Physician’s Capital Investment LLC renewed 2,949 SF at 12655 N Central Expressway in Dallas, Texas. Brent St. Amant and Richard Maloof represented the landlord, Hartman Income REIT.
Author: Sarah
Southwest Automated Leased 3,398 SF at 14110& 14114 N Dallas Pkwy
Southwest Automated Security leased 3,398 SF at 14110 & 14114 N Dallas Pkwy in Dallas, Texas. Brent St. Amant and Caleb Ninemire represented the landlord, Hartman Income REIT.
Plezia Renews 5,539 SF at 2909 Hillcroft in Houston
Plezia, P.C. renewed 5,539 SF at 2909 Hillcroft in Houston, Texas. Donna Svec represented the landlord, Hartman Income REIT.
Ripe for Relocation: Major Corporations Target Texas
Now home to 53 Fortune 500 corporate headquarters, Texas can boast more than any other state in the U.S. (New York has 51 and California has 50.) The list, which includes giants such as Exxon Mobil, AT&T, Valero Energy, American Airlines and USAA, just got longer. The Lone Star State will soon add a 54th: Caterpillar, which announced in June that it too plans to move its headquarters to Irving, Texas from Deerfield, Illinois.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Chairman and CEO Jim Umpleby said in a statement announcing the move.
Caterpillar, the world’s leading manufacturer of construction and mining equipment, boasted sales and revenues of $51 billion in 2021.
“Caterpillar’s global headquarters relocation is a major win for the people of North Texas and the entire state,” Governor Greg Abbott said in a statement. “I am proud to welcome Caterpillar’s headquarters to Texas and am excited for the economic opportunities this will create for Texans.” Click to read more at www.rednews.com.
Closer to Normalcy? Hotel Rooms are Filling up Faster
Getting ever closer to normal. That’s happening today in the hospitality industry according to the Midyear State of the Industry Report from the American Hotel & Lodging Association.
According to the report, hotel room revenue and state and local tax revenues are expected to exceed 2019 — or pre-pandemic — levels by the end of 2022.
The lodging association predicts that hotel room revenue will exceed $188 billion by the end of 2022. That is higher than 2019 figures on a nominal basis. But the news isn’t all good: When adjusted for inflation, revneue per available room (RevPAR) is not expected to surpass 2019 levels until 2025.
The association also said that hotels are expected to generate nearly $43.9 billion in state and local tax revenues this year, up almost 7% when compared to 2019.
The association’s midyear report largely showcases an industry in recovery mode following the COVID-19 pandemic. The report says, for example, that hotel occupancy is expected to average 63.4% in 2022, which is close to pre-pandemic levels. And by the end of this year, hotels are expected to employ 1.97 million people, 84% of their pre-pandemic workforce.
“After a tremendously difficult two-and-a-half years, things are steadily improving for the hotel industry and our employees,” said American Hotel & Lodging Association president and chief executive officer Chip Rogers.
The news isn’t all good, though. Hotels are still struggling to hire enough workers. In 2019, U.S. hotels employed more than 2.3 million people, according to Oxford Economics. That’s far more than the 1.97 million employees the lodging association says that U.S. hotels will employ by the end of this year. The hotel industry is not expected to reach its 2019 level of employment until at least 2024.
According to a May survey from the lodging association, 97% of hotels said they are experiencing a staffing shortage, with 49% saying that their shortage was a severe one.
Wayfinder Real Estate Completes Sale of Troubadour in Austin
Austin-based Wayfinder Real Estate has completed the sale of Troubadour, a 321-unit apartment community in Central Austin, to an affiliate of Austin-based Christopher Investment Co.
The sales price was not disclosed.
Located one mile north of downtown Austin at 3403 Harmon Ave., Troubadour has experienced unusually strong demand since pre-leasing started in January. When first move-ins began in April, 80 apartments — 25% of the units — were pre-leased. Since then, an average of 14 new residents have signed leases per week.
The community is expected to reach 93% occupancy and fully stabilize by the end of August.
The six-story project is the first community that Wayfinder has completed and sold since industry veterans Mac McElwrath and Chris Sipes founded the company in 2019.
Wayfinder will soon complete the 295-unit Waterview community in Richmond, Texas just west of Houston and has a 362-unit project named Veranda underway in East Austin that will offer a mix of apartments and townhomes. The company also has five multifamily communities in the design and development phase in the Austin metro area and one in the Houston area.
The transaction between Wayfinder and Christopher Investment Co. was conducted off-market.
Christopher owns several other multifamily communities in the Austin metro including The Catherine just south of downtown Austin and The Pearl in north central Austin.
Troubadour offers one-, two- and three-bedroom apartments with 16 units reserved for residents making no more than 80 percent of Austin’s median family income.
Community amenities include an outdoor movie theater, a rooftop terrace overlooking the downtown Austin skyline and the University of Texas at Austin, a resort-style pool, and multiple courtyards. Locally renowned artist Chris Rogers produced custom murals located throughout the property.
Troubadour is the final multifamily community to be completed in University Park, the master planned redevelopment of the former 22-acre Concordia University campus between Interstate 35 and the Hancock neighborhood in Central Austin.