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This Week's Dallas-Fort Worth Deal Sheet

A new luxury office tower is headed for Uptown Dallas.

2626 McKinney, a 180K SF, 17-story building under development by Stonelake Capital Partners, is scheduled to break ground in the fall.

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A rendering of 2626 McKinney

“2626 McKinney will provide all of the amenities and finishes of a state-of-the-art, Class-AA office building with a boutique, white-glove feel that will make the tenant experience bespoke and unique,” Coleman Brown, partner at Stonelake Capital Partners, said in a statement. “At 2626 McKinney, a 50K SF tenant can feel like an anchor.”

Matt Schendle and Zach Bean of Cushman & Wakefield will lead leasing efforts for the project, which is scheduled to be complete in summer 2025.

PEOPLE

Greysteel promoted Jack Stone to managing director of investment sales. Since joining Greysteel in 2018, Stone has closed nearly $500M in sales transactions. He specializes in the disposition of multifamily assets for private and institutional clients. Prior to Greysteel, Stone worked as a real estate attorney at a national law firm. 

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Lewisville-based MCS, a property services company, hired Marin Ursu as chief information officer. Ursu brings nearly two decades of IT leadership to MCS. He replaces Mike Housewright, the existing CIO, who is retiring after five years with the company.

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Robert Blount returned as vice chairman of CBRE’s advisory and transaction services team in DFW. Blount will focus on representing office occupiers and offering strategic consulting services for his clients. An 18-year veteran, Blount spent more than 10 years at CBRE, from 2008 to 2019, as senior vice president. He moved to JLL in 2019.

LEASES

Ledsion Lighting leased 25.7K SF of warehouse space at 9244 Markville Drive in Dallas from Medisend College of Biomedical Engineering Technology. Joe Santaularia, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the tenant. Collin Rock of Cushman & Wakefield represented the landlord.

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Lee & Associates finalized the following industrial transactions:

— A 186K SF sublease at 2400 Centennial Drive in Arlington. Robert Miller of Lee & Associates represented the subtenant, Salcomp Manufacturing USA. Ann Jaggars and Ryan Keiser of KBC Advisors represented the sublandlord, Amazon.

— A 24K SF lease at Champions Circle Business Park Building 1, 3440 Highway 114 in Fort Worth. Reid Bassinger and Nathan Denton of Lee & Associates represented the landlord, Hopewell Development. Keaton Brice and Andrew Gilbert of Holt Lunsford Commercial represented the tenant, EVO-PAK.

— 19K SF lease at McKinney 121, 4400-4500 South Hardin Blvd. in McKinney. Brett Lewis, Ken Wesson and Adam Graham of Lee & Associates represented the landlord, EastGroup Properties. Arozzi North America is the tenant.

— A 21.6K SF lease at 1213 West Carrier Parkway in Grand Prairie. Becky Thompson of Lee & Associates represented the tenant, Woods Distribution Solutions. Reed A. Parker and Mark Graybill of Lee & Associates represented the landlord, Icon Owner Pool 1 Texas.

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Careismatic Brands leased 1M SF at I-20 Logistics Park, 35550 Interstate 635 in Dallas. Cresa’s Jim Hazard and Brad Struck represented the tenant. The developers, Ares and Archway Properties, were represented by KBC’s Nathan Lawrence and Krista Raymond. 

SALES

Rethink Healthcare Real Estate acquired an emergency hospital at 1776 U.S. Highway 287 in Mansfield. The emergency hospital is leased by a joint venture of a prominent healthcare system and Emerus, which also operates the facility. Rethink ventured with investment management firm Heitman to purchase the property and arranged debt from CIT, a division of First Citizens Bank. BlackBirch Capital acted as the exclusive financial adviser to the seller.

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Silver Star Properties REIT, formerly known as Hartman Short Term Income Properties XX, sold 17.2 acres at 820 North Business Park in Fort Worth. The property, also known as Longhorn Business Park, was initially purchased by Silver Star Properties in 2009. The company then went on to sell two of the nine parcels in 2019 to Champion Realty Advisors. In 2020, Silver Star Properties completed plans to develop two traditional warehouse/flex buildings on the remaining seven parcels.

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Lee & Associates DFW completed a sale transaction for 100.8K SF of industrial space at 1401 Dunn Drive in Carrollton. Stephen Williamson of Lee & Associates represented the buyer, High Street Logistics Properties. Charity Supply Inc. is the seller and was represented by Keenan Cook with Mercer Co.

CONSTRUCTION AND DEVELOPMENT

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A rendering of Basswood 35 Phase 2

EastGroup Properties started construction on the second phase of Basswood 35, a Class-A industrial development in Fort Worth located at Basswood Boulevard and Interstate 35 West. Phase 2 will consist of three buildings totaling more than 351K SF.

The 61.5-acre master-planned development will consist of seven buildings totaling 882K SF at full build-out. NAI Robert Lynn Managing Principal and Fort Worth President Todd Hubbard, principal and Executive Vice President Michael Newsome, Executive Vice President Jeff Jackson and Transaction Manager Joe McLiney will represent EastGroup in the leasing of the project. Method Architects will handle design, Talley Riggins will serve as general contractor, and civil engineering will be handled by Halff. Construction is scheduled to be completed by the end of Q4.

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Toll Brothers and Pondmoon Capital USA formed a joint venture to develop Mirra, a five-story, 285-unit multifamily community at the intersection of Oglethorpe and Church streets in Frisco Square Town Centre. The project, which will commence in February, is being financed through a $49.5M construction loan facility from Santander Bank N.A. The equity and debt were arranged by Toll Brothers’ in-house finance department.

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The Learning Experience plans to open 11 locations in DFW over the next two years. Each location will consist of a newly built 10K SF center and outdoor playgrounds of up to 5K SF. The company is planning to open facilities in Fort Worth, Frisco, Southlake, Forney, Dallas, Hickory Creek, Grand Prairie, Sachse, Princeton, Anna and Rowlett.

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Ladera will start construction on more than 200 homes across five DFW cities in 2023, including in Prosper, Fort Worth, Rockwall, Mansfield and Little Elm. The company specializes in gated communities for active adults age 55 or older. 

FINANCING

Dallas-based Anthem Development and Los Angeles-based Nova Capital closed on $63M of joint venture equity and debt for the acquisition and development of Lofts iThirty, a 340-unit luxury multifamily community at the northwest corner of Broadway Boulevard and Interstate 30 in Garland. The project is set to break ground in the coming days, with completion scheduled for 2025. 

THIS AND THAT

Dallas-based The Amperage Group launched Amperage Capital to enable electric vehicle charging in apartment communities. Amperage Capital provides long-term capital to enable assigned EV charging by covering construction costs and equipment. 

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Carlie Wilmes, Jackson Hill and Jeremy Wright launched Reimagine CRE, a Dallas-based national tenant representation firm that specializes in fast-growing franchise brands across the country with strategic market planning, site selection, negotiations and franchisee portfolio management. Reimagine CRE’s founders have more than 30 years of combined commercial real estate experience.