This Week's Dallas-Fort Worth Deal Sheet
Escalante Golf unveiled plans for a $100M golf club near Fort Worth.
Kelly Ranch Golf Club will be located on 240 acres of land just southwest of downtown at Highway 377 and Kelley Road. It will include an 18-hole championship course, a 26-acre practice facility and a clubhouse.
“Kelly Ranch Golf Club’s key differentiator is that it is being designed for the golf purist; it will be a golf-only environment free of distractions often found at traditional country clubs,” Escalante Golf Executive Vice President of Clubs and Resorts Jeff Kindred said in a statement. “When at the golf clubhouse, members will never hear noise from a pickleball court, tennis court, swimming pool or a social event.”
The project, located within the 2,400-acre master-planned community Kelly Ranch, is scheduled for completion in spring 2025.
Cushman & Wakefield promoted Jeremy Ediston to executive director and U.S. lead of the build-to-rent/single-family rental division. In this new role, he will collaborate with the firm’s capital markets and debt teams to provide unified BTR/SFR end-to-end solutions for Cushman & Wakefield’s clients. Based in Dallas, Ediston’s team will oversee a property management portfolio of 9,500 homes as well as a pipeline of more than 2,500 homes.
LanCarte Commercial added Jordan Johnson as senior vice president. Before joining LanCarte, Johnson served as senior vice president at NAI Robert Lynn, where he worked within the retail and hospitality divisions.
Chris Hipps will join Cushman & Wakefield’s Dallas office as Texas managing principal in January. In this role, Hipps will lead the firm’s advisory professionals across Texas. He joins Cushman & Wakefield from CBRE, where he was senior managing director of advisory and transaction services and investor services for the DFW region.
ADG Concepts leased 13K SF of flex space at 924 and 928 Blue Mound Road in Saginaw from BRI BMIP. Bradford Commercial Real Estate’s First Vice President Jason Finch, Vice President Richard Hitz and Executive Vice President and Managing Director Michael Spain represented the landlord. Niko Padilla of the Mercer Co. represented the tenant.
Champion Management leased 11K SF at Bogart on Ross, a 50K SF adaptive reuse project at 4621 Ross Ave. in East Dallas. The Addison-based company plans to relocate by April. Allison Johnston Frizzo of Hart Commercial negotiated the leases on behalf of the owner, M2G Ventures.
Lee & Associates completed an industrial lease transaction for 33K SF at 4811 Lakawana St. in Dallas. Stephen Williamson of Lee & Associates represented the landlord, Stonelake Capital Partners. Glasshouse Products is the tenant.
Newmark facilitated the following leases.
- 7-Eleven extended its 62K SF office lease at Connection Park in Irving. Newmark’s Duane Henley represented the tenant. HPI represented the landlord, Connection Park Irving.
- Sow Good signed a 51K SF industrial lease at Stemmons Industrial Center - Building 10 in Dallas. Newmark’s Garrison Efird, Jim Cooksey and Dalton Jernigan represented the tenant. Lee & Associates represented the landlord, Prologis.
- PulseTech Products Corp. signed a 27K SF industrial lease at Corporate Ridge Building 4 in Flower Mound. Newmark’s Chris Mason, John Beach, Reggie Beavan III, Andy Iversen, Trace Elrod and Jack Brewer represented the tenant. Holt Lunsford Commercial represented the landlord, Prologis.
- iHeart Media + Entertainment extended its 22K SF office lease at Stanford Corporate Centre in Dallas. Newmark’s Henley represented the landlord, TCI Stanford. Cushman & Wakefield represented the tenant.
Constellation Real Estate Partners, in partnership with Northwestern Mutual, acquired 10 acres of land at 901 E. Avenue K in Grand Prairie for the development of Constellation Commerce 360, a two-building, 201K SF industrial project. Construction will begin in the first quarter of 2024, with completion scheduled for the first quarter of 2025. David Eseke and Clay Balch of Cushman & Wakefield represented Constellation Real Estate Partners in the acquisition and will assist with leasing.
CONSTRUCTION AND DEVELOPMENT
The joint venture partnership of MSD Partners, Trammell Crow Co., The Retail Connection and Highland Park Village Associates began construction on the Knox Street development. This 1M SF mixed-use project includes 150K SF of office, 100K SF of retail and restaurant, and a 173-unit multifamily tower. The project also includes the Knox Hotel and Residences, a 140-room hotel and 48-unit condominium development by Auberge Resorts Collection. Woods Bagot and Kohn Pedersen Fox designed the development. Dallas-based HKS is the architect of record. Balfour Beatty and Andres Construction are providing construction services, and JLL Capital Markets served as financial advisors to the JV. Beal Bank provided construction financing.
MW Builders topped out at Trailhead at Chisholm Trail, a 284-unit, seven-building multifamily community at the intersection of McPherson and Brewer boulevards in South Fort Worth. The project spans 13 acres and is set within the 625-acre master-planned community of Chisholm Trail Ranch. The project, designed by HEDK Architects, is a joint venture between Titan Development and Aberg Property Co. and is planned for a phased turnover starting in the first quarter of 2024.
MYCON General Contractors was awarded the contract to build U-Haul’s new six-building, 168K SF facility in Princeton. The self-storage project sits on an 8-acre site along Highway 380. Construction should be complete in June.
Marcus & Millichap Capital Corp. arranged $8.6M in financing for the acquisition of Renaissance Square, a retail center located at 2700 Renaissance Square in Fort Worth. Senior Managing Director of Capital Markets Robert Bhat secured the financing, and Executive Managing Director of Investments Philip Levy represented the seller.
BWE secured $14.4M in construction financing for Westview Heights, a 132-unit affordable multifamily housing development in Denton. The terms of the financing include a 40-year fixed rate with interest-only payments during the construction period as well as a 40-year amortization. BWE Executive Vice President Jon Killough originated the loan on behalf of the borrower. The project was developed using an allocation of 9% Low-Income Housing Tax Credits allocated by the Texas Department of Housing and Community Affairs. Construction is scheduled for completion in 2024.
Trademark Property Co. closed on the land and secured financing for The Vickery, a mixed-use project with a strong multifamily component on 5 acres at West Vickery Boulevard and Hemphill Street in Fort Worth. The community will consist of 307 apartments, 14 townhomes, and a 5K SF standalone restaurant. First United Bank provided the $61M construction loan for the project, while SCOA Real Estate Partners served as the primary capital partner. Heather McClure and Jonathan Paine of Walker & Dunlop advised Trademark on the development joint venture with SCOA.
THIS AND THAT
Multifamily developer JPI was acquired by Sumitomo Forestry America. The acquisition strategically positions Sumitomo Forestry to expand its multifamily portfolio, making it the sixth-largest multifamily company in the U.S. based on the annual volume of homes delivered. JPI will retain its brand identity and continue operating from its North Texas headquarters, supported by regional offices in San Diego and Irvine, California. The agreement includes minority interests acquired by JPI’s Payton Mayes and Mollie Fadule, who will maintain their positions as CEO and chief financial officer and chief investment officer, respectively.