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This Week's Dallas-Fort Worth Deal Sheet

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The Union office tower in Dallas is now more than 90% leased after signing three office tenants. 

RED Development has broken ground for the construction of The Union Dallas, their approximately 800,000 square foot office, residential and retail project that is scheduled to be completed in 2018. First announced in May 2014, RED Development, the project developer, is leading the overall design, development and construction of the two-tower mixed-use project that offers 417,000 square feet of premier Class-AA office space, an inviting 309-unit residential high-rise building and 87,000 square feet of retail space.
Rendering of The Union Dallas

The Union Dallas office tower, which is part of a major office and retail mixed-use development Downtown, welcomed Koch Industries, IDI Logistics and Roscoe Property Management as tenants. 

Koch Real Estate Investments, the real estate investment and acquisition arm of Koch Industries, leased a little over 5K SF inside the 22-story tower, while logistics developer and manager IDI Logistics signed a lease of close to 3K SF. Roscoe Property Management will occupy over 2K SF. 

The companies plan to move into the facility at 2300 North Field St. over the course of the next several months. 

“We are looking forward to welcoming great companies, Koch, IDI and RPM, to The Union’s office tower,” RED Development partner Mike Ebert said. “All three companies were looking for a place that provided for both their clients and employees, and our development, complete with a state-of-the-art office tower, luxury apartment complex and variety of unique restaurants, does just that.”

The Union Dallas is a mixed-use development that opened in October, delivering a 22-story office tower first and The Christopher luxury apartments soon after. Grocer Tom Thumb and other restaurants and stores also moved in to offer residents and tenants dining and retail options. 

EXECS

Greysteel promoted Andrew Hanson to director after he most recently served the company as a senior investment associate.

Hanson is a part of the Texas investment sales group and works with clients in the Central U.S., particularly in Texas, New Mexico, Oklahoma and Louisiana. A graduate of Texas Christian University, Hanson helped Greysteel expand into secondary and tertiary markets across Texas and the Central U.S.  

This Week's Dallas-Fort Worth Deal Sheet
501 Medical Center in McKinney

SALES 

Bright Realty brokered the sale of an office condo across the street from Medical City McKinney — a hospital that recently announced a $55M expansion. 

The 2K SF office is situated at 501 Medical Center, near U.S. 75 and State Highway 121 (Sam Rayburn Tollway). Bright Realty’s Britton Lankford and Nick Miller represented the seller. The buyer was not disclosed. 

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Finial Group and TriGate Capital formed a partnership to buy Westwood Business Park in Dallas, a 12-building development with 227K SF. 

The property is at the southwest intersection of Interstates 635 and 35 and includes flex space for industrial usage. Finial will provide both leasing and property management. 

The two companies said their partnership is seeking other acquisition opportunities to grow their Texas presence. 

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Utah-based Peak Capital Partners acquired a 196-unit multifamily property known as Treymore Eastfield from development company Carlton Laprada Ltd. for an undisclosed price. 

The property is at 2631 John West Road in Mesquite. 

CBRE’s Chris Deuillet and Chandler Sims in Dallas and Jeff Kunitz and Alex Medeiros out of the Seattle office represented the seller.  

LEASES 

Trammell Crow Residential picked FirstService Residential to manage, lease, market and operate its 150-unit Carlisle & Vine luxury apartment building in Dallas. 

The property is at the intersection of Carlisle and Vine Street. The 15-story building offers residents a luxury indoor/outdoor area, a resort-style pool, a fitness center, a pet park, a lounge and a bath spa. 

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Industrial Radiator Service leased 11K SF at 2920 Sylvan Ave. in Dallas from landlord 2920 Sylvan LLC. Mercer Co.’s David Guinn served as the intermediary between the parties. 

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Hubbard Express Air Freight & Delivery leased 19K SF at 1061 Texan Trail in Grapevine from landlord Prologis Targeted US Logistics Fund. Lincoln Property Co.’s Gil Stroube represented the landlord, while Mercer Co.’s Turner Petersen represented the tenant. 

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Hedera Hashgraph selected 3400 at CityLine in Richardson for its new corporate headquarters. The company leased more than 11K SF at CityLine and plans to take occupancy by the fall. The company, which built a distributed public ledger tech solution, also has offices in New York and San Francisco. The CityLine location gave the firm access to a tech-focused workforce at the nearby University of Texas at Dallas. 

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Restaurant Eataly leased 48K SF at NorthPark Center to open its first Texas location. CBRE’s Scott Muller, Katie Rambie, Kiley Pipkin, Zach Ballenger, Justin Rasansky, Sydney Muller and Jack Gosnell represented Eataly.

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Monarch Office Furniture leased 19K SF from ABGI Property at 680 South Royal Lane in Coppell. Mercer Co.’s Corby Hodgkiss represented the tenant, while NAI Robert Lynn’s Tyson Erwin represented the landlord. 

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Exalt Samples leased 51K SF at 1875 Monetary Lane in Carrollton. Mercer Co.’s Keenan Cook represented the tenant, and Lincoln Property Co.’s Michael Peinado represented the landlord, Denali Texas Monetary Industrial. 

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Draft Pros leased 23K SF at 717 East Walnut St. in Garland from landlord Concord-Walnut L.P. NAI Robert Lynn’s Stephen Cooper represented the landlord, while Mercer Co.’s David Wilganowski represented the tenant. 

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IBR Packaging leased 33K SF at 1841 Monetary Lane in Carrollton from landlord Denali Texas Monetary Industrial. Mercer Co.’s David Wilganowski represented the tenant, and Lincoln Property Co.’s Michael Peinado represented the landlord.