This Week's Dallas-Fort Worth Deal Sheet
Presidium broke ground on the first phase of Presidium Valley View, a 344-unit, five-story luxury residential community in Farmers Branch.
Mark T. Farrell, president of development for Presidium, said DFW’s reputation as a leading market for corporate relocations is driving the need for this type of residential offering.
“This surging submarket presents us with the perfect opportunity to develop a truly unique and new living option for future residents,” he said in a statement.
The property, located at 13214 St. Lawrence Circle, is designed by Dallas-based O’Brien Architects. Phase 1 is expected to be fully complete in late 2023. Phase 2, which is set to break ground in 2024, will include the development of additional units alongside the initial building.
SALES
An Austin-based LLC acquired McKinney Marketplace, a 17K SF retail center at 9241 Virginia Parkway, McKinney. Derek Schuster and Kevin Butkus with Weitzman represented the seller, a Plano-based investment group.
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Magma Equities acquired a portfolio of 1,361 multifamily units from Hilltop Residential. The acquisition represents Magma’s entry into the San Antonio and Houston multifamily markets and expands its portfolio in the Dallas-Fort Worth metro to approximately 2,000 units. Hilltop Residential was advised by Institutional Property Advisors on the sale of the four assets.
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CBRE facilitated the sale of four value-add multifamily communities across DFW. Chris Deuillet and William Hubbard with CBRE’s Multifamily Investment Sales team oversaw the transactions on behalf of the sellers. The properties include Liberty Park, a 67-unit multifamily community at 2120 52nd St., Dallas; The Burgundy Apartments at 11911 Marsh Lane, Dallas; LBJ Station, a 249-unit property located at 8997 Vantage Point Drive, Dallas; and 500 Flats, a 248-unit community at 500 East Loop 820, Fort Worth. Zane Holdings sold The Burgundy Apartments to Jeanne and Chip Allen. Infinity Point Property purchased LBJ Station from LBJ Station Limited in an off-market transaction, and Danny Baker with CBRE represented the seller in the deal. Makaan Investments Group and VFR Capital purchased 500 Flats from Goodlife Housing Partners in an off-market basis.
LEASES
Stream Realty Partners executed a 100K SF lease for a technology company at 3101 Pinewood Drive, Arlington, on behalf of its client, M2G Ventures. The 100% leased, single-tenant redevelopment project sat vacant for 10 years prior to M2G Ventures’ acquisition in 2021. It is now fully leased. Stream Senior Vice President Luke Davis and associate Mike Knudsen represented the landlord, M2G, in the transaction. Steve Koldyke and Brian Gilchrist of CBRE represented the tenant.
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Plastronics Socket Partners LP renewed nearly 13K SF of warehouse space in Las Colinas Distribution Center 5 at 3251 West Story Road in Irving. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, Las Colinas AAA Investment LLC. Mike Cleary of Colliers International represented the tenant.
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The Woodmont Co. represented Hobby Lobby in a sublease to Dick’s Sporting Goods for a 50K SF building at 5550 Preston Road, Frisco. Evan Bloom of The Woodmont Co. represented the sublessor, Hobby Lobby. The sublessee, Dick’s Sporting Goods, was represented by Megan Trimble and Greg Bracchi of Edge Realty.
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Lee & Associates DFW completed a new lease transaction for an 85K SF industrial space at 1700 Columbian Club, Carrollton. Ken Wesson of Lee & Associates DFW represented the landlord. Wilson Brown of CBRE Inc. Dallas represented the tenant, Lily of the Desert.
FINANCING
Cody Baker with Terrydale Capital arranged a $766,250 loan for a buyer who asked not to be disclosed for the purchase of a self-storage property located in Burleson. The loan features a 4.5% interest rate and is fixed for five years with 25-year amortization and six months of interest only. The loan was arranged through one of Terrydale Capital’s correspondent bank relationships.
