CAPITAL CITY CRACKS FORBES' TOP 25
AUSTIN (Forbes) – Austin–Round Rock was the only Texas city to break the top 25 on Forbes’ top 100 list of best cities for jobs. The city moved up 28 spots from last year to land at number 23.
Other Texas metropolitan areas making the list were McAllen-Edinberg-Mission (no. 32), San Antonio (no. 44), Houston–Sugar Land–Baytown (no. 45), Fort Worth–Arlington (no. 47), Dallas-Plano-Irving (no. 49) and El Paso (no. 69).
Raleigh-Cary, N.C., topped the list while Phoenix-Mesa-Scottsdale, Ariz., ranked second and Jacksonville, Fla., ranked third.
For the second time in a row, the big cities performed poorly. While Washington, D.C., is fifth on the list, Chicago (No. 82), Los Angeles (No. 88), San Francisco (No. 86) and Boston (No. 83) didn’t even break the top 75. Speaking of number 75, that slot was taken by New York City.
Forbes used five data points — unemployment rate, job growth, income growth, median household income and cost of living — to compile the rankings. They measured the largest 100 metropolitan areas, as defined by the U.S. Census Bureau, and obtained the data from Moody's economy.com.
NEW PLAN FROM DOWN UNDER
HOUSTON, DALLAS, U.S. (Commercial Property News, prnewswire.com) – New Plan Excel Realty Trust Inc. will be purchased by affiliates of Australia-based Centro Properties Group for approximately $6.2 billion, including assumption of debt and preferred stock.
New Plan Excel Realty Trust Inc., a self-administered and self-managed REIT, currently manages a national portfolio of 467 properties in cities across 38 states, including Houston and Dallas. The properties include 453 community and neighborhood shopping centers totaling approximately 67.6 million square feet. Total assets are valued at approximately $3.5 billion.
Centro Properties Group currently has approximately $12.4 billion in funds under management, having previously purchased U.S. firms Kramont Realty Trust and Heritage Property Investment Trust Inc. Centro currently holds ownership, management and development of shopping centers in Australia, New Zealand and the United States.
New Plan was advised by J.P. Morgan Securities Inc. and Merrill Lynch & Co. Acting as legal advisor to New Plan was Hogan & Hartson LLP, while Skadden, Arps, Slate, Meagher & Flom LLP acted as Centro's legal advisor.
The tender offer is expected to close in the second quarter of 2007.
PAVILIONS BOOKS-A-MILLION
HOUSTON (Houston Business Journal) – Houston Pavilions developers William Denton and Geoffrey Jones have signed Books-A-Million Superstore and Forever 21 clothing store as anchor tenants for the mixed-use development in downtown.
Other tenants already signed on include the House of Blues live music venue, upscale Lucky Strike bowling center and several restaurants. Both newly announced tenants will have two-story retail centers in the $170 million project.
Bounded by Dallas, Polk, Main and Caroline, the three-block project will include 360,000 square feet of retail and 200,000 square feet of office space. Sky bridges spanning Fannin Street and San Jacinto Street will connect the second and third floors.
Houston Pavilions began construction this week and is scheduled to open in October 2008.
ONE CITY CENTRE SOLD
HOUSTON (globest.com) – One City Centre, formerly known as First City Main, has been sold to New York City–based investment company Broadway Partners LLC.
The 29-story, 590,700-square-foot building was constructed in 1961 at 1021 Main St. In 2004, the highrise underwent a $20 million renovation to make it a Class-A building.
Tenants in the 95 percent occupied building include Waste Management Inc., Electronic Data Systems and Plains Exploration & Production Co. Locally based Transwestern has assumed leasing duties.
COMMERCE CENTER GETS DISTRICT OFFICE
McALLEN (mcshane.com) – Harwood & Associates has contracted Cadence McShane to provide design/build services for the new McAllen District Office in the 495 Commerce Center.
The 80,000-square-foot, four-story building on 4.5 acres at 1201 E. Laurel Ave. will include a 54,300-square-foot office tower and a two-level, 146-car underground garage. Also planned is a warehouse space of more than 14,000 square feet.
Exterior landscaping includes a fountain at the building entrance and a meandering water feature.
Alliance Architects Inc. is the project’s architect of record. Grand opening is scheduled for
January 2008.
COTTER & SONS REMEMBER THE ALAMO
SAN ANTONIO (Embrey Simpson, San Antonio Express-News) – Cotter & Sons has purchased two eight-story office buildings totaling almost 195,000 square feet.
The Alamo Towers were built in 1980 at 901 and 909 NE Loop 410. They are 73 percent leased, with tenants that include the San Antonio Federal Credit Union, insurance companies and law firms.
Cotter & Sons, a local real estate investor, plans to make improvements to the properties and manage them in-house. The company was represented by Embrey Simpson, while the seller was represented by CB Richard Ellis.
DALZELL, MCDOUGAL TO LEAD ADVISORY COMMITTEE
COLLEGE STATION (Real Estate Center) – Realtor David Dalzell of Abilene has been elected chairman of the Advisory Committee for the Real Estate Center at Texas A&M University. D. Marc McDougal, a Lubbock Realtor, was elected vice chairman.
Committee members are appointed by the governor for six-year terms. Both the chair and vice chairmanship are rotated among the nine members. Members represent various segments of the real estate industry and the public. Their expertise helps set the research agenda. They also approve the Center’s budget.
Dalzell, the owner of Dalzell Realtors, was appointed to the committee in 2001 to represent the real estate brokerage industry, and he served as vice chairman during the past year. He started in the real estate business in 1977. He was named salesperson of the year in 1987 by the Abilene Board of Realtors and Realtor of the Year in 1988. In 2004, he was chairman of the Texas Association of Realtors (TAR).
Dalzell has served in numerous offices and committees for his local association, TAR and the National Association of Realtors (NAR). He was president of the Abilene board in 1986, served two terms as a TAR regional vice president, president of the Texas Chapter of CRBs in 1985, and six years as a TAR-PAC trustee.
Currently, Dalzell is in his fourth term as an NAR director. He serves on both the TAR legislative management team and executive committee. He is on the board of directors of the West Central Texas Workforce Commission and on the Southwest Region Advisory Board of Fannie Mae.
Dalzell taught real estate for five years at Cisco Junior College and 12 years at Abilene Christian University. Since 1986, he has been a senior instructor for the Realtor Institute of TAR.
McDougal was appointed to the Advisory Committee last September to represent the commercial properties industry. A graduate of South Plains College, McDougal is president of McDougal Realtors, where he has worked since 1988.
McDougal is a member of the Lubbock Board of Realtors and the West Texas Homebuilders Association, where he has served on the board of directors. Since 1984, he has been a member of the Lubbock Apartment Association, where he has served as both president and vice president.
In addition to his involvement in professional organizations, McDougal has served in a number of civic positions in Lubbock, including mayor, city council representative and Lubbock County Republican chair.
McDougal is also a member of the City of Lubbock Traffic Commission, Red Raider Club, Leadership Lubbock, Lubbock Centercorp Board of Directors and METTS Board.
MAJESTIC BEGINS PHASE ONE
LEWISVILLE (Dallas Morning News, globest.com) – Majestic Realty Co. and Northwestern Mutual Life Insurance Co. have broken ground on the first phase of Majestic Airport Center on SH121. Ultimately, the 160-acre business park will house 3 million square feet of office and warehouse buildings.
Phase one will contain more than 1.35 million square feet in three buildings. The 1 million-square-foot warehouse will include 156 cross-docks, each with a 36-foot clear height. It will also have two rear-load shallow bays. One will be 130,000 square feet with 28-foot clear height, while the other will be 195,000 square feet with 32-foot clear height.
Commerce Construction is the project’s general contractor and Alliance Architects performed design work. Phase one will be ready in early 2008, said Majestic vice president Al Sorrels.
SISTER COMPLEXES REUNITED
BEDFORD (globest.com) – Univesco of Plano has sold the Forestwood Apartments to The Bascom Group of California.
The 32-building, 263-unit complex at 1611 Oak Creek Ln. will be reunited with its sister property, the 201-unit Oak Creek Apartments, which Bascom purchased last year. The combined property on almost 20 acres will be renamed Oak Creek Apartments.
The firm will spend the next two years and $7,000 per unit to update the 88 percent leased, 1980s-era complex. Monthly rent averages about $550 for the one- and two-bedroom units, which average 929 square feet.
Bascom, whose equity partner is Carlyle Group of Washington, D.C., represented itself. George Smith Partners in Los Angeles arranged financing through Capmark Finance Co.
HOPE FOR THE HOMELESS
DALLAS (Dallas Morning News) – City officials broke ground this week on a center designed to help address the area’s homeless.
The homeless assistance center, which will be in the 1800 block of Corsicana Street, is scheduled to open next year. It is expected to provide services for about 400 people a day.
In addition to having 100 beds for short-term use, the center will have a covered outdoor pavilion with sleeping room for 300 people, as well as facilities with showers and lockers. The center will provide meals, mental-health services, substance abuse treatment programs and job training programs.
Voters in 2005 approved $23.8 million in bond money for the project, and the Metro Dallas Homeless Alliance is trying to raise $3 million in private funds to pay for the center's operating costs. Officials have noted that the city still needs 1,000 to 1,500 housing units to provide permanent solutions to the homeless problem.
According to a 2006 count, Dallas County has nearly 6,000 homeless people on any given night in shelters and on the streets.
COLONIZING ROSHARON
ROSHARON (Houston Business Journal) – Perry Properties has purchased 66 acres along FM 521 for $1.9 million from Elan Development.
The firm has retained an option to purchase additional acreage to complete the development of the Southern Colony subdivision in Fort Bend County. The subdivision currently has more than 120 homes. With this purchase, an additional 300 lots are planned.
Houston-based Perry Properties plans to build starter homes in conjunction with Trophy Homes and Royce Builders.
Perry Properties represented itself in the transaction and obtained financing from a Dallas-based private investor group.
HUNTER PLAZA PURCHASED
IRVING (Dallas Morning News, Commercial Property News) – Triple Net Properties LLC, representing its tenant-in-common investors, has purchased Hunter Plaza from Hunter Equities LLC.
The 106,000-square-foot retail center was built in 2005 and 2006 on more than 11 noncontinguous acres along I-636.
Tenants in the 90 percent leased center include anchors Best Buy and 24 Hour Fitness.
Holliday Fenoglio Fowler LP negotiated the sale and arranged financing through Wachovia Bank N.A.
COMPUSA CLOSING STORES, REVAMPING OPERATIONS
DALLAS–FORT WORTH (Fort Worth Star-Telegram, Dallas Business Journal) – CompUSA is closing more than half its stores nationwide, including seven in the Metroplex.
Overall, 126 stores will close nationwide in the next 60 to 90 days as part of a major cutback for the computer chain. CompUSA will continue to operate 103 stores nationwide, including stores in Plano and Frisco.
The company also said it will receive a $440 million cash capital infusion from its parent company, Mexico-based Grupo Carso SA, which will be used to improve CompUSA's balance sheet.
GEORGETOWN'S ECO-FRIENDLY SUBDIVISION
GEORGETOWN (Austin American-Statesman) – Williamson County is getting its first major environmentally sensitive mixed-use development, near the proposed Austin-to-Leander commuter rail line.
The 1,900-acre, multimillion-dollar Water Oak at San Gabriel will be completed in phases over the next decade. It will include 4,000 high-end homes with about 650 acres designated for land conservation, making it one of the largest conservation subdivisions in Texas.
Meritage Homes, Morrison Homes, Ryland Homes and Taylor Woodrow are set to build the homes, which will cost $250,000 to $1 million. Homes will be ready for occupants by late 2008.
About 100 acres will be devoted to commercial and retail development, and an additional 1,500 multifamily units are planned.
ABG Development Ltd., a subsidiary of Galo Properties of San Antonio, completed the purchase for the Georgetown development this week from six private sellers.
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