HOUSTON--(BUSINESS WIRE)--Big retailers are moving into the oil boomtowns of West Texas, a clear indication that demand for prime real estate is on the rise in the markets where Taylor Consulting, Inc. (OTCBB:TAYO) is making timely acquisitions.
This summer, the city council of Merkel, Texas, approved a zoning change, clearing the way for a Walmart Express store. Merkel is a small town—just over 2,600—but it’s near to Abilene, the region’s largest economic center. With the West Texas oil boom showing few signs of slowing down, Walmart clearly sees that the perfect time to invest in the region is now. The retail giant will open seven new stores around the area within the next two years.
“Walmart is moving into this small town for the same reason that we are,” said TAYO CEO Scott Wheeler. “It’s because the economic potential of this town is bursting at the seams. West Texas is now at the heart of the nation’s hottest industry, and small towns like Merkel are growing and changing very rapidly.
Historic oil production is keeping residents and capital gushing into region, and now major retail chains are discovering what TAYO already knows: West Texas is good for business.
Through its real estate division, Third Avenue Development, TAYO has already acquired two prime properties in the town of Merkel: a standard one-acre lot and a self-storage facility. Both are examples of the kind of versatile properties that the company continues to target in the region.
In recent days, TAYO announced that it has begun due diligence toward acquisition of a new ten-acre property in the greater Abilene region. The company has also targeted the acquisition of large, bulk-lot properties and even a local real estate brokerage as it moves aggressively to gain market share in the booming West Texas region.
TAYO recently created Third Avenue Development, LLC, to invest in promising real estate assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR) and Essex Property Trust Inc. (NYSE: ESS) and more.
For more information on Third Avenue Development, please visit www.thirdavenuedevelopment.com.
About Third Avenue Development, LLC.
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building an emerging portfolio of real estate assets for rehabilitation and rent or resale. The company is focused on acquiring properties in the country's top-performing housing markets in order to capitalize on the continued recovery and growth of the U.S. real estate marketplace.
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