This Week's Dallas-Fort Worth Deal Sheet

The city of Dallas’ Tax Increment Finance Board approved a development proposal for One Newpark, the first phase of a $3.5B smart district.

Dallas-based developer Hoque Global and Omaha-based Lanoha Real Estate Co. shared plans for the first phase, which will include a 38-story mixed-use tower, with the board April 29. The 20-acre site is located on Canton Street near Dallas City Hall.

“We have been working on this project for several years, taking the time to curate exactly what this community wants and needs,” Mike Hoque, CEO of Hoque Global, said in a statement.  “Given the opportunity, One Newpark would set the tone for future development in the area and bridge the gap in investment between Downtown Dallas and Southern Dallas.”

The smart district is intended to attract top technology and innovation firms and bring thousands of jobs, students, residents and visitors, according to a news release. The TIF approval will provide public subsidies toward a portion of the first phase of development. 

“The One Newpark development will set the tone for development on the southern side of Downtown Dallas,” Jason Lanoha with Lanoha Real Estate Co. said. “The area has tremendous potential to transform into a vibrant mixed-use district that will redefine how Dallas grows for the next generation, with major improvements happening all around the site including the convention center, I-30 and multimodal transit.”

The estimated cost for the first phase is $400M. The building is vertically stacked with approximately 225K SF of Class-A office, 268 mixed-income multifamily units and 245 hotel rooms, per the release. Lower floors of the tower will feature retail space, separate lobby entrances for the mixed uses and parking.

PEOPLE
The recently announced acquisition of retail real estate advisory firm Open Realty by Newmark Group Inc. comes with several leadership changes. Open Realty will be led by Mark Masinter, who heads the firm’s macro strategy and business development; Johnny Siegel, who spearheads tenant advisory services and asset management strategies for clients; and Steve Merkle, who co-leads tenant advisory business endeavors. Masinter and Siegel join Newmark as chairman of global retail and president of global retail, respectively. Merkle joins as vice chairman. The acquisition seeks to expand Newmark’s global retail footprint. 

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Commercial real estate services firm BBG appointed Blake Holman as chief information officer. Holman will lead BBG’s efforts to improve the firm’s information technology infrastructure. He brings more than three decades of experience in the IT field. 

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Dallas-based Cambridge Holdings Inc. hired Steve Wheeler as senior vice president of development and leasing. Wheeler is a healthcare real estate executive with experience in budgeting, leasing, project management, feasibility and business development.

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Trademark Property Co. promoted several employees, including Maranda Auzenne to senior vice president of property management; Susan Howell to vice president of human capital; Kaitlin Travis to vice president of leasing; Doug Herman to director of leasing and development; Kaylie Horner to senior director of finance; Monica Luera to senior director of development; and Stephany Ruiz to senior director of guest services and experience.

SALES

Long View Equity purchased 15150 Preston Road and 6009 and 6029 Belt Line Road, a three-building, 111K SF office complex in Dallas. Transwestern’s Steve Simon, Steve Rowland and Chris Lipscomb represented the seller, Reserve Capital Partners, in the transaction.

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Lee & Associates DFW negotiated an industrial sale transaction of 44K SF at 720 East State Highway 121, Lewisville. Nathan Denton and Jeremy Mojica of Lee & Associates DFW represented the seller, US Foam Corp. Rich Young Jr. with Rich Young Co. brought the buyer to the opportunity.

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SkyWalker Property Partners sold a 12K SF flex office building on a more than 1-acre parcel at 200 West Marvin St., Waxahachie. The property, which is fully leased to Keller Williams Realty,  was the former home of a local newspaper. Nearly $2.5M went into converting the structure into a single-tenant building via SkyWalker Property’s tenant partnership program, with Keller Williams Realty partnering as an investor and occupant.

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Lee & Associates DFW negotiated a sale transaction of 2.5 acres at 17501 Dallas Parkway, Dallas. Nathan Denton of Lee & Associates DFW represented the buyer, Leeds Residential, who will be redeveloping the site with a multifamily project.

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TruAmerica Multifamily acquired Rancho Mirage, a 310-apartment home community at 1200 Hidden Ridge in Irving. Rancho Mirage is TruAmerica’s ninth investment in Texas and its fourth in the Metroplex since the Los Angeles-based multifamily investment firm established a Dallas regional headquarters in December 2020.

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Morgan Properties acquired parcHaus at Skyline, a new, 136-unit, build-to-rent community in McKinney. It purchased the community from Dallas-based Provident Realty Advisors. Rebranded Elevate at Skyline, this transaction represents Morgan Properties’ first build-to-rent acquisition and its third rental community in Texas.

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The Landing, a 267-unit apartment complex located at 3720 Post Oak Blvd., Euless, sold to Los-Angeles based real estate investment firm ShainRealty Capital. The Class-B+ property, which was built in 1983, will undergo $3M in renovations and upgrades and be rebranded Infinity on the Landing. Bard Hoover and Wes Racht of Marcus & Millichap brokered the transaction. Rialto Capital provided the bridge loan debt.

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The Anna Economic Development Corp. and the Anna Community Development Corp. sold its 82-acre Anna Business Park to PC5 Properties LLC, a property holding company of HOLT CAT, an authorized Caterpillar heavy equipment and engine dealer. HOLT plans to sell a portion of the site to other industrial users in the future. 

LEASES
Antioch Christian Center Church has renewed 10.6K SF of flex space at 2041 West Walnut Hill Lane, Irving. Jason Finch, vice president of Bradford Commercial Real Estate Services, represented the landlord, Las Colinas Industrial LLC, in the direct deal.

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Lee & Associates DFW negotiated an industrial lease transaction of 24K SF at 901 Jupiter Road in Plano. Brett Lewis and George Tanghongs of Lee & Associates DFW represented the landlord, Jupiter Star LLC. Jason Moser and Ryan Wolcott of Stream Realty Partners’ Dallas office represented the tenant, K&S Heating & Air.

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Vari and Cushman & Wakefield leased three spaces totaling 128K SF at VariSpace Las Colinas, a Class-A, multitenant workspace in Irving. VariSpace Las Colinas is owned by Vari, a Coppell-based workspace innovation company. New tenants include:

• CAE, a high technology company providing safety solutions, leased 16K SF.

• Caris Life Sciences, a molecular science company, leased 37K SF.

• An education organization that leased 75K SF.

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Grant Thornton, a nationwide audit, tax and advisory firm, will move its Dallas office to Ross Tower, located at 500 North Akard St. Beginning in 2023, the firm will lease a full floor, comprising approximately 24.6K SF, in the 45-story, luxury office high-rise. Cushman & Wakefield Managing Director Travis Boothe and Executive Managing Director Robbie Baty represented Grant Thornton in lease negotiations. The landlord was represented by HPI Real Estate Services & Investments’ Dallas partner Hunter Lee, Vice President Ben Cuzen and leasing agent Luke Aviles.

CONSTRUCTION AND DEVELOPMENT

Construction on Terranea at Lake Grapevine, a 16-story residential tower consisting of more than 200 luxury rental units, townhomes, penthouses and retail, is expected to begin this summer. The property, located at 2800 Lakeside Parkway, Flower Mound, is the second residential tower within the 165-acre, mixed-use Lakeside Village. Upon completion, the development will offer hotels, retail, lakefront restaurants, office space, walking trails, an outdoor music performance venue and a wedding chapel. MAA is the architect for the project responsible for Terranea at Lake Grapevine’s design and documentation. Realty Capital is the developer. The tower is expected to open in 2024. 

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The Realm at Castle Hills, a 324-acre mixed-use development in Lewisville, added 11 retail tenants, including Saray Mediterranean Fusion Grill & Bar, Mochinut, Salon Bellus, Salubrious Juice & More, Hotworx, Luster Grill, Bahama Bucks, Food Morning, Cool Heads, Castle Hills Animal Hospital and Cachet Salons & Spa. The $1.5B development, upon completion, will consist of more than 5,000 multifamily units; 1.5M SF of retail, office and restaurants; a boutique hotel; an extensive trail system; and an outdoor entertainment district. 

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Fort Worth-based general contractor Speed Fab-Crete broke ground on a new 23K SF Remembrance Center at Greenwood Funeral Home, located at 3355 White Settlement Road, Fort Worth. Dallas-based JST Architects, which specializes in design services for the death care industry, is serving as the project’s architectural and design partner. The project is slated for completion in June 2023.

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The Woodmont Co. and Dennett Construction broke ground on a new, three-story, 41K SF medical office building at 6850 Harris Parkway in Fort Worth. The Diabetic and Thyroid Center of Fort Worth will occupy 14K SF, with 25K SF available for lease. An additional pad site is also available for development and lease. Completion of the building is scheduled for January. The project is designed by Bennett Benner Partners. Colton Wallis and Wes Mugarian of Dodson Commercial Real Estate are overseeing leasing.

FINANCING

IBorrow, a nationwide private direct lender for commercial real estate, has provided a $20M loan to support the acquisition of a 232-unit, garden-style, multifamily community at 4542 West Kiest Blvd., Dallas.