RW’s TX CRE Brief: 07/16/21
Did you know? Texas has NO personal or Corporate Income Tax!
This week’s newsletter includes:
1) TX specific deals, announcements and news
2) Other news of interest
3) Economic data & policy
4) Books, courses, podcasts
5) Upcoming events
6) New Contacts – Thank You and Hello
1) DEALS / ANNOUNCEMENTS / NEWS
Austin
Austin Business Journal reports that Stonelake Capital Partners has closed its 6th fund and raised $555 million, exceeding its $500M target. The fund will be used for projects across TX, including a 47-story mixed-use high-rise at Fifth and Colorado.
NewsTalk Texas reports that Whitestone REIT has purchased Lakeside Market, a 163,000sf retail center on Preston Rd. in Plano.
REBusiness Online shares that One Real Estate Acquired the 222-Unit Lotus Village Apartments in North Austin.
Community Impact reports that Morgan Group, a Houston multi-family developer, will deliver a 336-unit apartment complex in Georgetown in late 2022. It’ll be located at 5300 N. Mays near the Round Rock Premium Outlets.
NewsTalk Texas shares that NY City Based, RockFarmer Properties has purchased the 164-unit, SoNa Apartment Homesin Austin.
DFW/Metroplex
Bisnow reports that DFW Office Vacancy Nears 23%. This is the metro’s steepest year-over-year jump in nearly 30 years and is the fourth straight quarter of negative net absorption.
Dallas Morning News reports that Stonelake partners has purchased an office building at McKinney and Routh in Uptown. Funds used were from Stonelake’s recently closed $555M investment fund.
Connect CRE reports that Velocis and Sumitomo Partners have recently closed on two development sites that will be developed into 850,000sf of industrial space in the South Dallas and GSW submarkets.
NewsTalk Texas shares that Toll Brothers is building a 385-unit rental community in Irving, near the Exxon HQ.
REBusiness Online reports that Miami-based ESJ Capital Partners has purchased Park Ventura, a 194,000-square-foot office building in Plano.
Houston
Connect CRE shares that D’Agastino Companies and TGS Cedar Port Partners are developing an office plaza consisting of 2-buildings and coming in at 132,000sf in West Chambers County.
Great overview on Bisnow on the Downtown Houston Office Market. #BubEury, #NinaSeyyedin, #ChrystalAllen all quoted.
While you are on the Bisnow site, make sure to check out its Houston Deal Sheet each week.
Missed this one when it first came out, but it looks like 50 Brian Hollow in Houston has opened itself up to Bitcoin bids. Both Realty News Report and Globe St. have details on the offering.
San Antonio
REBusiness Online reports that Marcus & Millichap brokered the sale of 111-Room Holiday Inn Hotel in San Antonio, North Stone Oak.
Connect CRE has shared that the Dallas Fed is reporting San Antonio job growth is positive in all sectors.
2) OTHER NEWS OF INTEREST
Kastle Systems 10 City Back to Work Barometer shows that the post Covid return to office space is slowing overall. However, Austin, Dallas, and Houston are still the leaders in the nation with their 47.5%, 47.3% and 47.6 well above the national average of 31%.
REBusiness Online shares that CBRE Group Inc. has created a special purpose acquisition company (SPAC) known as CBRE Acquisition Holdings Inc. to merge with solar energy provider Altus Power Inc. and take the company public in a transaction valued at $1.58 billion.
Chris Doggett, EVP at Stream Realty Partners, shares his insights on the DFW market in REBusiness Online’s Market Reports for July.
3) ECONOMIC DATA & POLICY
Texas A&M’s Real Estate Research Center reports that The Texas Weekly Leading Index decreased during the week of July 3rd which they attribute to higher unemployment claims and lower new business applications. Further detail by metro can be found here.
Wells Fargo reports that Supply Chain Problems Weighed on June Output with Industrial Production missing consensus expectations.
Also, Wells shares that the Consumer Price Index has surged with increasing evidence that inflation is broadening beyond categories at the center of U.S. economic reopening.
The U.S. Bureau of Labor Statistics reports that the Consumer Price Index rose with the biggest 1-month change since 2008.
U.S. BLS also reports that the Producer Price Index rose by 7.3%, the biggest increase since they first began calculating this data in November 2010.
AAA reports that the national average for gasoline is up at $3.15 with Texas’s average increasing to $2.87 a gallon.
Austin is at $2.81 (1.91 a year ago, July 15),
Dallas is at $2.85 ($1.90 y/y),
Houston is at $2.78 ($1.86 y/y) and
San Antonio is at $2.78 ($1.88 y/y).
And, I can attest to the fact that at the 7-11 at Westinghouse & FM1460 in Georgetown, its going for $2.76 a gallon today!
U.S. Bureau of Economic Analysis will report the GDP 2nd Quarter Advanced Estimate on July 29th. Keep an eye out…
4) BOOKS, COURSES, PODCASTS
America’s Commercial Real Estate Show featured CoStar’s David Kahn discussing the office market including rent growth, performance, vacancy, cap rates, trends and opportunities.
The Ralph Bivens Project aired an insightful conversation with Kate Good on the subject of Advancing Apartments.
Sandler’s “How To Succeed Podcast” this week featured Mike Montague interviewing Janice Lintz, on the subject of Changing the World. Takeaways: Don’t be afraid to ask and don’t be afraid of who you are asking. Always follow-up. E-mail is much easier to get a response to than a phone call.
5) UPCOMING EVENTS & IMPORTANT DATES
July 20: DALLAS. Dallas Business Journal. 40-Under-40 awards virtual event.
July 21: AUSTIN. Bisnow. “The Future of Downtown Austin: Iconic Projects, Urban Development, Connectivity & Creating a Competitive CBD.”
July 22: HOUSTON. Houston Business Journal. The State of Commercial Real Estate, Retail with Annjee Solanki, National Retail Director for Colliers.
AUG 5-6: AUSTIN. Austin Bridge Builders Alliance presents the Global Leadership Summit.
SEPT. 28: DALLAS. NTXInno presents State of Innovation: Future of Supply Chain. (Virtual)
The U.S. Bureau of Labor Statistics reports that theThe U.S. Bureau of Labor Statistics reports that
6) NEW TX CONTACTS AND FOLLOWERS – THANK YOU AND HELLO
#EmeliaDziadon, #GlennMueller, #KimberlyMcKnight, #BrittanyMaki, #StephanieFuhrman, #MatthewHines, #Keny Strove, #StevenMcCord, #PatrickBuckoff, #ChrisLove, #PatrickLey, #RebeccasSigrist, #JeffJohnson, #RichardGreeg, #AnthonyImburgia, #KentMyers, #JordanFeatherton, #VolneyCampbell, #JordanFetherton, #StephanieFuhrman, #MatthewHines, #Keny Strove, #StevenMcCord, #DaveMiller, #AndrewFreitas, #DaveKeyser, #NancyPotolesi, #VivienKratzert, #ScottIrwin, #Christopher(Kip)Smith, #AmySt.Denis, #KaraSugimoto
THANK YOU
I hope you enjoyed this week’s TX CRE Brief. If you see something that might be of interest and should be included in a future brief, please send it along via DM on LinkedIn or by e-mail to TX.Sales.Leadership@pm.me.
And please, by all means, support the sources I link to above.
Thanks everyone!