This Week's Dallas-Fort Worth Deal Sheet
A 51K SF Highland Park office building is undergoing a facelift to attract tenants growing tired of long commutes to offices in Uptown or Preston Center.
The asset, known as Highland Park West, is managed and leased by Bradford Commercial Real Estate Services.
Bradford is transforming it with interior and exterior improvements to ensure the building matches the affluent Highland Park neighborhood surrounding it.
Bradford already has landscaping and signage improvements in the works to help the building compete with existing office centers nearby. The firm also plans to update the common corridors and part of the second floor to offer move-in ready spec suites.
The site, located at 4300 MacArthur Ave. in Highland Park, is visible from Lemmon Avenue and the Dallas North Tollway. The property is owned by 4300 MacArthur Partners L.P. and is 45% leased.
Bradford's Jared Laake and Richmond Collinsworth are handling leasing activities for the building, while David Simpson is overseeing property management.
EXECS
MBL Title named Michael Hoffman president of the five-year-old firm. He will handle administrative, operational, legal and financial responsibilities for MBL Title, which deals with residential and commercial real estate spaces.
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Andrew Van Noord joined law firm Kirkland & Ellis as a partner. Van Noord will assist clients with real estate transactions, including deals involving private funds, club vehicles and joint ventures, as well as portfolio and M&A transactions.
Van Noord joined the firm from Jones Day, where he served as a partner in the Dallas office.
LEASES
Construction company Pacific Builders uprooted its office from Addison after 12 years and moved to Gaedeke Group's One Legacy West office tower in Plano.
The builder's office at 7950 Legacy Drive is designed by Gensler.
The office features a 30-foot recycled denim wall, a mezzanine to maximize space, a custom staircase, a lounge and bar area, and natural and LED lighting throughout.
An open-concept kitchen near the entrance and conference rooms designed to appear to float in the air make the space feel large and open.
Pacific Builders is the first commercial ground-floor tenant inside Gaedeke Group’s One Legacy West building.
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Cloud computing company OVHcloud inked a 15K SF lease at Brookfield Property Group’s Irving Riverside Commons office campus.
The corporate property at 5000 Riverside Drive provides the tenant with a more centralized DFW location. Newmark Knight Frank’s John Wolf represented the tenant.
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AMCAD & Graphics leased 22K SF at 8101 Tristar in Irving. Holt Lunsford Commercial’s Canon Shoults and Maddy Canty represented landlord AEW Capital Management, and Stream Realty’s Eric Crutchfield represented the tenant.
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MKW Alloy leased 10K SF at Northern Crossing in Fort Worth. Holt Lunsford Commercial’s Donnie Rohde and George Jennings represented the owner, GID, while The Woodmont Co.’s Derek Anthony represented the tenant.
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Tenant Arlington Industries Inc. leased 23K SF at 12662 International Parkway in Dallas. Lee & Associates’ Nathan Denton represented the tenant, while Mercer Co.’s Jeremy Mercer and Tucker Cason represented the landlord, Knopf Family Two L.P.
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T-H Marine Supplies leased 18K SF at 4315 Lindbergh in Addison from landlord 4301-21 Lindberg Ltd. dba Kennington Commercial.
SALES AND ACQUISITIONS
An Irving-based investment group purchased a 32K SF retail center at 10010 North MacArthur Blvd., in the heart of the Los Colinas market. The seller of the property is a California-based investment group.
Weitzman’s Matthew Rosenfeld and Mike Allen handled negotiations. The center is 44% occupied and considered a value-add investment play.
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JLL Capital Markets’ Mark Brandenburg secured financing for Saxony Capital Management’s purchase of the 310-unit Pine Knoll Apartments in Longview. Freddie Mac provided the floating rate loan for the complex at 2019 Toler Road.
CONSTRUCTION AND DEVELOPMENT
A 109K SF office building broke ground in the master-planned Castle Hills community off State Highway 121 and Carrollton Parkway. The building, named Crown Centre in Castle Hills, is expected to open in 2020, offering tenants open floor plans, flexible office space and a loft-style feel.
Amazon previously considered the office tower as a potential second U.S. headquarters before choosing Crystal City, Virginia.
Crown Centre will have easy access to Bright Realty’s other development: The Realm at Castle Hills, a 324-acre mixed-use community featuring retail, multifamily and office development. The Realm is already under construction and expects to deliver 236K SF of office space and 16K SF of restaurant space in October.
Bright Realty is developing Crown Centre with the help of master-plan architect 505Design, project architect Corgan, civil engineer and landscape architect LandDesign, general contractor Hill & Wilkinson and lender Prosperity Bank.
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Olympus Property and Trammell Crow’s residential subsidiary High Street Residential launched construction on a mixed-use, transit-oriented community in Carrollton known as Olympus on Broadway.
This fourth phase of development will deliver 383 apartment units across three four-story buildings connected by a pedestrian bridge. The 5.1-acre residential project brings residents into the heart of Downtown Carrollton Square and gives them access to the Downtown Carrollton Green Line DART station.
JHP Architecture is the project architect, while Andres Construction is serving as the general contractor. Comerica Bank and Southside Bank provided the construction financing.
