This Week's Dallas-Fort Worth Deal Sheet
Cawley Partners is bringing luxury office with a focus on health and well-being into the heart of Dallas.
The firm announced plans to build a 150K SF, four-story office building near Love Field Airport and the Dallas Medical District.
The development at 2221 West Mockingbird Lane is designed to include modern air filtration systems and a series of natural settings, including a central courtyard that's accessible from inside the building.
The 5.5-acre development comes with enough space to build structured parking for future tenants. The location is accessible from Interstate 35-E and the Dallas North Tollway.
“I believe this area has so much potential for companies looking to grow in Dallas. You are right next to Love Field, and UT Southwestern and Parkland have almost $2.25B worth of projects going up in this area right now. I think we’re going to see this become a more desirable corporate location with new companies looking to move in,” Cawley Partners Chairman and CEO Bill Cawley said.
EXECS
Dallas-based retail brokerage DuWest Realty announced the hiring of Giancarlo “GC” Carriero as vice president of retail brokerage.
Carriero will oversee leasing activity and look for new landlord and tenant clients. He previously was vice president of leasing within JLL's third-party national mall and open-air division.
ACQUISITIONS AND SALES
A nearly 40K SF office building inside the Parkwood Village in Plano has been sold. It was developed by LandPlan Development and St. Ives Realty, which sold the single-tenant building to an international investor.
The building, located at 8454 Parkwood Blvd. in Plano, sits in the middle of the Legacy business submarket. A single tenant already occupies the entire building after moving in two years ago and signing a 10-year lease.
CBRE Capital Markets' Michael Austry and Jared Aubrey handled negotiations.
***
A 16K SF property leased to Harbor Freight Tools in Fort Worth has been sold to a Florida-based 1031 exchange buyer for roughly $6M.
Trading at a 5.9% cap rate, the asset was built this year at 3569 Northwest Centre Drive in Fort Worth. The site is fully leased to Harbor Freight Tools, which is expanding and has thrived in the wake of the coronavirus pandemic, the listing broker said in a press statement.
The seller hired Stan Johnson Co.'s Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri to handle negotiations on its behalf, while the buyer relied on Stan Johnson's Jimmy Ullrich.
The property sits on 1.62 acres and opened over the summer.
***
A 15K SF Walgreens drugstore at 2060 South Buckner Blvd. in Dallas has been sold for $6.4M. The buyer is an institutional investor from Los Angeles, while the seller is a Houston-based investor. The property traded at a 6.09% cap rate. Stan Johnson Co.'s Mark Lovering represented the seller. The property was built 22 years ago.
***
Tom's Mechanical Inc. bought a 33K SF industrial building at 3428 West Pioneer Parkway in Pantego, Texas. ESRP's Jim Hazard represented the buyer, while NAI Robert Lynn's Michael Stanzel represented the seller.
LEASES
Garland's Firewheel Town Center signed two new tenants for a combined 18K SF tenant. Indoor kids playground operator Kids Empire will occupy 12K SF at the northeast quadrant of the President George Bush Turnpike and Texas State Highway 78.
Weitzman's Robin Barrow served as tenant representative for Kids Empire, while Kidder Matthews' Stephen Ktorza and Shelby Dopps represented the landlord.
The remaining 6K SF will be occupied by indoor climbing concept Hapik, which is an entertainment feature for kids and parents.
***
Collaborative workplace provider CityCentral is partnering with Rosewood Property Co. to bring a flex space location, known as CityCentral Uptown, to Rosewood Court. The flex office space outlet will occupy the 10th floor of Rosewood Court at 2101 Cedar Springs Road. CityCentral will manage and market the space.
***
Architecture firm KAI Enterprises is consolidating two Dallas-Fort Worth area offices into one new subleased space at 5010 Riverside Commons in Irving. The St. Louis-based firm has been operating in Texas for 21 years.
The new Irving office will function as the firm's Texas hub. CBRE's Josh White, Chelby Sanders and Ryan Buchanan represented KAI during sublease negotiations, while Cushman & Wakefield's Travis Boothe represented Riverside Commons.
***
EastGroup Properties inked a 14K SF lease agreement with tenant Firehouse Movers at Creekview 121 in Lewisville. Whitebox Real Estate represented the tenant, while EastGroup Properties hired Stream Realty Partners' Bob Hagewood and Eric Crutchfield.
***
APL Logistics Warehouse Management Services signed a 121K SF lease at Passport Logistics Center at Dallas-Fort Worth Airport. Stream Realty Partners' Blake Kendrick, Sarah Ozanne and Charles Brewer represented the landlord, Brookfield Properties, while the tenant relied on Mohr Partners.
***
Texas Specialty Beverage leased 18K SF at 1225 Capital Drive in Carrollton from landlord DRA. Stream Realty Partners' Eric Crutchfield and Mac Hall represented the landlord, while Mercer Co. handled negotiations for the tenant.
***
Speed Boats of Texas signed an 84-month lease extension for 28K SF at 3231 Commander Drive in Carrollton. Henry S. Miller's Dan Spika represented the tenant, while Transwestern's Brett Owens represented Colfin Cobalt LLC.
***
A data center at 1000 Coit Road in Plano is ready for lease. The facility comes with 16 megawatts of power with both powered shell and turnkey data center options. It is owned by a partnership that is partly owned by Lincoln Rackhouse, a part of Lincoln Property Co. Lee & Associates' Matt Thompson and Nathan Denton were named leasing reps.
