HOUSTON—In this week’s wrap up of southwest and Texas deals…
*Roofing Supply Group LLC has continued its expansion with the opening of two new locations in the Woodlands, TX (North Houston Area) and Baton Rouge, LA. These two new locations will strategically position RSG to better serve customers in both markets. The Woodlands branch will be led by District Manager Damien Katzenmeyer and the Baton Rouge location will be led by Branch Manager Bobby Freedman. Geoff Craft is the Regional Senior Vice President in the Southwest Region and will have responsibility for both of these locations. These openings represent the 16th and 17th branch locations in the Region.
*As Third Avenue Development LLC, the real estate division of Taylor Consulting Inc., continues building a portfolio of West Texas real estate assets, home values in the region are breaking records. In the city of Midland, home values grew by more than 23% year-over-year last month, pushing the city’s median price to the No. 1 slot in Texas for the second time this year. According to the latest data from the Real Estate Center at Texas A&M University, more than $70.8 million was spent or financed on real estate purchases in Midland in June, about 50% more than in June 2013. The city set a new record for its median home price last month, and the number of transactions surged last month to the highest level in Midland’s recorded history as the oil and gas industry attracts a flood of new workers, businesses and families to the region. Midland’s growth echoes a statewide trend. Home sales across Texas were at their highest volume last month since 2006, and the total value of home sales topped $7.4 billion—a new record. Through Third Avenue Development, TAYO is building a strong portfolio of West Texas real estate assets as new workers and residents continue to pour into the region. The company has already acquired multiple properties located on or near the Permian Basin as well as executed a letter of intent to form a property development joint venture with The Home Masters Inc.
*Berkshire Hathaway HomeServices, the real estate brokerage network operated by HSF Affiliates LLC, recently revealed that Prudential Real Estate Center has joined the network and is operating as Berkshire Hathaway HomeServices Real Estate Center. The brokerage, which is independently owned and operated, joins a Berkshire Hathaway HomeServices network that has grown to more than 31,000 agents and 919 offices in 46 states since its launch last September.
*Cassidy Turley has been selected by Brookfield Property Group to lease and manage Riverside Commons in Irving, TX. Riverside Commons is a six building asset totaling 453,303 square feet. The class-A office space is located at the gateway of Las Colinas’s Urban Center. Significant renovations are planned for the 13 acre campus site. Riverside Commons marks the fourth Metroplex property Brookfield Property Group has awarded to Cassidy Turley for leasing and management.
*Stanton Road Capital LLC, together with Vancouver-based Second City Real Estate, has acquired 3660 Regent Blvd., a 159,000-square-foot office building located in the Freeport submarket of Dallas. Sourced off-market, the property was 100% leased at the time of acquisition. Developed in 2000, the two-story property was originally a build-to-suit for Ford Motor Credit, which occupied 100% of the property until 2008. In 2009, the property was converted to a multi-tenant building and is currently occupied by four national tenants.
*Sealy & Co. has acquired the Gardner Tanenbaum Holdings project in Oklahoma City, OK, through the Sealy sponsored investment fund Sealy Strategic Equity Partners. The high quality, newly constructed, 280,000-square-foot industrial build-to-suit is located in a prime distribution and warehouse area at I-35 and Britton Road in north Oklahoma City. With room to expand by 90,000 square feet, the property features state of the art construction with energy efficient materials. The tenant, national utility tape manufacturer ShurTech Brands, has enjoyed significant growth over the last 10 years. ShurTech recently executed a 15-year lease.