Saturday, January 25, 2014

New Uptown Dallas apartment highrise to start soon

Construction is starting on yet another Uptown apartment highrise.
The 1900 Cedar Springs rental community is located at Cedar Springs Road and Harwood Street and will be constructed on top of an existing parking garage.
Richardson-based contractor  Hill & Wilkinson is building the $32.5 million project for developers Gencap Partners and Spyglass Equities.
The 9-story building was designed by Good Fulton & Farrell and includes an outdoor pool and cabanas, business center, fitness center and a groundfloor restaurant.
Construction is set for completion in mid 2015.
The 1900 Cedar Springs building is the fourth Uptown highrise apartment project under construction. Other projects are being built by JLB Partners, Novare Group and Forest City Enterprises.
-Steve Brown, The Dallas Morning News

Friday, January 24, 2014

Dallas takes #2 spot for U.S. commercial real estate

Both Dallas and Fort Worth have made it on a list of the top U.S. commercial real estate markets, according to Coldwell Banker Commercial.
The nationwide commercial real state firm compared dynamics including population, the office market, apartments, shopping centers and labor conditions for its new report.
Dallas ranked second on the list behind only Orlando.
Austin was fourth in the ranking and Fort Worth got the number seven spot.
“Commercial real estate is well positioned across all sectors as we start 2014,” said Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates. “Supply continues to gradually decrease while demand gradually increases, putting the overall market in a favorable position. We look forward to seeing how these trends will continue to influence the market in the new year.”
Dallas got the highest marks in the report for the strength of its retail market and strong population growth.
-Steve Brown, The Dallas Morning News

Big Frisco property on the tollway sells for shopping and mixed-use project

An Atlanta developer has purchased a large vacant tract in Frisco with plans to do a major mixed-use development.
Thomas Enterprises bought the 110-acre property at the southeast corner of the Dallas North Tollway and Lebannon Road. The development site is near where the Dallas Cowboys plan to build their new headquarters and practice facilities.
Developer Stan Thomas is a large and successful commercial builder that’s been working in Georgia and elsewhere since the 1980s.
After suffering some setbacks during the recession, Thomas Enterprises is expanding again with new projects at home and stretching as far away as Texas and California. The company is also building a shopping center, hotel and residential project in San Antonio.
Thomas Enterprises bought the prime Frisco tract from the Wade family, which has owned land in the area since the 1800s.
Newman Real Estate Inc. of Frisco brokered the sale and will be involved in the project, according to principal Jim Newman.
“He bought it we are working with him,” Newman said. “It will be something that’s never been seen before in North Texas.”
Newman said the urban style Wade Forum project will include high-end retail and restaurants, hotel rooms, office space, entertainment and residential.
The first phase is scheduled to open in the Spring of 2015, according to Newman.
Frisco is already home to one of North Texas’ largest concentrations of shopping center space. The Stonebriar Center mall and surrounding retail centers attract shoppers from all over Collin County and north Dallas County.

-Steve Brown 
The Dallas Morning News

Texas Stadium site: Game on for redevelopment

The former site of Texas Stadium is currently being used to house highway construction equipment. Irving Mayor Beth Van Duyne says she’d like to see it developed to include a mix of high-end retail, housing and recreation.

After years of sitting undeveloped and long removed from the sounds of cheering NFL crowds, the 90 acres that once housed Texas Stadium are closer to being redeveloped.
But details are sparse on what could be the fate of the former home of the Dallas Cowboys, which is why the city of Irving and San Diego-based development firm Oliver McMillan are preparing to host a public review of potential projects for the land with local business leaders and architecture experts.
“We are interested to see what they come up with as a team,” Mayor Beth Van ...
Staff Writer-Dallas Business Journal

New Turtle Creek HQ: The epitome of Feng Shui, Perot-Style

New Turtle Creek HQ: The epitome of Feng Shui, Perot-Style
H. Ross Perot Sr. forever changed DFW’s corporate landscape when he created North Texas’ first corporate campus by building Electronic Data Systems’headquarters atop an old golf course purchased from bankruptcy.
Now, the Perot family has come full circle, designing its new offices in the exclusive Turtle Creek neighborhood. This project will be the Perots’ first corporate campus since leaving EDS in 1986.
“You want to develop a great building that your team will enjoy, where they can be productive,” H. Ross Perot Jr. said, adding that he’s trying to give the campus the same attention to detail his late ...

Staff Writer-Dallas Business Journal

Friday, January 17, 2014

Grapevine office buildings sell to Dallas investor that’s growing its operations

The Vineyard Centre office complex is 90 percent leased. (Loopnet)
Two Grapevine office buildings have been purchased by Dallas investor Menyon Capital Partners.

CASE Commercial Real Estate Partners said it arranged the sale of the Vineyard Centre I & II, a 68,755 square foot office campus on Hughes Road near State Highway 121.

The 3-story complex contains 68,755 was built in 1997 and is 80 percent leased.
Menyon plans to make upgrades to the property.

“Menyon Capital Partners saw an upside opportunity to reposition this underperforming, high-quality asset with a cosmetic improvement plan,” said CASE’s Susan Gwin Burks. Burks brokered the sale along with Bruce Butler and John Bowles.

Menyon Capital Partners is making commercial property investments in Austin, Dallas, Houston and San Antonio.

Dallas Jones Lang LaSalle officer gets new nationwide role

John Gates
International commercial real estate giant Jones Lang LaSalle said Thursday that one of it’s top Dallas officers is getting an even larger position in the firm.

John Gates has been named CEO of U.S. Markets for the firm.

Gates previously was president of American real estate services for Jones Lang LaSalle. He was president and chief operating officer of The Staubach Co. before its purchase by JLL.

Florida investor buys more than 3,000 Dallas-area apartments

The Courtyard Villas at 2200 North Belt Line Road in Mesquite were included in the Dallas-area purchases. (Landmark Apartment Trust)
A Florida-based apartment investor has purchased eight Dallas-area rental communities.

Landmark Apartment Trust of America Inc. acquired more than 3,000 Dallas-area rental units in purchases closed in the fourth quarter. The acquisitions included apartments in Dallas, Plano, Garland and Mesquite.

The largest of the purchases were the 848-unit Lake Village North on Interstate 30 in Garland, the 480-unit Sutherland Park apartments on West Park Boulevard in Plano and the 329-unit Lake Village East apartments on Marvin Loving Drive in Garland.

“This year marks one of the strongest in our operating history,” Stanley J. Olander, CEO of Landmark Apartment Trust of America, said in a statement. “Our success has been driven by the experience of our management team and our straightforward acquisition strategy that focuses on select Sunbelt metropolitan markets poised for sustained economic growth.”

Landmark Apartment Trust of America has 69 apartment communities located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas and Virginia.

North Dallas office tower sells to real estate investor

The One Lincoln Park building opened in 1999. (Lincoln Property)
An Atlanta-based real estate investment trust that already has a presence in North Texas has purchased two more office towers.

Piedmont Office Realty Trust bought the 10-story One Lincoln Park office tower in North Dallas. The 262,000-square-foot high-rise is located across the street from NorthPark Center mall at Northwest Highway and North Central Expressway.
Lincoln Property Co. developed the office building in 1999. The building was about 75 percent leased at the time of the sale. U.S. Risk is a major tenant in the property.

The One Lincoln Park building opened in 1999. (Lincoln Property)

And Piedmont added to its extensive holdings in Las Colinas with the purchase of 6565 MacArthur Boulevard, a 10-story, 260,000 square-foot office building. The Irving building is 85 percent leased.

“The addition of these assets to our existing Dallas portfolio will further enhance our ability to accommodate our tenants’ needs,” said Wil Stone, Piedmont senior vice president.

Piedmont already has five other buildings and two development sites in Las Colinas.

Piedmont owns 21 million square feet of buildings across the country including properties in Chicago, Washington, D.C., New York, Boston, Los Angeles and Dallas

Mexican investor makes Richardson building buys

The 2-building Lookout Plaza is almost fully leased. (HFF)
Investor Grupo Haddad has made another Dallas-area office purchase.

The Mexico City-based real estate investor acquired Lookout Plaza in Richardson, a 2-building business campus on Plano Road at Lookout Drive.

The office buildings were constructed in 2001 and 2002 and are almost fully leased to Samsung Telecommunication, Haynes & Boone and EMC Insurance.

In the last year the firm has bought properties in Plano, Las Colinas, Carrollton and Coppell. Grupo Haddad late last year acquired the 7-story Crosstex Energy building in Dallas’ Uptown district.

HFF LP marketed Lookout Plaza for sale.

“We’ve been busy — we’ve bought more than 1.5 million square feet,” investor Charles Haddad said.

Is Trader Joe’s shopping Oak Lawn for another Dallas store?

Real estate brokers say that Trader Joe's is looking at the Office Depot location on Oak Lawn Avenue. (Google Streetview)
Popular specialty grocer Trader Joe’s may be adding Oak Lawn to it’s list of Dallas locations.

Real estate brokers say that TJ’s has scouted location along Oak Lawn Avenue near Cedar Springs Road.

One spot that may be in play is the Office Depot store at Oak Lawn and Dickason Avenue, next to the Melrose Hotel, brokers say.

The retail store that’s leased to Office Depot sold late last year to a partnership orgianized by North American Development Group, a Canadian firm, county deed records show.

Trader Joe’s already has a store on Lower Greenville Avenue in Dallas. And more stores are coming near Knox Street, in Inwood Village on Lovers Lane and on Walnut Hill Lane at North Central Expressway.

Westmount Realty buys Lewisville apartment community

The 270-unit Alta Ridge Apartments were built in 2006 and 2007. (Westmount)
Dallas investor Westmount Realty Capital LLC has purchased a Lewisville apartment community.

Westmount bought the 270-unit Alta Ridge Apartments located at 2241 South Business Highway 121 in Lewisville.

The new owners plan to upgrade the building, which were built in 2006 and 2007. The property will be renamed Westmount at Vista Ridge.

“Though the property is relatively young, renovations including unit interior updates and amenity upgrades are planned to keep the property competitive with recent new developments in the neighborhood and enhance the opportunity to capture additional rents,” Westmount CEO Clifford Booth said. “We consider this to be a premier property in our portfolio.”

Terms of the sale were not disclosed.

Westmount owns about 2,300 apartments in Texas.

Thursday, January 16, 2014

Fed report: Hot D-FW home market not out of hand

D-FW home prices and sales both soared in 2013. (Louis DeLuca/Dallas Morning News)
Dallas-Fort Worth housing prices have spiked in the last year – up by close to 10 percent in 2013.

That’s almost double the average annual home price gains in North Texas.

And a new report by the Federal Reserve Bank of Dallas says that the current strong housing market in Dallas and Houston may not be a short term event.

“Comparisons with cities having similar sensitivities of supply suggest that pricing in Dallas and Houston is not notably out of line with fundamentals,” researchers said in the Dallas Fed’s just released study of the regional housing market recovery.

“Even after Dallas house prices recently rose nearly 8 percent faster than inflation, the months’ supply for sale remained extremely low—at three months—suggesting that house prices could rise at an even faster rate if inventories remain so low,” Fed vice president John Duca said in the report.

Duca said that Dallas and Houston suffered less during the recession and have recovered more than other U.S. markets.

“The combination of modest price- to-rent ratios, low inventory ratios, high affordability and lower-than-average unemployment rates suggests that the housing recovery is sustainable and will continue for some time in Texas’ two largest cities,” he said.

Dallas-Fort Worth home sales boom means record volume for top Realtor

Mary Frances Burleson
Last year’s booming North Texas home sales market broke new records.
So it stands to reason that the Dallas-Fort Worth area’s largest residential sales firm would have a record volume in 2013.
The Ebby Halliday Cos. said Wednesday that it handled more than $6.4 billion in home sales transactions last year – 25 percent ahead of 2012 and a new record for the 68-year-old company.
“Sales records of this magnitude reflect the exceptional performance of our more than 1,500 associates,” CEO Mary Frances Burleson said in a statement.
Ebby Halliday Realtors has 30 offices in North Texas and is one of the largest independently owned residential sales firms in the nation.

Wednesday, January 15, 2014

Richardson apartments near Telecom Corridor sell to local investor

Arboretum Estates is almost fully leased. (JLL)
A Richardson rental community has been sold to a Dallas-based private investor.

CAF Capital Partners purchased the 338-unit Arboretum Estates on Buckingham Road in Richardson. The apartment project is close to the Telecom Corridor.

“This has led to a high amount of renter demand and Arboretum Estates consistently maintains occupancy levels of 95 percent,” said Jones Lang LaSalle’s Jeff Price, who brokered the sale along with Bill Simmons.

The Connor Group sold the property. Terms of the deal were not disclosed.

CAF Capital owns several North Texas apartment properties.

Tuesday, January 14, 2014

Downtown Dallas skyscraper owners borrow $106 million to finance upgrades and purchase

Thanksgiving Tower is 74 percent leased. (HFF)
Owners of a downtown Dallas skyscraper have obtained a $106 million to finance remodeling and pay for the acquisition.

HFF LP said Monday that it provided the funding for Thanksgiving Tower, a 1.37 million-square-foot, 50-story office tower in downtown Dallas.

Woods Capital of Dallas in July bought the building in partnership with Third Point Opportunities Master Fund of New York.

HFF said it arranged a 3-year, floating-rate loan with Ares Commercial Real Estate Corp.

The money will be used for “an extensive capital improvement program aimed at dramatically improving the property’s infrastructure and amenities.”

HFF said the skyscraper is 74 percent leased to tenants including Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt.

Addison high tech firm moving to Frisco with new office lease

Skinny IT Corp. is moving to Frisco Commerce
Center. (Bradford)
An Addison-based high tech firm is expanding with a headquarters move to Frisco.

Skinny IT Corp. has leased 18,000 of headquarters and production space in the Frisco Commerce Center at 10570 John W. Elliott Dr. in Frisco.

The company is moving from 3,000 square feet of office space at 15851 Dallas Parkway. About half of the new location will be used for office space.

Skinny IT is a wireless services firm that was founded in 2010. The company also has an office in Charlotte, N.C.

Nick Talley of Bradford Commercial Real Estate Services negotiated the new lease with Bob Hagewood of Stream Realty Partners.

Nike opening Plano office in Legacy Town Center

Nike's office in the Shops
at Legacy. (Retail Properties of America)
Fitness and sports apparel and footware firm Nike USA has rented an office in Plano.

Nike is taking 18,290 square feet of second floor office space in the Shops at Legacy development in West Plano.

The new office will be on Bishop Road, according to Retail Properties of America.

“The Shops at Legacy provides an ideal office location and atmosphere for a company like Nike, we welcome them to the center and look forward to their opening spring of 2014,” said Jason Kasal, vice president.

The office space in the Shops at Legacy is now more than 98 percent leased.

Florida investor snaps up Dallas-area office and industrial complex

Vista Point North is more than 90 percent leased. (Adler Kawa Real Estate Advisors)
A Denton County commercial real estate project has been sold to a Florida-based investor.

Adler Kawa Real Estate Advisors has purchased the Vista Point North office and industrial complex, a 144,000-square-foot property at 405 State Highway 121.

The project ahs one office building and three industrial buildings and was sold by developer Jackson Shaw. Terms of the sale were not disclosed.

The development is more than 90 percent leased with tenants including Regus, North Texas Neuroscience Center and Careview Communications.

“Vista Point North brings strong yield, a stable and diverse tenant roster, and a desirable location minutes away from one of the world’s busiest airports,” said Matthew L. Adler, president and CEO of Adler Kawa Real Estate Advisors. “The Dallas market itself was also a major factor in our decision to purchase this asset. The metropolitan area is the nation’s fourth largest, and we expect the region’s economic and population growth to continue.”
 The Denton County property is Adler Kawa Real Estate Advisors’ third acquisition since the company was founded last year.

Andrew Levy, Todd Savage and Elizabeth Malone of HFF negotiated the sale.

Financing was through Sentinel Asset Management Inc.

Stream Realty has been hired to lease the complex.

Friday, January 10, 2014

Arizona software firm locates new Texas headquarters office in Las Colinas

JDA Software has rented office space at
500 East John Carpenter Freeway in Irving. (Spire)
An Arizona-based software company has rented office space in Las Colinas for its new regional headquarters.

JDA Software Group Inc. leased 51,623 square feet in at 500 East John Carpenter Freeway in Irving. The 8-story building is owned by an affiliate of Dallas’ Spire Realty Group.

“The central location and amenity–rich office environment of Las Colinas has been on our short list for our new Texas headquarters,” Rusty Hagemann, JDA vice president, said in a statement.

Andrew Schendle and Allison Johnston of Spire Realty Group negotiated the lease with John Roper of CBRE Group.

Scottsdale-based JDA provides software for supply chain, merchandising and retail store operations to companies worldwide.

Downtown Dallas’ Plaza of the Americas lands big insurance company office tenant

The Plaza of the America's central atrium was remodeled to attract more office tenants. (Steve Brown)
Insurance broker Hub International is consolidating its local office operations into a large block of space in the Plaza of the Americas complex in downtown Dallas.

The international insurance firm has rented about 40,000 square feet in the office and retail complex at Bryan and Pearl streets.

Hub International is the first major business tenant to relocate to the Plaza of the Americas since new owners M-M Properties and Invesco Real Estate began spending more than $10 million to remodel the 32-year-old property.

The largest share of the redevelopment dollars went to rebuilding the Plaza of the America’s central retail atrium.

Joel Pustmueller, Don Dowell and Barbara Houlihan of Peloton Commercial Real Estate negotiated the new office lease with Tim Terrell of Stream Realty.

Hub International is moving workers from the Tower at Cityplace and Bryan Tower to the Plaza of the Americas.

CoreLogic: Dallas-area home foreclosures fall by almost 40 percent

Dallas-area home foreclosures were down 38 percent for the 12 months ending in November compared to the same period in 2012, CoreLogic reports.

Lenders completed foreclosure on 7,122 Dallas-area homes during the year, vs. 11,590 home foreclosures in the previous 12 months.

The Dallas-area ranked 11th nationally in foreclosure volume in November.

Atlanta was first with 21,704 foreclosures followed by Tampa (16,627) and Chicago (16,231).

Foreclosures made up less than 1 percent of the Dallas-area housing inventory.

“Nationally, loan performance continues to improve,” CoreLogic economist Mark Fleming said. “The rate of seriously delinquent loans is at a new 5-year low, down 26 percent relative to a year ago.”

Pending home foreclosures in Dallas-Fort Worth fell in 2013 to the lowest level in a decade as housing values rose and lenders sought alternative means handle problem mortgages.

Downtown Dallas lawfirm expands with office move

Perkins Coie is moving from
Trammell Crow Center to the Ross
Tower. (DMN files)
Downtown Dallas lawfirm Perkins Coie is moving its offices.

The firm is expanding its Dallas operation with a larger workspace in downtown’s Ross Tower, formerly Lincoln Plaza.

Perkins Coie is currently located a few blocks away in Trammell Crow Center.

“Our Dallas office grew steadily last year and we expect to continue adding attorneys and staff this year,” managing partner Steve Smith said. “Ross Tower is a premier building that offered all of the services and features we needed, as well as the ability to grow with us as we expand.”

CBRE Group’s Phil Puckett negotiated the 36,175-square-foot new office lease with Mike Silliman of PegasusAblon.

The 45-story Ross Tower on Akard Street is owned by the California State Teachers Retirement System and operated by by Lionstone Group of Houston and Dallas’ PegasusAblon.

Seattle-based Perkins Coie has offices in more than a dozen U.S. cities.

D-FW commercial property firm merges with nationwide real estate operation

Gary Walker
A successful Arlington commercial property firm is ramping up its growth by joining a nationwide real estate operation.

SCM Real Estate Services has merged with New York-based Coldwell Banker Commercial Alliance, a fast-growing real estate firm with offices in Denver, Orange County and Los Angeles.

Coldwell Banker Commercial Alliance CEO Obie Walli said Thursday that his company is focusing on U.S. markets where it can expand its business. And Texas represented a prime choice for the firm.

“We are looking at specific major markets around the country that present opportunities,” Walli said. “We are focusing on the private investor and the small to mid-cap market.
“There is an abundance of those type of investors in Dallas to provide us with the growth strategy we are looking for,” he said.

Coldwell Banker Commercial Alliance was started in 2012 by Waterfall Asset Management as an affiliate of Coldwell Banker Commercial. The company is also looking to expand to Miami, Washington, D.C., Boston, Chicago and San Francisco, Walli said.

“In every market that we are in there is a partnership structure” in a merger with a local firm, he said. “We are invested into the firm.”

SCM will be renamed Coldwell Banker Commercial Alliance DFW.

“We are going after the same niche we have been in but with a little more firepower,” said SCM CEO Gary Walker who will be managing principal of Coldwell Banker Commercial Alliance DFW. “We’ve been an independent brand for years and done well.
“But these guys have lots of resources and lots of experience and those are the kind of people you want to partner with.”

Construction starting on retail and parking building at downtown’s Omni Dallas hotel

The Omni Hotel expansion in downtown Dallas will include about 15,000 square feet of retail. (Matthews Southwest)

Developer Matthews Southwest is starting work on a more than $27 million parking and retail project in the front yard of downtown Dallas’ Omni Hotel.

The development will include about 15,000 square feet of retail space and 350 parking spaces.

The 1,000-room hotel and Young and Houston streets opened in 2011.

Developer Matthews is also working on a new retail and apartment complex a few blocks away on south Lamar Street.

Dallas-Fort Worth new home starts remain strong in fourth quarter

D-FW homebuilders started more than 4,500
homes in the fourth quarter. (Steve Brown)
North Texas homebuilders held steady on housing starts during the fourth quarter.

Builders started 4,514 houses in the Dallas-Fort Worth area in the final three months of 2013 – about the same number as in fourth quarter 2012, Residential Strategies reported Thursday.

Fourth quarter starts – held in check by weather and labor constraints – were at the lowest point in two years.

At the same time, buyer demand rose 16 percent from a year ago with 5,218 completed new home sales, the housing analyst reports. Quarterly sales totals for the D-FW area were the highest since before the recession.

“Some builders reported mixed results with regard to buyer traffic and sales early in the quarter” said Residential Strategies’ principal Ted Wilson, “But generally most builders shared with RSI that their overall sales results remained positive for the quarter, especially at the higher price points.”

D-FW home starts are now almost 60 percent ahead of where they were at the worst of the recession in mid 2009.

But with 20,778 home starts in all of 2013, builders have a long way to go before the market is back to where it was in 2006 when almost 50,000 new houses were started in the area.

Thursday, January 09, 2014

Developer starts work on Uptown Dallas apartment project

The Routh Street Flats will open in 2014. (Alamo Manhattan)
Apartment builder Alamo Manhattan LLC has begun work on its next Dallas apartment project near Turtle Creek.

The builder has demolished several small buildings at Routh and Carlisle streets to make way for the 208-unit development.

“This is our third project in Uptown and our pipeline across the nation has grown to about $325 million,” said Alamo Manhattan CEO Matt Segrest. “The aesthetic is very unique for Dallas. Trying to bring some ‘Seattle cool’ to Uptown.

“It should really stand out in the market,” Segrest said. “We expect to deliver in summer 2015.”

The 6-story building was designed by Hensley Lamkin Rachel Inc.

Alamo Manhattan has just finished its 192-unt Monaco apartment building on the Katy Trail at 3003 Carlisle St.

And the developer is building a 6-story apartment project on Harry Hines Boulevard and Payne Street on the edge of the Victory Park development.

New downtown Dallas hotel sells to Virginia buyer

The new Homewood Suites in downtown Dallas has a new owner.
The 130-room Homewood Suites on Elm Street
opened last fall. (Steve Brown)
The 10-story Hotel and Elm and Griffin streets opened in October and has been sold by developer Lowen Hospitality Management.

Apple Ten Hospitality Management of Richmond purchased the 130-suite hotel.

Rick Besse, Bhavesh “B.J.” Patel and Sam Winterbottom of Newmark Grubb Knight Frank brokered the sale.

Even before this new Homewood Suites opened its doors, the buyer recognized it as a magnificent property, with unique guest amenities that would set it apart from the competition and help to drive room rentals,” Besse said. “This is the only Hilton-branded product, and in fact the only premium-branded extended-stay hotel, in all of downtown Dallas.”

Seller Lowen Hospitality redeveloped the former United
Fidelity Life Insurance Building – which had been vacant for more than a decade – into the hotel.

In 2012 the new owner of the downtown Homewood Suites purchased the HIlton Park Cities Hotel in North Dallas.

Large residential community east of Dallas has new owner

The Devonshire community in Forney has land for 3,000 homes. (Wheelock Street Capital)

A New England-based investor has purchased a large residential community in Forney east of Dallas.

Wheelock Street Capital said Wednesday that it has acquired the 925-acre Devonshire residential community from Dallas’ Hunt Properties.

The big residential community is planned for 3,000 houses. About 250 homes in the project have been soled.

“We’re proud to expand our investment in the Metroplex with a second high-quality master-planned community that’s affordably priced and well located in the path of job growth,” Mike Rafferty, Wheelock’s regional partner, said in a statement. “Texas is our most robust market, and we continue to search for additional residential opportunities throughout the state.”

Wheelock in Flower Mound is building 1,200-acre community called Canyon Falls. The developer bought the land in 2012.

The Devonshire development is located 20 miles east of Dallas and was begun in 2008.

Homes in the project are priced from more than $100,000 to more than $400,000 with builders including Highland Homes, Lillian Custom Homes, Altura Homes and LionsGate Homes.

The development has a clubhouse and pool complex, an amphitheater, playgrounds and hike-and-bike trails.

Southlake-based Manna Land will manage the Devonshire development.

Since April,Wheelock has purchased more than 22,000 residential lots in California, Colorado, Florida, North Carolina and Texas. The company’s John Wieland Homes is building in Atlanta, Charleston, Charlotte, Nashville and Raleigh.

Huge apartment development coming near tollway in Far North Dallas

The Aura Prestonwood apartments will have 650 units. (Trinsic)

Apartment developer Trinsic Residential Group – in partnership with a unit of Hunt Realty Investments – is building a large development near the Dallas North Tollway in Far North Dallas.

Trinsic is buying more than 11 acres on Arapaho Road at Knoll Trail where it is building 650 apartments in two phases of construction. The project will be called Aura Prestonwood.

“This opportunity is consistent with our investment philosophy to be near major jobs centers and retail locations with outstanding access to major thoroughfares,” said Trinsic managing director Brian Tusa.

Trinsic already has three apartment communities under construction in Dallas in the Oak Lawn area.
The company is currently building 1,500 apartments valued at more than $175 million.

Its partner in seven of the investments is Akard Street Partners, a partnership operated by Hunt Realty Investments.
Supermarkets like this new Kroger in
Wylie accounted for the biggest share of new North Texas retail
space in 2013. (DMN files)
Shopping center vacancies in the Dallas-Fort Worth area have dropped to the lowest level in 10 years, thanks to a combination of strong leasing and only modest retail construction.

“Our occupancy rate is now 90 percent. – this has been a goal for our marketplace,” said Bob Young, managing director of Dallas retail real estate firm Weitzman Group. “We are backfilling existing retail space at a good clip.

“This is a good turnaround from 2010 when we faced hundreds of thousands of square feet of vacant space from defunct retail concepts,” Young said Wednesday at Weitzman Group’s annual retail market update. “We cut our supply of vacant boxes almost in half in the last two years.”

Net retail leasing in the D-FW area added up to about 2.7 million square feet in 2013.

In the last four years, shopping center and retail building vacancies in North Texas have fallen by about 4 million square feet.

At the same time, very little new shopping space has been added to the market.

In 2013, developers and retailers opened less than 2 million square feet of D-FW of new store space.
That’s about half the average during the last decade.

“In the early 2000s, we used to add that much space in just one single submarket,” Young said.
The largest chunk of the retail building in North Texas last year was grocery stores and strip centers anchored by new supermarkets.

“The big driver today continues to be the grocery stores,” Weitzman Group CEO Herb Weitzman said.

And the supermarkets are taking a bigger share of the shopping market, he said.

“The shops that used to be outside the grocery story is now inside,” Weitzman said. “The developer today builds less shopping space because of the departments inside the grocer.”

Wednesday, January 08, 2014

Chinese Supremacy - A Little Know Realty

1102 feet above the ground and is sweeping the dirt off this twenty-first century engineering marvel with a broom and he has no safety line.

In the future China will employ millions of American workers and dominate thousands of small communities all over the United States. Chinese acquisition of U.S. Businesses set a new all-time record last year, and it is on pace to shatter that record this year.

Thanks in part to our massively bloated trade deficit with China, the Chinese have trillions of dollars to spend. They are only just starting to exercise their economic muscle.
It is important to keep in mind that there is often not much of a difference between “the Chinese government” and “Chinese corporations”.    In 2011, 43 percent of all profits in China were produced by companies where the Chinese government had a controlling interest in.

Last year a Chinese company spent $2.6 billion to purchase AMC entertainment – one of the largest movie theater chains in the United States. Now that Chinese company controls more movie ticket sales than anyone else in the world.

But China is not just relying on acquisitions to expand its economic power.

And guess where else Chinese companies are putting down roots? Detroit. Chinese-owned companies are investing in american businesses and new vehicle technology, selling everything from seat belts to shock absorbers in retail stores, and hiring experienced engineers and designers in an effort to soak up the talent and expertise of domestic automakers and their suppliers. If you recently purchased an “American-made” vehicle, there is a really good chance that it has a number of Chinese parts in it.   Industry analysts are hard-pressed to put a number on the Chinese suppliers operating in the United States.

China seems particularly interested in acquiring energy resources in the United States. For example, China is actually mining for coal in the mountains of Tennessee. Guizhou Gouchuang Energy Holdings Group spent 616 million dollars
 to acquire Triple H. Coal Co.... In Jacksboro, Tennessee. At the time, that acquisition really didn't make much news, but now a group of conservatives in Tennessee is trying to stop the Chinese from blowing up their mountains and taking their coal

And pretty soon China may want to build entire cities in the United States just like they have been doing in other countries. Right now China is actually building a city larger than Manhattan just outside Minsk , the capital of Belarus ...

Are you starting to get the picture? China is on the rise. If you doubt this, just read the following:# When you total up all imports and exports, China is now the number one trading nation on the entire planet.
# Overall, the U.S. has run a trade deficit with China over the past decade that comes to more than 2.3 trillion dollars.
# China has more foreign currency reserves than anyone else on the planet.
# China now has the largest new car market in the entire world.
# China now produces more than twice as many automobiles as the United States does. After being bailed out by
U.S. taxpayers, GM is involved in 11 joint ventures with Chinese companies.
# China is the number one gold producer in the world.
# The uniforms for the U.S. Olympic team were made in China.
# 85% of all artificial Christmas trees the world over are made in China.
# The new World Trade Center tower in New York is going to include glass imported from China.
# China now consumes more energy than the United States does.
# China is now in aggregate the leading manufacturer of goods in the entire world.
# China uses more cement than the rest of the world combined.
# China is now the number one producer of wind and solar power on the entire globe.
# China produces 3 times as much coal and 11 times as much steel as the United States does.
# China produces more than 90 percent of the global supply of rare earth elements.
# China is now the number one supplier of components that are critical to the operation of any national defense system.
# In published scientific research articles China is expected to become number one in the world very shortly.

Saturday, January 04, 2014

Great Downtown Dallas Urban Article: 12 steps Dallas can take to be more urbanized

Activate vacant store fronts: Fill it with something, even if it's art or mannequins or "free" advertising for another store. This will make the streets more interesting and create street activity

Staff Writer-Dallas Business Journal

After chatting with longtime real estate attorney Bob Voelker about his new year's resolutions for 2014, he shared his 12-step program for a more-urbanized Dallas.
"The most important asset in downtown Dallas is not contained in any building, it's not in the Arts District, along Ross Avenue, in the deck park, or along Main Street; but then it is in all those locations," said Voelker, an attorney in Munsch Hardt Kopf & Harr's Dallas office.
"...(it's) how the parts interact so that the total is greater than the sum of the parts."
Voelker walked the Dallas Business Journal through his 12-step program to create a more walkable and enjoyable downtown Dallas for office workers, residents and businesses.
In November, I took a look at the park(ing) dilemma in the city's central business district -- examining the need for more green space and more parking places for an increased number of residents and workers in downtown Dallas.
With more than 20,000 jobs and 6,000 residents moving back into the city's center, city officials say creating more options for residents and workers in downtown Dallas is imperative for its growth. The City of Dallas is reviewing options for a public-private partnership to fund city parks and creating economic vitality for private developers.
One of those proposed projects: Developer John Kirtland's redevelopment of two skyscrapers -- the historic Tower Petroleum Building and Corrigan Tower -- which is, in part, reliant on the public-private partnership of Pacific Plaza, a 3.5 acre park adjacent to the proposed $40 million redevelopment.
Candace covers commercial and residential real estate and sports business.