Allen Flex Development Sold To 3 Separate Buyers: The DFW Deal Sheet

A three-building flex development in Allen sold in three separate transactions.

Citadel Partners completed the sale of three buildings at the nearly 72K SF Allen Exchange flex development at the northeast corner of Exchange Parkway and U.S. Highway 75 in Allen.

The recently completed project was developed by Gillett Commercial. 

“Activity at Allen Exchange was strong from the moment we broke ground to delivery, which speaks to the demand for high-quality, flexible space in this strategic location,” Mac Morse, a partner at Citadel Partners, said in a statement. 

Morse and Citadel colleague Katherine Pool led the leasing and sales efforts for the project and represented the seller in the transactions.

Morse said Gillett met a market need for new construction in out-of-the-ordinary sizes. 

“It has been rewarding working with a developer who is helping fill a deficit in a city so committed to business,” Morse said.

Texas Star Pharmacy acquired the nearly 51K SF 260 Exchange building at 260 W. Exchange Parkway. The compounding pharmacy will relocate to the space from Plano. Situated on 3.6 acres, the building includes 44K SF of flex space and 6.8K SF of office and showroom.  

Catalyst Commercial’s Jason Claunch represented the buyer.

Well Go USA Entertainment bought the 10K SF 220 Exchange building to relocate its headquarters from Plano. Dave Peterson with NAI Robert Lynn represented the buyer.

The other 10K SF building will be partially occupied by Clearstone Dental, with Citadel Partners hired to lease out the remaining space. 

SALES

Fairstead acquired Royal Crest, a Section 8 subsidized housing community in Dallas. The firm plans to do a $24M rehabilitation of the 167-unit development with comprehensive interior and exterior renovations. The 12-building, garden-style community was built in 1969 at 3558 Willhurt Ave. in the Cedar Crest neighborhood. 

Financial partners for the Royal Crest project include the U.S. Department of Housing and Urban Development, Housing Options Inc., Cedar Rapids Bank and Trust, Capital One National Association and Hudson Housing Capital. Renovations are underway and are slated to continue through the fall of 2026. 

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CapRock Partners acquired 15.3 acres in McKinney for the development of McKinney Air Business Park. The two-building, shallow-bay industrial complex will be around 250K SF located adjacent to McKinney National Airport and near the future Spur 399. A groundbreaking is planned for the first quarter of next year. Colliers’ Randy Wood represented the land seller, while the firm’s Ben Wallace, Randy Wood and Noah Dodge will lead leasing for McKinney Air Business Park.

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I&A Development & Construction bought the Holiday Inn Express & Suites Dallas-Bedford development parcel from Cimarron Hospitality. The development site at 2609 Airport Freeway in Bedford is near the interchange of State Highways 121 and 183. HVS Brokerage & Advisory’s Rohit Dand, Eric Guerrero, Matt Almy, Kyle Peterek, Fadi Rawashdeh and Daneen Godinet participated in the transaction.

CONSTRUCTION AND DEVELOPMENT 

Holt Lunsford Commercial started work on the 120K SF The Renegade multifamily project in Denton through its new multifamily development and construction company, HL Communities. The four-story project at 260 W. Mulberry St. will have 104 units. 

Archon Corp. is the project’s architect and design consultant. HL Communities, alongside Colo Development Partners, will provide construction management and development services, with Harmony Bank as the construction lender. Westwood Residential will handle leasing and management services.

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Community Hospital Corp. announced plans for a $400M nonprofit acute care hospital in Sherman. The developer will break ground on Heritage Regional Medical Center in early 2026 near the intersection of U.S. Highway 82 and FM 1417. The initial phase of development will include 100 inpatient beds and the infrastructure to support future expansion of all major departments. The hospital is expected to open in early 2028. 

Adams Management Services Corp. will serve as the owner’s representative overseeing construction, and Earl Swensson Architects will design the facility.

FINANCING

Lument arranged $123.6M in CMBS financing sourced from Barclays Capital Real Estate Inc. to refinance four multifamily communities totaling 1,111 units in Dallas and Irving. The loans replaced existing variable-rate Freddie Mac debt and preferred equity investments for the sponsor, Sahara Equities. Lument’s Evan Hom led the transaction.

Each of the communities was renovated in the 2010s. They are:

• The 212-unit Avalon 8801 community built in 1986 in Irving.
• The 536-unit 6500 South community built in 1985 in Dallas.
• The 176-unit Casa Bella Apartments built in 1974 in Dallas.
• The 187-unit Westwood Apartments built in 1969 in Dallas. 

PEOPLE

CBRE expanded its debt and structured finance team in Dallas with the addition of Andy Scott, Michael Cosby and Kris Lowe as vice chairs. Cosby, Lowe and Scott will focus on expanding CBRE’s debt and structured finance capabilities across the state by originating and executing debt and equity placement transactions across all property types. The team members were previously with JLL, where they served as senior managing directors following that firm's acquisition of HFF in 2019.

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Universal Hospitality Solutions named Joseph “Joe” Jennings the general manager of Crowne Plaza Dallas Downtown by IHG. With more than three decades of hospitality experience, Jennings will oversee all hotel operations and the financial performance of the 291-key high-rise.