This Week's Dallas-Fort Worth Deal Sheet
The city of McKinney approved a site plan for mixed-use development Presidium Cotton Mill.
Originally established in 1910 as a cotton processing and textile manufacturing facility, Presidium will transform the historic site into 200K SF of Class-A offices and more than 1.2M SF of multifamily residences. It will also include 3 acres of public space and retail.
“The Cotton Mill plan offers a catalytic opportunity for McKinney. It promises to be a place that honors the historic roots of the site and its storied past while embracing its current role as a dynamic arts hub,” Sasaki Associates principal Martin Zogran said in a statement. “The plan will bring new residents and a host of amenities from local performance areas, to family-friendly cafes and eateries. It will be a year-round draw for locals and out-of-town visitors alike.”
The 28-acre development is expected to generate $38M in tax revenue for the city and have a total economic impact of $933M, according to a news release. It is set to break ground in mid-2024 and be complete by February 2030.
PEOPLE
Polsinelli welcomed new shareholder Tara Darling to the Dallas office. An experienced finance attorney, Darling joins the firm’s real estate finance practice group. The department has added 10 new shareholders in 2023 as it focuses on growing its real estate and finance practices that serve clients from development and financing through litigation and restructuring.
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Thomas Hooke joined Southern Methodist University as director of leasing and property management. Hooke was the director of real estate for a multifaceted family office in Dallas. He also spent about 15 years as a third-party broker in the DFW area.
LEASES
EōS Fitness leased 37K SF of anchor space at Addison Town Center, located at the southeast corner of Belt Line Road and Marsh Lane in Addison. Ben Terry, Matt Luedke and Bernard Shaw with Weitzman handled negotiations. Jack Breard with Segovia Partners represented EōS Fitness.
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DrinkPAK leased 2.9M SF of industrial space across two buildings in Fort Worth. The sites are at 25001 Eagle Parkway and at Carter Park East, 7200 Harris Legacy Drive. Newmark Executive Managing Director Patrick DuRoss, Vice Chairman John DeGrinis, Senior Managing Director Jeff Abraham and Associate Director Javier Galvan, in collaboration with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and associate Adam Faulk Jr., represented the tenant in the transaction.
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Lee & Associates completed the following transactions:
- Giti Tire USA leased 267K SF at DFW Point35 - Building 1 at 11085 Harmon Road in Fort Worth. Lee & Associates’ Becky Thompson represented the landlord. Clay Balch and David Eseke of Cushman & Wakefield represented the tenant.
- Centurion Service Group leased 33K SF at 2019-2025 Meridian St. in Arlington. Lee & Associates’ Mark Graybill and Reed Parker represented the landlord, ML Realty Partners. Adam Curran of Cushman & Wakefield represented the tenant.
- Greenpath Mail Operations leased 21K SF at 2616-2620 Willowbrook Road in Dallas. Lee & Associates’ Stephen Williamson represented the tenant. Lee & Associates’ Nathan Denton, along with Brett Owens and Jack Brewer of Transwestern, represented the landlord, Warehouse Development.
- Kit Composites leased 50K SF at 119 Regal Row in Dallas. Lee & Associates’ Stephen Williamson represented the landlord, Dogwood Industrial Properties. Jeremy Mercer of Mercer Co. represented the tenant.
SALES
Lee & Associates completed a sale transaction for a 51K SF industrial space at 1922-1938 North Great Southwest Parkway in Grand Prairie. Colton Rhodes of Lee & Associates represented the buyer, Stonelake Capital Partners.
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Greysteel arranged the sale of University Village, a 16-unit multifamily property in Fort Worth. Director Andrew Mueller of Greysteel’s national multifamily team facilitated the sale on behalf of the buyer and seller.
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Basis Industrial purchased two Fort Worth properties for a combined $81M. The first is a 422K SF industrial property at 2301-2759 Ludelle St. Stephen Bailey and Zach Riebe of Newmark represented the seller, Tillar/LanCarte. The second, Blue Smoke 2, is a 161K SF industrial property on Blue Smoke Court next to Interstate 30. Bailey and Riebe represented the seller, PHP.
CONSTRUCTION AND DEVELOPMENT
LGE Design Build, alongside developer Creation and Crow Holdings, completed Mesquite 635, a 556K SF industrial development at the intersection of Interstate 635 and Highway 80 in Mesquite. Construction started in January 2022 and includes three buildings. Stream Realty is handling leasing.
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Harwood No. 15, a 23-story, 340K SF Class-A office building, will be the next tower built in Uptown Dallas’ Harwood District. Kengo Kuma & Associates, Corgan and Harwood International’s in-house design and construction management teams will partner on the project.
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JPI plans to break ground on Jefferson Eastchase, a project that will bring 398 multifamily units to 8100 Ederville Road in Fort Worth. This is the company’s fourth workforce housing development and is part of its effort to increase its attainable housing deliveries in the coming years.
