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This Week's Dallas-Fort Worth Deal Sheet

SHOP Cos.' Tommy Tucker, Tim Axilrod and Cameron Burk represented four sellers of four retail properties across Texas, totaling 49K SF. The SHOP team represented the four different sellers in each transaction.

This Week's Dallas-Fort Worth Deal Sheet
Stacy Plaza

The properties are:

  • Stacy Plaza, purchased by a private investor in Fannin County, is a 12K SF retail center in Allen at the entrance of Allen Premium Outlets. The property is at an intersection with a combined 5M SF of retail.
  • The Dallasite, purchased by a Texas limited liability company, is a single-tenant property in East Dallas at Fitzhugh Avenue and Bryan Street.
  • Spirit and Castle Spa, purchased by a limited liability company out of Plano, is a retail center in Frisco. Other retailers in the North Dallas Tollway/Eldorado Parkway corridor include Super Target, Petco and Best Buy.
  • Haverford Village, purchased by a Dallas-based limited liability company, is alongside the Dallas North Tollway. Tenants include Skillman Wok, Afrika Fusion, The Fade Shop, I-Apartments and Tsitsi’s African Styles.

SALES

Rusty Ross bought a 15K SF industrial space at 8120 Chancellor Row in Dallas. Lee & Associates Dallas/Fort Worth's Stephen Williamson represented the buyer.

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JLL Income Property Trust, an institutionally managed REIT, acquired Villas at Legacy, a luxury garden-style 328-unit apartment community in Plano.

The property is within Legacy Business Park, a 2,665-acre master-planned business, retail and residential community employing nearly 100,000 people. The investment brings JLL Income Property Trust’s aggregate apartment allocation to 2,500 units valued at nearly $650M.

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Mitchell Asset Group, led by Dax Mitchell and Andrew Gi, closed on a 320K SF industrial distribution portfolio in Dallas, San Antonio and Lubbock. The portfolio is 100% occupied by Guardian Building Products. Mitchell was represented by Kelly Hart & Hallman's Andy Rogers and Barnes & Thornburg's Mary Garnett. The debt was placed by Walker & Dunlop’s Harvey Pava and Mark Vinitsky. The properties were purchased from Pacific Avenue Capital Partners, which acquired Guardian Building Products' operating company in April.

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BNLL & G LLC purchased a 20K SF property at 10830 Composite Drive, Dallas. Capstone Commercial's Larry Robins represented the buyer. Mercer Co.'s Keenan Cook represented seller Kate Green Investment Co.

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Marcus & Millichap's Brandon Karr and Danny Cunningham sold Boulevard 26 Storage, a 34K SF self-storage facility and 8,500 SF retail center in Richland Hills. The seller was a private partnership based out of Austin, and the buyer was a real estate investment firm from Philadelphia that owns and operates storage facilities in 16 states.

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A West Coast buyer purchased Cedar Hill Village, a 44K SF shopping center at 213 North Highway 67 in Cedar Hill. CBRE's Jared Aubry, Michael Austry, Chris Crozby, Chris Gerard and Blaine Dozier brokered.

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RealtyMogul sold an investment property, Lodge at Main in Euless, in partnership with Comunidad Realty Partners at greater than one-and-a-half times its purchase price. The 208-unit Lodge at Main was acquired in 2015 and renovated with Comunidad’s value-add strategy.

LEASES

This Week's Dallas-Fort Worth Deal Sheet
Prologis Stemmons

Babco renewed 11,560 SF of warehouse space in Prologis Stemmons 11 at 151 Regal Row in Dallas. Bradford Commercial Real Estate Services' Brock Wilson and Joe Santaularia represented the tenant. Transwestern's Tim Veler represented the landlord.

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Architecture and construction firm The Beck Group is relocating its headquarters to Thanksgiving Tower in Downtown Dallas in 2019. The company has been headquartered on Ross Avenue in Dallas’ Arts District and wanted to remain Downtown.  

“We are committed to Downtown Dallas. Being here allows us to be close to clients and provides our people with an incredible range of amenities, both inside of Thanksgiving Tower or just steps away,” Beck CEO Fred Perpall said in a statement. 

Thanksgiving Tower was a natural choice — Beck managed construction of the office building’s lobby and plaza renovations in 2017. 

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Daikin Applied, a global leader in the HVAC industry, will move in September to the DFW Airport submarket, signing a long-term lease to double the size of its regional parts facility to 13K SF in Los Colinas Distribution Center 5. That two-building industrial project is at 3241-51 Story Road W. in Irving. The relocation will be made in tandem with its lease expiration at a Grand Prairie project in the Great Southwest Industrial District. Bradford Commercial Real Estate Services' Brian Pafford and Jason Finch represented the landlord, Las Colinas AAA Investment LLC. Espie is Daikin’s tenant representative.

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Reliable Transport Inc. renewed an 18K SF lease at 260 Gilbert Circle, Grand Prairie. Jeff Mercer at Mercer Co. represented the landlord, Mercer Metals L.P.

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Flat Rock Concrete LLC renewed a 16K SF lease at 2220 Delante St. in Haltom City. Mercer Co.'s Jeff Mercer represented the landlord, Goyen Properties Family L.P.

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Andreola Terrazzo & Restorations leased 21K SF of industrial space at 5527 Redfield St., Dallas. Mercer Co.'s Tucker Cason represented the tenant. Landlord Mount Olympus Triad was represented by Caleb Bates at Bates & Myers.

DEVELOPMENT

This Week's Dallas-Fort Worth Deal Sheet
Club Inspiration - Fitness Building

KWA Construction, a general contractor specializing in multifamily developments in Texas, has broken ground on Club Inspiration, an 11K SF luxury amenities center for residents of the nearly 600-acre Inspiration development in Wylie.

Developer Huffines Communities selected KWA Construction along with architect Marsh & Associates to construct the $3.8M project that will add multiple pools and a lazy river to the master-planned community on Lake Lavon.

Inspiration consists of 1,400 single-family homes, an on-site elementary school and green spaces surrounded by multiple trails and scenic views. Construction on Club Inspiration is expected to be complete by October.

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Construction is underway on two facilities in Lantana Town Center in Denton County. NewQuest Properties is building a 3,558 SF Chase Bank and a 7,800 SF Firestone store. This is part of Phase 2 of the eventual 242K SF property. A 15K SF building is also under construction and pre-leased to a nail salon, a Mexican restaurant and a hair salon. Phase 1 is 90% leased.

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Life Time Fitness is developing 36 acres in Frisco into a mixed-use project. The tract was planned to be a data center development by KDC and Patronus Data Centers but did not begin construction, the Dallas Business Journal reports. Life Time will build a 124K SF fitness resort, plus office, retail and restaurants.

THIS AND THAT

This Week's Dallas-Fort Worth Deal Sheet
TreeHouse at The Hill - Dallas

TreeHouse has been awarded a 2018 TxA Design Award by the Texas Society of Architects.

TreeHouse is a green home improvement store anchoring the 275K SF shopping center The Hill, originally built in the 1970s and now retrofitted and redesigned by LRK.

LRK, both TreeHouse’s and The Hill’s architect, collaborated with design architect Lake Flato for TreeHouse to produce the first net-positive big-box retail in Texas as well as for home improvement stores nationwide.

Producing more energy than it uses, TreeHouse is powered by 539 rooftop solar panels and stored energy from two Tesla power pack battery systems, with any excess energy given back to the grid for others to use.

“We’re pushing the limits of what's possible in high-performance buildings,” LRK partner Craig Henry said. “And we’re grateful to work with a client who directly reflects its mission and values through its spaces.” 

Jurors Anne Schopf, Mehrdad Yazdani, Eric Cesal and Vivian Lee selected TreeHouse as one of 14 winning projects from 259 total entries.