Centurion American Breaks Ground On Massive Preston Harbor Project: The DFW Deal Sheet
A Farmers Branch-based developer started work on a project at Lake Texoma that could nearly double the size of Denison.
Centurion American Development Group broke ground on its portion of the 3,100-acre Preston Harbor development on Friday.
The master developer for the full Preston Harbor project is Waterfall Partners, which is overseen by Craig International CEO David Craig. Preston Harbor will include a Margaritaville Resort Hotel, retail shops, restaurants and a marina on its nearly 10 miles of shoreline along Lake Texoma.
Centurion American purchased around 550 acres in Preston Harbor in July and plans to build 1,184 residential lots and 115 estate lots.
As part of the groundbreaking ceremony, Craig said he was thrilled to have his longtime friend, Centurion American President and CEO Mehrdad Moayedi, leading the charge at Preston Harbor.
Moayedi said he is hopeful that the project’s first homes could be ready in 2028.
“A lot of my family members want to have a place here, so I’m under a lot of pressure to get it done,” Moayedi said.
Additional acreage at Preston Harbor will be used for school campuses for Denison Independent School District as well as fire and police facilities.
SALES
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of the 158-unit Midway Row House multifamily property in Dallas. IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware and Jack Windham represented the seller and procured the buyer.
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Transwestern Investment Group acquired the 380K SF Lone Star Commerce Center industrial park in North Fort Worth. Completed in 2021, the fully leased property consists of three Class-A buildings with 32-foot clear heights and a multitenant layout.
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Karlin Real Estate bought luxury high-rise apartment complex The Brady at 2728 Cedar Springs Road in Uptown. The Brady has nearly 300 residential units. Karlin plans to enhance the property with capital improvements, curated amenities and new management services. The acquisition was financed in partnership with Blackstone Real Estate Debt Strategies.
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Matthews acquired the former Sears Roebuck distribution center at 1600 Roe St. in Dallas. The nearly 2M SF industrial complex is on 38.6 acres just south of Downtown. Davidson Bogel Real Estate’s David Davidson Jr. and Jake Milner brokered the transaction.
LEASES
Family entertainment center Vellix Adventure signed a 20K SF lease at Mayfair Village in Hurst. Vellix Adventure will hold a grand opening on Nov. 1. JLL’s Michael Williams represented the tenant. Ashley Selers at Phillips Edison & Co. represented the landlord.
CONSTRUCTION AND DEVELOPMENT
Kintetsu Group Holdings Co. broke ground on the 217-room Miyako Hybrid Hotel Plano in The Park at Legacy development. Projected to open in fall 2027, the 12-story boutique hotel will be the first Miyako Hotels & Resorts property in Texas.
It will be operated by Kintetsu Enterprises Company of America. The general contractor for the 205K SF hotel is The Beck Group. Gensler is the design architect and Looney & Associates is the interior design firm.
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Adolfson & Peterson Construction started work on Phase 2 of Pacific Elm Properties’ multifamily adaptive reuse project at the 50-story Santander Tower at 1601 Elm St. in Downtown Dallas. This phase of Peridot Residences will add five floors and 105 residences within the integrated mixed-use development.
Pacific Elm, in collaboration with Mintwood Real Estate, redeveloped Peridot Residences from former office space into luxury multifamily housing. Adolfson & Peterson completed Phase 1 in October 2024, converting 14 floors into 291 apartment units and amenity spaces.
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Hillwood broke ground on Bonham & Baker, a luxury multifamily project in the Frisco Station mixed-use development in Frisco. Work on the 410-unit community is expected to be completed by the spring of 2028. Good Fulton & Farrell will serve as architect on the project with Rampart Multifamily as general contractor and JPMorgan as lender.
FINANCING
JLL’s Capital Markets Group arranged a $1.2B refinancing package for NorthPark Center in Dallas. JLL represented the borrower, NorthPark Management Co., in securing the $1.2B loan led by Wells Fargo, with Morgan Stanley and Goldman Sachs. The new financing will retire the existing mortgage, with all excess proceeds used to redeem the equity interests in the property and return full ownership back to the Nasher/Haemisegger family.
The 1.9M SF mall has a 98.6% occupancy rate with more than 190 tenants. JLL’s Timothy Joyce, Trey Morsbach and Matt Maksymec represented the borrower.
PEOPLE
Transwestern Real Estate Services promoted Anthony Heredia to national engineering manager and added Shawn Keeth as regional director of engineering in Dallas. Heredia has more than 30 years of experience and has been with Transwestern for over a decade. He will mentor, guide and empower the firm’s engineering teams.
Keeth will oversee property-level engineering services for Transwestern-managed assets in Dallas. He has more than 26 years of engineering experience.
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Susser Bank appointed Aaron Loose its senior vice president of commercial banking. From Susser Bank’s Downtown Fort Worth office, he will help clients navigate growth with credit and treasury solutions. Loose has more than 18 years of experience across commercial banking, private equity and capital markets.
