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Commercial Real Estate News

Dallas/Ft. Worth Commercial Real Estate News From CoStar Group

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: North Carolina, St. Louis, Dallas / Ft. Worth, Washington DC, Orlando, New York City, Chicago, Ohio, Houston, Southern California, Baltimore, South Florida and Richmond / Hampton Roads. NORTH CAROLINA Tanger Factory Outlet Centers Names New President By CoStar News...

5/26/2017 2:00:00 AM

Wilson & Stonaker, a full service commercial investment real estate firm headquartered in Dallas, added more than 334,000 square feet to its industrial portfolio with the purchase of the Northbrook Business Center in north Fort Worth, TX for an undisclosed amount. The four-building Northbrook Business Center totals 334,082 square feet just north of I-820 along S. Blue Mound Rd. in the Meacham Field/Fossil Creek Industrial submarket. Completed...

5/23/2017 8:22:53 PM

Simon Property Group (NYSE: SPG) kicked off ICSC's RECon week in Las Vegas by announcing plans to continue investing $1 billion a year in a bid to keep attracting shoppers to its malls. Over the past five years, Simon said it invested more than $5 billion in retail development projects, and expects to spend another $1 billion in both 2017 and 2018. "Our primary focus continues to be investments in our physical product to enhance our guests'...

5/22/2017 9:58:19 PM

Looking to boost its portfolio management expertise, Phillips Edison & Co. added industry veteran K.C. Bills to oversee the firm's western region properties as a regional vice president. Bills comes to Phillips Edison from Trammell Crow Co. where he most recently served as vice president of investments within the firm's Dallas/Fort Worth business unit. In his tenure with the firm, Bills oversaw more than $640 million in mixed-use and retail assets...

5/22/2017 4:55:45 AM

A West Coast seller has sold a Dallas-area shopping center to an East Coast buyer. Irvine, CA-based Passco Cos. sold the 174,484-square-foot Creekwalk Village in Plano, TX to Sterling Organization, a private equity real estate firm headquartered in Palm Beach, FL. Sterling paid $24.5 million, or about $140 per square foot, for the fully leased shopping center home to Barnes & Noble, Bed Bath & Beyond, DSW Shoe Warehouse, Michaels and others...

5/21/2017 8:41:14 PM

After 25 years in South San Francisco, biopharmaceutical company and cancer drug developer Exelixis (NYSE: EXEL) has signed a 10-year lease with Ascentris to relocate its corporate headquarters to three buildings within The Waterfront in Alameda, CA. The company will occupy 110,783 square feet across 1751, 1801 and 1851 Harbor Bay Pky., three low-rise office buildings that are part of the six-building, 385,000-square-foot The Waterfront office...

5/21/2017 7:00:00 PM

Greensboro, NC-based multifamily investment and management company Bell Partners has sold its 420-unit Bell Park Central community in Dallas to local firm Crow Holdings for an undisclosed amount. Bell Partners acquired the apartment and townhome community in August 2011 through Bell Fund IV on behalf of its investors. The company would later execute a value-add initiative at the complex before agreeing to the sale. The mid-rise apartment/townhome...

5/18/2017 4:24:37 AM

Dallas-based interior architecture and design firm Faulkner Design Group (FDG) has promoted Michelle Duncum to COO. She will manage the company’s day-to-day operations and support the company’s growth initiatives. Duncum joined FDG in 2013 as vice president of client services and public relations. Prior to joining FDG, the 25-year industry veteran served as an asset manager and executive director at Glenbrook Residential and Brothers Property Corp...

5/18/2017 2:58:14 AM

Brookfield-sponsored private equity funds completed their purchase of a pair of portfolios involving 46 properties from TA Realty for $854.5 million. The portfolio includes a mix of industrial and office properties totaling 8.6 million square feet spread over 12 states, with the vast majority of the properties located in Los Angeles, Dallas, Chicago and Washington, DC metros, according to TA Realty. The list of properties sold to Brookfield was...

5/18/2017 4:33:41 AM

The largest privately-owned industrial developer in the U.S. is set to initiate construction on a new 320-acre master-planned business park in south Fort Worth, TX. Teaming up with local firm Hickman Cos., Majestic Realty's Majestic Fort Worth South Business Park will accommodate more than six million square feet of office, industrial and logistics space roughly 2.5 miles south of the I-20/I-35 interchange. Phase one of the project will be developed...

5/17/2017 2:40:20 AM

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Beware of ‘Gotchas’ in Home Warranties

News Release No. 60, August 2005
By David S. Jones

According to the Gallup Poll, 79 percent of buyers and sellers rate home warranties as one of the most important considerations when buying a home. Home warranties are the fourth most important factor behind location, design and financing options.

But just because you have a home warranty doesn’t mean you have adequate protection. I know this will come as a shock, but all home warranties are not created equal.

The folks at collect both good and bad experiences on home warranties. Their goal is to educate consumers about the need for home warranties, how to pick the right company and warn consumers of the pitfalls. This column focuses on the latter.  Keep in mind that this list is based on opinions and experiences sent in by consumers rather than any scientific data or research.

The number one gotcha to watch out for is a big one for Texans — the air conditioner. While a bad wire may be covered, cleaning the coils is normally a standard maintenance item and not covered. And once the technician reports the dirty coils, your home warranty company may exclude all future air conditioning claims because you haven’t been taking good care of your equipment. Annual maintenance contracts are a way around this gotcha.

Keep in mind that pre-existing conditions are not covered by a home warranty. Therefore, it’s a good idea to have a professional check the air conditioning before you buy to rule out the possibility of a pre-existing problem.

A bad inspector, however, can cost you thousands in gotchas. It helps if the inspector has the warranty contract in hand when he does the inspection. Special attention needs to be given areas that require routine maintenance. The more detail you get in the report, the better. Ask for photos. And ask the seller to repair or replace anything that is excluded in the warranty or may be deemed a pre-existing condition.

Rust and corrosion also are potential trouble areas. Because they are common problems, rust and corrosion are excluded for the first 30 days of most home warranty plans.  Some exclude them altogether. This could mean trouble for getting your garbage disposal or hot water heater repaired.

If you examine a home warranty carefully, you are likely to discover that it does not pay a claim unless you call the warranty company before you have the problem fixed. One of the biggest gotchas occurs when you call in a home warranty claim. What you tell the person who answers the 800 number is important because it determines whether or not the problem is covered by the warranty.

What you tell the customer service representative is logged into the computer for reference to the current and future calls. If there’s any doubt, you may be told the broken item is “not covered.” Always be nice and professional when talking to the home warranty folks on the telephone. Keeping your cool nearly always gets better results.

There are many gotchas inherent to home warranties. The service technician answering your call may misdiagnose the problem. The warranty may have payout limits. Multiple items may be covered only at an additional cost. Refrigerators located outside the kitchen usually are not covered. Anything associated with a commercial purpose probably isn’t covered. Mold is not covered. You get the idea.

How do you avoid the gotchas with a home warranty? Do your homework. The best defense is to read the fine print.  




Our Real Estate Office Wins Prestigious Award

  The CENTURY 21 office of Mike Bowman was recently recognized for outstanding achievements for 2004 by the world’s largest franchiser in the world. CENTURY 21 Real Estate Corporation.

Based on production, this office achieved the rank of No. 1 in Texas and NO. 2 in the worldwide CENTURY 21 system. WIth more than 35 years of unsurpassed service to the Fort Worth-Dallas community, CENTURY 21 Mike Bowman, Inc. continues to be a top leader in sales production, customer service and unmatched technology.

“As a company, our goals is to provide our clients with knowledge and advice related to their real estate transaction and to offer them peace of mind and confidence during what maybe the most significant purchase of a lifetime,” said Bowman.

Awards received at the CENTURY 21 International Convention included the coveted Grand Centurion Office award. Quality Service Pinnacle award and the President’s award.

“The stellar performance of the sales associates, management team and staff is a testament to the significance of service and peace of mind afforded our clients,” said Bowman. “Their commitments and concentrated efforts made these accomplishments possible.”

The Grand Centurion award was presented to CENTURY 21 Mike Bowman, Inc., successfully closing 3,923 transactions.

“The level of success that CENTURY 21 Mike Bowman, Inc., has achieved truly exemplifies the professional excellence and commitment to service that the CENTURY 21 system as forged its reputation on,” said Thomas R. Kunz, president and chief executive officer of CENTURY 21 Real Estate Corporation.

The 155 career sales associates of CENTURY 21 Mike Bowman, Inc., are dedicated to maintaining the highest level of customer service. This dedication was acknowledged by CENTURY 21 International by honoring the office with the coveted Quality Service Pinnacle award. Each client is e-mailed a Quality Service Survey immediately after the purchase or sale of a home through CENTURY 21 Mike Bomwan, Inc. To earn the Quality Service Pinnacle award, an office must receive an average survey score of at least 95 percent over the past two years. The President’s award was given to 160 recipents out of more than 76,600 offices.
“ It is truly an honor to receive this award that exemplifies our associates outstanding sales production and total commitment to quality service,” said Jeane Dees, senior vice president.
This annual award is presented to CENTURY 21 System offices that achieve the CENTURY 21 Centurion award and the CENTURY 21 Quality Service Pinnacle award in the same award year.

“We are thrilled to recongize the work of CENTURY 21 Mike Bowman, Inc. for their momentous achivements,” said Kunz.

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