This Week's Dallas-Fort Worth Deal Sheet

Tower Capital arranged $73M in construction financing for the Village at Golden Triangle, a build-to-rent community coming to Fort Worth.

The developer, Arizona-based Empire Group, planned to break ground on the 317-unit project near North Riverside Drive and Golden Triangle Boulevard this month, according to a news release.

“Many lenders have stopped funding construction loans this year, but the experienced structured finance team at Tower Capital was able to get lenders comfortable with the project financings and secure multiple term sheets for the client," Tower Capital principal and co-founder Kyle McDonough said in a statement. 

McDonough arranged the financing alongside Senior Vice President George Maravilla. The group also facilitated $62.4M in nonrecourse construction financing for the development of a BTR community in Hutto.

PEOPLE

Mark Hayes rejoined Stream Realty Partners as senior director of industrial development services. A former Navy SEAL, he last worked for the company in 2018 as a senior associate. In his new role, Hayes will primarily focus on growing Stream’s IDS platform in North Texas, and his expertise and insight will be tapped as Stream opens other markets. 

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Westwood Contractors added Charbel Aoun as pre-construction manager and Ashlee Bellah as controller. With more than 10 years of experience, Aoun will oversee all pre-construction activities, including hard bids, conceptual estimates, value engineering, quantity takeoffs and guidance for estimators and support staff. Bellah has more than 17 years of accounting experience in the construction sector and will play a key role in providing financial guidance for the firm.

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CapRock Partners welcomed Taylor Starnes as vice president of acquisitions for the central region. He will lead the firm’s acquisition efforts in Texas with a focus on existing value-add industrial assets and ground-up industrial development opportunities. Prior to CapRock, Starnes was a director and investment sales broker for the Southwestern region at Cushman & Wakefield.

LEASES

Brightmore Brands leased 10.6K SF of industrial space in GSW Distribution Center 40 at 805 West Carrier Parkway in Grand Prairie from Carrier XC Industrial. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant. Corby Hodgkiss and Harrison Putt of Mercer Co. represented the landlord.

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Lee & Associates DFW completed an industrial lease transaction for 57K SF at High Point 67 Logistics Center Building 3 at 1750 South J. Elmer Freeway in Cedar Hill. Stephen Williamson of Lee & Associates represented the tenant, Lakawana Realty Development. CBRE’s Kacy Jones, Brian Gilchrist and Stephen Koldyke represented the landlord, Hillwood Development Co.

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Lee & Associates DFW completed an industrial lease transaction for 22K SF at 1208 North Commercial Blvd. in Arlington. Stephen Williamson of Lee & Associates represented the landlord, CPL Investments. Eddie Yoo of Landmark Realty Group represented the tenant, B.R. International USA.

SALES

Partners Capital acquired Westcliff Shopping Center, a 135K SF grocery-anchored shopping center at 3458-3580 South Hills Ave. in Fort Worth. The property is the first to be acquired through the firm’s Opportunity Fund V, which launched earlier this year. Jess Dickie, who joined the firm in April, was crucial in the negotiation, due diligence and closing of the sale. Partners Capital financed the acquisition with Independent Financial.

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Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate acquired the 161K SF Baylor Scott & White Frisco Medical Center at 5601 Warren Parkway in Frisco. The two-story, 68-bed specialty hospital is 100% occupied by Texas Health Ventures Group, a JV between Baylor Scott & White and United Surgical Partners International. 

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Kandi America acquired Marquis Logistics Building 2, a 75K SF industrial building at 3325 Marquis Drive in Garland. SRS Real Estate Partners Vice Presidents Shannon Johnston and Joseph Cooper represented the seller, Reserve Capital Partners, which developed the 194K SF property with equity partner Trinity Investors. Peirce Williams and Frank Bullock of Henry S. Miller represented the buyer.

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Rowan Multifamily Advisors facilitated the sale of Riverbend Apartments, a 412K SF, 471-unit property at 1000 River Bend Drive in Lancaster. The closing represents the largest multifamily transaction in the city. RMA brought in an out-of-state buyer who plans to do extensive interior renovations on the property. The seller wasn't disclosed. 

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Transwestern Real Estate Services facilitated the sale of Bellrock Bishop Arts, a 207-unit multifamily community at 1836 West Davis St. in Dallas. The two-building property was 95% occupied at the time of the sale. Transwestern’s Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey represented the buyer, The Paskin Group, in the 1031 exchange.

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Provender Partners closed on a 186K SF cold storage facility at 5225 Investment Drive in Dallas, the third and final piece of a 469K SF real estate portfolio acquired from an undisclosed national food service company for nearly $50M. The seller will lease back the three buildings in Dallas, Kissimmee, Florida, and St. Louis for the next two years as it completes construction on three larger facilities in those markets. Chris Robinson with Fischer Corporate Real Estate and Scott Delphey with Food Properties Group represented both parties in the portfolio sale.   

CONSTRUCTION AND DEVELOPMENT

Hines, Mitsui Fudosan America and McNair Interests completed work on Maple Terrace Residences in Uptown Dallas. The 22-story luxury residential tower will offer 345 residences and will begin pre-leasing in early 2024. It is located next to the original Maple Terrace building, which has been converted into 157K SF of luxury office space.

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Launch Entertainment signed a multi-unit agreement to open three new indoor trampoline parks in Frisco, McKinney and Prosper. Backed by private equity and led by CEO Craig Erlich, the brand is committed to growing in the state. The investment for the upcoming locations exceeds $10M. Zion Capital Management President Hemanth Kumar, along with local partners Eesha Kumar, Karthik Krishnamoorthy and Daiva Polimetla, leads the investment group for the upcoming North Dallas locations. Branches will range in size from 30K SF to 50K SF, and the first location is set to open next summer.

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DryPort Capital broke ground on a 20-acre truck parking and industrial outdoor storage development site at 1301 and 1351 West Wintergreen Road in Hutchins. The facility will be called Riggy’s Wintergreen and will be managed by DryPort’s operating company, Riggy. The company expects to complete construction in the second quarter of next year. Wilson Brown and Trapper Graff with CBRE Dallas will handle leasing. PDMS Design Group and Kimley-Horn Engineers are overseeing design, and the general contractor for the project is Harvey Builders.

THIS AND THAT

Pam Goodwin, CEO of Dallas-based Goodwin Commercial and a breast cancer survivor, was selected by the Susan G. Komen Foundation to share her breast cancer story at the Opry Goes Pink event on Oct. 10 in Nashville. Two years after her 2019 diagnosis, Goodwin co-founded Kiss Breast Cancer Goodbye, an annual gala that has raised more than $274K for Susan G. Komen. Goodwin's mission is to encourage all women to schedule 3D mammograms.