This Week's Dallas-Fort Worth Deal Sheet: Aither Systems Doubles Space, Moves HQ To Plano
Renewable energy company Aither Systems LLC will move its headquarters to the Plano Office Commons complex in Plano this month.
The company’s headquarters and warehouse teams will more than double their space with the nearly 27K SF, Class-A office and warehouse at 605 Shiloh Road in Plano. Aither, which designs and builds microgrid systems, inked a seven-year deal after relocating from its previous headquarters in Allen.
Bradford Commercial Real Estate Services’ Brian Pafford and Richmond Collinsworth represented landlord GH Plano Tech Center Inc. in the deal.
“We were able to effectively market the property to more prospective tenants by shifting the marketing focus from strictly office to air-conditioned warehouse, which is a premium in Texas,” Collinsworth said in a statement. “It proved to be the winning strategy.”
The deal moves the 190K SF Plano Office Commons to 100% occupancy.
PEOPLE
Jamee Jolly was appointed CEO of The Real Estate Council. Jolly has worked in the public and private sectors for more than 20 years, including serving as TREC’s director of public affairs and programs as well as its lobbyist. She was most recently president and executive director of Uptown Dallas Inc.
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Savills named Alyssa Pauly its senior director of project management. Pauly brings more than 10 years of experience with project management and design to Savills’ DFW office. In her new position, Pauly will represent clients’ interests in strategic planning, budget management and delivery of projects. She was previously a CBRE senior project manager.
SALES
Disney Investment Group brokered the sale of the nearly 58K SF Valley Square shopping center in Lewisville by LRIC Properties. Terms of the deal for the fully leased shopping center weren't disclosed. Disney Investment Group’s David Disney and Adam Crockett represented LRIC Properties, while the 1031 trade buyer was represented by DuWest Realty’s Will Walters.
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Weitzman affiliate Arapaho Village LP purchased the Arapaho Village retail center in Richardson from WASA Properties. The 101K SF retail center is at the corner of West Arapaho Road and West Shore Drive. Weitzman’s Stephen R. Schmidt led the acquisition, while Disney Investment Group’s David Disney and Adam Crockett represented WASA Properties.
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The Beeman Hotel sold in a deal arranged by Hodges Ward Elliott. The renovated, 296-key hotel is adjacent to Southern Methodist University in Dallas and features 11K SF of meeting space. Hodges Ward Elliott’s Austin Brooks and Michael Brandes worked on the transaction.
LEASES
Internet technology infrastructure company Cytracom leased nearly 30K SF at District 121 in McKinney. When it relocates in January, Cytracom will fill the top floor of the office building as well as a portion of the seventh floor. Cytracom was represented by NAI Robert Lynn’s Kent Smith.
CONSTRUCTION AND DEVELOPMENT
Hillwood plans to build a 1.1M SF speculative industrial building at the master-planned AllianceTexas development in Fort Worth. Alliance Westport 24 will be a cross-dock facility designed with up to 704 on-site trailer spaces. The project, which breaks ground this month, is expected to be completed in the fourth quarter of 2025. RGA Architects designed the building, while Westwood served as the civil engineering design firm. Hillwood Construction Services was selected as the project’s general contractor.
FINANCING
The NRP Group announced the financial closing for multifamily development Thrive on Crawford in Fort Worth. The 67-unit mixed-income development will include more than 2K SF of commercial space leased to JPS Health Network. The development will offer affordable housing options, with amenities such as a business center, community kitchen, children’s playroom and outdoor playscape.
Project financing was provided by JPMorgan Chase and Berkadia, while tax credit equity investment came from CVS Health through an investment fund managed by Red Stone Equity Partners. Additional funding also came from the Near Southside Financing Zone tax increment financing district and the Texas Department of Housing and Community Affairs. Construction on Thrive on Crawford is expected to be completed in early 2026.
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Dallas-based Carbon Cos. secured a $138.3M bridge loan to refinance The Links on PGA Parkway in Frisco. The first two phases of the luxury multifamily development feature two clubhouses, two resort-style pools and a golf simulator. The loan was arranged by BayBridge Real Estate Capital along with Carbon Cos.’ Ed Garahan and John Hood. BayBridge’s Jay Miller, Spencer Miller, A.J. Felberbaum, Gabe Stolar and Noah Rothman originated the financing provided by MF1 Capital LLC. Carbon Cos.' next two phases would add 620 units after construction financing is secured.
THIS AND THAT
Real estate investment and development firm the Steinbridge Group received approval from the Dallas City Plan Commission for an approximately $54M residential development of 180 townhomes in the Capella Park neighborhood.
The 15-acre tract is made up of a combination of land from the Potter’s House Church and Clay Academy Charter School purchased in 2022 as the school and church navigated the fallout of the pandemic. The development is part of Steinbridge's initiative to partner with historically Black colleges and universities and other community institutions to generate value and close funding gaps by activating underutilized real estate.
