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News – San Antonio

* This news feed is generated through NewsTalk Texas, provided by the Real Estate Center at Texas A&M University

​​​​CBRE Thanksgiving reportTEXAS – ​​As the holiday season approaches, you may be spending a little more time (and money) on travel this year as Americans are expected to hit the road in record numbers. 

According to AAA, 50.9 million people will travel at least 50 miles from home this Thanksgiving (a 3.3 percent increase over 2016), with nine out of ten people making the trek by car rather than through the air. 

This is expected to be the highest travel volume since 2005.

Stuffing money in your wallet: Thanksgiving cuts costs across the table
  • The American Farm Bureau estimates that the average Thanksgiving dinner for ten will cost $49.12, on average, a 1.5 percent decrease from 2016. 
  • Regionally, dinner for ten will remain lower than the national average at $46.75, a 4.3 percent drop over 2016. 
​Consumer confidence expected to boost holiday spending
  • This year with total retail sales are expected to increase 4 percent to $682 billion. 
  • E-commerce and mobile sales are expected to grow by 11-15 percent, but the lion's share of spending will take place in brick-and-mortar stores. 
  • Holiday shoppers are expected to spend an average of $967.13 this year.

​​​​A view of one of the two Westridge at La Cantera buildings in San Antonio, with a primarily glass facadeSAN ANTONIO – Preferred Apartment Communities Inc. acquired WestRidge at La Cantera—an approximately 258,000-sf Class A office development.

An Atlanta company purchased the upscale $57 million WestRidge office buildings next to Shops at La Cantera—one of the biggest commercial transactions in San Antonio this year.

The property, located on the city’s northwest side, comprises two buildings completed in 2015 and 2016 which are together 100 percent leased. 

Tenants at the development include the San Antonio-based USAA.​

​​A view of the Commerce building in Downtown San Antonio.SAN ANTONIO – The sale of the Downtown 39,831-sf Commerce Building at 314 E. Commerce St. to Harris Bay has closed.

The California-based real estate firm is planning a mixed-use redevelopment on the eight-story building.

The building was purchased for $2.812 million.

Harris Bay founder Jake Harris says he plans for the renovations to match the classic style of the building, which first opened in 1902.

When complete, the building will include ground floor retail and a restaurant; the rest of the building will be office space.​

​​Renderings of the Woodlands Hills CONROE, WILLIS – The Howard Hughes Corp. broke ground on The Woodlands Hills, a 2,000-acre development located on FM 830 west of I-45, extending north to FM 1097. 

The development is in Conroe and Willis, 13 miles north of The Woodlands.

The community eventually will contain more than 4,500 residences, and the first single-family home models are expected to be complete in first quarter 2018. 

Children living in The Woodlands Hills will be zoned to Willis Independent School District’s Meador Elementary, Brabham Middle, and Willis High schools.

The school district has land within the community earmarked for a future elementary school.

A future commercial and retail development is also planned on more than 100 acres within the community

​​​Images of new TTI facilityFORT WORTH – TTI Inc. has opened their new 641,226-​sf headquarters distribution center at Mercantile Center.

The new warehouse showcases an advanced distribution setup.

A three-story interior structure with carousels stores the highest volume products, and 30-foot high racking fills much of the remaining space.

Nearly two miles of conveyors move products from shelving to picking stations to the shipping department.

Shipping and receiving take place from 38 docks with shelters and canopies along the north side of the facility.​