This Week's Dallas-Fort Worth Deal Sheet
Southwest Airlines Co. is expanding its Leadership and Aircrew Development Center by 141K SF to allow for additional flight simulators, briefing rooms and flight training devices inside the facility.
McCarthy Building Cos. is serving as the construction manager at risk on the project. The build-out is underway with a fall 2020 completion date.
The center trains an average of 850 pilots each month.
“This expansion allows us to plan for the future while continuing our commitment to provide the industry’s best training to our growing pilot workforce,” Southwest Vice President of Flight Operations Alan Kasher said in a news release.
“This investment paves the way to allow for training of more pilots at any given time as well as prepares Southwest for future pilot growth.”
EXECS
Newmark Knight Frank hired three national loan sales advisory professionals with a combined 34 years of experience among them. The company announced the addition of Executive Managing Director Brock Cannon, Managing Director Patrick Arnold and Director Stephen Schwalb.
All three of them will join the company's loan sales advisory platform to expand client services throughout the U.S.
***
Leadership Fort Worth Executive Director Harriet Harral is retiring after 25 years with the organization.
To date, Harral is only the second person to hold the position. Her official end date is June 2020.
Harral is credited with growing LFW from one to five leadership development programs for students, professionals and established leaders in the community.
LFW hired an executive search firm, CMP, to develop a search process for a new executive director.
***
Commercial real estate development company VanTrust Real Estate announced the promotion of Chris McCluskey to vice president of development. McCluskey will work out of the firm's Frisco office.
McCluskey will identify, evaluate and execute speculative development and build-to-suit opportunities in Texas. He also will coordinate with various municipalities, architects, engineers and contractors.
McCluskey oversaw the creation of three office projects inside Frisco Station and logistics and distribution facilities in cities like Dallas, Lancaster, Haslet and Denton.
ACQUISITIONS
Multifamily operator and owner CONTI Organization just acquired the 164K SF Courtyards at Mustang apartment complex in Grapevine, pushing its total transaction volume since its founding in 2008 to $1B.
CONTI now has 29 properties, including 8,300 units in DFW alone. The 246-unit Grapevine complex was built in 1973 as a garden-style, two-story development that sits on 7.5 acres and offers rental rates below $1K per month. CBRE's Danny Baker and Chris Deuillet brokered the acquisition.
***
STRIVE announced the sale of the Adaptive Training Foundation Gym in Carrollton. The gym, which is on Old Denton Road north of Hebron Parkway, is surrounded by major retailers such as Walmart Neighborhood Market, Kroger, Kohl's, Pet Supplies Plus, CVS Pharmacy, Starbucks, Tom Thumb and others.
STRIVE represented the seller, with the firm's Adam Gottschalk securing the buyer.
LEASES
Architecture and engineering firm Page extended its 34K SF lease at the Mercantile National Bank building at 1800 Main St. in Downtown Dallas.
The firm signed on for another seven years, expressing its intent to remain anchored to the area, which has greatly improved since the company first moved Downtown in 2011.
Cushman & Wakefield brokers Matt Heidelbaugh and Billy Gannon represented Page.
***
Locke Supply Co. leased 24K SF of industrial space at 2350 Crist Road in Garland. Structure Commercial's Scott Rose represented the tenant while Holt Lunsford's Josh Barns and Ben Wallace represented the landlord.
***
Los Angeles-based Acme Furniture Industry has held onto its local site at Riverpark Business Center near Dallas/Fort Worth International Airport. The company signed a 103K SF renewal for the site at 15124 Grand River Road in Fort Worth. It is one of two buildings in the 500K SF project.
Bradford Commercial Real Estate Services' Michael Spain represented the landlord, SCG River Park Business Center L.P., while Reid Bassinger of Lee & Associates DFW represented the tenant.
***
Silver West Transportation leased nearly 11K SF at 6501 Hart St. in Fort Worth. Holt Lunsford Commercial's George Jennings represented the tenant.
***
Anna’s Wholesale Formal leased nearly 13K SF at 10453 Brockwood in Dallas. Holt Lunsford Commercial's Josh Barnes and Ben Wallace represented the landlord, Taurus Investment Holdings, while Tenant Base's Shawn Hall represented the tenant.
FINANCING
Metropolitan Capital Advisors agreed to arrange a $5.12M interim construction loan to build a Footlocker near RedBird Mall in South Dallas.
The loan will be be used to develop a 21K SF build-to-suit Footlocker at the redeveloping mall.
Metropolitan Capital Advisors put together the financing on behalf of RedBird Development Group, which includes Peter Brodsky, Terrence Maiden and Jon Cochran. Scott Lynn and Andrew Hanzl worked on behalf of the RedBird team to place the loan with Texas Capital Bank.
CONSTRUCTION AND DEVELOPMENT
Granite Properties finished construction on a multipurpose pavilion at The Boardwalk at Granite Park.
The pavilion will serve as a venue for events, live music, socializing and fitness classes. The pavilion is part of an effort to create a more walkable and urban environment around the Plano suburban office campus. The site sits at 5880 State Highway 121 and the Dallas North Tollway.
THIS OR THAT
A new shared office space concept just rolled out at Gateway Tower at 8111 LBJ Freeway in Dallas.
Hartman Income REIT is revealing its Shared Amenity Suites — a concept where small companies that are growing can access private tenant suites surrounded by a chic, collaborative work environment and amenities such as a fully stocked coffee bar and numerous meeting areas.
The concept is designed to accommodate startups on a quick growth trajectory.
“I was inspired to make our buildings more accommodating to more than just business owners who have the ability to acquire a larger space,” CEO Al Hartman said in a release. “Our new Shared Amenity Suites will be a pleasant experience for companies, as well as an incredibly smooth transition from a smaller to a larger space. I am incredibly proud of our Construction Department’s leadership with managing this over half a million-dollar project.”
Fifty brokers toured the space this month when the doors opened.
***
Chicago-based real estate investor Convexity Properties is renovating and rebranding the Magnolia Hotel Park Cities, so the property can anchor its 12-acre Eastline mixed-use development.
As of Nov. 1, the hotel will be known as The Beeman Hotel at Eastline.
The construction project is designed to improve the hotel's 297 guest rooms while adding a café and market. The hotel is at 6070 North Central Expressway at Twin Sixties Drive.
Dallas-based Yost Architects and Studio 11 Design designed the improvements and intend to create a site that includes 12K SF of event space along with a fitness center, a business center and an indoor pool.
Convexity hired the lifestyle division of Interstate Hotels & Resorts, known as INTRIGUETM, to manage the property.
Along with The Beeman Hotel, Convexity has plans for a 28-story luxury apartment tower at Eastline.
***
Cook Children's Health Care System opened a new pediatric and urgent care clinic in the growing North Texas suburb of Prosper.
The grand opening held this past week marked the end of Phase 1 for the hospital's North Campus construction at the 23-acre Windsong Parkway and Highway 380 in Prosper.
Phase 2, which includes the build-out of an outpatient surgery center and specialty clinic, is underway. By 2022, the campus will offer an inpatient pediatric hospital, an ICU unit, an emergency department, operating room locations and a medical surgical unit.
