The Week In Dallas-Fort Worth Deals
A multimillion-dollar redevelopment is in the works for Galatyn Commons, a Class-A office campus at 1011 Galatyn Pkwy in Richardson. The renovation project is a combined effort of Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate.
The campus has 600k SF immediately available for lease. Cushman & Wakefield’s Chris Taylor and Peloton’s Russ Johnson will handle property leasing for owner Spear Street Capital. The rehab will add amenities, including the expansion of the parking garages to a ratio of five/1k SF, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, a conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, an outdoor kitchen, fire pits and bocce courts. The full redevelopment project is expected to be complete by April.
LEASES
Premier Business Centers renewed its lease of 14k SF at Valliance Plaza in McKinney. Laughlin Commercial Realty Group’s Matt Perry-Miller repped the tenant. The landlord was repped by Younger Partners’ Sean Dalton and Heather Shover.
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Cook Children’s Health Care signed a new 21k SF lease at 685 John B. Sias Memorial Pkwy in Fort Worth with Conti-Edgecliff-Sias. Transwestern’s Grant Huff repped the landlord.
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Planet Fitness leased 15k SF at Pioneer Village Shopping Center in Arlington. Structure Commercial’s Troy Morgan repped the landlord. Edge’s Ryan Jordan and Tyler Grisham repped the tenant.
SALES
NOVUS Realty Advisors principal John St. Clair repped American Bank of Texas in the disposition of approximately 5.6 acres in north Carrollton for the development of a new senior living residential community. The property, at the northwest corner of the intersection of East Hebron Parkway and Marsh Lane, was purchased by Overlook at Prestonwood. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The architect for the project is Cross Architects. Construction will begin in early summer.
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BDP Partners purchased the 305-unit Olympic Club Apartments at 504 Dudley Circle in Arlington. Henry S. Miller’s Fred Dumlao repped the buyer. City Gate Property Group will be the property management partner. Sperry Van Ness TJP Investments’ Todd Franks and Jon Krebbs repped the seller.
EXECUTIVES
HFF promoted Adam Herrin to managing director; he'll assume leadership responsibility for the Dallas industrial investment sales group. During Adam’s tenure he has been involved in more than $4B in commercial real estate transactions, specializing in institutional-grade assets and developments.
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Westmount Realty Capital hired Brian Hebb as managing director for its acquisitions team. Prior to this role, he spent eight years as the managing director at NorthStar Realty Finance Corp, where he was responsible for investments across all commercial property types. He also managed foreclosures and property recapitalizations.
THIS & THAT
Bright Realty celebrated the topping out at the $75M Discovery at The Realm, south of Windhaven Parkway at Castle Hills Drive in Lewisville. The first of 423 apartment units are on track to deliver in April. The topping-out party was attended by members of the Bright Realty development, leasing and marketing teams; general contractor Andres Construction; project architects from Charlotte, NC’s LandDesign; local officials; and Bright Realty’s business partners. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins.
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Morrow Hill kicked off its annual new shoe drive with a little help from industry peers Blake Shipley of JLL, Sharon Friedberg of Bradford, Gloria Medlock of Boxer Properties and Dave Johnson of ABC Bank in Addison. This is the drive's sixth year and the collective team managed to gather more than 527 pairs of new shoes. This year’s recipients were Highland Park United Methodist Church and the Dallas Chapter of the Salvation Army. Pictured: Morrow Hill partner Jonathan Hill with his son Harry and Morrow Hill’s Derek Groshek.
FINANCING
HFF secured capital for the development of The Huntington, a 320-unit luxury multifamily community adjacent to Legacy Business Park in West Plano. HFF associate director Jeremy Sain led the HFF team, which worked for a JV of Catalyst Urban Development and LandPlan Development to secure first mortgage construction financing through a regional bank and equity through Canyon Partners Real Estate.
