An 18-acre immersive golf experience is headed to North Texas.
Stakeholders broke ground on The Bays at Frisco, a four-story, 100K SF golf lab and suites equipped with real golf equipment and technology, a private membership club, a restaurant and bar, and an onsite boutique hotel. The facility is located between PGA Parkway and Highway 380, overlooking PGA Frisco.
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“The rise of golf post-pandemic has soared as more flock to the outdoors for exercise, so we wanted to create an entertainment venue that includes various professional golf brands that will draw golfers of all levels over and over again,” The Bays founder and CEO James Meese said in a statement.
The facility, expected to open in late 2025, is being built in partnership with California-based TaylorMade, a club-fitting service that will create custom clubs onsite. The Bays guests will have full access to TaylorMade clubs and use TaylorMade balls.
PEOPLE
Matthews Real Estate Investment Services welcomed established multifamily specialist Kevin Diener as vice president. Based in Dallas, Diener specializes in the acquisition and disposition of multifamily investment properties in North Texas. He joins Matthews from Capstone Cos., where he was most recently positioned as a director of multifamily.
LEASES
Santander Consumer USA renewed 211K SF of office space at 1601 Elm St., also known as Santander Tower. The lease marks the largest office renewal in Dallas this year and largest in Downtown Dallas in the past five years, though it is a significant downsize from the company’s previous lease of 400K SF. As part of the lease renewal, Santander will retain their current naming rights to the building and continue to utilize the space as their headquarters and executive offices.
Robbie Baty and Travis Boothe of Cushman & Wakefield represented Santander in the lease renewal. The landlord, Pacific Elm Properties, was represented by Sara Terry and Reegan Busby of the company’s in-house leasing team.
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Savills leased 10K SF on the 14th floor of 23Springs, Granite Properties’ new office building headed for 2323 Cedar Springs Road in Uptown Dallas. The firm will relocate from its smaller space downtown to 23Springs upon its completion in March.
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Reliable Dental Lab leased 17K SF of flex space in Park Forest Business Center, 10610 Metric Dr. in Dallas. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate Investments, in the direct deal.
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Cotton Capital Printing renewed 11K SF of office/warehouse space in Quebec Business Center, 3000 Quebec St. in Dallas. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, GKI Industrial Dallas, in the direct deal.
SALES
Bell Partners acquired Gateway Crossing Apartments, an 831-unit apartment community in Plano. The community was acquired on behalf of the company’s fourth value-add fund and will be renamed Bell Gateway Village. Daniel Baker, vice chairman and the managing director of CBRE’s central region, brokered the transaction.
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Excelsa US Real Estate II and a co-investment vehicle acquired Pear Ridge, a 168-unit apartment property at 4753 Old Bent Tree Lane in Dallas. This is the company’s fifth multifamily acquisition in its second fund. Built in 1986, Excelsa Properties will invest $4.3M to comprehensively upgrade Pear Ridge.
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Lane Kommer, senior vice president at Henry S. Miller Brokerage, facilitated the sale of a 2.56-acre tract of land located off Preston Road and north of Frankford Road in Dallas. The property presents a rare opportunity for the development of a luxury townhome community, an asset type that has not been developed in the area for at least a decade. Opportunities for the purchase of new homes within the community will be available upon completion of planning and construction, likely in 12 to 18 months.
THIS AND THAT
TBG Partners has added a new studio to address the demands of Texas' growing population. TBG’s Urban Design + Planning Studio is a reallocation of resources coupled with several key strategic hires to bolster the firm’s expertise and emphasis in urban design and community planning throughout the state. The studio is helmed by co-directors Robert Acuña-Pilgrim and Samantha Whitney.
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MMC Corp. is uniting its three companies – MW Builders, the MMC Contractors entities and BCS – around the brand name Cerris. MMC Corp. will become Cerris, MW Builders will become Cerris Builders and the MMC Contractors entities and BCS are each rebranding as Cerris Systems, with Cerris Emerging Solutions as the organization’s new innovation incubator.
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Triten Real Estate Partners and TPG Angelo Gordon expanded their joint venture to acquire more than $1B in additional industrial outdoor storage assets over the next five years. The companies teamed up in 2020 to develop an IOS portfolio with geographic and tenant diversification. Since its inception, the joint venture has acquired more than $500M of IOS assets across 16 markets, averaging 18 annual acquisitions since 2020.
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