And, not to be ignored are the North Texas cities, such as Plano. That city is
absolutely on fire, as the home to Toyota North America, JCPenney, Alliance
Data Systems, Rent-a-Center, Cinemark Holdings, Dr. Pepper Snapple Group,
Frito-Lay and many other companies.
“Plano is one of the fastest-growing metro areas in the country. Businesses
are moving there, the population is growing and it’s a great place to live and
work,” says John Greenwood of Aligned Data Centers. “Additionally, we liked
the relative proximity to both DFW Airport and Love Field because we also
serve companies in other parts of the country. It is for these reasons that 451
Research rates Plano as a top five multi-tenant data center market in the US.”
Not to be left out is Austin, TX, although some investors indicate there is
limited supply to be had there. However, since 2014, nearly two dozen tech
companies from the Bay Area have traded Silicon Valley and its steep costs of
living and doing business for the Silicon Hills. Its Chamber of Commerce is
highly supportive of local tech start-ups, such as Roku, which expanded into
Austin in part due to the greater availability of tech talent. In addition, a lack
of state income taxes coupled with government tax breaks have encouraged
major companies including IBM, Google, Box, Apple, Dropbox and Oracle to
relocate or expand as well, according to JLL.
Rollins points to several representative transactions that are indicative of JCR
Capital’s methodology in Texas. JCR facilitated a multifamily property sale in
Austin, TX, comprised of 24 two-story garden-style apartment buildings with 249
units at 95% occupied. The business plan was to collect cash flow, make capital
improvements and raise rents to market. And last year, JCR facilitated the acquisition of a three class-B office buildings in Houston. The seller was a bank which
foreclosed on the properties and was managing the assets as REO, contributing
to the properties’ underperformance. The business plan is to lease the properties to 80% and sell.
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“Once upon a time, you could
make predictions. Things are
moving faster now with a new
set of rules and investors are
looking for safety, which is not
a bad thing.”