This Week's Dallas-Fort Worth Deal Sheet
Harwood International acquired The Luminary, a 169K SF, Class-A office building located in Dallas’ West End district.
This is the firm’s second value-add office acquisition in the past few years. Harwood International has developed more than 5M SF of mixed-use space in the Harwood District and is now acquiring Class-A properties outside of its portfolio, according to a release.
Harwood Vice President of Acquisitions Christopher Cauthen said the purchase was motivated by surging demand for creative office spaces like The Luminary.
“The Luminary is authentically designed to meet the evolving office experience, and our best-in-class leasing and management teams are focused on identifying and catering to those needs,” he said in a statement.
Harwood International Executive Vice President David Roehm led negotiations of the deal alongside Cauthen. Vice President of Capital Markets Morgan Staub arranged the acquisition financing.
“Our Capital Markets team secures $300M-$400M in debt per year across our portfolio,” Roehm said in the release. “This acquisition is the first of several to come. We are targeting two to three acquisitions per year going forward and will continue to grow.”
Leasing will be handled by Harwood Director of Leasing Kelly Whaley and Leasing Manager Hannah Mesh. The seven-story building is anchored by architecture and design firm Corgan. Lerma, an advertising agency, is also a tenant.
“This acquisition expands our ability to accommodate the needs of any corporation moving to or within Dallas,” Vice President of Asset Management Steven Hall said. “We can offer new or existing construction, move-in ready suites, coworking and access to Harwood’s 10 restaurants and future boutique hotel.”
The Laramar Group hired Shane Fleniken as vice president of investments for the Texas market. Reporting to Chief Investment Officer Bennett Neuman, Fleniken will help lead the company's multifamily investment expansion in primary and secondary markets in Texas and the Southwest. He is based in Dallas-Fort Worth and has nearly 25 years of experience in multifamily investment.
Fort Worth-based Trademark Property Co. added Phillip Sable as executive vice president of finance and operations as the company continues to grow its focus on mixed-use, retail and multifamily developments. Sable will use his more than 15 years of experience to help develop and execute the company’s financial strategy, lead and strengthen business operations, and optimize Trademark’s systems and infrastructure in service of Trademark’s business plan.
Paladin Partners Commercial LLC finalized two leases of more than 1.35M SF. The first long-term lease was signed by Hayes Co. for 713K SF of new shell space located at 1285 Akron Way in Forney. The second transaction was signed by an undisclosed company for 644K SF of recently delivered space located at 100 and 200 Planters Road in Sunnyvale. The tenant was represented by Adam Curran and Jay Benner with Cushman & Wakefield.
ChelleComm LLC leased more than 10K SF in Forest Green Office Park, a six-story office tower at 19110 Greenville Ave. in Dallas. Bradford Commercial Real Estate Services’ Vice President Jared Laake, Senior Vice President Richmond Collinsworth and Market Director Elizabeth Hooper represented the landlord, SOHO/Davis FG LLC, in the direct deal.
VanTrust Real Estate sold DalParc Logistics Center, a 1M SF industrial distribution center at 3199 Telephone Road in Dallas, to Property Reserve Inc. for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
13731-45 Omega Road LLC sold a 12K SF retail project on 0.87 acres at 13731-13745 Omega Road in Farmers Branch to Philip M. Lang of Lang Interests LLC. Leigh Richter, executive vice president of Bradford Commercial Real Estate Services, and Paul Richter, vice president, represented the seller in the direct deal.
Institutional Property Advisors, a division of Marcus & Millichap, sold and financed Asher Park and Rustic Ridge, two adjoining multifamily properties in Irving. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the privately owned Texas-based seller. They also procured the buyer, Touro Co. The financing was secured by IPA’s Los Angeles-based Brian Eisendrath and Cameron Chalfant.
Next Wave Investors LLC sold Shiloh Park Townhomes, a 73-unit multifamily community in Plano. It acquired the property in December 2020 and sold it for a nearly 29% increase over the initial purchase price.
CONSTRUCTION AND DEVELOPMENT
Dallas-based developer KDC completed Phase 2 of Independent Financial’s $150M headquarters campus in McKinney, supporting the organization’s expanding workforce. The new six-story, 198K SF building more than doubles Independent Financial’s existing presence at McKinney Corporate Center Craig Ranch, and allows the organization to consolidate its banking operations and technology teams. More than half of the company’s employees are now located on the campus. The initial phase of the campus was completed in 2019 on a 10-acre site located at State Highway 121 and Grand Ranch Parkway.
Griffin Partners broke ground on Port 45, a Class-A industrial development consisting of two rear-load buildings totaling 568K SF and located at 2500 and 2700 Southern Millers Ferry Road in Wilmer. Griffin Partners Income & Value Fund IV is providing capital for the development. The leasing team includes JLL brokers Randy Touchstone, Craig Jones and Kodie Comby. Contributing members to the Port 45 development include Pacheco Koch Civil Engineering, Alliance Architecture and Harvey Builders.
The city of Corinth broke ground July 22 on the Commons at Agora, a new park that will include a stage, splash pad, playground, boardwalk and food trucks. This project includes the realignment and extension of North Corinth Street to Corinth Parkway with a roundabout at Walton Drive. The park will also be framed by the construction of two new streets, Agora Way and Main Street. It will be located within the new mixed-use Agora at Corinth development. The park project, designed by TBG Partners, is slated for completion in fall 2023.
The city of Garland and Reserve Capital Partners broke ground on a new $15.6M industrial project at the intersection of Jupiter and Miller roads in Garland. The development will include 200K SF of commercial spec buildings on an 11.5-acre greenfield site. The company plans to construct two Class-A industrial spaces, one with 120K SF and another with 75K SF. Both buildings are expected to be complete by the first quarter of 2023 and are currently for lease with SRS Industrial.
Granite Properties closed joint venture equity with Highwoods Properties, a publicly traded real estate investment trust, for two Class-AA office developments in Uptown Dallas and Plano. Highwoods Properties will own 50% interest in 23Springs, a 26-story, 642K SF office and retail development in Uptown. Highwoods will also own 50% interest in Granite Park Six, a 19-story, 422K SF office development in Granite Park, a 90-acre mixed-use development in Plano.
THIS AND THAT
Greenhill Towers, managed by Crescent Property Services, won The Outstanding Building of the Year award at the 2022 Building Owners & Managers Association International Conference & Expo in Nashville on June 28. The 278K SF, Class-A+ office space was designed by Pierce Goodwin Alexander, was built by Trammell Crow and is owned by Codina Partners.