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.
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