A 16,000-square-foot distribution center is under construction in Farmers Branch, statewide employment is on the rise, the W.T. Waggoner Building will be converted into a hotel, and squatters are taking over iBuyer self-tours, all in this week’s roundup of real estate news.

Distribution center underway in Farmers Branch

FARMERS BRANCH – Panattoni Development Co. struck a deal with Centurion American Development Group to acquire eight acres at 1701 Valley View Lane in Farmers Branch.

The new owner will develop a 159,405-square-foot speculative distribution center. Completion is set for the second quarter of 2020.

Biel Partners Commercial Real Estate represented Panattoni.

Source: Connect Media

Statewide employment on the rise

The Texas Employment Forecast by the Federal Reserve Bank of Dallas announced that the state’s employment will increase 2.1 percent this year.

The state will add 263,700 jobs during 2019, and employment in December of this year will reach 12.9 million, according to the forecast.

“After strong growth in June and July, Texas jobs decelerated in August and September,” said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. “The weakness in oil and gas extraction is spilling over to other sectors such as transportation and warehousing, which experienced job losses in both August and September. Manufacturing employment continues to grow at a good pace, however, in part driven by continued strength in petrochemical and refining activity. Construction activity also remains robust.”

Source: Federal Reserve Bank of Dallas

W.T. Waggoner Building To Become A Hotel

FORT WORTH – Northland Properties recently announced plans to develop the W.T. Waggoner Building into a Sandman Signature Hotel.

Northland acquired the building in August.

The 20-story, 119,846-square-foot office building at 810 Houston St. will be renovated into 240 guest rooms and 1,500 square feet of meeting space.

The developer requested financial assistance of $8 million for public improvements associated with the project, according to reports.

Improvements reportedly will be reimbursed by Fort Worth’s Lancaster Tax Increment Financing District, based on performance requirements.

Source: Connect Media

Invasion Of The Squatters

No good thing comes without a price, as real estate agents are finding out that web-based virtual tours may be attracting squatters to vacant homes.

They might be scoring drugs, or just looking for a roof over their heads, but it’s happening, and arrests have been made.

“Ever since Arizona police arrested a couple found squatting inside an Opendoor home with two children and a cache of drug paraphernalia in September, agents have been discussing safety issues they see with iBuyer homes,” states an article on Inman.com.

Source: Inman.com