There appears to be no sign that the recent growth experienced by many Texas metropolitan areas is slowing down anytime soon, and Fort Worth is no exception. Substantial job growth, solid multifamily fundamentals, low interest rates and a pro-business climate have put many eyes on the Fort Worth market. The Fort Worth-Arlington MSA is experiencing positive job growth, and is listed as one of the best performing metros in the nation. The MSA added 36,700 jobs, an expansion of 4.2 percent year-over-year ending February 2013. The MSA also experienced an unemployment improvement of 0.8 percent. This was the largest year-over-year percentage increase in employment among all metropolitan divisions and good enough to be ranked 13th nationally in job addition. Many of these jobs have come from the numerous road construction projects that the area has undertaken, such as the North Tarrant Express, which has more than 1,100 employees working on the corridor. The $2.5 billion project just passed the three-year mark and is currently ahead of its estimated completion date of June 2015. When complete, the North Tarrant Express will run from Interstate 35 West in Fort Worth to Industrial Boulevard in Euless, relieving congestion, improving safety and providing for …
FORT HOOD, TEXAS — The Balfour Beatty | McCarthy team has topped off its design-build services for the Carl R. Darnall Army Medical Center Replacement at Fort Hood. The $536 million medical center replacement is the largest project to date funded by the American Recovery and Reinvestment Act of 2009. The 947,000-square-foot project is also the largest design-build project in the Department of Defense's medical construction. The new hospital will replace the existing Carl R. Darnall Army Medical Center and will provide healthcare services for service members and their families. The project sits on a 72-acre site and will include a six-story hospital tower, two two-story outpatient clinics, a three-story outpatient clinic, ambulance garage, logistics building, central utility plant and three parking structures. The Balfour Beatty | McCarthy team held a topping off ceremony with members of the U.S. Army Corps of Engineers, Health Facilities Planning Agency and Medical Command. Construction is scheduled for completion in July 2014, with operations to start in summer 2015.
DALLAS — Velocis, a commercial real estate investment fund, and its investors have purchased 3131 McKinney Avenue, a 145,610-square-foot Class A office building in Uptown Dallas. The 13-story property is more than 90 percent leased. The property sits atop a six-story parking garage and its tenants have immediate access to West Village, the McKinney Avenue Trolley line and Katy Trail. The acquisition is Velocis' ninth purchase, bringing its total assets under management to more than $240 million. HFF represented the seller, a state pension fund advised by Lincoln Property Co., in the transaction. Lincoln will manage the asset, and James Esquivel, Jay Bailey and Clint Coe of Jones Lang LaSalle will handle property leasing.
DALLAS — The Faulkner Design Group has finished the penthouse suites of the 24-story 1400 Hi Line, a luxury high-rise multifamily property located in Dallas' Design District. The property has 300,000 square feet of living space and features an outdoor fire pit, salt water infinity-edge pool, a skyline lounge and a 3,000-square-foot fitness center. Faulkner Design also updated the property's public areas with a new color palette and design motif. The property has been operational since last summer.
EL PASO — CBRE El Paso has secured a 101,983-square-foot industrial lease at 9500 Plaza Circle in El Paso. Chad McCleskey of CBRE El Paso represented both the tenant, Interload Forward LLC, and the landlord, Eureka Plaza Co-Tenants, in the lease deal. The five-year lease features a purchase option.
AUSTIN, TEXAS — Atlanta-based Cousins Properties Inc. has broken ground on Colorado Tower, a 371,000-square-foot, Class A office tower in downtown Austin's Warehouse District. Dude/Paine Architects designed the 29-story building under the Austin Energy Green Building 2 star program. Colorado Tower will feature a fitness facility and conference center. Two firms, DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP, have pre-leased space in the tower. Colorado Tower is expected to be substantially complete by December 2014.
HOUSTON — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit, Class A apartment community in Houston. The property, located at 10201 Buffalo Speedway near the Texas Medical Center, is 93 percent occupied. CBRE Global Investors will manage the property and implement an upgrade program, which will add granite countertops, new plumbing and updated light fixtures to the units. The Connection at Buffalo Pointe is the first component of a larger mixed-use development, according to Steve Gullor of CBRE Global Investors.
DALLAS — ARA has arranged the sale of Timberlodge Apartments, a 216-unit multifamily community located in Dallas. Brian O'Boyle Sr., Brian O'Boyle Jr. and Richard Furr of ARA represented the seller, San Francisco-based The Reliant Group, in the transaction. The buyer is Salt Lake City, Utah-based Bridge Investment Group Partners. The multifamily community was built in 1981 and is 92 percent occupied. Timberlodge was built alongside a creek and it features two sports courts, a swimming pool and hot tub.
DALLAS — Hendricks-Berkadia has arranged the sale of St. Francis, a 200-unit apartment complex located at 8943 Senate St. in Dallas. The apartment community was built in 1968 and offers one-, two- and three-bedroom floor plans. Peter Hartnett of Hendricks-Berkadia's Dallas office arranged the sale. Dallas-based St. Francis Investment Partners LP sold the community to Dallas-based TACP SFRANCIS LP.
COLLEGE STATION, TEXAS — Skanska has completed construction of the Texas A&M University Liberal Arts and Humanities building, a 120,000-square-foot development that will serve as the permanent home for the school's English and Performing Arts departments. The university held a grand opening event for the five-story brick and limestone property. The building is located on the core of campus, next to the Melbern G. Glasscock building, which houses the History department. The structure features an open-air courtyard, new classrooms, a recording studio, black-box theater and outdoor courtyard with electrical capacity for outdoor performances. Skanska broke ground on the structure in 2010.