Category: News & Market Reports

Amazon Announces Robotic Fulfillment Center in Waco, Texas

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Today, Amazon.com, Inc. announced plans to open its first fulfillment center in Waco, Texas, which is anticipated to launch in 2021 and will create over 1,000 new full-time jobs with industry-leading pay and comprehensive benefits starting on day one. “We are proud to be bringing our newest Amazon facility to the city of Waco and we look forward to bringing in new jobs and supporting this great community,” said Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited for our future in Central Texas, and for what this means for our customers as we continue to grow. We’d also like to thank local and state leaders for their strong support in making this project possible.” Every day at Amazon, incredible employees come together to deliver magical experiences for customers. In the 700,000 square-foot robotics fulfillment center, Amazon employees will pick, pack and ship small items to customers such as books, electronics and toys. “The Lone Star State is proud to celebrate another economic achievement for Central Texas with Amazon’s new investment in Waco,” said Texas Governor Greg Abbott. “Texas continues to thrive as the nation’s premier destination for companies like Amazon thanks to our skilled workforce, diverse economy, and business-friendly model that promotes economic growth. This facility is the latest milestone in the strong partnership between Amazon and Texas, and I look forward to seeing the prosperity this facility will bring to the Waco community.” Click to read more at www.wacochamber.com.

How Liberal Politics, COVID-19 and a High Cost of Living are Fueling a New California Exodus

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Cori Sarno Villacres talks on Oct. 21, 2020, about how she and her family didn’t feel comfortable or safe in California — even feeling bullied for their political preferences. They left their life in Sacramento last April to start anew in Idaho. BY DARIN OSWALD

Rich Threadgill was born and raised in California and loved his home state. Until he didn’t. The Navy veteran is a gun fan, but he felt he couldn’t talk about his hobby or express other conservative opinions without running the risk of making someone angry. This summer, when his employer allowed employees to telework from out of state for lower pay, the 39-year-old human resources officer surprised himself. He sold his Rancho Cordova home and moved the family to Idaho, where he’ll build a house for less than he sold his California home. He says he feels more relaxed in a rural environment where people are more conservative and, to his mind, more congenial. “We love it,” he said. “In California, if you express your beliefs, you can be outright attacked,” he said. Threadgill is among a wave of hundreds of thousands of Californians leaving the state in the last few years. Last year alone, nearly 200,000 more people left the state than moved in. Most likely did it for economic reasons. The cost of living, particularly housing, is now far higher in California than almost anywhere else in the United States. But a turbulent 2020 has added new motivations for migration. Amid coronavirus shutdowns, wildfires, street protests, and a tense election-year political environment, some say California’s “charm” has finally worn too thin. Click to read more at www.sacbee.com.

Getting Kenect’ed: How This Multifamily Concept Ushered in Evolution

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Americans are spending more time at home than they ever have before as it becomes the hub for work, school, and most social activities during the COVID-19 pandemic. “If households need to think about working from home and caring for kids, how would shared space be repurposed?” wondered Dr. Victor Calanog, Moody’s Analytics head of CRE economics. “Should individual storage units now be offered as a perk in apartment communities?” Those questions for the multifamily sector, posed in March, are part of a discussion of the pandemic’s long-term effects and how the industry will evolve. Some parts of it were already starting that process, however. For the minds behind Kenect, that live/work experience was an obvious next step. “We saw businesses shifting toward a more flexible /remote work schedule and designed our properties to include a coworking space for our residents as well as our Kenect members,” said Rajen Shastri, founder, and CEO of Akara Partners, the development firm behind the Kenect concept. “The flexibility of working from home is great, but people still like having a place to go outside the home where they can connect with like-minded people.” Click to read more at www.rednews.com.

$30 Million Residential Redevelopment Project Approved for Downtown Garland’s Westside

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The City of Garland and GroundFloor Development have partnered to realize a $30 million commercial redevelopment project for the west side of downtown. Over the past two years, both parties have been actively working on this very challenging, but exciting major reinvestment project to be constructed on the northwest corner of South Garland Avenue and West Avenue B. Representing the first phase of what is intended to be a much larger mixed use development, this sizeable anchor investment will launch the transformation of the entire block into a modern residential, retail and services hub in a part of downtown that has thus far struggled to realize its full redevelopment potential. In total, the approximately 4-acre site is currently home to Chase Bank, a vacant former Wyatt Cafeteria, Commonwealth Land Title Company and a few other small businesses. Phase I will consist of demolishing the 11,000 square foot former cafeteria building and replacing it with much denser new construction in the form of The Draper, a three-story, 155-unit residential complex. As perks for future residents, the new apartments will include a community-oriented amenity center, an outdoor pool, as well as “tuck-under” garages. Looking to Phase II of the project, plans call for the existing 5-story, 1960s-era Chase Bank building to be fully renovated for new tenants, with Chase Bank remaining as the primary retail services anchor. Upon completion, the center will be a modern mixed use housing development, to which GroundFloor is rapidly realizing a strong development and market specialty in Texas. Case in point, the company is currently working on a sizeable mixed use development in Austin set to open soon, which will include a public market surrounded by a new hotel and office space. “We have big plans for The Draper, and we’re envisioning a renewal of Garland’s West downtown commercial activity while catalyzing future growth,” said Mark Drumm, a partner with GroundFloor. “Partnering with the City, we hope to add another successful modern housing development to our portfolio in Texas.” The Draper will be a community-oriented living space geared towards professionals who are seeking a more urban living lifestyle in a centralized community location. Residents will be walking distance away from various shops, restaurants and entertainment venues on the Downtown Garland Square. They will also be close to the Downtown Garland DART light rail station, where residents will have access to the greater D-FW Metroplex. “After many months of hard work, we are extremely excited to see The Draper finally come together and look to provide the west side of Downtown Garland with a much needed development catalyst project. We’re happy to support GroundFloor with this first phase, especially as we seek to further focus our efforts on redevelopment projects in the City’s historic downtown core,” said David Gwin, director of Garland’s Economic Development Department. Major redevelopment projects have been on the city’s radar for a while, as Garland continues to mature and is now largely built out particularly in the central core of the community. Recent residential redevelopment in downtown include the City Square Lofts off of Avenue B and Glenbrook in the former Bank of America building. This project resulted in the entirely repurposed 4-story office building into the now 126-unit apartment complex, while increasing the site’s real estate value from $460,000 to $7 million.

NAI Partners Arranges Three Industrial Deals in Texas

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NAI Partners recently arranged one industrial sale and two leases in Texas. The transactions involved properties in Houston and in Austin. For the sale, NAI Partners’ Joel Michael represented the RL3 Properties in their acquisition of 9100 Caniff Street in Houston, a 16,500-square-foot, freestanding industrial building sitting on 2.2 acres. Terms of the deal were not disclosed. NAI Partners’ Chris Caudill & Troy Martin represented Geospace Technologies Corporation—a manufacturer of scientific instrumentation and equipment for the petroleum industry—in their 9,145-square-foot lease at 8701 Cross Park Drive in Austin. Jay Legg with MFB Real Estate represented the Landlord, 5205 Acquisitions, LLC in the transaction. Finally, NAI Partners’ Jon Silberman represented Modern Chemical, LLC in their 18,573-square-foot lease at 1103 East Airtex in Houston. NAI Partners’ Travis Land represented the landlord in the transaction. Airtex Business Park consists of four distribution buildings and was developed by Adkisson Group. There is one building left available in the park for sale or lease located at 1133 East Airtex.

Rastegar Plans Multifamily Development for South Congress Assemblage in Austin

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Rastegar Property Company has acquired 5412 South Congress Avenue in Austin. Sitting on nearly one-acre of land, the property is the third and final property in the firm’s South Congress assemblage that includes 5402 South Congress and 106 Red Bird Lane. The three properties cover the two hard corners of Mockingbird Lane and Red Bird Lane with South Congress frontage. Located in a thriving area of South Austin, the company’s redevelopment plans for the trio of properties, encompassing almost three acres of land, will join a mix of high-quality apartment and condo projects in the surrounding area. The planned multifamily development will be transformative to the area, providing an iconic building with a walkable environment, further connecting this area of south congress to the very lively stretch to the north. “After we closed on the first property at 5402 South Congress, we’ve had a vision to assemble this entire site and are truly excited to see it come to fruition,” said Ari Rastegar, founder and CEO of Rastegar Property Company. “As Downtown Austin continues to grow in size and popularity, this assemblage of properties will provide frontage multifamily apartment units in a highly attractive central location, on one of the most famous streets in Austin, ensuring it to be one of the most sought-after areas of the city.” “As we move forward with our planned development for South Congress, we continue to remain committed and focused on enhancing the quality of life in south Austin and providing great housing for our growing population,” said Hunter Floyd, director of design and development for Rastegar. “We understand and realize the importance of quality of living, especially post-COVID. For those reasons, this project will emphasize wellness, including air quality and outdoor amenities as well as provide spaces within units that create office niches for residents working from home.” The apartments will offer a range of amenities that have a specific appeal to wellness during and post-COVID including outdoor access and common areas providing greater air circulation, and more opportunity for social distancing. Additionally, Rastegar is familiar with using new materials including special light fixtures that have ultraviolet light and antimicrobial materials such as copper.