This Week's Dallas-Fort Worth Deal Sheet
A 920K SF industrial building in Dallas has traded hands.
Cohen Asset Management purchased Building 1 at DalParc Logistics Center for an undisclosed price, according to a news release. VanTrust owns land within the park that can accommodate up to 1.4M SF, according to the developer’s website.
The property at 3351 Balmorhea Drive was constructed in 2016, and significant improvements were made in the last year, including new roofing, increased air circulation, upgraded racking and loading dock improvements. It is fully leased to a single tenant.
“There was significant investor interest in DalParc 1 as demand for industrial space in DFW continues to be unprecedented,” CBRE National Partners' Jonathan Bryan said in a statement. “The quality and location of the building, combined with stable rent income over the next 10 years, made this a highly desirable asset.”
Bryan, along with CBRE's Randy Baird, Ryan Thornton, Nathan Wynne and Eliza Bachhuber, arranged the transaction on behalf of the seller.
PEOPLE
Holt Lunsford Commercial promoted Chase Stone, former senior vice president of Dallas office leasing, to managing principal and leader of HLC’s Dallas office group. Alongside John Dickenson, Stone will be responsible for leading all leasing and business development initiatives and client management efforts for HLC’s Dallas office portfolio. Stone has been with HLC since 2022.
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Partners Finance, the fundraising division of Partners Real Estate, hired securities and investment fundraising executive Jake Crater to spearhead the investment platform's fundraising initiatives in Dallas. Crater joins the company on the heels of the launch of its crowdfunding website. In his new role, Crater will work alongside Managing Director Brett Chiles to raise funds and work with accredited individual investors, family offices, institutional investors and registered investment advisers, helping them invest in a variety of funds and development projects sponsored by Partners Real Estate.
SALES
Marcus & Millichap sold Casa Bella, a 46-unit apartment property at 2626 West Walnut St. in Garland. The Silva Braly Multifamily Team, consisting of First Vice President of Investments Ford Braly, associate Dylan York and Senior Managing Director of Investments Al Silva, had the exclusive listing to market the property on behalf of the seller, a private out-of-state investor. They also secured the buyer, a local private investor, who assumed the fixed-rate Freddie Mac loan and plans to modernize and improve the property and operations.
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Rise48 Equity acquired Cantebria Crossing Apartments, a 176-unit multifamily property in the DFW area. The firm plans to spend more than $5M renovating the property’s interiors and exteriors.
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AlterraIOS purchased a 13K SF industrial outdoor storage property at 3002 National Drive in Garland. The property was renovated to include a brand-new showroom and office to accommodate the tenant’s Texas operations.
CONSTRUCTION AND DEVELOPMENT
The DEC Network is preparing to break ground on a 20K SF innovation center at The Shops at Redbird in Dallas. The new venture, known as The DEC Network's Redbird Innovation Center, will be developed by Russell Glen Co. and will house The DEC Network's headquarters, substantial coworking and business incubation space, accelerator programs, podcasting rooms and event space. It is slated to open in December or January.
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Cosm is about to break ground on a 65K SF public entertainment venue at Grandscape Dallas in The Colony. Once construction is complete in fall 2024, Cosm will deliver immersive shared reality experiences to guests on its 87-foot LED dome. Venue programming will consist of art exhibitions, experiential content, and live sports and entertainment events, including NBA games and pay-per-view UFC events.
THIS AND THAT
Dallas-based VanTrust Real Estate launched VanTrust Science + Technology, a national real estate investment and development division focused on the life sciences, research and development, institutional, governmental, biotech, pharmaceutical and technology industries. VanTrust co-founder and Executive Vice President Rich Muller has been tapped to lead the expansion. Jeff Turk and Ryan Lidke from the VanTrust development services team will provide design and construction oversight. Two Kansas City executives, Scott Hall and Lori Top, will join the team as vice presidents.
