This Week's Dallas-Fort Worth Deal Sheet
Hillwood has officially launched development of the 322-unit luxury apartment community known as The Cadence at Frisco Station.
The Cadence is the second multifamily development inside the 242-acre Frisco Station mixed-use development, making it the next step in the community's ongoing plan to add luxury offices and residential density.
The community’s first multifamily concept, Station House, is already 95% occupied.
The Cadence is a five-story, urban-style community designed by JHP Architecture/Urban Design.
Acquisitions
PMB Capital purchased 3,400 acres in Wise County to build a 10,000-home residential development accompanied by commercial property.
The development’s projected value is expected to run well over $3.5B when build-out is complete.
The acreage acquired is north of Fort Worth near the intersection of Highway 114 and Highway 287.
The development will eventually offer houses in the $200K to $500K range along with 800 acres of open spaces and a trail system surrounded by area lakes, creeks and springs.
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A joint venture created by investment firm 2GR Equity and Reserve Capital Partners acquired a tenant-rich office building at Luna Road and LBJ Freeway in Farmers Branch.
The 181K SF office building, known as Two Colinas Crossing, is home to tenants IBM, S&P Global, BBVA and Home Point Financial.
The building is at 11511 Luna Road. The joint venture intends to renovate parts of the common areas while building out a spec-office suite program to offer move-in ready space.
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Legacy REI Group purchased the 185-unit Silverado Apartments in Irving from Plano-based Elmstone Group.
The 49-year-old property offers 144K SF of rentable area with an average apartment unit size of 780 SF. CBRE’s Chris Deuillet and Chandler Sims represented the seller.
The property, at 1319 North Nursery Road in Irving, is 97% occupied.
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Pride Group Holdings acquired 25K SF at 1862 Firman Drive in Richardson from Southwestern Bell Telephone Co. Mercer Co.’s Chandler Mason represented the buyer.
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Leather Coatings Inc. sold about 12K SF at 8425 Directors Row in Dallas to Exchange Renovator Project TX-1 LLC.
Lee & Associates' Brett Lewis represented the buyer while Mercer .’s Jeremy Mercer and Turner Petersen represented the seller.
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Taylor Counseling purchased a 2K SF building sitting atop a 1-acre site at 300 North Interstate Highway 35-E in Waxahachie. Whitebox Real Estate’s David Harris and Jade Scott assisted the buyer.
Construction and Development
One of the few large industrial tracts left in Garland is under contract for development.
Garland approved Huntington Industrial Partners’ plan to build two Class-A buildings, totaling 355K SF, on Marquis Drive and Kings Road in Garland. The two assets will benefit from coveted spots between South Jupiter Road and South Shiloh Road as Garland continues to experience strong demand for industrial space within its city limits.
As part of the project, Huntington Industrial Partners is building out an extension of Kings Road to connect Miller Road to Marquis Road between the buildings. The roadway construction will increase traffic flow in and out of Garland’s main industrial district, providing better access to newer industrial developments in the area.
Leases
Holiday Warehouse leased 10K SF of retail space at 2739 West 15th St. in Plano. Structure Commercial’s Jeremy Cummings and Eric Deuillet handled lease negotiations.
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Adonai Beyond Everything leased 10K SF of office space at 702-711 Directors Drive in Arlington. Structure Commercial’s Troy Morgan and Rob Exline negotiated the lease.
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Dakota Premium Hardwood renewed a 77K SF lease at 631-641 West Mockingbird in Dallas. Holt Lunsford Commercial’s Canon Shoults represented the landlord, TA Realty, while Craig Jones and Michael Haggar represented the tenant.
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Vast America Corp. leased nearly 15K SF at 10460-10474 Brockwood Road in Dallas. Holt Lunsford Commercial’s Josh Barnes and Ben Wallace represented the landlord, Taurus Investment Holdings.
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Tenant Country Fresh Holdings Co. leased nearly 44K SF at 920 Avenue R in Grand Prairie from landlord High Street Realty Co. Lee & Associates' Reid Bassinger and Trey Fricke represented the tenant while Colony Capital’s Jerod Hangartner represented the landlord, High Street Realty Co.
This Or That
Several McCarthy Building Cos. leaders received accolades for supporting employees with ties to the National Guard and Military Reserves.
Each executive honored received an Employers in Support of the Guard and Reserve’s Patriot Award. The honored leaders include McCarthy Southern Region President and newly named McCarthy Holdings Inc. CEO Raymond Sedey, Senior Vice President Joe Jouvenal and Southern Region Director of Human Resources Wendy Hatchell. They were each recognized for giving support to McCarthy's Anna Griffin, a project and business development manager.
Griffin is a captain in the 136th Airlift Wing’s Texas Air National Guard. Griffin receives flexible scheduling for family and relocation purposes support before, after and during her deployments.
