This Week's Dallas-Fort Worth Deal Sheet
Construction started on M-Line Tower, a 20-story, 262-unit luxury residential tower at 3200 McKinney Ave in Dallas. The project is a JV of Trammell Crow Co’s residential subsidiary, High Street Residential, and Principal Real Estate Investors.
Building on 1.28 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one- and two-bedroom luxury rental units. Resident amenities include a resort-style pool, a two-story fitness center, an outdoor living space, a clubroom, a business center and a rooftop sky lounge. The tower will also include ground-floor retail anchored by a 5,500 SF Café Express and a McKinney Avenue Transit Authority trolley barn and executive office. Construction financing was provided by US Bank. Andres Construction Services is the GC.
Shore to Shore Properties sold its 442-unit The Place multifamily community at 3701 Towne Crossing Blvd in Mesquite. JLL managing director Jeff Price, SVP Bill Simmons and VP David Fersing repped the seller. The property was built in 1985 and is 96% occupied.
Stonelake Capital Partners acquired six industrial buildings totaling 530k SF along I-30 in the Turnpike Industrial Park in Dallas. Stonelake purchased the portfolio from the Billingsley Co, which has owned the portfolio since the 1970s. The buildings were originally developed by Trammell Crow Co. The acquisition brings Stonelake’s Dallas portfolio to 675k SF of industrial in Dallas. CBRE’s Jack Fraker and team repped both buyer and seller. CBRE’s Steve Koldyke, Kacy Jones and Wilson Brown are repping Stonelake in leasing.
Avial Hotels, a subsidiary of Blue Star Hospitality, acquired the 24k SF former home of CBS affiliate KTVT at 10111 N Central Expy between Walnut Hill Lane and Meadow Road from Decker Development. Texas Hotel Brokers’ Ryan Patterson repped Avial Hotels. CBRE's David Glasscock repped the seller. The site will be developed into a hotel.
ARA Newmark sold its 420-unit Cortona Portfolio in Fairview. The portfolio includes Cortona Gardens, a 304-unit property, and Cortona Lofts, a 116-unit property. Built in 2008, the two Class-A assets are on 17.7 acres adjoining retail destinations, The Village at Fairview and The Village at Allen. ARA Newmark executive managing directors Brian Murphy and Brian O’Boyle Jr., director Richard Furr and vice chairman Brian O’Boyle Sr. led the marketing efforts for the two multi-housing communities for Fairfield Fairview I and Fairfield Cortona Lofts Limited Partnership. Newly branded Lantower Residential was selected as the buyer. The NGKF capital markets team of Jamie Leachman and Maury Zanoff sourced the debt through Fannie Mae, enabling the buyer to close the transaction with debt in place in under 30 days.
CAK-MS Income purchased two flex buildings totaling 23k SF at 1911 and 1919 Old Denton Rd in Carrollton. Hudson Peters Commercial’s Michelle Hudson and Tom Hudson repped the seller. Rich Young Co repped the buyer.
Des Moines-based BHE Acquisitions purchased the 120-unit Serena Vista Apartments at 1519 San Francisco Ct in Arlington from Cascades 120. CBRE’s Dirk Goris and Chris Deuillet repped the seller.
Here’s a first look at Steve Everbach (right, with Colliers USA president Craig Robinson) being welcomed to the Colliers office, where he'll start Dec. 14 as president for the central region and managing director of North Texas. He led a Q&A for Colliers staffers and met the team. Craig says Colliers rapid pace of growth, both internally and through acquisitions, in the Central US region led to the creation of the new role. Steve has completed more than 8M SF of real estate transactions representing an aggregate value of more than $1.5B throughout his career.
Cushman & Wakefield of Texas hired Jason Pumpelly, Justin Shuart and Brian Park to work in the firm’s capital markets group specializing in equity, debt and structured finance. Jason joins as managing director. He was previously SVP at Walker & Dunlop and managing director at Johnson Capital. Justin and Brian join the team as directors. Prior to this role, Justin and Brian both served as assistant VPs at Walker & Dunlop.
THIS & THAT
Trademark Property Co’s new public art programs are underway at the developer’s two Fort Worth properties, Waterside and WestBend. The programs are intended to support Fort Worth culture and arts through historical tributes and commissions by local artists. They are a part of Trademark’s Conscious Place initiative—a stakeholder-driven development model that aims to ensure that its properties are more than just places of commerce, but also places of community and meaning. At WestBend, in Fort Worth’s University District, two local artists with ties to neighboring TCU, Devon Nowlin and Cam Schoepp, have been selected for public art commissions at the property. Pictured is Devon, who created five photographic murals that capture the shopping and dining experience, health and fitness, and the natural surroundings of the WestBend property. Installed in early December, her murals are displayed throughout the property, focusing on the areas facing the scenic Trinity River and Trinity River Trails. Cam, an associate professor of art at TCU, will install a 10-foot-tall sculpture in spring 2016 that will incorporate a water feature into the welcoming green space near the valet area. Trademark has commissioned Texas artist Bob Wade to lead the public art program at Waterside, the company’s first ground-up Conscious Place mixed-use development. Currently under construction at Bryant Irvin Road and Arborlawn Drive, the 63-acre site previously served as the Lockheed Martin Recreation Association. As part of the program, which will be a combination of sculpture and murals, Bob will repurpose amusement rides and play equipment located on the original site into public art around Waterside.
Cushman & Wakefield hosted its annual Ugly Sweater Dodgeball event with Emily Hoffman and Shannon Johnston spearheading along with the Cushman & Wakefield Future Leaders team. This year Parmenter won the tournament. Their team, The Dodge Fathers, took the championship. Here’s Parmenter’s Alex Mezey, David Dow, Ryan Umberger, Ken Dalton, Eric Tatro, Chris Scott. Also, Cushman’s Steve Wentz, Emily and Shannon, and Gary Collett. Each attendee brought a toy and more than $4k was raised for Toys for Tots.