Texas Real Estate Market News

Montgomery County Home Building Still Strong

2008-01-21T08:45:00.000-05:00

The U.S. Commerce Department reported Thursday that construction was started on 1.353 million new homes and apartments last year, down 24.8 percent from 2006. It was the second biggest annual decline on record, exceeded only by a 26 percent plunge in 1980, a period when the Federal Reserve was pushing interest rates to post-World War II records in an effort to combat an entrenched inflation problem.

Many economists believe that the current slump in housing will rival the dive in the late 1970s and early 1980s, when housing construction fell for four straight years before beginning to recover after the severe 1981-82 recession. For December, construction fell by a bigger-than-expected 14.2 percent.

In Conroe, where new home construction can be seen in numerous areas around the city, building permits for 2007 were down 29 percent from 2006. The total permits for 2006 was 854, while 607 permits were issued for 2007, according to data provided by the city's Community Development department.

The lower numbers are in fact part of the seasonal ebb and flow of home construction, according to a city official.

"Homebuilders will tell you there's a downward trend," Guy Andrews, director of community development said. "What impacts that is speculative. It's stronger than in other parts of the country. We've seen a drop in the number of permits since July, but it's cyclical. The housing market is so seasonal.
"I think it's coming back once people figure out we're not the rest of the country. Houston is still the number one economic market in the nation."
The construction ills in the rest of the country haven't spread to Montgomery, where real estate values are holding strong and construction continues without interruption.
"There's no housing glut in the area," said Norm Frank, president of the Montgomery Industrial Development Corporation. "We anticipate a good year ahead."
Hillary Dumas, vice president of LeFco, the developer of Buffalo Springs, agreed.
"Texas won't be impacted the way areas on the coasts will," she said, referring to the faltering housing market. "This area has very little of the sub-prime, lower end housing that is causing surplus inventory and a glut in other markets."
Indeed, Buffalo Springs has no inventory of finished homes available at the moment. Three houses were available a few months ago, but all sold within 60 days. Several firms are active in the community building houses, but all are custom homes for landowners, according to Dumas.
"There has been a lot of speculative building in other areas of the country which contributes to an oversupply," she said. "That is not an issue here."
The drop in construction in December was bigger than economists had been expecting and reflected weakness in all parts of the country. Housing construction fell by 30.8 percent in the Midwest and was down 25.8 percent in the Northeast and 19.6 percent in the West. The decline in the South was a smaller 3.3 percent.
Economists said the weakness showed that the housing correction was getting worse since the turmoil in financial markets hit in August.
"Builders have finally thrown in the towel," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "This is a precondition for recovery as it will eventually reduce the inventory overhang. But there is a long way to go."
For December, housing starts totaled 1.006 million units at an annual rate. In an ominous sign for the future, applications for building permits fell by 8.1 percent to an annual rate of 1.068 million units. That marked the seventh consecutive monthly decline and reflected the fact that builders have been slashing production plans in an effort to deal with a glut of unsold homes.
Many economists believe the housing sector will remain weak through this year before starting to stage a rebound in 2009.
Brad Meyer can be reached at bmeyer@hcnonline.com.

600,000 SF Retail Center Coming to Conroe

2008-01-21T08:32:00.000-05:00

Teas Crossing

Once built, Teas Crossing will encompass 58 acres and more than 600,000 square feet of shopping space at Interstate 45 and FM 3083. One half-million square feet of the retail space will be located at the northwest corner of the intersection, with the remaining 100,000 square feet to be built on a 9-acre site just north of Conroe Marketplace.

While Read King of Houston will oversee construction and leasing of the $82 million project, the Conroe firm of Angel McIver Interests LP - the original landowner - was responsible for establishing the joint venture, said Jeff Read, company co-principle.

"We've had a relationship with them (Angel McIver) for several years," he said. "This is our first joint venture with them. I anticipate we'll be working with them on several projects after this, including a couple in Montgomery County."

Read King developed the Research Plaza shopping center in The Woodlands, but Teas Crossing will be the largest multi-tenant retail development in the company's 15-year history, Read said. With the presence of the Conroe Marketplace, which opened earlier this year, the I-45 and FM 3083 location will feature more than one million square feet of retail space, rivaling the amount of retail square footage in The Woodlands Mall.

"It will become one of the most powerful regional intersections in Montgomery County," Read said. "We're looking forward to working with the Conroe community and developing a quality project that is indicative of the Conroe market."

Although Read King has not submitted its development plans with the city of Conroe or has yet to sign a lease agreement with any retailers, Jeff Read anticipates tenants will start to occupy the center sometime during the first quarter of 2008. He said the company is in negotiations with Dallas-based JC Penney to anchor the development by moving into a 103,500 square foot building.

"We hope to have an agreement very soon," he said.
Read said Angel McIver initially offered his company to participate in the Conroe Marketplace project in 2004. But Read King passed on the joint venture that eventually involved Gulf Coast Commercial of Houston.

Read King got a second chance with Teas Crossing, "and that's when we pounced on it," Read said.

"We had evaluated the market for some time, but we thought there wasn't enough retail demand," he said. "What Gulf Coast did with Conroe Marketplace convinced us Conroe and the areas north, west and east of the city are viable retail areas."
Michael McIver said Read King's decision to pass on the first project did not disqualify the company for getting another opportunity.

"We watched them and liked the way they work," McIver said. "We do not like to make hasty moves. We wanted to get the (Conroe) Marketplace up and we wanted to see the response of retail tenants."

That response, McIver said, has been "considerably better" than anticipated.
"We understand Ross (a Marketplace tenant) broke sales records," he said. "The advent of connecting FM 3083 across I-45 to (Texas) 105 has completely revamped that corridor. That lends itself to a better traffic situation."

McIver said Bleyl and Associates will serve as the project engineer, while Randy Roan Construction has been hired to complete the initial landing clearing.
"We told Read King to use local people for obvious reasons," Iver said. "As fine as the people are in Houston, you've got good, experienced companies in the Conroe area."
In addition to Teas Crossing, McIver said his company will continue to develop the 152 acres it owns between I-45 and North Frazier and south of FM 3083. Plans could include more retail, some medical and some high-end multi-family development, he said.
Conroe City Administrator Jerry McGuire termed the Teas Crossing project as "outstanding" and added that it "validates the growth trend" in Conroe, particularly on the city's north side. Montgomery County Judge Alan B. Sadler said the construction of one million square feet of retail space essentially creates a shift in which "central Conroe" moves to the FM 3083/I-45 intersection.
"I think it's one of the most exciting projects to ever hit Conroe," he said.
Howard Roden can be reached at hroden@hcnonline.com.

More High Paying Jobs for Conroe

2008-01-21T08:27:00.000-05:00

Grant Prideco Inc is in the process of consolidating four of its U.S. drill bit manufacturing facilities into a new facility in Conroe, Texas.

Read full story ...

Search for Jobs at Grant Prideco

Conroe Tops 50,000 Residents

2008-01-21T07:48:00.000-05:00

The fourth annual Conroe "State of the City Report" in today's Courier outlines the accomplishments of the city in 2007 and the optimistic outlook council members and city employees have for 2008.

It lists the new businesses and opportunities expected to arrive in town this year and gives numbers on the city's budget and tax revenues.
"This report shows that we are a very transparent city and we want every citizen to know where the tax dollars are going," Mayor Tommy Metcalf said. "We're growing at an average of 10 percent a year and, at the same time, we are reducing taxes."
According to the report, 46 new subdivisions were started in the past four years, contributing to the unofficial population of more than 50,000. If the rate of growth continues, by 2010 more than 60,000 people may call Conroe home.

Even though more people moving to the area, crime has dropped the past two years. Robberies decreased by 54 percent, assaults went down 34 percent, larcenies dropped 19 percent and burglaries declined 14 percent, Metcalf states in the report.
As the population grew, so did the city's budget and the quality of life - except, of course, when it comes to traffic, City Administrator Jerry McGuire said.
"Growth often puts a strain on our roadway system, but everyone has to put up with it and the end result is better," McGuire said. "With more outside companies choosing to make Conroe their headquarters, more jobs are created, which brings new families, which means more homes are built and more retail businesses come, giving residents more choices."

During the last two years in the Conroe Industrial Park, more than 120 acres have been sold to companies that have brought 1, 483 additional jobs and made $456 million taxable improvements, according to the Greater Conroe Economic Development Council.

Commercial tax has contributed to the city's growing tax revenue. Between 2005 and 2007, tax revenues increased by $5.6 million. During that time, however, the property tax rate was reduced each year, McGuire said.
"We have every intention, if the revenues continue to increase, to reduce the property taxes for homeowners this year," Metcalf said.
While city officials focus on growth, they are also concentrating efforts on restoring downtown Conroe and making it a center for entertainment.
"I think a viable downtown gives people a sense of community and a gathering place," McGuire said. "We want to celebrate the history of our area."
Upcoming projects that city officials are looking forward to this year include the addition of Teas Crossing, a retail center that will include a J. C. Penney anchor store; the opening of ReedHycalog, which will employ more than 500 employees; and the completion of the renovated Del Lago resort, which is expected to attract thousands of visitors.

The Owen Theater is expected to open in downtown Conroe and will be home to The Crighton Players.

"We're very excited about where Conroe is going and the vision the mayor and council have for the city 20 to 25 years down the road," McGuire said.
For information about future Conroe plans, visit the city's website, www.cityofconroe.org, and check out the comprehensive plan, available under the Community Development section.
Lucretia Fernandez can be reached at lfernandez@hcnonline.com

Houston - Average and median single-family home sales prices are on the rise

2007-12-19T15:28:00.000-05:00

November 2007 Sales
November Housing Numbers Show Houston Largely Resistant To National Effects Of Market Downturn
Average and median single-family home sales prices are on the rise

HOUSTON — (December 18, 2007) — While much of the nation wrestles with the persistent effects of the real estate market downturn, Houston continues to hold its own when it comes to home sales and prices as the end of 2007 nears. The latest monthly housing figures compiled by the Houston Association of REALTORS® (HAR) reflect comparative stability, with area sales and pricing performance still outpacing that recorded in 2005.
Total property sales for November registered 5,772, representing a modest 10.2 percent decline compared to November 2006. Properties sold during the month totaled $1.1 billion, a 4.7 percent decrease compared to last year’s $1.2 billion in November sales. Additionally, the average single-family home price for November rose 6.4 percent from last November to $205,815, while the median home price for a single-family home increased 1.7 percent to $150,000.
“The drop in property sales, while disappointing, is not unusual at this time of year and is far from the loud thud being heard in markets outside Texas,” said Rob Cook, HAR Chairman and broker/owner of Robert D. Cook Properties. “We’re encouraged by the ongoing increase in average and median home prices, which demonstrates that Houston’s real estate market has staying power through the subprime debacle and continues to offer a sound investment opportunity as we head into 2008.”
November Monthly Market Comparison All listing categories combined, Houston’s overall housing market in November saw continued mixed results. While there were increases in both average and median sales prices on a year-over-year basis, both total property sales and total dollar volume declined. Total year-to-date property sales were down 3.9 percent.
The number of available homes (active listings) at the end of November was 52,217 properties, which was an increase of 13.3 percent versus last November and the 17th month with a year-over-year increase, after 10 consecutive previous declines. The figure was a decrease of 1,190 properties from last month, reflecting a continued slowdown in the pace of new listings. This is a positive indicator for the market, as lower inventories generally support pricing levels.
Month-end pending sales – those listings expected to close within the next 30 days – reached 4,159, which was down 5.7 percent from last year and signals another likely decline in sales next month after recent volatility in sales figures. The month’s inventory of single-family homes for November came in at 6.1 months, a slight decline from October’s 6.2-month figure and the lowest level Houston recorded since May. This compares to the November 2006 single-family homes inventory of 5.3 months.
ALL CATEGORIES
NOVEMBER 2006
NOVEMBER 2007
PERCENT CHANGE
Total property sales
6,428
5,772
-10.2%
Total dollar volume
$1,201,441,692
$1,145,032,526
-4.7%
Average single-family sales price
$193,504
$205,815
+6.4%
Median single-family sales price
$147,500
$150,000
+1.7%
Total active listings
46,071
52,217
+13.3%
Total pending sales
4,412
4,159
-5.7%
Months inventory*
5.3
6.1
+14.5%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single family Homes UpdateThe overall median price of single-family homes in November was $150,000, an increase of 1.7 percent compared to November 2006. The figure represents the eighth increase of the year and follows two consecutive flat months. The average sales price for single-family homes was $205,815 during November, up 6.4 percent versus the same period last year and the eleventh consecutive increase of 2007. It was the highest figure since August.
Houston’s current median price of $150,000 is 27.1 percent less than the national median price, which reached $205,700 in October, according to statistics released by the National Association of REALTORS®. These data continue to demonstrate the higher value and lower cost of living afforded to Houstonians.
Additionally, total sales of single-family homes in Houston in November came in at 4,863, which was 9.0 percent lower than November 2006 and the second biggest decline of 2007, though significantly less than the 16.4 percent drop observed between September 2006 and September 2007. Year-to-date sales of single-family homes remain negative this month, down 3.0 percent versus the first 11 months of 2006. The National Association of REALTORS® currently forecasts a 12.5 percent year-over-year decline in national home sales, however the Houston market is expected to fare much better.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In November 2007, existing single-family home sales totaled 3,965, which was a 9.4 percent decrease from November 2006. The median sales price for existing homes in the Houston area was $139,900, up 2.0 percent compared to the same period last year. The average sales price of $191,173 for the month represented an increase of 5.7 percent from last year’s level.
The Days on Market statistic for November held steady at 81, which was higher than the 76 days in November 2006, but remains historically low and indicates that the homes that are selling are doing so fairly quickly.
Townhouse/Condo UpdateAt $131,290, the median price in the townhouse/condominium segment in Houston rose 8.1 percent from November 2006 to 2007 and remained relatively flat compared to October 2007. The average sales price for which a townhouse or condominium sold in the greater Houston area was $162,371 last month, which was a 3.6 percent year-over-year increase.
Additionally, there was a slight downturn in the number of townhouses and condominiums that sold in November. In the greater Houston area, 489 units were sold last month versus 548 properties in November 2006, translating to a 10.8 percent decrease in year-over-year sales.
Houston Real Estate Milestones in November
On pace for second best year on record;
Second best November ever for single-family home sales;
Highest average single-family sales price for month of November.

The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at http://www.har.com.The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)Founded in 1918, the Houston Association of Realtors® (HAR) is a 27,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States.

VillaSport Athletic Sport and Spa comes to The Woodlands

2007-12-11T09:11:00.000-05:00

Here it comes: A 87,000-square-foot sports behemoth. On more than 12 acres. A gym, aquatic and athletic center, kiddie playground, and spa, all wrapped into one . . . membership fee. The Wal-Mart of health clubs — without the low prices, of course.

Read full story here: http://swamplot.com/spa-fitness-category-killer-stalks-the-woodlands/2007-11-13/

RECON

2007-09-16T00:12:00.001-04:00

RECON
Real Estate Center Online News
September 14, 2007
Copyright 2007. All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

HELP FOR VETERANS

SAN ANTONIO (San Antonio Express-News) – The Veterans Affairs Department will build a new "polytrauma" rehabilitation center on the Audie Murphy VA Hospital campus.

The $67 million center is one of five nationwide designed to provide extensive rehabilitative care to veterans treated for severe injuries to more than one organ system.

The new center at Audie Murphy will work with Brooke Army Medical Center, Wilford Hall Medical Center, University Hospital, the University of Texas Health Science Center and the U.S. Army Institute of Surgical Research.

Texas is home to 1.7 million military veterans, with 180,000 veterans living in the area, according to VA statistics.

Construction on the new center is expected to begin in fiscal year 2008, which begins Oct. 1.

H-E-B REMODELING OLD ALBERTSON'S

AUSTIN (Austin American-Statesman) – H.E. Butt Grocery Company (H-E-B) will remodel three Albertson's grocery stores, adding new departments and services and up to 150 jobs.

In early November, San Antonio–based H-E-B will begin renovating the stores on Gattis School Road in Round Rock, in West Lake Hills and on Research Boulevard and Spicewood Springs Road in northwest Austin.

The West Lake Hills store will be gutted and reopened with a sushi bar, an area for cooking demonstrations and a Central Market Cafe on the Run, which offers prepared meals to go.

With the new stores, H-E-B will have 45 stores in Central Texas, about 8,000 employees and an annual payroll of about $250 million.

H-E-B expects to offer jobs to many of the 350 Albertson's employees and plans to hire another 100 to 150 people to staff the three converted stores.

H-E-B has about 60 percent of Central Texas' grocery market, followed by Wal-Mart with 23 percent and Randalls with 7 percent.

FOR MANSFIELD'S AMUSEMENT

MANSFIELD (Dallas Business Journal) – Harvest Family Entertainment has begun construction on Hawaiian Falls/Mansfield, a 14-acre water park at Heritage Parkway and SH 360.

The $10 million water park, which includes 12 waterslides, a football field–sized wavepool and a "lazy river," is a joint venture between Hawaiian Falls, the Mansfield Park Facilities Development Corp. and the city.

The city will own the park and Hawaiian Falls will operate it under a 40-year lease. The park will employ about 200 people. It is expected to attract about 150,000 guests per year and increase the local economy by about $5 million annually.

Harvest Family Entertainment has codeveloped and managed 17 water and amusement parks in Arizona, California, Hawaii, Missouri, Mississippi and Texas.

Hawaiian Falls/Mansfield is expected to open next Memorial Day.

MOTORCADE BEGINS

PHARR (McAllen Monitor) – Frank Smith Motors, including McAllen’s flagship Toyota dealership, will begin relocating to a 19-acre facility on Expressway 83 next month.

The company’s old headquarters on Second Street in McAllen will host an expanded used car selection as well as its Isuzu dealership, said company president Roland Smith. The entire Toyota/Scion dealership will be at the new location by years’ end.

The new facility will follow the new Toyota dealership design and will include a La Palatera restaurant.

COME CHAT WITH GAINES

COLLEGE STATION (Real Estate Center) – If you plan to attend the Austin Realty Roundup next Wednesday, stop by the Real Estate Center’s booth (number 726) between 11 a.m. and noon to visit with Dr. James Gaines, research economist with the Center.

Gaines will also be a keynote speaker at the conference.

SOMERSET SOLD

TEXAS CITY (Reliant Property Group) – Reliant Property Group has purchased the 200-unit Somerset Place Apartments from Continental Somerset Corporation.

Reliant plans to renovate and reposition the 23-year-old complex.

Houston Income Properties Inc. represented the Houston buyer. Redstone Bank provided financing. Continental Somerset was represented in-house.

KBS GOES CORPORATE

PLANO (McDaniel & Co.) – KBS Real Estate Investment Trust (KBS REIT) has purchased Plano Corporate Center I and II from Lincoln Property Company.

The two-building, more than 308,000-square-foot, Class-A office complex at 2201 and 2301 West Plano Parkway is 87 percent leased.

The more than 153,000-square-foot Plano Corporate Center I was built in 1999, and the almost 155,000-square-foot Plano Corporate Center II was built in 2001. Each three-story building is on a ten-acre site. Major tenants are FedEx Kinko’s and UnitedHealthcare.

KBS Capital Advisors, which oversees KBS REIT, was self-represented. Jones Lang LaSalle of Dallas represented the seller. Transwestern Commercial Services will handle leasing, while PM Realty Group will manage the property. Both companies are based in Dallas.

PARK CENTER II PROGRESSING

PLANO (Dallas Morning News) – Construction is about to begin on Park Center II, a 196,000-square-foot office building being developed by Heady Investments.

Designed by ANPH Architects, Park Center II will be built on about eight acres between the Dallas North Tollway and Parkwood Boulevard. Offices will lease for around $25 per square foot.

Crow Financial Partners LP arranged construction financing for the project with Stillwater National Bank. Henry Building Inc. is the general contractor.

The building is scheduled to open in October 2008.

METROPLEX APARTMENT BOOM

DALLAS (Dallas Morning News) – Since the beginning of the year, developers have obtained permits to bring almost 7,000 apartments to the Metroplex. Among those projects:

* Houston-based Hanover Co. has two apartment towers totaling almost 500 units under construction in Uptown.
* Wood Partners has begun work on Alta Lake Shore Lofts, a 341-unit complex at 800 Lake Carolyn Pkwy. in Las Colinas.
* Construction begins Monday on Wood Partners’ Block 1500, a 309-unit, four-story complex west of the Victory complex on Stemmons Freeway.
* Wood Partners plans to break ground in January on a 340-unit complex near Eldorado Parkway and the Dallas North Tollway in Frisco.

PANHANDLE'S LUXURY LIVING

LUBBOCK (Lubbock Avalanche-Journal) – A $60 million luxury hotel and conference center received the go-ahead from the city council earlier this week.

The complex will be built at Sixth Street and Avenue X. The developer is Garfield Traub Corp., a hotel developer based in Dallas and managed by Gal-Tex Hotel Corp.

At 15 stories and 306 rooms, the hotel will be the city’s largest. It will include laboratory and classroom space for Texas Tech’s restaurant, hotel and institution management program. The conference center will contain 50,000 square feet.

The city is pitching in $11.4 million collected from the hotel's property taxes, hotel-motel tax and 1 percent of gross room revenues. About $11 million in grants also has been collected to pay for the center, and Plains Capital Bank is providing $30 million financing.

Groundbreaking is scheduled for Sept. 26.

BELTWAY LAKES CONSTRUCTION BEGINS

HOUSTON (Realty News Report) – Construction has begun on the first phase of Beltway Lakes, a LEED-certified office project along SH 249 and Beltway 8.

The first phase, which includes a 165,000-square-foot, six-story building and a parking garage, is part of a six-building, master-planned office complex owned and developed by Radler Enterprises Inc.

Yancey-Hausman Interests is codeveloping and marketing the first building of Beltway Lakes, which was designed by Morris Architects and is being built by D.E. Harvey Builders. Construction financing was provided by Sterling Bank.

ELLMAN PURCHASES ONE SUGAR CREEK

SUGAR LAND (globest.com) – Ellman Cos. has paid Unilev Capital Corp. $60.5 million for the almost 529,000-square-foot, Class-A One Sugar Creek Place.

Ellman plans to renovate the 25-year-old office building at 14141 Southwest Frwy. Work is slated to begin in early 2008 and take about 18 months to complete.

The Unocal Building, as it is known locally, is leased entirely to Houston-based Chevron Corp. through March 2010.

The California-based seller was represented by M.M. Stapper Co. Commercial & Investment Real Estate and International Realty Concepts Inc., both of Houston. Phoenix-based Ellman was represented by Amcal Southwest LLC, also of Arizona. Ellman will assume leasing and management duties.

DIVCOWEST BUYS FULLY LEASED AMD

AUSTIN (globest.com) – DivcoWest has purchased the 215,500-square-foot AMD 312 Building from Washington-based Burleson Investments LLC.

The two-story, Class-B-plus office building is on nearly 19 acres of Lockheed Martin Corp.'s former one million-square-foot campus at 6800 Burleson Rd.

AMD 312 is leased to Advanced Micro Devices until May. Once the lease lets up, DivcoWest will upgrade the 25-year-old building.

DivcoWest was self-represented in the transaction.

HEAVY LIFTING FOR ABC&P

HOUSTON (Yancey Hausman) – ABC&P LLC has purchased a 110,000-square-foot manufacturing facility from Petrosin Properties Belmas Inc.

The property, a heavy manufacturing facility with various overhead cranes ranging in capacity from 20 to 250 tons, is on more than 12 acres at 122221 Almeda Rd.

Yancey Hausman represented, the buyer, while Colliers International represented the seller.

RECON August 21, 2007

2007-08-21T15:30:00.000-04:00

RECON

Real Estate Center Online News

August 21, 2007

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

TEXAS FORECLOSURE RATES DOWN

COLLEGE STATION (Real Estate Center, RealtyTrac Inc.) – Foreclosure rates may be on the rise, but recent information from RealtyTrac Inc. shows Texas MSAs were not among the top ten foreclosure areas in the United States for the first half of 2007. Among the other findings:

Fort Worth–Arlington ranked 13th and Dallas ranked 17th among the top 100 MSAs by number of foreclosure filings.
Texas foreclosure filings were down more than 13 percent compared with the first half of last year, as were all of the major Texas MSAs except Fort Worth–Arlington, which was up 5 percent.
The number of properties filed upon statewide was down 8 percent from the first half of 2006.
Houston–Baytown–Sugar Land was the only Texas MSA to register an increase in the number of properties filed upon, and that increase was 1 percent.

“The decline in filings and properties with filings reflects the continued steady increase in Texas residential property values, the continued stable economy and employment and the fact that Texas did not rely on extreme, exotic loan terms to the same extent as other, higher-priced markets,” said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University.

Gaines says a great deal of the national foreclosure market is concentrated in a handful of states, primarily the previously hot markets in California, Florida, Nevada and Arizona, as well as as Michigan, Ohio and Indiana, where the pullback in the automotive industry has resulted in job losses.

TELL US WHAT YOU THINK

COLLEGE STATION (Real Estate Center) – The Real Estate Center's website received more than 1.8 million hits last month, a clear indicator that more people than ever are turning to the Center for real estate news and data.

To help make sure the time you spend on the Center's site in the future will be time well spent, please take a few minutes to complete our website feedback survey.

MOSAIC'S SECOND TOWER

HOUSTON (Houston Business Journal) – With the first tower now more than 50 percent sold, Phillips Development & Realty LLC of Tampa, Fla., has broken ground on the second Mosaic residential tower near the Museum District.

Each 33-story building at 5925 Almeda Rd. will have 394 condominiums on top of seven stories that include lobbies, parking garages and retail space.

The average unit size is 980 square feet, and the average price is $350 per square foot with a maintenance fee averaging 39 cents per square foot. The penthouse costs $500,000, and the least expensive unit is $165,000. The combined sales value of all units is estimated at more than $300 million.

Development for both towers will cost $203 million. Phillips secured a $141 million loan from Chicago-based Corus Bankshares Inc.

Atlanta-based Wood Partners was a development partner on the first tower. Miami-based Developer Sales Group is handling Mosaic's condo sales. Adam Brackman of Wulfe & Co. is handling retail space leasing in Mosaic. Retail tenants in tower one include Unity Bank and a Yapa prepared food store. Fit Gym of Houston will operate Mosaic's fitness center.

Tower one will be ready for occupancy this fall. Move-in for tower two will be during the spring of 2009.

VISTA'S SUPERCENTER

FORT WORTH (Dallas Business Journal) – More than 23 acres in the Vista Crossroads will be sold to Wal-Mart.

The retail giant will anchor the retail project with a 175,000-square-foot supercenter, according to Peter Aberg, a partner with the seller, Legacy Capital Co.

Legacy will build a new exit ramp and service road at US 287 and Avondale-Haslet Road as part of the sale.

Dallas-based Legacy is selling the remaining acreage to Hunter Equities, a Dallas developer.

FRONT DOOR ACREAGE SOLD

FORT WORTH (Star-Telegram) – Hunter Equity has purchased 150 acres at the front door of the 9,000-home Sendera Ranch subdivision.

The land is adjacent to the 23 acres that Wal-Mart is purchasing from the same seller, Legacy Capital Co.

Company officials plan to hold the property at US 287 and Avondale Haslet Road until they decide how best to develop it. One of Hunter’s most recent projects is the 91-acre Hunter Plaza on I-635 in Irving. It includes a 24-Hour Fitness, Best Buy and homes.

Legacy Capital Co.'s focus is building infrastructure and then selling the site-ready land to a developer, said Steve Saxon, a Legacy Capital partner.

The I-35W corridor of far north Fort Worth is the Metroplex's fastest-growing area of residential development. The area is also near the fast-growing neighborhoods east of Eagle Mountain Lake.

HOUSTON HOUSING MARKET HOLDING UP

HOUSTON (Houston Association of Realtors) – Despite reports of difficulties facing mortgage companies across the country, the greater Houston existing real estate market held up in July.

Home sales rebounded from two consecutive months of declining sales, with signs of moderate weakness turning up only on home sales in the $80,000 to $150,000 range.
Total property sales for the month increased 1.1 percent over July 2006 to 8,114.
Nearly $1.7 billion in properties were sold, a 5.3 percent increase over last year’s nearly $1.6 billion.
The median price for a single-family home was $155,100 (a 0.5 percent decrease), and the average single-family home price came in at $209,339 (a 1.8 percent increase).
Almost 53,000 homes were available at the end of July, a 16.1 percent increase over the same month last year and the 13th month with a year-over-year increase.
Month-end pending sales increased 8.1 percent to 5,520.
Total sales for single-family homes were at 6,856, 1.6 percent higher than July 2006.
Homes were on the market in Houston an average of 76 days.
The overall median price in the townhouse-condo segment in Houston was up 1.2 percent for July, with the median sales price for the month being $122,000. The average sales price for which a townhouse or condo sold in the greater Houston area was $159,401 in July 2007, 8.2 percent more than the same month last year.
In the greater Houston area, 660 townhouse and condo units were sold last month, versus 681 properties in July 2006, or a 3.1 percent decrease in year-over-year sales.

RREEF-ER MADNESS

AUSTIN (REBusinessOnline) – The Villas on Guadalupe, one block north of the University of Texas campus, has been purchased by RREEF on behalf of an institutional client.

The 150-unit student housing complex is at Guadalupe Street and Hemphill Park. Amenities include a courtyard pool and hot tub, a fitness center, a clubhouse and access–controlled parking.

Part of Deutsche Bank’s Asset Management division, RREEF, which was represented by CB Richard Ellis, purchased the property from Principal Enterprise Capital.

ALLSTATE RATES RISING

HOUSTON (Houston Chronicle) – Allstate Texas Lloyds is raising home insurance rates 5.9 percent statewide, and some coastal residents, including those in Harris and Montgomery Counties, will see an additional average 2 percent raise.

According to company officials, the increase is to help cover the cost of reinsurance, which is insurance the company buys for itself to help pay for claims in the event of a catastrophe.

Because Allstate dropped windstorm coverage in counties that touch coastal waters last year, residents of Galveston County and a portion of Harris County will not be hit with the extra 2 percent increase.

The rates will change on policies as they come up for renewal, Allstate said. Rising construction costs also contributed to the rate increase.

About 700,000 of Allstate's 917,000 Texas policyholders are insured by Allstate Texas Lloyds.

BLACKROCK'S GOLD STAR

DALLAS (globest.com) – New York City–based BlackRock Inc. has purchased the 490-unit Jefferson at Park Central from Irving-based JPI.

The 95 percent leased, seven-year-old complex near the Medical City of Dallas features a parking garage and 13,000 square feet of retail leased to Luna de Noche restaurant and FedEx/Kinko.

The Class-A complex is a mix of townhouses, apartments and flats consisting of one-, two- and three-bedroom floor plans in midrise buildings. Units range from 592 to 1,596 square feet with monthly rents ranging from $850 to just over $1,600.

According to tax rolls, the 39-building complex on almost 14 acres at 7927 Forest Ln. is assessed at roughly $42.3 million.

Apartment Realty Advisors of Dallas brokered the sale.

CYPRESSWOOD SOLD TO SOLID GOODS

HOUSTON (globest.com) – Solid Goods Corp. has purchased the 270-unit Villas at Cypresswood from Georgia-based Davis Development.

The three-year-old, 96 percent occupied Class-A complex at 9844 Cypresswood Dr. has a mix of one-, two- and three-bedroom units. Rents range from $819 to $1,539 per month.

Johnson Capital Partners of Arizona LLC secured a $22.4 million Freddie Mac loan for California-based Solid Goods, which will self-manage the property.

LANCASTER DISTRIBUTION CENTER PLANNED

LANCASTER (Dallas Morning News, globest.com) – A joint venture will build a 776,000-square-foot bulk distribution center on 47 acres it recently purchased from Irving Klein Trust.

The project at I-35E and West Street marks the second joint-venture spec in North Texas for Atlanta-based companies Cousins Properties Inc. and Seefried Properties Inc.

Alliance Architects Inc. of Dallas is the project’s designer, Pacheco-Koch is the civil engineer and La Terra Studio Inc. is the landscape architect. Seefried will develop, manage and lease the distribution center.

PORTFOLIO SALE INCLUDES TEXAS

HOUSTON, ABILENE AND CORSICANA (REBusinessOnline) – A joint venture between KBS Real Estate Investment Trust (KBS), Hackman Capital Partners and Calare Properties has purchased an 11.4 million-square-foot industrial portfolio for $516 million.

The three Texas buildings in the 24-property portfolio include a more than 245,000-square-foot light manufacturing facility in Houston, a just over 728,000-square-foot property in Abilene and a 1.4 million-square-foot warehouse property in Corsicana.

The portfolio was sold by Equity Industrial Partners Corp.

HINES EYES LAKE TRAVIS

LAGO VISTA (Austin Business Journal) – Hines Interests LP, a Houston-based international real estate firm, has purchased 875 acres in Lago Vista from a group of families in the Rogers Ranch Group.

According to Lago Vista City Manager Bill Angelo, the plan is to turn the property into an upscale residential development that could include about 2,000 homes. The acreage is located between FM 1431 and Lake Travis, outside the city limits.

CARMEL'S MAMMOTH PURCHASE

HOUSTON (Houston Chronicle) – Carmel Village Retirement Residences has purchased four six-story office buildings totaling more than 378,000 square feet for $31.6 million from Mammoth Equities.

The four buildings, part of a six-building office park on more than 12 acres, range from 81,000 to more than 108,000 square feet. The two other buildings are separately owned.

The buildings at 2600, 2616, 2626 and 2656 South Loop West near Reliant Park were renovated in 2003.

Mammoth was represented by Voit Commercial Brokerage's Irvine office along with Grubb & Ellis. Voit also represented Carmel.

PHOENIX, BALCH SPRINGS EXCHANGE

BALCH SPRINGS (globest.com) – Using a 1031 exchange, an Oregon-based private investor has purchased the 296-unit Stoneleigh on Cartwright for $22.5 million.

After selling a multifamily property in Phoenix, Dr. M.T. Aliniazee bought the 93 percent leased complex on more than 30 acres at 500 W. Cartwright Rd. using 80 percent loan-to-value financing. New York–based Arbor Commercial Mortgage LLC funded the ten-year, 6 percent fixed-interest Fannie Mae loan.

The seller, Dallas-based developer Seneca Investments Inc., developed the Class-A Stoneleigh on Cartwright in 2003. The 21-building complex has one-, two- and three-bedroom units ranging from 615 to 1,234 square feet. Monthly rents range from $680 to $1,200.

Hendricks & Partners' Dallas office represented the seller. Woodmark Real Estate Services Inc., with headquarters in Dallas and Washington, D.C., will lease and manage the complex

DALLAS BUYER LANDS PARCELS

BRAZORIA COUNTY (Houston Chronicle) – Approximately 1,000 acres stretching 2.5 miles on the west line of Texas 288 to the northwest corner of 288 and County Road 51 has been sold.

The land at the southwest corner of Texas 288 and FM 1462 includes parcels from The Hamill Foundation, Edwin Roark and BMW Group

Land Advisors Organization Houston represented the buyer, a Dallas-based investment group.

@ THE CENTER

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The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - August 21, 2007

2007-08-21T12:08:00.001-04:00

THE WOODLANDS COUNTRY CLUB OPENS NEW EAST COURSE CLUBHOUSE - The Woodlands Country Club's East Course Clubhouse has reopened to rave reviews. The entire building has been renovated, with a new main dining area with unique bar and fireplace and three large flat screen TVs. Knickers restaurant now offers picturesque views of the 18 th green and driving range, opening to a new outdoor deck that features comfortable lounging areas along with table seating. Other highlights include luxurious men's and ladies' locker rooms, a new pro shop and beautifully appointed seating areas throughout the club. The public is welcome to take a tour of the newly renovated clubhouse. For more information about memberships at The Woodlands Country Club, call Wanda Murphy at 281-863-1433.

Also new at the East Course Clubhouse is Debbie Matwijiw, who has come on board as food and beverage manager. Matwijiw and her staff have created a new menu that includes delicious club fare as well as some lighter dishes to tempt the palette. The East Course Clubhouse is also available for catering and special events. Send e-mail to Dawn Prestwood at dprestwood@thewoodlandscc.com for more information.

FIRE DEPARTMENT BREAKS GROUND FOR NEW FACILITY - Firefighters and community leaders gathered last week to officially break ground for The Woodlands Fire Station No. 6, to be located at 1100 Windsor Lakes Blvd., and the Emergency Training Center, to be located at 16135 I45 South. The joint groundbreaking marked the beginning of a year-long construction project which will sustain fire/rescue response time in the College Park area and provide a training facility to meet emergency preparedness and development needs in the region. Funding for the facilities is provided through a partnership between the Town Center Improvement District (TCID), The Woodlands Fire Department and the Community Associations of The Woodlands, forming Economic Development Zone No. 4 to construct and equip a fire station and emergency training center.

In the photo, members of the TCID Board of Directors join with The Woodlands Fire Department Board of Directors at the groundbreaking. From left to right: Peggy Hausman, Alex Sutton, Frank Robinson, Nelda Blair, Claude Hunter, Joel Deretchin, Bruce Tough, Jeff Long, Tom Campbell, Ted Stanley, Fire Chief Alan Benson and Community Associations General Manager, Don Norrell.

THE WOODLANDS WILDFLOWER FESTIVAL POSTER CONTEST UNDERWAY - Attention all artists! Entries are now being accepted for The Woodlands Wildflower Festival Poster Contest. The contest is held annually in conjunction with The Woodlands Wildflower Festival, a popular community tradition that will be celebrated on Saturday, October 27, 2007 from 10 am - 2 pm at Cochran's Crossing Shopping Center. The deadline for poster contest entries is Friday, September 28, 2007, and winners will be notified by Wednesday, October 3, 2007.

Contest entries should portray a scene from nature in the spirit of the Wildflower Festival. Draw a favorite scene from nature on heavy, unlined white paper, canvas or poster board, no larger than 11" X 17". No writing should be included on the front of the artwork. Preferred drawing materials are watercolors, oils, pen and ink, pastels, crayons, colored pencils or markers. Entries should be labeled on the back with name, address, phone number and age (for children's entries only). Entries may be turned in at The Woodlands Homefinder Center at 2000 Woodlands Parkway, open daily from 8:30 am - 5:30 pm. For more information, call 281-719-6333.

Entries will be judged and prizes awarded in the following categories: up to seven years, 8-13 years, 14-18 years, and adult (age 19 and over). First place prizes of $100 will be awarded in all three children's categories. The adult first place winner will receive $300. The grand prize winner in the three children's categories will be used on the official tee-shirt that is sold at the festival, and the winning adult entry will become the official poster sold at the festival. Proceeds from tee-shirt and poster sales benefit The Woodlands Lions Club. Pictured is last year's adult winner, Kerstin Lord, with her artwork.

ST. LUKE'S EXPANDING ITS PRESENCE IN THE WOODLANDS - St. Luke's has two new projects underway in The Woodlands - a new 12,000-square-foot medical center for minor emergencies, located in The Woodlands Crossing Shopping Center, and a new 91-bed patient tower at St. Luke's Community Medical Center-The Woodlands. The $10 million minor emergency center is slated to open this fall and will be staffed by two board-certified, fellowship-trained emergency medicine physicians. It will be open 24 hours a day, 7 days a week for minor emergencies such as sprains, strains, suspected broken bones, minor burns, nose bleeds, influenza, severe chest pain and upper respiratory problems. "We wanted to offer another avenue that will help expedite care for less serious emergencies," said Debra Sukin CEO of St. Luke's. The peak wait time at St. Luke's CMC-The Woodlands is currently 2-5 hours.

The new, four-story patient tower being constructed on St. Luke's Way is slated for completion in fall of 2008. It will nearly double the in-patient capacity of the hospital, bringing the total number of beds at St. Luke's CMC-The Woodlands to 181.

AUTUMN GROVE COTTAGE NOW OPEN FOR ALZHEIMER'S CARE - AutumnGrove Cottage recently opened a 16-private bed Alzheimer's and dementia care residence at 5000 Alden Bridge Drive, located across the street from Buckalew Elementary School. The one-story cottage is designed to have the look and feel of a residence rather than a medical facility. The cottage provides an alternative to traditional institutional care by offering residents the benefits of customized care plans in a smaller, more intimate homelike setting. Other features include home-style meals served in a spacious dining room, a scenic outdoor courtyard and a living room. For more information, call 713-870-1393 or visit www.autumngrovecottage.com.

THE BRACELET OF BORDEAUX LAUNCHES FIRST-EVER BOOK-DVD - The Bracelet of Bordeaux, a children's mystery adventure, will soon become a new breed of entertainment product with its launch at Barnes & Noble and Borders bookstores across south Texas late this month. For the first time in the history of the film and book industries, a full-length feature film and novel will be packaged together, debuting simultaneously as a Book-DVD combo. The movie was filmed on location primarily in The Woodlands. The Bracelet Magical Mystery Bookstore Tour will begin with a kick-off event on August 25, from 1-5 pm at Barnes & Noble in The Woodlands Mall. Some of the main cast members and book author will sign autographs, and the movie's star dog, Rufus, will "sign" books with his paw print stamp. For more information, visit www.thebraceletofbordeaux.com.

LAURA WILKINSON EARNS TWO NATIONAL TITLES - Diver Laura Wilkinson of The Woodlands, 2000 Olympic Gold Medalist, is again racking up titles in her quest for the 2008 Summer Olympics in Beijing. She recently won two national titles off the platform at the Senior National Diving Championships in Stanford, California. She took the women's platform with 422.3 points, 79.35 ahead of second-place Cassandra Cardinell of Bloomington, Indiana. She also paired with teammate Jessica Livingston to win in synchronized platform diving. Way to go, Laura!

CHAMBER ANNOUNCES NEW VICE PRESIDENTS FOR 2007-2008 FISCAL YEAR - The South Montgomery County Woodlands Chamber of Commerce has announced its Vice Presidents and their responsibilities for the new fiscal year which begins August 27th. Pictured from left to right are: First row, Karen Hoylman, Chamber President and CEO and Bev Earl, Chairman of the Board; Second row, Debbie Buckalew Campbell, VP & Treasurer and Karen Smith, VP Business Opportunities; Third row, Amy Milstead-Ellzey, VP Committed & Motivated Volunteers and James Stilwell, VP Government Affairs; Fourth row, Lou Ann Tiger, VP Financial Viability and Ray Sanders, VP Chairman's Appointment; Fifth row, Bret Strong, VP Legendary Leadership and Ron Bourbeau, CEO, Economic Development Partnership; and Sixth row, Kenny Speight, Immediate Past Chairman and Gary Gelfman, VP Visibility & Image. In the inset photo is Bruce Tough, VP Economic Development.

CINDY AVANTS JOINS LIFESTYLE FITNESS CENTER - Cindy Avants has joined the team of fitness professionals at Lifestyle Fitness Center, a private membership fitness facility exclusively for adults, located at 9110 Forest Crossing Drive. Avants has a rich background of experience and training in personal wellness. Her studies blend the disciplines of Physical Fitness, Nursing, Human Services and Christian Spirituality to benefit the overall wellness of her clients, according to Scott Bauer, principal of Lifestyle Fitness Center. She is a certified personal trainer and group fitness instructor and enjoys teaching a variety of group fitness classes. Her specialty is yoga, having received 150 hours of instruction from YogaFit Training Systems Worldwide. For more information, call 281-292-4883 or visit www.lifestylefitnesscenter.com.

Students attending Conroe ISD schools in The Woodlands will go "back to school" on Monday, August 27.
The following community pools will continue to be open on weekends in September from 12-6 pm on Saturdays (and Labor Day Monday, September 3) and 1-6 pm on Sundays: Lakeside, Bear Branch, Harper's Landing, Sawmill, Forestgate, Ridgewood and Cranebrook.

The Friendship Center of Montgomery County prepares 800 meals a day for local seniors with only three full-time and two part-time employees.

OH WOW! IT'S A LUAU! - The Woodlands Children's Museum presents "Oh Wow! It's a Luau!", a last hurrah of summer on Thursday, August 23, 2007 from 4-7 pm. There will be games, food, activities and special guests including Puffy Pine Cone, lovable mascot of The Woodlands from 5-6 pm, along with other famous mascots. The Woodlands Children's Museum is located at The Woodlands Mall on the upper level. For more information, visit www.woodlandschildrens
museum.org.

MARKET STREET FALL FASHION SHOW TO BENEFIT THE WOMEN'S SHELTER - The Market Street Fall Fashion Show benefiting the Montgomery County Women's Shelter will be presented by Aztec Tents & Events in Market Street's Central Park on Thursday, August 23, 2007 at 7 pm. Don your favorite hat and be among the first to see Market Street's fabulous fall looks, shop vendor tables, and visit with special guest Thumbelina, the "World's Smallest Horse". Seating is limited and by reservation only. Tickets are $25. To reserve your seat, contact the Market Street Concierge Desk at 281-419-4774.

"WORLD'S SMALLEST HORSE" TO ALSO APPEAR AT MARKET STREET - Thumbelina, at 17.5 inches tall and 57 pounds, will make an appearance at the fashion show on August 23 to help auction a VIP package, which includes a private photo and family time with the tiny horse. Thumbelina will also appear at Market Street on Saturday, August 25 from 8 am - noon to benefit the Montgomery County Women's Shelter and other children's charities. The visit in The Woodlands is part of the Thumbelina 2007 Children's Tour on a mission to raise $1 million for children's charities. Her appearance on the 25 th is free and open to the public. Thumbelina has been officially recognized in the Guinness Book of World Records as the World's Smallest Horse.

TOWN CENTER THEATRE ANNOUNCES PREMIERE OF NIGHT AND HER STARS - Town Center Theatre, The Woodlands' first professional theatre company, will be presenting the regional premiere of Richard Greenberg's riveting drama Night and Her Stars at Bock Auditorium in The Woodlands from Friday, August 24 through Saturday, September 15. The play is the second in Town Center Theatre's inaugural season, following the acclaimed musical Quilters. Performances are Friday and Saturday at 8 pm and Sunday at 4 pm (no performances the weekend of September 7-9). There will be one Thursday night performance at 8 pm on September 13. Tickets are available for $25 for regular patrons and $20 for students and seniors age 55 and over; discounts are available for subscribers and groups of 10 or more. For tickets, call 832-592-9697.

CHAMBER'S CHAIRMAN'S BALL SET FOR SATURDAY, AUGUST 25 - The South Montgomery County Woodlands Chamber is hosting its annual Chairman's Ball on Saturday, August 25, 2007 at The Woodlands Waterway Marriott Hotel. The theme is Rhinestones & Wranglers, so clean up those cowboy boots and put on your Stetson for a salute to Kenny Speight, outgoing Chairman of the Chamber. Sponsorships and reservations are still available. A table of 10 is $750 and individual reservations are $75 per person. For more information, visit www.woodlandschamber.org.

WEEKEND FUN AT THE WOODLANDS MALL - Two special events are planned for this weekend at The Woodlands Mall. On Saturday, August 25, when the Pepsi Street Motion Tour comes to the mall, car lovers can get a first-hand look at one of the custom cars from the DUB magazine 2007 Custom Auto Show and concert. Visitors can get in on the automotive action, check out a cool car, spin the Pepsi Prize Wheel and register to win tickets to the Sunday, August 26 DUB concert at Reliant Center. The car will be in the JCPenney Court from 11 am - 6 pm.

On Saturday and Sunday, August 25 & 26 from 1-5 pm, It's Kids Time Tour will make its only Houston stop at The Woodlands Mall. This special event offers two days of family fun, prizes, sports clinics, interactive games, live performances and more, including giveaways. Focusing on fun for families with children aged 7-16, activities include: YuGiOh Interactive Corner where kids can catch the latest YuGiOh cartoons, play trivia, win prizes, check out newly released card packs or battle professional duelists; Spelling Bees; Dance Demos; GameZone; Konami Dance Dance Dance Revolution; RadioShack booth and Mini Concerts featuring up and coming vocalists. It's Kids Time Tour will be held in Future Court near JCPenney. For information, visit www.sppkids.com.

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RECON August 17, 2007

2007-08-17T15:23:00.000-04:00

RECON

Real Estate Center Online News

August 17, 2007

HOME CONSTRUCTION RECORDS DROP

WASHINGTON (U.S. Census Bureau, foxnews.com) – The Commerce Department’s New Residential Construction Index for July reported that construction of new homes and apartments dropped 6.1 percent last month to a seasonally adjusted annual rate of nearly 1.4 million units.

This number is down 20.9 percent from the pace of activity a year ago and represented the slowest pace since January 1997.

The July drop in housing construction followed a 2.1 percent rise in June, driven primarily by apartment construction.

Applications for building permits, considered a good barometer of future activity, fell by 2.8 percent in July to an annual rate of almost 1.4 million units.

Housing construction fell in all parts of the country except the Midwest, which posted a 2.6 percent increase in July. Construction starts were down 11 percent in the South, 3.7 percent in the West and 1.3 percent in the Northeast.

TRAINING, SEMINAR REGISTRATION OPEN

COLLEGE STATION (Real Estate Center) – Fall means the start of classes, even for real estate professionals. Registration is open for an array of upcoming training sessions and seminars from the Real Estate Center at Texas A&M University.

The 21st Annual Legal Seminar on Ad Valorem Taxation will be held Aug. 29–31 at the Hyatt Regency in San Antonio. The seminar, which will provide a wealth of information on a variety of legal topics influencing ad valorem taxation, is being presented in cooperation with the State Bar of Texas Property Tax Committee. The cost is $385.
The Commercial Real Estate Summit will be held in Fort Worth Sept. 26–27. This 15-hour MCE program will cover current commercial real estate issues including an economic forecast, public policy, impact fees, demographics, water issues, urban/public land oil and gas activity, and Fort Worth development. Also included are the required MCE legal update and ethics courses. The early registration fee is $175 for SCR members or $200 for non-SCR members.
Instructor training for Legal Update and Ethics MCE courses will be conducted in Grapevine on Nov. 1, El Paso on Nov. 9, Austin on Nov. 19, Houston on Dec. 3, San Antonio on Dec. 17 and College Station on Jan. 8. These sessions will certify instructors to teach the new courses, which go into effect Jan. 1, 2008. The early registration fee is $75 per course.
An Educators Conference will be held in College Station on Jan. 7, the day before the instructor training for the Legal Update and Ethics MCE courses. Center researchers will be on hand to update core and MCE instructors. The early registration fee is $20.

Information on each of these courses is available on the Center’s website.

RENAMING, RENOVATING BEAL CENTER

DALLAS (Dallas Morning News) – Granite Properties will spend $6 million renovating the former Beal Bank Center on the Dallas North Tollway.

The 1980s-era complex includes 12- and 13-story brick and glass office towers and a two-story building. The buildings total more than 342,000 square feet.

Locally based architecture firm Omniplan designed the renovations, which include new metal roofs for the towers and a redesign of the ground floor porte cocheres.

The currently 65 percent leased center will be renamed Tollway Towers.

COLE CREEK'S NEW TRIO

HOUSTON (Trammell Crow Company) – Work has begun on three new distribution facilities in the Cole Creek Business Park, bringing almost 427,000 square feet to Trammel Crow Company’s park.

The 252,000-, 80,000- and 94,930-square-foot buildings make up phase three of the Cole Creek development at the northwest corner of West Little York and Fairbanks North Houston. Completion is scheduled for March 2008.

The new buildings are owned by Trammell Crow Company and ING Clarion. The development team includes Powers Brown Architects; Cobb Fendley Associates; Haynes Whaley Associates; Redding, Linden, Burr; Rosenberger Construction; and Wong & Associates.

CB Richard Ellis will handle leasing.

ADAM'S MARK REBRANDED

DALLAS (Dallas Business Journal) – Two months after Oxford Lodging Advisory & Investment Group announced it was buying downtown’s Adam’s Mark Hotel, the hotel is being rebranded as a Sheraton Hotel.

Starwood Hotels and Resorts Worldwide, which owns Sheraton Hotels & Resorts, will oversee the hotel's management and branding.

The Adam's Mark Dallas, located on Olive Street near Pearl Street, boasts 1,840 rooms and 240,000 square feet of convention space.

NORTH TEXAS HOSPITAL BOOM

DALLAS (Dallas Morning News) – To serve fast-growing southern Denton County, North Texas’ largest hospital system plans to build a $160 million, 130-bed hospital in Flower Mound, Lewisville or Coppell.

Texas Health Resources’ (THR) new hospital is just part of more than $2.5 billion worth of hospital construction and expansion that has been announced in North Texas by various companies, said Nancy Williams, president of the Health Industry Council of the Dallas–Fort Worth Region.

THR's hospital, a joint venture with 100 local physicians, will be called Presbyterian Hospital of (the chosen city). According to Will Behrmann, THR's director of planning and business development, the physicians' preferences will determine the location.

The full-service hospital will complement the 255-bed Presbyterian Hospital of Denton, in which THR currently holds a 20 percent interest.

COPPERFIELD'S COPPER LAKES

HOUSTON (globest.com) – Construction has begun on the 374-unit Falls at Copper Lakes Apartments in the city’s far northwest.

Austin-based Duval Copperfield Partners Ltd. is developing the $35 million, Class-A complex on almost 22 acres at Hwy. 6 and Huffmeister Road.

The complex will have 48 three-bedroom units ranging from 1,282 to 1,426 square feet. The remaining will be two-bedroom (1,082 square feet) and one-bedroom (856 square feet) units. All units will have attached garages.

Live Oak Capital Ltd. arranged the 94 percent loan-to-cost financing of $33.4 million. Amegy Bank of Texas provided $28.5 million of the total funding in a three-year senior loan at a variable rate of 200 basis points above LIBOR. KeyBank Real Estate Capital supplied the three-year mezzanine of $4.95 million.

Blazer Residential Inc. is the general contractor. The project’s architect is Mucasey & Associates. Both are from Houston.

AUSTRALIAN TRUST'S INDUSTRIAL PICKUP

SAN ANTONIO (San Antonio Express-News) – Locally based Santa Barbara Development Services has sold 11 industrial buildings totaling just over one million square feet to DB RREEF, an Australian real estate trust. The two companies will partner to develop new buildings throughout the city.

DB RREEF Trust bought the buildings, which are located in various industrial parks, including Cornerstone Industrial Park (near I-10 and Loop 410), Alamo Downs Business Park (near Loop 410 and Culebra Road), Interchange Park (near Loop 410 and I-35) and Tri-County Business Park in Schertz.

Also included was a 360,000-square-foot rail-served warehouse that is under construction at the East Kelly Rail Port at Port San Antonio. Santa Barbara Development has additional ground leases at this location, where, on Oct. 1, the partnership will break ground on the first of two 270,000-square-foot warehouses.

The partnership also has 14 buildings planned on the industrial park land and plans to break ground on the first three next month.

All buildings will be built on a speculative basis.

Santa Barbara Development partnered with New Mexico–based Titan Industrial Development to develop the properties bought by DB RREEF.

VERDE BUILDING BEGINS

PFLUGERVILLE (Austin American-Statesman) – Verde Corporate Realty Services, based in El Paso, is developing a one-story, 144,000-square-foot, Class-A industrial building in the $50 million Verde Springbrook Corporate Center industrial park.

The Austin office of Verde is handling the marketing and leasing. The building is projected to be completed by year’s end.

The 63-acre park is in the new Texas 45 North corridor. It will total one million square feet at buildout.

METRO HOME PRICES IMPROVE

WASHINGTON (National Association of Realtors) – Home price trends are improving in metropolitan areas, but existing-home sales during the second quarter were below a year ago in most states, according to the latest quarterly survey by the National Association of Realtors.

In the second quarter, 97 out of 149 metropolitan statistical areas show year-over-year increases in median existing single-family home prices, including nine areas with double-digit annual gains. Fifty had price declines, and two were unchanged.

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.9 million units in the second quarter, down 10.8 percent from a 6.6 million-unit pace in second quarter 2006.

The national median existing single-family home price was $223,800 in the second quarter, down 1.5 percent from second quarter 2006, when the median price was $227,100.

Total existing-home sales in the South were at an annual rate of 2.3 million units in the second quarter, down 10.7 percent from the second quarter of 2006. The median existing single-family home price in the South was $185,000 in the second quarter, 1.6 percent below a year earlier.

The strongest price increase in the South was in the Beaumont–Port Arthur area, at $127,700, up 11.8 percent from a year ago.

MORTGAGE RATES INCREASE

NEW YORK (CNNMoney.com, Real Estate Center) – Mortgage rates rose for the first time in four weeks, Freddie Mac reported yesterday.

The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan increased from 6.59 percent to 6.62 percent for the week ending August 16. Last year at this time, 30-year mortgage rates averaged 6.52 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, up from 6.33 percent last week and 6.18 percent a year ago.

One-year ARMs averaged 5.67 percent this week, up from 5.65 percent last week, the same level they were at this time last year.

Because mortgage rates have fluctuated slightly in recent months, Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University, does not think the increase establishes a definite trend. However, he says the Federal Reserve's decision to cut discount rates on loans to banks by half a percentage point could portend a future decline if it lowers its federal funds rate at its September meeting.

IT TAKES A BAYLOR VILLAGE

WACO (Waco Tribune-Herald) – Nearly 700 Baylor students are moving into the new Brooks Village, which replaced the old, demolished Brooks Hall.

The $43 million complex is just over 252,000 square feet, with 370 students in the dormitory-style Brooks College and 312 sophomores, juniors and seniors in the apartment-style Brooks Flats.

Brooks College houses the new Robbins Chapel. Both have state-of-the art classrooms. Also included in the village are faculty offices and a faculty apartment, giving students more daily interaction with their professors.

The furnished Brooks Flats have complete kitchens and are single- or double-occupancy bedrooms in apartments housing between two and four people.

Brooks College will cost between $535 and $624 per month. It costs between $395 and $522 per month to live in one of Baylor’s other dormitories. Brook Flats will cost between $677 and $763 monthly.

Currently, 39 percent of Baylor students live on campus, compared to 29 percent in 2001.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON August 14, 2007

2007-08-14T14:54:00.000-04:00

RECON

Real Estate Center Online News

August 14, 2007

BRIDWELL RISING

WICHITA FALLS (Wichita Falls Times Record News) – Crews have begun preparing the site for Bridwell Tower, United Regional Health Care System’s 179,000-square-foot expansion project that will begin construction later this month.

The tower, the first part of a three-phase consolidation plan, will stand across from the current 11th Street campus. It will house a floor for surgery, as well as areas for pediatrics, obstetrics and outpatient services.

The city/county hospital board has approved a budget of $70.4 million to build, furnish and equip Bridwell Tower. All three phases are being funded largely by $60 million of proceeds from a United Regional bond.

The board also approved a contract with McCarthy Building Companies of Dallas, with roughly $45.3 million of the Bridwell Tower budget set aside for construction. The hospital expects local subcontractors to pick up about 40 percent of the construction work.

Construction on Bridwell Tower should take about two years.

TRADING TRACES

HOUSTON (svn.com) – Traces Loft Apartments, a 256-unit apartment community near Beltway 8 at 5110 Azalea Trace, has been sold to California-based Smoketree Apts LLC.

Built in 1983 on almost nine acres, the 18-building complex near Sam Houston Race Park, Willowbrook Mall and the HP offices was more than 90 percent occupied. The one-bedroom, one-bathroom units have monthly rents ranging from $550 to $600. The property closed at a 7.5 percent cap rate.

Sperry Van Ness in Houston represented Smoketree. The seller, New York–based TLA Partner LP, represented itself.

GROUNDBREAKING AT ALMEDA

HOUSTON (globest.com) – Local developer Michael Stevens Interest Inc. is breaking ground on a 252-unit apartment complex on just over ten acres at 9000 Almeda Rd.

The complex is in the Texas Medical Center, near downtown on Loop 610. The estimated total development cost is $25 million.

Cushman & Wakefield of Texas Inc. represented the seller, Carolyn Rosenstock Ellis of Houston.

RADISSON SPA TREATMENT

SAN ANTONIO (San Antonio Business Journal) – A joint venture between Seattle-based Dow Hotel Co. and Prudential Insurance Co. of America purchased the Radisson Hill Country Resort and Spa from FFI Real Estate USA LLC.

Built in 2002, the 227-room hotel at 9800 Westover Hills Blvd. features three swimming pools, four food and beverage outlets, two retail shops and a 6,000-square-foot day spa.

Dow Hotel will manage the property.

H-E-B TO ANCHOR VILLAGE

MISSOURI CITY (Houston Chronicle) – Weaver Davis & Jacob Realty Group has purchased 28 acres at the entrance to Sienna Plantation and sold a 16-acre portion to H-E-B.

H-E-B plans to build a more than 113,000-square-foot store anchoring the planned Sienna Village center.

The land was purchased from Sienna/Johnson, developer of the master-planned Sienna Village, which includes 90,000 square feet of retail space on 12 acres. Construction of the retail center is set to begin this fall with grand opening slated for late next summer.

MAKING USE OF LAND

KATY (globest.com) – Local developer Simpkins Group has purchased 213 acres surrounding the 1.3 million-square-foot Katy Mills Mall from Maryland-based Mills Corp.

Simpkins Group plans to develop the infrastructure-ready acreage at I-10 and Katy Fort Bend Road into pad sites. CB Richard Ellis' Houston office will market the pads, which will be sold for a mix of commercial and retail uses.

Chicago-based Wrightwood Capital Corp. provided $22.5 million in financing. Live Oak Capital Ltd. in Houston arranged the 36-month loan.

FROM DETROIT TO DALLAS

DALLAS (Dallas Business Journal) – Comerica Inc., currently based in Detroit, will lease the first five floors of the 60-story Bank One Center building at 1717 Main St. for its new corporate headquarters.

The building, completed in 1987 for Mercantile National bank, will be renamed Comerica Bank Tower. Some Detroit employees will begin relocating to the building next month.

The lease on Comerica's current Texas headquarters — Thanksgiving Tower at 1601 Elm St. — expires in mid-2008.

CB Richard Ellis Inc. and the Staubach Co. advised Comerica on the lease transaction.

SEAHOLM PROJECT GROUNDWORK BEGINS

AUSTIN (Austin Business Journal) – Construction has begun in the Seaholm District — the old power plant's site — to transform the area into a mixed-use development.

Improvements initially will include the realignment of Sandra Muraida Way and the addition of a traffic circle, water and wastewater lines and a water quality biofiltration meadow.

CROSSWELL BUYS LAND

BAYTOWN (Houston Chronicle) – Crosswell Development has purchased more than 34 acres at North Main and Archer in Baytown from Jack R. Lee, trustee.

Claire Sinclair Properties represented the seller. Crosswell Development was self-represented.

INDUSTRIAL ENERGY

DALLAS (Dallas Morning News) – Siemens Energy has leased 162,500 square feet of industrial space at 1011 N. 28th St. at Dallas–Fort Worth International Airport.

CB Richard Ellis negotiated the lease.

ACUTE CARE PURCHASED

HOUSTON (Houston Business Journal) – Hospital Partners of America Inc. has sold two local acute-care facilities to Medical Properties Trust Inc. for $100 million.

The campuses are part of Twelve Oaks Medical Center and are licensed for a total of 524 beds.

The River Oaks campus consists of an eight-story, 199,000-square-foot structure and an under-construction five-story, 110,000-square-foot building to be called River Oaks Physician Plaza.
The Sharpstown campus is a four-story, 156,000-square-foot facility.

North Carolina–based Hospital Partners of America will lease back the buildings, becoming Alabama-based Medical Properties Trust’s third-largest tenant.

BEHRINGER SQUARED

FRISCO (PRNewswire) – Behringer Harvard has entered into a joint venture with Fairway Equities to purchase and develop an approximate 48-acre portion of Frisco Square, a master-planned development in the city's town center.

Included in the purchase is 43,500 square feet of office space, 114 high-end multifamily units and 57,000 square feet of retail and restaurant space, as well as a 16,000-square-foot retail building and a 48,000-square-foot office building, both of which are under construction.

The purchase includes entitlements for a total of 1.6 million square feet of office space, 560,000 square feet of retail, 300 high-end multifamily units and 800 hotel rooms.

In 2007, Forbes named Frisco, which is about 25 miles north of Dallas, the seventh-fastest-growing suburb in the United States, with population expected to more than triple to nearly 230,000 by 2030.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - August 14, 2007

2007-08-14T12:21:00.000-04:00

24 WATERWAY AVENUE TOPPED OUT - A "topping out" ceremony was held on Thursday, August 9, 2007 at 24 Waterway Avenue (pictured), a new 308,206-square-foot mixed-use building on Waterway Square in The Woodlands Town Center, according to Dan Leverett, vice president of commercial for The Woodlands Development Company.

24 Waterway Avenue is the largest mixed use Class A speculative office building constructed to date by The Woodlands Development Company. The building includes 12 office floors totaling 268,263 square feet with 39,943 square feet of restaurant and retail space on the ground floor. In-building parking, high quality finishes and building materials and panoramic views of Waterway Square and The Woodlands Waterway® are highlights of the building design. 24 Waterway Avenue was designed by Elkus Manfredi of Boston, MA and constructed by Harvey Builders of Houston.

24 Waterway Avenue is located in the Waterway Square District, at the north end of Waterway Square Park, a one-acre public plaza with unique water features and greenspaces that will be the "centerpiece" of The Woodlands Town Center when it opens in the spring of 2008.

HUBBEL AND HUDSON, HMT AND GPM, INC. PLAN MOVE TO 24 WATERWAY AVENUE - Several new tenants including Hubbell and Hudson, HMT, and GPM, Inc. have already announced plans to occupy 49,000 square feet in 24 Waterway Avenue (rendering pictured), a mixed-use building on Waterway Square in The Woodlands Town Center when it is completed early next year, according to Dan Leverett, vice president of commercial for The Woodlands Development Company. Additional leasing is underway, and the building is 60% committed, Leverett said.

Hubbell and Hudson, a new world-class specialty market, will open a 23,000-square-foot store at 24 Waterway Avenue. Hubbell and Hudson Market will offer an upscale selection of locally grown premium produce, artisan bakery items, rustic pastries, boutique wines and cheeses and premium and dry aged meats. The store will also serve chef-prepared foods and feature an authentic European deli, best-in-class sommeliers, cheese mongers and chefs. Hubbell and Hudson Bistro will serve informal upscale dining throughout the day, and have a coffee bar and full service bar for patrons. The new store is expected to open in early 2008.

HMT, a provider of products and services for the maintenance and repair of aboveground storage tanks for the petroleum industry, has leased the entire fourth floor (18,585 square feet) at 24 Waterway Avenue. The company outgrew its facility in Tomball, TX and moved to temporary offices at 2002 Timberloch Place in The Woodlands last February. HMT plans to relocated approximately 40 employees to 24 Waterway Avenue in February of 2008. The move is a consolidation of departments within the company.

GPM, Inc., the asset management company for George P. Mitchell (pictured), is moving its corporate headquarters to 12,416-square-foot offices at 24 Waterway Avenue. George P. Mitchell is the founder of The Woodlands, and GPM, Inc. has been located in The Woodlands since 1984. In addition to the GPM, Inc. corporate offices, the space will also serve as the headquarters for the Cynthia and George Mitchell Foundation and other Mitchell affiliated companies. The firm expects to move to 24 Waterway in early 2008.

FRIDAY DEADLINE FOR HOMETOWN HEROES NOMINATION - The deadline for nominating 2007 Hometown Heroes is Friday, August 17, 2007. The honor will be bestowed upon individuals and businesses or institutions that serve as outstanding role models for volunteerism and dedication to The Woodlands community, according to Susan Vreeland-Wendt, director of marketing for The Woodlands Development Company.

The 2007 Hometown Heroes will be inducted into the Hometown Heroes Hall of Fame at "A Hero's Journey: The Woodlands 2007 Celebration of Excellence" benefiting Interfaith of The Woodlands, to be held Saturday, October 13, 2007 at The Woodlands Waterway Marriott.

A Selection Committee of one Hometown Hero from each year will choose the five honorees for 2007. Nomination forms are available in The Villager newspaper; at The Woodlands Homefinder Center, located at 2000 Woodlands Parkway; Interfaith of The Woodlands, located at 4242 Woodrush Drive; or online at www.thewoodlands.net. All nominees must be current residents of The Woodlands, or businesses/institutions based in The Woodlands. Completed nomination forms should be mailed to: Hometown Heroes Selection Committee, The Woodlands Homefinder Center; P.O. Box 5050, The Woodlands, Texas 77387-5050. Forms can also be fax to 281-719-6159 or emailed to svreeland@thewoodlands.com.

For more information about the Gala or gala sponsorships, contact Meghan Warren Interfaith's special events coordinator, at mwarren@woodlandsinterfaith.org or call 281-615-8223.

THE WOODLANDS SYMPHONY ORCHESTRA PREPARES FOR 15TH SEASON - David Chan (pictured), Concertmaster of the Metropolitan Opera Orchestra, will launch The Woodlands Symphony Orchestra's year-long celebration of its fifteenth season as guest performer and violin solo artist for their opening performance, October 6, 2007 at the Nancy Bock Performing Arts Center at the McCullough Junior High School campus.

Mr. Chan, an active soloist, recitalist and chamber musician, made his Carnegie Hall debut during the 2002-2003 season. Beginning his musical education at age four, Mr. Chan won numerous musical competitions, gaining international recognition at age seventeen by winning top prize at the Tchaikovsky International Competition in Moscow.

Several concerts are planned for the 15th season including "Family Holiday Pops", the "Messiah" with The Woodlands Symphony Chorus, and "Exhibition in Music" with award-winning artwork from Conroe ISD students and original music compositions by students from the Shepherd School of Music at Rice University. For the complete story, click here.

...AND SPEAKING OF MUSIC, THE WOODLANDS CONCERT BAND NEEDS YOU - Rehearsals for new and returning band members will begin on Thursday, August 16, 2007 for The Woodlands Concert Band (WCB) with the first performance scheduled for mid-October. The WCB does not require auditions to join. The WCB accepts members who play everyday to performers who haven't picked up their instrument in 30-years. For more information, visit www.woodlandsband.com.

On August 17-19, 2007, Texas shoppers get a break from state and local sales taxes on certain items under $100 as part of the "tax free weekend".
The International Association of Administrative Professional Woodlands Area Chapter (IAAP-WAC) was chartered three years ago to provide administrative professionals who work or live in The Woodlands area with information, education and networking opportunities.

The Woodlands Repertory Theatre is a community theatre and is part of the Class Acts Production family, a non-profit organization dedicated to providing professional-quality, musical theatre performance opportunities for all ages.

THE WOODLANDS REPERTORY THEATRE PRESENTS SOUTH PACIFIC - The Woodlands Repertory Theatre presents South Pacific, a timeless musical written by legendary Rodgers and Hammerstein. South Pacific will be presented August 16-18, 2007 at 7:30 pm and also August 18 th at 2:30 pm at the Nancy Bock Performing Arts Center at the McCullough Junior High School campus. Tickets can be purchased online at www.thewoodlandsrep.org or call 936-273-3395 for more information.

HAPPY PEOPLE WORK, TOPIC FOR IAAP-WAC AUGUST MEETING - Angela Huffmon (pictured) will be the guest speaker at the August meeting of the International Association of Administrative Professionals Woodlands Area Chapter (IAAP-WAC) that will be held on Thursday, August 16, 2007 at Perry's Steakhouse & Grille in Sterling Ridge Village Center.

Huffmon's topic will be "Don't be Afraid to Use the WHIP (Working Happy Increases Productivity)". All administrative staff and their managers in The Woodlands area are invited to attend the monthly meetings. For more information, visit www.iaap-wac.org. For dinner reservations, please contact Monte Dean at mdean@reliant.com or 713-497-4553.

FUEL RETURNS TO THE YMCA - FUEL returns to the YMCA on Friday, August 17 th from 7 - 10 pm with a back to school jam. The South Montgomery County YMCA, in collaboration with several local churches, invites all junior high students to the re-energized FUEL at the Shadowbend Place location.

Activities will include climbing wall, live music, basketball, video games on a 25-foot screen, huge inflatable games, skits, speakers, games, late night concert, and much more. The event is FREE and is open to all junior high students. A special prize will be given out to the person who brings the most new friends.

BACK-TO-SCHOOL EVENT AND HEALTH FAIR FOR TAMINA COMMUNITY THIS FRIDAY - On Friday, August 17, 2007, with sponsorship from the South Montgomery County YMCA, Ritz Wiltz, executive director of Children's Books on Wheels and the Montgomery County Women's Center will collaborate for the annual Tamina "Back-to-School Bash & Health Fair" to be held at the Tamina Community Park from 3 pm - 6:30 pm.

There will be various agencies, resources, information and materials to help students and their families launch a successful school year. All are invited to attend this free event. There will be free snow cones and cotton candy. Children's Books on Wheels is a nonprofit community outreach organization promoting literacy to underserved and rural communities of Walker and Montgomery County.

Montgomery County Women's Center provides shelter, advocacy and counseling to victims of domestic violence and sexual assault. The 24-Hour Crisis Hotline is 936-441-7273.

For more information, call Rita Wiltz, Children's Books on Wheels at 281-844-7596 or Donna Wick, outreach program manager for MCWC at 281-292-4155, ext. 228.

RECON August 10, 2007

2007-08-10T16:38:00.000-04:00

RECON

Real Estate Center Online News

August 10, 2007

OLAJUWON'S BIG SCORE

BAYTOWN (Houston Chronicle) – Hakeem Olajuwon has paid more than $20 million for 1,250 undeveloped acres in Chambers County.

The former Houston Rockets center, who has been a real estate investor for the past decade, plans to re-sell the land to home builders and commercial developers.

The acreage is along both sides of I-10 East in a working-class area close to new schools, job centers and a stretch of the Grand Parkway currently under construction. The property includes all four corners at I-10 and FM 3180 and three corners at I-10 and Grand Parkway.

When Beltway 8 was being built, this east side area, with its cluster of petrochemical plants and flood-prone plains, was the last area to be developed, according to Ralph Howard, CEO of Houston-based real estate consulting firm Situs Cos. As its density increases, however, more big-box retailers are expected to target this part of town.

PLAZA BECOMES LEGACY

WHITE SETTLEMENT (globest.com) – Boston-based Lindahl Group has purchased the Plaza, a Class-C apartment complex at 400 Ralph St., from LNR Property Corp., formerly Lennar Partners Inc., of Miami Beach, Fla.

The 89 percent leased, 144-unit, 41-year-old complex on ten acres has one-, two- and three-bedroom units averaging 823 square feet. Leases range from $580 to $780 per month. The Plaza, which is directly across the street from Lockheed-Martin Corp.'s assembly plant, will be renamed the Legacy.

Apartment Realty Advisors in Dallas assisted in negotiations.

SHADY VALLEY, 1031-STYLE

PANTEGO (globest.com) – Shady Valley Square Apartments at 3206 Green Tee Dr. has been sold to Wehner Management Co. of Los Angeles.

The 95 percent leased, 114-unit complex was built on about seven acres in 1969. The mostly one- and two-bedroom units average 1,018 square feet with rents ranging from $400 to $616 per month.

Wehner’s first area purchase is part of a 1031 exchange of a multifamily property in Los Angeles. Ryan Wehner, a Los Angeles broker, represented the firm. Hendricks & Partners in Dallas represented the seller, Sherron & Associates of Seattle.

Devonshire Real Estate & Asset Management Group of Dallas will manage the complex.

EXCHANGING DENVER FOR ARLINGTON

ARLINGTON (globest.com) – Tealwood Apartments has been purchased by a California investor using 1031 exchange proceeds from an office building sale in Denver.

The 20-year-old Class-B complex on just over five acres at 6400 Tealcove Dr. was 90 percent leased at sale time. Its one- and two-bedroom units average 643 square feet with rents ranging from $500 to $750 per month.

Tealwood Arlington Associates Ltd., which built the complex in 1985, was represented by Don Luckadoo Co. Wildwood Realty Partners represented the buyer. Tealwood, Luckadoo and Wildwood are all based in Dallas.

BARFIELD REDUX

AMARILLO (Prudential Ada Realtors) – The historic Barfield Building is being renovated by developer Todd Harmonn and will become 44 luxury loft apartments above first-floor retail and restaurants.

Averaging 1,270 square feet, 34 units will feature two bedrooms and two baths, and the remainder will have one bedroom and one bath. The $8.5 million restoration of the 87,500-square-foot, ten-story structure also includes replacement of all mechanicals and the addition of 6,400 square feet of Trex decking and a rooftop swimming pool.

Corgan & Associates of Dallas and general contractor Key Construction of Fort Worth are overseeing the high-rise restoration. Construction is scheduled for completion late next year.

The Barfield was designed in 1926 by renowned Texas architect Wyatt C. Hedrick, whose historical portfolio resides at the University of Texas School of Architecture.

HSM WRANGLES VALLEY RANCH

COPPELL (globest.com) – HSM Equity Partners, with backing from New York City–based NDC Capital Partners, has purchased the more than 117,000-square-foot Valley Ranch Centre from Regency Centers Corp.

The 88 percent leased Class-A retail center was developed in stages between 1989 and 1997 on more than ten acres at 820 S. MacArthur Blvd. Among its retailers are Pizza Hut and Baskin Robbins. Washington Mutual is on a pad site.

Wachovia Securities provided funding for the Dallas-based buyer. Staubach Co., also of Dallas, represented the Florida-based seller.

BAYOU CITY BLENDING

HOUSTON (Houston Business Journal) – As part of a nationwide growth plan that calls for more than 300 stores by the end of 2010, Emerald City Smoothie has 15 franchise locations planned in the area over the next five years. The Seattle-based company currently has 47 locations across the United States.

AFFORDABLE HOUSING'S NEW VIEW

SAN ANGELO (eah.cc) – Edgewater Affordable Housing LP (EAH) is hosting the grand reopening of the 160-unit Nueva Vista apartments today.

Renovations by EAH totaled over $24,000 per unit. Updates include xeriscaping, new covered parking, a swimming pool with controlled access gate and covered pavilion, playgrounds and outdoor barbeque grill areas. The interior renovation includes new Energy Star appliances and solar screens.

UAH Property Management will manage the property formerly called Country Village. House of Faith will offer after-school programs and social activities. Ed Harris and Associates will provide homebuyer and credit counseling.

Funding partners include NA, Citibank Texas and the Texas Department of Housing and Community Affairs.

PROSPERA'S TWO-IN-ONE COMBO

DECATUR (globest.com) – Prospera Cos. has broken ground on a $9.5 million hotel and retail project.

The project, on five acres at 1405 S. US 81, includes a 71-room La Quinta Inn & Suites and almost 26,000 square feet of retail space. The retail center, Prospera Plaza, will be completed in December, with the hotel following in February.

The locally based developer is planning two more hotel and retail combinations in the next year.

NORTH TEXAS EXISTING HOME SALES DOWN

FORT WORTH (Fort Worth Star-Telegram) – The number of existing homes sold last month indicates that the local housing market is continuing to cool.

Last month, the 29-county area had 8,549 home sales, down 3 percent from the year before, according to data from the Multiple Listing Service. For the first seven months of the year, 52,940 homes were sold, down 6 percent from the year before.

Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the numbers are a sign that the North Texas market is returning to a pre-boom pace. However, he pointed out that job growth is still going strong, and the median price of homes in July was $155,000 — a 1.3 percent increase over a year ago — indicating that the core of the market is still solid.

Home sales this year will most likely be down from last year's record, he said. He expects that drop-off to be 5 percent to 10 percent.

NEW USE FOR OLD PACIFIC

DALLAS (Dallas Morning News) – Before the end of the year, Lockey Capital Group will begin converting the mostly vacant 1600 Pacific office building into more than 300 apartments.

The 33-story, glass-and-stone tower, one of four downtown properties the developer purchased from 3J Development LLC, will be the third major residential project on downtown's Thanksgiving Square. The project has been approved for U.S. Department of Housing and Urban Development funding.

Built in 1964, the tower has almost 500,000 square feet of space. Dallas' BGO Architects Inc. did the current redesign of the building, which includes an outdoor pool deck on the fifth floor.

Andres Construction is the general contractor, and The Focus Group will handle leasing and management duties. Lockey Capital is part of Lockey Investment Group, a Dallas-based investment advisory firm.

WATTERS CREEK, PART DEUX

ALLEN (globest.com) – Site work has begun on phase two of the 68-acre mixed-use Watters Creek.

The second phase, which will include an eight-screen, 1,300-seat Studio Movie Grill, will be completed late next year or in early 2009.

The 1.1 million-square-foot Watters Creek is being developed by Trademark Property Co. of Fort Worth, Developers Diversified Realty Corp. of Cleveland and Coventry Real Estate Advisors of New York City.

INDUSTRIAL ENTITLEMENT

AUSTIN (Forbes.com) – Lowe Enterprise Investors (LEI) has purchased an industrial building and fully entitled land at 8520 Tuscany Way in the Tuscany Center at Walnut Creek.

The nearly 82,000-square-foot building at the corner of Springdale Road and US 290 is fully leased to Gtech Corp. and Glazer's Wholesale Drug Co.

Up to three buildings totaling just over 333,000 square feet can be developed on the more than 19 acres included in the sale. Two buildings are slated for construction, one just over 72,000 square feet and the other 89,600 square feet.

The seller, McShane Corp., developed the property in 2002 and is maintaining an ownership interest by partnering with Lowe. McShane will continue to serve as the property’s development manager.

Cadence McShane, the construction division of McShane, will serve as the designer and builder for the development, expected to be complete by spring 2008.

LEI, which also owns the historic Driskill Hotel, handled the $9 million purchase on behalf of its Los Angeles–based Lowe Enterprise Real Estate Income and Growth Partners investment fund.

MORE AFFORDABLE HOUSING IMMINENT

MESQUITE (multi-housingnews.com) – Red Capital Markets Inc., the investment banking entity of Red Capital Group, has secured low-income housing tax credits for the construction of Villas at Mesquite Creek, a new affordable-housing property.

The complex, a mix of 252 one-, two- and three-bedroom apartments in 12 three-story buildings, is slated for completion next July. All units will be reserved for households earning no more than 60 percent of Area Median Income (AMI).

The developers and general partners are affiliates of One Prime LP, the general contractor is Integrated Construction & Development, and the property manager will be Alpha-Barnes Residential Services.

MEDICAL TOWER'S NEW PROVOST

CORPUS CHRISTI (Corpus Christi Caller-Times, San Antonio Business Journal) – Provost Partners, a Dallas-based private equity group, has purchased the Corpus Christi Medical Tower at 1521 S. Staples St.

The 97 percent leased, eight-story tower was built in 1985. Tenants include Cardiology Associates, Radiology Associates and Corpus Christi Urology Group.

According to the Nueces County Appraisal District, the just over 105,000-square-foot building's value is $3.5 million.

Houston-based Transwestern represented the seller, Medical Plaza Associates. Financing was secured by Holiday Fenoglio Fowler and Robert B. Ausdal & Co.

MINORITIES GAINING GROUND

WASHINGTON (U.S. Census Bureau) – According to a recent report from the U.S. Census Bureau, nearly one in ten of the nation’s 3,141 counties has a population that is more than 50 percent minority.

In 2006, eight counties where minorities were not previously the majority pushed the national total to 303. Three of those counties — Winkler, Waller and Wharton — are in Texas.

Leading the nation in minority growth was Harris County, which gained 121,400 minority residents between 2005 and 2006, bringing its total minority population to 2.5 million, 63 percent of its total. Its minority population ranks third nationally.

Los Angeles County, Calif., had the largest minority population in the country in 2006 at seven million (71 percent of its total). However, Starr County in Texas had the highest percentage of minorities based on total population at 98 percent.

For more information, including a breakdown by minority group, read the Census Bureau’s report.

MLS CONSOLIDATION FAVORED, SURVEY SAYS

WASHINGTON (National Association of Realtors) – Data sharing, security and consolidation of Multiple Listing Services (MLS) are top concerns for Realtors and MLS executives, according to the 2007 REALTOR® MLS Technology Survey.

Respondents to the fifth annual survey, which describes MLS trends and technology practices, showed strong interest in expanding MLS service territories.

Nearly one-third of respondents favored a statewide MLS, up from 19 percent last year.
Twenty-seven percent said a market area or Metropolitan Statistical Area (MSA) would be ideal, while 21 percent preferred a larger market region within the state.
Nearly one-third of respondents have reciprocal data-sharing agreements with other MLSs, and another 23 percent have considered data sharing.
Nearly two-thirds said their MLSs make use of a RETS interface, allowing brokers, third-party software vendors, Realtor associations and MLSs to share real-time data, regardless of the type of software they use. This is up nearly 47 percent from 2005.
Three-fourths of respondents believe their MLSs have taken security issues more seriously this year than in the past, but only 42 percent said their organization has a written security policy.
Twenty-seven percent of MLS respondents said they are currently using two-factor authentications, such as a key FOB or USB device, which are more secure methods for users to access MLS systems than the traditional user ID and password combination.

MLS service regions commonly expand through consolidations, which the survey also shows are on the rise. Thirty percent of those surveyed said their MLSs had already consolidated with one or more MLSs, up from 15 percent last year, and another 38 percent are considering consolidation.

The most popular places for MLS to place listings are realtor.com, their local public MLS site and the local Realtor association website. The most commonly shared property information that MLSs send to third parties are photos, amenities, address and tax information.

TWO-CAR GARAGE . . . AT LEAST

WASHINGTON (National Association of Realtors) – People may be paying more at the gas pumps these days, but, according to a recent survey by the National Association of Realtors (NAR), that has not kept oversized garages from being a high priority among homebuyers.

Since the last survey in 2004, oversized garages saw the biggest growth in terms of what buyers consider "very important," increasing 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent said they would have paid more for an oversized garage, compared with only 6 percent in the 2004 survey.

Also considered "very important" by homebuyers were:

air conditioning (75 percent),
a walk-in closet in the master bedroom (53 percent),
hardwood floors (28 percent),
granite countertops (23 percent),
cable/satellite TV-ready (46 percent) and
energy efficiency (65 percent among new-home buyers, 39 percent among buyers of existing homes).

For more information on these and other findings, read the NAR’s summary of its "2007 Profile of Buyers’ Home Feature Preferences."

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON August 7, 2007

2007-08-07T16:00:00.000-04:00

RECON

Real Estate Center Online News

August 7, 2007

THEY COME TO AMERICA

WASHINGTON (National Association of Realtors) – Nearly one in five Realtors has sold a home to an international client in the past year, according to new research by the National Association of Realtors (NAR). Among the other findings reported in the 2007 NAR Profile of International Home Buying Activity:

In 2006, most international homebuyers purchased single-family homes or townhomes. Like most domestic homebuyers, they financed their purchase.
Twenty-two percent of international buyers purchased condos or apartments, versus 12 percent of U.S. buyers.
Twenty-eight percent of foreign buyers bought their houses with cash, compared with 8 percent of U.S. buyers.
The median sales price of homes purchased by international buyers was $299,500, which is significantly higher than the U.S. median of $221,900 during the same period.
Forty-seven percent of all international buyers purchased homes exclusively for vacation, while 22 percent were motivated primarily by investment.
A third of all international buyers are from Europe, but buyers from Asia and North America (outside the United States) each represent about one-fourth of the total market. Sixteen percent of all international buyers are from Latin America. By individual country, most buyers come from Mexico (13 percent), the United Kingdom (12 percent) and Canada (11 percent).
Twenty-six percent of sales to foreign buyers in 2006 were in Florida, while 16 percent were in California and 10 percent were in Texas. The South attracted 49 percent of international buyers last year, while the West attracted 31 percent.

US ONCOLOGY CONSOLIDATING

THE WOODLANDS (globest.com) – US Oncology signed a long-term lease that will consolidate its employees in a $35 million build-to-suit midrise at 10101 Woodloch Forest Dr.

The health care services company, employing about 800 to research and treat cancer, will move from two buildings at 16825 N. Chase Dr. in the Greenspoint area to a 200,000-square-foot, eight-story, Class-A building.

Groundbreaking on the new headquarters building will occur by year’s end with move-in scheduled for early 2009.

JUMBO INTEREST-RATE HIKE

NEW YORK (CNNMoney.com) – Wells Fargo has raised the interest rate on big-ticket mortgages, and other lenders are following suit.

The company, one of the nation’s biggest mortgage lenders, raised its interest rate on 30-year, fixed-rate, non-conforming loans from 6.875 percent to 8 percent. The jump means the monthly bill for a $600,000 mortgage would hit $4,403, compared to $3,942 previously, an increase of $461.

Non-conforming loans, also known as jumbos, are loans of more than $417,000, the limit observed by Freddie Mac and Fannie Mae. Neither of the government-sponsored enterprises buys loans above that cap.

BEUCLER BUILDING NEW BRAND

FORT WORTH (globest.com) – Dallas-based Beucler Properties LP has purchased the first of three sites in North Texas to build a new Class-A brand of garden-style apartments.

Beucler will break ground next month on 19 acres at the corner of North Tarrant Parkway and Park Vista Boulevard for a 308-unit complex with the working name Park Vista Apartments.

The land was bought off-market from Lazy F. Inc. of Arlington and Quadrand North Tarrant Partners LP of Dallas. The project is funded with equity from an in-place platform with institutional partners. B&A Architects Inc. and White-Conlee Builders Ltd., both from San Antonio, will oversee design and general contracting, respectively.

Beucler is also scheduled to close by year's end on 23.5 acres for another Class-A project in south Fort Worth and will close early next year on a Class-AA development in Phillips Creek Ranch.

Each project, regardless of brand, exceeds $20 million in costs, with its Class-AA costing about $35 million on average.

NAI Huff Partners in Fort Worth along with Beucler's broker, Steelwood Property Co. in Austin, assisted in the transaction.

In Houston, the company recently broke ground at FM 1960 and I-45 on a 280-unit project with the working name Hollow Tree Apartments. Its units are scheduled to be available next May, the same time as the Park Vista project.

Beucler currently has 2,500 units built or planned. Also under construction is a Class B-plus project in San Antonio.

LEASE ROLL PROMPTS WESTCHASE PURCHASE

HOUSTON (globest.com) – Prompted partly by a 15 percent annual lease roll, Younan Properties Inc. has purchased the more than 202,000-square-foot Westchase Bank Building from a local seller.

The Los Angeles–based buyer paid $26 million for the Class-A office building at 9801 Westheimer Rd. and plans to invest $1 million more in upgrades.

Tenants of the fully leased building include URS Corp., Cumulus Media Inc. and World Cinema. According to Younan Chairman and CEO Zaya Younan, lease rates are, on average, 25 percent below the market, which is $28.92 per square foot in Westchase.

Cushman & Wakefield of Texas Inc. represented the seller of record, 9801 Westchase Ltd. of Houston. Younan will manage the 25-year-old asset, and PM Realty of Houston will handle leasing.

TWO FOREST PLAZA UPGRADE PLANNED

DALLAS (globest.com) – Parmenter Realty Partners has purchased the 11-story Two Forest Plaza office building from CMD Realty Investors Inc. of Chicago.

Transwestern will manage the more than 196,000-square-foot, 64 percent leased building at 12201 Merit Dr.

The Miami-based buyer secured a $19.7 million loan to buy and upgrade the Class-B property. CB Richard Ellis/Melody's South Florida office and CBRE's institutional group arranged the financing through Paris-based Societe General.

TEMPLE INLAND'S TIMBER SOLD

AUSTIN (Business Wire) – Temple-Inland Inc. has sold more than 1.5 million acres of timberland to an affiliate of the Campbell Group for almost $2.4 billion.

Just over 1.1 million acres are in East Texas, with the balance in Louisiana, Alabama and Georgia.

The net cash proceeds are anticipated to be approximately $1.8 billion. Temple expects to pay a special dividend, currently estimated at $1.1 billion, or $10.25 per share, to its common stockholders.

The transaction includes a 20-year fiber supply agreement for pulpwood and a 12-year fiber supply agreement for sawtimber. The Campbell Group and its investors have also agreed to continue Temple-Inland's conservation standards and focus on environmental stewardship.

Goldman, Sachs & Co. and Citigroup Global Markets Inc. were financial advisors and Sutherland, Asbill & Brennan LLP were legal advisors to Temple-Inland during the transaction.

Legal advisors for The Campbell Group LLC, headquartered in Portland, Oregon, were Morrison & Foerster LLP and Schwabe, Williamson & Wyatt.

CLASS-B BALCONES SOLD

AUSTIN (globest.com) – A Los Angeles-based investment group has purchased the 312-unit Balcones Club Apartments from Equity Residential Properties Trust.

The buyer plans to renovate the 23-year-old, Class-B complex that sits on nearly 13 acres at 9218 Balcones Club Dr. It includes a mix of one- and two-bedroom units ranging from 464 to 1,150 square feet. Monthly rents range from $506 to $859.

Apartment Realty Advisors represented the Chicago-based seller.

BUSINESS CENTERS SOLD

SAN ANTONIO (San Antonio Express-News) – GE Real Estate has sold two business parks totaling more than 18.5 acres to a Los Angeles–based investor.

Sentinel Business Center and Blossom Business Center were owned by the Connecticut-based company through Watch Omega Holdings LP, according to state and county records.

The more than 328,000-square-foot, 31-year-old office/warehouse Sentinel Business Center is on Starcrest Drive near Jones Maltsberger Road. Thirty-six tenants occupy the 99 percent leased, six-building complex, according to GMH Capital Partners. Tax rolls appraise the complex at $6.3 million.

Blossom Business Center, near Wetmore Road and Broadway, is appraised on the tax rolls at more than $3 million. It was built in 1983 and totals more than 137,000 square feet in two buildings. At sale time, it was 96 percent leased to 27 tenants, according to GMH.

GMH, a Pennsylvania-based real estate company, represented the seller.

CONCHO RIVER TRIFECTA

SAN ANGELO (San Angelo Standard-Times) – The city’s capital improvements program includes several projects along the North Concho River. One is nearing completion, one is underway and a third is in the bidding phase.

The $1.4 million El Paseo de Santa Angela extension, which connects the original section of the Paseo with Celebration Bridge, is nearing completion. The project includes a series of waterways and pathways between the San Angelo Museum of Fine Arts and the Bill Aylor Sr. Memorial RiverStage. The project’s dedication ceremony will take place this fall.
The $200,000 renovation of San Angelo’s city park should be completed by spring. Improvements to the park, which dates back to 1903, include a Victorian-style pavilion, a new playground, walkways and adult fitness stations.
The $5 million Rio Concho Sports Complex and Community Park is in the bidding phase. Among the park’s plans are 12 lighted multipurpose fields, two lighted little league fields and a tee-ball field. Construction could begin by the end of the summer.

NEW HOME STARTS LEVELING

SAN ANTONIO (San Antonio Business Journal) – According to Metrostudy’s second-quarter report, the 3,890 single-family home construction starts from April through June of this year represented a 27.4 percent decline from the same time last year.

For the 12 months ending June 2006, there were 18,861 single-family starts. For the same period ending in June, construction started on 16,382 homes, a 13.1 percent decline.

However, for the past three consecutive quarters, the number of new-home closings (3,991) has outpaced the number of new-home starts, Metrostudy reports.

"Artificial demand stimulated by speculator investors and lax subprime lending standards during much of 2005 and all of 2006 caused the market to appear bigger than it was, and it was ultimately oversupplied," said Jack Inselmann, vice president of the U.S. Central Division of Houston-based Metrostudy.

There is now a 2.2-month supply of new home inventory (3,106) compared to the 1.5-month inventory (1,974) supply at the same time last year. The supply-demand level is more or less at equilibrium when there is about a 1.7-month supply of inventory, Inselmann says.

EXEL RENEWS

HOUSTON (Houston Chronicle) – Exel has renewed its almost 104,000-square-foot lease of the building at 8501 North Loop East.

Holt Lunsford Commercial represented the landlord, Teachers Insurance and Annuity Association of America. Samuel H. Brown Inc. represented Exel.

TEED UP AT PORT A

MUSTANG ISLAND (Kemper Sports) – The 18-hole Newport Dunes, an Arnold Palmer Signature Course, is scheduled to open next spring.

The course, designed by the Arnold Palmer Design Company, is part of the first phase of the emerging 1,800-acre Newport Beach resort community being developed by Texas Gulf & Harbor Ltd. The development will eventually include residential villages, hotels and a marina.

Illinois-based golf management and development company KemperSports will operate Newport Dunes.

@ THE CENTER

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The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - August 7, 2007

2007-08-07T15:24:00.000-04:00

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.

In The Woodlands, village-wide events will be held in seven parks:

Alden Bridge - Alden Bridge Park, 7725 Alden Bridge Drive

Cochran's Crossing - Shadowbend Park, 4192 Lake Woodlands Drive

Indian Springs - Forestgate Park, 7505 S. Forestgate Drive

Panther Creek - Creekwood Park, 3383 S. Panther Creek Drive

Grogan's Mill - Sawmill Park, 2200 Millpark Drive

Sterling Ridge - Cranebrook Park, 11800 Cranebrook Drive

College Park - Harper's Landing Park, 2 Blair Bridge Drive

Community pools will be free to all residents during the celebration, so stop by, cool off and join in the National Night Out fun!

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.

Pictured are (left to right): Tommy Williams; Janet Anna; Judy Larson; Robert Marling, CEO of Woodforest National Bank; Michael Richmond, vice chairman of Woodforest National Bank, and Dennis Conine, principal of Conine & Robinson, who represented The Woodlands Development Company.

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.

The Challenge is scheduled for Friday through Sunday, September 28-30, 2007 at Northshore Park in The Woodlands. More than 90 teams are expected to participate. For more information about the Dragon Boat Team Challenge, call Roxanne Davis at 281-367-9622 or e-mail rdavis@ymcahouston.org or visit www.southcounty-ymca.org.

MEMORIAL HERMANN THE WOODLANDS STROKE CARE PROGRAM AWARDED CERTIFICATION - Memorial Hermann The Woodlands has earned the Gold Seal of Approval^TM 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.

The Joint Commission's Primary Stroke Center Certification is based on the recommendations for primary stroke centers published by the Brain Attack Coalition and the American Stroke Association's statements/guidelines for stroke care. The Joint Commission launched the program - the nation's first - in 2003. From left to right: Neurosurgeon Peter Shedden, M.D., and Neurologist Kevin Gaffney, M.D., lead the stroke care program at Memorial Hermann The Woodlands Hospital.

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."

Those who are interested in applying may download an application from the St. Luke's CMC-The Woodlands website at www.stlukeswoodlands.com or call Cheryl Oller at 936-266-4002.

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 www.newdanville.org.

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.

Kemper graduated from TWHS in 2006, and is entering her sophomore year at SMU this fall. She is a member of the SMU Pom Squad, and participates in a student organization call L.E.A.D., designed to develop leadership skills and organize leadership workshops for high school students. "Tony and Brittany are just two examples of the outstanding part-time Ambassadors who serve here in Town Center," said Nick Wolda, vice president of marketing and public affairs for Town Center Improvement District. For more information on the Town Center Ambassador program or to find out how to apply to become a part-time Ambassador next summer, visit www.town-center.com.

THE VILLAGER STAFF HONORED WITH SEVERAL AWARDS - Several familiar faces at The Villager newspaper have won awards in the Texas Community Newspaper Association's 2006 Best of the Best competition for excellence in community journalism. Honored were reporter Erin Myers, who placed second in the best news photo category; sports editor Kim Richardson, who placed second in the black and white sports photo category; and Charlie Bier, who placed third in the best original editorial category. Building upon that standard, The Villager debuted a new graphic design last week.

National Night Out is sponsored by the National Association of Town Watch (NATW) and co-sponsored locally by The Community Associations of The Woodlands. It will involve more than 11,000 communities from all 50 states, U.S. territories, Canadian cities and military bases around the world. In all, more than 35 million people are expected to participate in America's Night Out Against Crime.

Shortly after The Woodlands' founding in 1974, Rev. Don Gebert, the first executive director of Interfaith, began collecting data about families living in The Woodlands. The visitation program he started, now known as Interfaith's Resident Data program, was the forerunner of The Woodlands Directory that is being distributed by Interfaith this month to nearly 50,000 residents.

THE FRIENDSHIP CENTER SENIOR PROM SET FOR THURSDAY, AUGUST 9 - Senior adults will enjoy a fantasy evening this Thursday, August 9, when they " Follow the Yellow Brick Road" during The Friendship Center's (TFC) annual Senior Prom at the Lone Star Convention Center in Conroe. Music will be provided by the Nite Sessions from 7-10 pm, with doors opening at 6:30 pm. Tickets are $5 each and are on sale now at any Friendship Center location in Montgomery County. Transportation from outlying communities in the county will be available with pre-registration for a small contribution from the riders. A Senior Prom "King and Queen" will be selected from the elite group of prom kings and queens who have already been crowned at each Friendship Center location. Photographers will be on hand to take souvenir photos of the happy couples and friends for $5 each. Light refreshments will be served. While most high school proms have become increasingly formal in recent years, suggested attire for the TFC's Senior Prom is "your Sunday best", said Nancy Harrington, president of TFC. For more information or to purchase tickets, contact Susan Bond at 936-441-2982, extension 34 or e-mail sbond@thefriendship
center.com.

MARKET STREET TO HOST JOB FAIR - If you're looking for entry-level, full-time, part-time or holiday employment at Market Street, attend the Market Street Job Fair on Thursday, August 9 from 3-7 pm and Saturday, August 11 from 11 am - 4 pm. Both job fairs will be held at Market Street, between Sharper Image and Z Gallerie. Many of Market Street's retailers and restaurants are expected to participate, according to Harold Dull, general manager of Market Street. "Our tenants have had tremendous success with hiring from the local community," said Dull. "We expect the response from this job fair to continue this trend."

CAMP CAVALIER TO ORIENT NEW STUDENTS AT THE WOODLANDS COLLEGE PARK HIGH SCHOOL - On Friday, August 10, 2007 from 5-11 pm, "Camp Cavalier - Navigating New Waters", a new student camp for all 9 th grade and transfer students will take place at The Woodlands College Park High School. The orientation will include a Camp Counselor Meet & Greet, several Large Sessions where students will learn about rules, cheers, school song, dress code, etc.; and mini-sessions that include a campus tour and meetings with assistant principals and counselors. The cost is $15. For more information, call 832-482-6209.

U.S. MASTERS SWIMMING NATIONAL LONG COURSE CHAMPIONSHIPS COMING TO THE WAC - The Woodlands Master Swim Team and The Woodlands Swim Team will co-host the 2007 United States Masters Swimming National Long Course Championships at The Woodlands Athletic Club (WAC) August 10-13, 2007. The U.S. Masters Swimming National Long Course Championships are open to Masters swimmers, ages 18 and older, worldwide including the United States, Canadian, Japanese and Central and South American Masters teams. Over 1,000 swimmers will compete in the championships. More than 90 athletes from The Woodlands Masters Swim Team will participate in the event. The WAC is located at 11111 Winterberry Place in The Woodlands. For more information, call 281-863-1500.

KIWANIS KIDS YMCA YOUTH TRIATHLON SET FOR AUGUST 11 - The South Montgomery County YMCA is hosting the Kiwanis Kids YMCA Youth Triathlon on Saturday, August 11 at 7:30 am. Children ages 7-12 are eligible to register and experience the fun and excitement of triathlon. It's a morning of friendly competition and physical activity that can lead to a lifetime of fitness. Triathlon is an exciting sport for young children because it involves three activities that every child enjoys - swimming, cycling and running. Triathlon is an individual event with segments running consecutively until all three elements are complete. The event features four age divisions: 7-8, 9, 10, and 11-12 years. Boys and girls will compete separately and distances vary per age group. All finishers will receive a medal at the end of their race and the top three finishers, male and female in each age group, will receive a special award. Registration forms are available at the two YMCAs in The Woodlands or online at www.southcounty-ymca.org.

MIDNIGHT BIKE CRUISE ALSO ON SATURDAY, AUGUST 11 - On Saturday evening, August 11, beginning at 11:59 pm at Alden Bridge Shopping Center, hundreds of Montgomery County residents will pedal the streets of The Woodlands raising money to benefit the Montgomery County Food Bank. This year's event will feature two bike routes at 10 and 20 miles, along with lots of entertainment and festivities for the whole family. Pre-event activities begin at 10 pm. To register online, visit www.midnightbike
cruise.com.

FREE GUNS VS. HOSES BASKETBALL GAME AUGUST 11 - Montgomery County law enforcement and firefighters are coming together this Saturday night, August 11 for the 4 th annual Guns and Hoses Tournament at The Woodlands College Park High School, located at 3701 College Park Drive. The game begins at 7 pm, and should be fun for all! Barbecue dinners will be sold for $5, and there will be a silent auction benefiting Children's Safe Harbor, the Montgomery County Children's Advocacy Center. For more information, call Andi Fry at 281-705-9850.

RECON August 3, 2007

2007-08-03T15:09:00.000-04:00

RECON

Real Estate Center Online News

August 3, 2007

LUBBOCK PLANS BUSINESS BOOM

LUBBOCK (Lubbock Avalanche Journal) – Hoping to entice major corporations to bring their businesses, the Lubbock Economic Development Alliance will spend more than $13 million on utilities, paving and other improvements to a business park and rail port north of the city.

The majority of the construction project for the utilities was awarded to Duinick Brothers Inc. Construction of Roanoke, Texas. Construction should begin this month.

Board director Gary Lawrence thought businesses would not begin looking at Lubbock until at least a year after the projects were completed, but companies such as O’Reilly Automotive Inc. are already planning construction.

O'REILLY PARKING IN HUB CITY

LUBBOCK (Lubbock Avalanche Journal) – O'Reilly Automotive Inc. will build a 225,000-square-foot distribution facility that will create nearly 400 jobs when it opens in early 2009.

The center will be part of the 548-acre Lubbock Business Park, which is currently being developed. Construction will begin late this fall.

Ted Wise, chief operating officer and co-president of the Missouri-based speciality retailer, said Lubbock was selected because of its location to new markets west of the Hub City, including El Paso and eastern New Mexico.

The Lubbock Economic Development Alliance estimates the new distribution center will produce more than $15 million in annual salaries.

EQUASTONE'S BAKER'S DOZEN

DALLAS (The Dallas Morning News, globest.com, equastone.com) – Equastone has spent $382 million to purchase a 13-building, 2.9 million-square-foot office portfolio from Crescent Real Estate Equities Co. This is the largest purchase in Equastone's 13-year history.

GE Real Estate, based in Connecticut, provided the $300 million loan. Transwestern Commercial Services' Dallas office will assume marketing the 1980s-era buildings, which average 86 percent leased.

In Richardson:

Palisades Central I and II (421,000 square feet) at 2425 and 2435 N. Central Expressway,
Greenway I, IA and II (301,000 square feet) at 2150, 2100 and 2400 Lakeside Blvd., and
43 developable acres.

In Las Colinas:

125 E. John Carpenter and 5100 N. O'Connor Blvd. (446,000 square feet), and
MacArthur Center I and II, (298,000 square feet) at 5601 N. MacArthur Blvd.

In north Dallas:

Addison (215,000 square feet) at 14951 N. Dallas Pkwy.,
Aberdeen (320,000 square feet) at 14841 N. Dallas Pkwy.,
3333 Lee Pkwy. (233,500 square feet) in Uptown, and
Stemmons Place (634,000 square feet) at 2777 Stemmons Fwy.

The sale will net about $142 million for Crescent, which was represented by Holliday Fenoglio Fowler LP.

San Diego–based Equastone now owns nearly four million square feet in Dallas–Fort Worth, the majority of which are in Class-A properties. All were bought since June 2006.

INDEX SHOWS INCREASE

WASHINGTON (National Association of Realtors) – Pending home sales in June increased from the previous month in all four major regions, according to the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI).

The 5 percent monthly gain is the largest since March 2004's 6.1 percent increase.

The PHSI in the West increased 8.6 percent to 103.6 but was 5.5 percent below June 2006.
The PHSI in the Northeast increased 3.1 percent to 96.0 but is 2.4 percent below June 2006.
The PHSI in the South increased 4.7 percent to 111.6 but was 12.7 percent below June 2006.
The PHSI in the Midwest increased 3.5 percent to 92.5 but was 8.2 percent below June 2006.

“However, it is too early to say if home sales have already passed bottom,” said Lawrence Yun, NAR senior economist. “Still, major declines in home sales are likely to have occurred already, and further declines, if any, are likely to be modest given the accumulating pent-up demand.”

REDUX IN STORE FOR ALMEDA MALL

HOUSTON (globest.com) – Glimcher Realty Trust has sold the 41-year-old Almeda Mall at I-45 and Almeda Genoa for $40 million to Almeda Mall LP.

The buyer is a partnership between Buchanan Street Partners, a California-based real estate investment bank, and WCF Development Co., a Houston development company with its own management and leasing affiliate, Fox Properties.

The new owners have budgeted $80 million in updates for the 300,000-square-foot, Class-B mall and will add more junior anchors facing the Gulf Freeway.

In a separate transaction, the partners also bought a vacant 200,000-square-foot JCPenney store at the 90 percent leased mall. They will demolish it to make way for new buildings.

The 300,000-square-foot Macy's store anchoring the 43.5-acre mall was not included in either sale. The mall is also anchored by Ross Dress for Less and Steve & Barry's University Sportswear. Inline tenants include Anna's Linens, Foot Locker, Bath & Body Works and RadioShack.

Eastdil Secured of New York City marketed the mall for Glimcher, a REIT based in Ohio.

U-TOWN'S NEW TOWN

DENTON (globest.com) – Site work has begun on Rayzor Ranch, a 410-acre mixed-use development fronting I-35 in the city known for The University of North Texas and Texas Woman's University.

A new Museum of Texas Art will be the $850 million Rayzor Ranch’s centerpiece. The first phase, slated to open in late 2009, will be 35,000 square feet with plans to increase the museum’s size and scope to be similar to Austin's Texas Heritage Museum.

First to be developed will be the $320 million retail portions, including a 1.2 million-square-foot town center, 885,000-square-foot marketplace and 430,000 square feet of inline and street retail. Declared anchors are Dillard's and corporate-owned sites for a 200,000-square-foot Wal-Mart Supercenter and 130,000-square-foot Sam's Club.

Housing construction will include 300 to 500 multifamily units, 700 townhouses and brownstones. Also in development is roughly 250,000 square feet of office space, a 90,000-square-foot convention center and a hotel.

Dallas-based Allegiance Development LP is partnering with Torreon Capital LP of Austin for the project, which is expected to build out over seven years. OmniPlan Inc. of Dallas designed the town center and Hodges & Associates, also of Dallas, was the marketplace's architect.

TRIPLE NET'S DOUBLE DIP

CORPUS CHRISTI (globest.com) – Triple Net Apartment REIT Inc. has closed on the first of a two-asset, 634-unit portfolio in the coastal city.

The California-based company has purchased the 284-unit, 22-building Harbour Landing and will buy the sister property, the 350-unit, more than 29-acre Baypoint Resort, for $33.25 million, according to an SEC filing.

The 20-year-old, 92 percent leased Harbour Landing sits on more than 11 acres at 8033 S. Padre Island Dr. The complex has one-, two- and three-bedroom units ranging from 468 to 909 square feet with monthly rents ranging from $534 to $829.

Baypoint Resort consists of one-, two- and three-bedroom floor plans ranging from 675 to 1,385 square feet. The monthly rents are $709 to $1,285. The just over 29-acre complex at 1802 Ennis Joslin Rd. is about one mile north of Harbour Landing.

Grubb & Ellis' San Diego and San Antonio offices represented the seller, WLA Investments of California. According to WLA's website, the company is selling all of its Texas properties.

FARMING WORKSHOP BEGINS SEPT. 6

NACOGDOCHES (Texas Cooperative Extension) – The Texas Cooperative Extension’s six-week program, "Making Small Acreage Profitable in East Texas," begins Sept. 6.

The course, designed for farmers who need information on financing, managing labor, liability and other farming issues, will be held once a week from Sept. 6–Oct. 11 in Lufkin and Nacogdoches. The cost is $50 per person, with a $10 fee for each additional family member. The registration deadline is Aug. 31.

For more information or to register, contact Cary Sims at 936-632-8239 or Gulley at 936-560-7711.

HILLWOOD SADDLES UP

WAXAHACHIE (Dallas Business Journal) – Real estate development firm Hillwood has purchased 1,200 acres in the new Saddlebrook Estates neighborhood.

The Fort Worth developer bought the land from Bedford-based Centurion American Development Group and plans to add up to 2,900 new residential lots. Centurion has already developed 200 lots in the 2,000-acre Saddlebrook’s first phase. Hillwood's stake is located east of I-35E and north of US 287.

The 4,000 lots Centurion and Hillwood plan to develop will range from 6,600 to 12,500 square feet. New homes will cost between $150,000 and $300,000.

SHOPPING, SWIMMING, SCHOOLING

HOUSTON (Houston Chronicle) – Fall Creek is growing.

Option 1 Realty has purchased ten acres in the 2,000-acre master-planned community for Fall Creek Plaza, a 99,000-square-foot speculative shopping center slated to open early next year.

The master-planned community’s first luxury homes are nearing completion in Rose Creek Village.

A second recreation center featuring a 25-meter swimming pool is scheduled to open this month.

Gamma Construction Co. is building a 750-student, $11 million elementary school in Fall Creek for the Humble Independent School District. Classes are expected to begin next fall.

Johnson Development Corp. and Jefferson Development opened the community in 2002. There are now about 1,200 homes with prices ranging from the $150,000s to more than $2 million.

At buildout, Fall Creek, which is inside Beltway 8, about 15 miles from downtown, will contain 2,100 homes.

CHATEAUX DIJON PURCHASED

HOUSTON (Whitney Financial Corporation) – Verde Realty has purchased the 353-unit Chateaux Dijon from Whitney Financial Corporation for $25 million.

The complex sits on about nine acres at 5320 Beverly Hill St. in the city's Galleria area. Units for the almost 99 percent occupied Dijon average 980 square feet.

The seller was self-represented.

POST OAK VILLA SOLD

SAN MARCOS (Houston Income Properties) – An Illinois investor has purchased the 58-unit Post Oak Villa from Phil Fisher Inc. for just under $3 million.

The complex at 1617 Post Rd. contains 48 efficiencies and ten four-bedroom, two-bathroom townhome units. Units average 566 square feet, and the average monthly rent is about $700.

Houston Income Properties' Austin office represented the seller, a local family partnership.

STONE OAK UPGRADE PLANNED

HOUSTON (NorthMarq Capital) – Preferred Communities has paid $26.5 million for the purchase, repositioning and rehabilitation of the Stone Oak Apartments.

The 318-unit complex, located in the city’s Energy Corridor, consists of 16 two- and three-story buildings. The complex’s interiors and exteriors will be upgraded.

NorthMarq Capital’s Houston office arranged the debt through Guardian Life and the equity through a major U.S. institutional investor.

FLAX CAPITAL'S NEW WAL-MART

KENEDY (Corpus Christi Caller-Times) – The self-proclaimed flax capital of Texas will get a new Wal-Mart Supercenter next week.

The new, more than 99,600-square-foot store at 200 Business Park Dr. opens Wednesday, replacing the 24-year-old Wal-Mart at 337 N. Sunset Strip.

The supercenter will employ about 250 people, 175 more than at the previous location.

MONTEREY ON THE WAY

DALLAS (The Dallas Morning News) – Criterion Property Co. is about to break ground on the Spanish-Mediterranean–style Monterey, the biggest apartment building yet in the city’s West Village neighborhood.

The six-story, 371-unit complex will be built next door to the 20-story Mondrian apartment tower on McKinney Avenue just north of Blackburn Street. Criterion purchased the vacant site from Cityplace Development Co.

The first units will be ready late next year. Monthly rent will be close to $1.80 per square foot.

Humphreys & Partners is the architect, and KeyBank Real Estate Capital provided financing.

ALAMO CITY'S MULTIFAMILY MARKET STRONG

SAN ANTONIO (San Antonio Business Journal) – The local apartment market absorbed 1,264 units during second quarter 2007, a figure that marks the highest absorption rate in this sector since third quarter 2005.

According to Houston-based research firm O’Connor & Associates, Class-A properties absorbed 306 units, Class-B absorbed 597 units and Class-C absorbed 479 units.

The citywide apartment occupancy rate stood at 90.8 percent, down slightly from 90.9 percent as of second quarter 2006. The average rental rate at the end of June was 84 cents per square foot, up from last year’s 82 cents.

To date, 3,032 new apartment units are under construction and another 717 units are proposed.

ALEXAN CITY LIGHTS SHINE ON SCI

AUSTIN (Austin Business Journal) – SCI Real Estate Investments LLC of Los Angeles has purchased the Class-A Alexan City Lights apartment complex.

Completed last year as a joint venture between Atlanta-based Trammell Crow Residential and Phoenix-based Opus West Corp, the 352-unit complex at 501 East Stassney Lane is valued at $33 million, according to Travis County tax rolls. It was 96 percent leased at closing.

Apartment Realty Advisors brokered the sale.

CONSTRUCTION AT CROSSROADS

DeSOTO (Dallas Business Journal) – Hillwood has begun construction on a 550,600-square-foot industrial building inside the developer's 113-acre Crossroads Trade Center business park at I-20 and I-35.

The Fort Worth–based Perot company expects to complete the project by the end of this year.

RACKSPACE'S INCENTIVE TO STAY

SAN ANTONIO (mysa.com) – The Texas Enterprise Fund has awarded a $22 million grant to Rackspace Managed Hosting, news that was key to keeping the homegrown high-tech company in the San Antonio area.

Rackspace, which houses websites for many Fortune 500 companies, had threatened to leave unless leaders provided tax incentives to expand. The company will now move from its 180,000-square-foot building at 9725 Datapoint Dr. to a larger facility in Windcrest's Windsor Park Mall.

The company plans to invest $100 million in the new location. It also plans to move its 1,300 local employees to the mall and hire 3,000 more with an average salary of $51,000 within the next five years.

In addition, the company must hire 1,000 employees statewide. It has an office in Austin and a data center in Grapevine.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - July 31, 2007

2007-07-31T15:12:00.000-04:00

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.

US Oncology was named to FORTUNE Magazine's Most Admired Companies list for 2007 and the Houston Chronicle's Top 10 Private Companies list. The company has experienced substantial growth in recent years, demonstrated by the addition of several new businesses and services, and a 58 percent increase in corporate employees since 2003.

Petroleum Wholesale/Sun Development is relocating its national offices from the FM 1960 Champions area to a three-story, 63,622-square-foot building at Technology Forest Place off Research Forest Drive in The Woodlands. The gas wholesaler is expected to bring approximately 100-150 employees to work in The Woodlands. Both companies were granted 10-year tax abatements by Montgomery County.

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 main island, located near Two Waterway Lofts, is approximately ½ acre in size. A pedestrian walkway with three new pedestrian bridges currently connects the islands to the mainland along the southern edge of The Waterway. Two additional bridges within the garden will provide scenic connectors between the land and water elements upon completion of the project. When the "Koi Garden" is completed, construction will begin on a pedestrian corridor linking it to Waterway Court and Timberloch Place. That phase of the project and the opening of the garden to the public is planned for early spring of 2008.

A variety of distinctive materials and exotic plantings will enhance Koi Garden, along with a 2,400-square-foot, 54,000-gallon koi pond that will be separated from The Waterway by dams. The koi pond will be one of the largest of its kind outside of public arboreta or gardens. Designed by SLA Studio Land and constructed by Millis Construction, the Koi Garden will be secluded from the pedestrian walkway by walls, fences and towering timber bamboo, native to Asia. The koi pond was designed in collaboration with Laguna Koi Ponds of Laguna Beach, California, using bio-filtration methods for fish health and water clarity.

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 celebration will be held on Saturday, October 13, 2007 at The Woodlands Waterway Marriott Hotel and Convention Center. Co-Presidents of The Woodlands Development Company, Alex Sutton and Tim Welbes, are the Honorary Co-Chairs for the event.

Live and silent auctions as well as dance music from the popular Houston band Twist and Shout will add to the entertainment. All proceeds from the gala will help support Interfaith of The Woodlands' Social Service programs. Sponsorship packages for the gala are now available. For sponsorship opportunities or information on the event, contact Meghan Warren at 832-615-8223 or mwarren@woodlandsinterfaith.org.

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.

Live Nation is the world's largest live music company and the largest promoter of live concerts in the world. The Pavilion has had a partnership with Live Nation since 1990.

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.

A total of 19 new home contracts have been signed this year, and builder inventory is on a steady pace. Homes range from patio homes priced in the $800s to estate homes at over $3 million. Ten featured builder homes have sold this year. There are currently 36 homes in various stages of construction in Carlton Woods and Carlton Woods Creekside. Eight homes are complete and ready for move-in, ranging in size from 3,600 - over 9,000 square feet. These homes are by Jeff Paul Custom Villas, Jeff Paul Custom Homes, Rohe and Wright, Termeer and Associates and Olympia Builders. Pictured here is the completed 6,754-square-foot home by Olympia Builders, located in the enclave of Gallery Grove on a 1-acre lot. For more information, visit www.carltonwoods.com or call 281-681-1945.

Trolleys are running daily throughout The Woodlands Town Center from 11 am until 8 pm. Rides are free as part of a two-year pilot project. For a map of the trolley route and its stops, visit www.town-center.com.

The University Center offers 232 courses from six universities. The course delivery methods include 63% traditional, face-to-face instruction; 18% interactive TV (videoconferencing); and 19% taught online.

"STAND IN SUPPORT" ASKS COMMUNITY ASSISTANCE IN PAYING TRIBUTE ON FRIDAY TO ARMY CORPORAL ENDSLEY - The funeral service for Army Corporal Zachary Endsley (pictured) will be held on Friday, August 3, 2007 at the Crossroads Baptist Church in The Woodlands at 10 am. His procession will move east on Research Forest Drive and onto the I-45 feeder road, south until Timberloch. Stand in Support, a local organization that shows support for families of soldiers in the service, is asking people to come out and show their respect along Research Forest Drive and the I-45 feeder. Stand in Support will post flags along the two miles of the service road to Timberloch Place as a sign of respect for Corporal Endsley.

For questions, please feel free to contact Wayne or Kelly at standinsupport@aol.com or 281-292-6210 or Suzette at photosbysuzette@aol.com or 281-681-2152.

THE WOODLANDS RESORT GIVES GUESTS $50 AS PART OF SUMMER TRAVEL BONUS - Looking for a last minute summer vacation with plenty of space to relax? Now through August 31, 2007, The Woodlands Resort is offering a special summer travel bonus; reserve one room and receive $50 off a second room. With room rates starting at just $149, The Woodlands Resort features all the resort amenities you'd expect such as 36-holes of on-property golf, dive-in movies, full-service spa and the property's Forest Oasis Waterscape^TM (pictured) with waterfalls, synchronized water spouts and waterslides. For reservations, call 1-800-433-2624 and use special promotion code 50RM07.

NATIONAL SWIMMING CHAMPIONSHIP TO BE HELD AT THE WOODLANDS ATHLETIC CLUB - The Woodlands Masters Swim Team and The Woodlands Swim Team are proud to co-host the 2007 United States Masters Swimming National Long Course Championships at The Woodlands Athletic Club (WAC) from August 10-13, 2007. This marks the fourth time this event has been held at the WAC. Over 1,000 competitors will compete in the meet. The National Championships are open to Masters swimmers (age 18 and older) worldwide including the United States, Canadian, Central and South American and Japanese Masters teams.

THE UNIVERSITY CENTER HOSTS INFORMATION FAIR - The University Center part of the North Harris Montgomery Community College District, located at 3232 College Park Drive, will have an Information Fair on Thursday, August 2, 2007 from 4 - 7 pm. Faculty and advisors from the six partner universities will be available to answer questions regarding registration for the fall 2007 semester. Earn a Bachelor's or Master's Degree from Prairie View A&M University, Sam Houston State University, Texas A&M University, Texas Southern University, University of Houston or University of Houston-Downtown, close to home! For information, call the Student Services Office at 936-273-7510 or 281-618-7140.

RECON July 31, 2007

2007-07-31T14:25:00.000-04:00

RECON

Real Estate Center Online News

July 31, 2007

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.

Warehouse and distribution properties led again with over 1.6 million square feet of quarterly growth.
General industrial product registered 470,157 square feet.
R&D/flex product recorded 60,323 square feet.

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.

Class-A posted 2.3 million square feet of positive growth. Rents increased by $2.04 to $27.47 per-square-foot-per-year (PSF/YR), a more than 25 percent increase within the past year.
Class-B absorbed 595,207 square feet. Full-service asking rents increased by $0.74 to $18.77 PSF/YR, an increase of more than 11 percent over last year.
Class-C absorbed 45,920 square feet.

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.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON July 27, 2007

2007-07-27T14:43:00.000-04:00

RECON

Real Estate Center Online News

July 27, 2007

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.

@ THE CENTER

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The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - July 24, 2007

2007-07-24T15:45:00.000-04:00

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.

So far this season, The Pavilion has had two sold out concerts (15,000+ tickets sold), including Buzzfest XIX April 21 and Kenny Chesney June 15. Other concerts with attendance over 10,000 include Gwen Stefani May 6, Kenny Chesney June 14 and John Mayer June 23. These acts also were listed in the ranking of the Top 100 Tours in the same issue of Pollstar. Pictured is Gwen Stefani (photo by Ted Washington).

"I attribute the strong showing to the vibrant Houston market and our booking partnership with Live Nation," said Jerry MacDonald, president and CEO of The Pavilion. "Our facility is a wonderful way to experience concerts and our location is one of the keys to our success. The Woodlands is becoming a destination for individuals and families in the region. They come to The Woodlands to enjoy concerts at The Pavilion but remain in Town Center to enjoy the area amenities such as restaurants, shopping and hotels."

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.

Beginning July 23 through August 19, YMCA Operation Backpack will collect brand new backpacks filled with school supplies and distribute them to children in 31 Houston area school districts including Conroe, Montgomery and Willis ISD. The 38 YMCA of Greater Houston facilities throughout the city, including the South Montgomery County and Conroe YMCAs, will serve as collection sites for people to drop off backpacks and supplies. Last year, YMCA Operation Backpack collected more than 80,000 backpacks and supplies in the greater Houston area, impacting a total of 11,000 families. YMCA Operation Backpack has also been named the official charity of the Houston Home Show this year. The Home Show will take place at the George R. Brown Convention Center August 17-19, and attendees will receive $1 off general admission when they bring a backpack or school supplies to donate to Operation Backpack. YMCA Operation Backpack is also supported by 89.3 KSBJ and ABC 13. To find the YMCA donation location nearest you, log on to www.ymcahouston.org or call 281-367-9622.

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.

In its nine-year history, the event has raised more than $1 million for research. Pulmonary hypertension is a life-threatening disease that affects hundreds of thousands of people in the U.S. At least 13 of those live in Montgomery County. For information about the 10th Annual Cure PH golf tournament coming April, 2008, contact Matacha Saul or Jack Stibbs at 281-367-2222 or e-mail msaul@stibbsco.com or jstibbs@stibbsco.com.

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.

"The motto of Lions Clubs International is "We serve," and our Lions live this motto with enthusiasm. Donating to 25 charities to celebrate our 25 th Anniversary only reinforces what Lionism and our club is about - giving back to the community. Each of these charities makes a difference in our community in their own way, and we are proud to be one of their supporters," said Smith. The Woodlands Lions Club was chartered to serve the local community with its focus on bettering the quality of life for the handicapped, the poor, the sick and the aged. Since its inception, the club has donated an estimated $250,000 to the community.

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.

"Ed's contributions to this club and the community over the past 25 years are beyond measure. He has devoted countless hours to carrying out what Lionism is all about - serving our community and fellow man. We are fortunate to have him as a member," said Lion president Larry Smith. Pictured is Jones (right), accepting his engraved gavel from Smith.

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.

Another prize in the contest was a free night's stay at The Woodlands Resort & Conference Center. The winner was Bethany Mandrell (second photo, center). Pictured from left to right: Jennifer Bourne, business development manager for TCID; Tory Enriquez , director of sales and marketing for The Woodlands Resort & Conference Center; Mandrell; Karen Mandrell, Bethany's Mom; and Casey Snyder, event manager for TCID.

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.

The Woodlands' newest village, Creekside Park, is scheduled to open in October, 2007. A Showcase of Homes will take place in Carlton Woods Creekside from October 13 - 28. The Public Grand Opening event will take place on October 20, 2007, including a Showcase of Homes in the neighborhood of Wilde Creek. Details about all Grand Opening events will be posted on www.thewoodlands.com beginning in mid-August.

New homes in The Woodlands range in price from the $150's to more than $3 million. For a list of homes and sales offices in different price ranges, visit The Woodlands Homefinder Center located at 2000 Woodlands Parkway.

YMCA OFFERING COOKING CLASSES FOR ADULTS AND KIDS THIS SUMMER - Cooking classes for adults and children are continuing at the Branch Crossing YMCA this summer. Chef Julie Stiles will share her years of experience with students, featuring a different theme each month. Julie began her catering and baking companies, Executive Orders Catering and Imagination Bake Company, 11 years ago, and has become one of the most in-demand caterers in The Woodlands/Houston area. She is eager to share her fun, common sense approach to cooking with her students at the YMCA. Plan on getting your hands dirty for this "hands on" cooking experience. Adult class will meet once a week on Tuesdays from 6:30 - 8:30 pm. You can sign up for one class or a package of four.

Cooking with Kids, for ages 6-12, is an interactive experience designed to help children learn to cook and help out in the kitchen. The summer class dates are July 28 and August 18. The younger children meet at 10 am and the older children, ages 9-12, meet at 11:30 am. The instructor is Christi Simpson. To register, stop by the YMCA on Shadowbend Place or the Branch Crossing YMCA at 8100 Ashlane Way. For more information, call 281-367-9622 or visit www.ymcahouston.org.

MARKET STREET TO HOST CLASS ACT PRODUCTIONS PERFORMANCE OF "ANNIE" - The entire family can enjoy a Class Act Productions rendition of the musical favorite "Annie", scheduled for Sunday, July 29 at 2 pm in Market Street's Central Park. As always, guests to Market Street are encouraged to bring a blanket or lawn chair to enjoy this performance starring everyone's favorite red-haired orphan. Some extra shade - in the form of complimentary umbrellas - can be found inside any Market Street store or restaurant. Guests are asked to return the umbrellas at the end of the show.

The performance of "Annie" will feature more than 30 local youth ages 8-22 under the direction of Tina Kraft. Other productions of "Annie" will take place August 3-5 at the Nancy Bock Center for Performing Arts in The Woodlands. For more information, visit www.classactproductions.org.

COMMUNITY HEALTH PROGRAMS AVAILABLE AT MEMORIAL HERMANN - Memorial Hermann The Woodlands Hospital is hosting two free health programs/screenings in early August. "How to Handle a Stroke Emergency" will take place on Wednesday, August 1 from 6-7 pm in the hospital's Conference Center Rooms A/B. Neurologist Kevin Gaffney, MD, medical director for the Certified Primary Stroke Center at Memorial Hermann The Woodlands, will be the featured speaker. To register, call 1-877-644-CARE.

The second program is "Baby Fair for Expectant, New & Experienced Parents", set for Saturday, August 4 from 10 am - 2 pm in Conference Center Rooms A/B at the hospital. In recognition of World Breastfeeding Week, Memorial Hermann The Woodlands' Lactation Center and Perinatal Education Programs office is hosting a baby educational fair that will feature booths and breakout sessions on lactation, car seat safety, newborn care and baby-proofing your home. Booths and baby-care related vendors will also be featured, along with tours of Women's and Children's Services areas at the hospital and door prizes. For more information, contact Jackie Stiernagle at 281-364-5896.

LEARN TO GROW YOUR OWN VEGETABLES - The Community Associations of The Woodlands Environmental Services Department is hosting a free class on common sense vegetable gardening on Saturday, August 4 from 9 am - 12 noon. Featuring Tom Leroy, horticultural extension agent for Montgomery County, the class will be held at 8203 Millennium Forest Drive in The Woodlands. Space is limited. Please call 281-210-3900 for reservations and information.

THE WOODLANDS DEVELOPMENT COMPANY CONTRIBUTES TO MIDNIGHT BIKE CRUISE - The Woodlands Development Company (TWDC) recently donated $2,000 to the Montgomery County Food Bank (MCFB) to help fund the 9 th Annual Midnight Bike Cruise. Pictured is Doris Golemon (right), executive director for MCFB, accepting the donation from Debra Staley, director of public affairs for TWDC and Puffy Pine Cone, official mascot of The Woodlands. TWDC has been a sponsor of the Midnight Bike Cruise since its inception.

The event is planned for Saturday, August 11, 2007 at 11:59 pm at Alden Bridge Village Center. Pre-event activities begin at 10 pm. The entire family is invited. Bicycle helmets, lights and reflectors are required for all cyclists. Participants can choose the 10- or 20-mile bike route. The cost is $25 per person until August 10, with proceeds benefiting MCFB. On the day of the event, the cost is $30 per person. For more information, call MCFB at 936-539-6686.

RECON July 24, 2007

2007-07-24T15:44:00.000-04:00

RECON

Real Estate Center Online News

July 24, 2007

FREEBIRDS SALE WRAPPED

COLLEGE STATION (Austin Business Journal, Orlando Business Journal) – Tavistock Restaurants of California has wrapped up its purchase of Freebirds World Burrito.

The chain, known for its oversized "Monster" burritos, is based in College Station and has 19 locations throughout Texas, including four in Austin.

According to Tavistock, Freebirds will continue to operate as an independent brand but be taken nationwide.

Tavistock Restaurants LLC owns restaurants in ten states under a number of brands, including Blackhawk Grille, California Cafe, Napa Valley Grille and Alcatraz Brewing Co.

LEGAL SEMINAR REGISTRATION TO INCREASE

COLLEGE STATION (Real Estate Center) – Registration for the 21st Annual Legal Seminar on Ad Valorem Taxation will increase from $365 to $385 per person Aug. 8.

The seminar will cover a variety of legal, economic and other issues influencing ad valorem taxation. It will be held Aug. 29–31 at the Hyatt Regency in San Antonio.

Information about the seminar and online registration is available at the Center's website. To reserve a hotel room at the special seminar rate, click here.

SUMMIT EARLY REGISTRATION FEE EXTENDED

COLLEGE STATION (Real Estate Center) – Early registration for the 2007 Real Estate Summit has been extended to this Thursday. Beginning Friday, the fee will increase from $20 to $30.

The half-day program, made possible by a grant to Angelina College from the Bert Gann Memorial Trust, will be held Aug. 2 at Angelina College in Lufkin. It will feature a luncheon followed by a three-hour MCE course (elective credit only). Real Estate Center researchers will provide information on housing, residential lending and land markets. An economic analysis and forecast for Texas real estate will also be included.

Information about the conference, including a downloadable brochure, is available at the Center's website.

AFFORDING THE CANAL

HOUSTON (Houston Chronicle) – Locally based Property Group has opened the six-story, 200-unit Canal Place Apartments complex at Canal and Navigation.

In return for offering discounts on 75 percent of the units to qualified, low-income renters, the $23 million complex received incremental federal income tax credits for the next ten years from the Texas Department of Housing and Community Affairs.

The new complex is currently 12 percent occupied and consists of granite counters and cherrywood cabinetry in the one- to three-bedroom units, as well as a swimming pool, fitness center, media and gameroom, and children's playground. The affordable units range from $625 to $863 per month, with the remaining units leasing from $895 to $1,790.

CENTRAL TEXAS HOME RESALES DROP

AUSTIN (Austin American-Statesman) – Sales of existing homes in Central Texas last month fell 6 percent from a year ago, marking the first drop in June in five years, according to the Austin Board of Realtors.

The drops were concentrated in homes costing $130,000 and less, reflecting tighter credit standards lenders have imposed in the wake of the subprime mortgage market collapse.

More than 9,000 homes were on the market last month, 8 percent more than last year and the biggest number in several years.

Meanwhile, the median price for homes continued to rise. It was at $191,050 in June, a 7 percent increase. A 5 percent increase this month would put the median at more than $200,000.

STAYIN' AWHILE

SAN ANTONIO (San Antonio Business Journal) – Marriott International Inc. recently opened the city's first TownePlace Suites. The studio suites, designed for travelers staying a week or longer, are fully furnished with separate kitchens.

The 106-suite extended-stay hotel at 214 N.E. Loop 410 near San Antonio International Airport is owned by Apple REIT and managed by Texas Western Hospitality Management of Dallas.

Washington, D.C.–based Marriott’s TownePlace Suites, which first opened in 1997, are now in more than 120 locations across the United States.

CROWLEY MIXED-USE SPACE PLANNED

CROWLEY (globest.com) – Domus Fund III has purchased 27 acres within the city limits, where the Dallas-based firm plans to develop about 250,000 square feet of retail and office space.

The property, located on SH 1187, is already entitled and served by city utilities.

Domus was represented by Jay Holman, while Colleyville-based seller Crowley Partners Ltd. was represented by NAI Huff Partners LP of Fort Worth.

AIR SUPPLY

TEXAS CITY (The Galveston County Daily News) – Praxair, a producer and distributor of atmospheric, process and specialty gases for industry, is set to begin building a $60 million air-separation plant at its facility at 703 Sixth St. S.

The new plant, on the west side of Praxair’s property near SH 146, is expected to add about ten jobs with yearly salaries exceeding $50,000, said Mayor Matt Doyle.

CENTREPORT OFFICE COMPLEX SOLD

FORT WORTH (Holliday Fenoglio Fowler LP) – Behringer Harvard Real Estate Investments has purchased the CentrePort Office Center from Invesco Real Estate.

The two-building, more than 134,000-square-foot development is on 15-plus acres at 14670 and 14770 Trinity Blvd., within the master-planned CentrePort community. Completed in 1999, the property is 100 percent leased to Dean Foods and Radiant Systems.

Holliday Fenoglio Fowler LP’s Dallas office represented the seller.

TUSCAN TASTE, GREEN SPACE

BEE CAVE (Austin American-Statesman) – Tennessee-based Southern Land Co. will break ground next month on a $160 million, Tuscany-style residential development that will include green space.

Cielo, near RM 620 and SH 71, will have 400 luxury flats, condominiums and townhomes. The development will include more than 20 floor plans for the one- and two-bedroom homes, which will start in the upper $300,000s.

The 78-acre development will be surrounded by the Balcones Canyonlands Preserve, and about 28 acres will be reserved for green space.

The project is scheduled for completion in 2013.

REDEVELOPING BAKERY, DOZEN ACRES

DALLAS (The Dallas Morning News) – An investment partnership has purchased more than 12 acres between Bryan Street and Ross Avenue, including the historic Mrs Baird’s building.

Burlew Street Partners plans to use most of the property for townhouses. It has already lined up a sale of two of its tracts to townhome builders.

In addition, the developer will remodel the two-story, 44,000-square-foot former bakery into residential units.

Local architects Merriman Associates will design the projects.

PUTTIN' ON THE RITZ

DALLAS (The Dallas Morning News) – The 218-room Ritz-Carlton Dallas at 2121 McKinney Ave. opens Aug. 15, marking not only the luxury hotel chain's first presence in Texas, but its first U.S. hotel opening in nearly four years.

J.C. PENNEY'S SIMULTANEOUS OPENINGS

PLANO (Business Wire, San Antonio Business Journal) – On Aug. 3, J.C. Penney Co. Inc. will host simultaneous grand openings of 14 JCPenney stores nationwide.

A 180,000-square-foot department store, which is expected to create 250 jobs, will open at North Star Mall on 7400 San Pedro in San Antonio.

In Cypress, a 100,000-square-foot JCPenney store will open in the Cy-Fair Town Center at 25646 Northwest Frwy. and create about 200 jobs.

The company currently has 1,040 stores and plans to open 250 more through 2011.

COVENANT MEDICAL CENTER BREAKS GROUND

LUBBOCK (The Lubbock Avalanche-Journal) – Covenant Health System broke ground today on a new three-story primary care center that will anchor a larger mixed-use complex.

As many as seven buildings will be constructed at the 30-acre Covenant Health System Southwest Medical Park at 98th Street and Slide Road.

The 65,000-square-foot medical building will be occupied by Covenant as part of a lease-back arranged by the Paul Kite Co. of Indianapolis and the Dallas office of Hammes Corp.

Covenant officials said 18 pediatric, internal medicine and other specialty physicians have committed to the project. Other specialty practices are expected to have an office presence to offer care to patients once the new building is opened.

Construction on the $7.5 million facility should be completed by August or September of next year.

FINDING AVALON

AUSTIN (Austin Business Journal) – Palms of Avalon Apartments Texas LLC, based in Los Angeles, has purchased the 352-unit Avalon Palms apartment complex just off US 183.

The roughly 13-acre property at 9001 and 9003 Northgate Blvd. has a combined property value of $10 million on the Travis County tax rolls. It was built in the early 1970s.

Hendricks & Partners' Austin office represented the seller, an El Paso–based limited partnership. Greg Salyers in Los Angeles represented the buyer.

CHILD-FRIENDLY RENOVATIONS UNDERWAY

AUSTIN (Austin Business Journal) – The Texas School for the Blind and Visually Impaired (TSBVI) is receiving almost $110 million in state funds for major renovations to the 150-year-old campus.

"We are going to be giving our children a much more child-friendly environment," said Phil Hatlen, retiring superintendent of TSBVI, considered one of the country's leading schools for blind and visually impaired students.

Over the next four to eight years, the campus will be modernized through renovations and new construction and by demolishing some buildings and upgrading security and landscaping.

Halff Associates, a Dallas-based architectural and engineering firm with Austin offices, is designing student housing.

Among the upcoming projects are eight student dormitories, a student activity center, an elementary physical education and therapy building, a vocational building, independent-living apartments, a track-and-field facility and indoor pool.

VISTA GOES CASUAL

LEWISVILLE (globest.com) – Jackson-Shaw Co. of Dallas breaks ground late this fall on Vista Oaks, a "casual Class-A office" complex to be built on the last 20 acres in its 50.5-acre Vista Point development.

Vista Oaks will cost more than $40 million and add 250,000 to 300,000 square feet of office space to the Vista Point development, which sits at SH 121 and MacArthur Boulevard.

The four-building complex will be adjacent to the Lewisville convention center on the Lewisville-Coppell border. It is being designed by Good Fulton & Farrell Inc. of Dallas and is expected to open in fall 2008.

BALL CONTROL

SCHERTZ (KENS-5 TV, worldwidesoccersa.com) – A group of investors from Mexico, including spokesman Roberto Camargo, has purchased close to 100 acres on FM 1518 and Maske Road and have plans to develop a world-class soccer arena.

Jay Sparrow, a former semipro soccer player and director of San Antonio–based World Wide Soccer, said the land is being developed in partnership with their organization.

Plans include an air-conditioned facility for fans to watch the game, 25 soccer fields, onsite dormitories and training camps, concession areas, retail shops and restaurants, and a few Mexican coffee shops.

The soccer campus is scheduled for completion within a year.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON July 20, 2007

2007-07-20T14:56:00.000-04:00

RECON

Real Estate Center Online News

July 20, 2007

LONE STAR SPRAWL

NEW YORK (Forbes) – Twenty Texas cities sprawled onto Forbes’ latest “100 Fastest-Growing Suburbs” survey, the most of any state making the list.

Frisco, ranked 7th, grew at a galloping 128 percent while Wylie, ranked 8th, grew at just over 109 percent, according to Forbes.

Other Texas cities making the list were Cedar Park (11), McKinney (13), Rockwall (21), Sachse (22), Pflugerville (23), Corinth (30), Allen (33), Pearland (34), The Colony (47), Round Rock (49), Saginaw (50), Mansfield (54), Georgetown (55), Burleson (58), League City (65), Missouri City (78), Schertz (91) and Terrell (96).

The fastest growing suburb in the country was Lincoln, Calif., which grew last year by almost 237 percent.

SAAD'S PINPOINT PURCHASE

HOUSTON (CB Richard Ellis) – Saad Development Corporation has purchased just over 25 acres in the 351-acre Houston Business Center.

CB Richard Ellis represented both Saad and seller PinPoint Commercial LP in the transaction.

WHEELER-DEALER

HOUSTON (Trammell Crow Company, CB Richard Ellis) – Foster Wheeler USA Corporation has leased the entire Energy Center 1 office building at 2020 Dairy Ashford.

Foster Wheeler will move all local operations to the under-construction 13-story, Class-A, 332,000-square-foot high-rise at the northeast corner of Eldridge Parkway and Katy Freeway.

The building is slated for completion in February 2008.

CB Richard Ellis represented the landlord, a joint venture between Trammell Crow Company and Principal Real Estate Investors. The tenant was represented by Jackson & Cooksey.

KHOSHBIN'S INDUSTRIAL PICKUP

HOUSTON (CB Richard Ellis) – The Khoshbin Company, a California-based commercial real estate management and investment company, has purchased three industrial centers totaling more than 338,000 square feet in north Houston.

The centers include 11 buildings that are 83 percent occupied and have 58 tenants. Included in the portfolio were:

Intercontinental Business Center at 16611 – 16651 W. Hardy (four buildings totaling more than 103,000 square feet on almost eight acres),
Central Park North Business Center at 600 Kenrick (five buildings totaling more than 155,000 square feet on almost 11 acres), and
North Freeway Business Center at 16745 – 16749 I-45 North (two buildings totaling more than 79,500 square feet on almost four acres).

CB Richard Ellis represented seller First Industrial Realty Trust.

THE EIGHTEEN HUNDRED AT 1800

SAN ANTONIO (San Antonio Express-News) – A Dallas-based developer is planning about 200 apartments for the 1800 block of Broadway at Grayson Street.

The San Antonio Historic and Design Review Commission approved The Eighteen Hundred earlier this week, and developer Regent Communities Inc. expects to begin demolition work in November. The three-acre site is presently home to a Snow White Cleaners & Tailors and a vacant building that used to house Fox Photo.

The four-story, four-building complex, designed by James, Harwick + Partners Inc. of Dallas, will include apartments for three income levels, with the lowest starting at about $800 per month for a small one-bedroom.

VICKERY LANE FACILITY SOLD

HOUSTON (CB Richard Ellis) – Corrections Corporation of America has purchased a 108,900-square-foot industrial and warehouse facility at 16038 Vickery Lane.

CB Richard Ellis represented seller World Houston Air Cargo Center Ltd.

TAR PODCAST GOES LIVE

AUSTIN (Texas Association of Realtors) – A biweekly audio podcast is now available to Texas Realtors.

“Texas Realtor Update, the Official Podcast of the Texas Association of Realtors,” will be hosted by Texas Realtor Editor Marty Kramer and include industry news, legal and regulatory information, technology tips, ethics information, and other topics of interest to Texas Realtors.

Texas Realtors can subscribe to the podcast online.

SECOND IN CLOSING COSTS

FLORIDA (bankrate.com) – For the second year in a row, Texas had the second-highest mortgage origination, title and closing costs, according to Bankrate.com's annual survey, which based closing costs on a $200,000 mortgage.

New York topped the list for the third time with an average cost of $3,830; Texas’ was $3,413. Mid-range states were Michigan and Minnesota at $2,694 and $2,692, respectively. Indiana was least expensive at $2,339 — about $1,074 less than Texas.

The next most expensive states were Florida, Pennsylvania, Ohio and Hawaii. After Indiana, the least expensive states in which to buy a mortgage are Wyoming, Illinois, Nevada and North Carolina.

Fees vary from state to state because of differing taxes, customs and regulations.

The survey also found that states with the biggest populations tend to have the highest mortgage-related fees. The five most expensive states are among the seven most populous: New York is third in population, Texas is second, Florida is fourth, and Pennsylvania and Ohio are sixth and seventh.

SPRING ON THE WAY

AUSTIN (Austin American-Statesman) – Work begins Tuesday on the 42-story Spring condominium tower at Third and Bowie.

The building will have nearly 250 units. One-bedroom condos, at 575 square feet each, will start at $237,000, while the two-bedroom, two-bath units will range from $430,000 to $530,000.

The project is being developed by Robert Barnstone, Perry Lorenz, Larry Warshaw and Diana Zuniga with a design by Vancouver-based Rafii Architects.

Construction will wrap in 2009.

HOME SALES FALL IN BAYOU CITY

HOUSTON (Houston Chronicle) – According to figures from the Houston Association of Realtors, area home sales fell for the second month in a row and for the third month this year.

Single-family home sales fell 6.9 percent last month from a year ago, with almost all of the decline involving homes priced from $80,000 to $140,000. Sales of homes priced at $500,000 and higher were up 11.7 percent.

The median price for a single-family home rose in June to a record high of $160,000, an increase of 2.6 percent over last year.

Realtors sold 7,154 single-family homes last month through the Multiple Listing Service — 534 fewer than they did in the same month last year. About 15 percent of those were new homes. In fact, sales of new homes fell 19 percent in June from the same month last year, according to Metrostudy.

Including townhomes, condominiums and other properties, sales fell 8.4 percent during the month.

While pending sales were down 1.5 percent, 37,236 single-family properties were listed for sale last month, an 18.6 percent increase over June 2006 and the 12th month with a year-over-year increase.

THE TWO TOWERS

DALLAS (The Dallas Morning News) – Granite Properties and Gables Residential are spending $200 million on a two-tower high-rise complex on Akard Street.

The complex will consist of a 24-story residential tower with 296 apartments and a 20-story, 330,000-square-foot office building. About 17,000 square feet of restaurant and retail space will be available on the ground floor. A fitness center and swimming pool will be located between the two towers on top of the seven-level parking garage.

Architect Good Fulton & Farrell designed the development, which will break ground in January and open in 2009. Austin Commercial is the general contractor.

BIG D HOME SALES DIP

DALLAS (The Dallas Morning News) – Median home sales prices so far this year are down in 14 Dallas–Fort Worth residential areas, according to data from the North Texas Real Estate Information System.

Sales for existing homes in Westlake, Sunnyvale and Grapevine have dropped more than 20 percent this year, while sales in Coppell are off 35 percent from the first half of 2006.

Statistics show that much of the sales decline this year has been for homes priced at $190,000 or less.

The news is brighter in some areas. Take Lancaster, for example, where home sales were up 37 percent in the first six months of this year.

LAQUINTA PREPARATION UNDERWAY

LONGVIEW (Longview News-Journal) – Mark Patel is developing a three-story LaQuinta Inn at 908 East Hawkins Pkwy.

Locally based Johnson and Pace is doing the engineering work for the two-acre site.

FIRST BUYS TWO

HOUSTON (CB Richard Ellis) – First Industrial Acquisitions Inc. has purchased two industrial and warehouse spaces from South by South Southwest HSO Limited Partnership and Wynnwood HSO Limited Partnership.

The firm bought about 90,500 square feet at 700–760 Industrial Blvd. in Sugar Land and almost 85,000 square feet at 7230–7260 Wynnwood in Houston.

CB Richard Ellis represented the seller.

SIX AMONG BEST PLACES TO LIVE

NEW YORK (CNNMoney.com, Griffin Integrated Marketing) – Six Texas towns recently made CNN/Money’s list of 100 “Best Places to Live” in the United States.

Schertz ranked highest at 40th, while Hewitt was number 44, Keller was 50, Friendswood was 51, Mansfield was 83 and Grapevine was 97.

The 2007 list focused on small towns that have populations between 7,500 and 50,000 and that offer the best combination of economic opportunity, good schools, safe streets, things to do and a sense of community.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

RECON July 17, 2007

2007-07-17T15:09:00.000-04:00

RECON

Real Estate Center Online News

July 17, 2007

U.S. HOUSING MARKET REVERTING TO NORM

NEW YORK (Bloomberg News, Real Estate Center) – The National Association of Realtors (NAR) projects that U.S. home sales and prices will continue to fall this year, and the housing slump will persist into next year as builders curtail production.

NAR reduced its sales forecast Wednesday for the seventh consecutive month and said existing home sales will fall 5.6 percent to 6.11 million in 2007. Prices will drop 1.4 percent. In 2008, single-family housing starts will probably fall to their lowest since 1995.

Dr. James Gaines, research economist with the Real Estate Center at Texas A&M University, said the decline is natural and expected after several years of uncommonly high sales levels.

“Through a series of market factors, sales reached very high, unsustainable levels from 2004 through 2006,” Gaines said. “Now we’re seeing the housing market revert to its norm. The market took several steps forward during the last few years. Now it’s taking a step back.”

ACREAGE EARMARKED FOR OFFICE USE

ADDISON (costar.com) – Opus West Corp. has earmarked 3.5 acres near Addison Circle for office development.

Opus West purchased the site from Staubach Assets Inc., and it is one of the last tracts in town zoned for office development. The company, which represented itself in the transaction, plans to use the tract for a multistory building that could offer between 180,000 and 200,000 square feet of Class-A office space.

NORTHWEST PINES SOLD

HOUSTON (globest.com) – Los Angeles–based JRK Asset Management Inc. has sold the 364-unit Northwest Pines to MNR Inc. of New York City.

Northwest Pines, which sits on more than 11.5 acres at 5801 N. Houston Rosslyn Rd., has one- and two-bedroom units. Rents range from $435 to $625 per month. The Class-B, 27-year-old complex was 94 percent occupied at closing.

The sales price was within 90 percent of JRK’s $11.4 million asking price and had a 8.5 percent cap rate.

Cushman & Wakefield represented the seller, while MNR was self-represented. Asset Plus Corp. of Houston will manage the property.

FOUR NEW TENANTS FOR IDI

DALLAS (globest.com) – Four tenants have signed leases totaling 280,000 square feet of distribution space at area properties owned by Atlanta-based IDI.

Jupiter Logistics Ltd. signed for 105,000 square feet in a five-year lease at the Beltline Trade Center at 346 E. Belt Line Rd. in Coppell.
Harvel Plastics Inc. also leased space at the Beltline Trade Center. The Pennsylvania-based company signed a five-year, 60,000-square-foot lease for a distribution facility.
At the Class-A Skyline Trade Center in Mesquite, the Merit Group Inc. signed a ten-year lease for almost 87,500 square feet. The center is at 2400 Skyline Dr., near I-635 and Gross Road.
Contractors Wire and Cable signed a five-year lease on almost 27,500 square feet in Building C in Valwood West Business Park at 2045 Westgate Dr. in Carrollton. The lease brings the four-building, almost 577,000-square-foot Valwood to 100 percent occupancy.

IDI represented itself in all four leases, and it also represented Harvel Plastics. NAI Huff Partners represented Contractors Wire and Cable, NAI Robert Lynn Co. represented the Merit Group and the Staubach Co. represented Jupiter Logistics.

IMPROVEMENTS AT PIONEER PARKWAY

GRAND PRAIRIE (costar.com) – The PPA Group has paid $6.1 million for 334 apartment units at 145 Pioneer Pkwy.

The buyer plans to spend about $360,000 to improve some of the amenities and restore the building exteriors.

CB Richard Ellis represented seller Thurman Skillman Woods.

APARTMENTS UNDERGO CONDO CONVERSION

AUSTIN (Austin Business Journal) – Windsong Apartments and Parkside Apartments, which were recently purchased by two different buyers, will be converted into condominiums.

The Sutton Co. purchased the 52-unit Windsong at 2703 Swisher Street, while an unnamed local investor picked up the 18-unit Parkside at 4209 Burnet Road.

Transwestern's Central Texas Multifamily Group represented the sellers.

RIVER PLAZA REDO

FORT WORTH (globest.com) – Trademark Property Co. is developing a $100 million mixed-use project on the banks of the Trinity River.

The River Plaza project, a joint venture of Trademark and RP Partners, will include the complete makeover of a 140,000-square-foot office building at 1701 River Run, the purchase of the Silver Fox Steakhouse for a sale-leaseback and expansion, 95,000 square feet of new specialty retail along University Drive, and a 135-room hotel.

The almost seven-acre site includes 600 feet of frontage along University Drive and another 600 feet along the Trinity River.

Trademark officials say construction will get under way before the end of the year. The first phase will be completed in 2009, while the second, including the hotel, will wrap up in 2010.

POST OAK PLAZA TO FRESHEN UP

HOUSTON (globest.com) – A $38 million renovation of the more than 129,000-square-foot Post Oak Plaza began yesterday, marking the first upgrade for the 40-year-old shopping center.

Improvements to the property at 1751 Post Oak Blvd., near the Galleria, will focus largely on the façade, landscaping and parking lots. The work will take 12 to 18 months to complete.

The center is 85 percent occupied. Major tenants include Linens 'n Things, Whole Earth Provision Co., the Arrangement, Pinto Ranch and Luby's.

Financing was arranged by NorthMarq Capital Inc.'s Houston office. Mony Life Insurance Co. in New York City provided the funding.

SEA GUN A GO

ROCKPORT (Corpus Christi Caller-Times) – A joint-venture partnership is developing a $75 million project on the Lamar Peninsula that will bring luxury town homes, waterfront condominiums and a new marina to Aransas County.

The project will redevelop about 22 acres, including the old Sea Gun Sports Inn property. Plans include creating a private gated enclave with 15 waterfront lots for single-family homes, 50 townhomes with individual boat slips, 100 condominium units, a 165-slip marina and harbormaster building.

The Sea Gun project, which will likely be completed in three to five years, is a joint venture between Brett Bohn of Houston-based Lakeland Development Company and current property owners David Pilgrim and Alan Latham of Aransas Bay Interest.

KEMPWOOD SERVICE CENTER PURCHASED

HOUSTON (Houston Chronicle) – Colette Farms has purchased the Kempwood Tech Center, a more than 113,000-square-foot flex service center on 7.2 acres at 2704-2778 Bingle.

Holliday Fenoglio Fowler represented seller Midway Cos. NewQuest Properties represented Colette Farms.

MARRIOTT MOVING INTO VILLAGE

ALLEN (The Dallas Morning News) – A 225-room hotel will be part of the Village at Allen, a 181-acre mixed-use development at the southeast corner of Central Expressway and Stacey Road.

Construction on the ten-story Courtyard by Marriott hotel will begin this fall and be completed in spring 2009.

The developer is John Q. Hammons of Missouri.

PARADISE FOUND

CORPUS CHRISTI (globest.com) – Post Investment Group LLC has paid $23.5 million for the 783-unit Paradise Bay Apartments.

The California-based real estate company plans to invest $2 million in upgrading the Class-B complex at 5901 Weber Rd.

Paradise Bay was built in two phases between 1973 and 1980. It has a mix of efficiencies and one-, two- and three-bedroom units. Sizes range from 500 to 1,200 square feet. Monthly rents are $475 to $1,100.

Post Investment’s goal is to have $100 million in multifamily properties nationwide by the end of the year, with 80 percent of the activity in Texas.

Hendricks & Partners’ Houston office represented seller Paradise Bay Apartments LP, while Post Investment was self-represented. New York City–based Credit Suisse Inc. financed $21.5 million of the debt. The remainder was provided by private equity sources.

@ THE CENTER

To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.

To send news items for consideration, e-mail Bryan Pope.

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

The Woodlands E-Neighbor - July 17, 2007

2007-07-17T12:07:00.000-04:00

SUTTON AND WELBES NAMED HONORARY CHAIRS FOR CELEBRATION OF EXCELLENCE GALA - Alex Sutton and Tim Welbes , co-presidents of The Woodlands Development Company, have been named honorary co-chairs of A Hero's Journey: The Woodlands 2007 Celebration of Excellence gala, benefiting Interfaith of The Woodlands. The gala is scheduled for Saturday, October 13, 2007 at The Woodlands Waterway Marriott Hotel and Convention Center. "We are truly honored and appreciative of Mr. Sutton's and Mr. Welbes' time and commitment to this wonderful event," said Dr. Ann Snyder , executive director of Interfaith. Numerous community members are joining with Interfaith and the co-chairs to plan this annual celebration. Pictured are Welbes; Susan Dingle , VIP committee and vice president of Deutsche Bank Alex. Brown; Sutton; and Jim Larson , underwriter committee co-chair and a member of Interfaith's board of directors.

The 2007 Hometown Heroes , comprised of residents and businesses or institutions that serve as outstanding role models for volunteerism and dedication to The Woodlands community, will be inducted into the Hometown Heroes Hall of Fame at the gala. Nomination forms for the 2007 Hometown Heroes are available now in The Villager newspaper; at The Woodlands Homefinder Center located at 2000 Woodlands Parkway; at Interfaith of The Woodlands, located at 4242 Woodrush Drive; and online at www.thewoodlands.net . The deadline for nominations is Friday, August 17, 2007. Since the Hometown Heroes tradition began in 1999, 67 individuals and four businesses have been inducted into the Hometown Heroes Hall of Fame. For more information about the gala or gala sponsorships, contact Meghan Warren, Interfaith's special events coordinator at mwarren@woodlandsinterfaith.org or call 281-615-8223.

LIFEGUARDS FROM THE WOODLANDS EARN TOP HONORS - Congratulations to the Community Associations of The Woodlands lifeguards who placed third overall in the North Texas Guard Games in Irving, Texas, held on June 29 and 30. The annual competition tests the lifeguarding skills of participants against those of participants from different cities. This is the 10 th year for this competition.

Events include team scenario, scanning, first aid, passive victim/CPR scenario, spinal victim rescue, fitness game and obstacle course. The Woodlands Nature's Revenge , who won the third place prize, consists of Stephen Hill, Brett Gerard, Hannah Wilcher and Lori Dennis . The Woodlands Undertow consists of Nick Hluza, Kate Whitaker and Shannon Helster. By placing in the top three, Nature's Revenge earned an invitation to the 2007 Texas Public Pool Council State Championships in Round Rock, Texas on July 24. Standing proudly with their trophy are (from left to right): Shannon Helster, Nick Hluza, Kate Whitaker, Hannah Wilcher, Lori Dennis, Brett Gerard and Stephen Hill.

WOODFOREST NATIONAL BANK RECEIVES HIGHEST CUSTOMER SATISFACTION RANKING - Woodforest National Bank has ranked highest in customer satisfaction in the Southwest Region according to the recent results of the J.D. Power and Associates 2007 Retail Banking Satisfaction Study^SM. The study analyzes customer satisfaction in the retail banking experience by examining six factors: transactions, account initiation/product offerings, account statements, convenience, fees and problem resolution. For the Southwest region, Woodforest National Bank scored highest in all of the study's factors that drive overall satisfaction in its region, out-ranking some large national banks. Pictured during the award presentation are (from left to right): Marco Padilla , assistant vice president; Patricia Brown , vice president-traditional; Guillermo Garcia , director of financial services for J.D. Power and Associates; Julie Mayrant , executive vice president-retail banking; and Patrick Schaeffer, vice president-in-store retail administrator. Woodforest National Bank is headquartered in The Woodlands, and over the past 27 years has grown to $2.3 billion in assets with 320 branches in nine states and 340,000 customers.

WOODFOREST CHARITABLE FOUNDATION DONATES $6,000 TO THE COMMUNITY CLINIC - Continuing its mission to support those in need, Woodforest Charitable Foundation recently donated $6,000 to The Community Clinic . The Community Clinic is a non-profit health care center that provides free medical, dental, mental health and social services to those who are uninsured and on a limited income. "Most people do not realize that one in four people, including children, do not have health insurance and are going without basic medical care," explains Rebecca Jones, executive director of The Community Clinic. Established in 1996 by Dr. Joel Kerschenbaum, The Community Clinic is staffed by licensed physicians, nurses, dentists, dental assistants and hygienists, social workers, translators and support people, all who volunteer their time and services. The clinic is located at 101 Pine Manor Drive just behind Pier One in Oak Ridge North . Pictured is Jones (center, holding check), Dr. David Gottlieb (at right, holding check) and Kim Marling (far right), both of The Woodforest Charitable Foundation.

MEMORIAL HERMANN THE WOODLANDS RECEIVES TOP RANKING IN TREATING HEART FAILURE - The Centers for Medicare & Medicaid Services (CMS), an agency of the U.S. Department of Health and Human Services (HHS) , has announced a milestone addition to the Hospital Compare consumer Web site ( www.hospitalcompare.hhs.gov ). The revised comparison tool now gives consumers even better insight into the quality of care provided by their local hospitals. Out of 4,807 hospitals nationwide, four hospitals in the Memorial Hermann Healthcare System (MHHS), including Memorial Hermann The Woodlands Hospital , were part of 38 that received a better than the national rate ranking for treating heart failure. MHHS was the only system in Texas to receive a better than the national rate ranking in this category. To learn more, visit www.memorialhermann.org or call 713-222-CARE.

TOWN CENTER IMPROVEMENT DISTRICT BOARD APPROVES UPDATED SIGNAGE SYSTEM - A new system of wayfinding in The Woodlands Town Center, designed by Juliana Marek of Marek-Hill Design in Houston, has been approved by the Town Center Improvement District (TCID) board of directors. Under the new system, exterior major streets in Town Center will retain their current shape and color with some updating of messages, while interior signage will change in shape, size and color with updated information. New single post signs within Town Center will be easier to install, provide improved viewing and are projected to reduce maintenance costs.

"When the new transit signage for trolleys and water taxis was implemented on The Woodlands Waterway®, we found the need to update the District's entire signage system, especially with the many new destinations that have recently been added," said Frank Robinson , president of TCID. Town Center Improvement District is a public entity committed to maintaining The Woodlands Town Center and surrounding area, as the best possible place in which to live, work, shop and invest. For more information, call 281-363-2447 or visit www.town-center.com .

MARKET STREET OPENS PUTT-PUTT COURSE TO NON-PROFITS - Is your non-profit organization looking for a creative way to raise money and build visibility in the community? If so, Market Street wants to hear from you. Market Street's nine-hole putt-putt course, located on the south side of the project across from Starbucks, is now available on a complimentary basis for Montgomery County non-profit organizations to host fundraisers and awareness efforts. Non-profits can reserve the course for a morning, an afternoon or all day any day of the week. Groups can raise money for their organization by charging a fee for individuals to play the course. Organizations can also pass out materials to players and register the names of those interested in learning more about the charity. Interfaith of The Woodlands was the first non-profit to host an event at the venue on July 4 and over 175 people participated. To reserve a day for a non-profit organization or to learn more, contact Jenny Taylor at jtaylor@trademarkproperty.com .

AND SPEAKING OF MARKET STREET - Construction is scheduled to begin next week to create a decorative, pedestrian-friendly pathway between Market Street and The Woodlands Mall. Decorative pavers will be installed across Six Pines Drive, connecting the entries of both shopping areas. In order to install the decorative pavers, Six Pines Drive will be closed to northbound traffic at the access roads to Market Street and The Woodlands Mall for one week, beginning the week of July 23. Six Pines will be closed to southbound traffic to the intersection the following week. Later in the fall, a four-way traffic signal will be installed at the intersection of Six Pines and the access roads leading into Market Street and The Woodlands Mall. The signals are scheduled to be installed by mid-October.

UNITED WAY SEEKING COMMUNITY SUPPORT FOR SOCK AND "UNDIE" DRIVE - Montgomery County United Way (MCUW) is seeking donations of new socks and underwear throughout the month of July, to help underprivileged children go back to school with confidence. Several years ago, Dr. Samer Faysal contacted Julie Martineau, president of MCUW to find out what he could do to help school children within the community. "At that time," states Dr. Faysal, "there were back-to-school drives for backpacks and supplies, gently used clothing and shoes, but no one was asking for underclothes." Betty Campbell , community resource coordinator for MCUW, took charge of the 'Undie' Drive in 2005, and made it part of MCUW's Days of Caring. Since that time, the Drive has helped more than 100 families. To encourage people to give generously to this campaign, Dr. Faysal (pictured here with a member of his staff), is offering one free chiropractic adjustment per adult that makes a qualifying donation. To find out more, contact Campbell at 281-292-4155, ext. 267.

There are 60 major construction projects currently underway or recently completed in The Woodlands. For the latest Development Update, visit www.thewoodlands.net .

The new Village of Creekside Park will officially open to the public on Saturday, October 20, 2007. Details about the Grand Opening event will be posted on www.thewoodlands.com and www.thewoodlands.net in August.
According to the Travel Industry Association of America's forecast, Florida and California top the list for the most popular summer vacation destinations, tied at 35% each. Next in the ranking is New York at 16% and Texas with 13%.

MONTGOMERY COUNTY WOMEN'S CENTER AND CAPITAL ONE OFFERING SELF DEFENSE CLASSES - Montgomery County Women's Center and Capital One Bank have formed an alliance to offer self-defense strategies for women and their daughters the third Thursday of every month beginning Thursday, July 19, 2007 at 7 pm. The classes will be held at the Capital One Bank located at 2404 Research Forest Drive. Capital One is offering the self-defense classes while the Montgomery County Women's Center will inform women about their resources in case of domestic violence or sexual assault. "With more than 11,000 homes in Montgomery County that can be qualified as homes of domestic violence, we want to keep women informed as to what their options are and to also learn what they can do to keep safe as they move about their every day routine," said Donna Wick, outreach program manager for the Women's Center. For more information about the classes, call Donna Wick at 281-292-4155, ext. 228.

PAVILION PARTNERS HOSTING OPEN HOUSE JULY 21 - The Pavilion Partners, the official volunteer organization of The Cynthia Woods Mitchell Pavilion , is conducting a membership drive in search of new members who love the performing and visual arts and who love to have fun! P art ners is hosting an Open House on Saturday, July 21 from 10 am - 4 pm in the administration building lobby at The Pavilion. Attendees can explore the volunteer opportunities at The Pavilion, along with the benefits of becoming a member of The Pavilion P art ners. Launched in 1998, P art ners supports The Pavilion through fund-raising and by awarding fine arts scholarships each spring. The volunteer organization also provides event volunteers for performances and events at The Pavilion throughout the year. To find out more, attend the Open House or contact Charlotte Weschler at 281-210-1122 or cweschler@woodlands
center.org . Pictured are Pavilion Partners Linda Feld and Sandra Novak.

SENATOR TOMMY WILLIAMS TO BE GUEST SPEAKER AT JULY 25 CHAMBER LUNCHEON - State Senator Tommy Williams will present an update on the recently completed 80th Legislative Session at the South Montgomery County Woodlands Chamber of Commerce's Business Luncheon on Wednesday, July 25 at 11:30 am at The Woodlands Resort & Conference Center . Senator Williams represents Senate District 4 covering all or portions of Jefferson, Orange, Chambers, Liberty, Harris and Montgomery Counties. Senator Williams brings a strong record of business achievements, community involvement and public service to the people of southeast Texas. Reservations for the Business Luncheon are required. The cost to attend is $25 for Chamber members and $30 for prospective members. For more information, call The Chamber at 281-367-5777.

OPEN HOUSE THIS WEEKEND AT THE NEW DANVILLE RAFFLE HOUSE - The public is invited to see the beautiful, custom home located at 10 Hillock Woods Drive in the neighborhood of Grogan's Point in The Woodlands that is being raffled off as a benefit for New Danville . The home will be open Saturday, July 21 and Sunday, July 22, 2007 from 10 am - 5 pm on Saturday and 12 noon - 5 pm on Sunday. Built by Design Tech Homes with materials donated by generous vendors, the one-story, 3,500-square-foot home is valued at $560,000. The Texas New Community Alliance is developing New Danville, Texas' first master-planned community for adults with special needs.

Raffle tickets may be purchased for $100 each at the Open House, or online at www.newdanville.org . until Monday, July 23, 2007. "We are approaching the deadline to purchase tickets, and we encourage everyone to come to the Open House, take a look at this beautiful home, and take a chance to win," said Odette D'Agostino and Bev Earl , co-chairs of the New Danville House Raffle. "By buying a raffle ticket, you are also giving adults with special needs a chance for a better life at New Danville. To find out more about the plans for this unique community, we encourage everyone to visit the website and view the DVD." The drawing for winner of the new home will take place on Saturday, July 28, 2007 at 12 noon at the raffle house at 10 Hillock Woods Drive in Grogan's Point. Whitney Washam, Miss Texas Teen (pictured), will be drawing the winning ticket. For more information, visit www.newdanville.org .

MARKET STREET SEEKING ARTISTS FOR FALL FINE ARTS FESTIVAL - Calling all artists! It's time for another incredible display of local talent at Market Street's Fall Fine Arts Festival, scheduled for Saturday, October 6 from 10 am - 7 pm. The Market Street juried Fall Fine Arts Festival will feature hometown artists selling their works of art including painting, photography, mural, metal-works, sculpture, digital art, mixed media and more. The event also features live music, artist demonstrations and children's art activities in Central Park. The Fine Arts Festival is open to any fine arts talent who lives in the greater Woodlands community. Artists who are interested in becoming part of this community event may download the Market Street Fine Arts Festival application at www.marketstreet-thewoodlands.com or contact Jenny Taylor, activities coordinator, at jtaylor@trademark
property.com . Applications are due by August 20; artists will be notified of acceptance by September 4.

RECON July 13, 2007

2007-07-13T13:17:00.000-04:00

RECON

Real Estate Center Online News

July 13, 2007

ALAMO CITY OFFICE MARKET LOOKS BRIGHT

SAN ANTONIO (San Antonio Express-News) -- A report from Delta Associates and Transwestern released this week paints a rosy picture for the city's office market for the next two years.

Almost 1.4 million square feet of office space is under construction or renovation here. Office space demand increased during the first half of this year, although vacancy rates remained steady.

The city's unemployment rate is 3.6 percent, the lowest since late last year. The San Antonio market absorbed 545,000 square feet in the first six months of this year, surpassing the 481,000 square feet absorbed in all of last year.

The office vacancy rate of 10.6 percent is higher than the 10.3 percent national average but lower than Dallas and Houston.

Office rents are going up. The average for space is ten years old or lower is $20.87 per square foot. That is up from $20.65 at the end of 2006.

"It is one of the most robust office markets that San Antonio has seen," said Kevin Roberts, Transwestern's executive vice president for the Central Texas region.

PLANO PRESTON PROPERTY PART OF PACKAGE

PLANO (Houston Business Journal) -- Preston Shephard Place has been sold as part of a $150 million package. A joint venture of Weingarten Realty Investors and PNC Realty Investors bought the retail center along with ones in Alpharetta, Ga., and Stuart, Fla.

PNC made the deal on behalf of its institutional client, the AFL-CIO Building Investment Trust. The joint venture is 80 percent owned by the building investment trust and 20 percent by Weingarten, which will also handle property management and leasing.

PARTNERS ENVISION LEANDER DEVELOPMENT

LEANDER (Austin American-Statesman) -- An $11.5 million bid was the top offer for 942 acres of the Kutscher Ranch near here. The buyers included investor and land developer John Lewis and Leander Mayor John Cowman.

Lewis and Cowman envision a high-end residential development on the rolling ranchland. Closing is set for Sept. 10.

Cowman is in the partnership as a private real estate broker and developer. He said he will recuse himself from any city council votes involving the land, which he anticipates Leander will eventually annex. The property is in the city's ETJ.

ALABAMA COMPANY BUYS HOUSTON PROPERTY

HOUSTON (Summit Asset Management) -- Summit Asset Management of Montgomery, Ala., has purchased the 291-unit Summit Point Apartments. The company plans to spend more than $6.1 million for rehabilitation of the property.

Both interior and exterior renovations are planned, including renovated and upgraded kitchens and bathrooms, landscaping, exterior upgrades and maintenance and parking lot resurfacing.

The purchase is Summit's tenth in Texas. Houston Income Properties and KET Enterprises of Houston brokered the transaction.

WATERING THE FUTURE

UVALDE COUNTY (San Antonio Business Journal) – About 7,550 acres of the historic Annandale Ranch will be purchased by the San Antonio Water System (SAWS) for $4 million.

Crossing the west side of SH 127 near the intersection of FM 2690 just west of San Antonio, the land will become a conservation easement to limit future development and protect the Edwards Aquifer recharge zone.

"There are 25 documented sensitive recharge features, such as caves and sinkholes, at the Annandale Ranch," says Bruce Haby, manager of SAWS' corporate real estate. "The ranch also contains approximately 4.5 miles of Frio River frontage. More recharge is occurring in the Frio and Dry Frio basins than in any other recharge zone . . . . "

In 1999 and 2002, SAWS, the Edwards Aquifer Authority and the Nature Conservancy of Texas bought separate conservation easements on 4,055 acres at the Annandale Ranch.

The ranch was established in the 1880s by Louis Washington Florea and totals more than 12,000 acres.

Protecting Texas’ water sources is discussed in Tierra Grande’s recent issue. “Big Gulp” describes the 2007 State Water Plan.

KANSAS CITY LIKES KILLEEN

KILLEEN (KC Venture Group) -- Two multifamily properties here have been purchased by affiliates of KC Venture Group LLC of Kansas City, Mo. The properties purchased were the 160-unit Twin Creek Apartments and the 214-unit Copper Mountain Apartments near Fort Hood.

"The properties require some work to cure deferred maintenance and improve curb appeal keeping in the spirit of KCVG's continuing focus on adding value to its assets," said Texas-based Vice President of Acquisitions Susan Pohl.

KCVG is actively seeking Class-A, -B and value-added multifamily properties in the Southwest, Midwest and Southeast.

CARACOL GRAND OPENING

PORT O’CONNOR (mmihouston.com) – Tomorrow, Trend Development Inc. and Forestar Real Estate Group will host the grand opening of their upscale master-planned community, Caracol.

Bounded by the Intracoastal Waterway, the new development has 74 home sites, 70 of which have canal frontage with access to the Gulf of Mexico.

Home sites begin in the $100,000’s. Plans for the second phase of Caracol include a midrise condo community on a marina.

MOLD: HERE WE GO AGAIN

COLLEGE STATION (Real Estate Center) -- Receding flood waters are good news. The mold that is left behind is not.

"The Video Book of Mold" includes interviews with experts who help uncover the truths about the green menace. Topics include:

where and why mold flourishes and how to inspect for it.,
who should be concerned about mold exposure,
what Texas homeowner's insurance policies cover,
how mold affects home value and
how homeowers can clean up small mold problems.

Available in VHS or DVD formats for only $10, the videos can be ordered online at http://recenter.tamu.edu/store//.

CANADIAN CURRENCY BUYS CROSSWINDS

HOUSTON (globest.com) – Sterling American Property Inc. has sold the 240-unit Crosswinds Apartments to an Ontario investor.

The Class-B, 24-year-old Crosswinds is on almost nine acres at 14810 Crosswinds Dr. and has one-and two-bedroom units ranging from 479 to 1,033 square feet. Monthly rents range from $419 to $700.

The 84 percent-leased complex was sold with a pro forma cap rate of 8.3 percent. Cushman & Wakefield of Texas Inc. assisted in negotiations.

CALIFORNIA MONEY BUYS AUSTIN OFFICES

AUSTIN (Austin Business Journal) -- Triple Net Properties LLC is the new owner of two Austin office buidlings. The California-based company purchased the 433,024-square-foot 816 Congress property downtown and Avallon, a 318,217-square-foot building in northwest Austin.

The sales price was $82.5 million. Crescent Real Estate Equities Co. was the seller. Crescent has been purchased by Morgan Stanley Real Estate for $6.5 billion.

SALES DOWN BUT PRICES HOLDING

DALLAS (The Dallas Morning News) – New-home sales were down more than 17 percent in the second quarter, and sales of pre-owned homes were off 15 percent in June. The biggest drop in new-home sales was in homes below $150,000.

"What we are seeing more than anything is the impact of the tightening of the subprime market," Mr. Brown said. "Some of those buyers probably shouldn't be buying."

During the first half of 2007, the median sales price of pre-owned homes was up 1 percent from a year earlier to $150,000, primarily because fewer low-cost homes were changing hands.

Builders started 8,568 single-family homes in the quarter -- down almost 40 percent from a year earlier, according to statistics by housing analyst Metrostudy Inc. Builders sold 9,774 homes in the just-completed quarter -- the lowest total in more than two years.

With the cutback in construction, the number of unsold new homes in the area has declined to just under 11,000. About 13,000 single-family homes were under construction in North Texas, compared with about 18,000 a year ago, according to Metrostudy.

The supply of homes for sale is down from same time last year’s eight months to about seven months.

DOWN IN THE VALLEY

McALLEN (McAllen Monitor) -- Fewer building permits have been issued here this year than since 2001.

The Rio Grande Valley housing decline is blamed on an overbuilt market and more conservative mortgage lending.

"There is a real dearth of housing starts, and I think that is really associated with the more stringent requirements on lenders," said Brownsville developer Bill Hudson.

The number of new home permits fell 33 percent in the Valley during the first five months of this year compared with 2006. Valley cities registered 3,619 residential building permits compared with 5,465 during the same time last year.

Some industry experts say the area is not in a housing slump but merely returning to normal pre-housing-boom levels.

COMMUNITY TAKES ROOT

CYPRESS (Houston Chronicle) – General Growth Properties Inc. is developing the 10,000-acre resort-style Bridgeland community, which will ultimately include more than 21,000 single-family homes with 65,000 residents, said Peter Houghton, Bridgeland's vice president for sales.

The majority of Bridgeland, which is 2.5 miles south of U.S. 290 on Fry Road, is in the Cypress-Fairbanks Independent School District.

The community is divided into Lakeland, Parkland, Prairieland and Creekland villages. About 400 homes in the $160,000 to $1 million price range have been sold.

A 1,000-acre town center will rise along the Grand Parkway near North Bridgeland Lake Parkway and will include office, medical facilities, retail, education centers and entertainment. About 3,000 acres has been set aside for recreation or conservation, including nearly 900 acres of lakes, creeks and trail systems.

RENEWING THE REINSURANCE

TEXAS (Houston Chronicle) – The Texas insurance commissioner approved an order letting the state's windstorm insurer of last resort buy $1 billion of coverage for itself.

The Texas Windstorm Association, created to sell insurance along the coast, will pay between $150 million and $160 million for the reinsurance, said association spokesman Jerry Johns.

Reinsurance is coverage insurance companies buy to pay claims in the event of a catastrophic storm. The association's old policy expired June 1.

Many private insurance companies have stopped providing windstorm coverage for coastal counties and begun limiting coverage in those that are one county inland. This caused the insurance policies sold through the association to more than double from almost 68,000 in 2001 to nearly 182,000 as of last month.

Visit the Real Estate Center’s website to read articles concerning tidal insurance and other insurance issues facing homeowners.

BUILDING FOR RESEARCH

SAN ANTONIO (San Antonio Express-News) – DGD Research will construct the Diabetes and Glandular Disease Clinic in the city's medical center. The clinic will be the world’s largest private diabetes research center.

When the 80,000-square-foot building is complete, it will have 100 beds for cutting-edge inpatient research and room for hundreds of outpatient visits. DGD expects to add about 200 employees in the next five years.

The center is slated to open next February.

@ THE CENTER

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The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.