The Week in Deals
NEW BUSINESS
Cornerstone Automation Systems broke ground (or, in this case, snow) last week on its 170k SF new global HQ at 10601 Clarence Dr. in Frisco. The new two-story building is being developed by Warrior Creek Realty. The site will provide 191k SF of office and warehouse space, with 21k SF of office space available for lease through Hudson Peters Commercial’s Elizabeth Ocando, Scott Jackson, and Michelle Hudson. Cornerstone currently leases 86k SF of office and warehouse space at 10351 Home Rd in Frisco. Core Construction is building the new facility.
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Billingsley Co started construction of the Cheddar’s Casual Café corporate HQ at Cypress Waters. The single-story, 31k SF build-to-suit building on Ranch Trail and LB in Irving will wrap up in late May. Cheddar’s will have room to expand, too. This is the first office tenant for the office zone of Cypress Waters. Younger Partners’ Moody Younger repped Billingsley Co. Swearingen Realty Group’s Jim Montgomery and William Mason repped Cheddar’s.
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KBS Real Estate Investment Trust III made a series of improvements at its Tower 909 at the Urban Center of Las Colinas in Irving. The improvements include a new amenity row concept, a more centrally located management office, and improved parking.
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Terra Manna acquired 97 acres at the corner of Glade Road and Heritage in Colleyville for a $160M single-family development. The new community, called Creekside at Colleyville, will feature builders Standard Pacific Homes and MainVue Homes. The site will be added to an adjoining piece of land for a total of 269 lots. Homes will begin in the $500k range. Phase 1 will be ready in June with Phase 2 lots ready by year’s end.
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Lakeside DFW master developer Realty Capital Management added Austin-based Moviehouse & Eatery to be located on the northwest corner of FM 2499 and Lakeside Parkway at the entrance to Lakeside DFW in Flower Mound. Moviehouse & Eatery plans to open its Keller location in October and construction on the 45k SF Lakeside theater is expected to begin in May. The free-standing Lakeside theater building will include eight auditoriums and take approximately one year to complete.
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The Las Colinas Association broke ground on its new 16k SF, two-story HQ building on a 2.3-acre site along the bank of the Elm Fork of the Trinity River. BOKA Powell is the project’s design architect and interior designer; Raymond L. Goodson is the civil and structural engineer; Purdy-McGuire is the MEP engineer; and SMR is the landscape designer.
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Construction started on three new buildings at The Shops at Park Lane at the northern end of the project near the Park Lane and Central Expressway. The expansion will add a five-story 150k SF building containing 120k SF of Class-A office with 30k SF of ground floor retail. The plaza will become The Shops at Park Lane’s central gathering place and will be anchored on either end with two restaurant buildings. Cassidy Turley’s Trey Smith and Ward Eastman will handle the office leasing. The architect for the project is Gensler and the general contractor is The Beck Group.
LEASES
Gruber Hurst leased 23k SF at 1445 Ross Ave in Dallas. Gruber Hurst was repped by JLL’s Brad Selner. Cassidy Turley’s Johnny Johnson and Lauren Napper repped the landlord, JP Morgan. In another deal, Learfield leased 20k SF at 2400 Dallas Pkwy in Plano. Learfield was repped by Henry S. Miller’s Daniel Spika. Cassidy Turley’s Trey Smith and Lauren repped the landlord, TA Associates. And lastly, Crescent Electric leased 21k SF at 1620 Rafe St in Carrollton. Crescent Electric was repped by Cassidy Turley’s David Eseke and Austin Busse.
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Great Lakes Educational Loan Services inked a 26k SF lease at 6500 International Pkwy in Plano. JLL EVP John Lorence and VPs Torrey Littlejohn and Ryan Matthews repped the tenant. Peloton principal Trevor Franke and VP Aarica Mims repped the landlord, Billingsley Co.
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Nestle Waters North America signed a 63k SF lease at 1322 Crestside Dr in Coppell from Principle Equity Properties. TIG Real Estate Services’ Tom Smolik and Matthew Hickey repped the landlord. CBRE’s Tim Vogds and John Roper repped the tenant.
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GHA Architects signed a 29k SF lease at Quorum Place. Stream Realty Partners’ Ramsey March and Ryan Evanich repped the landlord, Harbert Management Corp.
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Conifer Health Solutions signed a 14k SF sublease at Duke Bridges III at 7460 Warren Pkwy in Frisco. JLL’s Steve Thelen, Bo Bond, Torrey Littlejohn, and Rachel Brown repped Conifer. JLL’s Doug Carignan and Esmeralda Martinez repped the sub-landlord, University of Dallas. In another JLL deal, Venari Resources signed a 25k SF lease at 15303 Dallas Pkwy in Addison. JLL’s Scott Collier and Brooke Armstrong repped the tenant. Cushman and Wakefield’s J.J. Leonard repped the landlord, FPG Colonnade.
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Y.O. Ranch Steakhouse signed a 15-year lease at 702 Ross Ave in Dallas from Jackson-Shaw. The restaurant has been in the same location since 1996. UCR Urban’s Jack Gosnell brokered the deal.
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Triumph Aerostructures signed a 111k SF lease at 1501 Nolan Ryan Expressway in Arlington. JLL managing director Jeff Staubach, EVPs Larry McCorkle and Michael Swaldi repped the tenant. CBRE SVP John Brewer repped the landlord, Lexington Realty Trust. Property management will be handled by GM Phil Davis with Lexington MKP Management (a JV with Lexington Realty Trust and JLL).
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Graybar Electric Co signed a 203k SF lease at 2700 Regent Blvd in Irving from Airport Trade Center I. NAI Robert Lynn Co’s Mark Miller repped the tenant. CBRE’s Steve Trese repped the landlord.
SALES
ElmTree Net Lease Fund II bought two Dallas industrial buildings for $26M including a 151k SF facility at 2717 S. Main St (occupied by Sikorsky Aircraft) within the DFW Airport. The second property is a 72k SF property leased to Hitachi High Technologies America. The facility is on a 4.24-acre site leased from the Dallas-Fort Worth Airport Authority.
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The 300-unit Sheridan Park at Spring Creek in Plano was acquired at an undisclosed price through Waterton Associates’ value-add multifamily fund. The ARA Dallas team of Brian O’Boyle, Sr., Brian Murphy, and Brian O’Boyle, Jr. repped the seller.
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ALDI Food Market purchased a 2.3-acre tract at the southwest corner of Plaza Drive and Hwy 377 in Granbury from MMSD Corp. The site will hold a new store to open later this year. UCR Dallas’ Stan Lotridge represented ALDI. Conifer Real Estate’s Martin Schelling repped the seller.
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Modjarrad & Abusaad Law Firm purchased an 11k SF office building at 212 W Spring Valley Rd in Richardson from Medwed Properties. Hudson Peters Commercial’s Janice Peters and Michelle Hudson repped the seller. NAI Robert Lynn’s Kent Smith repped the buyer.
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An out-of-state buyer purchased the 120-unit Meadows multifamily property at 1500 Blue Grove in Lancaster from CJ Meadows Properties. Marcus & Millichap VP Al Silva repped both buyer and seller. Capital Corp placed a new seven year Fannie Mae acquisition loan on the property for the buyer. The property was 95% occupied at closing.
