This Week's Dallas-Fort Worth Deal Sheet
Common Ground Capital has launched a $50M fund aimed at acquiring and operating 300 single-family rentals in Dallas-Fort Worth and beyond.
A limited supply of affordable housing stock, coupled with stricter lending requirements and higher interest rates, has made SFRs an attractive option for large portions of the home-seeking market, Common Ground Managing Director Ty Lee said.
“The demographic fundamentals of single-family homes remain strong for the asset class, as there is still a need for homes,” Lee said in a statement. “Dallas Fort-Worth’s central location, diverse economy and strong labor market make it a prime location to continue acquiring homes.”
The move comes on the heels of Common Ground’s first fund, which raised $9M in 12 months and allowed the company to purchase 45 SFRs, according to a news release. The company has also launched Common Ground Management, an in-house property management division.
PEOPLE
Stream Realty Partners hired Shawn Street to serve as vice president of the Dallas land division. He will work alongside Senior Vice President Demian Salmon and will be responsible for helping owners, developers and investors maximize the value of their real estate holdings. Street was a senior vice president with Younger Partners and founded Street & Associates prior to joining Stream.
LEASES
Cushman & Wakefield secured a 30.7K SF lease with Forv/s on behalf of Taconic Capital Advisors at International Plaza 2, a Class-A+ office building located at 14221 Dallas North Tollway in Dallas. Matt Schendle, Chris Taylor and Carrie Halbrooks of Cushman & Wakefield represented the landlord in the lease negotiations, and Clay Vaughn and Jihane Boury of CBRE represented the tenant.
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Cummins Clean Fuel Technologies signed a lease renewal and expansion at AllianceTexas’ Gateway 57 building, located at 1051 Republic Drive in Roanoke. The company, which manufactures self-branded natural gas fuel delivery systems for the North American commercial vehicle market, will now occupy nearly 160K SF. The expansion includes an additional 50% of manufacturing space.
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Antech Diagnostics signed a 22.6K SF lease renewal and expansion, adding 9.6K SF of flex space in Royal Jetstar Tech Center, 4040 West Royal Lane in Irving. Jason Finch, first vice president of Bradford Commercial Real Estate Services, and Michael Spain, executive vice president and managing partner, represented the landlord, Pre DFW Airport. Ryan Buchanan of CBRE represented the tenant.
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Lee & Associates DFW completed a lease transaction for 42K SF of industrial space at 2102 Terminal Road in Fort Worth. Corbin Blount and Adam Graham of Lee & Associates represented the tenant, Echo Fibers. Britton New of GT Industrial Properties represented the landlord, GT Industrial Properties.
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Lee & Associates DFW completed a lease transaction for 19.4K SF of industrial space at 3520 West Miller Road in Garland. Taylor Stell of Lee & Associates Dallas Fort Worth represented the tenant, Timberlake & Dickson. Josh Barnes of Holt Lunsford Commercial represented the landlord, The Realty Associates Fund XI.
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Whitebox Real Estate facilitated a 160K SF lease for Skyline Displays at 2610 Weir St. in Dallas. The new location will allow the Minnesota-based company to expand its custom modular exhibit capabilities. Skyline was represented by Grant Pruitt, Brendan Zrowka and Lauren Pesqueda of Whitebox in conjunction with Ted Carlson and Tim Tysk of Carlson Partners in Minnesota.
SALES
ZTEX, led by Christopher Zamora, purchased a 5.3-acre tract of land at the northwest corner of Interstate 30 and FM 551 in Fate from Petro-Hunt for an undisclosed price. Thurston Witt with CBRE represented both parties in the transaction. ZTEX plans to use the land to build the Rockwall County Volkswagen car dealership. This will be the company’s fourth dealership in Texas and first in DFW.
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Dallas-based equity investor Realty Capital Partners and WindMass Capital formed a joint venture to acquire Wyndham on the Creek, a 151-unit apartment community located at 9633 West Ferris Branch Blvd. in Dallas. The joint venture plans to renovate the property over a period of two years.
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Greysteel arranged the sale of Wright Senior Apartments, a 154-unit mixed-income property in Grand Prairie. Senior Associate Murphy Holloway and Senior Managing Director Doug Banerjee of Greysteel’s national affordable housing team, which is based in Dallas, represented the seller and procured the buyer. The community offers 123 rent-restricted units and 31 market-rate apartments. The buyer assumed the seller's existing loan from the U.S. Department of Housing and Urban Development and will continue to offer affordable units.
CONSTRUCTION AND DEVELOPMENT
Adolfson & Peterson Construction completed work on International Business Park’s Building 18, a five-story, 242K SF office property in Plano. The project also included a 180K SF parking garage. GFF was the architect for the project. Trevor Franke and Gini Rounsaville with JLL are coordinating leasing for owner and developer Billingsley Co.
International Business Park is a 300-acre, master-planned campus with 11 buildings and 1.4M SF of office space.
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Weaver completed an interior renovation at its 36K SF office in downtown Fort Worth, located at 2821 West Seventh St. The architect for the project was Corgan, and the general contractor was Pacific Builders.
FINANCING
Marcus & Millichap Capital Corp. arranged a $5.1M loan for the acquisition of a retail property in McKinney. Adam Pike, associate director of capital markets, secured the financing.
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Managing Director Jonnie Haber of Hirshmark Capital, a New York-based private lender specializing in short-term bridge capital, provided acquisition financing for two East Dallas apartment complexes: The Edition, located at 5207 Columbia Ave., and The Haskell, 1518 North Haskell Ave. The properties include 53 units and 37K SF. The $4M loan was closed within 26 days of a signed term sheet.
