Friday, November 17, 2017

Shops at Stonebriar Sold




FRISCO (Strive) – Shops at Stonebriar, a 187,767-sf retail center at the southwest corner of Preston Rd. and Gaylord Pkwy., has been sold.

The Class A property was 98 percent occupied at the time of sale. Tenants include Toys R Us, Babies R  Us, Patel Brothers, Sun & Ski, Casual Male XL, and Fuddruckers.

Multifamily project starts near Music Factory




​​IRVING (Dallas Morning News) – ​​JPI is developing the 387-unit Jefferson Promenade near the Toyota Music Factory.

The four-story apartment project, designed by O'Brien Architects, will be near Northwest Hwy. and Las Colinas Blvd. 

Empire Central office complex sold

DALLAS (REBusiness Online) – Peewit Partners LP has purchased Empire Central, a two-building, 161,000-sf office complex.

The Class B property was built in 1981 at 1430 and 1440 Empire Central Dr.

California investor picks up Northgate Plaza




WAXAHACHIE (Strive) – Northgate Plaza, a 196,006-sf retail property on 18.6 acres, has been sold.

Strive marketed the property on behalf of the seller, an investor from California. Another Golden State investor purchased the 88 percent-occupied property.  

Developers start on Ashley Furniture distribution center




MESQUITE (REBusiness Online) – Illinois-based FCL Builders Inc. has broken ground on an 877,230-sf distribution center for Ashley Furniture.

The facility at 4000 E. Scyene Rd. will create 170 new jobs.

Completion is slated for September 2018. 

How could AV technology affect real estate markets?

The report posits that AVs would cause a decrease in car ownership (by as much as 80 percent by 2030, according to one study). If so, Transwestern says the demand for parking across the U.S. may decrease 70 to 90 percent, cutting the need for parking spaces by approximately 60 billion sf.
Assuming widespread AV adoption, office owners and developers may have to rethink how they use parking, whether it is an adjacent parking structure or an underground garage. Transwestern says parking revenue averages 10 percent of a central business district office building’s gross revenue.
The rise of AVs also may add another pawn in the amenities war, the report says. "Features such as curbside pickup and ride-share lobbies could become more prevalent as building tenants and visitors increasingly demand them as next-generation Class A office conveniences."
Transwestern says the industrial sector could be disrupted most by AV technology.
"With approximately 70 percent of goods delivered via long-haul commercial trucks (a percentage that is expected to widen in the future), the introduction of autonomous long-haul trucks would be a welcomed addition to an industry struggling from a shortage of drivers. There was an estimated deficit of 48,000 truck drivers in the U.S. in 2015, and this problem is only getting worse."
What about retail?
"Retail properties that could be affected by greater adoption of AVs include auto repair facilities, car dealerships, and the nearly 154,000 gas stations nationwide," according to Transwestern. "Auto car dealerships and auto repair shops may disappear as we know them if private car ownership decreases. Gas stations, which typically occupy locations at highly visible intersections, could be converted to autonomous charging stations as electric vehicles are forecasted to surpass gas-powered vehicles by 2040."
By Bryan Pope  TAMU RE Center

Tuesday, October 31, 2017

Austin office rents among nation's priciest


​​​AUSTIN (Austin Business Journal) – Office rents in Austin have topped Seattle and the Silicon Valley, according to CommercialCafe's latest report.

A tenant spending $5,000 per month for Class A office space can get 1,087 sf in the Capital City. That trails only Boston, where you could afford 1,006 sf; Washington, D.C. (849 sf); San Francisco ​(803 sf); and New York City (703 sf).

In Houston, $5,000 could get you 1,337 sf, and in Dallas 2,012 sf. For that same amount, you can rent 2,226 sf in San Antonio.

Office vacancies were at 10.5 percent across the Austin metro in the third quarter, according to Cushman & Wakefield. The asking rate for Class A space is at an all-time high of $55.77 per sf.

Class A office sf for $5,000/month

Work starts on International Logistics Center


​EULESS (Dallas Morning News) – Cabot Properties and Stream Realty Partners have broken ground on the International Logistics Center near SH 260 and SH 183.

The 40-acre business park near DFW International Airport will include over 640,000 sf of warehouse space​​.

Peinado Construction is the general contractor. GSR Andrade Architects designed the project. 


NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
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Hines enters San Antonio multifamily market


​​SAN ANTONIO (Houston Chronicle) – Houston-based Hines will break ground early next year on a four-story apartment project in The Rim.

The 396-unit, 380,000-sf community will sit on 11.4 acres at the southwest corner of Worth and La Cantera Parkways. It will offer units ranging from 682 to 1,479 sf.

Meeks + Partners designed the complex, which should deliver in spring 2019.


Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 


Residence Inn breaks ground near Texas Medical Center


​​HOUSTON (Houston Business Journal) – Moody National Cos. has broken ground on a new Residence Inn by Marriott at 7807 Kirby Dr.

The 16-story, 182-room hotel will open in early 2019. ​​It will include a 4.5-story parking garage and four private meeting spaces totaling 5,000 sf. ​


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California investor buys sixth River City property


​​​SAN ANTONIO (San Antonio Business Journal) – ​​​​​San Francisco-based Hamilton Zanze has purchased the 150-unit Quarry Townhomes in Alamo Heights. ​

The 178,872-sf complex on 6.5 acres at 250 Treeline ​Park offers one-, two-, and three-bedroom​ floor plans. It was 89 percent leased as of late September.

Hamilton Zanze​​​​ will renovate the property, which will be managed by its partner, Mission Rock Residential. ​

The purchase is the investment firm's sixth in the area. ​​

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vXchnge acquires Austin data center


​​AUSTIN (REBusiness Online) – Tampa, Fla.-based ​​vXchnge has purchased a 100,000-sf data center campus on 18 acres at 8025 N. I-35.

The colocation facility is currently doubling its capacity. Eventually, it'll be able to produce 26 megawatts of power. 


Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.


Sears at Richardson Square sold


​​​RICHARDSON (Dallas Morning News) – Dallas-based ATR Corinth has purchased the 128,000-sf Sears store at the Richardson Square​​ Mall.

Sears has a short-term lease in the building at 201 S. Plano Rd., which will likely be redeveloped in a few years.

The store is one of three Sears locations recently purchased by ATR Corinth.

Partnership sells Class B office building


​HOUSTON (REBusiness Online) – Lykes Building Holding Associates and Smetana Texas Realty Associates have sold a Class B office building at 2525 N. Loop W.

2525 Inner Loop LP purchased the 136,325-sf building. It will invest in capital improvements and bring retail space to its adjacent pad sites.

JLL brokered the sale. 

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Tuesday, October 17, 2017

McKinney making its move for Amazon's second North American HQ


McKinney has joined the growing list of North Texas cities making a play for Amazon's second North American headquarters campus at a time when a prime-time development is being pitched by city officials.

But city officials are keeping mum on the details of McKinney's bid.
"While economic development pursuits are confidential, the opportunity to attract a second headquarters for Amazon to McKinney is certainly being considered," City Manager Paul Grimes, said in a written statement to the Dallas Business Journal.
"McKinney is prime for continued business growth and we are always proactively pursuing conversations with progressive employers like Amazon."

McKinney already has added some growing companies to its corporate roster, including Playful Corp., PACCAR and Independent Bank Group (Nasdaq: IBTX) — which is building a new $52 million campus.

The city teamed up with Dallas-based KDC on marketing a development site at its southern gateway, called Southgate McKinney, at the Sam Rayburn Tollway and U.S. 75.

The development site is being marketed as a corporate campus with urban-style amenities for employees.

In August, McKinney Economic Development Corp., which is working with KDCto market the site, planned on creating a world class employment center and new destination in the city with the tract.

A would-be corporate campus would sit next to two existing anchors: Collin County Community College and the Sheraton Hotel and Conference Center.




/Dallas Business Journal