Investor To Rebrand Design District Office Building After Acquisition: The DFW Deal Sheet

The real estate arm of Dallas businessman Ken Hersh's Hersh Family Investments purchased a new office tower in the Dallas Design District, and it’s moving in.

HFI Capital Management bought the 126K SF office building at 1333 Oak Lawn in Dallas in a joint venture with Quadrant Investment Properties. As part of the acquisition, the 10-story property will be rebranded as The Capital Design District.

HFI plans to relocate its offices into the building, which delivered last year, and activate its Capital Spot tenant lounge with a speaker series and networking events.

“The Design District’s evolution over the last decade has been striking,” Hersh, HFI’s chairman and founder, said in a statement. “Now with fully local ownership and great leasing momentum, The Capital will be a center for financial and entrepreneurial enterprises in a dynamic and growing part of Dallas.”

Located along Oak Lawn, the building is directly across the street from the 160K SF upscale shopping and dining destination to be known as The Seam. That project is slated to open in summer 2026.

The Capital will also house Mexican restaurant Maroma on the ground floor. That concept from Chef Omar Flores is expected to open this fall.

SALES

BKM Capital Partners spent $60.3M on three Dallas-Fort Worth industrial assets totaling 512K SF across 16 units. Previously owned by TA Realty, the properties are the 34K SF Northgate 22 in Dallas, a 42K SF facility at 501 106th St. in Arlington and the 435K SF Market Street Distribution Center in Garland. They are 81% leased.

BKM allocated $10.4M for capital improvements at the DFW properties as well as a 242K SF portfolio it acquired for $29.5M in Houston. BKM acquired the DFW assets through its joint venture with Whittier Trust. CBRE represented the seller, while BKM’s Brett Turner and Charlie Farmer handled the firm’s negotiations.

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Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of the 349-unit Mason + Mill multifamily property in Mansfield. The property near the intersection of Texas Highway 360 and U.S. Route 287 was purchased by Salt Lake City-based investment firm Millburn & Co. IPA’s Drew Kile, Joey Tumminello, Taylor Hill, Michael Ware and Shelby Clark represented the seller and procured the buyer.

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Stonepeak acquired two logistics assets totaling 748K SF in the AllianceTexas master-planned development in Fort Worth. Simpson Thacher & Bartlett LLP served as legal counsel, and Eastdil Secured served as financial adviser to Stonepeak. 

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RPM Living Investments bought the 308-unit LTD West Commerce multifamily development in Dallas from Sackman Enterprises. The four-story property was completed in 2018 and features more than 14K SF of commercial space. Institutional Property Advisors’ Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Shelby Clark represented the seller and procured the buyer.

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RM Crowe simultaneously compiled and sold a 6.8-acre parcel at 4250 N. Belt Line Road in Irving that will be redeveloped into a 118K SF industrial facility. Demolition is scheduled to begin this month, with project delivery anticipated by next summer. The project is a joint venture between RM Crowe, Foundry Commercial and Crow Holdings. Holt Lunsford Commercial was selected to handle leasing for the project.

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Welcome Group picked up the 100K SF industrial property at 3101 Pinewood Drive in Arlington. Constructed in 1977 and fully renovated in 2021, the single-tenant facility sits on 4.6 acres.

LEASES

Advanced Circuit Services leased 98K SF of office and warehouse space in Marsh Business Park West Building 3 at 1215 Marsh Road in Addison. Bradford Commercial Real Estate Services’ Brian Pafford represented the landlord, GKI Industrial Dallas LLC. Rich Young Jr. of Rich Young Co. represented the tenant.

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EōS Fitness continued its Dallas-Fort Worth expansion with a pair of long-term leases totaling 70K SF in Grand Prairie and Anna. The fitness chain’s 30K SF gym at 5208 S. State Highway 360 in Grand Prairie will replace a 24 Hour Fitness when it opens in 2027. The transaction was brokered by Segovia Partners, while Kimco Realty represented the landlord.  

EōS also signed a 40K SF lease for its first location in Anna. Also set to open in 2027, that location will anchor the Rosamond Corners development at the northeast corner of Rosamond Parkway and U.S. Highway 75. Segovia Partners represented EōS in the deal, while The Shop Cos. represented the landlord.

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Glenstar and its joint venture partner Singerman Real Estate signed three tenants to office leases totaling 70K SF at the Terraces at Solana at 1500 Solana Blvd. in Westlake. M1 Support Services will relocate its headquarters from Denton to Terraces following the completion of tenant build-outs. M1 leased 26K SF on the second floor of Building 5. Pluralsight Inc. moved its corporate headquarters from Draper, Utah, to 26K SF on the fourth floor of Building 6 in July. Century 21 Mike Bowman Inc. will relocate to a newly renovated 18K SF headquarters on the first floor of Building 8 in September.

CONSTRUCTION AND DEVELOPMENT

Willow Bridge Property Co. opened The Park at Katy Trail development in Dallas’ Turtle Creek neighborhood. The boutique 300-unit community is at the corner of Carlisle Street and Bowen Street.

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Hillwood will build two Class-A speculative industrial buildings in the AllianceTexas master-planned development in Fort Worth. The 798K SF Alliance Westport 15 will be constructed at the corner of Mobility Way and Intermodal Parkway, while the 310K SF Alliance Gateway 34 will be built at Westport Parkway and Independence Parkway. Construction will begin on both buildings this month, with completion expected in 2026.

The buildings were designed by GSR Andrade Architects, while Westwood Professional Services provided the civil engineering design. Hillwood Construction Services will serve as the general contractor. Frost Bank financed Alliance Westport 15, and Alliance Gateway 34 is financed by b1BANK.

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Highwater Development broke ground on the 11-lot Roosevelt Estates luxury community in Dalworthington Gardens. The community will feature oversized lots, with utility and paving construction expected to be done in October. 

PEOPLE

NAI Robert Lynn appointed Giancarlo "GC" Carriero as president of its Dallas retail division. Carriero brings two decades of commercial real estate experience to his role.

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Holt Lunsford Commercial promoted Lizza Connor to senior vice president of client services. With more than 20 years of experience, Connor’s responsibilities will expand to include client care initiatives, property management and property accounting service lines in addition to her continued oversight of strategic marketing, PR and business development. 

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Foundry Commercial added Stacy Coulter as director of building management. Coulter has more than two decades of property management and operations experience. Before joining Foundry, she was with JLL.