NewsTalk Texas

Dallas-Fort Worth-Arlington

Grand Prairie's grand 603,000 SF kicks off warehouses 

(4/15/2014 8:00:00 AM)

GRAND PRAIRIE - Construction has started on the 603,000-sf RiverPoint Commerce Center. The two-building project is being developed on 42 acres in the 3000 block of Roy Orr Blvd.

J.P. Morgan Asset Management and Stream Realty Partners are developing the speculative project, which is scheduled for completion in late 2014.

“We are targeting tenants in the 75,000 to 200,000-sf range, which is in high demand and currently underserved by most development projects in the submarket,” said Cannon Green, managing director and partner of Stream Realty’s Dallas office.

More than 16.5 million sf of warehouse space is now under construction in the Dallas-Fort Worth area — more than was in the development pipeline at the peak of the market before the recession. About 12 million sf of current industrial construction is speculative.

Read more at the Dallas Morning News.

Lebanon, Parkwood construction lead to 304 Villas in Frisco 

(4/15/2014)

FRISCO - Construction has started on The Villas at Chapel Creek — a 304-unit apartment complex located at the northwest corner of Lebanon Rd. and Parkwood Blvd.

Construction on the project is expected to be completed in first quarter 2015, according to Jeff Lindsey of Westwood Residential.

The Villas at Chapel Creek will consist of mostly one-bedroom apartments, but will also have two- and three-bedroom units as well as townhomes with attached garages.

Westwood Residential is also building another complex in Frisco — The Emerson at Frisco Market Square on the northwest corner of Main St. and the Dallas North Tollway. The 410-units in phase one will be available in June.

Read more at Community Impact Newspaper.

Kentucky races A&R Logistics to 145,000 SF in Fort Worth 

(4/14/2014 8:00:00 AM)

FORT WORTH - Louisville, Ky.-based A&R Logistics has signed a ten-year lease for 145,000 sf of warehouse space at Railhead Industrial Park near US 287 and I-35W.

The company plans to move into the building, which is owned by Week Robinson Properties, on August 1. The property includes access to a future rail spur.

The firm currently operates at 1381 Meacham Blvd. The deal expands the company's footprint by about 30 percent.

Read more at the Dallas Business Journal.

ALN Fort Worth apartments Mar. 2014 

(4/14/2014)

FORT WORTH - ALN Apartment Data has released March 2014 apartment occupancy, effective rent data and more for apartments in the Fort Worth market.

Fort Worth Market Review
Fort Worth Stabilized Market*
Mar. 2014 Annual
Change
Occupancy rate 92.8 0.4%
Units added 1,971 -
Units absorbed (annual) 154 -
Average size (SF) 844 0.1%
Asking rent $795 3.5%
Effective rent $782 4.0%
Effective rent per SF $0.93 3.9%
Offering concessions 41% -11.6%
Avg. concession package 4.2% -9.8%

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

Floor Plan Breakdown - Fort Worth
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 2.5% 492 $551 $546
1 BR 45.4% 686 $691 $681
1 DEN 2.7% 882 $860 $850
2 BR 39.5% 989 $876 $863
2 DEN 0.9% 1,229 $1,247 $1,237
3 BR 7.5% 1,228 $1,081 $1,068
>3 BR 1.6% 1,395 $1,733 $1,731


Read more at ALN Market News.

For more stats, see Multifamily under DFW Market Data Sources.

Belk opens 180,000-SF flagship store in Dallas 

(4/11/2014 7:15:00 AM)

DALLAS - Belk Inc. has opened a three-story, 180,000-sf store at the Galleria, located at 13350 Dallas Pkwy. Charlotte-based Belk and the Galleria Dallas shopping center shared the $20 million cost of the project. The new store will employ roughly 200 workers.

Belk’s 14th Texas location is also the state’s first flagship store. Belk operates 18 flagship stores across the nation, which handle a higher volume of business and carry a full assortment of the company’s premium brands.

Read more at the Dallas Business Journal.

See previous story Belk on-the-spot interviews for 200 at Galleria Dallas.

CarrolltonTown Center sold: Asian 99 Ranch supermarket in 

(4/11/2014)

CARROLLTON - New Quest Properties has bought the 154,000-sf Carrollton Town Center at the southeast corner of President George Bush Turnpike and Old Denton Rd.

Built in the 1980s, the shopping strip has suffered from high vacancies. A 50,000 sf tenant — 99 Ranch Market — will anchor redevelopment of the property.

“This is going to be big with 99 Ranch, the country’s largest Asian supermarket already signed on and others following,” said Eric Deuillet, president of Structure Commercial, who brokered the sale.

Houston-based New Quest Properties also plans to give the shopping center buildings new exteriors and will upgrade the parking lots and landscaping.

Read more at the Dallas Morning News.

Dallas, Houston office markets tops in 1Q 2014 

(4/11/2014)

DALLAS - Dallas was one of the top U.S. office markets for both net leasing and higher rents in first quarter 2014, according to a new report by Cassidy Turley.

The city ranked fourth nationally for net office leasing with 1.1 million sf of absorption. Office rents rose 7.2 percent, placing it sixth among the market with the largest percentage annual increases in office rent.

Nationwide, 70 percent of the office markets had higher office leasing in 1Q 2014. Net leasing was up 63 percent from 1Q 2013. Average U.S. office vacancy was 15.4 percent at the end of 1Q 2014.

Top 1Q 2014 U.S.
Office Leasing Markets
Market Net Office
Leasing
N. New Jersey 1,800,000 sf
Houston 1,700,000 sf
New York City 1,600,000 sf
Dallas 1,100,000 sf
Atlanta 890,000 sf
Central New Jersey 851,000 sf
San Francisco 695,000 sf
Phoenix 625,000 sf
Denver 575,000 sf
W. Palm Beach, FL 383,000 sf


Source: Cassidy Turley

Read more at the Dallas Morning News. For more stats, see Office under DFW Market Data Sources.

ALN Dallas apartments March 2014 

(4/11/2014)

DALLAS - ALN Apartment Data has released the March 2014 apartment occupancy, effective rent data and more for apartments in the Dallas market.

Dallas Market Review
Dallas Market Stabilized Market*
March 2014 Annual
Change
Occupancy rate 93.7 1.2%
Units added 5,887 -
Units absorbed (annual) 4,335 -
Average size (SF) 865 0%
Asking rent $904 3.4%
Effective rent $894 3.8%
Effective rent per SF $1.03 4.0%
Offering concessions 32% -22.6%
Avg. concession package 3.8% -15.4%

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

Floor Plan Breakdown - Dallas
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 2.5% 492 $551 $546
1 BR 45.4% 686 $691 $681
1 DEN 2.7% 882 $860 $850
2 BR 39.5% 989 $876 $863
2 DEN 0.9% 1,229 $1,247 $1,237
3 BR 7.5% 1,228 $1,081 $1,068
>3 BR 1.6% 1,395 $1,733 $1,731


Read more at ALN Market News.

For more stats, see Multifamily under DFW Market Data Sources.

Starlight sprinkles $41M on McKinney’s Soho Parkway  

(4/10/2014 9:00:00 AM)

McKINNEY - Soho Parkway Apartments (“Soho Parkway”), a 379-unit Class A apartment complex built in 2008 and located at 6653 McKinney Ranch Parkway in McKinney has sold. The price was $41.3 million dollars, or about $108,970 per unit.

Units range from over 700 sf to 1,500 sf with prices from $820 to $1,554. The development was 97 percent occupied at time of sale.

Starlight U.S. Multi-Family Core Fund and Starlight Investments Ltd of Canada was the buyer.

Source: SEDAR

LIsten to Podcast 212 for this story and more.

Forecast: DFW housing prices trek up 

(4/10/2014)

DALLAS-FORT WORTH - In 2013, median residential sales prices in DFW were up by about 12 percent.

“The long-term average rate of increase is only about 4.5 percent,” said Dr. James Gaines, economist with the Real Estate Center at Texas A&M University. “2014 is going to be another year of double digit price increases.”

Gaines said the tight housing supply in DFW insures that sales prices will continue to spike.

“Are we going to go into a price bubble? I don’t think we are right now,” Gaines said. “But in the long run these increases are not sustainable — you don’t want them to be.”

“We are building almost as many houses as we can build — we have almost hit our physical limit,” Gaines said. “The only thing holding back home sales volume right now is inventory.”

In 2013, DFW had the second highest volume of home sales ever, Gaines said.

Read more at the Dallas Morning News.

Parc Royal industrial park underway near DFW Airport 

(4/10/2014)

IRVING - Jackson-Shaw has begun construction on a 511,500-sf warehouse building near DFW International Airport. The 30-acre Parc Royal business park 
is on Royal Lane in Irving and will open in late 2014.

A second phase of development would increase the project to 641,500 sf.

“DFW Airport has been and will continue to be a significant economic driver for the area, and right now vacancies are at a 30-year low,” said Jason Nunley, vice president at Jackson-Shaw.

Read more at the Dallas Business Journal.

North Texas office construction tripled in the last year 

(4/10/2014)

DALLAS-FORT WORTH - Office construction jumped during first quarter 2014, reaching almost 6 million sf and representing a threefold increase from 1Q 2013, according to Cushman & Wakefield of Texas.

The 5.8 million sf of offices being constructed compares with 6.3 million sf in 1Q 2008, before the recession. “It’s still less than what we had under construction in 2008,” said Cushman & Wakefield's Executive Director Matt Heidelbaugh. “I don’t think we are getting overheated at all.”

More than half of what is now being developed is in Richardson’s Telecom Corridor — where State Farm Insurance is building its 1.5 million-sf campus — and in the West Plano and Frisco market where several speculative buildings are under construction.

Cushman & Wakefield said that 18 speculative office buildings are now underway across North Texas, a quarter of which are leased.

Read more at the Dallas Morning News.

Bell Helicopter circles $40M Hurst campus 

(4/10/2014)

HURST - Bell Helicopter has begun moving into its newly completed $40 million headquarters building as key part of a larger consolidation that will bring 5,000 Dallas-Fort Worth employees — and ultimately its iconic helicopters — to its Hurst corporate campus.

The redevelopment of the 1950s-era corporate campus is part of a multiyear, $1.2 billion investment into research and development, buildings and business systems to help modernize the company and attract top talent.

By the time Bell moves its helicopter maintenance and flight school to the Hurst campus from AllianceTexas by spring 2015, the company will reduce its North Texas footprint by 38 percent, which will save the company $20 million each year, said Robert Hastings Jr., Bell Helicopter's senior vice president of communications and government affairs.

The building includes a 6,300-sf conference center, as well as about 50 different types of conference and breakout rooms throughout the facility.

About 450 employees from Roanoke and AllianceTexas already have moved into the new headquarters building.

The remaining corporate employees will move from the old headquarters building into the new facility in small-group phases with the C-level suite making the last move into the building in May.

Read more at the Dallas Business Journal.

Listen to Podcast 212 for this story and more.

American Eagle lands in Irving office 

(4/9/2014)

IRVING - American Eagle Airlines will establish its own headquarters at 6021 Connection Dr. The regional air carrier of American Airlines has leased a two-building, 142,000-sf campus that will consolidate seven offices and about 600 corporate employees throughout North Texas.

The company will spend less than $1 million to get the space ready with cabin training areas for flight attendants and a training center for mechanics, according to CEO Pedro Fabregas.

On top of the 600 corporate employees, the airline plans to bring 100 employees into North Texas to train each week on a rotating basis.

The City of Irving and the Greater Irving-Las Colinas Chamber of Commerce plan to offer American Eagle an economic incentive deal based on the $2.4 million of taxable property it expects to bring into Irving during the four-year lease. Irving's City Council is expected to decide on the incentive agreement on April 17.

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

Cool Mapleshade Park(s) $23M in Dallas from Calif. 

(4/8/2014 6:55:00 AM)

DALLAS - The 148-unit Mapleshade Park near Hillcrest Rd. and President George Bush Turnpike has been sold for $23.3 million. The Class A units at Mapleshade Park range from 1,101 sf to 1,305 sf and in rent from $1,470 to $1,735 per month.

The property was 96 percent occupied at the time of sale.

California-based Steadfast Income REIT Inc. purchased the property, pushing its Dallas-Fort Worth portfolio to seven properties. The firm now owns 24 properties across Texas.

The sale, which included one other property in Tennessee, totaled $42 million.

Read more at the Dallas Morning News and SEC.

As the Crow flies industrial projects soar in North Texas 

(4/8/2014)

GRAND PRAIRIE - Crow Holdings Industrial has broken ground on the first phase of a 220-acre industrial park — one of several new warehouse projects the firm is doing in North Texas.

Crow Holdings Industrial is starting out with a 315,000-sf building at Wildlife Commerce Park. The new business park, which is on the former site of the International Wildlife Park, will eventually include 2.8 million sf of industrial space in as many as nine buildings. Wildlife Commerce Park is located along Belt Line Rd., just north of I-30.

Crow Holdings has two other projects in Grand Prairie, including the construction of a 419,520-sf industrial building at 1025 Post & Paddock St. and the renovation of a 117,050-sf warehouse at 1201 Ave. S.

In Flower Mound, the firm is constructing two industrial buildings in the Lakeside Business District that total 450,000 sf.

Crow Holdings Industrial is an affiliate of Dallas-based investment firm Crow Holdings and currently has more than 1 million sf of warehouse projects under construction in North Texas.

Read more at the Dallas Morning News.

Prosper's $1.2B Windsong Ranch sewage, water movement 

(4/8/2014)

PROSPER - A $5.1 million infrastructure project to bring water and sewer services to as many as 20,000 soon-to-be residents of Windsong Ranch has been completed.

The public-private infrastructure project was completed with the help of the Town of Prosper, Prosper Economic Development Corp. and the major area landowners, including Terra Verde Group and Greater Texas Land Resources.

Plans for Windsong Ranch include 3,500 single-family residential lots and 250 acres of mixed-use development along US 380, as well as 550 acres of nature trails and parks and a 50-acre community park.

Developer Terra Verde Group plans to market the homes from the mid-$200,000s to $500,000.

Huntington Homes, David Weekley Homes and Chesmar Homes are the builders for the project’s model homes, which are expected to open fall 2014. Highland Homes, Drees Custom Homes and Darling Homes are opening in June.

Read more at the Dallas Business Journal.

Skywalker buys Euless flex pace 

(4/8/2014)

EULESS - Skywalker Property Partners has purchased a 70,111-sf industrial building. Located on more than four acres at 1101 Pamela Dr., the single-story facility was 37 percent leased at the time of the sale to tenants including Curry Printing Inc. and Modern Tektronix Assembly Inc.

The 47-year-old building sits on 4.1 acres. Curry Printing Inc. occupies 15,971 sf while Modern Tektronix Assembly Inc. leases 9,850 sf.

SkyWalker plans to conduct some light improvements to the site including the construction of a 7,500-sf spec suite with 20 percent office space.

SkyWalker bought the asset on behalf of Hangover Opportunity Fund

Read more at GlobeSt.com and at Texas Real Estate Business.

The Fresh Market to Fort Worth’s WestBend project 

(4/8/2014)

FORT WORTH - The Fresh Market, a North Carolina-based grocery chain, will open a 21,000-sf location in early 2015 in the WestBend development on University Dr.

The European-style market will be located at the project’s southeast corner, according to developer Trademark Property Co. It will be on the first floor of an 81,500-sf building that will be under construction soon.

When completed in 2015, the WestBend project will have 95,000 sf of retail and dining and 183,000 sf of office.

Read more at the Fort Worth Star-Telegram.

DFW fall 2013 university enrollments, tuition 

(4/8/2014)

DALLAS-FORT WORTH - The Dallas Business Journal has released The 2014 List of the top 25 universities and colleges in DFW.

The fall 2013 report is the newest certified data for undergraduate enrollment.

DFW Universities and Colleges Fall 2013
Ranked by Undergraduate Enrollment
Institution Undergrad
Enrollment
Resident
Tuition
University of North Texas 36,221 $9,426
University of Texas at Arlington 33,337 $9,152
University of Texas at Dallas 21,174 $11,806
Texas Woman's University 15,058 $7,290
Southern Methodist University 10,929 $43,800
Texas Christian University 9,925 $36,500
Dallas Baptist University 5,422 $22,050
Texas Wesleyan University 2,614 $22,040
University of North Texas at Dallas 2,143 $7,650

*Only the top nine of 25 are listed.

See Education for the full report at DFW Market Data Sources. The 2014 List is available for sale at the Dallas Business Journal.

Arlington totes two retailers for redo warehouse 

(4/7/2014)

ARLINGTON - The 35,417-sf building at 3500 S. Cooper St. has sold to Vaquero Ventures. The vacant warehouse property will be redeveloped into a prime retail location with two undisclosed retailers in tow.

"There was a high amount of leasing interest for the redevelopment plans," said Nick Talley, vice president at Bradford Commercial Real Estate Services, who is leasing the property on behalf of the development firm.

Vaquero Ventures bought the property from EKIM Partners of Fort Worth.

Read more at the Dallas Business Journal.

Hugging 300-Units in Bear Creek Riverwalk Euless 

(4/7/2014)

EULESS - The NRP Group has purchased a ten-acre plot in the Bear Creek Riverwalk development with plans to build 300 urban apartment units.

The property is located in the northwest corner of Hwy. 183 and Hwy. 360, near DFW International Airport. Construction on the project is slated to begin summer 2014.

“We are looking forward to bringing sleek and sophisticated apartment homes to this thriving location at the center of the Dallas-Fort Worth area,” said the NRP Group’s Mark Johnson.

Read more at GlobeSt.com.

DFW home starts highest in seven years 

(4/4/2014)

DALLAS-FORT WORTH - After winter weather delayed construction in December 2013, North Texas home starts jumped almost 60 percent in first quarter 2014, according to Residential Strategies.

Builders started almost 7,300 single-family homes in 1Q 2014, the most since 2007.

Residential Strategies is forecasting that builders will begin work on between 24,000 and 25,000 houses in North Texas this year — up from almost 21,000 starts in 2013. Housing construction is still less than half of what it was before the recession hit and wiped out many local building companies.

Sales of new homes in 1Q 2014 — usually one of the slowest periods — were up about 18 percent from 1Q 2013 with 4,547 purchases.

The median new home price was $264,029, rising 8 percent from 1Q 2013.

“For people who haven’t been in the market for two or three years, there is some real sticker shock,” said Residential Strategies' Ted Wilson. “Housing prices are up $60,000 and $80,000 in some instances.”

Read more at the Dallas Morning News.

You're the tops in apartment markets! DFW 

(4/4/2014)

DALLAS-FORT WORTH - North Texas led the nation in apartment construction and net leasing in first quarter 2014.

Almost 3,700 new Dallas area apartments opened their doors during 1Q 2014, according to MPF Research. Another 26,971 apartments were still under construction at the end of March — more than in any other U.S. market.

Average apartment rents rose by almost 4 percent from 1Q 2013, fueled by North Texas’ strong job growth and increasing population. “Strong demand numbers have convinced apartment operators that the market can support some additional rent growth," said MPF’s Jay Parsons.

Net apartment leasing in the DFW area totaled almost 600 units in 1Q 2014. Only about 6 percent of the DFW apartments are vacant.

Read more at the Dallas Morning News. Want more commercial stats? See "Multifamily" category under Dallas-Fort Worth Market Data Sources.

Crow drops units in Dallas, Richardson, Fort Worth 

(4/4/2014)

DALLAS, FORT WORTH, RICHARDSON - Dallas-based Crow Holdings Capital Partners has sold a dozen top-quality U.S. apartment properties — including three in the Dallas-Fort Worth area.

Sales included

• Dallas — 236-unit Pavilion Townplace at 7700 Greenway Blvd.;
• Richardson — 360-unit Pradera at 851 Greenside Dr.; and 
• Fort Worth — 253-unit Ridglea Village apartments 3601 Westridge Ave.

Other properties in the portfolio are located in Colorado, Oregon, Georgia and Tennessee.

Dallas-based Crow Holdings Capital Partners sold the 4,400-unit portfolio to an affiliate of Boston-based Berkshire Property Advisors.

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

Pinstack bowls 'em over in West Plano 

(4/3/2014)

PLANO - Entertainment Properties Group Inc. has bought seven acres that will be home to a new dining and entertainment destination called PinStack.

PinStack will occupy 50,000 sf at the Dallas North Tollway and Windhaven Pkwy. It will include a restaurant, full-sized bowling lanes, private lanes and indoor games and attractions. It is expected to open in fourth quarter 2014.

Entertainment Properties Group currently operates entertainment venues under the brand iT’Z in Euless; Albuquerque, N.M.; Colorado Springs, Colo.; and Willowbrook and Pasadena in Houston.

iT’Z offers bowling, bumper cars, laser tag, miniature bowling, rock climbing, laser maze, video games, food and drinks.

Read more at the Dallas Business Journal.

Richardson DARTS to 400-unit GreenVUE 

(4/3/2014)

RICHARDSON - Work has begun on GreenVUE, a 400-unit apartment complex at 1350 N. Greenville Ave. near State Farm's 2 million-sf CityLine development.

Embrey Partners is developing the Class A project, which will offer one- and two-bedroom flats ranging from 650 sf to 1,450 sf. The development will comprise of three- and four-story buildings on 11.3 acres of land, including structured parking and an 8,500-sf clubhouse.

The transit-oriented community is located within walking distance of the DART Redline Arapaho Station, and is in the heart of the Telecom Corridor, one of the most significant and unique high-tech business concentrations in the United States with more than 130,000 jobs and 600 technology firms.

Construction on GreenVUE is scheduled for completion in 2015, with preleasing as early as late 2014.

Read more at the Dallas Business Journal and at GlobeSt.com. For more news about the CityLine development, see NewsTalk Texas.

470,000-SF Victory Park project old to bold style 

(4/2/2014)

DALLAS - Developers will soon break ground on a 23-story, 470,000-sf building in Victory Park. Hines, a Houston-based commercial real estate firm, will build the office tower on the east side of Stemmons Fwy.

The building will be next door to the One Victory Park tower that is currently occupied by tenants including Ernst & Young, Haynes and Boone, and Plains Capital. The tower will be the first office project in Victory Park in seven years.

Hines plans to open the new Victory Park building in early 2017. It will feature conference and fitness facilities, ground-floor retail space and a rooftop terrace.

Read more at the Dallas Morning News.

Mixed-use not just in veggies at Farmers Market Dallas 

(4/1/2014 6:43:00 AM)

DALLAS - Dallas’ Farmers Market is the site of redevelopment at the produce market at 1010 S. Pearl Expy. The Dallas Farmers Market’s plans call for construction of 70,000 sf of restaurant and retail space, 300 apartments, a community garden and other facilities on the property.

“The groundbreaking signifies an exciting new beginning for the Farmers Market because it will once again become a festive gathering place for families and individuals in our community and for visitors to our city,” said Brian Bergersen of Dallas Farmers Market Holdings.

Read more at the Dallas Morning News.

Just for kicks: $31M MoneyGram Soccer Park opens in Dallas 

(4/1/2014)

DALLAS - A 120-acre, 19-field soccer complex has opened at 2100 Walnut Hill Ln. The $31 million facility, dubbed MoneyGram Soccer Park, is expected to host 1 million visitors annually.

The complex features 14 full-size fields and five junior fields. Parks officials took pains to give the fields top-notch turf and drainage, ensuring that tournaments should go off without any hitches.

FC Dallas, the Major League Soccer team based in Frisco, will manage the park. The fields will receive their first major action in mid-April, when it helps hosts the Dr Pepper Dallas Cup.

Read more at the Dallas Morning News.

Dallas office vacancy dips, rent rises 1Q 2014 CBRE 

(3/31/2014 6:15:00 AM)

DALLAS - Dallas-area office vacancy rates dropped below 18 percent in first quarter — the lowest level in more than a decade, according to a new preliminary report by CBRE Group.

The supply of empty office space in North Texas has fallen in the last year, as job growth in the area has remained strong.

Preliminary gross asking rent shows Dallas-area at $19.93, compared to $19.85 in 4Q 2013.

“Leasing activity has sustained its momentum throughout DFW, supported by strong job growth, particularly among office-using sectors such as the financial and professional business services industries,” said Dennis Barnes, CBRE senior vice president.

Based on preliminary 1Q numbers, the highest office vacancy rates are in Phoenix, 22.4 percent, and Atlanta, 20.4 percent. New York had the lowest average vacancy at 8.3 percent. Houston office vacancy rates rose to 11.9 percent compared to 11.8 percent in 4Q 2013.

With 26.9 percent of the space empty, downtown Dallas had the highest central business district vacancy among the more than a dozen cities CBRE surveyed.

Read more at the Dallas Morning News and CBRE.us media center.

Senior living country club-style in Denton 

(3/31/2014)

DENTON COUNTY - With a rapidly expanding senior population in Denton County, a new developer hopes to make a difference with a new senior living community that is set to open in April 2015.

SRP Medical will construct an 84,000-sf community with 75 assisted-living residences and 32 apartments for residents who need memory support, said Scott Wilson, founding partner and managing principal of SRP. Construction on the facility is set to begin in May near the Denton Regional Medical Center.

The development will have studio, one-bedroom and two-bedroom apartments with high-end features. The units are also value-oriented and will be priced based on the local market.

Projections by the North Central Texas Area Agency on Aging estimate that in the next ten years, the percentage of people more than 60 years old in Denton County will grow by 95.7 percent, and the percentage of those 85 and older will more than double.

Source: Denton Record Chronicle

Ablon at Frisco Square a 'wrap' 

(3/28/2014)

FRISCO - The Ablon @ Frisco Square, a 287-unit apartment community, will be built east of Forest Park Medical Center and northwest of Pizzeria Testa.

Plans are to break ground on the 3.41-acre project in 2014. Completion is slated for late 2015.

The Class A apartment community will feature one- and two-bedroom apartments. It will be constructed in a “wrap” configuration, around a structured parking garage and other amenities, including a resort-style clubhouse and pool with TV lounges, dining areas and outdoor fireplaces.

Read more at Community Impact Newspaper.

Sold! KPMG Centre sale adds to Dallas buys 

(3/27/2014 7:15:00 AM)

DALLAS - The 850,000-sf KPMG Center at 717 Harwood has been sold in downtown. World Class Capital Group purchased the 34-story building, which has been controlled by lenders since 2012. The real estate firm plans to renovate the building.

Built in the 1980s and originally the headquarters of oil firm Diamond Shamrock, KPMG Centre is located just a block from downtown Dallas’ Arts District and commuter rail stations.

The new owner is in negotiations with a California firm — Omnitracs LLC — to lease a large block of space in the property, real estate brokers say. Several of the largest businesses in the KPMG Centre — including lead tenant KPMG and Lockton Cos. — have signed leases in other buildings and are moving.

The skyscraper purchase is the latest in a string of high-profile property trades in the central business district.

One Main Place, Thanksgiving Tower and Comerica Bank Tower have all changed hands in the last year as investors rush to acquire undervalued office properties in the midst of a rising downtown office market.

Read more at the Dallas Morning News.

$45M Sapphire apartment set near UTA 

(3/27/2014 7:00:00 AM)

ARLINGTON - Dallas-based Maxum + Mint will replace three aging apartments with its Sapphire Inspired Living project, a $45 million high-density apartment complex, which is expected to house up to 760 University of Texas at Arlington students. Construction on the project is set to begin in April.

Once it is built, Sapphire will increase the taxable value of the 4.5-acre site by ten times, Arlington Economic Development Manager Bruce Payne said. Besides reimbursing some of the demolition costs with $1 million, the city agreed to waive up to $450,000 in development-related fees.

The 254-unit complex will be bounded by Mitchell St. and Hosack St. on the north and south, respectively, and by Center St. and Mesquite St. on the east and west, respectively.

Three apartment complexes and a vacant clinic have already been demolished for the new project, set to open in August 2015, said developer Jay Matthiesen.

Read more at the Dallas Morning News.

Big Ray(theon): Richardson CityLine draws 489,000 SF 

(3/26/2014 10:00:00 AM)

RICHARDSON - A three-building, 489,000-sf office complex has been announced as part of the CityLine development near President George Bush Turnpike and US 75.

Raytheon will bring 1,700 employees to the new corporate campus from its current location in Garland, where it has operated since the 1950s. The company plans to occupy the new Richardson offices by the end of 2015.

"Our new offices will also help us support the missions of our customers and will better reflect our role as a global technology and innovation leader in such areas as information processing, big data, cyber sercurity and weather data exploitation," said Lynn Dugle, president of Raytheon Intelligence Information and Services.

After moving its $6 billion space and airborne systems business unit to McKinney in 2013, the firm now employs about 8,000 people in North Texas.

Read more at the Dallas Business Journal.

Latest buzz: Energy Transfer HQ to North Dallas 

(3/26/2014)

DALLAS - Energy Transfer Equity LP is moving into 131,000 sf at the southeast of the corner of Dallas North Tollway and Northwest Hwy. in the Preston Center business district.

Energy Transfer will join Chief Oil & Gas as the primary tenants in a new office building being developed by real estate firm Bandera Ventures. The lease will essentially fill the remaining space in the 200,000-sf project, which is the biggest office building addition to Preston Center in seven years.

Energy Transfer and its related firms are currently based in a small office building it owns on Oak Lawn Ave., but decided to move all of their related entities under one roof. Because of its space needs, Energy Transfer did not find many options in the Oak Lawn area.

“We looked at some opportunities in Uptown, and just about every possibility that could accommodate their requirement,” said Cassidy Turley’s Dan Harris. “They figured where better than a central location like Preston Center.

Read more at the Dallas Morning News.

Nationstar latest to jump into Cypress Waters 

(3/26/2014)

IRVING - Nationstar Mortgage is moving its headquarters to the new Cypress Waters development on LBJ Fwy., northwest of Dallas. The company will move 1,300 workers to the three-story office building under construction on Cypress Waters Blvd. east of Belt Line Rd.

The 175,585-sf office project will be ready late in 2014.

Nationstar is currently based in Lewisville and is one of the country’s largest mortgage servicing and origination firms. The company also has a large office with a call center in Irving, close to the new headquarters location.

Nationstar is the latest company to decide to locate a new office in the 1,000-acre Cypress Waters development. The project is planned for 4 million sf of office space, shopping and more than 10,000 apartments and houses.

Read more at the Dallas Morning News.

Purchased: 394,000-SF Shops at Highland Village 

(3/25/2014 8:00:00 AM)

HIGHLAND VILLAGE, DENTON COUNTY - The Shops at Highland Village, a 394,000-sf retail property at 4090 Barton Creek Ln., has been sold.

The Class A center is comprised of 23 separate buildings, including 29,000 sf of office space.

It is anchored by AMC Theaters and Barnes & Noble, and is home to other popular retailers and restaurants such as Banana Republic, Ann Taylor, Chico’s, Jos A. Banks, Coldwater Creek, Rockfish Seafood Grill and Grimaldi’s.

A new Whole Foods Markets is currently under construction and is scheduled to open summer 2014.

AEW Capital Management acquired the property on behalf of MassPRIM from Blackstone Real Estate Partners. Trademark Property Company has been engaged to manage and lease the lifestyle center.

Read more at GlobeSt.com.

Grand Prairie gelling Fruit of the Earth in 277,000 SF 

(3/25/2014)

GRAND PRAIRIE - Fruit of the Earth will lease 100 percent of the newly constructed Grand Prairie Distribution Center, a 277,000-sf warehouse. The facility was recently purchased for $17 million by Jones Lang LaSalle Income Property Trust.

Fruit of the Earth, a manufacturer of aloe-based healthcare products, will lease the warehouse through January 2024.

Source: Marketwired and Securities and Exchange Commission.

$33.4M facelift new way of operating at Texas Health Plano 

(3/25/2014)

PLANO - A $33.4 million expansion and renovation has been approved at Texas Health Presbyterian Hospital Plano. The redevelopment will include the addition of operating rooms, new technology and redesign of other areas.

Construction of the operating rooms will begin this month and is expected to be completed by June 2015.

The project will add five operating rooms, bringing Texas Health Plano’s total to 19, as well as a redesigned central sterile area to improve efficiency and workflow of doctors, nurses and other hospital staff.

A September completion is set for a third heart and vascular lab for electrophysiology procedures on the second floor of Tower B in the Heart and Vascular Center.

The 366-bed Texas Health Presbyterian Hospital Plano is an acute care hospital that opened in 1991. It has more than 1,600 employees and 1,600 physicians on the medical staff.

Read more at the Dallas Business Journal.

DFW multifamily 4Q 2013 CBRE 

(3/25/2014)

DALLAS-FORT WORTH - CBRE's 4Q 2013 Multi-Housing Marketview indicates that 2013 was the most active year for multifamily development since 2009.

The number of completed units nearly doubled that from 2012, with 12,657 units completed. Fourth quarter alone saw 2,694 units completed.

Deliveries will remain strong through early 2014, as another 16,478 units are under construction, primarily concentrated in the Uptown and Oak Lawn areas of Dallas, which experienced the biggest boom in multifamily housing development in Texas in 2013.

Across the DFW market, average monthly rents remained unchanged in fourth quarter, at $0.98 per sf. In the past 12 months, the average rental rate has grown by 4.3 percent.

According to the report, the banner year was driven by employment growth and a strengthening economy.

For more, see CBRE’s Dallas-Fort Worth Multi-Housing MarketView 4Q 2013 (PDF) under Dallas-Fort Worth Market Data Sources.

$42M takes McKinney's The Avenues at Craig Ranch 

(3/24/2014 8:00:00 AM)

McKINNEY - The Avenues at Craig Ranch, a newly constructed 334-unit apartment community, has been sold for approximately $42.4 million dollars to Trade Street Residential (TSRE).

The Class A complex offers one-, two- and three-bedroom units that range from 667 sf to 1,583 sf at 8700 Stacy Rd. One- and two-car garages are also offered on some units.

Florida-based TSRE obtained a mortgage of $21.2 million and used a portion of the cash received from its recently closed rights offering to fund the purchase price. See TSRE's San Antonio Terrace at River Oaks sold for $22.5M.

Read more at GlobeNewswire.

Listen to Podcast 209 for this story and others from around Texas.

394,000-SF Shops at Highland Village sells in Denton County 

(3/24/2014 7:00:00 AM)

HIGHLAND VILLAGE, DENTON COUNTY - The 394,000-sf, Class A Shops at Highland Village has been acquired by AEW Capital Management L.P. on behalf of MassPRIM.

The property is comprised of 23 separate buildings, including 29,000 sf of office space, and is anchored by AMC Theaters and Barnes & Noble. Blackstone Real Estate Partners VII sold the property.

AEW plans to make some capital improvements to augment traffic patterns and enhance the already attractive public spaces. The property is located at the corner of FM 2499 and FM 407

Read more at Globe St.com.

No moss for Stillwater Peaks new community in Dallas 

(3/24/2014)

DALLAS - A 180-unit urban community located along Peak St. at Lafayette, just east of Uptown, is under construction.

Dallas-based Stillwater Capital is developing Stillwater Peak Townhomes — scheduled to be ready for lease by spring 2015. The property will be comprised of both rental flats and townhomes featuring direct access garages and private front yards.

Multiple floor plans will be offered including one-bedroom/study flats, two-bedroom/study townhomes and three-bedroom townhomes.

Some of the amenities include a rooftop deck, fitness center, yoga studio, pool and wading lounge, landscaped gardens, outdoor pavilion and kitchen.

Read more at Stillwater Capital and at The Dallas Morning News.

Railroads tracks natural gas firm to Midlothian  

(3/24/2014)

MIDLOTHIAN, DALLAS COUNTY - The sale of 31 acres will bring a natural gas liquefier plant to RailPort Business Park near US 67 and US 287. California-based Applied Natural Gas Fuels Inc. purchased the land.

The acreage can house five natural gas liquefiers, each of which could produce 86,000 gallons of liquefied natural gas per day, or a total of more than 600,000 gallons of liquefied natural gas per day.

RailPort is a 1,700-acre business and industrial park that is serviced by Burlington Northern Santa Fe and Union Pacific railroads. Tenants at RailPort include Target, GDF Suez, QuickTrip, Toys R Us and Buckley Oil Co.

The property's rail and highway infrastructure helped solidify the deal for Applied Natural Gas, said Dave Anderson, executive vice president of CBRE's industrial brokerage services' group.

Applied Natural Gas Fuels is the second largest liquefied natural gas producer and marketer in the United States.

Read more at the Dallas Business Journal.

Buckeye bucks buy Coppell Market Center 

(3/24/2014)

COPPELL - The 90,225-sf Coppell Market shopping center at the corner of North Denton Tap Rd. and SH 121 has been sold for over $19 million. The fully leased retail project is anchored by a Market Street supermarket.

Philips Edison & Co., an Ohio-based real estate firm that specializes in grocery-anchored shopping centers, purchased the property from United Commercial Development.

Philips Edison also owns the Buckingham Square shopping center in Richardson. The company has more than 31 million sf of shopping centers across the country.

Read more at the Dallas Morning News and SEC.

Listen to Podcast 209 for this story and other Texas real estate news.

Sprint cutting 450 jobs at Fort Worth call center 

(3/21/2014 7:00:00 AM)

FORT WORTH - Sprint Corp. is cutting about 1,550 customer service jobs nationally, including 450 at its 900-person call center near the intersection of Loop 820 and I-35W. Jobs will end March 25.

The job reductions reflect customers’ growing familiarity with smartphones as well as simpler rate plans that result in fewer calls to customer service centers, company representative Melinda Tiemeyer said.

“We are seeing fewer calls coming into customer care,” Tiemeyer said. “That’s the result, for example, that many customers are on their second or third smartphone so they are well past the learning curve of using their phones.” Simpler rate plans and unlimited rate plans have also resulted in fewer questions about bills.

Sprint has operated its Fort Worth call center in the Mercantile Business Park for more than a decade. At one time, it employed more than 2,000 people.

Read more at the Fort Worth Star-Telegram.

Woodstone lays new foundation in Fort Worth 

(3/21/2014)

FORT WORTH - The 200-unit Woodstone Apartments at 6051 Bridge St. has been sold.

The property, which was 95 percent occupied at the time of closing, attracted ten offers over a four-week marketing period and closed within about 60 days of going under contract.

Built in 1984, Woodstone is just ten minutes east of downtown Fort Worth. The property has visibility of over 100,000 vehicles per day along I-30, and offers one- and two-bedroom floor plans along with a full amenities package.

The new owner placed a new ten-year Fannie Mae loan on the property and plans to make both exterior and interior improvements to position Woodstone for continued strong performance in the years to come.

Read more at Citybizlist.

77,592-SF Denton Town Center sold 

(3/21/2014)

DENTON - The 77,592-sf Denton Town Center at 2215 S. Loop 288 has been sold. The two-story, two-building retail center is across the street from the newly renovated Golden Triangle Mall.

The complex is 85 percent leased with tenants including Vision Works, Sleep Experts, CiCi’s Pizza and Jason’s Deli.

Dallas-based Greenway Investment Co. bought the property from a family investment trust.

Read more at the Dallas Business Journal and the Denton Record-Chronicle.

Parks and Recreation $30M episode for Grapevine 

(3/20/2014 4:12:00 PM)

GRAPEVINE - City officials have broken ground on a $30.1 million expansion project at the community activities center. The center, which is located at 1175 Municipal Way, is planned to reopen in May 2015.

The current recreation center is currently about 48,000 sf, but will grow to almost 108,000 sf with the renovation. The project will add a two-story swimming pool complex, a fitness center, a racquetball court, game rooms, a track and other amenities.

The project will be the largest in the Parks and Recreation Department's history, according to Director Doug Evans.

The expansion comes as a response to a growing population and residents’ desire for more amenities. In 2000, the city’s population was 42,000, but is now almost 48,000.

As the city’s population grew, the space became more cramped, and the national standard recommends recreation centers provide two square feet per resident.

Users currently pay $35 per year individually or $85 for families. That rate would take on a “cafeteria-style” model in the future, according to Grapevine Recreation Superintendent Chris Smith. Options for users including access to the entire center, just water amenities or everything but the pool will be available.

Read more at Community Impact Newspaper.

Listen to Podcast 209 for this story and other real estate stories from around Texas.

Unveiling Big Hoss TV at Texas Motor Speedway 

(3/20/2014 7:55:00 AM)

FORT WORTH - Work on the “Big Hoss” video board at Texas Motor Speedway has been completed, making it home to the largest high definition video display in the world. The display will be unveiled to the public at 6 P.M. Wednesday, March 19, at Texas Motor Speedway.

The video board, which will be located in the center of the backstretch, will feature 20,633 sf of HD display — nearly a half-acre — with dimensions of 218 feet wide and 94 feet tall. The structure will stand nearly 125 feet above ground level and weigh more than 108 tons.

The display is 12 stories tall and is 79 percent larger than the video board at nearby AT&T Stadium. The display, which is the largest in the world, pushes Texas' share to eight of the top 50 high definition video screens in the world.

The video board, nicknamed “Big Hoss TV” by speedway officials, will debut April 3-6, 2014, at the Texas 500 NASCAR doubleheader weekend.

Read more at Autoweek and the Dallas Morning News.

Conifer Health opens 200,000-SF HQ in Frisco 

(3/20/2014)

FRISCO - Conifer Health Solutions — a subsidiary of Tenet Healthcare — has formally opened its new 200,000-sf headquarters.

The four-story office building at the northeast corner of the Dallas North Tollway and Warren Pkwy. was developed by Duke Realty. It will allow Conifer Health to nearly double its workforce to 1,200 employees, which will make it one of Frisco’s largest employers.

The company previously leased office space in the Hall Office Park in Frisco.

Conifer Health process millions of health care payments each year for clients in 40 states.

Read more at the Dallas Morning News.

Monitronics to build 165,000-SF campus in Farmers Branch 

(3/20/2014)

FARMERS BRANCH - Monitronics International Inc. has announced the development of a 165,000-sf corporate campus for its North Texas operations, making the home security company the first corporate tenant at Mercer Business Park.

The three-story corporate campus is expected to be completed by summer 2015.

The Monitronics deal is expected to spark several other office construction projects at Billingsley Co.’s Mercer Business Park, which sits at LBJ Expy. and Stemmons Fwy. in North Dallas.

"Mercer Business Park's office zone is quickly taking shape," said Marijke Lantz, senior vice president of investments and build-to-suit projects with Billingsley.

Read more at the Dallas Business Journal.

Historic Waxahachie hotel sold to Dallas investor 

(3/20/2014)

WAXAHACHIE, ELLIS COUNTY - The 101-year-old Rogers Hotel at 100 N. College St. has a new owner and a new look. The four-story building, which originally had 72 rooms, now has 31,336 sf of commercial space.

Dallas-based developer Jim Lake Cos. purchased the building which is about 50 percent leased.

Lake acquired the hotel from Southwest Securities FSB, which foreclosed on the property in 2012. The lender hired Coldwell Banker Commercial to restore and market the property.

The historic building attracted attention from buyers, said Coldwell Banker Commercial’s Judy Nitzinger. “We had calls weekly to schedule tours, many from curiosity seekers,” she said. “We even had calls to hold weddings in the building.”

Read more at the Dallas Morning News.

Kohl's hiring 500 for North Dallas service center 

(3/19/2014)

DALLAS - Kohl’s Corp. has started hiring for its new customer service operations center in North Dallas. The office opens in April and the department store chain expects to hire 500 people over the next few months.

Jobs open are both full-time and part-time. The 240,000-sf facility is located at 17655/17657 Waterview Pkwy.

The Wisconsin-based department store chain said it will have more than 1,500 people working there within four years. The initial positions available are customer service support for Kohls.com and Kohl’s credit card collections.

Read more at the Dallas Morning News.

Tarrant water district approves $93M pipeline contract 

(3/19/2014)

FORT WORTH - The Tarrant Regional Water District board has approved a $92.9 million construction contract for a $2.3 billion pipeline designed to bring more water to the area from East Texas. The awarding of the contract signals that project will soon be laying pipe for the huge project.

Garney Construction will build a 15-mile segment of the pipeline in Navarro County that will eventually be part of a 149-mile pipeline.

The final product will bring more water to Tarrant County from Cedar Creek and Richland-Chambers reservoirs while also moving water to Dallas from Lake Palestine.

The first portion of the project is to be completed by 2018. But it is being built in stages to make it more affordable. If there is a need for more East Texas water sooner, some of the later phases may be built faster.

Once it is completed, the pipeline will allow the water district to pump an additional 197 million gallons per day from the two reservoirs, near Corsicana, to Benbrook Lake. When the entire project is completed, Dallas will be able to pump up to 150 million gallons per day from Lake Palestine to Joe Pool Lake.

It should provide enough water for the water district until 2030 and perhaps until 2040, depending on population growth and water conservation efforts.

Read more at the Fort Worth Star-Telegram.

Austin buyer takes II Creeks Plaza in Richardson 

(3/19/2014)

RICHARDSON - The II Creeks Plaza retail center at 2700 Custer Pkwy. has been sold. The 63,952-sf center is 90 percent leased to tenants including Slate Venues, Crull Fitness, Sting Soccer, Sway Dance Center and Tannery & Co.

II Creeks Plaza-2700 Custer LLC, an Austin investment firm that is affiliated with a Texas construction and development company, bought the European-style shopping center.

Read more at the Dallas Morning News.

Logistically speaking, Denver HQ to 101,000 SF in Irving 

(3/17/2014 9:00:00 AM)

IRVING - Cagney Global Logistics has leased a 101,000-sf facility at 9000 N. Royal Ln. as it relocates its headquarters from Denver to North Texas.

The facility will help Cagney accommodate its growing operations, said President and CEO Tom Cagney.

"This was the perfect time for us to relocate," Cagney said. "Client response to our services has been fantastic. This has promoted new business for the company, and we're pleased to move into a larger office to accommodate even more growth."

Read more at the Dallas Business Journal.

Japanese investor buys Pecan Crossing in DeSoto 

(3/17/2014)

DESOTO - The 236-unit Pecan Crossing multifamily complex at 1225 E. Pleasant Run Rd. has been sold.

Constructed in 1982, the community is located in the South Dallas County multifamily Dallas-Fort Worth submarket. The property is situated on 13.5 acres of land and features a clubhouse, laundry facilities, tennis court and two swimming pools. The new owner is planning minor renovations in 2014.

A joint venture comprised of two Tucson-based companies, Conix and Variant Commercial Real Estate, sold the apartments to a private investor out of Japan.

Read more at CoStar Group.

North Texas home sales: where's the inventory? 

(3/11/2014 9:00:00 AM)

NORTH TEXAS - A shortage of houses on the market is keeping a lid on North Texas home sales in 2014.

So far this year, home sales are unchanged from 2013 levels — a dramatic turnabout from months of double-digit sales gains.

“Sales cannot increase significantly because of the lack of supply,” said David Brown, a housing analyst in the Dallas office of Metrostudy Inc.

For all of 2013, pre-owned home sales in North Texas were up 17 percent from the previous year. But in January, sales of houses by real estate agents fell by 1 percent from 2013.

“This year there are 2,600 fewer homes listed for sale, and the asking prices are up substantially,” Brown said.

Median home sales prices in North Texas jumped 13 percent in January to $175,000. The time it takes to sell a house in the more than 24-county region fell by 14 percent in February, averaging just 64 days.

Read more at the Dallas Morning News.

Irving: BlackBerry six-pack totes 460,000 SF  

(3/11/2014)

IRVING - BlackBerry has sold the 460,000-sf Riverside Commons campus in Las Colinas. The six-building property has been purchased by Canadian investor Brookfield Property Group.

Riverside Commons is located at 5000 Riverside Dr. BlackBerry bought the buildings in 2009 when it had a large and growing employment base in Las Colinas.

The 13-acre complex includes tenants Blackberry — which utilizes 132,000 sf — and Sprint Communications — which occupies 211,315 sf.

Read more at the Dallas Morning News and at Westmount Realty Capital.

Dallas' Uptown office space: almost gone 

(3/10/2014)

DALLAS - The vacancy for Class A office space in one of DFW’s hottest office submarkets — Uptown — sits at 10.1 percent, which has been halved in the past few years, according to Walter Bialas of Jones Lang LaSalle.

“As we stand today, 5.4 million sf of Class A inventory has an occupancy rate above 90 percent, with only a handful of properties having any degree of availability,” Bialas said. “This clearly sets the stage for continued rent growth and the beginning of pent up demand for new offerings.”

Uptown has limited land available for development, with Crescent Real Estate Equities LLC having a prime development site in a 3.1-acre parcel of land adjacent to The Ritz-Carlton off McKinney Ave. and Olive St. Crescent plans to build a $225 million mixed-use tower on the property.

Read more at the Dallas Business Journal.

New Orleans investor buys Dallas' 1M-SF One Main Place 

(3/7/2014 7:02:00 AM)

DALLAS - The 32-story One Main Place at 1202 Main St. has been sold. The skyscraper, which is less than 50 percent leased, was purchased by New Orleans-based KFK Group.

Built in 1968, One Main Place has more than 1 million sf of office space. The new owners are expected to renovate the aging tower.

“We are very excited to be a part of the continued redevelopment of the historically office-based downtown Dallas area. Downtown now encompasses an amazing mix of arts, parks and residential buildings, transforming it into a live, work, play environment”, said Elie Khoury, CEO of KFK Group.

One Main Place is the latest in a string of sales of major downtown office buildings that encountered debt problems during the recession and were faced with foreclosure.

Read more at the Dallas Morning News.

Coming around the Westbend with 83,000 SF in Fort Worth 

(3/7/2014)

FORT WORTH - Work is underway on the redevelopment of the WestBend mixed-use development at the corner of S. University Dr. and River Run.

Demolition of a parking garage has begun to make way for a new 82,150-sf mixed-use building. The new structure will include a retail anchor on the ground floor and 57,650 sf of office space above.

Upon completion of the redevelopment in spring 2015, the property as a whole will include 95,000 sf of retail and dining space and 183,000 sf of office space.

Located on the Trinity River, WestBend is within a mile from Fort Worth’s Cultural District, the Fort Worth Zoo, Colonial Country Club and Texas Christian University.

Read more at Texas Real Estate Business and at Trademark Property Co.

Lakewood on the Trail rounds up new trail boss in Dallas 

(3/7/2014)

DALLAS - The 352-unit Lakewood on the Trail multifamily property has been sold to a joint venture between Mill Creek Residential and AEW Capital Management LP.

The garden-style community offers one- and two-bedroom apartments, as well as three pools, a fitness center, clubhouse, outdoor kitchen and covered parking.

Located at 101 N. Brookside Dr., the community is in close proximity to Lakewood Country Club, Lakewood Village Shopping Center and the major thoroughfares of I-30 and US 75.

Read more at PR Newswire.

Dallas: ClubCorp eagles Prestonwood Country Club buy 

(3/7/2014)

NORTH DALLAS - Dallas-based ClubCorp has acquired Prestonwood Country Club — and its two 18-hole championship golf courses, The Creek in Dallas and The Hills in Plano — from the Miller family.

The Creek includes an 18-hole golf course, a 52,000-sf clubhouse, a fitness center, a tennis facility, golf and tennis pro shops and locker rooms with whirlpool, steam and tanning rooms. The Hills includes an 18-hole golf course, with a 19th hole bar and dining area within the clubhouse, fitness center and outside deck.

"The company plans to invest in a multimillion-dollar renovation project that will include improvements to member dining areas, both golf courses and family amenities," said CEO Eric Affeldt, in a written statement.

Prestonwood Country Club currently has about 1,000 members, which has grown from 800 members in 2009. Prior to the recession, the country club had about 1,200 members.

This latest acquisition is the third such buy for ClubCorp in the past six months. It now has 17 clubs in Dallas-Fort Worth, with 156 clubs in 25 states, the District of Columbia, Mexico and China.

Read more at the Dallas Business Journal.

Irving Kroger $13M redo to 102,000 SF 

(3/6/2014)

IRVING - Kroger Co. is in the middle of a $13 million expansion and renovation project for its 7505 N. MacArthur Blvd. location.

After demolishing the former Barnes and Noble Bookstore at the MacArthur Park shopping center, the grocery company has focused on adding 36,000 sf to its current location. The increase will bring Kroger’s 102,000 sf.

The expansion is expected to add 50 jobs to the area.

The Cincinnati-based company already has completed its fuel center expansion, adding eight more fueling stations.

Kroger expects to complete its expansion by fall 2014, when the store will reopen. New departments will include a Kroger kitchen, which will feature small appliances and accessories, a toy department, baby world, larger natural foods and health and beauty areas, and a new Starbucks.

Read more at the Dallas Business Journal.

HBS Systems relocating its Richardson HQ 

(3/6/2014)

RICHARDSON - HBS Systems plans to relocate its headquarters to a 25,000-sf office within Richardson this summer. The technology firm will move to The Points at Waterview at 3400 Waterview Pkwy. from its current office at 275 W. Campbell Rd.

“With the continued growth of HBS Systems, we are in need of a larger more flexible space for the company," said President Chad Stone, who reviewed a number of buildings in several cities before he decided to keep the company in Richardson.

The deal keeps about 50 jobs within the city limits.

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

Tarrant County: cool programs in $30M energy center 

(3/5/2014)

FORT WORTH - Tarrant County College has broken ground on a $30 million Energy Technology Center. The project will be the first new building in four decades at the South Campus, which is near I-20 and Campus Dr.

The 87,000-sf center, described as a premier training institution for commercial and industrial air-conditioning technicians, is slated to open in August 2015 and will offer expanded courses offerings, school officials said.

“It will be the largest facility of its type in the nation,” TCC Chancellor Erma Johnson Hadley said.

TCC will add six certificates and associates in applied science degrees in heating, ventilation and air conditioning (HVAC); renewable energy, oil and gas production, and industrial technology, said Jeffrey Rector, department chairman for heating, air conditioning and refrigeration.

Read more at the Fort Worth Star-Telegram.

Dallas Walnut Hill's 200,000-SF hospital opening in April 

(3/5/2014)

DALLAS - Walnut Hill Medical Center (WHMC), a new eight-story, 100-bed full service hospital, will see its first patient in April. The new 200,000-sf hospital is located at 7502 Greenville Ave.

The facility will offer a comprehensive array of medical and surgical services including cardiovascular, gynecologic, imaging, general surgery, emergency medicine and intensive care.

"We are excited to make the WHMC vision a reality," said Cory Countryman, CEO of WHMC. "We are raising the bar on patient-centered care in North Texas and we think that patients, their families and the physicians who practice here will truly appreciate the difference.

Source: Walnut Hill Medical Center

Coppell 300,000-SF Park West Crossing starting 

(3/5/2014)

COPPELL - Construction will start in March 2014 on four warehouse buildings totaling 300,000 sf in the new Park West Crossing project. The 98-acre development is at the corner of Freeport Pkwy. and Southwestern Blvd., north of I-635.

The planned business park is just west of the Cypress Waters community under construction surrounding North Lake.

“The buildings will be delivered right around the end of the year,” said Michael Luecht, principal of ML Partners, who is developing the project.

To accommodate expanding warehouse tenants, North Texas developers are building almost 10 million sf of new industrial space. Much of that is being constructed for very large tenants.

ML Realty Partners is currently building the 296,000-sf Crosby Trade Center in Carrollton, which is designed for small and medium-size firms.

Read more at the Dallas Morning News.

DFW foreclosures filings fall to almost decade low 

(3/4/2014 1:00:00 PM)

DALLAS-FORT WORTH - The number of homes facing foreclosure has dropped to one of the lowest levels in a decade. Less than 1,600 North Texas homes are scheduled for foreclosure at lender auctions, according to data from Foreclosure Listing Service.

Residential foreclosure filings for the four-county area (Dallas, Tarrant, Denton, Collin) are almost 25 percent below where they were in March 2013 and are less than a third of what they were in 2010 — the worst year for North Texas home foreclosures.

The biggest decline in home foreclosure postings was in Denton County, where filings dropped by about a third from a year earlier totals.

Foreclosure postings were down by about a quarter in Tarrant and Collin counties and dropped by about 20 percent in Dallas County.

Only 28,500 foreclosure postings were filed in 2013, which is less than half of what they were in 2010 when there were almost 64,000 DFW foreclosure filings.

Read more at the Dallas Morning News.

Hurst's Notting Hill Apartments sold 

(3/4/2014)

HURST - The Notting Hill Apartments, a 176-unit property located at 601 Brown Tr., has been sold.

Built in 1968, the 27-building complex recently underwent a $1.2 million makeover in capital improvements. Marcus & Millichap brokered the sale on behalf of Notting Hill Partners, LP.

The property is located just a mile from the Bell Helicopter plant and is within walking distance of two elementary schools. The new owner plans to make improvements to the interiors of the units to make the property more competitive in its rental submarket.

Source: Marcus & Millichap

California tech HQ hits Rockwall with $20M facility 

(3/4/2014)

ROCKWALL - A California-based telecommunications supplier will move its headquarters and manufacturing operations into a new $20 million facility. Channell Commercial Corp. will develop a 175,000-sf building at the northwest corner of John King Blvd. and Justin Road Extended.

The move will initially create 200 jobs. The company plans to begin its operations by the end of the year.

The new facility will house the largest structural foam machine in Texas.

The fourth-generation company supplies thermoplastic enclosures and copper and fiber connectivity products to Dallas-based AT&T Inc., Verizon Communications, Comcast, Time Warner, Cox and Charter. Channell also supplies a number of international companies.

Read more at the Dallas Business Journal.

Cowtown townhomes to Linwood Park  

(3/4/2014)

FORT WORTH - Work on the first phase of a townhome project in Linwood Park has begun. Fort Worth-based Village homes purchased 27 lots totaling about 4.5 acres in an area bordered by W. Fifth St., Whitmore St., Templeton Dr. and Foch St. and plans to build two townhomes on each lot, for a total of 54 units.

The first phase of construction includes five lots. Six of the first ten townhomes have been sold, according to Village Homes President Michael Dike. Dike said he expects the 54 townhomes to be built within three or four years.

The townhomes are priced from $285,000 and are either 1,900 sf or 2,100 sf. Both plans offer detached two-car garages and backyards. They will have 2.5 baths and energy efficiencies.

Read more at the Fort Worth Star-Telegram.

NTREIS: 4Q 2013 top performing counties by closed sales 

(3/3/2014)

TEXAS - North Texas Real Estate Information Systems (NTREIS) has released its fourth quarter 2013 report.

Below are the top seven counties tracked by NTREIS, ranked by number of closed sales in 4Q 2013.

Top Seven Counties by Closed Sales
  Median Sales Price % of Original
Price Received
Days on Market Closed Sales
County Q4 2013 1-Yr. Chg. Q4 2013 1-Yr. Chg. Q4 2013 1-Yr. Chg. Q4 2013 1-Yr. Chg.
Tarrant $152,000 9.7% 94.9 1.0% 53 -22.8% 5,135 8.6%
Dallas $159,900 15.9% 93.9 1.7% 49 -26.6% 4,959 -0.1%
Collin $234,900 13.5% 95.7 1.7% 45 -25.1% 3,066 3.7%
Denton $206,000 10.2% 95.7 1.2% 48 -27.4% 2,538 1.8%
Parker $179,250 1.3% 93.9 1.4% 77 -17.9% 418 13.6%
Johnson $128,750 15.1% 93.0 0.3% 76 -7.2% 405 5.7%
Ellis $151,000 -0.6% 95.1 0.7% 77 -9.2% 391 4.5%


See NTREIS Economic & Market Watch Report 4Q 2013 for all the information you need from Sherman-Denison to Abilene. Be sure to check out housing under Dallas-Fort Worth Market Data Sources. There's even more!

On the docket: Tarrant County Civil Court year-end opening 

(3/3/2014)

FORT WORTH - Work continues on the new 231,934-sf Tarrant County Civil Courts Building. The $74.2 million project is set to be completed by Dec. 18, 2014, said David Phillips, Tarrant County’s facilities management director.

The six-story building, 100 N. Calhoun St., is east of the Tarrant County Courthouse and Tarrant County College Trinity River East Campus. It includes a secured underground parking garage.

If the work wraps up by the end of the year, the courts would move in during first quarter 2015, once furniture, information technology equipment and phones have been installed.

The building will have 12 civil district courtrooms, plus offices for jury services and the district clerk.

Read more at the Fort Worth Star-Telegram.

J.C. Penney renews 420,000 SF in Cedar Hill 

(2/28/2014 7:53:00 AM)

CEDAR HILL - J.C. Penney Co. has renewed its lease on a 420,000-sf distribution center. The facility, located at 1650 S. Hwy. 67, will keep J.C. Penney’s logistics network intact, said Nathan Orbin, a vice president with Jones Lang LaSalle.

"It was a build-to-suit project done for J.C. Penney years ago and we are renewing the lease," said Orbin. "It's a significant operation for J.C. Penney from a logistics perspective within their network. It made sense for them to continue to operate it."

Even though J.C. Penney reported a smaller loss than analysts expected for the fourth quarter — losing $206 million, or 68 cents per share —the retailer is still reeling from financial losses suffered under ousted leader Ron Johnson and is working to rebrand itself.

Read more at the Dallas Business Journal.

Dallas first-time homebuyers could qualify for $15,000 grant 

(2/28/2014)

DALLAS - On February 28 and March 1, Wells Fargo will help would-be homeowners make a down payment on their first house. There will be 280 awards of $15,000 each granted through the NeighborhoodLIFT program, which will be held in the Trinity Ballroom at the Dallas Hilton Anatole at 2201 N. Stemmons Fwy.

All 900 appointments have been filled, but not everyone will qualify and mortgage specialists will be available to talk to walk-ins, too. The idea is to strengthen neighborhoods by encouraging homeownership.

With the days of getting a loan without a down payment virtually gone, saving enough money for a down payment is the main hurdle preventing first-time homebuyers from owning a home, said Joe Stroop, a Wells Fargo Co. representative.

Homebuyers must meet income eligibility requirements and complete an eight-hour education session to qualify. They must commit to live in the home for five years and qualify for a mortgage, but the loan can be done through any bank.

Wells Fargo partnered with NeighborWorks American and BCL of Texas to provide the grants.

Read more at the Dallas Business Journal.

Dallas Elm Place 1.5M-SF jump to Olympic Tower 

(2/27/2014 6:33:00 AM)

DALLAS - The 52-story Elm Place tower has been sold. The 1.5 million-sf skyscraper at 1401 Elm St. was sold to New York-based Olympic Property Partners.The downtown Dallas skyscraper will be converted to a mixed-used development to be named Olympic Tower.

The redevelopment will include a $170 million remodel of the tower into a combination of office, residential, and retail space.  "The buyer is still working on the details of the project, but I've heard it will have a major residential component," said John Crawford, president and CEO of Downtown Dallas Inc.

The City of Dallas provided $50 million in economic incentives to help finalize the deal.

Elm Place was originally constructed in 1965, and has been vacant since 2010.

Read more at the Dallas Morning News, Dallas Business Journal and GlobeSt.com.

Burleson: 360 new homes in 2013; 400 in 2014 

(2/27/2014)

BURLESON - The City of Burleson has released a report saying 360 homes were built in the city in 2013, a 25 percent increase from 2012. But more than 400 homes are expected to be built this year.

The average value was $192,000, up 30 percent from 2012, and average size was 2,450 sf. Over half of the new homes were over 3,000 sf, more than twice the percentage in 2012.

The Mistletoe Hill, Shannon Creek, West Bend South, and Hidden Vistas neighborhoods are all expanding. The City of Burleson expects 400 new homes with an average value of more than $200,000 to be delivered in 2014.

“Home construction isn't anything new to Burleson, but the type of homes being built in the last 12–18 months is trending in the direction we would like to see,” Economic Development Manager Justin Bond said.

Read more at the City of Burleson and the Fort Worth Star-Telegram.

Bullish on Mesquite's Mission Ranch 

(2/27/2014)

MESQUITE - The 295-unit Mission Ranch apartment community at 901 US Hwy. 80 has been sold. Floor plans range in size from 738 sf to 1,341 sf and from $799 to $1,349.

Florida-based Advenir purchased the complex from California-based Virtu Investments. The purchase marks Advenir’s third apartment purchase in the last six months in the Dallas area.

“We are extremely bullish on Dallas-Fort Worth which is experiencing a healthy economy, positive employment growth, and in-migration,” said Todd Linden, with Advenir. “Dallas has shown tremendous fundamentals both in in-migration and job growth. We also look at the factors of the quality of life and low cost of living and when you combine all that it works out well for the multifamily business."

Read more at the Dallas Morning News, Dallas Business Journal and GlobeSt.com.

Listen to Podcast 207 for more Texas news tidbits in case of a conversation lull at an awkard moment.

Alvarado ISD $37M junior high underway 

(2/27/2014)

ALVARADO, JOHNSON COUNTY - Construction on the new $36.5 million junior high will begin at the end of February. The 150,000-sf Alvarado Junior High is set to open in August 2015.

The campus will be two stories, have a new security system and an elevator. The new campus will be built next to the current junior high school, which will be demolished after construction is completed.

Plans for a $1.7 million renovation of the upstairs wing of Alvarado High School have also been approved. Work will begin at the beginning of summer 2014, with scheduled completion by fall 2014.

“This is an exciting time for our community and more importantly our students,” said Superintendent Chester Juroska. “Schools are here to enhance learning for students and that is exactly what these projects will do when completed.”

Read more at the Cleburne Times-Review. Listen to Podcast 207 for this story and more news around Texas.

Belk on-the-spot interviews for 200 at Galleria Dallas 

(2/26/2014)

DALLAS - Belk Inc. plans to hire nearly 200 employees for its new flagship store at the Galleria Dallas.

The retailer will host on-the-spot interviews at the Belk employment office on the second level of the Galleria from 10 a.m. to 7 p.m. Monday through Saturday during the first week of March. The retailer is hiring sales, support and specialist positions.

The Dallas store is Texas’ first flagship that will occupy Saks Fifth Avenue’s former space. The location will host its grand opening April 9.

The new location will feature three floors of apparel, accessories, shoes and cosmetics. The layout will differ greatly from that of Saks, as Belk gutted the shop to create more open spaces and its custom design.

Belk’s footprint includes stores in McKinney, Rockwall, Flower Mound and Fort Worth.

Read more at the Dallas Business Journal.

Graham: Calif. trucks to 141,066-SF industrial bldg. 

(2/26/2014)

GRAHAM, YOUNG COUNTY - The 141,066-sf former Steel Stadiums facility has been purchased. Valew Quality Truck Bodies bought the facility located at 4688 SH 16.

Valew says its five-year plan includes hiring 100 new employees, growing to 200. Jobs include general laborers, welders, machine operators and office personnel.

The company produces a wide variety of truck bodies for heavy industries, including water truck bodies, dump truck bodies, vacuum and septic pumpers and mechanics truck bodies.

The DFW industrial market has seen an increase in sales activity during first quarter 2014 says Transwestern.

Read more at GlobeSt.com and at the Graham Leader.

Lewisville: Alta Vista Ridge complex sold, rebranded 

(2/25/2014 9:00:00 AM)

LEWISVILLE - The 270-unit Alta Vista Ridge Apartments have been sold. The 291,240-sf complex is located at 2241 S. Business Hwy. 121, near DFW International Airport.

The three-story asset will be rebranded as Westmount at Vista Ridge.

The complex offers a mix of one-, two- and three-bedroom units with hardwood floors, efficient appliances, large walk-in closets, and washer and dryer in the home.

Westmount Realty Capital LLC purchased the three-story, Class A community from Wood Partners. The new owners plan to give the property an extensive makeover, to include interior improvements and amenity upgrades. With a start date in first quarter 2014, renovations are expected to be complete in 18 months.

Read more at Commercial Property Executive.

$82M residential project headlines Victory Park 

(2/25/2014)

DALLAS - Work continues on the 423-unit Camden Victory Park apartment complex. The $82 million project broke ground in December, and is one of five residential projects under construction in the Victory Park area.

The six-acre tract between Houston St. and Victory Ave. was purchased by Houston-based Camden Property Trust in 2012. The property is replacing a 600-space parking lot on the north side of the American Airlines Center.

Read more about all of the developments underway in Victory Park at the Dallas Morning News.

Is north Fort Worth getting another Walmart? 

(2/24/2014 7:30:00 AM)

FORT WORTH - Hillwood Communities has sold 27.4 acres at the intersection of Heritage Trace Pkwy. and Beach St. for a Walmart Neighborhood Market. The property is in the Alliance corridor in north Fort Worth.

The land sales includes 12 acres on the southeast corner of the intersection for a Walmart Neighborhood Market and 15.4 acres on the northeast corner to a medical developer, according to Venture Commercial.

Walmart is also planning a Walmart Supercenter at the future southeast corner of Golden Triangle Blvd. and Park Vista Blvd. in north Fort Worth. The retailer has asked the city for $12 million in incentives for the project, which include the construction of a road.

Read more at the Fort Worth Star-Telegram.

Dallas' Galleria North sold to Lionstone 

(2/24/2014)

NORTH DALLAS - The 93,987-sf Galleria North has been sold to Houston-based Lionstone Group. The retail property at 5203-5229 Alpha Rd. is 100 percent leased to tenants that include The Container Store, Z Gallerie, Gary Riggs Home and World Market.

The seven-acre shopping center is across from the Galleria Dallas shopping mall. The new owners plan to hold the property long term while keeping an eye out for redevelopment opportunities.

“With Galleria Dallas and the strong surrounding submarket dynamics, we believe this extremely well-located retail center hasn’t yet reached its full potential,” said Lionstone chief investment officer Glenn Lowenstein.

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

Six Flags Hurricane Harbor job fair March 1, 2 

(2/24/2014)

ARLINGTON - Six Flags Hurricane Harbor will host its annual job fair for the 2014 season on March 1 and March 2 at the park’s Harbor Center, located at 1800 E. Lamar Blvd.

The water park is looking to fill up to 600 positions, including more than 200 lifeguard slots. Other posts include ride attendant, retail, food, security, guest services and maintenance.

The event runs from 9 a.m. to 5 p.m. on March 1 and 11 am to 5 p.m. on March 2.

Interested applicants must first apply online at www.sixflagsjobs.com prior to arriving at the park for an interview.

Read more at the Dallas Morning News.

USAA, Seefried: 2M-SF industrial parks in DFW/Desoto 

(2/21/2014 9:00:00 AM)

DALLAS, DESOTO - USAA Real Estate Co. and Seefried Properties have begun on the first phase of a 2.3 million-sf master-planned industrial park.

The 157-acre development, called Southfield Park 35, is located within the International Inland Port of Dallas with close proximity to I-20, I-35, I-45 and the Union Pacific Intermodal facility.

The first of four buildings is currently under construction, and will constitute 1.1 million sf when it is completed near the end of third quarter 2014.

The other three buildings of various sizes ranging from 241,800 sf to 678,600 sf, with some expansion capabilities, are expected to begin at a later date.

Southfield Park 35 in Dallas and DeSoto is the largest speculative development underway in North Texas, according to real estate experts.

Read more at the Dallas Business Journal.

$22M for Sachse Oak Grove Plaza 

(2/21/2014 7:00:00 AM)

SACHSE - The 120,491-sf Oak Grove Plaza shopping center has been sold for $22 million. The 97 percent-leased facility at Hwy. 78 and Bunker Hill Rd. has been purchased by Chicago-based LaSalle Investment Management.

Built in 2003, Oak Grove Plaza is anchored by a Kroger Signature supermarket.

Read more at the Dallas Morning News and Marketwired.

Collin County 13-month market history 

(2/21/2014)

COLLIN COUNTY - Hexter-Fair First American Title's 13-month single-family market history is available for Collin County

The chart below outlines price and demand data for Collin County from January 2013 through January 2014.

Collin County 13-Month Market History*
Month Price Demand
 Date Median Close
Price
Avg. Close
Price
Avg. Price
Per SF
Total Closings
Evaluated
REO
Closing
Jan. 2013 $217,500 $255,465 $92 539 55
Feb. 2013 $208,850 $256,171 $94 586 66
Mar. 2013 $221,500 $260,967 $96 892 57
Apr. 2013 $237,000 $275,540 $98 1,142 71
May 2013 $242,000 $292,631 $103 1,274 68
June 2013 $255,000 $296,786 $102 1,277 58
July 2013 $238,000 $278,562 $101 1,259 42
Aug. 2013 $245,000 $287,615 $102 1,173 40
Sept. 2013 $234,987 $288,541 $105 1,041 34
Oct. 2013 $245,700 $292,331 $103 830 33
Nov. 2013 $240,000 $280,310 $102 857 33
Dec. 2013 $245,000 $280,992 $102 894 40
Jan. 2014 $220,000 $259,408 $99 528 38
Trends $1,494 $1,418 $.68 -1 -3

*Believed accurate but not guaranteeed.

Source: Hexter-Fair First American Title.

Fort Worth's Ridgmar Hills, The Steppes into sale 

(2/21/2014)

FORT WORTH - The 118-unit Ridgmar Hills and the 117-unit The Steppes have been sold. The two complexes are next door to one another, north of I-30 near Ridgmar Mall and JRB Air Force Base.

The properties were approximately 94 percent occupied at the time of the sale.

The complexes offer efficiencies to three-bedroom townhomes ranging in size from 402 to 1,420 sf.

Source: Marcus & Millichap Real Estate Investment Services.

Store RedZone Podcast RSS logo Twitter Facebook YouTube Mays Business School
© 2014. REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY. ALL RIGHTS RESERVED. TERMS OF USE.