Cherukuru Investments Buys 182 Acres In Howe: The DFW Deal Sheet
A huge chunk of land just south of Sherman could soon become Grayson County’s latest master-planned development.
The Hightower family sold 182 acres at the northeast corner of FM 902 and Bennett Road outside of Howe to Cherukuru Investments at Howe LLC.
The land has been in the Hightower family for around 140 years and is partially within the extraterritorial jurisdictions of Sherman and Howe.
“This is an exceptionally well-located development tract in one of the most active growth corridors in North Texas,” Younger Partners Executive Managing Director John St. Clair said in a statement. “Its proximity to major employment centers, across U.S. 75 and location within Howe ISD make it highly attractive for future residential development.”
Potential plans for the property include a phased mixed-use development featuring residential and retail components designed to support the area's expanding population, according to a news release. Development is anticipated to occur over the next five to 10 years, beginning with infrastructure improvements.
Younger Partners’ St. Clair and Ethan Peck represented the seller in the transaction, which closed in April.
SALES
Reap Capital purchased the 249-unit Infinity on the Point multifamily property near the intersection of Interstate 635 and U.S. Highway 75 in Dallas. The three-story garden-style property was built in 2017. The seller was a California-based investment company.
Marcus & Millichap’s Wes Racht, Nick Fluellen and Bard Hoover represented the seller, along with Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and William Hubbard with Marcus & Millichap’s Institutional Property Advisors division.
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An affiliate of Lone Star Value-Add Fund I LP sold the 458-unit Reserve at Spring Creek multifamily community in Richardson to MG Properties. Reserve at Spring Creek was originally acquired as part of Lone Star’s multifamily investment strategy in Dallas-Fort Worth and has received upgraded amenities and tenant offerings during the affiliate’s ownership.
The seller was represented by Institutional Property Advisors’ Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Jack Windham. IPA Capital Markets’ Cameron Chalfant, Brian Eisendrath, Harry Krieger and Scott Arenzon arranged the Freddie Mac financing for the transaction.
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Provident Industrial acquired the Commerce 45 industrial portfolio at 1100 and 1150 E. Cleveland St. in Hutchins. The deal closed on the 1.5M SF, two-building portfolio in April. Provident intends to hold Commerce 45 as a long-term investment.
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Berkshire Residential Investments purchased the 240-unit Park West apartment community in Dallas. The apartment complex is in the Oak Lawn neighborhood at the intersection of Cedar Springs Road and Douglas Avenue. The four-story Park West property was completed in 2014. Institutional Property Advisors’ Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and Cameron Purse represented the seller and procured the buyer.
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McKinney-based Gillett Commercial acquired 6.6 acres along U.S. Highway 75 from the Allen Economic Development Corp. for the development of a high-end office and flex space building. The highly customizable speculative building is initially planned for 71K SF, plus an 18K SF mezzanine. However, the mezzanine can be expanded by 20K SF, which would bring the project up to 109K SF.
Citadel Partners’ Mac Morse and Katherine Jessen Pool will lead the marketing efforts for the speculative project named Allen Place, which is expected to break ground this year and deliver in fall 2027. The project architect for Allen Place is Meinhardt & Associates. Raymond Construction will be the general contractor.
LEASES
Flow Control Group signed a 10-year industrial lease for nearly 62K SF at 3550 N. Highway 161 in Grand Prairie. The space will serve as an assembly and warehouse facility for Flow Control Group, which is consolidating four operational locations across DFW with the lease. The company plans to move in on July 1.
Avison Young’s Mike B. Kennedy and Chet Hall represented the tenant. The landlord, Molto Properties, was represented by CBRE’s Kacy Jones, Steve Koldyke and Brian Gilchrist.
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Fifth Third Bank leased 63K SF for its Texas regional headquarters at Preston Center in Dallas. The Preston Center building is under construction and expected to be ready for Fifth Third’s occupancy of two floors in the fourth quarter of 2028. Fifth Third will also establish an on-site banking center on the first floor of the building.
CONSTRUCTION AND DEVELOPMENT
The city of Garland has started work on a $25M renovation of the Granville Arts Center. Funded through the 2025 Grow Garland Bond Program, the renovation will improve seating and layout, enhance theatrical systems, and expand the lobby and gathering spaces of the facility. The project is expected to be completed in early 2028.
PEOPLE
Visit Fort Worth named Mitch Whitten its president and CEO. Whitten has been with Visit Fort Worth for 13 years, most recently as chief operating officer. He will lead the team’s efforts to promote Fort Worth as a destination for meetings, sports, entertainment and cultural attractions.
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Cushman & Wakefield added Kathrine Gillis as director of brokerage for Dallas-Fort Worth. Gillis joins Cushman & Wakefield from CBRE, where she most recently led retail advisory for Texas.
