This Week's Dallas-Fort Worth Deal Sheet
Stillwater Capital broke ground on a build-to-rent project adjacent to the new PGA headquarters in Frisco.
The 215-unit community will be located within The Link, Stillwater’s 240-acre mixed-use development that also houses the Omni PGA Frisco Resort. Along with traditional amenities, residents will have access to a golf simulator and putting green, according to a news release.
“Omni Hotels and the PGA of America have been wonderful partners of ours in PGA Frisco, leading the resort and golf course development, which will open in May,” Stillwater Capital co-founder Aaron Sherman said in a statement. “We’re excited to continue the momentum in this corridor by initiating this phase of our long-term master plan.”
The build-to-rent units will be designed in collaboration with Stillwater’s homebuilding company, Robert Elliott Custom Homes. Stillwater Capital plans to break ground on the mixed-use portion of The Link this spring.
PEOPLE
Three executives were added to Overwatch Fund, a Fort Worth-based private equity real estate investment firm. Betsy Price, former mayor of Fort Worth, has joined the firm as senior executive of business development. Tina Bond, who comes to Overwatch from Crescent Real Estate/Goff Capital Partners, will act as chief financial officer. Barry Kromann, a Tarrant County banking executive, joins Overwatch as principal. Together, the three bring decades of experience in commercial real estate development, investment, finance, banking and business development to Overwatch.
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Paul Noland was named senior managing director and head of acquisitions at Transwestern Investment Group. He joins the firm from L&B Realty Advisors, where he served as executive vice president and head of acquisitions.
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Chad Albert, a former principal at NAI Robert Lynn, has formed Stoic Real Estate Partners. DJ Draper and Batya Friedman have also joined Stoic as vice president and director of operations, respectively. The full-service commercial real estate brokerage firm will focus on industrial real estate across DFW.
LEASES
Cushman & Wakefield arranged a 184K SF, full-building lease for Tristar Glass, an architectural glass fabricator, at 3405 Roy Orr Blvd. in Grand Prairie. David Eseke and Clay Balch of Cushman & Wakefield represented the tenant in the lease negotiation. The property is owned by an affiliate of CoreOne Industrial, a privately held real estate investment firm.
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Vehicle Sales leased 80K SF of warehouse space at 14335 Inwood Road in Farmers Branch. Josh Barnes with Holt Lunsford Commercial represented the landlord, and Chad Albert and DJ Draper of Stoic Real Estate Partners represented the tenant.
SALES
CBRE arranged the sale of Denton Point I and II, two warehouse and distribution facilities totaling 242K SF in Denton, to San Diego-based Westcore for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
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Plan B 1.0 purchased 2900 North I-35E, a 43K SF office and industrial building in Carrollton. Hudson Taylor and Al Paniagua of Swearingen Realty Group represented the purchaser. DJ Draper and Chad Albert of Stoic Real Estate Partners represented the seller.
CONSTRUCTION AND DEVELOPMENT
Caddis Partners broke ground on Frisco Medical Pavilion II, a Class-A, 60K SF medical office building at 12850 Dallas Parkway in Frisco. The general contractor for the project is Richardson-based Novel Builders, the architect is Dallas-based Grace Hebert Curtis Architects, and the civil engineer is Hart Gaugler + Associates. Transwestern Real Estate Services handles leasing for the project, which has an estimated delivery of early 2024.
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OliveMill Holdings will kick off a multimillion-dollar renovation in March at 2801 North Central Expressway, an 18-story, 240K SF office building that will be rebranded as One West Village. The updated tower will include a refresh of the bottom floor, bathrooms, lobby finishes and elevators. The renovation also includes the addition of locker rooms, a fitness center, coffee shop, tenant lounge and conference areas, and outdoor patio.
Partners on the building acquisition and repositioning include Angelo Gordon and Hunt Realty Investments. Gensler is leading the design. The project is expected to be complete by late summer.
FINANCING
Primrose Capital arranged $33M in construction financing on behalf of Alder Development for Alders at Prosper, a Class-A active adult community slated for Prosper. The 25-year, fixed-rate financing was secured through a Texas-based bank, and proceeds of the loan will be used to commence construction.
THIS AND THAT
Dallas-based Conti Capital has partnered with iCapital, a global fintech platform for alternative investing, to offer investment opportunities to Conti’s U.S.-based multifamily real estate funds. ICapital’s platform now features the Conti RE High-Growth Fund IV, a $200M fund concentrated on acquiring Class-A multifamily properties in rapidly growing Sun Belt markets.
