This Week's Dallas-Fort Worth Deal Sheet
Left Bank, a 114K SF grocery-anchored retail center in Fort Worth, has traded hands.
The property, developed by Centergy Retail LLC, sold for an undisclosed price to an institutional investor, according to a news release. Anchored by an urban-format Tom Thumb, Left Bank also includes Hopdoddy Burger Bar, Crumbl Cookies, Nekter Juice Bar and Buffalo Wild Wings.
“Left Bank is a premier mixed-use development in one of the densest and fastest-growing submarkets in Dallas-Fort Worth,” CBRE Executive Vice President Jim Batjer said in a statement. “There was tremendous buyer interest due to its design, ideal location and strong retail performance within the center.”
The center is part of a 34-acre mixed-use community that will include 1,900 multifamily units upon completion, per the release.
Batjer, along with Chris Cozby, Mark Witcher, Blaine Dozier and Harrison Tye with CBRE National Retail Partners, arranged the transaction on behalf of the seller.
PEOPLE
Kevin Griffiths joined JLL Dallas’ industrial team as a senior vice president. Griffiths will join the Dallas industrial team led by Craig Jones. In his new role at JLL, Griffiths will continue to serve both users and owners of food- and beverage-related industrial properties on a national basis.
***
Venterra Realty appointed Marc Sullivan as director of development, where he will oversee Venterra’s ground-up development efforts in the DFW market. In his new role, Sullivan will be responsible for identifying development opportunities for Venterra, leading the development process and overseeing completion.
***
Trademark Property Co. named Stacy Barton as a director of leasing. Barton, who previously worked in the same role at Trademark, rejoins the company as it continues to expand its focus on mixed-use, retail and multifamily developments.
LEASES
Reliable Dental Laboratory LLC renewed 22K SF of flex space at 10610 Metric Drive in Park Forest Business Center in Dallas. Jason Finch, first vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate Investments LLC, in the direct deal.
***
Raphe Pharmaceutique Laboratories LLC renewed 14K SF of flex space at 11601 Plano Road in Park Forest Business Center in Dallas. Jason Finch, first vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate Investments LLC, in the direct deal.
***
Lee & Associates DFW negotiated an industrial lease transaction of more than 20K SF in Dallas. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, EastGroup Properties Inc. The tenant is GCA Products.
***
Lee & Associates DFW negotiated an industrial lease transaction of 34K SF at 15151 Surveyor Blvd. in Addison. Johnny Anderson and Adam Graham of Lee & Associates represented the landlord.
***
Chicago Title signed a lease for 20K SF within The Quad in Uptown Dallas. The 345K SF, 12-story tower, located at 2699 Howell St., is being developed by Stream Realty Partners. It is expected to deliver in the first quarter of 2024. Stream Vice President Ryan Evanich and Senior Associate Marissa Parkin will oversee office space leasing. The firm will also provide property management services at the site. Campbell Henry with Lincoln Property Co. helped broker the transaction.
SALES
M2G Ventures sold The Foundry District, a 6-acre adaptive reuse project at 200 Carroll St. in Fort Worth, to Asana Partners. Between 2015 and 2019, M2G Ventures redeveloped 98K SF of midcentury warehouses on the property into showrooms, creative offices, retail, breweries and restaurants. Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction.
***
Validus Development sold Normandy Highland Park, a 21-unit, ultra-luxury trophy asset in Highland Park. Walker & Dunlop’s Danny McQuaid, Collins Thompson, Jeff Price, Alisan Rutland and Bill Simmons brokered the sale.
***
High 5 Entertainment acquired 3 acres at The Farm in Allen, a 35-acre mixed-use development by JaRyCo. High 5 Allen, which is slated to open in late fall 2023, will feature 24 bowling lanes, a two-story laser tag arena, axe throwing and a boutique bowling lounge. The 45K SF location will also offer escape rooms and a 25K SF, resort-style miniature golf course allowing for outdoor entertainment.
CONSTRUCTION AND DEVELOPMENT
Toll Brothers Apartment Living in partnership with The Davis Cos. broke ground on Whitlow, a four-story, 420-unit luxury mid-rise apartment community at 501 College St. in Lewisville totaling 600K SF. The lender for the project is Citizens Bank and the financing was arranged by Toll Brothers’ in-house finance department. Construction is anticipated to be complete in early 2024.
FINANCING
Targa 1 LLC has raised $40M for workforce housing projects, including one in Texas. The private real estate investment fund, which specializes in providing limited partnership equity for workforce housing, invested in Watterscape, a 469-unit multifamily development in Allen. Targa 2 LLC is scheduled to launch later this year or early next year and will have a geographical focus on Florida, Texas and Hawaii.
THIS AND THAT
Dallas-based Conti Capital, a real estate investment company, was designated as an independent registered investment advisor with the Securities and Exchange Commission. The designation allows the company to expand its presence within the institutional investor, wealth manager and family office space.
