This Week's Dallas-Fort Worth Deal Sheet

Fort-Worth based Fort Capital has acquired a 226K SF industrial portfolio in Euless.

The Euless Industrial Portfolio spans 10 buildings of Class-B space, according to a July 13 news release. It is 98% occupied with 36 tenants, which include mechanical, logistics, furniture and fabrication businesses.

Industrial properties with close proximity to households and transportation infrastructure are in high demand, Fort Capital CEO and President Jason Baxter said. Many developers are now pushing farther out from Dallas’ urban core in search of available space, he said.

“While there was a lack of inventory before this surge in population growth in the Metroplex, now the industrial market is bursting at the seams, leaving no choice for these service providers but to expand into the suburbs of Tarrant County,” Baxter said in a statement. “Based on this, we are eager to add value to this asset and continue providing high quality service to this tenant base.”

PEOPLE

Adolfson & Peterson Construction hired Melisa Baune as a director of business development for North Texas in its Dallas office. Baune brings 15 years of professional business development experience. In this role, Baune will develop and execute a comprehensive strategy to identify new business, markets and clients throughout DFW while ensuring profitable growth and alignment with the company’s strategic goals and mission.

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Arun Agarwal, Dallas resident and CEO of Nextt, was appointed to the Texas Economic Development Corp. Board of Directors, a public-private partnership with Texas Economic Development & Tourism tasked with marketing Texas domestically and globally as the best state for business. Agarwal is also chair of the Indian American CEO Council and president of the Dallas Park & Recreation Board. 

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Bradley Arant Boult Cummings LLP hired K. Scott Sloan as an associate in the firm’s Dallas office. Sloan is a member of Bradley’s Real Estate Practice Group, focusing on real estate acquisitions, dispositions, development, financing and leasing.

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With the unanimous support of the town council, the town of Prosper appointed Ron Patterson, who served most recently as deputy city manager for Frisco, as interim town manager.  Patterson has served in municipal public service roles in Texas for nearly 35 years. After a career in Frisco that spanned two decades, he recently announced his departure to begin work as a consultant.

LEASES

Hillwood has entered into a new distribution center lease with longtime corporate resident Carolina Beverage Group. Alliance Center North 9 originally commenced construction in December 2021 as a Class-A spec facility and will now provide Carolina Beverage with a 494K SF distribution center.

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Lee & Associates DFW negotiated an industrial lease transaction of 11K SF at 2425 McIver Lane in Carrollton. Corbin Blount of Lee & Associates represented the tenant, Deal Ark LLC.

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Tri Global Energy LLC renewed 16K SF at 17300 North Dallas Parkway in Dallas. Caleb Ninemire and Richard Maloof represented the landlord, Hartman Income REIT.

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Jet Health Inc. renewed its lease of 12K SF at Overton Centre in Fort Worth. Robert Degen with Lee & Associates represented the tenant. Jake Neal and Matt Carthey with Holt Lunsford Commercial represented the landlord, FLDR/TLC Overton Centre LP.

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Lee & Associates DFW negotiated an industrial lease transaction of 38K SF at 9755 Clifford Drive in Dallas. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, Link Industrial Properties.

SALES

FTW Investment Group LLC purchased 3880 Hulen, a six-story, 70K SF office building in Fort Worth. Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller. Casey Tounget and Theron Bryant, also of Transwestern, represented the buyer. Both parties were unnamed, and the sale price wasn't disclosed.

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PHP Capital Partners acquired CentrePort Tech, a two-building light industrial asset within northeast Fort Worth’s CentrePort master-planned business park. Located at 4100-4108 Amon Carter Blvd., at the intersection of Trinity Boulevard, the 30K SF multitenant property is fully leased. 

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The Multifamily Group, a Dallas-based commercial real estate brokerage, facilitated the sale of a 12-property multifamily portfolio in Irving. The properties included Nursery Apartments at 716 South Nursery Road, Irvington Place at 920 East Third St., Arbor Vista at 327 North Story Road, Sunnylane at 715 Sunny Lane and Oakland at 922 Oakland Drive. Yonnic Land represented the sellers, and Greg Miller procured the buyers. 

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Next Wave Investors LLC completed the disposition of Shiloh Park Townhomes, a 73-unit multifamily community in Plano, which the firm acquired in December 2020. The property sold for a nearly 40% increase over the purchase price. 

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Marcus & Millichap sold The Woods of Haltom, an 89-unit, 1970s apartment property located at 4812 Waldemar St. in Haltom City. Associates Matthew Roth and Jonathan Ochstein, Executive Managing Director Nick Fluellen, Senior Managing Director Bard Hoover and senior associate Wesley Racht had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Roth, Ochstein, Fluellen, Hoover and Racht.

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Western Wealth Capital acquired the 151-unit Embry Apartment Homes complex in Carrollton. Built in 1985 with additional units added in 1995, the property is the company’s 21st multifamily acquisition in Dallas-Fort Worth. 

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Marcus & Millichap facilitated the sale of Pack & Stack Storage, a 20K SF self-storage facility located at 1520 Bean Drive in Crowley. Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, had the agreement to market the property on behalf of the seller, a private investor. The buyer, Gray Line Investments, was also secured by Cunningham and Karr. 

CONSTRUCTION AND DEVELOPMENT

Leasing is underway at Presidium Berkshire, a 340-unit, 352K SF community developed by Presidium and designed by O’Brien Architects. Phase 1 is expected to open in October, and Phase 2, which will include 302 units, is set to break ground later this year. The project, located at 9632 Berkshire Lake Blvd. in Alliance Town Center, is expected to be complete in 2023.