This Week's Dallas-Fort Worth Deal Sheet

Hillwood has broken ground on The Casey at Frisco, a 300-unit luxury apartment community at Frisco Station.

The Casey, located at 4250 Gridiron Road, Frisco, is the third multifamily property within the 242-acre mixed-use development. Mark McHenry, managing director of Hillwood Multifamily, said the community will leverage proptech to enable residents to work remotely and enjoy smart home technology. 

“As housing market dynamics and preferences continue to evolve, many residents are looking for options that accommodate work-from-home solutions with robust technology infrastructure, coupled with nearby lifestyle and recreational amenities,” McHenry said in a statement. 

Designed by JHP Architecture/Urban Design, The Casey will include dedicated coworking space with private offices and two conference rooms, electric vehicle charging stations and a private library. It is scheduled for pre-leasing in spring 2023, with its first units coming online in fall 2023 and full build-out expected in early 2024.

PEOPLE

Dallas-based regional nonprofit leader Communities Foundation of Texas named Scott Stewart, the former executive director of the Millennium Park Foundation in Chicago, as executive director of the planned programmed community park that will be located within Frisco’s Hall Park development. Currently under construction, the 5.7-acre programmed park will be owned by the city of Frisco and managed and operated by CFT upon its expected completion in fall 2023.

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Institutional Property Advisors, a division of Marcus & Millichap, named Todd McNeill and Sunny Sajnani as senior managing directors. Based in Dallas, McNeill and Sajnani bring a combined 40 years of commercial real estate financing experience and have closed more than $11B in transactions across all asset types.

SALES

​​EPC Promecap Multifamily Partners V LLC, a private investment vehicle co-managed by Eagle Property Capital Investments LLC, acquired three communities in the Dallas-Fort Worth area: Mustang Villas Apartments in Grapevine, Prestonwood Apartment Homes in Richardson and Bella Vista in Carrollton. Together, the properties comprise 840 apartments. Berkadia’s Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp secured financing on behalf of Eagle Property Capital.

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Real estate investment firm Dilweg acquired Royal Tech Business Park in Irving. The development, which includes 11 single-story buildings comprising about 622K SF, will be renamed Royal Tech Commons. JLL’s Chris Wright and Russ Johnson represent Dilweg for future leasing efforts. CBRE’s Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Dewey and Russell Ingrum represented the seller. 

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Finial Group closed on the purchase of a 31K SF industrial building at 2655 Freewood Drive, Dallas. Jack Gaffney and Travis McEldowney with Finial Group represented the buyer, Faropoint Ventures LLC. The seller was represented by Ryan Boozer and Lena Pierce with Stream Realty.

LEASES

TRG signed a lease for more than 101K SF at The Stack Deep Ellum and is expected to move into the building in Q1 2023. The new, 16-story creative office building is located in Deep Ellum and will serve as the firm's new headquarters. During lease negotiations, TRG was represented by Robert Blount and Andy Leatherman of JLL, and The Stack was represented by ALT+CO. The multilevel agreement secures the remainder of The Stack’s available space in the building. The Stack Deep Ellum is a joint venture between Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines.

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AMX PCS LLC leased more than 19K SF of office/warehouse in Mockingbird Place Building 2, 444 Mockingbird Lane, Dallas, from GKI Industrial Dallas LLC. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord. Harrison Putt of Mercer Co. represented the tenant.

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Bridgeway Preparatory Academy renewed more than 19K SF of flex space in Valley View Commerce Center, 1861 Valley View Lane, Farmers Branch. Bradford Commercial Real Estate Services Executive Vice President and managing partner Brian Pafford represented the landlord, Kennington Valley View LLC. Nick Lee of NAI Robert Lynn represented the tenant.

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Ferguson Enterprises LLC leased 14.5K SF of warehouse space at 4800 Lakawana St., Dallas, from GKI Industrial Dallas LLC. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord. Trapper Graff of CBRE represented the tenant.

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ML Realty Partners signed more than 855K SF of new and renewal deals across Dallas-Fort Worth. They include: 

• 104K SF for Operation Blessing International Relief and Development Corp. at 2002 Avenue R, Grand Prairie.

• 76K SF for Educational Products at Crosby Trade Center, 1215 West Crosby Road, Carrollton.

• 74K SF for Complete Supply at 13821 Diplomat Drive, Farmers Branch.

• 72K SF for Diem Digital at 2520 Marsh Lane, Carrollton.

• 66K SF for Shoppa’s Material Handling at 4395 Diplomacy Road, Fort Worth.

• 21K SF for MoveWorks at 1144 Quaker St., Dallas.

• 20K SF for R2CELL at McKinney Trade Center, 320 Wilmeth Road, McKinney.

• 15K SF for Claridge Products and Equipment at Park West Commerce Center, 480 Wrangler Drive, Coppell.

• 14K SF for Sojourn Group at 400 Union Bower Court, Irving.

• 130K SF for Fruit of the Earth at 1402-1430 Avenue R, Grand Prairie.

• 77K SF for JAS Forwarding at Park West Crossing, 930 South Freeport Road, Coppell.

• 50K SF for Deluxe Strategic Sourcing at 1406 Dunn Drive, Carrollton.

• 30K SF for American Airlines at 4550 Buckingham Road, Fort Worth.

• 18K SF for Studio Moulding at 915 Avenue N, Grand Prairie.

• 15K SF for Hunter’s Glen Real Estate at 1182 Quaker Court, Dallas. 

• 12K SF for Global Crane & Service at Union Bower Business Park, 400 Union Bower Court, Irving.

CONSTRUCTION AND DEVELOPMENT

Whole Foods Market will be the anchor tenant of West Grove, De La Vega Capital and Development’s 600K SF mixed-use development in McKinney. West Grove is slated to include a mix of retail, restaurants and entertainment options as well as 420 luxury residential units, 55K SF of office space and a 2-acre park. A groundbreaking on the project is expected this year.

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Phase 1 is now complete at The Station, PMB Capital Investments' 134-acre, $500M development in Sachse. The opening of several new restaurants rounded out the first phase, including The Brass Tap and Manny’s Tex-Mex, with Pho Station and Cold Stone Creamery to follow later this year. Plans for Phase 2 include more than 18K SF of additional retail and restaurant space, a 297-unit apartment community, an additional phase of single-family homes, office and industrial buildings as well as the redevelopment of Heritage Park. 

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CA Industrial broke ground on its 2700 Avenue K logistics and last-mile delivery facility in Grand Prairie. The development is the product of a joint venture partnership between CA Industrial and DWS Group. The more than 200K SF multitenant, Class-A facility will feature 36-foot clear heights, 185-foot truck court, 124 parking spaces, 39 trailer stalls and 31 dock doors. Leasing efforts will be managed by Luke Davis of Stream Realty Partners. The development is anticipated to be complete in the second half of 2022.

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Cypress Equity Investments, a national multifamily developer, has established a new regional office in Dallas. The new office is a result of the firm’s recent joint venture partnership with New York-based Winter Properties, a related business of Standard Industries. The firm’s expansion efforts in Texas will be led by Brandon Smith, vice president of development in Texas, and Brad Hagmann, vice president of acquisitions in Texas. The new office is located at 16000 North Dallas Parkway, Suite 240, Dallas.

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A groundbreaking was held for the National Medal of Honor Museum in Arlington on March 25. A $1M donation from the Cordish Family Foundation supported the creation of the museum, and The Cordish Cos. has committed to raising another $1M via a nationwide fundraising campaign. The museum will open in the Arlington Entertainment District in 2024.

THIS AND THAT

The Craven Co., an architecture and design resource company, has launched four spaces in Texas and Arkansas. Founded by Robert Craven and representing a curated portfolio of products and brand partners, The Craven Co. provides inspiration and solutions for architecture and design and the built environment. Craven anticipates working on projects in the DFW area, representing manufacturers Wilkhahn, Tambient and Schiavello.