MTU Maintenance Dallas is moving from Grapevine to a new 430K SF facility at Perot Field Fort Worth Alliance Airport.
The expanded space — which is 10 times larger than its current location — will allow MTU Aero Engines to perform engine tests on-site for the first time, according to a news release.
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“MTU will be a valuable partner as they serve our existing cargo carriers and attract new commercial aviation customers,” Christopher Ash, senior vice president of aviation business development of AllianceTexas, said in a statement. “Having the ability to test engines on-site will strengthen and expand MTU’s business and provide the necessary engine test capacity, which is critical to their global and domestic customers.”
Fort Worth Alliance Airport is an industrial airport within the 27,000-acre AllianceTexas development and features an array of flight services, including corporate and government aviation. Its new fixed-base operation facility includes more than 20K SF of lounge and meeting space along with 68K SF of hangar space, per a news release.
The move is scheduled for the second quarter of this year. Paul Reitz of Reitz Realty Group represented MTU in the deal.
PEOPLE
Ashland Greene, a vertically integrated DFW-based multifamily real estate investment firm, added Keith Colvin as chief financial officer and Jessica Gemar as vice president of people and culture. Colvin is a certified public accountant and chartered financial analyst with an extensive background in real estate. Gemar, a tenured human resources professional, will spearhead the company's talent strategy to maintain an inclusive and proficient workforce.
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Longtime CBRE executive Trevor Hightower has been named partner at Macfarlan Capital Partners. He is joining MCP as the firm grows its leadership in the agricultural investing space. Prior to joining Macfarlan Capital Partners, Hightower was the co-founder and CEO of Craftwork, a company that partnered with multifamily properties to improve the resident experience.
LEASES
Kumho Tire leased 393.6K SF of industrial space at 3700 Pinnacle Point Drive in Dallas. Colliers' James Min, Brad Balke, Chris Teesdale and Tom Pearson represented Kumho Tire in the transaction. The deal was made by Cohen Asset Management.
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Stryker has renewed 18K SF of flex space in Marsh Business Park East, 15160 Marsh Lane in Addison. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas. Conor McCarthy of JLL represented the tenant.
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Rinchem Co. renewed its 54.5K SF office/warehouse lease at 4650 Simonton Road in Farmers Branch. Stoic Real Estate Partners' Chad Albert and DJ Draper represented the tenant and landlord in the transaction.
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GPG Manufacturing leased 58K SF at Plano Commerce Center II, 3700 East Plano Parkway, Plano. The development includes three speculative 100K SF warehouse and manufacturing buildings. Steve Hancock of Hancock & Associates represented the tenant. Jeff White and Mike McCartan of Mark V Commercial represented the landlord, Provident Realty Advisors.
SALES
Northmarq’s Dallas investment sales team of Taylor Snoddy, Charles Hubbard and Eric Stockley collaborated to arrange the sale of Grand Seasons apartments. The 144-unit multifamily property is located at 6069 Belt Line Road in Dallas.
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Apricus Realty Capital acquired a fully occupied 9-acre truck trailer storage and maintenance facility at 11801 CF Hawn Freeway in Dallas. The site includes more than 200 truck/trailer spaces and a 13K SF facility for maintenance and repairs.
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MDH Partners acquired Fort Worth Logistics Hub, a 671K SF Class-A industrial building leased by Samsung SDS America in Fort Worth. The purchase price for the acquisition was $67.5M. Joe DeHaven served as the acquisition lead for MDH Partners. Eastdil Secured represented the seller in this transaction.
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The investment sales team at SHOP Cos. sold the following properties:
A 5.09-acre site along West University and Lake Forest drives in McKinney. SHOP’s Tim Axilrod and Tayler Rose completed the transaction.
Aledo Retail Center, a 12.4K SF property along FM 1187 south of Interstate 20 in Aledo. SHOP’s Axilrod and Rose represented the seller, a Texas limited liability company. The buyer was a private local investor.
The Shops at Kings Fort, an 11K SF retail center in Kaufman. SHOP’s Axilrod and Rose represented the seller, a private local developer. The buyer was a local investor in a 1031 exchange.
CONSTRUCTION AND DEVELOPMENT
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Legacy Partners and joint venture partner The Resmark Cos. broke ground on Legacy Gateway, a 336-unit apartment community in Forney. The 14-acre site is located at 1205 Gateway Blvd. within Gateway, a 2,000-acre master-planned, mixed-use development. Anticipated for completion in spring 2025, the 283K SF community will consist of five three-story buildings. JHP Architecture is the architect, while BBL Building Co. is the general contractor.
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Cachet Salons & Spa, a 10.7K SF salon that offers lease space for salon professionals and a wide range of salon and spa services opened at The Realm at Castle Hills. The 324-acre mixed-use development is located along Highway 121 in Lewisville. Upon completion, it will include more than 5,000 multifamily units; 1.5M SF of retail, office and restaurants; a boutique hotel; and an outdoor entertainment district.
FINANCING
HLC Equity, a private equity firm specializing in real estate investment and management, has refinanced Southgate Apartments, a 156-unit multifamily property in Princeton, into long-term debt. HLC’s internal team, along with Berkadia, facilitated the deal. The financing was awarded through Fannie Mae.
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Northmarq Dallas’ debt and equity office arranged financing for the Oasis Apartments in Dallas on behalf of Willowood Group. The property was built in 1971 and consists of 506 units. Northmarq’s in-house Fannie Mae-delegated underwriting and servicing team assisted with the placement of the permanent-fixed loan, which was structured with a seven-year term. Northmarq Dallas Senior Vice President James Currell and Vice President Kyle Summerford facilitated the deal.
THIS AND THAT
Keller Augusta, a national, full-service boutique search and advisory firm specializing in commercial real estate, is expanding its geographic footprint to Dallas, marking the company’s fourth U.S. office. Senior Director Miranda Mars, who has roots in Dallas, will lead the market team.
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