Category: North Texas News DO NOT USE

CRE Opinion: North Texas Land Absorption Report

Posted on by Sarah

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.

North Texas Set Records With Big Commercial Property Buys in 2019

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North Texas was at the top of the shopping list for commercial property buyers in 2019.

With days left before the end of the year, investors are scrambling to get deals closed and figure out where the Dallas-Fort Worth real estate market is headed in 2020. So far this year, the D-FW area has seen close to $20 billion in commercial property sales, and more transactions are set to finish in the final weeks of 2019. “If you look at the top sales year-to-date in major markets, Manhattan is number one total commercial real estate sales, Los Angeles is number two, San Francisco is number three and Dallas is number four,” said Ted Jones, chief economist with Stewart Title. “Dallas is a phenomenal market.” The biggest North Texas commercial property buy so far in 2019 was the $584 million sale of energy firm Pioneer Natural Resources’ new headquarters in Irving. The office campus was acquired by a partnership of domestic and international investors. And with a sales price of about $700 per square foot, downtown Dallas’ new 1900 Pearl office tower set a new office price record for D-FW. The Arts District high-rise was bought by the State Teachers Retirement System of Ohio for $180 million. Click to read more at www.dallasnews.com.

Sneak Peek: $1 Billion Project Planned For The North Side of Downtown Dallas

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Developers have taken the wraps off a major new high-rise project planned on the northern edge of downtown Dallas. Called the Field St. District, the massive mixed-use development is planned for a two-block, 6-acre property on Woodall Rodgers Freeway. One of the largest vacant properties downtown, the huge building site was purchased this summer by Kaizen Development Partners and Woods Capital. Since then, the new owners have been working on preliminary building plans for the property, which is zoned for up to 5 million square feet. The initial construction plans call for a combination of office space, retail space and apartment units. Kaizen and Woods Capital formed a partnership with Dundon Capital Partners for the more than $1 billion project. Dallas architect HKS designed the buildings. Kaizen Development CEO Derrick N. Evers said he hopes that site work for the construction can start by late next year. The Field St. District is in a corner of downtown that is already seeing significant construction. Click to read more at www.dallasnews.com.

Keeping It In A Family

Posted on by Sarah

Amid the many qualities that define the state of Texas, some of the most celebrated are history, pride and family. Though you’ll often find all three
in any given Texan, their combined connection to a single piece of property is much more rare today than in decades past. That’s why the sale of the 1,500-acre Pecan Plantation in Granbury is making headlines. “It’s really a family legacy deal,” says Bernie Uechtritz, founder of Icon Global Group, which is marketing and selling the property. His is a familiar name in the real estate world, having gained considerable fame for his 2016 sale of the W.T. Waggoner Ranch, which was listed at $725 million, to billionaire Stan Kroenke. “We’ve been really busy, really blessed,” Uechtritz says, “But you know what they say: you’re only as good as your next deal, not your last.” The challenges of the Waggoner Ranch deal are similar to those of Pecan plantation. Both were acquired by a single family, worked by that family and, when it came time for sale, ideally held together by another family. Click to read more at www.rednews.com.

TEXAS JOB FORECAST

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DALLAS – Texas employment will grow 2.1 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas. Based on the forecast, the state will add 263,700 jobs this year. Employment in December 2019 will reach 12.9 million. This prediction comes after incorporating September 2019’s annualized employment growth of 0.7 percent and a decrease in the leading index. “After strong growth in June and July, Texas jobs decelerated in August and September,” said Keith R. Phillips, Dallas Fed assistant vice president, and senior economist. “The weakness in oil and gas extraction is spilling over to other sectors such as transportation and warehousing, which experienced job losses in both August and September. “Manufacturing employment continues to grow at a good pace, however, in part driven by continued strength in petrochemical and refining activity. Construction activity also remains robust.” Click to read more at www.recenter.tamu.edu.

H-E-B Expansion Into West Texas To Continue With Lubbock Store

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San Antonio-based H-E-B last week unveiled plans to open its first store in Lubbock, Texas, next year, continuing the supermarket brand’s expansion into West Texas. Slated to open in late 2020, the more than 120,000-square-foot store will offer all the signature features and conveniences familiar to H-E-B shoppers, as well as many new and expanded product selections. “The wait for Lubbock residents is finally over. We’re extremely excited to announce that H-E-B is coming to the Hub City,” said Scott McClelland, President of H-E-B Food & Drug. “Our locations across West Texas continue to thrive, and the Lubbock store will allow us to answer the long-standing call for an H-E-B in this community.” Click to read more at www.supermarketnews.com.