This Week's Dallas-Fort Worth Deal Sheet
The Tarrant County industrial boom continues apace with Ascendent Commercial announcing plans to build the largest speculative industrial development in South Fort Worth to date.
Ascendent acquired 46.25 acres of undeveloped land at the northwest corner of Interstate 35 and Highway 1187 in South Fort Worth for the project last year.
The company plans to build a commercial industrial park with 2.2M SF of logistics and distribution space. It intends to officially break ground on the site’s first 850K SF distribution center this summer.
CBRE’s Scott Moore and Steve Koldyke were tapped to market the park and industrial assets to tenants.
“We have seen very strong demand in south Fort Worth for bigger box product because of the area’s excellent logistics location with close proximity to I-20 and I-35,” CBRE First Vice President Scott Moore said in a press release.
“South Fort Worth has a labor force that is only rivaled by Forney/Terrell, so this project fills a void that is needed in the submarket.”
EXECS
Real estate investment firm TruAmerica Multifamily intends to grow its presence across North Texas and the Central U.S.
The Los Angeles-based firm just opened a U.S. Central headquarters in Dallas, and hired Ammanuel Metta to oversee apartment investments in Texas and the Midwest. Metta has more than a decade of experience in multifamily investment. He comes to the organization from Price Realty Corp.
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LandDesign named Marla Ponton its business development representative in Dallas. Ponton is a professional engineer with expertise in land development, multifamily, commercial development and local real estate.
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Westmount Realty Capital named Chasidy Bright director of multifamily asset management and operations. Bright has decades of experience in property management and hospitality, and will be overseeing the firm's multifamily asset management division.
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Transwestern Development Co. added Wilson White as a development manager within its national logistics group. White will be responsible for finding and executing quality logistics projects across DFW.
CONSTRUCTION AND DEVELOPMENT
Developers' vision for a 500K SF mixed-use project known as The Quad is starting to take form.
Designed for the corner of Howell Street and Routh Street in Uptown Dallas, The Quad is slated to house a new 12-story, 335K SF office building and is planned to eventually be home to a mixed-use hub filled with retail and restaurant options.
Stream Realty Partners officially revealed its development plan for The Quad this week. The commercial real estate and development firm acquired 4 acres in Uptown Dallas last year for construction of the development.
The Quad is close to more than 200 restaurants and retailers, 44 apartment buildings and the Katy Trail.
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A 280K SF residential community known as the Kilby just topped out in Frisco, according to general contractor KWA Construction.
The 258-unit, four-story building sits inside the $600M Frisco Square development and is scheduled for completion later this year.
The luxury apartment complex is designed to include a conference room, a gaming center, a two-story fitness facility, a yoga deck, a pet spa and a resort-style pool, among other perks.
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A new speculative industrial building is going up at 4972 South Merrifield Road in Dallas off Mountain Creek Parkway.
Courtland Development is behind the project, which is slated to offer 76K SF of industrial space marketed under the name Mountain Creek 9.
The entire Mountain Creek Business Park is 590 acres of industrial development created by Courtland and the city of Dallas in a long-term private-public partnership.
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Gulfstream Aerospace Corp. announced plans to invest $35M in the construction of a 160K SF repair and overhaul facility at Fort Worth Alliance Airport.
The new facility is expected to open in the fall of 2021, creating roughly 50 news jobs. About 150 employees at Gulfstream’s existing Love Field support center will relocate to the new Alliance site.
FINANCING
Henry S. Miller’s Stephen Scott helped a developer procure a $4.44M construction loan to expand a 16K SF shopping center in Hudson Oaks, Texas, outside of Weatherford.
The site is at 2950 Highway 180. Scott represented the developer, 2950 HO LLC, in obtaining the loan. The lender, Trez Capital, received representation from Senior Vice President Alec Barry.
The loan will help create Phase 2 of The Shops of Hudson Oaks, according to Henry S. Miller.
ACQUISITIONS/SALES
Ashland Greene Capital Partners LLC acquired the 240-unit Jordan Creek Apartments on Burney Oaks Lane in Arlington from 2505 Burney Oaks Lane LLC.
NorthMarq’s Taylor Snoddy, James Roberts and Philip Wiegan represented the buyer and the seller during contractual negotiations. NorthMarq’s Stephen Whitehead, William Hancock and Lauren Bresky also helped the team secure financing for the deal.
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The Villas Del Sol and Wedgewood apartment communities in Fort Worth landed in the hands of a new owner this month. Both properties house more than 100 apartment units and are located off McCart Avenue in Fort Worth, close to Texas Christian University.
Marcus & Millichap’s Al Silva and Dan Mullen marketed the property for the buyer, a private investor.
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CJM2 Properties sold nearly 11K SF at 1260 Shiloh Road in Plano to Paul Lajoie. Mercer Co.’s Chandler Mason and David Wilganowski represented the seller.
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Rohde Tarrant Properties just sold more than 11K SF at 3401, 3403 and 3405 Sylvania Ave. in Fort Worth. Main Mercer Properties purchased the space and had Mercer Co.’s Corby Hodgkiss handle negotiations.
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CanTex Capital bought 46K SF of industrial space at 924 111th St. in Arlington. NAI Robert Lynn’s Michael Stanzel represented the seller.
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1010 East Avenue J LLC bought 105K SF of industrial space at 1010 East Avenue J in Grand Prairie. NAI Robert Lynn’s Michael Stanzel represented the seller.
LEASES
Allied Stone Inc. leased 226K SF at Eagle Park 20/35, a 454K SF industrial hub in DeSoto.
Stream Realty Partners' Matt Dornak and Drew Feagin negotiated the lease on behalf of the property's owner.
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Continental Battery Corp. leased 20K SF at 913 West Carrier Parkway in Grand Prairie from the landlord, Icon NEWCO Pool 6 El Paso LLC.
Lee & Associates’ Mark Graybill handled negotiations for the landlord, while Mercer Co.’s Jeremy Mercer and Turner Peterson represented the tenant.
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Self Defense Supply inked a deal to lease 13K SF at 400 Industrial Drive in Richardson. The landlord is T.E. Frossard Jr. Mercer Co.’s Chandler Mason represented the tenant.
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Total Quality Labels Inc. leased 13K SF at 4851 Cash Road in Dallas from landlord TX3 Holdings. The tenant hired Mercer Co.’s Jeremy Mercer to handle negotiations.
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Pollution Control Products Co. inked a 10K SF lease at 2636 Freewood Drive from landlord Vivian Jones Management Trust. Mercer Co.’s Keenan Cook and Corby Hodgkiss represented the landlord.
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ETAK Worldwide leased 76K SF of industrial space at 1010 East Avenue J in Grand Prairie. The tenant hired Lee & Associates’ Robert Miller to handle negotiations on eTAK’s behalf while NAI Robert Lynn’s Michael Stanzel represented the landlord.
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Environmental Lighting Service Inc. leased nearly 30K SF of industrial space at 1010 East Avenue J in Grand Prairie. NAI Robert Lynn’s Michael Stanzel represented the tenant.
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OFG LLC leased 12K SF at 3333 East Loop 820 in Fort Worth. Holt Lunsford Commercial’s Matt Carthey represented the landlord, Johnson Properties.
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Elliott Electric Supply inked a deal to lease 20K SF at Jupiter/190 Business Park in Plano. The site is at 2700 Summit Ave. NAI Robert Lynn’s Nick Lee represented the tenant, while Stream Realty Partners’ Ryan Wolcott and James Mantzuranis represented the landlord, Link Industrial.
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Sedgwick leased 29K SF at 10th Street Business Park at 1800 10th St. in Plano from Link Industrial. Stream Realty Partners’ Ryan Wolcott, James Mantzuranis and Matthew Dornak represented the landlord, while CBRE’s Brian Gilchrist represented the tenant, Sedgwick.
THIS OR THAT
AMLI Fountain Place, a luxury 45-story apartment building designed to complement the iconic Fountain Place skyscraper in Dallas, is scheduled to open in May, and pre-leasing is underway.
The tower is the tallest for-rent high-rise apartment building Downtown and sits within the highly trafficked Dallas Arts District. AMLI Fountain Place’s design is the work of Page architects Talmadge Smith and Wendy Dunnam Tita.
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The North Texas District Council of the Urban Land Institute is changing its name effective immediately. The organization will now operate under the title of ULI Dallas-Fort Worth.
The organization wanted a title that better reflects its regional base and significance.
“There was a very strong feeling within our leadership team that this name is more recognizable both within the U.S. and internationally,” District Council Chair Steve Modory with Champion Partners said. “The airport name, Dallas/Fort Worth, has become synonymous with the region, especially for international companies and investors. With a very significant increase in international investment in our area, this name change will heighten our Council’s visibility to the international community.”
ULI Dallas-Fort Worth formed 15 years ago and has 1,500 members.
