Zenith Industrial Outdoor Storage Buys 3-Property Portfolio: The DFW Deal Sheet

An industrial outdoor storage company picked up a pair of Dallas-Fort Worth sites as part of a three-property portfolio. 

Zenith Industrial Outdoor Storage acquired a three-property IOS portfolio comprising around 30 acres and more than 105K SF of industrial improvements across five buildings in the DFW and Tulsa, Oklahoma, metros.

The portfolio consists of:

• A 14.9-acre property at 1200 N. Main St. in Duncanville with a 49K SF tiltwall facility.
• A 7.5-acre property at 1151 and 1201 Cantrell Sansom Road in Blue Mound featuring three buildings totaling more than 29K SF.
• A 7.6-acre property at 15403 E. Skelly Drive in Tulsa with a nearly 27K SF industrial facility.

“This portfolio exemplifies the type of IOS assets we seek to acquire — well-located, operationally functional properties with strong transportation connectivity and exposure to diverse industrial end users,” Zenith Head of Investments Vinh Thai said in a statement.

The transaction was sourced by Matthews’ Andrew Wieseman.

SALES

Marlin Spring US Realty sold the 452-unit Centreport Lake multifamily community at 14301 Center Station Drive in Fort Worth. Centreport Lake was constructed in 2008 on a 24-acre site. At the time of sale, the community was 91% occupied. Newmark’s Richard Furr, Brian Murphy and Brian O’Boyle Jr. represented the seller, while the firm’s Henry Stimler and Ricky Warner arranged acquisition financing and equity capitalization on behalf of the undisclosed buyer.

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Institutional Property Advisors announced the sale of The Mark at Midlothian, a 236-unit multifamily asset in Midlothian. Completed in 2020, The Mark at Midlothian is a three-story, garden-style property. Institutional Property Advisors’ Michael Ware, Joey Tumminello, Drew Kile, Taylor Hill and Jack Windham represented the seller and procured the buyer.

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Buchanan Street Partners sold the 376K SF Tollway Plaza office campus at 15950 and 16000 Dallas Parkway in Dallas to Tourmaline Capital Partners. Tollway Plaza consists of two eight-story office towers on around 7.4 acres along the Dallas North Tollway. The property was 91% leased at the time of sale.

Tollway Plaza was originally constructed in 1998 and 1999 and has undergone extensive capital improvements. Newmark’s Robert Hill, Gary Carr, Chris Murphy and Austin Sheahan represented the seller, while the firm’s Chris McColpin, Nick Scribani, Clint Frease, Andrew Porteous and Josh Francis secured financing on behalf of the buyer and its equity fund partner.

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Dallas-based Corrigan Investments sold the nearly 114K SF Pavilion in the Lovers Lane retail center to 5600 Lovers Dallas LLC. The buyer is tied to Bleecker Partners co-founder Benjamin Siegel, according to the Dallas Business Journal. 

The retail center spans two buildings at 5600–5710 W. Lovers Lane and was 99.7% leased at the time of the transaction. The property was most recently renovated in 2023. JLL Capital Markets’ Barry Brown, Erin Myer, Wally Reid, Kristi Leonard and Luke Rogers represented the seller.

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Tradition Senior Living formed a joint venture with Kayne Anderson Real Estate to recapitalize its five-property senior housing portfolio of five communities in DFW and Houston. The communities’ 1,546 total units were around 96% occupied.

Tradition Senior Living will continue as the operating partner and property manager for the portfolio. Newmark’s Chad Lavender, Ryan Maconachy, Sarah Anderson, Mills Poynor and Ben McElroy advised on the transaction and secured the financing on behalf of the joint venture. 

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Dallas-based private equity firm Willowood Group purchased The Reserve on Willow Lake at 4101 S. Hulen St. in Fort Worth from The Paskin Group. The 138-unit multifamily property was built in 1996. Franklin Street’s Chibuzor Nnaji, Tyler Bynum and Jack Williams represented the seller.

LEASES

Alto Real Estate Funds signed DHL to a full-building lease at the 587K SF Alto Pinto 45 industrial facility in South Dallas. DHL is expected to begin operations at the site in August. 

CONSTRUCTION AND DEVELOPMENT

Harkinson Investment Co. completed a $4.5M remodel of Parker Plaza West shopping center in Plano. The work was supported by a $300K grant from the city through its Shopping Center Revitalization Program. 

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InTown Homes opened The Brownstones at East Quarter Downtown in Dallas. The gated community features 38 urban brownstone-style residences.

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StreetLights Residential will develop a 22-story luxury multifamily high-rise with three adjacent townhomes at 6501 Legacy Drive in the 100-acre former JCPenney headquarters campus in Plano.

The development will deliver 261 residences as well as structured parking and a suite of hospitality-inspired amenities. Construction is scheduled to begin this month, with completion anticipated for February 2029.

FINANCING

Hunt Capital Partners and Sycamore Development closed on a financing package to fund the redevelopment of the West End Lofts at 711 and 805 Elm St. in Dallas. The $125M mixed-use project will bring 154 mixed-income apartments across the adaptive reuse of a five-story former furniture warehouse and a new six-story building. 

Financing for the project includes construction and bridge loans from Bank OZK. Permanent loan financing will be provided by Grandbridge. The city of Dallas committed $49M in tax increment financing support to the project. Hunt Capital Partners syndicated $19.5M in federal low-income housing tax credits, $7.9M in federal historic tax credits and $9.8M in Texas historic tax credits.

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Foundry Commercial, in partnership with Manulife Investment Management, closed on Wintergreen Yards, a 13-acre industrial outdoor storage development in Hutchins. Wintergreen Yards will deliver approximately 9 acres of concrete-paved outdoor storage along with two Class-A tiltwall industrial buildings totaling 25K SF. 

Construction is expected to begin this month, with delivery anticipated in the first quarter. JLL was retained as the leasing agent for the project, with Gordon Highlander serving as architect and general contractor and Seacoast Bank providing construction financing.

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Marcus & Millichap Capital Corp. arranged $8.2M in financing for a 132K SF self-storage property operated by Grizzly Self Storage in DeSoto. Marcus & Millichap’s Doug Brooks secured the 10-year financing at 60% loan-to-value with a national investment firm on behalf of a private client. Additional terms include a 6.46% interest rate and a 30-year amortization period.

PEOPLE

Suffolk Construction appointed Chris Guice as general manager of advanced manufacturing. Guice joins Suffolk after 25 years with Austin Commercial, bringing experience across semiconductors, healthcare, aviation, higher education and commercial real estate. He will be based in Dallas and tasked with helping Suffolk grow its Texas presence.

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Data center developer and operator CyrusOne named Bob Hennegan its new senior vice president of U.S. operations. Hennegan will lead the company’s U.S. operations organization, with responsibility for performance, reliability and scalability across its data center portfolio. He previously served as vice president for global data center facility operations at Meta.

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Community association management company RealManage appointed Jose Costa as its new CEO. Costa has more than 30 years of experience leading customer-focused service organizations.

THIS AND THAT

Former Dallas nonprofit Bryan’s House gifted its property at 3610 Pipestone Road in Dallas to Metrocare, a provider of mental health and disability-related services in Dallas County. The two organizations worked cooperatively on the property transfer in partnership with The Rees-Jones Foundation.