CBRE Arranges Sale Of Premier Redevelopment Site

CBRE announces the sale of one of Dallas’s premier redevelopment sites. The former Cabana Motor Hotel, a 10-story, 357-room hotel is located at 899 Stemmons in the Dallas Design District.

Centurion American Development Group, which just completed the redevelopment of The Statler Hilton in downtown Dallas, purchased the property from Dallas County for $8.1 million. CBRE’s John Alvarado, Peter Jansen and Stan McClure , in partnership with OMS Strategic Advisors’ Lawrence Gardner, arranged the transaction on behalf of the seller.

“We are very proud to have assisted the County in returning a prime asset to the tax rolls and supported the County in its mission of stewardship” said Mr. Jansen, Southwest Regional Manager with CBRE’s Public Institutions and Education Solutions team.

Darryl Martin, County Administrator, noted, “We look forward to seeing this asset redeveloped and returned to its iconic status in the District. The County is very pleased to have recaptured a material amount of revenue that can be redeployed in to civic services.” 

Located on 3.3 acres, the property has over 700 feet of frontage along North Stemmons Freeway (I-35E) and offers unobstructed views of downtown Dallas and the Historic West End, Victory Park and Uptown, and the Margaret Hunt Hill Bridge. With immediate access to Stemmons Freeway and Woodall Rodgers Freeway, the property offers exceptional regional access and is less than six miles from Dallas Love Field Airport.

With a coveted Design District location, 899 Stemmons is convenient to the area’s art galleries, luxury apartments, boutique retail, and award-winning restaurants. As a unique redevelopment opportunity, the property will be a tremendous value-add to the district.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

As land prices rise, retail and multifamily go head-to-head

If a retail developer and a multifamily developer are in a bidding war for a prime tract of land, put your money on the multifamily developer.

More often than not, apartment developers can far outbid retail developers for land, sometimes bidding twice as much as a retail developer could. It’s for a simple enough reason – apartments have more revenue streams stacked atop one another than a one- or two-story retail development – but these bidding wars are leading to the development of more mixed-use projects in Houston.

Click to read more at Houston Business Journal.

Exclusive: Thanksgiving Tribute: Finding hope in Harvey & The Houston Astros

BY BRANDI SMITH

Growing up in rural Southern Oregon, there wasn’t much in the way of TV to watch as a kid. Our giant antenna, which was mounted to our house, only picked up two channels: the local CBS affiliate and PBS. As a result, my after-school TV programming was usually some combination of Sesame Street, Reading Rainbow and Mr. Rogers Neighborhood.

I gleaned important messages from each of those shows, but what might be the most influential piece of advice came from Fred Rogers when I was older. He recalled that when faced with scary situations, his mother told him, ‘Always look for the helpers.’

 

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2017 looks like another record-setting year for Austin home market; Builders experimenting with lower-cost options

The Austin metro housing market is on pace for another record-setting year.

There were 2,292 single-family home sales in October, according to new Austin Board of Realtors data released Tuesday. The region is on pace to record more than 30,600 sales in 2017, compared with 29,569 last year.

And a recent report by Realtor.com found the median home price in Austin increased 63 percent from 2006 to 2016, the fastest rate in the nation for large metros.

The October figure was up 2.2 percent from the same month a year prior. Much of the growth was concentrated in the suburbs: Single-family home sales increased 1.4 percent year-over-year in October in Travis County, which is home to the majority of Austin proper, while Williamson County to the north saw 5.4 percent growth and Hays County to the south saw 6.2 percent growth.

Click to read more at Austin Business Journal. 

Howard Hughes Corp. breaks ground on master-planned community north of Houston

The Howard Hughes Corp. (NYSE: HCC) broke ground on its newest Houston-area community — The Woodlands Hills — on Nov. 15. 

The 2,000-acre development is in Conroe and Willis, 13 miles north of The Woodlands, another Howard Hughes master-planned community. It is located on FM 830 west of Interstate 45, extending north to FM 1097 and south to League Line Road, according to a Nov. 15 press release.

Dallas-based Howard Hughes Corp. plans to announce homebuilders for the community later this year, and the first single-family home models are expected to be complete in the first quarter of next year. The community eventually will contain more than 4,500 residences, as well as a lot of open space and other features.

Click to read more at Houston Business Journal. 

$200M real estate fund launched by developer behind huge Hutto business park

Titan Development, the company building a 72-acre business park in Hutto north of Austin, has closed the first round of funding on a $200 million real estate fund to fuel its pipeline of more than 20 projects.

Titan Development Real Estate Fund I, a private equity fund, was established in April and ended its first round of funding in early October. Currently Titan Development’s pipeline consists of projects in several asset types including multifamily, senior living, self-storage and industrial. Additional financial details were not disclosed.

Click to read more at Austin Business Journal.