This Week's Dallas-Fort Worth Deal Sheet
Demand for land within Dallas' built-up Uptown area prompted one ownership group to create a rare opportunity for developers in the competitive submarket by putting two key sites up for sale.
Teixeira Duarte selected JLL’s Jorg Mast and David Goodvin to market and sell two parcels of land in the high-priced, luxury market of Turtle Creek in Uptown Dallas.
“The amount of growth we’ve experienced across North Texas, especially in the Uptown submarket, is unprecedented,” Mast said. “Over the past several years, we’ve welcomed thousands of new residents and employees from across [the] U.S. to this historic area. This exclusive listing offers developers two of the final opportunities to create their own legacy within this unique and niche community.”
The first parcel for sale is at the corner of Dickason Avenue and Hood Street, while the second is at the corner of Turtle Creek Boulevard, across from Oak Lawn Park.
EXECS
Architectural, engineering and construction services firm KAI Enterprises named longtime Dallas community leader Darren James president of the firm. James, a shareholder who has been with the firm for 13 years, formerly served as president and chief operating officer of KAI Texas.
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Ray Dunlap was named president of the Terrell Economic Development Corp., where he will be a main point of contact for developers, businesses and investors looking to expand to Terrell. Dunlap previously served as community and economic development manager for the town of Fairview.
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JLL named Saadia Sheikh to its Dallas tenant representation team. Sheikh brings experience handling clients' renewals, expansions, site selections, general consultation assignments and acquisitions.
SALES
Vesuvius Holdings purchased 2.4 acres of underdeveloped land south of Panther Creek Parkway, across the Dallas North Tollway from Texas Health Hospital Frisco. The land is officially part of the Cobb Farm West Office Addition. Henry S. Miller’s Jim Breitenfeld and Jim Turano represented the seller, SKRJ Properties, while JP & Associates Realtors’ Brent Pennington represented the buyer.
Berkadia brokered the sale of Copperfield, a 323-unit apartment complex in Fort Worth. The multifamily property, built in 1995, maintained an average 94.4% occupancy rate for the past five years.
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Double Eagle Development sold a 14,500 SF building at 1401 Ballenger in Fort Worth with the help of Holt Lunsford Commercial’s Matt Carthey and Geoff Shelton.
LEASES
Trinity West Business Center renewed a 51,200 SF lease with its largest warehouse tenant, All Points of Texas, the official moving company of the Dallas Stars and relocation services provider for the U.S. military. The preservation of this tenant means occupancy at the two-building project in the Upper Great Southwest Industrial District remains at 100%.
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Conley Group leased 17,900 SF at Lakeview Center I in Coppell. Lakeview Center chose Holt Lunsford Commercial’s Geoff Shelton Marshall Mays to handle negotiations for the landlord. Rockcap Commercial’s Grant Henson represented the tenant, Conley Group.
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Budd Van Lines inked a 67,500 SF lease at 8065 Tristar Drive in Irving, with Lee & Associates’ Trey Fricke and Reid Bassinger representing the company during negotiations. Stream Realty’s Blake Kendrick represented the landlord, G&I IX Tristar LLC.
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Landlord Stonelake Capital Partners finalized a 73,900 SF lease with Allied Stone at 1207 West Crosby in Carrollton. Lee & Associates’ Nathan Denton and Stephen Williamson worked on behalf of the landlord, while Mercer Co.’s Keenan Cook handled the deal for the tenant.
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Core-Mark International Inc. signed a 200K SF lease at 6440 Oak Grove Road in Fort Worth. Lee & Associates’ Trey Fricke and Reid Bassinger negotiated on behalf of Core-Mark, while Holt Lunsford’s Matthew Carthey and Thomas Grafton represented the landlord, SCRS Fort Worth Industrial.
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Core-Mark Midcontinent renewed its 200K SF lease at 6401 Oak Grove in Fort Worth. Holt Lunsford Commercial’s Matt Carthey and Thomas Grafton represented the landlord, TA Realty, while Lee & Associates’ Reid Bassinger represented the tenant.
FINANCING
NorthMarq arranged $30.7M in financing to recapitalize Rancho Mirage, a 310-unit multifamily property in Irving. The 29-year-old property is at 1200 Hidden Ridge in Irving, just east of DFW International Airport.
Northmarq’s Chicago office handled the deal, noting that a seven-year fixed-rate loan was structured with three years interest only with par prepayment during the final two years of the loan term. Northmarq arranged the financing through its Freddie Mac Optigo seller-servicer relationship.
THIS AND THAT
Green Mountain Energy created a partnership with eco-friendly shopping destination The Hill to find ways to upgrade the Dallas property and power its common areas with 100% renewable energy. This is the first sustainability partnership the energy company forged with a mixed-use project in Dallas.
Using renewable energy for the common areas of The Hill's retail shops and restaurants is expected to help the development avoid 2.2 million pounds of carbon dioxide emissions — the equivalent of taking 250 cars off the road for a year.
