Largest Tenant At Allen Office Building Reups For Another Decade: The DFW Deal Sheet
A Finnish company plans to stay put at its Allen office after renewing its lease a year early.
Kone Americas signed a 10-year renewal for its nearly 31K SF office at 450 Century Parkway in Allen Place 1. The elevators and escalators installation and maintenance company is the largest tenant at the 102K SF office building, occupying most of the third floor.
The renewal keeps occupancy at 85%.
Allen Place I was completed in 2015 as a build-to-suit for KONE Americas, which has separate leases for an adjoining warehouse of nearly 122K SF and a more than 23K SF test tower with six elevator shafts. The campus houses supply operations, major project engineering, a research and development department, and other product and installation support functions.
Kone Americas is based in Illinois, while its parent company is in Finland. It has multiple campuses and manufacturing locations in Canada, Mexico and the U.S., including a branch office in Coppell.
Collinsworth and Bradford’s Jared Laake oversees leasing at Allen Place I for the landlord, CP 450 Global Investors LLC. JLL’s Melissa Holland and Gregg Raus represented the tenant.
SALES
Generation Housing Partners LLC purchased an approximately 6.5-acre tract at 4710 W. Illinois Ave. in Dallas to build HiLine Illinois, a Class-A mixed-income multifamily community. Generation Housing Partners will work on the project in partnership with the city of Dallas. Weitzman’s Scott Smith and Corbin Tanenbaum represented the seller, the Templo De Alabanza church.
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Ackerman & Co. purchased the nearly 259K SF Midway Business Park outside of Fort Worth from Cohen Asset Management and an institutional joint venture partner. The 12-building industrial development was developed between 1973 and 1990. It was 91% leased to 29 tenants at the time of the sale. Cushman & Wakefield’s Jim Carpenter, Jud Clements, Robby Rieke and Emily Brandt represented the seller.
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Marcus & Millichap’s Philip Levy arranged the sale of the 17-suite Keller Springs Village retail property in Carrollton. Located at 2155 Marsh Lane, the nearly 40K SF retail center is 100% leased to a mix of service-oriented tenants.
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Trademark Property Co. and Alto Real Estate Funds sold the nearly 87K SF shopping center at 5000 S. Hulen St. in Fort Worth to Whitestone REIT. Built in 2005, the retail center was 96% leased at the time of the transaction. The JLL Capital Markets' Investment Sales team that represented the seller was led by Chris Gerard, Adam Howells and Erin Lazarus.
CONSTRUCTION AND DEVELOPMENT
Construction is underway on a 251K SF speculative warehouse development within Alcott Logistics Station in Mesquite. Led by Alliuz with ARCO/Murray serving as design-build partner, the Class-A industrial project will feature a 170K SF Building A and an 81K SF Building B. Building A also includes 2,500 SF of office space and 23 dock positions. Building B will feature 1,500 SF of office space and 16 dock positions. Leasing will be handled by Stream Realty Partners’ Luke Davis and Matt Dornak.
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Hunt Development completed work on the multifamily community Caroline Eastside in Richardson. The 384-unit development at the intersection of U.S. Highway 75 and the President George Bush Turnpike is now leasing.
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Collins Aerospace plans to make a $57M capital investment and add 570 jobs as part of an expansion of its aerospace manufacturing and research and development operations in Richardson and Collin County. The planned expansion at the facilities on East CityLine Drive and East Renner Road was supported by a Texas Enterprise Fund grant of more than $3.7M and a local incentive package of over $1.8M from the city of Richardson. Components of the Richardson incentive package include real and business personal property tax rebates, inventory tax rebates and a job creation grant.
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Greystar completed work on the 594-unit Marlowe Wellington apartment community, which is now open at 12424 Brunal Drive in Fort Worth.
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Construction of a Whole Foods Market started at the $3B The Mix mixed-use project at Dallas Parkway and Lebanon Road in Frisco.
FINANCING
Avatar Financial Group funded a nearly $3.2M bridge loan secured by a Texaco-branded gas station and convenience store in Dallas. The financing was structured with an 11.5% initial interest rate, 65% loan-to-value and a two-year term. Located at 3924 West Red Bird Lane, the property features a retail building occupied by three tenants in addition to the fueling station. The Dallas-area sponsor sought to extract equity from the asset to purchase another service station. The borrower plans to refinance Avatar’s loan once the new site is stabilized and producing income.
PEOPLE
Humphreys & Partners Architects appointed Robin Bellerby as its chief architecture officer and named Brad Tillett the firm’s chief operating officer. Chelsea Dora-Shibley’s role was also expanded to chief interior design officer while continuing as president of HPA Design Group. Bellerby has 30 years of multifamily and leadership experience and was previously senior vice president of strategy and risk. Tillett is a Dallas-native who joined the firm late last year as chief financial officer.
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Project Management Advisors Inc. added David Swank as vice president to lead its power and energy practice. Swank will use his more than 35 years of experience to guide the firm’s clients through early-stage power coordination, build-to-operate strategies, embedding energy strategy into the development process and bringing clarity to capital planning conversations.
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CBRE expanded its Debt and Structured Finance team in Texas with the addition of Tom Burns as vice chair. Burns has nearly 20 years of experience in commercial real estate finance and will be based in CBRE’s Dallas office.
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The city of Anna rehired Joey Grisham as its director of economic development. Grisham has more than 20 years of experience and previously served in the same role from 2019 to 2023.
