NewsTalk Texas

Dallas-Fort Worth-Arlington

FBC Grapevine sells 27 acres to auto executive 


GRAPEVINE - The First Baptist Church of Grapevine has sold a 26.8-acre tract along William D. Tate Ave. to the chief executive of a San Antonio-based auto dealership.

The land is north of Prospect Pkwy. and north of Classic Chevrolet. According to deed records, the land was sold in mid-February to Abigail G. Kampmann, who is CEO of Principle Auto in San Antonio, which operates Porsche, BMW, Volvo and Mini Cooper dealerships.

The land is also near where Dallas-based car dealer Sam Pack bought land for a Subaru dealership.

The Tarrant Appraisal District values the land at $5.2 million.

Read more Fort Worth Star-Telegram.

CBRE: DFW Office MarketView 1Q 2015 

(4/17/2015 7:55:00 AM)

DALLAS-FORT WORTH - The DFW office market experienced its 19th consecutive quarter of favorable leasing fundamentals in 1Q 2015 and appears poised for a strong first half of 2015. 2014 yielded the most net absorption in a single year since 2006, coming in at 3.2 mission sf.

Q1 2015 surpassed the deliveries of 4Q 2014 with 1.5 million sf coming online. Pre-leasing among delivered construction is currently 52.2 percent; this figure includes State Farm, who is phasing into CityLine in stages.

Demand was strong among certain submarkets in 1Q 2015, especially in Richardson/Plano and Far North Dallas. State Farm is largely responsible for the absorption within Richardson/Plano.

Q1 2014 was the first time the market had seen sub-18 percent vacancy since 2008, when vacancy reached its prerecession low.

Since Q1 2014, there have been substantial deliveries in the DFW office market that were not leased prior to completion, contributing to the increase in vacancy since early 2014.

Gross asking rents continued to experience growth. Class A rates increased at an especially strong pace, rising from $26.62 per sf to $27.00 per sf.

In 1Q 2015, the total office square footage under construction registered 6.3 million sf, down from 4Q 2014 to 1Q 2015. Construction starts for 1Q 2015 totaled 649,674 sf.

DFW Market Snapshot by Vacancy
Submarket Net
Rentable SF
1Q 2015
Total Net
North Fort Worth 1,286,830 3.8% $19.08 -4,488
South Fort Worth 6,756,657 7.2% $20.55 44,918
Preston Center 3,890,337 9.5% $32.53 -7,568
Southwest Dallas 1,665,033 10.8% $15.22 -13,050
Uptown/Turtle Creek 10,394,060 11.9% $34.81 47,621
Northeast Fort Worth 2,506,456 12.9% $16.98 18,737
Dallas total 182,591,188 17.7 21.29 1,079,810
Fort Worth total 35,677,691 15.4 19.42 136,588
DFW Total 218,268,879 18.3 20.70 1,216,398

Source: CBRE Research

See CBRE's 1Q 2015 Office Report. Need more office? See DFW Market Research for free data.

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Two-tower project to add 300 units to Dallas' Victory Park 


DALLAS - Greystar plans to break ground this summer on a two-tower residential project at Victory Park. The Ascent apartment high-rises will have more than 300 luxury rental units just east of American Airlines Center.

The 21-story and 23-story apartment towers will each have a rooftop deck and fitness center with views of Uptown, downtown and the Trinity River corridor.

Greystar is one of a handful of apartment developers looking at new projects at Victory Park — the 75-acre development on the northwestern edge of downtown.

Greystar’s Victory Park project will have about 3,500 sf of retail space on Houston St. Apartments will average 975 sf and rent for an average of $2,850.

Greystar is one of the largest apartment operators and owners in North Texas. The South Carolina-based company is building the Elan City Lights apartments just east of downtown Dallas on Live Oak St.

Read more at the Dallas Morning News.

192,000-SF spec industrial SW Dallas' Mountain Creek 

(4/16/2015 10:00:00 AM)

DALLAS - Construction has begun on a 192,260-sf speculative project at the Mountain Creek Business Park.

Courtland Development is building the warehouse project in I-20 and Mountain Creek Pkwy., just west of Spur 408.

The Mountain Creek 5 building is the latest addition to the 500-acre Mountain Creek project. The project will open in November.

Mountain Creek already has warehouse and distribution operations for companies including Nestle Waters, Niagara, Costco, American Leather, Strategic Partners, Jack in the Box and Cummins Southwest.

Four other large distribution centers are under construction in the industrial park, where more than 2,000 employees work.

Read more at the Dallas Morning News.

Allen's $85M convention center heads to Watters Creek 

(4/16/2015 9:00:00 AM)

ALLEN - The City of Allen’s tourism industry will get a bump in January 2017, with 290 new guest rooms, a 64,500-sf convention center and 1,000-car parking garage.

The Allen City Council has approved a partnership with TCH Altera LLC to construct The Convention Center at Watters Creek, a full-service, four-star facility with a development bill of $85 million.

Set to rival North Texas’ other hotel/meeting spaces such as the Gaylord Texan Resort, Hilton Anatole and Sheraton Dallas Hotel, the project will be built on seven acres at Bethany Dr. and N. Central Expy., next to Allen’s Watters Creek apartment and shopping center.

The center is being developed to ease the demand for business and recreation space in the city as Allen undergoes corporate office and retail growth.

That demand has also spurred the development of the Watters Creek Office Park, which will encompass 860,000 sf in five or six buildings constructed next to the convention center.

According to a study by HVS Global Hospitality Services, the convention center will bring in $3.6 million in revenue annually by its fourth full year of operation.

Developer TCH Altera has worked on other prominent hotels, including the Mandarin Oriental in Las Vegas and The Knickerbocker in New York City’s Times Square.

The company said it has already secured financing for the project and will be ready to break ground by the end of the summer.

Read more at the Dallas Business Journal.

58,000-SF MOB underway in Irving 


IRVING - The American College of Emergency Physicians (ACEP) has broken ground on a new headquarters building at 1950 W. Royal Lane.

The 58,000-sf office is near Freeport Pkwy. and north of SH 114 near DFW International Airport.

About 150 of the ACEP’s employees will be housed in the building when it opens in 2016. It is the oldest and largest national medical specialty organization representing physicians who practice emergency medicine.

Cawley Partners is developing the building for ACEP, which is currently based in Las Colinas.

Read more at the Dallas Morning News.

Quest ventures to The Colony with 36,000-SF office 


THE COLONY - Billingsley Co. has started construction on a 36,000-sf building at its Austin Ranch project near SH 121.

The office building on Plano Pkwy. will house the headquarters of Quest Resource Management Group, an environmental and waste management firm.

The building, which is near the new Nebraska Furniture Mart, will open in September.

It’s the second of three buildings planned for a site called Old Oak Pond, where Billingsley is also building a new regional headquarters for the Japanese electronics company Sanyo.

“We saw great opportunity for our client at Austin Ranch,” said Steve Wentz of Cushman & Wakefield, who represented Quest in the deal. “This is truly a hot spot for development in DFW and this location was a great fit for Quest to boost their corporate image and get a great space for future growth.”

Austin Ranch is a 1,700-acre development located south of SH 121 that office, industrial, retail and residential properties.

Read more at the Dallas Morning News and D Magazine.

Moviehouse & Eatery tickets McKinney's Craig Ranch 


McKINNEY - The Craig Ranch development is set to receive a 40,000-sf Moviehouse & Eatery.

The theater and dining chain has purchased almost seven acres near the northeast corner of Custer Rd. and SH 121 with plans to build a ten-screen facility on the property.

The new theater will open in about a year and will be Moviehouse & Eatery’s third DFW location.

The 2,200-acre Craig Ranch community has about 9,000 residents.

Read more at the Dallas Morning News.

Dallas Cinepolis 44,000-SF International cinema to 'show' up 


DALLAS - The biggest motion picture chain in Latin America is coming to Texas with a complex at Victory Park.

Mexico City-based Cinepolis will locate an eight-screen theater in a new residential high-rise. The 44,000-sf luxury theater will be in the lower levels of an apartment tower to be constructed by Lennar Multifamily Communities.

The theater and high-rise are scheduled to open in 2017, with construction starting later in 2015.

Cinepolis is the fourth-largest cinema operator in the world. It has locations throughout Latin America, in India and now the United States, including Florida, California and now Texas.

The theater would be the biggest retail addition to Victory Park since the 75-acre development was built.

Read more at the Dallas Morning News.

Apartments near SMU in Dallas switching to condos 


DALLAS - The 55-unit Shelby Apartments on SMU Blvd. near N. Central Expy. will be converted into condo units.

The five-story complex was built in 2008. It will sell the units starting at $185,000.

The urban-style apartment project — which includes ground-floor retail space — was built on the site of a garage once used by automotive designer and racer Carroll Shelby.

The rental community has been popular with SMU students. Owner Marquis Group will open the units to sell later in April.

“With just 55 homes available, the development represents an amazing opportunity to own in one of the hottest markets in the country,” said Brent Halvorson, Vice President of Marquis Group.

Read more at the Dallas Morning News.

DFW Airport opens next-generation $54M HQ 


IRVING - DFW International Airport has opened a three-story, 154,000-sf building that is the airport’s new administrative offices.

The energy-efficient headquarters has opened at the airport’s Southgate Plaza development, and the airport board held its first monthly meeting at the facility in early April.

“We’ve been able to create a much more open environment, so you’ll see less offices,” Sean Donohue, the airport’s chief executive, said about the new headquarters. “I think it will generate better collaboration and better communication.”

The building features coffee bars on the second and third floors along with a large break room called “The Hangar,” which has lounge chairs, couches and tables for employees to use for impromptu meetings or lunches.

The airport board, which spent $54 million on the facility, decided three years ago that the 1970s-era headquarters building on Airfield Dr. was outdated.

Staff members have been spread out over ten buildings at the airport, but with the new headquarters, most of the airport’s administrative departments will be consolidated.

Earlier this year, the airport board approved a 60-year lease with a Dallas commercial real estate firm to manage the old headquarters and two other office buildings at the airport. That deal has helped offset the cost of the debt payments on the new headquarters, Donohue said.

Read more at the Fort Worth Star-Telegram.

Dozer alert! Little Elm's Holt Cat celebrates in $14M digs  


LITTLE ELM, DENTON COUNTY - Holt Caterpillar's new 61,000-sf, full-service facility is now open.

The new $14 million facility gives Holt Cat nine locations in the Dallas-Fort Worth area.

“Little Elm is one of the fastest-growing cities in Texas and investments in construction and infrastructure here are driving an ever-increasing demand for Cat heavy equipment and services,” said Dave Harris, Holt Cat president and chief operating officer.

Read more at Rental Equipment Register.

DFW ALN apartment report March 2015  

(4/14/2015 9:00:00 AM)

DALLAS-FORT WORTH - In what appears to be a common thread in large Texas Metro areas, the DFW apartment market saw strong absorption in first quarter 2015 while price increases were modest.

The Metroplex gained over 4,300 net rented units in 1Q 2015. On an annual basis, over 14,000 more units are rented than 1Q 2014.

Effective rents over the last 12 months have risen a respectable 7.1 percent but 1Q 2015 only accounted for 1.2 percent growth in that figure.

2015 is starting out nice for the DFW market and the introduction of new supply will finally taper towards the end of 2015.

The one caveat seems to be that about 1,500 of the net rented units in 1Q 2015 came outside the core submarkets of the Metroplex. Outside areas like Sherman-Denison, Forney and Greenville are seeing strong rental growth.

With lower lower rental rates, we might be seeing a greater exodus to the outlying regions in many large metro areas over the next few quarters.

Dallas-Fort Worth Quarterly Multifamily Market
  Occupancy   Effective Rent
Submarket* Nov-14 Feb-15 Chg. Abs.** Nov-14 Feb-15 Chg.
Far North Dallas-Tollway West 95.7% 95.6% -0.1% -15 $845 $852 0.8%
Far North Dallas-Tollway East 95.6% 93.6% -2.1% -70 $924 $930 0.7%
Farmer’s Branch / Addison 94.5% 93.9% -0.6% -198 $1,027 $1,025 -0.2%
Bachman Lake / Webb Chapel 95.6% 94.3% -1.4% -134 $668 $680 1.8%
Skillman / Audelia / 635 91.6% 91.9% 0.4% 226 $668 $680 1.7%
Park Ln / Greenville / Midtown East 91.5% 91.7% 0.2% 58 $940 $953 1.4%
White Rock East / Buckner / Ferguson Rd 90.3% 93.1% 3.1% 331 $710 $722 1.6%
Totals*** 92.3% 92.2% -0.1% 4,353 $917 $928 1.2%

*Selected submarkets by occupancy
***Totals include data from all submarkets.

Here's the entire U.S. plus Texas apartment report at ALN March 2015.

Read more at ALN Market News.

North Texas 2015 home sales March forward 

(4/14/2015 8:30:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems home sales are available from March. Here's a peek at data you can find released April 10, 2015.

• The median price of existing single-family homes increased to $189,500, up 4.8 percent from February 2015.
• Existing single-family home sales increased 32.2 percent from February 2015, with 6,497 sold units.
• Condos increased in price to $169,950, up 3.3 percent from February 2015.
• Existing condo sales increased 23.9 percent in March 2015 over February 2015 with 462 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
March 2015
Price Chg.
March 2014
Units Sold
March 2015
Sale Chg.
NTREIS* (single-family) $189,500 8.3% 6,497 1.7%
NTREIS (condo) $169,950 11.1% 462 1.1%
Region Cities**        
Fort Worth $159,900 6.7% 757 8.3%
Dallas $289,250 11.3% 694 -3.9%
Arlington $159,000 9.7% 250 -12.9%
Plano $295,000 18.0% 203 -12.5%
Frisco $354,999 12.7% 199 1.0%
Garland $138,950 11.2% 152 3.4%
Grand Prairie $169,900 10.8% 135 23.9%
Abilene*** $139,000 11.3% 123 26.8%
Mesquite $127,300 10.8% 109 -10.7%

*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold more than 100 units during March 2015.
***Abilene is part of the over 50 counties NTREIS covers.

See the full report from NTREIS.

See farms and ranche sales, commercial land and condo sales in the chart NTREIS March 2015 Report.

Click here for the full story North Texas March home sales bring strong 1Q

Kite flying high with buy: 201,000-SF Colleyville Downs 

(4/13/2015 9:00:00 AM)

COLLEYVILLE - The 201,000-sf Colleyville Downs retail center at the southeast corner of Glade Rd. and Hwy. 26 has been sold.

Built in 1988, Colleyville Downs is anchored by Petco, Ace Hardware and a 40,000-sf Whole Foods, which opened in a newly developed location following renovations in 2015. The center is 92 percent leased.

Currently 92 percent leased, the center is positioned along Colleyville Blvd. within the Grapevine/Colleyville Retail submarket.

The shopping center is well-positioned in a densely populated, desirable market with an estimated population of 80,000 and an average household income of $127,000, both within a three-mile radius.

Kite Realty Group Trust (KRGT), a full-service real estate investment trust headquartered in Indianapolis, finalized its acquisition earlier this month of the Colleyville Downs.

Read more at CoStar Group.

DFW housing market suffers from price growth 


DALLAS-FORT WORTH - The North Texas housing market is on the list of the country’s least healthy housing markets, according to a new report from Nationwide Insurance.

The forward-looking ranking compares housing market conditions in more than 370 U.S. markets.

“Looking at Dallas, Houston and Austin, all of them are in the neutral range in our performance ranking,” said Nationwide economist David Berson. “The big negative is house price growth vs. income growth.”

During the first quarter 2015, median home sales prices in North Texas are 9 percent higher than where they were in early 2014. That rate is twice the long-term average residential value growth rate for the area.

“What we are seeing in Texas to a degree in other places is there is not much supply for sale,” Berson said. “It’s time for the builders to build more houses.”

Home construction in the Dallas-Fort Worth area is still about half what it was before the recession.

In first quarter 2015, builders started almost 25 percent fewer houses than in 1Q 2014 due to wet weather and construction constraints.

Read more at the Dallas Morning News or see the full report at Nationwide.

100,000-SF retail project set on 14 acres in Grand Prairie 


GRAND PRAIRIE - Victory Real Estate Group has bought a 14-acre tract at the corner of Lake Ridge Pkwy. and Camp Wisdom Rd.

The Dallas-based development firm has plans for a 100,000-sf retail project on the site.

Victory plans to begin construction soon on Victory at Lakeridge and anticipates a completion by the end of 2016.

Several restaurants and service-related businesses are interested in the site, the firm said. The development is located near an 18-acre site owned by San Antonio-based grocer H-E-B.

Read more at the Fort Worth Star-Telegram.

Liberty Mutual adding 5,000 jobs to Plano's new Legacy West 


PLANO - Boston-based Liberty Mutual Insurance plans to have 5,000 employees working on a new campus by the end of 2017.

The nation’s third largest insurer told employees that it will build the new North Texas campus in the Legacy West development on the Dallas North Tollway in West Plano.

“It’s all part of our strategy to attract and obtain top talent,” Liberty Mutual vice president John Cusolito said Tuesday. “We already have a strong and significant presence in Texas and are impressed with the workforce in the state.”

While Liberty Mutual’s headquarters will stay in Boston, the new Plano campus will consolidate a variety of operations now located around the country, according to Vice President John Cusolito.

The two-tower, 900,000-sf campus is being designed by Dallas-based architect Omniplan.

Liberty Mutual will begin moving workers to North Texas in January 2016.

The big insurer has rented a temporary office space at 3905 North Dallas Pkwy. near Windhaven Pkwy. in Plano. Several hundred people working in a call center in that building will be located to the new Legacy West campus when it opens in 2017.

Read more at the Dallas Morning News.

Behringer bears down on Addison office development 


ADDISON - Behringer plans to relocate its North Texas headquarters into a soon-to-be developed office building along the Dallas North Tollway as the company repositions itself in the market as an alternative investment firm.

As part of the headquarters relocation, Behringer has leased the top two floors of Tollway Center, a soon-to-be developed six-story, 200,000-sf office building at 14300 Dallas Pkwy.

The company expects to move into the completed building by third quarter 2016.

“From a developer’s perspective, you can’t ask for more than to kick off the leasing on a brand-new building than with an anchor tenant like them,” said Bill Cawley, CEO of Cawley Partners, which is developing Tollway Center.

Behringer, which rebranded itself last year, has widened the company’s investment platform beyond real estate and began moving into alternative investments, such as energy infrastructure funds and other structured credit vehicles.

Read more at the Dallas Business Journal.

North Texas March home sales bring strong 1Q 

(4/10/2015 11:00:00 AM)

DALLAS-FORT WORTH - North Texas home sales rose 12 percent in March — the biggest year-over-year gain so far in 2015.

Real estate agents sold 7,854 preowned single-family homes, pushing first quarter 2015 purchases ahead 4 percent from 1Q 2014 levels, according to a new report from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.

The number of homes listed for sale with real estate agents in North Texas is at a historic low. Only 16,478 preowned single-family homes were for sale in the multiple listing service, down 15 percent from March 2014.

Only a 2.2-month supply of homes is listed for sale at a median price of $197,000, up 9 percent from March 2014.

Gains in 1Q 2014 continue the rate of home price growth in the Dallas-Fort Worth area that is running twice the long-term average.

North Texas Home Resales
Resales 7,584 12% 540 7%
Median price $197,000 0% $183,000 8%
Avg. DOM 52 -13% 51 -28%
Pending sales 7,588 3% 608 13%
Listed for sale 16,478 -15% 1,019 -26%

See NTREIS March 2015 Report

Sources: Real Estate Center at Texas A&M University; North Texas Real Estate Information Systems

Read more at the Dallas Morning News.

McKinney sale: 301-unit Regency at Stonebridge Ranch 

(4/9/2015 7:30:00 AM)

McKINNEY - A Newport Beach, Calif.-based real estate investment company, MIG Real Estate, has completed the acquisition of Regency at Stonebridge Ranch, a 301-unit townhome community.

Located at 2305 S. Custer Rd., the property consists of 42 two-story townhome apartment buildings consisting of one-, two-, three-, and four-bedroom floorplans with direct access garages for all units.

Employment centers in the surrounding area, such as Legacy Business Park and CityLine, are experiencing remarkable growth with the relocations of Toyota, State Farm and Raytheon, totaling approximately 13,700 new jobs.


Dallas Production purchases 56,174-SF property 


DALLAS - Dallas Production Inc. — which is a tenant in the three-story building at 4600 Greenville Ave. — has bought the property from ANA Properties.

The 56,174-sf brick office building was built in 1986 and is 90 percent occupied.

Dallas Production Inc., an oil and gas firm that’s been in business since the 1960s, is one of the largest tenant in the building.

Read more at the Dallas Morning News.

Lewisville: Kroger's 123,000-SF Marketplace lots of stock 

(4/8/2015 10:00:00 AM)

LEWISVILLE - Kroger will open its eighth Marketplace store in North Texas at 4620 S.H. 121 on April 10. The store will anchor Castle Hills Marketplace, a 400,000-sf shopping center being built by Cencor Realty Services.

These larger stores, about 123,000 sf, are Kroger’s answer to one-stop shopping. In addition to having an expanded grocery side, these stores stock general merchandise, including housewares, baby gear, furniture, toys, and a fine jewelry store.

Kroger has several Marketplace stores in the works in Texas and last month opened one in North Richland Hills at 9150 North Tarrant Pkwy.

Two more are opening soon at 3915 Hwy. 377 East in Granbury and 3400 FM 407 E. in Bartonville.

Kroger is expanding a store in Mansfield by 27,000 sf, which it expects to complete in fall 2015. In January, it completed a 38,000-sf expansion at its Irving store at 7505 N. MacArthur Blvd.

At Castle Hills, Kroger represents the first phase with more space for tenants under construction.

Castle Hills has signed leases with Chili’s, Zoës Kitchen, Pie Five, Pei Wei, McDonald’s, Pollo Tropical, Verizon, Supercuts, Pacific Dental, Orangetheory Fitness and the Credit Union of Texas.

Read more at the Dallas Morning News.

New sea shells on the banks of Lake Lewisville 

(4/8/2015 8:00:00 AM)

DENTON COUNTY - Home builders are beginning work on a project slated to bring about 2,000 homes to a 500-acre development along Lake Lewisville in Denton County.

Construction will soon begin on the model homes of the community — known as Wildridge — with the first models completed by June.

Homes will range from the $300,000s to the $500,000s and living space from 1,800 sf to 4,800 sf.

Wildridge will include a community center with a pool, parks, walking trails, natural ponds and other amenities for residents.

The community is located near Oak Point Elementary School.

Read more at the Dallas Business Journal and Wildridge.

Greystone grabs 180-unit senior living community in Allen 


ALLEN - Aspens at Twin Creeks, a 180-unit senior living facility, has been sold.

Aspens at Twin Creeks is situated on more than ten acres at 480 Bray Central Dr. The property was built in 2011 and includes a business center, library, movie theater, covered patio with outdoor dining, resort-style saltwater pool and spa, and exercise facilities.

Greystone, a real estate lending, investment and advisory company, purchased Aspens at Twin Creeks.

"The Aspens at Twin Creeks is an age-restricted opportunity that will allow the buyer to potentially convert the property to a full-service independent living community. Available land adjacent to the property offers the potential future opportunity to add an assisted-living building to create a continuum of care campus," said Cody Tremper, a managing director of Greystone Real Estate Advisors.

Read more at GlobeNewswire.

Bu-ee's stops in Terrell with June 15 opening 


TERRELL, KAUFMAN COUNTY - The new beaver signs at I-20 and FM 148 confirm that this will be no ordinary convenience store.

Buc-ee’s hopes to open the 60,000-sf store on June 15.

The convenience store is constructed on nearly 20 acres in the future 36-acre power center known as the Terrell Market Center.

Job applications are being taken at the company website.

Read more at the Dallas Morning News.

NFI nestles into 650,000 SF in Lancaster 


LANCASTER - New Jersey-based logistics firm NFI Industries has rented about 650,000 sf of warehouse space in Park 2/35.

The big industrial lease will fill up the building, which developer ProLogis completed in 2014 at 1901 Danieldale Rd.

The speculative warehouse is right next door to Quaker Foods' huge new regional distribution center that ProLogis also built.

NFI already has multiple locations in North Texas. The family-owned company has been in business since the 1930s.

Read more at the Dallas Morning News.

Cushman & Wakefield: DFW office vacancy 1Q 2015 


DALLAS-FORT WORTH - Office vacancy across North Texas continued to fall in first quarter 2015, coming in at 16.7 percent, according to Cushman & Wakefield of Texas.

The vacancy rate was down from 17.8 percent in 1Q 2014. Dallas’ Central Business District (CBD) took the greatest drop, from 24.9 percent to 21.8 percent, as businesses moved to new or larger spaces in the urban core.

Vacancy in the Legacy/Frisco area grew substantially — from 8.3 percent to 15.9 percent — as nearly 1.5 million sf of new inventory was added to the market since 1Q 2014.

Asking full-service rental rates ticked up across the market, to an average of $21.50 per sf, an increase of 3.7 percent over 2014 levels. Class A rents rose 3.7 percent, reaching an all-time high of $26.65 per sf. C&W researchers expect rate increases to begin leveling off in the next 12 to 18 months.

About 8.8 million sf of office space is under construction across North Texas, comprised of 18 speculative buildings totaling 3.6 million sf and another ten build-to-suits totaling 5.2 million sf. More than half — about 5 million sf — is expected to hit the market in 2015.

About 60 percent of the speculative space has been pre-leased, with most located in the Turtle Creek/Uptown, Dallas CBD, and Preston Center submarkets.

Read more at D Magazine.

Dallas Love Field traffic jumps 45 percent in Feb. 2015 


DALLAS - Dallas Love Field had 916,278 passengers get on and off passenger airlines in February, a 45.1 percent increase from the 631,628 passengers in February 2014, when the Wright Amendment was still in place.

Southwest Airlines, which now operates 153 daily departures, carried 832,121 passengers in and out of the airport, up 36.2 percent from 610,970 in February 2014.

Next in totals is Virgin America, which entered Love Field on Oct. 13. It carried 51,098 passengers in February. Last February, with fewer flights and destinations, it carried 28,403 passengers in and out of Dallas-Fort Worth International Airport.

Below is a summary of passenger statistics for February 2015.

Dallas Love Field Total Passengers
Carrier Enplaned Deplaned Feb. 2015
Feb. 2014
Virgin America 25,325 25,773 51,098 0 0.0%
Delta Airlines 9,944 10,217 20,161 8,192 146.1%
Seaport Airlines 151 144 295 176 67.6%
Skywest Airlines 0 0 0 1,241 -100.0%
Southwest Airlines 414,332 417,789 832,121 610,970 36.2%
United Airlines 6,346 6,257 12,603 11,049 14.1%
Total passengers 456,098 460,180 916,278 631,628 45.1%

Source: City of Dallas

Read more at the Dallas Morning News and the City of Dallas.

Stitch Fix lands in Dallas, will hire hundreds 


DALLAS - Stitch Fix, a San Francisco-based online retailer, is setting up a major distribution center at 1421 N. Cockrell Hill Rd. The 316,000-sf center is slated to open in June.

Stitch Fix, which has an office in Austin, employs over 200 stylists in the Dallas region. In addition, the company plans to hire 400 to 500 employees for the new facility, with plans to continue to grow the team further in 2016.

The e-commerce company’s new distribution center will support Stitch Fix’s expanding business in Texas and the southern region of the country.

“Stitch Fix has a strong presence in Texas and the decision to locate our third distribution center in Dallas was an easy one,” said Stitch Fix Chief Operating Officer Mike Smith.

“We have always had many clients in Texas, so when we thought about where in the country we wanted to expand, it felt like a natural fit for our company and our culture.”

Stitch Fix provides an online personal styling service for women and sells apparel by mail. The company was founded in 2011 and has grown to more than 1,500 employees.

Stitch Fix is just the latest e-commerce firm to expand in North Texas. In 2014, Chicago-based Trunk Club bought a building east of downtown Dallas in Deep Ellum to house workers for its nationwide men’s apparel sales operation.

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

Amazon adds another 400 jobs to Haslet facility 


HASLET - Amazon is hiring 400 more workers at its 1.1 million-sf fulfillment center at 700 Westport Pkwy.

The center, which is near Alliance in Fort Worth, is expanding its staff for the third time. Amazon opened Haslet and another distribution center in Coppell in 2013.

Haslet ships the larger volume of goods. It’s where the small items such as books, health and beauty products and small toys are shipped, which is why its employment base is growing faster than Coppell’s, an spokeswoman explained.

Coppell, which is slightly smaller at 1 million sf, has 500 employees. Haslet will have about 1,500 full-time workers when this latest round of hiring is completed.

Amazon added the Dallas-Fort Worth area to its one-hour and two-hour Prime Now delivery service. It added same-day delivery capabilities in North Texas last summer.

Read more at the Dallas Morning News.

Centurion bringing more residential units to Denton County 


DENTON COUNTY - Centurion America Development has purchased land between Prosper and Celina on Frontier Pkwy., west of Preston Rd., with plans for a 1,800-home community.

The planned Sutton Fields development is the latest of a series of large residential community developments near the towns of Prosper and Celina. With builders running out of land for new home projects in Frisco, development is pushing further north up Preston Rd. and the expansion route for the Dallas North Tollway.

“The first phase of lots will be available summer of 2016,” Centurion American’s Clayton Snodgrass said.
Centurion American assembled several properties for the project.

“The key tract to the assemblage was a 320-acre property owned by Myers Financial with several other additional tracts totaling approximately 500 acres,” said real estate broker Rex Glendenning, who represents the Carrollton-based developer.

“Centurion also purchased another 112-acre single-family tract located on Preston Rd. — located just north of Frontier Pkwy. in Celina — with plans for an approximate 400-lot master-planned development, Ownsby Farms,” said Glendenning.

Centurion American’s new home communities are in the same area where Republic Property Group is building the Light Farms project, and it is near Dallas Cowboys owner Jerry Jones new Star Trail community in Prosper.

Read more at the Dallas Morning News.

Farmers Branch: Stone Collection lands 100,000 SF  


FARMERS BRANCH - The Stone Collection, a subsidiary company of IMC, has signed a lease for 100,000 sf of industrial space for a new North Texas distribution hub.

The company, which sells and distributes natural stone, will occupy part of a 260,000-sf facility that is currently under development at Billingsley Co.’s Mercer Business Park at the northwest corner of LBJ and Stemmons Fwy.

"Their leadership in the industry and brand strength will be a great benefit for the park," said George Billingsley, a partner at Dallas-based Billingsley Co. "We couldn't be happier with our tenant mix and are geared up to continue leasing efforts."

The lease will leave only 85,000 sf available in the building. Last year, ViaTech signed a lease for the first 75,000 sf of space in the facility.

The Stone Collection plans to occupy the space in the first quarter of 2016.

Read more at the Dallas Morning News.

DFW area public high school rankings: SAT, enrollment  


DALLAS-FORT WORTH - The Dallas Business Journal has released a list of the largest public high schools in North Texas, ranked by enrollment. A snapshot of the top ten is provided below!

Largest North Texas Public High Schools
Rank School Enrollment Avg. SAT
1 Allen High School 5,976 1618 96.8%
2 Plano West Senior High School 5,512 1726 96.3%
3 Plano Senior High 5,369 1709 96.4%
4 Plano East Senior High 5,266 1639 95.7%
5 Skyline High School 4,656 1258 94.4%
6 Duncanville High School 3,984 1368 95.1%
7 Lewisville High School 3,980 1445 94.5%
8 Sam Houston High School 3,345 1258 93.2%
9 Flower Mound High School 3,309 1703 96.3%
10 Martin High School 3,298 1568 96%

Source: Dallas Business Journal

Downtown Fort Worth condo sales comparison 4Q 2014 


FORT WORTH - Metro sales comparisons for condominiums and townhomes for fourth quarter 2014 are available courtesy of Downtown Fort Worth Inc.

Data presented in this report are derived from the North Texas Real Estate Information System’s MLS.

Condo and Townhouse Sales Comparison 4Q 2014
Fort Worth
Fort Worth
w/o Downtown
Fort Worth
Near Southside
Fort Worth
Cultural District
Units sold 20 116 2 17 27
Avg. sales price $219,645 $188,145 $353,750 $325,241 $267,526
Avg. list price $232,796 $256,850 $286,667 $465,227 $567,615
Avg. $/SF $179 $126 $152 $215 $207
Avg. DOM* 104 76 46 82 62
Avg. SP/LP** 94.8% 94.7% 92.5% 94.7% 96.4%
Avg. SF 1,226 1,493 1,886 1,513 1,292

*days on market
**sales price to list price

All information is deemed reliable but should be independently verified.

Click for fourth quarter 2014's full report with historical data!

Source:  Downtown Fort Worth Inc.

Ricchi snags 400,000 SF along Dallas' Stemmons Fwy. 


DALLAS - Dallas developer Leobardo Trevino has purchased two office buildings in the Stemmons Fwy. Corridor and plans to spend millions of dollars renovating the properties.

Trevino, through affiliated companies of Ricchi Dallas Investments, purchased 1300 W. Mockingbird Lane and 8700 Stemmons Fwy.

The five-story Mockingbird building totals 154,785 sf. Trevino plans to spend several million dollars renovating the property, which will include redoing the mechanical system and making them more marketable to tenants. It was sold by an affiliate of Jamison Properties Inc.

Trevino plans to spend $4 million to $5 million renovating the four-story Stemmons Fwy. building, which totals about 250,000 sf. It was sold by Spire Realty Partners.

Spire Realty Partners had owned the Stemmons Fwy. building for more than two decades and it was time to sell, said Stark, a senior vice president of Colliers International's Dallas office.

Trevino plans to reposition and lease the two buildings, much like the nearby 1111 W. Mockingbird Lane, which he spent $3 million renovating after purchasing it in November 2012.

In DFW, Trevino has about 700,000 sf of commercial real estate. In all, Ricchi Dallas Investments has about 1.4 million sf of property.

Read more at the Dallas Business Journal.

Florida investor grabs Dallas Frankford Springs, plans redo 


DALLAS - Advenir@Frankford, the 332-unit apartment property formerly known as Frankford Springs, has been sold.

Advenir@Frankford is located at 3702 Frankford Rd. and offers one-, two- and three-bedroom units ranging from 595 sf to 1,555 sf.

Advenir, a Florida-based billion-dollar apartment investor, purchased the Class A community and plans to spend $2.2 million on improvements.

Read more at the Dallas Business Journal.

Japanese home builder buys Flower Mound's Canyon Falls 

(4/2/2015 8:12:00 AM)

FLOWER MOUND - A Japanese home builder and developer has purchased the 1,200-acre Canyon Falls development on the west side of Flower Mound.

Started in 2013, Canyon Falls is planned for about 1,750 single-family homes, apartments, and shopping and commercial space.

New homes in the community, located on Cross Timbers Dr. east of I-35W, are priced from more than $300,000 to over $500,000.

Sekisui House, Japan’s largest home builder, acquired the Denton County development from owner Wheelock St. Capital. The sale included another residential project in Colorado.

Home builders Ashton Woods Homes, Coventry Homes, Highland Homes, K. Hovnanian Homes, Toll Brothers, Drees Custom Homes and Ryland Homes have been selling at Canyon Falls since summer 2014.

Read more at the Dallas Morning News.

Fort Worth Railhead: 300,000-SF spec industrial + 343,000 SF 

(4/2/2015 8:00:00 AM)

FORT WORTH - A new two-building industrial park will break ground in second quarter 2015 in the Railhead Industrial Park.

The 299,000-sf speculative building on the 47-acre site is at the southeast corner of N. Main St. and E. Industrial Rd. The development is owned by a joint venture between Ridge Development and LaSalle Investment Management.

The second building is currently being marketed as a build-to-suit opportunity with a potential 343,000 sf.

The project will have the capacity to give tenants dual-rail service with BNSF Railway and Union Pacific Railroad, and will be one of the only buildings in North Texas with that claim, according to Kent Newsom, executive vice president of Ridge Development.

Construction for the single- or multitenant building is slated for completion by the end of 2015.

Source: Ridge Development

DFW home sales up, starts down in 1Q 2015 

(4/2/2015 7:30:00 AM)

DALLAS-FORT WORTH - North Texas new home sales rose in first quarter 2015, but the number of home starts fell sharply from 1Q 2014, according to new data from Residential Strategies Inc.

DFW home builders started 5,740 houses during the first three months of 2015. That’s down almost 23 percent from home starts in 1Q 2014.

“As we suspected, the very wet weather we experienced this spring slowed our start rate,” said Residential Strategies principal Ted Wilson. “If the weather cooperates over the next three months, I think we will have a huge second quarter.”

Builders sold 4,785 new homes — about 5 percent more than in 1Q 2014.

Only 3,113 finished, vacant new homes were available at the end of 1Q 2015, less than a two-month supply of houses.

Read more at the Dallas Morning News.

50,000-SF MOB nearly done at Richardson's CityLine 


RICHARDSON - A three-story, 50,000-sf medical office building is nearing completion at the southwest corner of Plano Rd. and the President George Bush Turnpike.

Children’s Medical Center and Texas Health Resources will begin occupying the new building, which will serve the 10,000 workers at the CityLine development.

“We are subleasing 10,000 sf from Texas Health Resources at the site,” said Children’s Medical spokesman Randy Sachs. “We expect to start seeing patients there in October.”

State Farm Insurance began moving the first of about 8,000 employees to CityLine at the start of 2015. Raytheon will move about 1,700 workers into its new campus at CityLine later this year.

Read more at the Dallas Morning News.

$54M mixed-use project registers for UT Dallas 


DALLAS - Developers are about to break ground on a $54 million mixed-use development at the University of Texas at Dallas.

The Northside project will include housing for 600 students and retail space in a four-story complex of buildings at the north end of the university campus.

Balfour Beatty Campus Solutions LLC and Wynne/Jackson Inc. are building the project on 13 acres near the intersection of Synergy Park Blvd. and Floyd Rd., adjacent to a future commuter rail station site.

Current housing at UTD is full and the demand is strong for more units, said Wynne/Jackson principal Michael Jackson.

Construction will start in April and Northside is set to open in August of next year.

“Northside at UT Dallas is essential to support the tremendous growth our campus has experienced,” said Dr. Calvin D. Jamison, vice president for administration at UT Dallas. “Over the past seven years, our enrollment has increased from 14,500 to almost 23,000 students.”.

Read more at the Dallas Morning News.

Dallas among top U.S. markets for home price increases 


DALLAS - Denver, Miami and Dallas are leading the country in home price gains. Dallas-area prices were 8.1 percent higher in January 2015 than in January 2014, according to the latest Standard & Poor’s/Case-Shiller Home Price Index.

Nationwide, prices were up 4.5 percent in the Case-Shiller survey. Dallas’ year-over-year price gains in January were the largest since early 2014.

Home prices in North Texas are now at a record high, Dallas prices in the Case-Shiller index are now 13 percent ahead of where they were at the peak of the housing market before the recession.

Even with continued low mortgage rates, many potential buyers are being priced out of the market.

Higher home prices in Dallas could eventually make the area less attractive to relocating workers, according to Mark Dotzour, an economist with the Real Estate Center at Texas A&M University.

“That’s been our comparative advantage for the last 30 years,” said Dotzour. “Our cost of living has been so much lower that the employers can successfully bring people here at a moderate wage level and that allows them to stay competitive in the global marketplace.”

Even with an almost 30 percent rise in Dallas-area home prices in six years, residential costs are still slightly below the nationwide median, prices are still well below what they are in many coastal cities.

“We’ve gone from super-affordable to nicely affordable,” Dotzour said.

Dallas-area home prices are currently rising at almost twice the long-term average rate, driven by a shortage of supply and an annual population growth of more than 100,000.

Read more at the Dallas Morning News.

DFW housing developments woo residents with plots 


ARGYLE, CELINA, PROSPER - Farmers markets, community gardens and trails are among the amenities being offered by new housing developments.

A generation ago, most big residential developments were centered on a country club. However, surveys of buyers by the building industry show that golf courses are rated as one of the least attractive features for many potential homebuyers.

“Number one by far is trails,” said Craig Martin, founder and CEO of Terra Verde Group, the developer of the 2,000-acre Windsong Ranch in Prosper. “People want a place to get their kids on bicycles and to walk.”

Windsong Ranch will have miles of walking trails and 600 acres of connected parks for residents to use.

At the 1,200-acre Harvest community on I-35 in Argyle, developer Hillwood Residential built a commercial vegetable-growing operation and resident garden plots.

Harvest originally set aside about 50 garden plots for its residents, which were all reserved in the early months of the project. “We sold out our first phase before a quarter of our homeowners moved in,” said Tom Woliver, Hillwood director of planning and development. “We are building 70 more as we speak.”

At the 1,000-acre Light Farms residential development in Celina, a farmers market is held every Saturday, with more than 200 people turning out at recent markets. The development is also planning a community garden.

Read more at the Dallas Morning News.

Berkadia: DFW 2014 Multifamily Sales Summary 


DALLAS-FORT WORTH - Berkadia has released its 2014 Sales Summary for the North Texas multifamily market.

Sales velocity of multifamily properties in 2014 decreased 9.5 percent from 2013, though activity was 55 percent greater than average transactions from the prior five-year period.

Investors acquired 314 properties with total volume of $5.2 billion, a 3.8 percent reduction from 2013. The average transaction, however, rose 5 percent to $16 million as the average number of apartments per sale increased from 195 units in 2013 to 225 units in 2014.

Apartment communities built in the 1960s, 1970s and 1980s increasingly dominated sales activity, accounting for 77 percent of transactions in 2014, compared to 68 percent of deals in 2013. In the last four quarters, prices at these communities fell 8.4 percent, fueling an overall price reduction of 7.6 percent to $71,098 per unit.

Year-over-Year Sales Summary 2014
  100+ Unit Sales < 100 Unit Sales
Avg. Price
Per Unit
Avg. Price
Per SF
# of
Avg. Price
Per Unit
Avg. Price
Per SF
# of
2013 $80,168 $88.00 240 $5,091,022,051 $74,530 $66.59 107 $360,169,713
2014 $71,273 $79.10 245 $5,015,431,865 $70,478 $60.16 69 $228,600,952
Change -11% -10% 2% -1% -5% -10% -36% -37%

Source: Berkadia

Click here for a PDF of the sales summary and a 2015 forecast.

Fort Worth Economic Indicators March 2015 


FORT WORTH - Downtown Fort Worth has released its Downtown Fort Worth Dashboard for March 2015, highlighting economic indicators. A sample of the data is provided below!

Fort Worth Economic Indicators March 2015
Indicator Source Period Current
Same Period
Chg. From
Apartment Occ. Rate DFWI 4Q 2014 96.5% 94.9% 95.2% 1.4%
Avg. Residential Rent DFWI 4Q 2014 $1,681 $1,706 $1,652 1.8%
Median Residential Sales Price MLS 4Q 2014 $212,450 $189,950 $171,500 23.9%
Direct Office Occ. Rate DFWI/CoStar 4Q 2014 86.4% 85.9% 85.2% 1.4%
Net Office Absorp. (SF) DFWI/CoStar 4Q 2014 60,850 54,967 -127,268 188,118
Retail Occ. Rate DFWI/CoStar 4Q 2014 92.7% 92.6% 92.6% 0.1%
Hotel Occ. Rate (YTD) STR Dec. 2014 69.0% 70.1% 67.3% 2.5%
Avg. Hotel Room Rate (YTD) STR Dec. 2014 $161.71 $162.34 $154.68 4.5%

Source: Downtown Fort Worth Inc.

See the March 2015 Dashboard for more indicators or check out DFW Market Research.

DFW office construction at highest level since 1980s 


DALLAS-FORT WORTH - North Texas office construction has soared to the highest level since the 1980s. More than 8.8 million sf of office space is under construction in DFW — about 50 percent more than a year ago.

The boom has grown to 28 projects — most of them in Dallas’ northern suburbs and the Uptown area, according to a new report by Cushman & Wakefield Inc.

About a third of the projects are for specific corporations, and almost 60 percent of the office space being built is already rented.

Almost half of the office space under construction is in the West Plano and Frisco market, where new corporate campuses are under construction for companies including Toyota Motor, FedEx Office and the Dallas Cowboys.

Developers are also putting up several multitenant office projects in those areas.

Construction also remains high in the Telecom Corridor, where State Farm Insurance and Raytheon Corp. have office developments underway.

Even with all the construction, office vacancy rates in North Texas continue to fall — to less than 17 percent in first quarter 2015.

Read more at the Dallas Morning News.

CityLine's 1,700 apartment boom in Richardson 


RICHARDSON - Four major apartment communities set to open at the $1.6 billion CityLine development on Plano Road at the Bush Turnpike.

The 186-acre CityLine project is the largest new employment center in North Texas. Along with State Farm’s workers, 1,700 more employees of Raytheon Corp. also are relocating to the project in late 2015.

Below is a highlight of the units that are coming to the area:

CityLine Apartment Building Boom
Developer Units
Trinsic 386
Crow Residential 351
JLB Partners 532
Zale/Corson 403

Read more at the Dallas Morning News or see previous stories from NewsTalk Texas about the CityLine project.

Justin gives 68 Fort Worth workers the boot 


FORT WORTH - Justin Brands Inc. will lay off 68 employees and close an entire distribution facility.

In a letter filed with the Texas Workforce Commission, the company said the closure at 3500 E. Long Ave. will be permanent. The company said the first layoffs would occur on or about May 15.

However, it may not be the end of the road for the affected workers. Justin Brands plans to turn over its distribution operations to logistics company GENCO, and the employees will have a chance to apply for jobs there.

Justin Brands Inc., headquartered in Fort Worth, sells Justin, Tony Lama, Nocona and Chippewa boots.

Read more at the Dallas Business Journal.

Downtown Fort Worth office/retail stats 4Q 2014 


FORT WORTH - Office and retail occupancy rates for Downtown Fort Worth for fourth quarter 2014 are available.

Data presented in the report are derived from the following sources: Sales and sales tax data are from the Texas Comptroller of Public Accounts, office and retail occupancy rates from the Costar Group.

Downtown Fort Worth Office / Retail Occupancy Rates
 Type 4Q 2012 4Q 2013 4Q 2014
Office 92.0% 85.2% 86.4%
Retail 95.0% 92.6% 92.7%

Office Rental Rates
Downtown Fort Worth*
Type 4Q 2012 4Q 2013 4Q 2014
Class A $28.44 $29.23 $28.74
Class B $19.15 $19.38 $20.59
Class C $18.43 $14.72 $18.27

*Full service rent ($/SF/YR)

Read more at Downtown Fort Worth Inc. (DFWI)

DFW major apartment sales prices 2014 

(3/31/2015 7:15:00 AM)

DALLAS-FORT WORTH - Cushman & Wakefield has released its Year-End 2014 Multifamily Snapshot, which includes a highlight of significant apartment sales from the past year.

Significant Apartment Sales 2014
Property Name City #
Total Price Price/Unit
Elan City Centre   Dallas 130 $46,035,891 $139,503
Glen Lakes   Dallas 424 $49,000,000 $115,566
Interurban Building Dallas 134 $22,176,076 $165,493
Lakewood Flats Dallas 435 $60,500,000 $139,080
Zang Triangle Dallas 240 $32,400,000 $135,000
Marquis at Willow Lake Fort Worth 138 $19,225,000 $139,312
Orion At Oak Hill Fort Worth 360 $47,000,000 $130,556
The Resort at 925 Main Grapevine 251 $54,600,000 $217,530
Mission at La Villita Irving 360 $48,770,210 $135,473
Arthouse Keller 187 $30,250,000 $161,765
CityParc At Keller Keller 312 $32,200,000 $103,205
The Heights at Lake Forest McKinney 334 $45,000,000 $134,731
Parkview Legends McKinney 208 $21,800,000 $104,808
Legends at Ridgeview Ranch Plano 480 $59,772,835 $124,527
Sweetwater Ranch Richardson 312 $32,600,000 $104,487

Sources: Real Capital Analytics, Cushman & Wakefield Research Services

See the full report or see more under Multifamily at DFW Market Research.

Multifamily set for Prosper's Windsong Ranch 

(3/31/2015 7:00:00 AM)

PROSPER - A new rental community is coming to the 2,000-acre Windsong Ranch community in Denton County.

Davis Development plans to build a 300-unit, townhouse-style rental community on the property, which is near the northeast corner of U.S. 380 and Gee Rd. The Atlanta-based developer has purchased 26 acres at the entrance to Windsong Ranch for the project.

The site is next door to where a new shopping center anchored by a Kroger supermarket is in the works. It will be the first rental project in the $1.2 billion community.

Windsong Ranch is planned to contain more than 3,000 houses and has already completed the first three phases of homes.

Read more at the Dallas Morning News.

Crow starts Las Colinas 309-unit apartments in Irving 


IRVING - Construction is kicking off in Las Colinas on a major new apartment community.

Trammell Crow Residential has started the 309-unit project in the Las Colinas Urban Center near Northwest Hwy. and Riverside Dr.

The rental community is located near DART’s light rail line and is close to the Irving Convention Center and the new entertainment district that is under construction.

The project will be finished in mid-2016, according to Crow Residential’s Steve Bancroft.

Read more at the Dallas Morning News.

DFW foreclosures rise in April, but still relatively low 

(3/30/2015 11:00:00 AM)

DALLAS-FORT WORTH - After months of declines, April saw a jump in the number of North Texas homes facing foreclosure.

Lenders have scheduled foreclosure sales for more 1,681 homes in DFW — a 14 percent increase from foreclosure filings in April 2014.

Next month’s foreclosure posting volume in the four-county area is at the highest level in a year, according to data from Addison-based Foreclosure Listing Service.

The largest foreclosure posting increase is in Dallas County where they number of homes facing forced sale next month is up about 15 percent from a year ago.

Even with April’s increase, home foreclosure filings in North Texas are down about 15 percent from the first four months of 2014.

Foreclosure filings in North Texas in 2014 were at the lowest level in 13 years.

The number of home foreclosure postings in North Texas last year fell 26 percent from 2013 totals. Foreclosure filings this year were less than a third of what they were in 2010 during the worst of the housing sector shakeout.

Read more at the Dallas Morning News.

MYCON's industrial space in Irving, Flower Mound completed 


IRVING, FLOWER MOUND - MYCON General Contractors has completed construction of two large industrial warehouse facilities: Parc Royal, Buildings 1–4 in Irving and Lakeside Ridge Distribution Center, Buildings 1 and 2 in Flower Mound.

Park Royal, located at 3700 W. Royal Lane, is a 511,600-sf master-planned facility on a 30-acre tract.

Lakeside Ridge Distribution Center, located at 1201 Lakeside Pkwy. (Building 1) and 501 Gerault Rd. (Building 2), comprises two tilt-wall buildings featuring office and warehouse space with a total of 453,300 sf.

Both projects were completed in less than nine months, according to John Riggins, MYCON’s vice president of office and industrial, which served as general contractor on the projects. Both projects were developed by Crow Holdings.


SHH! HEB quietly accumulating DFW area land 


DALLAS-FORT WORTH - HEB has quietly been gathering acreage in North Texas while building stores in Houston and San Antonio that redefine the traditional Texas supermarket.

The San Antonio-based grocer has bought at least a dozen locations in the region including:

  • Allen: Greenville Avenue and Exchange Parkway in Allen 75002 (northwest corner);
  • Corinth: FM 2181 and FM 2499 Corinth, 76210 (in the Teasley Crossing addition);
  • Dallas: 5204 S. Buckner Blvd., Dallas 75227 (11.26 acres);
  • DeSoto: 845 and 849 N. I 35E (Beckley Road), DeSoto 75115 (17.4 acres);
  • Fort Worth: 6301, 6325 and 6351 W. Bailey Boswell Road, Fort Worth 76179;
  • Frisco: Lebanon Road and FM 423 in Frisco (23.88 acres at the Village at Phillips Creek Ranch in Denton County);
  • Grand Prairie: 5325 and 5303 Lake Ridge Parkway, Grand Prairie 75052;
  • Lewisville:
  • McKinney: 5317 W. University Drive in McKinney 75071 (in Wilson Creek Crossing);
  • Murphy: FM 544 (Kirby Street) and the intersection of McCreary, Murphy 75094  (southeast corner); and
  • Plano: Southwest corner of Preston Road and Spring Creek Parkway in Plano (in Turner Heritage addition).

A full-blown expansion north seems like a natural step to everyone else in Texas, but the 110-year-old family-owned and -operated business didn’t make it to the top of its game by rushing into anything.

H-E-B, which operates five Central Market specialty food stores in the Dallas area, has land-banked 16 North Texas sites, according to Karla Smith, senior vice president and partner in the Dallas office of commercial real estate firm CBRE.

H-E-B has become one of the ten largest grocers in the U.S., according Supermarket News. With annual sales of $22.6 billion last year, it operates 373 stores, including 50 in Mexico. The company has been led by chairman and CEO Charles Butt, grandson of the founder, since the 1970s.

“If and when we do, it would be custom-built for DFW and not modeled after another market,” said Winell Herron, H-E-B vice president. “H-E-B values innovation, creativity and specific tailoring to the communities we serve.”

Read more at the Dallas Morning News. Be sure to see "THE MAP" of present H-E-B's and H-E-B land purchases.

Candy plant avoids sticky situation in Grand Prairie 

(3/26/2015 8:00:00 AM)

GRAND PRAIRIE - Red Hots, Atomic Fireballs, Lemonhead, Now & Later and other candies will have cooler surroundings in the Ferrara Candy Co. distribution center at its Grand Lakes II facility at 3953 Gifford St.

Ferrara Candy agreed to renew full occupancy at its Class A, 1.06 million-sf Grand Lakes II within Grand Lakes Distribution Center.

Duke Realty Corporation built Grand Lakes II in 2008 on I-30 between Dallas and Fort Worth.

Grand Lakes is located in a State of Texas Enterprise Zone and has Triple Freeport inventory tax exempt status. Buildings on the site also can be served by Union Pacific Railroad.

Ferrara manufactures, repackages and sells a wide variety of candy.

“Grand Lakes II is a modern, Class A, well-maintained building with superior highway access, but did not have air-conditioning throughout,” said Randy Wood, Vice President of Leasing.

“A critical component of the lease renewal was adding HVAC so that the remaining 355,933-sf, ambient-air portion of the building also would be air-conditioned. Our ability to complete this upgrade in an expedient manner without disrupting Ferrara Candy’s operations, as well as a few other improvements, was important in Ferrara Candy’s decision.”

Read more at CoStar Group, Dallas Morning News and Dallas citybizlist.

AT&T reaches out to 500 across North Texas 


DALLAS-FORT WORTH - AT&T has announced plans to hire more than 500 employees in the Metroplex.

The jobs are for retail sales, network technician and call center positions, and they are part of what AT&T is calling Project Velocity IP, a multibillion-dollar investment to expand and enhance the company’s wireless and wired networks.

“AT&T continues to expand its customer base in the greater Dallas-Fort Worth area and invest in our network to ensure we are providing the high level of service customers have come to expect,” said Hardmon Williams, vice president and general manager of AT&T North Texas.

The jobs are in Allen, Arlington, Burleson, Carrollton, Dallas, Farmers Branch, Fort Worth, Frisco, Garland, Granbury, Grand Prairie, Hurst, Irving, Lancaster, McKinney, Richardson, Rockwall and Sherman.

Read more at the Fort Worth Star-Telegram.

Far North Dallas Horizon(s) sale of 700 apartments 


DALLAS - Emory at Horizon North and Ashmore at Horizon North, two apartment communities in Far North Dallas, have been sold.

CAF Capital Partners and Button Capital bought the communities, which make up more than 700 apartments.

The apartments were built in the late 1990s, and the new owners plan to make upgrades to the properties.

Emory at Horizon North is located at 4200 Horizon N. Pkwy. and Ashmore at Horizon North is located at 4300 Horizon N. Pkwy.

Read more at the Dallas Morning News.

South side of downtown Dallas: Ramada Plaza redo 


DALLAS - Interior demolition has begun inside the former Ramada Plaza hotel just south of downtown. The Akard Street hotel — which has been empty for years — will have about 220 rooms when it opens next summer.

Developer Hamilton Properties is renovating the vacant, 12-story hotel tower which has a front row view on the downtown skyline and is at the entry to Dallas’ Cedars neighborhood, which is seeing widespread development.

In January the U.S. Department of Housing and Urban Development (HUD) said it would back an $11 million loan to pay for part of the deal.

The renovation will include a top floor restaurant to take advantage of the downtown view.

The former Ramada tower is just blocks from the historic Ambassador Hotel, which just sold to developers who also plan to remodel the landmark.

Read more at the Dallas Morning News.

Royse City's 155,000-SF Walmart rises for fall opening 


ROYSE CITY, COLLIN COUNTY - The $7 million, 154,696-sf Walmart Supercenter at 782 E. St. is underway.

The Walmart will open in October 2015 and is expected to employ approximately 100 people. There will be eight pad sites on the 36-acre Walmart site on the northwest corner of I-30 and Erby Campbell Blvd.

MYCON General Contractors, which has built 20 Walmart stores in the past, is building the Supercenter. The general contractor has stores in Bryan, Dallas, Denton, Flower Mound, Frisco, Garland, Plano, Rowlett, Sachse and Temple.

Read more at Texas Real Estate Business.

GE Capital snags 148,000 SF in Las Colinas campus 


LAS COLINAS - GE Capital has rented almost a third of the six-building Riverside Commons office campus on SH 114.

GE Capital is taking 148,000 sf of office space in the buildings, which were built in the 1980s and were acquired in 2014 by Canadian investor Brookfield Property Group. Brookfield is spending about $5.5 million to renovate the buildings.

GE Capital will start moving almost 700 people into the property in October. The financial services firm is consolidating operations currently housed in two Las Colinas buildings.

The buildings formerly housed the U.S. headquarters campus for BlackBerry, which bought the buildings in 2009 before selling them to Brookfield in 2014.

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

Are you being served Dallas? Butler Brothers ring redo bell 

(3/25/2015 11:00:00 AM)

DALLAS - Owners of a historic downtown Dallas building have begun demolition to prepare for renovation of the property.

The 104-year-old Butler Brothers Building at 500 S. Ervay is one of the last large vacant commercial buildings downtown.

Owner Alterra International has announced plans to spend more than $85 million turning the eight-story former warehouse building into a mixed-use project with retail, apartments and hotel rooms.

Work crews are now gutting the interior of the 510,000-sf building to prepare for the redevelopment.

The building was one of the largest structures in Dallas when it was built to house warehouse operations for Butler Brothers of Chicago — a wholesaler and an operator of variety stores.

The big warehouse had more than 11 acres of storage space. In the 1950s it was converted into the Dallas Merchandise Mart — a wholesale showroom center. The property — located across the street from Dallas City Hall — has been vacant for more than a decade.

Read more at the Dallas Morning News. See another "old story."

$15M Home2 Suites underway in Addison 


ADDISON - Construction has begun on a Home2 Suites on Belt Line Rd. between Quorum Dr. and Addison Rd.

The five-story, 132-room hotel will by the city’s first in more than ten years.

The extended stay hotel will feature Spin2Cycle, a combination fitness center and guest laundry. It will be the second Home2 Suites to open in DFW since Hilton Worldwide introduced the brand in 2009.

Magnolia Lodging is building the hotel, which is slated to open in the first half of 2016.

Read more at the Dallas Morning News.

Putting life into Dallas' historic Ambassador Hotel 


DALLAS - Developers have purchased the 110-year-old Ambassador Hotel on S. Ervay St. with plans to restore the property.

The landmark hotel is just south of downtown and is one of the city’s oldest surviving residential hotels. The hotel is next door to Dallas Heritage Village Park and is in an area that is seeing redevelopment.

A partnership led by developer Jim Lake Jr. bought the six-story building, which opened in 1905 as the Majestic Hotel.

The new owners plan to restore the building with a combination of luxury hotel space and apartments.

Read more at the Dallas Morning News.

Land plans for 11-acre site near Cowboys HQ in Frisco 


FRISCO - Western international has purchased almost 11 acres on the east side of the Dallas North Tollway (DNT) at McCandless Way.

The vacant property is just east of where the Dallas Cowboys are building their new corporate headquarters.

Western International plans to develop a mixed-use project with office and hotel space on the property, which is just north of Warren Pkwy.

The just purchased development site is in the area along the DNT where Frisco economic development officials brag that almost $5 billion in real estate projects are in the works or already underway.

Read more at the Dallas Morning News.

Bell Helicopter cuts another 315 jobs, mostly in Fort Worth 


FORT WORTH - Bell Helicopter is trimming 315 more jobs, most of them in Fort Worth, as it continues to adjust to reduced production of the V-22 Osprey.

The Fort Worth-based company said that the reduction in force would affect both management and non-management, including some union members.

The company has also suspended all external hiring.

Bell is producing about 50 percent less V-22 aircraft than a year ago as the military winds down its purchases of the tiltrotor, which is assembled in Amarillo with parts produced in Fort Worth. It is the company’s largest program.

V-22 deliveries are expected to decline to 21 this year from 37 last year. Through the end of 2014, the company had delivered 293 V-22s to the military, with production peaking in 2013 at 41.

Because the V-22’s biggest systems, such as the drive and rotor blades, are made in the Fort Worth area, the slowdown in production has affected employment more in Fort Worth than in Amarillo, Bell spokeswoman Susan Gordon said.

The company, which announced a series of layoffs last year, including 320 in October, said that after this reduction, it would have about 4,750 employees in the Fort Worth area.

Read more at the Fort Worth Star-Telegram.

Axiometrics: DFW multifamily Feb. 2015 


DALAS-FORT WORTH - North Texas apartment vacancy rates continued to inch down in February, according to Axiometrics Inc.

In February, there was a 5.1 percent vacancy rate in North Texas apartments — down about one tenth of 1 percent from January, according to a new report by Axiometrics Inc.

Average rents were up 5.4 percent annually in the Dallas area and 6.3 percent in the Fort Worth area. In Dallas renters on average pay more than $1,000 a month.

The increase in North Texas apartment rents and occupancy came even though more than 3,800 apartments were added to the market in first quarter 2015.

“The fact that so much new supply is being delivered, and both metros are considered close to ‘full’ by Axiometrics’ standards, speaks to the economic strength of this region,” Stephanie McCleskey, vice president of research for the apartment consulting firm.

Almost 30,000 apartments are being built in North Texas — more than in any U.S. metropolitan area.

Read more at the Dallas Morning News.

Sold: Carrollton's 34,000-SF Northridge Court  


CARROLLTON - Northridge Court, a 33,979-sf retail center at 2741 E. Belt Line Rd., has been sold.

Northridge Court is situated on nearly 2.3 acres and was 56 percent leased at the time of sale.

The property is near the Marsh Lane intersection, close to the Dallas North Tollway and President George Bush Turnpike.

Northridge Court was built in 1979 and had been owned by the seller since 1990.

Read more at Texas Real Estate Business.

123,000-SF former Bombay HQ purchased in Fort Worth 


FORT WORTH - 550 Bailey, the seven-story, 122,828-sf building that is the former location of The Bombay Co.’s headquarters, has been sold.

The property includes an adjacent multi-level parking garage and surface parking, which has an overall parking ratio of 3.5 per 1,000 net rentable sf.

550 Bailey has undergone numerous capital improvements. Since 2008, ownership invested about $6 million to transform the former single-tenant corporate headquarters building into the property of today. An additional $5 million went into leasehold improvements over the same period.

Renovations include lobby and common area remodels, elevator modernization for all five elevators, exterior landscaping enhancements and construction of a covered walkway from the parking garage to the office building.

Transwestern Investment Group, on behalf of Diversified International Partners, purchased 550 Bailey.

Read more at the Fort Worth Business Press.

Grand Prairie's 288-unit Arioso sold 


GRAND PRAIRIE - Arioso, a 288-unit apartment community at 3030 Claremont Dr., has been sold.

The property is located at the intersection of I-20 and SH 360. Built in 2007 on 13.5 acres, Arioso has nine floor plans and 52 townhomes. The average unit is 976 sf.

Community amenities include a clubhouse, two swimming pools, a fitness center and an outdoor fireplace area with barbecue grills.

Read more at Texas Real Business Online.

Fort Worth: Jetta HQ strolls downtown to $100M office 


FORT WORTH - Construction is expected to begin this summer on a $100 million, 26-story office tower downtown that will be the new headquarters for Jetta Operating and other tenants.

The building covers three-quarters of a block bounded by Taylor and Lamar St. on the east and west, and Fifth and Sixth St. on the north and south.

It will have about 230,000 sf of office space on the 14th through 24th floors, with the top two floors offering six to eight for-sale condos. The office floors will offer about 21,000 sf of space.

The building will also have approximately 7,000 sf of retail space on the ground floor and 920 parking spaces, to be used by the building tenants, MorningStar Capital and the Fort Worth Club.

The 12th and 13th floors of the building will have a restaurant and bar, conference rooms and amenities areas for locker rooms and fitness facilities for the building tenants.

Construction on the modern glass and metal building will take about two years to complete, said Michael Bennett, principal of Bennett Benner Partners, the architecture firm that designed the building.

Read more at the Fort Worth Star-Telegram.

PirWig purchases 40,000-SF office property in Frisco 


FRISCO - PirWig Properties, an Austin-based investment group, has purchased Stewart Creek Office Center II, a 40,612-sf office building near Toyota Stadium.

The Class A building is located at 5750 Genesis Court along the Dallas North Tollway. It was developed in 2006 and is 100 percent leased to ten tenants.

"Due to the timing of the sale, we were able to secure a higher than expected sales price for this particular submarket," said Creighton Stark, an executive vice president at Colliers International.

The building is located in close proximity to a mile Frisco leaders have nicknamed the $5 billion mile.

Read more at the Dallas Business Journal.

Bottle Rocket lands 50,000-SF Addison office 


ADDISON - Bottle Rocket Studios has moved into a 49,570-sf office at 14841 Dallas Pkwy.

The new space not only provided the mobile development company almost double the space as its former Addison office, but also a chance to build a customized, modern office that can complement its rebranding.

Bottle Rocket currently occupies about 32,000 sf on the eighth floor of the building that formerly housed Pizza Hut. It still has about 17,000 sf on the ninth floor that it can use for expansion.

The office, which was gutted and completely redesigned for Bottle Rocket, boasts open working spaces for teams separated by dividing walls.

The new office has 6,000 sf of event space that can be broken down into individual rooms or used for a larger event. The majority of its walls are dry erase capable, and covered in ideas from the company’s employees, which are called Rocketeers.

Read more at the Dallas Business Journal.

JLL's COW: Dallas office projects to change rental rates 

(3/16/2015 8:00:00 AM)

DALLAS - New office project will change the rental rate landscape of the downtown core, according to JLL’s Chart of the Week (COW) from March 2, 2015.

Tighter Class A vacancy in the Arts District and Uptown's office core has pushed full-service rents to $33.60 per sf — an increase of 18 percent in the last two years.

While the average illustrates the basic trend, it masks an important underlying dynamic. In fact, several buildings pull the real "average" down notably given very high rents in many properties.

Of space that is now under construction, rents average more than $44 per sf, suggesting that as new product is delivered, there will be upward pressure on Class A rates and the requirement for existing buildings to modernize to remain competitive.

Source: JLL Research

See JLL's Chart of the Week.

Aura Cedar adding 387 urban units to Dallas' Oak Lawn 


DALLAS - Trinsic Residential Group has started work on Aura Cedar, its third major rental community in the Oak Lawn neighborhood.

The new 387-unit project will open spring 2016 at Cedar Springs Rd. and the Dallas North Tollway (DNT). The apartments will replace old rental units that were on the property.

The four-story, urban-style rental units are just blocks from where Trinsic built its Aura Wycliff apartments at Wycliff and the DNT.

Read more at the Dallas Morning News.

Huckabee signs 45,000-SF lease in downtown Fort Worth 


FORT WORTH - Architecture firm Huckabee Inc. signed a lease for 44,582 sf of space at Burnett Plaza located at 801 Cherry St. in downtown.

The 40-story, 1 million-sf building gives the architecture firm options for near term and future growth plans and is located near top-notch amenities, said Pat McDowell, a senior vice president at JLL.

Huckabee plans to make the move into its new office this July. The firm will move its headquarters there from its current location on Hulen St.

Read more at the Dallas Business Journal.

North Texas home sales Feb. 2015 

(3/12/2015 8:00:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems home sales are available from February 10, 2015. Here's a peek at data you can find.

• The median price of existing single-family homes increased to $184,900, up 5.7 percent from January 2015.
• Existing single-family home sales increased 10.1 percent from January 2015, with 4,599 sold units.
• Condos increased in price to $168,000, up 17.1 percent from January 2015.
• Existing condo sales increased 28.1 percent in February 2015 over January 2015 with 360 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Feb. 2015
Price Chg.
Feb. 2014
Units Sold
Feb. 2015
Sale Chg.
NTREIS* (single-family) $184,900 9.4% 4,599 -8.4%
NTREIS (condo) $168,000 20.1% 360 4.3%
Region Cities**        
Fort Worth $162,750 13.1% 528 -6.9%
Dallas $285,000 14.0% 497 -8.1%
Plano $269,900 11.9% 193 -1.5%
Arlington $148,700 10.1% 188 -18.3%
Frisco $319,900 6.7% 130 -13.9%
Garland $144,900 24.4% 113 2.7%
Abilene*** $144,900 11.5% 82 3.8%
Grand Prairie $150,000 1.4% 81 -23.6%
Richardson $235,000 4.9% 79 5.3%

*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold more than 75 units during February 2015.
***Abilene is part of the over 50 counties NTREIS covers.

See the full report from NTREIS.

Got data? See for yourself the NTREIS data you might be missing.

Chuck E. Cheese's parent stays in Irving with HQ move 


IRVING - CEC Entertainment, the company that owns the popular Chuck E. Cheese restaurant chain, will move its headquarters to 55,257-sf in the Westway One building on Market Place Blvd. near the north end of DFW International Airport.

The company will move more than 250 employees to the location in July 2015.

Along with offices, the new headquarters space will include a test kitchen and an entertainment production studio.

“It lets us get closer together in an open environment,” said CEO Tom Leverton. “A lot of people now in offices will be out amongst the teams.”

CEC now has just under 600 Chuck E. Cheese restaurant locations. The move is the first time the company has moved its headquarters in 30 years.

Read more at the Dallas Morning News.

Gladstone locks up 156,000 SF with Richardson office buy 

(3/11/2015 7:55:00 AM)

RICHARDSON - The 155,984-sf building at 250 E. Arapaho Rd. has been sold for $24.7 million.

The two-story building is fully leased to the nation’s largest Medicare exchange, which has a lease on the property through October 2024.

Gladstone Commercial Corporation purchased the property from Peloton Capital Partners, which recently renovated the lobby, restrooms and courtyard area.

"This acquisition demonstrates Gladstone Commercial's continued focus on acquiring single-tenant properties with solid credit in growing markets," explained Senior Managing Director Buzz Cooper.

"This acquisition brings our DFW MSA portfolio to seven properties. This is a strong, growing market and we are actively pursuing more deals in the area."

Read more at GlobeNewswire and the Dallas Business Journal.

DFW apartment industry contributes $25B to local economy 


DALLAS-FORT WORTH - North Texas is the apartment building capital of the country, with more new rental units in the works than anywhere else in the U.S.

A new report by the National Multifamily Housing Council and the National Apartment Association says that the apartment sector contributes more than $25 billion a year to the local economy. Apartments also support more than 239,600 jobs in construction and operations.

The study estimates apartment development contributed $2.4 billion to the local economy in 2013, the latest year for the figures.

“North Texas continues to see substantial apartment development,” said Kin Oldham, Executive Director of the Apartment Association of Greater Dallas. “The DFW area also has one of the fastest growing populations, fueled by thousands of people moving to the area.”

Apartments in the DFW area had the fourth highest economic total in the country, behind New York City ($111.5 billion), Los Angeles ($63.1 billion) and Chicago ($29.8 billion).

Read more at the Dallas Morning News.

See the full report from the National Multifamily Housing Council and the National Apartment Association.

CoStar: DFW industrial deliveries, construction 4Q 2014 


DALLAS-FORT WORTH - During 4Q 2014, 19 buildings totaling 6,965,084 sf were completed in North Texas, up from 16 buildings totaling 1,971,921 sf that were completed in 3Q 2014.

There were 17,399,649 sf of industrial space under construction at the end of 4Q 2014.

Some of the notable 2014 deliveries include PepsiCo’s 1,224,688-sf facility that delivered in 1Q 2014 and is now 100 percent occupied and Southfield Park 35 – Building 1, a 1,126,320-sf building that delivered in 4Q 2014 and is not occupied.

The largest projects underway at the end of 4Q 2014 were Georgia Pacific’s 1,608,588-sf building with 100 percent of its space pre-leased and Dalport Trade Center – Building 5, a 1,400,000-sf facility that is 100 percent preleased.

Total industrial inventory in DFW amounted to 802,075,462 sf in 20,309 buildings as of the end of 4Q 2014.

  • Flex sector consisted of 136,071,663 sf in 6,954 projects;
  • Warehouse sector consisted of 666,003,799 sf in 13,355 buildings.

Within the industrial market there were 3,381 owner-occupied buildings accounting for 219,118,459 sf of industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 240 buildings totaling 41.8 million sf complete construction, with an additional 164.7 million sf of industrial space still under construction at the end of 4Q.

Read more at CoStar Group.

For more on industrial and other sectors, check out Dallas-Fort Worth-Arlington Market Research.

Forney's 26,000-SF Mustang Crossing races to sale 


FORNEY - Mustang Crossing, a 26,273-sf retail property at 724 E. Hwy. 80 has been sold.

Built in 2011, Mustang Crossing is situated within a growing community and sits 20 miles east of downtown Dallas.

At the time of listing, Mustang Crossing was 100 percent occupied with a complementary mix of tenants, all of which were on long-term, triple-net leases with staggered lease turnover.

The asset is surrounded by an increasing number of national tenants including Walmart, Lowe’s, Chick-fil-A, Chili’s, GameStop, Starbucks, Wendy’s and several others.

Source: Marcus & Millichap Real Estate Investment Services

JLL: Dallas employment balanced, diverse 


DALLAS - Dallas has one of the most diverse employer bases in the country, according to new research from JLL.

Based on data compiled from Moody’s Analytics and the Dallas Business Journal, JLL found that the city rated an 80 (on a 1 to 100 scale), which means the market is not based solely or disproportionately on one particular industry/employer.

As a result of this diversification, employment volatility rates a 93, meaning the metro is one of the most stable in the country.

The top employer is Walmart with approximately 34,700 local employees. Bank of America and Carlson Restaurants follow behind with 20,000 employees each. Then comes Texas Health Resources (19,200), Baylor Health Care (16,900), AT&T (15,800) and JPMorgan Chase (14,500).

The largest type of employer is business and professional services (17.5 percent), followed by government (12.3 percent), education and health services (12.2 percent) and retail trade (10.1 percent).

Not surprisingly, energy concerns did not register in the report. According to JLL, the industry constitutes just .5 percent of the workforce in Dallas (1 percent in DFW combined).

Read more at The chart is available online from JLL's Chart of the Week (COW) from February 23, 2015.

Planning 350,000-SF DFW Airport North Distribution Center II 


FLOWER MOUND - Transwestern and Huntington Industrial Partners have bought 24 acres on Lakeside Pkwy. to build a two-building industrial project north of DFW International Airport.

The DFW Airport North Distribution Center II project will have 349,580 sf and is scheduled for completion in August 2015. The development will have 185,000-sf and 164,000-sf buildings.

“As e-commerce and consumer spending continue to thrive, we expect the high level of demand for industrial space in the Dallas-Fort Worth area to continue,” said Transwestern’s John Fulton.

Read more at the Dallas Morning News.

Coins in the fountain at Mineral Wells historic Baker Hotel? 

(3/9/2015 8:00:00 AM)

MINERAL WELLS - An historic Texas hotel now in ruins that drew celebrities and visitors to its mineral waters decades ago could once again generate millions of dollars in profits after renovations.

The Mineral Wells Index reported a study shows the Baker Hotel, about 50 miles west of Fort Worth, could realize $2.1 million in net operating profit if renovated. In ten years, annual net profits could reach $5 million.

Besides the conversion from more than 400 current guest rooms to 157, the redeveloped hotel’s plans call for 23,750 sf of meeting space, including a 4,875-sf ballroom

The study was compiled by Houston-based PKF Consulting USA for Chad Patton and Laird Fairchild of Baker Hotel Development Partners LLC.

Using uniform hotel industry performance baselines, the Baker Hotel in its first full year of operation could see $12.5 million in gross revenues, based on room rentals, food and beverage sales, spa revenue, rentals and special events, and other income.
Take a tour of the Baker Hotel here, courtesy of Tyler Mask, staff writer of the Mineral Wells Mineral Wells is in Palo Pinto County.

Sources: Mineral Wells Index, NBC 5

DFW homeownership falls; millennials balk at buying 

(3/9/2015 7:39:00 AM)

DALLAS-FORT WORTH - DFW has one of the lowest big-city homeownership rates in the country, comparable to Los Angeles, New York City and San Francisco as cities that have the smallest share of owners vs. renters, according to a new Census Bureau report.

At the end of 2014, DFW’s homeownership rate stood at just over 56 percent — the lowest in Texas and way below the national rate of 64 percent in fourth quarter 2014. DFW’s homeownership rate has declined from a recent peak of 65.2 percent in mid-2010.

Growth and prosperity are part of the reason homeownership rates are falling.

“Young people flock to Dallas — they have to go where they think the jobs are,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University. “All the job creation is attracting recent college graduates and people looking for work."

"And they rent because they don’t have equity built up for down payments and they are just starting a job,” Gaines said. “Most of them are single, and they don’t want to get tied down with a house.”

At the start of 2015, there were more apartments under construction in North Texas than single-family homes. The DFW area has the fastest-growing apartment market in the country, with more than 30,000 units in the development pipeline.

“The millennials don’t seem to have as strong a desire to be a homeowner as the baby boomers did,” Gaines said. “They are getting married later and having kids later.”

Less than 30 percent of Texas homebuyers are first-timers — a number lower than the national ratios.

Read more at the Dallas Morning News.

DFW home prices jump 9 percent in Feb. 2015 


DALLAS-FORT WORTH - North Texas home sales were flat in February, but median sales prices surged ahead — up 9 percent from a year earlier.

Real estate agents sold 5,593 preowned single-family homes last month, almost the same number as in February 2014, according to the latest figures from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

It took less than two months on average to sell a North Texas home, and the number of houses listed for sale with real estate agents was down by 16 percent from a year ago.

With pending sales up 9 percent, March is likely to be a stronger homebuying month.

The lack of inventory is still holding back home purchases. In February, only a 2.1-month supply of houses were available for purchase in the area, the lowest inventory since real estate agents have been keeping such records.

The market is even tighter in some area, with less than a month’s housing inventory in Mesquite, The Colony, Plano, Carrollton-Farmers Branch, Richardson, Garland, Bedford and Hurst.

Read more at the Dallas Morning News.

See the Center’s Housing Activity & Affordability page for more information about home sales in your area.

Caddo finds catch in Dallas' Brookhollow Industrial Park 


DALLAS - Caddo Holdings has bought a headquarters and manufacturing facility in Brookhollow Industrial Park.

The firm bought the single-story, 101,939-sf building at 1011 Regal Row through its Caddo Industrial Fund I's affiliate CIP 1011 Regal LLC.

The 5.3-acre site sits next to SH 183 and has a protected rear property line that backs up to the Trinity River and railroad tracks. The property has 160 parking spaces and 14 loading docks.

The industrial property is leased to Guard-All Building Solutions, which has a term left on its triple net lease. It was sold by Grapevine-based Kruse Farms LP.

Read more at the Dallas Business Journal.

DFW tops in U.S. for industrial building 

(3/6/2015 9:00:00 AM)

DALLAS-FORT WORTH - North Texas now has the fastest growing industrial building market in the country.

More than 16 million sf of warehouse and industrial space are currently being built in North Texas, making it the top market in the nation, according to a new report by Cushman & Wakefield.

“E-commerce is fueling new projects in major logistics hubs such as Dallas-Fort Worth, the Inland Empire, Chicago and Atlanta,” the commercial real estate firm reports. “Markets with intermodal capabilities, notably Dallas-Fort Worth, Atlanta and Chicago are leading the way in rent growth, absorption and construction.”

Almost 12 million sf of the industrial buildings now under construction in the DFW area are being built speculatively.

“This market is set to add an additional 23 million sf of new inventory over the next three years,” the report states.

DFW warehouse rents are forecast to rise at one of the fastest clips in the country during the next couple of years, Cushman & Wakefield forecasts.

Read more at the Dallas Morning News. See U.S. Industrial Snapshot 4Q 2014 by Cushman & Wakefield.

tag: DFW Market Research; DFW NewsTalk Texas

Plano: Cinemark's $26M ticket to 120,000-SF HQ building 

(3/6/2015 7:42:00 AM)

PLANO - Movie theater chain operator Cinemark Holdings Inc. has acquired a five-story building at 3900 Dallas Pkwy. The more than 120,000-sf office building was purchased from Piedmont Office Realty Trust.

The brick and glass office building was constructed in 1998 and is next door to Cinemark’s Tinseltown movie theater. Cinemark moved into the building when it opened.

Last year, Cinemark started shopping the Dallas North Tollway office market with an eye toward moving its offices to another location, but ended up choosing to buy its current building and stay put.

Read more at the Dallas Morning News and SEC.

Denton: Class B 200-unit Kingswood Apartment $10M buy 


DENTON - The 200-unit Kingswood Apartments at 3400 Joyce Lane has been sold for $10 million.

Built in 1982, the Class B community, which averages 95 percent occupancy, is located three miles from University of North Texas and two miles from Texas Woman's University.

Kingswood Apartments offers one- and two-bedroom units ranging from 632 sf to 792 sf. Rent varies from $650 to $815.

Kingswood Circle LLC, a partnership between Mike Wells and Robert Aiello, acquired the asset from an out-of-state owner for $10 million. Wells Asset Management managed the property for the previous owner for 20 years before purchasing it.

According to Aiello, the duo will invest $700,000 towards improvements to the property, aiming to increase the per unit rate by $100-$125 a month.


Plano: Willow Bend Office Center trades for $21M 


PLANO - The 117,050-sf Willow Bend Office Center I at 2740 Dallas Pkwy has been sold for almost $21 million.

The two-story office building was constructed in 1999 on 7.3 acres in the Upper Tollway/West Plano submarket.

Willow Bend Office Center I was purchased by CFT Development for $20.75 million, or about $177 per sf. The property was sold by Franklin Street Properties Corp.

Read more at CoStar Group.

Dallas: shelling out $46M for Park Place on Turtle Creek 

(3/5/2015 6:45:00 AM)

DALLAS - Park Place on Turtle Creek, an approximately 177,000 sf, 14-story Class A office building has been acquired for $46.6 million.

Piedmont acquired Park Place on Turtle Creek, a Class A property located at 2911 Turtle Creek Blvd. in the Uptown/Turtle Creek submarket. The property is currently 88 percent occupied.

Read more at SEC.

Irving: Curt cuts to the chase with 142,000-SF lease 

(3/5/2015 6:35:00 AM)

IRVING - Curt Manufacturing has signed a 142,500-sf lease within the International Commerce Park.

The Wisconsin-based manufacturer and marketer of towing products will anchor 2611 Regent Blvd., a single-story, 256,500-sf industrial facility that currently houses operations for Mountain Plumbing Products, Pilot Freight Services and Ricochet.

The facility is part of the two-building DFW Corporate Center acquired by Prologis in 2013.

It is located in the foreign trade zone adjacent to the DFW Airport in Dallas' East DFW Airport/Las Colinas Industrial submarket.

Read more at CoStar Group.

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