Big Mixed-Use Project With Grocer Heads To Southlake: The DFW Deal Sheet
An affluent Dallas-Fort Worth suburb is set to get a massive mixed-use project with the first specialty grocer in the area.
Developer Trademark Property Co. and the Shivers Family Partnership plan to break ground on the 40-acre Shivers Farm mixed-use project in the spring. The identity of the specialty grocer that has signed on to the mixed-use project wasn’t disclosed.
Shivers Farm will feature 111K SF of retail, 38K SF of office space, 37 single-family lots and a 3-acre pad approved for hotel, entertainment or additional retail uses.
“With leasing activity already underway, this will be a grocery-anchored destination unlike any other in the area,” Trademark CEO Terry Montesi said in a statement.
As part of the development, Trademark will include public space and walkable amenities for future homeowners, retail guests and office tenants.
SALES
MG Properties purchased the 330-unit Layers Galleria multifamily asset in Farmers Branch from HLC Equity. Institutional Property Advisors’ Joey Tumminello, Taylor Hill, Drew Kile, Michael Ware and Jack Windham represented the seller and procured the buyer. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and Harry Krieger arranged acquisition financing for the deal.
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Partners Real Estate arranged the sale of the 111-unit Embassy Apartments property in Irving to an undisclosed buyer from outside the market. The transaction closed at $125K per unit, an improvement over the seller’s prior pricing of $95K per unit. Partners’ Preston Browne and Scott Lunine represented the seller.
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SRS Real Estate Partners announced the $13.7M sale of the Crunch Fitness property at 3601 Lakeview Parkway in Rowlett. The 40K SF property was remodeled before Crunch Fitness opened in October. SRS Capital Markets’ Matthew Mousavi and Patrick Luther represented the seller, a multistate developer, and the buyer, a publicly traded REIT.
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Theorem Ranch purchased the former Teton Ridge TR9 ranch and Western Equestrian Sports training complexes in Weatherford. Icon Global's Don Bell represented the seller, TWG Global.
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Strata Capital sold the 216-unit Stonebrook Village multifamily property in Frisco to Paskin Group. Stonebrook Village was built in 1994 on nearly 14 acres, and a land use restrictive agreement that required 100% of the two-story property’s units to be affordable expired in December 2024. Institutional Property Advisors’ Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and William Hubbard represented the seller and procured the buyer.
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Marcus & Millichap arranged the sale of The Willows, an 84-unit multifamily property at 2300 Yorkstown Drive in Ennis. The Willows was built in 1985 and sits on 3.8 acres. Marcus & Millichap’s Matt Aslan and Bard Hoover marketed the property on behalf of the seller and procured the buyer with assistance from the firm’s Nick Fluellen.
LEASES
Front Desk Inc. renewed more than 24K SF of industrial flex space at 13628 Beta Road in Dallas. Bradford Commercial Real Estate Services’ Richmond Collinsworth represented the tenant. Kevin T. Conlon of Gillis Thomas Co. represented the landlord, Robyn Thomas Conlon Family Investments Ltd.
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Crescent Real Estate announced the renewal of a pair of 10-year office leases at The Crescent, a mixed-use property in Uptown. Law firm Weil, Gotshal & Manges LLP renewed its 69K SF lease to maintain its presence in The Crescent since 1993. The firm was represented by Stream Realty Partners’ Randy Cooper, Craig Wilson and Dan Harris.
Westwood Management also renewed its 30K SF lease in a deal brokered by JLL’s Paul Whitman, Brad Selner and Blake Waltrip. Crescent was represented in both lease negotiations by the firm’s Tony Click and Jordyn Allen.
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Geico leased 198K SF of office space in Building D at Mapletree’s Galatyn Commons campus in Richardson. The insurance company also held a ribbon-cutting ceremony last week for the 165K SF lease it signed last year for the entirety of Building B on the campus.
CONSTRUCTION AND DEVELOPMENT
Edged US plans to add a second artificial intelligence data center to its campus on North Wildwood Drive in Irving. The new facility will be built to support high-density AI workloads and will deliver 24 megawatts of capacity. Edged plans to break ground on the expansion in the second quarter.
FINANCING
JPI has closed on construction financing for Jefferson Southwest Parkway in partnership with Anchor Loans. The $114M garden-style apartment community will be built at 4700 Lake Ridge Parkway in Grand Prairie. The 439-unit project is slated to be completed next year.
PEOPLE
Partners Real Estate hired JJ Leonard as an equity partner and managing director of its Dallas office. Leonard will lead the day-to-day operations and drive the continued growth of Partners in the DFW market. He brings more than 24 years of commercial real estate experience to Partners and was most recently with Stream Realty.
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Partner Valuation Advisors added Mark Sadler and T.J. Smith as executive vice presidents based in DFW to establish and lead the firm’s newly formed right-of-way practice. Sadler brings nearly 20 years of experience focused on right-of-way and litigation support. Smith has been active in real estate valuation since 2006 and has experience supporting major transportation agencies, utilities, engineering firms and public infrastructure sponsors.
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Premier promoted Johannes Michalsky to CEO. He brings more than 12 years of leadership experience with Premier to the position, most recently serving as chief operating officer. Michalsky will build upon Premier's expertise across the hospitality, multifamily, student housing and mixed-use sectors. He will also lead the firm's long-term strategy.
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Stream Data Centers appointed Michael Lahoud as CEO. Lahoud previously served as co-managing partner of Stream and has been with the firm for 15 years.
