This Week's Dallas-Fort Worth Deal Sheet
Hillwood Properties is growing AllianceTexas with the addition of 260 acres in Northlake to launch Alliance Northport and add 3M SF of Class-A industrial buildings, as well as retail and office.
The new acquisition is at I-35W and SH 114, across from the Texas Motor Speedway. Hillwood Properties VP Tony Crème tells us Alliance Northport continues Hillwood’s bullish growth plan throughout the AllianceTexas corridor with I-35W frontage in an area offering one of the lowest combined tax rates in DFW. The new space has the flexibility to accommodate a range of Class-A distribution centers from under 100k SF up to almost 1.3M SF, all offering direct access to I-35W via the Dale Earnhardt Way interchange. With the expansion of I-35W underway, Alliance Northport is well-positioned to meet the demand of customers who value interstate frontage, speed-to-market and low operating costs. No time frame or specific details about how the development will progress were available.
SALES
Sherman Residential purchased the Axis on Wycliff, a 334-unit Class-A complex at 4343 and 4348 Congress Ave, for an undisclosed amount from Trinsic Residential Group. The property was 95% occupied at the time of the sale. JLL’s Jeff Price, Brad Takala and Jorg Mast brokered the deal.
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Vision Commercial handled the sale of a 35k SF shopping center at 2401 W Pioneer Pkwy in Pantego to an investor. Vision will also handle leasing for the property.
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An LLC purchased the 164-unit Princeton Apartment Homes at 4300 Gus Thomasson Rd in Mesquite. Marcus & Millichap’s John Barker and Mark Allen repped the seller. John and Daniel Burton repped the buyer.
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Mac-OFL Properties purchased a 33k SF building at 1700 Lacy Dr in Fort Worth. NAI Robert Lynn’s Michael Newsome repped the buyer. Transwestern’s Sarah Everett repped the seller.
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Wheeless Properties purchased an 18k SF building at 1202 Antler Dr in Mansfield. NAI Robert Lynn’s Michael Newsome repped the buyer and seller.
NEW CONSTRUCTION
Dallas-based Panda Power Funds expanded its 758-megawatt natural gas-fueled, combined-cycle power plant in Sherman. The Panda Sherman facility has the capacity to continuously supply the power needs of up to 758,000 homes. It's in Sherman’s Progress Park and is expected to cost $200M to $300M with scheduled completion in 2019, according to the Sherman Economic Development Corp. To help finalize the deal, the SEDCO Board of Directors unanimously approved a $2.5M development incentive. It'll be paid in three installments based on company performance criteria outlined in the agreement. The plant is expected to contribute up to $1.7B to the North Texas economy during the now-completed construction phase and the plant’s first 10 years of operation.
LEASES
Intelisol extended its 48k SF lease at 1001 NE Loop 820 in Fort Worth with Fort Worth Northbrook. Transwestern’s Sarah LanCarte, Jeff Givens and Tracy Georges repped the landlord.
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Legacy Aeronautics leased 13k SF at 2145 Chenault. Glacier Commercial’s Paul Blight brokered the deal with Capstone Commercial’s Larry Robbins.
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Monarch PCM signed a new 31k SF lease at 7333 Jack Newell Blvd N in Fort Worth with Riverbend Industrial Partners. Transwestern’s Frank Jester repped the tenant. Transwestern’s Jeff Givens repped the landlord.
