Bradford Commercial Real Estate Services scored an early renewal to keep a Class-A flex development near DFW International Airport fully leased.
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Test Valley LLC renewed the lease for its more than 35K SF headquarters and lab space at the Royal Jetstar Tech Center, located at 4040 W. Royal Lane in Irving. Test Valley is the largest tenant at the 92K SF flex project and had eight months remaining on its existing lease when Bradford closed the long-term renewal.
"We were trying to get in front of Royal Jetstar's first vacancy in more than five years,” Bradford Marketing Director Kyle Espie said in a statement. “Test Valley soon realized its highly specialized space would have been too costly to duplicate."
The five-tenant Royal Jetstar Tech Center was completed in 1999, offers access to three major freeways, and is just 15 minutes from the DFW airport. Milani Properties’ Lacy Milani represented the tenant, while Espie represented the landlord, Pre DFW Airport LLC.
"The landlord has a good reputation in the market for taking care of its properties and tenants," Espie said.
SALES
American Landmark Apartments acquired the 350-unit Lakeside Villas apartment community at 2502 Riverside Parkway in Grand Prairie. The property was built in 2008 and will be rebranded as Sol Riverside.
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Tellus Group acquired 96 acres at the southeast corner of Teel Parkway and Parvin Road in Prosper for the final residential phase of its $3B Windsong Ranch master-planned community. Tellus expects to develop about 290 homesites on the property. The sale closed Sept. 21.
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Hines acquired the 1,476-acre Brown Ranch residential land development in Fort Worth. Brown Ranch will be a large-scale master-planned community with around 3,800 homes across an array of lot sizes and price points. The project will also include about 70 acres of commercial development. Homebuilders involved include Beazer Homes, DRB Homes, HistoryMaker Homes, Meritage Homes, Pulte Homes and Risewell Homes.
Trez Capital is serving as a capital partner on the investment. Harvest Capital and TPG Credit provided financing for the acquisition and development. Landry Burdine, Austin Reilly and Josh Watson of Land Advisors Organization facilitated the transaction.
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The Meritex Co., in conjunction with Meritex Industrial Fund V, acquired the 58-acre 121 Technology Park at 859 State Highway 121 in Allen. The 371K SF industrial park caters to high-tech manufacturing and light industrial tenants. Construction of three new buildings for the park is expected to begin in early 2027.
The four existing buildings are approximately 55% leased to five tenants. Josh Barnes and Blake Troiani of Holt Lunsford Commercial are leading leasing efforts. At full build-out, 121 Technology Park will include seven buildings totaling around 740K SF.
LEASES
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Triten Real Estate Partners signed Spiars Engineering Inc. to a 32K SF lease at the 26-acre Assembly Park mixed-use campus in Plano. With nearly 25 years in the Plano area, Spiars is consolidating its two existing eastside offices into a single location at Assembly Park.
Spiars will occupy Suite 100 at 6200 K Ave. and expects to move in the spring. CBRE’s Julee Amparo and Tommy Nelson represented Triten Real Estate Partners in the transaction, while Citadel Partners’ Mac Morse and Katherine Pool represented Spiars.
CONSTRUCTION AND DEVELOPMENT
Division Hotel Management LLC, in collaboration with Valencia Hotel Collection and the city of Arlington, celebrated the grand opening of the 143-room Caravan Court Hotel at 205 N. Collins St. in Arlington. Caravan Court was designed by BOKA Powell and 8080, working with Valencia Hotel Collection and Division Hotel Management. The project team also included landscape design firm Word + Carr and EBCO General Contractor.
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Henry S. Miller Co. and Lincoln Property Co. finalized agreements to jointly develop the first of three phases of the redevelopment of the 23-acre Pepper Square shopping center at Preston Road and Belt Line Road in North Dallas. The first phase will construct a 313-unit, five-story multifamily community with at least 90K SF of public open space. The development team expects the initial phase to be fully capitalized and begin construction around May 1 of next year.
Lincoln Property’s Ben Montgomery and Henry S. Miller’s Hal Watson will lead the day-to-day development activities for the project. The first phase’s design and construction team includes WDG Architecture as architect, Kimley-Horn as civil engineer, Rampart Construction as general contractor, LandDesign as landscape architect, Ink + Oro as interior designer, Blum Engineering as mechanical, electrical and plumbing engineer and Urban Structural as structural engineer.
PEOPLE
National law firm Buchalter expanded its Texas presence with the addition of Griffith Davison, a Dallas-based construction, real estate and commercial litigation firm founded more than 30 years ago. Griffith Davison founders Scott Griffith and Kimber Davison join Buchalter, along with partners Jason L. Cagle, Tyler Frankel, James Hicks, Ryan W. Lione, J.P. Neyland and Brian J. O’Toole. The moves give Buchalter its first dedicated offices in Fort Worth, Austin and Houston.
Griffith will lead Buchalter’s construction litigation group as its chair. Davison will serve as Buchalter’s Texas regional managing partner, responsible for all four state offices. Also joining Buchalter from Griffith Davison are attorneys Chris Atwell, Matt Blubaugh, Tatianna Brannen, Lauren Ferrie, Max Gaddy, Analicia Garcia, Trent Gray, Alyson Halpern, Austin Havens, Willy Hughes, Caleb Johnston, Elizabeth Ellington Kemp, Richard Kim, Joshua Michaels, Kelsi Sorrells, Connor Treece and Gavin Wedel.
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Sheena A. Mitchell, Boeing Global Services’ senior director of distribution programs, was named chair of the Irving-Las Colinas Chamber of Commerce Board of Directors. Her term began Oct. 1 and continues through the fiscal year.
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Civitas Senior Living promoted Anthony Ormsbee-Hale to executive vice president of operations. He will lead operational performance and continued growth across the company’s portfolio of independent living, assisted living and memory care communities in Texas, Colorado, Kentucky and Arizona. Ormsbee-Hale has been with Civitas for nearly nine years and was most recently chief people officer.
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Private equity firm Sole Source Capital LLC appointed Claire Bissot its chief human resources officer. The newly created role will be focused on strengthening human capital and organizational capabilities across the firm and its portfolio companies. Bissot brings more than 20 years of human capital experience and joins SSC from Kainos Capital, where she served as managing director.
THIS AND THAT
The Sachse Economic Development Corp. issued a request for qualifications for the 5th Street District, a planned mixed-use project on around 7 acres of city- and EDC-owned property near State Highway 78 and Fifth Street. The district is intended to create a central destination for dining, shopping, working and gathering in the city.
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