This Week's Dallas-Fort Worth Deal Sheet
Kaizen Development Partner's One Bethany West office building in Allen has signed a new 36K SF technology tenant.
Memory and storage systems firm Micron Technology Inc. chose the new, 200K SF, Class-A office building for its expanding engineering operations in Allen. The eight-story One Bethany West office tower just opened as part of the five-building, 17-acre One Bethany at Watters Creek office development situated at the corner of Central Expressway and Bethany Drive.
The facility opened its doors in the middle of the coronavirus pandemic with leases already in place for 100K SF of office.
By moving in later this year, Micron is expanding its total space occupied in Allen by 20% to accommodate its growing staff of design engineers.
EXECS
Crescent Real Estate announced its promotion of Tiffany Krass-Payan to the position of vice president, fund controller. A graduate of Texas Christian University, Krass-Payan will be managing accounting and reporting processes for the Crescent-managed GP Invitation Fund and the GP Invitation Fund II. She also will be assisting with the financial structuring of transactions and company compliance.
Krass-Payan is a certified public accountant who joined Crescent in 2016 as a senior financial analyst in fund accounting. Prior to joining the firm, she was an audit manager for Ernst & Young.
Crescent Real Estate also named Travis Jeakins vice president of construction. Jeakins will oversee teams in charge of construction and cost management for the firm's development projects.
Jeakins previously served the firm as construction manager, working on a team that designed and built The Ritz-Carlton, Dallas Hotel and Residences.
He started his career at The Beck Group and worked at Crescent from 2006 through 2013. Jeakins also held development positions at HALL Group and Woodbine Development Group.
The Dallas West End Association named Purse Building owner and experienced Downtown developer Tanya Ragan interim president.
Ragan will help guide the association's vision by working alongside neighborhood businesses and property owners to address critical community needs and ongoing revitalization efforts.
Ragan will serve in the role until new officers are elected at the association's annual December meeting.
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NAI Robert Lynn hired broker Tom Salanty to serve as capital markets president. In this new role, Salanty, who has closed $4B in transactions in 38 years, will oversee the entire capital markets team in Dallas-Fort Worth. The team provides investment sales support to industrial, office and retail asset owners.
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Cribb Altman has joined JLL's Dallas office tenant rep team as managing director. The 13-year veteran of the commercial real estate industry will offer JLL office tenants with intensive support in everything from location selection to site selection and market labor analytics. Altman is a member of the Real Estate Council and NTCAR.
SALES/ACQUISITIONS
A 13K SF boutique building offering luxury residential and contemporary office units inside is for sale on McKinney Avenue. Dubbed 3203 McKinney Ave., the 15-year-old asset has nearly 6K SF of office and 7K SF of penthouse residential space for tenants desiring boutique luxury products.
The seller has engaged Younger Partners' Scot Farber and Tom Strohbehn to take the listing to market.
“With limited developable land available, a McKinney Avenue address is a strategic long-term investment in the future of Dallas,” Strohbehn said in a statement. “With the surrounding Class-A office market, the property owner should enjoy the benefit of existing residential space or the added income of continued leasing."
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The 15K SF Navo Shopping Center on East University Drive in Aubrey, Texas, has been sold. A Florida-based LLC acquired the highly trafficked retail center, located at 26745 East University Drive, as an investment property. The asset sits at the intersection of Navo Road and East University.
Weitzman's Kevin Butkus and Derek Schuster handled negotiations and oversaw leasing efforts prior to the sale, pulling the building to full occupancy before it sold.
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The Destino apartment complex in Grand Prairie sold to a new buyer. The seller, MBP Capital, hired Marcus & Millichap Institutional Property Advisors' Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond, Asher Hall and Al Silva to handle negotiations for the 192-unit asset. The IPA team also procured the new buyer, which was represented by Capital Vision Management.
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The 368-unit Fountains at Steeplechase apartment complex in Plano sold in recent weeks. Marcus & Millichap's Institutional Property Advisors division handled the sale on behalf of seller Hamilton Zanze. IPA's Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond, Bard Hoover and Nick Fluellen also helped the seller find the eventual buyer, Bridge Partners.
The apartment complex is located near U.S. Highway 75 and the Legacy Central redevelopment project.
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BKDL Investments bought a 55K SF industrial building at 3334 North Interstate 35 East in Lancaster, Texas. The seller 1622 Market Center hired Stream Realty Partners' Hanes Chatham to handle negotiations with the buyer. The buyer relied on Industry Asset Group's Matt Pennock.
LEASES
Three North Texas office buildings inked leases bringing them to full occupancy during the pandemic. Younger Partners' Byron McCoy announced nearly 93K SF in new office leases, including Metrocrest II Business Centre at 3033 Kellway Drive in Carrollton; 1200 Commerce Drive in Plano; and 3365 Regent Blvd. in Irving.
Younger Partners brokers Garrett Marler and Tanja McAleavey assisted McCoy with some of the leases.
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Fulfillment by Eagle expanded its leased space by 24K SF at 8181 Jetstar Drive in Irving, according to Transwestern. Transwestern's Brett Owens, John Fulton and Clayton Johnson represented the building owner, while Stream Realty's Mac Hall and Ryan Boozer handled negotiations for the tenant.
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Law firm Thompson Coburn inked a 23K SF office lease at 2100 Ross in Downtown Dallas. Prior to the signing of the lease, the attorneys were housed at 1919 McKinney Ave.
Thompson Coburn had JLL's Andy Leatherman handle negotiations while Altco's Mike Dement, Sam Meginnis and Jon Altschuler represented the landlord, Dallas 2100 Ross.
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Registermarks Letter Press Services Inc. has leased 25K SF at 8517 Directors Row in Dallas from landlord CanTex 1707 Witt. Mercer's Jeremy Mercer and Turner Petersen represented the landlord during negotiations.
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Central Conveyor Co. leased 13K SF at 1400 Blue Danube St. in Arlington from landlord North Texas Collision Center. Mercer Co.'s Corby Hodgkiss represented the landlord.
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Service Installation Group has leased nearly 11K SF at 2220 Delante St., Suite E, in Halton City from Goyen Properties Family Limited Partnership. The landlord, Goyen Properties, had Mercer Co.'s Dylan Neal and Jeff Mercer handle lease negotiations.
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Home service brands Neighborly is opening a second headquarters office in Irving. The company's new 34K SF site at 500 East John Carpenter Freeway will host employees tied to the firm's five brands: Mr. Handyman, Molly Maid, Dryer Vent Wizard, Window Genie and Real Property Management.
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Tenants Smart Start, Ronny Evans Fleet Services, Rango and A1 Carriers leased 17K SF from landlord MoxieBridge at 5309 Superior Parkway in Fort Worth. Stream Realty Partners' Forrest Cook and Brett Carlton represented the landlord.
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Firehouse Movers Inc. renewed 16K SF at 121 Lakepointe Crossing-Building 2 in Lewisville. Stream Realty Partners Bob Hagewood and Mac Hall represented the landlord, Stockbridge, while Whitebox Real Estate represented the tenant.
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Lennox Industries renewed 252K SF at 2051 McKenzie Drive in Carrollton from landlord Link Industrial Properties. Stream Realty Partners' Blake Kendrick and Eric Crutchfield represented the landlord, while Longo Commercial Advisors' Ross Longo represented the tenant.
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Spectra Metal Sales Inc. leased 76K SF at Royal Commerce Center Building 1 at 2007 Royal Lane in Dallas. Stream Realty Partners' Eric Crutchfield represented the landlord, G&I IX Royal Ln LLC, while Stream's Mac Hall and Todd Poticny represented the tenant.
THIS OR THAT
Contractor KWA Construction finalized construction on the Axiom HUB 121 luxury apartment complex at Craig Ranch in McKinney three months ahead of schedule. The developer, Seneca Investments, intended for the 340K SF facility with 246 residences to reach completion in December, but KWA finalized the build-out in September.
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AVOCA Coffee Roasters, an artisan coffee roastery, announced plans to open a new location in the Fort Worth Stockyards' Mule Alley this winter.
