LUBBOCK PLANS BUSINESS BOOM
LUBBOCK (Lubbock Avalanche Journal) – Hoping to entice major corporations to bring their businesses, the Lubbock Economic Development Alliance will spend more than $13 million on utilities, paving and other improvements to a business park and rail port north of the city.
The majority of the construction project for the utilities was awarded to Duinick Brothers Inc. Construction of Roanoke, Texas. Construction should begin this month.
Board director Gary Lawrence thought businesses would not begin looking at Lubbock until at least a year after the projects were completed, but companies such as O’Reilly Automotive Inc. are already planning construction.
O'REILLY PARKING IN HUB CITY
LUBBOCK (Lubbock Avalanche Journal) – O'Reilly Automotive Inc. will build a 225,000-square-foot distribution facility that will create nearly 400 jobs when it opens in early 2009.
The center will be part of the 548-acre Lubbock Business Park, which is currently being developed. Construction will begin late this fall.
Ted Wise, chief operating officer and co-president of the Missouri-based speciality retailer, said Lubbock was selected because of its location to new markets west of the Hub City, including El Paso and eastern New Mexico.
The Lubbock Economic Development Alliance estimates the new distribution center will produce more than $15 million in annual salaries.
EQUASTONE'S BAKER'S DOZEN
DALLAS (The Dallas Morning News, globest.com, equastone.com) – Equastone has spent $382 million to purchase a 13-building, 2.9 million-square-foot office portfolio from Crescent Real Estate Equities Co. This is the largest purchase in Equastone's 13-year history.
GE Real Estate, based in Connecticut, provided the $300 million loan. Transwestern Commercial Services' Dallas office will assume marketing the 1980s-era buildings, which average 86 percent leased.
In Richardson:
- Palisades Central I and II (421,000 square feet) at 2425 and 2435 N. Central Expressway,
- Greenway I, IA and II (301,000 square feet) at 2150, 2100 and 2400 Lakeside Blvd., and
- 43 developable acres.
In Las Colinas:
- 125 E. John Carpenter and 5100 N. O'Connor Blvd. (446,000 square feet), and
- MacArthur Center I and II, (298,000 square feet) at 5601 N. MacArthur Blvd.
In north Dallas:
- Addison (215,000 square feet) at 14951 N. Dallas Pkwy.,
- Aberdeen (320,000 square feet) at 14841 N. Dallas Pkwy.,
- 3333 Lee Pkwy. (233,500 square feet) in Uptown, and
- Stemmons Place (634,000 square feet) at 2777 Stemmons Fwy.
The sale will net about $142 million for Crescent, which was represented by Holliday Fenoglio Fowler LP.
San Diego–based Equastone now owns nearly four million square feet in Dallas–Fort Worth, the majority of which are in Class-A properties. All were bought since June 2006.
INDEX SHOWS INCREASE
WASHINGTON (National Association of Realtors) – Pending home sales in June increased from the previous month in all four major regions, according to the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI).
The 5 percent monthly gain is the largest since March 2004's 6.1 percent increase.
- The PHSI in the West increased 8.6 percent to 103.6 but was 5.5 percent below June 2006.
- The PHSI in the Northeast increased 3.1 percent to 96.0 but is 2.4 percent below June 2006.
- The PHSI in the South increased 4.7 percent to 111.6 but was 12.7 percent below June 2006.
- The PHSI in the Midwest increased 3.5 percent to 92.5 but was 8.2 percent below June 2006.
“However, it is too early to say if home sales have already passed bottom,” said Lawrence Yun, NAR senior economist. “Still, major declines in home sales are likely to have occurred already, and further declines, if any, are likely to be modest given the accumulating pent-up demand.”
REDUX IN STORE FOR ALMEDA MALL
HOUSTON (globest.com) – Glimcher Realty Trust has sold the 41-year-old Almeda Mall at I-45 and Almeda Genoa for $40 million to Almeda Mall LP.
The buyer is a partnership between Buchanan Street Partners, a California-based real estate investment bank, and WCF Development Co., a Houston development company with its own management and leasing affiliate, Fox Properties.
The new owners have budgeted $80 million in updates for the 300,000-square-foot, Class-B mall and will add more junior anchors facing the Gulf Freeway.
In a separate transaction, the partners also bought a vacant 200,000-square-foot JCPenney store at the 90 percent leased mall. They will demolish it to make way for new buildings.
The 300,000-square-foot Macy's store anchoring the 43.5-acre mall was not included in either sale. The mall is also anchored by Ross Dress for Less and Steve & Barry's University Sportswear. Inline tenants include Anna's Linens, Foot Locker, Bath & Body Works and RadioShack.
Eastdil Secured of New York City marketed the mall for Glimcher, a REIT based in Ohio.
U-TOWN'S NEW TOWN
DENTON (globest.com) – Site work has begun on Rayzor Ranch, a 410-acre mixed-use development fronting I-35 in the city known for The University of North Texas and Texas Woman's University.
A new Museum of Texas Art will be the $850 million Rayzor Ranch’s centerpiece. The first phase, slated to open in late 2009, will be 35,000 square feet with plans to increase the museum’s size and scope to be similar to Austin's Texas Heritage Museum.
First to be developed will be the $320 million retail portions, including a 1.2 million-square-foot town center, 885,000-square-foot marketplace and 430,000 square feet of inline and street retail. Declared anchors are Dillard's and corporate-owned sites for a 200,000-square-foot Wal-Mart Supercenter and 130,000-square-foot Sam's Club.
Housing construction will include 300 to 500 multifamily units, 700 townhouses and brownstones. Also in development is roughly 250,000 square feet of office space, a 90,000-square-foot convention center and a hotel.
Dallas-based Allegiance Development LP is partnering with Torreon Capital LP of Austin for the project, which is expected to build out over seven years. OmniPlan Inc. of Dallas designed the town center and Hodges & Associates, also of Dallas, was the marketplace's architect.
TRIPLE NET'S DOUBLE DIP
CORPUS CHRISTI (globest.com) – Triple Net Apartment REIT Inc. has closed on the first of a two-asset, 634-unit portfolio in the coastal city.
The California-based company has purchased the 284-unit, 22-building Harbour Landing and will buy the sister property, the 350-unit, more than 29-acre Baypoint Resort, for $33.25 million, according to an SEC filing.
The 20-year-old, 92 percent leased Harbour Landing sits on more than 11 acres at 8033 S. Padre Island Dr. The complex has one-, two- and three-bedroom units ranging from 468 to 909 square feet with monthly rents ranging from $534 to $829.
Baypoint Resort consists of one-, two- and three-bedroom floor plans ranging from 675 to 1,385 square feet. The monthly rents are $709 to $1,285. The just over 29-acre complex at 1802 Ennis Joslin Rd. is about one mile north of Harbour Landing.
Grubb & Ellis' San Diego and San Antonio offices represented the seller, WLA Investments of California. According to WLA's website, the company is selling all of its Texas properties.
FARMING WORKSHOP BEGINS SEPT. 6
NACOGDOCHES (Texas Cooperative Extension) – The Texas Cooperative Extension’s six-week program, "Making Small Acreage Profitable in East Texas," begins Sept. 6.
The course, designed for farmers who need information on financing, managing labor, liability and other farming issues, will be held once a week from Sept. 6–Oct. 11 in Lufkin and Nacogdoches. The cost is $50 per person, with a $10 fee for each additional family member. The registration deadline is Aug. 31.
For more information or to register, contact Cary Sims at 936-632-8239 or Gulley at 936-560-7711.
HILLWOOD SADDLES UP
WAXAHACHIE (Dallas Business Journal) – Real estate development firm Hillwood has purchased 1,200 acres in the new Saddlebrook Estates neighborhood.
The Fort Worth developer bought the land from Bedford-based Centurion American Development Group and plans to add up to 2,900 new residential lots. Centurion has already developed 200 lots in the 2,000-acre Saddlebrook’s first phase. Hillwood's stake is located east of I-35E and north of US 287.
The 4,000 lots Centurion and Hillwood plan to develop will range from 6,600 to 12,500 square feet. New homes will cost between $150,000 and $300,000.
SHOPPING, SWIMMING, SCHOOLING
HOUSTON (Houston Chronicle) – Fall Creek is growing.
Option 1 Realty has purchased ten acres in the 2,000-acre master-planned community for Fall Creek Plaza, a 99,000-square-foot speculative shopping center slated to open early next year.
The master-planned community’s first luxury homes are nearing completion in Rose Creek Village.
A second recreation center featuring a 25-meter swimming pool is scheduled to open this month.
Gamma Construction Co. is building a 750-student, $11 million elementary school in Fall Creek for the Humble Independent School District. Classes are expected to begin next fall.
Johnson Development Corp. and Jefferson Development opened the community in 2002. There are now about 1,200 homes with prices ranging from the $150,000s to more than $2 million.
At buildout, Fall Creek, which is inside Beltway 8, about 15 miles from downtown, will contain 2,100 homes.
CHATEAUX DIJON PURCHASED
HOUSTON (Whitney Financial Corporation) – Verde Realty has purchased the 353-unit Chateaux Dijon from Whitney Financial Corporation for $25 million.
The complex sits on about nine acres at 5320 Beverly Hill St. in the city's Galleria area. Units for the almost 99 percent occupied Dijon average 980 square feet.
The seller was self-represented.
POST OAK VILLA SOLD
SAN MARCOS (Houston Income Properties) – An Illinois investor has purchased the 58-unit Post Oak Villa from Phil Fisher Inc. for just under $3 million.
The complex at 1617 Post Rd. contains 48 efficiencies and ten four-bedroom, two-bathroom townhome units. Units average 566 square feet, and the average monthly rent is about $700.
Houston Income Properties' Austin office represented the seller, a local family partnership.
STONE OAK UPGRADE PLANNED
HOUSTON (NorthMarq Capital) – Preferred Communities has paid $26.5 million for the purchase, repositioning and rehabilitation of the Stone Oak Apartments.
The 318-unit complex, located in the city’s Energy Corridor, consists of 16 two- and three-story buildings. The complex’s interiors and exteriors will be upgraded.
NorthMarq Capital’s Houston office arranged the debt through Guardian Life and the equity through a major U.S. institutional investor.
FLAX CAPITAL'S NEW WAL-MART
KENEDY (Corpus Christi Caller-Times) – The self-proclaimed flax capital of Texas will get a new Wal-Mart Supercenter next week.
The new, more than 99,600-square-foot store at 200 Business Park Dr. opens Wednesday, replacing the 24-year-old Wal-Mart at 337 N. Sunset Strip.
The supercenter will employ about 250 people, 175 more than at the previous location.
MONTEREY ON THE WAY
DALLAS (The Dallas Morning News) – Criterion Property Co. is about to break ground on the Spanish-Mediterranean–style Monterey, the biggest apartment building yet in the city’s West Village neighborhood.
The six-story, 371-unit complex will be built next door to the 20-story Mondrian apartment tower on McKinney Avenue just north of Blackburn Street. Criterion purchased the vacant site from Cityplace Development Co.
The first units will be ready late next year. Monthly rent will be close to $1.80 per square foot.
Humphreys & Partners is the architect, and KeyBank Real Estate Capital provided financing.
ALAMO CITY'S MULTIFAMILY MARKET STRONG
SAN ANTONIO (San Antonio Business Journal) – The local apartment market absorbed 1,264 units during second quarter 2007, a figure that marks the highest absorption rate in this sector since third quarter 2005.
According to Houston-based research firm O’Connor & Associates, Class-A properties absorbed 306 units, Class-B absorbed 597 units and Class-C absorbed 479 units.
The citywide apartment occupancy rate stood at 90.8 percent, down slightly from 90.9 percent as of second quarter 2006. The average rental rate at the end of June was 84 cents per square foot, up from last year’s 82 cents.
To date, 3,032 new apartment units are under construction and another 717 units are proposed.
ALEXAN CITY LIGHTS SHINE ON SCI
AUSTIN (Austin Business Journal) – SCI Real Estate Investments LLC of Los Angeles has purchased the Class-A Alexan City Lights apartment complex.
Completed last year as a joint venture between Atlanta-based Trammell Crow Residential and Phoenix-based Opus West Corp, the 352-unit complex at 501 East Stassney Lane is valued at $33 million, according to Travis County tax rolls. It was 96 percent leased at closing.
Apartment Realty Advisors brokered the sale.
CONSTRUCTION AT CROSSROADS
DeSOTO (Dallas Business Journal) – Hillwood has begun construction on a 550,600-square-foot industrial building inside the developer's 113-acre Crossroads Trade Center business park at I-20 and I-35.
The Fort Worth–based Perot company expects to complete the project by the end of this year.
RACKSPACE'S INCENTIVE TO STAY
SAN ANTONIO (mysa.com) – The Texas Enterprise Fund has awarded a $22 million grant to Rackspace Managed Hosting, news that was key to keeping the homegrown high-tech company in the San Antonio area.
Rackspace, which houses websites for many Fortune 500 companies, had threatened to leave unless leaders provided tax incentives to expand. The company will now move from its 180,000-square-foot building at 9725 Datapoint Dr. to a larger facility in Windcrest's Windsor Park Mall.
The company plans to invest $100 million in the new location. It also plans to move its 1,300 local employees to the mall and hire 3,000 more with an average salary of $51,000 within the next five years.
In addition, the company must hire 1,000 employees statewide. It has an office in Austin and a data center in Grapevine.
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