This Week's Dallas-Fort Worth Deal Sheet
Chase Tower in Downtown Dallas has renewed a major law firm tenant, with Sheppard, Mullin, Richter & Hampton agreeing to stay and expand its office footprint to 51K SF.
Sheppard Mullin opened inside the Ross Avenue building two years ago, occupying roughly 26K SF. The law office initially housed 18 attorneys, but has since doubled its staff.
“We’ve experienced tremendous growth in Dallas, so expanding our physical footprint is the next evolution in supporting our growing client base and our attorneys,” Dallas Managing Partner Steven G. Schortgen said in a statement.
JLL’s Brooke Armstrong and Bret Hefton assisted the law firm during lease negotiations, while the building’s landlord, Fortis Property Group, relied on Stream Realty’s J.J. Leonard and Matt Wiesner.
EXECS
Joe Kline has joined JLL’s Fort Worth brokerage team as vice president.
Kline has more than 20 years of experience in commercial real estate and brings knowledge in acquisitions, dispositions, transaction oversight and leasing with him. He started his career at Kline & Co., a real estate development firm founded by his family.
Kline previously served on Downtown Fort Worth’s housing committee and is a founding member of Historic Camp Bowie Inc.
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Architect Brad Simmons has joined KAI Enterprises as a managing partner. With 35 years of experience behind him, Simmons is joining the firm from Jacobs.
Simmons has a bachelor’s degree in environmental design from Texas A&M University, and is a graduate of Harvard University’s School of Government Senior Executives in State and Local Government program.
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Karla Smith has joined SRS Real Estate Partners as a senior vice president. She will oversee retail site selection. Smith specializes in finding locations for big-box and grocery store tenants. She comes to SRS from CBRE, where she spent the past 17 years.
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Bo Bond and Ali Greenwood recently joined Cushman & Wakefield as executive managing director and executive director, respectively. Both new hires will serve as part of the firm’s global data center advisory group.
Both Bond and Greenwood are joining from JLL, where they held leadership positions within the firm’s global data solutions practice group.
ACQUISITIONS
A private California investor has purchased a 7-Eleven store in McKinney. The convenience store sits at the corner of Virginia Parkway and Custer Road, just south of U.S. Route 380. Strive posted the listing and handled all marketing for the property.
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The Rankin Family LP just sold its entire interest in a Dollar General Store located on 1.9 acres at 7800 South Freeway in Fort Worth. Bradford’s Nick Talley and Katherine Graham represented the undisclosed private investor buyer.
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Corky’s Gaming Bistro acquired 13K SF of retail space previously branded as a Furr’s store at 1900 North Central Expressway in Plano. The buyer hired DBA Commercial Real Estate’s Perren Gascon and Austin Schenkel to handle negotiations, while NAI Robert Lynn’s Andrew Shaw represented the seller.
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A new townhome project is coming to 2601 Kelly Blvd. in Carrollton.
Country Bible Church of Kaufman sold 8.5 acres of land in the city to a buyer who has plans to build housing on the site. Henry S. Miller’s Lane Kommer represented the church during negotiations while the buyer, Harlan Properties, hired The Chrisman Company’s Randall Chrisman.
LEASES
A new office project is coming to North Dallas Parkway, offering businesses a chance to shop for leases near Bent Tree Country Club in Dallas.
SHB Development officially launched construction on the 48K SF building this week. The two-story building will eventually offer rectangular floor plates, natural light via an abundance of windows and modern office conveniences to tenants. The site, which is located at 17230 North Dallas Parkway, is slated to open in April.
Stream’s Rhett Miller and J.J. Leonard will handle all leasing activity.
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A Richardson industrial development known as Parc Northeast has finalized leases with two more tenants in February.
The park’s developer, Jackson-Shaw, agreed to lease 93K SF of industrial space to auto glass wholesaler Mygrant Glass and another 31K SF to garage door company Section Stack. Parc Northeast also secured E4D as a tenant during the property's construction phase.
The park, which consists of four industrial buildings, has 42K SF left for leasing in Building 2, another 132K SF available in Building 1 and another 88K SF open to new tenants in Building 3.
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Burke’s Outlet just leased 20K SF at Traders Square in Canton, Texas. The site is located at 301 East Highway 243. Venture Commercial’s Bryan Cornelius and Jim Dunn represented the tenant, while NAI Robert Lynn’s Andrew Shaw and Tom Heraty represented the landlord.
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Champion Partners closed on three new leases for The APEX building that borders President George Bush Turnpike in Plano.
The landlord secured a 70K SF lease with tenant Paragon Healthcare, a 50K SF lease with Appen Inc. and a 25K SF lease with a division of Samsung.
ESRP’s Brad Struck and Roy Reis represented Paragon, while Appen hired CBRE’s Clay Vaughn and Preston Lynn.
Meanwhile, Cushman & Wakefield’s Scott Hobbs handled lease discussions on behalf of the Samsung affiliate, and Transwestern’s Nathan Durham and Duane Henley represented building owner Champion Partners.
FINANCING
Intercontinental Real Estate Corp. acquired a 300-unit apartment complex in Plano last month, with a $73.M Fannie Mae loan from Capital One.
The community, known as The Kincaid at Legacy, is serving as collateral for a 10-year, interest-only loan. Capital One Multifamily Finance’s Brian Sykes originated the loan for Intercontinental, which already operates an $8.5B real estate portfolio.
THIS OR THAT
Coworking concept WorkSuites opened its 19th Dallas-Fort Worth location this week. The company’s newest site, 4131 North Central Expressway, is close to both Downtown Dallas and Southern Methodist University.
WorkSuites will occupy two floors in the building, or approximately 30K SF. So far, it’s the largest WorkSuites location to open its doors in DFW.
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The Halal Guys food concept is coming to Southlake. The franchise concept, which serves up Middle Eastern and Mediterranean dishes featuring chicken, falafel and gyros, leased nearly 2K SF inside Gateway Plaza Shopping Center on East Southlake Boulevard. CBRE’s Thurston Witt assisted the New York-based food concept in its search for DFW space.
