This Week's Dallas-Fort Worth Deal Sheet
The renovation of a nearly 100-year-old Fort Worth building has landed developer M2G Ventures a mixed-use asset that is almost fully leased.
M2G Ventures launched a major overhaul of the 41K SF building, known as the PROOF building, located at 901 West Victory Blvd. in Fort Worth. With the signing of bowling alley Bowlounge, Witherite Law Group and Trinity Real Estate Investment Services, M2G Ventures only has 12K SF left to lease.
M2G transformed the building, which dates back to 1926, with modern amenities.
“Our goal was to showcase the building’s 94 years of milestones while repurposing the design to create a modern-day mixed-use location,” M2G Ventures co-president Jessica Miller Essl said in a statement. “We’ve been able to exceed our expectations for this legacy asset and that’s a tall order.”
EXECS
CBRE has snatched top talent away from JLL in Dallas with the naming of Doug Carignan to the position of executive vice president within its advisory and transaction services group. Carignan will focus on office occupiers and their real estate strategies. He has more than 20 years of experience in DFW commercial real estate and comes to CBRE from JLL, where he most recently served as managing director of the Dallas office.
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Real estate, energy and infrastructure consulting firm Bowman Consulting Group hired civil engineer Ryan Safford to serve as Dallas office principal. Safford spent 15 years at Kimley-Horn prior to joining Bowman.
SALES/ACQUISITIONS
A single-story office building located off Interstate 20 at 701 East Interstate in Arlington sold this month to DUB C LP.
The previous owner, Lakeland West Capital LLC, offloaded the vacant multi-tenant office building with the help of Bradford Commercial Real Estate Services' Erik Blais. JLL's Ryan Matthews and Cannon Camp represented the buyer.
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Endeavor Real Estate Group sold the 337-unit apartment complex known as Trinity at Left Bank in Fort Worth to Weinstein Properties. Marcus & Millichap's Institutional Property Advisors' Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond handled negotiations for the seller and also helped procure the eventual buyer of the asset, which is in the West 7th District of Fort Worth.
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Investment platform NexPoint acquired a six-building industrial manufacturing and corporate headquarters facility in Mansfield, Texas.
The site is located at 601 Airport Drive in Mansfield and is already home to Gamma Aerospace LLC, a 126K SF tenant.
The property has six buildings sitting on 7.56 acres and includes a 22K SF office destination developed by MAG Capital Partners in 2020. Stream Capital Partners' Jonathan Wolfe, Daniel Macks and Jordan Shtulman helped the seller, MAG Capital Partners, during negotiations and assisted in finding a new buyer.
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Driftwood Capital acquired the 248-key Hilton Dallas Southlake Town Square hotel, which sits 10 minutes away from Dallas-Fort Worth International Airport.
The previous owner, Hobbs & Curry Family Limited Partnership, sold the hotel for an undisclosed amount. Driftwood Capital intends to spend another $5M renovating the property.
LEASES
The Avion Business Center Building in Carrollton is now 100% occupied after landlord Fort Capital secured 29K SF in new lease transactions.
The office destination, which is located at 2155 Chenault Drive in Carrollton, is a three-building complex that has inked new rental contracts with the following companies:
- JDC Healthcare Management, represented by CYC Commercial's Cyrus Chen.
- CLVR Agency, represented by Rich Young Co.'s Rich Young Jr.
- AuthenTEK Solutions.
- Beyond Engineering, represented by Stream's Lena Pierce and Ryan Boozer.
These new leases bring the site to full occupancy. Younger Partners' Trae Anderson and Garrett Marler represented the landlord.
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The luxury, 28-story Eastline Residences apartment tower is now leasing apartments in preparation of the building's February 2021 opening. Investment and development firm Convexity Properties is behind the building's creation and rollout. The high-rise tower is at 6050 North Central Expressway in Dallas' Eastline District.
