This Week's Dallas-Fort Worth Deal Sheet
A partnership between Hines and Trez Capital broke ground on Northspur, a 700-acre, master-planned community in Terrell.
The development will include 1,500 single-family homes on various lot sizes as well as a range of amenities, according to a news release. The initial phase will include 230 lots and will be constructed by M/I Homes and Impression Homes.
“In light of the ongoing suburban growth of Dallas and the increasing scarcity of land in nearby areas, Northspur represents a timely and strategic response to high-quality, cost-effective housing,” Hines Managing Director Dustin Davidson said in a statement.
Hines has been developing the property’s infrastructure since acquiring the land in 2021. Phase 1 is slated to deliver in the second quarter of this year.
PEOPLE
Younger Partners promoted Andrew Boster and Park Morgan to senior vice president, Davey McAleavey to vice president of property accounting, Heidi McNeill-Mansoori to vice president of property management, Alex Geiger to vice president of technical and construction services and Masen Stamp to senior associate.
***
Dallas-based Tango, a company that provides cloud-based real estate and facilities management software, appointed Tim Redfern as chief financial officer. He brings more than 20 years of financial and operational leadership to the firm and will be responsible for managing the company’s global finance, accounting and administrative functions.
***
Brant Landry was elected to the board of directors at SRS Real Estate Partners. Landry joined SRS as managing principal of SRS Industrial in April 2022. Since then, he has helped grow the industrial team by adding 17 team members in five key markets around the country.
***
Citadel Partners hired Lindsay Brunkenhoefer as chief strategy officer. In this new role, Brunkenhoefer will help streamline top-level processes and lead the firm’s recruiting and training efforts while striving to increase Citadel Partners’ market presence with new business opportunities.
***
LeaseLock, a Dallas-based company offering lease insurance for rental housing, added Andrew Bowen as senior vice president of strategic partnerships. Bowen previously worked as a vice president at RealPage.
LEASES
E-Auto Groups renewed 11K SF of flex space at 11601 Plano Road in Park Forest Business Center in Dallas. Bradford Commercial Real Estate First Vice President Jason Finch brokered a direct deal for the landlord, Tyler Family Real Estate Investments.
SALES
Marcus & Millichap facilitated the sale of Comfort Inn & Suites Denison - Lake Texoma, a 79-room hotel at 715 Point Lookout Drive in Denison. Chris Gomes, an executive managing director in Marcus & Millichap’s Dallas office, represented the out-of-state buyer in the off-market transaction. Senior Managing Director Allan Miller in the firm’s Austin office was a supporting broker.
***
Lee & Associates completed a 27-acre land sale at 500 W. Vista Ridge Mall Drive in Coppell. Alex Wilson of Lee & Associates represented the buyer, Lovett Industrial, which plans to develop two buildings totaling 339K SF.
***
One Bethany East, a 120K SF, Class-AA office building in Allen, sold in an off-market transaction. The seller was a joint venture partnership between Pillar Commercial and Hall Capital that acquired the building in 2021.
***
GREA facilitated the sale of two Dallas apartment communities, 3311 at Vernon and La Madera. Mountain River VO EP sold the properties to an out-of-state buyer. The new owners plan to address any deferred maintenance and introduce new interior and community amenities.
***
Crescendo Development paid $8.5M in a foreclosure auction to acquire 160 acres in the Woodhaven neighborhood on the east side of Fort Worth. The firm plans to redevelop the property, which is home to 22 apartment complexes. In the coming months, Crescendo will meet with local residents, business owners and other stakeholders to receive community input on the area’s future.
***
Partners Real Estate arranged the sale of a 14K SF industrial property in the Dallas Design District at 155-165 Cole St. Partners’ Hanes Chatham Jr. and Graham Dressel represented the buyer, P4 Holdings.
***
Urban Logistics Realty sold Urban District 35 business park in Denton to High Street Logistics Properties. The 31-acre master-planned community includes four buildings totaling 441K SF. Construction began in January 2022 and was completed in June 2023. To date, Urban District 35 is 67% leased.
***
Marcus & Millichap facilitated the sale of U-Lock-It Mini Storage, a 27K SF self-storage facility in Cleburne. Danny Cunningham and Brandon Karr, investment specialists in Marcus & Millichap’s Fort Worth office and leaders of the Karr-Cunningham Storage Team, represented the DFW-based owner-operators. The buyer, a Dallas-based commercial real estate investment group, was also secured by Cunningham and Karr.
***
An investor group led by Vijay Borra of DFW Land purchased an assemblage of 71 acres at the intersection of Dallas North Tollway and Mahard Parkway in Prosper from multiple owners. David Davidson Jr. and Edward Bogel of Davidson Bogel Real Estate brokered the transaction and will continue to market the property on behalf of the owner.
CONSTRUCTION AND DEVELOPMENT
Foundry Commercial broke ground on Horizon Landing, an industrial development that will replace a former office building at 4000 Horizon Way in Irving. The team is on track to deliver the first building by the end of this year. The second and third buildings will deliver in May 2025.
***
A partnership between Dallas County and Serra Real Estate Capital opened a new 12-story, $69M parking garage at 700 Jackson St. in Dallas’ Central Business District. The project, which will provide much-needed parking for the Dallas County Courthouse, can also rise an additional 15 levels to accommodate a hotel serving the city’s new convention center. The 480K SF garage is equipped with solar panels and has energy capacity to power electric vehicle chargers for all 1,228 parking spots. The project was designed by Corgan.
***
Steelcase opened an 11K SF WorkLife Center showroom in Hillwood Urban’s Victory Commons One, a 15-story, 352K SF office tower in Victory Park. The showroom features hybrid collaboration areas and state-of-the-art tools for virtual collaboration. JLL’s Scott Hage represented Steelcase. Hillwood Urban’s Bill Brokaw and Karch Schreiner represented the landlord. BOKA Powell designed the WorkLife Center, and Balfour Beatty served as the contractor.
***
Merriman Anderson Architects completed design of two connected Hilton hotels and an events and convention center within the EpicCentral development in Grand Prairie. The 172-acre entertainment district includes a 147-room Homewood Suites and a 129-room Hilton Garden Inn.
***
PowerHouse Data Centers, in partnership with investment management firm Harrison Street, completed the purchase of 50 acres in Irving-Las Colinas at 111 Customer Way. The site will be home to PowerHouse Irving, a nearly 1M SF data center campus that will deliver 200 megawatts of power once completed. Construction is scheduled to begin in early 2025, with the first powered shell set to be delivered later that year.
FINANCING
Greysteel arranged construction financing on behalf of Welker Properties for Wolf Creek Farms, a 343-unit build-to-rent development in Melissa. Greysteel’s Senior Managing Director Daniel Harnett and Director Harrison Cole spearheaded the financing efforts.
***
JLL Capital Markets arranged a $108M loan with New York Life Real Estate Investors for a 13-property self-storage portfolio in DFW. The borrower is a joint venture between Hines and Trez Capital. The JLL Capital Markets Debt Advisory team representing Hines included Director John Bauman and analyst Jordan Buck.
***
JLL Capital Markets arranged forward financing on behalf of Hillwood for a 1.2M SF industrial building in the AllianceTexas submarket of Fort Worth. The JLL team was led by Executive Managing Director Trey Morsbach, Managing Director DJ Meagher, Associate Ryan Pollack and analyst Chad Lisbeth.
THIS AND THAT
Commercial real estate leaders Bill Vanderstraaten and Scott Rohrman were inducted into the 36th annual North Texas Commercial Real Estate Hall of Fame in cooperation with North Texas Commercial Association of Realtors. Vanderstraaten is president of Chief Partners LP and is known for a national portfolio that includes the Fields development in Frisco and Clear Fork in Fort Worth. Rohrman of 42 Real Estate helped reshape Deep Ellum while preserving its historic elements. Jack Fraker of Newmark and Robert Grunnah of Younger Partners received the Michael F. McAuley Lifetime Achievement Award.
***
MCS launched a government services business line, which will provide exterior and interior facilities maintenance services to U.S. federal agency properties. The department will be led by MCS Senior Vice Presidents John Haederle and Shawn Schumacher.
