This Week's Dallas-Fort Worth Deal Sheet
Mirasol Capital has acquired 39 acres in Las Colinas Urban Center for the development of Wells Fargo’s 800K SF regional headquarters.
The $455M corporate campus will anchor Mirasol Capital’s planned mixed-use Northshore District, which will also include multifamily, retail, public open space along the lakefront and an additional 400K SF of Class-A office space, according to a news release.
“The Wells Fargo corporate campus fits perfectly into our vision for the Northshore District, a vibrant mixed-use development in the Urban Center of Las Colinas,” Mirasol Capital Managing Director Michael Maddox said in a statement. “We are honored that Wells Fargo chose the Northshore District and proud to have KDC as a partner in the project.”
CBRE hired James Stein as senior vice president of its Advisory and Transaction Services | Occupier department. He will be based in CBRE’s Fort Worth office and will help tenants across North America with their real estate needs, including leasing, acquisitions and dispositions, and consulting services. Stein began his career as a commercial real estate attorney at Katten Muchin Rosenman LLP before moving into brokerage. He joins CBRE from Cushman & Wakefield.
Louisiana-based MAPP LLC, a commercial general contractor providing pre-construction and construction services to clients across the U.S., is expanding its presence in Texas with the appointment of Corbett Nichter as executive vice president. Nichter has nearly 30 years of industry experience and will be reinforcing the firm’s services in Dallas-Fort Worth and Austin.
RealSource sold Belle Grove at Custer, a 202-unit, value-add multifamily community at 800 Custer Road in Richardson. ClearWorth Capital purchased the asset for an undisclosed price. Chris Deuillet, William Hubbard and Jaxx Davies with CBRE Capital Markets’ investment properties in Dallas represented the seller.
Arch Street Capital Advisors LLC sold Suite 2801, a 417-unit Class-A multifamily asset in Euless, according to Insider. The asset was acquired in 2017 on behalf of an institutional client in a joint venture partnership with Cortland Partners.
Avison Young brokered the sale of Heritage Premier, a 48K SF office building at 1575 Heritage Drive in McKinney. Susan Gwin Burks, Bruce Butler, John Bowles and Philip Boren represented the seller, Dallas-based PAR Capital. The buyer, a local private investor, was represented by Bill Cox of Carey Cox Co.
A 63K SF former Metro Volkswagen in Irving sold to a local investor. Bill Bledsoe, senior vice president in the land and investments division at Henry S. Miller Brokerage, represented Lucky Property One LLC in the purchase, which included about 10 acres along Airport Freeway, Story Road and Ferguson Court. Bill de la Chapelle and Sharon Cramer with Rubicon Representation represented the seller, Group 1 Realty Inc. of Houston. Plans are for the facility to continue automotive operations under Bayshore Group Inc. and Sam Juma’s Auto Haus Imports. In conjunction with this transaction, Group 1 Realty also sold the adjacent 2.7 acres of unimproved land to Bayshore Group.
Marcus & Millichap facilitated the sale of Eastside Business Park, a single-building, multitenant, 66K SF industrial property at 4343 Sigma Road in Dallas. Adam Abushagur and Davis Cagle had the exclusive listing to market the property on behalf of the seller, a private investor group. The buyer, a Tennessee investor group, was also procured by Abushagur and Cagle.
Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand of Northmarq’s Dallas investment sales office secured the sale of Verge Apartments. The 217-unit multifamily property, built in 1980, is located at 5454 Peterson Lane in Dallas. Northmarq represented the seller, and Patrick Elliott and Lauren Bresky from Northmarq’s Dallas debt and equity team arranged the permanent, fixed loan for the undisclosed buyer. Northmarq secured the financing through its status as a Freddie Mac lender.
Dallas-based GTC Real Estate Investments has acquired a 5.4-acre site in the Stemmons Corridor of Brookhollow for the development of Trinity Industrial Park. Located at 8733 North Stemmons Freeway, the park will consist of two flex buildings totaling approximately 80K SF, 10% to 20% of which will be office space. NAI Robert Lynn Executive Vice President Chase Miller and President Mark Miller are handling leasing for the development. Azimuth Architecture Inc. will handle design, while Pritchard Associates Inc. will serve as construction manager. Construction is scheduled to begin in the first quarter of 2023 and will be completed by the end of the year.
Privately held real estate investment firm Archway Equities sold Harmony Apartments, a 616-unit multifamily community at 2216 Plum Lane in Arlington, to Aspen Capital Group. Archway acquired the asset as part of a six-property, 1,632-unit portfolio purchase in 2019. Harmony Apartments was marketed for sale by Drew Kile, Joey Tumminello, Michael Ware and Asher Hall in the Dallas office of IPA.
CONSTRUCTION AND DEVELOPMENT
KWA Construction broke ground on Settler Apartments, located south of White Settlement Road along Athenia Drive and Deavers Lane in Fort Worth. The 397K SF complex will include 362 units within one four-story structure that will wrap around a five-story precast parking garage. The community is being developed by Toll Brothers Apartment Living and designed by Hensley Lamkin Rachel Inc. It is expected to be complete in summer 2024.
A major renovation has been completed at the 163K SF Dal-Rich Towne Square, located at the southeast corner of Beltline and Coit roads in Richardson. Upgrades included improvements to the center’s appearance and amenities as well as retailer visibility and identification. The project also included the incorporation of an enhanced digital marketing platform for the center and its individual retailers. Dal-Rich Towne Square is managed by Weitzman under the direction of DFW Director of Property Management Sandi Scott. Weitzman’s Blane O’Banion, Mia Ureña and Matt Luedtke handle leasing.
THIS AND THAT
Granite Properties has become a Fitwel Champion and will pursue Fitwel certification for 19 office buildings, encompassing about 6.7M SF, in 24 months. Of those 19 buildings, five have already been certified. Fitwel is a third-party healthy building certification system promoting health and well-being through the built environment. Fitwel Champions are companies that adopt and apply Fitwel’s strategies to their property portfolio.
1808 Partners LP, in partnership with anchor tenant and hospitality provider Good Coworking, has achieved LEED Gold certification for its coworking, office and loft building on the east side of the Cedars neighborhood in Dallas. This project is the first coworking space in DFW to obtain this certification.
TXRE Properties was awarded leasing and management services at Burnett Plaza, a 1M SF office building at 801 Cherry St. in downtown Fort Worth. The TXRE leasing team on the building includes Justin Smith, Kolby Dickerson and Sam Davis.