This Week's Dallas-Fort Worth Deal Sheet
A landmark property in Downtown Dallas has traded hands, marking the largest office sale in the city so far this year.
Plaza of the Americas, a 1.2M SF, two-tower office and retail development at 600 and 700 North Pearl St., sold to a New York-based investor. M-M Properties and Invesco Real Estate were the sellers.
The 1980s-era buildings have undergone $26M in capital improvements over the last decade, according to a release from Newmark. The building is 60% leased to major tenants including the Federal Deposit Insurance Corp. and Capital One, according to The Dallas Morning News.
“Plaza of the Americas is uniquely positioned to capture future office and retail leasing demand in Downtown Dallas as millions of square feet of Class-B office undergoes a repurposing to alternative uses, primarily residential and hospitality,” Newmark Vice Chairman Chris Murphy said in a statement.
Murphy, along with fellow Vice Chairmen Robert Hill and Gary Carr, represented the sellers. The team also facilitated acquisition financing on behalf of the buyer.
PEOPLE
Brian Adams joined the JLL Dallas office as senior vice president in the retail division. He will serve on the food and beverage advisory team led by Naveen Jaggi, president of JLL’s retail advisory services. Before joining JLL, Adams served as a partner at Retail Street Advisors for nearly seven years.
LEASES
Lee & Associates DFW completed an industrial lease transaction for 13.8K SF at Valley View Business Center Building 1, located at 5325 FAA Blvd. in Irving. Mark Graybill and Ken Wesson of Lee & Associates DFW represented the landlord, Nuveen Real Estate. The Chamberlain Group is the tenant.
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Lee & Associates DFW completed an industrial lease transaction for 21K SF at 1515 Monetary Lane in Carrollton. Adam Graham and Nathan Denton of Lee & Associates DFW represented the landlord, GID Industrial Funds. Rich Young Jr. of Rich Young Co. represented the tenant, Binford Supply Co.
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Big D Party Rentals renewed and expanded its warehouse lease to 72K SF at 3236 Skylane Drive in Carrollton. Tim Veler of SVN represented the landlord, and Stoic Real Estate Partners' D.J. Draper and Chad Albert represented the tenant.
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Dallas-based Citadel Partners completed more than 125K SF of leases and renewals at 10 industrial properties across DFW. Citadel Partners market principal Mac Morse and senior adviser Paul Clarkson represented the owners, New Jersey-based Faropoint and Dallas-based Rockbrook Realty.
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Lee & Associates DFW completed an industrial lease transaction for 15K SF at Cornerstone Crossing, located at 9755 Clifford Drive in Dallas. Adam Graham and Stephen Williamson of Lee & Associates DFW represented the landlord, Prologis. Florida Tile is the tenant.
SALES
Rattikin Exchange Services, acting as a qualified intermediary for Corinth Land Co., purchased Highway 10 Business Center, a 32K SF office park at 1361 West Euless Blvd. in Euless. An adjacent 2.4 acres were also part of the sale. Don Plunk and Nancy Halliday with Emory Associates represented the seller, Jeta Texas Properties. The buyer, which acquired the property as part of a 1031 exchange, was represented by Danny Peters of eXp Realtor. The sale price wasn't disclosed.
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Proxy Properties acquired a 63K SF vacant industrial building at 900 East Clarendon Drive in Dallas. The seller, Pullmor Enterprises, was represented by Paul Carden of Venture Commercial Real Estate. A.J. Ramler with Proxy intends to transform the site, which is located in an opportunity zone, into a mixed-use development with office, industrial and retail.
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Laliguras Holdings acquired 2.4 undeveloped acres at 2612 Tibbets Drive in the Mid-Cities Hospital District of Bedford. Nancy Halliday and Don Plunk with Emory Associates represented the seller, Trinity River Authority of Texas. The buyer, represented by HomeSmart Texas, plans to hold the parcel as a long-term investment property. The sale price wasn't disclosed.
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Lee & Associates completed the sale of a 12-acre parcel at 330-340 Ann Arbor Ave. in Dallas that includes five buildings totaling 82K SF. Ally Tanghongs and George Tanghongs of Lee & Associates DFW represented the seller, Kim & K Development.
CONSTRUCTION AND DEVELOPMENT
Alpine Start Development will build Range West, a 261-unit garden-style apartment community on 11 acres in Saginaw. The project is expected to be completed in the second quarter of 2025, with the first units available by the end of next year.
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Texas-based investors Ramesh Yenamaddi, Pavan Peddireddy and Swathi Reddy acquired a 1,300-acre parcel in Kaufman for the development of Majestic Meadows, a multibillion-dollar sustainable master-planned community. John Bielamowicz and Jerrod Simmons of Biel Partners facilitated the sale. Grant Glasco from Glasco Commercial represented the buyer, KCOLT Investor Group. The project is expected to break ground in 2028.
