This Week's Dallas-Fort Worth Deal Sheet
The next phase of Dallas’ Pegasus Park is set to top out in October.
The renovation of two adjoining buildings will make way for BridgeLabs, a facility that will add 135K SF of research and lab space to the master-planned life sciences and biotech campus, according to a release. BridgeLabs is set to be complete by the second quarter of 2024.
The facility will be next to BioLabs, a 37K SF shared lab space that opened in 2020.
Construction management and contracting firm Swinerton partnered with Montgomery Street Partners and J. Small Investments on the project. Property Management Advisors and Perkins & Will helped develop creative solutions for the building renovation and expansion.
“We are excited to partner with Swinerton to continue the progress at Pegasus Park and grow the ecosystem, paving the way for world-class laboratory space,” Grant Dziuda, senior project manager at Montgomery Street Partners, said in a statement. “Bridge Labs will serve as Dallas’ premier life sciences destination, and we are proud to develop space that drives collaboration and innovation.”
PEOPLE
CyrusOne promoted Jim Roche to senior vice president of engineering. In this role, Roche will lead CyrusOne’s engineering development team, overseeing engineering and design services, including power and usage projections, floor planning, connectivity assessments and implementation scheduling. Prior to joining CyrusOne, Roche worked for nearly 20 years in the data center design and build industry.
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Mohr Partners added Tod Zhang to serve as director in its Dallas office. Zhang will focus on building the firm’s tenant representation practice in North Texas by leveraging Mohr Partners’ supply chain and logistics data analytics platform to advise industrial occupier clients in site selection. Zhang comes to Mohr Partners from Mercer Co., where he focused on representing industrial tenants in Dallas-area submarkets.
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Dallas-based MYCON General Contractors promoted Rick Dubec to senior vice president. In this role, Dubec is responsible for leading the growth of MYCON’s Central Texas and Arizona offices, as well as the firm’s special projects and distribution center sectors.
LEASES
Citadel Partners represented the city of Richardson in its approximately 80K SF lease at 2360 Campbell Creek Blvd. in Richardson. The site serves as a temporary City Hall and library while new facilities are built following an August 2022 fire at City Hall. The project is underway in conjunction with a bond program to renovate existing space at the library. Citadel Partners Managing Partner Scott Jessen and market principal Mac Morse represented the city in the lease, which includes about 48K SF for the temporary City Hall and another 29K SF for the library.
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Larks Entertainment leased 25K SF in Fairview Town Center at 351 Town Place in Fairview. The shuffleboard complex is scheduled to open in December. Joseph Williams of The Woodmont Co. represented the tenant. Walt Davis of Lincoln Property Co. represented the landlord.
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Brunswick Group signed a 15K SF lease at 3811 Turtle Creek, a 21-store, 301K SF Class-A tower in Dallas. Jihane Boury, vice chairman at Savills, represented Brunswick Group in the transaction. Kim Brooks, Justin Miller and Scott Walker with Transwestern Real Estate Services represented the owner, KBS.
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Belt Power will double the size of its office by expanding to 14K SF in the Woodlands Business Center at 2007 108th St. in Grand Prairie. Sam Skinner of Icon Commercial Interests represented the tenant. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the owner, SL Project Texas.
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Airguard Packaging Solutions renewed its 12K SF lease at the Woodlands Business Center, 2005 108th St. in Grand Prairie. Adam Brown of NAI Robert Lynn represented the tenant. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the owner, SL Project Texas.
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PNC Bank signed a lease for 15K SF of Class-A office space at The Crescent Fort Worth, a new mixed-use development at 3230 Camp Bowie Blvd. Members of PNC’s corporate, commercial and private bank teams will relocate to the new space in early 2024.
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Ameripac extended its lease to 162.5K SF at International Commerce Park, 1011 North 28th Ave. in Irving. Newmark’s Blake Anderson represented the tenant.
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Painted Tree leased 30.4K SF of anchor space in Grapevine Towne Center, a retail development on State Highway 114 in Grapevine. Weitzman’s Ben Terry, Lynn Van Amburgh, Avery Frisbie and Jennifer Chandler negotiated the lease on behalf of the center. Jacob Goodman with Peel CRE represented Painted Tree.
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Lee & Associates DFW completed a 28.6K SF lease transaction for Baker Distributing Co. at 10701 North Stemmons Freeway in Dallas. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, EastGroup Properties.
SALES
Bridgeview Multifamily acquired a 6.3-acre tract at 800 West Bardin Road in Arlington, where it will develop a 250-unit Class-A apartment community. It also acquired a 22-acre tract at 3755 McKinney St. in Denton, the future home of a 360-unit luxury project. Ground will break on both projects by midyear 2024. BV Capital and its investors provided funding for the acquisition and future development.
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Overwatch Fund acquired Lavera at Lake Highlands, a 280-unit property in Northeast Dallas. The property will undergo extensive interior and exterior renovations.
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Greysteel arranged the sale of El Sol Del Lago, a 318-unit apartment complex in Dallas. Senior Managing Director Doug Banerjee, Director Andrew Mueller, senior associate John Tallis and associate Sterling Warren of Greysteel’s national multifamily team facilitated the sale on behalf of the buyer and seller.
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CBRE facilitated the sale of Stadium Drive, a 69K SF, two-building office showroom project at 801-803 Stadium Drive in Arlington. Thurston Witt and Johnny Dunn with CBRE arranged the transaction on behalf of the seller, DSW Stadium Properties. The buyer wasn't disclosed.
CONSTRUCTION AND DEVELOPMENT
Anthem Development, a subsidiary of Beck Ventures, broke ground on Lofts iThirty, the first phase of redevelopment for the new transit-oriented district surrounding Dallas Area Rapid Transit’s Lake Ray Hubbard Station in Garland. The 340-unit Class-A multifamily project is located at 6302 Greenbelt Parkway and is scheduled to open in the fourth quarter of 2024.
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KWA Construction topped out at the Lyle, a five-story, 334-unit luxury community at 17727 Addison Road in Dallas. The project is designed by GFF Architects and is expected to be complete by November 2024.
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Eosera more than doubled its office space and manufacturing footprint with a new 36.5K SF facility in Fort Worth. The new space accommodates more equipment and machinery, which will allow the company to create more products at a faster pace.
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Realty Capital Management partnered with master builder Corey Van Trease to begin construction on the first phase of Villa Homes in the Lakeside Village community on Lake Grapevine. The homes will take 10 to 12 months to build and will start at $2M. A total of 58 Villa Homes are planned for the 165-acre resort-style community, which includes retail, offices and various residential options. Construction financing for Village Homes is being provided by City Bank and Dallas Capital Bank.
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Mapletree has commenced renovations at Galatyn Commons Building C, one of four buildings on the Galatyn Commons Office Campus in Richardson. This 215K SF Class-A space was formerly leased to Bank of America.
FINANCING
Newmark secured joint venture equity placement for the development of TriStar Business Park, a two-building, 174K SF industrial project in Irving. The project is expected to deliver in Q4 2024. Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe arranged the joint venture between the investor, MBK Industrial Properties, and the sponsor, Hopewell Development.
