ECONOMIC UPDATE OCTOBER 2014

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1 ECONOMIC UPDATE OCTOBER 2014 Data provided by Strategic Insight Group Intelligence Research Partner of the Fort Worth Chamber of Commerce In the Works Rift Valley Equity Partners LLC has acquired the assets of MW Crow Inc, dba W. Pat Crow Forgings, through affiliated entity Crow Precision Components LLC of Fort Worth. Crow manufactures forged metal components for aerospace, defense and industrial customers. Rift Valley said it plans to focus on supporting Crow for the long term, including investments to grow and enhance the company's capabilities and product offering. "We believe Crow's specialized expertise, responsiveness and best-in-class custom production capabilities provide a unique value proposition to its customers. We look forward to continuing to deliver the highest level of service while expanding our capabilities and building a leading company within the precision components industry, said David Caputo, Managing Partner of Rift Valley. Fort Worth Business Press, October 2, 2014 Warren Buffett s Berkshire Hathaway, which owns local businesses ranging from the Fort Worth-based BNSF Railway to Dairy Queen, Geico insurance and power providers, is buying the privately-owned auto dealership company Van Tuyl Group. Financial terms were not disclosed. Van Tuyl Group says it is the biggest privately owned auto dealership group in the United States, with 78 independently operated dealerships and more than 100 franchises in 10 states. In Tarrant County, the company owns Grapevine Ford, Grapevine Lincoln, Texas Toyota, Texas Nissan of Grapevine and the Vandergriff dealerships Acura, Chevrolet, Honda, Hyundai, Scion and Toyota in Arlington. Star-Telegram, October 3, 2014 Fort Worth will serve as the North American headquarters for NGC Transmission. The deal was confirmed when Dr. Gou Jianhui, President of China-based NGC, confirmed that the NGC Transmission plant, set to open later this year, will serve as its North American headquarters. That's expected to add 20 to 30 new jobs to the Fort Worth economy, according to David Berzina, Executive Vice President with the Fort Worth Chamber of Commerce. Only 3 to 5 of those are already filled, with the balance open to local hiring. About 150 employees already have been confirmed to work at NGC Renewables LLC's turbine transmission equipment plant in north Fort Worth. NGC Renewables, a subsidiary of NGC Transmission, is constructing that facility at the Alliance development and is expected to open before December, Berzina said. Fort Worth Business Press, October 9, 2014 Fort Worth-based Lone Star Transportation is merging with Daseke Inc of Addison, to become North America s second-largest open-deck, specialty carrier, the firms announced last week. Lone Star specializes in transporting complex, oversized and heavy shipments for the renewable energy sector transporting wind turbine components throughout North America. 1

2 Fort Worth-based Victory Blue, which specializes in producing diesel exhaust fluid, has partnered with Valvoline to become its exclusive manufacturer, packager and distributor for Valvoline s Premium Blue brand. The Fort Worth City Council on October 14 will consider a five-year tax abatement with VCB Property LP, an entity of Dallas-based Lincoln Property Co, for the construction of a Sprouts Market at 6300 Waverly Way, near the Village at Camp Bowie Shopping Center. Lincoln plans to spend $2.7 million to build a 27,700-square-foot store, according to a council report. A second hotel and a slew of national brand restaurants could be headed to the AllianceTexas development in far north Fort Worth. There s a lot more of these kind of companies in the system that want to move into Texas, Ross Perot Jr. told about 300 people at a Fort Worth Chamber of Commerce luncheon on Monday. Our job is to make sure as these clients come in, we give them a great reception. Perot is Chairman of Hillwood, the company behind the 18,000-acre Alliance Texas development, which straddles Interstate 35W in far north Fort Worth. As Fort Worth prepares to mark the 25 th anniversary of Alliance Airport in December, Perot said Monday that Alliance Texas is only half-developed and that construction continues in all the project s real estate sectors. Star-Telegram, October21, 2014 A proposed Fort Worth Stockyards tax increment finance (TIF) district would generate about $40 million over its 20-year life to pay for public improvements that promote development in the zone, the city staff estimated in a report Friday. The report to Mayor Betsy Price and City Council members estimated $385 million in development will occur in the district, including as much as $185 million from a planned redevelopment in the Historic Stockyards by a partnership of Majestic Realty and Fort Worth s Hickman family. The TIF creation and Majestic-Hickman project are expected to spur another $200 million in private investment over 20 years in the district, the staff estimated. Fort Worth Business Press, October24, 2014 Hillwood Properties said Thursday it has finalized a franchise agreement with Marriot International to develop a Courtyard by Marriot at Alliance Town Center in north Fort Worth. The 127-room hotel will be located at the northeast corner of Interstate 35W and Heritage Trace Parkway. Star-Telegram, October31, 2014 Expansions and Moves Continuing to expand the energy portion of its practice, Kelly Hart & Hallman is opening an office in Midland to pick up work in West Texas booming Permian Basin. Setting up shop in Midland follows the opening of a storefront in New Orleans this year where another seven lawyers are on staff, many of them also involved in energy-related matters including environmental and real estate litigation. Star-Telegram, October 7, 2014 Fort Worth-based Morrison Supply Co LLC, a 97-year-old wholesale distributor of plumbing, HVAC, pipe, valves and fittings and builder products throughout the Southwest, will expand its presence into Oklahoma with the acquisition of Tulsa, Oklahoma-based Empire Plumbing Supply Inc for an undisclosed amount. Fort Worth Business Press, October 10,

3 Ernst & Young has moved its Fort Worth office to The Westbrook, a year-old building in Sundance Square downtown. The firm s new office on the building s sixth floor at 425 Houston Street features more than 8,600 square feet of office space, including an innovative and open cubicle layout. The location and design of our new office reflect our continued commitment to the city, our clients and our employees, Craig Stone, the Fort Worth office Managing Partner, said. Fort Worth s Whitley Penn accounting firm has acquired Dallas-based accounting firm JonesBaggett LLP. Cecil Jones, Managing Partner of JonesBaggett, and team will join the Dallas office of Whitley Penn boosting the firm s Dallas area presence to 248 employees. No price was released for the transaction. The addition of the JonesBaggett team expands Whitley Penn s financial institutions practice to include banks ranging in asset size from $60 million to $13 billion. Fort Worth Business Press, October 15, 2014 Fort Worth-based Cash America International Inc said October 22 its board of directors has approved the spin-off of its online financial services division, Enova International Inc, into a separate publicly traded company. Cash America and Enova will be separated through the distribution of 80 percent of the outstanding shares of Enova to holders of Cash America. The distribution is expected to occur on November 13. Fort Worth Business Press, October 22, 2014 Fort Worth-based private equity firm TPG, which already owned a big stake of leading entertainment and sports firm Creative Artists Agency (CAA), has increased its investment to hold a majority position. According to various reports, the transaction was about $225 million and gives TPG 53 percent of the agency that represents actors such as Brad Pitt, George Clooney and Jennifer Aniston, musicians Kelly Clarkson and Willie Nelson and sports figures such as the Dallas Cowboys Tony Romo. Fort Worth Business Press, October 27, 2014 Fort Worth-based Crestline Investors Inc has partnered with Denali Capital LLC, a syndicated commercial loan asset management firm headquartered in Illinois, to further expand a collateralized loan obligation platform under the Crestline suite of investment products. The business will operate under the name Crestline Denali Capital LP. Fort Worth Business Press, October 27, 2014 On the Dotted Line Texas Wesleyan University has bought shopping center space on East Rosedale Street across from the campus in southeast Fort Worth as part of its Rosedale Renaissance project. The space totals more than 20,000 square feet in buildings in the 3000 and 3100 blocks of East Rosedale, between Binkley Street and Vaughn Boulevard. The property was sold by TSC Poly Retail LLC, the real estate investment arm of Peter Lyden. Wesleyan President Frederick Slabach said that the university plans to lease the property and has had interest from several food-service retailers. Rosedale Street is undergoing $32 million in street improvements. Home Instead Senior Care has leased 3,115 square feet of office space at 2201 Dottie Lynn Parkway in Fort Worth. 3

4 Murco Wall Products has bought a 22,184-square-foot office building at 1020 Northeast 12th Street in Fort Worth. 915 West Belknap LLC bought an 11,525-square-foot industrial building from Blakeman Investments at 915 West Belknap Street in Fort Worth. Hallmark Tech has leased 12,000 square feet of industrial space at 2586 East Long Avenue in Fort Worth. From the mixed-use Clear Fork development to new hospitals and supermarkets, Fort Worth construction has come a long way since a stagnant economy stalled activity. Things have turned around since the recession, said Harold Muckleroy, Founding Partner and Chief Executive Officer of Muckleroy & Falls, a construction firm abuzz with projects. Those include a 25,000-square-foot integration lab for BAE Systems at Fort Worth Alliance Airport, a 39,707-square-foot shelter at Union Gospel Mission of Tarrant County, and a youth worship area at McKinney Bible Church. Fort Worth Business Press, October 10, 2014 Fort Worth-based Panther FW Investments, in partnership with a local multi-family investment group, has bought the 256-unit Kensington Park Apartments at Belt Line Road and Country Club Drive in Irving. The property was built in Panther FW said it plans to increase rental revenue through interior and exterior upgrades. Team E Investments has bought a 1,500-square-foot building from Hemphill Seminary at 3107 West Fifth Street in Fort Worth. Levon Leasing bought a 150,600-square-foot building at 1301 Forum Way in Fort Worth. Construction will begin next week on the Waterside development in southwest Fort Worth, to include a Whole Foods Market and a 375-unit multifamily community, now that the developer has bought the land. Fort Worth-based Trademark Property Co, in partnership with Sarofim Realty Advisors in Dallas, has closed on the purchase of 63 acres along the Trinity River at Bryant Irvin Road and Arborlawn Drive from the Bryant Irvin Recreation Complex, formerly the Lockheed Martin Recreation Association. Trademark has planned the development for more than a year. In March, the City Council approved $18.5 million in incentives to help build roads and bridges in the $185 million project. Star-Telegram, October 15, 2014 Southwest Home Health Services has leased 3,842 square feet of office space in the Ridglea East Building from Pescador Partners. Star-Telegram, October 20, 2014 DeOtte Engineering has leased 2,290 square feet of office space at 2201 Dottie Lynn Parkway in Fort Worth. Star-Telegram, October 20,

5 Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price. Fort Worth Business Press, October 23, 2014 Social House has leased 5,045 square feet at Fort Worth s West 7th district. The site, at 840 West Currie Street, was formerly the Brownstone restaurant. According to a Social House spokeswoman, the Fort Worth location expects to open in the middle of November. Hanul Plaza LLC has purchased 2,080 square feet at 5936 Geddes Avenue in Fort Worth for an undisclosed price. Community Trust Bank has leased 2,860 square feet at West Seventh Street in Fort Worth. RWK Texas Properties has bought an 8,500 square foot building at 8312 Camp Bowie West in Fort Worth from 8312 Camp Bowie LLC. Star-Telegram, October 27, 2014 Openings The Cheesecake Factory restaurant will open December 9 th in downtown Fort Worth, building owner Sundance Square said Friday. The restaurant is located at Commerce and Fourth streets in the former Ferre restaurant and Barnes & Noble space. The 8,800-square-foot restaurant will seat about 230 diners. Star-Telegram, October 18, 2014 A new Wal-Mart Supercenter at 2245 Jacksboro Highway in Fort Worth opened on October 22 nd. The store is expected to create about 300 new jobs in the area. A new commuting option has opened for motorists tired of sitting in traffic on Interstate 35W or other north-south roads in north Fort Worth. A new bridge on North Riverside Drive over Loop 820 opened last week after a year of construction. The four-lane bridge was built by Bluebonnet Contractors at the request of Fort Worth. The bridge over Loop 820 cost about $16 million, North Tarrant Express Spokesperson Robert Hinkle said. The city then chipped in about $4 million for a smaller bridge over Big Fossil Creek, as well as sidewalks and lighting. Star-Telegram, October 27, 2014 Chisholm Trail Parkway is about to become a lot more convenient for motorists near downtown. A long-awaited ramp that will directly connect traffic on westbound Interstate 30 to southbound Chisholm Trail Parkway was scheduled to open before dawn today. Star-Telegram, October 31, 2014 Around Town Catholic Charities Fort Worth will sport new buses using enhanced route and technology thanks to a newly announced $1.1 million grant. Awarded Wednesday to the Fort Worth Transportation 5

6 Authority (The T) by the Federal Transit Administration, what s called the Ladders of Opportunities grant is expected to better serve Tarrant County public transit needs. Fort Worth Business Press, October 8, 2014 Tandy Leather Factory Inc of Fort Worth has reported September sales of $6.3 million, up 9 percent compared to $5.8 million in the same month last year. Year to date, sales are up 4 percent, from $56.9 million last year to $59.1 million in the current year. Our September sales built on the momentum from August with the majority of our stores performing very well, said President and Chief Executive Officer Jon Thompson in a news release. [T]hat momentum should continue as we move through the fourth quarter, Thompson said. Fort Worth Business Press, October 9, 2014 The Regional Transportation Council awarded more than $13 million to planned transportation projects in Tarrant and Parker counties, including Trinity River Trail extensions in Fort Worth, Arlington, and Westworth Village. Fort Worth Business Press, October 13, 2014 Rolls-Royce wants to push global sales over 4,000 cars this year. Asked how Fort Worth fits into that plan, Eric Shepherd, President of Rolls-Royce North America, is quick to point out that Cowtown is incredibly important and a perfect fit for its brand. When you look back at the renaissance of downtown areas Fort Worth certainly led that for Dallas-Fort Worth, Shepherd said during a recent interview. We really like this market, he said. Star-Telegram, October 15, 2014 Visitors to shows, shops, and restaurants in downtown Fort Worth will still be able to park for free on nights and weekends at four key garages through 2025 after approval of new leases that provide lower subsidies. The Downtown Tax Increment Finance board unanimously approved the leases with Sundance Square and Cousins Properties. The Sundance lease covers 2,311 spaces in garages at 215 Commerce Street, 400 Jones Street, and 420 Throckmorton Street, and the deal with Cousins covers 1,000 spaces in its garage at 777 Main Street. The Cousins lease was expanded and now allows for more spaces as well as free night and weekend parking. Previously, it covered free parking only for patrons attending Bass Hall events. Star-Telegram, October 30, 2014 Out of Town Reporting Austin-based private equity firm Pennybacker Capital has bought a two-building Fort Worth office complex for an undisclosed sum. The property, Summit Office Park, a two-building, 242,482-square-foot Class A office park is located at 1200 and 1300 Summit Avenue, near Interstate 30 west of downtown Fort Worth. Dallas Business Journal, October 15, 2014 American Airlines Group Inc has reached what it calls a "significant milestone" on its way to completing the integration of legacy American and US Airways. Ten months after the two carriers completed their merger in December, the cargo divisions have combined under a single air waybill, Fort Worth-based American said Monday in a news release. The combined American Airlines, based in Fort Worth, Texas, is now the world's largest carrier by operations. Dallas Business Journal, October 21,

7 American Airlines and Jetstar Japan have agreed to a codeshare partnership between the 2 airlines, giving American's customers greater access to domestic destinations in Japan. The agreement was announced Wednesday by Fort Worth-based American Airline Groups and Jetstar. Dallas Business Journal, October 22, 2014 FedEx predicts an 8.8 percent increase in holiday season shipping with upward of 290 million packages sent between Black Friday and Christmas Eve. That would be a record in holiday shipping for Memphisbased FedEx, which has large hubs at Fort Worth's Alliance Airport and at Dallas/Fort Worth International Airport. Dallas Business Journal, October25, 2014 Did You Know? A list of 22 semi-finalists for the 2014 Fort Worth Business Plan Competition has been narrowed to 3 finalists. The 3 local small business finalists in the fourth annual competition sponsored by the Fort Worth Business Assistance Center (BAC), Capital One Bank and The Alternative Board are Boyd Construction Services LLC, Janz Hair & Fashion Jewelry Gallery LLC and Rich Aviation Services & Fort Worth Flight Center. The trio of finalists is vying for cash and prizes valued at more than $75,000 and will make their presentations before judges on October 30 at Texas Christian University. Fort Worth Business Press, October 8, 2014 Two local financial institutions Southwest Bank and Fort Worth City Credit Union were named to the 2014 edition of the Top 200 Healthiest Banks/Credit Unions in America by DepositAccounts.com. DepositAccounts.com annually evaluates the financial health of federally insured bank and credit unions in the United States, grading on a number of factors, including capitalization, deposit growth and loan-toreserve ratios, in order to determine a comprehensive health score. Southwest Bank was ranked Number 35 and Fort Worth City Credit Union Number 90. In the space of 72 hours, George Robertson found his company s products on the cover of The New York Times and himself on CNN and WFAA, along with innumerable mentions in various media around the world. It s exciting from a business point of view, said Robertson, Chief Executive Officer of E-Mist Innovations of Fort Worth. The company had developed the Touch Point Healthy Infection Control System, which is used to spray water-soluble chemicals on surfaces to eliminate viruses and bacteria. The company s success is also a win for Fort Worth s Cowtown Angels investment group, which invested $150,000 in the startup last January. It is also a win for technology accelerator Tech Fort Worth, where E-Mist has been a client for several years. Bart Shaw Architects in Fort Worth received four of the seven awards presented recently in an annual design competition of the American Institute of Architects Fort Worth. The firm received 2 Citation Awards and two Studio Awards. Fort Worth firms Bennett Benner Partners Architects + Planners received a Merit Award, as did Ibanez Architecture. Star-Telegram, October 27, 2014 FTS International Inc of Fort Worth has won the 2014 award for Excellence in Health and Safety Operational in the 2014 Southwest Oil & Gas Awards. Fort Worth Business Press, October 28,

8 Rich Aviation Services won the top prize at the 2014 Fort Worth Business Plan Competition Thursday night at Texas Christian University. RAS is located at Meacham International Airport in Fort Worth. Rich Aviation Services and Fort Worth Flight Center are pilot training facilities that provide flight training to students within Texas and outlying states. Fort Worth Business Press, October31, 2014 Archie s Gardenland recently partnered with Tarrant Area Food Bank to transform what was a vacant lot at Ridglea Christian Church into a demonstration garden and training center. Archie s Gardenland provided materials, labor and expertise to the project. With the Learning Garden, the food bank s staff and volunteers can demonstrate effective gardening methods for the Texas climate and teach families and communities how to grow fresh fruits and vegetables to feed the hungry. Fort Worth Business Press, October31,

Keystone Opportunity Zone

BEGINNING OF PART 2 OF 6 PARTS The Keystone Opportunity Zone, Zone created in 1999, 1999 became accessible to auto traffic with the completion of Keystone Boulevard in 2003. It is zoned for offices and