This Week's Dallas-Fort Worth Deal Sheet
Rosewood Property Co. broke ground on a new multifamily development within the 156-acre Heritage Creekside mixed-use development in Plano.
Located at 601 Belpree Drive, the 4.29-acre community will consist of 326 apartments across four floors. MetLife Investment Management is Rosewood’s partner in the project.
“This new development has been designed from the beginning to cultivate community among the residents, as well as the surrounding neighborhoods,” Rosewood Vice President Tim Harris said in a release. “We have worked extensively over the years with the city and nearby residents to put together a great community that benefits the entire Plano community.”
The design team included Hensley Lamkin Rachel Inc. as architect, LandDesign as landscape designer, B2 Architecture + Design as interior designer and KFM as civil engineer. Provident General Contractors served as the contractor, with Veritex Bank providing the construction loan.
Units will be available for lease in fall 2023, with move-ins starting later that year. The project is expected to be complete in 2024.
PEOPLE
Westmount Realty Capital named Lucas Altoe as director of asset management. He has more than seven years of asset management experience, underwriting, disposition and portfolio management for various multifamily properties and REITs. Altoe will be responsible for providing leadership, strategic direction and setting financial and operational goals for Westmount’s multifamily business unit.
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Realterm acquired two last-mile warehouses located at 15501 North Beach St. and 10001 South Freeway in Fort Worth. With a combined total of 438K SF across 109.8 acres, both warehouses are fully leased and have 70 loading positions.
LEASES
UBS Financial Services renewed two leases for a total of 42K SF in Buildings 100 and 200 of The Crescent. Brokers Robbie Baty and Mike Wyatt of Cushman & Wakefield represented UBS. JPMorgan Chase also renewed its lease for 22.5K SF in Building 300 of The Crescent. Crescent Real Estate LLC facilitated the lease renewals.
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Newmark leased two floors comprising about 46K SF at The Link at Uptown. The lease will combine three area Newmark offices into one, creating a cohesive workspace. Newmark’s space will be fully built out in Q4. Executive Managing Director John Wolf represented Newmark in the lease, and Sarah Kennington and Bryce Jackson at Thirty-Four Commercial and Blake Shipley at JLL represented landlord and developer Kaizen Development Partners.
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WNC Insurance Services renewed 14K SF at 14110 North Dallas Parkway in Dallas. April Tschappat represented the landlord, Hartman Income REIT.
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Wynright Corp. leased 14.7K SF of offices and warehouse space in RiverPark Business Center at 15600 Trinity Blvd. in Fort Worth from SCG River Park Business Center LP. Michael W. Spain, executive vice president of Bradford Commercial Real Estate Services, represented the landlord. Corby Hodgkiss of Mercer Co. represented the tenant.
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Whitebox Real Estate represented Renaissance Network Reinvent in its 42.6K SF lease renewal at Flower Mound 4 at 1200 Lakeside Parkway in Flower Mound. Evan Hammer, Ben Crancer, Lauren Pesqueda and Brendan Zrowka of Whitebox represented Renaissance on the transaction. Whitney Williamson represented the landlord.
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Assured Benefits Administrators signed a long-term, full-floor lease at Three Forest Plaza, located at 12221 Merit Drive in Dallas. Beginning this fall, the third-party, full-service healthcare benefits provider will occupy 21K SF in the Class-B office building owned and operated by Hartman Income REIT Management Inc. John Roper with CBRE represented Assured Benefits in lease negotiations with Hartman, and Richard Maloof, senior executive vice president of leasing, represented Hartman.
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Retailer pOpshelf leased 13K SF in Preston Shepard Place, a shopping center located at 1601 Preston Road in Plano. Gretchen Miller and Scott Smith with Weitzman represented the retailer in the transaction. Jill Tiernan and Susan Ridley with The Retail Connection represented the landlord, BH Properties.
CONSTRUCTION AND DEVELOPMENT
KWA Construction broke ground on the active adult community Avenida Carrollton at 1875 Arbor Creek Drive. The property will include a 155-unit apartment building as well as 48 duplex and triplex cottages. Developed by Avenida Partners and designed by Meeks + Partners and REES Associates, Avenida Carrollton is expected to be complete in September 2023.
