In the News—Week of April 26 2021
Around the Nation
Railroad real estate in Mexico makes Kansas City Southern desirable prize
There’s a bidding war for the Kansas City Southern Railway, Railway Age reports. KCS is considered a prize in the prime real estate the line has in Mexico. Canadian Pacific bid $25 billion for the Kansas City Southern in March. Canadian National is now offering almost $34 billion. Kansas City Southern has about 3,400 miles of track in the United States and about 2,300 in Mexico. It’s estimated it could cost $4 million per mile just to buy the land the line occupies. The winning Canadian buyer would have a strong network across all three countries.
Energy & Environment
Need for electric-car charging stations may provide opportunity for investors
More than 18 million electric vehicles are expected to be sold in the United States during the next 10 years. And that mean these cars will need charging stations, Forbes reports. Right now, there are about 40,000 charging stations, less than a 10th of number needed, according to the Biden Administration. So the race is on for commercial real estate investors to buy some of the prime locations for charging stations.
Texas
Contemporary medical tower in Museum District tops out
The Museo Medical Office Building recently held its topping out ceremony, the Houston Chronicle reports. The 10-story tower, built in a contemporary style, is expected to serve as a gateway to the Museum District when it is completed this fall. The building will be a specialty surgery center. Tenants include Mann Eye Institute and Texas Laparoscopic Consultants. Museo is the first phase of a mixed-use project that will occupy three blocks.
Harwood International completes leases on its project north of downtown Dallas
Developer Harwood International has agreed to leases with three new tenants for its Harwood District, a 19-block area north of downtown Dallas, The Dallas Morning News reports. Leasing in the Dallas-Fort Worth metroplex came to a near halt at the beginning of the pandemic, but the market is starting to thaw. Baranoff Holdings, a self-storage facility developer and investor, has leased 3,966 square feet. Berkeley Partners, a real estate investment firm, has leased 4,792 square feet. And Australian telecommunications firm Dubber agreed to lease 3,508 square feet.
Arizona
VanTrust bringing Amazon facilities to Glendale and Tucson
VanTrust Real Estate has started construction on two Amazon sorting centers, one in Tucson and one in Glendale, AZ Big Media reports. The Glendale sorting center is located at North Sarival Road and Maryland Avenue. The Tucson center is located at Corona Road and Alvernon Way. Each facility is 270,000 square feet, and both are expected to open later this year.
Mexico
Construction spending a major driver for economy in Mexico
Industrial activity in Mexico rose 0.4% in February from January, and construction led the way, Mexico Business News reports. Construction was up a healthy 5.3% after 25 months of contraction. But there is still plenty of concern over righting the road ahead. Some believe the government’s budget for infrastructure is not big enough to jump-start the economy. And the government’s decision to put the Army in charge of developing large projects such as the Santa Lucia Airport and Mayan Train may squeeze out private construction firms.
