When it comes to commercial real estate development, few states compare to the record of Texas over the years and with an economic recovery on the horizon, it seems certain that real estate will be one of the main beneficiaries. International corporations are seeking office space in the Houston Energy Corridor, but also in other areas in Texas and below, we look at some of the most recent developments.
AdvoCare International’s New Office
AdvoCare International is a company that specializes in nutrition, energy, abd sports performance products and it is having a 260,000 square-foot office and warehouse built by KDC. The development is 35 acres in total and features a 25,000 square-foot office building with the rest of the space taken up by the warehouse. The complex is due to be opened in July 2014 and there will be 100 employees inside. AdvoCare will continue to operate from its HQ in Plano, where 150 staff are located.
One Dallas Center Apartments
According to reports, the top floors of the One Dallas Center tower in downtown Dallas will be converted into apartments in a project due to start before the end of November. It is a project that will occupy the top 16 floors of the tower, as the lower floors have already been converted into new office space for Greyhound Lines and HKS. According to developers on the project, the first units will be available to rent within 8 months, with the whole theme behind the development being the creation of a luxury hotel style building.
The ground floor of the new project will contain a professional kitchen, dining area, and tenant lounge with a swimming pool outside! Companies will be able to rent for as little as $1,100 per unit, with the average unit size around 840 square feet. According to Todd Interests, it is a building that will provide a contemporary, sophisticated, and international feel that is not available in Dallas today.
KBS Makes Major Purchase
KBS Realty Advisors has made a huge purchase in Uptown Dallas in the form of a 17-story Class-A office tower that has more than 164,000 square feet. There is also a 7-level parking garage in the building that is located in the Knox-Henderson District. At the time of sale, the occupancy rate was over 83%, with tenants from various industries including professional and business services, energy and healthcare, plus legal services. It is the corporate HQ of Dickey’s Barbecue Pit and also has a legal office belonging to Frank L. Branson.
The building is officially known as Highland Park Place and it has received significant improvements in recent times, including a renovated lobby, updated restrooms, landscaping, and tenant corridors. The seller of the building was Heitman and it was arranged by CBRE. There are dozens of major projects in the pipeline, with million-dollar commercial real estate deals seemingly happening almost every single week. With an improving economy in the state of Texas, it looks certain that deals like the ones mentioned above will become par for the course instead of being big news.