This Week's Dallas-Fort Worth Deal Sheet
Hunt Southwest closed on a site and started construction on the first of two new 200K SF industrial facilities in McKinney.
The new developments are part of a public-private partnership with the City of McKinney. Hunt Southwest submitted a proposal for industrial development to the McKinney Economic Development Corp. and was selected for the project in August.
“This development is an important component in our strategic plan and reflects McKinney’s innovative approach to advancing significant industrial product development in the coming years,” MEDC President Darrell Auterson said in a statement.
The City of McKinney put together an incentive package composed of tax abatements and infrastructure reimbursements to attract RFPs; Hunt Southwest took special interest because of its intent to increase its presence in North Texas.
The first site at 900 Wilmeth Road is expected to finish construction in June. Hunt Southwest expects to purchase the second site from MEDC by the end of the year and begin construction in Q2.
Henry S. Miller hired Stephen Scott as vice president of investments and the land division. Scott started his career at Henry S. Miller in 1974, then moved on to hold leadership positions at many other real estate investment companies throughout Texas.
Walker & Dunlop hired Chris Harris as vice president of capital markets. Harris has put together over $14B in equity and debt financing over the course of his career. Prior to joining Walker & Dunlop, Harris was with Criterion Development Partners as a principal and chief investment officer.
HOK Architects hired Ricky Martinez to its architecture team and Lauren Saab to its interior design team. Martinez will assist with the justice, workplace and commercials groups projects. Saab will work on public safety, corporate and commercial interior design projects.
Fort Capital purchased four properties totaling 370K SF of industrial space in Fort Worth.
• Suffolk Business Park, totaling 116K SF with properties at 2951 Suffolk, 2921 Suffolk, 2905 Suffolk and 2901 Suffolk.
• A 64K SF property at 2020 East Fourth St.
• A 16K SF property at 500 East Central.
• A 174K SF property at 1101 Northeast 23rd.
St. Clair Commercial Real Estate purchased a 202K SF industrial property in Carrolton. Transwestern’s Steve Rowland represented SCCR in the purchase, and Capstone Commercial’s Steve Burris represented the undisclosed seller.
LG Acquisitions purchased 15.2 acres at 1000 Lake Ridge Road in Lewisville from Windy Ridge’s Howard Nycum. Henry S. Miller’s Dan Spika and Frank Bullock represented both seller and buyer.
Women's Business Council - Southwest will move its headquarters to the MacArthur Center at 5605 North MacArthur Blvd. in Las Colinas. WBCS will lease 4K SF of office space in the MacArthur Center. Solender/Hall President Eliza Solender represented WBCS in the leasing negotiations. Transwestern’s Matt Hurlbut represented the landlord.
Savills Studley relocated to Chase Tower at 220 Ross Ave. with a lease of 8K SF encompassing the entire 48th floor. Stream Realty represented the landlord, Fortis Property Group. Savills Studley represented itself.
Retail Solutions completed two leases in Fort Worth:
- A comic book store leased 1K SF at 6200 McCart Ave. in Woodmont Plaza North. Retail Solutions’ Brian Sladek and Jeff Lewin represented the landlord.
- Artisan Vapor leased 1K SF in Heights Corner at 3250 Hulen St. Retail Solutions’ Sam Littlejohn and Brian Sladek represented the landlord. Green Earth Realty’s Michael DuBois represented the tenant.
Mark One Capital Senior Vice President of Capital Markets Farhan Kabani and Director Chris Parker completed three financing deals for multifamily properties in DFW.
• Refinancing of Grand Prairie Villas, a 34-unit apartment community in Grand Prairie. The $1.2M loan is a 10-year term and amortizes over 30 years with a fixed interest rate of 4.22%. This was a cash-out transaction with a loan-to-cost at 92%.
• Funding for Belmont Oaks, a Class-C, 45-unit apartment community in Fort Worth. The loan was structured with a nonrecourse, 10-year term and amortizes over 30 years with a fixed interest rate of 4.33%. The loan amount was $1.76M with a loan-to-value of 80%.
• Funding for Fossil Ridge, a Class-C, 44-unit apartment community. The loan is a nonrecourse, 10-year term and amortizes over 30 years with a fixed interest rate of 4.03%. The loan amount was $1.25M with a loan-to-value of 80%.
Hub 121, a $120M development, is coming to McKinney Corporate Center Craig Ranch. Phase 1 of the mixed-use project will include 40K SF of restaurant space, a 7K SF pavilion, 20K SF of retail and 287 urban residences. Phase 2 will include 100K SF of office space as well as additional retail space and a hotel. Phase 1 will commence in January.
CityLine wrapped up Phase 1 of Fox Creek Park, a 17-acre development. Phase 1 consisted of landscape improvements including a 75-foot-long pedestrian bridge, playgrounds and hike/bike trails. Of the 17 acres slated for development, six remain to be developed in Phase 2.
Hillwood broke ground on Parkside at Alliance Town Center, a 3.5-acre food and entertainment destination. The development will launch with two new restaurants, Grub Burger Bar and Shell Shack, in summer 2018, with additional concepts new to the North Fort Worth market to be announced soon.