This Week's Dallas-Fort Worth Deal Sheet
StreetLevel Investments, 2GR Equity and Paravest Capital have formed a joint venture to acquire about 35 acres on the southeast corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The property will be the site of a 215K SF retail development, known as The Shops at Chisholm Trail Ranch, which will also include eight retail pad sites.
The project will be in the 600-acre master-planned community Chisholm Trail Ranch, which will ultimately feature over 1M SF of retail and other commercial space, and about 1,000 residential units.
StreetLevel Investments will oversee the construction of the project, which is slated for completion during the first half of 2020. A number of national retailers, including Marshalls, Old Navy, Tuesday Morning, Ulta, Famous Footwear, Five Below, Sprint and AT&T, have pre-leased space in the project.
According to 2GR Equity Principal Isaac Gregory, the project is viable because of the amount of pre-leasing — about 70% of the property so far — and residential growth along Chisholm Trail Parkway.
“It’s pretty rare to have this level of pre-leasing from credit tenants in place prior to breaking ground," Gregory said.
Edge Realty Partners will manage and lease the property. The Dallas office of Inwood National Bank provided a construction loan for its development.
EXECS
Colliers International has formed a Dallas-Fort Worth multifamily investment sales team. The three-person team will be led by newly hired Senior Vice President Mark Allen. Other members of the team are Amardeep Hehar, formerly with Friends Investment Group, and Courtland Charles, formerly with Marcus & Millichap.
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J.T. Samford has been promoted to acquisition manager at ML Realty Partners. He will oversee the acquisition of existing industrial facilitates, as well as source development and redevelopment opportunities for the company in the Dallas-Fort Worth market.
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Granite Properties President and CEO Greg Fuller has been named the 2019 chairman of NAIOP. Fuller has been a member of the organization since 2000 and has served it in various capacities, including as 2009 president of NAIOP North Texas.
DEVELOPMENT
Oaxaca Interests has started redevelopment of the former W&B Refrigeration Service Co. building at 660 Fort Worth Ave. in West Dallas. The original 10K SF warehouse and its former loading areas will become a dining, retail and entertainment property. Architect Lake Flato and landscape architect Hocker Design Group designed the project. Crimson Building Co. is the general contractor.
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Leon Capital Group is planning to develop Lakeyard District, a 364-unit multifamily community at 1000 Lake Ridge Road in Lewisville. The property will include eight three-story buildings on a 15.2-acre site near the 433-acre mixed-use Grandscape development. Pre-leasing is expected to begin in August and the first units are planned for delivery in November. LG Wade is the general contractor for Lakeyard District and the architect is BGO Architects.
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The Woodmont Co. has started construction on the 10K SF Kiddie Academy of East Frisco at Coit Road and Rolater Road in Frisco. The day care operation is scheduled to open in the summer.
LEASES
Bradford Commercial Real Estate Services has inked nine leases in the last 90 days totaling 153K SF at a 938K SF industrial portfolio in Dallas. Seven of the nine leases are renewals. The largest renewals are Nosco Inc. with 51K SF at 1100 Venture Court, and Progressive Packaging with 25K SF at 1050 Venture Court, both in Carrollton. Bradford's Brock Wilson represented the landlord, a new joint venture between Investcorp and Brennan Investment Group.
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Capellon has renewed its lease and expanded to 146K SF at Riverbend Properties in Fort Worth. Stream Realty’s Forrest Cook and Seth Koschak represented Capellon, while Holt Lunsford’s Jake Neal and Donnie Rhode represented the landlord, Riverbend Properties. Cook and Koschak also represented Panoramic Doors in leasing 127K SF at 15050 Frye Road in Fort Worth. In that deal, CBRE’s Steve Koldyke and Brian Gilcrest represented the landlord, Stonelake Capital Partners.
SALES
SVN Investment Sales Group brokered the sale of the 152-unit Park Lane Terrace at 6808 Armanda St. in Dallas, a Class-C community built in the late 1960s. SVN's Mark Allen represented both the Dallas-based seller and the California buyer in the 1031 exchange deal.
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Centurion American purchased 667K SF of mall and anchor space in the 100-acre Collin Creek Mall in Plano. Avison Young’s John Schupp (Atlanta), Mike Kennedy (Dallas) and Darrell Betts (Houston) brokered the deal on behalf of PNC Real Estate and Sears. Prior to marketing the property, they worked with the city of Plano and ownership to explore possible redevelopment options.
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Wellington Realty's David Shaffer, Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung brokered the sale of Northpark Village Apartments at 5601 Central East Freeway, Wichita Falls.
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Greysteel has brokered the sale and acquisition financing of Luau Apartments and Koko Apartments, a two-property, 138-unit multifamily portfolio on Empire Central Drive in Dallas. Both properties have undergone a number of improvements since late 2017. Greysteel's Doug Banerjee, Boyan Radic, Andrew Mueller and Scott Simon represented the seller and procured the buyer. Senior Investment Associate Daniel Hartnett arranged bridge financing on behalf of the buyer.
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The Praedium Group, a New York City-based real estate investment company, has acquired the 353-unit Arlington Commons in North Arlington. Completed in 2018, Arlington Commons is a four-story building with elevators. The property consists of one- and two-bedroom units ranging from 580 SF to 1,418 SF.
