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DFW Industrial Construction, Sales Continue to Lead Country

DFW: Industrial building construction and sales in North Texas continues to eclipse the rest of the country. Cushman & Wakefield, a commercial property company, says in a report that at the end of September the DFW area recorded more than 76 million square feet of warehouse and distribution space under construction. That figure is more than double in the past several years. Yet, analysts forecast that pace to slow in the next several months. The majority of the area’s industrial construction is in southern Dallas County and in the AllianceTexas area in north Tarrant County. Less than 5% of available warehouse space in DFW was vacant at the end of the third quarter.

DFW: Developers are planning another business park in Northeast Dallas. Miller 635 Distribution Center will be a two-building complex at Miller Road and LBJ Freeway. Construction of the $42 million project is expected to begin early next year and should be completed within a year. The project will total more than 625,000 square feet and is another development by IDI Logistics of Atlanta, which has more than 200 million square feet of construction under its hat, including in Garland, South Fort Worth and far East Dallas.

DFW: Higher prices and lower demand for single-family homes over the past few months have helped push up the number of available homes for sale in the North Texas market. Realtor.com says that because of higher prices and higher mortgage interest rates, buyer demand has tempered. That has led to the increase in homes available, from 4,200 in February to more than 16,500 at the end of the third quarter. And the number of days those homes have been on the market has increased to a median of 43 days in September, compared to 36 days the previous month.

DFW: Flower Mound city leaders have given a green light to a development that could eventually increase the city’s population by the thousands. Furst Ranch is a project that could someday include 3,000 single-family homes and 5,000 multifamily residences over a footprint that is more than 1,000 acres. And plans call for up to 8 million square feet of retail and office space. The project is the largest development tract in the DFW suburb. Jack Furst, a resident of Flower Mound, is leading an investment group in the project, which will be built in phases over the next 40 years.

LA LA LAND: Leah Remini barely had time to pack before her house sold. After just 12 days on the market, the actress sold her 10,000-square-foot mansion in Fryman Canyon in the San Fernando Valley for $12.9 million. She and her husband, actor Angelo Pagán, bought the home that sits on 1.5 acres in 2003 for $3.75 million. The couple renovated the property extensively over the past several years. It includes six bedroom suites, nine bathrooms and three fireplaces.  The estate also includes extensive grounds with natural landscaping and mature trees, along with a large resort-like pool and a detached dance studio. The estate is part of a gated and exclusive enclave that includes actors and entertainers. Remini starred with Kevin James in the “King of Queens” and other television series.

COPYRIGHT © 2022. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

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