This Week's Dallas-Fort Worth Deal Sheet
Elevate Credit, a tech-enabled provider of online credit solutions for non-prime consumers, is expanding its North Texas operations. The company is doubling the size of its office to 52K SF at Spectrum Center in Addison.
Elevate currently occupies a full floor on the second level of the 12-story west tower of Spectrum Center, a two-building complex that totals about 614K SF. It is adding a full floor on the same level in the property’s east tower. The two towers are joined by a connector, giving Elevate Credit a “super floor” in the Spectrum Center property.
Cushman & Wakefield Senior Director Cribb Altman and Executive Managing Director Mike Wyatt represented Elevate Credit in its search and lease. Cushman & Wakefield evaluated options in the Legacy/Plano area, but Spectrum Center offered a broad single floor with top-of-building signage off the Dallas North Tollway and Belt Line.
The expansion will allow Elevate to accommodate up to 300 people. The company’s headquarters will continue to be based in Fort Worth, with additional offices in San Diego and England.
Cushman & Wakefield’s Project and Development Services team will handle project management of the expansion, with Vice President Kyle Griffith leading the initiative. The new interiors are being designed by IA Interior Architects of Dallas.
Built in 1983, Spectrum Center, at 1182 Security Drive, was fully renovated in 2011. Plano-based Granite Properties owns the complex.
EXECUTIVE NEWS
Robert Ditthardt is the new general manager of Trinity Falls, a 2,000-acre master-planned community northwest of McKinney.
Ditthardt, who spent 11 years as a senior program manager with Newland Real Estate Group, was most recently a project manager with Johnson Development Corp. His experience includes participation in the development of Canyon Falls in Flower Mound and Northlake in Argyle.
Ditthardt replaces Jim Baker, who is retiring. In his 18 months at Trinity Falls, Baker closed on the $95M in additional land deals incorporated into the community.
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CBRE has appointed Chris Bone as senior managing director for the Texas-Oklahoma region. He is in charge of leading CBRE’s project management.
Bone, a 25-year veteran of the industry, most recently led CBRE’s Global Corporate Facilities organization where he was responsible for implementing the company's Workplace360 strategy and managed the company’s global corporate real estate portfolio. His development, transaction and strategic management experience include previous roles with FedEx Kinko’s and AT&T.
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JLL has added Steve Garven in the new role of vice president, public institutions. Garven will grow and strengthen JLL’s partnerships with government and higher education sectors.
Garven brings more than 20 years of business development, marketing and strategic planning experience, having worked with startups to Fortune 500 companies. He comes from Flex Ventures, a venture capital firm focusing on financial technology, real estate and consumer goods industries. Prior to that, Steve was a principal at two nationally recognized marketing firms that represented clients including W Hotels and Hyatt.
Garven began his career in the public sector working with the U.S. Senate and moved to the Texas Comptroller's office, serving as a liaison for the state's investment fund for local government entities.
SALES
Greysteel, a national commercial real estate investment services firm, has arranged the sale of Landings at Carrier Parkway, a 281-unit property on 15 acres in Grand Prairie.
Greysteel Managing Directors Doug Banerjee and Boyan Radic, along with Senior Investment Associate Andrew Mueller and Investment Associate Andrew Hanson, negotiated the sale on behalf of the seller and procured the buyer.
Greysteel reports it conducted 45 tours of the property, resulting in two-dozen offers for the Class-A apartment property.
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Lee & Associates - Houston represented Worldwide Rock Enterprises L.P. in the sale of 15.49 acres on South Highway 377 in Aubrey, Texas. Lee & Associates Taylor Schmidt and Reed Vestal represented the seller. George Tanghongs with Lee & Associates - DFW represented the buyer, Rustic Furniture Warehouse LLC.
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Henry S. Miller's Scott Axelrod represented the participants in two large commercial real estate transactions in Graham, Texas: the sale of a 105,720 SF industrial building, owned by Mark Kalaj, to Traylor Investments Cliff LLC; and Jordan Industries' purchase of a 125,810 SF industrial building from Mercer Graham Properties LLC.
LEASES
Toyota Motor Sales USA LLC has leased a 121K SF, free-standing distribution facility at 121 Riverview Crossing in Lewisville, Texas. The building, at 1825 Midway, is a newly completed development.
The property is within five minutes of the ongoing development in Legacy West, according to ML Realty Partners. Melissa Holland of JLL represented Toyota, and Dan Spika and Jim Breitenfeld of Henry S. Miller represented ML Realty Partners.
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Spacee Inc. has leased 12K SF of flex space in Marsh Business Park East, Building C, at 3752 Arapaho Road in Addison, from GIJV Texas Owner L.P.
Bradford Real Estate Services Executive Vice President Susan Singer, First Vice President Joe Santaularia and Senior Vice President Brock Wilson represented the landlord. Evonne Keene, Corbin Bengston and Rob Pipkin of Mohr Partners represented the tenant.
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Transpere LLC leased 23K SF at 1213 Trend Drive in Carrollton. Josh Barnes, Andrew Gilbert and Ben Wallace of Holt Lunsford Commercial represented the landlord, Stonelake Capital Partners. Jo Thompson of LaTerra Commercial represented the tenant.
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Fleuron Enterprises renewed its 60,300 SF lease at 4030 La Reunion in Dallas. John Gorman of Holt Lunsford Commercial represented the landlord, AEW Capital Management. Brant Landry of Landry Commercial represented the tenant.
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Nationwide Auto Services leased 13,863 SF at 1215 Trend Drive in Carrollton. Josh Barnes, Andrew Gilbert and Ben Wallace of Holt Lunsford Commercial represented the landlord, Stonelake Capital Partners. Rich Young Jr. of Rich Young Co. represented the tenant.
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Sky Chefs renewed its 23K SF lease at 601-611 Mockingbird Lane in Dallas. Canon Shoults of Holt Lunsford Commercial represented the landlord, Crow Holdings.
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M.A.N. Sports LLC leased 20,551 SF at 12150 Shiloh Road in Dallas. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, Frontier Equity. Stephen Cooper with NAI Robert Lynn represented the tenant.
DEVELOPMENT
A new entertainment venue called Nowhere, TX is opening this summer in West Dallas. On a former industrial site at the intersection of Commerce and Edgefield streets at 1216 West Commerce, Nowhere, TX will feature pop-up events and a biergarten-style dining concept with rotating chefs and menus.
Landscape architecture firm Hocker Design Group was tapped to design the three-building, 2.8-acre venue’s landscaping and hardscaping details, including patios, gathering spaces and an enclosed children’s play area.
FINANCING
Walker & Dunlop structured $81.8M in bridge financing for the acquisition and repositioning of the 848-unit Landmark at Lake Village North and 321-unit Landmark at Lake Village East, two garden-style apartment communities in Garland.
The two multifamily properties are undergoing significant renovations and will cater to residents looking to live near Bayside, the $1B master-planned, resort-style development along the shore of Lake Ray Hubbard. Once complete, Bayside will feature upscale restaurants, retail, beachfront recreational activities, office space and Texas’ first Crystal Lagoon, an 8-acre man-made pool.
The loan was secured on behalf of owner Madera Residential. Each three-year loan includes favorable terms, is partial interest-only and is followed by a 30-year amortization.
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Phillips Realty Capital announced that Weinstein Properties secured $40M of long-term financing from New York Life Insurance Co. to purchase a 334-unit Class-A apartment complex 30 minutes north of Dallas.
Phillips Realty Capital Managing Director Charles DuBose structured the long-term, fixed-rate loan. Just outside downtown McKinney, at 5201 Collin McKinney Parkway, Century Lake Forest will be rebranded as Bexley Lake Forest. The complex is the third community Weinstein has acquired in the Dallas/Fort Worth market and ninth in Texas.
THIS AND THAT
Fit Factory, a Boston-based full-service health club, plans to expand into the growing Dallas-Fort Worth market. The expansion calls for up to 10 new clubs in DFW by 2020, and an additional six locations in the Greater Boston and New England markets.
Fit Factory looks for spaces ranging from 25K to 35K SF, with an emphasis on highway visibility and easy site access. The chain expects to combine convenience and value in its locations.
