This Week's Dallas-Fort Worth Deal Sheet

JCPenney is planning to move back into its former headquarters in Plano.

The retailer signed a 318K SF lease at CALWest, a three-story, Class-A office building at 6501 Legacy Drive. The company expects to move in this fall, according to a May 17 news release. This is the same building JCPenney used as its headquarters before the company filed for bankruptcy. It subsequently moved out in 2020, according to the Dallas Morning News. This time around, the company is only leasing a fraction of the building.

“Our corporate headquarters must provide an environment where we can collaborate and create, accommodate diverse personal and professional needs, and experience the JCPenney brand,” JCPenney CEO Marc Rosen said in a statement. “We are looking forward to creating a vibrant home for our associates at CALWest.”

Capital Commercial Investments acquired the CALWest campus in late 2021. It plans to transform the former single-tenant corporate HQ into a multitenant campus. JCPenney is the second anchor tenant and will bring the building’s occupancy to 40%, per the release.

At its peak, more than 5,000 JCPenney employees worked at the headquarters in a space the size of five football fields.

Michael Brigance and Teddy Childers with CCI represented the landlord on the transaction. The remaining space is being marketed by T.D. Briggs, Chris Wright, Blake Shipley and Ashley Curry of JLL.

PEOPLE

Skiles Group, a Richardson-based national general contracting and lean construction management firm promoted two of its senior project managers to client executive positions. Ross Brindle has experience in the construction industry with a diversity of project types. Michael Knapp is a certified healthcare constructor and CM-Lean certified builder with experience on multiple large-scale, complex healthcare facilities. As client executives, they will serve as liaisons for the firm’s customers by developing, managing and maintaining successful long-term relationships. 

LEASES

Transwestern Real Estate Services was selected by Houston-based real estate investment firm OrangeStone Capital to provide agency leasing services for 4211 Cedar Springs, a 39K SF, three-story boutique office building in Dallas.

SALES

Marcus & Millichap facilitated the sale of Starpoint Self Storage & Business Park, a 70.6K SF self-storage facility at 502 West Kearney St., Mesquite. Brandon Karr, an investment specialist in Marcus & Millichap’s Fort Worth office and leader of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a local, privately held investment partnership.  The buyer, a publicly traded real estate investment trust, was also procured by Karr.

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Chatham Lodging Trust, a hotel real estate investment trust, sold the 137-room Homewood Suites by Hilton Dallas Market Center. The Dallas hotel was one of four hotels sold by Chatham, in a sale that comprised 537 rooms for aggregate proceeds of approximately $80M.

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Digitec Dental Laboratory LLC acquired a 12K SF industrial building at 2835 Virgo Lane in  Dallas, from Devices and Services Co. Susan Singer, executive vice president of Bradford Commercial Real Estate Services, represented the seller. Jimmy Yi of Neostone Realty Group represented the buyer.

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Marcus & Millichap facilitated several sales. They included:

— Vanderbilt, a 152-unit apartment property at 2053 Estrada Parkway, Irving. Marcus & Millichap First Vice President David Fersing, senior managing directors Nick Fluellen and Bard Hoover, and Senior Associate Wesley Racht secured the buyer, Tony Lin, in an off-market transaction.

— Chesapeake, a 127-unit apartment property at 11620 Audelia Road, Dallas. Marcus & Millichap's David Fersing, Nick Fluellen, Brad Hoover and Wesley Racht had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer was also secured and represented by Fluellen, Hoover and Racht.

— iStor Self Storage, a 62K SF self-storage facility at 1021 Ovilla Road, Waxahachie. Brandon Karr, an investment specialist in Marcus & Millichap’s Fort Worth office and leader of the Karr-Cunningham Storage Team, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a self-storage investor located in California, was also procured by Karr.

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Denton Village Shopping Center at 4930 Teasley Lane in Denton, sold for $18.5M. The 48K SF property was one of eight shopping centers sold to Inland REIT from a fund controlled by its parent company, the Inland Real Estate Group of Cos., according to a May 20 letter to shareholders. The 687K SF portfolio spans seven states and is 89% leased to 110 tenants, per the letter.

CONSTRUCTION AND DEVELOPMENT

New tenants at Water Cooler at Pegasus Park include ChildCareGroup, Lone Star Justice Alliance, The Nature Conservancy in Texas, OneStar Foundation, Principal Impact Collaborative at UNT Dallas and SWAN Impact Network. The facility is among the largest nonprofit shared-space communities in the country and is home to more than 26 member organizations with a combined 500 employees. GFF is the project architect.

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Atlanta-based coworking firm Roam will open an eighth workplace in the Dallas area. The 28K SF space is located in The Colony at Grandscape, 5752 Grandscape Blvd., The Colony. Roam will feature 17 meeting spaces and 70 private offices complemented by a members-only shared workspace with table, lounge and booth seating. Roam is partnering with architect Boka Powell and general contractor K2 Construction to complete the project.

FINANCING

Chris Formichella with Terrydale Capital arranged two loans totaling $5.2M for an undisclosed buyer to purchase 12 townhome-style units in the Greenville neighborhood of Dallas. The loan was arranged through one of Terrydale Capital’s correspondent agency relationships.

THIS AND THAT

New York-based SVN | SFR Capital Management formed a joint venture with Dallas-based Linesight Development LLC to pursue opportunities to acquire land to construct, lease and manage a portfolio of new build-for-rent housing communities. The JV is developing its first mixed-use community project in the Dallas area. The location has not yet been disclosed, however, it will include 150 to 200 homes totaling about $60M. The JV will build about 1,000 homes per year in Texas and multiple other markets.