This Week's Dallas-Fort Worth Deal Sheet
Dallas-based Granite Properties was named 2022 developer of the year by NAIOP, the Commercial Real Estate Development Association.
“Granite supports companies and their employees with high-quality, sustainable and wellness-focused office and mixed-use environments in desired locations,” Granite’s founding partner and CEO said in a statement. “I’m proud of our team’s innovative spirit and ability to adapt to the many changes our industry has experienced over the 30 years we’ve been in business.”
Granite is a privately held commercial real estate investment, development and management company that owns 11M SF of office space valued at $3B in Dallas, Houston, Atlanta, Denver, Southern California, Boston and Nashville, Tennessee. The company has completed more than $8B in real estate transactions and more than 29M SF of real estate development and acquisitions, according to a release.
“The company’s strong commitment to developing and operating exemplary properties across the U.S. is inspiring,” NAIOP President and CEO Thomas J. Bisacquino said in a statement. “Throughout the company’s history, it has successfully navigated challenges and downturns, always emerging stronger. Granite’s company culture and mission of inspiring both its employees and tenants to flourish has made it a leader in the commercial real estate industry.”
The award will be presented at NAIOP’s CRE.Converge conference in Chicago in October.
PEOPLE
Stream Realty Partners promoted the executive managing director of its DFW market to serve as the firm’s next chief operating officer. In his new role, Blake Kendrick will help drive alignment, process and profitability across the company’s 14 markets while continuing to manage DFW operations.
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Stream Realty Partners hired Tiffany Marano as managing director of property management for the Metroplex. In this role, she will work with local leaders to develop the firm’s teams, enhance its platform, and increase connectivity with internal and external clients. Marano comes to Stream from Cushman & Wakefield, where she was a director in Southern California for six years.
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ENTOUCH, the leader in multisite energy management solutions, hired Jordan Statt and Simone Samms as vice president of channel development and director of product management, respectively. In his role, Statt will build upon the growth of ENTOUCH's channel partners and expand on the company's vision to develop a robust channel and partner ecosystem. Samms will shape the product management team, focusing on delivering solutions directly impacting customer goals and strategic growth.
LEASES
Sidran LLC renewed 35K SF of industrial space in Marsh Business Park West, Building 1 at 1050 Venture Court in Carrollton. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas LLC. Susan Singer, an executive vice president with Bradford, represented the tenant.
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50 Floor LLC leased 27K SF of core industrial space in Parc 20, Building 1 at 4851 South Collins St. in Arlington from JSC/TPRF V Parc 20 LLC. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Joe Santaularia, senior vice president and managing partner, represented the tenant. Luke Davis and Charles Brewer of Stream Realty Partners DFW LP represented the landlord.
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Aircraft Custom Interiors renewed 19K SF of industrial space at 3020 Quebec St. in Dallas. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas LLC. Michael Haggar of JLL represented the tenant.
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Emultec Inc. renewed 18.7K SF of industrial space in Marsh Business Park West, Building 1 at 1050 Venture Court in Carrollton. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas LLC. Mark Miller of NAI Robert Lynn represented the tenant.
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Verdi Commerce, which partners with brands to help optimize their omnichannel presence, completed lease negotiations for its relocation to 3901 West Miller Road. The new 94K SF lease in Garland will expand their DFW presence. Merideth Murphey, Evan Hammer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate LLC represented the tenant, and Robert Allen of First Industrial Texas LP represented the landlord.
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Texas Capital Bancshares Inc., the parent company of Texas Capital Bank, will relocate and unite its Richardson offices and banking center to a new campus by the fourth quarter of 2023. Texas Capital Bank has signed a 15-year lease term with Blue Cross and Blue Shield of Texas and will occupy four floors in one of its Texas headquarters buildings located on its campus at 1001 East Lookout Drive in Richardson. The new location provides Texas Capital Bank with the capacity and upgrades needed for its technology and operations teams to work comfortably and collaboratively as the departments continue to grow and serve the evolving needs of the bank’s clients.
SALES
Marcus & Millichap facilitated the sale of Ranch House South Shopping Center, an 18K SF retail property at 119 Ranch House Road in Aledo. Chris Gainey, first vice president in the Fort Worth office, and Philip Levy, senior vice president, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Gainey and Levy.
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Marcus & Millichap facilitated the sale of Sherman Heights Land Development, a 13-acre multifamily-zoned parcel at 1400 FM 1417 in Sherman. David Fersing, Nick Fluellen and Bard Hoover, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an out-of-state developer also secured and represented by Fersing, Fluellen and Hoover, will build a more than 250-unit, Class-A garden-style apartment community on the site.
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Lee & Associates DFW completed a sale transaction for a 165K SF industrial facility at 585 South Royal Lane in Coppell. Alex Wilson and Nathan Denton of Lee & Associates DFW represented the buyer, Nuveen Real Estate, in the off-market transaction. Dexas International, a local manufacturer of kitchen tools and specialty gadgets, is the seller. The deal was structured as a sale-leaseback, and the seller will remain as the tenant.
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Atlanta-based Portman closed on more than 4 acres on which to develop 2500 Ross, a mixed-used project in the Design District. Portman has selected the Dallas office of Foundry Commercial to lease an approximately 400K SF office tower in the development. The tower will incorporate 50 stories of office and luxury residential as well as 40K SF of retail. Two adjacent residential towers delivering 700 units are also included. Portman expects to break ground on the project in the second quarter of next year, with slated completion by the third quarter of 2025.
CONSTRUCTION AND DEVELOPMENT
After reacquiring the mixed-use development for the third time in March 2021, Crescent Real Estate LLC, through its GP Invitation Fund II, has invested $12M in The Crescent. Every surface of the first floor except the marble has been replaced or enhanced. The improvements include rejuvenating the lobbies and common areas with lighting, new and additional furniture, commissioned artwork by renowned artists, and upgraded multitenant corridors and restrooms, along with a new 12K SF fitness center. The renovation comes as The Crescent has signed a slew of new leases, renewals and expansions, bringing occupancy to over 96%.
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Stream Realty Partners broke ground on 20 East, a 3.4M SF, multibuilding development at 12955 FM 2932 in Mesquite. The first phase of the project will include 1.8M SF across three buildings, with the second phase adding three buildings totaling 1.6M SF. Stream is developing, leasing and managing the industrial park, which will offer build-to-suit potential and building expandability.
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Construction is underway on Woodlands Terrell, a new build-to-rent community consisting of almost 300 three- and four-bedroom homes. The community, located north of Interstate 20 at 108 Fairmead Drive, will be Terrell’s first BTR community. The project is leased and managed by M&D Real Estate’s Property Management Division, which is now pre-leasing for the first delivery of homes, expected in July.
FINANCING
Resia, formerly known as AHS Residential, closed on financing for Resia Dallas National, a 336-unit residential community located in Dallas. Fifth Third Bank and Pearlmark provided the construction financing for this project, which is one of several brand-new Resia developments as the company continues to develop throughout Texas. The project broke ground in December and is expected to be delivered in the third quarter of 2023.
THIS AND THAT
US REO Fund, a Plano-based real estate investment firm, has selected Transwestern to provide leasing support for 7000 West Plano Parkway, an 80K SF, two-story medical office building in Plano. Formerly known as Plano Pediatric Medical Pavilion, the property will undergo landscape, lobby and common area renovations and rebrand as Prestonwood Medical Center, targeting multiple medical specialties in addition to pediatrics.
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Smart glass from View Inc. has been installed at Dallas Fort Worth International Airport’s new High C gates. DFW’s decision to incorporate View Smart Glass at the High C gates comes on the heels of a four-gate expansion at Terminal D, which opened last May. View Smart Glass uses artificial intelligence to automatically adjust in response to the sun, maximizing access to natural light and outdoor views while blocking heat and glare and reducing energy consumption from lighting and HVAC.
