Tarrant Business

Sleep Experts coming to West 7th development

Sleep Experts has leased the space next to Freebirds World Burrito at the northeast corner of West Seventh and Foch street, said developer Cypress Equities in Dallas.

The 3,035-square-foot store is expected to open in May. It will be Sleep Experts third Fort Worth location. It has stores near Ridgmar and Hulen malls.

"We are eager to welcome Sleep Experts to our development along the Seventh Street retail corridor," said Michael Wheat, executive vice president, director of leasing for Cypress Equities.

Bryan Cornelius and Dave Carter with Venture Commercial represented Sleep Experts. Karly Kilroy with Cypress Equities provided in-house representation.

_ Sandra Baker

Fort Worth-Arlington home prices rise nearly 4 percent in January

Fort Worth-Arlington home prices increased by nearly 4 percent in January from a year ago, according to CoreLogic’s Home Price Index released Tuesday.

Nationwide, home prices increased on a year-over-year basis by 9.7 percent, which is the largest increase since April 2006, CoreLogic said.

It is also the 11th straight month of home price increases, the residential property information firm said.

"The HPI showed strong growth during the typically slow winter season," said Mark Fleming, CoreLogic’s chief economist. "With these gains, the housing market is poised to enter the spring selling season on sound footing."

CoreLogic said February home prices are expected to rise by 9.7 percent on a year-over-year basis. Excluding distressed sales, February home prices could rise as much as 11.3 percent year-over-year, CoreLogic said.

In Fort Worth-Arlington, home prices, including distressed sales, increased by 3.6 percent in January 2013 compared to January 2012. On a month-over-month basis, home prices, including distressed sales, decreased by 1.3 percent in January 2013 compared to December 2012, CoreLogic said.

Excluding distressed sales, year-over-year prices increased by 6.4 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 1.6 percent in January 2013 compared to December 2012.

_ Sandra Baker

FW area home prices rise 1.1 percent from the third quarter of 2012 and 2011

The latest quarterly Fiserv Case-Shiller Home Price Index finds that average home prices rose 1.1 percent in the Fort Worth metro area between the third quarter 2012 and the third quarter 2011, and prices are expected to rise another 0.9 percent by the third quarter of this year.

Moreover, the index is predicting home prices in Fort Worth to grow 3.6 percent between the third quarter and the third quarter 2014.

Fiserv Case-Shiller quarterly analyzes home prices in more than 380 U.S. metro markets.

Nationwide, home prices are expected to increase 0.6 percent in the 12-month period from the third quarter of 2012 and 2013 and are projected to grow at an annualized rate of 3.3 percent from the third quarter of 2012 to the third quarter of 2017.

"2012 was the first year since 1997 that the housing market has resembled something recognizable as normal," said David Stiff, Fiserv’s chief economist. "Back in 1997, housing prices grew 3 percent, just below the 5 percent long-term average rate of appreciation. From 1998 to 2006, prices appreciated at levels above 5 percent, with double-digit price increases in many of those years. Then, after 2006, the market collapsed as euphoria turned to panic. It took until the end of 2011 before housing markets finally started to stabilize."

At the end of the 2012 third quarter, prices were rising in 62 percent of all U.S. metro areas, compared to 12.5 percent in the same period 2011, Fiserv said.

Average U.S. home prices increased 3.6 percent from the third quarter of 2011 to the comparable period of 2012.

_ Sandra Baker

Fort Worth apartment community sold

 Austin-based developer Oden Hughes and its partner White Conlee Builders have sold the 336-unit Republic Deer Creek apartment community off Interstate 35W near McPherson Boulevard to Miami-based Pensam Capital.

The development was started in late 2010 and completed in early 2012. It was 93 percent leased at the time of the sale.

"Republic Deer Creek experienced an extremely fast lease up in an underserved market," said Steve Oden, principal with Oden Hughes, in a statement.

Republic Deer Creek apartments range in size from one to three bedrooms. Amenities include a pool, walking trails, bocce ball courts and a dog park.

HHF’s Bill Miller and Roberto Casas represented the seller.

Oden Hughes has developed apartments in Austin, San Antonio, Dallas, Fort Worth and Houston.

_ Sandra Baker

Number of home foreclosures falling nationwide, CoreLogic reports says

 Lenders completed about 760,632 foreclosures nationwide in the 12 months ending Jan. 31, according to a CoreLogic National Foreclosure Report released today.

Texas was among the top five states with the highest number of completed foreclosures during that 12-month period, with 59,232 foreclosures, CoreLogic said.

California led with 96,051 foreclosures, followed by Florida with 95,492, and Michigan with 73,761 foreclosures.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of Jan. 31 compared to 1.5 million at Jan. 31, 2012, a 21 percent year-over-year decrease, said Irvine-based CoreLogic, a residential property information, analytics and services provider.

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country, CoreLogic said.

"The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3 percent of all mortgages in foreclosure," said Mark Fleming, CoreLogic’s chief economist.

Added Anand Nallathambi, president and CEO of CoreLogic, "We still have over a million homes in some stage of foreclosure which is too high, but the continuing downward trend in completed foreclosures is a very positive signal that there is a light at the end of the tunnel. We expect this trend will continue in 2013 as the housing market stabilizes and purchase activity picks up."

The five states with the lowest number of completed foreclosures for the 12 months ending Jan. 31 were District of Columbia, 96; Hawaii, 458; North Dakota, 508; Maine, 538; and West Virginia, 602.

Approximately one-third of homes nationally are owned outright and do not have a mortgage, CoreLogic said.

_ Sandra Baker

Dallas developer buys 27 acres along FW's West Seventh Street

Dallas-based developer Centergy Retail has bought about 27 acres on the bustling West Seventh Street near Trinity Park from Chesapeake Land Development Co. and has plans to develop the property.

Chesapeake, a part of Chesapeake Energy co., assembled various parcels in 2007 and 2008. A 4-acre tract was once the location of the Bankston Collision Center and was sold to Chesapeake by Hillard Auto Group.

The land is just east of Montgomery Plaza and includes parcels along Stayton and Sixth streets, and between Fifth Street on the south, Kansas Street on the north, Harold Street on the west and Greenleaf Street on the east. "The new owner is keenly aware that this property is a vital link between downtown Fort Worth and the Cultural District," said Julie Wilson, Chesapeake’s vice president of urban development in Fort Worth.

The land is currently serving as a staging area for the new 7th Street bridge fabrication. Wilson said the new owner will continue to allow that.

Centergy has developed shopping center, including in El Paso, according to its website.

_ Sandra Baker

Report finds area apartment industry has nearly $6 million economic impact

Apartment construction and operations contributed $5.9 billion to the metro Dallas economy in 2011 and support about 50,000 jobs, a report Tuesday by the National Multi Housing Council and the National Apartment Association finds.

The 2011 report is the latest figures available from the Washington-based groups. The metro Dallas area includes the 12-county North Texas region, including Tarrant County.

In Texas, the apartment industry contributed $93 million to the state’s economy and supported about 35,000 jobs in 2011, the report said.

The report covers the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states. Nationally, the apartment industry and its residents contributed $1.1 trillion to the economy in 2011.

"Although attention is usually focused on homebuilding and the single-family sector, the annual construction and operating outlays for apartment buildings with five or more units are major sources of economic activity, jobs and personal earnings," said Stephen Fuller, an economist at George Mason University, who worked on the study.

Added NMHC Chairman Thomas Bozzuto, "Even in one of the worst economic climates we’ve ever seen, the multifamily industry and its 35 million residents contributed more than $1 trillion to the economy. With up to seven million new renter households forming this decade, the dollars and jobs we add to the economy will only grow in magnitude."

_ Sandra Baker

North Texas existing home sales start out year on a strong note

North Texas existing home sales start out the year well above the number of homes sold in January 2012, the latest Texas A&M University Real Estate Center market report shows.

Sales in January for the 29-county region, including Tarrant County, reached 4,733 homes, up 23 percent. The median sales price was also up 9 percent, to $152,000.

The housing market improved in 2012 and experts have predicted a rise in home prices because fewer homes are listed for sale. The latest report shows that the average days a house is on the market is 75, down a noticeable 18 percent from a year ago January.

Moreover, the number of listings is down 19 percent and the number of new listings for the month remained flat.

Locally, home sales were strong in far southwest Arlington, Kennedale and Trophy Club/Westlake.

_ Sandra Baker

Hillwood's Mike Berry to be inducted into North Texas Real Estate Hall of Fame

Mike Berry, president of Hillwood Properties and who spearheaded the company’s Alliance development in far north Fort Worth, will be inducted into the 2013 North Texas Commercial Real Estate Hall of Fame in May.

Berry and the Caroline Rose Hunt Family, who built Rosewood Hotel & Resort into a world renowned luxury hotel management company, are this year’s honorees.

Berry is being recognized for his work to develop the 17,000-acre master-planned Alliance project for Ross Perot Jr.

As Hillwood president since 1988, Berry leads all management, operations and transactions and serves as the company’s representative among public sector entities for Alliance. The development encompasses nearly 32 million square feet, more than 300 corporate residents, 30,000 employees and more than 7,700 single-family homes.

AllianceTexas has generated more than $40 billion in economic impact to North Texas.

The Caroline Rose Hunt Family currently operates The Rosewood Corp., which invests in real estate, oil and gas, private equity capital, and ranches through three subsidiaries: Rosewood Resources, Inc.; Rosewood Private Investments; and Rosewood Property Co.

"Mrs. Hunt and her family and Mike Berry have brought worldwide acclaim to North Texas for their exceptional hospitality management and innovative property management concepts, respectively," said Chris Teesdale, chair of the 2013 NTCAR Hall of Fame dinner.

The North Texas Commercial Real Estate Hall of Fame is celebrating its 25th year. The Hall of Fame dinner will be May 2 at Brook Hollow Golf Club. The event is sponsored by the North Texas Commercial Association of Realtors.

Other Hall of Fame honorees have included Trammell Crow, Henry S. Miller, Jr., John M. Stemmons, Sr., Angus G. Wynne, John Carpenter, Roger Staubach and the Henry S. Miller Co. Gerald Hines and Jeff Hines, who lead Hines, one of the world’s largest international real estate firms, and Granite Properties CEO Michael W. Dardick were the 2012 recipients.

 _ Sandra Baker

Downtown Fort Worth office building posted for foreclosure

A foreclosure notice has been posted on a downtown Fort Worth office building after the owner defaulted on an $11 million note on the property.

The ownership group, 300 Burnett, Llc., an entity of Peloton Real Estate Partners in Dallas, bought the 129,000-square-foot building at Third and Burnett streets in November 2007 and financed the deal through Lincoln National Life Insurance Co. in Fort Wayne, Ind., deed records show. That loan matured Oct. 1 and the lender posted the property Nov. 13 for the Dec. 4 sale.

Murl RichardsonÖ , a Peloton development partner, declined to comment on the posting.

Not all properties posted are foreclosed because the owner is able to come current on the note.

The building, built in 1976 and the former headquarters for Inspire Insurance Co., is now a multitenant Class B office building. The property is about 62 percent leased.

The Peloton group bought the building from a father-and-son investment team from Midland, which owned the property since December 2003. Inspire Insurance Co. was formed in 1995 as a spin-off of Fort Worth insurer Millers Insurance Group, which filed for bankruptcy in 2002.

_ Sandra Baker