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This Week's Dallas-Fort Worth Deal Sheet

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Common Desk leased 26,500 SF in FOURTEEN5, bringing its coworking offering to Addison.

This Week's Dallas-Fort Worth Deal Sheet
FOURTEEN5 lounge deck in Addison

Common Desk — Addison will be the Dallas-based coworking company’s seventh North Texas location. It will open in the spring on two floors of Cawley Partners’ North Dallas FOURTEEN5 building in the Lower Tollway area. The coworking space will include a mix of private offices, team spaces, shared and dedicated desks, flexible work environments like collaborative booths and banquettes, and game and cocktail lounges. Additional amenities for members and tenants of the building include boot camp-style fitness classes under Common Desk’s Social Mechanics brand. FOURTEEN5 also has a separate three-story amenity building called The Hub, which has a restaurant, indoor/outdoor seating, Ascension Coffee, a fitness center and an open-air, covered terrace with games and lounge seating. Phase 1 of FOURTEEN5 is 92% leased.

EXECS

NAI Robert Lynn acquired competitor Street Commercial Real Estate, bringing on Josh Mann and Ari Mann in the process, as retail division partner and director of retail tenant representation, respectively. The deal bolsters NAI Robert Lynn’s retail tenant rep platform. NAI Robert Lynn Retail has 375 listings, including land for planned retail development, and is marketing 2.8M SF of vacant retail space. It is recognized by CoStar as the most active retail broker in DFW and is growing rapidly.

SALES

This Week's Dallas-Fort Worth Deal Sheet
Walgreens in Mesquite, Texas

An undisclosed California-based 1031 exchange investor purchased a 15K SF drive-thru Walgreens at 1520 Pioneer Road in Mesquite for $4.7M. SRS Real Estate Partners’ National Net Lease Group’s Matthew Mousavi and Patrick Luther represented the seller, a family office based in Salt Lake City.

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Auto Haus Imports purchased a 66K SF building at 3737 Airport Freeway in Bedford. Lee & Associates’ Nathan Denton represented the seller, Mac Churchill Auto Mall.

LEASES

KGP Telecommunications leased 205K SF at 801 International Blvd. in Grapevine. Lee & Associates’ Tom Walrich and Connor Hunt represented the tenant, and Stream Realty’s Blake Kendrick represented the landlord, Prologis.

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Teasdale Foods Inc. dba Rudy’s Tortillas renewed 299K SF at 2115 East Beltline Road in Carrollton. Mercer Co.’s Jeff Mercer represented the tenant, and landlord LEX Carrollton L.P. was not represented by a broker.

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Stream Realty Partnered brokered the following leases:

  • ODES UTV leased 97K SF at Royal Commerce Center, 2007 and 2035 Royal Lane in Dallas. Stream’s Eric Crutchfield represented the landlord, DRA Advisors. Stream’s Ryan Boozer and Todd Poticny represented the tenant.

  • Cynergy extended its 96,517 SF lease at DFW Trade Center, 4055 Corporate Drive in Grapevine. Stream’s Blake Kendrick represented the landlord, LaSalle Investment Management. Amend RE Advisors’ John Amend represented the tenant.

  • Vivid Cosmos Granite leased 68,562 SF at Luna Distribution Center, 2244 Luna Road in Carrollton. Billingsley Co.’s George Billingsley represented the landlord in-house, and Stream’s Eric Crutchfield represented the tenant.
  • Motion Industries leased 44K SF at Trinity 161 Trade Center, 3100 State Highway 161, Grand Prairie. Stream’s Sarah Ozanne, Luke Davis and Cannon Green represented the landlord, Colony Industrial. Cresa Partners represented the tenant.
  • American Heart Association renewed its 23,592 SF lease at Crestview Tower, 105 Decker Court in Irving. Stream’s Tim Terrell and Ryan Evanich represented the landlord, Capridge Partners. CBRE represented the tenant.
  • Roofmaster extended its 14K SF lease at GSW Distribution Center, 2618 West Pioneer Parkway in Grand Prairie. Stream’s Luke Davis and Sarah Ozanne represented the landlord, DRA Advisors. Lee & Associates represented the tenant.

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Stealth Monitoring renewed 15K SF of industrial space in Marsh Business Park East, 15182 Marsh Lane, Addison. Bradford Commercial Real Estate Services’ Brock Wilson and Joe Santaularia represented the landlord, NWP TX TT LLC, in the direct deal.

DEVELOPMENT

This Week's Dallas-Fort Worth Deal Sheet
Rendering of new The Container Store prototype — The Next Generation Store in Dallas

FRCH Design Worldwide and MJD Interactive designed a new prototype for The Container Store in Dallas. The 24,500 SF prototype, called The Next Generation Store, is technology-infused including 18 touchscreens, a new product navigation system and Custom Closets Studio, where closet vignettes allow guests to visualize possibilities at every price point. The Next Generation Store also has a new hospitality component, including a seating area. Design was guided by a consumer test that showed customers feel overwhelmed when beginning an organization project. The team created The Organization Studio, a digital offering where users share their personal organization challenges by uploading photos or videos online with the ability to set up in-store appointments with one of the brand’s experts. The Next Generation Store concept will serve as a test-and-learn environment to determine elements for eventual rollout to new and existing locations.

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Hines broke ground on The Victor, a 344-unit luxury multifamily high-rise on the northeast corner of Olive Street and Victory Park Lane. The for-rent property is adjacent to the American Airlines Center and W Dallas-Victory Hotel, in the burgeoning South Victory District’s three curated blocks of walkable, street-front dining, shopping and entertainment. It will be the tallest building in Victory Park and Uptown. Munoz + Albin is the architect, MaRS is the interior architect and TBG is the landscape architect. The property will deliver in Q2 2021.

FINANCING

Greystone provided $23.7M in HUD-insured financing for the 192-unit Hunter’s Cove Apartment Homes in Waxahachie. Greystone’s Ana Ramos originated the loan, which has a 30-year term. It is a permanent exit from the bridge loan Greystone arranged in April.