This Week's Dallas-Fort Worth Deal Sheet
Oakwood, a Mapletree Investments entity, plans to grow its footprint of extended stay multifamily products in various markets, including DFW, through a strategic partnership with extended-stay brand WaterWalk International.
The products created will provide apartments for business travelers and multifamily solutions for individuals seeking extended-stay options.
The growth markets identified include Denver, Dallas-Las Colinas, Dallas-Richardson, San Antonio, Wichita, Kansas City-Overland Park, Raleigh and Charlotte.
WaterWalk’s development lineup includes 13 sites that will be opening soon in Austin, Minneapolis, Plano, Salt Lake City, Boise, Phoenix, Jacksonville, Washington, D.C., and Philadelphia.
WaterWalk entered into franchise agreements to triple its portfolio and provide opportunities for investors and franchisees who want to tap into this particular segment of the multifamily market.
"Our strategic partnership with WaterWalk, one of the nation’s most innovative extended-stay brands, enables us to significantly expand our U.S. footprint and offer our clients even more options to fit their travel and relocation stay needs," Oakwood CEO Chris Ahearn said.
WaterWalk is an extended-stay brand out of Wichita, Kansas, created by Jack DeBoer. The WaterWalk concept offers apartment living with all of the services and amenities of a hotel.
SALES
Triten Real Estate Partners has big plans for the long-forgotten Tollway Place office building at 15110 North Dallas Parkway. The property acquired is a six-story, 90K SF office building with structured parking.
Renovations are underway with plans to construct a Velvet Taco with an outdoor patio at the building.
"This is an incredible corner within the lower Tollway submarket and has been off the radar for the last decade," Triten Managing Partner Scott Arnoldy said. "We are excited about how much this building will change. We will completely reposition the asset to provide a boutique mixed-use environment that can’t be found in other buildings along the Tollway."
The building is at the Tollway and Beltline across from Village on the Parkway.
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Robert Lynn Investments expanded its footprint in the medical space with the purchase of a 22K SF medical office building at 9500 North Central Expressway in Dallas. The building houses DaVita Central Dallas Dialysis.
Robert Lynn Investments already has a long-term agreement with a surgical company to serve as the building's anchor tenant. RLI will renovate the space over the course of the next several months.
NAI Robert Lynn brokers Nick Lee and Justin Utay handled the off-market building purchase and presented it to RLI Managing Partner Robert Hoodis.
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Dallas-based WindMass Capital acquired the 341-unit, 12-building apartment building known as Bristol Square.
The seller, McGuire Family Properties, was represented by JLL’s Zar Haro, Moses Siller, Jorg Mast and David Fersing.
JLL’s Zar Haro, Moses Siller, Jorg Mast and David Fersing represented the seller, McGuire Family Properties.
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Multifamily owner Continental Realty Advisors recently sold over 1,400 units nationwide, including in Dallas, generating $200M from the sale of four assets in its portfolio.
One of the properties sold, the Riverhill Apartments in Grand Prairie, was constructed in 1995 and is about 3 miles south of the Dallas Cowboys’ AT&T Stadium. HFF’s Greg Toro brokered the sale.
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Jaksic Milorad sold 25K SF at 2120 Vanco Drive in Irving to Shakyb Sabour. Cooper Land Co.’s Dan Cooper represented the buyer, while Mercer Co.’s Marshall Horn served as the seller's representative.
LEASES
Southern pie shop Buttermilk Sky Pie Shop is coming to Ridglea Village in Fort Worth after signing a lease for space inside the retail shopping center.
The pie shop will be at 6040 Camp Bowie.
Weitzman’s Gretchen Miller and Stephen Wise handled negotiations for Ridglea Village, while Burt Ladner Real Estate’s TK Dorsey represented the shop.
Buttermilk Sky Pie Shop will be surrounded by other retail and restaurant tenants, including Haltom's Jewelers, La Madeleine, Campisi’s and Rusty Taco.
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Casa de Dios Cielos Abiertos leased 11K SF at 2005 North State Highway 360 in Grand Prairie from landlord Chapald-BC. Mercer Co.’s Corby Hodgkiss represented the landlord.
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Carrier Enterprise renewed a 30K SF lease at 2450-2462 Merrit Drive in Garland.
The landlord, Taurus Investment Holdings, was represented by Holt Lunsford Commercial’s Josh Barnes and Ben Wallace, while CBRE’s Shirley Laymance represented the tenant.
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Covenant Group of Texas renewed a 14K SF lease and expanded its space with an additional 3K SF inside Burnett Plaza in Fort Worth. David Cason of Holt Lunsford Commercial represented the tenant, while Red Oak Realty’s Jack Clark represented the owner.
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Tarrant County renewed its lease of 13K SF at Riverbend Business Park with Holt Lunsford Commercial's Keaton Duhon and Jake Neal representing the landlord, Riverbend Properties.
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Fidelity Information Services renewed a 25K SF lease at One Hanover Park at 16633 Dallas Parkway in Addison. The building owner, One Hanover Park Investors, was represented by Kurt Cherry of Madison Marquette, while CBRE’s Baron Aldrine and Campbell Puckett represented the tenant.
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Lone Star Coaches renewed a 29K SF lease at 2425 Houston St. and 2430 Main St. in Grand Prairie. Mercer Co.’s Corby Hodgkiss represented the tenant, while Jeff Mercer with Mercer Co. represented Main Mercer Properties.
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Dallas Door Design leased 18K SF at 1243 Majesty Drive in Dallas from landlord DDB Properties LLC. Mercer Co.’s Jeremy Mercer represented the tenant.
EXECS
Skansa USA promoted Kimberly Burke to vice president of business development. Burke will lead business development activities and will lead sales and marketing efforts for Skanska USA throughout North Texas.
CONSTRUCTION
Fairfield by Marriott Inn & Suites is reopening its 120-room Plano hotel, which opens this week with a new decor. Located at 8585 Angles Drive, the hotel will operate as a Marriott franchise that is owned and managed by Chase Hospitality LLC of Irving. The property sits adjacent to the SpringHill Suites, which is also managed by Chase Hospitality.
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Privately held owner and developer Bridgeview Real Estate launched a multimillion-dollar renovation of LBJ Tower, a 204K SF office building at 8390 Lyndon B. Johnson Freeway.
As part of the renovation, the first floor of the 10-story office building will be redesigned with modern finishes, a 75-person meeting space, a fitness center and an indoor-outdoor lounge space.
Bridgeview hired Stream Realty Partners as a consultant to oversee the capital renovation plan as well as leasing and marketing of the property.
Stream also announced it negotiated a 39K SF lease with Neurology Consultants of Dallas.
