CapRock Partners Breaks Ground On McKinney Air Business Park: The DFW Deal Sheet
A California-based developer started work on a two-building project in one of Dallas-Fort Worth’s hottest industrial markets.
CapRock Partners broke ground on the 250K SF McKinney Air Business Park near the McKinney National Airport and the planned Texas Spur 399 corridor. CapRock acquired the 15.3-acre site in McKinney for the two-building shallow-bay industrial complex in the summer of 2025.
The project is expected to be completed in the first quarter of next year. It will feature modern industrial space designed to accommodate logistics, distribution, light manufacturing and service-oriented users.
“McKinney is emerging as a significant North Texas location for industrial users, driven by population growth, expanding infrastructure investment, and increasing business activity,” CapRock Partners Vice President of Acquisitions Taylor Starnes said in a statement. “As occupiers continue prioritizing well-connected, modern facilities in high-growth Texas submarkets, McKinney Air Business Park is well positioned to support evolving tenant needs while contributing to the area’s long-term economic expansion.”
McKinney Air Business Park’s rear-load buildings will feature 32-foot clear heights, 130-foot truck courts and parking designed to accommodate a range of industrial users.
Texas Spur 399 is an eight-lane freeway being built by the Texas Department of Transportation to connect U.S. Highway 75 to U.S. Highway 380. The project also aims to take advantage of the airport’s ongoing expansion, which includes a new passenger terminal, runway extension and planned commercial air service expected to launch in late 2026.
Colliers’ Ben Wallace and Noah Dodge will lead leasing efforts for McKinney Air Business Park.
SALES
California-based Archway Equities bought the 201-unit Sylvan Thirty apartment community in Dallas. Sylvan Thirty was completed in 2015. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and helped with the acquisition financing for the deal. IPA’s Joey Tumminello, Taylor Hill, Michael Ware, Drew Kile and Shelby Vosburg worked on the deal and procured the buyer. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Harry Krieger and Jake Vitta arranged acquisition financing from a lender subsidiary of BrightSpire Capital.
***
Constellation Real Estate Partners acquired 44 acres of land at 5933 South Freeway in Fort Worth for the development of Constellation Summit 35, a nearly 493K SF, cross-dock speculative industrial building. Construction will start in May, with completion scheduled for the third quarter of 2027. KBC Advisors’ Nathan Lawrence, Whit Maddox, Krista Raymond and Will Carney will be the listing team for marketing and leasing Constellation Summit 35.
***
Wood Partners sold the 250-unit Alta Firewheel multifamily property in Garland to Pardue Cos. Alta Firewheel was built in 2024. Institutional Property Advisors’ Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware and William Hubbard represented the seller and procured the buyer.
***
Mox Living bought a two-property, 586-unit value-add multifamily portfolio in Haltom City from Exponential Property Group. The portfolio consists of the 312-unit Hidden Lakes and the 274-unit The Ranch at Fossil Creek at 5333 and 5350 Fossil Creek Blvd. Newmark’s Richard Furr, Brian O’Boyle Jr. and Brian Murphy represented the seller, while the firm’s Braden Harmon, Hank Glasgow and Jeff Fein secured acquisition financing on behalf of the buyer.
LEASES
WeWork leased nearly 27K SF at KBS’ Legacy Town Center at 6900 North Dallas Parkway in North Dallas. The new workspace, expected to open this summer, will double WeWork’s presence at the site to almost 54K SF across two floors.
***
Alpha Industrial Properties leased a 78K SF industrial space at 35 Eagle Center Phase II-Building H at 15277 Heritage Parkway in Fort Worth to Wistron InfoComm Corp. Lee & Associates Dallas-Fort Worth’s Trey Fricke and Reid Bassinger represented the tenant, while CBRE’s Bob Scully and Steve Trese represented the landlord.
***
Architecture and engineering firm Parkhill leased 26K SF on Level 5 of The Offices Three at the mixed-use development Frisco Station in Frisco. The Parkhill lease and a pair of smaller leases brought The Offices Three building to 48% occupied.
***
Coworking and flex-office company Kiln will expand to Texas with two DFW leases. The 23K SF Kiln Preston Hollow location opened Monday at The Hill development at 9850 N. Central Expressway in Dallas. Kiln is planning a second location of 28K SF to open in late 2026 at The Shops at Legacy North in Plano.
CONSTRUCTION AND DEVELOPMENT
Hunt Capital Partners and Sycamore Development opened the Cabana Design District multifamily development in Dallas last month. The $116M project transformed the 1962-built Cabana Hotel building at 899 N. Stemmons Freeway into a mixed-income housing development. The property features 175 units, with 40% designated as affordable housing for families earning between 30% and 80% of the area median income. Dallas provided $41M in subsidies for the project through the Design District Tax Increment Financing District.
***
Hillwood Communities opened the first phase of its $4B Ramble master-planned community in Celina. The project's initial 600 homesites have been delivered to homebuilders including American Legend Homes, Coventry Homes, Drees Custom Homes, Highland Homes and Perry Homes. The 1,380-acre Ramble by Hillwood will be developed in six phases over nearly 20 years and feature more than 4,000 homesites when it is completed. The community’s first residents are expected to move in this year.
***
JLL, Glenstar and Affinius Capital started $12M worth of renovations at the five-building Energy Square office campus off U.S. Highway 75 in Dallas. Planned upgrades include a premium coffee and full-service liquor bar, a revamped outdoor terrace, large conference rooms with seating for 200 and a spec suite floor. The renovations are designed to elevate and modernize the customer experience at the campus, which has had $70M in upgrades completed since 2019.
***
InTown Homes will launch the 200-home Carrol Crest residential community near downtown Carrollton this month.
***
Kobalt Investment Co. will partner with MCP Ventures to complete a full renovation of the nearly 118K SF Custer Park shopping center at the southwest corner of Custer and Parker roads in Plano. Disney Investment Group facilitated the recapitalization of Custer Park, and the firm’s David Disney and Adam Crockett arranged the transaction.
PEOPLE
The Texas Stock Exchange announced Jaime Gow will serve as chief financial officer of TXSE Group, the parent company of the new securities exchange. Gow most recently served as executive vice president and CFO of Warburg Pincus fintech company Sagent.
***
Blazing Hospitality appointed Will Tolliver as director of development. Tolliver will lead the firm's new developments across Texas with a focus on creating destination developments. Tolliver brings more than 15 years of retail real estate development experience and was most recently managing director of retail development at Leon Capital Group.
***
Alliant National Title Insurance Co. hired Christina Fojas as underwriting counsel for Texas. She will work closely with Alliant National’s underwriting team to keep residential and commercial transactions moving while reducing unnecessary friction and risk.
***
Centennial founder and CEO Steven Levin will retire on June 30 and be succeeded by President Paul Kurzawa. Levin will continue in an advisory capacity over the next 12 months. Kurzawa joined Centennial as president in 2024.
***
Stream Data Centers expanded its executive leadership team with the addition of Chief Financial Officer Murray Woolcock and Executive Vice President of Construction Scott Greubel. Woolcock brings more than 25 years of executive leadership in infrastructure development, investment and construction projects. Greubel has 25 years of leadership at DPR Construction.
***
Design firm HCM opened a new office in Dallas to be led by Housing/Mixed-Use Studio Leader Monica Robertson, who brings extensive experience in multifamily housing, mixed-use, senior living and affordable housing projects. The office at 4849 Greenville Ave. will position the firm to support new and ongoing projects in the area.
