This Week's Dallas-Fort Worth Deal Sheet
Fortis Property Group is gearing up for a multimillion-dollar makeover for Chase Tower in Downtown Dallas.
The 55-story skyscraper will be renamed Dallas Arts Tower and will receive a new lobby and two new restaurants, according to a news release. Construction is expected to start in late summer, with an early 2024 completion.
“Fortis is excited to reimagine the former Chase Tower into the gold standard of commercial real estate in Dallas,” Fortis Chief Investment Officer Terrence Storey said in a statement. “Over the coming months, this landmark building will have new dining areas, an upgraded lobby and modern public areas to complement the already best-in-class tenant amenities.”
Milkshake Concepts has been awarded space in the lobby and the rotunda to launch two eateries. ENTOS Design is working with restaurant architect 75 Degree Design Studio on the common area improvements.
Jack Gosnell, Elizabeth Herman Fulton and Marissa Stave with CBRE negotiated Milkshake Concepts’ lease on behalf of Fortis and are leading retail leasing. Stream Realty Partners Executive Vice President and partner J.J. Leonard and Managing Director Matt Wieser are the leasing agents for the 125M SF office portion of the building.
LEASES
Partners arranged a 11K SF industrial lease with CP Supply Co. at 10480-10490 Brockwood Road in Dallas. Partners’ Jeff McVaney represented the tenant in the transaction. The landlord was represented by Josh Barnes from Holt Lunsford Commercial.
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Partners arranged a 19K SF industrial lease with Executive Refreshments at 13703-13707 Gamma Road in Farmers Branch. Partners’ Jeff McVaney represented the tenant in the transaction. The landlord was represented by Chad Albert and DJ Draper from Stoic Real Estate Partners.
SALES
GREA sold Southgate Manor 2023, a 158-unit apartment community located at 1200 East Seminary Drive in Fort Worth. Executive Managing Director Mark Allen represented the seller, a Texas-based investor, and closed the transaction in just under 75 days.
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Eagle Property Capital Investments sold Colinas Ranch Apartments, a 160-unit apartment community located at 3203 West Walnut Hill Lane in Irving. The Property was acquired by EPC Multifamily Partners IV and RealtyMogul 89 in October 2018.
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Wellington Realty sold Cielo Azul Apartments at 1826-1829 Esters Road in Irving. The seller, an out-of-state investment group, purchased the asset in 2015. The buyer is an undisclosed local group. Wellington Realty Managing Partner David Shaffer, partner Caleb Jones, Director Will Miller and investment sales associate Charles Larkam worked on the transaction out of the company’s Dallas office.
CONSTRUCTION AND DEVELOPMENT
Bandera Ventures and Invesco Real Estate kicked off construction at Southport Logistics Center, a master-planned, Class-A logistics park in Wilmer. Building 1, a 746K SF facility, and Building 2, comprising 744K SF, are scheduled for completion in the third quarter. JLL’s Kurt Griffin, Nathan Orbin and Dalton Knipe are handling leasing.
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Suffolk celebrated the groundbreaking of the Dallas County Mesquite Government Center. The 56K SF, two-story building in Mesquite will serve as the new home for multiple government departments and user groups, including the tax office, constable office, justice of the peace and juvenile services, as well as an area for community space and early voting operations. The project is scheduled to finish construction in June 2024 and is being completed under a design-build partnership with Moody Nolan.
FINANCING
Marcus & Millichap Capital Corp. arranged a $4.8M loan for the acquisition of an office building that will be renovated into a 10K SF Montessori preschool at 1140 West Campbell Road in Richardson. Kevan McCormack, senior director of capital markets based out of the MMCC Dallas office, secured the financing on behalf of clients Brytar Cos. and EvCap Investment.
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ZOM Living secured a $109M refinance loan for Atelier, a 41-story luxury apartment tower in the Dallas Arts District. The 417-unit project, which also includes 15K SF of retail, broke ground in June 2018 and is 93% leased.
THIS AND THAT
M&D Real Estate launched a new business line, M&D General Contracting, focused on commercial build-outs in an array of sectors, including retail, office, light industrial, medical, dental and restaurant. Michael Allen, the firm’s new vice president of general contracting, will spearhead the effort.
