This Week's Dallas-Fort Worth Deal Sheet

Lincoln Property Co. is doubling down on its retail business through the formation of a joint partnership with California-based Paragon Commercial Group.

The firm has tapped Paragon co-founder Jim Dillavou to lead its retail platform as national head of retail real estate investments and retail capital markets, per a news release. Its plan is to target institutional-quality assets on the West Coast.

“This joint venture with Paragon underscores our belief in the growth of the retail sector as it gains popularity with institutional investors at levels we haven’t seen in over a decade,” Lincoln co-CEOs Clay Duvall and David Binswanger said in a joint statement. “Under Jim’s leadership, we look forward to positioning Lincoln as a ‘first mover’ with institutional investors in this increasingly popular asset class, while at the same time creating a true national retail platform that establishes Lincoln as a formidable player in the retail space.”

Dillavou will partner with Lincoln’s investment management team, led by Chief Investment Officer Maria Stamolis, to source investment capital for acquisition, development and redevelopment opportunities. Paragon co-founders Mark Harrigian and Erwin Bucy will also help spearhead the West Coast expansion.

PEOPLE

Premier hired Richard Oakes as senior vice president of procurement. In his new role, he will be responsible for developing and implementing procurement strategies to optimize the acquisition of goods and services while ensuring cost savings, quality and efficiency for hotel brands. Before joining Premier, Oakes held positions at Omni Hotels & Resorts, Zoës Kitchen, Gaylord Entertainment Co., Marriott Hotels & Resorts, InterContinental Hotels Group and other hospitality brands.

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NELSON Worldwide welcomed Joseph Pobiner as regional practice leader in the mixed-use division. In his new role, Pobiner will work closely with national leadership to expand the firm’s mixed-use practice with a focus on the Texas and Southwest markets.

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Ashland Greene Capital appointed Peter Hales as chief financial officer and Jesse Rosenstock as vice president of finance and accounting. As CFO, Hales is responsible for overseeing all financial operations at Ashland Greene, including asset management, accounting, finance and acquisitions. Rosenstock, a licensed certified public accountant with more than 13 years of real estate experience, will lead Ashland Greene's accounting department and contribute to the development of the firm's finance department.

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Mycon General Contractors promoted Chip Myers to vice president. Myers joined Mycon in 2016 as a project engineer and most recently served as a project director. In his new role, Myers will help acquire new clients and additional jobs with a specific focus on the Southeast region. He will also work to expand the firm’s business units revolving around automation and robotics.

LEASES

RingCentral leased a more than 35K SF office building at 14675 Dallas Parkway in Addison. The company, which provides global enterprise cloud communications powered through artificial intelligence, has 125 employees currently based in the Addison office. The company projects an additional 30% headcount growth by the end of the year.

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Lee & Associates completed a lease transaction for 25.6K SF of industrial space at 9151 King Arthur Drive in Dallas. Principal Mark Graybill represented the landlord, Trio Pines. Lighthouse Fence Supply is the tenant.

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CSMS signed a 98K SF renewal and expansion, adding 5.6K SF of industrial space at 460 West Mockingbird Lane in Dallas. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas. David Easterling of CBRE represented the tenant.

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Pegasus Industries leased the entirety of McKinney Trade Center, a 171.4K SF industrial facility at 424 Wilmeth Road in McKinney. The tenant was represented by Brett Lewis of Lee & Associates, and the owner, ML Realty Partners, was represented by Adam Graham and Ken Wesson of Lee & Associates.

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Stream Realty Partners completed the following transactions. 

• Freight Crafters Inc. leased 100K SF at K-30 Logistics Center in Grand Prairie. Stream’s Luke Davis and Hank Paden represented the landlords, CA Ventures and DWS. John Brewer and Riley Maxwell with Transwestern represented the tenant.

• Vector Concepts renewed its 57.4K SF at Prologis Freeport Distribution Center in Irving. Stream’s Jeremy Kelly, Lena Pierce and Ryan Boozer represented the landlord, Prologis. Chris Mathis with Newmark represented the tenant.

• Wilsonbauhaus Interiors leased 69.2K SF at Core35 Logistics Center in Dallas. Stream’s Pierce, Boozer and Sarah Ozanne represented the landlord, Crow Holdings Industrial. Newmark represented the tenant.

• Spectral MD renewed 18.5K SF at 2515 McKinney Ave. in Dallas. Stream’s Rhett Miller and Patrick Cruz represented the landlord, J.P. Morgan. Newmark represented the tenant.

• SiriusXM renewed 58.3K SF at 8550 Freeport Parkway in Irving. Stream’s Miller and Tim Terrell represented the landlord, UBS. Ryan Buchanan with CBRE represented the tenant.

SALES

LanCarte Commercial Real Estate facilitated the sale of approximately 26 acres of privately owned land on Panther Island in Fort Worth. The sale represents the private sector’s largest single capital investment for land in the development and coincides with the ongoing collaborative planning efforts between public and private stakeholders. Sarah LanCarte, Daniel Shelley and Darren Cain of LanCarte Commercial represented the seller, Panther Acquisition Partners, a private Texas-based real estate investment firm. Austin-based Seco Ventures acquired the portfolio asset.

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Citadel Partners facilitated the sale of a 74K SF industrial building at 3801 Arapaho Road in Dallas. Senior Advisor Mac Morse and Advisor Paul Clarkson represented the seller, JP Oil Holdings. The buyer, Georgia Underground & Supply, was represented by Jeremy Mercer and Keenan Cook of Mercer Co. 

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Affiliates of Paceline Equity Partners acquired Renaissance Dallas at Plano Legacy West Hotel. The acquisition represents Paceline’s first strategic partnership with ESR Group, an Asia-based real estate manager with more than $140B in assets under management.

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West Shore acquired The Livano at Bluewood in Celina. The property has been renamed and will now operate as Atlas Bluewood Apartments. The acquisition is West Shore’s sixth purchase in Texas and second purchase in the Metroplex, bringing its total units in the state to nearly 1,900. 

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Cawley Partners acquired CP Frankford Trade Center, located at 1525 West Frankford Road in Carrollton. The 187.4K SF property is fully leased to Mary Kay Inc., which has been a tenant in the building since 2003. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the seller in the transaction. 

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Westcore completed a forward purchase of Rockwall Distribution Center from Stream Realty Partners for an undisclosed sum. The recently completed 301K SF industrial building is located at 1351 Corporate Crossing in Rockwall. Dustin Volz, Stephen Bailey and Dom Espinosa of Newmark as well as Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the seller in the transaction. 

CONSTRUCTION AND DEVELOPMENT

The Woodmont Co. broke ground on Berkshire Corner, a 12K SF shopping center at 9937 Blue Mound Road in north Fort Worth. The development will include tenants such as Jersey Mike's Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop and ProSmiles Dental. Leasing is being led by Woodmont agents Jake McCoy and Jack Mock. 

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Krusinski Construction Co. began construction on Wintergreen Distribution Center at 300 West Wintergreen Road in DeSoto. The 553K SF spec building is scheduled to be ready for occupancy in March. Members of the Krusinski team include Project Manager Brian Heinrich, Project Engineer Kuy Parker, Senior Project Superintendent Michael Urick and Project Coordinator Erin Anderson. Azimuth Architecture is leading the architectural design, and Kimley-Horn is the civil engineer and landscape architect.  

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Welker Properties will develop Wolf Creek Farms Melissa Build-to-Rent, a $95M project that will bring 343 Class-A units. The firm plans to begin construction in the fall, with a goal of completion by the end of 2025. 

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Presidium completed the first phase of Presidium Berkshire, a 340-unit community located in Fort Worth. The development, designed by Dallas-based O’Brien Architects, spans 352K SF. The adjacent Phase 2 will break ground at the end of this year and will consist of 302 units. Both communities are located along Berkshire Lake Boulevard and Blue Mound Road. 

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Cardinal Road Self-Storage, a three-story, climate-controlled facility, was recently completed in Waxahachie. Merriman Anderson Architects provided architectural and interior design services for the property, which encompasses more than 76K SF and 570 storage units. 

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Adolfson & Peterson Construction and Reunion Rehabilitation Hospitals recently completed two hospitals in DFW. Both facilities were done in partnership with healthcare real estate developer America Development & Investments. The Plano hospital, located on the northwest corner of Mapleshade Lane and Highway 190, is a 55.6K SF custom-built hospital featuring 48 patient rooms. Reunion Rehab Arlington at 4351 Centreway Place is a 51K SF, three-story hospital featuring medical staff rooms and expansive day rooms for patients. The Plano location was designed by BSA LifeStructures. Callaway Architecture designed the Arlington hospital.

FINANCING

CBRE arranged a loan for the refinancing of Interchange 20/45 Building 2, an 800.7K SF warehouse located at 1305 Cleveland Road in Hutchins. Mike Ryan, Brian Linnihan and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Affinius Capital, in the deal, which also included another warehouse in Georgia. The two loans were secured through DekaBank. The total loan amount was not disclosed.