This Week's Dallas-Fort Worth Deal Sheet
Neiman Marcus Group’s corporate hub will now be located at NexPoint’s Cityplace Tower following the signing of an 85K SF lease.
The 42-story office building, at 2711 North Haskell Ave. in Dallas, is located between Neiman Marcus Downtown and the NorthPark flagship store. The new hub will go through extensive renovations and is expected to open in early 2023.
“The pandemic gave us the perfect opportunity to fast-track the revolutionary way our internal corporate teams are working and look for opportunities to innovate,” Neiman Marcus Group CEO Geoffroy van Raemdonck said in a statement. “With the implementation of our NMG | WOW program and the future opening of our corporate hubs, our associates will have a number of resources at their disposal to achieve results and best support our customers.”
The Central Dallas location is the first of several corporate hubs and is part of a larger overhaul to company operations, according to a release. Similar hubs will be located in other metros where large concentrations of NMG associates are located.
Cresa advisers Sharon Morrison, Brad Struck, John Pelletier, Karra Guess and Austin Studebaker represented NMG in the lease transaction. Cresa’s Ann Harts secured the $5M incentives package from the city of Dallas, while David Stack and Ed Miank with Cresa’s project management team will lead construction of the new space. Cityplace Tower is managed by NexVest Realty Advisors. Forge Commercial represents the building as its leasing agent.
PEOPLE
Westmount Realty Capital named Alex Ingle as senior legal counsel. For more than eight years, Ingle has negotiated contracts and related agreements in a broad range of real estate and corporate transactions, including the acquisition and disposition of retail, multifamily, industrial and office properties. He has also negotiated commercial leases and land acquisitions for both commercial and residential development.
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Jackson-Shaw promoted five team members in the Dallas office:
— Joy Chiles, previously vice president and controller, is now senior vice president and controller.
— Joe Blewitt, previously vice president of asset management, is now senior vice president of hospitality development.
— Mark Butler, previously a development associate, is now a vice president of finance.
— Miles Terry, previously a development associate, is now a vice president of development.
— Zac McGuire, previously director of construction, is now vice president of construction.
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Colliers hired Shawn Givens, Will Givens, Robert Siddall, Ken Higgins and Bryce Finley. Advising as part of Colliers’ Debt and Equity platform, the team will play a key role in growing debt and structured finance services for national clients. The five brokers join Colliers from CBRE.
LEASES
Echo Global Logistics leased 12K SF at 3100 McKinnon St., a recently renovated, 11-story office tower in the Harwood District. Scott Hage from JLL negotiated the deal with Kelly Whaley and Hannah Mesh of Harwood International.
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Natural Polymer International leased 211K SF at 3601 East Plano Parkway in Plano. James Mantzuranis and Ryan Wolcott with Stream Realty Partners represented the landlord, Link Logistics. CBRE and Colliers represented the tenant.
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Horizon Forest Products re-leased 36.8K SF at Plano Distribution Center, 2800 East Plano Parkway in Plano. Lena Pierce and Ryan Boozer with Stream Realty Partners represented the tenant. Kathleen Isola represented the landlord, Prologis Targeted U.S. Logistics Fund.
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Insco Distributing leased 44K SF at 4851 South Collins St. in Arlington. Charles Brewer and Luke Davis with Stream Realty Partners represented the landlord, Nuveen. Strategic Realty Consultants represented the tenant.
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MB Group leased 13K SF at Parkwood Place I, 5601 Democracy Drive in Plano. Matt Wieser and Rhett Miller with Stream Realty Partners represented the tenant. ESRP represented the landlord, Admiral Capital.
SALES
Capitalize Ventures closed on a transaction to acquire more than 35 acres of land at the corner of Dallas North Tollway and Prosper Trail in Prosper, where it plans to build an upscale, mixed-use development. DuWest Realty is advising Capitalize on the development and project leasing. The seller was a local partnership.
Irving-based Darwin German Real Estate Investments sold 2405 at Park Row and Village Oaks Apartments. 2405 at Park Row, located in Arlington, is a 40-unit property purchased in 2019. The terms of the transaction are undisclosed. Village Oaks, located at 9920 Forest Lane in Dallas, is a 73-unit property that was purchased in 2020 and underwent an extensive renovation. The disposition yielded an annual return of more than 63% to investors.
THIS AND THAT
Outside the Lines, a design-build construction company that specializes in water features, has revitalized and upgraded the Williams Square Mustang Plaza centerpiece in Las Colinas. The original designers and architects, along with SWA Group’s Dallas office and general contractor Structure Tone Southwest, came together with OTL to refurbish the feature, built in 1983.
Bradford Commercial Real Estate Services secured the leasing assignment for Forest Green Business Park, the newest holding in the North Texas portfolio of California-based Birtcher, Anderson & Davis. Brian Pafford, executive vice president and managing partner of Dallas-based Bradford, and Senior Associate Kyle Espie have assumed leasing duties for the four-building flex project at 9201 Forest Lane and 11836, 11837 and 11857 Judd Court in northeast Dallas. Birtcher, Anderson & Davis acquired the 135K SF complex in the second quarter.
