This Week's Dallas-Fort Worth Deal Sheet
Real estate investment and development company M2G Ventures closed on the sale of eight buildings, including Commonwealth Center. The acquisitions total 207K SF on 11.6 acres in the West Brookhollow submarket of Dallas.
M2G is in the process of expanding its portfolio with high-quality institutional assets, M2G co-founder Jessica Miller Essl said in a statement. The company plans to redevelop the 113K SF, six-building Commonwealth Business Park with storefront upgrades, environmental graphics and enhanced landscaping, she said.
“In addition, we have closed on two buildings along Woodall Street totaling 95K SF near Commonwealth, one block from our recently completed trophy asset, Proto Park,” she said in a statement. “One of the Woodall buildings is home to Scout Design, a company we are particularly excited to add to our portfolio of high quality tenants.”
M2G hopes the portfolio’s strategic location next to the Design District will attract top companies in the logistics, e-commerce and medical sectors, per a news release.
PEOPLE
Merriman Anderson Architects named Shawn Sinnie its new director of marketing. He joins the firm with more than 15 years of experience in branding and corporate identity. The firm also promoted David Masters to vice president.
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Stream Realty Partners named Greg Biggs the executive vice president of its Dallas office. Biggs, who previously served as director of development for Cawley Partners, will be responsible for expanding the firm’s office tenant representation business in the DFW area.
SALES
Stan Johnson Co. completed the sale of Northcrest Village, located at 3044 Old Denton Road in Carrollton. The 136K SF shopping center is anchored by Aldi and Ace Hardware and was approximately 85% leased at the time of sale. Margaret Caldwell, Patrick Kelley and Gill Warner of Stan Johnson Co. represented the seller, an Oklahoma-based developer. The 1031 exchange buyer was an individual investor based in Texas. The property traded for $25M.
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Next Wave Investors LLC, a private equity firm focused on value-add multifamily investments, has acquired Casa Luna Apartments, a 232-unit apartment community at 8411 La Prada Drive E, Dallas. This purchase brings the firm’s DFW multifamily portfolio to more than 300 units.
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Lee & Associates DFW negotiated an industrial sale transaction of 61.8K SF at 2155 FM 1187, Mansfield. Corbin Blount and Adam Graham of Lee & Associates DFW represented the buyer, Polymer Technologies. Michael Newsome and Todd Hubbard of NAI Robert Lynn represented the seller, CanTex Capital.
LEASES
Innovative Business Services LLC renewed 20K SF of warehouse space in Railhead Business Station, 800 Railhead Road, Fort Worth. Nick Talley, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, Sun Life Assurance Co. of Canada. Jay Benner of Cushman & Wakefield of Texas Inc. represented the tenant.
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Lee & Associates DFW negotiated an industrial lease transaction of 13K SF at 1225 East Crosby Road in Carrollton. Ken Wesson and Adam Graham of Lee & Associates DFW represented the landlord, Longpoint Realty Partners. The tenant is Convergint Technologies LLC.
CONSTRUCTION AND DEVELOPMENT
The Kessler School, a pre-K through eighth grade private school in North Oak Cliff, began construction on its new campus at 1822 West 10th St., Dallas. Cooper Jensen Contractors of Fort Worth is serving as the project’s general contractor. OBMI is the project architect. Eliza Solender has been The Kessler School’s longtime real estate broker and consultant. Project completion and move-in is expected in the fall.
FINANCING
Culby Culbertson with Terrydale Capital has arranged for a $3.5M loan for an undisclosed buyer for land acquisition and development of a property in Weatherford. The loan, which was arranged through one of Terrydale Capital’s correspondent bank relationships, featured a 4.5% interest rate fixed for 24 months.
THIS AND THAT
Giovanni Scardino, Michael Kaplan and Addison Gragson with Weitzman were named the retail leasing agents for Plaza of the Americas, a mixed-use project located at 600-700 North Pearl St. Retail space in the development totals more than 132K SF on two levels. All told, Plaza of the Americas encompasses more than 1M SF in two 25-story office towers and a 416-room Marriott hotel.
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DIRTT Environmental Solutions, an industrialized construction company that specializes in high-performing, adaptable interior environments, has selected the Legacy West development in Plano for its co-headquarters. The company, which started in Canada in 2003, has grown to more than 900 employees. The DFW office will also serve as a hands-on, living lab design center where architects, designers, contractors and business community members can experience the company’s products, technology and services.
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The Truman at Arlington Commons, a luxury development in Arlington, was named Multifamily Community of the Year at the Dallas Builders Association’s annual McSAM Awards. The general contractor on the project was KWA Construction. It was designed by JHP Architecture with interior design by WORKSHOP | studio.
