SYSCO BREAKS GROUND
LONGVIEW (Tyler Morning Telegraph, Longview News-Journal) – SYSCO Corp., North America's largest food service marketer and distributor, broke ground today on its 290,000-square-foot regional distribution center.
According to the Longview Economic Development Corp. (LEDCO), SYSCO will eventually employ more than 250 people. The average wage will be $45,000 plus $12,000 in benefits. The facility is less than a mile south of I-20 on Hwy. 149 between Longview and Lakeport.
SYSCO will invest about $33 million in new equipment and facilities in Gregg County and the Longview Independent School District. Total payroll, benefits, capital investment and taxes paid will reach $200 million during the next ten years.
LEDCO will provide $2 million in incentives, including the purchase of more than 70 acres on Hwy. 149, installation of a traffic signal and $260,000 in cash.
The city approved an industrial district agreement not to annex the property for ten years and to provide permitting, fire protection and maintenance of the new traffic signal. Gregg County approved a ten-year tax abatement on the building and the equipment, according to the LEDCO announcement.
Lee Lewis Construction in Lubbock will build the facility, and Lee Lewis contracted with local firm Johnson & Pace for the architecture and civil, structural and mechanical engineering.
Construction should be complete in about a year, Johnson & Pace reported.
PREOWNED HOME SALES SLOWING
DALLAS (The Dallas Morning News) – April preowned home purchases in North Texas decreased 6 percent from a year earlier. Rather than the usual spring jump in home sales, April's sales lagged March.
Last month 7,254 preowned single-family homes were sold, compared with 7,961 sales in March, according to statistics from the North Texas Real Estate Information System and the Real Estate Center at Texas A&M University.
"At this point, it's probably safe to say that 2007 will be down from 2006," said Dr. James Gaines, an economist with the Center. "I had been waffling on this statement, waiting to see what happens this spring during the busy season."
The median price of North Texas homes sold rose 5 percent in April to $154,000, possibly resulting from slower sales of low-priced homes than from an increase in home values.
At the end of April, almost 49,000 single-family homes were listed for sale — up 10 percent from a year ago — representing about a 7.5-month supply.
AMERICO PORTFOLIO PLUS LAND SOLD
DALLAS (globest.com) – California-based investment group Garrett Group LLC has purchased a 12-building portfolio encompassing almost 707,000 square feet.
The 98 percent leased, Class-A industrial-flex space is in Carrollton’s Valwood Industrial Park and Arlington’s Westway Business Park. The Westway property included an extra 11.6 acres fronting the I-20 frontage road near Matlock Road.
The Valwood buildings consist of the 54,000-square foot Valwood 30 at 1616 W. Crosby Rd.; almost 100,000-square-foot Valwood 33 at 1400 Valwood Pkwy.; almost 99,000-square-foot Valwood 37 at 1650 W. Crosby Rd.; and almost 100,500-square-foot Valwood 45 at 1645 Wallace Rd. The buildings sit on 26.13 acres.
The 26-tenant Westway Business Park, totaling almost 35 acres, consists of 4300 Beltway Place (more than 25,000 square feet); 4360 Beltway Place (more than 25,000 square feet); 4330 Beltway Place (more than 24,000 square feet); 330 Westway Place (more than 44,000 square feet); 320 Westway Place (more than 64,500 square feet); 301 E. Stephens St. (more than 32,000 square feet); 220 Westway Place (more than 69,000 square feet); and 230 Westway Place (more than 69,000 square feet).
Holliday Fenoglio Fowler LP represented the seller, locally based Americo Real Estate Ltd. Bradford Cos. will manage the property, while CB Richard Ellis will handle leasing.
CENTER NOW ANCHORED
PEARLAND (globest.com) – The lineup of major tenants is now complete for the 88-acre, 625,000-square-foot Shadow Creek Ranch Town Center at Texas 288 and FM 528.
Ashley Furniture Industries Inc., signing a 15-year lease for more than 50,000 square feet, has joined fellow anchors H-E-B Plus, Academy Sports & Outdoors Ltd. and Hobby Lobby Stores Inc.
Wulfe & Co in Houston represented Ashley Furniture in the transaction. Transwestern represented the owners, a joint venture of locally based Transwestern Development Company, WCF Development of Houston and Buchanan Street Partners of California. Shadow Creek's leasing team includes Fox Properties of Houston and Transwestern.
The owners plan to sell the center before its official opening in the fall, by which time it is expected to be 70 percent leased.
LAKESIDE ENDEAVORS
SEABROOK (Houston Chronicle) – As Endeavor Holdings’ 30-story Endeavor Clear Lake nears completion, the firm plans to redevelop 15.5 acres along NASA Parkway.
Plans for Endeavour Marina on Clear Lake include another residential tower, a 250-room high-rise hotel with condos, up to 300,000 square feet of office space, shops and as many as 500 wet slips.
Seabrook is supporting the project by offering its first-ever tax abatement to portions of the development.
For more information on Endeavor Clear Lake and Endeavor Parkside, another project from Endeavor Holdings, click here.
MAXIM PURCHASES FACILITY
IRVING (Dallas Business Journal, maxim-ic.com) – Maxim Integrated Products Inc. has purchased a wafer fabrication facility from Atmel for approximately $38 million.
“This facility . . . is capable of 20,000 eight-inch wafer starts per month with the capability of expanding to over 30,000 wafer starts per month,” said Vijay Ullal, group president at California-based Maxim.
The facility has approximately 622,000 square feet of clean room and office space on about 39 acres.
The Texas Enterprise Fund (TEF) will provide a $5 million grant to open the new facility. In 2003, TEF awarded Maxim a $1.5 million grant to open a semiconductor facility in San Antonio.
Maxim, which makes integrated circuits, such as switches, data converters and fiber optic receivers, has agreed to create 1,000 new jobs in Texas over the next seven years. The company already has fabrication and test centers in Dallas, San Antonio and San Jose, Calif. The high-tech, high-paying jobs will be primarily in Irving and Dallas–Fort Worth, a spokeswoman for the governor's office said.
The Texas Enterprise Fund, which provides incentives for companies to bring jobs to the state, was created by the Texas Legislature in 2003.
MASTER-PLANNED AUTUMNWOOD IMMINENT
THE WOODLANDS (Houston Chronicle) – A Dallas developer has bought about 315 acres just west of The Woodlands to build Autumnwood, a master-planned community that could have up to 550 homes when it is completed.
The property, which WY Atlantis purchased in an assemblage from three different owners, is west of FM 2978 near Hardin Store Road. WY Atlantis plans to preserve the heavily wooded site by building out large home sites of up to two-thirds of an acre. Autumnwood is in the Magnolia and Tomball school districts.
The developer is creating a municipal utility district for the property and will start marketing lots to builders in the next couple of months. Home prices will be between $200,000 and $400,000. The property includes a creek leading to a 50-acre lake.
Lots could be ready by the end of 2008, with project built out in about five years.
Texas Land Advisors represented WY Atlantis in the purchase.
BRAKER FOURTEEN SOLD
AUSTIN (Austin Business Journal) – A joint venture between Plano-based Granite Properties and Austin's Endeavor Real Estate Group LLC has purchased a 14-building industrial portfolio at Braker Center.
Near the intersection of West Braker Lane and Burnet Road, the buildings, which total nearly 700,000 square feet, were constructed during the 1980s. The buildings range from 22,000 to just over 150,000 square feet.
The buildings are 76 percent leased to roughly 50 tenants, including Dell Inc., the State of Texas, Oracle USA Inc., Otis Elevator Co. and Advanced Solutions International Inc. Thirteen of the buildings are office-service center-flex, while Braker K consists of just over 150,000 square feet of warehouse-distribution space occupied by Dell.
Endeavor has also leased just over 46,000 square feet at the Braker J building to California-based Countrywide Financial Corp. About 300 Countrywide employees will relocate there from the company's existing office at Great Hills Plaza in June.
CB Richard Ellis Group Inc.'s Institutional Group represented the seller, Chicago-based RREEF. Endeavor and Granite were self-represented.
For information on other Braker transactions, click here.
GREENWAY'S SUPERMARKET MAKEOVER
DALLAS (The Dallas Morning News) – A 42-year-old strip that previously housed a discount shopping center, nightclub and other businesses is getting a retail makeover courtesy of Greenway Investment Co.
Dallas-based Greenway is redeveloping the vacant center at the north corner of Gaston and Haskell avenues, about two blocks from the Baylor Medical Center. The firm bought the buildings last year.
"We are doing a full renovation with a new parking lot and new building facades," said Greenway's Jeff Brand. "It will look like a new center. We have a bank that is going to be going on the corner, and we have a national tenant that's agreed to go in the former supermarket space."
Built in 1965, the grocery building originally housed a Tom Thumb supermarket. The entire project was called Gaston Village.
HOUSING OF GABLES
DALLAS (The Dallas Morning News) – Gables Residential has purchased almost five acres in the central business district at Field Street and Woodall Rodgers Freeway, where it will build a large apartment community.
Currently used as parking lots, the property is almost two city blocks adjacent to the West End entertainment district and across the freeway from the booming Victory project.
Gables purchased the property through its LG Magnolia LP, according to county deed records. The Atlanta-based developer, which has projects under construction uptown, also is converting downtown's historic Republic National Bank Building into 229 apartments.
Michael Anderson, a Dallas attorney representing seller Chavez Properties, owner since the early 1990s, confirmed the sale. Dallas real estate broker Newt Walker negotiated the sale. This is the fourth time he has sold the property since the 1980s.
THAT'S (FAMILY) ENTERTAINMENT!
HOUSTON (Houston Business Journal) – Two entertainment companies are preparing to open family entertainment venues totaling 135,000 square feet.
The 70,000-square-foot iT'Z at 18355 Tomball Pkwy., which opens this month, will feature more than 150 video games, bowling, indoor amusement rides, a retail outlet and a variety of themed dining areas. This is Dallas-based iT’Z LP’s first location in the Houston area, and it will employ 200 people.
Meanwhile, the Main Event opens its second establishment in the area this week. The company’s 65,000-square-foot family entertainment center at 1125 Magnolia Ave. in Webster will feature 28 lanes of bowling, billiards, laser tag, an arcade with more than 100 games, glow-in-the-dark golf, a Main Street Cafe and two full-service bars.
The Carrollton-based company also operates a venue in Shenandoah serving The Woodlands, and it has others in Austin, Lewisville, Grapevine, Plano and Fort Worth.
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