DALLAS -- The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, has closed on acquisition financing for Forest City West Village, a 21-story residential tower located in uptown Dallas. The project is anticipated to create more than 1,000 direct and indirect jobs. West Village will include 381 luxury apartment units and 37,000 square feet of retail and restaurant space. Construction is under way on the project. According to Mike Rawlings, the mayor of Dallas, the project attracted foreign investment through the EB-5 program, an immigrant investor initiative.

DALLAS -- Colliers International North has brokered the sale of 501 Elm Place, an approximately 190,000-square-foot landmark building located in the West End District of Dallas. The property was built in 1903 and includes office, retail and residential space. The building, which spans an entire city block, also houses the Dallas Holocaust Museum. Creighton Stark and Ben Lurie of Colliers International represented the seller, a German investor group advised by International Capital, in the transaction.

SAN ANTONIO -- Crossbeam Concierge, a Bethesda, Md.-based real estate investment and development firm, has delivered the 270-unit Villas at Mira Loma, a Class A multifamily community located in San Antonio's Live Oak submarket at 15400 Lookout Road. The development is Crossbeam Concierge's first ground-up development project since 2007. Crossbeam Concierge purchased the development site from Bryan-based Godfrey Residential Group, which developed the community. The community features a resort-like Water Plaza with a pool and sundeck, a fitness center and clubhouse. Dallas-based BGO Architects designed the community and Comerica Bank provided construction financing.

DALLAS -- EastGroup Properties has acquired five multi-tenanted warehouse/distribution centers totaling 722,000 square feet in the Valwood Industrial Park in Dallas. The total investment, including first-year capital improvements and lease-up costs, is $41.55 million. The properties are 95 percent leased to 15 customers. EastGroup also purchased 4.1 acres of adjacent land for future development. The properties are anticipated to generate an annualized 6.3 percent cash yield.

THE COLONY -- Invesco Real Estate has acquired two Class A multifamily properties totaling 1,003 units in the Austin Ranch master-planned development in The Colony. The two properties were the first residential units built on Austin Ranch. Austin Ranch consists of multifamily, single-family, retail, office and industrial space. The community also features 1,900 acres of parks, swimming pools, fitness centers, sports fields, hills, hiking paths, creeks and ponds. Billingsley Co. will retain ownership of the remaining multifamily units.

"Rental living is the new American Dream," says Lucy Billingsley, co-owner of Billingsley Co. "Americans are now focused on their life experiences rather than their assets. Books, travel, entertainment and friends all trump maintenance and the economic burden of owning your home. Austin Ranch offers an expanded and rich lifestyle."

HOUSTON -- The University of Texas' MD Anderson Cancer Center has purchased a 34.5-acre tract of land in Central Park, a 78-acre commercial development located in Houston's Energy Corridor. Wolff Cos. assembled Central Park in late 2011 and early 2012. Central Park is located on the north side of Interstate 10 between North Eldridge Parkway and State Highway 6. There is approximately 2 million square feet of office space either in construction or in the pipeline in the Energy Corridor, according to Wolff Cos.

Dallas/Fort Worth's economy expanded during the fall as the national and global economic climate remained ambiguous. Payroll employment in the Metroplex grew by 66,500 jobs during the 12 months ending October 2012. DFW's employment rose by 2.3 percent in that period, compared to 1.5 percent for the nation. This growth is the fifth-most in the nation in absolute terms and the fifth greatest on a percentage basis among large metros.

The Dallas/Fort Worth unemployment rate fell to 6.2 percent in October 2012, from 7.5 percent a year earlier. The national unemployment rate was 7.9 percent in October 2012, down from 8.9 percent a year earlier. National unemployment edged down to 7.7 percent in November 2012.

Expansions in the financial services sector and growth from corporate consolidation in the transportation/trade sector support an active DFW economy as business confidence grows.

-- Excerpt from the Transwestern Dallas/Fort Worth Outlook market report, compiled by Delta Associates, the research affiliate of Transwestern. Click here for more information.

Contact Us

jnelson@francemediainc.com  

www.texasrebusiness.com