NewsTalk Texas

Dallas-Fort Worth-Arlington

Legacy Preparatory acquires 55,000-SF Plano furniture store 

(7/25/2014)

PLANO - A North Texas-based charter school, Legacy Preparatory Charter Academy, has purchased a 54,558-sf former Havertys furniture store at 601 Accent Dr.

This is Legacy Preparatory's first Plano location. The store will be located near Collin Creek Mall.

According to the Collin Central Appraisal District, the property is valued at nearly $3.4 million.

Read more at the Dallas Business Journal.

Canadian buyer purchases 1700 Pacific Dallas skyscraper 

(7/25/2014)

DALLAS - Montreal-based Olymbec Group has acquired the 49-story, 1.3 million-sf 1700 Pacific tower at Pacific Ave. and St. Paul St.

The tower is more than 40 percent leased and major business tenants in the tower include Akin Gump Strauss Hauer & Feld LLP, Neiman Marcus, Mary Crowley Medical Research Center and Southcross Energy.

Built in 1983, 1700 Pacific is across the street from the site of the planned Pacific Plaza park.

Read more at the Dallas Morning News.

CityLine Whole Foods Market will open in Richardson in 2016 

(7/25/2014)

RICHARDSON - Whole Foods Market has confirmed a 40,000-sf store will open in the big CityLine development at Plano Rd. and Renner Rd.

The supermarket will anchor a 66,000-sf retail strip located on 8.5 acres in developer KDC’s project.

The $1.5 billion CityLine project includes State Farm Insurance’s regional office campus and an office complex for Raytheon Co.

The new Whole Foods Richardson store will open in spring 2016.

Read more at the Dallas Morning News and Dallas Business Journal.

$1.3B Dallas' Parkland Hospital May 2015 finish line 

(7/24/2014 8:08:00 AM)

DALLAS - Construction on the new 2.1 million-sf Parkland Memorial Hospital is nearly complete. The $1.3 billion public hospital is 98 percent done and is finishing about two weeks ahead of time.

The new hospital will have 23 operating rooms, five more than the current facility.

If the 865-bed facility stays on schedule, it will open next May. Between now and then, equipment will be installed, all processes will be tested, and the staff will be trained to use the new building.

The hospital will move only its inpatients across Harry Hines Blvd. next spring. Other than the emergency department, all outpatient clinics and administrative offices will remain on the current hospital campus.

In addition, a medical-surgical outpatient clinic is expected to open on the new campus next year.

The hospital is expected to be complete by May 2015.

Read more at the Dallas Morning News.

240,000-SF Kohl's Dallas operations center set to open 

(7/24/2014 8:00:00 AM)

DALLAS - Kohl’s Department Stores will be opening its three-story 240,000-sf customer service operations center on July 29. It is expected to create more than 1,500 full-time and part-time jobs within the next four years.

The two-building facility at 17657 Waterview Pkwy. will be used to support the Kohl’s Charge payment program and Kohls.com.

The other sites that will serve Kohl’s Charge and Kohls.com customers are located in San Antonio and Menomonee Falls, Wisconsin.

Read more at the Dallas Business Journal.

DFW August home foreclosure filings down 50 percent 

(7/24/2014 7:49:00 AM)

DALLAS-FORT WORTH - Dallas-Fort Worth home foreclosure filings for August are the highest in three months, but are still down more than 50 percent from 2013, according to data from Foreclosure Listing Service.

Lenders have scheduled 1,480 DFW homes for August’s foreclosure auctions, which is a 52 percent reduction from August 2013 totals.

The largest declines are in Denton County (down 58 percent from 2013) and Tarrant County (down 54 percent).

Collin and Dallas County foreclosure postings are 50 percent less than in August 2013, according to the Addison-based foreclosure tracking firm.

So far in 2014, foreclosure filings in the four-county area are almost 40 percent less than in the first eight months of 2013 and substantially less than in 2010, when almost 64,000 North Texas homes were posted for foreclosure.

Read more at the Dallas Morning News.

Omnitracs' fleet will move from San Diego to Dallas 

(7/23/2014)

DALLAS - Omnitracs LLC will relocate its headquarters from San Diego to Dallas, creating 450 jobs and $10 million in capital investment.

The fleet management software company will move into KPMG Centre downtown. Active Network, another California-based firm, will be joining Omnitracs in the downtown building.

The Texas Enterprise Fund is providing a $3.9 million incentive to attract Omnitracs to the Dallas-area. The new headquarters will house jobs in engineering, research and development and finance.

Omnitracs services include software applications, GPS fleet tracking, platforms and information services.

Read more at the Dallas Business Journal and GlobeSt.

Bottle Rocket shoots to new Addison HQ 

(7/23/2014)

ADDISON - Bottle Rocket is expanding to a new Addison location by leasing 49,570 sf in the Aberdeen building located at 14841 Dallas Pkwy.

The mobile software application developer will house its new headquarters in the former head offices of Pizza Hut. The company will move from the nearby Wellington Centre building, where it leased 15,000 sf in 2011, by the end of this year.

Read more at the Dallas Morning News and Dallas Business Journal.

656-Unit Honey Creek buzzes North Dallas sale 

(7/22/2014 10:00:00 AM)

DALLAS - Drever Capital Management has sold Honey Creek, a 656-unit workforce housing community in North Dallas, after a $3.7 million, seven-year redesign and repositioning that saw the occupancy rise from 80 percent to 94 percent.

The three-story, 22-acre multifamily community was acquired by B.H. Management. By transforming the Class C property to a Class B property, Drever Capital was able to generate a healthy amount of attention from across the nation.

Honey Creek, which sits at 11611 Ferguson Rd. off I-635, was purchased by Drever in 2007.

A new children’s playscape was installed, the leasing office and clubroom were modernized, a resident computer equipped business center was added, along with a new camera-equipped security system, privacy access gates, and reserved parking.

Honey Creek primarily serves families with workforce incomes.

Read more at GlobeSt. and the Dallas Business Journal.

NTREIS: DFW home sales by units sold June 2014 

(7/22/2014 7:01:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems (NTREIS) released home sales facts for June 2014.
Some quick facts include:

• The median price of existing single-family homes increased to $190,150 up 5.6 percent vs. May 2014.
• Existing single-family home sales increased 0.8 percent from May 2014 for a June 2014 total of 8,073 sold units.
• Condos decreased in price to $157,150 down 0.2 percent vs. May 2014.
• Existing condo sales decreased 0.5 percent in June 2014 over May 2014 for a total of 556 sold units.

Select region cities are represented below along with statistics from the NTREIS area as a whole.

NTREIS June 2014 Regional Sales and Price Activity
MLS Wide Median Price
  June 2014
Price Chg.
vs. June 2013
Units Sold
  June 2014
Sales Chg.
vs. June 2013
NTREIS
(single-family)
$190,150 5.9% 8,073 -2.0%
NTREIS (condo) $157,150 1.4% 556 16.3%
Region Cities*        
Fort Worth $164,900 14.2% 918 -1.7%
Dallas $287,000 4.7% 770 -13.3%
Arlington $151,000 7.9% 358 14.7%
Frisco $307,000 9.1% 335 2.1%
Plano $275,000 3.4% 324 -6.9%
McKinney $260,000 6.1% 240 -2.0%
Garland $140,000 10.7% 172 -12.7%
Abilene $142,000 6.0% 157 16.3%
Flower Mound $308,200 8.7% 148 12.1%
Denton $179,900 9.7% 145 -1.4%
Allen $265,000 8.4% 141  -16.6%

*Region Cities' data include single-family only and represent 11 select cities sorted by units sold.

See Housing under Dallas-Fort Worth-Arlington Market Data Sources or see the full report from North Texas Real Estate Information Systems.

Key starts 232,000 SF lease in Flower Mound 

(7/22/2014)

FLOWER MOUND - Keystone Automotive Operations has leased 231,754 sf at 351 Lakeside Pkwy.

Keystone Automotive will occupy all of Lakeside 1, a single-tenant industrial building that was constructed in May 2014.

Keystone Automotive Operations started as a distribution center for other enthusiasts and small local repair shops in Pennsylvania. In 1971, the business evolved into Keystone Automotive Operations. The company now has 25 locations across the United States.

Read more at CoStar Group.

Walton purchases Fort Worth land for 1,100-home community 

(7/22/2014)

FORT WORTH - Walton Group of Cos. has purchased 268 acres recently opened by the Chisholm Trail Pkwy. to develop a 1,100-home master-planned community which will include commercial real estate.

In June, Walton Group purchased 1,775 acres in Fort Worth from the Texas General Land Office in Tarrant County for a development project off Chisholm Trail Pkwy.

The two land purchases are in close proximity and will be sharing development resources.

Walton is working with Crowley ISD on a planned elementary school site for the first phase of the community's development.

Home lots for the community are expected to begin delivering by the end of 2015.

Read more at the Dallas Business Journal.

Frisco dealership purchased by Florida-based auto group 

(7/22/2014)

FRISCO - Orlando-based Greenway Auto Group has purchased Toyota dealer Pat Lobb’s 50,000-sf Chrysler-Jeep-Dodge-Ram store.

The Frisco dealership was opened about 15 months ago.

The dealership off of SH 121, called Frisco Chrysler Dodge Jeep Ram, kept “90 to 95 percent” of the employees and is “running at full speed," according to an operating partner at Greenway Auto Group.

In 2013, the dealership sold 909 vehicles.

Read more at the Dallas Morning News.

Elan Oaks assisted-living facility budding in Flower Mound 

(7/22/2014)

FLOWER MOUND - The 82-unit Elan Oaks is well underway. The assisted-living and memory care facility is located at 3281 Long Prairie Rd.

When open, the property will feature 58 studio, one-bedroom, and two-bedroom assisted-living apartments as well as 24 private and semi-private memory care suites.

Elan Oaks is expected to create more than 100 new jobs once completed.

The facility marks the first project of a property portfolio that StoneCreek Real Estate Partners has under development.

Read more at the Fort Worth Business Press.

FedEx's consolidating HQ ship with 265,000 SF in Plano 

(7/21/2014 10:00:00 AM)

PLANO - FedEx Office & Print Services Inc. has broken ground on its 265,000-sf corporate campus, which will consolidate its North Texas operations.

The Dallas-based company, a subsidiary of Memphis-based FedEx Corp., will sit on former J.C. Penney Co. land in West Plano.

The campus will consolidate FedEx Office's 310,000-sf footprint that's spread between its Dallas headquarters and Plano support office.

The company will vacate about eight floors at Three Galleria Tower at 13155 Noel Rd. upon its move into the new headquarters, which will be completed at the end of 2015.

Read more at the Dallas Business Journal.

Lewisville Lake Vista Pointe is $28M buy update 

(7/21/2014)

LEWISVILLE - The 163,000-sf Lake Vista Pointe office property has been purchased for $28.4 million by City Office REIT Inc. The office is fully leased to Ally Financial Inc. through 2021. Previously, the property was previously under contract.

Located in a Lewisville business park, the complex is situated in close proximity to the Dallas-Fort Worth International Airport and three of Dallas' major highway systems including the Sam Rayburn Tollway (SH 121), I-35 and Texas State Hwy. 114.

Read more at PRNewswire. Listen to Podcast 220 for more Small Towns, Big Deals.

PMRG: Dallas office market 2Q 2014 

(7/18/2014 7:00:00 AM)

DALLAS-FORT WORTH - DFW’s office market recorded 460,495 sf of direct net absorption during second quarter 2014, bringing the trailing 12-month total to 3.2 million sf. PM Realty Group released the report.

As overall occupancy rates have reached an 11-year high, numerous speculative construction projects have kicked off across the Metroplex, which will provide an abundance of new, high-quality space options for tenants as the local economy continues to expand at a healthy pace.

The office construction pipeline has skyrocketed by 309 percent within the past year to over 5.4 million sf under construction, with roughly 70 percent of the new space already preleased.

Largest Submarkets Ranked by Total SF
Submarket Inventory
SF (Total)
Direct SF
Available
Occ. Under
Construction
Class A
Asking Rent
(per SF)
Class B
Asking Rent
(per SF)
Las Colinas 27,873,400 5,904,699 82.6% 782,009 $24.70 $19.43
Dallas CBD 27,430,142 8,731,406 72.6% 450,000 $22.49 $17.77
Quorum / Bent  Tree 18,944,792 3,643,738 82.9% 120,000 $24.82 $17.51
East LBJ        15,812,405 4,598,874 74.6% 0 $21.69 $17.05
Upper Tollway / West Plano 14,667,318 1,870,518 87.6% 746,816 $30.26 $24.36
Richardson 12,551,989 2,407,346 88.4% 1,500,000 $21.68 $17.49
Central Expy. 11,467,136 2,683,069 80.9% 149,510 $23.77 $18.96
Total* 218,295,796 45,844,093 81.9% 5,404,959 $24.32 $18.37

*Includes all DFW submarkets.

Source: PM Realty Group

Read more at PM Realty Group. For the full report and similar reports, see Office under DFW Market Data Sources.

DFW apartment stats 2Q 2014: Hendricks-Berkadia 

(7/18/2014 6:30:00 AM)

DALLAS-FORT WORTH - Apartment demand was healthy in the first two quarters 2014, despite a 12.1 percent decrease in leasing activity compared to the first half 2013. Renters occupied 7,250 additional units since the beginning of 2014.

Asking rents advanced 2.4 percent year over year to $950 per month 2Q 2014.

Class A asking rents rose modestly, increasing 0.3 percent to $1,385 per month. Average rent at Class B/C communities appreciated 2.9 percent.

Through mid-2014, completions were 20.9 percent greater than in the first half of 2013. Builders delivered 6,200 apartments year to date, of which 3,330 apartments came online in second quarter. Deliveries averaged 8,610 units annually during the last five years.

DFW Multifamily 2Q 2014 / 2Q 2013 Comparison by Vacancy
Submarkets* Vacancy Average Rent
2Q 2014 2Q 2013 2Q 2014 2Q 2013
Ellis County 1.2% 4.4% $914 $858
Grand Prairie 3.6% 5.8% $760 $720
Far Northwest/Farmers Branch 3.9% 4.4% $895 $875
Garland 3.9% 4.2% $818 $778
Hunt County 4.0% 5.0% $677 $677
Hurst/Bedford/Euless 4.2% 4.6% $843 $822
Richardson 4.2% 4.1% $1,010 $974
Southeast Fort Worth 4.2% 4.1% $875 $832
Far North Dallas 4.4% 4.9% $915 $878
Plano/Allen/McKinney 4.6% 4.5% $1,056 $1,018
Northwest Fort Worth 4.6% 5.4% $1,085 $1,064
Market total** 5.3% 5.5% $950 $929

*Chart represents top 11 submarkets ranked by lowest vacancy.
**Total includes all submarkets within DFW.

View the full report at Hendricks-Berkadia. For more stats, see Multifamily under DFW Market Data Sources.

National Powersport Auctions remains in Carrollton 

(7/18/2014)

CARROLLTON - National Powersport Auctions (NPA) will remain in its current location after signing a lease renewal for 107,500 sf at 1809 W. Frankford Rd.

The Class A industrial building, named the Frankford Interchange, was built in 1997 on slightly more than 21 acres.

The 380,000-sf building has 59 loading docks, four grade-level doors and offers a 28-foot clear height.

Read more at CoStar Group.

Arlington $16M Texas Rehabilitation Hospital going up 

(7/17/2014)

ARLINGTON - Sanders Trust has started work on the $16 million, 48,000-sf Texas Rehabilitation Hospital just off of I-20 near The Parks at Arlington.

The 40-bed hospital will serve patients who require rehabilitation following a stroke, traumatic brain injury, spinal cord injury or similar medical conditions.

The medical building is set to open summer 2015.

Read more at the Dallas Morning News.

Dallas: 102-unit Aura on McKinney coming to Fitzhugh Ave. 

(7/17/2014)

DALLAS - Trinsic Residential Group has completed its purchase of a key development site near Highland Park. The company purchased the former Hope Cottage building and parking lot at McKinney Ave. and Fitzhugh Ave.

The developer plans to build a six-story, 192-unit luxury rental community on the 1.7-acre site, which is just west of North Central Expressway.

Hope Cottage, Dallas’ oldest non-profit organization, sold the two-story commercial building and is relocating to a new office and family services building at the corner of Texas St. and Florence St., near downtown.

Read more at the Dallas Morning News.

State Farm doubles DFW employment base to 5,000 

(7/17/2014)

DALLAS-FORT WORTH - State Farm has doubled its North Texas employment base to 5,000 in the past year and expects to hire 8,000 more when its regional hub opens up in Richardson.

The Bloomington, Illinois-based insurance company’s employees will span 2 million sf in four office towers at the $1.5 billion CityLine development.

State Farm has held numerous job fairs to recruit DFW employees.

State Farm plans to begin moving its employees into the new CityLine regional campus in early 2015.

Read more at the Dallas Business Journal and Dallas Morning News.

Hard Rock to diamond with One Dallas 20-story highrise 

(7/16/2014 6:30:00 AM)

DALLAS - Construction is set to begin next week on the 20-story building on the former site of the Hard Rock Cafe on McKinney Ave. at Routh St. The Class A One Dallas tower will contain about 200 apartments plus extensive retail on the first two floors.

The Uptown Dallas development will feature six levels of underground parking, charging stations for electric vehicles and rooftop pool.

Dallas’ Cheng Investments and Stoneleigh  Cos are building the project, which will host its groundbreaking on July 23.

The project is expected to be completed in March 2016. The One Dallas tower will be constructed across the street from where Gables Residential is building a Whole Foods Market with apartments built above the grocery store.

Read more at the Dallas Morning News.

Burleson Sam's Club opens 136,000 SF 

(7/16/2014)

BURLESON - Sam’s Club has opened a 136,000-sf store at 600 N. Burleson Blvd.

The warehouse club a fresh bakery, tire and battery center, cafe and fuel station, as well as a host of other special members-only values. Members can also receive free vision and eye screenings or oven-ready dishes and groceries.

The store has 197 employees, 25 of which are new hires. Most of the employees are those who came from the now-closed Sam's Club on Campus Dr. in Fort Worth.

Read more at the Burleson Star.

Plano: Heartland leases 82,000 SF in Granite Park IV 

(7/16/2014)

PLANO - Heartland Payment Systems Inc. has signed a lease for 81,675 sf for three floors in the newly completed 12-story office tower at the Sam Rayburn Tollway and the Dallas North Tollway.

Heartland will bring 375 employees to Granite Park IV from its current 6860 Dallas Pkwy. Plano location, which houses a corporate information technology department.

The Princeton, New Jersey-based company’s lease is the biggest lease to date at Granite Park IV office tower in northwest Plano.

Read more at the Dallas Business Journal and the Dallas Morning News.

DFW home lots deliver highest point since 2008 

(7/15/2014 10:00:00 AM)

DALLAS-FORT WORTH - According to a report by Metrostudy, North Texas' new home lot deliveries exceeded the new home starts pace during second quarter 2014 for the first time since early 2008.

"Lot development activity has lagged new home starts in Dallas-Fort Worth since inventory hit a peak of over 90,000 lots in March 2008," David Brown, regional director of Metrostudy's Dallas office, reported.

"The most active submarkets in Dallas-Fort Worth that account for 75 percent of the new home demand only have a 14.6 month supply, which is well below the 20 to 24 months considered to be equilibrium," Brown added.

The demand for housing in the region increases as more and more companies expand and relocate into the DFW area.

In the DFW area, the median price of a new home rose 24 percent over the past three years to $269,400 in 2014 and 25 percent of new home closings in 2Q 2014 were under $200,000, which is a 40 percent increase since 2011.

Read more at the Dallas Business Journal.

Coppell: Duke 'puts up' 270,000-SF Point West VIII 

(7/15/2014 7:15:00 AM)

COPPELL - The 270,498-sf Point West VIII industrial building is being built in the Point West business park. The project, led by developer Duke Realty Corp., is located north of I-635 near Dallas-Fort Worth International Airport.

Duke has already leased 127,189 sf in the building. It is 47 percent preleased to Insight Merchandising.

Duke Realty's entire 15 million-sf Dallas portfolio is 97.7 percent occupied.

The Point West VIII building is scheduled to open early 2015.

Read more at the Dallas Morning News and Dallas Business Journal.
 

Irving thanks heaven for 7-Eleven HQ 

(7/15/2014)

IRVING - Construction has kicked off on 7-Eleven Inc.’s 325,000-sf headquarters campus on I-635 at Belt Line Rd. The four-story office campus Billingsley Co. is building will have two connected buildings plus a parking garage on the north side of I-635.

The same development for the retailer’s new headquarters will house Nationstar Mortgage and Cheddar’s Fast Casual Café headquarters.

Other companies moving into the area include Envoy Air Inc., which is moving its operations from Fort Worth to two buildings on Regent Blvd., just south of I-635.

According to estimates by Cushman & Wakefield, Irving currently has 725,000 sf of office space under construction and 18 percent of the city’s office space is empty.

The project that will house 7-Eleven will be ready in fall 2015.

Read more at the Dallas Morning News. See previous story 300,000-SF Big Gulp swallow for Irving,

Far North Dallas: 310-unit VV&M rental community opens 

(7/15/2014)

DALLAS - A 310-unit, four-story apartment community in Far North Dallas, called VV&M, has just opened at 5225 Verde Valley Ln. and Montfort.

The property developed by Criterion Property Co. is just south of the Village on the Parkway shopping center.

VV&M has a variety of studios, one-, two- and three-bedroom apartments.

Studio floor plans range from $1,050 to $1,295, one-bedroom plans range from $1,050 to $1,480, two-bedroom plans range from $1,655 to $2,005 and three-bedroom plans range from $2,475 to $3,035.

Read more at the Dallas Morning News.

New home prices soaring in DFW 

(7/14/2014 11:00:00 AM)

DALLAS-FORT WORTH - Median new home prices in North Texas have risen 24 percent since 2011 to $269,400 at midyear, according to Metrostudy Inc.

In popular areas, prices have gone up even faster. New home prices have risen 86 percent in North Dallas, are up 43 percent in Frisco and 36 percent higher in McKinney over the last three years.

Only 25 percent of the new home closings in the second quarter were for homes priced under $200,000, down from over 40 percent in 2011. The higher prices are forcing many buyers to the nearby submarkets of Melissa, Anna, Celina, Little Elm, Oak Point and unincorporated areas of Denton and Collin counties.

Median sales price for a new home is now more than a third higher than the median sales price for a preowned single-family home.

“We are expecting a 10 percent to 15 percent increase in starts during 2014, with the largest share of the increase coming from the first quarter,” Metrostudy’s David Brown said.

Fewer than 3,000 finished available new houses were on the market in North Texas at the end of June, down 12 percent from June 2013.

Read more at the Dallas Morning News.

H-E-B hits a plus with $14M Burleson expansion 

(7/14/2014)

BURLESON - H-E-B will spend $14 million in an expansion of its current 88,000-sf store into an H-E-B Plus! store.

The store, located at 165 NW John Jones Dr., will grow to 115,000 sf.

Merchandise sold will include electronics, toys, housewares, grilling and outdoor furniture, apparel, party supplies and plants in addition to groceries.

Burleson’s H-E-B Plus! will also have an expanded produce department, a healthy living department offering 600 new bulk items, a scratch bakery, beer and wine and a specialty shop stocked with small appliances, utensils and cookware.

This new store is the only H-E-B Plus! planned in Dallas-Fort Worth for the immediate future.

Construction for the store, which opened in 2010, began this month. It is projected to be completed by February 2015.

Read more at the Dallas Business Journal.

Orange Line dart hits downtown Dallas and DFW Airport 

(7/14/2014)

DALLAS-FORT WORTH INTERNATIONAL AIRPORT - The Dallas Area Rapid Transit (DART) has announced that it will open the new Orange Line on August 18, connecting DFW International Airport with downtown Dallas.

“We join the ranks of Atlanta as well as Chicago as the third airport that has rail service from the airport to its city center,” said Jim Crites, DFW Airport executive vice president for operations.

Eventually, travelers from downtown Fort Worth also could be able to take the train directly into the airport. The Fort Worth Transportation Authority hopes to open its TEX Rail commuter line by 2018 — and that service will arrive at the airport at a station planned near Terminal B.

Read more at the Fort Worth Star-Telegram.

KDC to build new Toyota Plano HQ 

(7/13/2014)

PLANO - KDC has been chosen by Toyota to build its new North American headquarters. The company will be relocating jobs from Southern California, Kentucky and New York.

Toyota’s more than 1 million-sf campus will be built on 100 acres at the southwest corner of SH 121 and Legacy business park.

The campus is part of the 240-acre Legacy West development. The world’s largest automaker plans to move into the Plano project in 2016 and 2017.

Toyota will break ground on its new headquarters this year.

Read more at the Dallas Morning News.

Lake Lewisville shores to be home to $335M Wildridge 

(7/11/2014 6:30:00 AM)

DENTON COUNTY - Dallas-based Taylor-Duncan Interests LLC and Crescent Communities of Charlotte, North Carolina, have started on the 385-acre, $335 million project in Oak Point on the shores of Lake Lewisville.

The master-planned community — known as Wildridge on Lake Lewisville — is also near the six-year-old Oak Point Elementary School.

The community is expected to bring 1,194 single-family homes to the growing infrastructure on the US 380 corridor.

Wildridge’s homes will be priced from the $230,000s to the $450,000s. Groundbreaking on the homes will start this week.

Read more at the Dallas Business Journal.

Grand opening: Dallas' $50M Sylvan | Thirty project  

(7/11/2014)

DALLAS - The $50 million Sylvan | Thirty project off Fort Worth Ave. will hold a grand opening ceremony on September 27.

The 6.5-acre mixed-use development is expected to comprise 49,134 sf of retail space and 201 residential spaces. The grand opening will include demonstrations and activities from tenants including Ten Ramen, Cox Farms Market, The Lofts at Sylvan | Thirty, Crossfit Deep and Sync Yoga.

The celebration will also include a beer garden, live music, bike valet, crafts and The Big Run, a half marathon, 10K, 5K and fun run.

Read more at the Dallas Business Journal.

Novartis sees Alcon as $35M Fort Worth data center 

(7/10/2014 6:45:00 AM)

FORT WORTH - A $35 million global data center will be built at Alcon’s campus by its owner and Swiss pharmaceutical giant, Novartis.

The data center will serve operations in North America and South America for Novartis.

The 10,000-sf data center will be built near Alta Mesa Blvd. at Alcon’s campus on the east side of I-35W and south of I-20. It will soon become one of Novartis’ two primary global data centers.

Completion of the center is scheduled for fall 2015.

Read more at the Dallas Business Journal.

Wylie $123M water project flows with 806M gallons/per day 

(7/10/2014)

WYLIE - The North Texas Municipal Water District (NTMWD) completed a $123 million ozonation project at their Wylie facility, giving it the capacity of treating and delivering 806 million gallons per day of high-quality, safe drinking water to the region.

The use of ozone as the primary disinfectant when treating water is expected to improve the taste and odor of drinking water.

Darrell Grooms, a representative from the NTMWD’s Board of Directors for the City of Forney stated that, “ozonation basically removes many of the traditional harsh chemicals out of the treatment process.”

The NTMWD's four water treatment plants in Wylie are now the nation's largest water treatment facility using ozone to treat water.

Read more at inForney.com.

Nielsen to hire 500 Dallas employees 

(7/10/2014)

DALLAS - Nielsen is planning to expand its call center and hire more than 500 new agents for the facility. The New York-based research group’s expansion will add about 18,000 sf to the center located at 8585 N. Stemmons Fwy.

The newly acquired center was previously a center for Arbitron, the radio ratings company that Nielsen acquired for $1.3 billion in 2013.

Expansion hires will be tasked with obtaining data for Nielsen’s client-specific studies.

Read more at the Dallas Business Journal and Dallas Morning News.

Far South Dallas: StoneRidge industrial project set to start 

(7/9/2014)

DALLAS - Ground will break this month on the three-building StoneRidge industrial project in southern Dallas County. Construction for the development, with buildings ranging from 140,000 to 400,000 sf, is scheduled to begin July 23, according to Holt Lunsford Commercial.

All of the buildings will be constructed at once, with a completion date set for summer 2015.

StoneRidge industrial park will be built at the northwest corner of Hampton and Danieldale roads, south of I-20.

Read more at the Dallas Morning News.

Dallas' 196,000-SF Two Forest Plaza purchased 

(7/9/2014)

DALLAS - The 196,215-sf, Class A Two Forest Plaza was sold to an affiliate of Encore Enterprises.

The office building, located at 12201 Merit Dr., was purchased by Miami-based Parmenter Realty Partners.

Major tenants of Two Forest Plaza include New York Life Insurance Company and La Madeleine, who is headquartered in the building.

Read more at Business Wire.

Dallas-area ranked 10th nationally in foreclosures as of May 

(7/9/2014)

DALLAS - Lenders foreclosed on more than 6,700 Dallas-area homes in the year ending with May. Foreclosures in the Dallas-area fell by 30 percent in the 12-month period ending with May 2014, according to a new report by CoreLogic Inc.

Dallas maintains the 10th highest foreclosure volume among major cities within the report with 6,728 foreclosures in the year-long period.

The Atlanta-area had the most foreclosures with 18,994 sales for the year ending with May.

So far in 2014, the number of houses threatened with foreclosure in the Dallas-Fort Worth area is about a third less than this same time in 2013.

Not all homes posted for foreclosure each month sell. Many times the lender and borrower work out a new debt agreement or the foreclosure is postponed.

Read more at the Dallas Morning News.

North Texas: June sees biggest gain in 2014 home sales  

(7/9/2014)

NORTH TEXAS - North Texas home sales in June were up 7 percent — the largest year-over-year gain in 2014.

According to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems, real estate agents sold 9,481 houses last month.

More preowned homes were sold during this period than any other month in more than a decade. Even with such strong June activity, year-to-date preowned home sales in North Texas were still down 1 percent from the first six months 2013.

Median sales prices stood at a record $199,900 — a 10 percent spike from June 2013.

At the end of the month, 22,333 single-family homes were listed for sale with real estate agents. This was a 6 percent decrease from mid-2013.

It took on average 44 days to sell the North Texas houses in June 2014.

Read more at the Dallas Morning News.

American Airlines' 149,000-SF complex set for Fort Worth 

(7/8/2014 7:00:00 AM)

FORT WORTH - The $88 million, 149,000-sf Robert W. Baker Integrated Operations Center will break ground today at 4700 American Blvd. The facility is next to American Airlines Southern Reservations Center and C.R. Smith Museum in Fort Worth.

The employees who will ultimately work in the two-story facility will manage a global, complex and fast-moving network of people, aircraft, airports, facilities and airspace.

Specific functions of the new Integrated Operations Center will include Flight Dispatch, Crew Scheduling, Maintenance Operations Control, Weight and Balance Planning, System Customer Service, Flight Planning Support, and Emergency Planning and Response. The building has been designed to withstand winds associated with an EF3 tornado (165-185 mph).

The City of Fort Worth is offering a $6.5 million incentive package for the building. The operations facility will be the nerve center for American’s global network and will house more than 1,400 employees.

The center will oversee 1 million flights a year with more than 140 million customers. The facility consolidates US Airways and American's operations into one building.

Some employees at US Airways facilities in Phoenix and Pittsburgh will be relocated to North Texas to work at the new center. The facility is scheduled to open by the third quarter 2015.

Read more at the Dallas Business Journal and Dallas Morning News.

Hot spots: 700,000-SF DFW data center opening 

(7/8/2014 6:15:00 AM)

IRVING - QTS is set to open its first data-crunching 700,000-sf facility this month. As one of the largest data centers in North Texas, Overland Park, Kansas-based QTS (Quality Technology Services) is planning to make a “mega” play in Dallas-Fort Worth, stepping into the sandbox with big-time players such as Digital Realty Trust and CyrusOne.

QTS bought a former semiconductor plant that sits on a 40-acre campus in Irving. The campus has the ability to expand to 1.4 million sf of data center space.

Once finished, the data center will be one of three “mega” data centers QTS owns throughout the U.S.

Read more at the Dallas Business Journal and PRNewswire.

Greystar calls on Dallas' 182-unit Eastwood on Henderson  

(7/8/2014)

DALLAS - The 182-unit Eastwood on Henderson apartment community at 5215 Belmont Ave. has been sold in East Dallas.

The community offers one- and two-bedroom units ranging from 719 sf to 1,849 sf. Rent varies from $1,065 to $1,849, according to umovefree.com.

South Carolina-based Greystar Real Estate purchased the community.

Read more at the Dallas Morning News and umovefree.com.

Whole Foods delivers first Tarrant County store 

(7/8/2014)

COLLEYVILLE - Whole Foods opened its first store in Tarrant County with a 44,000-sf Colleyville store formerly occupied by Albertsons.

It is located at 4801 Colleyville Blvd. at the intersection of Glade Rd. and Hwy. 26.

The grocery store has a beer and wine bar with a separate entrance, pinball machines, three TVs, booths and food service.

In addition, Whole Foods has applied for the Verace Pizza Napoletana certification for its pizzas. The pizza, which is awaiting Italian government certification, will be baked in a 900 degree wood-burning oven.

Read more at the Dallas Morning News.

$200M closes sale of 58-story Fountain Place tower in Dallas 

(7/8/2014)

DALLAS - The 58-story, 1.2 million-sf Fountain Place office tower has been purchased by Goddard Investment Group.

The Class A property located at 1445 Ross Ave. sold for $200 million.

Fountain Place is 88 percent occupied, with tenants such as Tenet Healthcare, Hunton & Williams and Wells Fargo Bank.

Seller J.P. Morgan came into possession of the property in 2011. Fountain Place was built in 1986.

Read more at GlobeSt and RealtyNewsReport.com.

DFW apartment rents hit record average high of $888 

(7/7/2014 7:15:00 AM)

DALLAS-FORT WORTH - Apartment rents have hit a record high with average monthly rents throughout the area costing $888. The newest Uptown and downtown Dallas apartments are renting on average for $1,800 per month.

The current rent increases are the largest ever reported by MPF Research, a local Carrollton-based apartment market analyst.

Average apartment rents in North Texas are up almost 4 percent from June 2013. For second quarter 2014, net leasing (6,615 units) and openings (3,011) were higher than 2Q 2013.

Net apartment demand in the DFW area is running about a third higher than in other major cities including Houston, Los Angeles and Atlanta.

At the end of June there were 28,475 apartments under construction in North Texas. Only 5.5 percent of local apartments are empty — the lowest overall vacancy in 13 years.

DFW and the New York metro area are tied with the country’s largest apartment development volume.

Read more at the Dallas Morning News.

Lincoln Park's 314 units sold in Fort Worth 

(7/7/2014)

FORT WORTH - Lincoln Park at Trinity Bluff Midrise, a 314-unit, Class A community located at 520 Samuels Ave., has been purchased.

The four-year-old property is 93.2 percent occupied. The community features one-, two- and three-bedroom floor plans ranging in size from 646 sf to 1,448 sf. Average rents range from $1.32 to $1.58 per sf.

The garden-style community is situated on 4.84 acres. Property amenities include elevators, 24-hour emergency maintenance, hot tub/spa/Jacuzzi, parking garage, access gates, clubhouse, and swimming pools.

SWF Trinity Bluffs LLC purchased the community from LPC Trinity Parks LP.

Read more at O'Connor and Associates.

DFW home sales up 10 percent 2Q 2014 

(7/7/2014)

DALLAS-FORT WORTH - Home sales rose 10 percent in North Texas during second quarter 2014 when compared to 2Q 2013.

According to data from Residential Strategies Inc., there have been 23,734 home starts in the area during the last 12 months — the highest level since 2008.

During 2Q 2014, builders started 5,966 Dallas-Fort Worth homes. That is a 2 percent increase compared to 2Q 2013.

The median price of new houses sold throughout 2Q 2014 was $271,000.

Read more at the Dallas Morning News.

Kroger checks out with Burleson tract for future store 

(7/7/2014)

BURLESON - Kroger has bought 13.3 acres at the Burleson Commons Shopping Center for a proposed 114,000-sf Kroger Marketplace.

The store will anchor the shopping center at SH 174 and FM 731, along with Premiere Cinemas. Target, Home Depot, Office Depot and CVS are nearby.

Kroger Marketplaces offer groceries, home fashion and decor, bed and bath items, kitchen and small appliances, home office supplies and toys.

Read more at the Fort Worth Star-Telegram.

Active Network moving from Calif. to Dallas with 1,000 jobs 

(7/7/2014)

DALLAS - Active Network, a San Diego-based high tech firm, will move 1,000 jobs to downtown Dallas in a relocation of its corporate headquarters.

The move will begin immediately and continue through 2015.

The company is owned by Vista Equity Partners of San Francisco which has been working with Austin-based World Class Capital Group to house some of its California companies in the KPMG Centre tower at 717 N. Harwood.

Active Network is a provider of activity and participant management with 47,000 customers worldwide. Active currently has an office located in Irving.

Read more at the Dallas Morning News and Dallas Business Journal.

Check out the $108M, 248,000-SF Dallas care tower 

(7/7/2014)

DALLAS - Construction is nearly complete on the $108 million, six-story, 248,000-sf Charles A. Sammons Trauma and Critical Care Tower at Methodist Dallas Medical Center.

The center is projected to serve 90,000 patients. The facility includes 59 new emergency room beds, six trauma suites, eight surgical suites, a 36-bed critical care unit, and the ability to expand to 11 stories for future growth.

The tower is set to open on July 28, 2014.

Read more at the Dallas Business Journal.

DFW 220-ton proton accelerator first for cancer center 

(7/6/2014)

IRVING - The $105 million, 63,000-sf Texas Center for Proton Therapy has received a 220-ton particle accelerator — a milestone for what will be the first center of its type in Dallas-Fort Worth.

The center is currently under construction at 1501 W. Royal Ln. and is more than 85 percent complete. It is scheduled to open in late 2015 or early 2016.

About $51 million of the project cost is for equipment, with the accelerator being the largest of the medical machinery.

The center will bring proton therapy to the almost 7 million residents of DFW, the largest metro area in the nation without the form of advanced cancer treatment.

This magnet-packed accelerator, called a cyclotron is the second in the United States to have second generation technology, which consists of cone beam computerized tomography, allowing for a more precise treatment.

The next nearest proton treatment centers to DFW are in Houston and Oklahoma City.

Read more at the Dallas Business Journal.

New Frisco apartments hit home run next door to ballpark 

(7/3/2014)

FRISCO - A new Frisco rental community is going up next door to the Dr Pepper Ballpark. The 8.5-acre urban style apartment development is on the east side of the Dallas North Tollway and will contain 365 units in three- and four-story buildings.

Chicago-based apartment developer and investor AMLI Residential is heading the high-profile project that is set to be ready second half 2015.

The first units of the development will open third quarter 2015.

Read more at the Dallas Morning News.

Richardson Raytheon starts 500,000-SF campus 

(7/2/2014 10:10:00 AM)

RICHARDSON - Construction is underway on the almost 500,000-sf, three-building Raytheon Corp. campus.

The property on the south side of Bush Turnpike and east of Plano Rd. is an office complex that totals almost 2 million sf when combined with State Farm Insurance’s new campus. Both are part of the CityLine development.

Raytheon will move 1,700 of its Dallas-area workers to the new office center in Richardson. Most workers will come from the current Garland campus.

The first phase of the CityLine project will also include more than 90,000 sf of retail, a 150-room hotel, 532 apartments, a 17,000-sf wellness and fitness facility and a 41,000-sf boutique office building.

The development will be ready late 2015.

Read more at the Dallas Morning News.

Fort Worth Whitestone Heritage traces $20M acquisition 

(7/2/2014 10:00:00 AM)

NORTH FORT WORTH - Heritage Trace Plaza, a 98 percent leased property containing 70,431 sf of leasable area, has been acquired for $20.1 million by Whitestone REIT.

Heritage is anchored by Texas Health Resources and is located on Heritage Trace Pkwy. at the cornerstone of the master-planned, 18,000-acre Alliance Texas community.

The Class A Heritage Trace Plaza will serve as a destination for the 1,700 employees of the Federal Aviation Administration's newly constructed Southwest Region Headquarters upon completion in 2015.

Property tenants in the plaza include include local restaurants Mooyah Burgers, McAlister's Deli, and national franchises Subway, FedEx Office, Quest Diagnostics, and Allstate.

Heritage Trace Plaza is Whitestone’s sixth property in the Dallas-Fort Worth market.

Read more at GlobeNewswire.

Garland LaBodega spices up with $10M renovation 

(7/2/2014)

GARLAND - LaBodega Meat Inc. enhance its food offerings through a $10 million renovation to its facility after extending the lease for its headquarters and distribution center.

The Hispanic-centric grocer plans to add a food-grade bakery and commissary to the 96,000-sf distribution center at 2600 McCree Rd. in Logistics Pointe/Garland, which sits near I-635.

The meat company operates a number of El Rancho stores in the Dallas-Fort Worth area. It also distributes meat and food products to other Hispanic grocers.

The 1.3 million-sf distribution park has about 40 percent of its space devoted to freezer and cooler space. The property is 85.5 percent leased to tenants including, Brothers Produce and Calavo Growers.

LaBodega extended its lease in the Garland distribution park for 15 years.

Read more at the Dallas Business Journal.

DFW foreclosures fall by more than 40 percent for July 

(7/1/2014 10:00:00 AM)

DALLAS-FORT WORTH - The number of homes lenders have scheduled for forced sale at July’s foreclosure auctions is about 43 percent less than in July 2013, according to data from Addison-based Foreclosure Listing Service.

Foreclosure postings for 1,348 homes are on file for the four-county area, the lowest filing total for North Texas in more than a decade.

The largest number of foreclosure postings was in Dallas County, 597, and Tarrant County, 492. Denton County had the greatest decline from last July — down about 57 percent.

With July’s postings, total foreclosure filings in the DFW area are about a third lower this year than in the first seven months of 2013.

Read more at the Dallas Morning News.

DFW Airport launches to Qatar's capital 

(7/1/2014)

DALLAS-FORT WORTH - DFW Airport is now offering a flight to Doha, Qatar, through the Middle Eastern air traveler, Qatar Airways.

The carrier will offer a daily round trip with the aid of a Boeing 777-200 containing 42 seats in business class and 217 in coach.

Qatar joins Emirates Airline, which has offered the first Middle East flights with daily service to Dubai since February 2012. On December 3, Etihad Airways will join its two regional competitors when it launches service from DFW to Abu Dhabi.

DFW Airport is Qatar Airways’ seventh U.S. destination and second in Texas. It has served Houston since 2009.

Qatar is a member of the Oneworld global airline alliance headed by American Airlines Inc. and British Airways Plc.

Read more at the Dallas Morning News.

Dallas-area home prices up 8.7 percent in May 

(7/1/2014)

DALLAS - Home prices for the Dallas area for May 2014 were up 8.7 percent from May 2013, according to a report by CoreLogic Inc.

The city’s price increase was close to the 8.8 percent nationwide annual home price rise that was recorded by the corporation.

CoreLogic reported the largest home price gains to be in Riverside and Los Angeles, California. The cities experienced an 18.2 percent and a 13.4 percent rise.

In the state of Texas, Houston saw bigger gains with a 13 percent jump in home prices during the period.

Read more at the Dallas Morning News.

Dallas' 33,000-SF Coit Medical Center purchased 

(7/1/2014)

DALLAS - The Class A, 32,611-sf Coit Medical Center has been purchased by Mohr Capital.

Located on 12230 Coit Rd., the five-year-old medical center is valued at nearly $6.5 million by the Dallas Central Appraisal District and is 34 percent occupied.

Read more at the Dallas Business Journal.

Dallas office market 2Q 2014: Cushman & Wakefield 

(6/30/2014 7:14:00 AM)

DALLAS - The local Dallas office market has continued to expand during second quarter 2014 with tenant demand being at its strongest since 2006, according to the latest report by Cushman & Wakefield.

Direct and overall absorption has reached 2 million sf in 2014, a 37 percent increase compared to the 1.5 million sf absorbed during the same period in 2013.

Data reflect 8.3 million sf of leasing activity, with 57.3 percent of it being Class A space. Rental rates for this type of space saw a 5.4 percent increase, with rates rising to $26.22 per sf.

During 2Q 2014, 2.5 million sf of construction projects were completed. Of those completed, 1.4 million sf belonged to speculative projects.

Major tenants who took space this year include Santander Consumer Finance, Perkins Coie, Lockton Companies, Liberty Mutual, Kohl’s, Nationstar Mortgage, Conifer Solutions, Ernst & Young, Time Warner Cable, Bell Helicopter and Trend HR.

An additional 5.1 million sf of office projects are currently under construction. 2.6 million sf of the total projects currently underway are for speculative space. 30.7 percent of this speculative space has been preleased.

During 3Q 2014, an additional 2 million sf of projects will break ground.

Read more at GlobeSt. and the Dallas Morning News.

Frisco's 110-acre Wade Park adds to Platinum Corridor 

(6/30/2014 7:00:00 AM)

FRISCO - The 110-acre Wade Park mixed-use development will be underway in August, according to Thomas Land & Development.

Wade Park, off the Dallas North Tollway and Lebanon Rd., will include about 600,000 sf of high-end retail with up to 3 million sf of office, 1,200 apartments and 127 single-family homes with concierge services.

Just one exit past the Dallas Cowboys’ headquarters site, the Forum at Wade Park development is a significant and distinctive new addition to the “Platinum Corridor".

A 45,000-sf Whole Foods will anchor the retail section of the development.

The first phase of Wade Park is scheduled to open fall 2015.

Read more at the Dallas Morning News and the Cheney Group Keller Williams Realty.

Historic 32,000-SF Fort Worth Public Market sold 

(6/30/2014)

FORT WORTH - The 32,393-sf Fort Worth Public Market Building at 1400 Henderson St. has been sold. Bob Simpson, co-owner of the Texas Rangers, sold the property to the billionaire Wilks family of Cisco.

The 84-year-old property was listed as a Texas historic landmark in 1980 and was placed on the National Register of Historic places in 1984.

The Wilks family will likely restore the building for a business use, according to Wilks Bros. CEO Robert Early. The deed carries a restriction that the main building can’t be demolished and the outside cannot be materially changed before June 12, 2084.

Farris and Dan Wilks are the West Texas founders of Frac-Tech Services, a hydraulic fracturing and oilfield service company launched in 2002 in Cisco, their hometown. In 2011, they sold Frac-Tech to a Singapore company for $3.5 billion.

Read more at the Fort Worth Star-Telegram.

Senior addition: 138,000-SF Tradition to Far North Dallas 

(6/29/2014)

DALLAS - Tradition Senior Living LP has begun work on a four-story, 138,000-sf addition to its Tradition-Prestonwood community on Arapaho Rd. at Prestonwood Blvd.

The Far North Dallas senior housing community will have 75 assisted-living and 38 memory care apartments on the 2.8-acre development.

Tradition-Prestonwood community will be ready by May 2015.

The first 215-unit independent living building in the Prestonwood project opened up in 2010.

Read more at the Dallas Morning News.

Casting $3M stones to 142,000-SF Arlington industrial 

(6/27/2014 11:00:00 AM)

ARLINGTON - American Masonry Supply acquired the industrial building at 3500 E. Ave. E from NL Ventures for $3.198 million, or about $23 per sf.

The 141,644-sf complex is located in the Lower Great Southwest Industrial submarket of Dallas. It was built on 8.6 acres of land in 1976.

Source: CoStar Group

Irving: Crestview Tower trades for $131 PSF 

(6/27/2014 10:14:00 AM)

IRVING - Crestview Tower at 105 Decker Court has been acquired by CapRidge Partners for $34.5 million, or approximately $131 per sf.

Codina Partners sold the 262,962-sf, 12-story, Class A high-rise, which was constructed on a 10.05-acre site within the Wingren master-planned development in 1983.

Read more at CoStar Group.

Gearbox Software mission to 166,000 SF in Frisco 

(6/27/2014 8:00:00 AM)

FRISCO - Gearbox Software plans to move into the 166,051-sf building at Main St. near the Dallas North Tollway in Frisco Square in 2015. Gearbox is currently located in Plano.

The building will be located across the street from the Toyota Stadium. Encore Office LLC, a subsidiary of Dallas-based Encore Enterprises Inc., in partnership with Wolverine Interests, acquired the land to develop the mid-rise office building for Gearbox.

The development will be the latest addition to the 147-acre mixed-use development, Frisco Square. The project includes a five-story parking structure and retail, restaurant and fitness amenities.

At the completion of the project, Frisco Square will total as much as 4.4 million sf of apartments, office, retail and government space within the pedestrian-friendly development.

Read more at the Dallas Morning News and the Dallas Business Journal.

$1.2B Windsong Ranch sings first verse in Prosper 

(6/27/2014 7:25:00 AM)

PROSPER - A $1.2 billion Windsong Ranch residential community will open the initial phase June 27 in the 2,030-acre development near the Dallas North Tollway and SH 380.

The initial phase, which includes about 275 single-family homes, will market houses from the mid-$300,000s to $500,000s.

The opening of the first phase is coming at a time of rising demand for homes in the Far North Dallas submarket.

With a projected ten- to 15-year build-out of Windsong Ranch, the developer expects to construct 3,100 single-family residential lots, as well as 150 acres of mixed-use development and 550 acres of open space with native preserves, trails and parks.

Huntington Homes, David Weekley Homes and Chesmar Homes expect to open their model homes in the fall.

The 2,030-acre tract of land was purchased by Terra Verde Group back in June 2012 for $29.8 million.

Read more at the Dallas Business Journal.

Florida buyer tees off at Fairways in Grand Prairie 

(6/27/2014 6:15:00 AM)

GRAND PRAIRIE - Florida-based Kislak Organization has purchased the Class B, 348-unit Fairways community on SH 360. The 29-year-old community is 94 percent occupied with average rents at $1.00 per sf.

The community features one- and two-bedrooms ranging from 630 sf to 1,122 sf; average rents range from $0.91 to $1.18 per sf.

The rental project, built in 1984, sits near the General Motors assembly plant and Six Flags Over Texas.

The property will be upgraded by the new owners.

Read more at the Dallas Morning News and Oconnor Data Blog.

Dallas 'One and a Two' West Hills sell for $3.3M 

(6/27/2014)

DALLAS - Ivy Realty Trust sold One and Two West Hills to Oxley Leasing for $3.3 million, or about $29 per sf.

One West Hills, located at 5787 S Hampton Rd., is a 62,942-sf office building built in 1984.

Two West Hills, located at 5801 Marvin D Love Freeway, is a 51,316-sf office building built in 1977. Both buildings are located in the Southwest Dallas submarket.

Source: CoStar Group

Farmers Branch: $6.5M for Parkside Shopping Center 

(6/27/2014)

FARMERS BRANCH - The Parkside Shopping Center at 13881 Midway Rd. and 13901 Midway Rd. has been acquired for $6.5 million from Greenway Investment Co. by a private investor.

The price was roughly $246 per sf for the 26,413-sf building.

The shopping center is located in the South Carrollton Retail submarket of Dallas.

Read more at CoStar Group.

Duncanville 89,500-SF WinCo doors open today 

(6/26/2014)

DUNCANVILLE - The 89,500-sf WinCo that remodeled a former Walmart store at 800 S. Cockrell Hill Rd. will open its doors June 26. The Duncanville store is its third in Texas and will employ 170 people, including 160 that WinCo hired locally.

The store features its “wall of values” at the entry which displays some of the store’s best prices.

The Idaho-based grocery retailer opened its first two stores in February in McKinney and Fort Worth. Plans have been announced for stores in Lewisville and North Richland Hills.

Read more at the Dallas Morning News.

Dallas: 380,000-SF Galleria North Tower I sold to Deutsche 

(6/26/2014)

DALLAS - The 16-story, 379,518-sf Galleria North Tower I in Far North Dallas has been purchased by a German investor.

Deutsche Asset & Wealth Management bought the building located near the northeast corner of the Dallas North Tollway and Alpha Rd.

The office high-rise is just north of the Galleria Dallas shopping mall.

The building is almost 90 percent leased with tenants including Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank. The tower was built in 1998 and Franklin Street had owned the property for ten years.

Read more at the Dallas Morning News.

Grapevine mixed-use Gallery on Main Street underway 

(6/26/2014)

GRAPEVINE - Construction has begun on a 47,407-sf building dubbed the The Gallery on Main Street. The two-story, mixed-use building is at the northeast corner of Main St. and Wall St.

With 23,000 sf on each floor, each level will be able to accommodate eight to ten suites for retail and office space.

A city-owned parking lot is east of the development that will provide 250 spaces within 100 yards of the building.

The mixed-use development is owned by Westwood Group Ltd. and is expected to be substantially complete by Grapefest in September 2014, according to Westwood CEO Gary Hazlewood.

Read more at Community Impact Newspaper.

Dallas Cowboys: Moving 'America's Team' for $115M to Frisco 

(6/25/2014 7:00:00 AM)

FRISCO - Construction is starting this week at the new Frisco headquarters of the Dallas Cowboys. Starting this week equipment will be delivered and engineers will be on site installing erosion fencing.

The City of Frisco and the school district are paying $115 million to move "America's Team" to their growing town. The project will include a 12,000-seat indoor practice facility, which will be used by high school teams on Thursday and Friday nights.

There will also be a five-acre office complex and a 66-acre retail, hotel and restaurant district.

The Cowboys are moving to the headquarters at Warren Parkway and the Dallas North Tollway in the fall of 2016. The team has been based out of Irving since the 1980s.

Read more at WFAA.com.

126-Unit Manchester Park sale net proceeds of $5M Arlington 

(6/25/2014)

ARLINGTON - Manchester Park, 2011 Lincoln Dr., has been sold to Brookline Investment Group. Landmark Apartment Trust sold the 126-unit value-add apartment complex for net proceeds of approximately $5.15 million. The property is currently 97 percent occupied.

The entrepreneurial firm has plans to renovate 10,000 sf of unused clubhouse space to include six racquetball courts.

Read more at GlobeSt. and BusinessWire.

Plano's Shops at Willow Bend part of seven mall sale 

(6/25/2014)

PLANO - The 1.38 million-sf Shops at Willow Bend mall is being sold in a portfolio buy to investor Starwood Capital Group.

Starwood Retail Partners will pay $785 million cash and assume or repay $620 million of debt in the deal expected to close in fourth quarter.

Major tenants include Neiman Marcus, Dillard’s, Macy’s and Crate & Barrel.

The Plano mall is one of seven shopping centers around the country that Starwood is acquiring from Michigan-based Taubman Centers Inc.

Read more at the Dallas Morning News and CoStar Group.

Flower Mound RiverWalk to 357-unit Class A Village 

(6/25/2014)

FLOWER MOUND - SWBC Real Estate has purchased 11 acres within the master-planned, mixed-use RiverWalk at Central Park. The locally based company plans to build a 357-unit Class A multifamily building on the property.

Riverwalk Village will be composed of 12 streetscape apartment buildings. Units will average 857 sf and range from one-, two- and three-bedroom spaces.

Groundbreaking is scheduled in July and the property is expected to deliver in 20 months.

Read more at GlobeSt.

Silverstone kicks off in Plano with senior housing  

(6/25/2014)

PLANO - HarborChase of Plano is being built on Preston Rd. just south of SH 121 near Legacy business park. It’s near the Nylo Hotel.

The 120-unit residential community will provide top-class assisted-living and memory care services.

The senior housing development will take about a year to construct. This is one of seven developments Silverstone Healthcare Co. plans to build.

Read more at the Dallas Morning News.

East Dallas church preps for new school 

(6/25/2014)

DALLAS - Reconciliation Academy has purchased the former St. Luke Methodist Church campus in East Dallas with plans to redevelop the 96,000-sf church into a preparatory school.

The academy plans to retain the building's architectural details and redevelop it with a new community-centric purpose. The initial renovation will total 43,000 sf for the building located on 6211 E. Grand Ave.

St. Luke’s existing auditorium will be converted into a multipurpose room for gym and auditorium uses.

The preparatory school will double its student population and offer classes from prekindergarten to fifth grade during its first year.

CityScape East Grand Preparatory will open in August. Enrollment for this upcoming school year has already begun.

Read more at the Dallas Business Journal.

Dallas' 343,617-SF Kiest Distribution Center sold for $12M 

(6/24/2014 7:00:00 AM)

DALLAS - The 343,617-sf Kiest Distribution Center on 5800 West Kiest Blvd. will be acquired by a third-party purchaser for $11.6 million. It is 100 percent leased to RSI Home Products Manufacturing Inc. for a remaining lease term of approximately 2.8 years.

The sale price represents an increase of approximately $1.6 million, or 16 percent, from the purchase price paid by the REIT when it acquired the property in conjunction with its initial public offering in January 2013.

The sale is expected to close on or about August 11, 2014.

Read more at BusinessWire and the Wall Street Journal.

$34.5M sale of Irving's 263,000-SF Crestview Office Tower 

(6/23/2014 7:30:00 AM)

IRVING - CapRidge Partners has purchased Crestview Office Tower, a 12-story, 262,962-sf tower at 105 Decker Court for $34.5 million. The property is adjacent to the Las Colinas Urban Center near DFW International Airport.

The 12-story office tower, which is 88 percent occupied. Florida-based Codina Partners, who purchased the property in March 2012 for $21.4 million, sold Crestview to CapRidge.

In January, Austin-based CapRidge Partners made its foray into Dallas-Fort Worth by acquiring Gramercy Center, a 257,000-sf office building off the Dallas North Tollway, from Stockbridge Real Estate and Billingsley.

Read more at the Dallas Business Journal and GlobeSt.com.

Fort Worth: 136-unit The Lodge sold in Woodhaven 

(6/23/2014)

FORT WORTH - The Lodge, a 136-unit value-add apartment complex located at 6500 Oakland Hills Dr., has been sold.

New York-based Iliad Properties LLC, the buyer, plans to invest in improvements to both interior and exterior elements of the complex. It also plans to expand its holdings in the Woodhaven area further in 2014.

The Lodge is located less than a quarter of a mile from I-30.

Iliad Properties purchased the asset from William Migneault for an undisclosed price.

Read more at CBRE and GlobeSt.

Granbury Medical Center completes $8.7M MOB 

(6/23/2014)

GRANBURY - An $8.7 million medical office building (MOB) on the campus of Lake Granbury Medical Center near Fort Worth has been completed.

The 41,000-sf office will contain some key Lake Granbury Medical Center departments, such as orthopedics, sports medicine and cardiology.

The building is connected to each of the main hospital's three levels, which will give doctors and patients easy access.

The medical office was completed by The Sanders Trust, a Birmingham, Alabama-based health care facility developer, who will both own and manage the building.

Read more at the Dallas Business Journal.

Uptown tower $225M raises bar for project cost 

(6/23/2014)

DALLAS - Construction has kicked off on the 530,000-sf, 20-story McKinney & Olive development. The $225 million office and retail property is located at McKinney Ave. and Olive St.

According to Crescent Real Estate Holdings, Dallas law firm Gardere Wynne Sewell LLP has leased four floors. The Fort Worth-based developer has more office deals in the works.

Tenants will pay a premium to locate in the new glass tower. Rents in the building will be in the mid to upper $40 per sf — some of the highest ever in Uptown.

Around 20 to 25 percent of this site is not built on and is non-revenue generating.

The lower floor retail and restaurant center and almost one-acre outdoor public space are features that set the project apart from other buildings in the area.

The tower will take about two years to build.

Read more at the Dallas Morning News.

First Financial banks 40,000-SF in Fort Worth 

(6/23/2014)

FORT WORTH - First Financial Bank will build a new banking location at 1000 Forest Park Blvd. The building will be a four-story, 40,000-sf building with five drive-thru lanes and a deposit-taking ATM. A portion of the new building will be available for lease.

The bank's current Fort Worth location at 550 Bailey Ave., Suite 300, will be relocated to the new building upon completion in mid-2015, subject to final regulatory approval.

Read more at PRNewswire.

Dallas-Fort Worth economy reaches $440B 

(6/23/2014)

DALLAS-FORT WORTH - DFW is one of the fastest growing metros in the United States. A new report shows its economy ranking 6th in the nation at $440.1 billion in 2013.

DFW even outranked most countries in the world, trumped in gross product estimates by only 17 of the world’s 196 national economies.

U.S. Metro Economies report, presented at the U.S. Conference of Mayors by IHS Global studied metros that were home to 84 percent of the nation’s population, 87 percent of total real income, 90 percent of new housing starts and 90 percent of real gross domestic product.

The report also showed metros will continue to be the center of growth for years to come, supplying 92 percent of real gross product growth through 2020.

For DFW, its airport is one of the primary “economic engines”, especially when it comes to attracting international travelers and business deals.

By 2015, the study predicts the DFW economy will grow to $464.7 billion and by 2016 it should rise to $491.4 billion.

The unemployment rate for DFW is expected to be 5.3 percent in 2014 and 4.9 percent by 2015.

Read more at the Fort Worth Star-Telegram.

$200M super lux homes headed to Corinth, Texas that is 

(6/20/2014 7:30:00 AM)

CORINTH - The U.S. subsidiary of Lelege Group of Hong Kong broke ground on a $200 million Denton County mixed-use development.

Lelege USA Corp.’s 93-acre project on Lewisville Lake in Corinth will have 111 super luxury homes and 13 acres of commercial development.

The Long Lake community on Swisher Rd. will contain houses ranging from 7,000 to 10,000 sf.

The Dallas-based developer is also building projects in Flower Mound and in Oklahoma.

Read more at the Dallas Morning News.

Busboom buys 168-unit Cottages at Bedford for $7.5M 

(6/20/2014)

BEDFORD - The 168-unit Cottages at Bedford, 2000 Park Place Blvd., have been sold for $7.55 million, or about $45,000 per unit.

The 113,562-sf complex offers one- and two-bedroom units ranging from 532 sf to 948 sf. Rent ranges from $630 to $850 at the community, which is 94 percent occupied.

The complex is located in the Outer Hurst/Bedford/Euless multifamily submarket.

LM Capital sold the Cottages at Bedford to Busboom Management Group.

Read more at CoStar Group.

Downtown Fort Worth commercial stats 1Q 2014 

(6/20/2014)

FORT WORTH - Office and retail occupancy rates for Downtown Fort Worth for first quarter 2014 are available.

Data presented in the report are derived from the following sources: Sales and sales tax data are from the Texas Comptroller of Public Accounts, office and retail occupancy rates from the Costar Group.

Downtown Fort Worth Office / Retail Occupancy Rates
 Type 1Q 2012 1Q 2013 1Q 2014
Office 88.2% 87.5% 85.8%
Retail 92.6% 94.4% 94.5%

Office Rental Rates
Downtown Fort Worth*
Type 1Q 2012 1Q 2013 1Q 2014
Class A $27.30 $28.22 $28.88
Class B $18.60 $20.20 $20.65
Class C $16.79 $17.86 $16.01

*Full service rent ($/SF/YR)

Read more at Downtown Fort Worth Inc. (DFWI) For more stats on office, retail and more, see DFW Market Data Sources.

Forecast: Continued expansion of Dallas-area office market 

(6/20/2014)

DALLAS - The Dallas area office market has the “highest rent growth expectation in 16 years,” according to a new report from PricewaterhouseCoopers LLP.

The accounting firm forecasts that more than 5 million sf of new Dallas area office space will open in the next two years.

The second quarter real estate investor survey predicts that the city’s office market will have four years of continued expansion.

Office rents are up by more than 4 percent area wide this year. Additionally, the cost of office space is rising even faster in some business districts, including West Plano, Uptown and Preston Center.

Survey participants foresee rising property values of as much as 10 percent in the next 12 months.

Read more at the Dallas Morning News.

1,755 Acres along Fort Worth's Chisholm Trail Parkway sold 

(6/20/2014)

TARRANT COUNTY - The Walton Group of Cos., a Canadian-based developer, has acquired 1,755 acres along Fort Worth’s Chisholm Trail Parkway for a master-planned community.

The property was acquired from the Texas General Land Office in Tarrant County.

The property is bisected by the recently opened Chisholm Trail Parkway corridor with land to the east and west of the 27-mile parkway.

Much of that land had been part of a planned "prairie park" to preserve native plants and species, but supporters did not raise the necessary funds to purchase the land.

Walton currently oversees more than 25,000 acres in Ellis, Hunt and Grayson Counties in North Texas, as well as Hays and Caldwell Counties in Central Texas.

They are committed to working with local officials to expand economic opportunity in the region.

Read more at Fort Worth Business Press and the Dallas Morning News.

Exeter pays $23.4M for Plano Business Park 

(6/20/2014)

PLANO - Plano Business Park, a three-building industrial business park, has been sold for $23.4 million.

Exeter Plano Business Park LP finished its planned acquisition of the 283,559-sf business park at 3801, 3901 and 4001 E. Plano Pkwy.

KBSII Plano Business Park LLC had $17.8 million committed to the property, which included the initial purchase price and capital expenditures. They purchased the property in March 2010.

Read more at the Dallas Business Journal.

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