This Week's Dallas-Fort Worth Deal Sheet
Toll Brothers Apartment Living and Equity Residential celebrated the launch of their $1.9B joint venture with the groundbreaking of three Class-A rental communities in North Texas.
The developments comprise 1,053 apartments and include Lyle in Dallas, Remy in Frisco Town Center and The Settler in Fort Worth, according to a news release.
“Dallas-Fort Worth is a dynamic market with a growing population of the affluent renter demographic that we are interested in capturing,” Benjamin Stoll, Equity Residential senior vice president of development, said in a statement. “We are expanding our presence in the market and believe that these properties will make excellent additions to our existing portfolio there.”
Through the partnership, the firms intend on acquiring and developing sites for rental communities in areas such as DFW, Austin and Houston.
Equity Residential has agreed to invest 75% of the equity for each project, while Toll Brothers will invest 25%, per the release. Equity Residential will have the option to acquire each property upon stabilization.
The parties have targeted an initial minimum co-investment of approximately $750M in combined equity, or nearly $1.9B capacity, assuming 60% leverage, per the release.
PEOPLE
Jacob Wadlington joined Dallas-Based MYCON General Contractors as vice president of business development. He will replace Dana Walters, who is preparing for retirement after 19 years with the firm. Wadlington will be responsible for generating commercial construction opportunities and creating and cultivating partnerships with clients and industry peers.
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Dallas-based Homz appointed Kim Diamond to its board of directors. Diamond has held senior leadership positions with several leading financial institutions, including Kroll Bond Rating Agency, Standard and Poor's and Crescit Capital Strategies. Her appointment will help the company advance its strategy of working with municipalities across the U.S. to address the urgent need for attainably priced housing.
LEASES
Traditions LLC renewed 28.8K SF of warehouse space at 3501-03 Raider Drive in Irving. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord, Euless Industrial LLC, in the direct deal.
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Mid-Cities Classics Inc. renewed 12K SF of flex space at 10728 South Pipeline Road in Hurst. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord, Euless Industrial LLC, in the direct deal.
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Several new leases exceeding 10K SF were executed by Stream Realty Partners at Pinnacle Tower, a Class-A, 549K SF office building located at 5005 Lyndon B. Johnson Freeway in Dallas. New tenants include Huselton, Morgan & Maultsby, USAA Real Estate and Haynes and Boone. The leases will generate more than $22.5M in rental revenue for the landlord.
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Windy City Wire, Cable & Technology renewed 25K SF at 1800 10th Street #400 in Plano. James Mantzuranis and Ryan Wolcott with Stream Realty Partners represented the landlord, LINK Industrial. Lee & Associates DFW represented the tenant.
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Texas Collision Centers leased 75K SF at 6125 Peeler St. in Dallas. Hanes Chatham and Jason Moser with Stream Realty Partners represented the landlord, Brook 6125 Peeler Street. Larry Robbins with Capstone Commercial represented the tenant.
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Clarke Holdings Investments leased 34K SF at Prologis Freeport Corporate Center, 710 Gateway Blvd., in Coppell. Mac Hall with Stream Realty Partners represented the tenant. Transwestern Commercial Services represented the landlord, Prologis.
SALES
CBRE arranged the sale of Sunridge II, a 696K SF, Class-A+ distribution center, located at 1700 North Goode Road in Wilmer. Cohen Asset Management purchased the property from Scannell Properties for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
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Marcus & Millichap brokered the sale of several properties.
— Easy Storage Solutions, a 143.6K SF self-storage facility located in Royse City. Marcus & Millichap's Danny Cunningham and Brandon Karr, investment specialists in the Fort Worth office and leaders of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a local opportunistic entrepreneur. The buyer, a private investor, was secured by Cunningham and Karr.
— 2481 Manana Drive, a two-building, 74.6K SF flex property located in Dallas. Marcus & Millichap's Senior Managing Director Investments Adam Abushagur, associate Tyler Ranft, Senior Vice President Investments Ron Hebert and First Vice President Investments Joseph Jaques had the exclusive listing to market the property on behalf of the seller, a private investor.
— 1000 Northeast 28th Street, a 109K SF manufacturing facility located in Fort Worth. Marcus & Millichap's Abushagur, Ranft and Senior Associate Davis Cagle had the exclusive listing to market the property on behalf of the seller, a former owner-user.
— Azco Center Point Storage, a 37K SF self-storage facility in Azle. Marcus & Millichap's Cunningham and Karr had the exclusive listing to market the property on behalf of the sellers, local investors who inherited the facility from their parents. The buyer, another Fort Worth-based private investment partnership, was also secured by Cunningham and Karr.
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Cantex Capital purchased a 49.7K SF industrial building at 3633 Executive Blvd. in Mesquite. Adam Jones and James Mantzuranis with Stream Realty Partners represented the buyer. Kristi McCampbell with REATA Commercial Realty represented the seller, DCC Holdings.
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FIVF Property Holdings purchased a 55K SF industrial building at 12621-12623 International Parkway in Dallas. Adam Jones and James Mantzuranis with Stream Realty Partners represented the buyer. The seller, Outdoor Cap, represented itself in the transaction.
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Buchanan Street Partners bought Jefferson Terrace, a 354-unit multifamily community in McKinney, from JPI. The property was 94% occupied at the time of sale. The investment firm acquired the complex on behalf of Arnel & Affiliates.
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Arden Group Acquisition purchased an approximately 350K SF, single-tenant portfolio that includes assets across five states, including one at 4801 Esco Drive in Fort Worth. Jeff Rein and Seth Koschak with Stream Realty Partners along with Stan Johnson Co. represented the seller, Empire Equities.
CONSTRUCTION AND DEVELOPMENT
Saltbox celebrated the opening of its second DFW location at 1501 Randolph St. in Carrollton. The more than 128K SF facility offers 179 flexible warehouse and office suites as well as conference rooms, access to loading docks, a photo studio and other amenities for entrepreneurs to grow their businesses.
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SK Signet will build a 136K SF manufacturing plant for electric vehicle chargers in Plano. The facility is expected to be fully operational by July 2023, producing more than 10,000 fast chargers per year. SK Signet plans to create up to 183 jobs at the site by 2026. The plant will be the company’s first in the U.S.
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Caddo Office Reimagined celebrated the opening of its eighth North Texas location at 4324 Mapleshade Lane in Plano. The 39K SF neighborhood office building offers private office suites with lockable doors on a 60-day cancellation, no-term lease. The business is an offshoot of Caddo Holdings, which was formed in 2009 by Justin Engler, Dustin Schilling and Tim Slaughter.
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Experiential media company Cosm will build its second public entertainment venue at Grandscape in The Colony. The approximately 75K SF venue will house Cosm’s proprietary technology, where guests will be able to experience immersive content across a variety of categories, including live sports and entertainment, experiential events, immersive art, music and more. Cosm was founded in 2020 by Dallas-based Mirasol Capital.
THIS AND THAT
Joey Grisham, director of economic development for the city of Anna, was named one of D CEO’s Dallas 500 honorees for 2023. The annual edition focuses on the most influential business leaders across DFW and honors them for their work in growing the North Texas economy.
For the past four years, Grisham has helped expand the city of Anna by bringing in new businesses and job opportunities and helping to provide diverse housing options. He has helped close several deals in Anna, including 3 Nations Brewing Co., Holt Caterpillar, Megatel’s AnaCapri Lagoon project, Villages of Hurricane Creek, Crystal Park, The Woods at Lindsey Place and numerous multifamily projects.
