This Week's Dallas-Fort Worth Deal Sheet

Pacific Elm Properties secured a $290M construction loan for its 500K SF Parkside Uptown project in Dallas.

JLL Capital Markets worked on behalf of the developer to arrange the four-year, floating-rate loan through the real estate group at Goldman Sachs Alternatives, according to a news release.

The JLL team was led by Executive Managing Director Trey Morsbach, Senior Managing Directors Jim Curtin and Michael Cosby, and Managing Director Greg Napper.

The 30-story Class-A tower is scheduled for completion in 2027. Nearly half of the building is pre-leased to Bank of America.

PEOPLE

Stream Realty Partners promoted Dylan Munoz and John Rogers to executive managing director and partner, respectively, of its investment management team. Munoz, who joined Stream in 2018, will oversee the firm’s investment portfolio and drive strategic initiatives. Rogers, with Stream since 2016, will continue to lead key investments and national debt strategies.

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JLL hired Jennifer Clendening as managing director, overseeing regional property management across the Dallas, Austin and San Antonio markets. Most recently, Clendening served as senior vice president of investor services at Partners Real Estate. She also served as vice president of JLL’s property management vertical from 2009 to 2014.

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Shams Merchant left Jackson Walker to join MW Law as a senior attorney. The Dallas-based company is one of the only law firms that provides one-stop representation to real estate investors, developers and private equity firms in three core practice areas: fund formation/securities, commercial real estate and title/escrow services.

LEASES

Stream Realty Partners facilitated the following leases.

• Square Cabinetry expanded into 454K SF at Eagle Park 20/35 in DeSoto. Stream’s Matt Dornak and Ridley Culp represented the landlord, Morgan Stanley. Growe Real Estate represented the tenant.
• Texas Collision Centers leased 63K SF at North Quarter 35 in Fort Worth. Stream’s Forrest Cook and Brett Carlton represented the landlord, Westcore. JLL represented the tenant.
• Zobele USA leased 67K SF at Northgate Distribution Center in Garland. Stream’s Dornak and Ryan Wolcott represented the landlord, Ares Management. JLL represented the tenant.

SALES

Windhaven Investments acquired a 10-acre infill parcel at 3300 FM 157 in Euless near Dallas Fort Worth International Airport. Younger Partners Executive Managing Director John St. Clair and associate Luke Nolan brokered the deal between the buyer and seller, Clubwise Finance. The sale price wasn't disclosed.

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Rise 48 Equity acquired Mosaic Apartments in Dallas and plans to rebrand the property as Rise Fossil Creek. The company will invest $7M in improvements to the 288-unit complex. This is the firm's 50th acquisition since 2019 and the 10th in the Dallas area.

CONSTRUCTION AND DEVELOPMENT

Indoor pickleball franchise The Picklr will open the first of five North Texas locations in McKinney in early June. The facility will feature 10 indoor courts with outdoor-style surfacing, a full pro shop, private event space, unlimited league play, tournaments and open play. More DFW locations are expected to open in late 2025.

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Realty Capital Residential completed construction on The Depot on Main, a two-building multifamily project comprising 275 units in Burleson. Merriman Anderson Architects provided architecture and interior design services. Muckleroy & Falls was the contractor.

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ELM MicroGrid and ELM Solar debuted a 125K SF manufacturing and distribution center in The Colony. In partnership with UK-based Naked Energy, ELM is manufacturing the world’s highest-energy density solar thermal technology, which reduces business reliance on the grid, according to a release. The project will bring 150 jobs to North Texas.

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Andover Properties expanded its Storage King USA facility at 7433 Fort Worth Drive in Argyle. The project added 39K SF of units, some climate-controlled, as well as 6K SF of flex space. The expansion is aimed at serving the community’s storage needs in the region. 

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JPI broke ground on Jefferson Castle Hills, a two-phase development bringing 761 units to the Castle Hills master-planned community in Lewisville. The firm’s investment partners include Iviron Capital, Kroger, Mirasol Capital, Santander, Texas Capital and Weitzman. The first slate of move-ins is scheduled for the end of 2025. 

THIS AND THAT

Meadow Park Tower, the Class-A headquarters for Bradford MPT Partners, achieved BRE Global’s highest environmental assessment rating issued for a DFW office project to date. Meadow Park Tower earned a “very good” rating based on its overall sustainability, ending a two-year pursuit of the prestigious international certification. There are 72 certified properties in North Texas.

Bradford invested nearly $6.5M in improving the high-rise at 10440 N. Central Expressway in Dallas after acquiring the multitenant property in late 2021. The firm partnered with UK-based Longevity Partners to obtain the certification.