This Week's Dallas-Fort Worth Deal Sheet

A 251K SF office tower underway in The Epic, an 8-acre mixed-use development located where Downtown Dallas and Deep Ellum meet, has landed its first tenants.

Developer Westdale has signed a 39K SF lease and will occupy one-and-a-half floors of the tower beginning in June. Spaces, a coworking specialist, has leased 47K SF. 

Developed by Westdale and KDC, and designed by architecture firm Perkins+Will, the office building is at 2550 Pacific Ave. The tower is on track for LEED Gold certification and has 55K SF of restaurant and retail space.

One of its restaurants will be Komodo, which will take nearly 20K SF on the ground floor. It will be the Dallas location of the Miami establishment of that name by celebrity chef David Grutmam, featuring Southeast Asian cuisine.

Other amenities at 2550 Pacific Ave. include a fitness center with locker rooms, office terraces, collaborative areas, a bike storage area and a seventh-floor rooftop amenity deck with year-round seating and views of Downtown Dallas.

The deal was handled by CBRE all around: Steve Rigby, Baron Aldrine, Mike Kay, Peter Danna and Mike Cleary represented Spaces, while Jack Gosnell and Elizabeth Herman executed the Komodo lease. Dennis Barnes, Tommy Nelson and Ben Davis represented Epic Dallas Office L.P.

EXECS

Rogers-O’Brien Construction promoted Alan Najar, previously director of finance, to chief financial officer. Najar will be assuming the CFO position previously held by Mike Orr, who will continue as executive vice president, where he will oversee risk management and corporate services. Najar joined the company in mid-2018.

SALES

HFF facilitated the sale and financing of Quadrangle, a 194K SF mixed-use development in Uptown Dallas on 3.8 acres at 2800-2828 Routh St. The seller was American Realty Advisors and the buyer Stream Realty Partners. The property includes an eight-story, 128K SF office tower renovated in 2017; a 21K SF creative office building; and five retail buildings totaling 44K SF. Working on behalf of Stream, HFF placed the acquisition loan through TPG RE Finance Trust. 

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Transwestern Investment Group has acquired a 1.2M SF industrial property in north Fort Worth from DHL Supply Chain for an unspecified price. Completed in December, the property consists of two cross-dock buildings, a 706K SF structure at 1753 Chaplin Drive and a 494K SF structure at 15453 Wolff Crossing. Each building offers a 36-foot clear height. JLL’s Dustin Volz represented the seller. CBRE’s Nathan Lawrence is providing leasing services.

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ProPath, a pathology clinic and medical practice, has inked a 15-year sale-leaseback on its 85K SF Dallas headquarters at 1355 River Bend Drive in the Medical District of the Stemmons corridor. Hammes Partners acquired the property and has plans to undertake a $2M renovation. Rubicon Representation's Kyle Jacobs brokered the transaction.

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Pillar Commercial, in a joint venture with Ascent Real Estate Advisors, acquired the 121K SF building at 2703 Telecom Parkway in Richardson. The Pillar/Ascent partnership acquired the property from a private family office, which was represented by Jamie Jennings and Andrew Rabinovich of Stream Realty Partners. Built in 1997, the property is on 8.5 acres and is leased to three tenants: Hill & Wilkinson, XPS Solutions and Bestway.  

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ML Capital Ltd. has sold a fully leased industrial complex totaling 67K SF and cell tower site in Valwood Industrial Park to a locally based investment group, Concord-Newkirk L.P. The four metal warehouses, developed in the mid-1980s, and leased cell tower are on nearly 4 acres at 11455 Newkirk St. in Dallas. Bradford Commercial Real Estate Services' Brian Pafford and Jason Finch represented the seller.

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Rowan Properties brokered the sale of the 79-unit Villa Pacifica apartments in Dallas. The property was previously listed and under contract with another brokerage company, but did not sell. Rowan procured a local investor who was able to close despite ongoing construction as a result of a fire over the summer. 

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CBRE has brokered the sale of 178 acres in Garland for a special-needs inclusive community. Plano-based My Possibilities, a nonprofit serving adults with cognitive disabilities, purchased the former site of Eastern Hills Country Club at 3000 South Country Club Road from a private seller for an undisclosed price.

DEVELOPMENT

Sovereign Properties has broken ground on Sovereign at Twin Creeks, a multifamily development in Allen. The property will feature 366 units with a resident clubhouse, a fitness center, a business lounge and a resort-style pool. The development will also feature a 15K SF medical office building adjacent to the community. Davis Brothers Construction is the general contractor, with completion slated for mid-2020.  

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Sam Williamson, former director of project management services for Spire Realty Group, has launched WorkSpace Construction, a general contracting firm specializing in small and midsize projects.

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HFF has facilitated construction financing and joint venture equity for the development of a 130K SF data center in the Telecom Corridor of Richardson, working on behalf of the borrower, KDC Real Estate Development & Investments, to secure the loan and equity. The data center facility will be at North Plano Road and East Lookout Drive. The facility will be adjacent to an ONCOR substation and have access to 18 fiber providers within the area.

LEASING

Healthcare service provider Caregiver Inc. has leased 22K SF at 4800 Overton Plaza in southwest Fort Worth. JLL's Pat McDowell and David Berzina negotiated the office lease on behalf of the tenant. Transwestern’s Kirk Kelly represented the landlord.

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Bradford Commercial Real Estate Services has been tapped to lease the 398K SF Merit Tower in Dallas, in the Park Central submarket. Jared Laake assumed leasing duties for the 19-story office tower at 12222 Merit Drive. Krystal Zahniser is responsible for the high-rise's property management. Eduardo Gildenson serves as asset manager and local liaison for the out-of-state owner.

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The first High Tower Café & Deli in the Metroplex will open in May in 3,174 SF in Burnett Plaza, a 40-story office tower at 801 Cherry St. in Downtown Fort Worth. Henry S. Miller Brokerage's Jim Breitenfeld and Jim Turano represented B&Z Hospitality of Houston in the lease, while Jack Clark with Red Oak Realty represented Burnett Plaza.