This Week's Dallas-Fort Worth Deal Sheet
More than 100 acres in Kaufman have been purchased for industrial development.
The city’s economic development arm acquired the property along Highway 175 from the Trinity Valley Community College Foundation, according to a news release. The site is expected to support the construction of 1.2M SF of new industrial facilities and generate approximately $340M in private investment.
“As Kaufman witnesses unprecedented growth, the Kaufman EDC board recognizes the need to accommodate new corporate citizens as people continue to move to our city,” Kaufman Economic Development Corp. Board President Charles Gillenwater said in a statement. “We are grateful to Trinity Valley Community College for their partnership and the tremendous impact it will have as we strive to make our community a better place to live, work and do business.”
The Kaufman EDC plans to use the site, which also includes an adjacent 40 acres, to attract targeted industries, including advanced manufacturing, food and beverage processing, metal fabrication, data centers and cold storage.
The purchase also included a commitment from the Kaufman EDC to support the renovation of buildings on the TVCC campus to accommodate workforce and corporate training space, according to the release.
LEASES
Pharmacy Corporation of America renewed 18K SF of flex space in One Paddock Place at 2214 Paddock Way in Grand Prairie. Michael Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Vice President Jim Ferris represented the landlord, Paddock Partnership. Brian Jones and Brian Gilchrist of CBRE represented the tenant.
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Partners Real Estate arranged a 13K SF industrial lease with The Blueprint University at 2050-2062 Irving Blvd. in Dallas. Partners’ Hanes Chatham Jr. represented the landlord, 2050 Irving Blvd. DeAnna Green with Nydan Group represented the tenant.
SALES
Constellation Real Estate Partners partnered with Northwestern Mutual to acquire 33.7 acres at 2100 Mustang Court in Southlake. The company plans to demolish an existing fuel terminal to develop Constellation Mustang Crossing, a four-building, 546K SF industrial project. Construction is expected to begin in the first quarter of 2024 and take a year to complete. The project was designed by Meinhardt & Associates. Joey Tyner and Tom Dosch of Dosch Marshall Real Estate represented Constellation Real Estate Partners in the land acquisition. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King of JLL will assist with leasing.
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Rise48 Equity acquired Stoneleigh at Mesquite, a 200-unit multifamily complex in Dallas. The company plans to spend more than $5M renovating the property.
THIS AND THAT
Volunteers and supporters of the Apartment Association of Greater Dallas spent Nov. 10 building a climate-controlled space for participants in the Austin Street Center’s Sisterhood Program. The AAGD also donated $7K to the organization, which helps women experiencing homelessness who have also faced barriers such as abuse, exploitation, substance use and illness. The Sisterhood Program helps participants gain the tools needed to rebuild their lives through case management, classes, training, counseling, peer support and assistance with obtaining housing.
