This Week's Dallas-Fort Worth Deal Sheet: Creation To Build Logistics Projects In Dallas, Fort Worth

Dallas-based developer Creation plans to construct a pair of logistics projects in the Metroplex in 2025.

635 Exchange will be built in partnership with PGIM Real Estate on a 36-acre parcel at the intersection of interstates 35E and 635 in Dallas. Triad 820 will be a 137K SF logistics center featuring three buildings on 9 acres along Anderson Boulevard in Haltom City.

“635 Exchange and Triad 820 are quintessential examples of our commitment to delivering innovative projects in the most sought-after submarkets in Texas,” Taylor Mitcham, Creation’s principal of Texas, said in a statement. “Both developments meet market demands and highlight our ability to navigate complex opportunities and bring transformative visions to life.”

635 Exchange will be a 600K SF, three-building logistics hub designed and constructed by LGE Design Build on the site of a former city of Dallas landfill. The project will break ground this summer. 

Stream Realty’s Sarah Ozanne, Mac Hall and Lena Thomas will manage leasing efforts. 

Triad 820 is being developed in partnership with a real estate fund advised by Crow Holdings Capital. 

“Triad 820 will also be the first project in our Texas ‘small building portfolio,’ a strategy we’re successfully implementing in DFW and plan to expand into Phoenix,” Mitcham said in a statement. “These smaller, still traditionally designed industrial buildings are tailored to accommodate a range of tenants, including local mom-and-pop businesses as well as institutional clients, with the added flexibility of both leasing and purchase options.”

LGE Design Build will oversee the project's design and construction, which is underway and slated to complete by late 2025. NAI Robert Lynn will handle leasing efforts.

PEOPLE

HKS announced Heath May will take over from  Dan Noble as chairman and CEO in January 2026 after a year of apprenticeship. Noble has been with HKS for more than 42 years and served as CEO since 2014. May is global practice director of HKS Laboratory for Intensive Exploration and has over 20 years of experience with the firm.

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Omni PGA Frisco Resort & Spa named Michael Nahat its resort director of food and beverage. Nahat has been with Omni Hotels & Resorts for more than six years and previously held the same position at Omni Tucson National Resort.

SALES

Investment firm Knightvest Capital purchased the apartment community Verandas at Cityview in Fort Worth. The 314-unit garden-style community built in 2002 is located in the Benbrook area of South Fort Worth. Knightvest plans to fully renovate the majority of the units. Amenity upgrades will include a renovated fitness center, enhancements of the pool area and a dog park. Knightvest also plans to rename the community. The property is the fourth acquisition in Knightvest's Fund II and its first asset in Fort Worth.

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Morrow Renewables acquired the 18K SF office building that is home to its headquarters at 230 E. Hunt St. in McKinney from Tynas Texas LP. Cushman & Wakefield’s Ryan Hoopes and Johnny Johnson represented Morrow Renewables in the deal. 

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Cedar Creek Capital bought the 184-unit Elite Self Storage facility in Waxahachie. Elite Self Storage is located at 3948 U.S. Highway 287. Marcus & Millichap’s Brandon Karr and Danny Cunningham represented the seller and procured the buyer.   

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Marcus & Millichap announced the sale and financing of the 108-unit Fountains of Jupiter Apartments in Dallas. Built in 1986, Fountains of Jupiter is located at 12993 Jupiter Road. Marcus & Millichap’s Al Silva and Ford Braly represented the owner, a Dallas-based investment group, and procured the buyer, a newly formed partnership also based in Dallas. Marcus & Millichap Capital Corp.’s Brandon Brown procured the seven-year agency debt for the buyer. The new owners plan to improve unit interiors and property management. 

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Dallas-based VaultCap Partners and Denver-based Quannah Partners announced the sale of the 114-unit The Townhomes at Bluebonnet Trails townhome community in Waxahachie. The more than 210K SF property includes outdoor amenities such as outdoor living spaces, a dog park and landscaped green space.

VaultCap and Quannah, in a co-GP joint venture partnership, installed quality management and services, leading to a more than 20% increase in rental rates while maintaining occupancy above 93% during their ownership. Freddie Mac via Northmarq Capital Markets and Ent Credit Union were the lenders for the property.

Northmarq’s Eric Stockley, Taylor Snoddy and Charles Hubbard coordinated the sale marketing process.

CONSTRUCTION AND DEVELOPMENT 

Trademark Property Co. topped out at The Vickery, a multifamily-led mixed-use community on 5 acres overlooking Downtown Fort Worth. The project broke ground in February 2024 and is set to open in the spring. The 307-unit, 14-townhome development will feature a 5,000 SF-plus restaurant building with a second story cocktail lounge as well as pickleball courts, dog parks and pocket parks. 

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The Nobleman Hotel, a Tapestry Collection by Hilton concept, is expected to open in February in the Magnolia Avenue area of Fort Worth. The hotel will offer 121 guest rooms and 32 extended-stay suites and is anchored by the original No. 5 Fire Station building from 1911. The restored fire station structure will also feature the chef-driven restaurant Duchess.

Developed by Jeff Blackman of Bedford Lodging, The Nobleman Hotel features a pool, a fitness center, and meeting and outdoor event spaces. Blackman enlisted consultant chef Casey Thompson to develop the menu for Duchess, which also is set to open in February. The Nobleman was designed by KMC&A Design’s Kathy Moran Clarson. Kansas-based Crossland Construction is providing construction services for the project, with Dallas-based agency Ashlar Projects creating the hotel branding.  

FINANCING

Marcus & Millichap Capital Corp. secured midconstruction refinancing to finish work on the 102-unit The Vues Apartments community in South Dallas. Marcus & Millichap Capital Corp. arranged the 79% loan-to-cost bridge loan on behalf of the borrower, MASA Design Build. The market-rate project is scheduled to be completed in Q1. Marcus & Millichap Capital Corp.’s Duke Dennis represented the borrower.

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Affinius Capital LLC closed on an $81.3M loan to refinance the 350-unit Belt and Main multifamily property in Richardson. The loan was made to Catalyst Urban Development. The community also features 17K SF of retail space and amenities such as a resort-style pool, business areas and on-site storage units. JLL’s Jeremy Sain arranged the financing.

THIS AND THAT

Pickleball Kingdom will hold a grand opening event for its Dallas North location at 14060 Dallas Parkway in Dallas on Jan. 11. The 32K SF facility offers 10 full courts and one championship court as well as a pro shop, community room and a snack bar. Dan Jenkins is the area developer and franchise owner of Pickleball Kingdom North Texas.