This Week's Dallas-Fort Worth Deal Sheet
Frisco Planning & Zoning Commission recommended approval of The Mix, a 112-acre development slated for Dallas Parkway and Lebanon Road.
Plans for the $3B development include about 2M SF of office space, 375K SF of retail, two hotels, and an unspecified number of for-sale townhomes and urban living units, according to a news release. It would be built around a 9-acre park and include more than 16 acres of green space.
Phase 1 comprises 100K SF of retail, including a 40K SF grocer and a 120K SF, Class-A medical office building. It would also include some apartments and is slated to take approximately three years to complete.
The site was supposed to house the $2B Wade Park development, but those plans were abandoned after lenders seized the property in 2019. A year later, Georgia-based owner Wade Park Land declared Chapter 11 bankruptcy.
Dallas-based StreetLights Residential is partnering with JVP Management on the development. Frisco City Council is expected to vote on the project in September.
PEOPLE
James Sims joined Premier as director of architecture. With almost 40 years of industry experience, Sims will oversee Premier’s project delivery strategy, including leading site-planning efforts. He will also lead the architecture team in developing and implementing clients’ architectural vision and strategy.
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CAF Capital Partners hired Jason Geer as senior vice president of acquisitions. His role will center on driving ongoing expansion efforts in the southeastern region. His focus will be directed toward acquisitions, equity partnerships and specialized client relationships, all within the multifamily domain. Prior to joining CAF, Geer spent more than 25 years with Invesco Real Estate.
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Dallas-based Citadel Partners promoted Mac Morse to market principal and Katherine Jessen and Paul Clarkson to senior adviser roles. Morse specializes in tenant representation, acquisition/disposition assignments, and lease and purchase negotiations. Jessen focuses on helping office clients with their real estate needs and strategy. Clarkson specializes in the Northwest Dallas industrial and metropolitan submarkets, advising clients in tenant representation, leasing, acquisition/disposition, build-to-suit and design-build assignments.
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TAM Residential, a third-party property management company based in Plano, and its parent company, Post Investment Group, promoted Michele Butler to president. Butler will lead the company’s strategic growth plans nationwide and oversee profit and loss on all portfolios.
LEASES
LKQ signed a 523K SF lease at Logistics Center 12 in DFW Park 161, a 197-acre, master-planned, Class-A industrial park in Irving. Kurt Griffin and Nathan Orbin of JLL represented the landlord, Perot Development Co. Jacob Bobek and Tim Vogds of CBRE represented the tenant. DFW Park 161 is a joint venture between Perot Development Co. and Invesco Real Estate. Peinado Construction is the project’s contractor, and Halff Associates are the architects.
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LanCarte Commercial finalized a 12K SF industrial lease at 411 Riverside Drive in Fort Worth. LanCarte’s Nick Talley and Brandon Alexander represented the tenant, Bay Power Inc.
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Lee & Associates DFW completed a lease transaction for a 20K SF industrial building at 2626 West Pioneer Parkway in Grand Prairie. The Class-A truck maintenance facility will be occupied by MHC Truck Leasing for its trailer leasing and repair business. Jarrett Huge and Alex Wilson of the DFW office represented both the tenant and the landlord, Abdalla 2816 Pioneer.
SALES
Taurus Investment Holdings acquired a last-mile industrial portfolio, comprising 12 Class-B industrial buildings totaling 924.7K SF across the Dallas and Atlanta markets. The Dallas portfolio is six buildings totaling 590K SF and is 100% occupied. The average building is 77K SF.
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Lee & Associates DFW has completed a new sale transaction for 36 acres of industrial land on East Highway 114 in Rhome. Alex Wilson of Lee & Associates DFW represented the buyer, Metro Cos. Nathan Denton and Jeremy Mojica, also of Lee & Associates DFW, represented the seller, W & L Jones Realty Holdings.
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Rise48 Equity acquired Creekside at North Lake Apartments, a 228-unit apartment property in Dallas. The company plans to spend more than $5M renovating the property’s exteriors and interiors. The property is the company’s fifth acquisition in the Dallas market.
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Bleecker Partners acquired 3201 May St., a 24K SF, shallow-bay industrial warehouse in South Fort Worth. The property will undergo renovations and it will be rented to services-oriented businesses. Transwestern's Jeff Givens and Garrison Lackey facilitated the transaction.
CONSTRUCTION AND DEVELOPMENT
Thermomix plans to move its headquarters from Thousand Oaks, California, to Dallas by the end of this year, according to the Dallas Business Journal. The company has not specified an exact address or the number of jobs involved in the move.
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PMB Capital Investments opened Adaline at The Station, a community featuring 297 studio, one- and two-bedroom apartment homes. The property is located within The Station, a 134-acre, $500M mixed-use district in Sachse. PMB also recently completed an additional 18K SF of restaurant and retail space that is available for immediate occupancy.
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IWG, a hybrid work space provider, is opening nine flexible workspaces in Texas, including in the DFW markets of Lancaster, Irving, Arlington and Dallas. These locations, which will open between the third quarters of 2023 and 2024, are delivering through managed partnerships across IWG’s HQ and Regus brands. The average square footage is just shy of 10K SF.
