This Week's Dallas-Fort Worth Deal Sheet

Southern Land Co., an active developer in Collin County, broke ground on the newly dubbed Novē at Knox, a 310-unit, 19-story luxury multifamily project in the Knox-Henderson area.

“The Knox-Henderson neighborhood is one of the most vibrant retail and restaurant districts in Dallas, and Novē at Knox will provide a unique living experience for those who want a luxury lifestyle within a walkable and active neighborhood,” Southern Land CEO Tim Downey said.

The project at 3031 Oliver Ave. is a partnership between Southern Land and KBS and is designed by GDA Architects. It will have multiple outdoor amenity spaces, including a 10K SF open area connecting to McKinney Avenue with a dog park, grills and a fireplace. The units include 41 junior suites, 159 one-bedroom apartments, 90 two-bedroom apartments and 16 penthouses.

Novē means new in Latin, and Southern Land said the property’s name is also derived from the Italian word “diciannove,” which means 19 and is a nod to the building’s 19 floors.

EXECS

Daniel Maher joined CBRE’s valuation and advisory services team as a first vice president. He will focus on multifamily, self-storage and manufactured housing projects in North Texas. Maher was valuation services director at Colliers.

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Perkins+Will promoted a number of professionals in Dallas: Ian Sinnett to principal focusing on healthcare, Julie Frazier to associate principal focused on healthcare and Jordan Thompson to associate principal. Thompson is the director of operations for the firm’s Southwest region and is facilitating onboarding from Perkins+Will’s acquisition of Lauckgroup.

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John Pharr joined Trademark Property Co. as senior vice president of asset and portfolio management. He has 30 years of experience focused on shopping center portfolio management, including 20 years with Regency Centers.

SALES

A partnership controlled by Dallas-based Gault Co.’s Roger Gault and RTG Capital’s Robert Gunby purchased a 170K SF office building at 5757 Alpha Road. The property is being renamed Northwood Tower because of the 4-acre site’s proximity to Northwood Country Club. It is across from the former Valley View Mall, which will be developed into a mixed-use project with office, retail, restaurant, multifamily and hotel uses. Northwood Tower is 32% leased. GFF Architects and SMR Landscape Architects are designing a renovation to the 35-year-old property to complete around the end of the year.

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Hines purchased DFW East Logistics Center, a 260K SF shallow bay industrial park on 18 acres in the DFW Airport industrial submarket. The three-building Class-A park is 15% leased, leaving 220K SF available. Stream Realty’s Bob Hagewood and Jeremy Kelly are handling leasing. CBRE’s Jonathan Bryan and Randy Baird represented the seller.

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John Pham purchased a 9,600 SF industrial space at 708 East Walnut Circle in Garland. Lee & Associates’ Taylor Stell, George Tanghongs and Brett Lewis represented the buyer.

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ZSN Corp. purchased a 21K SF building at 2425 Arbuckle Court in Dallas. Stream Realty’s Ryan Boozer and Todd Poticny represented the seller, KOAM Corp., and Holt Lunsford Commercial represented the buyer.

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An undisclosed company purchased 112 condos within the Preston Racquet Club complex in North Dallas. Preston Racquet Club is a 184-unit, 19-building project built in 1981. Greysteel’s Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss, Andrew Hanson and Will Clarke negotiated the sale.  

LEASES

Barrett Distribution Centers leased 115K SF in IDI Logistics’ Garland Logistics Center at 3800 Leon Road. NAI Robert Lynn’s Stephen Cooper and Rick Medinis represented the landlord, and Transwestern’s Joe Whitmer and Brian McKenzie represented the tenant. Garland Logistics Center is a 494K SF facility at Leon Road and Towngate Drive.

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Ed F. Davis Inc. expanded by 12K SF at Northgate Distribution Center at 11567 Hillguard Road in Dallas. Lee & Associates’ Brad Lewis represented the landlord, GLP. Stream Realty’s Corbin Stall and Ryan Wolcott represented the tenant.

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Neenah Foundry Co. leased 19K SF at 1275-1281 Round Table Drive in Dallas. Stream Realty’s Jason Moser represented the landlord, ATCAP Fund Dallas/OKC L.P. Stream’s Drew Feagin represented the tenant.

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Freedom Furniture and Design leased 16K SF at PARC 114 at 6701 North Belt Line Road in Irving. Stream Realty’s Blake Kendrick and Jeremy Kelly represented the landlord, Colony Northstar, and Bradford Commercial Realty represented the tenant.

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Kenia Group leased 12K SF at 1410-1416 Dunn Drive in Carrollton. Stream Realty’s Eric Crutchfield represented the landlord, Hutton & Dunn Investors, and Lee & Associates represented the tenant.

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VapeWild expanded to 62K SF of office/industrial hybrid space at 4550 Excel Parkway in Addison. VapeWild began in 800 SF in 2013 and has been expanding rapidly. NAI Robert Lynn arranged the lease.

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Worldwide Commercial, a commercial real estate brokerage firm, moved its corporate headquarters to 1415 Legacy Drive in Frisco. 

DEVELOPMENT

Dalfen America Corp. broke ground on the McKinney Fulfillment Center at 1581 Corporate Drive in McKinney. The Class-A spec industrial rear-load building will deliver in November with 115K SF. It is designed by Macgregor Associates Architects with 32-foot clear heights. Dalfen owns and manages two other properties in the business park.

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OM Housing, KWA Construction and BGO Architects delivered Villas at Boston Heights, Benbrook’s first affordable housing project designed to LEED Gold standards. The 144-unit, 165K SF garden-style community has low-emitting VOC building materials, and power/water-saving features that can lower utility bills by approximately $40/month. The mixed-income property has 130 units at 30%, 50% and 60% of area median income, and 14 market-rate units. It is at 3510 Boston Ave., 8 miles from Downtown Fort Worth.

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Flexjet is relocating its Dallas operations to Braniff Centre, a 26-acre redevelopment on Dallas Love Field. It is building out a private terminal, 60K SF maintenance hangar, 32K SF of office space and a garage. Renovations at the historic 1958 Braniff International Airways facility will be done by summer 2019.

FINANCING 

Barrington Capital Corp.’s Jesse Lillard and Kevin Puder arranged the debt on Lake Highlands Landing, a 326-unit multifamily property in Dallas. The duo secured debt for $12M at 65% loan-to-value. The owner wanted to pull out cash for a charitable donation.

THIS AND THAT

Velocis named Weitzman to direct project leasing and property management at Ridglea Village in Fort Worth and Town Center Colleyville. Weitzman’s Gretchen Miller and Stephen Wise are handling project leasing, and Weitzman’s Vicky Johnson is property manager for the two centers, which total 358K SF. Town Center Colleyville is 246K SF at 5605 Colleyville Road. Ridglea Village is a 112K SF historic property built in the 1940s at 6100 Camp Bowie Blvd.

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SIMC Property Management Group has rebranded to Valiant Enterprises with branches Valiant Residential and Valiant Commercial. Valient oversees 35 multifamily communities totaling 9,500 units in DFW.