Albertsons Trades 2 North TX Retail Properties

150 E. Farm to Market Road 544 in Murphy, Texas

Albertsons has sold two of its former grocery stores in North Texas to 356 Development. The properties, totaling 123,737 square feet of retail space, shut their doors last year. Venture Commercial acted on behalf of the seller in the transaction. Previously, 356 Development acquired a different Albertsons property in Frisco, Texas, which it transformed into a church.

“Over the past 12 years, Venture has represented Albertsons in the disposition of its North Texas stores,” said John Zikos, principal & managing partner at Venture, in a prepared statement. “Throughout this time, we have worked to find the right buyers and tenants that will result in providing needed services to the local communities.”

Closed stores, new opportunities

The first building, located at 150 E. Farm to Market Road 544 in Murphy, sits within six miles of U.S. Highway 75 in Plano, enabling accessibility throughout the Dallas area. The structure is part of the Shops at Murphy and is near a wide variety of shopping and dining options, including Walmart, Lowe’s Home Improvement, Chick-fil-A and Domino’s Pizza.

The second asset in the transaction is in the busy Denton Highway retail corridor in Watauga, at 8428 Denton Highway. Part of the Shops of Watauga, the building has remained vacant following Albertsons’ closure in 2017. The property is within 13 miles of downtown Fort Worth and near shopping options such as Target, Dollar Tree and The Home Depot.

John Zikos and Charlotte Cooper were part of the Venture Commercial team that represented the seller in this deal.

Image courtesy of Venture Commercial Real Estate

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Escape the hustle and bustle at homes along North Texas lakes – Dallas Business Journal

With its reputation for frequent droughts and flat, dusty terrain, Texas may not seem like an ideal place to buy a lake home.

But the state sees a strong demand for homes with lakefront access and views, and the Dallas-Fort Worth region is home to three of Texas’ top 10 lakeside housing markets: Cedar Creek and Possum Kingdom lakes, as well as Lake Texoma along the Texas/Oklahoma border.

“North Texas lakes have very good demand that seems to be increasing,” said Stephanie Mueller, a real estate agent for Lake Homes Realty in the Cedar Creek Lake area. “Many agents are saying they had their best year ever.”

Cedar Creek, the state’s sixth most popular lake, along with White Rock Lake, are located on the east side of the Metroplex. Cedar Creek is just over an hour drive southeast of Dallas, while White Rock sits inside the city, bordering Garland.

Homes in those areas and across North Texas tend to be priced between $450,000, just above the most affordable lake homes statewide, and $900,000.

Click through the slideshow below to see properties from Cedar Creek and White Rock lakes priced at, below and above the market average.

Lakefront homes east of Dallas VIEW SLIDESHOW 73 photos

Buyers seeking lake properties in North Texas tend to be a mixture of weekend and full-time residents, though those looking for weekend and holiday retreats tend to be more common, Mueller said.

“There are wealthy buyers, but the majority just make a very nice living,” she added. “Many of the more expensive homes are sold to out of state buyers.”

Lake Homes Realty, which compiled a list of lake homes for the Dallas Business Journal, is preparing for a busy season as buyers begin to look for summertime getaway properties.

“Now is the time to be looking if you want to buy for summer,” said Brian Cauble, Lake Homes Realty’s director of market engagement. “Later in the summer, much of the best inventory for the year has been sold.”

If you’re not eastbound, take a 2-hour drive north and check out retreats in Lake Texoma in the slideshow below.

Homes on Lake Texoma VIEW SLIDESHOW 37 photos

Largest North Texas Residential Real Estate Brokerages

Ranked by Transactions Closed in 2016

Rank Business Transactions Closed in 2016 1 Keller Williams Realty 25,301 2 Ebby Halliday Real Estate Inc. 19,719 3 Coldwell Banker Residential Brokerage, Dallas/Fort Worth 7,652 View This List

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Incredible Time Lapse Video Of Dust Storm Moving Through Texas Town

ODESA, TX (CBSDFW.COM) — The raw power of Mother Nature was put on full display Tuesday as a cold front blew into Odesa, TX bringing with it a massive dust storm.

The front made for dangerous driving conditions and fueled a grass fire in that city that burned 150 acres.

In the video, the sky can be seen changing from a deep blue to a dusty shade of amber.

Cars driving in the distance appear to be moving very fast since the video has been sped up.

Drivers were urged to be cautious and stay out of the path of the storm as visibility dropped.

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Storm Chances Return To Dallas This Weekend

DALLAS, TX — Another round of storms is expected to move into the North Texas area Friday afternoon, with some threatening to be strong or even severe.

The National Weather Service predicts a dryline and cold front will spur the storms, which will continue through the evening and overnight hours.

Large hail and damaging wind are possible as the weather system moves through the Metroplex.

The Weather Service predicts a cool and cloudy Saturday with highs in the 50s. No storms are anticipated.

Check Patch often for regular weather updates as the weekend nears.

Lead image via Shutterstock

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Texas To Receive Nearly $58 Million In Federal Housing Funds In Wake Of Harvey

Homes are seen inundated with flooding from Hurricane Harvey on August 28, 2017 in Houston, Texas. (credit: Joe Raedle/Getty Images)

AUSTIN, Texas (AP) — The U.S. Department of Housing and Urban Development is allocating to Texas $57.8 million in additional funds for clearing housing from areas flooded by Hurricane Harvey.

Neal Rackleff is HUD’s assistant secretary for community planning and development.

He said in a conference call Friday that the funds could be used to help buy out homeowners living in 100-year flood zones and help others rebuild.

HUD hopes Texas can begin meeting unmet housing needs in 13 Harvey-affected counties by mid-December.

The state’s plans must pass a citizen review before being submitted to HUD for approval.

Rackleff says the federal agency is still trying to decide where to spend an additional $7.4 billion allocated by Congress in September for storm recovery efforts in Texas, Florida, Puerto Rico and the U.S. Virgin Islands.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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CRE Opinion: Four Potential Disruptors in DFW’s Booming Industrial Market

Without question, Dallas-Fort Worth’s industrial real estate market is among the strongest in the nation. According to Cushman & Wakefield research, the region closed 2017 with nearly 26 million square feet in occupancy growth—a new record. And construction deliveries for the year, at 27.4 million square feet, exceeded the 10-year historical average by 172 percent.

Industrial tenants continue to make North Texas a part of their supply chain and logistics strategies, and are growing their presence at a record clip. So, what could possibly get in the way of good times continuing? Here are four potential disruptors:

Labor

Industrial labor is in great demand in DFW, and there is at least a perceived shortage throughout the region. In a market growing as quickly as ours, it can be a challenge to find a deep bench of workers, whether you’re in South Dallas or North Dallas or Alliance. Every industrial tenant that comes to town wants to know where they can find good labor. And it’s not just about finding workers, it’s keeping them. Amazon is paying as much as $4 or $5 more per hour for forklift drivers than what most small, locally owned companies can afford, making it hard for them to compete.

Similarly, developers want to know how they can best position their projects so prospective tenants can feel confident about hiring prospects. Access to labor can be a huge differentiator in the market. Our research team has done in-depth labor studies and created heat maps that reveal where concentrations are centered. It’s a quantitative analysis, not qualitative, but it’s been very helpful on both the tenant and landlord side.

Land

A shortage of available land sites in Dallas is a phenomenon that’s new to this development cycle. Land in or near the majority of established industrial parks in North Texas has already been snapped up; only infill sites remain. That’s why so much of the new construction is happening in South Dallas, the last submarket with available raw land. But now even South Dallas is becoming a challenge.

The tracts of land that do remain throughout DFW are available for a reason; typically there’s some sort of extraordinary cost associated with developing them, such as a flood plain or infrastructure challenge. This is leading some investors to opt for redevelopment. The old Raytheon campus in Garland is an example of this, as is the former ST Microelectronics complex in Valwood. It’s not just former industrial space that’s getting repurposed. A golf course in Great Southwest has been turned into an industrial park, as was a church and the former Six Flags Mall. Due to the shortage of land, we will see a continuation of this trend.

Construction Costs

As industrial space becomes more sophisticated and the basic economic principles of supply and demand come into play, developers are paying more for everything from materials and land to labor. Today’s tenants not only want higher ceilings, they want increased car parking and trailer parking. This means more paving costs and, more important, it decreases the amount of coverage that developers can achieve on a site. The floor area ratio goes down, so there’s less building per foot, per site, for which they can charge rent. Developers are facing pressure from two different directions: higher costs and lower building coverage. All of this puts increasing pressure on rents.

Interest Rate Hikes

We are expecting to see three or four hikes in 2018. As rates increase, so will the cost of borrowing. Higher construction and financing costs have been offset over the past several years by cap rate compression. But as interest rates rise, some are betting that cap rates will eventually rise, too. At this point, we don’t anticipate that cap rates will be affected in the short-term, unless 10-year Treasury yields get to somewhere in the 3.50 range. There remains an abundance of capital for industrial real estate, which is still a preferred asset class for most investors.

Kurt Griffin is an Executive Managing Director within Cushman & Wakefield’s Logistics and Industrial Services group in Dallas. He specializes in industrial project leasing, tenant representation, and investment property and land sales.

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Missing man last seen driving in northwest Dallas may be a danger to himself, others

George Earnest Rollins (Dallas Police Department)

George Earnest Rollins, 58, was last seen around 10 p.m. Sunday driving in the 2300 block of Stemmons Trail, near West Northwest Highway.

Rollins is described as a white man who is 6 feet tall and 160 pounds, with black hair and blue eyes.

Ford 500

He was driving a red, four-door 2007 Ford 500 with Texas license plate FKB-2760.

Police say Rollins may be a danger to himself or others.

Anyone with information about Rollins’ whereabouts is asked to call 911 or Dallas police at 214-671-4268.

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North American Cannabis Holdings and Puration Signal Full Steam Ahead in Canada and California Recreational Marijuana Markets

DALLAS, TX / ACCESSWIRE / March 15, 2018 / North American Cannabis Holdings, Inc. (OTC PINK: USMJ) and Puration, Inc. (OTC PINK: PURA) are continuing to forge ahead with establishing operations in Canada and California to position both companies to benefit from the respective legalization of recreational marijuana. USMJ recently announced a letter of intent to acquire a company in California that would advance USMJ’s strategy to enter the recreational marijuana grow and dispensary markets in California. PURA has recently announced developments in California to establish an extraction operation and produce cannabis extract infused beverages for the legal California recreational marijuana market. Together, USMJ and PURA have been developing an opportunity to acquire a grow operation in Canada in advance of the pending nationwide legalization of recreational marijuana expected this coming July. Continue reading “North American Cannabis Holdings and Puration Signal Full Steam Ahead in Canada and California Recreational Marijuana Markets”

Cresa Dallas doubles its operations with move into new Dallas-Fort Worth office in North Dallas – Dallas Business Journal

It’s only been a few months since the re-established team behind Cresa Dallas moved into its new North Texas regional hub at the recently-renovated Pinnacle Tower near LBJ Freeway and the Dallas North Tollway, but, in that time, managing principal Scott Bumpas has more than doubled the size of his staff.

The tenant rep-only brokerage firm has taken its Dallas employee base from four executives to a team of nine brokers and employees focused on turning North Texas into a major market for Cresa. Continue reading “Cresa Dallas doubles its operations with move into new Dallas-Fort Worth office in North Dallas – Dallas Business Journal”

North Texas-based Bloomfield Homes plans to develop 750 new affordable homes in Mesquite – Dallas Business Journal

Mesquite has been experiencing “unprecedented new home construction” unlike the city has seen since the 1980s, officials say.

And on Monday, North Texas-based Bloomfield Homes announced it will add to the pipeline with plans to develop 750 new homes in the Ridge Ranch master-planned community near East Cartwright Road and Lawson Road.

City manager Cliff Keheley said the builder decided to continue its success in Mesquite on the heels of selling hundreds of new homes in another master-planned community in the city. Continue reading “North Texas-based Bloomfield Homes plans to develop 750 new affordable homes in Mesquite – Dallas Business Journal”