This Week's Dallas-Fort Worth Deal Sheet

Triten Real Estate Partners has completed the transformation of Assembly Park two years after debuting ambitious redevelopment plans for the 300K SF property.

The development is located at Central Expressway and Spring Creek Parkway and is the former home of Plano Market Square Mall, a retail center built in 1983. Triten turned the mall into a mixed-use development consisting of multifamily, retail, restaurants and office space.

Michael Hsu Office of Architecture designed the park, which includes 180K SF of creative office space and 17K SF of walkable retail and dining space.

"It was a fun challenge to convert this large mall into an approachable, active place for Plano,” founder and principal Michael Hsu said in a statement. “Our team responded to the history and context of the building, while adding lively architectural moments, grand entries, unexpected facade patterns and custom brick and tile to provide a fresh energy.”

Assembly Park also includes The Annabel, an apartment community set to deliver its first units in December.

PEOPLE

Grant Pruitt, president and managing director of Whitebox Real Estate, was appointed as incoming president of the Society of Industrial and Office Realtors' DFW/North Texas chapter. In this role, Pruitt will bring his experience to further the mission of SIOR, an organization dedicated to upholding professional and ethical standards in real estate.

LEASES

Dayton Superior Corp. renewed 51K SF of distribution center space in RiverPark Business Center at 15124 Grand River Road in Fort Worth. Bradford Commercial Real Estate Services Executive Vice President and Managing Partner Michael Spain and First Vice President Jason Finch represented the landlord, SCG River Park Business Center. Caleb McCoy of JLL represented the tenant.

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Lee & Associates DFW completed the following industrial lease transactions.

• Binford Supply Co. leased 21K SF at 1515 Monetary Lane in Carrollton. Lee & Associates’ Adam Graham and Nathan Denton represented the landlord, GID Industrial. Rich Young Jr. of Rich Young Co. represented the tenant.

• Allied Fire Protection leased 11.7K SF at Midway Business Center, located at 3361 Boyington Drive in Carrollton. Lee & Associates’ Chris Beggins and Corbin Blount represented the tenant. G & I VII Midway is the landlord.

• Honeywell International leased 18K SF at 12880 Valley Branch Lane in Farmers Branch. Lee & Associates' Graham and Denton represented the landlord, GID Industrial Funds. Neil Schorr of Realty Insight Group represented the tenant.

• US Elogistics Service Corp. leased 26K SF at Arlington Tech Centre Building 2, located at 2030 East Arbrook Blvd. in Arlington. Lee & Associates' Reid Bassinger and Michael Lee represented the tenant. Lee & Associates' Mark Graybill and Reed Parker represented the landlord, EastGroup Properties.

SALES

CONAM Multifamily Partners Fund III purchased Arise Craig Ranch, a 270-unit Class-A multifamily community in McKinney. It also arranged an exchange transaction for Alma On Maple, a 300-unit Class-A apartment complex in Dallas. 

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Walton Global sold Longhorn Estates, a 151-acre parcel at West Cleburne Crowley Road and South Hulen Street in Southwest Fort Worth, to D.R. Horton. The homebuilder plans to build a residential development on the site consisting of 398 single-family detached homes. This represents the first two phases of what is anticipated to be a four-phase development with nearly 1,000 homes. 

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CBRE arranged the sale of 1101 North Walnut Creek Drive in Mansfield. Totaling 42.6K SF of rentable space, the property is fully leased to 24 Hour Fitness through 2033. A private investor out of Santiago, Chile, purchased the property from Platform Ventures. CBRE’s Jared Aubrey and Michael Austry represented the seller in the marketing and sale of the property.

CONSTRUCTION AND DEVELOPMENT

Street Realty acquired a 12-acre site at 724 West Jim Wright Freeway in White Settlement for the future development of West Loop Business Park, a 140K SF light industrial business park consisting of 14 modern buildings. Construction will commence later this year, with completion slated for Q3 2024. Project financing was provided by FirstBank Southwest in Fort Worth by loan officer Scott Whitaker.

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Conor Commercial Real Estate will develop the Flynn at Live Oak, a 327-unit apartment community at 4931 Live Oak St. in Dallas. The development is a joint venture investment between Conor Commercial Real Estate, Globe Corp. and Origin Investments. JLL’s Dallas office assisted with the capital raise, while Wintrust Bank provided the construction loan. Merriman Anderson Architects designed the property, which will be built by Cadence McShane Construction. The first apartments are expected to deliver in spring 2025. The property will be managed by Greystar.

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Legacy Partners and Pondmoon Capital Holdings USA opened Merit, a mixed-use community in Lewisville. In addition to its 296 apartment units, the community also includes an on-site restaurant and retail space. Merit was designed by Dallas-based JHP Architecture. The general contractor was Provident General Contractors.

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Lincoln Property Co. unveiled its new global headquarters at 8111 Douglas Ave. in Dallas. Completed in 2023, Lincoln led the development of the mixed-used project, which includes two 13-story towers. The office building provides 225K SF of retail and Class-A office space, of which Lincoln will occupy 59K SF. The residential tower includes 128 luxury apartments averaging 1,400 SF.  

FINANCING

Newmark arranged the sale and financing of Maverick Place, a 117-unit, 382-bed student housing asset serving the University of Texas at Arlington. Newmark Vice Chairman Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller, Waypoint UTA Maverick Place Owner and Waypoint Maverick Land Owner. Co-Presidents of Debt and Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin, secured the financing on behalf of the buyer, Axonic Properties.

THIS AND THAT

Regent Properties launched a credit platform aimed at providing debt and equity for commercial real estate investments. The $500M platform is backed by a high net worth family office and several other limited partners. It will target office, residential and retail properties in the Sun Belt.

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Lincoln Property Co.’s residential division rebranded as Willow Bridge Property Co. following its acquisition by the Ontario Teachers’ Pension Plan/Cadillac Fairview in February. The company is no longer affiliated with Lincoln. 

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The Lean Construction Institute named Keyan Zandy as its 2023 LCI Pioneer Award winner, which recognizes individuals who have moved the design and construction industry forward while embracing and implementing Lean tools and techniques. Zandy is the CEO of Skiles Group, a Richardson-based general construction management firm.