This Week's Dallas-Fort Worth Deal Sheet
A California investment firm scooped up Preston Creek, a busy Plano shopping center near Toyota's U.S. headquarters.
RPD Catalyst acquired the retail center, located on the 8300 block of Preston Road in Plano, just south of State Highway 121, on March 28.
The property is anchored by several restaurant tenants, including Pei Wei Asian Diner, Modern Market, Cowboy Chicken, Turkish Cafe, Cristina’s Fine Mexican Restaurant and II Brothers Grill & Bar.
Preston Creek is one of the largest unanchored shopping centers in North Texas, according to a press release from Cushman & Wakefield.
Cushman’s Chris Harden, Kris Von Hohn and Ryan Duffie, along with ACR Realty’s Samer Keilani and James Hankins, represented seller ASG Realty.
The buyer, Los Angeles-based RPD Catalyst, represented itself. RPD Catalyst owns four other retail properties in Texas along with several office and multifamily residential assets.
ASG built Preston Creek in 2006.
With Toyota Motor North America, JPMorgan Chase and Liberty Mutual located nearby, the area’s retail rents continue to rise, real estate professionals involved in the deal said.
“This submarket is red-hot and continues to attract national and international attention due to the influx of corporate relocations and unprecedented population growth,” Harden said. “Preston Creek will benefit greatly from this extraordinary growth trajectory.”
PenFed Credit Union, the second-largest credit union in the nation, purchased a site at 4875 Preston Road in Frisco to house its mortgage servicing center.
The purchase and planned move will bring 30 jobs to Frisco from Plano.
PenFed previously leased office space in two Plano buildings before purchasing the 50K SF site in Frisco. The site comes with 10K SF of office space.
All of the remaining units at The Residences at the Highland sold out this past month. Westdale Asset Management retained Compass’ Bock & Lester Group to market all of the unsold first-floor villas and penthouses on the ninth floor. The Compass real estate team of Holly Bock and Jeffrey Lester helped the developer sell the remaining units.
The property is at Mockingbird and North Central Expressway in Dallas.
Cohen Asset Management purchased a 130K SF property known as CentrePort VII, at 143601 FAA Blvd. in Fort Worth. Cushman & Wakefield’s Jud Clements, Robby Rieke, Taylor Starnes, Mark Collins and Dean Collins represented the seller, CentrePort 7 TX LLC. The buyer was self-represented.
Suhm Spring Works purchased a 49K SF property at 1601 Terre Colony Court in Dallas. The seller was represented by Cushman & Wakefield’s Jay Lucas. Mercer Co.’s Jeremy Mercer represented the buyer.
Cushman & Wakefied’s Mike Gosslee and Steve Wentz represented seller UMB Bank in its sale of a 16K SF property at 2517 Midway Road in Carrollton to Chrisman Holdings. Charles Lucenay with Texas Capital Holdings represented the buyer.
Multifamily property owner Conti Organization acquired a 400-unit garden-style apartment complex in Carollton known as Dawntree Apartments.
Conti purchased the 369K SF Dawntree from Steadfast Income REIT. It said it views the acquisition as a deal that allows the Conti Organization to focus on offering affordable apartments in the Dallas-Fort Worth area as rents rise dramatically.
The complex is at 1834 East Peters Colony Road in Carrollton. This is Conti’s 39th multifamily purchase since 2008.
Conti intends to rebrand the property as Bella Vista Apartments.
Pillar Commercial and Ascent Real Estate Advisors acquired a 121K SF office at 2703 Telecom Parkway in Richardson. Stream Realty’s Jamie Jennings and Andrew Rabinovich handled the transaction on the part of the seller.
Jennings and Rabinovich also helped a private investor negotiate the sale of 51K SF of industrial space at 13910 Distribution Way in Farmers Branch.
General contractor MYCON hired Wesley Weaver as vice president. Weaver will be responsible for developing and managing client relationships and projects in the commercial and municipal markets.
Before joining MYCON, Weaver spent 18 years with a family-owned construction company, where he managed high-profile, multimillion-dollar projects in commercial, education, government, sports and hospitality.
Cushman & Wakefield announced more than 200K SF of new industrial leases signed in North Texas in recent weeks:
- FARO Logistics Solutions signed a 159K SF sublease at 1415 North Cockrell Hill Road in Dallas. Reggie Beaver and Griffin Rich of Newmark Knight Frank represented the tenant, while Cushman’s Cribb Altman, Steve Wentz and David Eseke represented the sublandlord, Mission Foods.
- ZOETIS signed a 33K SF lease in Liberty Park Building 3 at 5430 FAA Blvd. in Irving. Cushman’s Matt Heidelbaugh and Chris Hillman represented the tenant. Kurt Griffin, Nathan Orbin and David Eseke also of Cushman represented the landlord, Liberty Property Co.
- Intertech Flooring inked a 17K SF sublease to REV Robotics at 1621 West Crosby in Carrollton. Cushman’s Dean Collins, Mark Collins and Shannon Johnston represented the sublandlord. Corby Hodgekiss with Mercer Co. represented the subtenant.
Cushman & Wakefield also finalized more than 250K SF in office leases and subleases:
- Humana signed a 111K SF sublease to Exeter Financial in the Carpenter Corporate Center at 2101 West John Carpenter Freeway in Irving. Cushman’s Matt Schendle and Robbie Baty represented the sublandlord, while Altschuler and Co.’s Jenny Schreiner, Jon Altschuler and Matt Dement represented the subtenant.
- Plains Capital Corp. renewed a 34K SF lease in One Victory Park at 2323 Victory Ave. in Dallas. Lincoln Property’s Matt Craft represented the tenant, while Cushman’s Matt Schendle and Doug Jones represented landlord Clarion Partners.
- Dallas Pegasus Intelligence L.P. renewed a 31K SF lease, and secured a space expansion, at Two Lincoln Center at 5420 LBJ Freeway. CBRE’s Baron Aldrine represented the tenant, while Cushman’s Clint Madison and Matt Schendle represented the landlord, TIAA.
- Wells Fargo Bank renewed a 30K SF lease at Preston Park Financial Center West at 4975 Preston Park Blvd. in Plano. JLL’s Brad Selner and Blake Waltrip represented the tenant, while Cushman’s Rodney Helm, Clint Madison and Christy Thelen represented the landlord, Stockbridge/Griffin Preston Park L.P.
- CalAmp Wireless Networks leased 24K SF at 2400 Glenville Drive in Richardson. JLL’s Jeremy McGowen represented the tenant, while Cushman & Wakefield’s Trey Smith and Clint Madison represented the landlord, Q Investments.
- Pathlight Property Management inked a deal to renew lease space and expand to 21K SF at International Business Park in Plano. Cushman’s Dan Harris and Wills Bauer represented the tenant, while Peloton’s Trevor Franke and Gini Rounsaville represented the landlord, Billingsley Co.
- BGE Inc. signed a 15K SF lease at 777 Main St. in Fort Worth. Cushman & Wakefield’s Robbie Baty and Travis Boothe represented the tenant, while Transwestern’s Whit Kelly and Dallas Margeson represented the landlord, F7 SSSM LLC.
Popular Downtown Dallas restaurant Ellen’s has secured space at Allen Central Market off the North Central Expressway in Allen.
The seven-year-old restaurant, which specializes in homemade Southern comfort food, secured space from landlord Glazer Properties of Rochester, New York.
Henry S. Miller’s Andy Anderson represented Ellen’s in its search for Allen space. The restaurant signed a 10-year lease for the new location, which is slated to open in June.
Amundsen Commercial Kitchens Inc. signed a 10K SF sublease at 7429 Tower St. in Richland Hills, Texas. Mercer Co.’s Turner Petersen and Jeremy Mercer handled negotiations for the tenant, while NAI Robert Lynn’s Jeff Jackson represented landlord All-Tex Inc.
Geo-Systems USA leased approximately 11K SF at 2511 Dalworth St. in Grand Prairie. Mercer Co.’s Corby Hodgkiss represented the tenant, while Phil Rosenfeld and Matt Thompson with DFW Lee & Associates represented the landlord, Tarrant County Properties.
GNG Distributors LLC leased 10K SF at 5535 Redbird Center Drive in Dallas. Holt Lunsford Commercial’s Andrew Gilbert, John Gorman and Canon Shoults represented the landlord, Rialto Capital Management. Stream Realty’s Drew Feagin represented the tenant.
The specialized fitness and health industry continues to snatch prime retail space for franchise locations.
A new concept known as StretchLab opened its first Texas location in Frisco, offering customers the services of highly trained flexologists. The lab leased space at 6363 Dallas Parkway in the Starwood Village Plaza. StretchLab Frisco is owned and operated by local entrepreneur and registered nurse Lynell D’Sylva.
Workout Anytime fitness center leased retail space inside Terrell Plaza, at 111 State Highway 205 in Terrell. The fitness center is expected to open in the fall. Henry S. Miller’s Jim Breitenfield and Merrel Moore represented the landlord, GLM Joint Venture of Frisco.
Weitzman’s Ryan Fuqua and Matthew Rosenfeld represented the tenant.
Plans for a 25-story trophy office building in the heart of Uptown Dallas are underway with Kaizen Development Partners announcing the launch of demolition for its The Link at Uptown office project. The office building will bring another 300K SF of luxury office space into Uptown Dallas.
BOKA Powell is serving as the architect, while Balfour Beatty is the general contractor. JLL’s Blake Shipley and Thirty-Four Commercial’s Sarah Hinkley are spearheading the marketing and leasing efforts.
The Link at Uptown is expected to open in the fall of 2021.
A retail development is under construction in Fort Worth at the corner of Chisholm Trail Parkway and McPherson Boulevard.
The Shops at Chisholm Trail will offer a plaza-like feel and is part of a larger master-planned community adjacent to the Chisholm Trail Community Park in southwest Fort Worth. The development will include multifamily living, single-family homes and numerous retail options.
Arch-Con Corp. is constructing the retail power center, while StreetLevel Investments is the developer. Keith Bjerke, president of Bjerke Management Solutions, is serving as program manager.