200-acre community in Boerne.

Read more at the Austin Business Journal.

Austin's Promontory Point(s) to apartment sale 

(1/28/2015)

AUSTIN - The 228-unit Promontory Point Apartments at 2250 Ridgepoint Dr. has been sold in Austin's Northeast submarket.

The garden-style apartment complex was constructed in 1983 and renovated in 2007. It consists of 48 studios, 120 one-bedroom units and 60 two-bedroom units.

The property received capital improvements in 2012 with major investments in exterior painting and modifications in the drainage and erosion system.

San Francisco-based Hamilton Zanze & Co. purchased the property from China-based Standard Portfolios Asset Management Co.

Read more at CoStar Group.

Weitzman: 2015 Austin Retail Survey & Forecast 

(1/28/2015)

AUSTIN - Austin's retail real estate market is the tightest it's been since the end of 2004 with an overall occupancy rate of almost 96 percent, according to the 2014 year-end report by The Weitzman Group and its affiliated Cencor Realty Services.

Though 1.2 million sf of new retail space was added, much of that included the opening of three Walmart Supercenters in outlying markets — Elgin, Manor and Cedar Park.

The numbers may improve in 2015 based on projects in the pipeline, but much of that activity will be in the form of large single-user stores. No major shopping centers are on tap, even though Austin's population and overall building construction continues on a torrid pace.

Other major retail projects scheduled to open in 2015:

•  Lamar Union, the mixed-use project on S. Lamar Blvd., which already includes Alamo Drafthouse Cinema and the Highball.
•  At the Seaholm LLC multi-use project downtown, Trader Joe's and True Food Kitchen should be finished shortly.
•  Redevelopment of the former Round Rock Garden Ridge property near I-35 and SH 45;
•  Lamar Central, an office project with 34,000-sf of ground level retail at North Lamar Blvd. and 38th St.;
•  Sam's Club in Cedar Park;
•  Walmart in Kyle;
•  HEB Grocery Co. in Cedar Park and in Wimberley;
•  55,000-sf Hobby Lobby in Bastrop.

Read more at the Austin Business Journal.

See the full report from The Weitzman Group and Cencor Realty Services for more.

Underway: 20-story $54M University House near UT Austin 

(1/27/2015 8:00:00 AM)

AUSTIN - Construction has begun on the 185,000-sf University House just one block west of the University of Texas. The $54 million 20-story project is on the site of the former University Lutheran Student Center at 21st St. and San Antonio St.

The project, just one block west of the University of Texas at Austin campus, is expected to be completed by the start of fall semester 2016, and preleasing will begin summer 2015. The project includes 188 apartments with 504 beds.

A variety of fully furnished floor plans will be offered, including studio, one-, two-, three, and four-bedroom units. The building will also include a five-story covered parking facility.

University House will strictly cater to students and includes 6,000 sf of ground level retail that will be leased by the new University Lutheran Student Center. The religious-based organization first built on the site in 1971.

The total estimated cost is $53.5 million, according to Inland American Real Estate Trust. This represents 100 percent of the development’s estimated costs, including the acquisition cost of the land and building, if any, and excluding capitalized interest.

Read more at the Austin Business Journal and Inland American Communities.

tags: Transwestern Apartment Market Watch 2014, multifamily market conditions 2014, Austin data, Texas student housing

DPF dips into Austin, ducks out of Dallas with buy and sale 

(1/27/2015 7:55:00 AM)

AUSTIN, DALLAS - Dividend Capital Diversified Property Fund (DPF) has bought one Texas office property and sold another.

In Austin, DPF acquired Rialto I and II from Lincoln Property Co. for $37.3 million or approximately $240 per sf.

The 155,000-sf, two-story office portfolio is located at 7500 Rialto Blvd. within Southwest Austin's Lantana Corporate Center.

It is 94 percent leased to 21 tenants and features a 205-space parking garage.

In Dallas, DPF sold Park Place on Turtle Creek to a third party for $46.6 million or approximately $263 per sf.

The 177,000-sf, 14-story office property was constructed in 1986 at 2911 Turtle Creek Blvd. in Uptown. Renovated in 2012, the Class A property is currently 87.5 percent leased to 27 tenants.

Including these transactions, DPF owns 25 office properties totaling approximately 5.1 million sf.

Read more at CoStar Group.

Report: Austin population boom happening no matter what 

(1/27/2015)

AUSTIN - Even under the most pessimistic projections — if some sort of plague and economic slump were to take hold in the region — the Austin area's population will still grow by more than 30 percent over the next 15 years, a report from the Urban Institute shows.

If migration and the birth rate are higher than expected, the Austin area could grow by more than 80 percent by 2030.

The report includes an interactive mapping element that lets readers select different projected birth, death and migration rates to see how demographics across the United States could be affected.

Here is how Austin's population growth is expected to play out, using a range of projections:

•  Under a worst-case scenario with a low birth rate, a high death rate and a low migration rate, the Urban Institute projects the area's population will increase by 30.5 percent, from 1.7 million in 2010 to 2.3 million by 2030.

•  With average birth, migration and death rates, the report projects the Austin area will increase its population by 55.3 percent, from 1.7 million in 2010 to 2.7 million in 2030.

•  At the high end of the spectrum, a scenario with a higher-than-average birth and migration rates and lower-than-average death rates, Austin could grow its population by 81.7 percent by 2030, with population jumping from 1.7 million in 2010 to 3.2 million in 2030.

Read more at the Austin Business Journal and the Urban Institute.

East Coast buyer snags Austin's Elan East 

(1/27/2015)

AUSTIN - Elan East, a 251-unit apartment complex at 2900 Manor Rd., has been sold.

The Class A community was 95 percent leased at the time of sale. It was built in 2014 and offers one- and two-bedroom units ranging from 505 sf to 1,356 sf.

Elan East is an urban, garden-style community with amenities including include a pool with outdoor lounge area and full kitchen with grilling stations/prep space, a gym, business center and club lounge.

South Carolina-based Greystar and Washington, D.C.-based The Carlyle Group sold Elan East to a Boston-based institutional buyer.

Read more at Texas Real Estate Business.

Bryson bringing 1,200 homes to Leander 

(1/22/2015)

LEANDER - Construction has begun on Bryson, a 500-acre master-planned community near San Gabriel Pkwy. and Toll 183A.

Crescent Communities will build 1,200 single-family homes at Bryson, ranging in price from the high $200,000s to the low $400,000s.

The first homes in Bryson will be under construction by summer with move-in dates during the fall.

Home builders include David Weekley Homes, Drees Custom Homes, Grand Haven Homes and Scott Felder Homes. The site plan includes an amenity center and an additional 250 to 500 multifamily or high-density units.

Crescent purchased the property, formerly called the Villages of Messina, in early 2014.

Prior to the sale in December 2013, Leander City Council approved a set of agreements that require Crescent to contribute $1.5 million for improvements to the nearby intersection of Toll 183A and US 183.

The amenity center will open in spring 2016, and the neighborhood will be built out in about ten years.

Read more at Community Impact Newspaper.

129,000-SF Aspen Lake Two takes root in Austin 

(1/22/2015)

AUSTIN - Construction on Aspen Lake Two, a 129,000-sf office building in far northwest Austin near Lakeline Mall, is underway. The address is 13785 Research Blvd., which is in the City of Austin but sits in Williamson County.

The Class A office building is already 54 percent leased to Q2 Holdings Inc., and Austin-based financial services company. Construction is expected to be complete in fall 2015.

About 59,000 sf remains available for lease — about 34,200 sf on the second floor and 26,000 sf on the first floor.

Crimson Real Estate Fund is partnering with San Antonio-based USAA Real Estate Co. as the owners of the project.

Crimson purchased the first phase of the platted development in a distressed financial state. Aspen Lake One, which although it was shiny and new, sat vacant for a long time during the recession. The original developer filed for Chapter 11 Bankruptcy and Crimson picked up the property in March 2011.

Crimson then leased it up to 100 percent as Austin's economy surged ahead — largely on the strength of technology growth. One of the first major tenants Crimson secured was Q2 Holdings, which provides cloud-based banking solutions.

Read more at the Austin Business Journal.

Austin HQ to Dripping Springs; housing affordability cited 

(1/21/2015)

DRIPPING SPRINGS - HHS LLC, a medical housekeeping company, will relocate its corporate headquarters from Austin to a new facility at 12495 Silver Creek Rd.

The company will move from its current location at 216 E. 4th St. in downtown Austin, bringing 86 jobs that pay an annual average salary of $60,000 along with it.

"We chose to move out of downtown Austin and settle in Dripping Springs … to help our team members access more affordable living opportunities close to their work place," said HHS Chief Executive Joe Terry.

The move was facilitated with an economic incentive agreement approved by the Hays County Commissioners in mid-December. The agreement will give a 75 percent property tax rebate over ten years to HHS in exchange for the company's $9 million capital investment.

HHS was founded in 1975. It now claims more than 350 hospitals as clients.

Read more at the Austin Business Journal.

Austin's 64,000-SF Executive Plaza sells in off-market deal 

(1/21/2015)

AUSTIN - The 64,158-sf Executive Plaza office building at 14205 Burnet Rd. has traded hands.

Travis County Appraisal District records show the multitenant office building is valued at about $5.9 million and includes almost 2.7 acres.

Located near MoPac Expy. and Wells Branch Pkwy., the six-story structure was built in 1985.

CAD-WAL Ltd. purchased Executive Plaza from Sage-Executive Ltd., who has owned the property since 2000.

Read more at the Austin Business Journal.

Austin: Iron Rock Ranch saddles up $35 million buy 

(1/20/2015)

AUSTIN - Iron Rock Ranch, a 300-unit apartment community located at 1215 Slaughter Ln. W., has been acquired by Philadelphia-based Independence Realty Trust.

Acquired for $35.3 million, or approximately $118,000 per unit, Iron Rock Ranch is located immediately west of I-35 along the Slaughter Ln. thoroughfare in Austin's Outer South Multifamily submarket.

Completed in 2001, the 316,644-sf community on a 22.67-acre site offers one-, two- and three-bedroom floor plans.

The community traded at roughly 96 percent occupancy and has an effective rent per occupied unit of $1,146 for the three months ending November 30, 2014.

Source: CoStar Group

tags: Austin apartment, Austin multifamily data

Austin area: Ryland opens five housing communities 

(1/20/2015)

AUSTIN - Ryland Homes Austin has opened five communities across the region. Each community offers homeowners a quality new homes, prime locations and excellent community amenities.

Here are the new developments:

•  Saratoga Hills, Austin
•  Rancho Sienna, Georgetown
•  Santa Rita Ranch, Georgetown
•  ShadowGlen, Manor;
•  Rockwell at Wyoming Springs, Round Rock

Saratoga Hills, featuring large estate homes on acreage homesites, offers nine floor plans ranging from 2,947 sf to 4,598 sf. The community is less than 20 miles from downtown Austin.

Rancho Sienna boasts a prime location, allowing an easy commute across the greater Austin area. The floor plans range from 2,422 sf to 3,619 sf.

ShadowGlen is home to an 18-hole golf course, a retail center, a four-acre waterpark, a 4,300-sf amenity center, a fitness center and an on-site elementary school that will open this fall. It offers floor plans ranging from 2,422 sf to 3,317 sf.

Rockwell at Wyoming Springs offers a selection of four condominiums that range from 1,369 sf to 1,578 sf.

Santa Rita Ranch, set to open this month, exhibits 135 acres of natural landscape, which includes hiking, biking and nature trails and a four-mile San Gabriel River Trail.

Homebuyers can select from six floor plans, ranging from 1,788 to 3,081 sf. The community also features two welcome centers, swimming pools and splash parks.

Read more at BusinessWire and Ryland Homes.

tag: Austin housing

RR 620 boom: Lakeway 

(1/16/2015 9:30:00 AM)

LAKEWAY, TRAVIS COUNTY - With plans in the works for major projects in Bee Cave, Lakeway, Hudson Bend and Four Points, a wave of new construction along the RR 620 corridor during 2014 points to continued growth for the region in the coming year.

Below is a snippet of completed and upcoming projects in Lakeway.

Construction on the city’s largest project, the 175,000-sf Oaks at Lakeway, began in late 2014, said Jon Andrus of Stratus Properties, the project’s developer.

The 90-acre development is expected to be a “true neighborhood retail center” driven by anchor H-E-B that is anticipated to open Oct. 30.

The 65-acre Lakeway Medical Village is also under construction, with its Goddard School — a preschool and after-school care program — expected to be up and running in April, school owner Raul Alvarez said.

The Harbor at Lakeway, a 150-room, assisted-living and memory-care community in Lakeway Medical Village, is expected to open in 2015. 

Lakeway witnessed the opening of its first acute medical rehabilitation facility — Vibra Rehabilitation Hospital — on November 24.

This is one part of a four-part story on the boom occurring along the RR 620 corridor. See similar stories about Bee Cave, Four Points and Hudson Bend at Newstalk Texas.

Read more at Community Impact Newspaper.

RR 620 boom: Bee Cave 

(1/16/2015)

BEE CAVE, TRAVIS COUNTY - With plans in the works for major projects in Bee Cave, Lakeway, Hudson Bend and Four Points, a wave of new construction along the RR 620 corridor during 2014 points to continued growth for the region in the coming year.

Below is a snippet of completed and upcoming projects in Bee Cave.

During the past year the City of Bee Cave paved the way for additional development on RR 620.

In March, developer Adrian Overstreet led a groundbreaking ceremony for the city’s first major hotel — Sonesta Bee Cave in the Hill Country Galleria. The 195-room hotel is slated to open in June.

Sister projects Terrace at Bee Cave and The Backyard at Bee Cave were approved to add entertainment venues, movie and television production studios, office buildings, dining, parking garages, residences and hotels to the planned development districts located just off RR 620.

Hill Country Indoor, an 85,000-sf sports facility, will be going forward with construction in 2015.

City Council approved site plans Oct. 28 for the 16.8-acre Park at Bee Cave commercial project. It will offer office, retail, and commercial space beginning in early 2015, developer Bill Walters said.

Phase One of Gateway to Falconhead — an open-air commercial project including office, dining and retail space — was greenlighted in December by Bee Cave City Council.

The site development permit approved for Phase One includes 46,000 sf of retail with the remaining 80,000 sf of office space reserved for Phase 2. Groundbreaking on the development is expected in January.

Three apartment developments added residential space to the city in 2014, beginning with the July opening of the Estates at Bee Cave, a 316-unit apartment complex.

Construction on the 315-unit Cielo Apartment Living was finished in August, and the adjacent 228-unit Madrone Apartment Homes opened its first units in October, with completion slated for March.

This is one part of a four-part story on the boom occurring along the RR 620 corridor. See similar stories about Lakeway, Four Points and Hudson Bend at Newstalk Texas.

Read more at Community Impact Newspaper.

RR 620 boom: Four Points 

(1/16/2015)

AUSTIN - With plans in the works for major projects in Bee Cave, Lakeway, Hudson Bend and Four Points, a wave of new construction along the RR 620 corridor during 2014 points to continued growth for the region in the coming year.

Below is a snippet of completed and upcoming projects in the Four Points area.

Last fall, Taylor Morrison broke ground on its final Steiner Ranch neighborhood — the 84-home The Grove at Steiner Ranch, Vice President Adib Khoury said.

Shopping center High Pointe Village is being offered for lease and purchase, said owner Nancy Bui of the planned 70,000- to 80,000-sf commercial development.

Four Points received two major medical facilities along RR 620 in 2014 — the Austin Diagnostic Clinic and the Austin Regional Clinic.

Embrey constructed 344 apartment homes at Escape at Four Points in 2014. Standard Pacific is completing The Preserve at Four Points’ 146 single-family homes.

Phase two of Trails at 620 is slated to include new dining, entertainment and a 35,000-sf child care facility — Children’s Learning Adventure — in 2015, adding to a Holiday Inn Express hotel now under construction in Phase 1.

Three new residential projects on RR 620 are zoned to Leander ISD and Vandegrift High School:

•  Taylor Morrison’s Montebello, a 50-acre gated community slated to begin construction early this year, will offer single-family homes.
•  A 25-acre tract along RR 620 at Buckner Rd. is being developed into residential neighborhood and retail center, Stokes Ranch. The project will include 30 single-family homes and an 8,000- to 10,000-sf neighborhood retail center.
•  Land on RR 620 has been cleared for a 120-unit affordable housing complex, Windy Ridge Apartments, set to open this fall.

This is one part of a four-part story on the boom occurring along the RR 620 corridor. See similar stories about Bee Cave, Lakeway and Hudson Bend at Newstalk Texas.

Read more at Community Impact Newspaper.

Central Texas ranks No. 2 in U.S. for STEM jobs 

(1/15/2015)

CENTRAL TEXAS - Central Texas ranks No. 2 in the nation for workers in jobs involving science, technology, engineering and mathematics (STEM), according to the latest analysis by WalletHub.

The Austin area ranked No. 5 for the largest percentage of STEM workers and No. 7 for STEM-related employment growth. It also ranked No. 7 for the annual median wage of STEM workers factoring in the adjusted for cost of living, according to the report.

Central Texas ranked No. 13 in the number of job openings per capita for STEM graduates and No. 21 for the annual growth of median wages for such workers.

In the overall STEM job ranking, Dallas-Fort Worth ranked No. 23 and the San Antonio area ranked No. 48.

In Central Texas, 47 percent of the area's job openings were found to require STEM skills — the ninth-highest percentage in the study that compared 100 U.S. metro areas. Overall, local job openings took an average of 35 days to fill — the 41st-longest time in the study.

WalletHub analyzed the 100 most-populated metropolitan areas across 11 metrics to produce the report.

Read more at the Austin Business Journal.

Click here for the full report.

Up! Home starts, inventory, sales all up in Austin 

(1/14/2015 7:10:00 AM)

AUSTIN - New home inventory in Austin has increased dramatically in the past year but demand could still outstrip supply if population growth remains robust and building cycles continue to increase, according to a report from Residential Strategies Inc.

Home starts, home closings and inventories were all up in 2014 compared to a year earlier.

New home inventory — which includes model homes, homes under construction and finished vacant homes — stood at 7,279 units at the end of 2014, up 46 year over year.

Here are some other highlights of the report:

•  Builders reported that sales activity through fourth quarter 2014 surpassed their own business projections.
•  There were 12,354 new home starts through Dec. 31, up 24 percent from 2013.
•  There are 20,828 vacant but entitled homesites at the end of 2014, a 20.2-month supply.
•  At the end of the year, 9,284 lots were under development, considered a record pace by Residential Strategies.
•  Resale listings remain tight with a 2.4-month supply, though the inventory at the end of November was 8 percent higher than in 2013 at the same time.

Read more at the Austin Business Journal.

Austin: 390 acres near airport sell 

(1/14/2015)

AUSTIN - Nearly 400 developable acres in Southeast Austin have been sold to local investors who say they plan a mixed-use commercial project on the site, which is just east of Austin-Bergstrom International Airport.

The site is known as Eastbourne Crossing.

The area is in the Triple Freeport Zone where goods are exempt in transit when stored for no more than 175 days before being shipped out of state.

The land is located at the corner of SH 71 and SH 130. It is near the Circuit of The Americas racetrack and amphitheater.

The sale involved two tracts. Eastbourne Crossing was the seller of 385.7 acres, while an Eastbourne affiliate sold an adjoining 4.9 acres at the corner of FM 973 and SH 71.

Charles Heimsath, a local real estate consultant, said the land — which has City of Austin utilities — is a good fit for any commercial or industrial use.

Read more at the Austin American-Statesman and the Austin Business Journal.

Ashford buying Austin's Lakeway Resort & Spa for $34M 

(1/14/2015)

AUSTIN - Ashford Hospitality Trust has agreed to acquire the 168-room Lakeway Resort & Spa for a total consideration of $33.5 million or $199,000 per key.

Located on the shore of Lake Travis, the hotel features 24,000 sf of meeting space. The acquisition is expected to close within the next 30 days, said Ashford, a Dallas-based REIT.

The hotel achieved RevPAR of $108.67, with occupancy of 62.5 percent and an Average Daily Rate of $173.87.

The Lakeway Resort & Spa recently benefited from capital improvements of $6 million ($36,000 per key) over the past 24 months including a complete renovation of the guestrooms.

Read more at Realty News Report.

RR 620 boom: Hudson Bend 

(1/14/2015)

HUDSON BEND, TRAVIS COUNTY - With plans in the works for major projects in Bee Cave, Lakeway, Hudson Bend and Four Points, a wave of new construction along the RR 620 corridor during 2014 points to continued growth for the region in the coming year.

Below is a snippet of completed and upcoming projects in the Hudson Bend area.

Residential development in the traditionally moderately priced Hudson Bend area gained ground in 2014 with four communities slated for construction in the City of Austin’s extraterritorial jurisdiction.

Lakeside Villas is slated to have its 32 duplex units completed in 2015, said developer Rob Swett. Each unit will have about 400 sf of outdoor space and an elevator, with the project’s driveway located on Mansfield Dam Rd.

A 71-home development — Vistas of McCormick Mountain — had been on hold for seven years following the area’s economic downturn, but was greenlighted in 2014.

A 14.8-acre project — Canopy at Hudson Bend — is being developed jointly in the La Hacienda Estates subdivision by builder Castle Rock Communities and Eck Lane Properties.

The gated neighborhood will feature 38 detached homesites with 40 percent of the property dedicated to greenspace, said Lance Wright, owner of Castle Rock Communities.

Waterfront community Waterfall on Lake Travis will feature lake views from some of its 36 condominium units, said developer Cosmo Palmieri, who is developing the project with Kelly Gray.

This is one part of a four-part story on the boom occurring along the RR 620 corridor. See similar stories about Bee Cave, Lakeway and Four Points at Newstalk Texas.

Read more at Community Impact Newspaper.

ABoR: Austin area home sales Dec. 2014 

(1/13/2015 3:00:00 PM)

AUSTIN - The Austin Board of Realtors has released home sales facts for December 2014. Below is a snippet of cities that you might want to see.

•  The median price of existing single-family homes increased to $244,900, up 1.9 percent from November 2014.
•  Existing single-family home sales increased 13.0 percent from November with 1,877 sold units.
•  Condos increased in price to $215,000, up 2.7 percent from November 2014.
•  Existing condo sales increased 19.1 percent from November with 181 sold units.

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

Austin Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Dec. 2014
Price Chg.
Dec. 2013
Units Sold
Dec. 2014 
Sale Chg.
Dec. 2013
ACTRIS* (single-family) $244,900 10.8% 1,877 7.1%
ACTRIS (condo) $215,000 6.0% 181 -3.7%
Region Cities**        
Austin $307,155 10.5% 779 5.1%
Round Rock $212,250 4.6% 184 -8.5%
Georgetown $255,000 3.2% 109 4.8%
Pflugerville $192,000 6.9% 103 -6.4%
Cedar Park $259,900 13.4% 87 -22.3%
Leander $201,750 13.0% 78 -7.1%
Kyle $167,000 11.5% 59 22.9%
Buda $235,000 35.3% 51 70.0%
Hutto $159,000 7.4% 50 43.9%

*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold 50 or more units during December 2014.

See the full report from the Austin Board of Realtors.

tags: Austin data, Austin housing

Germans invest in 'Prominent' Austin office space 

(1/13/2015)

AUSTIN - Prominent Pointe I and II, located at 8310 N. Capital of Texas Hwy. in Northwest Austin, have been sold to Munich, Germany-based GLL Real Estate Partners.

Prominent Pointe I and II encompass about 256,000 sf. Prominent Pointe I was built in 1985 and remodeled in 2013, while Prominent Pointe II was built in 2008.

The offices have about 900 parking spaces. The project is on 21 acres near Spicewood Springs Rd.

Current tenants include IXIA, JMJ Associates, Sony Online, UTC Fire and Security Americas, Texas Hospital Insurance Exchange and the law firm of Naman Howell Smith & Lee LLP.

Read more at the Austin Business Journal.

AT&T calls veterans and others for 200 jobs in Austin 

(1/12/2015)

AUSTIN - AT&T Corp. has 200 job openings in Austin. The Dallas-based company said the positions include technicians for U-verse installation and customer-service representatives for call centers and retail stores. The salaries vary by position and experience.

The company is asking Texas-based veterans to visit AT&T's online veteran career website that includes tools for veterans to match their military skills with job openings.

Prospects can apply online at www.att.jobs.

AT&T, founded in 1983, employs more than 243,000 workers.

Read more at the Austin Business Journal.

Mattress Firm puts 99,000-SF Austin lease to bed 

(1/12/2015)

AUSTIN - Mattress Firm can sleep easy now that it has secured its new distribution center location.

The American retail company and mattress store chain signed a lease for 99,200 sf at 401-B Parker Dr., Building 9 in Northeast Austin's Corridor Park Corporate Center, effectively tripling the size of its current Austin facility.

"Bulk distribution space in Austin is challenging to locate. We were very fortunate to secure this space with the help of Prologis, who continues to assist Mattress Firm in their national expansion," said Damian Rivera of E Smith Realty Partners, who represented the tenant in negotiations.

Read more at CoStar Group.

$35.3M sale: Austin's 300-unit Mandalay Bay 

(1/9/2015 7:55:00 AM)

AUSTIN - Mandalay Bay, a 300-unit apartment community at 12443 Tech Ridge Blvd., has been sold.

Acquired for $35.3 million, or approximately $118,000 per unit, Mandalay Bay sits immediately east of the Parmer Ln. and I-35 intersection and adjacent to the Dell Computer–South Campus in North Central Austin.

Completed in 2001, the 247,470-sf Mandalay Bay is on a 16.6-acre site and offers one-, two- and three-bedroom floor plans with an average size of 1,055 sf.

The community was 96 percent occupied at the time of sale and has an effective rent per occupied unit of $1,146 for the three months ending November 2014.

Philadelphia-based Independence Realty Trust purchased the community using approximately $26.7 million of cash and issued operating partnership common units valued at approximately $8.6 million.

Read more at CoStar Group.

Austin: 114,000-SF Park Central sells 

(1/8/2015)

AUSTIN - The 114,091-sf Park Central office building at 12345 N. Lamar Blvd. has been sold.

The three-story office building, which was built in 2008, was 74 percent leased at the time of sale. The Travis Central Appraisal District values the property at $10,004,233.

Vista Equities Group of Houston purchased Park Central office building from Cornerstone Austin Park Central LLP.

Read more at the Austin Business Journal.

City of Buda lands Main Street property 

(1/8/2015)

BUDA - Buda City Hall will have a new address, and so will the city’s public library and police department.

On Jan. 6, Buda City Council approved ratifying documents in connection with the $1.7 million purchase of 8.6 acres on Main St., near downtown. The city purchased the land from D.L. Jardine Foods, a food producer whose headquarters on Chisholm Trail is near the city’s Stagecoach Park.

The property is bound by Main St., E. Loop St., Chisholm Trail and Hawk Lane.

The city received the land for $4.53 per sf, which Ruge said was below market, as a property across the street sold for $4.81 per sf.

Mayor Todd Ruge was elated the city was able to find a “good property” for its new facilities, which will be funded by $27.8 million in bond money approved by voters in November.

“I think [the piece of property] really hit all the marks,” Ruge said. “It's important to have that Main St. address. This piece of land is going to help us build for the future.”

Read more at Community Impact Newspaper.

Ledgestone paving way for new senior living in Austin 

(1/7/2015)

AUSTIN - Civitas Senior Living LLC will break ground soon on Ledgestone Senior Living, a new senior lifestyle apartment community.

Ledgestone will offer not only independent and assisted-living apartments, but also a memory care cottage.

The development’s architectural plan includes 120 independent senior lifestyle apartments, approximately 60 assisted-living studios and one-bedroom units, and ten private and semi-private memory care units.

The independent units will feature balconies, island kitchens, and several floor plans of one-, two- and three-bedroom apartments with walk-in closets.

Read more at Multi-Housing News.

Bigger in Texas: Austin homes among largest in U.S. 

(1/6/2015 6:53:00 AM)

AUSTIN - Houses in Austin on average are among the largest in the U.S., according to 24/7 Wall St., a financial news and commentary website.

24/7 Wall St. culled data from Realtor.com and the U.S. Census for its analysis of "Cities with the largest homes."

Austin ranks No. 9 nationally for largest home sizes, with a typical house being 1,837 sf.

That compares with the No. 1 market for home sizes — Provo, Utah — with a typical house of 1,980 sf.

Houston ranked No. 2 on the list with a median size of 1,900 sf, and Dallas ranked No. 10 on the list with 1,828 sf.

The common saying that everything is bigger in Texas seems to hold true, although Colorado had the most markets on the Top 10 list — Colorado Springs (No. 2), Boulder (No. 6), Greeley (No. 7) and Fort Collins (No. 8).

The statistical analysis included median estimated price — $207,000 for Austin and the expanded metro area — and a median household income of $61,750.

Read more at the Austin Business Journal.

tags: Austin housing, Austin housing data

Sold! 344-unit Remington, 284-unit Reserve in Austin 

(1/6/2015)

AUSTIN - The 284-unit Reserve at Walnut Creek and the 344-unit The Remington Apartment Homes have been sold in separate transactions in North Austin.

Houston-based Tradewind Properties purchased the Reserve at Walnut Creek at 8038 Exchange Dr. It was built in 2002 on 14.3 acres and was 94 percent occupied at the time of sale.

The Travis Central Appraisal District indicates the most recent appraised value for the garden-style community was $22.8 million.

A California-based investor purchased The Remington Apartment Homes at 13730 RR 620 near Lakeline Mall in Williamson County.

The Williamson County Appraisal District last valued the property at $30.3 million. Built in 2007, The Remington is situated on 17.5 acres and was 98 percent occupied at the time of sale.

Both apartment communities are located near growing employment bases.

The Reserve at Walnut Creek is near Samsung Inc., the General Motors Innovation Center and the growing Parmer business park. Meanwhile,

The Remington is adjacent to Paloma Ridge, a new commercial office project being developed by Stream Realty Partners in Austin.

Read more at the Austin Business Journal.

The 'inn' crowd: Austin braces for hotel multiplicity 

(1/6/2015)

AUSTIN - Austin's inn crowd is very inclusive. Hotel options abound and are about to multiply — from contemporary Zen-like havens in the midst of downtown to soaring skyscrapers with floor-to-ceiling views of the city.

Prices run the gamut, too. Austin's average daily room rate across the city has been escalating rapidly and edging up to the $200 mark — but some unembellished but new rooms are closing in on the $800-per-night mark.

Some 8,649 rooms are in the development pipeline within the metro area, adding what would be a significant 28 percent increase of the current supply of 31,316 rooms, according to Lodging Econometrics, a hotel research company.

Austin is in the top ten markets for new hotel construction though markets with much larger population bases — New York and Houston, for example — lead the pack.

The Central Business District will post the most significant increase of rooms.

Downtown room supply could grow by more than 55 percent in the next few years — from about 8,600 rooms to more than 13,000.

Read more at the Austin Business Journal.

tags: Austin hotel, Austin hotel data

Four for Texas in top eight U.S. cities' record home prices 

(1/5/2015 6:58:00 AM)

AUSTIN, DALLAS, HOUSTON, SAN ANTONIO - Texas’ four largest cities were included in the top eight U.S. cities with record home prices, according to the Wall Street Journal.

Austin recorded the highest change in home prices from the 2006-2008 peak, with area home prices rising 18 percent since that time.

Houston was second, with 17 percent growth, while Dallas was fourth with 12 percent and San Antonio was sixth with 8 percent.

Texas, of course, didn’t have a big housing bubble when many other parts of the U.S. did between 2003 and 2007.

Nationally, prices are down 10.2 percent from their June 2006 peak, according to figures from Black Knight Financial Services.

Black Knight tracks home transactions in 18,500 U.S. ZIP Codes, and it publishes data on the top 40 metro areas every month.

Read more at the Wall Street Journal.

Need a nurse practitioner? Job center launches website 

(1/5/2015 6:00:00 AM)

AUSTIN - Employers will have an easier time finding nurse practitioners with the new AANP JobCenter.

The American Association of Nurse Practitioners, based in Austin, has launched AANP JobCenter, an online career center to help link nurse practitioners with potential employers and others seeking their services.

The AANP JobCenter is located at jobcenter.aanp.org and is available for AANP members and nonmembers.

Nurse practitioners are becoming a highly sought-after component of the health care workforce as the pool of primary care physicians entering the workforce continues to shrink.

Both the University of Texas and Austin Community College have taken steps to enhance their programs for advanced degrees in nursing in recent months.

"AANP looks forward to bringing NPs and employers together with a one stop connection to the best career choices possible," David Hebert, CEO of American Association of Nurse Practitioners, said in a statement announcing the job center.

"With a rise in the number of people with health insurance and the need for more providers to take care of these patients, there has never been a better time to be an NP."

Source: Austin Business Journal

Sold! $30 million for Hilton Garden Inn Austin NW/Arboretum 

(12/23/2014 8:15:00 AM)

AUSTIN - The 138-room Hilton Garden Inn Northwest/Arboretum at 11617 Research Blvd. has been sold.

Moody National REIT I purchased the hotel, which was built in 2002, for $29.3 million.

Located on 3.4 acres, hotel amenities include an indoor swimming pool, in-room hospitality centers with refrigerators and approximately 1,400 sf of flexible meeting space.

The five-story hotel is within a five-mile radius of over 21 million sf of office space, including Apple, Xerox Corporation and The Domain.

Moody intends to perform a Property Improvement Plan to bring the hotel in compliance with the latest Hilton Garden Inn brand standards.

Hilton Garden Inn is the second Hilton acquisition by Moody REIT I within the Austin market over the past year.

It also purchased the Hampton Inn South Austin Airport in fourth quarter 2013.

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

tag: Austin news

Austin employment drops to second-lowest rate of 2014 

(12/23/2014)

AUSTIN - Austin's seasonally unadjusted unemployment rate dropped to 3.9 percent in November, its second-lowest level in 2014, according to the Texas Workforce Commission.

The rate is also down from the 4.7 unemployment rate recorded in the Austin area in November 2013. Austin's lowest unemployment rate in 2014 — 3.8 percent — arrived in April.

The decline in November mirrors a seasonal trend seen in previous years in the Austin area, where unadjusted unemployment levels typically drop to their annual low-water marks in the last months of the year before trending upward in January.

Texas as a whole added 34,800 seasonally adjusted total non-farm jobs in November. So far in 2014, 441,200 jobs have been added across Texas.

Statewide, the unemployment rate dropped to 5.1 percent, down from 6.1 percent unemployment in November 2013.

Read more at the Austin Business Journal.

For more employment stats, check out the Texas Workforce Commission.

Forbes: Texas Longhorns king of college football financials 

(12/23/2014)

AUSTIN - The University of Texas Longhorns football team has been named the most valuable college football team by Forbes Magazine.

The team's valuation slipped 6 percent since the 2013 edition of the ranking, according to Forbes analysts, dropping to a net worth of $131 million on $113 million in revenue and profits of $74 million.

Despite the slip and the team's mediocre performance on the gridiron this year, the financial numbers the Longhorn's pulled in this year are impressive: $34 million in home ticket sales, another $31 million from "football-related contribution.”

The slip in valuation, according to Forbes, was mostly linked to a big jump in expenses for the team over the past year.

Those expenses, in all a $10.8 million jump in spending, were mostly tied to the retirement of longtime head coach Mack Brown and the search for his replacement, which eventually landed on current head coach Charlie Strong.

Notre Dame comes in as Forbes No. two most-valuable college football team, valued at $122 million.

Read more at the Austin Business Journal.

Austin's 164,000-SF Springdale retail sells to Florida buyer 

(12/22/2014 7:47:00 AM)

AUSTIN - The 163,677-sf Springdale Shopping Center at 7112 Ed Bluestein Blvd. has been sold.

The shopping center was valued at $11.3 million, according to the Travis Central Appraisal District.

It is anchored by HEB, with other tenants including Fashion Outlet, Carousel Pediatrics, Family Dollar and O'Reilly Auto Parts.

Florida-based Forge Real Estate Partners III LP purchased the property from Velocis, a Dallas-based firm who had owned it since 2012.

Read more at the Austin Business Journal.

tag: Austin retail

Austin home sales, median price set Nov. records 

(12/22/2014)

AUSTIN - The holiday season has arrived but Central Texas isn’t seeing the typical slowing that occurs in many housing markets late in the year, according to local agents and the latest market figures.

November marked the third straight month that home sales volume and the median sales price hit record territory in the Austin area, according to the Austin Board of Realtors (ABoR).

Home sales rose 5.6 percent in November compared with the same month in 2013, and the area’s median sales price was up just over 11 percent.

The median price set a November record, with half of the homes selling for more than $245,000 and half for less than that amount, according to ABoR.

The 1,934 sales in Austin also were the most on record for a November, up from 1,831 sales in November 2013.

The supply of available homes continued to lag demand, even though listings increased 9 percent year-over-year.

Read more at the Austin American-Statesman.

For a snapshot of November’s housing sales in Austin, see previous story ABoR: Austin area home sales Nov. 2014.

The Ballpark at Austin adding turf, units for college demand 

(12/22/2014)

AUSTIN - Nimes Capital of Los Angeles has begun a $1.5 million renovation to The Ballpark at Austin student housing development on E. Riverside Dr. and hopes to convert an athletic field on the property into more housing units in the next three years.

Nimes purchased the property in October for $29 million, and has made improvements to two-thirds of the 282-unit, 78-bed property. It will complete the final renovations by summer 2015.

The company is also installing artificial grass on the property and taking other measures to make it more energy and water efficient, according to Nitin Chexal, Nimes' director of real estate.

Read more at the Austin Business Journal.

Lago Vista: $350 million Montechino on Lake Travis kicks off 

(12/19/2014 10:45:00 AM)

LAGO VISTA - Construction has started on the long-delayed Montechino project, a $350 million luxury community planned for Lago Vista that could bring more than 300 homes in coming years.

The project is planned for 250 acres on Lake Travis’ north shore. The developer, Houston-based investor Brian Atlas, bought the project out of bankruptcy nine years ago.

A 30-acre park, a 70-slip marina and a 96-room hotel also are planned, although Atlas said he does not yet have a hotel developer.

Montechino will have several housing types: garden homes, single- family homes, and waterfront condominiums as well as estate homes on lots ranging from three to ten acres. A few houses are nearing completion, and several more will be starting soon.

Plans call for 60 garden homes in a section called Camelot Woods, with three of those homes currently under construction. Prices will range from $280,000 to $470,000, Atlas said.

The 56 waterfront condos, in the Bella Vista section, will range from $780,000 to $1.75 million.

Among the single-family homes, the Signature Homes series will have 102 houses priced from $450,000 to $700,000. Another series, the Heritage Homes, will have 100 residences priced from $650,000 to $1.2 million.

The estate homes are expected to range from $1.2 million to $5 million.

Read more at the Austin American-Statesman.

2,400 Homes set to rise in Sun City Texas 

(12/18/2014 8:45:00 AM)

GEORGETOWN - Del Webb, a national home builder, will develop an additional 1,100 acres at its Sun City Texas active adult community in Georgetown.

Some 2,400 new homes will be built mostly on two parcels — one along SH 195 and another along Ronald Reagan Blvd.

Infrastructure work is scheduled to begin in early 2015 with construction of the new homes projected to begin next summer.

Del Webb will introduce 11 new home designs, ranging in size from 1,300 sf to more than 3,500 sf.

Prices will begin near $190,000.

Sun City Texas, which caters to the 55 and older demographic, currently encompasses 4,100 acres with 7,500 home sites and 11,500 residents.

Read more at the Austin Business Journal.

Ogle buys two Austin offices; leases rush in overnight 

(12/18/2014)

AUSTIN - Ogle Properties has purchased a 56,100-sf office building at 8920 Business Park Dr. and Hyridge Plaza, a 30,300-sf office building at 8716 N. Mopac Expy.

Within days of closing the deal, Kucera Cos. helped Ogle improve the occupancy with a lease with Tech Ranch for 11,000 sf at the 8920 Business Park Dr. building.

The seller of 8920 Business Park Dr. was RGK Rentals Ltd. and the seller of Hyridge Plaza was KMS Ventures.

At closing on December 5, occupancy for the Business Park Dr. building was 46 percent and for Hyridge Plaza was 54 percent.

Now with the Tech Ranch deal, occupancy at Business Park Dr. is 67 percent.

Kucera also negotiated a lease with Western Land Services at Hyridge for 2,615 sf. Occupancy there currently is up to 65 percent.

The Business Park Dr. property is valued at $5,781,472 and Hyridge Plaza at $2,041,669, according to the Travis County Appraisal District.

Read more at the Austin Business Journal.

Austin: first tenant for 220,000-SF Champion Office Park 

(12/18/2014)

AUSTIN - Champion Office Park, a 220,600-sf campus in northwest Austin, has been completed. The development is located at RM 2222 and Loop 360.

On Dec. 15, Jobs2Careers moved into 13,000 sf at the park, making it the first tenant.

Endeavor Real Estate Group developed Champion Office Park.

Read more at Community Impact Newspaper.

Showtime: 239,000 SF kicks up in Austin's Expo Business Park 

(12/17/2014 9:30:00 AM)

AUSTIN - Trammell Crow Co. and Clarion Partners have broken ground on two buildings totaling 239,205 sf in the Expo Business Park Phase II in Southeast Austin.

Expo 10 and Expo 11 will measure 109,263 sf and 130,002 sf, respectively, and consist of warehouse, flex and manufacturing space with 28-foot clear heights and 24 dock-high doors per building.

The facilities are expected to be move-in ready by June 2015.

New York-based Clarion Partners is a joint venture partner on the two-building project and has been since the first phases of the 15.5-acre park at 6231 E. Stassney Lane were built in 1996.

Some of the largest tenants in the business park currently are Calendar Club, Goodwill Industries, Crawford Electric Supply, Dakota Hardwoods, USA Cable and Wire, Otis Spunkmeyer, Shelton Keller Group, Chaparral Distributors and Illumitex.

Read more at CoStar Group and the Austin Business Journal.

ABoR: Peek inside new 33,000-SF HQ 

(12/17/2014 8:00:00 AM)

AUSTIN - The Austin Board of Realtors is preparing to move to its new headquarters on a hillside overlooking Bull Creek at 4800 Spicewood Springs Rd. in Northwest Austin.

The 33,000-sf building features a wrap-around terrace, mini-ballroom, production studios, Realtor retail store, membership lounge, training rooms and executive offices.

Most of the move for the 50 employees will take place over the holidays, and a grand opening celebration is planned for early January.

ABOR hopes to solidify its status in the community by opening the ballroom and meeting spaces to public and private events. ABOR plans to employ an event specialist to make those arrangements and create an additional stream of revenue.

Read more at the Austin Business Journal.

Indeed to click 300 Austin hires in 2015 

(12/17/2014)

AUSTIN - Indeed, a job-listing service, plans to hire 1,000 workers next year — including 300 in Austin.

The Austin-based company that aggregates job listings from thousands of other online job posts reported a 72 percent growth this year and needs engineers, customer service and sales workers to keep up with demand, according to CEO Hisayuki Idekoba.

It currently lists 55 Austin job openings on its website.

Indeed, which was founded in 2004, employs 1,278 workers, including 330 in Austin. It hired 130 local workers this year and reached 150 million unique visitors to its website in November.

Read more at the Austin Business Journal.

Austin neighborhoods where houses sell like hot cakes 

(12/17/2014)

AUSTIN - Redfin has analyzed residential sales in major U.S. markets and picked the fastest-selling houses at the biggest markups.

In the Austin market, Redfin postulates that older bungalows in trending neighborhoods present the best opportunities for quick sales at prices substantially exceeding the list price.

Redfin ranks the Crestview, Brentwood and Windsor Park neighborhoods among the hottest in town. All are in North Austin. Crestview and Brentwood are west of I-35 and Windsor Park is east of I-35.

Redfin highlighted three specific sales in its report.

One was a three-bedroom, two-bathroom house originally built in 1932 on Pecan Springs Rd. that sold within three days with a 26 percent increase from the list price of $294,000. It sold for $370,000, or $214 per sf.

Read more at the Austin Business Journal.

Georgetown 225-room Sheraton construction set 

(12/17/2014)

GEORGETOWN - Construction will start on the 225-room Sheraton Hotel in the next 30 to 45 days as part of The Summit at Rivery Park project.

The project — located west of I-35 between SH 29 and Williams Dr. — also includes a conference center, a parking garage and a park.

The City of Georgetown has agreed to a $25 million tax incentive deal and recently amended the agreement to push the construction deadline back to June 30, 2016.

The tax deal includes $12.5 million the Georgetown City Council agreed to pay for a parking garage and other transportation improvements and $11.7 million that Williamson County is contributing.

The developers also agreed to spend more than $3 million for infrastructure improvements. The city, the county and the developer will pay for most of the improvements through taxes generated by increased property value at the project.

The Georgetown Economic Development Corporation is also kicking in an additional $750,000 for roads for the project.

The Summit will eventually include more than 200 apartments, retail stores and restaurants. It already has luxury apartments.

Read more at the Austin American-Statesman.

MPF Research: Austin multifamily 3Q 2014 

(12/15/2014 6:55:00 AM)

AUSTIN - Broad-based economic gains combined with the metro’s already favorable demographics have fueled demand for housing in Central Texas, which has generated strong revenue growth for the apartment sector, according to the latest report from MPF Research.

Such solid demand for apartments has strengthened the market’s fundamentals and led to elevated levels of apartment development.

Occupancy has hovered around the 95 percent mark for over three years. In response to the high occupancy, apartment operators have pushed rents around 4 percent to 7 percent annually for 14 straight quarters.

A point of strength for the apartment market so far has been middle- and lower-tier units that generally feed off economic growth but don’t compete with apartment development or single-family sales.

What changed this quarter? Quarterly apartment demand surged to a 17-year high during third quarter 2014, outperforming the 20-year high concurrent supply volume.

As a result, occupancy increased 0.3 points, with the rate landing at a solid 95.7 percent. Meanwhile, apartment operators pushed same-store rents 1.9 percent during 3Q 2014.

3Q 2014 Austin Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$1,078 95.7% 31,700 jobs 9,898 units 10,181 units 10,562 units


Find the report at MPF Research. Be sure to check out the Submarket Map with Zip Codes.

tag: Austin apartment

Kyle Medical Pavilion sells for $17 million to REIT 

(12/15/2014)

KYLE - Health Care REIT has purchased a portfolio of medical office buildings (MOBs) that include the 42,000-sf Kyle Medical Pavilion at 135 Bunton Creek Rd.

Completed in 2012, the three-story facility is home to tenants including Hays Surgery Center, Texan Urgent Care and Austin Pain Associates.

Health Care REIT paid $402 per sf for the property, totaling $16.9 million. The REIT paid at least $69 million for the five-property portfolio, according to information from Real Capital Analytics.

After taking a bit of a hiatus from acquiring MOBs in 2013, Health Care REIT has been very active in the space in 2014, as its purchases of such properties could total about $306 million in the second half of the year, according to the company.

Read more at GlobeSt.com.

Orangetheory Fitness working out in Austin in 2015 

(12/15/2014)

AUSTIN - Orangetheory Fitness, a Florida-based chain of workout studios, has inked a franchise agreement for its first three locations in the Austin area.

The first location will debut on Jan. 1 in Four Points northwest of Austin near Lake Travis, at 7301 N. FM 620. The other locations are expected to open later in 2015.

Franchise owners Ron Levy and Stephanie Wang-Levy said they were drawn to Orangetheory Fitness by its high-intensity interval training, heart-rate monitoring and class camaraderie; it had everything they had been looking for in a workout concept.

The classes are centered around a 60-minute, five-zone, heart-rate monitored interval training workout.

Read more at the Austin Business Journal.

ABoR: Austin area home sales Nov. 2014 

(12/15/2014)

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

•  The median price of existing single-family homes increased to $240,050, up 0.6 percent from October 2014.
•  Existing single-family home sales decreased 22.7 percent from October 2014, totaling 1,614 units.
•  Condos decreased in price to $201,000, down 7.2 percent from October 2014.
•  Existing condo sales decreased 42.8 percent from October 2014, totaling 143 sold units.

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

Austin Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014 
Sale Chg.
Nov. 2013
ACTRIS* (single-family) $240,050 10.6% 1,614 0.7%
ACTRIS (condo) $201,000 7.2% 143 -26.7%
Region Cities**        
Austin $302,000 11.0% 663 -4.6%
Round Rock $205,000 2.0% 167 0.6%
Georgetown $228,000 -1.3% 105 1.0%
Pflugerville $195,000 28.3% 97 11.5%
Cedar Park $245,000 25.6% 73 -18.9%
Leander $193,000 20.6% 63 -14.9%
Kyle $167,000 15.2% 50 22.0%
Buda $228,000 16.3% 41 115.8%

*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold at least 40 units during November 2014.

See the full report from the Austin Board of Realtors.

tag: Austin data, Austin real estate news

CoStar inventories Austin industrial data 3Q 2014 

(12/15/2014)

AUSTIN - During third quarter 2014, two buildings totaling 18,250 sf were completed, according to CoStar Group.

There was 821,396 sf of industrial space under construction at the end of 3Q 2014.

The largest projects underway at the end of 3Q 2014 include:

  • FedEx Ground Distribution – a 199,865-sf building with 100 percent of its space pre-leased and
  • Heritage Crossing – Bldg. 3, a 109,887-sf facility that is 23 percent pre-leased.

Some of the notable 2014 deliveries include Heritage Crossing - Bldg. 1, a 222,454-sf facility that delivered in 1Q 2014, and Pecan 130 Business Park - Bldg. 1, a 120,000-sf building that delivered in 2Q 2014.

Total industrial inventory in the Austin market area amounted to 93,463,535 sf in 3,776 buildings as of the end of 3Q 2014.

The flex sector consisted of 21,643,972 sf in 561 projects.

The warehouse sector consisted of 71,819,563 sf in 3,215 buildings. Within the industrial market there are 250 owner-occupied buildings accounting for 17,381,439 sf of Industrial space.

Read more at CoStar Group.

Austin: sale rounded up with 25,952-SF Trails at 620 

(12/14/2014)

AUSTIN - The Trails at 620, a mixed-use development at 8300 N. FM 620, has been sold.

The property includes retail locations, restaurants and The Moviehouse & Eatery theatre.

The 25,952-sf development was sold by a local private development partnership. The Trails at 620 was 93 percent occupied at the time of sale.

Read more at the Austin Business Journal.

Downtown dirt turnover: Austin's 500,000-SF office tower 

(12/11/2014 8:00:00 AM)

AUSTIN - Trammell Crow Co. is set to begin work on a 29-story tower at 500 W. 2nd St. The tower will have 489,403 sf of office space and 11,033 sf of ground floor restaurant and retail space.

The project is the second of four phases of a master-planned development on land that formerly housed the Green Water plant.

The tower will be built just north of Northshore, the three-tiered tower that constitutes the first phase, that is already under construction at W. Cesar Chavez St. and San Antonio St. and which will have about 440 apartments plus office and retail space.

Construction on Northshore is scheduled to be completed in late 2015.

When the entire project is completed, it will add more than 1.7 million sf of mixed-use commercial development downtown, bringing added revenue to the city’s tax base.

Read more at the Austin American-Statesman and the Austin Business Journal.

Picking up PODS for San Marcos distribution facility 

(12/11/2014 7:29:00 AM)

SAN MARCOS - PODS Enterprises Inc. (portable on-demand storage) will shutter four of its Central Texas facilities and consolidate distribution in San Marcos, company officials say.

The Florida-based company will build a 56,000-sf warehouse and distribution facility off Clovis Barker Dr. on a tract fronting a partially completed extension of Leah Ave., said Glenn Couch, a vice president at Uniprop, a real estate investment company.

PODS will invest $9.5 million, including the undisclosed cost of acquiring about 18 acres, to establish its new San Marcos facility. The city’s access to I-35 and SH 130 made San Marcos an attractive regional home base for PODS Enterprises.

The city’s access to Interstate 35 and Texas 130 made San Marcos an attractive regional home base for PODS Enterprises.

“When it came time to consolidate our operations into one central location for our Austin and San Antonio markets, the San Marcos region was an obvious choice,” Couch said.

The new facility will create 15 warehouse jobs, said Greater San Marcos Partnership President Adriana Cruz.

Founded in 1998 by former firefighter Peter Warhurst, PODS maintains an inventory of more than 140,000 of its portable shipping containers which more than 100 franchisees deliver to customers’ doors in 46 U.S. states, Canada, Australia and the United Kingdom.

Read more at the San Marcos Mercury.

Austin Milestone: $47 million high bid for Bull Creek land 

(12/10/2014 8:30:00 AM)

AUSTIN - Milestone Community Builders, Austin’s largest locally owned home builder, is the top bidder for 75 acres of prime land in Central Austin owned by the Texas Department of Transportation.

With an offer of $46.7 million, a subsidiary of Milestone trumped five other bidders in the competition for the tract at Bull Creek Rd. and W. 45th St., east of MoPac Blvd. (Loop 1).

Other than having a single-family component, Milestone has no specific plans for the site yet; rather, they will evolve over time through discussions with surrounding neighborhoods and city officials, according to Garrett Martin, Milestone’s president and CEO.

Several months ago, the City of Austin tried to work out a deal to buy the land but ultimately was unable to come up with the money.

In 2012, Austin-based Stratus Properties made an unsolicited offer for the site, saying it envisioned a mixed-use project with an H-E-B grocery store.

"Today marks a big win for Texas taxpayers," said Roland Tilden, director of TxDOT's real estate development office, according to the Statesman. "This piece of property will now be back on the tax rolls."

Read more at the Austin American-Statesman and the Austin Business Journal.

Transwestern: Austin retail market watch Nov. 2014 

(12/10/2014 7:00:00 AM)

AUSTIN - Transwestern has released its November MarketWatch report for the Austin area's retail sector.

Austin Retail Lease Statistics by Submarket*
Submarket #
Bldgs.
Inventory YTD Net
Absorption
Total
Occ.
Avg. Net
Rent
Central Business District 14 773,895 48,274 96.7% $32.61
Central & West Central 86 6,638,069 37,508 95.0% $16.31
North 70 4,940,701 -77,243 94.7% $14.21
Northeast & East 73 4,515,930 7,232 95.0% $13.31
Northwest & Far Northwest 95 6,831,266 91,926 91.8% $15.61
Round Rock & Cedar Park 136 11,658,653 14,979 93.8% $16.59
South 99 7,733,693 -94,577 96.0% $17.33
Southeast 26 1,794,668 29,238 99.7% $16.92
Southwest 63 5,674,823 32,921 97.3% $19.32
AUSTIN TOTAL 662 50,561,698 89,808 94.8% $15.93


*Survey includes Austin retail buildings larger than 25,000 SF

See Transwestern for the current report and previous reports.

See Austin-Round Rock-San Marcos Market Data Sources for office, industrial, multifamily, retail and hotel reports.

EZ find at Texas real estate news

2014 Top Workplaces of Greater Austin 

(12/9/2014)

AUSTIN - The Austin American-Statesman has released its 2014 Top Workplaces of Greater Austin. The list includes top employers for large, mid-size and small companies.

Below are the top 15 large employers (500 or more employees) as of September 30.

2014 Top Workplaces of Greater Austin
Rank Employer Industry
1 Cirrus Logic Semiconductor
2 Keller Williams Realty Real estate
3 Charles Schwab Investment management
4 The Progressive Group of
Insurance Companies
Insurance
5 Yodle Online marketing
6 Teacher Retirement System of Texas Public pension fund
7 Cisco Systems Information technology
8 Accenture Strategy, Digital,
Technology, Operations
9 Austin Regional Clinic Medical group
10 Hyatt Regency Lost Pines Resort & Spa Resort
11 Rackspace Hosting Managed cloud services
12 Electronic Arts Video games
13 Whole Foods Market Natural foods grocer
14 ebay E-Commerce
15 Continental Automotive Group Auto dealership


For the full list, see the Austin American-Statesman.

For more info on employers and maps, check out Austin-Round Rock-San Marcos Market Data Sources.
Texas real estate news

New 54,000-SF HQ for People's Community Clinic Austin 

(12/9/2014)

AUSTIN - People's Community Clinic (PCC) will move into a new 54,000-sf headquarters in northeast Austin, with help from a $10 million grant from the St. David's Foundation.

The $16 million project will give the group that serves at-risk communities a second location since it will also keep its downtown facility open.

The new headquarters was formerly home of the Texas Real Estate Commission and was purchased in fall 2013.

The new facility was necessary because the group's patient population is moving east, according to Regina Rogoff, CEO of PCC. She said only 15 percent of its patients live within two miles of the downtown headquarters, but that number will jump to 50 percent once the move is complete.

Approximately 125 employees in a variety of health care disciplines will be hired for the new center.

The donation is the largest grant ever from St. David's Foundation, which began providing funding to PCC in 1996.

Read more at the Austin Business Journal.

Round Rock $9M extension over Hairy Man Rd. 

(12/9/2014)

ROUND ROCK - The City of Round Rock will begin work on a $9 million extension of Creek Bend Blvd. in first quarter 2015, according to city officials. The project has been in the works for more than a decade.

The city’s plan includes a 3,100-foot extension from Creek Bend Blvd. to Wyoming Springs Dr. and Brightwater Blvd. To do that, an overpass will be built over Hairy Man Rd. and Brushy Creek, according to city documents.

The project will also include a raised median, a five-foot-wide sidewalk for pedestrians and a ten-foot-wide sidewalk to accommodate cyclists.

The goal is to provide a north/south arterial route as an alternative to I-35 on the city’s west side, Round Rock Transportation Director Gary Hudder said. The project should last approximately 18 months, according to Hudder.

The project costs $9 million because significant portions of the road will be elevated and because it will be a four-lane, divided arterial road, causing higher material costs.

Read more at Community Impact Newspaper.
Texas real estate news

Demolition to glitz for Austin's Fifth & West condos 

(12/8/2014)

AUSTIN - Demolition has begun on the former headquarters of the Texas Press Association at 718 W. Fifth St.

Austin-based Riverside Resources purchased the site and is building Fifth & West, a 39-story condo tower that will be one of the tallest buildings in the city when finished in fall 2017.

Demolition is expected to take 15 working days, according to project spokesman Scott Dunaway.

Fifth & West will offer 154 residences ranging in size from about 900 sf for a one-bedroom unit to about 2,700 sf for a three-bedroom unit. A 5,200-sf penthouse will be available.

Prices begin at $500,000. A limited release of units have been reserved, according to Dunaway.

Read more at the Austin Business Journal.

For more on Fifth & West, see previous story Austin Fifth & West condo tower set to start.
Texas real estate news

35,000-SF St. David's Children's Hospital opens in Austin 

(12/8/2014)

AUSTIN - The 24-bed St. David’s Children’s Hospital, located at the St. David's North Austin Medical Center, has officially opened.

Construction of the 35,000-sf facility began in March.

The pediatrics wing, located at the south entrance of the hospital at 12221 N. MoPac Expy., offers emergency, inpatient and intensive care services for children ages 17 and younger.

The emergency department includes ten beds with another eight beds in the inpatient medical surgical unit. Six beds are reserved for the pediatric intensive care unit.

The space was previously used for office and labor delivery services. The children’s hospital also has a trauma room and a pediatrics operating room.

Read more at Community Impact Newspaper.
Texas real estate news

Austin apartment report 3Q 2014 Marcus & Millichap 

(12/5/2014)

AUSTIN - Central Texas apartment operators will enjoy tight conditions and significant rent growth this year despite record-high completions, according to Marcus & Millichap's most recent quarterly report.

Strong job creation in the metro, particularly in the high-tech sector, remains a lure for young professionals.

In third quarter 2014, effective rents averaged $1,078 per month, up 6.2 percent from 3Q 2013. Vacancy closed 3Q 2014 at 4.3 percent, a 20-basis point decline from 3Q 2013.

Approximately 10,560 apartments were brought online in the last 12 months, 76 percent increase from the corresponding period in 2013.

Austin Submarket Vacancy Ranking*
Rank Submarket Vacancy
Rate
Y-O-Y Basis
Point Chg.
Effective
Rents
Y-O-Y
Change
1 Round Rock/Georgetown 3.1% -100 $1,007 6.8%
2 Downtown/University 3.2% -10 $1,974 -1.4%
3 Arboretum 3.2% -30 $1,060 4.0%
4 North Central Austin 3.5% 0 $865 6.0%
5 Far South Austin 3.6% -180 $1,061 5.9%
6 Cedar Park 3.6% -170 $1,017 5.1%
7 Northwest Austin 3.7% 10 $1,024 5.0%
8 Pflugerville/Wells Branch 3.8% -20 $967 6.7%
9 Far West Austin 3.9% 0 $1,061 4.4%
10 Austin 4.3% -20 $1,078 6.2%


*Chart includes top ten of 16 submarkets, ranked by vacancy.

Read more at Marcus & Millichap Real Estate Investment Services.
(Texas real estate news)

ATCO sells retail, buys office in Austin 

(12/5/2014)

AUSTIN - ATCO Properties & Management — a New York-based investor — has sold an Austin-area retail center and acquired a local office building.

ATCO purchased 1300 Guadalupe St., a 45,000-sf office building that is 100 percent occupied and represents the opportunity for growing rents, according to Damon Hemmerdinger, co-president of ATCO.

The company also sold Crossroads Center, a shopping center located at 9070 Research Blvd., near Burnet Rd.

The 98,918-sf property center was purchased by ATCO in 2011 and was most recently valued by the Travis Central Appraisal District at $15,293,781.

With assistance from The Retail Connection, ATCO nearly leased the center to 100 percent with tenants that include Chili's Grill & Bar, Pluckers Wing Bar, Subway and West Marine.

Read more at the Austin Business Journal.
(Texas real estate news)

Austin hotel, restaurant property near UT sells fast 

(12/5/2014)

AUSTIN - The 63-room Days Inn at 3105 N. I-35 has been sold.

DBG Austin Hotel LLC, an investment company in Plano, purchased the hotel, which is near the University of Texas and St. David's Medical Center.

Also included in the sale was the property housing Star Seeds restaurant.

The property was listed for $5.4 million and interest was so strong that it was placed under contract in two weeks, according to Jay Weir of Hotel Brokers of Austin.

Read more at the Austin Business Journal.
Texas real estate news

Plenty of $1 million+ home sales under contract in Austin 

(12/5/2014)

AUSTIN - Million dollar homes sales are on pace to eclipse the 570 mark, which would top 2013 when 525 such homes were sold.

There is no shortage of options — more than 500 homes priced at more than $1 million are for sale in the Austin market.

As of Nov. 15, 61 are under contract, according to multiple listing data provided by Brian Talley, owner and broker of Regent Property Group LLC in West Lake Hills.

The average price for $1 million-plus homes sold thus far in 2014 was $1,617,000, or $352 per sf, an 8 percent increase compared with last year. The median price is $1,350,000, or $343 per sf, a 14.7 percent increase compared with 2013.

Even though luxury home sales have been fluid and steady all year, the sweet spot for Talley has been in the $400,000-$600,000 range.

His primary buyers this year "tend to buy in Lake Travis, west and southwest Austin with some in central Austin. My observation is that people either want to be in the Hill Country suburbs for privacy and family reasons or as close to downtown as possible for lifestyle reasons."

Read more at the Austin Business Journal.

Will new supply ease Austinís apartment rents? 

(12/4/2014 7:00:00 AM)

AUSTIN - Although a record number of new units are opening in Central Texas this year amid an ongoing apartment-building boom, rents are continuing to rise due to robust job creation, particularly in the high-tech sector, according to Marcus & Millichap's fourth quarter 2014 report.

Builders are due to wrap up construction on more than 14,500 apartment units in Central Texas this year, the highest level of new supply since at least 2000.

As of the end of September, rents averaged $1,078 a month, a 6.2 percent increase from September 2013.

“While high-tech salaries in the Austin area among the most generous in the U.S. relative to the cost of living, many workers in the industry prefer the flexibility and lack of maintenance associated with apartment living,” Marcus & Millichap said.

Meanwhile, the growth in Austin’s population of 20- to 30-year-olds — who are more likely to rent than buy — is projected to grow by 2.6 percent this year, compared to a 1 percent gain forecast nationally, the firm reports.

The year should close with the region’s apartment complexes 95.5 percent full on average, just a smidge lower than the 95.8 percent average occupancy at the end of 2013, according to MPF Research.

Rent growth has slowed a bit as landlords try to quickly fill the estimated 3,500 new units that MPF says will be completed in 4Q 2014.

However, the Austin area is on track for annual rent growth this year of about 3.6 percent, down from 4.8 percent in 2013, according to Greg Willett, vice president of research and analysis at MPF.

Read more at the Austin American-Statesman and at Marcus and Millichap Real Estate Investment Services.

For more on multifamily and other sectors, check out Austin-Round Rock-San Marcos Market Data Sources.

CoStar: Austin retail update 3Q 2014 

(12/4/2014)

AUSTIN - During third quarter 2014, four buildings totaling 58,239 sf were completed in the retail market, according to CoStar Group.

Over the past four quarters, 737,331 sf of retail space has been built, and there was 446,065 sf of retail space under construction at the end of 3Q 2014.

Some of the notable 2014 deliveries include

  • 601 E. 5th St., a 64,000-sf facility that delivered in 2Q 2014 and is now 77 percent occupied, and
  • Hill Country Galleria – Building W, a 54,750-sf building that delivered in 1Q 2014 and is now 74 percent occupied.

Total retail inventory in the Austin market area amounted to 101,837,421 sf in 8,460 buildings and 810 centers as of the end of 3Q 2014.

This trend is compared to U.S. National Retail deliveries and construction, which saw 542 buildings totaling 13.9 million sf complete construction, with an additional 53.3 million sf of retail space still under construction at the end of 3Q 2014.

Read more at CoStar Group.

For more on retail and other industries, check out Austin-Round Rock-San Marcos Market Data Sources.
(Texas real estate news)

Aquarena Springs $21M project set for San Marcos 

(12/4/2014)

SAN MARCOS - The Texas Department of Transportation will begin a $20.7 million construction project on Aquarena Springs Dr. in May that officials hope will improve mobility, safety and the aesthetics of the area.

The Loop 82/Aquarena Springs project will construct an overpass across the train tracks on Aquarena Springs near Bobcat Stadium. Construction is expected to take about 2.5 years, TxDOT spokeswoman Kelli Reyna said.

The project is intended to improve mobility in the area. Trains passing through the city on Union Pacific tracks that cross Aquarena Springs can back up traffic, causing congestion and delays for San Marcos drivers.

The department is not anticipating any major lane closures except for a one-month period when the road, which normally features a center turn lane as well as two lanes each traveling east and west, will be reduced to one lane in each direction.

The project will include eight lanes at its widest point, with two lanes in each direction on the overpass and two lanes in each direction on access roads adjacent to the elevated roadway.

Read more at Community Impact Newspaper.
Texas real estate news

Help wanted! Austin job fair for 700 openings at JW Marriott 

(12/3/2014 7:30:00 AM)

AUSTIN - More than 700 jobs need to be filled at the new JW Marriott Austin and a job fair will be held at the Austin Convention Center Dec. 5 and 6 to begin that process.

The job fair on the third floor of the Austin Convention Center, 500 E. Cesar Chavez St., begins at 9 a.m. both days. Applications also can be submitted online at whitelodging.com.

Available positions include front desk jobs; housekeeping and laundry; restaurant, banquet and beverage service; security; engineering and accounting.

The JW Marriott Austin will open Feb. 13, 2015, making it the largest hotel in Austin with more than 1,000 rooms. Located at Second St. and Congress Ave., it will be the largest property in the JW Marriott collection in the U.S. and the second-largest in the world.

Positions with the JW Marriott include a benefit package with access to health care insurance, a 401K plan, paid time off and vacation, tuition reimbursement and discounted room rates.

Read more at the Austin Business Journal.

For more on the JW Marriott, see previous story Austin: 34-story JW Marriott moves opening date to Feb.

Round Rock's 512-Unit Orchard brings $56 million 

(12/3/2014)

ROUND ROCK - The Orchard Apartments, a 512-unit apartment community at 2811 La Frontera Blvd., has been sold for $55.5 million. The Class A community was purchased by Griffis Residential, who renamed the property Griffis Las Frontera.

The community offers one-, two- and three-bedroom units ranging in size from 640 sf to 1,232 sf and in price from $815 to $1,955 per month.

Griffis Residential has a $4 million upgrade platform in the works that will target common areas and units in the 1997 development.

The property is near the La Frontera master-planned commercial park, the Forest Park Medical Center that will open this month, and Dell Computer.

Read more at Multi-Housing News.

Canadian buys Austin's Tree 

(12/2/2014 8:00:00 AM)

AUSTIN - One of the newest urban-styled apartment communities in Austin has sold to an undisclosed Canadian buyer. Tree, located at 3715 S. First St., opened in September and was 94 percent leased at the time of sale.

Tree offers one- and two-bedroom units ranging from 564 sf to 1,309 sf.

One of the property’s main assets is its location, just three miles from Austin’s CBD.

Travis Central Appraisal District values the Tree property at $44 million. A joint venture of Charleston, South Carolina-based Greystar and The Carlyle Group sold the property.

Read more at the Austin Business Journal.

Nearly 1,000 new homes in Hays County's corridor cities 

(12/1/2014 9:08:00 AM)

HAYS COUNTY - In 2013, a net average of 124 people moved to Hays County each week, and the influx shows no sign of letting up.

During the first three quarters of 2014, officials in the county’s three corridor cities issued new building permits for 950 single-family homes: 241 in San Marcos; 385 in Kyle; and 325 in Buda, according to the San Marcos Mercury.

In San Marcos, the estimated value of new single-family residential totaled about $38 million and $44.5 million in Kyle.

New single- and two-family residential construction between January 1, 2014 and September 30, 2014 is detailed below.

Top Subdivisions in San Marcos, Kyle and Buda
Subdivision City 2014
YTD
Valuation
Blanco Vista San Marcos 125 $19,915,610
Garlic Creek Buda 89 -
Waterleaf Kyle 84 $10,054,288
Post Oak Kyle 80 $6,754,125
Plum Creek Kyle 50 $6,289,705
Whispering Hollow Buda 49 -
Elm Grove Buda 48 -
Stonefield Buda 48 -
Hometown Kyle 39 $5,316,408
Woodlands Park Kyle 39 $3,896,896
Total 950 $80,797,041


Read more at the San Marcos Mercury.

Austin Community Landfill set for 15-acre waste cell 

(11/28/2014)

AUSTIN - One of the chief landfills in Central Texas announced it is expanding within its permitted space.

The new 15-acre cell of the Austin Community Landfill will eventually hold about a million tons of waste, according to Bubba Smith, a senior district manager for Waste Management.

The cell is expected to begin receiving waste in January and will likely fill up within three years.

Overall, the Austin Community Landfill in Northeast Austin has filled up roughly 190 of its permitted allotment of 241 acres. Most of the waste comes from within Travis County. The company forecasts the landfill will be operational about 15 more years.

Read more at the Austin American-Statesman.

Rockspring jumps to 28-acre Leander tract 

(11/25/2014)

LEANDER - Rockspring Capital has purchased a 28-acre tract near Old FM 2243 and US 183.

The Houston-based land investment firm plans to take the land through the platting process and then sell it to a multifamily developer.

The land is currently zoned for apartments and retail uses.

Read more at the Austin Business Journal.

REOC Austin office 3Q 2014 

(11/22/2014 8:00:00 AM)

AUSTIN - Employment growth and an expanding economy continue to drive demand for office space, according to REOC Austin’s 3Q 2014 report.

According to the survey of nearly 42 million sf of Austin area office lease space, area properties experienced 337,467 sf of positive net absorption in 3Q 2014. The total gain was split between Class A properties, with 161,087 sf, and Class B properties, with 169,704 sf.

The Austin office market closed the quarter with a citywide vacancy rate of 9.0 percent, down compared to 9.7 percent in 2Q 2014 and 11.8 percent in 3Q 2013.

In all, the market has nearly 3 million sf of office space currently under construction. Roughly 725,000 sf is expected to come online in 4Q 2014 led by two downtown projects — IBC Bank Plaza (195,378 sf) and Seaholm Power Plant Building (113,063 sf).

The citywide average quoted rental rate climbed $0.72 to reach $26.06 per sf per year, up 2.8 percent from 3Q 2013.

Austin 3Q 2014 Office Report
Submarket Total
Inventory
Total
Vacant SF
Vacant Avg. Quoted
Rent Rate
CBD 8,355,282 668,708 8.0% $34.93
Central 2,246,769 216,659 9.6% $25.10
North 942,488 184,453 19.6% $19.17
Northwest 13,021,065 1,140,070 8.8% $26.80
Far Northwest 3,532,895 334,858 9.5% $24.37
Northeast 1,855,269 211,688 11.4% $16.40
South 1,688,035 88,707 5.3% $24.15
Southeast 915,462 119,054 13.0% $19.09
Southwest 8,463,665 674,998 8.0% $28.08
Round Rock 884,716 124,263 14.0% $20.11
Totals 41,905,646 3,763,458 9.0% $26.06


Source: REOC Austin

Click here to see the full 3Q report.

For more stats, look under Office in Austin Market Data Sources.

Austin's 99,000-SF Crossroads Shopping Center sold 

(11/22/2014)

AUSTIN - The 98,918-sf Crossroads Shopping Center at 9070 and 9094 Research Blvd. has been sold.

Major tenants include Plucker's Wing Bar and Chili's Grill & Bar. Records at the Travis Central Appraisal District indicate a value of about $15.6 million for the shopping center.

Houston-based MWM Fund II Ltd. purchased the retail center from XRDS LP of Glendale, New York.

Read more at the Austin Business Journal.

ABoR: Austin area home sales Oct. 2014 

(11/21/2014 7:30:00 AM)

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

• The median price of existing single-family homes remained at $239,000, the same seen in September 2014.
• Existing single-family home sales decreased -6.5 percent from September 2014, totaling 2,048 sold units.
• Condos increased in price to $215,500, up 7.2 percent from September 2014.
• Existing condo sales increased 14.5 percent from September 2014, totaling 245 sold units.

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

Austin Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Oct. 2014
Price Chg.
Oct. 2013
Units Sold
Oct. 2014 
Sale Chg.
Oct. 2013
ACTRIS* (single-family) $239,000 11.2% 2,048 10.5%
ACTRIS (condo) $215,500 19.7% 245 4.3%
Region Cities**        
Austin $300,250 10.8% 856 5.4%
Round Rock $214,032 9.8% 201 6.3%
Georgetown $265,000 20.7% 122 7.0%
Pflugerville $181,850 0.3% 116 20.8%
Cedar Park $243,500 8.7% 99 12.5%
Leander $189,000 1.9% 77 -9.4%
Kyle $166,500 11.1% 61 29.8%
Hutto    $171,000 17.9% 57 14.0%
Buda $229,000 10.1% 45 36.4%

*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold at least 45 units during October 2014.

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

EZCorp rolling to 140,000 SF in Rollingwood 

(11/21/2014)

ROLLINGWOOD - EZCorp Inc., the Austin-based pawnshop chain and payday lender, has signed a major lease at a new development under construction in Rollingwood.

EZCorp will occupy 140,000 sf at Rollingwood Center, currently being built by Endeavor Real Estate Group near the northwest corner of S. Mopac Expy. and Bee Cave Rd.

EZCorp. is consolidating six local offices and around 300 employees. The move-in is scheduled for fall 2015.

Read more at the Austin Business Journal.

Austin's Westin Hotel tops out; other brands break ground 

(11/21/2014)

AUSTIN - Construction on the 366-room Westin Hotel on Congress Ave. has topped out. The hotel plans to welcome its first guests in summer 2015.

The 17-story hotel will have 14,500 sf of conference and meeting space, including a 4,500-sf ballroom.

The hotel activity in downtown Austin continues at a pace matched only by much larger metros such as New York City and Washington, D.C.

Westin’s developer, White Lodging, is also developing the 1,012-room JW Marriott down the street that is expected to open in February 2015.

The $370 million Fairmont Austin recently broke ground and is projected to deliver 1,066 rooms when it opens June 2017.

Hotel Zaza is under construction as well, and will add 160 rooms to the market when completed late 2016.

The Hotel Van Zandt is under construction on Rainey St., and a hybrid Hotel Indigo/Holiday Inn Express is under construction at E. 9th St. and Neches St.

Across town near Westlake, the Hotel Granduca is taking shape and recently was added to a special collection of luxury hotels.

Read more at the Austin Business Journal.

Round Rock Crossing tracking to 90,000 SF in 2015 

(11/20/2014 6:30:00 AM)

ROUND ROCK - The 460,000-sf Round Rock Crossing shopping center at I-35 and SH 45 is poised to add as much as 90,000 sf of space in 2015, according to the Weitzman Group.

The center is anchored by a Target store, with other retailers including Gander Mountain, Michaels, Best Buy, Stein Mart and Dollar Tree.

The shopping center is currently 98 percent occupied, according to Britt Morrison, a senior vice president at the Weitzman Group. Several prospective tenants are close to signing deals for space in the center’s next phase.

Construction is expected to start in early 2015.

“The third phase will be designed for a variety of anchor and junior anchor concepts, as well as specialty tenants,” Morrison said.

The center serves a trade area with about 222,000 people, including 80,000 households within a five-mile radius, according to the Weitzman Group.

Read more at the Austin American-Statesman.

Five Austin towers ownership all shook up, uh-huh! 

(11/20/2014 6:28:00 AM)

AUSTIN - A partnership between Parkway Properties Inc. and the California State Teachers’ Retirement System (CSTRS) that owned several prominent downtown buildings has been dissolved, causing the ownership of those buildings to change.

Parkway Properties said it has acquired the CSTRS’s 60 percent stake in the 21-story San Jacinto Center at 98 San Jacinto Blvd., and the 30-story One Congress Plaza at 111 Congress Ave., and now owns both buildings outright.

Meanwhile, Parkway Properties transferred its 40 percent ownership stake in the 33-story Frost Bank Tower at 401 Congress Ave., the 32-story One American Center at 600 Congress Ave. and the 23-story 300 W. 6th St. to the CSTRS.

Parkway Properties said it also received $43.6 million from the CSTRS as part of the transaction.

Read more at the Austin American-Statesman.

New record set! Leander issues over 1,000 home permits 

(11/20/2014)

LEANDER - The City of Leander has issued more than 1,000 permits for new homes this year — setting a new record for the city — and the number is still climbing.

City staffers said by the end of 2014 the number of permits could exceed the city’s total permits issued from 2009–2012.

The demand is leaving staffers struggling to keep up and planning to reorganize the Leander Building Inspection Department.

From 2009–2011 the City of Leander issued builders 943 single-family housing permits.

In 2012, the city issued 418 permits, and in 2013 the city issued 666 permits. As of Oct. 31, the city’s issued permits in 2014 had reached 1,016.

The growth in single-family housing development is not in specific areas but throughout the city, such as in Northside Meadows northwest of Old FM 2243 and US 183, the Villas at Vista Ridge on Bagdad Rd. and Travisso on FM 1431, according to City Manager Kent Cagle.

Read more at Community Impact Newspaper.

145 Acres overlooking Lake Austin sold 

(11/17/2014)

AUSTIN - Exxon Mobil Corp. has sold a 145-acre tract overlooking Lake Austin.

Exxon, which had owned the land for a quarter century, sold the land to Luna Heights LP, a partnership between Eduardo “Eddie” Margain and Austin-based Riverside Resources.

The land is appraised at $9.2 million by the Travis Central Appraisal District.

Located on a prominent ridge near Capital of Texas Hwy. and W. Courtyard Dr., the land is one of the last few undeveloped tracts along Lake Austin. Last year, real estate experts speculated that the property could sell for tens of millions of dollars.

Plans for the land “are being carefully considered,” according to Margain. Under zoning dating to the 1980s, it has approvals to develop 70 home sites.

In purchasing the property, Margain decided to align with Riverside Resources because of the firm’s extensive background in high-quality projects and its successful track record in Austin.

Read more at the Austin American-Statesman.

San Marcos Springtown shopping center sold 

(11/17/2014)

SAN MARCOS - Endeavor Real Estate Group has purchased the Springtown shopping center located at I-35 and Springtown Way.

The new owner is planning facade improvements and other upgrades, according to Adam Zimel, Endeavor’s director of real estate leasing.

Springtown has been largely vacant since its anchor tenants — Target, Best Buy, JCPenney and Bealls — left about five years ago, choosing to relocate to newer shopping centers nearby.

The departures left behind about 200,000 sf of empty space. The former Target store alone spans 103,000 sf.

Today, only a handful of small shops call Springtown home, including Bath and Body Works, Radio Shack, GNC and Twin Liquors. Endeavor hopes to quickly change that. Talks are underway with several prospective tenants, according to Zimel.

Read more at the Austin American-Statesman.

What boomed in 3Q 2014? Austin office market 

(11/14/2014 9:00:00 AM)

AUSTIN - The Central Texas office market posted a strong showing in third quarter 2014, as the region’s job growth continued to drive demand for space, according to Cushman & Wakefield / Oxford Commerical.

Top-tier office space was 91 percent occupied for 3Q 2014, up from 88 percent in 3Q 2013, according to Austin-based Cushman & Wakefield / Oxford Commercial, which tracks the market. Rents for the top-tier space hit $32.95 in 3Q 2014, up 2.4 percent from 3Q 2013.

Austin employers added 32,100 jobs in the past four quarters, a year-over-year increase of 3.7 percent, according to Marcus & Millichap’s 3Q 2014 office market report. The metro’s thriving high-tech sector continues to drive demand for office space.

The downtown office market had one of its best quarters ever, according to Katie Ekstrom, a vice president in Austin with CBRE. Tenants leased more than 255,400 sf of net new space, Cushman & Wakefield / Oxford Commercial reported.

Two new downtown towers — Colorado Tower and IBC Bank Plaza, which combined will add more than 500,000 sf of office space — are both almost fully leased, local brokers say, and are setting the stage for additional new construction.

Austin is building new office space at one of the highest rates in the country, according to Marcus & Millichap. About 530,000 sf of space were completed during the last four quarters, including the first phase of Apple Inc.’s new campus in Northwest Austin.

In all, developers have nearly 2.6 million sf of space under construction in the Austin metro, 1.5 million of which is due to wrap up by the end of 2014. Another 2.4 million sf of space is in the planning pipeline.

Ekstrom said that tenant prospects are currently scouring the market for more than 4 million sf of space, and buildings under construction across the city are seeing strong leasing activity.

Read more at the Austin American-Statesman.

For more stats and info on office and other sectors, check out Austin Market Data Sources.

Hotel Granduca Austin part of exclusive hoteliers 

(11/14/2014)

AUSTIN - The Hotel Granduca Austin will be designated as a member of The Leading Hotels of the World organization. The only other hotel in Texas to receive that recognition is the original Hotel Granduca Houston.

The organization includes about 420 hotels in 80 countries and was established in 1928 by European hoteliers who were interested in creating an exclusive brand of high-end hotels and resorts.

The Hotel Granduca Austin is under construction near Westlake on the northwest corner of Capital of Texas Hwy. and Bee Cave Rd.

The Italian inspired hotel is the brainchild of Giorgio Borlenghi, founder of Interfin Cos. LP and a native of Milan, Italy. The 194-room hotel is scheduled to open fall 2015.

It will include the upscale Ristorante Visconti, which will feature Northern Italian cuisine.

Read more at the Austin Business Journal.

Two Austin office towers bringing almost 1M SF to downtown 

(11/13/2014)

AUSTIN - Two office towers that will add almost 1 million sf to downtown Austin are set to begin construction in the coming months.

The 32-story office portion of Trammell Crow’s Block 23 Green Water Treatment Plant redevelopment project is expected to begin construction in April 2015, with completion scheduled for November 2016.

The apartment tower portion of the mixed-use project has been under construction for several months.

The $100 million project is on Cesar Chavez St. between San Antonio St. and Lamar St., in one of the most intensive development sites in the country. It is expected to add 492,333 sf of office and 6,806 sf of retail to the area.

Schlosser Development Corp. is also preparing to build a $52 million, two-building office project on a 2.7-acre site at 835 W. Sixth St. Shoal Creek Walk is expected to have 430,417 sf of office space and 44,427 sf for retail.

The Schlosser website indicates the project will include 17 floors of office — one building of 12 stories and one building of five stories — and ground level retail.

The push to develop more offices downtown probably has been encouraged and expedited by the success that Cousins Properties and IBC Bank encountered with the development of Colorado Tower and IBC Bank Plaza.

Although Colorado Tower isn't finished, it is more than 95 percent preleased. IBC Bank Plaza is largely completed and tenants are now having their spaces built out. It also is more than 95 percent leased.

Read more at the Austin Business Journal.

Hyatt buys Bastrops' Lost Pines Resort for $143M 

(11/12/2014 8:00:00 AM)

BASTROP - Hyatt Hotels Corp. has assumed full ownership of the 491-room Hyatt Regency Lost Pines Resort and Spa between Austin and Bastrop.

A Hyatt affiliate has acquired its partner's 92 percent interest in the property for approximately $143 million and assumed $65 million in property-level debt, bringing the total price to approximately $203 million, or roughly $450,000 per key.

The resort features more than 60,000 sf of indoor meeting space and over 240,000 sf of outdoor function space with pavilions and an amphitheater, as well as the Wolfdancer Golf Club, Spa Django, Crooked River Water Park and the Renegade Trailhead equestrian facility.

The resort, which opened in 2006, was developed by Woodbine Development Corp. of Dallas. Hyatt was one of the original co-owners and has managed the resort since its opening.

Read more at the San Antonio Business Journal and CoStar Group.

CoStar: Austin office market 3Q 2014 

(11/12/2014 7:43:00 AM)

AUSTIN - CoStar Group has released third quarter 2014 data for the Austin office market.

Six buildings totaling 102,912 sf were completed in 3Q 2014, less than the eight buildings totaling 342,617 sf that were completed in 2Q 2014.

There was 2,800,908 sf of office space under construction at the end of 3Q 2014.

Some of the notable 2014 deliveries include:

  • Domain 2, a 143,331-sf facility that delivered 2Q 2014 and is now 80 percent occupied; and
  • Apple Campus — Phase I #1, an 88,000-sf building that delivered 1Q 2014 and is now 100 percent occupied.

The largest projects underway at the end of 3Q 2014:

  • Colorado Tower, a 371,348-sf building with 95 percent of its space preleased; and
  • 3700 San Clemente, a 249,870-sf facility that is 38 percent preleased.

Total office inventory in the Austin market area amounted to 88,360,935 sf in 4,301 buildings as of the end of 3Q 2014.

This trend is compared to U.S. National Office deliveries and construction, which saw 233 buildings totaling 13.2 million sf complete construction, with an additional 108.2 million sf of office space still under construction at the end of 3Q 2014.

Read more at CoStar Group.

Austin Monterey Ranch's 1,072 units sold 

(11/12/2014)

AUSTIN - The 1,072-unit Monterey Ranch, located at 4701 Staggerbrush Rd. in Southwest Austin, has been purchased by Northland Investment Corp.

The Travis Central Appraisal District values the property, which includes 54 buildings on 32 acres, at $47.6 million. It was built in stages between 1995 and 1999.

The seller of the property was IMT Residential of Sherman Oaks, California, which owned the asset since September 2009

Northland now owns 18 communities in the Austin market, including two others in the southwest submarket: Sedona Springs at 4201 Monterey Oaks Blvd. and River Stone at 5701 S. Mopac Expy.

Read more at the Austin Business Journal.

CoStar: Austin retail market 3Q 2014 

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

AUSTIN - The Austin retail market did not experience much change in market conditions in third quarter 2014, according to CoStar Group.

The vacancy rate was unchanged from 2Q 2014, at 5.1 percent. Net absorption was positive 126,290 sf, and vacant sublease space decreased by 39,901 sf. In 2Q 2014, net absorption was positive 44,839 sf.

Tenants moving into large blocks of space in 2014 include:

  • LA Fitness moving into 70,049 sf at LA Fitness;
  • LA Fitness moving into 40,794 sf at Lacks Home Furnishings; and
  • Gold's Gym moving into 39,892 sf at 6001 Middle Fiskville Rd.

Quoted rental rates increased from 2Q 2014 levels, ending at $17.78 per sf per year.

A total of four retail buildings with 58,239 sf of retail space were delivered to the market in 3Q 2014, with 446,065 sf still under construction at the end of the quarter.

This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.3 percent, with net absorption positive 26.48 million sf in 3Q 2014. Average rental rates increased to $14.84, and 542 retail buildings delivered to the market totaling more than 13.9 million sf.

Read more at CoStar Group.

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