This Week's Dallas-Fort Worth Deal Sheet
Archway Properties broke ground on a 430K SF Class-A industrial park in Irving.
Royal 114, located along State Highway 114 and West Royal Lane, will offer four rear-load buildings ranging in size from about 46K SF to 155K SF, with clear heights between 28 feet and 32 feet.
Archway Properties partner Eric Hawk said the company chose the location because of its proximity to Dallas Fort Worth International Airport.
“We are excited for the opportunity to develop one of the last remaining sites along Highway 114 and are grateful for the support from the city of Irving,” he said in a statement.
Building design was led by Pross Design Group, and Peinado Construction was selected as the general contractor. Transwestern Real Estate Services' Brett Owens and Clayton Johnson will provide leasing services for the project, which is scheduled to begin construction this summer and deliver in the first quarter of 2023.
PEOPLE
Stream Data Centers appointed Chris D. Jackson as its new senior vice president of operations. In this role, Jackson will be responsible for all aspects of operations, including security, safety, reliability, engineering, customer experience and compliance.
LEASES
Lee & Associates DFW negotiated an industrial lease transaction of 11K SF at 1380 Presidential Drive in Richardson. Nathan Denton of Lee & Associates represented the tenant, Vac Tech.
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Lee & Associates DFW negotiated an industrial lease transaction of 69K SF in Dallas. Reed A. Parker of Lee & Associates represented the tenant, Merit Brass. Ken Wesson and Adam Graham represented the landlord, EastGroup Properties Inc.
SALES
Echo Real Estate Capital Inc. sold an outpatient medical office building anchored by Baylor Scott & White for $6M. The property is approximately 15.5K SF and is located at 7801 Lakeview Parkway in Rowlett. The building was 100% occupied at the time of sale by four tenants: Baylor Scott & White Texas Cardiac Associates, North Texas ENT, LabCorp and dentist Dr. Bart A. Deering.
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Global Real Estate Advisors sold five multifamily properties totaling 468 units in DFW. They included Vista Terraza, a 192-unit property in Grand Prairie; Bella Vita, a 72-unit property in Waxahachie; Cambridge Court, a 52-unit property in Waxahachie; Village on University, a 133-unit property in Denton; and Junius Courts, a 19-unit property in Dallas. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the sales.
CONSTRUCTION AND DEVELOPMENT
KWA Construction broke ground on the Remy apartment project, a 416K SF residential community in the mixed-use development Frisco Square. Consisting of 357 units, the five-story building was developed by Toll Brothers Apartment Living and designed by HEDK Architects. Remy, located at the corner of Blairview and Grace streets in Frisco, is scheduled to be completed in early 2024.
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Palladium USA broke ground on Palladium East Foster Crossing, a new $64M multifamily project in Anna. The four-story development features 239 units and was designed by HEDK Architects. BBL Construction is the general contractor. It is teaming up with the Anna Public Facility Corp. on construction. The corporation issued $33M in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and PNC Bank, which provided $27M of equity for this placement. The first units will deliver in November 2023. The buyers' representative is Kim Parker of Dynamic CRE LLC.
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Rideshare company Alto moved its headquarters to a new 16K SF creative office space in Quadrant Investment Properties’ Manufacturing District, which is part of the Design District. Approximately 100 employees will work out of the space, located at 141 Manufacturing St. in Dallas. Alto was represented by Stream Realty Partners in lease negotiations, and project architecture was led by ENTOS Design. Transwestern Real Estate Services oversees leasing for the Manufacturing District.
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Ryan Cos. broke ground on Ryan Tower in Plano’s Legacy West. The 23-story, multitenant office tower totals 409K SF and will be the world headquarters for Ryan LLC, a global tax services firm. Situated on a 3.6-acre site and located at the intersection of State Highway 121 and Windrose Drive, the tower includes floors of 29K SF. Gensler is the architect.
Construction financing for the project was provided by ACORE Capital, and joint venture equity capital was provided by Koch Real Estate Investments. The development cost wasn't disclosed. Construction is expected to be complete in Q3 2024. Ahnie Sheehy and John Brownlee of JLL have been tapped to market and lease the remaining 50% unoccupied by Ryan.
FINANCING
Institutional Property Advisors arranged $75.29M in acquisition financing for The Travis, a 345-unit multifamily property located at 900 Gordon Heights Lane in Frisco. The property consists of 307K SF for rent, averaging 890 SF per unit. The financing was secured by IPA Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant and Managing Director Jesse Garson Zarouk, who is based out of IPA’s Los Angeles office.
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Aries Capital of Chicago closed $46M in construction, bridge and permanent debt financing for more than 414K SF of new and existing self-storage facilities in California, Colorado, Florida and Texas. The financing was arranged on behalf of three separate clients by Aries Capital Director of Capital Markets Brandon Perdeck, Director of Acquisitions Matt Carney and Assistant Vice President Steve Adams. Among the four properties included in the transaction was Addison Airport Self Storage at 4485 Glenn Curtis Drive in Addison.
