This Week's Dallas-Fort Worth Deal Sheet
McCormack Commercial, a Houston-based commercial real estate firm, broke ground on a more than 1.3M SF Class-A industrial park in north Fort Worth.
When fully developed, Meacham Commerce Center will include four buildings on approximately 80 acres. The property will be leased by Matt Carthey and George Jennings of Holt Lunsford Commercial, according to a company news release.
Danny McCormack, founding principal of McCormack Commercial, pointed to Fort Worth’s labor pipeline as one of the reasons it chose the area for its park.
“McCormack Commercial is excited to enter the booming Fort Worth industrial/retail submarket with what will be our first of four buildings at Meacham Commerce Center,” he said in a statement. “The Fort Worth labor market is exceptional and has been growing steadily with all indications that it will continue that trend in 2022 and beyond.”
The first building to be developed will be a nearly 335K SF cross-dock facility situated on 19 acres. Construction is expected to be completed in early Q3 and future buildings 2-4 are being marketed simultaneously as build-to-suit sites.
Skiles Group, a national general contracting and Lean Construction management firm based in Richardson, named Keyan Zandy as CEO, effective May 1. Current CEO Clay Harrison will remain with Skiles Group as chairman, and Dwayne Hodges will remain as president. Zandy, the firm’s chief operating officer, joined Skiles Group in 2014.
High Street Residential, the residential subsidiary of Trammell Crow, named Kevin Hickman as senior vice president. Hickman is now responsible for the origination, underwriting, financing, joint venture structuring, asset management and execution of multifamily investments throughout DFW. Hickman previously served as managing director of development in North Texas for Mill Creek Residential.
Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt, named industry veteran Jim Hayden as managing director of corporate solutions. While Hayden will be based in Foundry’s Dallas office, he will be developing solutions for occupier clients on a national basis. Hayden has more than 25 years in the commercial real estate industry.
B+E, the first brokerage and technology platform for net lease real estate, recently announced the opening of its Dallas office and named Wayne Bares as their founding broker. Bares comes to B+E with more than 10 years of commercial real estate experience and will focus on single-tenant net lease properties in Texas and nationwide.
Origin Investments and StoneHawk Capital Partners acquired a 2.64-acre site for the purpose of developing The Hendricks, a 285-unit, $57.8M multifamily community located in the Cedars submarket, just south of Downtown Dallas. An official groundbreaking is expected in Q3.
HSM Dalcon Inc., a division of Henry S. Miller Cos., has purchased more than 129 acres for Jordan Meadows, a new ranch estate residential development offering 98 1-acre homesites in the extra-territorial jurisdiction of Midlothian. Jordan Meadows will feature two builders: Gallery Homes, a division of First Texas Homes, and Elmwood Custom Homes. HSM Jordan Run Estates IV LLC, a limited liability company created and managed by Steve Donosky, president of HSM Dalcon Inc., purchased the property located off Norrell Road and Katrina Run, south of FM 875 and approximately 2 miles west of FM 663.
ML Realty Partners acquired a more than 153K SF industrial building at 2340 I-35 West Service Road in Denton. Nathan Lawrence and Krista Raymond of CBRE are leasing the building for ML Realty Partners.
Wooden Camera Inc., a division of London-based Vitec Group, nearly doubled the size of its headquarters and support space by signing a long-term lease for more than 14K SF in Northgate II at 10460 Miller Road, Dallas. Leigh Richter, executive vice president of Bradford Commercial Real Estate Services, and Paul Richter, Bradford’s vice president, represented the tenant. Adam Jones and Ryan Wolcott of Stream Realty Partners represented the landlord, 10440-10460 Miller Rd. LLC.
Electrique Boutique Inc. has renewed a lease for more than 10K SF of light manufacturing space in Northwest Crossing A, 2152 West Northwest Highway in Dallas. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Kyle Espie, Bradford’s senior associate, represented the landlord, ALP-ARC II NW Crossing Operating Co., in the direct deal.
Industrial Outdoor Ventures, a Chicago-based real estate investment firm specializing in industrial service facilities, executed a long-term lease transaction with Kamps Pallets for a more than 57K SF facility on 8.5 acres at 3636 Dan Morton Drive, Dallas. Caleb McCoy, senior vice president of JLL, represented IOV in the transaction. Jamie Galati represented Kamps.
CONSTRUCTION AND DEVELOPMENT
Granite Properties, a commercial real estate investment, development and management company, announced the second phase of its Granite Place at Southlake Town Square development in Southlake. Granite Place II, a Class-A, five-story, 143.5K SF office building, is expected to be complete in February. The building is being designed by Corgan Associates. DPR Construction will serve as general contractor. Granite’s leasing team of Robert Jimenez, Burson Holman and Elizabeth Fortado will lease Granite Place II.
Tower Capital arranged $27.8M in nonrecourse construction financing for a build-to-rent multifamily community in McKinney. The 13.2-acre property at 2703 Rockhill Road will house a 128-unit development that is expected to deliver in Q1 2023. The financing arranged by Tower Capital allows Hanson Capital Group to finish the horizontal improvements and fund the vertical improvements.
Primrose Capital arranged approximately $36M in financing on behalf of Thakkar Developers for the development of The Avenue, a master-planned community located in Allen. Primrose Capital worked on behalf of the developer to secure the financing through a Chicago-based fund via one of their private credit vehicles. The proceeds of the loan will be used to begin development of the 80-acre master plan, which will include urban residential units, office space, single-family homes and retail.
Broadmark Realty Capital Inc. originated a $57M acquisition and construction loan for Spartan Investment Group/FreeUp Storage for the acquisition of a portfolio of self-storage facilities in the DFW and East Texas markets. This portfolio spans 14 properties and four satellite facilities across nearly 734K SF and more than 5,000 units. It also includes 45K SF of industrial space, 534 parking spaces and approximately 3K SF of office space.