NewsTalk Texas

Dallas-Fort Worth-Arlington

$1B Frisco Station plans roll out 

(5/22/2015 6:45:00 AM)

FRISCO - Frisco Station Partners — a development team composed of The Rudman Partnership, Hillwood Properties and VanTrust Real Estate — has named the initial development team of Frisco Station, a $1 billion, 242-acre development near the new Dallas Cowboys headquarters.

Plans for the proposed 242-acre development at the northwest area of the Dallas North Tollway and Warren Parkway will feature more than 4 million sf of Class A office space, 2,400 apartments, retail, restaurants, entertainment venues and medical facilities.

Frisco Station is part of a larger movement in Frisco, called the $5 Billion Mile, which officials say will dramatically reshape the fast-growing city and will help it recruit new corporate residents.

More background information? See Breaking down Frisco's $5 billion mile.

Need a visual? Frisco District Plan here.

See DFW Market Research and DFW NewTalk Texas.

Read more at the Dallas Business Journal.

Flower Mound: Owens & Minor renews 223,000-SF lease 

(5/22/2015)

FLOWER MOUND - Owens & Minor renewed its 223,190-sf lease with Duke Realty in the Lakeside Ranch Business Park at 550 Lakeside Pkwy.

The national medical and surgical supplies distributor originally took occupancy in Building 20 at the 748,831-sf distribution facility in 2010.

The single-story facility is fully leased with HD Supply occupying the remaining 526,953 sf.

Read more at CoStar Group.

DFW Market Research, DFW NewsTalk industrial

DFW Airport flies in economic growth 

(5/22/2015)

DALLAS-FORT WORTH - DFW International Airport is an important force behind Texas’ growth and a contributor to one of the nation’s most prosperous and vital economies.

DFW Airport is the world’s third busiest — offering non-stop service to 148 domestic and 57 non-stop international destinations — and serves as a powerful engine for the Texas economy, boosting trade, creating jobs and attracting considerable investment to the surrounding region.

Launched in 2001 — located on approximately 432 acres of airport property — International Commerce Park was the first master-planned industrial/warehouse park at DFW.

The complex is located in a Foreign Trade Zone (FTZ), providing opportunities for imports and exports to facilitate the development of international trade and airfreight logistics to expand world air cargo growth.

Southgate Plaza — a mixed-use development on 30 acres being developed — will feature approximately 50,000 sf of restaurant and retail space, approximately 500,000 sf of office space and an on-site 137-room Hyatt Place hotel adjacent to the rental car center.

The economic forecast for Texas looks bright and the airport’s strategic position has made it a catalyst for growth in North Texas.

Read more at RE Business Online.

See DFW Market Research and DFW NewsTalk.

RED Development lands a red-hot tenant in Dallas 

(5/21/2015 10:15:00 AM)

DALLAS - After a year of planning, Phoenix-based RED Development has landed its first major retail tenant — Tom Thumb — into its proposed Uptown tower.

The two-tower, 800,000-sf project, formerly known as Akard Place, at Field St. and Cedar Springs Rd. is getting a new name: The Union Dallas, slated to open in 2017.

Plans for The Union Dallas — a two-tower project — include 407,000 sf of Class AA office tower on 14 floors of the tower, a 300-unit high-rise apartment building on 20 floors, and 82,500 sf of retail and restaurant space.

The towers will also include 11 levels of above- and below-grade parking.

Tom Thumb plans to lease 60,000 sf of space. CBRE-UCR is leasing the remainder of the retail space in the towers, which total about 25,000 sf.

Read more at the Dallas Business Journal.

Tarleton Texan Riders' saddles up $76M for student housing 

(5/21/2015)

STEPHENVILLE, ERATH COUNTY - Balfour Beatty has reached financial close on a new $76 million phase of development for a student housing project at Tarleton State University, a member of the Texas A&M University System.

In this third phase of the partnership, the Balfour Beatty team will deliver more than 1,000 student housing beds at the University’s campus, as well as academic space for the ROTC program and shell space for a university-operated health clinic.

Balfour Beatty Campus Solutions will serve as the lead developer on the project, which is scheduled to break ground soon and open August 2016.

The new 616-bed housing facility will be located adjacent to the football stadium, and will include two four-story structures with both four- and two-bedroom units in a modified suite configuration that will include private bedrooms, semi-private baths, a living room and kitchenette.

Balfour Beatty will also renovate and expand Traditions Hall, an existing 180-bed student housing facility that will grow to 446 beds configured in double and single semi-suite style units.

Upon completion, the university will operate and maintain both facilities including management of all associated resident life activities.

Read more at Texas Real Estate Business.

Hilti lands R&D near DFW Airport 

(5/21/2015)

IRVING - Hilti plans to open a new research and development facility in about 65,000 sf within Building 4 of Dallas-based Jackson-Shaw's new Parc Royal development in Irving.

Last October, Hilti Inc., a subsidiary of Hilti North America, moved the global tool manufacturer's headquarters to Plano, taking a large space at Trammell Crow Co.'s Legacy Towers project near the Shops at Legacy.

Jackson-Shaw recently began construction on the first four buildings — in the Parc Royal development — totaling 511,500 sf within the new 70-acre business park.

Hilti is the first tenant to land at the property and plans to move to the park in June.

Jackson-Shaw expects to complete the first four buildings of the business park by the end of December.

Read more at the Dallas Business Journal.

Need a visual? See the development here.

Silverado drives to Southlake 

(5/21/2015)

SOUTHLAKE - Silverado announced the acquisition of a six-acre assisted-living and memory care community in Southlake.

Beginning June 1, the Irvine, California-based company will manage the 56-bed community at 2001 E. Kirkwood Blvd., now known as Silverado Southlake.

The property — developed in 2013 — includes a 39,000-sf, single-story building, with Silverado also planning to develop a 22-bed community on a one-acre section of the property.

With Silverado Southlake, the company now operates five memory care communities, as well as hospice and at-home care services, in the Dallas-Fort Worth area — providing a complete continuum of services.

More information is available at www.silveradocare.com

Read more at the Fort Worth Business Press and Street Insider.

NTREIS: Palo Pinto County housing stats 1Q 2015 

(5/21/2015)

MINERAL WELLS, PALO PINTO COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Market Watch Report for first quarter 2015.

Palo Pinto County Marketwatch Report

Key Metrics
1Q 2015 1-Yr.
Chg.
Median sales price $123,000 -20.7%
Average sales price $192,087 -15.5%
% Orig. price rec'd. 88.1% -0.1%
Homes for sale 415 4.3%
Closed sales 44 4.8%
Months supply 20.0 5.5%
Days on market 184 -1.6%


Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 1Q 2015 (PDF) for more information. To find data quickly, see page 78.

North Texas apartment rent increases on the horizon 

(5/20/2015 10:00:00 AM)

DALLAS-FORT WORTH - The DFW area’s apartment rents in first quarter were more than 5 percent higher than a year earlier, a record annual increase for North Texas.

With 20,000 apartments set to open in 2015, industry analysts were expecting a slowdown in rent growth.

“As we move into the second quarter this number is going to go up and could go up meaningfully,” said Greg Willett, vice president of Carrollton apartment analyst MPF Research. “In some places across the country and in other Texas markets, there is a slowdown in rent growth. Not in DFW.”

Average rents in the area are now at $927 a month, with most new units renting for $1,200 or more. Willett continued to state that DFW apartment vacancies are now at a 14-year low at 5 percent.

Read more at the Dallas Morning News.

Don’t forget! Visit Dallas-Fort Worth-Arlington Market Research for more stats.

DFW apartments NewsTalk.

Addison: Libitzky buys 87,000-SF office building 

(5/20/2015)

ADDISON - An 86,750-sf Addison office building has sold to California-based Libitzky Property Co.

The 14850 Quorum Drive building is located just west of the Dallas North Tollway and south of Belt Line Rd.

Built in 1985, it is in the Quorum business park.

Libitzky has recently purchased several North Texas buildings, including the ten-story Canal Centre office building in the Las Colinas Urban Center.

Read more at the Dallas Morning News.

MPF's early 2015 ranks DFW No. 5 in apartment leaders 

(5/20/2015)

DALLAS-FORT WORTH - The nation’s apartment demand volume in first quarter 2015 proved very impressive, according to Greg Willet at MPF Research.

Preliminary figures show that absorption across the country’s 100 largest metros came in at roughly 64,300 units, a jump of 55 percent from the demand tally seen during the initial three months of 2014.

Dallas-Fort Worth ranked No. 5:

Consistently the country’s top apartment demand market in recent years, North Texas is also adding more jobs than any other locale and is an active construction center.

Let’s look at the apartment demand leaderboard specifically for the January to March 2015 time frame. The nation’s apartment demand volume in first quarter 2015 proved very impressive. 

Helping push up those apartment absorption stats, job creation in early 2015 well exceeds the volume recorded in early 2014.

Viewed from the perspective of being the country’s top apartment demand market, the question might be why the area’s 1Q 2015 apartment demand total of 3,537 units, while fifth best nationally, is not bigger.

The answer is that demand for about 3,500 units is all the market could do given product availability.

Absorption came in a hair above the quarterly completion count, and occupancy in the existing product base is already at a 14-year high at the same time that annual rent growth is hitting an all-time record.

Looking to the remainder of 2015, the pace of apartment completions will accelerate in Dallas-Fort Worth, likely enabling North Texas to again take the top position for demand over the course of this year.

Be sure and see all the leaders at Property Managment Insider

Houston ranked No. 1; Miami ranked No. 2; Boston ranked No. 3; Austin ranked No. 4.

See Dallas-Fort Worth-Arlington Market Research and DFW NewsTalk multifamily.

Grapevine hauls in Kubota Tractor 

(5/19/2015)

GRAPEVINE - Kubota Tractor Corp. and Kubota Credit Corp. will move their headquarters from Torrance, Calif., to a 25-acre site northeast of Grapevine Mills mall on city-owned property.

The companies, subsidiaries of Kubota Corp. in Osaka, Japan, are under contract to buy the property from Grapevine, where they plan a 200,000-sf research and development and corporate center, said Bob Farley, the city’s economic development director.

Kubota said it will move to Grapevine — at Texas 121, Grapevine Mills Blvd. and Grapevine Mills Pkwy — in phases and wants to finish the relocation in about 18 months.

The headquarters move will put Kubota’s executives and professional staff closer to its major markets and its manufacturing, assembly and distribution facilities in Georgia and Kansas. Being in Texas will help Kubota respond faster to market and industry changes, the company said.

Kubota Tractor is the U.S. marketer and distributor of Kubota-engineered and -made machinery and equipment, performance-matched implements, compact and utility-class construction equipment, consumer lawn and garden equipment, hay tools and spreaders, commercial turf products and utility vehicles.

Read more at the Fort Worth Star-Telegram.

Greatbatch to relocate HQ to Plano Granite Park 

(5/19/2015)

PLANO - After relocating its corporate headquarters from Buffalo, New York, to Frisco two years ago, medical device maker Greatbatch Inc. is ready to expand and relocate its North Texas global headquarters to Plano's Granite Park.

The company signed a lease for at least 52,000 sf, or about two office floors, with the expectation it will bring up to 167 jobs to Plano.

Greatbatch plans to move from its Hall Office Park in Frisco location on or before April 1, 2016, and plans to hire those employees by the following year.

As part of the deal, the company's new headquarters adds $7.2 million on real property improvements and another $2 million in added business personal property to Plano.

The Plano Economic Development Department awarded $183,700 as an economic incentive on the deal.

Last year, Greatbatch's revenue was $688 million, with double-digit growth in certain sectors of its medical device business. The Frisco-based company employs about 3,600 workers throughout the globe.

Read more at the Dallas Business Journal.

Holiday Inn blossoms to Magnolia in Dallas 

(5/19/2015)

DALLAS - Holiday Inn at 6070 N. Central Expy. north of Mockingbird Lane is getting a makeover and new branding as a luxury Magnolia Hotel.

TriGate Capital — owners of the 293-room Dallas hotel — will convert the nine-story hotel to the Magnolia flag by investing $2 million to improve the property after just spending $9 million on upgrades.

TriGate bought the hotel after a foreclosure in 2010. The property had operated for years as a Radisson Hotel.

The hotel is about 80 percent occupied and upgrades will start next month with the rebranding of the property.

“We will have all new signage and a new water feature at the entry,” said TriGate managing member Jonathan Pettee. “A lot of the furnishings will be improved…and we are going to modify the restaurant with a more upscale feel.”

Read more at the Dallas Morning News.

Arlington, Irving and Garland: TAR's 1Q 2015 housing report 

(5/18/2015)

DALLAS - Texas Association of Realtors has released their Texas Quarterly Housing Report for first quarter 2015.

The Texas Quarterly Housing Report is compiled by the Real Estate Center at Texas A&M University using statistics from multiple listing services in nearly 50 markets throughout Texas.

The chart below shows statistics from Dallas submarkets.

Dallas Submarket Housing Statistics
  Unit Sales Median Price Months Inventory
  1Q 2014 1Q 2015 YOY Chg. 1Q 2014 1Q 2015 YOY Chg. 1Q 2014 1Q 2015 YOY Chg.
Arlington 1,019 956 -6.18% 150,400 163,500 8.71% 1.80 1.30 -27.77%
Garland 388 397 2.31% 117,500 137,200 16.76% 1.80 0.90 -50.00%
Irving 344 344 0.00% 161,600 179,100 10.82% 2.30 1.90 -17.39%


For the full report with all markets, see the Texas Quarterly Housing Report 1Q 2015 (PDF). For Arlington, Garland and Irving go to pages 5, 20 and 23 on the PDF. The summaries for all markets start on page 50.

Also see for free Dallas-Fort Worth Market Research and DFW NewsTalk.

UBS buys 30-acre retail 'Village' in Addison 

(5/15/2015)

ADDISON - UBS Realty has purchased the 30-acre Village on the Parkway retail development.

The 360,418-sf Village on the Parkway is located at 5100 Belt Line Rd. and is anchored by a Whole Foods Market and a 12-screen AMC Theater.

The almost $40 million makeover of Village on the Parkway included a new Whole Foods Market store.

Village on the Parkway was most recently purchased in 2011 by Lincoln Property Co., The Retail Connection and Long Wharf Real Estate. At the time, the property suffered from high vacancy and deteriorating buildings.

The new owners tore down a vacant former department store building at the entrance to the complex to make room for the new Whole Foods Market. Another section was replaced with a parking garage and the cinema. The project is now about 90 percent leased.

UBS’ purchase of the development adds to its Dallas portfolio, which also includes the Galleria Dallas.

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

See recent data you might need in Dallas-Fort Worth Market Research.

Hunt starts 280-unit complex in Richardson 

(5/15/2015)

RICHARDSON - Construction has begun on a new, transit-oriented 280-unit apartment community nearby the North Central Expy. and Campbell Rd.

The 4.98 acre development — featuring a mix of one- and two-bedroom apartments and lofts — will give residents easy access to transit routes along with two DART rail stops.

Amenities will include a rooftop sky deck, a stunning resort-style pool and courtyard, a poolside fitness center and a fenced-in dog park.

Hunt Companies Inc. and Skyline Properties are developing the 250,000-sf project, scheduled for completion in the summer of 2016 with pre-leasing beginning spring 2016.

Read more at Multi-Housing News.

Belk 95,000-SF store to Euless' Glade Parks 

(5/14/2015)

EULESS - A new mixed-use project in the mid-cities area will be anchored by a 95,000-sf Belk department store.

Belk will build the $10.8 million store in the Glade Parks development under construction off SH 121 near Glade Rd. and Cheek-Sparger Rd.

Construction will start on the store in July and the opening will be in March 2016.

The 194-acre Glade Parks development will also have a Super Target and Walmart Supercenter. Parts of the project will open this summer. Over 800,000 sf of retail and restaurant space are planned.

More than 400 apartments have already been built in Glade Parks, and construction is underway on a 125-home residential community with the first houses ready in 2016.

Read more at the Dallas Morning News.

IRR: Dallas retail viewpoint 2015 

(5/14/2015)

DALLAS - The Dallas retail market continues to improve and is in the third stage of recovery within the market cycle, according to IRR's latest viewpoint.

Strong population growth within the region, low unemployment and expanding business within several key industry sectors has created a favorable climate for retail.

Overall vacancy rates decreased over 2014 and this trend should continue throughout 2015.

Rental rates for mall, community and neighborhood retail have increased consistently over the past two years and 2015 should see a continued increase in rate.

Both cap rates and discount rates have remained steady from mid-year 2014 and will likely stay relatively flat through the first part of 2015.

Given continued increases in occupancy, new construction and rental rates, the Dallas retail market should continue to recover and expand in 2015.

Dallas Retail 2015
Categories Regional
Mall
Community
Retail
Neighborhood
Retail
Going in cap rates 6.5% 6.8% 7.0%
Market rent ($/sf) $22 $23 $15
Vacancy rate 5.0% 3.2% 10.2%


Save time, click here for Integra Retail 2015 Viewpoint Report.

See DFW Market Research and DFW NewsTalk.

Sold: 134,000-SF Keller Crossing Shopping Center 

(5/14/2015)

KELLER - The 134,000-sf Keller Crossing Shopping Center at 1540 Keller Pkwy. has been sold. The shopping center is anchored by Stein Mart, Ace Hardware, Big Lots and Tuesday Morning stores.

JAH Realty L.P., a Dallas-based investor, bought the project from an affiliate of the Tabani Group.

Read more at the Dallas Morning News.

Dallas: City Electric Supply plugs into 400 Record 

(5/14/2015)

DALLAS - The 17-story former Belo Building — which was recently rebranded as 400 Record — has landed its first corporate tenant.

The new building owner, Thomas Hartland-Mackie, plans to move the family's business, City Electric Supply, and its headquarters from Uptown to downtown Dallas following a multimillion-dollar renovation of the 235,000-sf building at 400 S. Record St.

City Electric Supply plans to occupy five floors in the 17-story tower.

The deal will leave about eight floors or about 115,000 sf of office space available for lease.

Read more at the Dallas Business Journal.

More background information? 400 Record building gutted for redo in downtown Dallas.

Interceramic lays 50,000-SF foundation at Farmers Branch 

(5/13/2015)

FARMERS BRANCH - Tile manufacturer Interceramic Inc. has expanded to a distribution center at Mercer Business Park, taking about 50,000 sf of warehouse space.

Interceramic plans to lease only a portion of a 260,000-sf distribution center, which is currently being built by Dallas-based developer Billingsley Co.

The Garland manufacturer — which constructs ceramic tile, natural stone and installation materials — will join IMC by The Stone Collection, which already leased about 100,000 sf of space in April.

The deal leaves only 35,000 sf of industrial space left to lease of the yet-to-be completed distribution building.

Billingsley Co. plans to complete the building in fourth quarter 2015, and Interceramic plans to occupy the space by 1Q 2016.

Read more at the Dallas Business Journal.

DFW, Abilene, Garland, Plano home sales in April (NTREIS) 

(5/12/2015 10:00:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems home sales are available from April 2015.

• The median price of existing single-family homes increased to $198,000, up 5.0 percent from March 2015.
• Existing single-family home sales increased 0.0 percent from March 2015, with a total of 6,769 sold units.
• Condos increased in price to $171,250, up 0.8 percent from March 2015.
• Existing condo sales increased 7.2 percent in April 2015 over March 2015 for a total of 522 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
Apr. 2015
Price Chg.
Apr. 2014
Units Sold
Apr. 2015
 Sale Chg.
Apr. 2014
NTREIS* (single-family) $198,000 11.5% 6,769 -3.9%
NTREIS (condo) $171,250 10.5% 522 3.8%
Region Cities**        
Fort Worth $169,250 7.2% 798 -0.4%
Dallas $300,000 7.4% 692 -4.9%
Arlington $156,900 10.9% 297 -7.8%
Plano $284,998 5.6% 260 8.8%
Frisco $329,000 13.4% 205 -12.0%
Garland $144,900 11.5% 143 -30.2%
Abilene***  $134,950 3.9% 128 5.8%
Grand Prairie $175,000 12.9% 123 -7.5%


*North Texas Real Estate Information Systems
** Data include single-family only and represent select region cities that sold more than 120 units during April 2015.
***Abilene is part of the over 50 counties NTREIS covers.

See the full report from NTREIS.

Crow builds nest with eight DFW industrial buildings 

(5/12/2015 9:00:00 AM)

DALLAS-FORT WORTH - A real estate fund advised by Dallas-based Crow Holdings has purchased more than two dozen Texas industrial complexes — including eight properties in North Texas.

The DFW properties are:

•  Grand Prairie: 1375 Ave. S. and 1002 Ave. T
•  Arlington: 2400 Centennial Dr.
•  Irving 5101 Statesman Dr.
•  Carrollton: 1625 Vantage Dr.
•  Farmers Branch: 12901 Nicholson Rd. (three buildings)
•  Dallas: 601-625 Mockingbird Rd. (two buildings) and 8601 Ambassador Row.

Mayfield Properties LP and AB Real Estate Group sold the 2.35 million-sf industrial portfolio to a private fund advised by Crow Holdings Capital. The buildings are 95.6 percent leased.

Eight Houston properties were also included in the purchase.

Read more at the Dallas Morning News.

DFW leads U.S. in 1Q industrial leasing 

(5/12/2015)

DALLAS-FORT WORTH - The Dallas-Fort Worth area led the country in net industrial building leasing in first quarter 2015, according the latest U.S. Snapshot by Cushman & Wakefield.

Expanding and relocating tenants rented a net 6 million sf of warehouse and distribution space in North Texas in the first three months of 2015.

In all but a few markets, absorption continues to surpass construction or new supply, creating a healthy balance between recovering supply and demand.

“Market fundamentals continue to be strong, driven by a resilient economy, good job creation and a relatively strong housing market,” said Cushman & Wakefield’s John Morris. “But the biggest requirement stems from the need for facilities to satisfy the continued growth in e-commerce activity.”

Less than 7 percent of the nation’s warehouse space was empty at the end of the first quarter — the lowest vacancy rates in more than a decade for the U.S. industrial market.

Industrial Snapshot 1Q 2015
Market YTD
Direct
Net Absorp.
Inventory Overall
Vacancy
Rate
Under
Const.
Dallas-Fort Worth, TX 6,030,939 546,027,052 8.3% 11,974,046
Inland Empire, CA 3,297,321 456,830,893 6.1% 17,653,847
Atlanta, GA 3,254,415 523,462,425 7.7% 16,874,189
Philadelphia, PA 2,247,013 282,128,823 5.3% 2,983,303


Read more at the Dallas Morning News.

Here's the full U.S. Industrial Cushman & Wakefield 1Q 2015 report.

Nebraska Furniture Mart opens in Texas 

(5/12/2015)

THE COLONY - Before you go, you might want to take a gander at '8 Lessons from Nebraska Furniture Mart’s new store.'

With 560,000 sf of showroom space divided between two floors, Nebraska Furniture Mart Texas may partially bear the name of another state, but it's a Texas-sized shopping experience.

The country's largest furniture store — which offers furniture, appliances, electronics and flooring — could take you three to four hours to tour.

Some experts estimate the retailer will make at least $1 billion in sales the first year.

It has taken two months to get their 2,000 employees trained for its opening.

Read more at WFAA-TV.

Fort Worth: TCU adds 39,000-SF dining hall to Worth Hills  

(5/12/2015)

FORT WORTH – TCU has opened its fourth building at its Worth Hills Village development, a 39,200-sf multipurpose dining hall.

The structure offers 710 seats and four dining venues: a bistro, a Tex-Mex eatery, a grill and a grab-and-go market.

It marks the anchor building for a community planned to house 1,770 students when complete and supplements amenities already offered on the main campus.

The project team received LEED Gold certification from the U.S. Green Building Council, denoting several environmentally friendly features.

The building also includes a second-story area that offers soft seating, Greek Life offices and flexible space that can be used for dining, studying or special meetings and dinners.

Read more at the Fort Worth Business Press.

North Texas median home prices fly above $200,000 

(5/11/2015 11:00:00 AM)

DALLAS-FORT WORTH - This spring’s scorching home cost increases have propelled median house sales prices in North Texas above $200,000 for the first time.

In April, home sales prices in the area were up 14 percent to a record $207,000.

The Dallas area now leads the country in year over year home price increases, according to the latest national comparison from CoreLogic Inc.

Looking around the Dallas area, some of the biggest year-over-year price gains in April were in Irving (up 43 percent), Southern Dallas (24 percent) and Oak Cliff (23 percent).

Even with the huge price increases, preowned single-family home sales rose by 7 percent last month and sales of condominiums and townhouses were 13 percent higher than in April 2013, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Read more at the Dallas Morning News.

Frisco's 95,000-SF Legacy Ranch sells to LA buyer 

(5/11/2015)

FRISCO - The 95,000-sf Legacy Ranch shopping center at 4851 Legacy Dr. has been sold.

Westwood Financial Corp., a California-based investor, purchased the property from Dallas’ Folsom Cos.

Built in 2004, Legacy Ranch is anchored by a Kroger supermarket. Other tenants in the retail center include Wells Fargo Bank, Allstate Insurance, Edward Jones and Supercuts.

“The City of Frisco is experiencing explosive economic growth and an increasing demand for retail,” said Joe Dykstra, executive vice president of Westwood Financial.

“We feel there is an upside in the rents given that the center is uniquely positioned to capitalize on the influx of new traffic from the series of high-profile developments just blocks away from the center.”

Westwood Financial is one of the country’s largest owners of grocery-anchored shopping centers. It owns almost two dozen retail properties in North Texas.

Read more at the Dallas Morning News.

TAR's most, lease profitable home remodels for Dallas 

(5/11/2015)

DALLAS - The Texas Association of Realtors has released its 2015 edition of the Texas Remodel Valuation Report, which is based on data from the 2015 Cost vs. Value Report by the National Association of Realtors and Remodeling magazine.

The profitability of home remodeling projects remained largely the same in Dallas in 2014, with recoup costs ranging between 42.6 percent and 114.5 percent.

Roofing replacements were the most profitable project, recouping 114.5 percent of the project cost, while sunroom additions were the least profitable, recouping only 42.6 percent.

Here are the top and bottom projects, ranked by recoup cost:

Top, bottom projects by recoup cost
Top five projects Bottom five projects
Project Cost
recouped
Project Cost
recouped
Roofing replacement 114.5% Sunroom addition 42.6%
Window replacement (vinyl) 101.2% Home office remodel 53.7%
Basement remodel 98.0% Entry door replacement (fiberglass) 54.5%
Entry door replacement (steel) 92.2% Upscale garage addition 58.7%
Garage door replacement 86.7% Upscale deck addition (composite) 59.4%


Source: Texas Association of Realtors

Read more at the Texas Association of Realtors.

$56.7M Cantabria at Turtle Creek delivers in Dallas 

(5/11/2015)

DALLAS - Associated Estates Realty Corp. (AERC) has finished construction of a new luxury $56.7 million residential tower in Turtle Creek.

The nine-story, Mediterranean-style apartment tower is one of the only for-rent properties in the Turtle Creek area, which houses a large number of condo properties.

The 249-apartment property — called the Cantabria at Turtle Creek — at 2728 Hood St. is 50 percent leased to residents who typically range in age from 30 years old to 60 years old.

The going rent is $2.20 per sf, or ranges from roughly $1,300 to upwards of $3,000 per month. The average cost of a newly completed apartment in Dallas' urban core is roughly $1,800 to $2,000 per month, according to MPF Research.

About 15 percent of the 249 apartment homes in the tower are large, one-bedroom apartments totaling upward of 1,000 sf. The one-bedroom apartments range from $2,100 to $2,600 per month.

Read more at the Dallas Business Journal.

Cushman & Wakefield: DFW 1Q industrial sales transactions 

(5/11/2015)

DALLAS-FORT WORTH - Cushman & Wakefield's industrial snapshot highlights significant first quarter 2015 sales transactions in the Dallas-Fort Worth area.

Significant 1Q 2015 Industrial Sales Transactions
Sales Transaction Submarket Purchase
Price/Per SF
SF
Pinnacle Park
Distribution Center I
Pinnacle/Turnpike $44,060,000/
$69.23
636,480
2838 Virgo Lane Walnut Hill/Stemmons $9,872,109/
$60.01
164,500


Source: Cushman & Wakefield

See the entire Dallas-Fort Worth 1Q 2015 Industrial Snapshot.

Weatherford Auto Mall to new 60,000-SF dealership  

(5/11/2015)

WEATHERFORD - Construction has begun on a 60,000-sf auto dealership that will be the new home of Roger Williams Auto Mall.

The new dealership is located at 1102 Washington Dr. along I-20 and will replace the existing location at 1015 Fort Worth Hwy.

Construction is expected to be completed in April 2016. Interior amenities include 25 service bays and car wash facility. 

The new dealership is the largest project in a companywide upgrade of Roger Williams’ Weatherford auto facilities.

A 3,700-sf expansion of the existing Roger Williams Collision Center also is under construction at 1405 Fort Worth Hwy. at Industrial St. The project is set to be completed in August and will add new equipment, a training center and room to house more than 20 vehicles.

Read more at the Fort Worth Business Press.

California buyer takes six DFW industrial properties 

(5/10/2015)

PLANO, IRVING, GRAND PRAIRIE - KFG Investment Co. has purchased six DFW industrial properties from Vintage Interests and America Real Estate.

The properties include:

•  Beltline Business Center in Irving (39,559 sf)
•  TriStar Tech Center in Grand Prairie (80,791 sf)
•  Carrier Place in Grand Prairie (83,896 sf)
•  1600 10th Street in Plano (39,181 sf)
•  Summit Service Center in Plano (95,187 sf)
•  Jupiter Tech Center in Plano (36,695 sf)

HFF arranged $15.9 million in financing for the properties with Unum Life Insurance Company of America.

Read more at the Dallas Morning News.

IRR industrial Dallas viewpoint 2015 

(5/8/2015)

DALLAS - The strength of the local economy — due largely to high employment, strong population growth, and expanding business — continues to drive the industrial property sector into the expansion phase of the market cycle.

The overall vacancy rate has been on a steady decline since 2010 and will likely continue in this direction through this year.

Rental rates are increasing for both warehouse/distribution space and flex space properties and should continue through 2015.

South Dallas County continues to experience a construction boom in the industrial sector.

Notable development in this area includes Trammell Crow Co.’s 700,000-sf JJ Lemmon Distribution Center (estimated to be completed in 2015) and 1.6 million sf of warehouse space to be constructed by real estate developer Prologis.

Dallas’ growing reputation as a distribution hub is helping stimulate demand and should continue to drive the expansion of the Dallas industrial market.

Dallas Industrial Snapshot 2015
  Class A Flex
Vacancy rate 7.1% 9.8%
Market rent ($/SF) $4.10 $9.40
Absorption (SF) 4,785,000 250,000
Construction (SF) 10,154,000

 
Click for the full PDF of the Integra Industrial Annual Viewpoint 2015.

See DFW Market Research and DFW Industrial NewsTalk.

Roanoke lets the factory out of the 330,000-SF bag 

(5/7/2015 11:00:00 AM)

ROANOKE - Heritage Bag is set to open its 330,000-sf corporate headquarters and distribution hub at 501 Gateway Pkwy.

The company announced in 2014 that it would build to facility to meet growing needs. Heritage Bag produced can liners for large institutional businesses.

This was one of many projects that has been recently added to AllianceTexas, an 18,000-acre master-planned development housing the world's first industrial airport. Earlier this year, AllianceTexas' economic impact to the region has tallied up to $55 billion over a 25-year period.

Heritage Bag Co. has six manufacturing and service locations throughout the United States, with a distribution network that includes Canada and Mexico.

Read more at the Dallas Business Journal.

Hebron 121 starts on 242 units in Lewisville 

(5/7/2015 9:00:00 AM)

LEWISVILLE - The 242-unit third phase of the Hebron 121 Station apartment community is underway.

The newest phase will add three four-story buildings to the 90-acre rental community, which is located at the intersection of I-35E and SH 121.

The new units are expected to be completed summer 2016. When complete, the $300 million Hebron 121 Station development will have 1,700 apartments, a restaurant and a fitness center constructed adjacent to a commuter rail station.

Developer Huffines Communities opened the first phase of the project in 2011.

Read more at the Dallas Morning News.

Burleson H-E-B inches up to a Plus!  

(5/7/2015 6:45:00 AM)

BURLESON - H-E-B revealed the first H-E-B Plus! grocery store in North Texas during a grand re-opening ceremony at 165 N.W. John Jones Dr.

The 88,000-sf store built in 2010, began upgrading and expanding in July.

The $14 million upgrade resulted in 118,000 sf of expanded departments, new products and twice the variety and additional services.

Mobile services with most carriers, an assortment of televisions, cameras, iPads, games, electronics and more than 800 movie titles are available in the new entertainment center.

Burleson Mayor Ken Shetter stated “When H-E-B opened up in Burleson five years ago I told everyone we would need a bigger store. Thank you, H-E-B, for investing in Burleson.”

Read more at Burleson Crowley Connection.

Three DFW Aloft hotels trade hands 

(5/7/2015)

DALLAS-FORT WORTH - An undisclosed buyer has bought three North Texas Aloft-branded hotels as part of a larger deal totaling 549 rooms in North Texas and San Antonio.

Here are the hotels impacted by the deal:

•  136-room Aloft Plano hotel — 6853 N. Dallas Pkwy.
•  136-room Aloft Las Colinas hotel — 122 E. John Carpenter Fwy.
•  136-room Aloft Frisco hotel — 3202 Parkwood Blvd.

The Aloft San Antonio hotel, a 141-key select-service hotel, was also included in the portfolio. Each of the hotels in the portfolio was opened in October 2008 and March 2009.

The hotels include fitness centers, outdoor pools, lounges and self-service eateries. The Aloft brand is part of the Starwood Hotels & Resorts Worldwide group.

Read more at the Dallas Business Journal.

W.P. Cary cashes into Plano's 166,000-SF Intuit building 

(5/7/2015)

PLANO - W.P. Carey, a global net-lease REIT headquartered in New York City, has bought 5601 Headquarters Dr. from Piedmont Office Realty Trust Inc.

The 166,033-sf, three-story office building was constructed in 2001 as a build-to-suit for Intuit, a Mountain View, CA-based provider of business and financial management solutions that includes retail products such as TurboTax, QuickBooks and Quicken.

Intuit uses the complex to house management, software development and engineering, as well as operations for its professional tax division.

5601 Headquarters Dr. is located within the Legacy Business Park, a 2,700-acre development that is the site of national and regional headquarters for Hewlett-Packard, JCPenney, Frito Lay, Bank of America and Ericsson. Toyota North America is also in the process of relocating its headquarters from California to the business park.

Read more at CoStar Group.

Fairfield Inn & Suites underway in Waxahachie 

(5/7/2015)

WAXAHACHIE - A Fairfield Inn & Suites by Marriott hotel, located at 2020 Civic Center Lane at the intersection of I-35 E and Hwy. 287, is underway.

Expected to open in early summer 2016, the hotel will sit beside the Waxahachie Civic Center, and across from the newly completed Baylor Scott & White Hospital.

Atlanta-based Hotel Equities and owners Thomas and Michael Chen of Scenic Capital Advisors are developing the hotel.

Read more at Texas Real Estate Business.

Denton hollers to Tennessee metalworking for new 86,500 SF 

(5/6/2015 10:00:00 AM)

DENTON - Tennessee-based Quality Industries Inc., a metalworking manufacturer, is expanding into North Texas with a new facility and the expectation to hire more than 40 workers.

The company has signed a long-term lease for 86,500 sf of manufacturing and office space for a new facility at Westgate Business Park at 1550 N. Western Blvd.

Construction is slated to be complete by early October, with move in scheduled for November. The company plans to hire more than 40 employees at the new location.

The new facility in Denton will strengthen Quality Industries' supply chain throughout the Lone Star State and the rest of the southwestern and south central United States, according to President and CEO Warren Hayslip.

Read more at the Dallas Business Journal.

Cushman & Wakefield: DFW office vacancy 1Q 2015 

(5/6/2015)

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 preleased, with most located in the Turtle Creek/Uptown, Dallas CBD, and Preston Center submarkets.

DFW Office 1Q 2015
Submarket Inventory Overall
Vacancy
Rate
YTD
Leasing
Activity
Under
Construction
YTD Direct
Net
Absorption
YTD Overall
Net
Absorption
Overall Wtd.
Avg. All
Class Gross
Rental Rate*
Dallas CBD 26,651,220 21.8% 281,248 454,500 258,337 258,337 $22.51
Dallas suburbs 157,595,523  16.9% 2,417,979   8,025,309 802,650  206,926  $21.29
FW CBD 11,658,902 10.1% 135,475 0 90,615 90,615 $27.43
FW suburbs 11,919,676 7.6% 42,932 357,214 33,926 33,926 $19.34
DFW total 207,825,321 16.6% 2,877,634 8,837,023 1,185,528 589,804 $21.64


*Rental rates reflect asking $/PSF/year

Click to view the full DFW Cushman & Wakefield Office report. 

IRR Dallas hotel viewpoint 2015 

(5/6/2015)

DALLAS - As a leading center for business and industry in the southwest region of the country, Dallas consistently generates demand for hotels.

The improving economy and the expansion and relocation of business to the Dallas metro area have helped to drive occupancy among both full-service and limited-service hotel properties.

In 2014, occupancy and average daily rates were at their highest levels in the last five years.

Occupancy is expected to increase slightly in 2015 and demand should continue to push daily average rates slightly upward.

In the suburban areas of the Dallas metro, office and retail are the foundation of the lodging demand.

Although construction within the lodging sector has lagged in recent years, the trend appears to be shifting and an estimated 1,000 new rooms are slated in the coming year.

Notable new projects include the redevelopment of the 21-story 1700 Commerce building in downtown Dallas into a high-rise hotel and plans for a boutique hotel within the recently announced $700 million luxury, mixed-use development in Frisco known as The Gate.

The overall economic strength and the expansion of business in the region will continue to drive the expansion of the lodging sector in Dallas.

Dallas Hotel 2015
  Full Service
Lodging
Limited Service
Lodging
Lodging rate ($/room) $127 $69
Occupancy rate 68.4% 69.3%
Lodging rate change 3.75% 3.50%
Expense change 3.00% 2.75%
Construction (rooms) 1,000


Save time, click here for Integra Hotel 2015 Viewpoint Report.

See DFW Market Research and DFW NewsTalk.

Trophy Club to shine town hall, police facility on 5.6 acres 

(5/6/2015)

TROPHY CLUB - The Town of Trophy Club has closed on a tract of land as part of its large goal of building a new $2.5 million joint town hall and police facility.

The town paid $1.4 million for the 5.6-acre property near the intersection of SH 114 and Trophy Wood Dr.

The site is located in an area of Trophy Club, which is expected to eventually include four hotels, destination dining, Baylor Medical Center and professional office space through the Trophy Club Town Center development.

"Incorporating our municipal facilities in an area where commercial development is brewing will create positive energy for the community," said Town Manager Stephen Seidel.

"I am also pleased that the Town was also able to save approximately $1.2 million on the land purchase which the Town Council has dedicated to the joint facility construction," he added.

The new facility will significantly upgrade the Town of Trophy Club's facilities. The 20-year-old, 6,000-sf police station was meant to be the temporary site for police operations. The existing municipal building is nearly a decade old and the population of the town has more than doubled in that time.

Read more at the Dallas Business Journal.

DFW employment growth slows while retail gains strength 

(5/6/2015)

DALLAS-FORT WORTH - Employment growth is slowing, but not enough to deter consumer confidence or what industry observers call a strengthening retail market in North Texas.

Between January 2014 and January 2015, Dallas-Fort Worth’s non-farm employment grew 4.4 percent, according to the U.S. Bureau of Labor Statistics, better than the national rate of 2.3 percent in the same period.

Despite Texas’ 2014 employment growth, 2015 started out weaker. Employers in 31 states cut jobs in March, with energy companies leading the charge. Texas lost the most, with 25,400 jobs pared.

The month saw the U.S. employment rate stall at 5.5 percent. Despite the dip, consumers are spending money and appear upbeat.

“We’re almost back in alignment of where we were in 2006-’07,” said John Chang, first vice president of research services for Marcus & Millichap Real Estate Investment Services, describing consumer confidence as recovering to pre-recessionary days.

“Consumer confidence improved in March after retreating in February. This month’s increase was driven by an improved short-term outlook for both employment and income prospects; consumers were less upbeat about business conditions,” said Lynn Franco, director of economic indicators with The Conference Board.

Helping boost retail is online commerce, with Internet sales up 65 percent compared to pre-recession numbers, Chang said. Such transactions represent 11 percent of the nation’s total retail activity, up from 5 percent just ten years ago.

Read more at the Fort Worth Business Press.

For more employment data, visit the Texas Workforce Commission.

Cushman 2017 office forecast ranks Dallas second in U.S. 

(5/5/2015 11:00:00 AM)

DALLAS - Dallas will be one of the top office leasing markets in the country during the next two years, according to Cushman & Wakefield (C&W) Office Forecast 2017.

The commercial real estate firm is predicting that the Dallas area will be second only to California’s Silicon Valley in net office leasing in the suburbs (non-CBD) through 2017.

Silicon Valley will continue to lead the charge, expected to absorb over 16 percent of its inventory by the end of 2017 as tech tenants keep expanding.

“The Dallas suburbs rank second in absorption as the area continues to draw major corporate relocations and expansions,” C&W said in its office forecast.

“The most significant announcement in 2014 was from Toyota, which is moving its North American headquarters from Southern California to Plano to a 1.5 million-sf facility."

“More relocations are expected through the forecast period as Dallas continues to attract corporate occupiers due to its low cost of doing business, low taxes, easy access to skilled labor, and availability of multiple real estate options.”

Houston also made the top ten suburban office absorption list in eight place.

NON-CBD Forecast 2015-2017
 Markets Overall Vacancy Rate Avg. Annual Rent Growth
2014 2015F 2016F  2017F 2014 2015F 2016F  2017F Avg. Rent
Growth
(2015-2017)
Atlanta 17.6% 16.7% 16.1% 15.2% $19.29 $19.91 $20.30 $20.65 2.3%
Dallas 16.7% 16.2% 17.3% 16.2% $21.13 $21.69 $22.22 $22.69 2.4%
Silicon Valley 9.1% 8.8% 10.1% 13.2% $35.21 $39.40 $43.77 $47.63 10.6%
U.S. 16.3% 15.0%  14.2% 14.7% $25.15 $26.09 $26.99 $27.61 3.2%


Read more at the Dallas Morning News. See Cushman & Wakefield U.S. Office Overview & Forecast.

See DFW Market Research.

DeSoto 'spects industrial project for 30 acres 

(5/4/2015 9:45:00 AM)

DeSOTO - Developers who just purchased about 30 acres near I-20 are eager to start construction on a new industrial park.

Ridgeline Property Group and Stockbridge Capital Group bought the site in DeSoto on I-35E and plan to break ground next month on a speculative warehouse.

“The pace of construction activity in south Dallas has picked up significantly, and many speculative projects have enjoyed successful pre-leasing efforts,” said Ridgeline CEO Greg Thurman.

Ridgeline Property will build 453,600 sf in its new Eagle Park 20/35 project, the latest in a series of big industrial buildings coming along I-20 and I-45 in southern Dallas County.

With recent leases in the area, more warehouses are going to be needed.

During the last few months, major businesses have leased millions of sf of warehouse space along I-20 in southern Dallas County.

All of these big warehouse deals landed in speculative buildings — projects started by developers who didn’t have a tenant lined up first.

At the start of the year, the large volume of speculative industrial construction in the I-20 corridor looked like a gamble. But now, not so much.

“Those guys are looking real smart right now on I-20,” said Tom Pearson, executive vice president of commercial real estate firm Colliers International. “It’s a testimony to the fact that that corridor is where the developers perceived the demand to be.”

Read more at the Dallas Morning News.

DFW: hottest housing market in U.S. 

(5/4/2015)

DALLAS-FORT WORTH - The Dallas-Fort Worth area has the hottest housing market in the country, according to new report by Realtor.com.

Analysts rated the top markets in April based on demand for housing and how long it takes to sell a property.

“Sellers are seeing listings move between 29 and 49 days more quickly than in the rest of the country and at an accelerating pace from just last month — an average of five days faster,” Realtor.com economist Jonathan Smoke said in the report.

So far in 2015, median single-family home sales prices in North Texas are up about 9 percent from a year ago. And the number of homes sold in the area so far this year by Realtors is 4 percent higher than in 2014.

“Dallas is one of the top 15 hottest so it’s definitely not slowing down,” Smoke said.

Top Five U.S. Housing Markets:

Based markets based on demand for housing and how long it takes to sell a property in major markets across the nation. 

1. Dallas-Fort Worth-Arlington, Tex.
2. Santa Rosa, Calif.
3. Vallejo-Fairfield, Calif.
4. Denver-Aurora-Lakewood, Colo.
5. Boston-Cambridge-Newton, MA-NH

Read more at the Dallas Morning News.

Trammel Crow to add 371-unit complex in East Dallas 

(5/4/2015)

DALLAS - Trammel Crow Residential has announced plans to build a 371-unit apartment complex in East Dallas.

The project, named Alexan Henderson, will be on a block at Fitzhugh Ave. and Monarch St.

Trammel Crow’s project is one of two new apartment developments in the works along Fitzhugh in East Dallas. JLB is building more than 300 units at Fitzhugh St. and Homer St.

Read more at the Dallas Morning News.

Fort Worth sells 29 acres at former airport for apartments 

(5/4/2015)

FORT WORTH - The City of Fort Worth has sold a 29-acre tract at the northeast corner of Trinity Blvd. and Centreport Dr. in the Centreport Business Park to a Dallas developer that plans a 318-unit apartment community.

In early April, the developer, Leon Capital Group, won a rezoning request for the site at 14105 Trinity Blvd.

The land is part of the former Greater Southwest International Airport. Fort Worth started selling the airport land more than 30 years ago.

Read more at the Fort Worth Star-Telegram.

Frisco: Mustang Creek finishes $7M senior living home 

(5/4/2015)

FRISCO - Mustang Creek Estates has finished its sixth and final home in its assisted-living and memory care community in west Frisco.

The $7 million senior living concept features six houses where up to 16 residents live in each house.

Mustang Creek Estates opened its first house in May 2014 and has continued opening each house to residents as they were completed.

The community features all-inclusive monthly rates with two levels of assisted-living offered as well as memory care. Facilities include an emergency call system and on-site medical assistance. Home health and hospice visits the community daily.

Although the Frisco community is new, Mustang Creek Estates has been in business for ten years in Allen and Keller and plans to expand in North Texas.

Mustang Creek Estates has created 60 jobs to care for the 90 residents in Frisco.

Read more at Community Impact Newspaper.

TAR on Arlington 1Q 2015 

(5/4/2015)

ARLINGTON – The Texas Quarterly Housing Report covering first quarter 2015 has been released from the Texas Association of Realtors (TAR).

The Texas Quarterly Housing Report is compiled by the Real Estate Center at Texas A&M University using statistics from multiple listing services in nearly 50 markets throughout Texas.

The report includes data for single-family home sales over the course of one quarter.

With more than 95,000 members, the Texas Association of Realtors is a professional membership organization that represents all aspects of real estate in Texas.

Texas Quarterly Housing Report Arlington
Statistic  1Q 2015 4Q 2014  3Q 2014 2Q 2014 1Q 2014
Sales (units) 956 1,221 1,504 1,495 1,019
Median Price 163,500 157,800  161,600 159,000 150,400 
Avg. Price 182,282 179,317 183,743 178,871  173,378
Mo. Inventory 1.30 1.50 1.90 2.00  1.80


Source: Texas Association of Realtors 

See how your area performed at the 1Q 2015 Texas Quarterly Housing Report from the Texas Association of Realtors.

Colliers consumes CASE in Dallas  

(5/4/2015)

DALLAS - A Dallas commercial real estate firm has been purchased by Seattle-based Colliers International.

Colliers — which has a large operation in North Texas — bought CASE Commercial Real Estate Partners LLC, a boutique brokerage firm.

CASE has been in business since 1986 with offices in Dallas and Fort Worth.

Colliers said the purchase of CASE will expand its services in medical office, corporate solutions, retail, self-storage and investment sales.

Read more at the Dallas Morning News.

Farmer Bros. brewing $40M Denton County HQ 

(5/1/2015 9:30:00 AM)

NORTHLAKE - Farmer Bros. Co. — a 103-year-old coffee company that is based in Torrance, Calif. — has announced that it will open a $40 million headquarters on I-35 near Texas Motor Speedway.

About 300 people will work in the half-million-sf business complex, which is expected to open in 2016.

Northlake County and Denton County are providing economic incentives to help pay for the move, which will result in $12 million to $15 million in annual savings for the company.

Farmer Bros. said the move to a new headquarters in Texas will result in $12 million to $15 million in annual savings.

Farmer Bros. has been in business since 1912. It has annual sales of more than a half billion dollars for coffee, tea and culinary products. The company has about 1,800 employees.

Read more at the Dallas Morning News.

IRR: Dallas multifamily report 1Q 2015 

(5/1/2015)

DALLAS - Strong population growth within the region, low unemployment, corporate relocations and expanding business across several key industry sectors continue to drive the expansion of the Dallas multifamily market.

Overall vacancy held steady at around 5 percent throughout 2014 and is expected to increase slightly in 2015 as nearly 10,000 new units are expected to be completed.

Absorption remained positive for all classes, in both the suburban and urban setting, and this trend is expected to continue for the next several years.

Rental rates for both A and B/C property classes continue to increase, with units in downtown Dallas seeing the greatest increase as demand remains strong. Cap rates are steady across the metro area and will likely decrease only slightly throughout 2015.

One Dallas Center, 1600 Pacific and The Olympic are all former office towers currently being redeveloped into mixed-use properties featuring Class A multifamily units.

The multifamily market in suburban Dallas remains equally strong with several large projects underway such as CityLine in Richardson, which will include 4,000 multifamily units at build-out, and the $1.2 billion Wade Park mixed-use development in Frisco that will include a residential component.

Given continued population growth — that will in turn drive demand for the increased number of new multifamily units coming online — the market, should continue to remain balanced and strong into 2015.

Dallas Multifamily 1Q 2015
Dallas 1Q 2015 Urban
Class A
Urban
Class B
Suburban
Class A
Suburban
Class B
Market rent change 4.00% 3.00% 4.00% 3.00%
Expense change 3.00% 3.00% 4.00% 3.00%
Absorption (units) 760 10 1,422 1,622
Construction units 9,145


See Integra Multifamily 1Q 2015 Report.

For more Multifamily news, check out DFW Market Research and DFW Multifamily NewsTalk.

The PIT+ scores 56,000 SF in Frisco 

(4/30/2015)

FRISCO - A large indoor and outdoor soccer complex in the shadow of Toyota Park in Frisco — the Performance Indoor Training+ (The PIT+) — is expected to open at the end of May.

The 56,000-sf facility at the southwest corner of North County Rd. and Meadow Hill Dr. includes two indoor turf fields, two indoor futsal fields, two outdoor sand soccer pits, two outdoor fields certified by the Federation International de Football Association, and one outdoor futsal field.

The PIT+ is scheduled to host a grand opening for the community on Saturday, May 30.

"We selected Frisco as the location because it's a family-friendly, sports-loving city," said Meese, co-founder of The PIT+.

"The PIT+ is greatly complemented by sports arenas, the Frisco Independent School District Natatorium and FISD Athletic complex, sports retail and a growing population of young athletes and professional soccer players."

Read more at the Dallas Business Journal.

Dallas' Rush Creek apartments to Canadian buyer 

(4/30/2015)

DALLAS - The 310-unit Rush Creek apartment complex at 2625 Community Dr. has been sold. Republic Funds, an Ontario-based real estate equity firm, acquired the 29-building community.

The Rush Creek apartments sit on 11 acres just off Northwest Hwy. in the Preston Center submarket. Constructed in 1966, it consists of one-, two- and three-bedroom units ranging from 450 sf to 1,350 sf.

It was 86 percent leased at the time of sale. Amenities include two swimming pools, three laundry areas, playground and a clubhouse.

Republic Funds, which targets distressed assets for value-add opportunities, plans to make upgrades to building exteriors as well as unit interiors. With the acquisition, the firm now owns more than 1,000 units in the metroplex.

Read more at CoStar Group.

TheUnlisted ferreting out homes in North Texas 

(4/29/2015 7:30:00 AM)

DALLAS-FORT WORTH - With North Texas homes in super short supply, real estate agents are scrambling to find properties for clients to purchase.

TheUnlisted.com is a website that is hoping to give agents an edge in finding homes that never get any sign in the yard or a Realtor listing.

“So many real estate transactions are happening off line — as many as 20 percent of the properties trading,” said Steven Riskey, who set up the new marketing website with the help of Daylon Pereira and Pepe Rodriquez.

“We wanted a way you can spread word about a property very quickly and efficiently,” Riskey said.

It’s only been in the last few years with a huge shortage of houses for sale in North Texas that property agents have begun to market homes privately and withhold the listing from the MLS.

Some of these properties wind up in the broader listing service eventually.

The UnListed.com website is designed to display the properties on mobile devices and send notifications to agents to let them know when a new home is added. About 300 have so far signed up to use the property listing database.

Read more at the Dallas Morning News.

Plano: Rosewood Property budding with 156-acre project 

(4/29/2015)

PLANO - Construction starts this week on a 156-acre development near North Central Expy. and President George Bush Turnpike.

Previously estimated cost was $900 million for Heritage Creekside which is being developed by Rosewood Property Co.

The development includes 327 apartments and 100 single-family homes. The phase also includes three restaurant sites on the east side of the property along Alma Rd.

The project is expected to include at full buildout up to

  • 1,300 apartments,
  • several hundred townhomes and single-family homes,
  • 50,000 sf of retail and restaurant space,
  • 2.3 million sf of office space; and
  • a 15-story hotel.
     

Read more at the Dallas Business Journal.

Heady, Red Spur jump to Plano with 200,000-SF office project 

(4/29/2015)

PLANO - Heady Investments is teaming up with Red Spur Ltd. to build a seven-story, 200,000-sf speculative office building on the Dallas North Tollway at Headquarters Dr.

The building will be constructed at the north end of Legacy Town Center and will be across the street from another office building Heady built two years ago.

The granite and glass building will start construction later this year.

“We are receiving numerous call from brokers asking for proposals for full floor to a 100 percent of the building confirming demand is there for the development,” developer Randy Heady said.

The office project is just across from where Liberty Mutual Insurance is building a new operations center with more than 4,000 workers.

It’s in the same area where Toyota Motor Co. and FedEx Office are building their new headquarters.

With thousands of jobs coming to the Legacy business park in West Plano, developers are scrambling to get new office projects out of the ground.

Along with Heady Investment’s building, other office developments are in the works by Gaedeke Group and Granite Properties.

Read more at the Dallas Morning News.

Fort Worth apartment rent growth breaks record 

(4/29/2015)

FORT WORTH - Fort Worth's annual effective rents grew 6.8 percent year-over-year in March, which is the city's highest rent gain in the current real estate cycle, according to research from Addison-based Axiometrics.

Meanwhile, the annual effective rent growth for the same time period in Dallas reached 6 percent.

Dallas and Fort Worth's annual rent increases surpass the national effective rent growth of 5 percent.

"What's amazing is that rent growth continues climbing and both markets are full, by Axiometrics' standards, even with new supply delivered," said Stephanie McCleskey, a vice president of research at the firm.

In first quarter 2015, Fort Worth received 574 new apartments and Dallas received 3,460 new apartments.

In 2015, North Texas is expected to get 15,864 new apartments, which is a dramatic increase from the previous year's 11,389 new apartments.

Occupancy in Dallas and Fort Worth continues to be high, with 95.1 percent and 95.2 percent, respectively.

On average, North Texas residents are paying $907.53 a month for rent.

Read more at Dallas Business Journal.

See more multifamily under DFW Market Research and DFW NewsTalk Texas.

400 Record building gutted for redo in downtown Dallas 

(4/28/2015 8:00:00 AM)

DALLAS - An overhaul of the 400 S. Record building — formerly known as the Belo Building — will bring the 1980s high-rise up to date for new office space.

“We love the design of the building and the shape,” said Thomas Hartland-Mackie, whose family business bought the 17-story granite and glass tower located near the Dallas Omni Hotel. “We want the building to be engaged more with the street.

Work crews are already gutting the insides of the 235,000-sf building, which previously housed operations for media company Belo Corp. Belo was the parent company of The Dallas Morning News until Belo was split into two companies.

Hartland-Mackie, whose grandfather founded the worldwide firm City Electric Supply, plans to occupy about half of the tower with some of his family’s businesses. The rest of the building will be rented to other tenants.

Construction should be finished by mid-2016.

Read more at the Dallas Morning News.

Coppell: 97,000-SF office sold to Coliseum Storage 

(4/28/2015)

COPPELL - The 96,500-sf office building at 1111 Freeport Pkwy. has been sold.

The two-story building is 100 percent leased to communications provider Avaya Inc., which operates a substantial data center at the facility.

The property, which was built in 1998, has frontage along I-635 and sits on nearly seven acres. It was sold by KP Dallas LLC to Coliseum Storage Associates LLC.

Read more at the Dallas Business Journal.

Plano OKs tax abatements for Liberty Mutual 

(4/28/2015)

PLANO - Plano City Council has approved millions of dollars in incentives for the construction of Liberty Mutual Insurance’s new Legacy Business Park office campus, which will house 4,000 or more workers.

The deal includes a $5.2 million in cash grants to the Boston-based insurance company plus ten-year tax abatements on half of the value of the $325 million office complex the company plans to build near the southwest corner of the Dallas North Tollway and SH 121.

“We want to welcome Liberty Mutual Insurance to Plano and 4,000 jobs to the community,” said Plano Mayor Harry LaRosiliere.

Developer KDC is building the more than 900,000-sf high-rise office project in the Legacy West development. It’s in the same area where Toyota Motor and FedEx Office are building new corporate campuses.

The first workers should start moving into the Liberty Mutual property in 2017.

Read more at the Dallas Morning News.

Iron Mountain irons out 70,000-SF Farmers Branch deal 

(4/27/2015)

FARMERS BRANCH - Iron Mountain Inc. has leased 70,000 sf of industrial space in the 225-acre Mercer Business Park located near the northwest corner of LBJ Fwy. and I-35E.

The document storage and management company moves into the facility later this year.

With the latest deal, Billingsley Co.’s 340,000-sf project is substantially leased.

“This lease leaves only 80,000 sf available in the building,” said George Billingsley. “Leasing activity is also strong in our second building of 260,000 sf which delivers in third quarter 2015.”

Along with the warehouse space, Billingsley is also constructing a 165,000-sf corporate campus for Monitronics International in the project.

Read more at the Dallas Morning News.

Fort Worth, Rowlett sale: Shops at Hulen, Lakeview Crossing 

(4/27/2015)

FORT WORTH, ROWLETT - The 28,382-square-foot Shops at Hulen in Fort Worth and the 49,693-square-foot Lakeview Crossing in Rowlett have been sold.

The Shops at Hulen, located at the intersection of Hulen St. and Ledgestone Dr., was purchased by a private New Jersey corporation. It was 59 percent occupied by DaVita Dialysis, Sally Beauty Supply and Eyecrafters, among other tenants.

Lakeview Crossing, located at 8301 Lakeview Pkwy., was sold to a Houston-based LLC by a Dallas-based entity. At the time of closing, the property was 72.4 percent occupied by Big Lots and Royal Buffet, among other tenants.

Read more at the Fort Worth Business Press.

Harmony Hill adds 650 apartments to Rowlett 

(4/27/2015)

ROWLETT - Developers have started construction on a 650-unit apartment project at President George Bush Turnpike and Merritt Rd.

The Harmony Hill project is being developed by Huffines Communities.

Ground has already been broken for the first 326 units in Harmony Hill, which will be be available in early 2016.

The project will include a 7,000-sf clubhouse with a fitness center, a business center, a swimming pool and a pavilion. It will be a short drive from new employment centers in Richardson and Plano.

Read more at Dallas Morning News.

CVE HQ calls home to Allen's Enterprise Business Park 

(4/24/2015 9:00:00 AM)

ALLEN - CVE Technology Group, Inc., one of the fastest-growing high-tech after-market service providers for cellular handsets and consumer electronics, has relocated its headquarters from Riverdale, New Jersey to Enterprise Business Park in Allen.

According to CVE officials, 300 employees currently occupy about 40 percent of the 196,000-sf flex-space facility at 915 Enterprise Blvd., which also serves as a service center.

The company is averaging 20 new hires weekly in response to new and expanded contracts with cell phone carriers.

At the Allen location, CVE expects to employ 1,200 by the end of 2015.

“We relocated the headquarters here because the Metroplex is the epicenter of cell phone growth and activity,” said CVE Vice President Ruben Alvarado.

“All of the top carriers along with all of the top OEMs are here in the DFW Metroplex. Even if their headquarters are located elsewhere, their hubs and inventory most definitely are here,” Alvarado said.

Although CVE maintains a national receiving center in Plano and service centers in Fort Worth and New Jersey, Alvarado said the key factor in site selection was Allen’s competitive lease rates for spaces that were ready to move in immediately.

Allen’s Enterprise Business Park afforded less than 30-minute commutes to DFW International Airport and Dallas Love Field, and many dining and retail options within minutes at the nearby Watters Creek and Village at Allen centers.

Enterprise Business Park has attracted several large employers in addition to CVE, including Experian Information Solutions, Frontier Communications and Jack Henry & Associates. Combined, the four companies currently employ over 2,500 people.

Read more at Business Facilities.

1Q 2015: Dallas housing shortage; home prices soar 

(4/24/2015 8:45:00 AM)

DALLAS - A shortage of properties kept the lid on Dallas-area home sales in first quarter 2015.

That lack of inventory caused prices to soar — up 13 percent from 1Q 2014, according to a comparison of Dallas-area neighborhoods.

Some of the biggest jumps in prices were in southern Dallas County — where there’s an acute shortage of affordable homes to purchase.

Median home sales prices rose 42 percent in Oak Cliff, 24 percent in DeSoto and 19 percent in Southern Dallas.

There were also big first-quarter median price increases in North Dallas, where prices were up 20 percent. Even if mortgage costs creep up later this year as analysts predict, don’t expect a softening in housing demand.

“I think a slight increase won’t make much difference, and that is the most likely result,” said James Gaines of the Real Estate Center at Texas A&M University. “Any increase will have a short-term psychological effect, but it shouldn’t amount to much.”

Read more at the Dallas Morning News.

Dallas climbing in sales of million-dollar homes 

(4/24/2015 8:30:00 AM)

DALLAS - Luxury home sales in Dallas — like home sales throughout other price ranges — climbed last year, with 750 homes priced at a million dollars or more sold during 2014.

Wealthy young professionals, a demographic group the Dallas business community has been working to attract, is one reason behind the jump in luxury homes sales, according to the 2015 Coldwell Banker Previews International Luxury Market Report.

"Younger buyers are already an important group because a vast majority of wealthy millennials have immediate purchase interest," according to the report.

Here's an age breakdown of those interested in buying a home:

•  73 percent of those under 35 say they expect to buy a home in the next 12 months
•  49 percent of those between the ages of 35 to 44 say they plan to buy a home in the next year
•  11 percent of millionaires age 65 and older say they are planning to buy a home in the next 12 months

Dallas has yet to break into the top echelon of cities with the largest portion of million-dollar home sales. San Francisco is leading the pack with 2,802 home sales in 2014.

Los Angeles and New York are second and third for million dollar home sales behind San Francisco with 2,573 and 1,639, respectively. Houston ranked No. five on the list in 2014 with 1,045 million dollar home sales, according to the report.

While more Dallas luxury homes sold in 2014 than in previous years, there were fewer luxury homes put on the market than two years ago. This could have builders looking to fill market demand for high-end digs by building new homes for homebuyers.

Read more at the Dallas Business Journal or see the 2015 Coldwell Banker Previews International Luxury Market Report.

Klabzuba sells 190,000-SF Riverbend Center in Fort Worth 

(4/24/2015)

FORT WORTH - The 188,355-sf Riverbend Center at 2301-2435 Gravel Dr. and 7401-7445 Pebble Dr. has been sold.

Riverbend Center was 90 percent occupied at the time of the sale. The property includes about 5,000 sf of excess land to provide an expanded parking site.Riverbend Complex LLC purchased the industrial property from Fort Worth-based Klabzuba Oil & Gas Inc.

Read more at the Dallas Business Journal.

Savills Studley: DFW office sector 1Q 2015 

(4/23/2015 10:00:00 AM)

DALLAS-FORT WORTH - Savills Studley has released its first quarter 2015 DFW office sector report, highlighting the Metroplex’s economical growth that puts it in the top quartile of cities around the world.

The regional average Class A rent rose by 1.5 percent to $24.70 and has jumped by 5.2 percent year-on-year, with particularly sharp annual growth in Las Colinas, the Dallas CBD and Uptown.

With all of the news about relocating firms and business expansion, a steady increase in availability has been overlooked.

Quarterly leasing volume fell below 3.0 million sf for the first time since 4Q 2012.

Slower leasing, coupled with mounting construction activity, appears to be pushing availability higher. The overall availability rate rose for the fourth quarter in a row, jumping from 21.7 percent to 22.3 percent. The Class A rate grew by to 23.6 percent.

Rental Rate Comparison*
US Index $33.15
Preston Center $31.63
Uptown $30.54
Fort Worth CBD $26.44
Central Expressway $23.89
North Dallas Corridor $23.72


*Chart represents top five submarkets by average rental rate

Source: Savills Studley.

No commercials, no waiting but do yourself a favor and get the full picture here 1Q 2015 Dallas Office Report by Savills Studley.

Need other data? See Dallas-Fort Worth-Arlington Market Research.

What's happening in DFW office NewsTalk?

Fort Worth: 450,000-SF Parc North under construction 

(4/23/2015 9:00:00 AM)

FORT WORTH - Dallas-based Jackson-Shaw Co. and Denver-based Amstar have broken ground on Parc North, a 31-acre speculative industrial development at the corner of I-35 and Loop 820.

Featuring four light industrial buildings totaling almost 450,000 sf, the development is expected to reach completion in third quarter 2015.

Parc North will offer Class A industrial space near Dallas-Fort Worth International Airport, Fort Worth Alliance Airport and downtown Fort Worth.

“The Northern Crossing area, where Parc North is located, continues to be an industrial magnet,” said Jason Nunley, vice president of development with Jackson-Shaw.

Parc North marks Amstar’s third industrial development to break ground in the North Texas market in the past year.

Construction on DFW North Distribution Center and Riverpark 1000 began in 2014. Both are nearing completion. The buildings are 100 percent leased on a long-term basis.

Read more at Fort Worth Business Press.

NewsTalk industrial DFW, Market Research

Olympus lifts 75,000-SF NBC complex in Irving 

(4/22/2015 9:00:00 AM)

IRVING - The regional headquarters building of NBC Universal and the home of KXAS/Channel 5 has been sold. The Class A 75,000-sf broadcast facility is south DFW International Airport

Olympus Ventures bought the building at 4805 Amon Carter Blvd., which is leased to NBC Universal Media.

NBC’s regional headquarters is in the CenterPort development south of SH 183.

NBC Universal Regional Headquarters presented investors with an exceptional opportunity to acquire a recently constructed, state-of-the-art office asset with a stable income stream that is backed by the long-term commitment of one of the world’s leading media and entertainment companies,” said CBRE’s Eric Mackey.

Developer KDC, which completed the facility in 2013, was the seller.

Read more at the Dallas Morning News.

Labor pools 13,000 insurance jobs in North Texas  

(4/22/2015 8:00:00 AM)

PLANO, RICHARDSON - Any way you slice it, 13,000 jobs is substantial. That’s how many combined insurance industry positions are being created in Plano and Richardson by Boston-based Liberty Mutual and Illinois-based State Farm.

Both companies are in the process of moving major operations into North Texas.

So, why are big companies like State Farm and Liberty Mutual choosing North Texas?

That’s where the workforce is, according to Roger Meiners, chairman of the Department of Economics at the University of Texas at Arlington.

“For a large employer they want a big city,” Meiners said.

Read more at the Dallas Business Journal.

PMRG: Dallas office market 1Q 2015 

(4/21/2015 8:01:00 AM)

DALLAS-FORT WORTH - North Texas added 132,400 jobs in the 12 months ending February 2015.

That represented an annual increase of 4.1 percent in employment, according to PM Realty Group’s (PMRG) 1Q 2015 Office Market at a Glance.

As a result of the job growth, the area’s unemployment rate has dropped 120 basis points to 4.4 percent over the prior 12 months and remains below the national average of 5.5 percent.

Driven by build-to-suit construction deliveries, the DFW office market recorded 1,528,516 sf of direct net absorption during 1Q 2015, increasing its trailing 12-month absorption count to nearly 4.7 million sf — the largest 12-month gain since 1Q 2001.

The office construction pipeline has increased 8.5 percent within the past year to nearly 6.0 million sf to continue its surge experienced since 2013. Only about 48 percent of this space has been preleased.

Largest Submarkets Ranked by Total SF
Submarket Inventory
SF (Total)
Direct SF
Available
Occ. Under
Const.
Class A
Asking Rent
(per SF)
Class B
Asking Rent
(per SF)
Las Colinas 28,239,660 6,661,091 82.1% 0 $25.53 $19.88
Dallas CBD 27,234,493 8,376,156 75.4% 450,000 $22.85 $19.33
Quorum/Bent Tree 19,050,238 3,366,389 84.4% 0 $26.39 $18.10
East LBJ        15,813,226 4,641,886 74.3% 0 $22.87 $17.23
Upper Tollway/West Plano 15,321,715 2,565,623 87.7% 1,228,239 $28.93 $24.95
Richardson 14,173,043 2,587,728 86.2% 990,000 $21.96 $17.63
Central Expy. 11,553,748 2,261,201 81.6% 149,510 $25.07 $19.55
Total* 221,585,656 47,052,899 82.5% 5,960,285 $25.12 $18.83

*Includes all DFW submarkets.

One click, does the trick! PMRG 1Q 2015 Office Report.

See available 1Q 2015 office reports under DFW Market Research.

See Dallas office NewsTalk Texas.

JLL: Dallas Office Insight to statistics 1Q 2015 

(4/21/2015)

DALLAS - JLL has released its first quarter 2015 Office Insight for the Dallas market. Job growth has accelerated over recent months, resulting in near record-high absorption in early 2015.

Like much of the country, there was a notable uptick in job growth in the early part of 2015, with Dallas recording an annual 140,800 net job gain.

As a result of job growth, strong absorption moved the total vacancy rate to 19.0 percent, extremely low by historical standards. As vacancy declines, upward pressure on rates has continued, with average asking rates rising more than 5.0 percent over the past year.

A majority of the 1.9 million sf of positive net absorption in 1Q 2015 was driven by the completion of State Farm’s and the Richard Group’s built-to-suit projects.

Of the current 7.2 million-sf construction pipeline, there are significant additional built-to-suits, including Toyota, FedEx, seven-Eleven and Raytheon.

Despite higher rates and rate increases, tenants have been willing to lease and expand within Class A product. With the robust construction pipeline underway, this concentration on Class A space is expected to continue for at least the next two years.

See vacancy, absorption, inventory, direct vacancy, YTD completion and historic statistics for

  • CBD
  • Uptown/Oak Lawn
  • Downtown
  • Far North Dalla
  • Las Colinas
  • LBJ Freeway
  • North Central Expressway
  • Preston Center
  • Richardson/Plano
  • Stemmons Freeway
JLL Office Insight 1Q 2015
Total
vacancy
1Q 2015
Net absorption
Y-O-Y Rent
growth
Total under
construction
Total
preleased
19.0% 1,855,788 SF 5.1% 7,177,086 SF 59.4%


Here's 1Q 2015 JLL's Dallas Office Insight and Stats

For more 1Q 2015 reports see DFW Market Research.

See 1Q 2015 JLL's Houston Office Insight and Statistics under Houston Research.

David Weekley homes to West Dallas' Trinity Green 

(4/20/2015)

DALLAS - Home builder David Weekley has purchased five acres in West Dallas’ Trinity Green project.

The 25-acre Trinity Green project will add single-family housing with the David Weekley sale.

The Houston-based home builder will build high-density, three-story homes near a one-acre park in the project.

Along with David Weekley’s single-family homes, StreetLights Residential will build a 371-unit apartment development in the Trinity Green project this summer.

Read more at the Dallas Morning News.

FBC Grapevine sells 27 acres to auto executive 

(4/20/2015)

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
Total
Vacant
Asking
Rent
1Q 2015
Total Net
Absorption
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 

(4/17/2015)

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.

Moviehouse & Eatery tickets McKinney's Craig Ranch 

(4/16/2015)

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 

(4/16/2015)

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.

58,000-SF MOB underway in Irving 

(4/16/2015)

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 

(4/16/2015)

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.

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

(4/15/2015)

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 Airport opens next-generation $54M HQ 

(4/15/2015)

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.

Apartments near SMU in Dallas switching to condos 

(4/15/2015)

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 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
**Absorption
***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.
March
2014
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.

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

(4/13/2015)

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.

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