Topgolf confirms details of ‘family fun’ complex planned on I-35

Dallas-based Topgolf will place a new venue in Waco that features a one-story complex filled with climate-controlled hitting bays, its signature ball-tracing games, food service, and yard games to create a “backyard” feel, Topgolf officials announced Wednesday. Waco’s Topgolf should open by fall this year near New Road and Interstate 35, between the Harley Davidson dealership and Central Texas Marketplace. Plano-based Cinemark has announced it will place there a 14-screen theater as part of NewQuest Properties’ Cottonwood Creek Market development. Topgolf has become a popular attraction in larger metropolitan areas, offering high-tech driving ranges, seat-side food and drink service, big-screen TVs and electronic scoring spread over the towering, three-story venues. It has almost 60 locations across the United States and abroad, attracting 20 million guests annually, according to Wednesday’s press release announcing the company’s plans in Waco. Click to read more at www.wacotrib.com.

Report: Dallas tops nation for office, job growth

Dallas-Fort Worth held the top job growth market in the U.S. in 2019, with an employment gain of more than 120,000 jobs during the year ending in November, the commercial real estate firm CBRE reports. Dallas-Fort Worth office growth topped all other cities in the U.S. in 2019, CBRE’s most recently published forecast notes. Last year, expanding and relocating office tenants net-leased about 3.5 million square feet of office space – one of the best totals in a decade, according to the report. “U.S. office-using employment is widely expected to grow again in 2020, albeit at a slower pace than in 2019,” the report found. It notes that global centers of technology in San Francisco, business-friendly Texas, and high-growth southeast metros are “expected to be the top markets for office-using jobs growth in 2020.” Office jobs in the Dallas area grew 5.7 percent in 2019 – more than that of San Francisco’s and Seattle’s, CBRE found. The Dallas area continues to look strong through 2020 with forecast growth of 2.1 percent. The “Big D” also outpaced Houston and Charlotte, N.C., two other fast-growing economies, in year-over-year office job gains, the report found. Click to read more at www.thecentersquare.com.

AllianceTexas generates $7B plus in 2019

AllianceTexas, the 26,000-acre master-planned, mixed-use community in north Fort Worth, continues to be one of the region’s most substantial economic engines with approximately $83.74 billion generated in regional economic impact and nearly $2.53 billion in total taxes paid to local public entities. According to the annual Insight Research Corporation report, more than $7.31 billion of the development’s economic impact was generated in 2019 alone, AllianceTexas said in a news relapse. advertisement
AllianceTexas is home to 525 companies, which have built more than 50 million square feet, transforming the North Texas economy and connecting the area to global industry. Widely considered one of the most successful public-private partnership endeavors in the nation, total investment at AllianceTexas surpassed $10.5 billion in 2019, with $9.7 billion coming from the private sector. Public investment totaling more than $782 million has been invested in the project to date, representing a 12-to-1 private-to-public-dollar investment multiple, the news release said. Click to read more at www.fortworthbusiness.com.

Dallas Cowboys owner Jerry Jones quietly spun up a new commercial real estate company months ago

Cowboys owner Jerry Jones is getting acquainted with the national real estate market, having quietly founded a commercial real estate brokerage company in June, according to real estate news website Bisnow. Jones’ new company predictably includes the ubiquitous “blue star” in its name – Blue Star Commercial Real Estate LLC. He has hired several former Swearingen Realty Group executives to lead the privately held brokerage firm, Bisnow reported. Former Swearingen Senior VP Rob Wolfle was brought on as president of Blue Star Commercial Real Estate, according to his LinkedIn profile. Wolfle was with Dallas-based Swearingen for nearly 16 years before joining Jones’ new firm. The Dallas Morning News has reached out to Wolfle for comment about the new role and company. The firm is focused on representing investors in capital markets deals “across the nation,” according to Bisnow, which cites conversations with Blue Star Commercial Real Estate Executive VP Tom Brosseau. Click to read more at www.dallasnews.com.

Cedar Hill, Taj Hospitality Break Ground on Hotel & Convention Center Project

On Thursday, October 3, the City of Cedar Hill broke ground on a Hotel and Convention Center project that will bring 136 hotel rooms, convention center space, adding enhanced commercial and entertainment amenities to the City. The project will be constructed on the eastern side of Hillside Village shopping center and will include an approximate 136-room Aloft hotel and adjacent convention facility to include an 8,000 square foot
ballroom, 4,000 square feet of flexible meeting space, and various support spaces. The project is being designed to interact closely with existing retail
activity and provide a foundation for an enhanced entertainment presence in the area. The anticipated total value of the facility is approximately $25
million and is projected to open for business in the summer of 2021. “This is a project that has long been anticipated, and we’re excited to add a
hotel/convention center to the high-end retail and entertainment offerings at Hillside Village in Cedar Hill,” says Mayor Stephen Mason. Click to read more at www.rednews.com.

CRE Opinion: North Texas Land Absorption Report

The North Central Texas land market has seen no significant influence modifying its prior three years of sales and absorption activity, with the exception of increasing values and scarcity of inventory in most developable submarkets. In reviewing last year’s North Texas Land Absorption report, only a few minor observations have changed. For many years, our Investments/Land Group, a division of Younger Partners, has produced a report designed to assist investors in deciding the viability of acquiring for investment undeveloped land for medium and long-term positive returns. Since our 2018 report was distributed, DFW has experienced continued active growth in virtually every commercial and residential product type. Transaction volume held steady for both user and investment product. Absorption of developed, undeveloped (land without access to infrastructure permitting immediate use), and underutilized land progressed at a comparable rate to 2018. Click to read more at www.dmagazine.com.