A life sciences firm signed a full-building lease in Lewisville to relocate its headquarters from Flower Mound.
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Ceutical Laboratories Inc. will move to the more than 33K SF Waters Ridge Tech Center II building after signing a long-term lease. The pharmaceutical-services company plans to move into the building during the first quarter of next year after upcoming construction work to create lab space and combine two suites in the former multitenant office space.
The building at 1965 Lakepointe Drive in Lewisville was developed in 2001.
“It can be challenging to backfill call center or back office space like this, but we were able to roll out the red carpet to win a full-building lease because of the landlord's flexibility and responsiveness," Bradford Commercial Real Estate Services Senior Vice President Jared Laake said in a statement.
Laake and Bradford’s Brian Pafford represented the landlord, Kennington Waters Ridge II & III LLC. Whitebox Real Estate’s Brendan Zrowka and Grant Pruitt represented Ceutical Laboratories.
SALES
A private investor acquired a more than 2.2-acre site at 1509 N. Central Expressway in Plano. Weitzman’s Greg Blandford and Bryn Carden represented the buyer of the former Outback Steakhouse location from an undisclosed seller who was represented by Colin Sayre and Scott Rodgers with Duwest. Collin County Appraisal District records show the site was most recently owned by Florida-based New Private Restaurant Properties LLC.
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Trademark Property Co. acquired a 3-acre city block in Dallas for the development of the 362-unit Turtle Creek luxury multifamily community in the Oak Lawn neighborhood. The block is bounded by Lemmon Avenue, Reagan Street, Throckmorton Street and Bowser Avenue.
Venture Commercial’s McGregor Converse represented Trademark in the transaction, while The Retail Connection’s Chris Gibbons and Miles Hoisington represented the undisclosed seller.
LEASES
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Kiln leased 29K SF within The Shops at Legacy North district in Plano for its second Texas coworking space. The space at 7300 Lone Star Drive, Suite C201, opened Monday. Albanese Cormier Holdings owns The Shops at Legacy North development.
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Stream Realty Partners secured five leases totaling nearly 178K SF at Sixteen Forty, the 208K SF office property at 1640 Dallas Parkway in Plano owned by Orion Properties. The new tenants brought the property to 85% leased and prompted a multimillion-dollar capital renovation for the building.
Centre for Neuro Skills signed a 23K SF lease, while an undisclosed health services and insurance corporation renewed its 62K SF and an unnamed financial services company signed a new lease for nearly 57K SF. Stream’s Tim Terrell and Chase Lopez led leasing efforts at Sixteen Forty on behalf of Orion Properties. Stream’s Tyler Maner represented Centre for Neuro Skills.
CONSTRUCTION AND DEVELOPMENT
Wan Bridge opened its build-to-rent community The Reserve at Red Oak. The nearly 18-acre community at 450 Lennox Drive in Red Oak features 166 townhomes.
FINANCING
JLL Capital Markets arranged refinancing for the recently completed Old Parkland east campus developed by Crow Holdings. The addition to the Old Parkland campus in Dallas includes three office buildings that total 289K SF. JLL’s John Rose, Ryan Pollack and Jordan Buck secured the seven-year loan from capital accounts advised by KKR.
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Benefit Street Partners provided loans totaling $117.3M to refinance three multifamily communities in the DFW and Austin metros. The portfolio is owned by Miguel Viramontes Nales of New Jersey, Multi-Housing News reported.
The portfolio includes the 336-unit Latitude Magnolia community in Aubrey as well as a 312-unit property in Georgetown and a 312-unit development in Leander. Walker & Dunlop’s Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet and Nicholas Gilhooley arranged the floating-rate, interest-only loans.
PEOPLE
Holt Lunsford Commercial Investments added Preston Herold as managing principal to lead its bulk warehouse development program. Herold will oversee the sourcing, underwriting and execution of large-scale industrial development opportunities. Herold has 27 years of experience in industrial real estate development, acquisitions, asset management and leasing. He was most recently president of Hunt Southwest.
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Forestar Group Inc. announced Anthony W. Oxley as the new executive chairman of its board of directors following the retirement of Donald J. Tomnitz. Oxley also serves as Forestar’s president and CEO. Tomnitz had been with Forestar since 2017.
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Cushman & Wakefield added Joe Tyner as a director with its DFW industrial team. Tyner joins Cushman & Wakefield from Dosch Marshall Real Estate.
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William Blair Private Wealth Management opened a Dallas office with the addition of a four-person wealth advisory team led by Ryan Berube and Allen Abney, managing directors and wealth advisers. The team joined the firm from UBS Private Wealth Management. Berube has more than three decades of experience and Abney has spent nearly 20 years in financial services.
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