RECON

Real Estate Center Online News

October 9, 2012


BP Settles on Texas City Refinery Sale

TEXAS CITY (Houston Business Journal) – BP has settled on a deal to sell one of its oil refineries to refocus its investments to the north.

Marathon Petroleum Corp. is shelling out $2.5 billion for BP’s Texas City refinery and a portion of its southeast retail and logistics network. According to a company fact sheet, the refinery was BP’s largest, spanning 1,200 acres and processing 475,000 barrels of oil per day.

The sale is expected to close in early 2013.

Houston's Beltway Industrial Park Sold

HOUSTON (Houston Business Journal) – American Spectrum Realty Inc. announced today it has sold Beltway Industrial Park.

The park consists of 23 buildings and totals 389,000 sf. It is located in northwest Houston off of Beltway 8 at West Little York Rd.

American Spectrum acquired the industrial park five years ago.

Oh Shenandoah, More Office Space Coming Your Way

SHENANDOAH (yourhoustonnews.com) – Several developers are working to bring more commercial space to this city between Houston and Conroe.

Granite Vision Park is being developed by Houston-based Granite Properties Inc. Located at 106 Vision Park, the eight-story Class-A building will contain 200,000 sf. Construction is slated to be completed by December 2013.

The Woodlands-based Pine Forest Office park LLC is developing Pine Forest Office Park just south of Reliant Rehabilitation Hospital. The five-acre development will have several 5,000-sf buildings.

D’Agostino Companies plans to build a three-story office building totaling 75,000 sf. Construction is expected to take between 12 and 18 months. The building will be at 128 Vision Park Blvd.

Cypressbrook Company is planning a three-story, 49,000-sf building designed for general office or medical use. It will be at 134 Vision Park Blvd.

Lackland AFB Adding $88M Medical Facility

SAN ANTONIO (San Antonio Express-News) – Skanska has won an $88 million construction contract with the U.S. Army Corps of Engineers.

The construction and development company has signed on to build a 300,000-sf medical facility at Lackland Air Force Base in southwest San Antonio. The third phase of the Lackland Ambulatory Care Center will include a primary care clinic, specialty care center and other medical space.

Construction is expected to begin in December with completion scheduled for September 2014.

Two Historic Austin Buildings Sold

AUSTIN (San Francisco Business Times) – A real estate investment firm with offices in San Francisco and Boston purchased two historic downtown buildings.

DivcoWest acquired the Littlefield and Scarbrough buildings from Heitman LLC. The buildings total about 240,000 sf and are at Sixth and Congress Streets.

The 110,254-sf Littlefield Building at 106 E. Sixth St. is 86 percent leased. At 101 E. Sixth St., the 129,914-sf Scarbrough building is 93 percent leased.

Both buildings are on the National Register of Historic Places.

South Dallas Walmart Supercenter Breaks Ground

DALLAS (REBusinessOnline.com) – Walmart has broken ground on its latest superstore.

Satterfield & Pontikes Construction is constructing the $15.5 million, 185,000-sf Walmart Supercenter at Ledbetter Dr. and R.L. Thornton Freeway in south Dallas. Locally based Raymond Harris & Associates is designing the building.

The store is expected to open in summer 2013.

Vericrest Moves Mortgage Servicing to Irving

IRVING (Dallas Morning News) – Mortgage servicing firm Vericrest Financial Inc. is moving.

Vericrest has leased 127,000 sf in the Intellicenter building developed by KDC at 3701 Regent Blvd. in Irving. The company is relocating from the Cityplace tower north of downtown Dallas.

Company CEO David Schneider said the move will allow them to accommodate anticipated future growth.

Help Wanted: Construction Jobs Up Across Texas

TEXAS (Dallas Morning News) – Across the state, more construction workers are getting hired, even as construction employment declined in many U.S. metro areas, according to data from the Associated General Contractors of America.

Houston was tops in Texas with 6,900 new construction jobs, a 4 percent increase. Fort Worth-Arlington added 5,100 jobs (9 percent), followed by Dallas-Plano-Irving with 4,500 new jobs (4 percent).

Brownsville had the largest percentage gain at 10 percent, or 300 jobs.

Los Angeles was the top ranked metro area for construction job gains, adding 8,600 jobs from August 2011 to August 2012. On the other hand, Atlanta’s construction sector lost 7,200 jobs during the same period.

Brittmoore Tanner Office-Warehouse Facility Sold

HOUSTON (Houston Chronicle) – Lefebvre Holdings has purchased an office-warehouse building at 11811 Brittmoore Park Dr.

The 102,570-sf building is in Brittmoore Tanner Business Park.

Southwest Realty Advisors represented Lefebvre. NAI Houston represented the seller, Smith Bryant Smith Investments.

Fall Brings Rise in North Texas Home Sales

DALLAS (Dallas Morning News) – Sales of existing single-family homes in North Texas rose in September, marking the 15th consecutive month of year-over-year sales increases.

Just over 6,100 homes were sold last month, a 10 percent gain over September 2011, according to the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Area home sales for the first nine months of 2012 are 15 percent higher than the same period last year.

Median home sales prices were also up 10 percent from a year ago to $162,000.

Meanwhile, the number of area homes listed for sale dropped 17 percent from a year ago.

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:

NewsTalk Texas is updated each weekday, throughout the day.

Store RedZone Podcast RSS logo Twitter Facebook YouTube Mays Business School
© 2014. REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY. ALL RIGHTS RESERVED. TERMS OF USE.