Medtronic Bringing 1,400 Jobs to San Antonio

SAN ANTONIO (San Antonio Express-News) – A company that specializes in diabetes equipment and education is branching out into San Antonio, bringing with it 1,400 jobs and $23 million in capital improvements to a new office building on the city’s northwest side.

California-based Medtronic Diabetes, a unit of Medtronic Inc., will start hiring this summer and begin operations at the 150,000-sf Overlook at the Rim building near Loop 1604 and I-10.

At the new Medtronic Diabetes Therapy Management and Education Center, employees will work with diabetes patients, their doctors and insurance companies as they receive treatment.

The 1,400 professional-level jobs will be filled over a five-year period. At capacity, the company payroll will be more than $44 million a year. According to local economic development leaders, this will translate into an annual impact of $75 million.

Medtronic Diabetes will receive about $14 million in incentives from the state, city, county, CPS Energy and the developer of the building, Transwestern.

San Antonio was selected after a year-long search during which the company considered 930 locations in all 50 states.

Land Purchased for Oil Field

HOUSTON (Houston Chronicle) – John Lawrie Inc. has purchased 17 acres on Miller Road #1 near US 90 in eastern Harris County from Guadalupe Ramirez for expansion of the company’s existing oil field pipe operations in the area.

Boyd Commercial represented the buyer.

Guhn Road Distribution Center Finished

HOUSTON (Houston Chronicle) – The McShane Development Co./MetLife Real Estate Investments industrial development alliance has completed the 253,838-sf Guhn Road Distribution Center.

The facility is on 14 acres at Guhn Rd. and Northcourt Rd. in northwest Houston.

Cadence McShane Construction provided design-and-build construction services. Munson Kennedy Partnership was the architect. Stream Realty Partners is marketing the development.

Alamo City Green Program Tops at Awards

SAN ANTONIO (San Antonio Express-News) – The National Association of Home Builders on Friday named San Antonio's green building program, Build San Antonio Green, the best in the nation.

San Antonio rolled out its first Green Building Awards program Friday to celebrate commercial and residential projects that have improved energy performance.

Build San Antonio Green has certified 254 homes. The program is geared toward new-home construction and remodeling, is based on common construction methods and ties into local utility rebate programs.

Build San Antonio Green is a partnership of the Greater San Antonio Builders Association, the City of San Antonio, Bexar County, CPS Energy, the San Antonio Water System, VIA Metropolitan Transit, Solar San Antonio, the Greater Bexar County Council of Cities and the Alamo Area Council of Governments.

Energy Star's Tax-Free Weekend

SAN ANTONIO (San Antonio Express-News) – Homeowners, developers, landlords and anyone else wishing to buy energy efficient appliances will be able to purchase them tax-free Memorial Day weekend across Texas.

May 23 through 25, taxes will be deducted from Energy Star–qualified appliances. This will include air conditioners under $6,000, washing machines, ceiling fans, dehumidifiers, dishwashers, light bulbs, programmable thermostats and refrigerators priced under $2,000.

The Energy Star label, developed by the Environmental Protection Agency, appears on appliances that use less energy or water than the industry standard to operate.

There is no limit on the number of Energy Star appliances that can be purchased tax-free.

Additionally, San Antonio Water System customers who purchase the highest efficiency washing machines, known as Tier 3, can also qualify for a $100 rebate on their water bill.

Rock Bottom Approaching?

AUSTIN (Austin Business Journal) – The Texas capital has been spared the waves of commercial distress washing over other markets nationwide, but experts predict that soon more commercial properties will file for bankruptcy or default on loans.

Tom Terkel of Cencor Solutions says that the still-frozen capital market and tenants’ inability to pay rent have combined to create the probability that Austin and the rest of the state could see more retail defaults.

Within the next year Austin will be on the cusp of many construction loans rolling over, and a challenging retail market can also mean less income for properties if tenants go out of business.

Another sector of real estate potentially poised to see more distressed properties nationwide is student housing. Developers new to real estate have rushed into this sector and built more beds than some university towns can handle, especially as some schools limit enrollment.

David Weekley Storms Castle Hills

DALLAS (Dallas Business Journal) – David Weekley Homes is under contract to build 241 homes in Castle Hills West and North, according to Bright Realty.

This will be the fifth and sixth phases of the development.

Trost Trust Buys Woodridge

SHERMAN (globest.com) – Trost Family Trust has purchased the 200-unit Woodridge Apartments from Centerline Servicing Inc.

The buyer plans to invest about $1.3 million in the property, which is at 301 N. FM 1417.

According to Tom Burns, associate partner with Hendricks & Partners' Dallas office, which represented the buyer in the transaction, the complex was about 47 percent occupied when the previous owners foreclosed in December.

The Class-C complex offers one- and two-bedroom units measuring between 680 and 960 sf. Monthly rents range from $410 to $545.

Dallas Housing Inventory Down

DALLAS (Dallas Morning News) – The number of Dallas-area homes for sale has dropped, a good sign for the residential sector.

In North Texas, about 39,000 preowned single-family homes were for sale through the Multiple Listing Service at the end of March. That’s a decline of 13 percent from a year earlier, according to the North Texas Real Estate Information Systems Inc.

The average asking price for Dallas homes listed for sale rose 3.6 percent over the last three months, but is still over 5 percent below prices one year ago.