This Week's Dallas-Fort Worth Deal Sheet
McKinney Corporate Center Craig Ranch landed a major corporate headquarters this month.
Construction services provider RPM xConstruction announced plans to build a 90K SF building inside the Craig Ranch office development to house more than 750 employees.
The construction services firm selected McKinney Corporate Center after considering the development’s access to Sam Rayburn Tollway and the numerous residential and retail options nearby.
“We had been looking for a site to build our new corporate headquarters for some time,” RPM Manager Barry Rich said in a statement. “After looking at all that the McKinney Corporate Center has to offer, we chose this site as our future. With the tremendous growth of RPM and our affiliated companies over the last 10 years, we feel McKinney Corporate Center Craig Ranch is a perfect fit for us.”
RPM is moving to McKinney from Plano, with construction set to launch on the new three-story building in early 2021.
Craig International President James Craig is the listing broker for the project, while Pross Design Group is serving as project architect.
ACQUISITIONS/SALES
A 16-story Downtown Fort Worth office tower is on the sales block.
The 300K SF 115 West Seventh St. building, formerly known as The Oncor Building, offers potential buyers a chance to purchase a downtown office building that's 90% occupied and anchored by Class-A retail on the ground floor.
The property is owned by an affiliate of Benbrooke Realty Investment Co. JLL’s Ryan Matthews is handling the sales effort.
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SVM Estates purchased more than 67 acres off Highway 377 in Tioga for future investment. The land is close to Tioga's new high school and is a grazing pasture. The seller, Gene McCutchin, hired Younger Partners' Ben McCutchin to handle the sale.
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Berkshire Property Holdings purchased a $56.8M apartment portfolio from a local real estate investor. It acquired the 308-unit The Parks at Walnut complex on Walnut Street in Richardson along with the 260-unit Ninety Nine 44.
The purchase brings two more properties into the company's 1,000-unit Texas apartment portfolio.
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Vintex Holdings acquired a 10K SF industrial building at 2433 Tarpley Road in Carrollton from Lucky 7 M & M Partners Tarpley LLC.
Transwestern’s Matt Hurlbut represented the buyer, while NAI Robert Lynn's Mark Miller and Tyler Tillery represented the seller.
CONSTRUCTION AND DESIGN
OM Housing is preparing to break ground on a 112-unit, $30M apartment community in Garland near Lake Ray Hubbard.
The community, known as Lakeview Pointe Apartment homes, will offer more than one-third of its apartment units at market rate while maintaining housing product for mixed-income tenants. The development will break ground at 3102 Zion Road in Garland, a site roughly a mile away from the $1B Sapphire Bay megadevelopment in Rowlett.
The organizers are using housing tax credits from the Texas Department of Housing and Community Affairs plus financing from Bank OZK, Capital One Bank, Freddie Mac and Boston Financial.
