RECON

Real Estate Center Online News

May 18, 2012


TWIA Approves 5 Percent Rate Hike

AUSTIN (Associated Press) – If you own property along the Texas coast, you may see an increase in what you pay for windstorm coverage come January.

Tuesday, the Texas Windstorm Insurance Association's board of directors approved a 5 percent hike in windstorm insurance rates for residential and commercial property owners who have coverage through the association. The rate is set to take effect Jan. 1, 2013.

And heads up, because another increase could be on the way.

At its Aug. 7 meeting in Galveston, the board will discuss an additional increase that would depend on how far a property is from the shore.

Texas Foreclosure, Delinquency Rates Down

WASHINGTON, D.C. (Mortgage Bankers Association) – Foreclosure and delinquency rates were down across the board for Texas in first quarter 2012, according to the Mortgage Bankers Association's National Delinquency Survey, which was released Wednesday.

Texas’ overall delinquency rate dropped from 9.1 percent in fourth quarter 2011 to 7.3 percent in first quarter 2012, the lowest rate since second quarter 2008.

Mortgages seriously delinquent (90 or more days delinquent or in foreclosure) declined from 4.7 percent in fourth quarter 2011 to 4.4 percent in first quarter 2012.

Loans in foreclosure increased slightly from 1.8 percent to 1.9 percent. However, loans 90 or more days delinquent fell to 2.5 percent in first quarter 2012 from 3 percent in fourth quarter 2011 and from 2.8 percent in first quarter 2011.

Boxer Not So Lost in Space Park

NASSAU BAY (Boxer Property) – Boxer Property has landed in Nassau Bay, which is in Harris County and near the Johnson Space Center.

The Houston-based firm bought a 120,733-sf office property at the appropriately named 1322 Space Park.

The seller, LNR Partners, was represented by Jones Lang LaSalle.

DCT Stamps Houston Industrial Property

HOUSTON (GlobeSt.com) – DCT Industrial Trust Inc. has acquired a Class-A, two-building industrial property at 10780-10798 Kempwood Dr. The property was sold by its developer, Core Real Estate LLC.

The 11-year-old, 97,300-sf industrial asset is 95.8 percent occupied. It consists of a 72,500-sf distribution center and a 24,800-sf flex-tech center.

DCT plans to rename the buildings DCT Claymoore Center.

Leasing and property management will be handled in-house.

Legend Docks at Harborwalk

GALVESTON (Legend Communities Inc.) – Austin-based development company Legend Communities Inc. has purchased the 550-acre Harborwalk project from BBVA Compass.

First introduced by oilman John Mecom as Flamingo Isles in the 1970s, Harborwalk currently features 380 lots, a 7,500-sf sales office, 156-slip marina expandable to 400 slips, 5,500-sf ship store, swim center with tiki bar, and an 11,000-sf yacht club with restaurant.

Also included in the sale was an additional 400 acres for home development, 60-plus acres for new canal development and nearly 150 home sites.

Among the improvements planned for the property are a welcome center, wellness center with tennis courts, fishing lodge, additional boardwalks, lighthouse and beach.

Legacy International Resort Properties brokered the deal on behalf of Legend Communities.

Rosetta, Chevron Energize Downtown H-Town

HOUSTON (Houston Business Journal) – Two energy companies have taken a bite out of downtown Houston's office market — a more than 272,000-sf bite.

Rosetta Resources Operating LP has leased 108,565 sf at Heritage Plaza, located at 1111 Bagby St. Jones Lang LaSalle represented Rosetta in the long-term lease.

Meanwhile, Chevron U.S.A. Inc. expanded its lease by 163,950 sf at 1600 Smith St. (formerly known as Continental Center I). Cushman and Wakefield of Texas’ Houston office represented Chevron.

Both properties are owned by Brookfield Office Properties, which was self-represented.

Wynhaven at Willowbrook Sold

HOUSTON (MIG Real Estate) – California-based MIG Real Estate LLC has acquired Wynhaven at Willowbrook, a 372-unit multifamily residential community.

The property has 436,914 sf of rentable space with an average unit size of 1,175 sf.

Built in 2007, the property is at 9611 Grant Rd., with direct access to SH 249 and nearby Beltway 8. It is 96 percent occupied.

CBRE Inc. represented the seller, while MIG Real Estate represented itself. Alliance Residential Company will manage the property.

Quarry Falls into Heavy Metal

FORT WORTH (Fort Worth Star-Telegram) – A metal recycling company is moving into an old limestone quarry that is being "recycled" as an industrial park.

Commercial Metals Co. is moving its scrap yard from its current location at North Throckmorton and Northwest Sixth streets to the Quarry Falls Industrial Growth Center off Northwest Loop 820 in Fort Worth.

Last month, the company bought 28.3 acres at the southeast corner of Northwest Loop 820 and Old Decatur Rd. from locally based Keystone Equity Partners, which has owned the quarry site since 2001.

Keystone CEO Tom Blanton told the Fort Worth Star-Telegram that Commercial Metals is "working feverishly to prepare the property." According to the Star-Telegram, the company must leave its current home by the end of July.

Commercial Metals won't be neighborless at its new home. Blanton said he plans to move a biofuels plant owned by Keystone Equity to 15 acres at the southeast end of the site, and he has a letter of intent from another user interested in 25 acres.

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