This Week's Dallas-Fort Worth Deal Sheet
Multifamily developer JPI offloaded a major Dallas asset this month and is beginning development on another.
The Irving-based company sold its Jefferson Landmark apartment community to Beachwold Residential, and obtained construction financing for a new community in McKinney.
The 294K SF Jefferson Landmark property sits west of the Dallas North Tollway close to the Dallas Galleria.
Beachwold Residential already operates 60 apartment communities with 15,000 rental units in Connecticut, Texas, Florida, Georgia, Virginia, New Jersey and Tennessee, the company said in a press statement.
The Jefferson Landmark property opened in 2018, offering apartments with keyless-unit entries, luxury interior fixtures, a 24-hour mini market on-site and a rooftop outdoor deck.
With that off its books, JPI is on to the next one. The developer finalized construction financing on a new apartment community, named Jefferson Rockhill, in the North Dallas suburb of McKinney.
The 354-unit apartment community is expected to open in the summer of 2021 off U.S. Highway 75. Multifamily developer JPI already has 20 other apartment communities in North Texas.
In keeping with the live-work-play theme, Jefferson Rockhill includes plans for a resort-style swimming pool, a putting green, a dog park, a beer garden, a fitness and yoga studio and a coffee bar.
EXECS
Architecture and design firm Gensler promoted Cindy Simpson to co-regional managing principal of the South Central Region, a position she will hold alongside Judy Pesek.
Simpson continues to serve as co-managing director of the Dallas office alongside Steven Upchurch.
Simpson and Pesek oversee Gensler's offices in Dallas, Houston, Austin and San Antonio.
Simpson also continues to work directly with top clients, including American Airlines, ExxonMobil, The University of Texas System and Walmart, the company said in a press release.
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Design, build and engineering firm KAI just grew its team with the addition of three new hires: Controller Michelle Huber, Senior Project Manager Kevin Jacobsmeyer and Senior Project Accountant Tonya Valentine.
SALES AND ACQUISITIONS
A 75K SF retail center in Denton, anchored by Planet Fitness, Altitude Trampoline Park and Dirt Cheap, sold to a New York private trust.
The fully leased center, which is at the corner of Interstate 35 East and Lillian Miller Parkway, sits across from Denton’s Golden Triangle Mall.
The seller is a Texas limited partnership represented by SHOP Cos.’ Tim Axilrod.
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TS Alamo 2018 sold the Alamo Drafthouse in North Richland Hills to a local investor. The 41K SF site, which sits on 5.5 acres, is located at 8380 Davis Blvd.
Olin Realty Partners’ Chance Olin represented both the buyer and the seller.
LEASES
The future of the 29-block Sundance Square district in Fort Worth is partly in the hands of Henry S. Miller Co.
The Dallas-based brokerage obtained leasing and management rights to Sundance Square — an iconic gathering space in Fort Worth and a walkable district that serves as Fort Worth’s outdoor living room.
First Line Group, a firm tied to development legends Sasha and Ed Bass, selected Henry S. Miller to oversee the district's leasing efforts.
As part of the assignment, Henry S. Miller Managing Director of Mixed-Use Development Henry S. Miller III and Executive Vice President of Retail Frank Bullock will work on finding more experiential retail and restaurant tenants for the area.
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Campbell Centre on North Central Expressway renewed the Texas Women’s Foundation as a tenant.
The property, located at 8150 North Central Expressway, became the foundation’s home eight years ago.
The Texas Women’s Foundation expanded to 6K SF on the first floor of the center's South Tower. Bradford Commercial Real Estate Services' Leigh Richter represented the tenant, while JLL’s Barbara Houlihan handled negotiations for the landlord.
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Planet Granite, a rock climbing experiential retail tenant, selected The Hill, a mixed-use development at the corner of North Central Expressway and Walnut Hill Lane, as its new home.
The shopping center inked a 37K SF lease with the fitness concept, which is operated by El Cap and expected to open in 2020.
Other tenants with plans to open in The Hill this year include Hello Dumpling, Hiatus Spa + Retreat and Keller Williams.
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JLL is working to lift the profile of an established Downtown Fort Worth office building. The company launched a marketing effort for the three-story building at 1407 Texas St. The building’s current tenant, Simpli.fi., is relocating to the Fort Worth Stockyards this year.
JLL’s Ryan Matthews and Matt Montague are overseeing the property's marketing and sales efforts.
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A 3D printing firm out of Australia signed a lease in Allen to secure a U.S. presence.
Aurora Labs Limited leased more than 4K SF inside the Tech Center on Greenville III, 714 South Greenville Ave. in Allen.
The Perth, Australia-based firm creates 3D metal printers, powders and digital parts related to the 3D printing process.
Whitebox Real Estate’s Brendan Zrowka handled negotiations for Aurora Labs Limited, while Lee & Associates’ Brett Lewis and George Tanghongs represented the landlord, JaRyCo Development LLC.
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Regent Aerospace Corp. renewed a 73K SF lease at 5200 East Grand Ave. in Dallas from landlord Frontier Equity. Holt Lunsford Commercial’s Canon Shoults and Josh Barnes handled negotiations for the building’s landlord, Frontier Equity.
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A 34K SF boutique office development in Las Colinas is ready for tenants.
Phase 1 of T2V Properties’ Westridge Park just finished construction.
The owner chose CBRE’s Nanci Johnson-Plump and Fletcher Cordell to oversee leasing and marketing activity.
A second phase to the project, which includes another 88K SF office building, breaks ground this summer.
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Freestyle Brands leased 16K SF at 2701 East Highway 121 in Lewisville from EastGroup Properties. Stream Realty’s Blake Kendrick and Eric Crutchfield represented the landlord, while Lee & Associates’ Reed Parker represented the tenant.
