This Week's Dallas-Fort Worth Deal Sheet
May 31, 2022 | Olivia Lueckemeyer, Bisnow Dallas-Fort Worth
Two new tenants leased more than 136K SF of distribution and production space at Proto Park, an urban industrial redevelopment project in Dallas.
Liquor manufacturer Dynasty Spirits and wholesale stone surface distributor Taxila Stone will bring the park to 81% leased, according to a news release from developer M2G Ventures.
“[The companies’] discerning focus on design and desire to be in a centrally located urban facility with high design and modern amenities made them an ideal fit for the project,” co-founder of M2G Ventures Jessica Miller Essl said in a statement. “We are continuing to place a strong focus on tenant selection with the last remaining space available.”
The 250K SF Proto Park is located in Dallas’ Design District. Two spaces remain available, totaling more than 46K SF. Negotiations with users are in the works, and ownership expects to be 100% leased in the next 90 days, per the release.
Dynasty Spirits was represented by Scott Hobbs and Kim Lyon with the Newmark Group. Taxila Stone was represented by Harrison Putt with Mercer Co. and Bo Puckett with Holt Lunsford. M2G was represented by Jason Moser and Hanes Chatham with Stream Realty Partners in both leases.
WSP USA, a leading engineering and professional services consultancy, has promoted Arpit Talati to Texas District lead, where he will be responsible for business delivery performance and client engagement in the Texas District across all markets. Since January 2021, Talati has served as regional development director, serving all market sectors for WSP’s 16-state central region.
Vicky R. Cohen, a commercial real estate professional with more than 20 years of experience, has been promoted to assistant director of property management with the Dallas-Fort Worth office of Weitzman. Cohen is responsible for working alongside the director of property management to handle the day-to-day operations within the department, attend to operational issues and work to optimize the use of shared resources.
Harwood International announced a new lease at Harwood No. 14, an office building in the 19-city block Harwood District. International law firm O’Melveny & Myers LLP has signed a lease to triple its space and occupy 75K SF in the new tower. The lease will bring Harwood No. 14 to approximately 70% pre-leased after breaking ground just over a year ago. Phil Puckett and Harlan Davis from Dallas CBRE, along with Jeff Welch and Lynn Williams of Los Angeles CBRE, negotiated the deal with Kelly Whaley and Hannah Mesh of Harwood International.
Pike Electric extended its 5.8K SF office lease by adding another 7.5K SF at the 777 Main development in Fort Worth. The expansion brings Pike's total footprint to about 13K SF. Transwestern’s Whit Kelly, Gavin Behr, Theron Bryant, Casey Tounget and Trevor Brown facilitated the transaction.
E.A. Young Academy leased a 23.5K SF office building at 608 Henrietta Creek Road, Roanoke, from Benson Lane Partners Ltd. Erik Blais, senior vice president of Bradford Commercial Real Estate Services, represented the landlord. Glacier Commercial Realty LP’s Phillip Maxwell represented the tenant.
Quantum Assurance International Inc. leased 10K SF of office space in the Office Campus at Allen Building 2, 1101 Central Expressway S. in Allen, from 1101 SCE LLC. Jared Laake, vice president of Bradford Commercial Real Estate Services, represented the landlord. Cushman & Wakefield of Texas Inc.’s Brett Thompson and Travis Boothe represented the tenant.
Four law firms will be relocating, opening or expanding office spaces to occupy nearly 60K SF in Ross Tower, located at 500 North Akard St., Dallas. Godwin Bowman, Kessler Collins, McGinnis Lochridge and Steptoe & Johnson have signed leases at Ross Tower. HPI Real Estate Services & Investments’ Dallas partner Hunter Lee, Vice President Ben Cuzen and leasing agent Luke Aviles represented the landlord in lease negotiations for each deal.
Private investor Noel Yi has acquired Crosspoint Atrium at 8131 LBJ Freeway from a related entity of When Opportunity Knocks. The eight-story office building, situated on 3.36 acres, was more than 60% leased at sale time. The Dallas-based buyer was represented by Dave Van Etten of Trinity Interests.
Bella Vida sold April 1. The 84-unit, 56K SF property was built in 1984. Trey Caldwell of The Multifamily Group represented the seller and found the buyer.
Hidden Oaks Apartments sold April 28. This 32-unit, 16.8K SF property was built in 1968. Nasir Pooran of The Multifamily Group represented the seller and found the buyer.
The Multifamily Group, a Dallas-based commercial real estate brokerage firm, facilitated the sale of Metker Place Apartments, an 88-unit, value-add garden-style multifamily property in Irving. Jon Krebbs represented the seller, a local owner that held the property for 14 years, and Greg Miller procured the buyer.
The 644-unit Harmony Hill Luxury Apartments in Rowlett was sold by Huffines Communities to Seattle-based Weidner Apartment Homes in May. The property was not on the market, and the opportunity for sale was originated by Kevin O’Boyle with CBRE.
Greysteel arranged the sale of Del Sol on Royal Lane, a 172-unit multifamily property located in Dallas. Greysteel Senior Managing Director Doug Banerjee, Senior Director Jack Stone and Director Andrew Mueller negotiated the transaction on behalf of Lion Real Estate Group LLC.
Quinn Conway with Terrydale Capital arranged a $3.2M loan for an undisclosed buyer for the purchase of a retail property located in Dallas. The loan featured a 4.5% interest rate on a five-year fixed term with a 25-year amortization. The loan was arranged through one of Terrydale Capital’s correspondent lending relationships.
Brian Gramlich with Terrydale Capital arranged a $3M loan for a repeat client for the refinance of a multifamily property located near the Dallas CBD. The loan featured a 3.16% fixed-interest rate for a five-year term followed by a 15-year floating rate with one year of interest only. The loan was arranged through one of Terrydale Capital’s correspondent agency relationships.
CONSTRUCTION AND DEVELOPMENT
Dream Hotel Group will open Dream Frisco, a boutique, 200-key hotel in Frisco’s forthcoming 230-acre Firefly Park mixed-use development. Led by Texas-based real estate and investment company Wilks Development, with master-plan design by UN Studio in collaboration with Sasaki Architects, the hotel will open in 2026. Firefly Park will break ground in 2023.
RREAF Communities will build a 3,250-acre, mixed-use community in Midlothian. The project will include single-family homes, build-to-rent properties, multifamily, commercial, retail, restaurants and schools. The property will also include a lake and lazy river. Development will take place over the next 10-15 years, with infrastructure work scheduled to start in early 2023. The first homes are expected to be available by 2025.
Trinity Basin Preparatory’s new Bolt Campus in Fort Worth, located at 412 West Bolt St., will open in the fall. The 53K SF campus will serve fifth through eighth grade students and include a library, an art room, a teacher’s lounge, a multimedia lab, a gymnasium and 28 classrooms.
Dallas City Council approved close to $8M in federal funds for The Terrace at Southern Oaks, a 300-unit, mixed-income development in South Dallas. Developed by LDG Development, the community will include 147 market-rate apartments and 153 units reserved for families earning at or below 80% of the area median income, or $77,920 annually for a family of four. Construction is expected to begin this summer and is anticipated to last approximately 24 months.
Petoskey Plastics plans to expand its operations by investing $30M in a new facility in McKinney. The expansion will allow the company to increase output by approximately 15% over the next 12 months. The company plans to add an additional 40K to 60K SF for converting and warehouse space, nine silos and rail spurs. Evan Hammer of Whitebox Real Estate brokered the sale of the 53.6K SF building in March 2021. Petoskey Plastics plans to grow the Texas facility to approximately 130K SF within five years.