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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:
In Las Colinas:
In north Dallas:
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.
“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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GALAXY NOT FAR AWAY
CLEAR LAKE (Galveston Daily News) – Construction crews broke ground last week on the city’s first Class-A office building in 20 years.
The five-story, 110,000-square-foot glass building, dubbed Galaxy II, is being developed by New Jersey–based firm Sherute LLC. The $15 million spec building is at 455 East Medical Center.
Houston-based architect firm Gensler will design the building, which is being touted as green. The project is expected to be completed next year.
SPECULATION ABOUNDS
HOUSTON (grubb-ellis.com) – The city’s almost 394 million-square-foot industrial leasing market posted 2.2 million square feet of positive net absorption during the second quarter, according to Grubb & Ellis’ second quarter Industrial Market Trends survey.
Construction of nearly 7.4 million square feet is keeping up with demand. Consequently, overall
vacancy fell slightly by 30 basis points to 5.7 percent during the quarter.
Overall asking rents were up slightly by $0.10 to $5.13 triple-net per-square-foot-per-year (NNN PSF/YR) during this year’s second quarter, up $0.23 from the same time last year.
Speculative construction, currently about 6.7 million square feet, is now at its highest level in the past ten years.
MODERATE OFFICE LEASING GROWTH
DALLAS (grubb-ellis.com) – The office leasing market maintained a steady pace with 530,000 square feet of positive absorption during the second quarter, according to Grubb & Ellis’ quarterly Office Market Trends survey.
Local gains were 1.1 million square feet higher through last year's second quarter.
While almost all the first-quarter absorption growth was due to demand for Class-B space, nearly
80 percent of the second quarter’s total space gains occurred in Class-A.
Approximately 51 percent of the 900,000 square feet of new speculative space was available and vacant at the time of delivery. New speculative construction coming online combined with local tenants shifting to Class-B and lower caused vacancy to remain flat throughout the first half of this year at 19.8 percent.
Construction is up about one million square feet since this time last year, with 4.7 million square feet going up through the first half of 2007. Overall, Dallas–Fort Worth full-service asking rents were up $1.55 over the 12 months ending this June with a second-quarter average of $21.05 per-square-foot-per-year.
The metroplex’s office space totals almost 177.5 million square feet.
INDUSTRIAL VACANCY, RENTS SLIGHTLY DOWN
DALLAS (grubb-ellis.com) – Despite significant amounts of space coming online, vacancy in the city’s industrial leasing fell below 9 percent, or 1.8 million square feet of positive net absorption, says Grubb & Ellis’ second quarter Industrial Market Trends survey.
Area-wide vacancy in the more than 636 million-square-foot industrial market fell 20 basis points to 8.8 percent since March.
Flower Mound has increased the most this past 12 months with over two million square feet of new industrial space.
Average Dallas–Fort Worth industrial market asking rents lost $0.02 in the second quarter for an average of $4.62 triple-net per-square-foot-per-year.
About 12.2 million square feet were under construction and 5.1 million square feet of space was delivered to the local market through the first half of this year.
RECORD OF THE DECADE
HOUSTON (grubb-ellis.com) – The office leasing market's second quarter absorption count was nearly 2.7 million square feet, the highest absorption reading in ten years, according to Grubb & Ellis’ second quarter Office Market Trends survey.
Overall vacancy was down almost 4 percent from the same quarter last year and is the lowest level in seven years.
Much of the demand for office space has resulted from the energy industry's growth. Class-A absorbed the most space with Chevron’s move into 1.2 million square feet at 1400 Smith.
Currently, the city has 159.5 million square feet of office space, with almost three million square feet under construction.
UPTOWN MOBILITY PROGRESS
HOUSTON (Realty News Report) – Continuing toward its goal of widening San Felipe and enhancing mobility in the uptown area, the Uptown Development Authority has purchased another parcel just east of San Felipe and Post Oak Boulevard.
The property, which had been used for retail customer parking, is one of four parcels the buyer has recently purchased between Post Oak Boulevard and Garrettson Street. Combined, the purchases cover about a half-acre at the San Felipe and Post Oak intersection.
Lewis Realty Advisors represented the Uptown Development Authority in the transactions. The seller was Rosario Messina Properties Ltd.
REDEVELOPMENT AT BULL CREEK, KINGSWOOD
AUSTIN (Transwestern) – Through two recent purchases, Atlanta-based Post Properties and local firm Ardent Residential have secured almost an acre for redevelopment.
The partnership bought Bull Creek Townhomes, the 140-unit residential community at 4320 Bull Creek Rd., and neighboring Kingswood Apartments, the 32-unit complex at 4318 Bull Creek Rd.
Transwestern’s Central Texas Multifamily Group represented the buyers and Bull Creek’s owners, an Austin-based partnership.
JOINT VENTURE PLUNGES IN AT WATERPOINT
CONROE (GPW One LLC) – Gordon Partners LLC and Winkler & Associates Inc. have broken ground on the 14-acre Waterpoint at Lake Conroe.
The mixed-use development at Hwy. 105 and Tejas Blvd. will have 90,000 square feet of retail, restaurant and office space and a 2,000-foot lakefront boardwalk. Construction on the first phase of 200 condominiums will begin later this year.
Live Oak Capital arranged the construction loan from Regions Bank. US Builders of Houston is the general contractor. The community was designed by Gordon Partners Design. The project team includes Ken Anderson & Associates Architects of The Woodlands and Century Engineering of Houston.
OFFICING AT LANTANA
AUSTIN (Austin Business Journal) – Locally based Stratus Properties Inc. will begin construction later this year on two three-story, Class-A office buildings at Lantana, a 500-acre mixed-use development.
The project will total 180,000 square feet and is expected to cost more than $36 million. Construction should be completed late next year.
FORMER COMPAQ HQ PURCHASED
HOUSTON (globest.com) – A joint venture has purchased a four-building office and manufacturing complex that once served as Compaq’s corporate headquarters.
The 44.5-acre property includes three office buildings totaling more than 487,000 square feet and a manufacturing building at 20445-475 Compaq Center Dr.
The buyers, Dallas-based Macfarlan Capital Partners and Buchanan Street Partners of California, plan to convert the manufacturing building to office space and rename the complex Centre at Cypress Creek. When completed, it will have about 630,000 square feet of offices.
Marcus & Millichap represented both sides in the transaction. Holliday Fenoglio Fowler LP arranged acquisition financing and joint venture equity totaling about $100 million for the purchase, renovation and repositioning. Locally based Transwestern will handle leasing and managing.
NORTH BELT III, IV SOLD
HOUSTON (Holliday Fenoglio Fowler LP) – Fort Properties Inc. has purchased North Belt Office Center III and IV from Rainier Properties LP.
The Class-A, single-story office buildings total 107,200 square feet. Located on more than ten acres at 600 and 700 North Sam Houston Pkwy., the buildings are fully occupied by the U.S. Postal Service, ExpressJet and Unisys.
Holliday Fenoglio Fowler’s local office marketed the property for the seller.
ENTERTAINMENT DEVELOPER'S NEW FOCUS
COLLEGE STATION (Bryan-College Station Eagle) – Developer Mike Logan plans to turn Wolf Pen Bowl and Skate into a family entertainment center with multilevel laser tag, indoor miniature golf and a bowling alley.
Logan bought the property from longtime owners Martha and Robert Camp. The sale also included Triangle Bowl, which will be closed.
Plans to transform the almost 72,000-square-foot Wolf Pen Bowl and Skate into Grand Station include renovating the existing bowling alley but scrapping the adjoining roller-skating rink. In place of the skating rink will be an 18-hole miniature golf course, an arcade and video game area, and a 6,000-square-foot, multilevel laser-tag arena.
Logan announced plans over two years ago to build a similar entertainment center at Boonville Road and Earl Rudder Freeway in Bryan. Those plans were put on hold when he found out Wolf Pen Bowl and Skate was for sale.
The renovations on Grand Station should be completed by November.
NEW LIFE FOR HEALTHCARE FACILITY
SPRING BRANCH (Houston Business Journal) – Houston-based CooperWelch has purchased a four-acre tract from Nashville-based HCA Inc. and Spring Branch Medical Center.
The property, north of Westview Drive, between Moritz Drive and Pech Road, includes a closed healthcare facility that will be replaced with 35 patio homes in a gated community and ten townhomes. The mission-styled residences will range from 2,500 to 3,300 square feet and sell for $400,000 to $600,000.
Construction will begin in about three months on the three-story townhomes, which will be ready in late spring 2008. The patio homes will be ready by fall 2008.
NAI Houston represented both the buyer and the seller.
ALAMO CITY'S APARTMENT MARKET COOLS
SAN ANTONIO (San Antonio Business Journal) – According to the latest report by Austin Investor Interests, San Antonio’s apartment market was noticeably quieter during second quarter 2007.
During the first three months of this year, the multifamily research firm reported that construction began on 11 new apartment projects, a new high for the city. In all, these projects are slated to bring another 2,473 units into the city’s multifamily sector.
Between the months of April and June, however, only three projects totaling 765 units got off the ground.
Currently, more than 7,000 new units are in the works in the area, and about 2,800 of those are slated to enter the market before year's end. Of these 2,800 units, 1,700 are market-rate projects, while the remaining 1,100 are for the affordable-housing sector.
BOOMERS WATCHING AUSTIN
AUSTIN (AARP The Magazine) – Texas' capital city has landed on the list of the top four "retirement-friendly" cities to watch, according to AARP The Magazine.
Features that make a community livable, such as mass-transit systems, expanded sidewalks, better healthcare and a wide range of mixed-use housing, were among the criteria for determing the magazine’s list of five great places to live and the four cities worth watching. These features tend to attract residents over age 50. According to the magazine, that age group is estimated to grow by 32 percent in the next 15 years.
The three other places to watch were Burlington, Vt.; Mankato, Minn.; and Traverse City, Mich. The top five places in the nation for retirees were Atlanta, Ga; Boston, Mass.; Chandler, Ariz.; Milwaukee, Wis.; and Portland, Ore.
MUELLER MULTIFAMILY DEVELOPMENT UNDERWAY
AUSTIN (globest.com) – Construction has begun on the first multifamily development at the former Robert Mueller Municipal Airport.
Mosaic at Mueller is a $45 million, 440,000-square-foot complex with 442 apartment units. It is being developed by Austin- and Houston-based Simmons Vedder & Co. in partnership with Dallas-based Crow Holdings Realty Partners IV LP.
The four-story Mosaic at Mueller will include one-, two- and three-bedroom units ranging from 580 to 1,750 square feet. Monthly rents will range from $850 to $2,500, with 10 percent of the units available to low-income renters. Facilities will include swimming pools, a clubroom, fitness center and a business center.
Simmons Vedder was awarded development rights for the site under a ground lease with the 711-acre airport’s redeveloper, Catellus Development Group, a subsidiary of Denver-based ProLogis.
Leasing begins late next summer.
A QUARTER TO GO AT BAYPORT
PASADENA (globest.com) – Phase one of the one-year-old Bayport North Distribution Center is now 72 percent leased thanks to two transactions totaling 204,000 square feet.
Catalytic Distillation Technologies, a Houston-based developer and licenser of refining and petrochemical processes, has leased 60,000 square feet. Memphis-based Mallory Alexander International Logistics LLC will occupy 144,000 square feet.
The two-building, 563,500-square-foot, rail-served office/warehouse at 4330 Underwood Rd. was completed last summer by Vantage Cos. and sold to California-based REIT Carson Cos. Based in Houston, Vantage manages and leases the buildings for Carson.
Carson is currently beginning the project's second phase, which will feature two cross-dock buildings totaling 772,000 square feet.
Leasesquarefeet.com in Houston represented Catalytic Distillation, while Moody Rambin Industrial Realty, also of Houston, represented Mallory Alexander. Vantage represented Carson.
THE RISE AND FALL OF EXISTING-HOME SALES
WASHINGTON (National Association of Realtors) – Sales of existing homes fell last month. Prices rose modestly as inventories eased, according to the National Association of Realtors (NAR).
Total existing-home sales — including single-family, townhomes, condominiums and co-ops — declined 3.8 percent to a seasonally adjusted annual rate of 5.8 million units, 11.4 percent below the 6.5 million unit pace same time last year.
“Although we’ve seen seasonal month-to-month price increases over the past four months, this is the first time in 11 months that the median home price is higher than the year-ago price,” said NAR Senior Economist Lawrence Yun.
Last month’s national median existing-home price for all housing types was $230,100, up 0.3 percent from last year. Total housing inventory fell 4.2 percent to 4.2 million existing homes available for sale, representing an almost nine-month supply at the current sales pace, the same as in May.
Regionally, existing-home sales in the South eased by 1.7 percent to an annual sales rate of 2.3 million, 11.4 percent below a year ago. The median price in the South was $190,800, up 0.7 percent from June 2006.
AUSTIN 'BURBS SALES RISE
LEANDER, CEDAR PARK (impactnewspaper.com) – Home sales in the area increased last month, according to the Cedar Park–Leander MLS.
While the 198 homes sold in June represents a decline from the 295 sold during the same time last year, it is an increase over the 132 homes sold in May.
Last month’s average price per home was $166,287, up from $160,465 per home in May, but down from last year’s $172,265.
NURSING HOME EXPANSION PLANNED
GARRISON (svn.com) – Garrison Nursing Home, a 1960s-era, 43-unit nursing home, has been sold to New York–based Garrison Realty.
The new owner will build a replacement facility containing approximately 100 beds. It is scheduled to open next summer.
Sperry Van Ness in Fort Worth represented Garrison Realty and the seller, Garrison-based Garrison Nursing Home Inc.
CAPITAL CITY'S RECORD LOW
AUSTIN (grubb-ellis.com) – Net absorption in the city’s industrial leasing market this second quarter was over 2.6 million square feet, according to Grubb & Ellis’ second quarter Industrial Market Trends survey.
The overall vacancy rate in the over 68.4 million-square-foot industrial sector fell by 90 basis points to 7.3 percent, the lowest level recorded in seven years. Another more than 1.4 million square feet are under construction.
Among all sectors, the citywide low vacancy rate (3.7 percent) was in the standard industrial product, which led with 1.8 million square feet of growth.
Overall asking rents increased by $0.66 to $7.75 triple-net per-square-foot-per-year (NNN PSF/YR) during this year’s second quarter, a $1.38 PSF increase over the same time last year.
Much of the growth is in the northeast submarket where Samsung Electronics Co. Ltd. opened a 1.6 million-square-foot 30mm NAND flash memory wafer plant, one of the largest single semiconductor facilities in the United States.
ABSORPTION CONTINUES CLIMB, VACANCY SLIGHTLY UP
AUSTIN (grubb-ellis.com) – The office leasing market, which totals more than 39.2 million square feet, recorded its sixth consecutive quarter of positive growth, pushing the year-to-date absorption level to 600,811 square feet, according to Grubb & Ellis' second quarter Office Market Trends report.
Despite the quarterly absorption gain, Austin’s overall vacancy ended the quarter 20 basis points higher at 11.5 percent. Class-B office space has the highest vacancy rate at 12.7 percent, followed by Class-A space at 11.4 percent and Class-C at 6.8 percent.
Landlords are boosting rents beyond levels seen during the previous record high in 2000. Overall full-service asking rents increased by $1.25 to $25.88 per-square-foot-per-year as all classes experienced an increase in asking rents over the quarter.
RIVER CITY'S INDUSTRIAL STRENGTH
SAN ANTONIO (grubb-ellis.com) – The city’s roughly 62.8 million-square-foot industrial market closed the first half of this year with almost 348,000 square feet of positive absorption, bringing the year-to-date growth to just over 500,000 square feet, according to Grubb & Ellis' Second Quarter Industrial Market trends.
General industrial properties closed the quarter with the least absorption at 9,457 square feet. The largest gain, 297,007 square feet, was seen in the warehouse and distribution sector.
Overall asking rents for the quarter increased a slight $0.06 to $5.07 triple-net per-square-foot-per-year. New construction levels rose by 180,000 square feet.
Overall, industrial space vacancy remained level at 8.4 percent.
New construction levels rose by 180,000 square feet. Currently, over 1.4 million square feet of speculative development is underway, with the majority concentrated in the northeast submarket and Port San Antonio.
FIFTEENTH FOR OFFICE ABSORPTION
SAN ANTONIO (grubb-ellis.com) – For the fifteenth consecutive quarter, the city’s roughly 23.6 million-square-foot office leasing market registered positive absorption with the mid-year absorption total at 354,650 square feet, reports Grubb & Ellis’ second quarter Office Market Trends survey.
During the second quarter, the Class-A sector filled the most space (157,062 square feet). Class-B and Class-C sectors posted gains of 90,549 and 14,525 square feet, respectively.
San Antonio’s overall second quarter office vacancy declined 60 basis points to 11.1 percent. Class-C had the largest drop, a full percentage point, to 13.6 percent.
Full-service asking rents increased by $0.33 to $19.45 per-square-foot-per-year (PSF/YR). Class-A led with a $0.26 bump to $22.35 PSF/YR, Class-B increased $0.13 to $17.90 PSF/YR. Class-C full-service increased by $0.21 to $15.81 PSF/YR.
TEXAS EMPLOYMENT SLOWING BUT STRONG
COLLEGE STATION (Real Estate Center) – The Texas labor market is cooling, but the pace of job creation in Texas is still higher than the national average. The state’s nonfarm employment rose 2.1 percent from June 2006 to June 2007, compared with 1.4 percent for the United States.
Texas’ seasonally adjusted unemployment rate fell from 4.9 percent in June 2006 to 4.1 percent in June 2007.
The state’s mining industry, which consists mainly of oil and gas extraction, ranked first in job creation, followed by professional and business services, the leisure and hospitality industry and construction.
All Texas metro areas except San Angelo and Texarkana had positive employment growth rates from June 2006 to June 2007. Lubbock ranked first in job creation, followed by Midland, Austin–Round Rock, Odessa, and Laredo.
Midland had the lowest unemployment rate, followed by Amarillo, Austin–Round Rock, Odessa and Abilene. For more information, see the full report.
CLASS-A WESTBRIDGE SOLD
CARROLLTON (globest.com) – A Boston-based investment group has purchased the 284-unit Westbridge Apartment Homes from Cornerstone Real Estate Advisors LLC.
The Class-A Westbridge was developed four years ago on a 16-acre tract at 2300 Marsh Lane. The 95 percent occupied complex consists of one- and two-bedroom units in 17 residential buildings and a leasing office. The units range from 641 to 1,140 square feet. The average rent is $1.08 per square foot.
Apartment Realty Advisors’ Dallas office represented the Hartford-based seller. Michelson Management Co. will manage the property.
SCHOOL'S OUT, RETAIL'S IN
HOUSTON (Trammell Crow Company) – The former site of the Houston Independent School District’s headquarters will soon be home to Greenway Commons, a two-story, 256,700-square-foot retail center.
The center, being developed by Trammell Crow Company, The Morgan Group and institutional investors advised by Prudential Real Estate Investors, will occupy more than 15 acres of the 24-acre site at Weslayan Road and Richmond Avenue. It will feature a 164,000-square-foot Costco, a 45,000-square-foot LA Fitness health club, a four-level parking garage, a 39,000-square-foot, two-story retail building and two pad sites.
In addition, The Morgan Group will build a 526-unit, high-end, midrise apartment community on the site. Construction begins in December.
CDA Architects is the architect and Miner-Dederick Constructors Inc. is the general contractor for the retail project. Wallace Garcia Wilson is the architect and Morgan Construction is the general contractor for the residential component.
CB Richard Ellis will handle the leasing for the retail side of the project, which is expected to be completed next summer.
LUXURY HOUSING, NATURE HAVEN PLANNED
EL PASO (El Paso Times) – Villagi Communities broke ground yesterday on Heritage Farms, a luxury housing community in the Upper Valley.
About one-third of the 32-acre gated community will be designated as a haven for local plants and wildlife.
Four local home builders have already committed to building custom homes in the development. Lot construction will begin in October or November, and homes will be available for purchase about seven months later.
NEW HILLSIDE VILLAGE OWNERSHIP
DALLAS (Holliday Fenoglio Fowler LP) – Twinrose Investments of Allen has purchased a more than 166,000-square-foot regional shopping center from Dunhill Partners Inc.
The fully occupied Hillside Village is on almost 12 acres at Mockingbird Lane and Abrams Road. It was renovated in 1993, and its tenants include SteinMart, Dollar Tree, Blockbuster Video, 7-Eleven and Washington Mutual.
Holliday Fenoglio Fowler LP’s Dallas office represented the seller and secured a fixed-rate loan through Column Financial Inc. on behalf of the buyer.
PORTFOLIO WITH TWO IN TEXAS
ROUND ROCK (Austin Business Journal) – KBS Real Estate Investment Trust has purchased a portfolio consisting of nine Class-A office, warehouse and distribution facilities, two of which are in Texas.
The largest Texas facility is in Round Rock. The more than 240,000-square-foot Crystal Park II industrial building is within the 38-acre Crystal Park complex at Old Settlers Boulevard and Greenhill Drive. The other Texas property, the just over 131,000-square-foot Corporate Express building, is in the Dallas–Fort Worth area.
Minneapolis-based Opus Corp., which sold the more than two million-square-foot portfolio to California-based KBS for $124.5 million, was represented by CB Richard Ellis.
NEW HOME CONSTRUCTION UP
AUSTIN (Austin Business Journal) – Area home builders started 4,132 new homes during second quarter 2007, according to housing research group Metrostudy.
That is more than 1,100 more homes than builders started during the first quarter, but it is still 8 percent fewer than the number of starts in second quarter 2006. The annual rate of new home starts is also 8 percent below where it was this time last year, according to the study.
That's due in large part to a significant reduction in starts on new homes priced below $200,000. Construction of new homes in the $400,000 to $750,000 range jumped 66 percent during the last 12 months.
Buyers closed on 3,818 new homes during the second quarter, a 13 percent decline from second quarter 2006. The annual closings rate is up 7 percent from last year to 16,125 units.
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CELEBRATE NATIONAL NIGHT OUT IN THE WOODLANDS TONIGHT - From 6-8 pm tonight, August 7, residents in neighborhoods throughout The Woodlands and across the nation are asked to lock 
their doors, turn on outside lights, and spend the evening outside with neighbors and police in observance of 24th Annual National Night Out. Many neighborhoods throughout The Woodlands will be hosting a variety of special events such as block parties, cookouts, visits from police, contests, youth activities and anti-crime rallies. 
WOODFOREST NATIONAL BANK LEASES ADDITIONAL SPACE IN TOWN CENTER - Woodforest National Bank has leased 7,322 square feet of office space at 25 Waterway Avenue, a new two-story Class A building in The Woodlands Town Center. The building is located next to The Woodlands Waterway Marriott Hotel and Convention Center, facing Lake Robbins Drive. Woodforest National Bank will have a Private Banking Branch lead by Judy Larson, senior vice president of private banking, on the lower level of the building. The top level will be occupied by Woodforest Financial Services, a Raymond James Company, lead by Tommy Williams, president of Woodforest Financial Services and Janet Anna, senior vice president of Woodforest Financial Services. Build-out is underway and Woodforest expects to occupy the space by the end of September. 
THE WOODLANDS DEVELOPMENT COMPANY SUPPORTS YMCA DRAGON BOAT TEAM CHALLENGE - The Woodlands Development Company (TWDC) has pledged its support of the 9th South Montgomery County YMCA Dragon Boat Team Challenge with a presenting sponsorship. Presenting the check is lovable mascot of The Woodlands Puffy Pine Cone and Debra Staley, director of public affairs for TWDC (left). Dione Booker, associate executive director, Gary Louie, north group development director and the "Y" mascot accepted the generous donation on behalf of the South Montgomery County YMCA. Through its Good Neighbor Community Partnership Program, TWDC has contributed to the Dragon Boat Team Challenge since its inception nine years ago. 
MEMORIAL HERMANN THE WOODLANDS STROKE CARE PROGRAM AWARDED CERTIFICATION - Memorial Hermann The Woodlands has earned the Gold Seal of ApprovalTM from The Joint Commission for Primary Stroke Centers. The hospital earned this distinction in May after The Joint Commission conducted an on-site review. Memorial Hermann The Woodlands is among just 20 accredited primary stroke centers in Texas. This distinction can be accredited to the Stroke Team at Memorial Hermann The Woodlands comprised of physicians, nurses and other key medical personnel. The same team was recognized in early 2007 with a Memorial Hermann Breakthroughs of the Quarter award for operational excellence. 
ST. LUKE'S RECRUITING HOSPITAL VOLUNTEERS - With its recent growth in services and a 90-bed tower expansion plan underway, St. Luke's Community Medical Center (CMC)-The Woodlands is seeking additional hospital volunteers. Adult volunteers who are customer service oriented are needed in the areas of Guest Relations, Surgery Waiting, Family Birthing Center, and Life Branch - St. Luke's unique retail boutique. Cheryl Oller, supervisor of volunteer services said that her goal is to grow the volunteer program in step with the hospital's growth. "Our volunteers here at St. Luke's truly make a difference in our patients' experience," said Oller. "The auxiliary theme this year is 'Volunteers-The Hearts and Hands of Kindness', which certainly captures what I witness each and every day in terms of their impact on our hospital." 
WINNERS ANNOUNCED IN NEW DANVILLE HOUSE RAFFLE - Don Klein of The Woodlands is the winner of the grand prize in the New Danville House Raffle - a new custom home by Design Tech Homes in the neighborhood of Grogan's Point in The Woodlands, valued at $560,000. The winning ticket was drawn in a ceremony at the house, located at 10 Hillock Woods Drive, on Saturday, July 28 by Miss Teen Texas, Whitney Washam (pictured, right). Sheriff Tommy Gage (pictured, left) was on hand to officiate and certify the raffle. Several other prizes were also awarded. "We would like to thank everyone who supported this raffle," said Kathy Sanders, founder of New Danville. "100 percent of the proceeds will benefit New Danville, the first master-planned community in Texas for adults with special needs." For more information about New Danville, visit 
INTERFAITH DIRECTORIES NOW BEING DISTRIBUTED - Beginning last week, Interfath as well as local volunteers are distributing the 2007-2008 edition of The Interfaith of The Woodlands Telephone Directory to each resident of The Woodlands. For over 33 years, Interfaith has published the official telephone directory which provides a 1,200+ page community guide to area residential and business information. "This year, the 2007-2008 Interfaith of The Woodlands Directory has a new look," said Bonni Horan, director of publications and residential services at Interfaith of The Woodlands. "Each copy will have a bright red cover and a wealth of information to new and existing residents about our community. Nearly 50,000 directories will be delivered to driveways during the first two weeks in August." 
TOWN CENTER IMPROVEMENT DISTRICT EXECS EARN MASTERS DEGREES - Town Center Improvement District (TCID) executives Frank W. Robinson, president, (left) and Stephen P. Sumner, Sr., vice president of operations and public safety (right), recently earned Master of Public Administration (MPA) degrees, graduating with perfect scores throughout the program. The MPA curriculum is offered through Sam Houston State University at The University Center in The Woodlands. Robinson and Sumner chose International Relations and Comparative Politics as their areas of concentration. The MPA is the highest degree of most city managers in the U.S. because it focuses on administrative issues in the public or nonprofit sector. "With their public sector experience and appropriate MPA degree, both men are exceptionally well placed to lead the District," said Corliss Lentz, Ph.D., associate professor of political science and director of graduate studies for the department of political science at Sam Houston State University. 
DISPATCHER SIMONE NICHOLS FEATURED IN INTERNATIONAL PUBLICATION - Dispatcher Simone Nichols, a 16-year veteran of The Woodlands Fire Department, is the subject of the Telecommunication Spotlight article in the July issue of Public Safety Communications Magazine, the official publication of the Association of Public Safety Communications Officials International. Dispatching with The Woodlands Fire Department since 1991, Nichols has seen exponential growth within the department and Montgomery County. The department has tripled in size in the past 16 years, and the dispatch center (FireCom) recently moved to its new home in Shenandoah, where it handles emergency calls for 15 agencies in Montgomery County, averaging 90,000 calls per year. Nichols is known for mentoring new dispatch trainees, her patience and genuine love for her job. She recently completed her EMT certification and was nominated by co-workers to be spotlighted in the magazine. 
TOWN CENTER PART-TIME AMBASSADORS SHINE - Two part-time Town Center Ambassadors - Tony Rizzo and Brittany Kemper - both enjoy their job since it provides the opportunity to enjoy the outdoors, learn about community events and lend a helping hand. This is the third summer working as Ambassadors for both Rizzo and Kemper. Lending a helping hand comes naturally to Rizzo, who graduated from The Woodlands High School (TWHS) this year and plans to attend Notre Dame this fall. While in high school, he created and organized the "Challenger Football Camp" for physically and mentally disabled youth ages 5-20. The first camp in the fall of 2006 welcomed more than 40 participants, and the booster club plans to make it an annual event. 
TWO MAJOR HOUSTON-AREA CORPORATIONS RELOCATING TO THE WOODLANDS - US Oncology, service provider to one of the nation's largest cancer treatment and research networks, will relocate to a new 200,000-square-foot, eight-story building in The Woodlands Town Center. Their corporate campus will be linked to Waterway Square by a pedestrian corridor providing easy access and views of The Woodlands Waterway®. The new building (a rendering of which is pictured here) is expected to open its doors to employees in early 2009. Approximately 500 employees are expected to relocate to the new campus. 
CREATION OF "KOI GARDEN" TO BEGIN IN AUGUST ON THE WOODLANDS WATERWAY® - The addition of "Koi Garden" (rendering shown), an Asian-inspired garden and koi pond to be created on and around two existing, "tear-drop" shaped islands in The Woodlands Waterway®, will soon be another significant attraction in The Woodlands Town Center, according to Alex Sutton, president of The Woodlands Development Company. 
THE WOODLANDS 2007 CELEBRATION OF EXCELLENCE GALA'S ENTERTAINING AND INSPIRING PROGRAM ANNOUNCED - "A Hero's Journey" perfectly describes this year's The Woodlands Celebration of Excellence Gala honoring the 2007 Hometown Heroes. One of Newsweek Magazine's "America's Unsung Heroes" Tom Whittaker (top photograph) will present the entertaining and inspirational keynote speech and news anchor Art Rascon (bottom photograph) from KTRK-TV 13 Eyewitness News, the Houston affiliate of ABC, has agreed to serve as master of ceremonies. Whittaker is the first person with a disability to climb to the summit of Mount Everest. 
THE CYNTHIA WOODS MITCHELL PAVILION NAMES NEW DIRECTOR OF SALES, SPONSORSHIPS AND PREMIUM SALES - Jeff Young, vice president of operations for The Center for the Performing Arts at The Woodlands, home of The Cynthia Woods Mitchell Pavilion, has named JD Villaseñor (pictured) as the new director of sales, sponsorships and premium seats for the organization. Villaseñor, who has been the director of premium seat sales for The Center for two years, will continue his role of selling and managing the season seat program and now be responsible for securing sponsors for the Live Nation events at The Pavilion. 
AND SPEAKING OF THE PAVILION - To mark the first time ZZ Top performed at The Cynthia Woods Mitchell Pavilion, members of the band posed with Jeff Young, vice president of operations for The Center for the Performing Arts at The Woodlands, home of The Pavilion; Jerry MacDonald, president and CEO of The Pavilion; and Bob Roux with Live Nation, prior to the sold-out July 14th concert. 
GREAT OPPORTUNITIES AVAILABLE IN CARLTON WOODS CREEKSIDE - Within the Village of Creekside Park is the private, gated enclave of Carlton Woods Creekside, the 500-acre expansion of Carlton Woods. At Carlton Woods Creekside, new properties have recently been released, including a great mix of homesites ranging from ¼-acre patio home sites to 2-acre estate properties. With prices from the low $200s to over $1.8 million, there are opportunities for a wide range of customers. Approximately half of the released inventory has already been purchased in Carlton Woods Creekside. 
THE CYNTHIA WOODS MITCHELL PAVILION RANKS #1 IN THE WORLD - According to the July 23, 2007 edition of Pollstar magazine, the concert industry's leading trade publication, The Cynthia Woods Mitchell Pavilion in The Woodlands ranked first in its listing of top 50 amphitheatres in the world based on the number of tickets sold during the first six months of 2007. The Pavilion's ticket sales totaled 106,723 for shows played between January 1 and June 30, 2007. 
MONTGOMERY COUNTY YMCAs JOIN HOUSTON'S LARGEST-EVER SCHOOL SUPPLY DRIVE - For the third consecutive year, "YMCA Operation Backpack" joins the forces of 38 YMCAs, local churches and other partners to touch the lives of tens of thousands of Houston area children and families this school year. Thousands of school supplies will be collected for children who might otherwise go back to school unprepared. "Too many parents don't have the money to buy the supplies kids need to start the school year off right," said Mark Cochran, South Montgomery County YMCA Center executive director. 
9TH ANNUAL CURE PH GOLF TOURNAMENT EXCEEDS ITS GOAL - The 9th Annual Cure PH Golf Tournament recently raised more than $120,000 to help find a cure for pulmonary hypertension (PH). The event helps raise money each year for PH research. One hundred percent of the event proceeds are distributed to help fund national research of the disease to discover better treatments and find a cure. Pictured at the recent tournament are (from left to right): Bruce Tough, Marcia Stibbs, Kevin Brady, Jack Stibbs, Vicki Fullerton and Matacha Saul. 
THE WOODLANDS LIONS CLUB CELEBRATES 25TH ANNIVERSARY WITH DONATION - In celebration of its 25th year, The Woodlands Lions Club awarded $2,500 to local charities. This anniversary contribution is above and beyond the thousands of dollars that the group donates every year to their designated charities. As a special recognition to each of the club members for their efforts, each member was asked to nominate their charity of choice. Each charity was presented with a check for $100 along with a framed certificate of appreciation signed by all The Woodlands Lions Club members at a recent member luncheon held at The Woodlands Waterway Marriott Hotel. Pictured is Nelda Blair accepting the check and framed certificate for the Conroe Education Foundation, presented by Lion president Larry Smith. 
FOUNDING LION ED JONES ALSO HONORED - In conjunction with The Woodlands Lions Club's 25th Anniversary, founding member Lion Ed Jones was also honored by the club. Jones was one of the original 34 members that joined together to form a local chapter for the international service club. Through the years, Jones has participated in the club at every level including president. Noted for his personal slogan, "Just happy to be here," he was presented with an engraved gavel with the words, "Just happy to be in The Lions for 25 years," at a recent club dinner. 
WINNERS OF 2007 FIRECRACKER ESSAY CONTEST ANNOUNCED - The winners have been announced and prizes awarded to the winning young essayists in the 2007 Firecracker Essay Contest. Participants wrote essays about why they celebrate the 4th of July. The contest was sponsored by Capital One and Town Center Improvement District (TCID). Pictured are (from left to right): Sara Shack, 4th grade; Sarah Marsh, 1st grade; Ryan O'Shaughnessy, Capital One Sterling Ridge; Grand Prize winner Allison McManus, 6th grade; Dylan Corder, 10th grade; Jennifer Bryan and Summer Sanford, Capital One Research Forest. Not pictured are Madison Martinec, 12th grade and Jackson Wright, 4th grade. The Grand Prize was a $1,000 deposit in a minor savings account provided by Capital One, a $100 gift card to The Woodlands Mall, Cinemark movie passes, and four tickets to Splash Town. 
TAMMY KOPPA JOINS FIDELITY NATIONAL TITLE INSURANCE COMPANY - Gladys Sumner, branch manager/assistant vice president of Fidelity National Title Insurance Company has announced that Tammy Koppa has joined the team as marketing representative. She will be responsible for promoting the company's title insurance and real estate related products and services to clients throughout Montgomery County. "With over 10 years of successful sales experience, Tammy's knowledge of the industry will be a great asset to our team and our clients," said Sumner. "We hope that the community will take an opportunity to welcome her during our Fidelity National Title Insurance Company Welcoming Reception and Chamber Ribbon Cutting on Thursday, August 9. Pictured (left) is Koppa, and (right) is Sumner.
