Two major commercial real estate firms began work on a luxury multifamily project that will occupy a full city block near Uptown.
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Trademark Property Co. and Morgan Group broke ground on their 362-unit community at 3900 Lemmon Ave. in Dallas’ Oak Lawn neighborhood. The first apartments are expected to be completed in fall 2028, with full delivery to follow during the second quarter of 2029.
“The opportunity to develop a full city block in Oak Lawn, adjacent to Turtle Creek, is rare, and Trademark put in the time and care to build a plan this neighborhood could support,” Stephen Frazee, Morgan’s DFW city development partner, said in a statement.
Trademark led the site’s rezoning process, working with the Oak Lawn Committee, neighborhood stakeholders and the city of Dallas. Morgan will serve as the project’s developer, general contractor and property manager.
The project team also includes GFF as architect, SJL Design Group as interior designer and LandDesign as landscape architect.
SALES
Ascent Real Estate Advisors acquired the 10-story Hillcrest Tower in Dallas from Albany Road Real Estate Partners. The building’s sale price was not disclosed, but the Dallas Central Appraisal District lists the property as being worth $16.3M for tax purposes. Hillcrest Tower was built in 1982 and renovated in 2022. The 168K SF office building at 12720 Hillcrest Road was 97% leased at the time of the deal.
Ascent plans to build upon prior upgrades by refreshing the common areas and continuing to invest in move-in-ready spec-suites. Newmark represented the seller in the transaction. Dallas-based Sunwest Real Estate Group will provide property management services, and CBRE’s Trey Smith, Julee Amparo and Alix Kirby will lead leasing.
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Cross Ocean Partners and Lincoln Property Co. acquired The Colonnade, a 1M SF office campus on nearly 12.5 acres along the Dallas North Tollway in Addison. The three-tower asset was sold through a receivership process on behalf of Trigild and CWCapital. The joint venture is committing $100M to reposition the property as a premier commercial hub for the market.
Initial property improvements are underway, with the first phase of upgrades expected to be delivered throughout 2027. Newmark’s Stephen Schwalb, Chris Murphy, Robert Hill, Gary Carr and Austin Sheahan represented the seller in the transaction. Lincoln will provide management for the project, and the firm’s Jake Young, Christian Munoz and Hudson Dozier will lease the property.
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Mac Haik Auto Group purchased around 25 acres near the corner of Frontier Parkway and the Dallas North Tollway in Celina for a new 100K SF Chevrolet dealership. Mac Haik purchased the land from the family trust of Tom Mosey. Davidson Bogel Real Estate’s Ryan Turner, David Davidson Jr. and Edward Bogel represented the seller in the transaction. Mac Haik was represented by Sam Clayton and Adam Sheriff of Brown & Griffin Real Estate.
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California-based investor David Reid Properties purchased the nearly 38K SF Greenview Tech Centre Building E at 830 Greenview Drive in Grand Prairie. Built in 1981, the building offers flex industrial and office space. Marcus & Millichap’s Brad Mills marketed the property on behalf of the seller, a Florida-based investor, and procured the buyer.
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Dallas-based Paceline Equity Partners LLC and its joint venture partner, Aravest, sold the 308-key Renaissance Dallas at Plano Legacy West Hotel to Host Hotels & Resorts Inc. as part of a $374M deal that included another hotel in Brooklyn.
Paceline and Aravest acquired Renaissance Plano in June 2023 and executed a strategy that added more rooms, reconfigured food and beverage outlets, and drove growth in room revenue and net operating income. CBRE Hotels served as exclusive adviser, while King & Spalding served as legal counsel to Paceline on the transaction.
LEASES
Denso International America Inc. renewed nearly 24K SF of flex space in the Plano Parkway Business Center I at 2701 W. Plano Parkway in Plano. Bradford Commercial Real Estate Services’ Brian Pafford and Jared Laake represented the landlord, 2701 Plano Parkway Ltd. Colliers’ Allyson Yost represented the tenant in the deal.
CONSTRUCTION AND DEVELOPMENT
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Conor Commercial Real Estate completed development of The Flynn at Live Oak, a 327-unit luxury multifamily project at 4931 Live Oak St. in Dallas. The five-story building was developed as a joint venture investment between Conor Commercial, Globe Corp. and Origin Investments.
JLL’s Dallas office assisted with the capital raise, while Wintrust Bank provided the construction loan. The development was designed by Merriman Anderson Architects and built by Cadence McShane Construction. The property will be managed by Greystar.
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Peachtree Group opened the 264-room, dual-branded AC Hotel Dallas Uptown and Moxy Dallas Uptown, offering two Marriott hospitality experiences at 2910 N. Hall St. Developed in conjunction with Phoenix Development Partners and operated by Peachtree’s hospitality management division, the property features 110 rooms at AC Hotel and 154 at Moxy.
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NewcrestImage opened The Clara Hotel Plano as part of the Tapestry Collection by Hilton following a complete renovation and rebranding. The company acquired the 176-room property at 8201 Preston Road in Plano last year as the NYLO Dallas Plano.
PEOPLE
District Development Partners added Carrie Bobb Shope as a partner. Shope brings more than 20 years of experience to the Dallas-based firm. Shope will lead retail strategy, merchandising and leasing execution for District Development Partners' portfolio of mixed-use and sports- and entertainment-anchored destinations nationwide.
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Affinius Capital LLC appointed Michael Jordan as the managing director of housing portfolio management. Based in the firm’s Dallas office, Jordan brings more than 20 years of experience in investment management, capital markets and real estate. Most recently, he served as chief investment officer of Lifestyle Communities.
THIS AND THAT
Dallas-based industrial development platform Caliche Partners closed its Caliche Partners GP Fund I on Sept. 30. The firm plans to use the fund to provide the co-investment capital for up to $1B of speculative, ground-up industrial development over the next four years.
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