RECON June 29, 2007

RECON

Real Estate Center Online News

June 29, 2007

Copyright 2007. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

UTEP'S HISTORY-MAKING PROJECT

EL PASO (elpasoinc.com) – The University of Texas at El Paso (UTEP) is set to begin the largest construction project in its history — a $124 million project that includes a science and engineering building scheduled to open in 2009.

“This investment is an extraordinary opportunity for UTEP to remain at the forefront of educating the next generation of scientists, innovators and technology leaders,” said UTEP President Diana Natalicio.

Along with the almost 141,000-square-foot new building, construction will include an engineering building extension and a new biosciences research building. Extensive renovations are also planned for the engineering, biology, metallurgy and physical science buildings.

Fort Worth consulting firm Carter & Burgess is handling the initial stage of the project.

UTEP’s $124 million allocation is part of a $2.5 billion package approved by the University of Texas System Board of Regents.

AN OUNCE OF PREVENTION

LONGVIEW (The Longview News-Journal) – Good Shepherd Medical Center officials recently held a groundbreaking ceremony for its new $17.3 million Institute for Healthy Living wellness center just west of US 259.

Jerry D. Adair, the center's president and CEO, said the 75,000-square-foot center, set to rise at its 51-acre Hawkins Parkway site, had been the hospital’s dream for 15 years. It will be the first of its kind for this area.

The wellness center, which will focus primarily on disease prevention and will be open to the public, will feature a fitness center, gymnasium, indoor and outdoor walking tracks, indoor lap pool, educational and event facilities, and rehabilitation facilities.

The facility marks another first for this East Texas city — a designation as the city's first LEED-certified "green building." Environmentally friendly materials such as reusable cork and bamboo will be used in the construction.

The center will open next year.

CROSSWINDS BLOWS SOUTH

SAN ANTONIO (San Antonio Express-News) – Crosswinds National LLC of Michigan and its locally based partner, Presto Capital, will develop a 532-acre master-planned community near Texas 16 and Watson Road.

The Preserve at Medina River will include 1,560 single and multifamily homes selling for between $150,000 and $350,000, 65 acres of commercial property, a school and a 160-acre park connecting to the Medina River Natural Area.

Crosswinds and Presto Capital will begin site work this fall, with lots to be available for builders next year. Homes could be ready in 2009.

The development is within the area targeted in the City South Initiative. It is near the Toyota manufacturing plant, Brooks City Base, Port San Antonio and a planned Texas A&M University campus.

ENTERTAINING COWTOWN

FORT WORTH (Fort Worth Star-Telegram) – Cowtown night life will offer locals more choices when developer Spencer Taylor’s entertainment complex, West Exchange, opens today.

The complex contains seven clubs with themes ranging from dueling pianos to karaoke to sports. Six of the clubs at 100 W. Exchange Ave. will open this evening. A seventh club, the higher-end WestX Social Club, will open July 19.

Taylor helped bring honky-tonk to the Stockyards with Billy Bob's Texas and kick-started Dallas Alley, an array of nightclubs in Dallas' West End.

PLAZA SOLD

LEAGUE CITY (The Galveston County Daily News) – Pecan Park Plaza, at the city’s northern gateway, has been sold to Houston-based Don Mullins Interests.

The 130,000-square-foot center at I-45 and FM 518 formerly housed Academy Sports & Outdoors. Mullins Interests plans to add 15,000 square feet and give the center a new look.

NEW INPATIENT HOSPITAL OPENS

CALALLEN (Nueces County Record Star) – The Coastal Plains Hospital has opened at 13725 Northwest Blvd. to treat patients with brain injuries, psychiatric disorders, and drug and alcohol addictions.

The new hospital is separated into three distinct, specialized units totaling 48 beds. The units are inpatient rehabilitation, detoxification and geriatric psychiatry.

Part of the former Riverside Hospital, the facility also has a 17-bed geriatric psychiatry unit for inpatients.

The Coastal Plains Hospital is owned by Senior Health Inc. of Nashville. Senior Health owns four hospitals in the Dallas area and has three others opening in South Texas.

DEL LAGO GETS FRENCH TWIST

CONROE (CB Richard Ellis, globest.com) – Atlanta-based French Quarter Hospitality Group has purchased the 174-acre Del Lago Resort & Conference Center from Del Lago Partners LP.

According to Ronnie Ben-Zur, CEO and founder of French Quarter Hospitality, the property will be torn down and rebuilt as part of a more than $100 million renovation. He says the name will be changed, and French Quarter Hospitality will manage the property.

Del Lago includes more than 130,000 square feet of conference center space, a 320-suite tower, an aquatic center and spa, an 18-hole golf course and a 300-slip marina.

CB Richard Ellis and Hankamer & Associates Brokers LLC of Houston arranged the sale.

JV BUYS MIDTOWN APARTMENTS

HOUSTON (globest.com) – Stone Post Properties of New Jersey, in a joint venture with CMS Cos. of Philadelphia, has purchased the 419-unit AMLI Midtown at 2350 Bagby St. and will change the name to Midtown Metro.

Near the Texas Medical Center on almost seven acres, the 96 percent leased, nine-year-old complex has one-, two- and three bedroom units ranging from 692 to 1,378 square feet. Monthly rents are $1,078 to $1,330.

The joint venture also owns the Reserve at the Fountains, a 370-unit complex at 10502 Fountain Lake Dr.

Chicago-based AMLI Residential, owned by New York City–based Morgan Stanley Group Inc. since last year, paid $33 million for the Class-A complex in 2001.

Apartment Realty Advisor in Houston assisted in the sale.

BUZZARD BILLY'S PART OF PURCHASE

WACO (Waco Tribune-Herald) – A group of investors has bought two adjacent buildings at the northeast corner of Franklin Avenue and University Parks Drive.

One of the buildings purchased by the Brazos River Partnership One is home to 14-year-old Buzzard Billy’s Armadillo Bar & Grill-O. The other is a vacant warehouse-like building that was most recently used for document storage.

The seller was Waco pathologist Dr. Simon Bunn.

QUARTERBACKING PRESTON CENTER

DALLAS (The Dallas Morning News, Dallas Business Journal) – Following Roger Staubach’s recent decision to step aside after 30 years as the company's CEO, the Staubach Co. has firmed up plans to relocate its headquarters to Preston Center.

Currently based in Addison, the commercial tenant representation firm, founded by the former Dallas Cowboys quarterback, will occupy the to-be-built, just over 119,000-square-foot office building on Douglas Avenue, south of Northwest Highway. The firm will move in when its existing lease expires in 2009.

Lincoln Property company will oversee the project, which is owned by a pension fund. Dallas architect HKS Inc. is the building’s designer. Rogers-O'Brien Construction Co. is the general contractor.

The Staubach Co. was self-represented. Lincoln Property Co. and LPC Realty Advisors also assisted in negotiations.

TEXAS CITIES ON THE GROW

TEXAS (Houston Business Journal) – Texas' five major cities — Houston, San Antonio, Dallas, Austin and Fort Worth — were among the top ten in the nation for population growth from 2005 to 2006, according to a U.S. Census Bureau report released yesterday.

Many of America's fastest-growing cities appear to be suburbs. Three Dallas-area cities, McKinney (No. 2), Grand Prairie (No. 6) and Denton (No. 9), were in the top ten in percentage population gained. Fort Worth was No. 11 on that list.

In addition, six Texas cities cracked the top 25 for total population: Houston (No. 4), San Antonio (No. 7), Dallas (No. 9), Austin (No. 16), Fort Worth (No. 18) and El Paso (No. 21).

BUY THE DOZEN

SAN ANTONIO (San Antonio Express-News) – Darren Casey Interests Inc. has sold 12 office buildings totaling almost 900,000 square feet to Chase Merritt, a California-based investment company.

The portfolio includes:

• six buildings — Cinema Plaza and the five-building Parkway Plaza complex — in Arion Park on the north side,
• four buildings in Crosswinds Business & Technology Park, near I-35 and O'Connor Road, and
• Tech Ridge I and II on the city's northwest side.

The 12th building, the Travis Park Plaza, located downtown, will close next month.

Casey, a San Antonio–based real estate company, developed all of the buildings between 2001 and 2005, except for 33-year-old Travis Park Plaza, which the company bought in 2003.

CB Richard Ellis represented the seller.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - June 27, 2007

	HOUSTON SYMPHONY'S "STAR-SPANGLED SALUTE" KICKS OFF PATRIOTIC FESTIVITIES - Begin your family's Fourth of July holiday with a bang at The Cynthia Woods Mitchell Pavilion on Tuesday, July 3 at 8 pm. This FREE annual " Star-Spangled Salute" features an array of patriotic favorites led by Principal Pops Conductor Michael Krajewski, along with narration by former Houston Astros player and manager, Larry Dierker . The concert is being presented for the 18 th consecutive year by The Woodlands Development Company (TWDC).   "The Woodlands Development Company is proud to present this free concert for the 18 th consecutive year," said Susan Vreeland-Wendt, Director of Marketing for TWDC. "It is a wonderful way to unite all of our residents in a bond of hometown spirit on the eve of Independence Day." Enjoy the traditional sounds of the "Star-Spangled Banner", "The Original Ragtime Band" and "Orange Blossom Special". Dierker narrates such classics as "Casey at the Bat" and "God Bless America". The ever-popular "Texas Sing-Along Medley", salute to servicemen and women of America, and Tchaikovsky's "1812 Overture" complete with cannon blasts from atop the hill, will thrill both young and old at this traditional event. Pack a picnic, bring a blanket and sit on the hill for this all-American hometown celebration. All seating is general admission for this concert. Gates open at 6:30 pm, when plenty of fun, family activities will take place in The Pavilion's North Plaza, including a special visit from Puffy Pine Cone, lovable mascot of The Woodlands, and Uncle Sam . Puffy will pose for free photos with the children, while parents can participate in the South County 4 th of July Silent Auction . Proceeds from the auction will benefit the South County 4 th of July Committee , producers of the 4 th of July Parade , as well as other community charitable organizations. Generous local businesses have donated some very creative and useful gifts for the auction, including a Wine Tasting for 20, gift cards to several popular stores, gift baskets, and gift certificates to local restaurants. Parents can also register to win Tommy Bahama's "Best Seats in the House". TEXAS MILITARY FAMILY FOUNDATION COLLECTION DRIVE - The South County 4 th of July Committee has organized a community-wide collection drive for the Texas Military Family Foundation (TMFF). TMFF has provided relief for soldiers from all over the U.S. and has a presence at flights in and out of Ft. Hood, TX. TMFF also provides care packages for all wounded/injured flights that come into Darnall Army Community Hospital. There will be collection barrels at the "Star-Spangled Salute" on July 3 at The Cynthia Woods Mitchell Pavilion and at the 4 th of July Parade in Market Street on July 4. The soldiers are in need of toiletries, packaged food like crackers, nuts and juice boxes, games like playing cards and Sudoku, panty hose to place items in and garden tools. Letters of encouragement are always welcomed and appreciated.   For a complete Wish List of items that are needed, visit www.tmff.us , Things We Need. WE LOVE A PARADE - Next on the Independence Day schedule is the 18 th annual South County 4 th of July Parade. This spirited, hometown parade will take place on Wednesday, July 4 from 9-10:15 am in The Woodlands Town Center.   This year's theme is "American Patriots 2007". The parade features marching bands from around the local area, classic cars, floats, fire trucks and more. Bring a lawn chair and sit along the route (see map at www.4thofjuly.org), which begins at The Woodlands United Methodist Church , stretches along Grogan's Mill Road and culminates at Market Street. Market Street is adjacent to The Cynthia Woods Mitchell Pavilion and bordered by Six Pines Drive, Lake Robbins Drive, Lake Woodlands Drive and Grogan's Mill Road. While you're waiting for the parade, the whole family can enjoy an array of characters and entertainers along the parade route including jugglers, mimes, stilt walkers, magicians, clowns, Uncle Sam, The Wiggles Group, Scooby Doo and his crew, Blues Clues, Dora the Explorer, Spiderman (pictured) and many more! The Grand Marshall of this year's South County 4 th of July Parade is Houston Mayor Bill White. The parade judges include Charlie Bier, Editor of The Villager ; Ray Biggerstaff, Publisher of The Villager ; Fred Domenick , General Manager of The Woodlands Waterway Marriott Hotel and Convention Center; Harold Dull, General Manager of Market Street; Karen Hoylman , President and CEO of the South Montgomery County Woodlands Chamber of Commerce; Peter Lampros , Hometown Hero and owner of Lampros Gallery; John Powers , Assistant Manager of Community Services, Community Associations of The Woodlands; Dr. Ann Snyder , Hometown Hero and Executive Director of Interfaith; Julie Struble , Vice President Operations, Southwest Region for Anadarko Petroleum Corporation; Coulson Tough , Hometown Hero and former Vice President of Design and Construction for The Woodlands Development Company; and Karen West, Vice President and General Counsel for The Woodlands Development Company. FREE PUTT-PUTT GOLF AT MARKET STREET - Thanks to Shankz and Market Street, Interfaith of The Woodlands will provide complimentary Putt-Putt golf beginning at 8 am on July 4 at Market Street. In addition, Interfaith will also provide free face painting and balloons for all the children.   All ages are welcome to participate.   For more information, visit www.woodlandsinterfaith.org or call 281-367-1230. AFTER THE PARADE, IT'S TIME TO COOL OFF! - Free, cool summer fun awaits the whole family immediately following the 4 th of July Parade on Wednesday, July 4 at all 12 of The Woodlands community pools.   The popular "Splash Day" event will feature activities from 11 am - 4 pm, presented by The Community Associations of The Woodlands. Lifeguards at each pool have chosen special themes and activities to entertain families, including educational water safety lessons. Pictured here is last year's event at Ridgewood Pool . Free refreshments will also be provided. Residents of The Woodlands can swim at no charge between the hours of 10 am and 8 pm. For more information about The Woodlands pools, visit www.thewoodlandsassociations.org . 10 th ANNUAL RED, HOT & BLUE FESTIVAL IN TOWN CENTER - Town Center Improvement District (TCID) presents the 10 th Annual Red, Hot & Blue Festival on Wednesday, July 4 from 6-10 pm. The festival will be held in Town Green Park on the banks of The Woodlands Waterway®, along Lake Robbins Drive between The Cynthia Woods Mitchell Pavilion and the South Montgomery County Library (2099 Lake Robbins Drive). Admission to the festival is free, and concessions, games and family fun are offered at minimal cost. Games and activities will be $1-$2; hot dogs, popcorn, and Coca-Cola beverages are $3; and bottled water will be available for $2. Parking will be available for $5 in the Town Center Garage located on Six Pines Drive . Free parking will be available in the Orange, Yellow, Green and Blue lots along Timberloch Place .   Follow the Event Parking signs to parking lots. Headline entertainers include Ezra Charles and The Works and The Kelley Peters Trio. Also on the Main Stage will be Presentation of the Colors, Parade Awards , and the Capital One Firecracker Essay Contest Winners . Other fun events include Hot Dog and Watermelon Eating Contests from 6:30 - 7:45 pm in the Contest Tent. There will be three "heats" for each contest. The festival will also be filled with inflatables, face painting, a putt-putt golf course, rock-climbing walls, strolling performers and more! For more information about the Red, Hot & Blue Festival and Fireworks Extravaganza, visit www.redhotblue.org or call 281-363-2447. JULY 4 TH CONCERT IN THE PARK - In the spirit of the day, Texas blues band Matt Leddy & The Meat Cutters will be featured in a special Concert-in-the-Park on the evening of July 4 from 7-9 pm at Northshore Park. This free concert is sponsored by The Community Associations of The Woodlands. Voted Houston's Best Blues Band in 2002 and Texas' Best Blues Band in 2003 and 2004, The Meat Cutters have been performing in the Houston area since 1999.   Remember to bring your lawn chairs, blankets and a picnic supper to enjoy the great vibes at this free concert! A SPECTACULAR FIREWORKS FINALE TO A GREAT DAY IN THE WOODLANDS - The second largest fireworks display in the Greater Houston region, second only to downtown Houston, can be enjoyed by all in The Woodlands Town Center on Wednesday, July 4 at approximately 9:20 pm. The intense, 23-minute show will reflect off The Woodlands Waterway® and will be launched from three locations this year: the Waterway Plaza Garage , the Anadarko Garage and the intersection of Timberloch Place and Woodloch Forest Drive . Streets and The Waterway will be shut down at 8:45 pm for safety reasons and will re-open after the show. "The 10 th anniversary of the Red, Hot & Blue Festival will feature one of the largest fireworks displays in festival history," said Nick Wolda , Vice President of Marketing & Public Affairs for Town Center Improvement District (TCID), producer of the Red, Hot & Blue Festival. "We are proud to celebrate America's Independence in The Woodlands Town Center - one of the best places for families to enjoy classic Fourth of July traditions." THE WOODLANDS MALL CLOSING EARLY ON JULY 4 - If you want to catch up on your summer shopping on July 4, The Woodlands Mall will be open at 10 am, but will close early at 6 pm for the holiday so that everyone can start celebrating and enjoy the fireworks! SPECIAL RATES FOR WATER TAXI RIDES ON THE 4 TH - Water taxis will operate along The Woodlands Waterway® on July 3 and 4 from 11 am-11 pm, with the exception of 8:45-10 pm on July 4 during the fireworks. The boats will resume operations after the fireworks. Special water taxi pricing for July 4 th only includes an All Day Pass for $4 and a Senior/Youth/Disabled Pass for $2. PLEASE PROTECT OUR FOREST - FIREWORKS ARE PROHIBITED IN THE WOODLANDS - The Woodlands Fire Department is reminding all residents of The Woodlands not to set off any fireworks during the July 4 th celebration. The Woodlands Covenants strictly prohibit the sale and/or use of fireworks and sparklers of any kind in our community. The Woodlands has one of the largest professional fireworks displays in the Houston area, so if you feel that the 4 th of July is not complete without fireworks - come out and enjoy the BIG SHOW in The Woodlands Town Center!!! NO WASTE COLLECTION ON THE 4 TH - There will be no waste collection service on Wednesday, July 4 in observance of Independence Day . Garbage, yard waste and recycling collection will be moved to the day following the regular service day. The normal schedule will resume on Monday, July 9.   There are 30 places in the U.S. with the word "Liberty" in their name. The most populous one is Liberty, Missouri. Iowa has more of these places than any other state: four (Libertyville, New Liberty, North Liberty and West Liberty). More than 66 million people celebrate the 4 th of July with a backyard barbecue. By the way, there's a 1-in-6 chance that the beef on your barbecue grill came from Texas! There is no official record stating why red, white and blue were chosen as the colors for the U.S. flag. However, when the Great Seal of the U.S. was chosen, this is how the significance of the colors was listed:   white for purity and innocence; red for valor and hardiness; blue for vigilance, perseverance and justice. We wish all of our readers a safe and happy 4 th of July holiday celebration. Be looking for your next issue of e-neighbor on Tuesday, July 10.
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RECON June 26, 2007

RECON

Real Estate Center Online News

June 26, 2007

Copyright 2007. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

FAVORABLE WINDS BRING TESTING FACILITY

INGLESIDE (Corpus Christi Caller-Times) – The 23-acre ARCO property, unused for about ten years, is one of two sites the U.S. Department of Energy has chosen to develop the next generation of wind turbines. The facilities are estimated to cost about $20 million.

The 150,000-square-foot facility will have the capacity to test blades as long as 330 feet. Blade testing is required to meet wind turbine design standards. This facility and the second site at the Boston Autoport in Boston Harbor will be the first to test blades for the government. The Department of Energy will provide $2 million to each facility.

Donated by British Petroleum, the property includes docks and access to the La Quinta and Corpus Christi Ship Channels. BP also donated $250,000 for facility operation costs.

The Texas bid was led by the Lone Star Wind Alliance, a coalition of Texas universities, corporate partners and government agencies, including the General Land Office. The alliance pledged $18 million in state and private funding.

According to the American Wind Energy Association, Texas is a leader in wind power development, with more than 2,700 megawatts installed at the end of 2006 and about 1,000 megawatts under construction.

CENTRE ONE SOLD

HOUSTON (transwestern.net) – Phoenix Life Insurance Company has sold the Centre One office building to Pacifica Companies LLC.

Developed by the late Harold Farb, Centre One is a more than 217,000-square-foot, Class-A, multitenant building in the Southwest Beltway 8 area. It has access to Sam Houston Parkway, Westpark Tollway and Southwest Freeway.

Transwestern Houston represented Phoenix.

POWERING UP IN TELECOM CORRIDOR

RICHARDSON (The Dallas Morning News) – Telecommunications provider MetroPCS Communications Inc. will relocate from its north Dallas headquarters to the six-story Lakeside Centre II building just east of North Central Expressway.

This fall, the wireless phone company, which went public in April and has more than three million cellular phone customers, will relocate 400 workers to the more than 115,000-square-foot building at 2250 Lakeside Blvd.

CommonWealth Partners LLC owns the building. Capstar Commercial Real Estate and the Staubach Co. negotiated the new lease.

Office vacancy rates in Richardson's Telecom Corridor have fallen from almost 40 percent during the tech sector downsizing to about 20 percent at the end of the first quarter.

DCL PICKS UP ATRIUM PAIR

HOUSTON (Houston Chronicle) – DCL Investment Corp. has purchased the almost 169,000-square-foot Northborough Atrium I and II buildings.

The office buildings are at 12600 Northborough Dr. and 350 Glenborough Dr. in the Greenspoint area.

Holliday Fenoglio Fowler represented the seller, Goddard Investment Group.

NORTHWEST PLACE SOLD TO DCT

HOUSTON (Houston Chronicle) – DCT Industrial has purchased the Northwest Place Distribution Center II from RREEF.

The almost 210,500-square-foot multitenant warehouse at 7170 West 43rd St. is 100 percent leased. Tenants include IKON, Master Tile, Laramie Tire and ABATIX.

Holliday Fenoglio Fowler represented RREEF. Trammell Crow Co. also assisted with the sale.

ENERGY CORRIDOR HILTON CONSTRUCTION BEGINS

HOUSTON (Houston Chronicle) – A new Hilton is going up in the city’s Energy Corridor.

American Liberty Hospitality of Houston has broken ground on the Hilton Garden Inn Houston Energy Corridor at I-10 and Dairy Ashford. The hotel will have 190 rooms and six meeting rooms containing 5,000 square feet. It will open in August 2008.

The development team includes Amegy Bank, Mitchell Carlson Stone Architects and the Mathis Group, all locally based.

DALLAS DUO TEAMS FOR PURCHASE

DALLAS (The Dallas Morning News) – Pegasus Ablon Properties and Westmount Realty Capital have teamed up to purchase two office properties in the Metroplex area.

The two-building Courtyard at Arapaho is the largest purchase for the local investment group. Located at 250 E. Arapaho Rd. in Richardson, the one- and two-story buildings contain more than 200,000 square feet. They will be renamed Richardson Commons.

The partners also purchased the Atrium at Bent Tree, located at 16775 Addison Rd. in Addison. The six-story building has about 112,700 square feet of space.

Both complexes were built in the mid-1980s and will undergo renovations.

Capstar Commercial Real Estate will handle leasing and management of both properties.

TEXAS EMPLOYMENT STILL STRONG

COLLEGE STATION (Real Estate Center) – Texas nonfarm employment rose 2.3 percent from May 2006 to May 2007, compared with 1.4 percent for the U.S.

The state’s seasonally adjusted unemployment rate fell from 5 percent in May 2006 to 4.1 percent in May 2007.

Higher oil prices continue to drive the creation of jobs in Texas’ oil and natural gas extraction industry, particularly in the petroplexes of Odessa and Midland. The state’s mining industry, which consists mainly of oil and gas extraction, ranked first in job creation, followed by professional and business services, construction, and the leisure and hospitality industry.

Midland ranked first in job creation, followed by Odessa, Austin–Round Rock, Laredo and Lubbock. Three large metro areas — Austin–Round Rock, Dallas-Plano-Irving and Houston–Sugar Land–Baytown — posted employment growth rates of more than 3 percent.

Midland had the lowest unemployment rate, followed by Amarillo, Odessa and College Station.

For more information, see the full report.

CENTRAL TEXAS POWER SURGE

FRANKLIN (Business Wire, globest.com) – Fluor Corporation has been given permission to build its 1,600-megawatt Oak Grove power plant, a facility that is expected to generate enough power to serve about one million homes.

At an estimated cost of $1.8 billion, the two-unit plant off FM 979 will be 75 percent cleaner than the average U.S. coal plant. Because it will be built on the 350-acre site of a previously planned power plant, much of the infrastructure is already in place.

Units one and two should be operating in late 2009 and mid-2010, respectively. Fluor estimates that the Oak Grove project will create approximately 2,400 construction jobs.

LAKESIDE TOWER SOLD, RENOVATIONS PLANNED

RICHARDSON (globest.com) – Locally-based Stream Realty Partners LP has sold the empty, 22-year-old midrise Lakeside Tower at 2350 Lakeside Blvd.

Lakeside Tower, on more than six acres, is the largest block of Class-A space in the Galatyn Park area. It is near a town center with performing arts, corporate tenants such as Countrywide Financial Corp., and an under-construction mixed-use development anchored by a DART light-rail station.

Chicago-based Transwestern is the fourth owner since Nortel Networks vacated the eight-story, more than 200,000-square-foot, Class-A office building in 2001.

Interprise Design of Dallas is handling the building’s redesign. Renovations should start next month and take several months to complete.

Stream and Transwestern were self-represented, although CB Richard Ellis assisted in completing the negotiations. Transwestern Dallas will oversee the leasing, management and the multimillion-dollar renovation.

SAVOY SOLD

HOUSTON (Amies Communications) – Younan Properties Inc. has purchased 6464 Savoy, an eight-story, multitenant office building in the deed-restricted Regency Square Office Park.

The almost 173,000-square-foot Savoy is currently 30 percent occupied. Tenants include AIG International and Neon Systems Inc.

6464 Savoy is one of the largest contiguous blocks of floor space in the city’s southwest, with access to the Southwest Freeway, Loop 610, Katy Freeway, Sam Houston Tollway and the Westpark Tollway.

The firm plans a $5 million extensive interior and exterior renovation to the 27-year-old midrise.

Younan represented itself in the transaction, while Grubb & Ellis represented the seller.

SANTA BARBARA VILLAS TAKING SHAPE

DALLAS (globest.com) – A development trio from California will break ground in October on the 30-unit first phase of a $42 million townhouse project at 4908 Chambers St.

Santa Barbara Villas will consist of 130 three-story townhouses. The two- and three-bedroom homes will range from 1,700 to 2,100 square feet and cost just under $400,000 to $450,000. Units will include two-car garages and rooftop balconies.

Performance Properties LLC sold a 37,500-square-foot tract to the developers to jump-start the project. To date, the developers have purchased 51,000 square feet, and they are about to close on adjoining land that will bring the development site to nearly two acres.

Local firm Beeler Guest Owens Architects Inc. designed the project. The first phase should be completed in second quarter 2008.

BASES LOADED AT EPCAD

El Paso (El Paso Times) – The preliminary value of taxable property is up by $4 billion, almost 17 percent over last year to $27.5 billion. This continues a double-digit march begun in 2004, according to the latest figures from the El Paso Central Appraisal District (EPCAD).

The $4 billion increase in the city's tax base is nearly ten times that of 2003, a hike of more than 50 percent.

According to EPCAD, the market value of the average home at the start of this year was $131,792, up $22,960 or 21 percent from the same time last year.

The net taxable value of the average El Paso home was $111,554 compared with $102,220 last year and $90,536 the year before.

The CAD's chief appraiser, Jerry Griffin, said the total preliminary market value of single-family homes in El Paso this year is $19.2 billion, which is 24.2 percent higher than last year. Of that increase, 2.5 percent is from newly built homes.

Griffin also said the preliminary market value of commercial property in El Paso is $5.7 billion, a 23 percent increase over last year. Apartment owners are seeing similar increases.

Jeff Siegal, an area professional tax agent, notes that the Office of Federal Housing Oversight has reported that El Paso had the sixth highest market value increase in the nation for 2006 at 16.5 percent.

APRIL APARTMENT DATA RELEASED

CARROLLTON (ALNsystems.com) – ALN has released apartment market data for large Texas metro areas. From April 2006 to April 2007:

• Occupancy in Austin increased from 93 percent to 93.7 percent, a 0.8 percent increase. Average monthly rent increased from $743 to $793, a 6.7 percent increase.
• Occupancy in Dallas held steady at 90.3 percent. Average monthly rent increased 4.3 percent, going from $739 to $771.
• Occupancy in Fort Worth dipped 0.6 percent to 89 percent. Average monthly rent increased from $653 to $681, a 4.3 percent jump.
• Occupancy in Houston decreased from 91.3 percent to 89.1 percent, a 2.4 percent drop. Rent increased by 2.1 percent, going from $704 to $719.
• Occupancy in San Antonio decreased 0.4 percent, going from 91.1 percent to 90.7 percent. Rent increased 3.3 percent, going from $666 to $688.

For more information, visit ALN online.

EXISTING-HOME SALES MARKET UNDERPERFORMING

WASHINGTON (National Association of Realtors) – Existing-home sales were essentially unchanged in May, according to the National Association of Realtors (NAR).

Total existing-home sales — including single-family homes, townhomes, condominiums and co-ops — eased by 0.3 percent to a seasonally adjusted annual rate of six million units in May, which is 10.3 percent below the 6.7 million-unit level for the same time last year.

“The market is underperforming when you consider positive fundamentals such as the strength in job creation, economic growth, favorable mortgage interest rates and flat home prices," said NAR Senior Economist Lawrence Yun. "It appears some buyers are simply waiting for more signs of stability before they get serious about getting into the market.

“Household formation has slowed dramatically since late 2006, implying that many people are doubling up — they’re adding roommates or moving in with parents,” he said.

Last month's national median existing-home price for all housing types ($223,700) is 2.1 percent below last year’s median ($228,500).

According to Freddie Mac, May’s national average commitment rate for a 30-year conventional fixed-rate mortgage was 6.3 percent, up from 6.2 percent in April, but down from 6.6 percent in May 2006.

Total housing inventory rose 5 percent to 4.4 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.4-month supply in April.

To read NAR's sector-by-sector housing sales report, click here.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON June 22, 2007

RECON

Real Estate Center Online News

June 22, 2007

Copyright 2007. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

SHOPPING THE PARKWAYS

FRISCO (The Dallas Morning News) – A Market Street supermarket will anchor a new 400,000-square-foot shopping center set to rise at the northwest corner of the Eldorado and Dallas Parkways.

Other tenants at the almost 50-acre Eldorado Market include Chase Bank and Sovereign Bank.

Developer David Dunning, who sold the land, is developing the project with Duggan Realty Advisors LLC and United Commercial Development. United Commercial Realty is leasing the project.

Shoppers can look forward to the grand opening next spring.

NO PASS ZONE

BUDA (Austin Business Journal) – Downtown businesses will begin enjoying a truck-free Main Street starting next week.

The new $1.7 million truck bypass, running from the I-35 access road to FM 967, will take trucks weighing more than 10,000 pounds off Main Street between Cabela's Drive and FM 967.

Since 2005, Buda's Economic Development Corp. has focused on attracting tourist traffic to its Main Street.

Meadows at Buda Commercial Ltd., developers of the Meadows at Buda subdivision, gave $1 million and right of way to the city to help construct the bypass.

LEGAL SEMINAR PLANNED FOR AUGUST

COLLEGE STATION (Real Estate Center) – The 21st Annual Legal Seminar on Ad Valorem Taxation will be held Aug. 29–31 at the Hyatt Regency in San Antonio.

The seminar will provide information on a variety of legal, economic and other issues influencing ad valorem taxation.

The cost is currently $365 per person, but it will increase to $385 Aug. 8.

Information about the seminar, online registration and hotel registration is available at the Center's website.

SALES SIZZLE IN CAPITOL CITY

AUSTIN (Austin Business Journal) – Area home sales last month increased for the second month in a row.

Marking a record for May, single-family home sales (2,679) were up 2 percent compared with May 2006, according to the latest Multiple Listing Service report from the Austin Board of Realtors.

Last month’s single-family home median price ($183,160) was up 5 percent from a year ago. Active listings (8,821) also rose, up 8 percent from last year. The average days on the market decreased 7 percent to just 55 days.

Home prices appreciated more than 10 percent, more than double the national appreciation rate in this year’s first quarter, according to figures from the Office of Federal Housing Enterprise Oversight.

Across Texas, homes prices rose nearly 7 percent year-over-year.

APARTMENTS COMING TO ENERGY CORRIDOR

HOUSTON (globest.com) – Bohannon Development Corp. has purchased just over 21 acres bordered by George Bush Park and the historic LH7 Ranch.

The El Paso–based multifamily developer will break ground early next year on the first 300 apartments of a Class-A, 600-unit complex at the corner of Kingsland Boulevard and Barker Cypress Road in the Energy Corridor.

The seller was Dallas-based W The Real Estate Co.

Apartment Realty Advisors in Houston assisted in negotiations.

AAFES BUILDING SOLD

DALLAS (costar.com) – Boxer Property Co. has purchased the ten-story 2727 LBJ Freeway building, which was previously home to the office tower’s owner, the Army/Air Force Exchange Service (AAFES).

The 26-year-old, more than 195,000-square-foot building is now 100 percent vacant. It sold for $6 million, or approximately $31 per square foot.

Laughlin Commercial Realty Group represented Houston-based Boxer Property Co., which will oversee leasing. Transwestern Commercial Services represented AAFES.

FEDEX FIRST TENANT FOR SATSUMA

HOUSTON (globest.com) – FedEx Freight East Inc., a subsidiary of FedEx Inc., will be the first build-to-suit tenant for the 115-acre, rail-served Satsuma Station Industrial Park.

FedEx Freight has signed a ten-year, minimum-term lease for an almost 154,000-square-foot, cross-dock freight facility in northwest Houston.

Site work has begun on FedEx’s Freight facility on 45 acres at US 290 and FM 1960. Construction is scheduled to begin in September, with completion expected by next summer.

Schwob Building Co. Ltd. of Dallas is overseeing construction and design. Amegy Bank of Texas is providing construction financing.

Burr & Temkin Commercial of Kansas was FedEx's broker, while Boyd Commercial LLC in Houston represented the development's owner, PinPoint Commercial.

SEVEN STARWOOD HOTELS PLANNED

WHITE PLAINS, N.Y. (Business Wire) – Starwood Hotels & Resorts Worldwide Inc. will open seven aloft hotels in the state.

• The aloft Dallas Downtown (1033 Young St.) is being developed by Santa Fe IV Hotel LP.
• The aloft Frisco (Parkwood and Gaylord Parkway) is being developed by HAC Frisco Partners LP.
• The aloft Grapevine (Texan Trail and Northwest) is being developed by Summit Hotel Properties LLC.
• The aloft Houston (5433 Westheimer Rd.) is being developed by 5434 Westheimer LP.
• The aloft Las Colinas (122 East John Carpenter Fwy.) is being developed by HAC Partners LP.
• The aloft Plano (Tennyson and Dallas N. Tollway) is being developed by HAC Plano Partners LP.
• The aloft San Antonio North (Hwy. 281/NTX 1604 Loop E. and Sonterra Blvd. is being developed by Summit Hotel Properties LLC.

Work has already begun on the 136-room aloft Las Colinas. Construction will begin on the remaining six later this year and in 2008.

The Rockwell Group assisted with the design.

NEW NAME, ATMOSPHERE FOR VILLAS ON LAKE BRAZOS

WACO (Waco Tribune-Herald) – Austin-based PPA Group has purchased The Villas on Lake Brazos from VLB Redevelopment for almost $3 million.

PPA, short for Partnered Property Acquisitions, will rename the 36-year-old, 200-unit complex at 1601 Spring St. and spend $200,000 to $300,000 on improvements. The complex has an occupancy rate of about 65 percent, with monthly rents ranging from $460 to $645.

The Villas on Lake Brazos was previously called Pecan Gardens, and police called it a war zone. PPA CEO Monte Lee-Win plans to change that.

“We will have a zero tolerance for crime,” he said.

PIER 1 REVAMPING

FORT WORTH (globest.com) – Pier 1 Imports Inc. will close 100 stores this year, including all of its clearance and Pier 1 Kids stores, leaving the company with 1,021 stores in the United States and 81 in Canada.

Among the clearance stores closing are one in Irving, one in Webster and one in San Antonio. Also closing are Pier 1 Kids stores in Austin, Cedar Park, Frisco, Hurst, Sugar Land and The Woodlands.

The company, headquartered at 100 Pier 1 Place, will redesign its remaining stores to have a more department store–style layout.

PCA'S BIG RENEWAL

DALLAS (globest.com) – Packaging Corp. of America (PCA) has renewed its lease on more than 225,800 square feet of warehouse space in Garland and Grand Prairie.

Illinois-based PCA signed a seven-year lease for 128,000 square feet at 2129 Hightower Rd. in Garland. Denver-based ProLogis has agreed to upgrade the dock equipment, lighting and basic warehouse components for PCA. ProLogis was self-represented.

In addition, PCA signed a five-year lease for more than 97,800 square feet at 1305 Avenue H in Grand Prairie. New York City–based ING Clarion Partners will expand the truck court to park more trailers and repave asphalt at the two-building warehouse complex. CB Richard Ellis’ Dallas–Fort Worth office represented ING Clarion.

UGL Equis Corp.’s Dallas office and CBRE’s Chicago office represented PCA on both transactions.

BUILDING'S BUST BECOMES BOON

RICHARDSON (globest.com) – Granite Properties has begun construction on a second building in the 43-acre Granite 190 Center.

Granite poured the slab for the almost 154,000-square-foot, three-story, Class-A building in 2001, then stopped when the economy suffered. The stored building materials will bring construction costs to about $150 per square foot.

The center’s first building at 1301 President George Bush Tollway, built in 2001 and also almost 154,000 square feet, is almost 80 percent occupied.

"Amenities in that area have been built that weren't there five years ago," said Greg Fuller, COO for Dallas-based Granite, specifically noting the research campuses for Texas Instruments and the University of Texas at Dallas.

Omniplan, based in Dallas, is the project’s designer. General contractor is Minneapolis-based Adolfson & Peterson Inc.'s local office. Granite will oversee leasing.

Granite's second building will welcome tenants early next year.

OBSTETRICS CENTER GROWING

AUSTIN (Austin Business Journal) – Seton Medical Center Austin breaks ground today on a new addition to the west side of the hospital. It will house an expanded obstetrical services department.

The five-story, 124,000-square-foot addition is the second part of a two-phase expansion planned in 2000. The first phase added operating rooms and expanded the emergency center at the hospital on West 38th Street.

The center currently has 440 licensed beds. The five-story addition will add another 32 beds immediately and up to 60 when construction completes late next year.

Seton Family of Hospitals has plans to open two new hospitals in Central Texas. Seton Center Williamson in Round Rock will open its doors in 2008, and Seton Center Hays in Kyle is projected to be built out by 2020.

DOTZOUR'S NEWSHOUR APPEARANCE ONLINE

COLLEGE STATION (Real Estate Center) – Dr. Mark Dotzour, the Real Estate Center's chief economist, discussed the Texas housing market on Tuesday's edition of NewsHour with Jim Lehrer. The 12-minute segment is available online.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - June 19, 2007

	THE WOODLANDS DEVELOPMENT COMPANY APPLAUDS AGREEMENT TO CEASE ANNEXATION OF HARPER'S LANDING & MUD NO. 39 - The agreement announced June 14, 2007 between the City of Conroe, The Woodlands Association (TWA), The Woodlands Fire Department (TWFD), MUD 39 and Town Center Improvement District to effectively cease annexation of the residential community of Harper's Landing and MUD 39 is being applauded as a "win-win" by Alex Sutton (right) and Tim Welbes (left), co-presidents of The Woodlands Development Company. "The Woodlands Development Company applauds all parties on the announcement of this mutually beneficial agreement. Most importantly, it is another very positive step in paving the way toward uniting all residents of The Woodlands as we move closer to incorporation or the adoption of an alternate form of government for our entire community," Sutton and Welbes said.   "It also provides for regional improvement projects that will benefit both the City of Conroe and The Woodlands, in addition to a more comprehensive and cooperative system of fire protection and emergency medical services throughout the two communities." THE WOODLANDS' EAST SHORE RECEIVES AMCH GOLDEN TROWEL AWARD -   Joel Deretchin (right), vice president of public affairs for The Woodlands Development Company (TWDC) and Bob Bruce (left), manager of recreational facilities development for TWDC proudly display the 2007 Associated Masonry Contractors of Houston (AMCH) Golden Trowel Hardscape/Landscape award for unique features in East Shore including the East Shore Bridge (in background), the signature entry icon into East Shore, the "Garden District" of The Woodlands Town Center .   The AMCH presented the award to Clark Condon Associates , landscape architect for East Shore; Paul Hoggatt of Hoggatt LP , the general contractor and mason for East Shore; and TWDC, the developer of The Woodlands.    East Shore Bridge, Colonial Park and the entrance to East Shore were the features honored by the AMCH. The Golden Trowel award recognizes excellence in all phases of masonry construction. FIRST VANS STORE IN HOUSTON NOW OPEN AT THE WOODLANDS MALL - The Woodlands Mall recently welcomed the first Vans retailer in the Greater Houston area.   The new Vans store offers a variety of fun, comfortable and long-wearing footwear options. Collections include active shoes in all styles and patterns including the trademark checkered slip-on, fun skate shoes, Old Skool classics and more.   Backpacks and accessories are also featured. Vans is located on the upper level of the Mall near Sears.   THE WOODLANDS OFFERS FREE INFORMATION ON PUBLIC ART - Throughout the villages and commercial centers of The Woodlands, outdoor sculptures provide a cultural counterpoint to the natural forested beauty of the community. There are currently 44 art pieces throughout The Woodlands. The Woodlands Development Company has created an "Art in Public Places" portfolio that provides descriptions and information about the pieces as well as a locator map. Stop by The Woodlands Homefinder Center at 2000 Woodlands Parkway and receive your free "Art in Public Places" packet. MARY MATTESON-PARRISH ART GALLERY UNVEILED AT MONTGOMERY COLLEGE - The Montgomery College art gallery was recently named to honor the efforts of longtime community leader and former North Harris Montgomery Community College District (NHMCCD) trustee, Mary Matteson-Parrish . A number of college and community leaders, as well as friends and well-wishers, were on hand to witness the unveiling of the Mary Matteson-Parrish Art Gallery . It was the first time that Montgomery College building space was named after an individual. "I'm tremendously humbled," said Matteson-Parrish during the ceremony. "My association with the college district has been a very special experience. The success of the college district has been the hard work of so many dedicated people--college employees and community members alike. I'm proud to have been a part of it." Matteson-Parrish served on the NHMCCD Board of Trustees from 1993-2005. During her tenure, she served as board chair, one term as vice chair, one term as secretary and audit committee chair.   Mary is pictured with her husband, Norman Parrish , standing in front of the new sign in the Mary Matteson-Parrish Art Gallery, following the naming ceremony at Montgomery College. TCID'S BOARD OF DIRECTORS NAMES OFFICERS - Nelda Luce Blair (pictured far left) has recently been elected Chairman of the Board of Directors for Town Center Improvement District (TCID) in The Woodlands.   Blair will lead the 11-member Board in its regular monthly meetings and executive committee meetings. Additional offers elected with Blair include, from left to right, Lloyd Matthews as vice chairman, Kemba DeGroot as secretary and Oak Ridge North Mayor Fred O' Connor as treasurer/assistant secretary.   MARRIOTT RESIDENCE INN EARNS NATIONAL RECOGNITION - The Marriott Residence Inn of The Woodlands, located at 9393 Six Pines Drive, was recently awarded the prestigious Tharaldson Lodging Hotel of the Year Award for the Tharaldson's Pacific/Southwest division. The property was selected after an intensive review of guest satisfaction scores and a variety of other criteria. Tharaldson is America's largest independent hotel development and management company with 355 hotels under contract in 36 states. Memorial Hermann The Woodlands Hospital is a 250-bed facility and St. Luke's Community Medical Center-The Woodlands is an 84-bed facility. The University Center offers 30 undergraduate and 29 graduate degrees and employee training from Texas A&M University, University of Houston, Prairie View A&M University, Texas Southern University, Sam Houston State University and University of Houston-Downtown. Montgomery College, part of North Harris Montgomery Community College District, offers associate degree programs and continuing education.	THIRD ANNUAL WINE & FOOD WEEK SERVES UP EVEN MORE IN 2007 - More than 40 events will highlight the 3rd annual Wine & Food Week in The Woodlands Town Center June 18-24, 2007.   This year's events, including the Kirby's Prime Steakhouse Wine Dinner with Italian winemaker Lionello Marchesi   and the Wine Rendezvous Grand Tasting & Italian Chef Showcase , all offer a distinctive food and wine experience.   Expected to attract an estimated 8,000 attendees, the week includes a relaxed wine walk, an elegant grand tasting, a ladies wine luncheon, a happy hour-style tasting offering value wines, a man's man wine event and kids' cooking classes. There's something for everyone!   New Danville, Texas' first master-planned community for adults with special needs, is the beneficiary of Wine & Food Week in The Woodlands. For more information, visit www.wineandfoodweek.com or call 713-557-5732. YOUNG MUSICIANS AT TEXAS MUSIC FESTIVAL PRESENT FREE CONCERT AT THE PAVILION ON JUNE 22 - Join the 95 gifted young musicians, in conjunction with the Immanuel and Helen Olshan Texas Music Festival , as they return to The Cynthia Woods Mitchell Pavilion on Friday, June 22, 2007 at 8 pm for a free orchestral performance. Under the direction of Stefan Sanderling (pictured, photo by Erika Frenschild ), these young artists perform Borodin's Polovtsian Dances from "Prince Igor" and Shostakovich's Symphony No. 5 in D Minor, Op. 47. This free concert also includes a special solo performance by this year's winner of the Cynthia Woods Mitchell Young Artist Competition, Meredith Clark, playing Ginastera's Concerto for Harp & Orchestra, Op. 25. The Texas Music Festival Orchestra's free performance is sponsored in part by Arts Houston Magazine and Houston Community Newspapers . Come early to the Texas Music Festival and enjoy pre-concert activities beginning at 7 pm. WINE EVENT & TEXAS MUSIC FESTIVAL - Prior to the Texas Music Festival, the Value Wines Community Happy Hour will be held in conjunction with Wine & Food Week in The Woodlands. Concertgoers can take a virtual winery tour around the globe as they are introduced to over 100 wines that retail for $15 or less. This Value Wines Community Happy Hour is from 5:30-7:30 pm on Friday, June 22, 2007 at The Woodlands Waterway Marriott . Guests can then come to The Pavilion for the free concert by the Texas Music Festival Orchestra that begins at 8 pm. A block of reserved seats will be available for guests attending the Happy Hour event. Guests should present their wristband upon entry to secure their reserved seat. Visit www.wineandfoodweek.com for more information. THE FOURTH OF JULY COMMITTEE NEEDS YOUR HELP IN SUPPORTING TROOPS - The South County 4 th of July Committee has organized a communitywide collection drive from June 11 - 22, 2007 .   The committee is a volunteer-based organization and is designated as a 501(c) (3) corporation. The collection sites are the South Montgomery County YMCA facilities - Branch Crossing and Shadowbend, First Choice Emergency Room - Kuykendahl and Spring, and Woodforest National Bank - 47 locations in Montgomery County. There will also be collections barrels at the Star-Spangled Salute concert on July 3 at The Cynthia Woods Mitchell Pavilion . The soldiers are in need of toiletries, packaged food like crackers, nuts and juice boxes, games like playing cards and Sudoku, panty hose to place items in and garden tools. Letters of encouragement are always welcomed and appreciated. For a complete list, visit Texas Military Family Foundation Wish List at www.tmff.us . ...and speaking of the Fourth of July , there are several patriotic activities planned in The Woodlands.   For more information, visit www.4thofjuly.org .
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RECON June 19, 2007

RECON

Real Estate Center Online News

June 19, 2007

Copyright 2007. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

CONSTRUCTION'S SLIP 'N' SLIDE

WASHINGTON (Associated Press) – The Commerce Department reported a 2.1 percent drop last month in construction of new homes and apartments, the poorest performance since a 13.9 percent plunge in January.

The May decline reflected weakness in the South and West, which offset construction gains in the Northeast and Midwest. While small gains were made in April and March, construction is 24.2 percent below the level of a year ago.

Single-family home construction was down 3.4 percent last month while apartment construction rose by 3.1 percent.

Mortgage company Freddie Mac reported that interest on 30-year mortgages jumped to 6.74 percent last week, the highest level in 11 months.

Permit applications rebounded slightly last month, rising by 3 percent after plunging 7.1 percent the previous month.

Construction activity fell by 19.7 percent in the West and 1.6 percent in the South. Construction was up 15.7 percent in the Northeast and 15.5 percent in the Midwest.

DOTZOUR ON JIM LEHRER'S NEWSHOUR

COLLEGE STATION (Real Estate Center) – Dr. Mark Dotzour, chief economist with the Real Estate Center at Texas A&M University, will be interviewed tonight on PBS' NewsHour with Jim Lehrer.

Ray Suarez will talk to Dotzour, Raphael Bostic of the University of Southern California and Donald Grimes of the University of Michigan about the national housing picture.

The 12-minute segment will begin at 6:38 p.m. Eastern, 5:38 p.m. Central.

MURDOCK NOMINATED FOR CENSUS BUREAU DIRECTOR

WASHINGTON (Austin American-Statesman) – President Bush has nominated Texas state demographer Dr. Steve Murdock to serve as director of the U.S. Census Bureau.

If confirmed, Murdock will replace University of Texas graduate and Waco native Louis Kincannon as the head of the agency that counts Americans and keeps track of statistics about them.

In addition to being chairman of the Department of Demography and Organization Studies at the University of Texas at San Antonio's College of Public Policy, Murdock is a research fellow with the Real Estate Center at Texas A&M University. He has served as the state demographer since 2001.

The next census — a major undertaking that often draws political fire because of its role in congressional reapportionment — will be in 2010.

INLAND BUYS MARKETPLACE

HOUSTON (globest.com) – Kimco Realty Corp. has sold Northwest Marketplace to Illinois-based Inland Real Estate Acquisitions.

According to an SEC filing, the just over 183,000-square-foot power center at 13706–13846 Northwest Fwy. was sold for $36.3 million. Kimco paid $26.3 million for the center in 2003, one year after it was completed by Trammell Crow Co.

Tenants in the 92 percent leased center include Ross Stores, Office Depot, PetSmart, Old Navy, Famous Footwear Stores, Pier 1 Imports, Panera Bread Co. and Chipotle Mexican Grill.

Holliday Fenoglio Fowler LP represented Kimco. Inland was self-represented.

DEVELOPMENT BETWEEN CITIES

VALLEY VIEW (globest.com) – A Henry S. Miller Cos. (HSM) partnership, 35-V V Ltd., has purchased 64.5 acres at the northeast corner of Lone Oak Road.

With this purchase, HSM has assembled 2,000 acres featuring four miles of frontage along I-35, which will become a residential and freeway-oriented retail development.

The Cooke County land is 55 miles north of Dallas, between the Denton-Sanger trade area and Gainesville, near the Oklahoma border.

HSM Commercial represented the buying partnership and the seller, Micaela Mullins of Fort Worth.

BIG BUYS BURNES BUILDING

TAYLOR (businesswire.com) – Burnes Home Accents has sold a 321,600-square-foot, one-story building to Lenexa-Alden LLC, a subsidiary of Big Industrial.

Big Industrial, a Kansas-based specialized developer of surplus industrial properties, will remarket the 40-acre property at 1103 Carlos Parker Blvd. for sale or lease.

The industrial building has ceiling heights up to 40 feet, dock-high doors and 40,000 square feet of office space.

Burnes Home Accents, a subsidiary of C.R. Gibson Inc., headquartered in Nashville, designs and manufactures home décor products.

Binswanger, an international real estate company, represented the seller.

WILLOWIND, WILLOW OAKS SOLD

BRYAN (globest.com) – Massachusetts-based Commercial Capital Partners LLC has purchased two Class-C apartment complexes from WWK Ltd. of Houston.

The 248-unit Willowind Apartments at 2301 Broadmoor Dr. was developed between 1977 and 1982. It has one-, two- and three-bedroom units ranging from 732 to 1,370 square feet. Monthly rent is $525 to $800. The 29-building complex is on more than three acres and is assessed at $1.8 million.

The 299-unit Willow Oaks Apartments at 3902 E. 29th St. was built between 1969 and 1971. The 62-building complex features a mix of studios and one-, two- and three-bedroom units ranging from 435 to 1,317 square feet. Monthly rent is $380 to $900. Willow Oaks is on more than 18 acres and is assessed at $7.9 million.

According to Jeff Patterson, vice president with Apartment Realty Advisors Secondary Markets Team, which represented the owner, occupancy for both properties was in the low 90s at the time of sale.

Commercial Capital Partners will make improvements and manage the property.

WELLNESS CENTER WORK BEGUN

ROUND ROCK (Austin Business Journal) – Kinsman Ventures LLC of Plano has begun work on a new 160,000-square-foot medical and professional office building near Seton Medical Center Williamson and Scott and White's new hospital.

Round Rock Wellness Center, on the southwest quadrant of University Boulevard and Sunrise Road, will include an ambulatory surgical center and diagnostic center. Office suites will range from 1,200 to 20,000 square feet. Completion is slated for spring 2008.

Dallas-based Corgan Architects designed the building, and MedicaVentures is handling leasing.

STAR CREEK PLANS MIXED-USE

ALLEN (rebusinessonline.com) – Star Creek of Dallas has purchased more than 34 acres at the southwest and southeast quadrants of SH 121 and Watters.

The company plans to use the property for retail and hotel development.

The Weitzman Group brokered the transaction for Star Creek.

SPIKING LAND PRICES

DENTON, COLLIN COUNTIES (Dallas Business Journal) – Despite a slowdown in housing development, land prices are reaching historic highs north of the Dallas North Tollway in Denton County.

The area is in the direct path of growth, with easier access coming with the extension of the tollway, which is set to grow to six lanes from Hwy. 121 to US 380 around September.

Parcels, largely agricultural, in far northern areas, are selling for $75,000 to even $99,000 an acre — almost triple the prices from a decade ago.

Pricing on commercial land is also spiking, said Andrew Beckman of Dallas-based Glacier Commercial Realty LP. Selling for $1 to $1.50 per square foot just a few years ago, tracts now average $5 per square foot.

In 1963, long-time broker Morris Orr sold land in Frisco for $275 per acre. In the early 1990s, it sold for $35,000 an acre. If it were available today, Orr says it would list for $75,000 or more.

Today, all types of buyers are flocking to the market, including institutional and public buyers. About 20 percent of buyers in Denton and Collin counties are buying through a 1031 exchange tax format.

The July 2007 issue of Tierra Grande will feature an article detailing rising Texas land prices.

HISTORIC ESPERSON BUILDINGS SOLD

HOUSTON (globest.com) – The Amstar Group and Cameron Management have sold the historic Esperson buildings to Seligman Western Enterprises Ltd., an affiliate of Detroit-based Seligman & Associates Inc.

The property includes the Niels Esperson Building at 808 Travis St., the Mellie Esperson Building at 815 Walker St. and a 600-space parking garage at 806 Rusk St. The nearly 600,000-square-foot landmark is assessed at $41.5 million.

The 27-story Italian Renaissance-style Niels Esperson building and garage were developed in 1927 by Mellie Esperson as a monument to her husband. Her namesake building was added in 1941.

According to Doug Wiley, executive director of Denver-based Amstar, the 75 percent leased Esperson Buildings have less than a 15 percent annual roll in leases for the next three years. In addition, rates increased 20 percent as closing approached.

EQUASTONE'S SHOPPING SPREE

DALLAS (Dallas Business Journal) – Crescent Real Estate Equities Co. has agreed to sell the following properties to Equastone Acquisitions LLC of San Diego for about $420 million:

• Palisades Central I and adjacent land parcel,
• Palisades Central II, 125 E. John Carpenter,
• The Addison,
• The Aberdeen,
• Greenway I & I A, Greenway II,
• MacArthur Center I & II,
• 3333 Lee Parkway,
• Stemmons Place,
• Stanford Corporate Centre and
• North Dallas Athletic Club

According to Crescent’s filing with the Securities & Exchange Commission, the sale will close during this year’s third quarter.

Last month, Crescent agreed to be sold to funds managed by Morgan Stanley Real Estate in a sale worth $6.5 billion

BUSINESS PARK'S DOUBLE DIP

ARLINGTON (globest.com) – Two leases totaling just over 106,500 square feet have increased occupancy at the Arlington Business Park to 89 percent.

Hickory Springs Mfg. Co., headquartered in North Carolina, will occupy about 63,600 square feet in a warehouse at 605 109th St., one of 14 in the park.

EasySales Inc., the newest business venture for former RadioShack Corp. president and CEO David Edmondson, has leased almost 42,920 square feet at 719 109th St. for its 65 employees.

The 415,000-square-foot park's owner of record is GT88 LP, a private partnership from California that has owned the complex since the late 1980s. Henry S. Miller Commercial handles leasing duties.

Jackson & Cooksey Co. in Dallas represented Hickory Springs. Dallas-based Staubach Co.'s Fort Worth office represented Edmondson.

RESTAURANT PART OF LINCOLN PLAZA RENOVATION

DALLAS (globest.com) – To restore Lincoln Plaza’s Class-AA status, the California State Teachers’ Retirement System (CalSTRS) is planning a $5 million to $8 million renovation for the more than one million-square-foot, 45-story highrise.

The makeover for the 84 percent leased property at 500 N. Akard St. has been in the works for 18 months, and changes include bringing the first Bon Appetit restaurant to the city.

The majority of Lincoln Plaza's work will be completed in fourth quarter 2007. North Carolina–based Compass Group should be ready to open the Bon Appetit in early 2008.

Pacific Builders Inc. is the general contractor, and Corgan Associates Inc. is the project architect. Both firms are locally based. The Worrell Group of Houston is the kitchen consultant.

CHECKING INN

THE WOODLANDS (Dallas Business Journal) – Avia, a 70-room boutique hotel built over retail, will be the first full-service hotel in the community not constructed by The Woodlands Development Co.

The Houston Avia in The Woodlands will be built by LodgeWorks LP, a hotel development firm based in Kansas.

The four-story Avia, with roughly 400,000 square feet of retail space and 100,000 square feet of office space, is set to rise in Market Street, the 34-acre mixed-use project launched by Fort Worth–based Trademark Property Co. in 2004.

The Woodlands Development Co., which maintains control over all commercial building and typically does not allow construction of competing projects, owns the existing 345-room Woodlands Waterway Marriott Hotel & Convention Center and the 440-room Woodlands Resort and Conference Center.

Dan Leverett, vice president of commercial properties for The Woodlands, says the firm will start construction in six to nine months on a hotel with about 250 rooms overlooking The Woodlands Waterway Square Development.

The Woodlands Avia is being designed by Law Kingdon of Wichita in conjunction with Paul Homeyer in the Houston office of Gensler. Construction will begin this fall at the earliest. Guests can start checking in sometime in 2009.

A STONE'S THROW AWAY

KILLEEN (kdhnews.com) – Stone Creek Apartment Homes, owned by PRM Realty in Dallas, recently held grand opening ceremonies for its 148-unit Stone Creek II complex.

The new apartments, including a second fitness center, swimming pool and clubhouse, are behind the first Stone Creek complex, which are now ten years old. Sizes range from 575 square feet for a one-bedroom, one-bath unit ($690 per month) to 989 square feet for a two-bedroom, two-bath unit ($900 per month). Stone Creek II is about 40 percent occupied, mostly by military personnel.

Two other new complexes are Brookside Apartment Homes at 3604 S. W.S. Young Dr. and Independence Place at Killeen at 5016 Watercrest Rd.

PARKING IT AT THE ENCLAVE

HOUSTON (PRNewswire) – Parkway Properties Inc., through its Parkway Properties Office Fund LP, has purchased 1401 Enclave Parkway for $46.5 million.

Constructed in 1999, 1401 Enclave is a 209,000-square-foot, six-story office building on seven acres in The Enclave, a 100-acre master planned corporate park in the Energy Corridor. Currently 100 percent leased to five tenants, the property includes an attached four-level garage with 711 parking spaces.

The Fund secured a $28 million, 5.8 percent fixed-rate first mortgage maturing in eight years. The property's going-in capitalization rate is approximately 6.6 percent with a leveraged internal rate of return of approximately 12.2 percent.

@ THE CENTER

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The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON June 15, 2007

RECON

Real Estate Center Online News

June 15, 2007

Copyright 2007. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

TEXAS SURPASSES NATIONAL HOME APPRECIATION RATE

COLLEGE STATION (Office of Federal Housing Enterprise Oversight, Real Estate Center) – According to recent figures from the Office of Federal Housing Enterprise Oversight, home prices in Texas increased 6.8 percent during first quarter 2007, well above the 4.3 percent national average.

“Despite the national slowdown, Texas is still strong,” said Dr. James Gaines, research economist with the Real Estate Center at Texas A&M University. “There’s no reason prices shouldn't continue to rise despite the increase in foreclosures and the slowdown in transactions, construction and new home starts.”

By comparison, home appreciation slowed to 1.2 percent in California and 3 percent in New York. Nevada price increases virtually disappeared at just .6 percent. Even rapidly growing Florida and Arizona reported value increases of 4.3 percent and 5.2 percent, respectively.

Within Texas, there is a wide variation in appreciation rates in the 25 metropolitan areas. Among the state’s large metro areas, Austin and San Antonio are seeing the strongest rate increases at more than 10 percent.

Meanwhile, the energy industry is fueling strong housing markets in some smaller metros. Home prices are up more than 21 percent in Midland and 16 percent in Odessa. Victoria prices are up 8.3 percent.

Some border communities are on fire as well, thanks to a surge in government hiring and business activity. Laredo is up 16.6 percent, while El Paso is up 11.2 percent.

PUBLIC'S PARTNERSHIP ASSISTS REVITALIZATION

DALLAS (Dallas Business Journal) – The proposed Fort Worth Avenue tax increment financing (TIF) district and the adjacent Twelve Hills TIF district have received the city council’s unanimous approval.

According to council members, approving these districts will bring much-needed residential, retail, entertainment and office space to North Oak Cliff.

The Fort Worth Avenue TIF's plans include about one million square feet of retail and 231,000 square feet of office space. Also planned are 9,535 residential units, including affordable housing units, some of which will be allocated for local teachers and police officers.

The additional taxable value attributed to the development over the 22-year investment period is expected to be more than $1.2 billion.

The Twelve Hills TIF proposal includes plans for 472,000 square feet of retail and other commercial development over a 22-year period plus 2,725 residential units, including townhomes, condos and upgraded apartments.

This district would add an additional $599 million in taxable value over the life of the TIF. The estimated 2007 base real property value of the zone is about $103 million.

The Fort Worth Avenue Development Group has been working with the city and community for several years to build consensus on the redevelopment corridor, councilman Ed Oakley said.

To learn how a TIF provides a taxing process that benefits both its public and private partners, see Tierra Grande’s “The ABCs of TIF.”

METRO STYLIN'

SPRING, HUMBLE (globest.com) – Steve & Barry's LLC, representing itself, has leased 56,000 square feet at Corum Station Shopping Center and 42,000 square feet at Deerbrook Mall.

J. Beard Real Estate Co. in the Woodlands handles leasing at the 135,000-square-foot Corum Station Shopping Center at 4880 Louetta Rd. in Spring. The casual fashion retail chain will backfill a Randall's grocery and drug store.

According to tax records, Corum is owned by Transwestern Property Co.

General Growth Properties Inc. of Chicago owns the 1.2 million-square-foot Deerbrook Mall at 20131 US 59 N. in Humble. The clothier will backfill an empty Mervyns store.

Both locations are scheduled to open within four months. Including these new leases, the company now has five locations in the Houston area.

NAR HONORS TAR PRESIDENT MCMAHAN

WASHINGTON (National Association of Realtors) – Benny McMahan, president and CEO of the Texas Association of Realtors, was awarded the 2007 William R. Magel Award of Excellence by the National Association of Realtors (NAR).

The Magel Award is the highest honor bestowed by NAR’s Association Executives Committee (AEC). It is presented annually to one individual who has excelled as an executive of a local or state association of Realtors and who is active in the Realtors organization at the time of nomination.

Bob Hamilton, chair of the AEC Recommendations and Recognition Subcommittee, said colleagues nominated McMahan based on his leadership style, his involvement in the Realtors Political Action Committee and the help he provided fellow Realtors after Hurricane Rita.

McMahan, a former member and chairperson of the Real Estate Center’s Advisory Committee, said he started in real estate just out of college and, after a more than 20-year career, moved into Realtor association management.

LUXURY LA SALLE BREAKS GROUND

ROCKPORT (Corpus Christi Caller-Times) – Three Houston-based developers broke ground this week on the $41 million La Salle development.

The 80 two- or three-story townhomes will range from 2,300 to 3,100 square feet and start in the low $400,000s. Construction of model homes should be completed by the end of July.

The project, adjacent to the Rockport Country Club, is being developed by R&R Development Partners LLC, Bronstorph Development Partners LP and British American Properties of Houston Inc. under the umbrella of Rockport Greens LLC.

Key Allegro Real Estate is listing the project.

PLAZA PLUCKED

THE WOODLANDS (globest.com) – American Investment Exchange LLC, a tenants-in-common buyer from California, has purchased the 95 percent leased College Park Plaza.

Selling in about 20 days for just under $19.5 million, the more than 70,000-square-foot plaza is on just over nine acres at 3081-95 College Park Dr.

Developed in 2005 and purchased just after its completion by HSM Equity Partners, an affiliate of Dallas-based Henry S. Miller Commercial, the center's tenant base includes local shop owners, professional services and some nationally known retailers, including Pizza Hut.

MCCANN CLAIMS CLASS-A BARONS

MESQUITE (globest.com) – McCann Realty Partners has purchased the 508-unit Barons Apartments from Dallas-based Mockingbird Properties.

McCann purchased the Class-A complex at 2101 E. US 80 through the Silver-McCann Apartment Group II LP. The Virginia-based firm made the purchase using a ten-year loan at a 5.8 percent fixed interest rate from New York City–based Lehman Brothers.

Developed between 1999 and 2002, the 22-building complex was more than 90 percent occupied at time of sale. The one- and two-bedroom units average 775 square feet. McCann will put about $1,000 per unit into upgrading the Barons.

Lincoln Property Co. of Dallas has been hired to manage the complex.

JV TAKING CARE OF LOGISTICS

GRAND PRAIRIE (globest.com) – Vought Aircraft Industries Inc. of Dallas has sold 96 partially developed acres to NAI Huff Partners. The Fort Worth firm will work with Dallas-based Champion Partners Ltd. to build 1.3 million square feet of bulk distribution space.

Logistics Crossing, which will be west of the under-construction Hwy. 161 and I-20, will include two distribution centers with 600,000 square feet in the first phase and 700,000 square feet in the second. The development will cost more than $50 million, including the $1 million renovation of a neighboring 330,000-square-foot warehouse.

Alliance Architects Inc. of Dallas designed the industrial plan, putting 30- to 32-foot clear heights into the cross-dock buildings and platting the land for 600 trailer parking spaces, 185-foot truck courts and a 250-space trailer storage lot.

The joint venture will begin work on Logistics Crossing One by fall and complete it in first- or second-quarter 2008.

The developers secured a five-year, 50 percent tax abatement from the city.

SAMSUNG OPENING SINGS

AUSTIN (Austin American-Statesman) – Lee Ann Rimes and a bald eagle joined the UT Longhorn band and cheerleaders at the grand opening ceremonies held today for the Samsung Electronics Co. Ltd.’s $3.5 billion Fab 2 complex.

At 1.6 million square feet, the electronic chip-making factory will be the largest in Texas and one of the largest foreign investments in the United States.

Gov. Rick Perry, also speaking at the ceremonies, committed $10.8 million from the Texas Enterprise Fund as a part of the project’s $233 million incentive package. He also facilitated collaboration in the incentives process with the Manor school district.

Samsung, the world's second-largest chip maker, gained about 700 employees during the plant's construction, bringing its local employment to 1,600. An additional 900 workers will staff the new factory.

The factory is scheduled to begin commercial production near the end of the year. Payroll is expected to grow from $60 million a year to about $100 million after one fully operational year.

HOME SALES COOLING OVERALL

HOUSTON (Houston Chronicle) – While some parts of the city are still strong, the overall housing market is cooling as area home sales fell 2.2 percent last month from the previous year, according to the Houston Association of Realtors (HAR).

Realtors sold 7,052 single-family homes through the Multiple Listing Service, making last month the second highest May on record for sales.

However, it was the second time in three months that home sales fell compared to the previous year. In March, sales fell 8.4 percent, which was followed by a 4.1 percent gain in April.

Home sales in the $80,000 to $140,000 price range, which made up 32 percent of the transactions, were down 8.3 percent compared with the same period last year.

Sales of homes priced at more than $500,000 increased in activity by 14.6 percent.

While the number of homes on the market rose by 16.2 percent over last year, the median price for a single-family home reached a monthly record for May of $155,000 (2 percent increase). The average single-family home price came in at $214,540 (5.5 percent increase). The average sales price figure is an all-time high for the greater Houston area.

Month-end pending sales — listings expected to close within 30 days — were down 2.9 percent from last year, signaling an initial expectation of possible weakness in June sales, according to HAR.

GALO, FULCRUM PLAN MIXED-USE

SAN ANTONIO (San Antonio Express-News) – Galo Properties and Fulcrum Development will develop 99 acres at the southeast corner of I-10 and Loop 1604 near La Cantera.

Two hotels, one million square feet of office space, 300,000 square feet of retail and 1,500 multifamily units will be built on the land, which had been off the market for two decades,.

Phase one for the joint venture includes two six-story office buildings totaling 500,000 square feet. Construction is expected to begin in January.

The hotels will be constructed in phase two, and the multifamily units in the third phase. Each phase will include retail development.

The project will take seven to ten years to complete.

Drake Commercial Group brokered the transaction. The seller was Florida-based Turnberry Associates.

ARTSY TOWER, TALLEST PLANNED

DALLAS (The Dallas Morning News) – At 560 feet, the 42-story Museum Tower is planned by developer Brook Partners to be the tallest completely residential building in town. 

The condominium project will rise in the Arts District on Olive Street next to the Nasher Sculpture Center. It will overlook the new Woodall Rodgers Park.

The building will have between 100 and 125 residences, with some units taking entire floors. The smallest unit is around 1,500 square feet and will cost about $1 million.

Dallas chef and restaurateur Stephan Pyles has been engaged to design the homes’ kitchens and provide catering and other services.

The $200 million cylindrical condominium tower was designed by Los Angeles architect Johnson Fain. The exterior will be three kinds of glass panels designed to overlap like scales on a fish.

NO PLACE LIKE HOME

LONGVIEW (Longview News-Journal) – Returning to his boyhood town, Mac Fuller will develop the high-end Fairmont Cove subdivision on land purchased from members of the Jane Cunningham family.

Crescent Fine Homes will develop the 28-lot garden home community on more than six acres off West Fairmont Street, west of the H.G. Mosley Parkway intersection.

Home prices will range from the $190,000s to $230,000. Custom floor plans will range between 1,800 and 2,100 square feet.

Crescent president Fuller, who has been in the development and real estate businesses in the Dallas area and throughout Texas for about 30 years, plans to use local contractors and suppliers during the development process. Local companies include Forbes & Butler (advertising), Southside Bank (financing) and Coldwell Banker Lenhart Properties (sales).

Site work is slated to start this month, and a model home should be ready for viewing by fall.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.