This Week's Dallas-Fort Worth Deal Sheet
A micro-restaurant program dedicated to attracting unique restaurant concepts is coming to Trademark’s 63-acre Waterside mixed-use development, which is under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth.
Trademark will lease three or four 600 to 1k SF micro-restaurant spaces exclusively planned for the property to local and regional businesses. The idea is to provide local entrepreneurs with the opportunity to lease space they might not otherwise be able to invest in. Trademark will offer smaller spaces, lower startup costs, shorter-term leases, free outdoor seating and generous tenant improvement packages. The micro-restaurant program is a part of Trademark’s Conscious Place initiative, a stakeholder-driven development model that aims to make its properties places of community and meaning. As Trademarks’ first ground-up Conscious Place project, all aspects of Waterside’s development are being evaluated for their potential to educate, inspire and engage stakeholders; commitment to sustainability; and connection to the local community.
LEASES
Principal Management Group renewed a 17k SF lease at 3 Park Central. The tenant was repped by Swearingen Realty Group’s Al Paniagua. The landlord was repped by Younger Partners’ Heather Shover, Kathy Permenter and Sean Dalton.
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Gemini Stage Lighting & Equipment Co leased 86k SF at 10338-46 Miller Rd in Dallas. CBRE’s John Hendricks repped the landlord, LIT Industrial Texas Limited Partnership. NAI Robert Lynn’s Stephen Cooper repped the tenant.
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Well Go USA leased 16k SF at 3801 E Plano Parkway in Plano. NAI Robert Lynn’s Dave Peterson repped the tenant. JSC Realty’s Paul Tichacek repped the landlord, Exeter Plano Business Park.
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Grocery Delivery Services USA signed a new 18k SF lease at 3315 E Randol Mill Rd with Howard Bock. Transwestern VP Joe Rudd repped the landlord.
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Leading Edge Entertainment leased 11k SF at 10051 Whitehurst Dr in Dallas. Structure Commercial’s John Hiller and Eric Deuillet negotiated the lease.
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MAIN Soccer Center leased 22k SF at 4344 Bronze Way in Dallas. Hudson Peters Commercial’s Michelle Hudson and Tom Hudson repped the landlord, The Krowech Trust of 1982.
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Cantoni leased 139k SF at 4248-4252 Simonton Dr in Farmers Branch. NAI Robert Lynn’s Chad Albert repped the landlord. Momentum Commercial Realty’s Roy Greenberg repped the tenant.
NEW DEVELOPMENT
RCP Properties and Venture Development Group have JVed to develop a 209-unit luxury apartment community within the Magnolia Neighborhood Empowerment Zone in the Fort Worth Medical District. The project will be on 2.12 acres at 400 S Jennings Ave. The yet-to-be named community will feature a resort-style pool, a fitness center, multiple lounging areas, and an outdoor lounge on the fifth floor with views of Downtown Fort Worth. The first residents are scheduled to move in beginning in fall ‘16.
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Victory Real Estate Group began construction on a seven-acre tract on the east side of FM 423, just south of Little Elm Parkway, between Eldorado Parkway and FM 720/Main Street. The mixed-use project, dubbed Victory at Creekside, has six pad sites, along with a 6k SF retail center. Targeted completion is before year's end. The retail center is fully leased, with future tenants including Fast Lane Car Wash, Jack in the Box and Taco Villa.
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Lionstone Investments and PegasusAblon plan to kick off a new 12-story, Class-A office tower in Preston Center. The new building, the Terraces at Douglas Center, is expected to be completed in Q1 ‘17. The 172k SF tower at 5960 Berkshire is off Douglas Avenue at the entrance of the Preston Center office submarket. The project will be built to LEED Silver certification. Lionstone and PegasusAblon also announced a new branding for their existing office towers at 8333 Douglas and 8343 Douglas, uniting these two towers with the Terraces as Douglas Center. Each property will retain its unique name.
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Granite Properties is prepping to break ground on the 160k SF Class-A Granite Place I at Southlake Town Square, next to the Hilton Southlake Town Square, in mid-October, with delivery in October ‘16. The project will include an attached parking garage, on-site meeting facility and an upscale restaurant. The project will get started after a decade of talks between Granite and Cooper and Stebbins, the developer of Southlake Town Square. Granite Place was designed by Beck Architecture, and The Beck Group has also been chosen as the general contractor.
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The Retail Connection purchased 4.5 acres of undeveloped land on the southeast corner of Park Boulevard and Plano Parkway, adjacent to one of the highest grossing PetSmart, Home Depot and Costco retail stores in the Metroplex. TRC has pre-leased the to-be-constructed 55k SF Hobby Lobby. TRC EVP Jenny Reynolds and VP Chad Bradshaw handled the land purchase, entitlements and lease negotiations with Hobby Lobby. TRC’s construction management group will oversee construction. The development will be owned as a JV between TRC and Rockstreet Partners. The lender is Inwood National Bank.
KUDOS
The Dallas IREM chapter recently spent two weekends volunteering to improve the home of one of 47 low-income, elderly and disabled Dallas residents as part of the Hearts & Hammers program.
EXECUTIVES
David Walters joined CBRE as SVP on the firm’s occupier advisory and transaction services team. He comes to the firm from JLL.
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Southern Land Co hired Jeremy Cyr as VP of multifamily development for the Southwest. He will manage projects in key markets in Texas and Colorado, and will oversee all processes from site acquisition through construction.
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Capital One appointed Allison Holland as SVP for its seniors housing and healthcare agency lending group. She will serve as originations manager for Fannie Mae and Freddie Mac lending, and will also be an originator for Capital One’s FHA and healthcare balance sheet lending business. She comes from KeyBank Real Estate Capital.
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Chris Wright joined Peloton as SVP. He comes to the firm from Rubicon Representation.
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Cypress Equities hired Lance Taylor as director of asset management. He joins the firm from Stream.
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David Martin joined Capstone Commercial Real Estate Group as SVP. He comes to the firm from his own company, David D. Martin Commercial Real Estate.
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NorthMarq Capital hired David Schmidt as FHA production manager. He will be responsible for coordinating the origination and processing of FHA transactions for producers in NorthMarq’s 36 offices nationwide. Prior to joining NorthMarq, he was at Walker & Dunlop.
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Colin Whittier joined Guggenheim Partners affiliate Pillar as director. He will be responsible for structuring and funding capital for the acquisition and refinance of multifamily real estate assets across all of Pillar’s product lines, including Fannie Mae, Freddie Mac, HUD, life insurance companies and CMBS providers. Prior to joining Pillar, he was at Prudential Mortgage Capital.
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Lee & Associates promoted Brett Lewis to principal. He joined Lee & Associates in 2009.
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Taylor Dickerson was promoted to senior adviser with Citadel Partners. He has been with Citadel for four years and is a founding member of the company.
