This Week's Dallas-Fort Worth Deal Sheet: Tellus Group Buys Land For $1.5B Anna Development
Tellus Group closed on 970 acres for the first phase of the $1.5B Sherley Farms project in Anna. The master-planned community, which is slated to include 3,000 homes just east of Highway 5, will offer expansive green spaces and a 65-acre working organic farm as a cornerstone of the development.
“We are future proofing this community with a holistic view of wellness, social connectivity and a deep respect for the land,” Tellus Group CEO Craig Martin said in a statement. “Sherley Farms not only reflects our commitment to innovative and meaningful design, but also aligns seamlessly with Anna's vision for thoughtful growth and vibrant community living.”
The developer is working with the Sherley family and the city of Anna on plans for the community. Sherley Farms will feature health and wellness lifestyle programming, including a design that provides access to the city’s trail systems.
“We chose Tellus as the developer because they were excited by our vision for a community grounded in the land itself and focused on creating a healthier quality of life for all,” Sherley Partners Manager Tasha Sherley Escoto said in a statement. “They approached this with a strength of character and commitment, not just a transaction.”
The development will feature more than 150 acres of open space and miles of trails, Anna City Manager Ryan Henderson said.
Work on the project is expected to begin by this summer.
PEOPLE
Adolfson & Peterson Construction promoted Granger Hassmann to president of the Gulf states region. Hassmann is responsible for the region’s strategic direction. He will also oversee operational activities, risk management, business performance and client relations. Hassmann has been with the company since 2002.
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Eastdil Secured hired Ryan Shore as managing director. Shore will be based in Dallas, where he will be part of the firm’s global retail team. He has more than 20 years of experience and spent the last 15 years at HFF/JLL.
SALES
Founders Properties sold a 107K SF industrial building at 2925 E. Plano Parkway in Plano. The building is home to the U.S. headquarters of a security technology company. CBRE represented Founders Properties in the transaction.
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Reap Capital and 3650 Capital acquired The Calvin, a garden-style apartment development at 2501 Ohio Drive in Plano. The companies plan to make interior unit upgrades and amenity improvements to the 167-unit apartment complex. Northmarq’s Taylor Snoddy and Charles Hubbard arranged the acquisition.
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Knightvest Capital acquired the Mockingbird Flats apartment community in Dallas. The 417-unit apartment community, built in 2012, is a five-story mid-rise property that was renamed Belclaire by the new owner. Knightvest plans to renovate the majority of the units and make enhancements to the development’s amenities.
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Dallas-based Younger Partners Investments acquired the more than 137K SF 380 Towne Crossing development at 2014 W. University Drive in McKinney from Weber & Co. as part of the acquisition of a two-property retail portfolio. The center was more than 98% occupied at the time of the deal.
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Capital markets adviser Hodges Ward Elliott arranged the sale of the 122-room Home2 Suites hotel in Lewisville. Hodges Ward Elliott’s Austin Brooks, Michael Brandes and Chase Wood facilitated the transaction on behalf of the seller.
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Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of the 312-unit Sweetwater at Buckingham multifamily facility in Richardson. The 1990s-vintage property is a three-story garden-style development with a resort-style swimming pool, fitness center and playground.
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BSR Real Estate Investment Trust acquired The Venue Craig Ranch Apartments in McKinney for $61M. The Class-A multifamily community was constructed in 2017 and has 277 apartment units. Amenities include a business center, dog park and resort-style swimming pool.
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Connor, Clark & Lunn Infrastructure and Bestinver Infra acquired a majority interest in the Northside student housing project at the University of Texas at Dallas. The companies acquired the entirety of the interest owned by funds managed by Tikehau Capital North America LLC.
The facilities include around 1,200 units. Agentis Capital served as financial adviser, White & Case LLP was legal counsel, Deloitte was the accounting and tax adviser, and Infrata was the technical adviser on the deal.
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Infrastructure consulting firm Halff sold a nearly 7-acre site at 1201 N. Bowser Road in Richardson to Digital Realty. The site includes a 91K SF office building. JLL Capital Markets’ Jonathan Carrier represented Halff in the deal.
LEASES
Infrastructure consulting firm Halff leased nearly 84K SF of office space at Galatyn Commons in Richardson to improve its full-service engineering and related services in the area. JLL’s Andrew Taguwa, Taylor Dickerson and Rachel Gorney represented Halff.
Halff plans to invest $10.8M for tenant improvements and equipment during the first year of its lease. Halff expects to occupy its new office space this fall. Cushman & Wakefield’s Chris Taylor and Zach Bean represented the landlord, Mapletree, in lease negotiations.
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The United Football League signed a 111K SF lease at Ballpark Circle in Arlington. TXRE Properties’ Kolby Dickerson and Sam Davis represented the landlord, while Zang/Adams Real Estate’s Jamie Adams and Kelsi Couture represented the UFL.
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Financial services company Horace Mann signed a 50K SF lease to relocate from Addison to Plano. Horace Mann will occupy the entire third floor of Billingsley Co.’s building at 6275 W. Plano Parkway. CBRE’s Ryan Buchanan and Josh White represented Horace Mann. JLL’s Trevor Franke and Gini Rounsaville represented Billingsley Co.
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Hall Group signed foodmaker Chobani LLC to a nearly 29K SF office lease in The Tower at Hall Park in Frisco. Chobani will relocate from its Plano office to the 16-story building this summer.
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Technology-focused law firm Munck Wilson Mandala relocated from North Dallas into its new headquarters office in 1900 Texas Capital Center in Uptown. In addition to its new headquarters building at 2000 McKinney Ave., the firm opened its new North Dallas office at Granite Park in Plano.
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Torc, a subsidiary of Daimler Truck AG, signed a lease agreement for a facility to serve as its autonomous truck hub in the Dallas-Fort Worth area. The site includes a 17-acre facility and 22K SF of office space in Hillwood’s AllianceTexas development. It will be home to Torc’s autonomous testing efforts, customer freight pilots and future commercialization slated for 2027.
The site will also feature a customer experience center, offices and dedicated control centers for fleet management and operations. Torc is expected to move into the facility at 13119 Old Denton Road in Fort Worth as it is built out during the first half of this year.
CONSTRUCTION AND DEVELOPMENT
Lincoln Property Co., Gigabit Fiber and Tradition Holdings announced a partnership to develop a communications infrastructure campus in Red Oak. The facility will include 800K SF-plus of data center and tech space that will deliver up to 540 megawatts of total power. Under the agreement, Gigabit will contribute 131 acres for the project. Lincoln will provide capital, financing and development services. Gigabit Fiber expects to begin construction on the campus in the first quarter.
FINANCING
Andover Lending provided a $21M construction loan to a joint venture between LaTerra Development and Platinum Storage. The loan will be used to redevelop a former retail location in Irving into a Class-A self-storage facility. The 195K SF multistory facility at 2488 Market Place Blvd. will feature climate-controlled units along with drive-up and enclosed RV storage.
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Affinius Capital LLC originated a $77.4M loan to finance the ground-up development of West Worth Commerce Center, a 992K SF industrial development to be built in Fort Worth. The loan was provided to a joint venture between Forefront Commercial Real Estate and an Ares Management Real Estate fund for the construction and lease-up of the project. West Worth Commerce Center will feature four buildings.
