This Week's Dallas-Fort Worth Deal Sheet

The city of Mansfield has set aside 18 acres for the development of an innovation corridor.

The 1M SF master-planned community known as The Mansfield Innovation Community, or The MIC, will include 240K SF of Class-A office, retail, corporate residences and more, according to a news release.

“This is an exciting start to realize the vision for an innovation corridor and will promote regional economic development and stimulate business and commercial activity,” Mansfield Mayor Michael Evans said in a statement.

The development is the result of a partnership with Admiral Legacy Investments. It will be located at the intersection of Heritage and Regency parkways.

“The MIC is a lifestyle and workstyle hub where problem solvers can join forces to put their ideas, discoveries, and ventures to work in unprecedented ways,” Admiral President Ese Aihie said in the statement. “Our goal is to build an ecosystem that fosters innovation by linking educational institutions, incubators, accelerators, businesses, and investors to create pathways for the future workforce.”

The MIC is expected to break ground next spring, with the first phase of office development set to open by summer 2025, per the release.

PEOPLE

David Zoller was promoted to executive vice president of Weitzman. He will be focused on investment sales and retail project leasing as well as tenant representation for a select group of retailers in the DFW area. 

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NAI Robert Lynn promoted Nick Lee to president of the office division. Lee, who specializes in tenant representation, will oversee the production and growth of the division for Dallas, Fort Worth and Houston. 

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Jason Dodson joined JLL Dallas’ tenant rep team as senior vice president. Prior to joining JLL, Dodson served as senior director in Cushman & Wakefield’s tenant rep office. 

LEASES

ML Realty Partners facilitated the following leases:

— US LBM Holdings leased 97K SF at 13755 Diplomat Drive in Farmers Branch.

— Endeavor Managed Services leased 90K SF at McKinney Trade Center, 310 Wilmeth Road in McKinney.

— Kristopher James Co. renewed 50.5K SF at 1406 Dunn Drive in Carrollton.

—  Classic Auto Air Manufacturing leased 38K SF at Park West Crossing, 910 and 920 South Freeport Parkway in Coppell.

—  Continental Datalabel renewed 33K SF at 9660 Dilworth Road in Dallas.

— Metropolitan Hardwood Floors renewed 24K SF at Park West Crossing, 435 Southwestern Blvd. in Coppell.

— Sojourn Group leased 24K SF at Union Bower Business Park, 300 Union Bower Court in Irving.

— American Vending Sales signed for 20K SF at Union Bower Business Park, 1101 Union Bower Court in Irving.

— Trivantage renewed 19K SF at Union Bower Business Park, 300 Union Bower Court in Irving.

— Southwest Sales renewed 16K SF at Park West Crossing, 910 South Freeport Parkway in Coppell.

— Bayer Brothers Sets leased 15K SF at 1174 Quaker St. in Dallas.

— George O’Day's renewed 14K SF at Union Bower Business Park, 400 Union Bower Road in Irving.

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Stream Realty Partners facilitated the following leases:

— Gold 3PL leased 50.6K SF at 1602-1654 Terre Colony Court in Dallas. Lee & Associates represented the landlord, First Industrial. Stream’s Lena Pierce and Ryan Boozer represented the tenant.

— Foundation Building Materials renewed 30.5K SF at 8301-8321 John W. Carpenter Freeway in Dallas. Stream’s Pierce and Boozer represented the tenant. Sam Abusaad represented the landlord, ML Realty.

— J&K Cabinetry renewed 141K SF at Prologis Dallas Corporate Center, 2250 Interstate 635 in Dallas. Mitch Pruitt represented the landlord, Prologis. Stream’s Pierce and Boozer represented the tenant.

— Best Buy leased 600K SF at Lakeside Trade Center, 609 Enterprise Drive in Flower Mound. Stream’s Jeremy Kelly and Sarah Ozanne represented the landlord, Clarion Partners. 

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K&G Fashion Superstore renewed its 31K SF lease at 4625 South Cooper St. in Arlington. Cooper Street Plaza retail shopping center is operated by Hartman Income REIT Management and owned by its affiliate, Silver Star Properties REIT. In the leasing transaction, Hilco Real Estate Vice President Bryan Weiss represented K&G Fashion Superstore. Hartman Executive Vice President of Leasing Richard Maloof represented the landlord.

SALES

SPI Advisory sold The Dylan Apartments & Townhomes, an apartment community located off Cedar Springs Road in Uptown Dallas. The property was acquired by SPI Advisory and its 1031 exchange partners in August 2020. Since then, it has completed extensive exterior and interior renovations and made upgrades to amenities.

CONSTRUCTION AND DEVELOPMENT

Mycon General Contractors was awarded a fourth contract with U-Haul to build a new 59K SF U-Box storage facility in Grand Prairie. The 2.5-acre infill site is located at 3020 Interstate 20 W at the northeast corner of I-20 and Highway 360. The U-Box facility will sit adjacent to U-Haul’s existing self-storage. Construction is expected to be complete in May.

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University of St. Augustine for Health Sciences is relocating and expanding its Irving-Las Colinas campus to 55K SF of classroom, laboratory and administrative space in the vacant Varispace building. The new campus at 901 West Walnut Hill Lane is northwest of the current 34K SF location in Riverside Commons. Phase 2 of the project will add another 21K SF to the campus by August 2024. William Quinby from Savills represented USAHS in the deal. Gensler oversaw building upgrades.

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The White Rock Lake Foundation awarded the Dallas Parks and Recreation Department $151K to help restore the historic event venue Winfrey Point at White Rock Lake. This initial contribution will go toward repairs of the HVAC system, painting the interior and replacing the roof, with other restoration initiatives to follow.

FINANCING

Northmarq’s debt and equity team arranged financing for the development of Lexington Village Shopping Center in Frisco. The grocery-anchored retail project will contain 90K SF on 15 acres. The $25.4M loan carried a five-year term with three years of interest followed by a 30-year amortization schedule. Northmarq Managing Director Bobby Weinberg and Vice President Mason Brower secured the loan for the borrower and developer, Centergy Retail, through its relationship with a local bank.

THIS AND THAT

Property management firm Odevo expanded into the U.S. market with the addition of Texas-based Spectrum Association Management, JellyBird HOA Management, Blue Lime Insurance Group, Mintfish Premium Finance, Boardline Academy and Mintfish Finance. Together, the brands serve more than 500 homeowners associations comprising more than 200,000 homes in Texas and Arizona.