Tuesday, March 29, 2016

Largest Seniors Housing Sale In The State Closes

Don Kivowitz
DALLAS—A seniors housing portfolio comprised of 33 skilled nursing facilities with approximately 4,200 licensed beds and some “shovel-ready” development opportunities in South Central Texas has been carefully managed for the past 26 years. As part of a strategic positioning on the part of the owner, a sale process was recently initiated to find the right partner.
Link to full article


By Lisa Brown of the GlobalSt.com


Global Buyers Compete For 44-Year-Old Asset

El Sol Del Lago
DALLAS—Located in the Bachman Lake neighborhood, El Sol Del Lago is a 318-unit garden-style community with good future rent potential and sits in close proximity to two main Dallas thoroughfares, Northwest Highway and Webb Chapel Road. The property offers residents convenient access to a large base of employment and economic drivers such as Dallas-Love Field Airport, the Southwestern Medical District and the Dallas Central Business District.
Link to full article


By Lisa Brown of the GlobalSt.com

Friday, March 25, 2016

Construction is kicking off for the two tower Union project in Uptown

Construction crews have started preparing for development for the 2-story Union project north of downtown. (Steve Brown)
Work crews have quietly started preparing for construction of the two-story Union complex just north of downtown Dallas.
The  $200 million office, residential and retail development on Cedar Springs Road is one of the largest new projects in the works for Uptown.
Link to full article


By Steve Brown of the Dallas Morning News

WEEKLEY TO DEVELOP DALLAS EQUESTRIAN CENTER INTO 70 HOMES

The Las Colinas Equestrian Center which closed last year has been sold to developer Provident Realty. (DMN files)
Dallas Morning News real estate editor Steve Brown reports that after 30 years of operating as a local equestrian center, an 18-acre former riding and stable facility located in the town of Iriving in Dallas has been sold to local developer Provident Realty Advisors.
Link to full article

By Steve Brown of the Dallas Morning News

Big-D Booms With Downtown Multifamily

Gables McKinney Avenue
DALLAS—Multifamily development in Dallas is on the rise, literally, with an increasing number of new apartment high-rises planned and under construction, says a report by CBRE. The shift from suburban sprawl to downtown living is making its way into the region, as evidenced by the growing downtown development.

Link to full article


By Lisa Brown of the GlobalSt.com

Thursday, March 24, 2016

HCA buying bankrupt Forest Park hospital in $96M deal

Forest Park Medical Center at Frisco, shown here at night, is operating in Chapter 11 bankruptcy protection.
HCA North Texas will buy Forest Park Medical Center’s Frisco hospital for more than $96 million in what is expected to be the first in a string ownership changes for the ailing Dallas-based physician-owned system.


By Bill Hethcock of the Dallas Business Journal

Stryker to add 200 employees to growing Flower Mound HQ

Stryker Communications plans to add up to 200 employees to its soon-to-be expanded headquarters in Flower Mound.
Stryker Communications, a division of Stryker Corp., is in the midst of expanding its Flower Mound headquarters to more than 200,000 square feet of space, which will allow the company to add upwards of 200 employees to its North Texas operations.


By Candace Carlisle of the Dallas Business Journal

See where Texas ranks in economic development game

Texas once again shows how everything is bigger in the Lone Star State.
If a state’s economic health can be measured by economic development activity, then Texas is in great shape, according to Site Selection Magazine, which has awarded the Lone Star State its annual Governor’s Cup after ranking it No. 1 overall based on the number of new and expanded facilities projects constructed here in 2015.



By W. Scott Bailey of the Houston Business Journal


Case-Shiller: Dallas-area December home price gains the largest in almost 2 years

Dallas-area home prices rose 9.6 percent in December from a year earlier. (AP Photo/Reed Saxon)
Dallas-area home prices posted another lofty gain in the latest nationwide comparison.

Dallas prices were up 9.6 percent in December from a year earlier in the Standard & Poor’s/Case-Shiller Home Price Index released Tuesday.




By Steve Brown of the Dallas Morning News

Cushman & Wakefield names Holman as new DFW market leader

Corridors of Opportunity JLD 7531
Longtime North Texas real estate executive Ran Holman has been named market leader of Cushman & Wakefield four months after former leader Steve Everbachleft the brokerage firm for a top executive position at Colliers International.

By Candace Carlisle of the Dallas Business Journal


Uptown high-rise opens after almost two years of construction

The Jordan's tenant lounge on the seventh floor overlooks downtown. (Steve Brown)
The 23-story residential high-rise overlooks McKinney Avenue and has views of downtown and Klyde Warren Park just a block away.
includeWalgreens, with Kroger and Academy Sports + Outdoors located across the street.

By Steve Brown of the Dallas Morning News



Hall Group Strives For LEED In Future Phases

KPMG
DLLAS—KPMG Plaza at HALL Arts, the 18-story, 500,000 square-foot office tower and accompanying restaurant space, has many things going for it. Perhaps the biggest feat of all is the LEED Gold certification it has recently achieved. Phase one of HALL Group’s HALL Arts development got LEED Goldcertification as a U.S. Green Building Council Core and Shell (LEED-CS v2009) building, setting the standard in sustainable design for commercial office space.
Link to full article


By Lisa Brown of the GlobalSt.com

Wednesday, March 23, 2016

Developer Builds Varying Sizes To Meet Needs Range

Tony Creme
FORT WORTH—Part of a strategy to facilitate growth by building inventory in a variety of sizes to meet a wide range of customer needs, by Hillwood Properties is constructing more than 1.75 million square feet of speculative industrial space at AllianceTexas. The space is comprised of two industrial buildings in Alliance Westport and a third facility located in Alliance Center North. Alliance Texas is an 18,000-acre master-planned, mixed-use development.
Link to full article


By Lisa Brown of the GlobalSt.com

MYCON Recruits Balfour Beatty Veteran

Tommy Campbell
DALLAS—MYCON General Contractors has recruited John T. “Tommy” Campbell as its vice president of operations. The 28-year construction veteran is well respected for his operational excellence and track record as vice president of operations for Balfour Beatty.
Link to full article

By Lisa Brown of the GlobalSt.com

Energized Look To Boost Underserved Retail Area

Oak Hill Plaza
AUSTIN, TX—Oak Hill Plaza, located at 7101 Highway 71, in the heart of the Y in southwest Austin, has come under a new management team that plans to give the plaza an overhaul to energize the existing tenant mix and attract new ones. Austin-based real estate development firm BBD Commercial takes over the role of managing, marketing and leasing the 115,512-square-foot property. In addition to running the day-to-day operations, the company has a major facelift planned to freshen up the property and to invigorate the roster of businesses that call the plaza home.

By Lisa Brown of the GlobalSt.com

Land Assemblage At Nearly 300 Acres For Mixed-Use Site

DALLAS—A 94-acre parcel will be added to an assemblage of land, now 294 acres, for a proposed mixed-use development called University Hills that will include townhomes, multifamily units, entertainment and retail.  The land, located at the Northwest corner of Lancaster Road and Interstate 20 was purchased by Centurion American, based in Farmers Branch, TX. The seller was Sun NLF and the purchase price was undisclosed. Lots should be available in summer 2017.
Link to full article

By Lisa Brown of the GlobalSt.com



Majority Intend To Maintain Or Increase Purchasing Activity

Dallas
DALLAS—The majority of US real estate investors intend to increase property acquisitions in 2016, with Los Angeles as the top target market ahead of New York City and Dallas/Ft. Worth, according to the CBRE Americas Investor Intentions Survey 2016. The 2016 survey results reveal that investment sentiment regarding commercial real estate purchasing activity remains positive, even in a more uncertain economic and capital markets environment. The survey reveals 65% of investors intend to be net buyers—up from 60% in 2015—with the vast majority (81%) intending to maintain or increase purchasing activity in 2016.

By Lisa Brown of the GlobalSt.com

It's done: Irving Music Factory inks Ethos Group for complete sell out

Irving's Music Factory will be a regional destination for music  aficionados and foodies alike, says the developer.
The Irving Music Factory at Las Colinas has inked a deal with Irving-based Ethos Group for 100,000 square feet of space, or the entirety of the entertainment hub's office space.
The real estate deal has been rumored among executives to be have been completed for weeks.

Link to full article


By Candace Carlisle of Dallas Business Journal

Friday, March 18, 2016

AZ REIT Chooses Harwood For HQ Relocation

Harwood\
DALLAS—Spirit Realty Capital is moving its Scottsdale, AZ-based headquarters to the district of Harwood in a 30,620-square-foot lease at 2727 N. Harwood. Spirit is a net-lease REIT that invests in and manages a portfolio primarily of single-tenant real estate assets throughout the United States.

By Lisa Brown of the GlobalSt.com

Apartment high-rise eyed for high-profile Uptown Dallas property

The 22-story apartment tower would be built behind existing retail on Cedar Springs Road. (Steve Brown)
Owners of a high-profile Uptown corner are seeking approvals to build an apartment tower.The residential high-rise would sit behind a row of one-story retail buildings at the corner of Cedar Springs Road and Fairmount Street.
Property owner Greenway Investment plans a  22-story, 320-unit apartment tower and a parking garage on what is now a parking lot at Howell and Routh streets.
By Steve Brown of the Dallas Morning News 


Dallas Design District project will add 400 apartments

Wood Partners is building its Alta Strand apartments at Turtle Creek and Market Center Boulevard. (Steve Brown)
Dallas’ Design District is getting another apartment community.Builder Wood Partners has started work at Turtle Creek and Market Center Boulevard on a 400-unit rental community called Alta Strand.
The four- and five-story buildings are being constructed on the site of a warehouse building that was demolished.
By Steve Brown of the Dallas Morning News 


New 32-Home Community Planned Outside Dallas

The CityLine home community will be located near the new CityLine Market shopping center. (City of Richardson)
Developer KDC has teamed up with Centre Living Homes to develop a 32-home community in Richardson, Texas, located just north of Dallas, reports Steve Brown of T he Dallas Morning News.

By Steve Brown of the Dallas Morning News 

Italian Restaurant Concept To Offer From-Scratch Menu

Waterside
FORT WORTH—Marcus Paslay, executive chef and owner of Clay Pigeon, will open his second restaurant, Piattello Italian Kitchen, this fall in the new Watersidedevelopment, the 63-acre mixed-use project. Piattello, meaning “plate” in Italian, which also refers to the term “clay pigeon,” is expected to have an approachable, family-friendly vibe.

The restaurant will be a 5,300-square-foot space with a spacious covered patio. The interior will be designed by Mitchell Garman Architects of Dallas. In addition to the full-service restaurant, Piattello also will include a coffee bar concept, which is the first of Waterside’s micro-restaurants to be announced.
Link to full article

By Lisa Brown of the GlobalSt.com

Luxury High-Rise Breaks Ground In Knox Henderson

The McKenzie
DALLAS—A luxury high-rise apartment community located at the corner of Harvard Avenue and Tracy Street in the Knox Henderson neighborhood is now underway. The project, named The McKenzie, is an upscale multifamily residence, reminiscent of a historic luxury hotel.

The 22-floor building will offer 183 units ranging from 990 to 2,700 square feet and will be comprised of one-, two- and three-bedroom floor plans with limited penthouse units. With an average unit size of 1,600 square feet and unparalleled amenities, The McKenzie is geared toward empty-nesters and those pursuing a second home geared toward a lifestyle of luxury and refined comfort. The rentable homes include chef’s kitchens with culinary details including designer gas cooktops, built-in wine refrigerators and custom detailed cabinetry. Spacious walk-in showers and soaking tubs along with customizable closets are among some of the additional features within the private residential units.
Link to full article
By Lisa Brown of the GlobalSt.com

Tuesday, March 15, 2016

Dallas Museum of Art’s Silver Supper Achieves $288,000 in Net Revenue

The Dallas Museum of Art announced that a net profit of $288,000 was raised at the2016 Silver Supper benefiting the Museum’s Decorative Arts Acquisition Endowment Fund, and towards an established endowment to ensure the future of conservation and the proper care of the silver and decorative arts collections at the Museum. Held on Friday, January 29, at the Dallas Museum of Art, the twenty-fourth annual Silver Supperwas chaired by Claire Dewar and Cathy Kincaid Hudson with honorees Bradbury Dyer, III and Debra and Ken Hamlett.

Walter Elcock, interim director, Dallas Museum of Art, and Claire Dewar, Silver Supper 2016 co-chair
Link to full article


By Your Park Cities Blog of the Dallas Morning News.


Friday, March 11, 2016

Best Real Estate Deals finalists, top brokers have been selected

Top Broker – Lifetime Achievement Award: Herb Weitzman, executive chairman, The Weitzman Group and Cencor Realty Services
2016 has been a year of record-breaking nomination-pool sizes, and we humbly thank the Best Real Estate Deals judges for sifting through hundreds of nominations to hone in on the most impactful and important deals and brokers in Dallas-Fort Worth for 2015.

Below, you'll find a list of our top brokers – who are also featured in the gallery within this post – and the finalists for 19 deal-related categories. As you review these deal finalists, you'll feel, as I did, that you're look back on a veritable "greatest hits" of 2015's real estate transactions.
Link to full article


By Anna Butler of the Dallas Business Journal.


North Texas inventory crisis shows small signs of relief

Dallas skyline
The North Texas housing market, like the rest of the nation, struggles with extremely tight inventory, especially given that it is consistently one of the hottest housing markets in America. However, a new report gives a small indicator that this could possibly start to change.  


Link to full article


By Kelsey Thompson of the HousingWire News.

McKesson to invest $157M and create nearly 1,000 jobs in Texas expansion

The NEC Corp. of America's corporate campus at 6535 State Highway 161 in Irving.
San Francisco-based McKesson Corp. has announced Thursday it plans to spend $157 million in a Texas expansion in Irving, which will bring nearly 1,000 new jobs to the region.The health care services and information technology company had been shopping for a new regional hub for some time. Real estate sources said in February that McKesson was working a deal to fill the former NEC buildings near State Highway 161 and State Highway 114 in Irving.

Link to full article

By Candace Carlisle of the Dallas Business Journal.

Steve Brown: How Galleria Towers will use $16 million plans to elevate its status again

Galleria Towers is the only office campus in town with 1.7 million square feet of retail and restaurant space.
But the appeal of one of Dallas’ iconic shopping malls isn’t enough for the new owners of the three towers.
After spending more than $300 million to buy the buildings, investor CBRE Global Investors now will pump another $16 million in upgrades into the towers.
By Steve Brown of the Dallas Morning News

Uptown’s upside beats the ‘burbs for advertising giant Saatchi & Saatchi’s D-FW move

Saatchi & Saatchi is renting more than 50,000 square-feet in the new McKinney &  Olive tower under construction in Uptown. (Steve Brown)
When New York-based advertising and marketing giant Saatchi & Saatchi began looking for a site for a large North Texas office, real estate brokers were expecting the deal to land in Plano.
That’s where one of Saatchi & Saatchi’s biggest clients – Toyota Motor Corp. – is building its new North American headquarters.
Instead, Saatchi & Saatchi has picked one of Uptown’s newest office blocks for its expansion.
Saatchi & Saatchi is growing its North Texas footprint in part due to Toyota’s move here from Southern California.
But the international advertising firm isn’t putting its new operation in the north suburbs.
Saatchi & Saatchi has rented more than 50,000 square feet of office space in the new McKinney & Olive tower under construction on McKinney Avenue.


By Steve Brown of  the Dallas Morning News 


Wednesday, March 09, 2016

Taylor Morrison Expand its Dallas Brand-Width

Dallas Morning News real estate editor Steve Brown reports that Scottsdale, Ariz.-based home builder Taylor Morrison will soon be expanding its reach in the Dallas-Fort Worth area.

The company has been active in North Texas since 2012 when it bought Plano-based Darling Homes, but the first Taylor Morrison-built homes, which are expected to hit the market by next year, will be the first in the area under the parent company's banner.




By Steve Brown of  the Dallas Morning News 


New towers on the way in Dallas’ booming Design District

Three new towers in the works will change the skyline of Dallas’ Design District.
But the ambitious development plans won’t come at the expense of long-time design firm tenants that give the neighborhood its name, the builders promise.
“The heart and soul of the district are the design firms and we don’t want to lose them,” said Bill Hutchinson, CEO of Dunhill Partners, which heads the investment group that in 2014 bought the lion’s share of the Design District.
Since then Hutchinson and his partners have worked on plans for new developments in the area northwest of downtown Dallas while marketing existing buildings to design showroom and creative firms.
This year Dunhill and its team will break ground on the first of the high-rises planned just east of Stemmons Freeway.

By Steve Brown of  the Dallas Morning News 

Steve Brown: What’s behind the homeownership dip in a booming D-FW market?

More people own houses than ever before in North Texas.
So why has there been a marked decline in the rate of homeownership?
Changing demographics and the area’s dramatic employment gains are playing into the shift toward renting in Dallas-Fort Worth.
High home prices also get some of the blame.
During the last six years, the homeownership rate in the D-FW area has dropped by almost 10 percentage points. About 56 percent of local residents own the roof over their heads, compared with about 64 percent nationwide.
North Texas has one of the lowest percentages of homeowners among major U.S. cities.
By Steve Brown of the Dallas Morning News

Trader Joe’s off Knox Street sets opening date

TraderJoe'satPrestonParkinPlano
I know people are waiting to find out this opening date: Trader Joe’s new store in the 4500 block of Cole Avenue just south of Knox Street is opening March 25, according to TJ’s spokeswoman Alison Mochizuki.
The store has been in the works for a while and will be the ninth Trader Joe’s in Dallas-Fort Worth. But I don’t think they’re done scoping out all the neighborhoods in North Texas, so stay tuned.
With this store, Trader Joe’s is making a pedestrian-friendly neighborhood even more convenient. It will be the first grocery store in the Knox Street area in modern times.

Link to full article
By Maria Halkias of the Dallas Morning News

Dallas Does Urban Townhome Infill

Sphinx Development Corp. is building the 49-unit townhome project at Compton Street and Fry Way. (Virginia Cook)
Dallas Morning News real estate editor Steve Brown reports that Sphinx Development Corp. is building the 49-unit town home project in downtown Dallas, testing the waters of demand for closer-in projects.Brown notes that the planned townhomes will start at under $170,000 for units that start at about 1,400 square feet. 
By Steve Brown of the Dallas Morning News

Trump Looks To The Central US For New Luxury Hotel

Wikimedia Commons: Gage Skidmore
https://upload.wikimedia.org/wikipedia/commons/thumb/4/40/Donald_Trump_by_Gage_Skidmore_3.jpg/640px-Donald_Trump_by_Gage_Skidmore_3.jpg

Presidential candidate Donald Trump knows how to strike while the iron’s hot. After seeing how much Dallas has matured in the last five to 10 years (and thanks to a positive reaction to the controversial figure), Donald wants to build a five-star Trump Hotel in Dallas. The New York City-based hotel group is looking to model the success of high-end hotel/residential properties like The Ritz-Carlton and The Residences at McKinney Avenue, reports the Dallas Business Journal. The team is scouting locations and should have a developer partner by the end of 2016. Marco Rubio, perhaps? 

Link to full article

By Catie Dixon of the Bisnow Commercial Real Estate News

Substation Location Is A No-Brainer For BTS Center

35-acre site
FISCO, TX—Patronus purchased a 35-acre site located just north of Main Street between the Dallas North Tollway and Legacy Drive in July 2014. The company was attracted to the location because of an adjacent 200 megawatt Co-Serve substation. Fast forward to today, Patronus Data Centers and KDC have joined into an agreement to market and develop those 35 acres for build-to-suit data centers.
Ab Atkins, senior vice president-partner, KDC, tells GlobeSt.com: “Our Frisco site is attractive for data centers because it is an excellent corporate address within the pathway of robust commercial growth and it is adjacent to an electrical substation. The short distance between the site and the substation significantly reduces costs and the risk of power interruptions.”
In addition to the superb location and access to power and fiber networks, the high-profile site is situated in the path of growth and can contain up to 500,000 square feet of buildable data center space.  It sits just north of the Dallas Cowboy’s new headquarters and training facility along with KDC-developed projects for Toyota, Fed Ex and Liberty Mutual.
Link to full article
By Lisa Brown of the GlobalSt.com

Fractional Ownership Hurdle Is Only A Speedbump

Briar Lake Village
HOUSTON—Briar Lake Village is in the Westchase District, one of Houston’s prominent employment centers. There are more than 183,000 residents with an average annual income exceeding $88,000 within a three-mile radius of the retail center.
In a recent transaction, Briar Lake Village Inc. purchased the property for an undisclosed price.Holliday Fenoglio Fowler LP marketed the 36,607-square-foot, two-level retail center on behalf of the seller, Berkeley Land Company. HFF initially brokered the sale of the property to the seller in 2007.
Senior managing directors, Rusty Tamlyn and Ryan West, led the HFF investment sales team representing the seller. First vice presidents Todd Casper and Michael Hassler with CBRErepresented the buyer.
West tells GlobeSt.com: “This is a quality asset as it sits today but there is a strong case to be made that the current improvements are not the highest and best use for the site, long term. If this is true, the acquisition was an excellent decision on the part of the buyer who, by all measures, is a long-term holder of the asset.”
The center is situated on 4.146 acres at 10455 Briar Forest Dr., at the southwest corner of Beltway 8 (Sam Houston Tollway) and Briar Forest Drive.
By Lisa Brown of the GlobalSt.com

N. Texas commercial real estate transactions

Sales
Mycon Construction purchased Park Tree North, a 50,030-square-foot office building at 17311 N. Dallas Parkway in Dallas. Transwestern’s Nora Hogan brokered the sale with Jim Turano of Henry S Miller Brokerage.
Bright Realty sold a 2-acre retail building site at the southeast corner of Josey Lane and Windhaven Parkway. Bright Realty’s Tim McNutt and Britton Lankford negotiated the transaction.
Caliber Body Works of Texas bought a 39,462-square-foot building at 401 E. Corporate Drive in Lewisville. Michael Bowles, Colin Merritt and John Bowles of Colliers International brokered the sale with Andrew Taguwa of JLL.
Investor 10003 Technology Blvd LLC purchased a 35,800-square-foot office building at 10003 Technology Blvd. in Dallas. Michael Bowles, Colin Merritt and John Bowles of Colliers International brokered the sale with Andrew Taguwa of JLL.
Leases
WinCo Foods leased a site in Carrollton for a 82,077-square-foot supermarket. It’s at Carrollton’s Trinity Valley Shopping Center at the northeast corner of the Bush Turnpike and Josey Lane. The new WinCo will be developed at the site of a former Target store. Matt Luedtke and Steve Gray of The Weitzman Group and Cencor Realty’s Randy Stebbins and Joe Lea negotiated the deal with DWC Commercial and Venture Commercial.
Burlington Coat Factory leased 48,136 square feet of retail space at The Market at Cedar Hill Retail Plaza in Cedar Hill. Transwestern’s Mason Bishop negotiated the lease.
Highland Homes has expanded its office to 39,334 square feet at Parkway Place on Democracy Drive in Plano. Blake Shipley and Jeff Eckert of JLL negotiated the lease for KBS Realty Advisors with Scott Hobbs of CBRE.
Stewart & Stevenson leased 36,427 square feet of industrial space at 2025 Belt Line Road in Carrollton. Transwestern’s Bill de la Chapelle, Sharon Cramer and Stephanie Archer negotiated the lease.
Perfectly Posh LLC leased 23,900 square feet of industrial space at 5201 Catron in Dallas. Chris Stout of JLL negotiated the lease with Matt Spellman of Mercer Co.
Golin leased 22,332 square feet of office space in the Galleria Towers at 13155 Noel Road in Dallas. Chris Lipscomb and Michael Carmichael of Colliers International negotiated the lease with Matt Craft of Lincoln Property Co.
Assure Fertility Partners of Dallas LLC leased 13,841 square feet of office space in Addison Tower at 16415 Addison Road from Aque Investment Group. Richmond Collinsworth, Clint Manning and Ed Pachecano of Bradford Commercial Real Estate Services negotiated the lease with Michael Townsend of Townsend Interests Inc.
Muntech Products Inc. leased a 9,904 square feet of office warehouse space at 6025 Commerce Drive in Irving. Michelle Hudson and Cincha Kostman of Hudson Peters Commercial handled the lease.
Nine Hundred Executive Suites leased 9,376 square feet of office space in Parkway Office Center at 14180 N. Dallas Pkwy. in Dallas. Michael Griffin of Transwestern negotiated the lease with Trey Smith and Lauren Napper of Cushman & Wakefield.
Pacific Integrated Handling leased 7,582 square feet of warehouse space at 1711 Briercroft in Carrollton. Adam Curran of Mercer Co. negotiated the lease.
Wm. F. Husts Co. LLC leased 5,218 square feet of industrial space at 1209 W. Northwest Carrier Parkway in Grand Prairie. Transwestern’s Randy Garrett and Jo Thompson negotiated the lease.

Link to full article
By Steve Brown of the Dallas Morning News

Friday, March 04, 2016

Sports Authority Files for Chapter 11, Plans to Sell or Close About 140 Stores

Sports Authority Inc. plans to sell or close about 140 stores, or nearly one-third of its locations. (Photo courtesy of Wikipedia)
Englewood, Colo. — Facing stiff competition on the retail playing field, particularly online, Englewood-based Sports Authority Inc. announced today that it has filed for Chapter 11 bankruptcy protection.
The company plans to sell or close about 140 stores, or nearly one-third of its locations.  The store closing process is expected to take up to three months.
“We are taking this action so that we can continue to adapt our business to meet the changing dynamics in the retail industry,” said Michael Foss, CEO of Sports Authority, in a press release. “We intend to use the Chapter 11 process to streamline and strengthen our business, both operationally and financially, so that we have the financial flexibility to continue to make necessary investments in our operations.”
The decision follows a comprehensive review of the Sports Authority portfolio in light of the increasing amount of shopping that is occurring online, the company stated. “As a result of these changes in consumer buying patterns, Sports Authority determined that it needs fewer stores as part of its long-term business model,” according to the press release.
By Katie Sloan of Shopping Center Business

Steve Brown: What’s behind the homeownership dip in a booming D-FW market?


More people own houses than ever before in North Texas.
So why has there been a marked decline in the rate of homeownership?
Changing demographics and the area’s dramatic employment gains are playing into the shift toward renting in Dallas-Fort Worth.
High home prices also get some of the blame.
During the last six years, the homeownership rate in the D-FW area has dropped by almost 10 percentage points. About 56 percent of local residents own the roof over their heads, compared with about 64 percent nationwide.
North Texas has one of the lowest percentages of homeowners among major U.S. cities.
Link to full article
By Steve Brown of Dallas Morning News

Research Rental Developments Aplenty Dot The Metro

Addison at Kramer Station
AUSTIN, TX—With a skyline sprinkled with cranes and buildings under construction, Austin’s apartment market is as strong as ever. Thousands of units are being added to the apartment inventory, occupancy rates are very high, despite climbing rental rates, and high-end new construction is in demand by renters with more discerning taste.

Apartment builder optimism is obvious when analyzing at the number of developments completed and delivered in 2015. As many as 17 finished projects were large rental developments according to data from Yardi Matrix. That segment alone added 5,028 new apartments for rent in Austin last year.
By Lisa Brown of GlobalSt.com

Sprouts Finds Another Area Ripe For Its Fresh Concept

Sprouts
FRISCO, TX—To date, GBT Realty Corporation has developed four locations in two states for Sprouts Farmers Market, the healthy grocer that offers fresh, natural and organic foods. GBT Realty Corporation, a national real estate development company based in Brentwood, TN, is set to bring the second Sprouts Farmers Market to Frisco and the 40th in Texas.
GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel Parkways from CMTEX Inc. for $1.1 million. The Sprouts construction project is slated to start this month, with the store opening planned for early 2017. The construction of the farmers market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc.

Jeff Pape, managing director shopping center division of GBT, tells GlobeSt.com: “Frisco is the fastest growing submarket in the DFW metroplex and is gaining attention from many retailers.  An increasing population brings a need for more retail and the location is also an ideal complement to Sprout’s other area stores. We are thrilled to be part of Sprouts’ expansion plans and expect that this affordable, healthy grocer will be quite successful at this location in Frisco.”
By Lisa Brown of GlobalSt.com

Steve Brown: What’s behind the homeownership dip in a booming D-FW market?







More people own houses than ever before in North Texas.
So why has there been a marked decline in the rate of homeownership?
Changing demographics and the area’s dramatic employment gains are playing into the shift toward renting in Dallas-Fort Worth.
High home prices also get some of the blame.
During the last six years, the homeownership rate in the D-FW area has dropped by almost 10 percentage points. About 56 percent of local residents own the roof over their heads, compared with about 64 percent nationwide.
North Texas has one of the lowest percentages of homeowners among major U.S. cities.
With new home prices in the area topping $300,000 and a $200,000 median price for preowned properties, it costs a lot of money to buy a slice of the American dream in D-FW.
Home costs in North Texas are at a record high — up 10 percent in January from early 2015.
By Steve Brown of Dallas Morning News