This Week's Dallas-Fort Worth Deal Sheet
A boutique office building at the corner of Fairmount and Knight streets in Dallas is adding fuel to the Maple District’s revitalization efforts.
CBRE leased more than 9K SF to two tenants — LCM Group and Macfarlan Capital Partners — inside the Parkland Knight office building near the Old Parkland historic building. The office building is at the epicenter of efforts to rejuvenate the Maple Avenue area.
The building’s third floor is now fully occupied.
The asset has four floors of office and a fifth-floor rooftop terrace.
CBRE’s Jackie Marshall and Ben Davis represented the landlord.
The building, which is designed by BOKA Powell, was developed by a partnership between The Family Offices of Nancy T. Richards, Lisa Barrentine and John P. Thompson Jr. with J.T. Philp Co.
SALES
Dallas Area Habitat for Humanity executed a sale-leaseback transaction on a 133K SF headquarters building at 2800 North Hampton Road in West Dallas. CBRE’s David Glasscock represented the seller.
Habitat sold the building and leased it back as part of its plan to reorganize and rebuild its finances. The nonprofit builder, which has 115 employees at the location, remains the building’s sole tenant.
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Marcus & Millichap’s Adam Abushagur arranged the sale of 1304 Summit Ave., a 24K SF industrial building in Plano.
LEASES
U.S. health club Fitness Connection signed a 55K SF lease in Denton’s Golden Triangle Mall at the northeast corner of Interstate 35 and Loop 288.
Weitzman’s Steve Greenwood and Byron Howard handled negotiations with the mall’s leasing agents, while The Retail Connection’s Susan Ridley and Sherman Hinkebein represented the tenant.
Golden Triangle Mall is the only mall in Denton and has undergone extensive redevelopment at the hands of GTM Development Ltd. The 765K SF retail center is considered an anchor for Denton’s retail trade area inside the I-35/Loop 288 corridor, according to Weitzman.
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Coworking firm Spaces is dramatically expanding its Dallas-Fort Worth footprint with plans to add four locations totaling 173K SF by the end of this year.
A location at Legacy Central in East Plano opened this month, and three other locations are scheduled to open at the Shops at Legacy, West Plano Village and The Epic in Deep Ellum.
The newest location at Legacy Central, located at 6550 Chase Oaks Blvd., is the third Spaces location in the DFW area, with the company already operating centers in Uptown Dallas and Southlake.
Spaces will operate a 48K SF center at Legacy Central, 47K SF at the Shops at Legacy, 31K SF at West Plano Village and 47K SF at The Epic.
Spaces is owned by IWG Plc, formerly known as Regus. Spaces was represented by CBRE’s Baron Aldrine, Steve Rigby, Mike Cleary, Mike Kay and Pete Danna.
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The 42K SF Stemmons Center alongside Interstate 35 in Dallas traded hands and will be extensively renovated.
Dallas-based real estate investment and development firm CanTex Capital acquired the building and plans to improve the exterior of the property while also creating more showroom space in the retail area. The building is an attractive value-add play given its proximity to the Design District and Medical District.
Stream Realty Partners’ James Mantzuranis and Hanes Chatham will lease the property on CanTex’s behalf.
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Mueller Water Products executed a 26K SF lease on industrial space at 775 North Royal Lane at Dallas-Fort Worth Airport. The company leased the premises from East Group Properties. CBRE’s Steve Trese represented the landlord, while Bradford’s Nick Talley represented the tenant.
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Mid-American Supply Corp. renewed a 45K SF industrial lease at 11550-11570 Hillguard Road in Dallas. CBRE’s Trevor Atkins and John Hendricks represented the landlord, GLP, while Mercer Co.’s Tucker Cason represented Mid-American Supply.
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Luxury on the Lake Events LLC renewed an 11K SF lease for flex space at Northwest Crossing A, at 2152 West Northwest Highway in Dallas. The landlord, AF-1 Northwest Crossing LLC, was represented by Bradford Commercial Real Estate Services’ Brian Pafford and Jason Finch.
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Retailer Spirit Halloween secured a nearly 17K SF lease at Wheatland Corners, 2984 West Wheatland Road in Dallas. Retail Solutions’ Brian Sladek, Dave Burggraaf and Jeff Lewin represented the landlord.
CONSTRUCTION
Mixed-use and apartment developer StreetLights Residential broke ground on the third phase of a massive residential project inside The Canals at Grand Park in Frisco.
The company announced that its four-story development, The Margo, is now under construction and will eventually bring 358 apartment homes to the North Dallas suburb.
Architects with LRK and StreetLights Creative Studio worked on the development’s classical style architecture while Ink + Oro designed leasing and amenity spaces.
SLR Texas Construction is the general contractor handling the apartments’ build-out.
THIS OR THAT
Plano diners looking for barbecue and a chilled cocktail have a new option with Pappas Delta Blues Smokehouse opening a location in Plano this September.
The restaurant offers a combination of barbecue and homemade Southern-inspired sides. The brand is operated by parent company Pappas Restaurants Inc., out of Houston. The new restaurant is at 3916 Dallas Parkway in Plano.
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Luxury office tower McKinney & Olive has reached 100% occupancy with the addition of two restaurant tenants: the upscale Hugo’s Invitados and another soon-to-be-announced dining concept that will offer meals throughout the day.
When Hugo’s Invitados opens in 2020, followed by the second restaurant, the tower will have a total of eight dining options available to tenants and guests.
The 536K SF tower, which opened in August 2016, is owned by Crescent Real Estate and J.P. Morgan Asset Management.
