This Week's Dallas-Fort Worth Deal Sheet

With four new leases, the office portion of McKinney & Olive is 100% leased.

The Uptown mixed-use building, which had 480K SF available to lease, inked four office deals totaling 24K SF:

• Stackpath expanded by 17K SF, bringing it to 44,600 SF in the building.

• Bonanza Capital leased 2,556 SF.

• Robo Global leased 2,452 SF.

• BNP Paribas leased 2,079 SF.

The retail component is nearly 100% leased as well — Crescent said in a statement that the final retail additions are expected to be announced this fall. Six restaurants plus CycleBar, Drybar and Marketplace Sundry are already in the retail space.

The 530K SF mixed-use project is owned by Crescent Real Estate and JP Morgan Asset Management. Crescent Managing Director John Zogg, CBRE’s Clay Vaughn and Peery Wood and JLL’s Calvin Hull negotiated the latest office deals.

Zogg credited local brokers for their efforts in achieving full occupancy at McKinney & Olive: Phil Puckett, Jeff Ellerman, Randy Cooper, Craig Wilson, John Amend, BD Amend, Harlan Davis, Steve Andrews, Sharon Friedberg, Matt Miller, Eric Beichler, Brooke Armstrong, Jihane Boury, Zac Porter and Peery Wood.

EXECS

Crescent Real Estate’s Chris Hanrattie was promoted to senior vice president of investments. He is responsible for all hospitality acquisitions and investments and has been deploying the company’s GP Invitation Fund I, which was launched in 2016. He led the acquisition of more than 1,675 keys and $500M of investments, including Hotel Crescent Court in Dallas and The Brown Palace Hotel and Spa in Denver. Hanrattie worked for Crescent from 2004 to 2006 and then M-M Properties and Archon Capital from 2006 to 2009, when he returned to Crescent.

SALES

Lincoln Rackhouse and Principal Real Estate Investors acquired a 1M SF data center portfolio in Dallas, Phoenix and Kansas City, Missouri. The seller was a Fortune 500 financial institution, which partially leased back the Tier III+ space in two of the three markets. The deal doubles Dallas-based Lincoln Rackhouse’s portfolio, and launches the West and Midwest regions of the country for Lincoln Property Co.’s data center division.

The Dallas acquisition is 1000 Coit Road in Plano, a two-story data center totaling 454K SF on 23.8 acres. It has 8 megawatts and 60K SF of raised-floor space immediately available to lease, which can be expanded to 16 MW and 125K SF.

***

Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone arranged the sale of Ridgecrest Apartment Homes, a 52-unit multifamily property at 2805 Mustang Drive in Grapevine.

***

Leon Capital Group sold two multifamily assets in Benbrook to Madera Residential: the 168-unit Hillstone on the Trail and the 166-unit Hillstone Trinity Oaks. Leon Capital acquired both properties in June 2015 and upgraded them. Transwestern’s Taylor Snoddy represented Madera.

***

ML Realty Partners purchased a 185K SF distribution facility at 7601 Ambassador Row in Brookhollow. It is fully leased by two long-term tenants.

***

TerraCap Management acquired The Addison Office building, an 11-story, 202K SF property with structured parking in northern Dallas. The property, which won the 2017 BOMA International Building of the Year award for buildings between 100K and 249K SF, is off the Dallas North Tollway north of LBJ Freeway. It was 81% leased at time of sale. CBRE Dallas represented the seller, and NXT provided acquisition financing.

***

Ridge, the industrial development arm of Transwestern Development Co., sold a 362K SF speculative warehouse at 5180 North Railhead Road in Fort Worth. An institutional investor acquired the project after purchasing the adjacent 300K SF property last year, which was also developed by Ridge and is 100% leased to Dematic Corp. Ridge broke ground on the project in Railhead Industrial Park in October with full delivery this June.

***

Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone arranged the sale of Rock Island, a 154-unit multifamily property at 2002 Rock Island Road in Irving. It was sold to a 1031 exchange buyer.

LEASES

Pokéworks signed a franchise agreement to open two locations in the Dallas area. The first location will be at 8041 Walnut Hill Lane and will open in October. The seafood restaurant is one of the nation’s largest and fastest-growing poke brands. Pokéworks is seeking other experienced multi-unit franchise partners to continue its growth.

***

Leggett & Platt leased a 41K SF industrial building at 903 South Kaufman Drive in Ennis. Lee & Associates’ Mike Spears and Adam Graham represented the landlord, J. Kraft Inc.

***

Texas Family Fitness leased 28K SF of retail space at 1447 Loop 288 in Denton. NAI Robert Lynn’s Dan Avnery represented the tenant, and Shop Cos. represented the landlord. This is the gym’s 10th location and will have amenities not offered in previous locations, including turf areas and a spin studio with stadium setup.

***

American Bullnose Company of Texas leased 54K SF at 3603-3604 Security St. in Garland. Mercer Co.’s Kennan Cook represented the tenant, and Mercer Co.’s Tucker Cason represented the landlord, BRATSS, California General Partnership.

***

Amerisleep is opening its first Dallas-area location in October. It leased space in The Shops at Clearfork in Fort Worth for a high-tech store that includes Dream Suites for customers to nap. The company began online and has only begun building brick-and-mortar locations in the last year.

DEVELOPMENT

Hill & Wilkinson General Contractors completed construction of West Hall, the University of Texas at Arlington’s sixth on-campus residence hall. This is the first of two phases of a planned development. The 140K SF building near the Maverick Activities Center has 534 co-ed students in double-occupancy, semi-suite or pod-style configurations. Amenities include the Relaxation Room, which features zero-gravity, full-body massage chairs and hammock islands.