This Week's Dallas-Fort Worth Deal Sheet
Dematic, the world’s second-largest global logistics and warehouse automation company, has opened a new engineering office in Plano.
Dematic’s new $2.5M space is dedicated to engineering and is an upgrade from the company’s former Lewisville office, the company said. The office, which opened March 18, will serve as Dematic’s third talent hub, according to Mike Larsson, Dematic Americas’ executive vice president.
“Our company is growing at a rapid rate,” Larsson said in a statement. “We are excited about our momentum and want to use it to build a larger presence in the Dallas/Fort Worth area.”
The 45K SF office will hold up to 400 workers, including team members who had previously worked in Lewisville. The facility will mostly house engineering employees.
“Dematic wants to be where our customers are, and with the growth of supply chain and logistics in the Dallas/Fort Worth area, Plano was a perfect choice,” said Dan Gullette, Dematic Americas’ vice president of portfolio project management.
PEOPLE
Blair Oden was hired as executive vice president of commercial real estate for Texas Capital Bank. In this business development role, Oden will supplement and support Texas Capital’s bankers in its commercial real estate line of business. He joins the bank after 14 years with CBRE, most recently having served as senior managing director of advisory and transaction services in DFW.
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Dallas-based national architecture firm three hired Sarah Bay as director of interior design. She is expected to play a critical role in managing interior workplace projects through all phases and leading business development within the corporate sector.
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Richardson-based Entouch, a multisite energy management solutions company, named Maureen Ehrenberg, CEO of Blue Skyre IBE, to its board of directors. Ehrenberg is an internationally recognized business expert in real estate operations, globally integrated facility management and digital IFM. She is a former executive team member at CBRE, JLL and WeWork.
LEASES
Pape-Dawson Engineers Inc. signed a lease with City Center Fort Worth to occupy close to 14K SF in the Wells Fargo Tower. The engineering firm will move into the new space in August. Jim Graham with SIOR Newmark represented Pape-Dawson Engineers in lease negotiations, with Robert Gamblin representing the landlord, City Center Management.
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Lee & Associates DFW negotiated several leases, including:
— An industrial lease transaction of more than 17K SF in Dallas. Corbin Blount of Lee & Associates DFW represented the tenant, Gilbert Exposition Management Services. Knopf Family Limited Partnership is the landlord.
— An industrial lease transaction of more than 68K SF in Carrollton. Reid Bassinger and Trey Fricke of Lee & Associates DFW represented the tenant, Builders FirstSource Inc. Link Industrial Properties - Dallas is the landlord
— An industrial lease transaction of close to 66K SF at 4395 Diplomacy Road in Fort Worth. Reid Bassinger and Trey Fricke of Lee & Associates DFW represented the tenant, Shoppa's Material Handling. Adam Graham and Mark Graybill of Lee & Associates DFW represented the landlord, ML Realty Partners - Dallas.
— An industrial lease transaction of more than 18K SF in Carrollton. Adam Graham of Lee & Associates DFW represented the tenant, Social Medical Supply LLC. Mark Graybill of Lee & Associates DFW represented the landlord, First Industrial Texas LP.
SALES
Stockdale Investment Group acquired Knox Park Village, an 85K SF mixed-use development at 3001 Knox St. in Dallas. The property comprises spaces for approximately 30 retailers. Ryan Shore, senior managing director of commercial property firm JLL, represented the seller, CIM Group.
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Random Properties Inc. acquired a 29K SF industrial project at 915 Finn Road in Hutchins from Texas Ginger LLC. Richmond Collinsworth, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the seller. Gibson Terry of LanCarte Commercial Real Estate represented the buyer.
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BV Capital and its investors funded Bridgeview Multifamily's acquisition of an 8-acre development site in Mansfield. The company plans to build more than 400 units on the site this fall.
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ShainRealty Capital, a Los Angeles-based, privately owned real estate investment firm, purchased a 249-unit apartment complex located at 8997 Vantage Point Drive in Dallas. The Class-A property sold for $51M. The asset will undergo $1.8M of renovations and upgrades and be rebranded from LBJ Station to Infinity on the Point. Chris Deuillet, senior vice president of CBRE, brokered the transaction. Rialto Capital provided the bridge loan debt of $42M for five years.
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Nitya Capital, a privately owned real estate investment firm and operating company, acquired 11 multifamily properties across five major cities. The deal is valued at nearly $500M. The DFW properties include Monticello Crossroads in Fort Worth and The Preserve at Turtle Creek and Redgate in Arlington.
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CBRE arranged the sale of a 13K SF CVS Pharmacy-occupied property in Dallas to a local, private 1031 exchange buyer. Melissa Ley and Ian Schroeder with CBRE’s Newport Beach office represented the seller, Woodmont ZCF 2 LLC, a private investor out of New York.
CONSTRUCTION AND DEVELOPMENT
The HUB, an open-air entertainment venue, recently broke ground on its first Texas location at The Farm in Allen, a 135-acre mixed-use destination developed by JaRyCo. The venue will offer a variety of dining, entertainment and retail options and include 23K SF of restaurants, 5K SF of event lawn space, a 13K SF plaza and a 15K SF dining pavilion. The HUB is scheduled to open in the fall.
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Dallas-based Caddis, a national healthcare real estate investment firm, will develop Frisco Medical Pavilion II, a 60K SF medical office building at 12950 Dallas Parkway in Frisco, immediately north of the new Texas Health Frisco hospital. Transwestern Real Estate Services will provide agency leasing services for the development. Construction is expected to begin in mid-2022 with an estimated completion by summer 2023.
THIS AND THAT
Ron Stelmarski, principal and design director of Perkins & Will’s Dallas studio, has been named to the American Institute of Architects' College of Fellows. The honor is bestowed upon architects who have made significant contributions to both the profession and society through design excellence. Only 3% of AIA members have earned the distinction.
