Austin tenants affected financially by the COVID-19 pandemic have 60 days to come up with owed rent once a landlord starts threatening eviction. With a unanimous vote Thursday, council members approved an ordinance adding another step to the eviction process, thereby slowing a potential force-out of tenants unable to pay rent because their wages have dried up. It goes into effect immediately and applies to both residential and commercial properties. “No one should lose their home during the pandemic,” Council Member Greg Casar, who brought the item forward, said. “It’s wrong and it’s also terrible for public health.” There had been confusion on behalf of renters and landlords about how to move forward amid staggering unemployment. Some landlords have begun offering payment plans to those affected by the coronavirus, while others have reiterated that rent is due in full. Before council’s vote, landlords could still file evictions against tenants, although Travis County judges are not hearing these cases. Judges have suspended eviction hearings until at least May 9. The new rule buys renters time by adding a step to the eviction process, which typically begins when a landlord posts a “notice to vacate” sign on a tenant’s door. This indicates the intent to file an eviction with the courts within days unless the tenant pays rent or moves out. Click to read more at www.kut.org.
There is no doubt that COVID-19 is creating a significant impact throughout the world, both in the short and long term, and the disruption to the supply chain is immense. We are seeing a number of major trends along the supply chain and related industrial real estate areas resulting from the COVID-19 pandemic. First, some good news. China, which is the source of many supply chains, is starting its comeback. As of this writing, factory production in the country is anywhere from 50 to 80 percent back online with some reduced staff (based on recent ISM survey); up from a standstill leading up to the Jan 25th Chinese New Year (CNY) and weeks after. Obviously, the prolonged gap in product flow created from CNY and the outbreak of COVID-19 created a one-two punch lasting 8 to 12 weeks. In addition to reevaluating the shutdown for CNY altogether, many companies were already shifting as much sourcing as possible away from China to other countries in Asia and India, according to a very recent supply chain leader study conducted by the Supply Chain Leaders in Action. According to a survey performed by Institute of Supply Management, 62 percent of manufacturers are seeing delayed orders and 53 percent are having hard time getting information from China. Additionally, 48 percent of manufacturers are seeing slower logistics in China as well as delays at ports while 57 percent report longer lead times from China. Click to read more at www.rejournals.com.
PrattCo Creekway Industrial purchased a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in Dallas, Texas. The property was 100% occupied to two tenants at the time of sale. Stream Realty Partners’ Jamie Jennings, Jason Moser, and Andrew Rabinovich represented the seller, a Dallas based private partnership in the transaction.
FOR IMMEDIATE RELEASE
Gina Relva, Public Relations Director
FORT WORTH, Texas, Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Copper Creek, a 274-unit apartment complex in Fort Worth, Texas. The property attracted seven offers during a four-week marketing period and the sale closed just 60 days after an agreement was reached between buyer and seller.
“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.” Silva represented the seller, Florida-based DIJ Properties and procured the buyer, a Texas-based private investment company. “The new owners plan to make improvements to both property management and to the unit interior finish out, which will make Copper Creek more attractive to area renters as a safe and comfortable place to live,” Silva added.
The property is situated at the intersection of Interstate 30 and Loop 820, 10 minutes from downtown Fort Worth and Arlington. Interstate 30 provides residents with easy commutes to virtually anywhere in the Metroplex. The North East Mall, Dallas/Fort Worth International Airport, AT&T Stadium and many other area attractions and employers are within minutes. Constructed in 1986 on 12.4 acres, Copper Creek underwent significant renovations in 2013 and 2017. The 17-building complex has a large, resort-style swimming pool, a stadium-inspired soccer field, and a playground, among many other amenities.
n March 2020, NAR conducted a flash survey of Commercial members on the impact of the coronavirus on their market. The survey was delivered to 77,598 commercial members. The report looks at the effects on leasing, purchasing, and building practices (such as offering more hand-sanitizer or more frequent cleaning required). Click to read more at www.nar.realtor.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. Marshall Mills, Weitzman: The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Click to read more at www.shoppingcenterbusiness.com.