October 21, 2014
Single-Family Home Sales Up 7 Percent in September
COLLEGE STATION (Real Estate Center) – Sales of existing single-family homes in Texas were up 7 percent last month from a year ago, according to the latest Multiple Listing Service (MLS) data. September figures for most Texas MLSs are now available on the Real Estate Center's website.
About 24,640 homes were sold last month, over 1,600 more than the same month last year, but almost 2,800 less than in August.
So far this year, 217,690 homes have been sold, about 1 percent more than this time last year.
The median price — $185,500 — was up 8 percent over a year ago.
Months inventory was at 3.7 months. Six months is considered normal.
For an in-depth analysis of the latest MLS data, tune in to tomorrow's episode of the Real Estate Red Zone podcast. This week's guest is Center housing expert Dr. Jim Gaines. If you have questions about the Texas housing market, send them to firstname.lastname@example.org by 10 a.m. tomorrow (Oct. 22). Gaines will answer as many as possible on the podcast.
Accolades for Lubbock's Overton Park
LUBBOCK (Lubbock Economic Development Alliance) – McDougal Companies yesterday received Excellence in Economic Development Awards during the International Economic Development Council’s Annual Conference in Fort Worth.
McDougal Companies was presented with a Silver Award for their Overton Park redevelopment project in the category of real estate redevelopment and reuse.
This project, which celebrated its 15th anniversary in June, was the largest privately funded urban renewal project in America. For the history of Overton Park, read Real Estate Center Research Economist Dr. Harold Hunt's article, "Overton's Overhaul."
In addition, the Lubbock Economic Development Alliance (LEDA) received two Gold Awards and two Silver Awards for marketing initiatives achieved over the past year.
McDougal and LEDA won in the division of communities with populations between 200,000 and 500,000.
Belo Building Bought
DALLAS (Dallas Morning News) – The 17-story Belo Building has been purchased.
The 235,303-sf tower at 400 S. Record St. was built in 1985. The transaction included a parking lot across from the Omni on Young St. that is a potential development site.
Cushman & Wakefield of Texas Inc. represented the buyer, 400 S. Record Street LLC. JLL marketed the building on behalf of the seller, Virginia-based Gannett Co.
Capitol Tower Rising from Debris
HOUSTON (RealtyNewsReport.com) – A 35-story office project is coming to the site of the recently imploded Houston Club Building.
Skanska is developing the 750,000-sf Capitol Tower at 808 Capitol St.
The developer is recycling tons of steel and concrete from the Houston Club Building demolition for the new office project, diverting at least 85 percent of demolition debris from landfills.
Designed by Gensler, Capitol Tower is the first Houston development to be awarded LEED v4 Platinum precertification from the U.S. Green Building Council.
DivcoWest Dives into 185,000-SF Office Portfolio
AUSTIN (GlobeSt.com) – DivcoWest has purchased approximately 185,000 sf of Class-A office space.
The purchase consists of three buildings in two projects — Lakewood Center and The Park.
Lakewood Center has two buildings on SH 360. One has approximately 48,000 sf, while the other has 44,000 sf. The Park on Loop 1/MoPac Expy. is a single building with about 93,000 sf.
DivcoWest now owns more than 1.5 million sf of Austin office space.
Ersa Grae Building Gateway at Spring Valley
HOUSTON (Houston Business Journal) – Ersa Grae Corp. recently broke ground on a five-story speculative mixed-use project.
The 100,000-sf Gateway at Spring Valley will be at 9090 Katy Fwy. The first floor will be retail, and the other four will be reserved for offices. StrollerUSA, the project's co-developer, will occupy the top two floors.
CBRE will oversee office leasing, while New Quest Properties will lease the retail space. Arch-Con Construction is the general contractor. Husmann Architecture designed the building.
Wells Fargo is financing the project, which is slated for completion in fall 2015.
243,100-SF Houston Industrial Portfolio Sold
HOUSTON (HFF) – Cabot Properties Inc. has purchased a three-building industrial portfolio totaling 243,100 sf.
The fully leased portfolio consists of Clay Campbell I and II and Kirby Business Center.
Clay Campbell I and II are at 4300-4320 and 4444-4456 Campbell Rd. Both buildings have 58,846 sf and are equipped with cross-dock-high loading bays with a building depth of 220 feet.
Kirby Business Center is at 9350-9370 South Point Dr. The 125,408-sf building is equipped with dock-high, front-load bays with an approximate building depth of 204 feet.
HFF marketed the property on behalf of the seller, EastGroup Properties. Cabot bought the assets free and clear of existing debt.
Pearland Getting $35.1 Million Independent-Living Community
PEARLAND (Integrated Real Estate Group) – Integrated Real Estate Group (IREG) is planning Watercrest at Shadow Creek Ranch, a $35.1 million independent-living senior community. The development will consist of 213 one-, two- and three-bedroom apartments and eight three-bedroom villa cottages.
Watercrest will be on almost eight acres within the Shadow Creek Ranch master-planned community, located less than a mile from Pearland Town Center. It will have a 28,000-sf clubhouse with an indoor pool, dining room, fitness center and salon/spa. IREG expects to break ground in January 2015 with the first units delivered by the end of the year.
Integrated Construction and Development will be the general contractor, and Integrated Property Management LP will manage the property.
IREG has also acquired a contiguous 4.7-acre site for a planned 122-unit assisted-living and memory-care facility. That development is tentatively scheduled to break ground during third quarter 2015 with units available by fourth quarter 2016.
Joint Venture Working on Woodlofts
SHENANDOAH (Houston Business Journal) – A midrise multifamily project will be built on 5.2 acres at the corner of I-45 and David J. Vetter Blvd. in this city north of Houston.
Buckhead Investment Partners Inc. and Houston Northgulf ZSP have partnered as Woodlofts Partners LLC for Woodlofts.
The 350-unit Woodlofts will consist of two buildings connected by a pedestrian skybridge.
The first building will be six stories with five levels of residences above 14,500 sf of restaurant and retail space. The second building will consist of a wraparound parking garage with four stories of apartments. Both buildings will have a level of parking underground.
Floor plans will vary from studios to three-bedroom units, with an average size of 900 sf. The majority of the property will be one- and two-bedroom “soft loft”-style apartments.
EDI International is the property’s architect, Martines Palmeiro Construction is the general contractor, Vertika is the structural engineer and Jordan & Skala is the mechanical, electrical and plumbing engineer.
Construction is expected to begin in first quarter 2015 and take 22 months.
Fort Worth Apartments Ring a Bell
FORT WORTH (Dallas Business Journal) – A North Carolina-based real estate investment firm has bought a 316-unit West 7th St. apartment property in the entertainment district.
Bell Partners bought the apartments, made up of the 253-unit Lancaster apartment building and 63-unit White Buffalo apartment building, which operate as one blended property.
JLL represented the property’s seller, Lang Partners.
News, News and More News
COLLEGE STATION (Real Estate Center) – Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
- Savills Studley 3Q 2014 Houston Office Report
- Skyonic opens new carbon capture plant in San Antonio
- Laredo ProTrans logistics opens 231,000-SF warehouse
- San Angelo passes 100,000 population mark
- PMRG: Dallas office market 3Q 2014
NewsTalk Texas is updated each weekday, throughout the day.