This Week's Dallas-Fort Worth Deal Sheet

The City of Garland approved a $50M redevelopment plan for the former Raytheon campus. Langford Property Co. will transform it into the Jupiter Miller Business Center, a three-building, mixed-use development with nearly 800K SF of Class-A commercial flex space.

The project site is in the process of receiving extensive asbestos abatement; 627K SF of vertical space has been demolished. Construction is slated to finish in July over a single development phase, but site preparation is still necessary to make vertical construction possible. 

“We saw a great opportunity in Garland. Garland’s industrial corridor is very robust and in high demand right now,” Langford Property Co. Managing Partner Eric Langford said. 

EXECS

Henry S. Miller Cos. promoted Peter Kosley to executive vice president in its retail division. Kosley has been with the company for 41 years.

SALES

Herman Smith & Co. sold 5.4 acres of light industrial-zoned land at 1700 Commerce Drive in Mansfield to Steadfast Heritage. Coldwell Banker Commercial Advisors DFW Vice President Wayne Burgdorf represented the buyer in the direct deal. 

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Henry S. Miller Cos. acquired Mills Pointe, a 126K SF shopping center in Carrolton at the corner of Trinity Mills Road and Marsh Lane. Henry S. Miller principal of the investments and land division Darrell Hurmis represented the undisclosed seller and his company in the sale.

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Bradford Commercial Real Estate Services Executive Vice President Susan Singer and Managing Partner Michael Grant closed the following sales:

• Right Now Ministries International sold a 17K SF office building on 1.3 acres at 3304 Essex Drive in Richardson to ABRE Holdings. Singer and Grant represented the seller. Beam Real Estate’s Jagdish Godhwani represented the buyer.
• Devices & Services Co. purchased a 12K SF industrial flex building on 0.9 acres at 2835 Virgo Lane in Dallas from Thomas Bosworth. Singer and Grant represented the buyer, and Landry Commercial’s Myles Harnden and Brent Bosworth represented the seller.

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Navstar Commercial sold One Ridgmar Centre, a 177K SF Class-A office building in Fort Worth at 6500 West Freeway, to Frontier Equity. Transwestern Managing Director Steve Simon and Senior Vice President Steve Rowland represented the seller.

LEASES

Alkami Technology expanded its lease by 55K SF to a total of 90K SF at 5601 Granite Parkway in Plano. CBRE’s Jeff Ellerman, Clay Vaughn and Preston Lynn represented the tenant. Granite Properties’ Robert Jimenez, Aarica Mims and Avery Bush represented the landlord.

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NAI Robert Lynn closed the following leases:

• Great Notions L.P. leased 15K SF of warehouse space at 10495 Olympic Drive in Dallas. NAI Robert Lynn’s Cole Horowitz represented the tenant.
• Regal Corp. leased 19K SF of office/warehouse space at 605 Ave. R in Grand Prairie. NAI Robert Lynn’s Michael Stanzel represented the tenant. Bradford Cos.' Michael Spain and Jim Ferris represented the landlord.

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Crescent Real Estate Holdings garnered four new leases at The Crescent. WhiteStar Asset Management, Velocis Management, Lincoln International and Inverdale Capital Management Partners recently signed leases at The Crescent totaling 16K SF. The Crescent Vice President of Leasing Tony Click represented the landlord in all lease negotiations. HPI Commercial Real Estate’s Hunter Lee represented WhiteStar; Lincoln Property’s Matt Craft represented Velocis Management. Savills Studley’s Frank McCafferty represented Lincoln International. No representative was listed for Inverdale Capital Management.

FINANCING

RealtyShares, an online marketplace for real estate investing, deployed more than $10.1M to secure a $2.4M equity investment in the 302-room Sheraton hotel in Irving, five miles from DFW Airport.

DEVELOPMENT

Crescent Real Estate and Long Wharf Capital are heading up the 100K SF expansion of Corgan’s headquarters in the West End District in Dallas.  The new building will be called The Luminary. No finish date has been announced yet.

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Greystar’s Elan at Crockett Row, a 380-unit, mixed-use apartment community, is under construction in Fort Worth. Slated to finish in the first quarter of 2019, the new development seeks to spur an increase in foot traffic and make the surrounding area a destination.

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McLane Classic Foods Manufacturing will move into a 150K SF facility at the HighPoint Business Park East in Burleson, pending its construction. The project is supposed to start in early 2018. McLane will bring Burleson 40 jobs and $30M in capital investment.

THIS AND THAT

CREW Dallas celebrated outstanding achievement within its chapter Sept. 28, giving its 2017 outstanding achievement award to B&J Financial Services CEO Brenda Blake and rising star award to Winstead PC's Laura Hoffmann.