This Week's Dallas-Fort Worth Deal Sheet: 2 HQs Fill Irving Distribution Center
Bradford Commercial Real Estate Services secured leases for two headquarters to fill almost 26K SF at Las Colinas Distribution Center 5 near Dallas-Fort Worth International Airport in Irving.
Southwest Networks Inc. leased just under 13K SF at 3251 Story Road W., and Airport Lighting Systems Inc. leased about the same amount at 3245 Story Road W. The almost 81K SF office and warehouse facility owned by Las Colinas AAA Investment LLC has six tenants and was built in 1981.
“We don’t have anything opening up for a long time,” said Brian Pafford, Bradford Commercial executive vice president and managing partner. “Two companies relocating their headquarters to Las Colinas Distribution Center 5 speaks volumes about the landlord, the quality of the project and location.”
Airport Lighting moved in as soon as the previous tenant left, while work to finish the space for Southwest Networks is being completed.
Maddy Coffman and Canon Shoults of Holt Lunsford Commercial represented Southwest Networks. Trey Goodspeed of Holt Lunsford Commercial represented Airport Lighting.
PEOPLE
Commercial real estate firm Triten Real Estate Partners appointed Carter Bechtol its new partner and head of Triten Residential on Aug. 19. He was previously managing principal with Stanmore Partners. Bechtol will oversee Triten's multifamily holdings.
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Dan Peterson was named senior vice president of operations at national hotel operator Avion Hospitality. He brings more than 25 years of hospitality operations experience with brands like Hilton, Marriott and Hyatt to the role, including his most recent position as executive vice president of operations for Minneapolis-based CSM Corp.
LEASES
Bank of America completed a 10-year lease renewal of its nearly 554K SF office building, Hallmark Center I, at 16001 N. Dallas Parkway in Addison. The RMR Group was represented by Stream's Rhett Miller and Matt Wieser, while Bank of America was represented by Andy Leatherman and Bret Hefton of JLL in Dallas.
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Miller Electric Co. leased almost 12K SF of flex space in Lakeview Center I in Coppell from 1199 S. Belt Line Inc. The landlord was represented by Bradford Commercial Real Estate's Richmond Collinsworth and Jared Laake. Miller Electric Co. was represented by Scott Henley of CBRE.
CONSTRUCTION AND DEVELOPMENT
Southwire’s Dallas-Fort Worth Customer Service Center is now open in AllianceTexas. The wire and cable company’s almost 1.2M SF distribution facility will employ 250 while offering storage solutions and automated material handling. The ribbon-cutting featured 150 Southwire team members and Ross Perot Jr., chairman of Hillwood and the developer behind AllianceTexas.
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Work on Caravan Court, the eighth property in the Valencia Hotel Collection, has started in Arlington. Valencia Hotel Group described the property’s 145 rooms and seven suites as a modern reinvention of the motor court hotel. It will feature 5K SF of meeting space, a restaurant and multiple bars. Valencia Hotel Group is working with Sam Mahrouq and Walid Joulani of Division Hotel Management LLC to build the hotel.
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Construction has begun on Palladium Carver Living, a $79M multifamily community in Mesquite. The development from Palladium USA will offer four stories with 288 units of affordable rental options as well as community amenities such as a dog park, computer lounge, resort swimming pool and children’s playroom. General contractor BBL Building Co. is working with the Mesquite Housing Finance Corp. on construction. The development was designed by Arrive Architecture Group.
FINANCING
JLL Capital Markets secured refinancing for industrial manufacturing facility Sylvania Industrial Park in Fort Worth. The nearly 894K SF facility on close to 55 acres has 15 tenants, including Tyson Foods and JR New Energy. The JLL debt advisory team led by Jim Curtin, Jarrod McCabe, Luke Rogers and Jordan Buck represented CanTex Capital to secure the three-year financing through MetLife Investment Management.
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Hall Group secured $27M in retroactive Commercial Property Assessed Clean Energy funding through Lone Star PACE for work at its Hall Arts Hotel in the Dallas Arts District. The 11-story Hall Arts Hotel features 183 guest rooms and 19 suites. It was designed by HKS Architects, with interiors by Bentel & Bentel.
THIS AND THAT
A new research and development lab being led by AT&T and Verizon was established at the Richardson IQHQ facility. The lab is part of a national collaboration to develop new 5G radio access network services and products.
The lab is affiliated with The University of Texas at Dallas’ Erik Jonsson School of Engineering and Computer Science. The consortium includes India-based Reliance Jio, Japanese telecommunications company NTT Docomo, vendors like Keysight, Ericsson, Samsung, Fujitsu and CommScope, and The University of Texas at Dallas, Rutgers University, Virginia Tech, Iowa State University, Northeastern University and Idaho National Laboratory.
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Wildcat Management President Tanya Ragan was named a top influencer by the CREi Summit due to the attention she brings to the commercial real estate industry via various social media platforms. Ragan was also named CREi’s top influencer on X, formerly known as Twitter, earlier this year and last year.
