This Week's Dallas-Fort Worth Deal Sheet: CRE Firm Buys McMillan Center In Fort Worth As New HQ
After nearly 40 years in Haltom City, Ron Sturgeon plans to move his company to north Fort Worth.
Ron Sturgeon Real Estate purchased the more than 137K SF McMillan Center complex in an off-market acquisition from an undivided tenants in common made up of three limited liability companies.
A former Coors distribution center, McMillan Center features three buildings on nearly 10 acres at 2550 McMillan Parkway in Fort Worth. The complex’s main building is more than 115K SF, while the other two buildings include a nearly 13K SF office building and a 9,000 SF maintenance facility.
Bradford Commercial Real Estate Services First Vice President Shane Brenner brokered the deal on behalf of Sturgeon.
The complex’s main building will be the new headquarters of Ron Sturgeon Real Estate, and the company plans to move in following renovations. The complex’s only tenant downsized to allow construction to begin, with plans to leave at the end of January.
“I had hoped to stay within Haltom City, but I was unable to come to terms with city officials on two locations,” Sturgeon said in a statement, adding he looks forward to the move to Fort Worth.
The office building and maintenance facility will both be available for lease.
Transwestern’s Todd Hawpe represented sellers Gyant Coors LLC, Gyant Josh Road LLC and Gyant V LLC.
PEOPLE
Addison-based Stronghouse Solutions named Russ Reynolds as CEO. Reynolds succeeds Kirt Linington as head of the roof replacement, repair and exterior home services provider. Reynolds has nearly 40 years of experience, most recently as CEO of Spotless Brands. Linington will remain on the company's board of directors.
SALES
Dallas-based Bleecker Partners purchased the 1.3M SF Dallas Infill Logistics Portfolio, which includes 12 light industrial infill assets. The industrial sites are located in Arlington, Dallas, Garland, Grand Prairie and Plano. The portfolio was 83% leased at the time of sale. CBRE’s Jonathan Bryan, Randy Baird, Ryan Thornton, Nathan Wynne, Eliza Bachhuber and Elliott Dow arranged the transaction on behalf of the seller.
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Fort Worth-based Wilks Development purchased the 177K SF One Ridgmar Centre office tower in Fort Worth. Wilks Development will make $1M in initial renovations at the 10-story tower and plans to invest $8M more for improvements over the next five years. Wilks Development secured more than 30K SF of new leases at the tower at closing, and the facility is now 68% occupied. One Ridgmar Centre was built in 1986. It was most recently owned by Holt Lunsford.
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Clearworth Capital acquired the 304-unit Forum at Grand Prairie multifamily community. Located at 2650 Forum Drive in Grand Prairie, the development offers a variety of recreational amenities. Cushman & Wakefield’s Asher Hall and Grant Raymond represented an undisclosed seller in the deal.
CONSTRUCTION AND DEVELOPMENT
Lovett Industrial broke ground on the 339K SF 121 Logistics Park in Coppell and Lewisville. The 27-acre urban infill development will consist of a 258K SF rear-loader building and an 82K SF front-loader building. The business park is slated to finish in Q3 2025 and will target tenants needing between 85K SF and 339K SF. Lee & Associates’ Adam Graham and Alex Wilson will handle marketing and leasing.
Comerica Bank is providing construction financing. Bob Moore Construction is serving as the general contractor, with Meinhardt & Associates Architecture as lead architect and Kimley-Horn & Associates as the civil engineer for the project.
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KDW will break ground this month on a 135K SF materials recovery facility in Frisco for Balcones Recycling. The Frisco facility will be Balcones’ fifth in Texas when it opens in spring 2026. The facility is designed to maximize processing capabilities and will offer wellness spaces for employees.
FINANCING
Atlantic Pacific Cos. affiliate Blue Atlantic Partners Fund II closed $112.5M of Freddie Mac debt to refinance three apartment communities in the Metroplex. The refinancings were part of seven properties the fund financed with $190.8M in mortgages from Freddie Mac carrying seven-year fixed rates.
The new loans included $40M for the 294-unit The Atlantic Stonebriar in The Colony, $42.3M for the 343-unit The Atlantic McKinney in McKinney and $30.2M for the 324-unit The Atlantic Station in Fort Worth.
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Pillar Commercial recapitalized its investment in the 215K SF Collins Square building in Richardson. Pillar acquired the building in 2014. Travelers Insurance has had an operations hub in the building for more than 20 years.
The recapitalization will retire the existing debt and put in place a new ownership structure that features Pillar’s real estate fund vehicle, Pillar Real Estate Fund II, as well as Hall Capital, H. Goldenberg and Formation Interests. The group bought the property in an all-cash transaction.
