This Week's Dallas-Fort Worth Deal Sheet
Luxury office and mixed-use development The Crescent finalized a series of leases in recent weeks despite an ongoing malaise across the DFW office market.
The building, which is run by Crescent Property Services and institutional investors advised by J.P. Morgan Asset Management, signed three tenants to lease renewals and inked three other deals with tenants who either renewed and expanded existing space or relocated to larger footprints inside the 1.3M SF development.
Dorsey & Whitney renewed and expanded its lease, moving its law firm staff from 5K SF to roughly 27K SF. JLL's Brooke Armstrong and Kelley Kackley represented the law firm.
Russell Reynolds Associated also expanded its space inside The Crescent. The firm renewed its lease, adding another 8K SF to its footprint for a total of 14K SF of office space. Colliers International's Jihane Boury and Travis Ewert advised Russell Reynolds.
Wallace Capital Management and Davis Stephenson also inked lease renewals in the 3K SF range. Thirty-Four Commercial's Sarah Hinkley represented Davis Stephenson.
A lease for roughly 1K SF was renewed inside The Crescent, with the tenant, Rockstreet Partners LLC, relying on Avison Young's Grey Langston and Rock Linton to handle negotiations.
The Crescent also announced the on-site relocation of BMO Harris Bank, which moved to a 7K SF office inside Building 200. Avison Young's Walker Lafitte and Charlie Morris represented BMO Harris Bank.
The Crescent leaned on Tony Click and Marissa Parkin to handle lease renewals and negotiations on the development's behalf.
EXECS
Multifamily development and investment firm Kairoi Residential hired Chuck Briant as vice president of asset management for the firm's investment division.
Briant brings extensive experience to the position, having spent a decade at Goldman Sachs overseeing a portfolio of global real estate assets.
After working at Goldman Sachs, Briant served multifamily management and investment firm Cortland as director of investments, overseeing the company's Dallas-Fort Worth investment and management activities.
Prior to joining Kairoi, Briant was an executive vice president of asset management and operations for Nicholas Residential. In this most recent position, he managed more than 4,000 apartment units throughout Texas and Oklahoma.
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Multifamily developer and manager RangeWater Real Estate hired Erica Herald to oversee operations in various Sun Belt states as senior regional director of property management for the Southwest. Herald will oversee operations in Texas, Arizona, Nevada and Colorado.
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Logan Menocal has joined Lee & Associates in Dallas-Fort Worth as an associate. Menocal will specialize in tenant representation, institutional project leasing and investment sales activity in DFW.
ACQUISITIONS/SALES
Excelsa Properties purchased its first Dallas-area multifamily asset with the acquisition of the 260-unit Aspen at Mercer Crossing apartment complex.
This is the firm's sixth apartment purchase after having raised $85.6M to buy $500M worth of multifamily real estate across the U.S. The latest asset is located at 1851 Knightsbridge Road in Farmers Branch.
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AmeriCan Multifamily Alliance Group sold the 158-unit Bella Vista Park apartment complex at 2700 North Buckner Blvd. in Dallas. The purchaser is Justin Li, who intends to upgrade the asset's exterior and interior premises. The complex comes with 139K SF of rentable area.
CBRE Capital Markets' Chris Deuillet and William Hubbard spearheaded negotiations on the seller's behalf.
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Newline Interactive Inc. has leased 40K SF of office space from Jackson Shaw/GID PARC Northeast LP at 2930 Telecom Parkway in Richardson. Newmark Knight Frank's Frank Puskarich and Louis Pascuzzi represented the tenant, while Holt Lunsford Commercial represented the landlord.
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A 3K SF lot is for sale in Uptown Dallas. The site at 2202 Boll St. in Dallas is part of a planned development district and can accommodate up to a four-story building. WhiteBox Real Estate's David Harris and Jade Scott listed the transaction.
LEASES
Five Point Kitchen Solutions acquired 10K SF at 606 North Great Southwest Parkway in Arlington. The buyer hired Lee & Associates' Reed Parker to handle negotiations, while the seller relied on Mercer Co.'s Corby Hodgkiss.
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Cadent Medical Communications has renewed a 13K SF lease at 1707 Market Place Blvd. in Irving. JLL's Erika Jean McNeil represented the tenant, while Hartman Income REIT's Michael Bowles represented the landlord in-house.
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Speed Boats of Texas signed a 28K SF lease extension at 3231 Commander Drive in Carrollton. The company is leasing the space from Link Industrial Properties. The tenant relied on Henry S. Miller's Dan Spika, while the landlord hired Transwestern's Brett Owens and Tim Veler to handle negotiations.
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Darwin German Real Estate Investments bought the 82-unit The Corners Apartments in Dallas. The asset sits at 210 Wintergreen Road and is the firm's second purchase on the same block. The Corners brings the firm's apartment portfolio to 15 communities and 1,732 units.
Madera Properties out of Lubbock sold the asset, which has a 95% occupancy rate.
THIS OR THAT
Coworking firm Common Desk is working as an operating partner for August Real Estate Co. as the development firm repositions the historic Continental Gin Building in Deep Ellum.
As part of the agreement, the partnership will use Common Desk's design, real estate, marketing and operational support teams to develop coworking space inside the building while creating programming for the entire building as it is repositioned as Class-A office space.
