This Week's Dallas-Fort Worth Deal Sheet
Creation Equity announced it will partner with LGE Design Build to break ground on Mesquite 365 early this year.
The 555.8K SF industrial park will include three Class-A buildings near the intersection of Interstate 635 and Highway 80. Mesquite 365 is a joint venture between real estate investment management and development firm Crow Holdings Capital and Creation, an alternative investment and real estate development firm.
Stream Realty Partners Managing Director Matt Dornak and Vice President Ryan Wolcott have begun pre-leasing for the property.
“The east side of the Metroplex is seeing a major uptick in industrial demand, but few opportunities are available, and the future development pipeline lacks for tenants ranging from 30K to 200K SF,” Dornak said in a statement. “Mesquite 635 fills the market gap offering best-in-class industrial space to accommodate tenants 35K to 240K square feet.”
PEOPLE
New York-based development and investment firm RockFarmer Properties named Gary Gilmore its vice president of southern markets. Gilmore has more than 30 years of experience overseeing, constructing and managing large single and multifamily portfolios. He is based in Dallas, where RockFarmer plans to open a new office in 2022.
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Cushman & Wakefield announced Managing Director David Eseke as the leader of its Industrial Tenant Advisory and Leasing teams in the Dallas office. Eseke will join Robbie Baty, head of office tenant representation, and Matt Schendle, head of office agency leasing. Eseke has been part of Cushman & Wakefield’s Industrial Services Team, specializing in lease negotiation, tenant advisory, real estate economics, supply chain strategy and portfolio optimization.
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Houston-based Satterfield & Pontikes Construction Inc. acquired Fort Worth-based Eagle Contracting LP, a general contractor in the water and wastewater industry. Eagle will retain its name, and President Roy Ewen and Vice President Bill Haynes will stay in their roles. The two will join the S&P executive team. There are no planned changes for the company.
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Tim Headington, founder and CEO of Headington Cos., and Bill Cawley, chairman and CEO of Cawley Partners, will be inducted into the 35th annual North Texas Commercial Real Estate Hall of Fame on May 4. David Gleeson, sole owner of GRAA Investments LLC, will receive the Michael F. McAuley Lifetime Achievement Award.
SALES
Pillar Commercial announced it has acquired the Bluffview Towers office complex, a 200K SF, Class-A, two-building property located at 3860 and 3890 West Northwest Hwy., Dallas. Pillar Commercial is acquiring the property from Buchanan Street. Jack Crews and Parker McCormack from JLL represented Buchanan Street in the transaction, while North Dallas Bank & Trust provided senior debt financing for the acquisition. Brian Carlton with JLL consulted with Pillar to source the commercial loan.
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Real estate investment manager Eagle Property Capital Investments LLC announced the disposition of Montecito Club, a 331-unit apartment community at 2001 South Cooper St., Arlington, and Arlington Hills, a 172-unit multifamily property at 3200 South Center St., Arlington. EPC Multifamily Partners III LLC acquired both assets in 2016.
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Western Wealth Capital announced it has acquired two multifamily properties— 3800 on Portland Apartment homes in Irving and Heritage Field Apartment Homes in Arlington. The Irving property is a 212-unit community built in 1972 and Heritage Fields comprises 240 units built in 1979.
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CBRE National Partners arranged the sale of Mercantile Distribution Center 40, a 182.5K SF Class-A distribution center in Fort Worth. New Jersey-based Faropoint purchased the property from Austin-based Marbella Interests LLC for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
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New Dallas-based commercial real estate firm OliveMill Holdings in partnership with Hunt Realty Investments acquired 2801 North Central Expressway, Dallas. The 240K SF, 18-story, Class-AA office building is located in West Village. Angelo Gordon is an equity partner in the transaction. OliveMill will oversee the property’s management and operations. OliveMill was founded in late 2021 by Chris Selbo, recent vice president at KDC; Peter Yates, recent vice president at KDC; and Ryan McManigal, recent senior vice present at KDC, to focus on investing, leasing, management services and development.
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CBRE announced the sale of Manchester House, a 13-building, 97-unit, value-add multifamily community located at 501 Londonderry Lane, Denton. VFR Capital Investments purchased the property from Elmstone Group XII LLC. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Dallas multifamily team represented the seller.
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Fort Capital acquired nearly 135K SF of office/flex space at 14760 Trinity Blvd., Fort Worth. The building, located in the master-planned business park and mixed-use development Centreport Park, is home to more than 150 companies.
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Fort Capital sold a 271K SF shallow-bay industrial portfolio in Irving that consists of 4040 Royal Lane and Commerce Business Park, located at 4823-4845 West Royal Lane and 8400-8432 Sterling St.
LEASES
Lerma Advertising leased nearly 28K SF for their new headquarters at The Luminary, an office tower located at 409 West Houston St., Dallas. Trey Smith, Lauren Napper and Ward Eastman with CBRE in Dallas represented the landlord, Longwharf and Crescent Real Estate, in lease negotiations. Dan Harris with Stream Realty Partners represented Lerma.
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Billingsley Co. announced Zuri Furniture signed a 10-year lease for a more than 270K SF industrial building at 601 Tittle Drive, Dallas. The warehouse is currently under construction with an estimated completion date of March 1. Chad Albert from Robert Lynn Co. represented Zuri Furniture, and George Billingsley represented Billingsley Co.
CONSTRUCTION AND DEVELOPMENT
Los Angeles-based real estate investment firm Banyan Residential broke ground on Banyan Flats, a 289-unit apartment community located at 2022 North Beckley Ave., Dallas. The firm partnered with Bridge Investment Group on the project, which was financed by J.P. Morgan. The community is expected to open in 2023.
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Transwestern Development Company announced groundbreakings on two industrial projects. The first, Cowtown Crossing, is a three-building logistics center of more than 1M SF. Located at the confluence of Highway 287 and Interstate 35W in Fort Worth, the project is expected to be complete later this year. The second, McKinney National Business Park, includes five buildings comprising 945K SF on a 64-acre site adjacent to McKinney National Airport. McKinney National Business Park will be built in two phases, with Phase I delivering in fourth-quarter 2022.
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Lakeview Pointe: Waterside Living opened in December on the southeast shore of Lake Ray Hubbard at 3102 Zion Road, Garland. The mixed-income multifamily community was developed by OM Housing.
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Construction began in November on a new home office for At Home. The four-story, 260K SF campus will be located at the southeast corner of Cypress Waters Boulevard and Saintsbury Street in Dallas. It will include 182K SF of office space and a 78K SF design center. The developer is Billingsley Co., architects GFF & Corgan designed the building, the broker and project manager is JLL and StructureTone is the general contractor. The project should be complete by December.
FINANCING
Culby Culbertson of Terrydale Capital has arranged for a $4.9M loan for an undisclosed buyer for the purchase of a multifamily property in Garland. The loan, which was arranged through one of Terrydale Capital’s correspondent bank relationships, featured a 4% interest rate fixed for five years and a 30-year amortization with capex.
THIS AND THAT
Dottid, a Dallas-based comprehensive commercial real estate technology platform for asset management and leasing, announced a new partnership with Lincoln Property Company. The investment accelerates Dottid’s national rollout and will include expansion into numerous LPC assets in cities such as Dallas, Los Angeles, Boston and Washington, D.C., including owned and brokerage assets that will further strengthen LPC’s portfolio in the office, industrial and retail sectors.
