RECON

Real Estate Center Online News

December 7, 2012


Harlingen Commercial Center Gets Go-Ahead

HARLINGEN (Valley Morning Star) – City commissioners this week approved a nearly 60-acre plat for a shopping center.

The City of Harlingen has approved a proposed development at Spur 54 and Expressway 77 for a 59.3-acre subdivision consisting of seven commercial lots and one lot for multifamily development. Owner and developer Ezequiel Reyna Jr. is calling the property Harlingen Heights II.

The Harlingen Economic Development Corp. has committed over $2.2 million to the Reyna Development Group for infrastructure improvements needed to build the shopping center.

A timeline for the project has not been announced.

Who Wants a Calendar?

COLLEGE STATION (Real Estate Center) – We are grateful to our readers and constituents for another year of loyalty and support, and nothing says "thank you" quite like a gift.

So we're doing a giveaway.

Our 2011–12 Annual Report/2013 Calendar is full of beautiful, full-color photos highlighting rural and urban Texas. And now you can have one. If you would like a copy, send your name and mailing address to Bryan Pope at bpope@mays.tamu.edu.

We've set aside several hundred, so supplies are limited. Please keep in mind that calendars are limited to one per person.

BP Building Houston Supercomputing Complex

HOUSTON (Houston Business Journal) – BP Plc is building a supercomputing facility at its U.S. headquarters.

The multinational oil and gas company broke ground earlier this year on a 110,000-sf, three-story facility at its Houston headquarters. BP claims the new facility will be the world’s largest commercial research supercomputer complex.

The new facility, which will house 50 employees, is scheduled to open in mid 2013.

DFW Foreclosures Hit Five-Year Low

DALLAS (Dallas Morning News) – Area foreclosures have fallen to prerecession levels.

After foreclosures peaked in the Dallas-Fort Worth area in 2010, home foreclosure filings for 2012 have dropped to their lowest point since 2007. A total of 48,653 DFW homes faced foreclosure in 2012, down from nearly 64,000 homes in 2010.

December foreclosure postings are also down more than 40 percent over the same month last year. Real Estate Center Research Economist Dr. Jim Gaines believes the downward trend will continue.

“The main thrust of foreclosures is probably behind us,” Gaines said. “Some of the decline is because the lenders are doing more modifications and short sales, and some of the decline is because the market has rebounded to where defaults and foreclosures are simply not as prolific.”

North Texas home sales have climbed 17 percent in 2012.

Six Flags Mall Sold

ARLINGTON (Dallas Morning News) – The largely vacant Six Flags Mall has been sold to a private investor.

G. L. "Buck" Harris purchased 363,000 sf of the Six Flags Mall on SH 360. He plans to remodel the more than 40-year-old mall and rename it Plaza Central.

The Woodmont Co. brokered the deal.

More Apartments for Las Colinas

IRVING (Margulies Communications Group) – TDI announced today that it has purchased 6.65 acres in Las Colinas for a $50 million residential development.

Construction on the 386-unit Aston at Las Colinas apartment complex is expected to begin in March 2013.

The Las Colinas residential submarket has a 96 percent occupancy rate, according to TDI Executive Vice President Brad Taylor.

400,000-sf Galleria Office Tower Sold

HOUSTON (GlobeSt.com) – A California REIT has picked up a 21-story office building in the Galleria area.

Newport Beach-based KBS Strategic REIT Inc. acquired the 400,000-sf 1800 West Loop South office building for around $68.5 million. Plans for the 21-story tower include renovations of the lobby and elevators. The building is 88 percent leased.

CBRE represented the sellers, Easton Group, Chuck Cobb, Jorge Perez and Pearlmark Real Estate Partners LLC.

Grand Prairie Outlets' New Owner, Name

GRAND PRAIRIE (Fort Worth Star-Telegram) – A newly opened outlet mall is already getting a new owner and a new name.

After opening less than four months ago, the 417,000-sf Paragon Outlets Grand Prairie has been acquired by Simon Property Group. The upscale outlet mall at I-20 and SH 360 will be renamed Grand Prairie Premium Outlets.

Simon Property Group reports that the outlets are fully leased.

Firm Buys, Renames Vacant Office Campus

RICHARDSON (Dallas Business Journal) – An area real estate firm has purchased a pair of vacant office buildings.

Dallas-based Stream Realty Partners LP acquired Waterview Place I and II, a vacant 230,000-sf office campus in Richardson. Stream Realty partnered with Goddard Investment Group on the purchase.

Located southeast of President George Bush Turnpike and Coit Rd., the two-building campus has been renamed Waterview 190.

Stream Realty will oversee the leasing and operations of the property.

Airport HQ, Hotel Going in South of DFW

FORT WORTH (Fort Worth Business Press) – A newly approved plan calls for a 32-acre commercial development at the south end of Dallas-Fort Worth International Airport.

Originally announced in 2008, the first phase of Southgate Plaza is expected to include a new six-story, 137-room Hyatt Place hotel, a consolidated headquarters for airport employees, and six acres of retail and restaurants.

The hotel and airport HQ are scheduled for completion by summer 2014.

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