This Week's Dallas-Fort Worth Deal Sheet
Hillwood acquired Freeport Business Center, a three-building office portfolio in Las Colinas.
The 34-acre property comprises more than 383K SF and is 70% occupied by tenants such as Northrop Grumman Corp., Yardi Systems, SiriusXM and Boeing. The campus underwent $6.5M in renovations, according to a news release.
“Hillwood’s decision to acquire the Freeport portfolio is a strategic move to obtain well located, quality real estate in infill locations around North Texas,” Hillwood Senior Vice President Steve Aldrich said in a statement.
“Its prime location, coupled with its proximity to DFW International Airport and several major highways, positions it as a highly desirable destination for businesses seeking exceptional connectivity and access to an abundant and talented workforce.”
PEOPLE
Savills appointed Cally Miltenberger as co-president of the Texas region, where she will partner Mark O'Donnell to implement the firm’s investment strategy in the commercial brokerage, capital markets and consultancy divisions across the Dallas-Fort Worth, Houston, Austin and San Antonio markets. Miltenberger joins Savills from Link Logistics, where she was vice president of customer solutions.
***
MCS hired finance veteran Charlie Plummer as its chief financial officer. In this role, Plummer is responsible for the day-to-day operations of the finance and accounting team while working closely with the company’s leadership on strategic planning and growth strategies. He most recently served as chief financial officer for Camin Cargo Control.
***
Jeff Poole was hired as vice president of single-family land acquisitions at Southern Land Co. Poole will be responsible for expanding SLC’s community development pipeline and its single-family homebuilding division, SLC Homes. He will be based in the firm’s Plano office.
***
Hall Park Hotel appointed Nicole Xie as director of sales and marketing. In her new role, Xie is responsible for overseeing the performance and strategic direction of all sales and marketing efforts for the new Autograph Collection hotel, slated to open this fall in Frisco. Prior to joining Hall Park Hotel, she served as the associate director of sales at Omni Dallas Hotel & Convention Center.
***
Veteran retail executive Scott Muller is returning to CBRE as executive vice president of the firm’s DFW-based retail practice. In his new role, Muller will focus on leveraging CBRE’s multiservice platform to drive results for retail users expanding in multiple markets across the country. He most recently worked for Verdad Real Estate Development and previously was a senior vice president at CBRE for 11 years.
***
Dallas-based Mycon General Contractors welcomed Pierre Ifill as controller. Ifill will oversee the accounting and finance department and provide financial oversight across the company’s internal policies and procedures.
LEASES
Stream Realty Partners secured more than 315K SF of office leases at Pinnacle Tower, located at the Dallas North Tollway and Interstate 635. Stream Executive Vice President J.J. Leonard, Senior Vice President Chase Lopez and Vice President Marissa Parkin represented building ownership, New York Life Investors. New and expanding tenants include New York Life, Guidestone, Nothing Bundt Cakes, Haynes & Boone and Beaird Harris. The building is 90% occupied.
***
Centersquare subleased 30K SF for its new headquarters at Cypress Waters at 3100 Olympus Blvd. in Coppell. The relocation comes on the heels of the acquisition of Cyxtera by Evoque Data Center Solutions in January, prompting an urgent need for the company to triple its space to accommodate its expanding workforce. The combined company announced its new brand, Centersquare, in April. JLL Managing Directors Cribb Altman and Curt Holcomb represented Centersquare. Steve Wentz, Travis Boothe and Spencer Oster with Cushman & Wakefield represented the sublandlord.
SALES
Marcus & Millichap facilitated the sale of Lakeridge Self Storage, a 59K SF self-storage facility at 5191 Highway 67 in Midlothian. Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office, represented the Midlothian-based private investor. The buyer, a value-add commercial real estate investment group from the Austin area, was also secured by Cunningham and Karr.
CONSTRUCTION AND DEVELOPMENT
The Sunnyvale Town Council approved a $3M economic development agreement with Salser Development Group to build a Tom Thumb at Gateway Park retail center, located at Belt Line Road and Town East Boulevard. The 58K SF full-service grocery store is expected to open by 2026.
***
American National Bank & Trust broke ground on its new Dallas location at 5310 Forest Lane in mid-April. The 14K SF facility will enhance the bank’s ability to serve the growing needs of businesses and residents in the area, according to a release.
***
Wilks Development and Frisco Economic Development Corp. signed a development agreement that will launch Phase 1 of construction for Firefly Park, a 242-acre, master-planned mixed-use development at Highway 380 and the Dallas North Tollway. The project will feature 3M SF of Class-A office, 400K SF of upscale retail, dining and entertainment, 1,200 hotel rooms, 230 townhomes and roughly 1,900 apartments. The heart of the development will be a 45-acre park featuring lakes, trails, playgrounds and more.
***
GTIS Partners broke ground on 121 Commerce Center at State Highway 121 and Genesis Way in Grapevine. The 272K SF development is slated to deliver in the first quarter of 2025. Gaurav Sahay, Macklin Grant and Amanda Matthews with GTIS are leading development and asset management. Stream Realty Partners Senior Vice Presidents Sarah Ozanne and Mac Hall are overseeing leasing efforts.
***
Sheraton Fort Worth Downtown has reopened to guests after undergoing $50M in upgrades. The hotel at 1701 Commerce St. includes a renovated lobby and public area, a new restaurant and bar, conference space, smaller workspaces, and modernized guest rooms and suites.
THIS AND THAT
St. John Properties, a Baltimore-based commercial real estate developer and management company, opened a new regional office in Dallas. Raphael Alterman, who was named regional partner, will lead the Dallas office. The firm, which opened an Austin office in 2022, has a portfolio valued at more than $5B.
