This Week's Dallas-Fort Worth Deal Sheet
Anything Liquid Manufacturing Inc. is relocating its headquarters and pharmaceutical operations from Southern California to Dallas following the purchase of a more than 18K SF office and warehouse in Richland Hills.
The company expects its transition to the new HQ, located at 7370 Dogwood Park Drive in Midway Industrial Park, to be complete in two months, according to a news release from Bradford Commercial Real Estate Services.
“The acquisition is playing to the theme of companies moving to Dallas/Fort Worth to escape the high taxes and red tape of doing business in California,” Bradford Senior Vice President and Managing Director Joe Santaularia said in a statement.
The online pharma company has hired LGE Design Build’s Dallas Team to retrofit the 1980s-era building, which sits on a 1.19-acre site. Bob Scully and Brice Wells of CBRE represented the seller, Direct Print IQ. Santaularia represented the buyer alongside First Vice President Jason Finch.
“It’s nearly impossible to find a building this size in today’s market,” Santaularia said. “Owner-users have less product to choose from and end up paying a premium to buy.”
PEOPLE
M2G Ventures, a North Texas-based real estate investment and development company, welcomed Mark Collier as its chief financial and operations officer. Collier brings more than 20 years of experience in financial operations and asset management to the new role. Collier spent the last two years as the chief financial officer for the Leon Capital Group, with assets under management of $1.5B.
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Dallas-based MYCON General Contractors Inc. welcomed chief estimator Rock Hoy to oversee pre-construction budgeting, lump sum bidding and CM at Risk estimating procedures for MYCON’s Dallas office. With more than 41 years of experience in commercial construction estimating, Hoy has developed and directed more than $1B in contracts and more than 100 construction projects across the U.S.
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Merriman Anderson Architects hired Tracy Rumsey to oversee commercial and corporate interiors and Erin Tallent to lead the firm’s hospitality division. Rumsey joins MAA with 17 years of experience in workplace interiors, including retail, restaurant and corporate interior design commissions. Tallent has worked across all spectrums of the hospitality design industry, including both new construction and renovations catering to a variety of flags in the hotel market.
LEASES
Carlson Capital renewed a more than 26K SF lease for its corporate headquarters at 2100 McKinney Ave. in Dallas. Stream Realty Partners Managing Director Craig Wilson and Vice Chairman Randy Cooper represented Carlson Capital in the transaction. Tommy Nelson and Clay Gilbert with CBRE represented the landlord.
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Brasfield & Gorrie will soon occupy all 16K SF of the 10th floor of The Gild at 8350 North Central Expressway in Dallas. The gold office complex, formerly known as Campbell Centre, is currently undergoing a multimillion-dollar renovation for which Brasfield & Gorrie is serving as the general contractor. Gensler will serve as the architect. Stream Realty Partners’ senior associate Marissa Parkin, Managing Director Matt Wieser and associate Patrick Cruz represented owner Fenway Capital Advisors in the transaction. Robbie Baty and Charlie Beck with Cushman & Wakefield and Cribb Altman with JLL represented the tenant in the transaction.
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Service Pros Installation Group Inc. leased 12.8K SF of warehouse space in Woodlands Business Park Building 3, 2005 108th St., in Grand Prairie from SL Project Texas LP. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord. Dave Peterson of NAI Robert Lynn represented the tenant.
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Munsch Hardt Kopf & Harr P.C., in conjunction with HPI and Stream Realty Partners, recently signed a new, 15-year office lease for its Dallas headquarters in Ross Tower at 500 North Akard St. The commercial law firm signed its first lease with the office property in 2005, occupying floors 36, 38 and 39. Under its new lease, the firm will relocate to three consecutive floors: 40, 41 and 42. Stream Managing Directors Craig Wilson and Dan Harris, Vice Chairman Randy Cooper and Executive Vice President and partner Tim Terrell represented Munsch Hardt in the renewal. Gensler will design the new space, and Pacific Builders is the general contractor. Move-in is scheduled for fall 2023.
SALES
SPI Advisory finalized its acquisition of Cortland Good Latimer, a Class-A apartment complex at 835 South Good Latimer Expressway in Downtown Dallas. Upon acquisition, SPI also announced its intent to rename and rebrand the 340-unit multifamily complex as Skyline Farmers Market.
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Irving-based Darwin German Real Estate Investments sold Gold Creek Apartments, located at 704 Dale Lane in White Settlement. Gold Creek, a 255-unit property built in 2017, was acquired in February 2020 from CRV Investments, which developed and built the property. Terms of the transaction were limited, but DGRE disclosed the disposition yielded a 76.25% average annual rate of return and an equity multiple of 2.8 for its investors.
CONSTRUCTION AND DEVELOPMENT
BKV Group completed Modera Katy Trail, a 14-story, 216-unit rental tower at 5350 McKinney Ave. in Uptown Dallas. Developed by Mill Creek Residential, the luxury apartment community started welcoming its first residents earlier this summer. The tower features studio, one-, two- and three-bedroom apartment homes, with a collection of penthouses on the 14th floor and ground-level townhomes fronting Katy Trail.
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Adolfson & Peterson Construction was awarded the contract for the multifamily adaptive reuse of the 50-story Santander Tower at 1601 Elm St. in Downtown Dallas. AP will partner with Dallas-based multifamily and mixed-use developer Mintwood Real Estate and building ownership, Dallas-based Woods Capital, to convert multiple floors in the 1.4M SF tower to 228 multifamily units and amenity spaces. The conversion project plans to kick off this summer with renovations on the first floor as well as floors 18 through 25 and 37 through 39. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. The project is slated for completion in fall 2023.
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Carbon Cos. and Greenway Investment Co. began construction on a second phase of The Links at PGA Parkway luxury apartments in Frisco. Located at 15950 Paramount Way and PGA Parkway in Frisco, The Links Phase Two will include 315 apartment units within four buildings. Phase One, a 375-unit development completed in December, is fully leased. Phase Two is part of The Links’ four-phase, master-planned development, which will ultimately include 1,310 units. The second phase is expected to deliver its first units in February.
FINANCING
ACRE, a global real estate private equity firm, has secured a $300M capital commitment from StepStone Group as part of a new strategic partnership. The commitment is underpinned by a recapitalization of a 1,500-unit portfolio from ACRE’s previous funds, a joint venture focused on development opportunities in high-growth markets, and a primary fund investment. Overall, the vehicle will invest in multifamily opportunities across the risk spectrum, including value-add acquisitions, lease-up and ground-up development across the Sun Belt, Midwest and Texas.
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Newmark arranged $200M of Shariah-compliant financing for a medical office building portfolio on behalf of a joint venture between Dallas-based Big Sky Medical and GFH, an institutional investor based in Bahrain with a global portfolio of investments. The portfolio comprises 13 outpatient medical office buildings and healthcare facilities totaling over 714K SF, located across seven states. One of the buildings is an MOB at 6210 Virginia Parkway in McKinney. Earlier this year, Newmark assisted in arranging the joint venture, which was seeded by a more than $400M medical office portfolio aggregated by Big Sky over the past 12 months. Financing was led by a U.S.-based financial institution.
THIS AND THAT
Global tax services and software provider Ryan acquired Paradigm Tax Group, an independent national provider of comprehensive property tax management services. The purchase follows recent acquisitions of Marvin F. Poer and Co., the second-largest property tax consulting firm in the U.S., and Greystone Property Tax Advisors, a property tax consulting firm that provides a single point of contact for clients’ tax appeals, reports and budgets. Combined, these three transactions expand Ryan’s property tax service offerings to current and future clients across the U.S.
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Homz, a platform aimed at building attainable housing communities across the U.S., launched in Dallas in late July. The company is led by veteran real estate and hospitality investors with experience developing, owning and managing over $5B worth of assets.
Over the next five years, Homz seeks to break ground on 50 communities in secondary and tertiary markets across the U.S. that are seeing strong population and job growth, but struggle to develop enough new purpose-built housing supply to meet demand. Homz expects to invest between $140M and $170M in each community and will secure financing from the U.S. Department of Housing and Urban Development.
Each Homz community will feature four multifamily brands — UP, 24, NJOY and LYF — that are designed to meet renters at each stage of their lives, along with a selection of build-to-rent single-family homes.
