RECON

Real Estate Center Online News

February 28, 2012


Back to School: Snyder ISD's $49.5 Million Facelift

SNYDER (Abilene Reporter-News) – Snyder Independent School District will complete its eight-year, $49.5 million overhaul of school and athletic facilities by this fall.

Snyder ISD spent the first four years of the project upgrading the school buildings for its 2,700 students, as well as constructing a new $18.5 million elementary school to replace five existing ones. The new school, opened in 2007, received the EPA’s Energy Star rating for the building’s energy efficiency.

The school district focused its last four years of the project on athletic facilities and a high school auditorium. The 50-year-old stadium, which maintenance crews struggled to keep safe for spectators, received new bleachers, locker rooms, concession stands, and artificial turf field.

Upgrades also include a $2 million indoor sports practice facility, which is shared by Western Texas College’s track and baseball teams.

Snyder is about 90 minutes southeast of Lubbock and west of Abilene.

KTR Capital Expands Houston Portfolio

HOUSTON (Houston Chronicle) – KTR Capital Partners has purchased Victory Packaging’s headquarters, increasing its Houston-area industrial holdings.

The 311,600-sf distribution center at 9010 West Little York was developed for the packaging materials company in 2001 and is shared by NC Texas Moving and Leedo Cabinetry. About 68,000 sf are currently available for lease in the building.

KTR Capital Partners, a New York-based real estate private equity firm, now owns about one million sf in Houston, including its recent purchases at 9020 Jackrabbit Rd., 14430-14440 JFK Blvd. and 14445-14469 Heathrow Forest Pkwy.

Phil Prassas, senior vice president of investments at KTR Capital, said the company is also seeking to purchase land.

Mason Partners represented the seller, Houston VP Partners.

Como Se Dice 'Great Book Bargain'?

COLLEGE STATION (Real Estate Center) – Consider this: The state demographer's office projects that by 2030 Hispanics will make up 51 percent of Texas' population, up from about 38 percent two years ago.

Are you prepared for a potential increase in Spanish-speaking clients?

If not, we can help.

One of our most popular resources, the English-Spanish Real Estate Glossary, is available in a Kindle edition on Amazon.com. (Amazon has it listed as the French edition, in spite of our efforts to have this corrected. Sacre bleu!)  

Cost is $7.99, and the glossary can be downloaded immediately to your Kindle e-reader. Once you've purchased the glossary, you can access it from your iPhone or iPad if you've installed the Kindle app, making it easy to take the book with you wherever you go.

Mueller On the Grow in 2012

AUSTIN (Austin American-Statesman) – Mueller, Austin’s master-planned New Urbanist community, is primed for growth in 2012. Several large projects will break ground there this year, totaling over $250 million.

The 700-acre former airport site will add the community’s first H-E-B grocery store (75,000 sf), an addition to the Dell Children’s Medical Center, a Residence Inn by Marriott, a professional theater facility (18,000 sf), Austin ISD’s performing arts center, an energy research laboratory, 301 apartment units and 221 new homes.

Greg Weaver, executive vice president for Mueller’s developer, Catellus Development Corporation, says the progress at Mueller is evidence of Austin’s strong economy.

Construction at Mueller began in 2005 after the former airport relocated to its current site in 1999.

Weaver expects the community to be fully built-out within four to six years.

Two Texas Cities Show Increased Home Values

SAN ANTONIO (San Antonio Business Journal) – Only two U.S. metro areas have had increases in home values since the peak of the housing market in 2007, and they're both in Texas: Houston and San Antonio.

According to Oxford, Miss.-based FNC Inc., Houston reported a 4.8 percent rise in home values, while San Antonio reported a 2.7 percent increase.

Nationally, home prices were down 3.5 percent at the end of 2011 compared with prices reported in December 2010.

Data Center Firm Acquires Lewisville Business Park

DALLAS (Dallas Morning News) – San Francisco-based Digital Realty Trust Inc. has purchased the 168-acre Convergence Business Park in Lewisville for $123 million.

Convergence Business Park, containing 819,000 sf in ten buildings on SH 121, is 99 percent leased and, according to Data Center Knowledge, also includes 39 acres for future expansion. About a third of the space is leased to data center tenants.

Cassidy Turley Commercial Real Estate represented the Lewisville property in the transaction.

Digital Realty Trust, one of the largest data center facilities operators, now owns over 19 million sf in markets throughout Europe, North America, Singapore and Australia.

One, Two, Three: KBS Buying Legacy

PLANO (Dallas Business Journal) – KBS Real Estate Investment Trust III Inc. has signed a contract to buy three Legacy Town Center office buildings totaling 522,043 sf.

The buildings — One, Two and Three Legacy Town Center — are on more than ten acres off Legacy Dr. in Plano. They are owned by JPMorgan Chase and Blackstone Group. The properties are 91 percent leased.

Pivotal Purchases 3,200-Apartment Portfolio

PHOENIX (Pivotal Group, Commercial Property Executive) – Arizona-based Pivotal Group Inc. has purchased 21 Texas apartment complexes totaling over 3,200 units.

Pivotal plans to renovate the Class-B, garden-style properties, which are in Midland, Odessa and Longview.

Grubb and Ellis represented the seller, TRA Midland Properties LLC, in the off-market transaction. Arrangements for assumption of the existing Fannie Mae debt were made by Arbor Commercial Mortgage.

College Station Developers to 'Stack' Students

COLLEGE STATION (WTAW) – Traditionally, use of the word "stack" in College Station has conjured images of Aggie Bonfire.

That may change thanks to developers Jack and Mary Culpepper, who are planning The Stack, a five-story student housing complex at the corner of University Dr. and S. College.

The Stack will be part of Legacy Point, a mixed-use development that will replace a long-closed Albertson's grocery store. The Culpeppers said Legacy Point will be their largest project ever.

The complex will accommodate more than 400 residents. It will include two levels of underground parking.

Construction is slated to begin this summer and finish in 2013.

Irving-based Collegiate Companies is serving as the project's program manager.

Want More News?

COLLEGE STATION (Real Estate Center) – If you just can't seem to get enough Texas real estate news, you don't have to. Simply check out NewsTalk Texas, our online news database.

Here's a sample of what you'll find there this week:

NewsTalk Texas is updated each weekday, throughout the day.

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