This Week's Dallas Fort Worth Deal Sheet
A 1.4M SF spec industrial building has broken ground in Wilmer, a growing suburb south of Dallas.
Tradepoint 45 West, located at 1200 North Sunrise Road in Wilmer, is being developed by Champion Partners in partnership with Cresset Real Estate Partners, a Chicago-based investment and asset management firm. The building is scheduled to deliver in the third quarter of 2023, per a news release.
“This project will fill a critical need for large users looking to locate in South Dallas to quickly access the DFW Metroplex and the greater Texas marketplace,” Cresset Director of Investments Dominic DeRose said in a statement.
The rise of e-commerce and access to two major interstates has positioned the city of Wilmer as a prime location for industrial users. Over the past few years, the city has become home to 13 new industrial developments comprising 10M SF, per the release.
“We were very fortunate to acquire this unique 95-acre property in the heart of the Inland Port area of South Dallas,” Champion co-Managing Partner Steve Modory said in a statement. “And thanks to prior very positive experiences working with the city of Wilmer, we felt confident pursuing a speculative project of this scale — it is the largest speculative building, not just in Wilmer and South Dallas, but within the larger DFW Metroplex.”
Stream Realty Partners Managing Director Matt Dornak, Senior Vice President Luke Davis and Senior Associate Ridley Culp will provide leasing services at the development.
LGE Design Build hired Caleb Parsons as the new director of construction at the LGE Texas headquarters in Dallas. Parsons will be responsible for the success of the construction division. With 22 years in the industry, Parsons previously owned and operated ONYX Industries, and held high-level positions at Turner Construction, FORMA Construction, Maxxis Concrete and Scott + Reid.
Lewisville-based property services provider MCS added Chaz Mueller as an independent director to its board of directors. Mueller brings more than 25 years of senior executive leadership experience within the single-family and multifamily rental industries, which will assist the company as it continues to expand its property service offerings into these markets.
Adaptive3D will relocate its Plano headquarters to the Richardson IQ, quadrupling its space for manufacturing with a 20K SF lease at 1122 Alma Road in Richardson. The move, which will allow a large deployment of ETEC Xtreme 8K 3D printers to support demand for customer benchmarks and mid-volume manufacturing, was slated for mid-September.
Intellectual property law firm Carstens, Allen & Gourley signed a 12.5K SF lease at One Legacy Circle in Plano. The firm occupies the third floor of the renovated Class-A building at 7500 Dallas Parkway. Russ Johnson and Lauren Perry of JLL represented the landlord, Franklin Street Properties Corp. Roy Reis and Jim Hazard of Cresa represented the tenant.
Commercial real estate finance firm Lument leased 23K SF of office space at Plaza of the Americas, located at 700 North Pearl St. in downtown Dallas. Lument will occupy a full floor in one of the two buildings that make up the 1M SF property. Jihane Boury and Clay Vaughn with CBRE Dallas represented Lument in lease negotiations. Transwestern’s Kim Brooks, Justin Miller and Laney Delin represented the building owners. MM Properties, in partnership with Clarion Real Estate, owns both Class-A towers.
ITS Logistics leased a 1M SF distribution center at Northpoint Development’s Intermodal Logistics Center. Cresa Dallas’ team of advisers Brad Struck, Clint Manning and Darren Woodson represented ITS with Cresa industrial services partner John Bollman. The facility, which broke ground in August, will serve as ITS’ first Texas location and support the company’s efforts to offer national omnichannel distribution and fulfillment services.
HN Capital Partners, a Dallas-based private investor, acquired the historic Rosewood Mansion on Turtle Creek. The century-old former private home was transformed into a hotel in the early 1980s by Rosewood Hotels & Resorts. Located in Uptown Dallas, the Mansion was most recently updated in 2020. It will continue to operate as a Rosewood Hotels & Resorts-managed hotel under the ownership of HN Capital Partners.
CONSTRUCTION AND DEVELOPMENT
Granite Properties topped out Granite Place II at Southlake Town Square. The Class-AA, five-story, 143.5K SF office building, located at 601 State St. in Southlake, is the second phase of the development. It is being built adjacent to Granite Place I, which is 100% leased. DPR Construction broke ground on the building in May and is scheduled to wrap up early next year. The building is being designed by Corgan. Granite’s leasing team, Robert Jimenez, Burson Holman and Elizabeth Fortado, is leasing Granite Place II.
THIS AND THAT
Weitzman’s Scott Smith, Corbin Tanenbaum and Addison Gragson have been named the retail leasing agents for Victor Prosper, a mixed-use retail and residential project located at 196 West Davis St. in Dallas’ Bishop Arts District. The street-level retail space totals more than 21.5K SF beneath 216 apartments.