Jerry Jones Sells Frisco Office Tower To Hobbs Brook: The DFW Deal Sheet
The real estate arm of FM Investments purchased its first Texas property from Dallas Cowboys owner Jerry Jones’ Blue Star Land.
Hobbs Brook Real Estate acquired the more than 313K SF office building at 17 Cowboys Way from Jones’ real estate firm for an undisclosed amount. The property is located in The Star in Frisco, a mixed-use development that serves as the world headquarters for the Cowboys.
The deal marks Hobbs Brook’s entry into the Texas market and expands the firm’s portfolio with a stabilized, institutional-quality asset in one of the nation’s fastest-growing business hubs.
“Frisco continues to emerge as a leading corporate destination, and this property — anchored by a high-quality tenant roster, strong occupancy and a differentiated amenity base — is well-positioned to deliver durable long-term performance,” Hobbs Brook President and CEO Peter Gottlieb said in a statement.
The 11-story, Class-A building was 98% leased at the time of the deal. Tenants include Fifth Third Bank, Cain Watters & Associates, McAfee and Baker Tilly U.S.
Newmark served as an adviser in the transaction.
SALES
Miami-based The Easton Group acquired two industrial buildings in Arlington totaling nearly 73K SF from a joint venture between Prattco Creekway and Investcorp. The buildings at 1110 and 1130 Avenue H E. are leased to Digital Room LLC. Newmark’s Stephen Bailey represented the seller.
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Foundry Commercial acquired a site in Fort Worth where it will soon break ground on the 192K SF Gemini Logistics Center industrial development. The deal was led by Foundry’s Rick Coe, Daniel Davidson and Austin Reynolds.
LEASES
IEWC Corp. leased a 176K SF industrial space at 501 Holfords Prairie Road in Lewisville. Lee & Associates Dallas-Fort Worth’s Mark Graybill and Adam Graham represented the landlord, First Industrial Realty Trust. Cushman & Wakefield’s Jay Benner represented the tenant.
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UBS Wealth Management leased 26K SF at 23Springs in Uptown Dallas for its new UBS Wealth Advice Center hub. The space can accommodate more than 170 financial advisers, leaders and support professionals. UBS’ new hub is located on the building’s 20th floor.
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EōS Fitness leased a 40K SF space in the Wheatland Plaza shopping center from landlord Rainier Cos. The location at 3450 Bainbridge Drive, Suite 520, in Dallas opened on July 22. Segovia Partners facilitated the lease.
CONSTRUCTION AND DEVELOPMENT
April Housing, Blackstone Real Estate’s affordable housing portfolio company, announced the reopening of the 220-unit Waterford at Goldmark Apartments at 13695 Goldmark Drive in Dallas, following a more than $20M renovation. In partnership with the Dallas Housing Finance Corp. and the city of Dallas, April Housing completed home transformations in all 220 apartments and converted more than 50 units from market-rate to affordable status.
FINANCING
JLL Capital Markets secured a construction financing and equity placement on behalf of developer Endeavor Real Estate Group for the 265-unit Lucille high-rise multifamily development in Uptown Dallas. The 22-story tower with 10K SF of ground-floor retail is scheduled for completion in 2028 at 2700 McKinney Ave.
JLL Capital Markets’ Campbell Roche, John Bauman, Rex Cruz, Chad Lisbeth and Riley Alam represented the developer in securing the loan through Landesbank Hessen-Thüringen GZ and arranged the equity placement with Canyon Partners Real Estate.
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Brownlee Waggoner Holdings secured financing for the nearly 52K SF Cornerstone Plaza retail center at 2707-2727 E. Southlake Blvd. in Southlake from Hillcrest Bank. The retail center was built in 2002 and features two buildings on 5.9 acres. The property is 100% leased to eight tenants and features a 9.7-year weighted average lease term. JLL Capital Markets’ John Rose, Kristi Leonard and Chad Lisbeth represented the borrower.
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Institutional Property Advisors Capital Markets secured construction financing for an industrial build-to-suit for the headquarters of Smart Laser & Manufacturing along FM 1641 in Forney. IPA’s Cullen Atchison and Hayden Sieling represented Delta Point Logistics in arranging the financing with a regional bank. The property will consist of one 61K SF industrial building on 4 acres along with an additional 12 acres of industrial outdoor storage space that will be available for lease. Construction is expected to start in the third quarter.
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JLL Capital Markets arranged a $78.7M construction takeout financing on behalf of Conor Commercial Real Estate and Globe Corp. for the 327-unit The Flynn at Live Oak luxury multifamily community in Dallas. JLL secured the loan through funds managed by Blue Owl Capital Inc.
The newly completed five-story community at 4931 Live Oak St. features nearly 272K SF of residential space. JLL Capital Markets’ Lucas Borges, Lauren Dow, Sam Tarter, Aidan Flanagan and Christian Johnston represented the borrower.
PEOPLE
Colocation, cloud and interconnection solutions provider DartPoints appointed Steve Weaver as chief revenue officer. Weaver will lead the company’s revenue organization, where he will be responsible for sales strategy, enterprise growth, channel development, customer relationships and disciplined sales execution. He most recently served as chief revenue officer at Element Critical.
