June 22 NAI RGV Spotlight - Commercial Real Estate News...Check it out!

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TEXAS LEADING NATION IN ECONOMIC RECOVERY

COLLEGE STATION (Real Estate Center) – Texas is coming out of the Great Recession and leading the United States in the current U-shaped economic recovery, according to the Real Estate Center's latest monthly review of the Texas economy.

After 16 months of job losses, the state’s annual employment growth rate turned positive in May 2010 and posted an annual employment growth rate of 0.2 percent for the period from May 2009 to May 2010. The nation’s rate of job losses has decreased from 5 percent in August 2009 to 0.4 percent in May 2010.

The state’s seasonally adjusted unemployment rate rose from 7.5 percent in May 2009 to 8.3 percent in May 2010, while the U.S. rate rose from 9.4 percent to 9.7 percent during that period.

Five Texas industries — education and health services, mining and logging, other services, leisure and hospitality, professional and business services — and the government sector had more jobs in May 2010 than in May 2009. Six other industries had net job losses over the same period.

Thirteen Texas metro areas posted positive employment growth rates from May 2009 to May 2010, up from seven for the period from March 2009 to March 2010. College Station-Bryan ranked first in job creation followed by San Angelo, Waco, Killeen-Temple-Fort Hood and McAllen-Edinburg-Mission.

The state’s actual unemployment rate in May 2010 was 8 percent. Amarillo had the lowest unemployment rate followed by Midland, Lubbock, College Station-Bryan and San Angelo.

Buffalo Wings & Rings Announces Expansion in Brownsville

Buffalo Wings & Rings Announces Expansion in the South Texas Market With the Addition of New Franchisee

PR Newswire

BROWNSVILLE, Texas, June 22 /PRNewswire/ -- A hot new Buffalo Wings & Rings (BWR) restaurant is taking flight in Brownsville, TX thanks to new franchisees Francisco, Juan & Luis Guillermo Cordova.

Family ties run deep for the newest addition to BWR. With relatives owning and operating the Mission, TX BWR franchise, the "Brownsville Boys" know what it takes to run a successful franchise restaurant in an unstable economy. The Cordovas have a strong service industry background and are looking forward to extending the BWR brand in South Texas with the opening of their first location by the end of this year (or early 2011 at the latest).

The state of Texas is an integral component to Buffalo Wings & Rings' overall growth strategy. The chain currently operates 55 locations nationwide, eight of which reside in The Lone Star State. Last year alone, BWR opened two locations in McAllen and one each in the cities of Del Rio, Mission, Round Rock and Weslaco.

"Our goal is ... Click here to read more

Luby’s Inc. to buy Fuddruckers' assets for $61 million

SAN ANTONIO (San Antonio Express-News) – Luby’s Inc. is purchasing all of Fuddruckers’ assets — as well as Fuddruckers parent, Magic Brands LLC — for $61 million.

Houston-based Luby’s and Austin-based Fuddruckers were founded in the Alamo City in 1947 and 1980, respectively.

Magic Brands LLC filed for bankruptcy on April 21 and operates 62 Fuddruckers locations in 11 states. An additional 135 restaurants are operated by franchisees.

The transaction is scheduled to close on or before July 9.

Developer to invest millions in housing infrastructure in Reynosa

June 18, 2010

McAllen Economic Development Corporation Blog

Reynosa, a city of about 1 million and an industrial hub in Northeast Mexico, will receive a boom in housing thanks to new jobs and a new housing developer.

Uribi, the leading housing developer in Mexico, will expand its operations throughout the state of Tamaulipas and in Reynosa, the state’s largest city. The McAllen Economic Development Corporation works closely with the City of Reynosa to attract industry and manufacturing to both sides of the border.

To read the full release, click here.

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Commercial recovery up ahead, Realtors predict

Commercial recovery up ahead, Realtors predict
ICSC SCTWeek June 18th, 2010

U.S. commercial real estate values could start to recover next year, says the National Association of Realtors. Values will keep declining and vacancies rising across all property types through the rest of this year, though moderating somewhat, the group says.

Multifamily property will lead, the association says, pointing out that the vacancy rate for apartments eased from 7.4 percent in the fourth quarter of 2009 to 7.3 percent in this first quarter. The group says this will drop even further in the second quarter, to 6.9 percent. Some 413,000 square feet of retail space will be vacated during the second quarter, the association says, compared to 8.1 million square feet of office space and 30.3 million square feet of industrial properties. In percentage terms, second-quarter vacancy rates will be about 17.3 percent for office space, 14.6 percent for industrial and 12.7 percent for retail.

McAllen ranks in top 11 cities for beating the recession; longest period of job growth

McAllen ranks in top 11 cities for beating the recession; longest period of job growth
June 17th, 2010
McAllen Economic Corporation Blog

McAllen, TX ranked No. 11 in the United States for beating the recession, according to the June 2010 MetroMonitor released by the Brookings Institute. The report indicates: “Of all the cities in the ranking, McAllen has experienced the longest period of job growth, gaining jobs over the last four quarters.”

Click here to read article.

Officials unite to discuss cross-border development

Officials unite to discuss cross-border development

June 16, 2010 9:56 PM
By ILDEFONSO ORTIZ, The Brownsville Herald

Cameron County officials met with Matamoros city leaders Wednesday to discuss some of the area’s regional development issues.

Officials reviewed a range of projects, including the Brownsville West Rail Relocation Project and the expansion of the Brownsville Veteran’s International Bridge.

“These projects have been around for some time,” said Cameron County Judge Carlos Cascos. “We have a great working relationship with our friends in Matamoros and thanks to our combined efforts have been able to close the deal.”

The bridge expansion calls for the addition of lanes to the port of entry that will help ease the flow of traffic to both cities, Matamoros Mayor Erick Silva said.

Cascos said construction for the project is slated to begin ... Click here to read more