This Week's Dallas-Fort Worth Deal Sheet

Austin-based High 5 Entertainment broke ground on its first DFW location at The Farm in Allen.

The development will cover more than 3 acres with a 41K SF building, according to a news release. Amenities will include a miniature golf course, a 24-lane bowling alley, a two-story laser tag arena, ax-throwing, escape rooms, and a scratch kitchen with a full bar.

“High 5 will bring a special component of family entertainment to The Farm in Allen, offering both Allen residents and visitors a great place to gather and build community,” developer Bruce Heller, president of JaRyCo, said in a statement. “We spend a lot of time creating a great mix of unique amenities for The Farm, and we are extremely pleased to be the first Dallas-area location of High 5.”

The Farm is a 135-acre mixed-use development at the southeast corner of Sam Rayburn Tollway and Alma Drive. It includes urban residential, senior living, retail, corporate headquarters, townhomes and lofts, restaurants and entertainment.

PEOPLE

Peery Wood joined Stream Realty Partners as an executive vice president. He will be responsible for expanding the company’s tenant representation business across DFW. His expertise includes advising and executing lease renewals, office expansions and relocations for national and global tenants. Prior to Stream, Wood spent more than 10 years at CBRE, where he last served as a senior vice president.

LEASES

JLL facilitated lease transactions totaling 89K SF at Bank of America Plaza over the past five months. The Downtown Dallas building is owned by Metropolis, and leasing efforts for the property are spearheaded by JLL’s Russ Johnson and Joel Pustmueller. Leases were signed with:

• Simon Greenstone Panatier, represented by Cushman & Wakefield’s Ryan Hoopes and Tom Sutherland.
• Carrington, Coleman, Sloman & Blumenthal, represented by CBRE’s Phil Puckett, Harlan Davis and Clay Vaughn.
• Crowe Arnold & Majors, represented by Whitebox Real Estate’s Brendan Zrowky.
• Covalus, represented by Cushman & Wakefield’s Hoopes and Alexandra Boury.
• Caprock Consulting, represented by NAI Robert Lynn’s Jayson Montoya.
• Parks for Downtown Dallas, represented by Todd Awe Real Estate’s Todd Awe.

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Lee & Associates DFW completed an industrial lease transaction for 25K SF at 2151 Heritage Parkway in Mansfield. Robert Miller of Lee & Associates represented the tenant, Divert. Heritage Mitchell Road is the landlord.

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Texas AirSystems leased the entirety of Royal Ridge II, a 103K SF office building at 8081 Royal Ridge Parkway in Irving. Dan Harris and Ryan Boozer of Stream Realty Partners represented Texas AirSystems. John Brownlee and Michael Williams of JLL represented the landlord, an affiliate of Menlo Equities.

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Dallas-based residential real estate company Bridge Tower Properties moved into two office suites comprising 16.6K SF in Three Lincoln Centre at 5430 Lyndon B. Johnson Freeway in Dallas. NAI Robert Lynn President Nick Lee and Executive Vice President Kent Smith represented the tenant in the transaction. Matthew Schendle, Clint Madison and Zach Bean of Cushman & Wakefield represented the landlord.

SALES

Bleecker Partners acquired Lovett Business Park, an 80K SF multitenant, shallow-bay industrial warehouse at 8230-8238 Lovett Ave. in Dallas. The development is undergoing upgrades to enhance the curb appeal and address deferred capital maintenance.

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Green Acres Nursery & Supply purchased 9.5 acres at Willow Grove Crossing, located at 1922 Central Expressway in Melissa, for an undisclosed amount. Stream Realty Partners Senior Vice President Demian Salmon and associate Chap Bernet represented the seller, Flamingo Daze, in the transaction. David Sacher of Shop Cos. represented the buyer.

CONSTRUCTION AND DEVELOPMENT

Houston-based Alliance Industrial Co. broke ground on Point South Commerce, a 258K SF warehouse in South Fort Worth. Holt Lunsford Commercial’s Matt Carthey and Thomas Grafton will lead leasing efforts. The project is expected to be complete by the end of this year.

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JPI broke ground on Jefferson Addison Heights, a Class-A development that will bring 290 apartments to Addison. The five-story development will span nearly 3 acres at the southeast quadrant of Airport Parkway and Addison Road. Leasing is expected to begin next October.

FINANCING

The Dallas-based office of Trez Capital closed a $24M loan to Provident Realty Advisors for the development of the first phase of Hillstead, a 281-home master-planned community. The 540-acre site is just north of Rockwall in Collin County and will have approximately 1,000 single-family homes with lot sizes ranging from 40 to 70 feet. This deal marks Trez Capital’s fifth financing to Provident Realty Advisors. Phase 1 lots are expected to be delivered by late spring or early summer of next year.

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Landmark Cos. secured $45M in construction financing for Arden at Corinth, a multifamily project at 3451 FM 2181 in Corinth. Phase 1 of the 296-unit Class-A development, which includes a mix of townhomes and apartments, is scheduled to deliver in the first quarter of 2024. A New York City-based debt fund provided the three-year loan. The total project cost is $63.3M.

THIS AND THAT

Stream Realty Partners teamed up with Project Destined to give 12 college students in the Dallas market the opportunity to learn about commercial real estate through a work-based curriculum. Project Destined, founded in 2016 by former investment banker and Harvard graduate Cedric Bobo, is a social impact vehicle that introduces diverse talent to CRE. 

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Blue Drake Capital raised $70M to launch Blue Drake Med Fund II, which will target the acquisition and development of healthcare, dental and veterinary properties. The firm increased the fund’s target by $20M after early investor interest outpaced the original goal of $50M. Fund I is 85% committed and has acquired seven properties in Texas, Indiana, Arizona, Colorado and Florida. Fund II will aggregate properties in the Sun Belt, with an emphasis on Texas. 

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New York-based RD Management and New Jersey-based JMF Properties formed a joint venture to pursue growth opportunities in DFW. Operations will be based out of Highland Park Place at 4514 Cole Ave. in Dallas, where an acquisitions team led by Gaetano Sinacola will source new deals and pursue opportunities for ground-up residential, commercial and mixed-use development, including large-scale redevelopment projects. 

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Hall Arts Residences, a 28-story luxury residential tower in the Dallas Arts District, is the first multifamily tower in Texas to receive WELL Gold certification, issued by the International WELL Building Institute. Last fall, The Hall Group development also received LEED Gold certification, issued by the U.S. Green Building Council.

CORRECTION, JUNE 21, 2:02 P.M. CT: A previous version of this story misidentified JaRyCo. It has been updated.