This Week's Dallas-Fort Worth Deal Sheet
JMC Holdings has closed on its acquisition of the 410K SF Lakeside Square office tower along the LBJ Freeway and Central Expressway. The buyer said it will spend in excess of $20M to make upgrades to the property.
Lakeside Square is New York-based JMC’s first acquisition in the Metroplex.
“We're excited for the opportunity to acquire such a high-quality asset in an off-market transaction and invest capital, to once again make Lakeside Square one of the leading office towers in Dallas,” JMC Managing Director of Texas Jim Traynor said in a statement. “Our plan is to upgrade all the building infrastructure, amenities and common areas. Everything a tenant sees, or experiences, will be upgraded.”
He cited floor-to-ceiling glass windows, 25K SF floor plates and institutional management as added attractions of the property. Lakeside Square has an on-site deli, a fitness center, several conference rooms, structured parking and over 30 restaurants within a quarter mile.
JMC hired Peloton Commercial Real Estate to manage and lease the property. Joel Pustmueller will lead the leasing team, which will include Trevor Franke and Gini Dibrell Rounsaville.
DEVELOPMENT
Amcal Equities acquired about 35.3 undeveloped acres at 3295 Keller-Haslet Road in the Alliance Airport area of Fort Worth. The buyer plans a two-phased multifamily development on the site, with 264 units scheduled to begin in June and 256 more units planned for 2022. Davidson Bogel Real Estate's Ryan Turner, David Davidson and Ed Bogel represented the seller, Harwood Properties. Henry S. Miller's Lane Kommer and Dan Spika represented Amcal.
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PMB Capital Investments is planning new housing and commercial space for Sachse. The development, called The Station, will be on a 119-acre site on Bush Turnpike between Miles and Merritt roads that PMB acquired last year. The development will also include upgrades for the city's Heritage Park, including a new amphitheater, walking trails and a boardwalk around a water feature.
SALES
LFP Properties acquired the 16K SF Village Square in North Richland Hills in an off-market transaction. The retail center is on 1.6 acres at 6400 Rufe Snow Drive and is 56% leased. Bradford Commercial Real Estate Services' Erik Blais represented the buyer, who is planning to invest upward of $200K to modernize the property.
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Wellington Realty has brokered the sale of Fox Creek Apartments at 1910 Josey Lane in Carrollton. The private buyer plans interior upgrades and exterior replacements to the 172-unit property, which was developed in the late 1960s. Wellington's Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung worked on the deal.
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A private buyer has purchased nearly 6.3 acres at 358 Glade Road in Euless. Retail Solutions' Chris Flesner and Sam Littlejohn represented the seller, while Nadeem Virani of Centerpoint Commercial Properties represented the buyer.
LEASES
Oak Cliff husband-and-wife team Kendall and Alicia Spence are launching Another Round, an indoor miniature golf and bar lounge at 660 Fort Worth Ave. in West Dallas, which is being developed by Oaxaca Interests. Another Round will feature an interactive atmosphere that fuses a bar lounge and mini golf concept.
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Boston-based Fit Factory is entering the Texas market with two DFW locations. One will be at 320 Winecup Way in Garland’s Firewheel Town Center, and the other will be at Colleyville Downs, 4843 Colleyville Blvd. in Colleyville. The fitness chain said it ultimately plans to open 10 locations in the Metroplex.
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Caregiver Inc., which specializes in serving clients with intellectual and developmental disabilities, is moving into the 25K SF 4800 Overton Plaza, less than a mile from its current location at 4100 International Plaza. JLL's Pat McDowell and David Berzina represented Caregiver, while Transwestern's Kirk Kelly represented the landlord.
