Construction Starts On Speculative Industrial Warehouse In Southern Dallas County: The DFW Deal Sheet
Work on a huge warehouse project in Southern Dallas County is now underway.
Krusinski Construction Co. started work on the 727K SF speculative industrial warehouse project, IAC Pleasant Run, in Lancaster for its longtime client, IAC Properties.
The two-building development will be on almost 53 acres and will include a nearly 6-acre detention pond to manage the site’s new impervious area. It will be the 13th ground-up construction project Krusinski has undertaken for the industrial real estate development firm over more than 20 years.
“It’s exciting to have this opportunity to continue to expand our reach with IAC while completing our third and largest development for them to date in Texas,” Krusinski Senior Project Manager Ryan Lehman said in a statement.
Construction of the project is scheduled to be finished during the first quarter of 2027.
The larger building will be nearly 458K SF on almost 32 acres at 1740 N. Jefferson St. The building will include more than 5,200 SF for two speculative offices and 84 dock doors.
The second building will be more than 269K SF on a 15-acre site at 511 E. Pleasant Run Road. It will include an almost 3K SF speculative office and 43 dock doors.
Ware Malcomb will serve as the project’s architect, while Kimley-Horn will be its civil engineer and landscape architect.
SALES
Dallas-based Apricus Realty Capital acquired the 2.3-acre infill industrial outdoor storage property at 6110 Chippewa Drive in the West Dallas/East Brookhollow industrial corridor. Apricus plans to complete targeted capital improvements and pursue lease-up with institutional-quality IOS tenants. Apricus acquired the property in partnership with ABR Capital Partners. Davidson Bogel Real Estate sourced the transaction and will lead leasing efforts on behalf of Apricus.
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Provident purchased One Triumph Place and plans to move its headquarters into the facility at 8401 N. Central Expressway in Dallas. The 257K SF building was built in 1999 and updated in 2022. The building, formerly known as the Triumph Bank Building, will be rebranded as One Provident Place, with enhancements to the main lobby and tenant common spaces.
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CenterPoint Properties acquired the newly constructed distribution facility at 15277 Heritage Parkway in Fort Worth. The nearly 104K SF food-grade distribution facility is fully air-conditioned and features a 32-foot clear height and 27 dock-high doors. CBRE represented the undisclosed seller.
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Marcus & Millichap announced the sale of Pecan Reserve Business Center in Granbury. Built on just less than 3 acres in 2006, the center consists of two multitenant office buildings that total 30K SF at 1315 Waters Edge Drive. Marcus & Millichap’s Philip Levy marketed the property on behalf of the seller.
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Transtar acquired the nearly 65K SF M&W Business Park at 10349-10379 Alta Vista Road in Fort Worth. The multitenant small-bay industrial property was built in 2018 and features six buildings on around 7 acres. At the time of sale, the property was close to 100% leased. LanCarte Commercial Real Estate represented the buyer.
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Office REIT Highwoods Properties acquired the 173K SF The Terraces office building in the Preston Center area of Dallas as part of a joint venture with Granite Properties. Highwoods' $87.4M investment gets it an 80% interest in the 12-story building, which was 98% leased at the time of the deal.
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Cawley Partners and Alamo Manhattan purchased the office building at 2909 Cole Ave. in Uptown for an undisclosed price and plan to redevelop it as a 140-room hotel, The Dallas Morning News reported. Cawley will manage the 27K SF office building before it is demolished. Once it is torn down, construction of the hotel is slated to take 18 months.
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MG Properties acquired Sola Galleria Apartments in Farmers Branch. MG Properties plans to focus on improving resident satisfaction, finding operational efficiencies and completing selective property enhancements. The sellers, HLC Equity and The Hampshire Cos., were represented by Institutional Property Advisors’ Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware and Jack Windham. Financing for the transaction was led by IPA Capital Markets' Cameron Chalfant, Brian Eisendrath, Harry Krieger and Scott Arenzon.
FINANCING
Marcus & Millichap Capital Corp. arranged acquisition financing for The Willows Apartments, a garden-style community in Ennis. MMCC Managing Director John Brickson secured 81.9% loan-to-cost, seven-year agency financing from Regions Bank.
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Nuveen Green Capital worked with Lone Star PACE to facilitate $21.9M in financing from the state's commercial property assessed clean energy program for the Ironwood at Princeton multifamily community. The 265K SF project at 599 W. Princeton Drive in Princeton will feature 306 units spread across 14 buildings at full build-out.
The property owner is using C-PACE financing to fund improvements such as high-efficiency building envelope features, HVAC systems, LED lighting and low-flow plumbing fixtures. These upgrades are expected to reduce the property’s annual electricity and water usage by 25% and 20%, respectively.
PEOPLE
Russell Bormann joined Outrigger Industrial as vice president, market officer for the Texas region. Bormann will grow the company’s portfolio through new development and acquisition projects while maximizing existing industrial investments. He was previously with Portman Industrial, where he served as vice president for the Southwest.
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Transwestern Real Estate Services added Bill Boyd to its national healthcare capital markets team as senior vice president in Dallas. Boyd will deliver data-driven capital markets and investment sales solutions to clients nationwide. Boyd was previously vice president of development and leasing at Cambridge Holdings Inc.
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Austin Brooks moved to Franklin Street as part of the firm's acquisition of Hodges Ward Elliott. Brooks' new title is executive managing director.
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Hotel Dax hired Erik Pedersen, Tracie Houston and James Alexander as its first leadership team ahead of the boutique hotel’s planned opening at 14315 Midway Road in Addison. Pedersen brings more than 20 years of experience to his role as general manager. He was previously general manager of the Sheraton Denver Tech Center in Greenwood Village, Colorado.
Houston will serve as director of sales and marketing. She has 25 years of hotel and sales experience and previously worked for Omni Hotels & Resorts. Alexander will be the director of food and beverage and has nearly three decades of dining experience in the hotel industry. Alexander was previously with the Hilton Anatole in Dallas.
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Ryan Cos. hired Nathan Golik as president of its South Central region. Golik will oversee real estate development and construction efforts across Texas, Oklahoma, Louisiana and Arkansas. Golik most recently worked at NexCore Group as executive vice president and has more than 25 years of experience.
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Cushman & Wakefield added Campbell Black and Jeff Tracy to its corporate capital markets team as managing directors. They will specialize in the disposition, acquisition and capitalization of net-leased assets across all property types nationwide. Collectively, they bring more than 20 years of single-tenant credit experience to the company. Black and Tracy join Cushman & Wakefield from JLL, where they were managing directors.
THIS AND THAT
Commercial brokerage Bates and Myers Co. will relaunch as Bates Real Estate. Caleb Bates, son of founder Floyd Bates, acquired the brokerage firm in late 2024 and said he plans to continue serving the Dallas market with the same hands-on approach the firm has used since 1991.
