This Week's Dallas-Fort Worth Deal Sheet
A joint venture has acquired part of the Marketplace at Highland Village, a 451K SF shopping center northwest of Lewisville.
Cohen & Steers Income Opportunities REIT teamed up with Sterling Organization to purchase about 207K SF of the property, which is anchored by an owner-occupied Walmart Supercenter. The transaction totaled $42M, according to a filing with the Securities and Exchange Commission.
“Dallas Fort-Worth is expected to be the fastest growing U.S. metro over the next five years, making it an ideal example of a growing Sunbelt city that has benefited greatly from supportive economic policy leading to increased corporate and population growth,” James Corl, CEO of CNSREIT and head of private real estate at Cohen & Steers, said in a statement.
“We believe the Marketplace at Highland Village represents an attractive investment opportunity given its dominant position at a critically important retail node serving a very desirable submarket.”
The acquisition is the real estate investment trust’s first investment, according to a news release.
PEOPLE
Greysteel promoted Ben Barnett to director in its Dallas office. In his new role, Barnett will oversee a full range of services, including start-to-finish deal execution, the due diligence process, transaction analysis, and the underwriting and production of offering memorandum.
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LanCarte Commercial Real Estate appointed Paul Tesdal as its new managing director of brokerage, where he will lead and supervise the day-to-day operations of the brokerage division across multiple offices. Before joining LanCarte, Tesdal was a national leader in the brokerage industry, with advisory and transactional experience spanning 20 states and accumulating an aggregate volume exceeding $4.5B.
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DeSimone Consulting Engineering expanded its structural engineering leadership in Texas with the appointment of Thomas Taylor as principal and director in the Dallas office. Taylor comes to DeSimone from Datum Engineers, a company he incorporated from Frank Chappell & Associates.
LEASES
Partners Real Estate arranged a 12.6K SF industrial lease with McMahan’s Flooring, located at 5131 Sharp St. in Dallas. Partners’ Hanes Chatham Jr. and Graham Dressel represented the tenant in the transaction. Turner Petersen with Mercer Co. represented the landlord, CanTex Capital.
SALES
Sunrise Realty Partners purchased around 30 acres on FM 2478 in Celina near the Collin County Outer Loop. Sumanth Senapathi of EXP Realty represented the purchaser, and Josh Bryan of Bryan Haggard Land Group represented the seller.
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Lee & Associates DFW completed a sale transaction for a more than 8-acre industrial site at Lakeside Parkway and Gerault Road in Flower Mound. Alex Wilson of Lee & Associates represented the buyer, Hopewell Development. The seller was P3 FM Development.
FINANCING
JLL Capital Markets arranged a joint venture equity partnership for a development located at 2800 Skyline Drive, a future Class-A industrial building totaling 757K SF in Mesquite. JLL worked on behalf of the sponsor, Dallas-based Capstar Real Estate Advisors, to arrange the joint venture equity partnership with a confidential capital provider. The JLL Capital Markets Industrial Team was led by Jody Thornton, Trent Agnew, Tom Weber and Greer Shetler. The development has an expected delivery of Q1 2025.
