This Week's Dallas-Fort Worth Deal Sheet
Construction is underway at the Outlook at Windhaven, a 530K SF senior community in Plano.
The 18-acre project, designed by architecture firm three and developed by Greystone Development for Forefront Living, will include 30 independent living cottage homes, 153 independent living apartments and a 56-unit building for assisted living and memory care.
“The campus plan organizes the amenities and residences to create a sense of community and neighborliness,” Forefront Living CEO Tim Mallad said in a statement. “The plan artfully balances security and privacy with opportunities to connect residents and staff with beautifully landscaped walking paths and courtyard enclaves.”
The community will be located on the former site of Haggard Farms, just west of the northwest corner of West Spring Creek Parkway and Windhaven Parkway near Windhaven Meadows Park, according to Community Impact Newspaper. Completion of the project and the subsequent opening is expected in 2024. According to Forefront Living, the Outlook at Windhaven is already 70% sold.
Gaedeke Group, a full-service owner and operator of Class-A office properties in Arizona, Texas, Florida, New York and Washington, D.C., named Collin Comer as the company’s new president. Comer will lead the real estate and private equity investment efforts and will head up the company’s current and future initiatives for its portfolio consisting of more than 3M SF nationwide. Comer has more than 23 years of experience in real estate and private equity investment and finance.
KWA Construction, a general contractor specializing in multifamily developments throughout Texas, promoted Julian Sontag to senior project manager. Sontag started his career as an assistant project manager at KWA in 2014. He was later promoted to project manager, where he was instrumental in implementing cloud-based project management software that streamlined activities both in the office and at the worksite.
Crescent Real Estate LLC renewed a 55K SF lease at The Crescent with Stanley Korshak. The lease renewal is for 15 years and includes updates to Stanley Korshak, located on the first and second floors of The Crescent Atrium. Steve Lieberman of the Retail Connection represented Stanley Korshak. John Zogg, Tony Click and Jordyn Allen represented The Crescent.
Lee & Associates DFW completed a lease transaction for 16K SF located at 3402 Century Circle, Irving. Alex Wilson of Lee & Associates DFW represented the landlord, CanTex Capital LLC, in leasing. Maple Distributing was the former tenant.
RPM Living signed a 16K SF lease at Preston Commons, a 428K SF, Class-A office park at 8111, 8115 and 8117 Preston Road in Dallas. The property is owned by KBS Real Estate Investment Trust III. Alexandra Cullins, Dennis Barnes and Jackie Marshall of CBRE represented KBS in the lease transaction.
Andes Coil Processors signed a 151.7K SF lease at Sylvania Industrial Park in Fort Worth. The manufacturing facility brings 30 to 50 new jobs and a $5M capital investment to the city. Andes Coil Processors worked closely with CanTex Capital in the site selection process.
Lee & Associates DFW preleased 19K SF at McKinney 121, a new industrial development in McKinney. Phase 1 of McKinney 121 consists of two buildings totaling 212K SF. The project is scheduled to deliver in August. Robin Dodson of Cushman & Wakefield in Dallas represented the tenant, Worldpac Inc., in the transaction. Brett Lewis, Adam Graham and Ken Wesson of Lee & Associates DFW represented the landlord, EastGroup Properties.
ML Realty Partners signed 1.3M SF of new and renewal deals across DFW. More than 300K SF of these deals are new tenants to ML Realty Partners’ portfolio, including Pegasus Industries, which will occupy 96K SF of industrial space at McKinney Trade Center, 330 Wilmeth Road, McKinney. The other leases include:
— Construction Specialties Platform Holdings, a new 153K SF lease at 2340 I-35 West Service Road, Denton.
— Endeavor Managed Services, a new 55.5K SF lease at McKinney Trade Center, 310 Wilmeth Road, McKinney.
— Grand Fusion Housewares, a new 32K SF lease at Crosby Trade Center, 1215 West Crosby Road, Carrollton.
— Lyric Stage, a new 5K SF lease at 1170 Quaker St., Dallas.
— SOCi, a lease renewal of 73K SF at 9660 Dilworth Road, Dallas.
— Gunder Associates, a lease renewal of 32K SF at Crosby Trade Center, 1215 West Crosby Road, Carrollton.
— Esler Cos., a lease renewal of 22K SF at Crosby Trade Center, 1215 West Crosby Road, Carrollton.
— Anaissance Corp., a lease renewal of 12K SF at Union Bower Business Park, 1001 Union Bower Court, Irving.
Stanton Road Capital LLC acquired Element Towers, a two-building, Class-A office complex totaling 673K SF in North Dallas. JLL will handle leasing for Element Towers. Cushman & Wakefield will handle property management. The Newmark Investment Sales team of Gary Carr, Chris Murphy and Robert Hill represented the seller.
SPI Advisory LLC sold Mark at Midtown Park, an urban apartment community in Dallas. The property was initially acquired by SPI Advisory and its 1031 exchange partners in 2019.
Dana English Revocable Trust sold a 17.5K SF distribution center on 1.58 acres at 6787 Oakbrook Blvd., Dallas, to Bryan Garvey. Susan Singer, executive vice president of Bradford Commercial Real Estate Services, represented the seller. Matt Middendorf of Middendorf Commercial Real Estate LLC represented the buyer.
TXRE Properties LLC has acquired 1701 East Lamar Blvd., Arlington, in an off-market transaction from The Rainier Cos. TXRE is underway with a full renovation, repositioning and rebranding of the property as Arlington Interlink, which will bring the asset to Class-A standards.
TXRE Properties sold One Mockingbird Plaza, a recently repositioned, 156K SF office located in the Medical/Love Field District. Newmark represented TXRE Properties LLC in the transaction.
Chicago-based Timber Hill Group, a private equity firm specializing in the acquisition and development of logistics-related industrial real estate, and Champion Realty Advisors, a Chicago-based family office, sold a 10-acre truck and trailer yard located at 144 Hartman Court, Fort Worth, to California-based McKinney Trailer Rentals.
The joint venture purchased the site, located at the northwest corner of Main Street and Interstate 820, in 2019 and quickly began redevelopment of the yard. Becky Thompson of Lee & Associates’ Dallas office represented Timber Hill and Champion in the transaction.
NAI Partners arranged the sale of an 11K SF medical office building located at 3100 East Trinity Mills Road, Carrollton. NAI Partners’ Ryan McCullough and Tyler Jaynes represented the seller, Trinity Mills Medical Realty LLC, in the transaction.
Westmount Realty Capital announced the sale of Highland Bluffs, a Class-B, garden-style apartment complex located at 1615 John West Road in Dallas. Westmount has owned the 357-unit community for eight years. Al Silva of the Silva Braly Multifamily Team of Marcus & Millichap represented the seller in the transaction.
Postal Realty Trust acquired a postal facility at 300 East South St., Arlington. The 24K SF facility sits on more than 2 acres. Postal Realty Trust is the first and only publicly traded REIT solely focused on acquiring and managing facilities leased to the U.S. Postal Service. The company’s portfolio consists of more than 1,500 facilities, which makes up only 6% of the total leased USPS facilities.
NewcrestImage acquired the 175-room Cambria Hotel in Southlake. The company took over operations at the property effective immediately, with management being provided by Aimbridge Hospitality.
CONSTRUCTION AND DEVELOPMENT
Aledo City Council approved a development agreement on June 23 for Dean Ranch, a 1,825-acre, mixed-use, master-planned development that will be located along the Fort Worth-Aledo border. Close to 240 of those acres along Bailey Ranch Road and FM 1187 have been approved for development according to Aledo community standards and will be voluntarily annexed into the city. D.R. Horton and other homebuilders plan to build about 325 single-family homes and up to 100 townhomes in the Aledo portion of the project, which will also feature a variety of community amenities and at least 35 acres of new commercial development. Levens Capital Partners LLC is the master project developer.
Marcus & Millichap Capital Corp. arranged $1.2M in acquisition financing for a Sonic located at 4721 West Sublett Road, Arlington. The 10-year fixed loan has an interest rate of 3.73% with an amortization of 30 years. The financings were secured by Jared Cassidy, MMCC first vice president, based in Washington, D.C.