NewsTalk Texas

Dallas-Fort Worth-Arlington

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.

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.

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.

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.

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.

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.

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

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.

Pioneer Frozen Foods dough rises to $10M Dallas facility 

(3/4/2015 9:00:00 AM)

DALLAS - Pioneer Frozen Foods Inc. plans to build a new $10 million food production facility at 4616 Langdon Rd. in southern Dallas.

The 50-acre, 132,000-sf building is the former home of the Dallas Morning News. It will help Duncanville-based Pioneer expand its operations for its Pioneer Brand line of frozen food products.

The city's economic development committee agreed to an economic incentive agreement to help Pioneer redevelop the property, which includes a 75 percent business personal property tax abatement for eight years on the added value of equipment and other business personal property in the facility.

Pioneer plans to invest a minimum of $100,000 in real property improvements and other related costs tied to design, engineering and architects. The company plans to invest a minimum of $10 million in business personal property.

The project will need to be substantially completed and employ a minimum of 25 full-time equivalent employees on site by Dec. 31, 2016.

Read more at the Dallas Business Journal.

Report: Texas tops U.S. in 2014 corporate expansions 


TEXAS - Texas again nabbed the top spot in Site Selection magazine's annual list of the best places for corporate expansions.

Texas and Kentucky have been crowned the winners of the magazine's 2014 Governor's Cup for having the most new and expanded corporate facilities over the past year. This is the second year in a row that Texas has won the Governor's Cup.

Texas saw 689 corporate facility projects finish in 2014, slightly more than the 657 facilities finished in 2013. Ohio came in a distant second place with 582 corporate facilities finished in 2014.

Read more at the Dallas Business Journal and Site Selection.

Dallas No. 1 for small business employment growth Feb. 2015 


DALLAS - Dallas logged its fifth straight month in February as the highest-performing metropolitan area for small business employment growth, according to the Paychex/IHS Small Business Jobs Index.

The index for Dallas in February 2015 was 103.5. Houston rebounded from January to rank No. 2 among metro areas, despite low oil prices. Paychex/IHS analyzed data for the largest 20 metro areas.

Texas ranked No. 2 among the 20 most populated states, with an index reading of 103.2. Indiana was No. 1.

Nationwide, small business employment gained steam in February, rebounding from lower levels in the fall and early winter and growing near late summer’s pace.

The Paychex/IHS index grew in February for the second straight month, up 0.19 percent. For the last 12 months, however, the national index declined 0.31 percent.

“Small business job gains have accelerated in the New Year as the U.S. economy continues to improve,” said James Diffley, chief regional economist at IHS.

Payroll processor Paychex Inc. analyzes employment trends based on real small business payroll data from about 350,000 of its small business clients.

Read more at the Dallas Morning News.

Irving's 282-unit Burn Brae sold to Conn. investor 


IRVING - The 282-unit Burn Brae apartment community at 4200 W. Northgate Dr. has been sold.

Built in 1983, Burn Brae features one- and two-bedroom floor plans and includes amenities such as fireplaces and balconies. Community amenities include a swimming pool, spa, fitness center and extra storage space.

The property is in close proximity to SH 161 and SH 183.

Connecticut-based Northgate Investors LLC purchased the asset from Chancellor LLC of Las Vegas.


German cloud showers 200 jobs to downtown Dallas 


DALLAS - Comparex USA Inc. plans to open a new North American headquarters at Plaza of the Americas in downtown.

The German-based global cloud solutions and software company will sit on the 19th floor of the tower at 600 N. Pearl St., and will help support its aggressive, high-growth business model.

The company plans to bring more than 200 jobs to downtown Dallas. Comparex was looking at a number of other sites for this new headquarters, including Iselin, New Jersey; Cupertino, California and Seattle, Washington.

Construction is already underway on tenant improvements to the space, which total more than $500,000. By the end of 2016, the company plans to employ 200 workers with an average compensation of $85,000 per year.

Read more at the Dallas Business Journal.

Dallas' 600-unit Mandalay Palms sway to sale 


DALLAS - The 600-unit Mandalay Palms at 7501 Chesterfield Drive has been sold.

The 489,912-sf Mandalay Palms was built in 1985 on more than 25 acres with access to I-20 and US 67. It offers one-and two-bedroom units ranging from 504 sf to 1,056 sf. Rent varies from $395 to $855.

Apartments feature vaulted ceilings, walk-in closets, patios or balconies and fully equipped kitchens with pantries. Most units also have washer and dryer connections.

Cap rate was 7.50 percent.

Read more at Texas Real Estate Business.

Mondara flats to new heights in Highland Park (DFW) 

(3/2/2015 8:45:00 AM)

HIGHLAND PARK - Construction has begun on a luxury residential development on Abbott Ave. near the Katy Trail and the Knox-Henderson shopping district.

The Mondara will feature 35 three-story apartment flats ranging from 1,500 sf to 4,500 sf. Prices will start at $800,000.

Each home includes one- to three-bedroom homes with expansive master suites, a study, walk-in closets and large open rooms for entertaining indoors and outdoors on private terraces.

The Mondara is located within the Highland Park Independent School District and protected by the community's police and emergency response departments.

Construction is slated to be complete by spring 2016.

Read more at the Dallas Business Journal.

60,000-SF Tribute Senior Living headed to Prosper 


PROSPER - Construction is scheduled to begin this spring on the 60,000-sf community at Preston Rd. and Broadway St., and will become a home for 100 seniors.

Dallas-based Tribute Senior Living will develop the project. Partner Charles Hodges said he wanted to build a community for seniors with Alzheimer's disease after witnessing his father living in and out of nursing homes for years.

"Nobody is designing for dementia," said Hodges, founder and president of Dallas-based Hodges & Associates Architecture. "They will take a wing of a nursing facility and keep the doors locked. That is their memory center."

The Tribute's other partners also share similar stories of treating a parent with Alzheimer's disease, or other memory issues.

The project is scheduled for completion in 2016.

Read more at the Dallas Business Journal.

Frisco RoughRiders bring upgrades, new look to stadium 


FRISCO - The Frisco RoughRiders is making $6 million in improvements to Dr Pepper Ballpark that will be ready by opening day, April 9, according to Chuck Greenberg, the team's CEO and chairman.

The ballpark improvements themselves are meant to improve the fan experience while also creating new advertising opportunities. Dr Pepper Ballpark was built in 2003.

Several new video boards will be in place, including a 2,700-sf high-definition video board by Daktronics that will feature instant replays, sponsor messages and player statistics. It's five times bigger than the old video board.

Several other LED boards will be placed in the outfield, too. Dr Pepper Ballpark will have the most LED boards of any stadium in Minor League Baseball.

Dr Pepper Ballpark will get a much bigger team store behind home plate where fans can purchase jerseys and other merchandise with the team's new look.

The old RoughRiders team store on the third-base side will be converted into an open-air sports bar with flatscreen televisions and artwork featuring Roosevelt as a Rough Rider.

The ballpark will also feature new and improved food offerings and a new InTouch Grille. Home and visiting clubhouses will also be renovated.

In addition to improving the fan experience with new video boards, a bigger team store and a carnival-like food and play area, the RoughRiders' uniforms will get a complete makeover.

The new look focuses on President Theodore Roosevelt, who led the ragtag group of Rough Riders in the battle of San Juan Hill in the Spanish American War in 1898. It features a "swinging Teddy" with his rugged uniform, glasses and trademark hat. He was the man, after all, who said "Speak softly, and carry a big stick."

Read more at the Dallas Business Journal.

Irving: 193,000-SF Greenway Tower goes to New Yorker 

(2/27/2015 7:40:00 AM)

IRVING - The ten-story Greenway Tower at 1231 Greenway Dr. has been sold to New York-based investor HighBrook Investment.

The 193,000-sf office tower is located near SH 114 and was built in 1981. Tenants include Optimal Solutions Integration LLC, America Cash Express and Foru International.

HighBrook owns the 122 W. John Carpenter Fwy. building in Las Colinas and TriWest Plaza on LBJ Fwy. in Dallas.

California-based Libitzky Property Companies and Sunwest Real Estate Group of Dallas just acquired the ten-story Canal Centre office building in the Las Colinas Urban Center.

Read more at the Dallas Morning News.

Stream flows to Northlake with 945,000-SF project 

(2/26/2015 8:01:00 AM)

NORTHLAKE, DENTON COUNTY - Stream Realty Partners has broken ground on Northport 35 Business Center, a three building, 945,035-sf industrial project.

Northport 35 Business Center is located near the intersection of I-35W and SH 114. The campus is located near the Union Pacific and BNSF rail lines, Alliance Airport and the BNSF intermodal facility.

The development will be ready late this year. The Denton County project is being built in partnership with Clarion Partners.

Read more at the Dallas Morning News.

DFW homeownership rate among lowest in U.S. 


DALLAS-FORT WORTH - North Texas is among the major U.S. cities with the lowest percentage of homeowners, according to a new report by the Department of Commerce’s Census Bureau.

Only 56.3 percent of DFW residents were homeowners in fourth quarter 2014, compared to a nationwide homeownership rate of 64 percent.

DFW’s homeownership rate has fallen sharply since a peak of 65.2 percent in mid-2010, according to the Census Bureau.

DFW ranked as the eighth lowest homeownership market among the 75 major metro areas included in the census survey. Los Angeles had the lowest homeownership at 47.6 percent, and Richmond had the highest ratio of homeowners — 75.5 percent.

DFW also had the lowest homeownership of the Texas cities included in the census report.

The highest homeownership rate was in San Antonio with 71.3 percent.

North Texas has the fastest growing apartment market in the country with about 30,000 rental units under construction.

The DFW area also has one of the fastest growing populations, fueled by thousands of people moving to the area each year. Many of those new residents chose to be renters.

Read more at the Dallas Morning News.

See the U.S. Census Bureau for the full report.

Save your toys! Big Toy Self-Storage Waxahachie brings $2.5M 


WAXAHACHIE - A Big Toy Self-Storage, a 40,725-sf self-storage facility located at 1832 FM 66, has been sold for $2.5 million.

The property consists of six buildings constructed in 2003 on approximately 5.78 acres of land. The facility is comprised of 60 climate-controlled units, 106 covered boat/RV parking spaces, 218 drive-up units and one vacant retail/office space that is connected to the storage leasing office.

The facility features amenities including wide concrete driveways, video surveillance, personalized key pad entry/exit gates, garage-style roll-up doors and a dumping station for boats and RV's.

Source: Marcus & Millichap

Flower Mound opens 400,000-SF door to MI Windows 

(2/25/2015 8:15:00 AM)

FLOWER MOUND - MI Windows & Doors has signed a long-term deal for 401,600 sf of distribution space at a soon-to-be finished facility at 1900 Lakeside Parkway.

As part of the economic incentive deal, the company plans to bring in 300 employees for the first five years and to hire a minimum of 500 workers in the next decade.

The move from Carrollton to an expanded facility in Flower Mound is a natural move for the business and gives MI Windows and Doors the ability to offer expanded services, CEO Matt DeSoto said.

MI Windows & Doors, a subsidiary of MIWD Holding Co. LLC, is one of the nation's largest supplies of vinyl, aluminum and composite windows and doors. The company also has manufacturing offices in Prescott Valley, Ariz. and Pennsylvania, as well as a facility in Carrollton.

The deal gives MI Windows & Doors, which Flower Mound expects to bring in $5 million in business personal property, a $50,000 relocation reimbursement grant and a 75 percent tax abatement for ten years.

The company plans to transition its Texas operations to the new facility this summer.

Read more at the Dallas Business Journal.

Las Colinas: 238,000-SF Canal Centre office sells 


LAS COLINAS - The ten-story Canal Centre office building at 400 E. Las Colinas Blvd. has been purchased by California-based Libitzky Property Companies and Sunwest Real Estate Group of Dallas.

The 238,051-sf building in the Las Colinas Urban center was purchased from LaSalle Investment Management.

Canal Centre was built in the 1980s and recently remodeled.

“Canal Centre offered investors a favorable balance of long-term, in-place leases and multiple compelling opportunities for future income growth,” according to CBRE’s Eric Mackey. “Its location within a steadily improving submarket is also advantageous.”

Libitzky Property and Sunwest now have nine properties with 1.1 million sf of office space in the Dallas area.

Read more at the Dallas Morning News.

Fort Worth Eyeworks Group's vision of new 60,000-SF office 


FORT WORTH - Construction has begun on a 60,000-sf building at the southeast corner of W. Seventh St. and University Dr.

Eyeworks Group and Regions Bank will operate new locations when the five-story office building opens in summer 2016.

“This new building and the expansion of Eyeworks Group is a reflection of the growth we’ve seen in Fort Worth,” said Dr. Robert Chu Jr., managing director of Eyeworks Group.

The new location will be Eyeworks’ third Fort Worth-area facility and will offer specialty optical retail, patient care and Lasik vision correction. The new location will mean new job openings, Chu said.

Eyeworks Group will occupy 15,000 sf, with Regions Bank filling 13,000 sf. The remaining space has not been leased. The building also will offer 129 parking spaces in a five-level parking garage.

The building will stand at one of the city’s busiest intersections. The tract is part of the historic Van Zandt addition, which housed a residential neighborhood before it was flooded in 1922 and 1949.

Read more at the Fort Worth Business Press.

7,200-Acre Walsh land brands West Fort Worth 

(2/24/2015 9:00:00 AM)

FORT WORTH - A 7,200-acre master-planned community that will bring 15,000 homes to West Fort Worth is expected to get underway in late 2015.

The $6 billion community called Walsh will be developed east of I-20 and I-30 by the Walsh family and Dallas-based Republic Property group.

Plans for the master-planned community will also include a variety of projects, including millions of sf of office, retail, restaurant and medical facilities. The development could include a business park, or could include a corporate campus on a particular 194-acre triangular piece of land for a corporate campus.

The land totals 11.4 square miles and has been the location of the F. Howard Walsh Family ranching operations for the last 70 years.

About two-thirds of the master-planned community sits in Aledo ISD. An overpass — Walsh Ranch Parkway — is being put in to access the community. The development group plans to start on 1,700 acres initially, which will bring about 3,000 homes to the region in the next decade.

The first homes are set to be finished by the end of 2016.

Read more at the Dallas Business Journal.

DFW rents at all-time high in January 2015 


DALLAS-FORT WORTH - In January, effective rents in the area were more than 5 percent higher than a year ago, according to a new report from Axiometrics Inc.

The rent hikes in the Fort Worth area were even larger — 6.4 percent on an annualized basis.

DFW led the country last year with almost 140,000 new jobs — a record annual employment gain for North Texas. Population in the area is rising more than 100,000 a year, fueling demand for apartments.

In the Dallas area, average rents were just under $1,000 a month. In Fort Worth, renters are paying an average of $891.70. Those are record highs for both markets.

Almost 13,000 new apartments opened their doors in North Texas in 2014. Another 15,901 rental units are scheduled for completion in 2015.

“Given the bump up in supply, we’ll likely continue to see rent growth and occupancy moderate, as both metropolitan districts absorb the new units,” said Stephanie McCleskey, Axiometrics’ vice president of research.

Dallas’ rent increases are less than other major U.S. markets, including San Francisco, up 12.5 percent, Denver, 11.7 percent, and Atlanta, 8 percent.

Read more at the Dallas Morning News.

Portion of Brinkmann Ranch land sold for housing in Frisco 


FRISCO - Plano-based home builder John Landon has bought part of the 3,500-acre Brinkmann Ranch — one of the largest undeveloped properties in Frisco.

Landon bought more than 250 acres on the east side of the ranch on Coit Rd. and plans to begin construction soon on the new neighborhood.

Landon also has an option to buy more property at Brinkmann Ranch.

Landon Homes is an independent builder that sells houses in a half dozen locations in Frisco, Plano, McKinney and Little Elm. The company’s houses are priced at more than $300,000.

For years, the sprawling property located between Preston Rd. and Coit Rd. has been one of the most sought after development sites in Collin County.

Read more at the Dallas Morning News.

North Dallas Westin Hotel attracts New York buyer 


DALLAS - The 536-room Westin Dallas Park Center on LBJ Fwy. near N. Central Expy. has been sold.

New York-based AWH Partners bought the hotel with plans to spend more than $20 million to remodel and update the hotel, which was built in 1982.

The 20-story hotel has 42,000 sf of meeting space, fitness center and outdoor pool.

“Growing our presence in major markets like Dallas is very much in line with our overall strategy of occupying strong markets by investing in large hotels with big meeting space that offer an opportunity for value-add through renovation,” said Bernard Michael, principal of AWH Partners. “We are extremely pleased with the outlook for this investment.”

AWH Partners is a five-year-old company that owns almost two dozen hotels across the country.

Read more at the Dallas Morning News.

Bradford leaves mark on Uptown Dallas' Citymark tower 


DALLAS - The Citymark tower at 3100 McKinnon St. has been sold.

Bradford Commercial Real Estate Services purchased the 11-story Uptown office tower, which is located near the entrance to the Dallas North Tollway.

Hines Real Estate Investment Trust sold the 218,926-sf building, which is about 74 percent leased. The purchase includes a half-acre of land for future development.

Citymark’s largest tenant is Balfour Beatty Construction. Citymark was built in the 1980s and had been owned by Hines since 2009.

Read more at the Dallas Morning News.

Arlington: Gander Mountain takes a $13 million hike 


ARLINGTON - Gander Mountain, a 52,000-sf retail space on I-20, has been purchased.

The $13 million sale was arranged by CBRE Group Inc.

Located on a key artery, 459 East I-20 is easily accessible, just east of Fort Worth and due west of south Dallas.

The property is located in close proximity to a number of retailers and restaurants, including The Parks at Arlington mall, Old Navy, Red Robin and an AMC movie theater.


Richardson's $500M massive project next door to State Farm 

(2/19/2015 10:00:00 AM)

RICHARDSON - Developers are kicking off construction on a $500 million mixed-use project that — combined with the $1.5 billion CityLine next door that includes State Farm Insurance’s new campus — will add thousands of jobs and a flood of residents along N. Central Expy.

The two projects are separated by DART’s commuter rail line and station at Bush Turnpike. They will be connected by new roads and walkways.

Trammell Crow Residential will start construction next month on the first phase of a 1,250-unit apartment development west of the DART station.

The first phase includes 351 apartments in a five-story building with ground-floor retail and a parking garage. Its new Alexan CityLine project in Richardson will include about 10,000 sf of retail space. The first phase is scheduled for completion in summer 2016.

The developer plans to begin a second phase to the apartments in about six months, said Crow Residential’s Steve Bancroft.

BC Station Partners also has sold a development site at the northeast corner of North Central and Renner Rd. to Transwestern, which is planning to construct a 450,000-sf office tower and a hotel on the property.

BC Station Partners is keeping a high-rise office campus location at the corner of Central and Bush Turnpike for future construction.

Based on zoning the developers received last year from the City of Richardson, more than 1.3 million sf of office space can be built on the property. That’s almost as much space as State Farm Insurance is constructing next door.

Together, the CityLine and BC Station projects represent one of the largest commercial real estate developments underway in North Texas.

Read more at the Dallas Morning News.

Experts: Downtown Dallas office leasing most since 1980s 

(2/19/2015 9:00:00 AM)

DALLAS - There was more office leasing in downtown Dallas than in any of the area’s suburban districts in 2014, the first time in more than 20 years that downtown has been the top office leasing market in North Texas.

Downtown property owners and economic development officials see the surge in office demand as payoff for years of reinvestment in the central business district.

The downtown turnaround is bringing more residents and retail shoppers back to the city’s core, stakeholders say.

“With the continued success and growth of Uptown, the whole financial district has been affirmed and repositioned,” said Johnny Johnson, of DTZ. “New owners are coming in and making significant investments — and not just in office but in retail and residential.”

Net leasing in downtown totaled almost 830,000 sf, according to data from Cushman & Wakefield Inc. The central business district saw a bigger jump in office tenants than along LBJ Fwy. (760,000 sf), the Telecom Corridor (620,000 sf), Las Colinas (550,000 sf), or West Plano and Frisco (530,000 sf).

In 2014, more than 80 businesses either entered new office leases downtown or renewed their current leases, said Phil Puckett, executive vice president with CBRE.

“There were over 1 million sf of new tenants,” Puckett said. “I think it’s one of the best years I’ve ever seen in the central business district.”

Puckett said the largest office leases downtown in 2014 were by Santander Consumer USA Inc. (375,000 sf), Omnitrac (325,000 sf), EnLink Midstream Partners (157,000 sf) and Invesco (50,000 sf).

Read more at the Dallas Morning News.

For more, see 4Q 2014 reports from CBRE, Cushman & Wakefield and DTZ.

Ridgeline grabs MOBs in Fort Worth, Houston 


FORT WORTH, HOUSTON - Dallas-based Ridgeline Capital Partners has acquired two medical office buildings in Fort Worth and Houston.

In Fort Worth, the investor purchased the Midtown Medical building, which was built in 2013. The four-story, 60,000-sf Class A building is situated in the Fort Worth medical district within one mile of all of Tarrant County’s five major hospitals.

The property, located at 900 Jerome St., is 96 percent leased by eight medical practices including anchor North Texas Specialty Physicians, an Independent Physician Association founded in 1995 and comprised of nearly 650 physicians.

The property is situated in a densely populated infill area adjacent to hotels and restaurants, with access just off I-30 and the new Chisholm Trail.

In Houston, Ridgline purchased The Patients MOB, which was built in 2007. The two-story, 48,000-sf Class A building connects to the CHI St. Luke’s Patients Medical Center hospital.

The building, located at 4500 East Sam Houston Pkwy. South, is 73 percent occupied by eight established medical practices.

Tenants include anchor CHI St. Luke’s, Occupational Medical Care, and East Houston Orthopedics. Ridgeline will rebrand the building and construct spec suites and has hired Transwestern to lease and manage the building.

Read more at Health Care Real Estate Insights.

Grapevine's 925 Main Street sold for $44 million 


GRAPEVINE - The Class A, 251-unit 925 Main Street has been sold. The buyer acquired a $43.7 million loan to facilitate the purchase.

The property is comprised of two three-story and one four-story residential buildings. The property offers one- and two-bedroom units ranging from 766 sf to 1,552 sf and in rent from $1,450 to $3,142.

925 Main Street is situated on a 5.5-acre lot and was built in 2008. It has eight ground-floor retail spaces totaling 19,664 sf.

A partnership names 925 Main LP purchased the property.


250 Affordable units headed to Southeast Fort Worth? 


FORT WORTH - A 250-unit apartment complex is planned for S. Race St. and Crimson Lane.

Race Place LP will develop the Stallion Pointe Apartments at the site. It will offer 225 affordable-rate apartments and 25 market-rate. It will have one-, two- and three-bedroom units across the 21.6-acre site.

Amenities will include a clubhouse with community area and kitchenette, exercise room, community pool, children's playground and a gazebo/grill community gathering area, gated and secured access with security cameras, and street and parking lighting.

Read more at the Fort Worth Business Press.

Flower Mound: 276,000-SF Parkview Commerce Center set 


FLOWER MOUND - A new Class A, 276,054-sf industrial complex has broken ground at the southeast corner of Spinks Rd. and Gerault Rd.

The Parkview Commerce Center will consist of:

•  Building 1 (1001 Spinks Rd.): 84,760 sf, 24-foot-high clear, 30 dock high doors, two ramped doors
•  Building 2 (901 Spinks Rd.): 50,590 sf, 24-foot-high clear, 16 dock high doors, one ramped door
•  Building 3 (900 Gerault Rd.): 140,704 sf, 30-foot-high clear, 31 dock high doors, two ramped doors.

“The Flower Mound area is growing rapidly, and its proximity to the Dallas-Fort Worth International Airport benefits businesses relocating to the North Texas region,” says Doug Talley, president of MYCON, the project’s general contractor. “The new Parkview Commerce Center will provide needed industrial space for office or warehouse use with these three Class A buildings."

Parkview Commerce Center is being developed by EastGroup Properties and is slated for completion in summer 2015.


Southlake Hospital sells for $128M 


SOUTHLAKE - Southlake Hospital, a 70-bed acute care hospital at 421 E. SH 114, sold for $128 million. 

The 142,000-sf hospital sits on 10.6 acres. It is currently 100 percent leased to Forest Park Medical Center at Southlake.

The hospital features 12 fully integrated operating suites and a full-services diagnostic center. Services provided include oncology, general surgery, specialized surgeries including pediatric, spine and orthopedic surgeries, gastroenterology, women’s health, urology, neurosurgery and digital imaging.

Griffin-American Healthcare REIT III purchased Southlake Hospital from South Texas Medical Development.


Denton 480-unit The Timber Links green with sale 

(2/18/2015 7:00:00 AM)

DENTON - The Timber Links, a 480-unit apartment community at 5201 Par Dr., has been purchased by The Bascom Group LLC and Oaktree Capital Management.

Built in 2004, Timber Links consists of 41 buildings on 58.9 acres. The asset is comprised of 33 percent one-bedroom units and 67 percent two-bedroom units.

Timber Links is nearby The University of North Texas, Texas Women’s University and the Denton Regional Medical Center.

“Timber Links is a high-quality community…We have a renovation planned for the property that will allow it to compete with other best-in-class assets,” says Tony Ferrell, director of portfolio operations for The Bascom Group.

“We feel good about our cost basis for a 2004 vintage asset in a growing submarket,” James D. D'Argenio, principal at The Bascom Group. “We also see the underlying value in the 80 acres underneath the apartments and [nine-hole] golf course that came with the sale.”


Burleson: Family Toyota opens 54,000-SF dealership 


BURLESON - Family Toyota in Burleson — the first Toyota dealership in the city — has officially opened.

The new dealership, located at 801 S. Burleson Blvd., will bring 70 jobs to the local economy.

The 53,565-sf dealership occupies a 13-acre site and was built as a LEED facility featuring recycled materials, LED lighting and improved employee conditions.

“The first Toyota dealership in Burleson presents a great opportunity to truly reach the local community while also providing jobs to boost the local economy,” said Marty Collins, president and general manger of Gulf States Toyota.

Read more at the Dallas Morning News.

Taylor apartment tower changes hands in Uptown Dallas 


DALLAS - The 17-story Taylor apartment building on Carlisle St. near Bowen St. has been sold.

Rents in the building average more than $2,300 a month and are as high as $9,620 for the largest unit.

The 308-unit project has resident lounges, a fitness center, lobby bar, rooftop terraces and its own dog park.

The complex was built and sold by Dallas-based StreetLights Residential. The Taylor was purchased by Heitman LLC.

Read more at the Dallas Morning News.

Hawaiian Falls ready to hire 1,000+ for 2015 season 


DALLAS-FORT WORTH - Hawaiian Falls water parks is starting its hiring process for summer jobs and expects to hire more than 1,000 workers at its North Texas parks for the 2015 season.

Seasonal positions include activities director, camp counselor, team splash, groups coordinator, emergency medical technician, lifeguards, ride attendants and dispatchers, cash control, cashier/ticket sales, ticket takers, cooks, dishwashers, food prep, runners, cabana waiters, locker attendants, maintenance, grounds control, housekeeping, bathroom and trash attendants.

Candidates must complete an application on the website for consideration and will not be taken at the parks, by mail or drop-offs. Candidates will then need to attend one of the job fairs for a short orientation about Hawaiian Falls and interview on the spot.

For questions, please email or call 972.999.1265. Below is the information for the job fairs for each North Texas location.

•  Hawaiian Falls Garland – The Heights Church, 201 W. Renner Rd. & US 75, Richardson 75080
March 3, Tuesday, 5 p.m. - 8 p.m. and March 7, Saturday, 9 a.m. - Noon.

•  Hawaiian Falls The Colony - Horizons Church, 6600 Paige Rd., The Colony 75056
March 3, Tuesday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. – 2 p.m.

•  Hawaiian Falls Mansfield – First Baptist Church, 1800 E. Broad St., Mansfield 76063
March 2, Monday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 1 p.m.

•  Hawaiian Falls Roanoke - Roanoke Recreation Center, 501 Roanoke Rd., Roanoke 76262
March 5, Thursday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 2 p.m.

•  Hawaiian Falls White Settlement - Aloha Event Center, 8905 Clifford St, White Settlement 76108
March 2, Monday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 2 p.m.

Read more at the Fort Worth Star-Telegram.

Trader Joe's twice: two stores set to hit DFW 


DALLAS, SOUTHLAKE - Two Trader Joe’s grocery stores are set to open this week in North Texas.

Trader Joe’s will open a location in Preston Hollow Village at Walnut Hill and N. Central Expy. The store is located at 7039 Walnut Hill Lane. The 42-acre Preston Hollow Village at Walnut Hill Lane and North Central Expressway will contain shopping, office space and apartments.

The grocer will also open a store in Southlake at 1492 E. Southlake Blvd. The company spent $600,000 to complete interior build-out of the existing two-story building, according to state filings.

Trader Joe’s entered the North Texas market in 2012 with a Fort Worth location. With the opening of the two new stores, the grocer now has seven locations in DFW.

Read more at the Dallas Morning News.

Uptown Dallas: 210 luxe digs to State-Thomas neighborhood 


DALLAS - Work will begin Feb. 25 on a six-story apartment development on Boll St., just north of Woodall Rodgers Fwy.

Developer Alamo Manhattan Corp. is building the 210-unit development in the State-Thomas neighborhood. The initial apartment homes are expected to be completed in third quarter 2016.

“We consider State Thomas to be Dallas’s best urban neighborhood,” said developer Matt Segrest. “The area is evolving into Dallas’ version of New York’s Upper East Side.”

“It is an upscale enclave with median annual income that is $10,000 higher than the rest of Uptown,” Segrest said. “We are designing to that demographic. Our project will be a worthy addition to this exceptional area.”

Alamo is currently constructing a 208-unit apartment block near Cedar Springs Rd. and Turtle Creek called Routh Street Flats.

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

Liberty rings in 199,000 SF in Coppell 


COPPELL - Liberty Park at Amberpoint has been completed, bringing 198,802 sf to the city’s corporate landscape.

The Class A structure, at 330 S. Royal Lane, features 225 vehicle parking spaces, a 185-foot truck court with 55 available trailer positions and a 28-foot ceiling height, among other amenities.

Liberty Park at Amberpoint is Liberty Property Trust’s first development in North Texas, according to Vice President Mike Heise.

Read more at the Fort Worth Business Press.

The List: DFW North Texas major employers 2015 


DALLAS-FORT WORTH - The Dallas Business Journal has released its 2015 Book of Lists, which includes a ranking of the 50 largest employers in North Texas. The top 15 employers are shown below. The data were originally published July 2014.

Largest North Texas Employers
Name Local
Wal-Mart Stores Inc. 52,700 Retailer
American Airlines Group Inc. 23,700 Airlines/Aviation
Baylor Health Care System 22,000 Hospital & Health Care
Dallas Independent School District 20,793 Education
Texas Health Resources 16,205 Hospital & Health Care
Bank of America 15,400 Banking
City of Dallas 13,000 Government Administration
JPMorgan Chase Bank N.A 13,000 Banking
Texas Instruments Inc. 13,000 Semiconductors
Lockheed Martin Aeronautics Co. 12,600 Aviation & Aerospace
UT Southwestern Medical Center 11,645 Hospital & Health Care
HCA North Texas Division 11,612 Hospital & Health Care
Fort Worth Independent School District 10,000 Education
Target 8,671 Retailer
Southwest Airlines Co. 8,345 Airlines/Aviation

tag: DBJ 2015 Major Employers Top 50 List, Dallas-Fort Worth Market Research

Book of Lists at the Dallas Business Journal.

Grand Prairie addition: Avera 345,000-SF distribution center 

(2/16/2015 8:00:00 AM)

GRAND PRAIRIE - Work is set to begin on a 345,150-sf distribution center at the northwest corner of SH 161 and January Lane.

Houston-based developer Avera Cos. will develop the project, called Park 161, on nearly 19 acres within 12 miles of DFW International Airport, with access to I-20 and I-30.

Park 161 reflects Avera’s continued expansion within Dallas-Fort Worth. Avera owns more than 800,000 sf of space in North Texas.

Avera isn't the only developer looking to build more distribution space in North Texas. In 2014, DFW developers had upwards of 20 million sf of distribution and industrial space under construction to appease tenants.

Read more at the Dallas Business Journal.

Southwest adds ten nonstop destinations from Love Field 


DALLAS - Southwest Airlines has announced ten new nonstop destinations for Dallas Love Field that will launch in April.

Dallas-based Southwest also announced plans to add more flights to Fort Lauderdale, Florida, Oakland, California, and Santa Ana/Orange County.

The announcement brings the total number of Southwest flights at Love Field to 166 per day.

The new destinations are

•  Columbus, Ohio
•  Indianapolis, Indiana
•  Memphis, Tennessee
•  Milwaukee, Wisconsin
•  Panama City Beach, Florida
•  Portland, Oregon
•  Sacramento, California
•  San Jose, California
•  Seattle/Tacoma, Washington
•  Charleston, South Carolina

The Charleston route will fly nonstop starting on April 11 and will operate only on Saturdays. Daily flights to Panama City Beach will be seasonal. All other flights are daily and launch on April 8.

Southwest acquired two more gates at Love Field so it could add the destinations. The gates will be subleased to Southwest by United Airlines.

This marks a total of 27 new destinations Southwest has added since the Wright Amendment flight restrictions were lifted.

In a separate expansion, Southwest will begin nonstop flights from Santa Ana/Orange County, Seattle/Tacoma and to Chicago Midway airports on June 28.

Read more at the Dallas Business Journal.

Dallas: 186,000-SF Hillcrest Oaks office sells 


DALLAS - Quadrant Investment Properties has purchased the two-building Hillcrest Oaks office project in North Dallas.

The 186,457-sf project was built in the 1980s by Trammell Crow Co. on LBJ Fwy., near Hillcrest Rd.

“Hillcrest Oaks provides a great opportunity to redevelop a project with good bones in a transitioning submarket,” Chad Cook, founder of Quadrant, said.

“With the LBJ project almost complete, tenants are returning to this area to take advantage of the competitive rates and amenities our buildings offer.”

With LBJ Fwy. construction more than half completed, the area along the thoroughfare has been seeing increased business leasing and investment.

Quadrant Investment Properties, which was formed in 2012, just purchased the 19-story Centrum office and retail building in Oak Lawn. The company invests in office and industrial properties.

Read more at the Dallas Morning News.

Top eight North Texas cities by home sales Jan. 2015 

(2/13/2015 8:45:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems has released home sales facts for January 2015. Below is a snippet of cities that you might want to see. There's more at the link below!

• The median price of existing single-family homes decreased to $175,000, down 5.4 percent from December 2014.
• Existing single-family home sales decreased 35.8 percent from December 2014, with 3,958 units sold.
• Condos decreased in price to $143,500, down 20.0 percent from December 2014.
• Existing condo sales decreased 40.3 percent in from December 2014, with 265 units sold.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Jan. 2015
Price Chg.
Jan. 2014
Units Sold
Jan. 2015
Sale Chg.
NTREIS* (single-family) $175,000 9.7% 3,958 -7.3%
NTREIS (condo) $143,500 1.1% 265 -12.5%
Region Cities**        
Fort Worth $154,450 11.9% 484 -3.6%
Dallas $269,450 17.2% 398 -5.5%
Arlington $145,000 10.8% 165 -7.8%
Plano $249,950 4.1% 144 -4.6%
Garland $135,250 8.2% 104 -8.8%
Frisco $329,000 17.5% 101 -19.8%
Abilene*** $124,925 5.0% 88 39.7%
Grand Prairie $154,900 14.8% 71 -15.5%
Carrollton $217,400 19.9% 70 2.9%

*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold more than 70 units during January 2015.
***Abilene is part of the over 50 counties NTREIS covers.

See the full report from NTREIS.

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

Tier REIT buys 200,000 SF in Dallas' Preston Center 


DALLAS - The 5950 Sherry Lane office building has quietly changed hands.

Addison-based Tier REIT Inc. purchased the building which is in Preston Center. The nine-story 5950 Sherry Lane was built in 1999 and contains almost 200,000 sf.

The building is located on the east side of the Dallas North Tollway and Sherry Lane.

Preston Center is one of Dallas’ hottest office markets, with low vacancy rates and some of the highest rents in the city.

Read more at the Dallas Morning News.

Dallas' 240,000-SF Granite Tower draws California investor 


DALLAS - The ten-story Granite Tower on Valley View Lane at LBJ Fwy. has been purchased by California-based Buchanan Street Partners.

The 240,000-sf Granite tower was built in 1999.

Construction to expand the freeway has been underway for several years and until recently slowed office leasing and investment in the area, but building buyers and office tenants are returning to the market now that the expansion is more than half complete.

Last year the LBJ Fwy. corridor had more suburban net office leasing than any other Dallas-area business district.

Read more at the Dallas Morning News.

Flower Mound: EastGroup starts 276,000-SF industrial complex 


FLOWER MOUND - EastGroup Properties Inc. has begun construction on three Class A industrial buildings at the southeast corner of Spinks Rd. and Gerault Rd.

The buildings will collectively be called Parkview Commerce Center and will total 276,054 sf. The project is expected to cost $19.6 million to build.

Plans for the project include creating an intricate glazing design with curtain wall features, with LED lighting, canopies and sun shades. The project will include ramped doors for multiple users.

Construction is slated to be complete this summer.

Jackson, Mississippi-based EastGroup has about 20 developments throughout the United States under construction. The Flower Mound project is one of EastGroup's largest developments underway.

Read more at the Dallas Business Journal.

Plano's Legacy West draws Dallas buyer for 11-acre tract 


PLANO - An 11-acre tract near Toyota’s new North American headquarters has been sold.

Gaedeke Group purchased the land with plans to build an office building within the $2 billion Legacy West project.

The tract is at the corner of Legacy Dr. and SH 121.

CEO Sabine Gaedeke Stener said her firm is finalizing plans to deliver a Class AA multitenant office building at the end of 2016. Toyota plans to open its new North American campus in 2018.

The new building is expected to give companies another leasing option in the Legacy Business Park market, while being located near some major corporate hubs.

Read more at the Dallas Business Journal.

New owner for 400,000-SF Centrum high-rise in Dallas 


DALLAS - The 19-story Centrum office, residential and retail tower on Cedar Springs Rd. at Oak Lawn Ave. has changed hands.

The Centrum has almost 400,000 sf of office and retail space with residential on top.

The 28-year-old high-rise was purchased by Dallas-based Quadrant Investment Properties. Quadrant also recently purchased the 186,000-sf Hillcrest Oaks office project in North Dallas.

Read more at the Dallas Morning News.

50,000-SF Pinstack bowling, rock climbing, ropes Plano 


PLANO - Pinstack has opened a 50,000-sf bowling alley and entertainment center at 6205 Dallas Pkwy.

The facility includes 28 lanes, a full-service restaurant, a coffee bar, an arcade room with more than 100 games, a rock climbing wall and a ropes course.

Pinstack is the first of its kind in North Texas, though crews are expected to begin construction soon on a second location in Alliance Town Center in Fort Worth.

Read more at the Dallas Morning News.

$12M Hampton Inn and Suites to Nebraska Furniture Mart 


THE COLONY - A 115-room, six-story Hampton Inn and Suites has broken ground at the Grandscape development. Nebraska Furniture Mart is spending $1.5 billion to anchor and develop Grandscape, which will stretch across 433 acres.

Carrollton-based Atlantic Hotels Group is developing the Hampton Inn and Suites and is set to complete construction in early 2016.

The $12 million hotel is part of the first phase of Grandscape and will be accompanied by another Hilton hotel-brand hotel, a 126-room Homewood Suites.

Other businesses slated to join the development include restaurants Mi Cocina, Cheddars, Hard Eight BBQ and Rock & Brews.

Read more at the Dallas Business Journal.

For more on the Grandscape development, check out previous stories from NewsTalk Texas.

Stream's 73,000-SF Richardson data flow to new owner 


RICHARDSON - A financial services firm has purchased the 73,320-sf Stream Private Data Center.

The center, which is located at 1811 E. Renner Rd., is just east of State Farm Insurance’s new corporate campus.

The project — just south of Bush Turnpike — was built in 2012 by Dallas-based Stream Realty. Collin County tax records show that the building was purchased by an affiliate of Omaha-based TD Ameritrade.

Stream Data Centers has been hired to continue managing the property. The firm has data center projects in the Dallas, Houston, San Antonio, Minneapolis and Denver.

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

Mineral Wells: Baker Hughes cutting 110 jobs 


MINERAL WELLS, PALO PINTO COUNTY - Baker Hughes Inc. has announced closure of its plant at 525 Treadway Dr., resulting in 101 job cuts. The cuts were effective February 5, 2015.

Baker Hughes will lay off 7,000 workers worldwide as it deals with slumping oil prices and completes its $35 billion acquisition of Houston-based Halliburton Co.

These companies employ the workers who operate the drilling rigs and hydraulic fracking equipment so they are hit first when drilling declines.

Oil rigs have been falling by the hundreds in Texas.

Read more at the Dallas Business Journal.

Apex Tool Group to cut 261 Garland jobs in 2015 


GARLAND - Apex Tool Group will cut 261 jobs in Garland by the end of 2015, according to notice sent to the Texas Workforce Commission.

The layoffs will happen in waves starting in April as the company closes the facility located at 3000 Kingsley Rd., according to a Worker Adjustment and Retraining Act Notification letter.

Apex will offer severance benefits and transition programs for its employees.

The operations will be consolidated into Apex's Sumter, South Carolina facility. Apex will add 150 to 200 new jobs in Sumter by the end of 2015, according to the South Carolina Chamber of Commerce.

Read more at the Dallas Business Journal.

See the Texas Workforce Commission for more employment stats.

It's on the house: 336-Unit SkyHouse Dallas 

(2/10/2015 7:45:00 AM)

DALLAS - The 336-unit SkyHouse Dallas apartment tower has opened its doors to residents on Houston St., adjacent to the House of Blues.

The luxury tower at 2320 N. Houston St. is the first of two luxury towers in the neighborhood.

SkyHouse Dallas’ website indicates that the tower includes one-, two- and three-bedroom units with high-end finishes and floor-to-ceiling windows. Units range from 573 sf to 1,418 sf and from $1,365 to $3,425.

Atlanta-based Novare Group and Batson-Cook Development Co. hope the Victory Park tower will bring in young renters and Generation Y professionals working in downtown Dallas and Uptown.

Read more at the Dallas Business Journal. Check out SkyHouse Dallas for more information on the project.

Metrostudy: DFW housing finishes 2014 on strong note 

(2/10/2015 6:45:00 AM)

DALLAS-FORT WORTH - The housing market ended 2014 on a strong note with starts during fourth quarter 2014 jumping over 20 percent, according to Metrostudy.

Annual new home starts pace rose to 24,000 homes during 2014, 13 percent higher than 2013 and 76 percent above the low in 2011.

The increased starts rate were driven by strong sales during 4Q 2014 with interest rates falling and builders slightly increasing their spec inventory heading into the spring selling season.

Higher lot prices in the submarkets driving the early years of the recovery have pushed buyers to the next location. New home closings jumped 10 percent in 2014 to 21,900 homes.

Completions exceeded closings by 800 homes during the year causing finished inventory to grow 26 percent. However, inventory continues to remain near a historically low level.

The top four submarkets — North Fort Worth, Frisco, McKinney and Denton County — accounted for 32 percent of the starts in the region.

Lot deliveries exceeded starts in 2014 for the first time since 2007. Even with the increased deliveries, lot supply fell below 24 months for the overall market.

Read more at Metrostudy.

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