This Week's Dallas-Fort Worth Deal Sheet
Famous Dallas real estate expert Wayne Swearingen recently joined TIG Real Estate Services Inc. in a role that allows him to share his six decades of commercial real estate experience with TIG’s brokers and property managers.
Swearingen is a DFW real estate legend who founded the popular Wayne B. Swearingen Report, a publication that offered DFW CRE data, information and tools to the market when no comparable metrics or intel was readily available to brokers.
Prior to entering real estate, Swearingen served in the United States Air Force as a jet bomber pilot. When he left the Air Force, he found a home in commercial real estate that has lasted well over five decades.
Swearingen formed two companies during the course of his real estate career, The Swearingen Co. and Barclay Commercial Group. Thirty-four years ago, he became the 12th person in Dallas and the 29th individual in Texas to obtain the Counselor of Real Estate designation from the American Society of Real Estate Counselors.
EXECS
KAI announced the hiring of William Allen to serve in the role of director of architecture for its Dallas-Fort Worth office.
Allen will oversee quality control, architectural mentoring, design collaboration and constructibility, KAI said in a statement. He also will be working directly with staff to create solid workplace initiatives to achieve the firm's budget and profitability goals.
Allen previously served D2 Architecture as a project manager and was a program manager for RHA Architects in Dallas for 15 years.
ACQUISITIONS/SALES
StoneHawk Capital Partners sold 303-unit The Bowery, a multifamily community in Fort Worth, to Weinstein Properties.
Located in the South Main Village Development, the asset sits in close proximity to the Trinity Railway Express and the Southside Medical District. Drew Kile, Joey Tumminello and Will Balthrope with Marcus & Millichap’s Institutional Property Advisors division represented the seller, while also procuring the buyer.
LEASES
Tenant Mica Crane Services leased 10K SF at 3401 North Sylvania Ave. in Fort Worth from Main Mercer Properties LLC. The tenant will occupy suites 117, 118 and 120. Mercer Co.’s Dylan Neal, Corby Hodgkiss and Jeff Mercer represented the tenant during lease negotiations.
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Central Conveyor Co. secured a 13K SF lease from landlord North Texas Collision Center at 1400 Blue Danube St. in Arlington. Mercer Co.’s Corby Hodgkiss represented the landlord, while J Small Investments’ Charlie Richman handled negotiations for the tenant.
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Texas Excavation Safety System signed a 29K SF lease for office space located in the CityLine development at 1410 East Renner Road in Richardson. NAI Robert Lynn’s Dave Peterson, Mark Robertson and Jimmy Freeman represented the tenant during negotiations.
The Dallas Area Rapid Transit light rail system is a major moneymaker for DFW communities, even if it still lacks the ability to connect the entire metroplex.
A new report from the University of North Texas Economics Research Group found that DFW’s DART light rail line produced billions of dollars of local commercial development and economic output in recent years.
The study, led by Michael Carroll, noted that 81 commercial developments have gone up within a quarter-mile of various DART rail stations, producing property values worth $5.138B in the years 2016 and 2018. The total DFW economic impact from all commercial development projects surrounding DART rail has already reached $10.27B, with 61,000 construction jobs created during the build-out process.
Contact Kerri Panchuk at kerri.panchuk@bisnow.com.
