June 18, 2013
High and Dry: Supreme Court Rules on Red River Issue
WASHINGTON D.C. (Wall Street Journal) – The U.S. Supreme Court reached a decision concerning a North Texas agency’s bid to go into Oklahoma for water.
The court unanimously ruled that the Red River Compact doesn’t allow Texas to trump Oklahoma’s sovereign right to control its own water supplies.
Jim Oliver, general manager for the Tarrant Regional Water District, which supplies water to 1.7 million Texans, said the agency will act quickly to develop new sources of water for the area's growing population.
Pasadena Property Part of Dukeís Big Buy
PASADENA (GlobeSt.com) – San Antonio-based USAA Real Estate Co. has sold a portfolio consisting of eight Class-A industrial buildings, one of which is in Texas.
The 598,000-sf industrial property at 13001 Bay Area Blvd. was sold to Indiana-based Duke Realty. It was built in 2007 and is 100 percent leased.
CBRE represented the seller.
AUSTIN (REBusiness Online) – The multifamily complex Promesa has been sold to a pension fund advisor.
The 289-unit development was constructed in 2012 and is 82 percent occupied.
Forestar Group sold the property and was represented by ARA.
Southwestern to Break Ground in Springwoods Village
HOUSTON (Houston Business Journal) – Locally based Southwestern Energy Co. will break ground on its ten-story corporate headquarters this week.
The 515,000-sf building will be on 25.6 acres in Springwoods Village in north Houston, near I-45 and the planned Grand Pkwy.
Southwestern’s building is scheduled for a late 2014 completion and is designed by Gensler, also of Houston.
Caddis Begins Heartis Cleburne
CLEBURNE (GlobeSt.com) – Caddis Partners LLC has begun building an assisted-living and memory-care unit.
Heartis Cleburne will offer 54 assisted-living units with a 35-bed memory-care unit.
The development will be on 15 acres at 902 Walter P. Holliday Dr. and is expected to open in early 2014.
Good Neighbor Care will manage daily operations. Austin-based Katus is the project’s architect, and MAPP Construction is the general contractor.
Galveston Luxury Soars with Falcon
GALVESTON (Falcon Group, Houston Business Journal) – Houston-based Falcon Group is planning a luxury gated community on the east end of Galveston.
The partnership with Houston-based Grand Beach Development will create the Estates of Grand Beach — ten beachfront lots ranging from two to four acres each.
Falcon Group Executive Vice President Richard G. Anderson told RECON they don't plan to break ground until at least 80 percent of the lots are under contract with hard earnest money. He said a reasonable time frame to meet that objective would be the last quarter of 2013 or first quarter 2014.
The project is currently being reviewed by various federal, state, and local agencies, but Anderson said they have no indication at this point that they will not meet their targeted commencement date for construction. They expect receipt of all permits within the next 60 to 90 days.
Houston-based Kirksey Architects is the lead architect, while a general contractor has not been announced. The properties will be marketed by Texas Coastal Realty.
Staybridge Doesn't Stay on Market
DALLAS (Dallas Business Journal) – Staybridge Suites has been purchased by a Texas investor.
The 129-room hotel at 16060 Dallas Pkwy. was purchased for an undisclosed sum. Renovations are planned.
CBRE Hotels represented the seller, Driftwood Hospitality Management.
Kohlís Brings Customer Service, Jobs to Dallas
DALLAS (Kohl’s Department Stores) – Kohl’s Department Stores plans to open a new customer service operations center, creating 1,500 jobs.
The two-building, three-story, 240,000-sf facility will be at 17655/17657 Waterview Pkwy.
Kohl’s expects to hire approximately 300 associates when the facility opens in spring 2014.
The facility will ultimately create more than 1,500 jobs by 2018.
WHIP Cracks on Wildlife Rehab
TEMPLE (USDA) – USDA’s Natural Resources Conservation Service (NRCS) State Conservationist Salvador Salinas announced yesterday that NRCS in Texas has $5.5 million in funding available for people who want to develop and improve wildlife habitat on their land. The funds are available through the agency’s Wildlife Habitat Incentives Program (WHIP).
“WHIP helps Texas landowners restore and improve fish and wildlife habitats, and benefit at-risk species,” said Salinas. “This funding will give landowners across the state the opportunity to address wildlife concerns in Texas.”
This funding has been established to improve Bobwhite quail and Pronghorn antelope habitat, as well as for landowners that have lost wildlife habitat through the drought and wildfires of recent years.
Through WHIP, the NRCS provides both technical assistance and financial assistance to establish and improve fish and wildlife habitat. WHIP agreements between NRCS and the participant generally last from five to ten years from the date the agreement is signed.
Landowners interested in participating in the program should contact their local USDA-NRCS field office. Applications are accepted continuously and the ranking criteria are established by the State Conservationist, based upon input from the state technical committee.
WHIP applications must address traditional natural resource issues such as water quantity, water quality, grazing lands, forest health, soil management, emerging natural resource issues, and climate change.
Coppell Industrial Centers Sold
COPPELL (CBRE) – A global investment manager has sold two area industrial parks.
Coppell Business Center is at 1405, 1421, 1441 and 1461 South Belt Line Rd.
Coppell Commerce Center is at 1221 South Belt Line Rd. and 1234 Lakeshore Rd.
The six Class-A buildings total 771,720 sf. They are 91 percent leased.
CBRE represented the seller.
News, News and More News
COLLEGE STATION (Real Estate Center) – Hungry for more Texas real estate news? Then check out NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
- Sweetwater flows to 500 in oil-field worker home crunch
- The Woodlands: 494 homes sell within days
- Willow Park: Village units set to open, med coming
- GEPAR: El Paso region home sales May
- Robust retail area in Killeen running out of room
NewsTalk Texas is updated each weekday, throughout the day.