NewsTalk Texas

Dallas-Fort Worth-Arlington

Steadfast REIT invests $157M: where in DFW? 


DALLAS-FORT WORTH - Steadfast Apartment REIT has acquired four apartment communities, totaling 1,072 units, in two transactions for an aggregate purchase price of $157 million — with three properties located in the DFW area.

  • Euless: Kensington by the Vineyard is a 259-apartment community. Constructed in 1997 on 14.7 acres, the complex comprises 37 two-story apartment buildings.

    Units feature one-, two-, three- and four-bedrooms ranging from 692 sf to 1,613 sf. Kensington by the Vineyard is 95.8 percent occupied as of August 24.
  • North Richland Hills: Ten miles west of Kensington by the Vineyard is The Delano at North Richland Hills. This 263-apartment community offers a mix of one-, two-, three- and four-bedroom apartment homes in eight different layouts ranging from 722 sf to 1,954 sf.

    Delano at North Richland Hills is currently 97.3 percent occupied.
  • North Richland Hills: The Meadows at North Richland Hills features 252 units in two-, three- and four-bedroom designs ranging from 1,013 sf to 1,407 sf.
    The Meadows at North Richland Hills is currently 97.6 percent occupied.

Read more at Globe St.

Dallas Arts District office tower painted 'sold' for $131M 


DALLAS - 2100 Ross — Cousins Properties Incorporated’s 843,728-sf, Class A office tower in the Arts District submarket — has been sold for a gross price of $131 million.

Cousins purchased 2100 Ross at 67 percent leased in August of 2012 for $59.2 million by first acquiring a B-note and subsequently acquiring the office tower in foreclosure.

During Cousins' ownership, the company executed approximately 390,000 sf in new leases and renewals and completed a substantial renovation at the asset.

Source: PRNewswire

DFW WinCo Foods 'in stock' with two new 85,000-SF stores 


DALLAS-FORT WORTH - WinCo Foods continues its expansion throughout North Texas, with new stores slated for Arlington and Fort Worth.

Arlington: WinCo has leased an 85,000-sf building in the Bardin Place shopping center, located on the southwest corner of I-20 and South Cooper St.

WinCo will join tenants including Ross Dress for Less, Hobby Lobby and Dollar Tree. WinCo expects to start construction this fall, according to Venture Commercial Real Estate.

North Fort Worth: WinCo acquired a 10.5-acre tract of land and is expected to begin construction this fall on an 85,000-sf store located on the southeast corner of Tehama Ridge Parkway and Presidio Vista Dr.

WinCo will join tenants including Costco, Target, Raising Cane’s Chicken Fingers and In-N-Out Burger in the Presidio Towne Crossing shopping center.

WinCo Foods currently operates five stores in North Texas in Lewisville, Fort Worth, McKinney, Duncanville and North Richland Hills.

Read more at Globe St.

Exxon Mobil sells 600,000-SF Pegasus Place in Dallas 


DALLAS - Exxon Mobil Corp. has sold its longtime under-used Pegasus Place corporate campus off Stemmons Fwy. to an undisclosed Dallas-based investor.

The Dallas office campus includes a 1972-era tower, named Pegasus Place, is a 17-story, 594,000-sf office building that was bought by the former Mobil Oil Corp., along with the rest of the campus in 1981.

The campus includes a number of buildings, including a two-story, 67,000-sf office building and three auxiliary buildings. There is also a conference center with multiple sized conference rooms.

Read more at the Dallas Business Journal.

230-Unit Everton makes appointment near Dallas Presbyterian 


DALLAS - CMC Commercial Realty Group is building the five-story, 230-unit Everton apartments at the northwest corner of Walnut Hill Lane and Rambler Rd. — across the street from Texas Health Presbyterian Dallas and DART’s light-rail station.

The project takes up just under two acres. Rents will start at under $2 per sf monthly and the apartments will average under 800 sf.

The developers anticipate that medical professionals and office workers in the area will be their primary market.

“The hospital has around 8,500 workers,” said CMC senior vice president Steve Huff. “We will try to deliver the first units in about 11 or 12 months.”

Read more at the Dallas Morning News.

Cushman & Wakefield, DTZ finalize $2B merger 


NORTH TEXAS - Two of the country’s biggest commercial real estate firms — with major operations in North Texas — have completed their merger.

New York-based Cushman & Wakefield was acquired by Chicago-based DTZ in a deal estimated at $2 billion in value.

The combined company will operate as Cushman & Wakefield and will have $5 billion in revenue and 43,000 employees in the U.S.

The combined companies will be one of the largest commercial real estate firms in North Texas.

Read more at the Dallas Morning News.

Dallas Deep Ellum: A Case for 'industrial style' apartments 

(9/1/2015 1:15:00 PM)

DALLAS - The Case Building, a 337-unit tower at Main and Hall streets, will be the first high-rise apartment in Deep Ellum.

Construction on the 17-story apartment tower — the largest new real estate project yet in Dallas’ Deep Ellum neighborhood — is being launched just south of Baylor Medical Center by investor Westdale Properties and Streetlights Residential.

To fit into the old commercial district, the new apartment tower will be built in what the developers call an “industrial style.”

Rental units will have ten-foot concrete ceilings, exposed brick walls and open metal shelving in the kitchens.

The construction of this high-rise apartment tower — with units ranging from 500 sf to 1,300 sf — will up the ante in Deep Ellum’s rebounding real estate market.

Read more at the Dallas Morning News.

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Dallas: two-building office complex sold, redo to Class AA 

(9/1/2015 12:00:00 PM)

DALLAS - Two North Central Expressway office buildings — 6060 and 6080 North Central Expressway — have been acquired by a joint venture between Houston-based Triten Real Estate Partners and Chicago-based Convexity Properties.

6060 North Central Expressway is an eight-story, 224,682-sf boutique office building. It was constructed in 1972 and renovated seven years ago.

The second building, 6080 North Central Expressway, includes a four-story building with three levels of parking and a floor totaling 45,817 sf of office space.

According to JLL second quarter research, office rates in the North Central Expressway submarket average $23.74 PSF plus utilities, compared to Uptown where average asking rates are $33.53 PSF.

The new partnership plans to immediately begin a multimillion-dollar renovation to the buildings to bring them up to Class AA standards. In the future, the two firms plan to build a mixed-use lifestyle center surrounding the properties to focus on offering a work-play-live environment to the neighborhood.

At the time of the deal, 6060 North Central Expressway was 88 percent leased and 6080 North Central Expressway was 100 percent leased to Zenith Education Group.

Read more at the Dallas Business Journal.

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Dallas Turtle Creek vision: $275M in high-rise projects 

(9/1/2015 9:30:00 AM)

DALLAS - As Toronto-based Great Gulf Homes gets ready to make its foray into the United States with its first $225 million high-rise project, the builder has expanded its Turtle Creek plans with an additional tower.

The home builder has acquired 2401 Turtle Creek Blvd., a 50-unit executive apartment tower adjacent to its heavily marketed 22-story Ltd. Edition tower at 2505 Turtle Creek Blvd. at Turtle Creek Blvd. and Fairmount St. in Dallas.

The 100 condo homes within the Ltd. Edition tower would range from $1.1 million up to $6 million.

The for-rent executive tower is expected to cost up to $50 million to develop, which would, if built, bring Great Gulf Homes' bet on the Dallas residential market to $275 million.

Read more at the Dallas Business Journal.

15-Story Renaissance hotel under the 'Moon' in Plano 

(9/1/2015 9:00:00 AM)

PLANO - Developers are getting ready to begin construction on a 15-story Renaissance luxury hotel tower within the highly anticipated $2 billion Legacy West development in West Plano.

The 304-room luxury hotel at 6181 Legacy Dr. will feature modern, upscale finishes with more than 100,000 sf of conference room and meeting space, restaurants, outdoor bar terrace and third-level amenity deck with a swimming pool, bar, spa and fitness center.

The developer of the project, Sam Moon Group, plans to host a groundbreaking ceremony on Tuesday, September 2 to kick off the construction of the new hotel tower, which will also include an attached 470-car parking garage for hotel guests.

Sam Moon Group expects construction to be complete on the hotel by spring 2017.

Read more at the Dallas Business Journal.

Frisco's $1.6B Phillips Creek sold out (six years ahead) 


FRISCO - Dallas-based Republic Property Group has sold the last tracts of land within the 950-acre master-planned community $1.6 billion Phillips Creek Ranch, six years ahead of schedule.

“We'll probably still have another three or four years of development, but 100 percent of the project has been committed to either builders or home buyers. The success of the project and the velocity of home sales have greatly surpassed our expectations," Jake Wagner, co-CEO and partner of Republic Property Group said.

So far this year, Republic Property Group has sold 268 homes with an average home price of $590,000 at Phillips Creek Ranch in Frisco — the most expensive house sold for nearly $1.5 million.

In North Texas, the average cost of an existing home increased 13.4 percent year-over-year to $220,000 in Dallas-Fort Worth, according to the Texas Association of Realtors and The Real Estate Center at Texas A&M University.

At build-out, Phillips Creek Ranch will be home to more than 10,000 residents and will include 3,000 homes.

Read more at the Dallas Business Journal.

Arlington's 232-unit Runningbrook sells to Canadian firm 

(8/31/2015 10:00:00 AM)

ARLINGTON - Running Brook, a 232-unit multifamily community, has been sold to Canada-based Marlin Spring US Realty.

The 185,224-sf asset, located at 1519 Running Brook Dr., was built in 1983. The 21-building complex is comprised of studio, one-, two- and three-bedroom units. It was 96 percent occupied at closing.

Recent capital improvements include new roofing, irrigation system installation, new property signage, new commercial grade playground, new solar screens and business center addition.

The buyer assumed a Fannie Mae loan that will be due in 2021. This is the buyer’s first DFW-area acquisition.

Chris Deuillet, First Vice President with CBRE in Dallas, represented the seller.


Being civil in $74M Tom Vandergriff Civil Courts Building 


FORT WORTH - The City of Fort Worth has opened the new $74 million, 235,000-sf Tom Vandergriff Civil Courts Building.

The downtown development consists of a public plaza and six levels, including 13 courtrooms.

The finished building mirrors the architecture of other buildings downtown and is located at 100 N. Commerce Street, between East Weatherford and East Belknap streets.

Read more at the Fort Worth Star-Telegram.

Allen Eagles fly home to $60M stadium 

(8/27/2015 10:00:00 AM)

ALLEN - It's been more than a year since the $60 million Allen Independent School District's Eagle Stadium — the most expensive high school stadium in North Texas — has been open to crowds for a Friday night football game after structural problems were found in the newly completed facility.

But Friday, the Landry Classic — where the Allen Eagles will face off against Denton Guyer — is expected to bring a sellout crowd of 9,000 fans to the facility, Allen ISD Chief Information Officer Tim Carroll told the Dallas Business Journal.

This fall, Eagle Stadium will host a total of eight home games during the football season.

Source: Dallas Business Journal

Case-Shiller: Dallas-area home prices jump 8.2 percent 

(8/27/2015 9:15:00 AM)

DALLAS - Dallas-area home prices are up 8.2 percent in June, nearly double the national rate, according to the latest S&P/Case-Shiller Home Price Indices.

Following a trend seen in other recent months, Dallas ranked No. 3 nationally behind Denver and San Francisco, where year-over-year home prices rose 0.2 percent and 9.5 percent, respectively, in June.

The average increase for 20 large metropolitan areas tracked by Case-Shiller was 5 percent, about the same as in May.

In the Dallas area, home prices are at a record high and up 19 percent from where they were at the peak of the housing market before the recession in April 2007, according to data from Case-Shiller.

June 2015 S&P/Case-Shiller Home Price Indices by 1-Year Change
Metro Area* May 2015-
June 2015
Denver 1.3% 10.2%
San Francisco 0.4% 9.5%
Dallas 0.9% 8.2%
Portland, Ore. 1.5% 7.8%
Miami 0.3% 7.7%
Seattle 1.1% 7.4%
Los Angeles 0.9% 6.3%
Las Vegas 0.8% 6.1%
Detroit 1.8% 5.7%
Atlanta 1.3% 5.4%

*Only top ten metro areas shown.

Source: S&P/Case-Shiller Home Price Indices

Read more at the Dallas Morning News.

Don't miss out! See DFW Market Research for more Housing stats.

Richardson's quick turnaround for 83,000-SF The Shire 

(8/27/2015 9:00:00 AM)

RICHARDSON - The Shire, an 83,000-sf mixed-use specialty retail and office project — east of Richardson's high profile, $1.5 billion CityLine project — has been sold.

Located at SH-190 (President George Bush Turnpike) and Jupiter Rd., the center was acquired by a local investment group formed by Huey Investments and Standridge Cos.

The Shire features a number of upscale and casual restaurants, as well as service and office users.

Restaurants in the specialty retail space include Silver Fox Steakhouse, Ye Shire Tavern, Main St. Bistro/Bakery, Thai’s Thumbz Urban Kitchen and Apollonia’s Italian Kitchen. Other tenants include Bright Horizons Early Education and Republic Title.

Read more at Globe St.

Also see Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Kite Realty swoops up Chapel Hill Shopping Center 


FORT WORTH - Kite Realty Group Trust has acquired the 200,000-sf Chapel Hill Shopping Center.

The center is 96 percent leased and anchored by H-E-B Grocery’s premier Central Market, The Container Store and Cost Plus World Market. The shopping center also includes a strong lineup of other high-quality retailers such as Ann Taylor, Beauty Brands, New Balance and Men’s Wearhouse.

The purchase price, net of $18 million of debt, was funded using remaining 1031 sale proceeds and other cash and liquidity sources.

Chapel Hill Shopping Center is located at the intersection of I-30 and Hulen St., one of the area’s most highly traveled crossroads, and benefits from multiple access points and ease of entry. The densely inhabited area has an estimated population of 275,000 residents.

Read more on the Street Insider.

Ciao! Bella Vita Apartments changes hands in Waxahachie 


WAXAHACHIE, ELLIS COUNTY - With 1031 exchange funds to deploy, California-based KD Real Property Investments LLC has acquired a 72-unit, Class A apartment complex in Ellis County from a north Texas investor in an off-market transaction.

The complex is known as Bella Vita Apartments and was 99 percent occupied at the time of sale.

The seven-building, gated complex at 380 Solon Rd. was a purpose-built project for residents aged 55 and over.

Units at Bella Vita range from 840 sf to 1,075 sf and include either one or two bedrooms. Rent ranges from $885 to $1,235.

Amenities include a walking trail, clubroom, business center, library, fitness center and pool.

Read more at Citybizlist.

Dallas County: duo buy in Great Southwest Industrial Park 

(8/26/2015 11:33:00 AM)

DALLAS - Dallas-based private equity group Stonelake Capital Partners has bought two industrial buildings within the Great Southwest Industrial Park in southern Dallas County.

The buildings — totaling roughly 150,000 sf of industrial space — are located about half-a-mile from each other and are 100 percent leased to four regional distribution tenants.

The acquisition brings the private equity firm's total industrial portfolio to 2.5 million sf of space in the Lone Star state.

Read more at the Dallas Business Journal.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

$25M 'Tex' donation drives Longhorns to Cowtown  

(8/26/2015 9:30:00 AM)

FORT WORTH - The University of Texas System expands to Fort Worth with the new UT Southwestern Monty and Tex Moncrief Medical Center at Fort Worth, after receiving a $25 million donation from W.A. "Tex" Moncrief Jr.

The center is the UT System's first named campus outside of Dallas. It builds on UT Southwestern Medical Center's recent expansions at the Moncrief Center Institute within Fort Worth's Medical District.

The new campus adds onto Fort Worth's strategic goals of making the health care industry a top priority to the city. Recently, Fort Worth landed two major medical expansions and relocations.

The campus' first building will sit on 6.3-acres at the northwest corner of Pennsylvania Ave. and Main St.. Construction is slated for completion in September 2016.

In all, the campus will include the newly acquired property, the new facility and the Moncrief Cancer Institute, which is on a nearby 3.4-acre site at 400 W. Magnolia Ave. in Fort Worth.

Click here to read more on the Dallas Business Journal.

Frisco: Edgestone at Legacy planned for 300 acres 


FRISCO - Hines and Capital Limited Partnership of Canada acquired 311 acres near Dallas for a master-planned community called Edgestone at Legacy.

The new owners plan to build a new residential community — west of the Dallas North Tollway near Legacy Dr. and Stonebrook Parkway — with hundreds of home sites.

Home builders in Edgestone include Coventry Homes, Darling Homes, Highland Homes, Huntington Homes, Shaddock Homes and Village Builders.

The prime development site was purchased from the estate of the late businessman Bert Fields Jr.

Construction is expected to begin late this year.

Read more at Realty News Report and the Dallas Morning News.

The Epic to start: Grand Prairie's massive $75M water park 

(8/25/2015 8:00:00 AM)

GRAND PRAIRIE - Grand Prairie is getting ready to start construction on a new $75 million water park-anchored development, known as The Epic, to bring a large recreational hub to the city.

The Epic — slated to get underway with a groundbreaking on October 17 —  will anchor the city's Central Park, west of SH 161 and the future extension of Waterwood Dr., with an indoor 70,000-sf water park with a retractable roof and 3.5 acres of outdoor space.

The water park is expected to have one of the longest lazy rivers in the United States after completion.

Ultimately, Grand Prairie will add new rides and slides in future phases of the project.

Grand Prairie is working to bring retail and restaurants to the 19 pad sites adjacent to the development.

Construction on The Epic is slated for completion in April 2017.

Read more at the Dallas Business Journal.

85,000-SF WinCo Foods to Garland 


GARLAND - WinCo Foods LLC will open its sixth Texas store located at 1122 W. Centerville Rd. on August 27, 2015.

The 85,000-sf store will initially employ approximately 150 individuals, about 140 of whom have been hired locally.

Estimated cost of construction is $6.5 million according to the Texas Department of Licensing and Regulation.

WinCo Foods is an employee owned company founded in 1967 in Boise, Idaho. WinCo operates as a regional discount supermarket company currently employing over 15,000 individuals and operating 102 stores and five distribution centers in the states of Washington, Idaho, Nevada, California, Oregon, Arizona, Utah and Texas.

Read more at PRNewswire.

Grand Prairie: 436-unit Towns of Riverside streams to 'sold' 

(8/24/2015 8:00:00 AM)

GRAND PRAIRIE - Towns of Riverside, a 436-unit multifamily community at 2803 Riverside Parkway, has been acquired by The Bascom Group LLC.

The unit mix is comprised of 52 percent one-bedroom units, 40 percent two-bedroom units, and 8 percent three-bedroom units; 39 percent of the 436 units provide direct access garages and 28 percent are townhome-style apartment homes, offering a diverse set of floor plans for young professionals, singles, and families.

Towns of Riverside offers units ranging from 722 sf to 1454 sf. Rent ranges from $863 to $2,321.

Built in 1999, the 54-acre property consists of 59 residential buildings and a stand-alone leasing center.

Community amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court and fishing pier overlooking the community lake.

Read more at Globe St.

Frisco's 395-Unit Amalfi Stonebriar buy at $45M 

(8/24/2015 6:50:00 AM)

FRISCO - The 395-unit Amalfi Stonebriar rental community on Town and Country Blvd. north of SH 121 has been purchased for $45 million. 

Amalfi Stonebriar offers one- and two- bedroom apartments and townhomes that range from 603 sf to 1,689 sf. Rent ranges from $879 to $2,899.Completed last year, the luxury rental project is more than 90 percent leased.

The community — purchased by Pure Multi-Family REIT LP — is just north of where Toyota is building its huge North American headquarters in West Plano.

Read more at the Dallas Morning News.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Homes, values growing rapidly in Burleson 

(8/24/2015 6:45:00 AM)

BURLESON - Burleson's residential building is on track to surpass that of 2014.

According to new single-family home permits, 252 lots have been permitted for building so far this year, compared with 413 total last year.

The average home permit's square footage during July was 3,374 sf, with an average value of $202,518.

Although 12 fewer permits were issued for residences last month compared with July 2014, Burleson Assistant Director of Development Services Justin Bond said he anticipates 400 or more homes to be built this year.

"When we talk to the development community, they are very interested in getting new lots together because the demand is there from both homebuyers and builders," Bond said.

Staff predictions show 432 homes being permitted or completed by year's end, with an average value of $208,642. The average home value in 2014 was $201,010.

"The demand for a higher-valued home is a good indicator of a strong local economy," Bond said. "Putting more lots on the ground is a priority to keep the supply available to meet this growing demand."

Last year, Burleson came in second in the region for new single-family home permits in comparable cities, just behind Arlington.

Permits issued between January and November 2014 totaled 383 in Burleson, compared with 433 in Arlington.

The next-highest number of permits issued was in Waxahachie with 286.

Read more at the Burleson Star.

Frisco fires up population to 150,000 


FRISCO - Frisco has joined the ranks of cities with estimated populations of 150,000 residents.

Frisco has been one of the country’s fastest-growing cities for years.

New homes are being steadily added to the mix. So far this year, the city has issued, on average, 198 single-family building permits each month. Buildout is projected to reach about 350,000.

The latest population estimate is staggering when you think back to 2000, when the census recorded just 33,714 people in this suburb straddling the Collin-Denton county line.

The latest focus is the city’s “$5 Billion Mile,” which plays off the value of four new mixed-use developments along a stretch of the tollway.

Among them is The Star in Frisco, a partnership with the city, Frisco ISD and the Dallas Cowboys. By this time next year, the Cowboys will have moved out of Valley Ranch and will be calling Frisco home.

Read more at the Dallas Morning News.

Dallas metamorphosis: hotel to data center 


DALLAS - Lincoln Property Co. and T5 DataCenters are buying Cabana Motor Hotel — an old hotel northwest of downtown Dallas on Stemmons Fwy. — and plan to replace the building with a six-story data center complex.

Dallas County earlier this year agreed to sell the 52-year-old hotel — recently used as a detention center — to Lincoln Property for $8.7 million.

Lincoln Rackhouse, the data center subsidiary of the Dallas-based real estate developer, is already hunting business for the more than 300,000-sf data center it plans to build on the site at 899 N. Stemmons.

The planned data center would be one of the largest in the downtown Dallas area and would handle a growing need for Internet, telecommunications and data transfer traffic.

T5 and Lincoln plan to have the building open in early 2017, according to marketing materials for the project.

Read more at the Dallas Morning News.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Grand Prairie: Falken Tires distribution to Wildlife 3 

(8/21/2015 12:15:00 PM)

GRAND PRAIRIE - An affiliate of Dallas-based national development company Crow Holdings broke ground on a build-to-suit project for Falken Tires within the Wildlife Commerce Park in Grand Prairie.

It is being developed on a 15-acre site at 2401 N. Beltline Rd.

Falken Tires is a Sumitomo Rubber Industries brand with its corporate headquarters in Rancho Cucamonga, Calif. and distribution locations in Tennessee, New Jersey, Texas and Florida.

Known as Wildlife 3, the new 233,740-sf facility will be utilized as a distribution center once construction wraps up in first quarter 2016.

The groundbreaking of Wildlife three follows the completion of Wildlife 2, Crow Holdings’ 344,400-sf speculative building currently available for lease at 705 E. Wildlife Pkwy.

Wildlife two is the second completed project in the park, with the first, a 315,000-sf warehouse to be occupied by AT&T, Milgard Windows & Doors, and Millennium Packaging, delivering in March 2015. Six projects are still proposed in the 220-acre industrial park.

Read more from CoStar Group.

Parking pains: $11M garage set for TWU 


DENTON - By fall 2017, Texas Woman’s University will have an additional 300 parking spaces thanks to a new $11 million parking garage.

The garage, which will take the place of a 300-spot commuter parking lot on Oakland St., will have an estimated 600 parking spaces.

To prepare for the construction, the university plans on adding a lot for 197 vehicles on land TWU owns at the intersection of Woodland St. and Frame St. just north of East University Dr. across from the TWU campus.

The lot will open next summer, and shuttles between the lot and campus will be provided for those who park in the lot.

Once the lot is open, construction will start on the new garage.

Read more at the Denton Record-Chronicle.

Frisco to buy Omni conference center for $17.5M 


FRISCO - City Council approved a purchase agreement that allows the city to buy the conference center attached to the Omni Hotel coming to The Star development.

The agreed purchase price for the conference center is $17.5 million. The city will purchase the conference center once it is complete.

The conference center will be 43,000 sf, including 13,000 sf of main ballroom space and 24,000 sf of breakout space.

The attached Omni Hotel will be about 250,000 sf with 16 stories and 300 rooms. The hotel will be part of The Star, a 91-acre mixed-use development at Warren Parkway and the Dallas North Tollway.

Read more at Community Impact Newspaper.

Don’t forget! Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Heavenly HQ: $16M Insight for Living coming to Frisco 


FRISCO - The Rev. Chuck Swindoll’s ministry, Insight for Living, is building its international headquarters in Frisco and is expected to be finished with the first portion in January 2016.

In 2011, Insight for Living purchased seven acres of land for the $16 million, 64,000-sf headquarters, which will include a bookstore, apartments for visiting pastors and a distribution center.

The development will be at Lebanon Rd. and Parkwood Blvd. next to Stonebriar Community Church, where Swindoll preaches. Insight for Living headquarters and bookstore are scheduled to open in 2016.

Project manager Nila Hutcheson said construction began in November 2014 and is currently at 40 percent on the first phase of the project.

Read more at Community Impact Newspaper.

Proposed $41M redevelopment Braniffe Centre at Love Field 


DALLAS - A proposed $41 million multimillion-dollar redevelopment of Braniff Centre at Love Field in Dallas would create 1,200 aviation, office and retail jobs totaling roughly $65 million in annual salaries and remove an eyesore from the city-owned airport, according to a briefing to economic development officials.

According to the briefing, Reed Enterprises will develop both aviation and commercial uses for the site, including:

  • $17 million capital investment commitment for aviation use within 36 months;
  • $20 million capital investment commitment for commercial use within 60 months; and
  • an additional $4 million capital investment within ten years.

The facility would generate total average rent of $1.15 million per year for the airport and add about $500,000 annually to the tax rolls and $600,000 annually in sales taxes, the briefing says.

Other benefits include the 1,200 aviation, office and retail jobs at full build-out, with about $65 million in annual salaries, as well as the historical preservation, Mark Duebner, director of aviation for the City of Dallas said.

Read more at the Dallas Business Journal.

Don't forget Dallas NewsTalk and Dallas Market Research for quarterly data of commercial real estate.

New Alliance Northport adding 3M SF in north Fort Worth 

(8/19/2015 1:00:00 PM)

FORT WORTH - Developer Hillwood Properties has purchased 260 acres on I-35W near SH 114 where it plans to develop an office and industrial park called Alliance Northport.

The property is in the same area where Farmer Bros. Co. is building a new headquarters and industrial complex for the coffee company, which is moving to Texas from California.

The expansion will add more than 3 million sf to Hillwood’s AllianceTexas project, which currently totals over 40 million sf.

Alliance Northport is planned for more than a half dozen buildings centers ranging from under 100,000 sf up to almost 1.3 million sf.

AllianceTexas is now home to more than 400 companies, and has created over 40,000 jobs.

Read more at the Dallas Morning News.

No. 4 in U.S. for corporate moves? Plano's Zip Code 

(8/19/2015 8:30:00 AM)

PLANO - With thousands of workers moving to Plano for jobs with Toyota, Liberty Mutual Insurance, FedEx and others, it should not be a surprise the Collin County town is near the top of home shopping lists.

So far in 2015, Plano has ranked fourth among U.S. markets for Internet home on

“Plano is identified as the country’s 4th hottest zip code so far this year out of 32,000 others across the U.S.,” reports. Neighborhoods in San Antonio and Austin also made’s top ten home search list.

Toyota is moving about 4,000 jobs to Plano to work in its new North American headquarters now under construction in Legacy business park.

Liberty Mutual Insurance is building a new regional office campus in Plano that will house up to 5,000 workers.

FedEx Office will open its new worldwide headquarters in Plano later this year with more than 1,000 employees.

Top 10 Hottest Zip Codes
Midyear 2015
Rank Zip Name
1 02176 Melrose, Mass.
2 43085 Columbus, Ohio
3 80122 Littleton, Colo.
4 75023 Plano
5 48375 Novi, Mich.
6 78247 San Antonio
7 63126 St. Louis, Miss.
8 78729 Austin
9 58103 Fargo, N.D.
10 92010 Carlsbad, Calif.


Read more at the Dallas Morning News.

Click Dallas-Fort Worth Market Research and Dallas-Fort Worth NewsTalk.

Kroger pushes their cart from Houston to Coppell 

(8/19/2015 8:15:00 AM)

COPPELL - Kroger is spinning off a Dallas division — separating its North Texas operations from its central Houston hub.

With the split, the Dallas branch will move to 40,000-sf office Coppell by the end of the year. From its new site, the Dallas hub will oversee around 100 stores in North Texas, East Texas and North Louisiana.

Kroger is undergoing what Gary Huddleston, Kroger’s director of public affairs for Texas, dubbed as an “aggressive opening program.”

It is working to open a store at Ross Ave. and I-75 in Dallas and this year has launched marketplace concepts in Granbury, Burleson, Lewisville and Bartonville, near Flower Mound.

Its North Texas presence encompasses about 85 stores and a dairy plant in Fort Worth.

Read more at the Dallas Business Journal.

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FedEx Ground stamps 305,000-SF lease at Alliance Airport 

(8/19/2015 8:00:00 AM)

FORT WORTH - A new 304,608-sf industrial building located in the Fort Worth Alliance Airport at 2701 Texas Longhorn Way has been acquired at a purchase price of $35,300,832.

Monmouth Real Estate Investment Corporation acquired the property net-leased for 15 years to FedEx Ground Package System, Inc.

The building is situated on approximately 44.2 acres.

Read more at PRNewswire.

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Langham Hotel to Frisco's Wade Park 


FRISCO - Developer Stan Thomas has snagged another luxury hotel for his firm's $1.6 billion, 175-acre Wade Park project, an upscale mixed-use development that's part of Frisco's much-touted "$5 Billion Mile."

Wade Park will become home to the first Langham Hotels & Resorts hotel in the Lone Star state.

The international luxury hotel brand is slated to open up in 25 floors of a 35-story tower near the Dallas North Tollway and Lebanon Rd. in Frisco in early 2018.

The remaining ten floors of the new tower will be devoted to residential homes.

The modern-looking high-rise at Wade Park plans include a 250-room hotel that ranges from one- and two-bedroom suites to two 2,906-sf presidential suites. 

Read more at the Dallas Business Journal.

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800 workers travel to Richardson Frontier 

(8/18/2015 10:00:00 AM)

RICHARDSON - After landing in North Texas three years ago, Connecticut-based Frontier Communications Corp. has expanded its regional hub within Richardson's famed Telecom Corridor.

The telecommunications provider has signed a short-term lease for 192,340 sf of office space within the tower at 2221 Lakeside Blvd. in Richardson, which will consolidate the firm's North Texas locations and bring upwards of 800 employees to the new campus.

The majority of the employees will come from Allen, where Frontier Communications had been operating since early 2012. At the time, the firm signed a 10-year lease at Allen Office Center for 85,000 sf to house 300 employees.

Along with this real estate move, Frontier Communications is also reportedly shopping for a data center in North Texas.

Read more at the Dallas Business Journal.

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$700M Palisades Central kicks off in Richardson 


RICHARDSON - Plans for the 80-acre Palisades Central development on US Hwy. 75 north of Galatyn Parkway call for office towers, retail space, apartments and hotel rooms.

Palisades Central is being built around two office towers on the west side of North Central Expressway that date back to the 1970s and 1980s by KBS Realty and JP Realty Partners.

Builder K. Hovnanian Homes is buying more than 100 lots for townhomes on the west side of Palisades Central.

Apartment developer Wood Partners is acquiring land for two rental communities with more than 500 units.

Construction on the two housing projects could begin late this year or in early 2016.

“When we were doing our planning with the city, it was estimated that the project would be valued at more than $700 million when it’s done,” JP Realty CEO Mark Jordan said.

“We made a commitment for the long term to build this out,” Jordan said. “It’s a seven- to ten-year development.”

Read more at the Dallas Morning News.

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McKenzie tower opening 2017 near Highland Park 


DALLAS - Developer StreetLights Residential has disclosed details about its latest Dallas apartment tower which is under construction just north of Knox St.

Called The McKenzie, the building at Harvard Ave. and Tracy St. near McKinney Ave. will contain 183 apartments and be 22 floors high.

The luxury apartment tower — which is just east of Highland Park — will open in 2017.

Apartments in the building will average 1,600 sf — almost twice the size of many new apartments in the Uptown area.

The developer said the building is aimed at empty nesters who want a luxury rental unit. The new apartment tower is StreetLights’ third luxury high-rise in the Dallas area. 

The four-year-old company built the 17-story Taylor apartments on Carlisle Street. And it’s finishing up construction on the 23-story Jordan apartments near McKinney Ave. and Pearl St.

Read more at the Dallas Morning News.

Dallas dual-brand hotel: Aloft, Element to West Love Field 


DALLAS - Starwood Hotels & Resorts Worldwide, in collaboration with Atlantic Hotels Group and Civitas, will break ground later this month on a $40 million, new 224-room dual-branded hotel in the Love Field District in Dallas.

Aloft Dallas Love Field and Element Dallas Love Field will anchor West Love, a 37-acre mixed-use project that will also feature apartments and more than 24,000 sf of retail space one mile from Dallas Love Field Airport and the Dallas Medical District.

The 133-room loft-style Aloft Dallas Love Field and 91-studio Element Dallas Love Field will operate out of one multistory structure with a common entry and shared facilities, including 6,500 sf of meeting space, an outdoor swimming pool and a fitness center.

Source: CoStar Group

North Texas' second burn center to Medical Center of Plano 


PLANO - The Medical Center of Plano plans to open the first burn center in Collin County and the second in North Texas. The $10 million addition will make use of existing space in the hospital, with many areas simply repurposed from existing facilities.

The roughly 20,000-sf Burn and Reconstructive Center of Texas at Plano Medical Center will include two operating rooms, an eight-bed burn intensive care unit, ten ICU step-down beds for inpatient care and a six-room outpatient burn clinic.

Charles Gressle, CEO of the Medical Center of Plano, said the center will cater to patients from not only the immediate area but also surrounding states. He said the addition, along with Parkland’s existing facility, will make the entire North Texas region known for its excellent burn care facilities.

Dr. Fred Mullins, who will be president of the burn center upon its opening, said the facility will not only offer acute burn care but also reconstructive care — something that not all burn centers offer in-house.

Gressle said the center will also bring an economic impact to the city, with 40 to 50 nurses expected to be hired to staff the facility.

The Medical Center of Plano is a Level II Trauma Center and Comprehensive Stroke Center. Opened in 1975, it is the oldest hospital in Collin County.

Read more at the Plano Star Courier.

Dallas' old Mayflower to bloom into apartments 


DALLAS - HRI Properties has acquired the nine-story 411 N. Akard building — a vacant Dallas office block that will soon be the latest residential address downtown.

The 50-year-old blue metal and glass building will be converted into 215 apartments and retail space, complete with a swimming pool on the rooftop and 14,000 sf of restaurant and retail space on the ground floor.

“We closed the sale last week and started construction the next day,” HRI Properties development project manager Richard Allen said. “We anticipate opening the property prior to year-end 2016.”

Most of the apartments will be one-bedroom units and the average size will be about 750 sf.

Built in 1965 as the Mayflower Building, the property originally housed insurance company offices and parking for the Sanger Harris department store across the street.

Read more at the Dallas Morning News.

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H&M, Sunglass Hut to Fort Worth Sundance Square 


FORT WORTH - Sundance Square has revealed the exterior of H&M's downtown location with a new scrim that indicates how the new store at Commerce and Third St. will look.

H&M is one of the world’s largest fashion retailers. With approximately 31,000 sf on four levels, the new location at Sundance Square will open this winter and will be the seventh location in North Texas for H&M.

Sundance Square announced earlier this week that Sunglass Hut will open an 859-sf store in the Westbrook Building on Fourth St.. Sunglass Hut will immediately begin construction with the opening planned during the holidays.

In the past year, Sundance Square has opened several retailers, including Overland Sheepskin Company and White House Black Market.

Read more at the Fort Worth Business Press.

NTREIS: DFW area home sales sold July 2015 

(8/14/2015 1:00:00 PM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems (NTREIS) released home sales facts for July 2015.

  • The median price of existing single-family homes decreased to $205,000, down 2.4 percent from June 2015.
  • Existing single-family home sales decreased 1.6 percent from June 2015 for a July 2015 total of 9,032 sold units.
  • Condos increased in price to $175,000, up 0.6 percent from June 2015.
  • Existing condo sales increased 1.4 percent in July 2015 over June 2015 for a total of 584 sold units.

NTREIS Region Sales and Price Activity by Units Sold
MLS Wide Units Sold
  July 15
Median Price
  July 15
Price Chg.
July 2014
Sale Chg.
July 2014
NTREIS (single-
9,032 $205,000 9.30% 3.90%
NTREIS (condo) 584 $175,000 10.40% 10.20%
Region Cities**        
Fort Worth 1,020 $175,000 12.90% 5.00%
Dallas 817 $310,000 11.50% 5.40%
Arlington 374 $165,000 10.90% 7.50%
Plano 331 $295,000 7.10% -2.40%
Frisco 295 $351,000 11.40% -13.50%
Garland 195 $149,900 9.20% -8.00%
Denton 173 $185,000 12.10% 14.60%
Grand Prairie 169 $180,000 7.10% 6.30%

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

See the full report from the North Texas Real Estate Information Systems.

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Dallas: Mockingbird Towers fly to sale, redevelopment 

(8/13/2015 7:43:00 AM)

DALLAS - A two-tower office campus near Stemmons Fwy. has just sold — the second recent transaction in a business district that is seeing a rebound.

The Mockingbird Towers contain 450,000 sf of office space and are located west of Love Field and near the Medical District.

“Significant investment is occurring at Love Field and in the Medical District, and this investment has transformed the area over recent years,” said Tim Slaughter, president of Caddo Holdings, which bought the buildings through an affiliate.

The new owners plan to spend more than $7 million to upgrade the buildings, which were constructed in the 1970s. A new fitness center and tenant lounge are part of the planned improvements.

JP Realty partners just acquired the largest office building along the Fwy., the 20-story Trinity Towers at Stemmons and Inwood Rd. The office block contains more than 630,000 sf of space.

Read more at the Dallas Morning News.

More background info? See Dallas: 630,000-SF Trinity Towers sold

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One data, two data... Aligned to develop $300M data in Plano 


PLANO - Aligned Data Centers — a subsidiary of  Aligned Energy LLC — is in the midst of developing a $300 million, 30-megawatt data center complex in Plano.

The 300,000-sf facility at 2800 Summit Ave. is one of the first company locations to come online in the United States, CEO Jakob Carnemark told the Dallas Business Journal.

The Plano facility is part of a larger national expansion for Aligned Data Centers.

The six-year-old company also has an ultra-efficient operating system planned for the data center that is expected to give the facility tremendous savings in energy and water consumption.

Aligned Data Centers is underway on the initial phase of the project to put 100,000 sf of data center space on the 16-acre tract, with plans to expand the data center by another 200,000 sf in the future. The initial phase is slated for completion by November.

Read more at the Dallas Business Journal.

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Southfield Park 35 drives 1M-SF spec to Desoto 


DESOTO - It's another large speculative industrial building for 64 acres in USAA Real Estate Co.’s Southfield Park 35.

Building #1 totals 1,128,277 sf and was developed by Seefried Properties.

Alliance Architects designed the 157-acre master plan for Seefried Properties which features Class A features with build-to-suit flexibility and direct access to I-20 and I-35 in South Dallas.

“We enjoyed working with with USAA Real Estate and Seefried Properties on the completion of this Class A speculative industrial building,” Charlie Reagan, president, Alliance Architects, told

“Having master-planned the entire park for Seefried, our studies of this site and the amenities in the surrounding area makes us confident this project is well positioned for national e-commerce and light industrial distribution clients.”


$17.25M contract planted for OakChase sale in Arlington 


ARLINGTON - The OakChase Apartment Homes at 4924 Sigmond Dr. is under contract to be sold to an undisclosed buyer for $17.85 million, or approximately $76,000 per unit.

The 236-unit multifamily complex was constructed in 1984 on 10.2 acres in Dallas' Outer Southeast Fort Worth Multifamily submarket.

The gated community consists of one- to three-bedroom units and features on-site amenities that include a pool, fitness, center, laundry facilities and security system.

OakChase Apartment Homes offer units ranging from 544 sf to 1,036 sf. Rent ranges from $635 to $1,125.

Vancouver-based Pure Multi-Family REIT paid $13.6 million for the community in July 2012.

The transaction is slated to close September 2.

Read more at CoStar Group.

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100-Unit Brandywine ports sale near Parkland 


DALLAS - Brandywine Apartments, a 100-unit, value-add multifamily community has been bought by 4710 Lake LLC.

The 95 percent occupied property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District.

Brandywine Apartments offer efficiency and one-bedroom units ranging from 480 sf to 512 sf. Rent ranges from $415 to $480.

With current growth at Parkland Hospital and in Uptown Dallas driving demand for upper-end and workforce-level housing in the area, the complex is one of the last remaining properties in the area that has not received significant upgrades.

The local buyer plans to spend approximately $400,000 on capital improvements to make the asset more competitive with other multifamily properties in the area, said Chris Deuillet, First Vice President at CBRE.

Planned improvements could support increased rental rates and property value; the average rental rate at Brandywine is approximately 23 percent less than the average rental rate of the other five all-bills-paid properties in the immediate area.

Read more at Globe St.

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Bell Helicopter Training Academy to Fort Worth 


FORT WORTH - Bell Helicopter, a Textron Inc. company, has opened the Bell Helicopter Training Academy.

The 86,000-sf facility includes full flight simulators, new and updated flight technology demonstrators, a dedicated tower and flight line, a maintenance hangar and classrooms.

Bell Helicopter has trained more than 134,000 customers since 1946 from every market segment in more than 135 countries throughout the world, officials say. “Bell Helicopter is proud to open the doors of their new training academy and welcome their current and future customers.”

Read more at Intelligent Aerospace.

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$68M Cypress Waters office underway 


DALLAS - CoreLogic has broken ground on its new $68 million regional hub in the Dallas portion of Cypress Waters, a massive $3.5 billion corporate-anchored magnet.

The new 327,183-sf office building at 3001 Hackberry Rd. within the Offices of Cypress Waters will serve as the operations site for CoreLogic in North Texas.

CoreLogic plans to move more than 1,300 local workers now located in Westlake and Richardson into the new building when it opens in 2017 and will help bring 500 jobs into Dallas' city limits.

The building is designed to be expandable to more than 400,000 sf of office space to handle future growth.

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

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Dallas' Preston Center's new 172,000-SF office tower 


DALLAS - Dallas’ PegasusAblon and Lionstone Investments of Houston will build the 12-story office project in Preston Center on Berkshire Lane.

The Terraces at Douglas Center building — which will be built between Douglas Ave. and the Dallas North Tollway — will contain almost 172,000 sf and be ready in early 2017.

Office vacancy rates in Preston Center are below 10 percent. In addition, the North Dallas business district has the highest average rents — more than $34 per sf.

The new building will have stair stepped upper floors and will share parking with the adjacent 8300 Douglas tower, which Lionstone and Pegasus bought in 2012.

“We are rebranding the entire project and calling it Douglas Center,” developer Mike Ablon said. “The new office building will be marketed to small and mid-size office tenants.”

Read more at the Dallas Morning News.

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DFW home sales surge 14 percent 

(8/11/2015 6:00:00 AM)

DALLAS-FORT WORTH - July was the second month in a row for double-digit percentage increases in preowned home sales from a year ago, as North Texas home sales rose 14 percent.

Real estate agents sold a record 10,719 single-family homes, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Services.

The largest sales gains were in sales of houses priced over $300,000. Median home sales prices in North Texas rose 9 percent from July 2014.

With July’s sales, home purchases in the area are 4 percent higher than in the first seven months of last year. In addition, sales prices are 12 percent higher than in the same period of 2014.

In July, it took only 38 days on average to sell a North Texas home.

The number of houses listed for sale with real estate agents was down 6 percent from a year earlier.

With pending sales up a whopping 38 percent, August is likely to be another month of strong home sales in this area.

Read more at the Dallas Morning News.

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Dallas's Preston Hollow Village part deux kicks off 


DALLAS - Developers have broken ground on the second phase of a half-billion-dollar North Dallas project.

Provident Realty and Kroenke Holdings have started three more buildings in their Preston Hollow Village at the northwest corner of North Central Expressway and Walnut Hill Lane.

The second phase of the 42-acre project will include more than 500 apartments and retail space.

Provident Realty CEO Leon Backes said the apartments — which will take about 22 months to build — will have a wide variety of rental units, as large as 1,700 sf. The smallest apartments will start at more than $1,500 a month.

The initial construction — which started opening earlier this year — includes a 46,000-sf office building and more than 60,000 sf of restaurant and retail space, including a Trader Joe’s grocery store.

Tenants in the retail center include Blue Sushi Sake Grill, Modmarket restaurant, Frost Gelato, VertsKebap and Orange Theory Fitness.

The next phase of the development will include a public plaza with a water feature. A park of more than three acres also will be constructed north of the new apartment buildings.

Future phases of Preston Hollow Village are planned with more apartments, townhouses retail and office space.

Read more at the Dallas Morning News.

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Equinix plans $500M data center in West Plano 


PLANO - Equinix has obtained the rights to build a new $500 million, 25MW data center on a 16-acre site as a major addition to an already busy business park, which boasts a T5 Data Center on its own adjacent site.

The new giant data center is planned simultaneously as Equinix takes out an additional lease for six megawatts of electricity to expand in an existing T5 data center at West Plano, which just happens to be adjacent to its new-build plot of land.

When the lease deal is completed, the existing 315,000-sf T5 Data Center facility in Legacy Business Park will be 93 percent occupied.

The Dallas area is proving popular with colocation providers.

July saw announcements from CyrusOne planning to draw another 4.5 megawatts of electricity and 60,000 sf of space at its Carrollton facility while the Dallas Infomart is currently being increased by 500,000 sf and 40 megawatts of energy with special attention to accommodate additional data center tenants.

Richardson city has 18 data centers yet more are planned said John Jacobs, executive vice president of economic development for the Richardson Chamber of Commerce.

Plano and Frisco also have their fair share of data centers, the latter of which will soon have a four building, $250 million data center campus from Patronus.

Read more at Data Center Dynamics.

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Richardson's 360-unit Jefferson Center near good neighbor 


RICHARDSON - The 360-unit apartment community, called Jefferson Center, is finished. Located on a 30-acre site at 955 W. President George Bush Turnpike, it is near State Farm Insurance's new regional hub in Richardson.

Jefferson Center is near the University of Texas at Dallas and two miles from CityLine, a $1.5 billion development that houses State Farm Insurance's regional hub and a business division of Raytheon.

The apartment homes range from 650 sf to more than 1,500 sf with one-, two- and three-bedroom options.

The completion of the Jefferson Center come at a time when North Texas is seeing all-time highs on rental rates. The average rental rate for an apartment in the region is $952, with an overall rental growth of 5.5 percent year-over-year, according to Carrollton-based MPF Research.

The Richardson area has been one of the fastest growing in terms of job growth and business expansion, which is why the developer decided to develop in the city, JPI partner Matt Brendel said.

Source: Dallas Business Journal

DFW Office Snapshot 2Q 2015: Cushman & Wakefield 


DALLAS-FORT WORTH - North Texas’ office market has boomed in the first half of the year, with twice the net leasing the area saw in 2014, according to the latest data from Cushman & Wakefield.

Expanding and relocating business rented almost 1.7 million sf of office space in the first six months of 2015. Overall office building vacancy rates dropped to about 16 percent — the lowest percentage of empty space since the 1980s.

The greatest net leasing totals were in Richardson’s Telecom Corridor, West Plano, Frisco and downtown Dallas.

Average office rents in the DFW area are up almost 5 percent from mid-2014. However, many markets are seeing even larger year-over-year gains in the cost of office space.

Markets with a lot of new construction — including Uptown and Legacy business park in Plano — are seeing average rents above $30 per sf.

DFW Office 2Q 2015 Statistics
Overall vacancy 18.1% 16.4% -1.7 pp*
Direct asking
rents (PSF/YR)
$21.19 $22.13 4.4%
YTD leasing
activity (SF)
8,358,080 6,917,457 -17.2%

*percentage point

Source: Cushman & Wakefield

Click here for the DFW Office Snapshot 2Q 2015 (PDF) also available at DFW Market Research.

Read more at the Dallas Morning News.

Weitzman: Dallas-Fort Worth doubling retail space 

(8/10/2015 9:30:00 AM)

DALLAS-FORT WORTH - This year more than 3.8 million sf of new retail space is in the pipeline for North Texas, almost double the construction volume last year.

It is the best retail building total for the DFW area since 2008, according to the latest survey from The Weitzman Group.

The number of empty storefronts in the Dallas-Fort Worth area has dropped to the lowest level in 15 years.

By mid-year, Dallas-Fort Worth's retail space had an occupancy rate of 91 percent, which brings the North Texas closer to the region's highest occupancy rate in history for retail space of 92 percent, which was recorded in 2000.

The new construction in Dallas-Fort Worth is significantly leased with the majority of retailers being anchor tenants (such as grocery stores or retail giants like Nebraska Furniture Mart) or junior anchor tenants.

As in the past five years, grocery stores — Kroger, Sprouts, Whole Foods, Fresh Market, WinCo Foods and Walmart — are still the driving force behind a significant amount of the new construction of retail space.

The biggest new retail projects in North Texas include the Nebraska Furniture Mart building in the Colony and the West Plano Village shopping center on the Dallas North Tollway in West Plano.

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

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DFW first half 2015: $8B in construction projects out to bid 


DALLAS-FORT WORTH - Nearly $8 billion in construction projects have gone out to bid in North Texas in first half 2015.

That puts the region more than $2 billion — or 32 percent — ahead of last year’s pace, according to BidClerk, a Chicago-based provider of construction data.

Through June, more than 2,100 projects went out for bid in Dallas-Fort Worth, with about one-third totaling more than $1 million. That compares with 1,461 projects in first half 2014.

Here are some of the big-ticket projects seeking bids this year:

  • Harmony Hill, a $70 million, 648-unit apartment community in Rowlett.
  • Aloft Hotel near Love Field in Dallas, a $45 million project to build an eight-story, 244-room hotel.
  • McKinney Aquatic Center, a $30 million, 79,000-sf fitness center at Gabe Nesbitt Community Park.
  • Eagle Crossing Apartments, a $29 million multi-residential development with 150 units.
  • Mariposa at Spring Hollow, a $27 million, 194-unit apartment complex in Tarrant County.
  • Mountain Creek Corporate Center warehouse in Dallas, $24 million.
  • Central Wastewater Treatment Plant, $22 million in improvements to this south Dallas plant.
  • Shelton Elementary School in Dallas, a $12.5 million, two-story addition.

See other current projects at the Dallas Business Journal.

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Civitas Senior Living clears path for Willow Park location 


WILLOW PARK, PARKER COUNTY - Civitas Senior Living LLC has started construction on Clear Fork Senior living, a seniors housing complex that will offer assisted-living and memory care units.

Building plans include 38 assisted-living suites and one-bedroom units, along with 24 private and semi-private memory care units.

Clear Fork Senior Living amenities will include a gym, spa, wellness center, walking trails and a clubhouse.

The complex will be owned and managed by Civitas.

Read more at Texas Real Estate Business.

Two-building office complex stamped sold in Richardson 


RICHARDSON - A two-building office complex at 3001 and 3101 E. President George Bush Turnpike has been bought by California-based Buchanan Street Partners.

The Richardson property — called Richardson Office Center I and II — totals 238,301 sf.

Buchanan Street Partners plans to make some minor upgrades to the property's lobbies and exteriors of the buildings.

The property is 90 percent leased to tenants including Boeing, Avnet and Genpact.

Richardson's average lease rate is $19.26 per sf, which is affordable compared with lease rates in the Far North Dallas submarket with an average lease rate of $22.46 per sf, according to CBRE research. The average lease rate in Dallas is $21.68 per sf.

Read more at the Dallas Business Journal.

Click to see the full CBRE Dallas Office Marketview 2Q 2015 (PDF).

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Parkside Towns swings to sale in Richardson 


RICHARDSON - Parkside Towns, located at 2300 Hibiscus Ave., has been acquired by Balynally LLC.

Built in 2014, the community contains 135 units in 41 total buildings with an average unit size of 1,346 sf.

The community is located in the northeast quadrant of Coit Rd. and Campbell Rd. in west Richardson.

Parkside Towns offers two- and three-bedroom units ranging from 1,194 sf to 1,494 sf. Rent ranges from $1,600 to $2,200.

Read more at Texas Real Estate Business.

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600,000-SF Shippers Warehouse to Hutchins 

(8/4/2015 9:30:00 AM)

HUTCHINS - Duke Realty Corp. has begun construction on an almost 600,000-sf industrial project for Shippers Warehouse Inc.

The building on West Wintergreen Rd. will be used to consolidate two existing Shippers Warehouse operations.

The project is located on a 32-acre site in the Prime Pointe industrial park near Union Pacific Railway’s Intermodal Terminal.

There is currently about 4 million sf of industrial construction underway in Hutchins which is in southern Dallas County.

Read more at the Dallas Morning News.

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417-Unit apartments ‘pony up’ to a sale in Dallas  


DALLAS - The recently built 417-unit BLVD apartment community located on SMU Blvd. just east of North Central Expressway has just been purchased.

BLVD Apartments — located at 5600 SMU Blvd. — offer one-, two- and three-bedroom apartments ranging from 494 to 1520 sf with rent ranging from $1,030 to $2,680.

The new owners say they plan to rebrand and upgrade the property, which is within walking distance of SMU and DART’s commuter rail line.

Completed in 2012, the five-story apartment block is almost 90 percent leased. The project has retail on the ground floor.

Read more at the Dallas Morning News.

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CreekView 121 business park flows to Lewisville 


LEWISVILLE - EastGroup Properties has purchased 28 acres for CreekView 121, a new business park.

The company will build four industrial buildings with 350,000 sf on the property along SH 121.

The CreekView 121 development will be marketed to small and mid-sized warehouse tenants.

EastGroup is also building a 276,000-sf, three-building industrial project in Flower Mound called Parkview Commerce Center.

Read more at the Dallas Morning News.

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Dallas: 630,000-SF Trinity Towers sold 


DALLAS - The largest office building in Dallas’ busy Stemmons Fwy. corridor has a new owner.

The 20-story Trinity Towers has been purchased by Dallas-based JP Realty Partners.

Built in 1983, the Class A office block contains more than 630,000 sf of space and is located at 2777 N Stemmons Fwy. on 6.79 acres.

The building — previously called Stemmons Place — is more than 90 percent leased.

Major tenants in the building include Southwest Airlines, Children’s Medical Center and Parkland Memorial Hospital.

Read more at the Dallas Morning News.

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Plano: same campus, new 250,000-SF HQ 


PLANO - Construction has started on an office building for Alcatel-Lucent at Independence Pkwy. and Lotus Dr.

The 250,000-sf, four-story office will house the regional headquarters for the telecom firm, which is consolidating operations from two older office buildings on the same campus in Plano.

The building will include state-of-the-art labs, creative work areas and a rooftop terrace for employees.

The project is scheduled to be completed by third quarter 2016.

Read more at the Dallas Morning News.

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Allen Tech Center fires up 94,000-SF engine 


ALLEN - Developers are starting the Allen Tech Center — a three-building office in an industrial park — located just north of the intersection of Bethany Rd. and Greenville Ave.

A total of 94,000 sf is planned for the project. The first 38,000-sf building is scheduled for delivery early next year, according to builder JaRyCo Development.

The Tech Center development is one of several new business developments planned in the area.

Read more at the Dallas Morning News.

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Dallas Love Field traffic skyrockets June 2015 


DALLAS - The number of passengers going in and out of Dallas Love Field jumped 60 percent last month from June 2014 as the Dallas airport recorded more than 1 million passengers for the fourth straight month.

The year-over-year change was 0.5 percentage points larger than the May numbers, indicating that the traffic increases are flattening out.

The last big bump could come in August when Southwest Airlines adds 14 flights to its weekday schedule, going from 166 departures to 180.

The year-over-year increases have been steadily climbing as Southwest and Virgin America add more flights into and out of the Dallas airport, from an increase of 13.1 percent in October to last month’s 60 percent.

Airlines operated 10,830 flights in June, up 51 percent from June 2013.

Below is a summary of passenger statistics for June 2015.

Dallas Love Field Total Passengers
Carrier Enplaned Deplaned June 2015
June 2014
Delta Airlines 14,688 14,645 29,333 12,214 140.16%
Seaport Airlines 300 220 520 418 24.40%
Skywest Airlines 0 0 0 1,303 -100.00%
Southwest Airlines 566,387 552,634 1,119,021 742,238 50.76%
United Airlines 0 46 46 13,773 -99.67%
Virgin America 41,766 41,547 83,313 0 0.00%
Total passengers 623,141 609,092 1,232,233 769,946 60.04%

Source: City of Dallas

Read more at the Dallas Morning News.

FedEx shipping to new 265,000-SF Plano HQ 


PLANO - The FedEx Office campus has been under construction for more than a year on Legacy Dr. just south of SH 121.

FedEx plans to start moving workers into the four-story office complex in October.

“Coming to this campus are going to be 1,200 employees,” said FedEx Office vice president Ari Spitzer. “We are consolidating two campuses into one.”

Work on the 265,000-sf office project is scheduled for wrap up in September.

Along with offices, the building will include a fitness center for employees, a café and meeting space. There is also a mock store on the groundfloor.

Read more at the Dallas Morning News.

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North Richland Hills: 142,000-SF office rolls to new owner 


NORTH RICHLAND HILLS - The nine-story Richland Corporate Centre — located at 9003 Airport Fwy. — on SH 183 has been sold.

The Class A project was bought by KOC Gran Via from Gaedeke Group and includes a three-story garden office building and a garage.

Frost Bank and History Maker Homes are major tenants in the property.

The new owners plan to make upgrades to the outside and interior of the 142,425-sf property.

Read more at the Dallas Morning News.

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New office space flies off DFW market 


DALLAS-FORT WORTH - More than half of the office space under construction in North Texas is already leased to tenants, according to a new report by commercial real estate firm CBRE.

The high percentage of preleasing in the office building market is further indication that developers are not overdoing it in the latest round of construction.

CBRE estimates that 7.3 million sf of offices are being built in the Dallas-Fort Worth area. About 40 percent of that construction is in the northern suburbs, including West Plano, Richardson and Frisco.

The office leasing in these new buildings is dominated by companies in the life sciences industry, manufacturing, financial services and legal business.

Along with the large single-tenant buildings under construction for companies including State Farm, Raytheon and FedEx Office, about a fourth of the speculative multitenant buildings under construction in Far North Dallas are also already leased.

Read more at the Dallas Morning News.

Click to see CBRE’s DFW Office Marketview 2Q 2015 (PDF).

Also see DFW Market Research and DFW NewsTalk.

Dallas leads Lone Star State in home price gains 


DALLAS - The Dallas-area tops the rest of Texas for home price gains.

Dallas-area prices rose 12 percent in June from a year ago, according to a report by the Real Estate Center at Texas A&M University.

That is ahead of the statewide home price gain of 8 percent for the same period.

Dallas-area median home prices were at $243,100, second only to Austin for the state’s highest home costs. The statewide average was $209,500, according to the Center.

The higher homebuying costs are making it tougher for some of the state’s residents to purchase a house.

Home costs in many Texas communities are hitting record highs. That is certainly the case in North Texas, where median home sales prices are about 40 percent higher than at the peak of the last housing market in 2007.

Housing Across Texas June 2015*
  June 2015
June 2015
Median Price
Houston 8,740 4% $222,000 5% 3.2
Dallas 6,873 9% $243,100 12% 2.2
Austin 3,382 6% $270,100 9% 2.8
San Antonio 3,010 18% $199,200 6% 4.0
Fort Worth 1,367 19% $159,100 4% 2.2
Texas 31,502 7% $209,500 8% 3.5

*Ranked by June 2015 Sales

Source: The Real Estate Center at Texas A&M University

Read more at the Dallas Morning News.

Click DFW NewsTalk Texas or DFW Market Research for free data.

$15M Oxford Senior Living books it to McKinney 


McKINNEY - Oxford Senior Living plans to construct a $15 million assisted-living and memory care facility in McKinney.

Construction, which has already begun, on the Texas Oxford Grand Assisted-living & Memory Care building is expected to be completed in September 2016.

The 70,000-sf senior living community will include 51 assisted-living apartments and 22 memory care suites. A coffee bar, restaurant-style dining and a fitness center will be among the amenities offered at the Oxford Grand.

Read more at the Wichita Business Journal.

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Richardson: Q Real Estate rings in 388,000-SF campus 


RICHARSON - Q Real Estate Holdings LLC has acquired the 388,600-sf campus located at 2400 North Glenville.

Originally constructed in 1989 for Verizon, it is located in Galatyn Park Urban Village, within Richardson’s Telecom Corridor. Verizon will remain in the property until fourth quarter 2016 when Q Real Estate plans to begin renovations to reposition the property for new tenants.

Comprised of four interconnected 100,000-sf four-story buildings, 2400 North Glenville is one of the largest contiguous blocks of available space in the Dallas market.

Sitting on a 35.7-acre park, the campus features extensive on-site amenities, including a 15,000-sf cafeteria, conference center and fitness facility.

The property is also located within walking distance to DART, multifamily housing, retail and hotels.

Read more at Globe St.

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Downtown Fort Worth residential stats 2Q 2015 

(7/28/2015 7:30:00 AM)

FORT WORTH - Apartment occupancy and rental rates as well as the residential sales price range for Downtown Fort Worth for second quarter 2015 are available.

Apartment Occupancy and Rental Rates Downtown Fort Worth
Apartments 2Q 2013 2Q 2014 2Q 2015
Occupancy 96.6% 94.6% 97.8%
Average rent $1,680 $1,670 $1,743
Average rent/SF $1.57 $1.53 $1.69

Residential Sales Price Range Downtown Fort Worth
Price 2Q 2013 2Q 2014 2Q 2015
Low $111,000 $131,000 $134,800
Median $200,000 $223,500 $300,450
High $575,000 $812,000 $780,000

Data presented in this report are derived from the North Texas Real Estate Information System’s MLS which covers 29 counties in North Texas. This report excludes non-MLS sales.

Click to see the full Residential Focus Report 2Q 2015 (PDF).

Source: Downtown Fort Worth Inc.

Click DFW NewsTalk Texas or DFW Market Research for free data.

McKinney’s Craig Ranch wrangles $130M in development 


McKINNEY - McKinney’s Craig Ranch has completed more than $130 million in commercial real estate deals that will add new retail and office projects to the popular Collin County community.

Construction is underway on the Marketplace at Craig Ranch, a 100,000-sf shopping center at Custer and Stacy roads that will include a supermarket and additional retailers. Encore Enterprises Inc. has bought 20 acres for the retail center.

Development sites have also been sold for a Moviehouse & Eatery cinema near the northeast corner of Craig Ranch Pkwy and SH 121. The theater chain is building a 10-screen, 40,000-sf facility on the property, which will open late this year.

Sewell Automotive Cos. has also purchased 10.5 acres near the northwest corner of SH 121 and Stacy Rd. to build an Audi dealership. The dealership will be about 65,000 sf and will employ 100 people.

Construction is underway on the second, 333-unit phase of Craig Ranch’s Parkside luxury apartment community at Custer and Collin-McKinney roads.

“We are approaching $1 billion in value in Craig Ranch,” said developer David Craig.

Read more at the Dallas Morning News.

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Fort Worth: Galderma saddles up for $14M facility 


FORT WORTH - Fort Worth-based Galderma Laboratories LP plans to expand its U.S. headquarters with a new 100,000-sf facility in the I-35W corridor in north Fort Worth that will become home to 302 new jobs.

Galderma plans to invest nearly $14 million in building the new medical products facility at the northeast corner of Texas Longhorn Way and Heritage Pkwy.

As it expands its U.S. headquarters, Galderma will retain its 280 full-time employees, with plans to grow its workforce in phases. The company plans to create 40 new full-time jobs by December 31, 2016, increasing that number by an additional 302 full-time employees by December 31, 2020.

Read more at the Dallas Business Journal.

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ACU leases 25,000 SF for Addison campus 


ADDISON - Abilene Christian University (ACU) has rented office space in Addison for a new campus.

The Christian education organization has rented 25,000 sf in the One Hanover Park office building at 16633 North Dallas Pkwy.

Founded in 1906 in Abilene, ACU has an enrollment of close to 5,000 students.

Built in 1998, the eight-story One Hanover Park is 96 percent occupied.

Read more at the Dallas Morning News.

168-Unit Sierra Hermosa in Fort Worth sold 


FORT WORTH - Sierra Hermosa Apartments, a 168-unit apartment property located at 3254 Las Vegas Trail, has been sold.

Sierra Hermosa Apartments offers one- and two-bedroom units ranging from 735 to 1200 sf. Rents range from $470 to $570 at the community.

Sierra Hermosa Apartments — built in 1970 — is located near West Camp Bowie Blvd. with access to Hwy. 820 and I-30.

Read more from Texas Real Estate Business.

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CBRE: DFW industrial 2Q 2015 marketview 


DALLAS-FORT WORTH - Second quarter 2015 marks the 19th consecutive quarter of positive net absorption for the DFW industrial market as it posted 4.2 million sf in total market absorption, according to CBRE’s Industrial Marketview 2Q 2015.

Deliveries totaled 3.8 million sf in 2Q 2015, less than half the amount of completions from last quarter, when DFW posted the highest amount of quarterly new inventory in CBRE’s tracked history.

Because of the fewer deliveries and steady amount of starts, the under construction pipeline remained relatively flat over the quarter, totaling just over 14 million sf of projects underway.

DFW Industrial Market Statistics 2Q 2015
Market Rentable
2Q 2015
Avg. Asking
Rate ($/SF/Yr)
Avg. Asking
Rate ($/SF/Yr)
Dallas total 480,354,152 53,031,227 7.8% 3,251,394 4.26 8.36
Fort Worth total 242,717,537 22,930,822 6.5% 932,735 3.93 6.68
Totals* 723,071,689 75,962,049 7.4% 4,184,129 4.11 8.25

*Totals are based on all submarkets in Dallas and Fort Worth.

Source: CBRE

For the full report, click DFW Industrial MarketView 2Q 2015 (PDF).

Also see DFW Market Research and DFW NewsTalk.

Farmer Bros. spills the beans in 500,000-SF HQ in Northlake 

(7/23/2015 3:00:00 PM)

NORTHLAKE, DENTON COUNTY - It has been several months since Torrance, California-based Farmer Bros. Co. revealed plans to leave its California roots to plant its corporate office in North Texas.

The 103-year-old manufacturer, wholesaler and distributor of coffee, tea and other food items plans to break ground on its new 500,000-sf office and distribution center in Northlake on August 11.

The company's new headquarters will be a $40 million headquarters campus near Texas Motor Speedway on I-35W.

The company plans to employ more than 300 workers at the new Northlake facility, which will be LEED certified with roasting equipment and a 1,000-sf teaching lab.

Read more at the Dallas Business Journal.

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Illinois buyer digs The Highlands of Flower Mound with $45M 

(7/23/2015 11:00:00 AM)

FLOWER MOUND - The Highlands of Flower Mound shopping center on Long Prairie Rd. has sold for $45.75 million.

The 169,447-sf retail center — bought by InvenTrust Properties Corp. — is 96 percent occupied by tenants including Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City.

Read more at the Dallas Morning News.

You can link (or just click) Dallas-Fort Worth Market Research for quarterly reports and/or Dallas-Fort Worth NewsTalk to your own website or blog.

2,000-Acre Viridian community in Arlington sold 

(7/23/2015 10:00:00 AM)

ARLINGTON - The Viridian community, one of North Texas’ largest residential developments, has a new owner.

The Johnson Development Corp. and Tricon Capital Group Inc. have purchased the 2,083-acre Viridian community in Arlington.

The community — located just west of SH 360 along the Trinity River — was acquired from a company controlled by CrossHarbor Capital Partners of Boston.

Viridian was started in 2011 and is expected total $1.5 billion in value at completion.

About 1,000 home lots in Viridian have been contracted for sale to ten home builders. About 700 lot sales have already closed.

Development plans for Viridian include the addition of a 10,000-sf event center, swimming pool, event lawn, two tennis courts and a basketball court in the second phase.

Viridian has 500 acres of parks, recreational areas, trails and open spaces with another 600 acres of lakes and water features. The community also has about 20 miles of paved trails.

New homes at Viridian start at more than $200,000.

Read more at the Dallas Morning News.

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Green Brick lays $900M Rosewood community plans to Plano 

(7/23/2015 9:55:00 AM)

PLANO - A Plano mixed-use development is getting a new home community as Green Brick Partners Inc. bought land in the Heritage Creekside for 135 homes.

The $900 million mixed-use development is being built by Rosewood Property Co. on Bush Turnpike just west of US Hwy. 75.

The 156-acre development is planned to include offices, retail, restaurants apartments and homes.

Rosewood Property and Carbon Thompson are already building 327 apartments in the first phase of Heritage Creekside. Three restaurant and retail sites along Plano Parkway area also opening in the first phase next year.

The entire development is planned for 2.3 million sf of office space, 50,000 sf of retail and restaurants, a 15-story hotel, more apartments and single-family homes.

Read more at the Dallas Morning News.

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NTREIS: Tarrant County housing stats 2Q 2015 


TARRANT COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Market Watch Report for second quarter 2015.

Tarrant County Marketwatch Report

Key Metrics
2Q 2015 1-Yr.
Median sales price $184,500 11.8%
Average sales price $237,456 8.9%
Orig. price rec'd. 98.3% 1.2%
Homes for sale 4,641 -18.2%
Closed sales 7,245 -1.1%
Months supply 2.2 -22.1%
Days on market 58 32.5%

Tarrant County Market Activity
  2Q 2015 2Q 2014 2Q 2013
Homes for sale 4,641 5,672 6,359
Closed sales 7,245 7,326 7,099

Source: North Texas Real Estate Information Systems

See NTREIS Marketwatch Report 2Q 2015 (PDF) for more information. To find data quickly, see page 96.

Downtown Fort Worth commercial stats 2Q 2015 


FORT WORTH - Office and retail occupancy rates for Downtown Fort Worth for second quarter 2015 are available.

Data presented in the office and retail occupancy rates are provided by the Costar Group.

Downtown Fort Worth Office / Retail Occupancy Rates
 Type 2Q 2015 2Q 2014 2Q 2013
Office 89.6% 87.0% 87.1%
Retail 94.8% 93.7% 92.4%


Office Rental Rates
Downtown Fort Worth*
Type 2Q 2015 2Q 2014 2Q 2013
Class A $28.48 $28.89 $28.35
Class B $19.78 $20.69 $20.62
Class C $16.92 $16.77 $18.10

*Full service rent ($/SF/YR)

See the full Downtown Fort Worth Inc. commercial market report.

For more stats on office, retail and more, see Dallas-Fort Worth-Arlington Market Research.

Dallas: Class A Energy Square office complex sold  


DALLAS - GlenStar Properties teamed up with USAA Real Estate to buy the three-building Class A Energy Square development on North Central Expressway at University Dr.

The office buildings — which are located next to a commuter rail station — contain about 960,000 sf and have been for sale since last year.

The previous owners starting in 2012 spent more than $9 million upgrading the properties — the oldest of which dates back to the 1970s.

Tenants in the buildings include New York Life, Davaco and Stonegate Mortgage.

The new owners say they plan additional upgrades to the property that will further integrate the office space with retail and potentially and apartment building.

Read more at the Dallas Morning News.

Click DFW NewsTalk Texas or DFW Market Research for free data.

Dallas’ Infomart unveils $40M upgrade plans 


DALLAS - The owners of Dallas’ Infomart are making $40 million in upgrades to the building — the first of many improvements to make the landmark property more attractive to data center tenants.

About 60 percent of the filigree-clad building northwest of downtown is already used for data center space. Out front construction has already started on additional power generator facilities to serve the data center tenants in the building.

Infomart has just built its own 24,000-sf wholesale data center facility that will contract with clients.

About 90 percent of the 1.6 million-sf building at 1950 N. Stemmons Fwy. is rented, Infomart Data Centers president John Sheputis said.

The owners are working on plans for a 330,000-sf expansion building that would be located on the north side of the Infomart.

Read more at the Dallas Morning News.

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CyrusOne adds 60,000 SF to Carrollton data center 


CARROLLTON - Global data center provider CyrusOne unveiled plans to expand its Carrollton data center with a new data hall, which will total nearly 60,000 sf of additional space and 4.5 megawatts of power.

The company's Carrollton data center is one of the largest of its kind in Texas with a 670,000-sf colocation campus, which brings in a variety of tenants with data center needs.

The campus is expected to showcase the region's data center capabilities as more third-party data centers eye North Texas for additional data center locations.

Read more at the Dallas Business Journal.

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Dallas' old industrial district along Trinity to apartments 


DALLAS - Trammell Crow Residential’s latest apartment development near downtown Dallas is the first luxury rental community in the area between Riverfront Blvd. and the Trinity.

With development spreading through the Dallas Design District and in West Dallas, the old Trinity industrial district along Riverfront Blvd. is ripe for a reboot.

Crow Residential’s six-story building will open in about 18 months in the 100 block of Turtle Creek Blvd. with more than 300 apartments.

The building will tower over the Trinity River levee, with a parking garage on the lower floors.

“Our development site is already within walking distance of restaurants and bars,” Crow Residential’s Steve Bancroft said.

The old commercial and industrial quarter northwest of downtown Dallas, along what used to be Industrial Blvd., was built mostly in the 1940s and 1950s.

Read more at the Dallas Morning News.

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Fire put out: Fireman’s leaves 125,000-SF office in Dallas 


DALLAS - A large Dallas office tenant is shutting down the operation, which will result in a big chunk of empty space in a downtown skyscraper.

Fireman’s Fund Insurance Co. leases almost 125,000 sf of office space in Ross Tower on Akard St.

The 152-year-old California-based insurance firm moved into Ross Tower almost a decade ago and at one time had about 400 people working in the downtown high-rise.

With recent restructuring of Fireman’s Fund by its owner, Allianz, the Ross Tower office is being eliminated.

The company is expected to maintain some presence in the Dallas market, just not with the Ross Tower office. Fireman’s Fund is one of the largest remaining insurance company offices downtown.

The 45-story Ross Tower has been for sale since earlier this year. The 1.1 million-sf skyscraper — built in the 1980s — was about 60 percent leased before Fireman’s Fund decided to close its office.

Read more at the Dallas Morning News.

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Granite's $50M bet on Dallas' 237,000-SF West End 


DALLAS - Developer Granite Properties has completed its purchase of the historic West End Marketplace in downtown Dallas and is renaming the building Factory Six03.  

Granite plans to spend upwards of $50 million on the acquisition and the redevelopment of the building. The new owner plans to renovate the 112-year-old former bakery and warehouse complex into office space with restaurants on the first floor.

The seven-story, 237,000-sf building at Market and Munger streets has been empty for almost a decade. Granite plans to repurpose the buildings as unique office space for creative and high-tech firms.

Construction will start this summer to redevelop the complex, which previously housed retail space, a movie theater, restaurants and nightclubs.

Granite plans to build an eighth floor addition to the building that will house a rooftop entertainment space and amenity deck.

Inside there will be a community lobby, coffee bar and about 10,000 sf of restaurant space.

The basement will be converted to parking. Granite also has parking available in a garage located a block away on Lamar St.

The building will reopen in September of next year.

Read more at the Dallas Morning News.

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