Orion Properties Leases Full Irving Office Building: The DFW Deal Sheet
A North Texas nonprofit just took a vacant office building off the market.
Orion Properties leased the full office building at 6655 MacArthur Blvd. in Irving to nonprofit organization Mercury One.
The 172K SF property was built in 1997 as part of Irving’s Las Colinas master-planned development.
“The building’s unique design will allow Mercury One to house both their operations and museum all within one roof,” Cushman & Wakefield Vice Chair Matt Schendle said in a statement. “Las Colinas continues to be a destination of choice for organizations prioritizing connectivity and visibility.”
Cushman & Wakefield’s Schendle and Mary Frances Burnette represented Orion Properties in the transaction, while the firm's Steve Wentz represented Mercury One.
The building is surrounded by a variety of retail, dining and entertainment amenities.
The lease "marks the thoughtful conversion of a vacant office building into a dedicated-use asset anchored by the American Journey Experience history museum and event center,” Orion Properties Manager of Investments Steven Palmesi said in a statement.
SALES
Dhanani Private Equity Group acquired its first DFW-area asset when it closed on the 47K SF Market Square retail center at 5425 N. MacArthur Blvd. in Irving.
Market Square was built in 1984 and is leased to a mix of service-oriented tenants under triple-net agreements, most of which include scheduled rent increases.
Marcus & Millichap’s Philip Levy marketed the property on behalf of the private investor seller and procured the buyer. Red Key Properties' Huntley Grichor represented Dhanani Private Equity Group in the deal.
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BreakChain Capital Investments LLC purchased a three-property self-storage portfolio in Arlington from a publicly traded storage REIT. The three 1970s-era properties at 3016 S. Cooper St., 2331 S. Collins St. and 2306 N. Collins St. total 80K SF of rentable space.
JLL Capital Markets’ Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler represented the seller.
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Marcus & Millichap announced the sale of the 42K SF A-Alpha Self-Storage on 4.16 acres in Denison. The self-storage facility located at 2216 Woodlawn Blvd. was built in stages between 1996 and 2008.
Marcus & Millichap’s Danny Cunningham and Brandon Karr marketed the property on behalf of the sellers and procured the buyer, a DFW-based self-storage operator.
LEASES
Tech company Andrew will move from 2601 Telecom Parkway in Richardson to a larger facility at 2920 Telecom Parkway, where it will lease around 42K SF of office, engineering and lab space under a minimum 10-year lease.
As part of the relocation, Andrew will make a capital investment of more than $2M to support tenant improvements and the addition of furniture, fixtures and equipment at its new Richardson facility.
To assist Andrew with the relocation and expansion, the city of Richardson approved a $150K business retention grant.
CONSTRUCTION AND DEVELOPMENT
Swiss pharmaceutical company Novartis broke ground on its 46K SF radioligand therapy manufacturing site in Denton last week. The facility, which will be used to produce cancer treatments, is expected to become operational in 2028.
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M2G Ventures completed the development of the Inwood Design District and Ace on Inwood with the finalization of The Art Docks, a collaborative mural project.
The completed 740K SF development features around 630K SF of industrial space and 109K SF of retail.
Shop Cos.’ Jake Sherrington and Victoria Pappas will lead retail leasing at Ace on Inwood. Industrial leasing at the Inwood Design District will be overseen by Holt Lunsford’s Canon Shoults and Maddy Coffman.
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Foundry Commercial closed on Villa Creek, an office-to-industrial redevelopment in Dallas.
Conversion of the nearly 125K SF Villa Creek industrial facility is expected to begin later this year, and the project is slated to deliver in July 2027.
FINANCING
JLL Capital Markets arranged construction financing and joint venture equity for Signature 35, a 112K SF industrial development in the Alliance area of North Fort Worth.
JLL worked on behalf of the developers, Indco Partners and Holley Development Co., to secure construction financing through Simmons Bank. Separately, JLL arranged an equity investment from an undisclosed family office to capitalize the new development.
The JLL Capital Markets team was led by Jarrod McCabe, Brennan Fewin and Ben Pollack.
The property includes 5.19 acres of secured outdoor storage located within a 16.2-acre parcel just south of Highway 114.
Work on the facility broke ground on April 20, and the project is scheduled to be delivered in the first quarter of 2027.
PEOPLE
Edge Realty Partners added 30-year commercial real estate veteran Stan Lotridge to the firm’s Dallas office as a principal. Lotridge will be responsible for working with retailers and retail landlords on their leasing and investment needs throughout the Southwest.
He most recently served as senior vice president with CBRE.
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Hatfield Advisors hired Bailey Floyd as vice president of brokerage and marketing. Floyd will lead brokerage execution and marketing strategy across the firm. He is based in Fort Worth.
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Evolution Hospitality appointed Matthew Boettcher to the role of senior vice president of operations.
Boettcher has more than 25 years of experience in hospitality operations, brand strategy, and food and beverage initiatives. He will lead operations across Evolution’s lifestyle, soft brand and premium portfolio.
