OLAJUWON'S BIG SCORE
BAYTOWN (Houston Chronicle) – Hakeem Olajuwon has paid more than $20 million for 1,250 undeveloped acres in Chambers County.
The former Houston Rockets center, who has been a real estate investor for the past decade, plans to re-sell the land to home builders and commercial developers.
The acreage is along both sides of I-10 East in a working-class area close to new schools, job centers and a stretch of the Grand Parkway currently under construction. The property includes all four corners at I-10 and FM 3180 and three corners at I-10 and Grand Parkway.
When Beltway 8 was being built, this east side area, with its cluster of petrochemical plants and flood-prone plains, was the last area to be developed, according to Ralph Howard, CEO of Houston-based real estate consulting firm Situs Cos. As its density increases, however, more big-box retailers are expected to target this part of town.
PLAZA BECOMES LEGACY
WHITE SETTLEMENT (globest.com) – Boston-based Lindahl Group has purchased the Plaza, a Class-C apartment complex at 400 Ralph St., from LNR Property Corp., formerly Lennar Partners Inc., of Miami Beach, Fla.
The 89 percent leased, 144-unit, 41-year-old complex on ten acres has one-, two- and three-bedroom units averaging 823 square feet. Leases range from $580 to $780 per month. The Plaza, which is directly across the street from Lockheed-Martin Corp.'s assembly plant, will be renamed the Legacy.
Apartment Realty Advisors in Dallas assisted in negotiations.
SHADY VALLEY, 1031-STYLE
PANTEGO (globest.com) – Shady Valley Square Apartments at 3206 Green Tee Dr. has been sold to Wehner Management Co. of Los Angeles.
The 95 percent leased, 114-unit complex was built on about seven acres in 1969. The mostly one- and two-bedroom units average 1,018 square feet with rents ranging from $400 to $616 per month.
Wehner’s first area purchase is part of a 1031 exchange of a multifamily property in Los Angeles. Ryan Wehner, a Los Angeles broker, represented the firm. Hendricks & Partners in Dallas represented the seller, Sherron & Associates of Seattle.
Devonshire Real Estate & Asset Management Group of Dallas will manage the complex.
EXCHANGING DENVER FOR ARLINGTON
ARLINGTON (globest.com) – Tealwood Apartments has been purchased by a California investor using 1031 exchange proceeds from an office building sale in Denver.
The 20-year-old Class-B complex on just over five acres at 6400 Tealcove Dr. was 90 percent leased at sale time. Its one- and two-bedroom units average 643 square feet with rents ranging from $500 to $750 per month.
Tealwood Arlington Associates Ltd., which built the complex in 1985, was represented by Don Luckadoo Co. Wildwood Realty Partners represented the buyer. Tealwood, Luckadoo and Wildwood are all based in Dallas.
BARFIELD REDUX
AMARILLO (Prudential Ada Realtors) – The historic Barfield Building is being renovated by developer Todd Harmonn and will become 44 luxury loft apartments above first-floor retail and restaurants.
Averaging 1,270 square feet, 34 units will feature two bedrooms and two baths, and the remainder will have one bedroom and one bath. The $8.5 million restoration of the 87,500-square-foot, ten-story structure also includes replacement of all mechanicals and the addition of 6,400 square feet of Trex decking and a rooftop swimming pool.
Corgan & Associates of Dallas and general contractor Key Construction of Fort Worth are overseeing the high-rise restoration. Construction is scheduled for completion late next year.
The Barfield was designed in 1926 by renowned Texas architect Wyatt C. Hedrick, whose historical portfolio resides at the University of Texas School of Architecture.
HSM WRANGLES VALLEY RANCH
COPPELL (globest.com) – HSM Equity Partners, with backing from New York City–based NDC Capital Partners, has purchased the more than 117,000-square-foot Valley Ranch Centre from Regency Centers Corp.
The 88 percent leased Class-A retail center was developed in stages between 1989 and 1997 on more than ten acres at 820 S. MacArthur Blvd. Among its retailers are Pizza Hut and Baskin Robbins. Washington Mutual is on a pad site.
Wachovia Securities provided funding for the Dallas-based buyer. Staubach Co., also of Dallas, represented the Florida-based seller.
BAYOU CITY BLENDING
HOUSTON (Houston Business Journal) – As part of a nationwide growth plan that calls for more than 300 stores by the end of 2010, Emerald City Smoothie has 15 franchise locations planned in the area over the next five years. The Seattle-based company currently has 47 locations across the United States.
AFFORDABLE HOUSING'S NEW VIEW
SAN ANGELO (eah.cc) – Edgewater Affordable Housing LP (EAH) is hosting the grand reopening of the 160-unit Nueva Vista apartments today.
Renovations by EAH totaled over $24,000 per unit. Updates include xeriscaping, new covered parking, a swimming pool with controlled access gate and covered pavilion, playgrounds and outdoor barbeque grill areas. The interior renovation includes new Energy Star appliances and solar screens.
UAH Property Management will manage the property formerly called Country Village. House of Faith will offer after-school programs and social activities. Ed Harris and Associates will provide homebuyer and credit counseling.
Funding partners include NA, Citibank Texas and the Texas Department of Housing and Community Affairs.
PROSPERA'S TWO-IN-ONE COMBO
DECATUR (globest.com) – Prospera Cos. has broken ground on a $9.5 million hotel and retail project.
The project, on five acres at 1405 S. US 81, includes a 71-room La Quinta Inn & Suites and almost 26,000 square feet of retail space. The retail center, Prospera Plaza, will be completed in December, with the hotel following in February.
The locally based developer is planning two more hotel and retail combinations in the next year.
NORTH TEXAS EXISTING HOME SALES DOWN
FORT WORTH (Fort Worth Star-Telegram) – The number of existing homes sold last month indicates that the local housing market is continuing to cool.
Last month, the 29-county area had 8,549 home sales, down 3 percent from the year before, according to data from the Multiple Listing Service. For the first seven months of the year, 52,940 homes were sold, down 6 percent from the year before.
Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the numbers are a sign that the North Texas market is returning to a pre-boom pace. However, he pointed out that job growth is still going strong, and the median price of homes in July was $155,000 — a 1.3 percent increase over a year ago — indicating that the core of the market is still solid.
Home sales this year will most likely be down from last year's record, he said. He expects that drop-off to be 5 percent to 10 percent.
NEW USE FOR OLD PACIFIC
DALLAS (Dallas Morning News) – Before the end of the year, Lockey Capital Group will begin converting the mostly vacant 1600 Pacific office building into more than 300 apartments.
The 33-story, glass-and-stone tower, one of four downtown properties the developer purchased from 3J Development LLC, will be the third major residential project on downtown's Thanksgiving Square. The project has been approved for U.S. Department of Housing and Urban Development funding.
Built in 1964, the tower has almost 500,000 square feet of space. Dallas' BGO Architects Inc. did the current redesign of the building, which includes an outdoor pool deck on the fifth floor.
Andres Construction is the general contractor, and The Focus Group will handle leasing and management duties. Lockey Capital is part of Lockey Investment Group, a Dallas-based investment advisory firm.
WATTERS CREEK, PART DEUX
ALLEN (globest.com) – Site work has begun on phase two of the 68-acre mixed-use Watters Creek.
The second phase, which will include an eight-screen, 1,300-seat Studio Movie Grill, will be completed late next year or in early 2009.
The 1.1 million-square-foot Watters Creek is being developed by Trademark Property Co. of Fort Worth, Developers Diversified Realty Corp. of Cleveland and Coventry Real Estate Advisors of New York City.
INDUSTRIAL ENTITLEMENT
AUSTIN (Forbes.com) – Lowe Enterprise Investors (LEI) has purchased an industrial building and fully entitled land at 8520 Tuscany Way in the Tuscany Center at Walnut Creek.
The nearly 82,000-square-foot building at the corner of Springdale Road and US 290 is fully leased to Gtech Corp. and Glazer's Wholesale Drug Co.
Up to three buildings totaling just over 333,000 square feet can be developed on the more than 19 acres included in the sale. Two buildings are slated for construction, one just over 72,000 square feet and the other 89,600 square feet.
The seller, McShane Corp., developed the property in 2002 and is maintaining an ownership interest by partnering with Lowe. McShane will continue to serve as the property’s development manager.
Cadence McShane, the construction division of McShane, will serve as the designer and builder for the development, expected to be complete by spring 2008.
LEI, which also owns the historic Driskill Hotel, handled the $9 million purchase on behalf of its Los Angeles–based Lowe Enterprise Real Estate Income and Growth Partners investment fund.
MORE AFFORDABLE HOUSING IMMINENT
MESQUITE (multi-housingnews.com) – Red Capital Markets Inc., the investment banking entity of Red Capital Group, has secured low-income housing tax credits for the construction of Villas at Mesquite Creek, a new affordable-housing property.
The complex, a mix of 252 one-, two- and three-bedroom apartments in 12 three-story buildings, is slated for completion next July. All units will be reserved for households earning no more than 60 percent of Area Median Income (AMI).
The developers and general partners are affiliates of One Prime LP, the general contractor is Integrated Construction & Development, and the property manager will be Alpha-Barnes Residential Services.
MEDICAL TOWER'S NEW PROVOST
CORPUS CHRISTI (Corpus Christi Caller-Times, San Antonio Business Journal) – Provost Partners, a Dallas-based private equity group, has purchased the Corpus Christi Medical Tower at 1521 S. Staples St.
The 97 percent leased, eight-story tower was built in 1985. Tenants include Cardiology Associates, Radiology Associates and Corpus Christi Urology Group.
According to the Nueces County Appraisal District, the just over 105,000-square-foot building's value is $3.5 million.
Houston-based Transwestern represented the seller, Medical Plaza Associates. Financing was secured by Holiday Fenoglio Fowler and Robert B. Ausdal & Co.
MINORITIES GAINING GROUND
WASHINGTON (U.S. Census Bureau) – According to a recent report from the U.S. Census Bureau, nearly one in ten of the nation’s 3,141 counties has a population that is more than 50 percent minority.
In 2006, eight counties where minorities were not previously the majority pushed the national total to 303. Three of those counties — Winkler, Waller and Wharton — are in Texas.
Leading the nation in minority growth was Harris County, which gained 121,400 minority residents between 2005 and 2006, bringing its total minority population to 2.5 million, 63 percent of its total. Its minority population ranks third nationally.
Los Angeles County, Calif., had the largest minority population in the country in 2006 at seven million (71 percent of its total). However, Starr County in Texas had the highest percentage of minorities based on total population at 98 percent.
For more information, including a breakdown by minority group, read the Census Bureau’s report.
MLS CONSOLIDATION FAVORED, SURVEY SAYS
WASHINGTON (National Association of Realtors) – Data sharing, security and consolidation of Multiple Listing Services (MLS) are top concerns for Realtors and MLS executives, according to the 2007 REALTOR® MLS Technology Survey.
Respondents to the fifth annual survey, which describes MLS trends and technology practices, showed strong interest in expanding MLS service territories.
- Nearly one-third of respondents favored a statewide MLS, up from 19 percent last year.
- Twenty-seven percent said a market area or Metropolitan Statistical Area (MSA) would be ideal, while 21 percent preferred a larger market region within the state.
- Nearly one-third of respondents have reciprocal data-sharing agreements with other MLSs, and another 23 percent have considered data sharing.
- Nearly two-thirds said their MLSs make use of a RETS interface, allowing brokers, third-party software vendors, Realtor associations and MLSs to share real-time data, regardless of the type of software they use. This is up nearly 47 percent from 2005.
- Three-fourths of respondents believe their MLSs have taken security issues more seriously this year than in the past, but only 42 percent said their organization has a written security policy.
- Twenty-seven percent of MLS respondents said they are currently using two-factor authentications, such as a key FOB or USB device, which are more secure methods for users to access MLS systems than the traditional user ID and password combination.
MLS service regions commonly expand through consolidations, which the survey also shows are on the rise. Thirty percent of those surveyed said their MLSs had already consolidated with one or more MLSs, up from 15 percent last year, and another 38 percent are considering consolidation.
The most popular places for MLS to place listings are realtor.com, their local public MLS site and the local Realtor association website. The most commonly shared property information that MLSs send to third parties are photos, amenities, address and tax information.
TWO-CAR GARAGE . . . AT LEAST
WASHINGTON (National Association of Realtors) – People may be paying more at the gas pumps these days, but, according to a recent survey by the National Association of Realtors (NAR), that has not kept oversized garages from being a high priority among homebuyers.
Since the last survey in 2004, oversized garages saw the biggest growth in terms of what buyers consider "very important," increasing 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent said they would have paid more for an oversized garage, compared with only 6 percent in the 2004 survey.
Also considered "very important" by homebuyers were:
- air conditioning (75 percent),
- a walk-in closet in the master bedroom (53 percent),
- hardwood floors (28 percent),
- granite countertops (23 percent),
- cable/satellite TV-ready (46 percent) and
- energy efficiency (65 percent among new-home buyers, 39 percent among buyers of existing homes).
For more information on these and other findings, read the NAR’s summary of its "2007 Profile of Buyers’ Home Feature Preferences."
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