While growth and development have been evident in most Texas areas during the last few years, Lubbock shines bright among cities in the Lone Star State. As Marci Russell, former chief economist with CNBC, said, “Lubbock’s got oil and gas, a strong agricultural presence, a great university and a health care system that is the envy of other communities.” The year 2013 brought amazing growth, and the positive economic trends look to continue in 2014. Building permits climbed to a surprising 987 last year, up 143 percent, and retail sales and payroll employment are still growing. Employment increased by 4 percent in 2013, ranking Lubbock fourth in Texas in terms of growth in that metric. The unemployment rate declined sharply to 4.3 percent, the lowest since 2008, and Lubbock’s consumer price index was up 2.1 percent year-over-year in January. Another sign of improvement in Lubbock is how the transportation system in the city has been enhanced with the completion of the Marsha Sharp Freeway and the Northwest Passage. Additionally, the Milwaukee Corridor continues to expand with development in retail, office, and small business on the West side. Sector-by-Sector Several large users of office and industrial space relocated and/or expanded to …
Texas
DALLAS — First Industrial Realty Trust has begun construction of First Pinnacle Industrial Center, a two-building, 598,000-square-foot industrial complex in Dallas. The Class A distribution facilities — one of 376,424 square feet and the other of 221,714 square feet — will each feature 32-foot clear heights and dock-high loading doors. Located on 49 acres at 1241 N. Cockrell Hill Road, the project is in proximity to I-20, I-35 and Loop 12. The facilities are expected to be ready for occupancy as early as the fourth quarter of this year. Terry Darrow and Nathan Orbin of JLL are leasing the property.
HOUSTON — The Morgan Group Inc. has broken ground on two new multifamily properties near Houston’s Energy Corridor submarket. The projects, Pearl CityCentre and Pearl Residences at CityCentre, are located on a 4.6-acre site in proximity to the CityCentre mixed-use development. Pearl CityCentre will stand seven stories and offer 312 units ranging from 650 to 1,500 square feet, while Pearl Residences at CityCentre will stand eight stories and offer 148 units ranging from 750 to 2,500 square feet. Wallace Garcia Wilson Architects is designing both buildings, and Wells Fargo is providing construction financing. Both properties are scheduled to open in the fall of 2015.
WACO, TEXAS — Asset Campus Housing (ACH) will develop The Domain at Waco, a 564-bed, off-campus student housing community serving Baylor University students. The 186 units will offer a mix of one-, two- and four-bedroom residences, each fully furnished and featuring granite countertops, stainless steel appliances and washer and dryer. Amenities at the property will include a clubhouse, swimming pool, internet café, sand volleyball court, fitness facility and outdoor fire pit. Construction will begin this quarter and is expected to conclude in time for the 2015-16 school year. ACH will manage the facility upon completion.
SAN BENITO, TEXAS — Dougherty Mortgage LLC has arranged a $10.2 million loan for the refinancing of Villages at Paso Real, a 180-unit multifamily property in the south Texas city of San Benito. Completed in 2013, the community offers one- to three-bedroom apartments, as well as a swimming pool, fitness center and clubhouse with media center. The complex is located at 349 S. Helen Moore Road, in proximity to I-69. The Fannie Mae loan includes a term of 12 years.
DALLAS — RED Development will develop Akard Place, an 800,000-square-foot mixed-use project in the Uptown submarket of Dallas. To be located at the intersection of Field Street and Cedar Springs Road, the complex will include a 20-story multifamily tower with approximately 300 units, a 16-story office tower and 75,000 square feet of street-level retail and restaurant space. RED is partnering with locally based StreetLights Residential on the development of the multifamily component. Seattle-based Graphite Design Group is serving as design architect on the project, while Houston-based The Office of James Burnett is working as landscape designer. Burson Holman and Shannon Brown of CBRE will lease the office space. Akard Place is scheduled to open in 2017.
MISSOURI CITY, TEXAS — ICO Commercial has broken ground on Beltway Exchange at Colony Crossing, a 90,000-square-foot flex building in the Houston suburb of Missouri City. Located on Sam Houston Parkway near Beltway 8, Houston’s outer loop, the project is suited for one or multiple tenants. The tilt-wall facility will feature a rear-load truck court, 28-foot ceiling clear heights and numerous loading doors and ramps. Delivery is slated for August.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amberwood Apartments, a 60-unit multifamily property in Fort Worth. Constructed in 1969, the garden-style complex is located at 800 Hamsted St., in proximity to I-20, I-35 and the Fort Worth central business district. The community offers studio and one- to three-bedroom floor plans, as well as a swimming pool and laundry facility. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Mason Green, also of Marcus & Millichap, secured the buyer in the all-cash transaction.
GRAPEVINE, TEXAS — A new 25,000-square-foot location of retailer Bealls has opened at Grapevine Towne Center in the Dallas/Fort Worth suburb of Grapevine. The apparel, accessory, cosmetic and footwear store relocated from a site along Northwest Highway. Grapevine Towne Center, located at the intersection of SH 114 and William D. Tate Avenue, also houses Target, World Market, Office Depot, Ross Dress for Less, eatZi’s Market & Bakery, Big Lots and Sprint. The Weitzman Group arranged Bealls’ lease, and Cencor Realty Services manages the property.
HOUSTON — Copeland Commercial LLC, in a joint venture with Hillwood Investment Properties, will break ground next month on the 414,106-square-foot first phase of Interstate Commerce Center, a planned 717,706-square-foot office and industrial park in Houston. The first phase of the development, slated for completion in the fourth quarter of this year, will include a 284,170-square-foot cross-dock building with 32-foot ceiling clear heights, as well as a 129,936-square-foot front-load building. Interstate Commerce Center will be located south of FM 1960, in proximity to I-45 and the George Bush Intercontinental Airport. Stream Realty Partners will manage and lease the complex.