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Dallas-Fort Worth-Arlington

Forecast predicts DFW among top markets in 2015 

(10/24/2014 6:20:00 AM)

DALLAS-FORT WORTH - The Dallas-Fort Worth area is forecast to be one of the top commercial real estate markets in the country in 2015, according to the Emerging Trends in Real Estate report from the Urban Land Institute and PricewaterhouseCoopers.

Houston, Austin, San Francisco, Denver and DFW were singled out for their strong real estate fundamentals, according to a poll of more than 1,000 property market leaders. The cities are singled out as the best place to build and invest in real estate.

“The comparative strength of the local Dallas-Fort Worth market seems like it can be attributed to the strength of the local economy that is supported by an active and viable local development community,” the forecast reads.

“Investor demand remains high and there are no concerns about the availability of capital for 2015.” The forecast predicts continued increases in the real estate business in the coming year.

Read more at the Dallas Morning News.

Check out Emerging Trends in Real Estate at the Urban Land Institute.

Sold: Fort Worth's 174,000-SF Hulen Pointe Shopping Center 

(10/24/2014 6:15:00 AM)

FORT WORTH - The 174,783-sf Hulen Pointe Shopping Center has been sold. The property is located in southwest Fort Worth on S. Hulen St., one mile south of Hulen Mall.

TriMarsh Properties purchased the four-building property, which is 47.6 percent occupied by a combination of national, regional and local tenants.

Anchor tenants include Dollar Tree, Dickey’s BBQ, State Farm and Great Clips. More than a quarter of the tenants have occupied space at Hulen Pointe for more than ten years.

“We are ready to lease about 45,000 sf to national tenants and bring the center’s occupancy to 80 percent,” said Avery. “We are ready to be aggressive on rental rates.”

The recently opened Chisholm Trail Pkwy., a 27-mile toll road from downtown Fort Worth to Cleburne, has increased traffic counts near the center.

Read more at the Fort Worth Business Press.

Richardson: State Farm's Black Flag 129,000-SF datacenter 

(10/24/2014)

RICHARDSON - State Farm Insurance plans to build a large datacenter near its new 1.5 million-sf office in the CityLine development that is located at Plano Rd. and Bush Turnpike.

State Farm is working with developer KDC to build the 129,180-sf data center at the vacant corner of Lookout Dr. and Plano Rd.

Plans filed with the City of Richardson show that the datacenter — called Project Black Flag — will take up about 15 acres. Plans include a one-story building and parking for more than 130 workers.

The property is part of the historic Spring Creek Farms, which closed in 2013.

Read more at the Dallas Morning News.

Dallas' 236,000-SF Corner Shopping Center sold 

(10/24/2014)

DALLAS - Cypress Equities has purchased the 236,050-sf Corner Shopping Center at the northeast corner of North Central Expy. and Walnut Hill Lane.

Cypress plans to redevelop the site and will detail plans for the property “in the coming months.”

“This center has remained basically unchanged since its original development in 1977,” said Cypress CEO Chris Maguire. “Cypress is fortunate to now have the opportunity to lead the value enhancement, redevelopment, and repositioning of this prime urban Dallas property.”

Corner Shopping Center is across the street from Dart’s Walnut Hill/Presbyterian Hospital rail station and is across the highway from where Provident Realty Advisors and Kroenke Holdings are building their Preston Hollow Village mixed-use project.

Read more at the Dallas Morning News.

For more on the Preston Hollow Village project, check out previous story Dallas: Preston Hollow Village's next step to 500 apartments.

Turtle Creek tower's new shell, new owner 

(10/23/2014)

DALLAS - Dallas-based Cardinal Capital Partners Inc. has purchased 3131 Turtle Creek, a 140,000-sf office building at the corner of Cedar Springs Rd. and Turtle Creek Blvd.

Built in 1972, the building overlooks Turtle Creek Park and has views of downtown Dallas. Cardinal Capital plans to “fully renovate” the building, with new lobby, signage, exterior landscaping and mechanical upgrades.

“3131 Turtle Creek is one of the premier office locations in Uptown that has gone somewhat unnoticed during the past cycle,” said President Gil Besing. “We intend to introduce modern elements while preserving the classical aesthetic of the building.

Read more at the Dallas Morning News.

Former meatpacking site in Fort Worth Stockyards sold 

(10/22/2014 2:00:00 PM)

FORT WORTH - The 16.8-acre site of the historic, former Armour meatpacking plant in the Stockyards has changed hands.

Chesapeake Land Development Co., which bought the site at 400 E. Exchange St. in 2007, has sold it to an entity called Niles City Resort.

Chesapeake razed the buildings on the land, and the site — across from the historic Swift & Co. packing plant offices that became a Spaghetti Warehouse restaurant and now are offices for XTO Energy — is vacant today.

Read more at the Fort Worth Business Press.

Fresh Market to debut in Dallas 100,000-SF Arboretum Village 

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

DALLAS - The first tenants in the 100,000-sf Arboretum Village shopping center in northeast Dallas will open their doors in November.

A Fresh Market grocery store is anchoring the retail center that Lincoln Property is building on Gaston Ave. just west of Garland Rd.

“Fresh Market is opening November 17,” Lincoln Property executive vice president Robert Dozier told the Greater East Dallas Chamber of Commerce. “They will be flanked on either side by Lakewood Hardware and PetSmart.”

Lincoln bought the retail center located south of White Rock Lake two years ago and has been working to redevelop the property.

The shopping center will also have a Luke’s Locker athletic store, a Starbucks and a taco eatery.

Read more at the Dallas Morning News.

Dallas' Park Lane Apartments acquired by Paladin 

(10/22/2014)

DALLAS - Paladin Preferred Capital, an affiliate of BRC Advisors, has acquired the 97-unit Park Lane Apartments, located at 3040 Park Lane.

“This attractive C+ property is a well-maintained, 97-unit multifamily community built in 1974 and renovated in 2007,” said Ken Chong, director of capital markets for Paladin. “It sits on four acres and consists of 12, two-story townhouse-style buildings.”

Park Lane Apartments offers efficiency, one- and two-bedroom units that range in size from 550 sf to 1,300 sf and in rent from $500 to $740, according to umovefree.com.

Read more at GlobeSt.com.

PMRG: Dallas office market 3Q 2014 

(10/21/2014)

DALLAS-FORT WORTH - The Dallas-Fort Worth metropolitan area has added 101,500 jobs through the 12 months ending August 2014, a 3.3 percent annual increase in employment, according to the third quarter report released by PM Realty Group.

DFW’s office market recorded 1,708,046 sf of direct net absorption during 3Q 2014, its largest absorption gain since the beginning of 2001, bringing the year-to-date total to nearly 3.2 million sf.

The direct occupancy rate increased to 82.5 percent as demand outpaced deliveries.

Recent corporate expansion and relocation announcements include State Farm Insurance, Toyota Motor Co., Omnitracs, Santander Consumer USA, Tenet Healthcare Corp., Kohl’s and USAA.

The region’s economic expansion is expected to continue for the remainder of 2014 and into 2015, resulting from the area’s booming energy and healthcare industries along with a growing presence of technology companies.

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 27,883,538 6,391,913 82.5% 505,369 $24.78 $19.78
Dallas CBD 27,647,468 8,651,606 75.0% 450,000 $22.39 $18.62
Quorum/Bent Tree 18,929,116 3,425,885 83.8% 123,167 $25.56 $17.60
East LBJ        15,816,770 4,532,048 74.4% 0 $22.11 $17.01
Upper Tollway/West Plano 14,844,276 1,967,840 88.2% 772,264 $29.70 $24.87
Richardson 12,544,911 2,406,762 87.8% 1,500,042 $21.65 $17.56
Central Expy. 11,446,785 2,490,919 82.5% 235,893 $24.10 $19.19
Total* 219,071,897 45,851,507 82.5% 5,338,247 $24.60 $18.62

*Includes all DFW submarkets.

Click here to see the full 3Q report from PM Realty Group. For more office reports, see Office under DFW Market Data Sources.

Historic Dallas candy factory sold for lofts housing 

(10/21/2014)

DALLAS - The 111-year-old Hughes Brothers Candy Co. building at 1401 S. Ervay St. south of I-30 has been purchased by Flint Hills Holdings Group.

The Kansas City-based development group bought the vacant five-story commercial building from Arlington-based real estate firm SkyWalker Property Partners, which owned the property for about a year.

The property was built in 1903 for $50,000 and has had a variety of uses, including as an ice cream cone manufacturing plant. It is valued at more than $1.4 million, according to the Dallas Central Appraisal District.

SkyWalker had planned to spend several million dollars converting the former manufacturing building into residential units.

Flint Hills plans to move ahead with the loft apartment plan, according to Clint Holland, SkyWalker’s director of acquisitions and asset management.

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

Bell rings up sale: 316-unit Fort Worth apartments 

(10/21/2014)

FORT WORTH - The Lancaster + White Buffalo apartment community on W. 7th St. has been purchased, with Bell Partners Inc. acquiring the property.

Bell Partners has renamed the community Bell Lancaster and will manage the 316-unit property.

Constructed in 2013, the apartment complex is 93 percent occupied.

Bell Lancaster comprises a four-story “wrap” building surrounding structured parking and two three-story buildings with surface parking. It offers studio, one- and two-bedroom units in 30 available floor plans.

Read more at the Fort Worth Business Press.

Copaken Brooks buys 228,000 SF in two Addison buildings 

(10/20/2014 7:28:00 AM)

ADDISON - Copaken Brooks, a Kansas City-based real estate investor, has purchased the two remaining industrial buildings of a four-building portfolio named the Addison Tech Center Portfolio.

The two buildings — 4555 Excel Pkwy. and 16750 Westgrove Rd. — are part of a four-building, Class A office and industrial portfolio totaling 228,400 sf.

The portfolio is 100 percent leased to tenants including Porter Lighting, Signature Floors, Southwest Solutions Group and Clinical Pathology Laboratory.

The Addison portfolio gives Copaken Brooks a foothold in a strong commercial real estate environment, said Troy Marquis, the firm's chief investment officer.

Read more at the Dallas Business Journal.

New shopping center coming at McKinney’s Craig Ranch 

(10/20/2014)

McKINNEY - Developer Encore Enterprises Inc. has bought 20 acres in Craig Ranch where it plans to build a shopping center.

The new project, known as Marketplace at Craig Ranch, will be anchored by a grocery store with infill retail space and pad sites along Custer Rd. and Stacy Rd.

“With the excellent access, quality of the design, and strong trade area, the development will appeal to a wide array of retailers looking to expand into the growing submarket,” Nicholas Barber, President of Encore Retail, said.

Craig Ranch is a 2,200-acre master-planned community located north of SH 121.

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

253,000-SF Downtown Dallas Belo Building sold 

(10/20/2014)

DALLAS - The 17-story Belo Building at 400 S. Record St. has been sold to an international business and investment group after being on the market for several months.

The 235,303-sf office tower was built in 1985 and previously housed the offices for Belo Corp. and other tenants.

Downtown real estate brokers say that the new owners plan a significant upgrade of the tower, which is just across the street from the Omni Dallas Hotel. They plan to consolidate workers from other locations — including outside Dallas — into the property.

The transaction includes a large parking lot across the street from the Omni on Young St. that is a potential development site.

Read more at the Dallas Morning News.

Behringer $60M bears down on Dallas' 435-unit Lakewood Flats 

(10/17/2014 3:00:00 PM)

DALLAS - The 435-unit Lakewood Flats apartment complex at 7425 La Vista Dr. has been sold for $60.5 million.

The property, which was constructed in 2013, contains approximately 339,000 net rentable sf and consists of 318 one-bedroom apartments with an average size of 645 sf and 117 two-bedroom apartments with an average size of 1,141 sf.

Lakewood Flats is situated on a 13.5-acre site and features two resort-inspired swimming pools, a clubhouse with lounge, gourmet kitchen, game room and a 24-hour fitness facility.

The community was approximately 97 percent leased as of October 7, 2014.

Behringer Harvard Opportunity REIT II Inc. purchased Lakewood Flats from an unaffiliated third party.

Read more at the U.S. Securities and Exchange Commission.

Red Tail buys 462,618 SF in Richardson, Carrollton 

(10/17/2014 10:47:00 AM)

CARROLLTON, RICHARDSON - A six-property, 16-building industrial portfolio totaling 462,618 sf has been purchased by Red Tail Acquisitions.

The properties consist of 1360-1420 Presidential Dr. and 850-890 North Dorothy Dr. in Richardson, as well as 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Dr. and 2855 Trinity Square Dr. in Carrollton.

The buildings are 87 percent leased to 41 tenants, which include Optex Systems Inc., Laboratory Corporations of America and Select Cabinet Co.

Red Tail Acquisitions bought the portfolio that included an $18.75 million ten-year, fixed-rate loan.

"The DFW industrial submarket is one of the most established industrial submarkets in Texas," said Tucker Knight, a managing director at HFF, which represented the seller, AEW Capital. "The properties in this portfolio are well-located, quality assets, and I expect them to see an upward trend in leasing."

Read more at the Dallas Business Journal.

Summit's 242,000-SF Fort Worth office sold 

(10/17/2014 10:45:00 AM)

FORT WORTH - The 242,482-sf Summit Office Park just west of downtown has been sold.

The two-building, Class A office complex was constructed in 1974. The eight-story buildings, located at 1200 and 1300 Summit Ave., are 95 percent leased and have 120,396 sf and 122,086 sf, respectively.

The property is valued at $22.3 million by the Tarrant Appraisal District. It includes a parking garage and is situated on about nine acres.

Dallas-based Prescott Realty, which purchased Summit Office Park in 2007, sold the property to Pennybacker Capital.

Read more at the Fort Worth Star-Telegram and the Fort Worth Business Press.

$185M Waterside project starting in Fort Worth 

(10/17/2014)

FORT WORTH - Construction will begin next week on the $185 million Waterside development in southwest Fort Worth. The project includes a Whole Foods Market and a 375-unit multifamily community.

Trademark Property Co., in partnership with Sarofim Realty Advisors, closed on the purchase of 63 acres along the Trinity River at Bryant Irvin Rd. and Arborlawn Dr. from the Bryant Irvin Recreation Complex.

Trademark has planned the development for more than a year. In March, the City Council approved $18.5 million in incentives to help build roads and bridges in the project.

Trademark had been under contract to buy the land since May 2013.

Construction is scheduled to begin on October 20 on the initial phase of Waterside, which will include a 45,000-sf Whole Foods Market, space for shops and restaurants and an apartment community by Transwestern Development Co.

Phase one is excepted to be completed spring 2016, according to Trademark.

When completed, Waterside will have about 200,000 sf for shops and restaurants, 20 acres for residential use, 200,000 sf for offices and a signature hotel.

Read more at the Fort Worth Star-Telegram and the Dallas Business Journal.

Checking in The Colony: 125-room Marriott to break ground 

(10/17/2014)

THE COLONY - A five-story, 125-room Marriott Courtyard will soon break ground at Cascades at The Colony on the Sam Rayburn Tollway, about two miles west of the Dallas North Tollway. Completion is scheduled for fall 2015.

The Marriott signals the final phase of the Cascades at The Colony, a 100-acre master-planned commercial and residential community.

Jackson-Shaw is developing the hotel and also has plans to develop three restaurants — which are scheduled to break ground in spring 2015 — for the final phase of construction.

Read more at the Dallas Business Journal.

Avanti seeding Flower Mound $15M senior living 

(10/17/2014)

FLOWER MOUND - Houston-based Avanti Senior Living will build a $15 million assisted-living and memory care community just north of Cross Timbers Rd. and Long Prairie Rd.

Avanti at Flower Mound will have housing for at least 90 seniors in a 77,000-sf building with 50 assisted-living units and 40 memory care suites.

The project will break ground in January. Avanti expects the community will open in spring 2016.

“The layout of the community will give residents easy access to various destinations, including a wellness center with ballet bar and fitness equipment, a theater, a full-service salon and spa,” Tim Hekker, CEO of Avanti, said.

Read more at the Dallas Morning News.

Southlake Recreation Center groundbreaking 

(10/17/2014)

SOUTHLAKE - Phase I of the Southlake Community Recreation Center has broken ground at 315 North Shady Oaks Dr. in the southwest corner of Bicentennial Park.

The first phase of construction will cost approximately $13.9 million and will include a community events hall, a senior center, multipurpose rooms, a lounge, kitchen, lobby and a 2,500-seat amphitheater for a total of 20,500 sf.

Completion is scheduled for August 2015.

Read more at the Community Impact Newspaper.

Dallas Airmotive to open 30,000-SF facility at DFW Airport 

(10/17/2014)

DFW AIRPORT - Grapevine-based Dallas Airmotive Inc., a provider of turbine engine overhaul and repair services, has broken ground on its new 20-acre test facility and rotorcraft center at the southern end of Dallas-Fort Worth International Airport.

Plans for the new 30,000-sf facility include a new rotorcraft center and six-cell test facility: three for turbo shaft engines and three for turbo fan engines.

The facility will feature a centralized state-of-the-art control room and a 15,000-sf pre- and post-test preparation area.

The move will help Dallas Airmotive consolidate portions of its turbine engine repair and overhaul business leading to a more streamlined and efficient business model, according to Doug Meador, president of Dallas Airmotive.

Read more at the Dallas Business Journal.

Grapevine Mills to get $40M facelift 

(10/17/2014)

GRAPEVINE - Simon Property Group has announced that the Grapevine Mills Mall will undergo a series of visual and structural updates, valued at $40 million.

The renovations will “de-theme” the mall, eliminating much of the overhead visuals and using lighting and other elements to focus attention on the stores instead, according to General Manager Joe Szymaszek.

The renovations are expected to last until October 2015.

The major focus of the renovations includes raising the storefronts and common areas to the roof deck level.

The renovations will be completed in four phases, with most of the work planned to occur while the mall is closed to limit inconveniences to shoppers and retail outlets. The first phase of the project will focus on the area between the food court and Neighborhood 6.

Read more at Community Impact Newspaper.

Bedford, Rockwall, Grapevine, Irving homes sold Sept. 2014 

(10/15/2014 9:00:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems (NTREIS) released home sales facts for September 2014. Below is a snippet of cities that you might want to see. There's more at the link below!

Some quick facts include:

• The median price of existing homes decreased to $180,000, down 4.9 percent from August 2014.
• Existing home sales decreased 18.9 percent from August 2014 for a total of 6,594 sold units.
• Condos increased in price to $162,500, up 8.4 percent from August 2014.
• Existing condo sales decreased 16.7 percent from August 2014 for a total of 423 sold units.

NTREIS Sept. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Sept. 2014
Price Chg.
vs. Sept. 2013
Units Sold
Sept. 2014
Sales Chg.
vs. Sept. 2013
NTREIS (single-family) $180,000 5.9% 6,594 -4.5%
NTREIS (condo) $162,500 17.8% 423 -12.2%
Region Cities*        
Bedford $182,600 -7.3% 45 25.0%
Rockwall $209,900 9.5% 67 19.6%
Grapevine $267,450 15.8% 52 18.2%
Lancaster $117,950 24.3% 20 17.6%
Irving $200,000 8.1% 104 16.9%
Granbury $179,900 4.6% 67 9.8%
Forney $165,950 6.1% 54 8.0%

*Data include single-family only and represent seven select region cities sorted by percent increase in units sold when compared to August 2013.

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

Panther pounces on Irving's Kensington Park Apartments 

(10/15/2014)

IRVING - Panther FW Investments, in partnership with a local multifamily investment group, has purchased the 256-unit Kensington Park Apartments at 3413 Country Club Dr.

The community offers one- and two-bedroom units that range in size from 545 sf to 1,102 sf and in price from $635 to $1,025.

Kensington Park Apartments was originally built in 1980 and was 97 percent occupied at the time of sale, according to umovefree.com.

Panther plans to increase rental revenue through interior and exterior upgrades.

Read more at the Fort Worth Business Press.

CBRE: DFW Office MarketView 3Q 2014 

(10/15/2014)

DALLAS-FORT WORTH - In third quarter 2014, net absorption throughout the DFW office market continued to trend positively for the 17th consecutive month, according to CBRE’s 3Q 2014 Office MarketView.

Vacancy declined in 3Q 2014 with an 18.2 percent vacancy rate, six months after vacancy dipped below 18 percent for the first time since 2008.

The largest office sale that transacted over the quarter was the purchase of Solana by The Blackstone Group. The Westlake business park is a 14-building campus style property.

An increase in new completions did not slow the pace of new construction starts, as the construction pipeline broke over 7.5 million sf over the quarter, driven by activity in suburban markets.

Below are the six of the 17 submarkets in DFW with the lowest vacancy rates.

DFW Market Snapshot by Vacancy
Market Net
Rentable SF
Total
Vacant
Avg.
Asking
Rent
3Q 2014
Total Net
Absorption
2014 YTD
Total Net
Absorption
North Fort Worth 1,132,767 4.2% $18.80 1,888 -8,340
Preston Center 3,860,096 7.9% $31.37 2,378 -16,934
South Fort Worth 6,843,285 8.3% $19.86 3,019 -19,753
Southwest Dallas 1,665,033 10.4% $15.59 4,056 48,382
Uptown/Turtle Creek 10,353,638 11.4% $32.49 -115,750 -39,704
Lewisville/Denton 4,665,127 13.4% $18.51 20,429 137,090
DallasTotal 183,535,893 18.6% $20.62 1,111,396 2,524,158
Fort Worth Total 35,074,234 16.0% $19.34 280,637 414,891
DFW Total 218,610,127 18.2% $20.41 1,392,033 2,939,049


Source: CBRE Research

See CBRE's Office Report. Registration is free.

For more information on office and other sectors, see DFW Market Data Sources.

Wright's wings terminal; Love changes the DFW game 

(10/14/2014)

DALLAS - The restrictions of the Wright Amendment have expired, freeing Dallas Love Field to launch nonstop flights from coast to coast for the first time.

The historic undoing of the 1980 law designed to protect the region’s economic propeller — Dallas-Fort Worth International Airport — should result in a revenue windfall for one of two major airlines headquartered in North Texas. For the other, the impact is being described as immaterial.

The clear winner is Southwest Airlines, which will add about 30 flights a day by the end of the year and the potential for hundreds of millions of dollars in new revenue, said Andrew Davis, an airline analyst with T. Rowe Price.

For its bigger crosstown rival, American Airlines, now stronger than ever after its merger with US Airways and fresh off a record $1.5 billion quarterly profit, the increased competition is being described as negligible.

An ancillary winner is likely to be Virgin America, which has vacated its gate in Terminal E at DFW Airport and has begun service out of two gates at Love Field.

Virgin acquired the space at Love Field when American had to divest itself of the gates in a settlement with the U.S. Department of Justice that allowed American to complete its recent merger with US Airways.

The 20-gate terminal is brand new at Dallas Love Field. The airport just finished a $519 million makeover that includes a new baggage pickup wing and lobby. What remains of the old concourse and terminal, which date back to the 1960s and 1970s, will be demolished.

Read more at the Dallas Business Journal.

Bright's billion to Crown Centre Lewisville office park 

(10/13/2014)

LEWISVILLE - Bright Realty has started work on a $1 billion, 3 million-sf corporate office park along the Sam Rayburn Tollway.

The 150-acre office park — called Crown Centre at Castle Hills — will attract Fortune 500 companies and firms seeking a high parking ratio, according to Bright Realty CEO Chris Bright.

Work is underway on the office park's first 200,000-sf speculative office building. Each building in the park is expected to range from 150,000 sf up to 400,000 sf of Class A space, depending on tenant demand.

The corporate office park will take 12 to 20 years to completely develop and is expected to have a lake with water views and outdoor art installations.

Right now, Bright Realty's Castle Hills development has added nearly $1.6 million to the tax base. In the next five to seven years, Bright expects to add more than $1 billion to the property tax base.

Bright Realty has continued to develop home lots, with 3,300 homes or home lots on the ground after the community's first resident moved into the development in 1998.

Read more at the Dallas Business Journal.

Sold! Addison's 195,894-SF One Hanover Park 

(10/10/2014 6:39:00 AM)

ADDISON - Houston-based PM Realty Group and American National Insurance Co. have jointly purchased the eight-story One Hanover Park building at 16633 N. Dallas Pkwy.

The 195,894-sf property was built in 1998 and is more than 80 percent leased. It’s located on the west side of the Dallas North Tollway, north of Keller Springs Rd.

The Class A building was sold by a partnership between Cawley Partners and Stockbridge Capital.

Read more at the Dallas Morning News.

Soaring Dallas apartment costs haven’t put a dent in rentals 

(10/10/2014 6:25:00 AM)

DALLAS - An average new apartment in Dallas’ Uptown neighborhood can cost twice as much as the mortgage payment on a mid-priced North Texas home.

They are willing to pay more for the luxury rental lifestyle and an address in the heart of Dallas.

Greg Willett, vice president with longtime Dallas apartment market firm MPF Research, warns, “we need to pay attention to the affordability factor.”

“You are pushing rents above the wage growth level,” Willett told developers meeting in Dallas this week. “You can do that for a while but not indefinitely."

Top-of-the-market apartment rents in Dallas are eye-popping, but they are still cheap compared to a lot of other major U.S. markets. Dallas ranked 14th among top United States apartment rental markets in a new report by Zumper Inc.

Below is the ranking of top apartment rental markets, according to Zumper's report.

The chart below is ranked by current median monthly cost for a one-bedroom unit.

Market Median
Rent
San Francisco $3,200
New York City $2,950
Boston $2,350
Washington, D.C. $2,144
Chicago $1,790
Miami $1,750
Los Angeles $1,708
Seattle $1,615
San Diego $1,425
Philadelphia $1,375
Minneapolis $1,325
Denver $1,170
Atlanta $1,150
Dallas $1,124
Houston $1,120
Top U.S. Apartment Rental Markets


Source: Zumper Inc.

Read more at the Dallas Morning News.

For more stats, check out Multifamily under Dallas-Fort Worth-Arlington Market Data Sources.

CBRE: DFW retail market view 3Q 2014 

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

DALLAS-FORT WORTH - The Dallas/Fort Worth economy has sustained strong economic conditions and continues as a popular location for retailers and businesses alike, according to CBRE’s 3Q 2014 Retail Marketview.

The total net absorption of 802,937 sf was a decrease of 355,369 sf from 2Q 2014. Overall, net absorption is still up for the year and has surpassed the 2013 total.

Delivered construction increased 318,501 sf over 2Q 2014 to 659,033 sf, almost double the amount delivered in 2Q 2014.

With Class A big box space in high demand, the market can expect to see more high-quality spaces entering the pipeline in 2014 and beyond, as well as the redevelopment of older and outdated properties.

Below are the five submarkets in DFW with the lowest vacancy rates.

DFW Market Snapshot by Vacancy
Market Net
Rentable SF
Total
Vacant SF
Total
Vacant
Avg.
Asking
Rent
2014 YTD
Total Net
Absorption
East Dallas Outlying 3,503,104 148,335 4.2% $19.80 -15,210
Central Dallas 9,106,345 398,071 4.4% $19.94 54,406
Near North Dallas 21,084,243 1,289,007 6.1% $14.60 48,759
Mid-Cities (Fort Worth) 50,036,310 3,393,793 6.8% $13.55 789,934
North Central Dallas 30,244,311 2,165,516 7.2% $15.24 145,412
Total Dallas 178,202,213 14,298,593 8.0% $14.53 1,663,007
Total Fort Worth 95,225,567 7,111,601 7.5% $12.45 1,454,350
TOTAL DFW 273,427,780 21,410,194 7.8% $13.81 3,122,506


Source: CBRE Research

See CBRE's Retail Report.

For more information on retail and other sectors, see DFW Market Data Sources.

I'm floored! HQ, showroom to Flower Mound's Lakeside Ridge 

(10/10/2014)

FLOWER MOUND - Signature Systems Group LLC, a New York-based flooring company, will relocate its corporate offices and open a new distribution center in January at 1201 Lakeside Pkwy.

The 30,000-sf facility will include a showroom for customers to view the company’s products. Signature Systems makes modular flooring and roadway systems for access and ground protection.

Signature’s headquarters will be in the new Lakeside Ridge industrial development. The 153,000-sf building is being completed near Lakeside Pkwy. and Long Prairie Rd., north of Dallas-Fort Worth International Airport.

Read more at the Dallas Morning News.

Oklahoma crosses the border for WholeLife McKinney, Frisco 

(10/10/2014)

McKINNEY, FRISCO - Oklahoma-based WholeLife Companies has announced that it plans to build two new communities in McKinney and Frisco.

In McKinney, the seven-acre WholeLife Craig Ranch project will have 176 units in 11 five-story buildings in the 6000 block of Alma Rd. The rental homes in the $80 million project will average 1,800 sf.

In Frisco, WholeLife will build 176 individual bungalows in two phases on 122 acres. The $70 million project is located southwest of Witt Rd. and King Rd.

Each of the new communities includes a central club building for gatherings and events, a state-of-the-art fitness center, pool, game room and community services. There will also be an on-site medical facility — all included in monthly rental fees.

Read more at the Dallas Morning News.

Medical construction riding $5B DFW wave 

(10/9/2014 6:59:00 AM)

DALLAS-FORT WORTH - It’s health care and hard hats across North Texas as a construction wave totaling more than $5 billion is turning the region into one of the country’s most active medical construction markets.

More than $2 billion worth of work is underway just within a few blocks in Dallas’ medical district, led by the $1.3 billion Parkland Hospital and the $800 million UT Southwestern Clements University Hospital.

Below is a summary of Dallas-Fort Worth’s biggest healthcare projects.

Parkland Hospital, Dallas:
•  $1.33 billion
•  2.8 million sf of occupancy, excluding parking
•  eight buildings with a 17-floor main facility that includes a rooftop helipad
•  scheduled to open mid-2015

William P. Clements Jr. University Hospital, Dallas:
•  $800 million
•  1.3 million sf
•  460 beds
•  scheduled to open November 2014

Methodist Dallas Medical Center Charles A. Sammons Tower:
•  $123 million
•  six-story 248,000-sf critical care and emergency tower
•  total bed count at Methodist Dallas grows from 515 to 558
•  facility opened July 2014

Medical City Dallas Hospital (expansion):
•  $126 million
•  156,937-sf addition
•  adding 100 beds (34 additional ICU beds, 46 additional medical/surgical patient beds, 18 stem cell patient rooms)
•  scheduled to open March 2016

Medical Center Alliance (new hospital and medical office building):
•  $93 million — $83 million for hospital and $10 million for medical office building
•  155,000-sf hospital, 50,000-sf office building
•  55 beds
•  scheduled to open February 2015

Read more at the Dallas Business Journal.

Underway: 170,000-SF Frisco Bridges Place 

(10/9/2014)

FRISCO - Ground has been broken on Frisco Bridges Place, a 170,000-sf office building at the southeast corner of Gaylord Pkwy. and the Dallas North Tollway.

Plano-based Heady Investments is developing the six-story property, which will add another Class A office destination to a corridor that’s become a corporate magnet.

Two floors — about 40 percent — of the new office building has already been preleased to Strasburger & Price LLP.

Read more at the Dallas Business Journal.

For more, see previous story Frisco Bridges Place grows office market by 170,000 SF.

Dallas' Presbyterian Village North to start $93M expansion 

(10/9/2014)

DALLAS - Presbyterian Village North will break ground next week on a $93 million expansion of its seniors housing community at 8600 Skyline Dr.

The development will add 350,000 sf to the campus to provide services for an additional 200 seniors annually.

The project will include the addition of two independent living buildings, assisted-living units, memory care apartments and services, a lifestyle fitness center, a transitional care unit, a chapel and a central park.

The expansion will provide at least 150 new full-time jobs.

Presbyterian Village North provides housing for residents aged 62 or older on its 63-acre campus.

Read more at the Dallas Morning News.

Law firm on 77,000 SF at Dallas' new Frost Tower 

(10/9/2014)

DALLAS - Polsinelli Shugart, a health care specialty law firm, has leased 77,000 sf at the new Frost Tower, which is under construction on McKinnon St. at the south entrance to the Dallas North Tollway.

The Kansas City-based firm has had operations in the nearby Saint Ann Court for three years.

Polsinelli will move into six floors at Frost Tower after it opens spring 2015, according to developer Hardwood International.

Frost Tower, which is now more than 90 percent leased, will also house offices of Frost Bank and the Rochon Family Office.

Read more at the Dallas Morning News.

In Fate's hands: 123,000-SF self-storage facility sells 

(10/8/2014 7:15:00 AM)

FATE, ROCKWALL COUNTY - Compass Self Storage has purchased a self-storage property with over 123,000 net rentable sf at 159 Riding Club Rd.

The state-of-the-art storage center offers climate-controlled units, indoor units, drive up unit access, digital surveillance and truck rental to aid the moving process.

The new storage center will also be operated by Compass Self Storage, which plans to add an additional 20,000 net rentable sf in the immediate future.

Furthermore, Compass plans to open a new storage facility in Grand Prairie during fall 2014 along with another new storage center in Mansfield.

Compass Self Storage is a member of the Amsdell family of companies, which are headquartered in Cleveland, OH. Amsdell has owned and operated over 500 storage centers under various trade names in over 27 states.

Read more at PRNewswire.

Snapping up Frisco's 162,000-SF Eldorado Market Place 

(10/8/2014 6:00:00 AM)

FRISCO - The 162,331-sf Eldorado Market Place at the northwest corner of the Eldorado Pkwy. and the Dallas North Tollway has been sold.

Tenants of the property include Market Street, Raising Cane's, The UPS Store, Jersey Mike's and AT&T Inc. Built in 2008, Eldorado Market Place is 99 percent leased to 35 tenants.

The sale also included approximately 24 acres for future development.

Houston-based Fidelis Realty Partners Ltd. purchased the retail center from WD Eldorado & Tollway LP, an affiliate of Plano-based Duggan Realty Advisors LLC and Waitt Investments.

Read more at the Dallas Business Journal and at Citybizlist.

Qantas, Emirates debut luxury Airbus 380 jets at DFW Airport 

(10/8/2014 5:00:00 AM)

DALLAS-FORT WORTH INTERNATIONAL AIRPORT - Qantas Airbus A380 and Emirates’ Airbus A380 made their inaugural flights this week landing at DFW International Airport.

Emirates and Qantas both now employ Airbus 380 jumbo jets with regular service to DFW.

Qantas offers six-day-a-week service from Sydney to DFW, and the Emirates A380 flies into three U.S. markets: DFW Airport, New York and Los Angeles.

The planes offer 489 seats, including 14 first-class and 76 business class on the second floor and 399 economy seats on the first floor.

The first-class passengers can dine, sleep and watch television in their own suites during the flights.

Each of the 14 individual pods has moveable walls, seats that can lay flat, a flat-screen television with more than a thousand channels, a touchscreen that controls the entertainment and orders food and access to an in-flight lounge.

Finally, first-class passengers can refresh in one of two private spas that feature showers and sinks.

Emirates has the world's largest fleet of A380s with 53 and has more than 80 on order from Airbus, according to Hubert Frach, a vice president with Emirates.

Read more at the Dallas Business Journal.

Bell Helicopter layoffs hit Fort Worth, Amarillo 

(10/8/2014)

FORT WORTH - Fort Worth-based Bell Helicopter is cutting 320 jobs at its facilities in Fort Worth and Amarillo.

Roughly 80 people were laid off in Amarillo, while 240 were let go in Fort Worth.

The layoffs were caused by defense budget cuts and the cancellation of the Kiowa warrior project, according to Bell spokeswoman Jenna Tyler.

The affected workers will be given severance packages and assistance in seeking jobs.

Read more at the Dallas Business Journal.

Wilmer: Ace Hardware's 450,000-SF distribution center nailed 

(10/7/2014 7:14:00 AM)

WILMER - Construction has been completed on Ace Hardware’s 450,300-sf distribution center at Pleasant Run Rd., just east of I-45.

The building — which replaces a facility in Arlington — will serve as the company’s retail support center and is located in the Sunridge Business Park.

The distribution center features 19,900 sf of office space, 14,000 sf of high hazard space and 8,000 sf of aerosol space, as well as 86 dock doors and a 32-foot clear height.

Read more at REJournals.com.

DFW Hexter-Fair housing trend Aug. 2014 

(10/7/2014 7:13:00 AM)

COLLIN, DALLAS, DENTON, TARRANT COUNTIES - Hexter-Fair First American Title's 13-month single-family market history is available for Collin, Dallas, Denton and Tarrant Counties.

The chart below outlines price and demand data in August 2013 vs August 2014.

Collin, Dallas, Denton, Tarrant Housing*
  Date Med.
Close
Price
Avg. 
Close
Price
Avg.
$/SF
Total 
Closings
Eval.
  REO
Closing
Collin Aug. 2013 $245,000 $287,541 $102 1,176 40
Aug. 2014 $259,900 $307,425 $110 1,438 35
Trends** $2,436 $2,435 $.77 48 0.42
Dallas Aug. 2013 $179,900 $293,997 $128 1,449 156
Aug. 2014 $178,000 $274,950 $125 1,683 140
Trends** $1,849 $3,259 $1.23 45 -3
Denton Aug. 2013 $218,000 $259,828 $101 1,061 40
Aug. 2014 $226,000 $265,774 $105 1,261 40
Trends** $2,269 $2,211 $.71 43 0.42
Tarrant Aug. 2013 $161,750 $214,985 $92 1,728 127
Aug. 2014 $173,000 $227,544 $98 2,205 130
Trends** $1,730 $2,501 $.85 73 0.42

* Believed accurate but not guaranteeed.
** Trends represent 13-month market history.

Source: Hexter-Fair First American Title

Click here for the full report.

DFW's new home market up 81 percent in past three years 

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

DALLAS-FORT WORTH - Home builders commenced construction on 6,511 new homes during third quarter 2014, an increase of 11.4 percent year-over-year, according to Residential Strategies.

With 3Q 2014 growth, Dallas-Fort Worth has reached an annual start level of 24,454 homes, which is a year-over-year annual start increase of 17 percent. The housing boom is helping replenish the depleted speculative inventory.

"We have had 5,853 closings during third quarter, which is the highest number of closings since the third quarter of 2008," said Ted Wilson, a principal at Residential Strategies.

The affordability of new homes is the primary concern of home builders, who are relatively optimistic about the sustained new housing demand as jobs flock to the region.

"Over the past year, builders have had to digest higher direct construction costs as well as increased lot pricing," said Wilson. "As a result, we are watching builders diversify their product offerings — both geographically and with respect to house size."

Currently, there is a 2.4-month housing supply and the existing housing market is curtailed by the lack of housing supply, not the demand.

Read more at the Dallas Business Journal.

Fruit of the Earth to yield 146,000 SF in Fort Worth 

(10/7/2014)

FORT WORTH - Fruit of the Earth has signed a 12-year lease at Riverpark 1000 — a 145,579-sf Class A light industrial facility.

The property, located off of W. Trinity Blvd., is less than seven miles from DFW International Airport. Fruit of the Earth will lease 100 percent of the building and will take occupancy immediately following completion in second quarter 2015.

Founded in 1980 and headquartered in Fort Worth, Fruit of the Earth is a manufacturer of aloe-vera based skin, sun and health care products.

The facility will house additional production lines, finished-goods distribution and related offices.

“The leasing of Riverpark 1000 to Fruit of the Earth early in the construction process is a testament to the vitality of the Dallas-Fort Worth industrial market,” said Amstar Senior Vice President Tricia Noble.

Amstar and development partners Huntington Industrial Partners and Seefried Industrial Properties broke ground on the property on a speculative basis in June 2014.

Read more at PR Web.

Bank of America to lay off 187 Plano workers 

(10/7/2014)

PLANO - Bank of America has announced that it will eliminate nearly 190 positions in Plano.

The cuts are expected to be completed by November 17. The downsizing is taking place at the bank’s Legacy Asset Servicing and Home Loan Originations units and will affect 187 employees, according to the letter filed under the federal Worker Adjustment Retraining and Notification Act.

Some eligible associates will be offered career transition resources, severance pay and benefits.

Just over a week ago, Bank of America announced 50 layoffs at its Legacy Asset Servicing unit in Fort Worth. The cuts all are part of a nationwide initiative to eliminate 30,000 jobs. So far, the bank has phased out more than 900 North Texas positions since mid-2013.

Still, bank officials insist that North Texas is a strategic market for Bank of America, and emphasize that more than 20,000 workers are employed by the company around the state.

Read more at the Dallas Business Journal.

JLL report: Downtown Dallas office leasing tops 

(10/5/2014)

DALLAS - Downtown Dallas has seen a big jump in office leasing this year, and a JLL's Office Statistics Q3 2014 report says that the Central Business District leads North Texas in net office occupancy gains.

Expanding and relocating tenants leased about 558,000 sf of office space downtown through third quarter 2014, more than five times the total downtown net leasing in all of 2013 and the highest office space absorption number downtown in years.

Far North Dallas — which includes the busy Dallas North Tollway corridor — was second on JLL’s top office market list, followed by Las Colinas and North Central Expy.

So far in 2014, net office leasing in the Dallas area totals 1.75 million sf.

Overall office vacancies in the Dallas area have dropped to 19.5 percent — the lowest level in more than a decade.

Downtown Dallas’ office market has been boosted this year by major leases by companies including Santander Consumer USA, Active Network and Omnitracs.

Read more at the Dallas Morning News.

For the full report, see JLL. For stats and info on office and more, see Dallas-Fort Worth-Arlington Market Data Sources.

Fort Worth: 332-unit Ridgmar Square fits $10.8M sale 

(10/3/2014 6:25:00 AM)

FORT WORTH - Ridgmar Square, a 332-unit apartment complex at 2508 Ridgmar Blvd., has been sold.

Ridgmar Square consists of 24 buildings and includes a fitness center, laundry facilities, a pool and a clubhouse.

The community offers one-, two- and three-bedroom units ranging in size from 506 sf to 1,597 sf and in price from $617 to $1,265.

Presidium Group bought Ridgmar Square for $10.75 million — $32,000 per unit — from Devonshire Real Estate and Asset Management.

Read more at CoStar Group.

Sweet on Downtown Dallas' Class A office space 

(10/3/2014)

DALLAS-FORT WORTH - North Texas companies are leasing Class A office space, leaving the market tight for quality office locations, according to Walter Bialas, JLL's Dallas office vice president.

Some of the in-demand submarkets where Class A office space is hard to find in Dallas-Fort Worth include the area along the Dallas North Tollway in Plano and Frisco, Uptown, Preston Center, and downtown Dallas.

Through third quarter 2014, companies signed for over 500,000 sf of office space in downtown Dallas. Overall, Dallas-Fort Worth companies leased 1.75 million sf of new office space in the region, according to JLL. Oct. 6, JLL's website is not working today.

The boost in leasing activity has caused landlords to increase asking rents for well-located properties.

"At this time next year, I think we'll see a 5 percent to 6 percent growth in rent," said Bialas. "I don't think this average increase will stop anytime in the next eight quarters."

Read more at the Dallas Business Journal.

Brookwood buys two buildings (452,000 SF) in Las Colinas 

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

LAS COLINAS - A 451,195-sf office property consisting of 125 E. John Carpenter Fwy. and 5100 N. O’Connor Blvd. has been sold.

The Class A property is 61.1 percent occupied and is located adjacent to SH 114, near Gables Water Street and The Music Factory, two retail developments that are in the works.

Mass.-based Brookwood Financial Partners LLC, a real estate investment and asset management company, purchased the two-building, multitenant property.

Brookwood plans to enhance the property’s position in the Las Colinas submarket by investing $3.7 million in targeted capital improvements. The seller also recently completed improvements including a major lobby renovation, a new conference room, fitness center and cafe.

Rental rates in the Las Colinas submarket have increased 7.6 percent over the previous six quarters, but rates are still 5.4 percent below their pre-recession peak.

Read more at Business Wire.

Crowley's 57,000-SF All Star Self-Storage sold 

(10/2/2014)

CROWLEY - The All Star Self-Storage at 786 FM 1187 has been sold. The 57,625-sf facility is situated on approximately 3.8 acres and consists of 224 climate-controlled units.

Unit sizes range from 5x5 to 15x40, and as of the listing date, the property was 84.2 percent physically occupied and 77.5 percent economically occupied.

Built in 2007, the facility's seven single-story buildings are comprised of brick and metal exteriors, metal interior walls, standing seam metal roofs and slab-on-grade concrete foundations.

Tenant amenities include insulated ceilings, a personalized key-pad entry/exit gate, perimeter fencing and lighting, surveillance cameras, fire sprinklers in every unit, extra wide concrete driveways, a fortress-style perimeter, a two-story on-site manager's residence and garage-style rollup doors.

Source: Marcus & Millichap Real Estate Investment Services

75,000-SF 'One-stop shop' medical center open in Plano 

(10/2/2014)

PLANO - Village Health Partners has opened its new 75,000-sf Independence Medical Village, at 8080 Independence Pkwy., Suite 200.

The care providers and staff formerly at the Independence Medical Center and Preston locations will merge to serve patients at the  facility.

The health-village approach gives people access to family physicians, vision care, surgery, a heart lab, urology, women’s health, skin care, dentistry, pharmacy and laboratory and other services and facilities at one site.

The practice also offers weekend and evening hours to meet patients’ needs.

Village Health Partners has had tremendous success with its flagship location, Legacy Medical Village, and has grown since its founding in 2007 to 75,000 patients. If current growth rates continue, it will have 125,000 to 150,000 patients by the end of 2015, according to Dr. Christopher Crow, co-founder of Village Health Partners.

Read more at the Dallas Business Journal.

92 Year Old sold! Downtown Dallas office rebirth to hotel 

(10/1/2014 7:24:00 AM)

DALLAS - The 92-year-old 1700 Commerce office building in downtown has been sold for the first time in 20 years.

Built in 1926, the 132,218-sf building was originally constructed as the Allen Building, and cost $1.5 million. Boxer purchased the property 70 years later for $525,000.

The property is located across the street from Neiman Marcus’ flagship downtown store.

Boxer Property, which purchased the 21-story building in 1992, sold 1700 Commerce to Irving-based hotel firm NewcrestImage LLC.

NewcrestImage owns and operates more than a dozen hotels, with five properties under construction and more in planning stages.

Read more at the Dallas Morning News.

Farmers Branch: Billingsley to kick off 260,000-SF building 

(10/1/2014 6:59:00 AM)

FARMERS BRANCH - Developer Billingsley Co. is set to break ground on another 260,000-sf industrial building in its Mercer Business Park on LBJ Fwy.

The construction of its second industrial project in the business park is being launched with a lease to ViaTech, a printing company.

ViaTech will take 75,000 sf and will move its operations from Billingsley’s Metropolitan Distribution Center in late 2015.

Billingsley’s first warehouse in the project is a 340,000-sf building that will house Reliable Sprinkler and Paragon Distributing.

The 225-acre Mercer Business Park is located at the northwest corner of LBJ Fwy. and I-35E.

Read more at the Dallas Morning News.

MPF Research: DFW apartment demand strong 

(10/1/2014)

DALLAS-FORT WORTH - DFW continues to be one of the nation's top apartment markets, delivering thousands of apartments each month in an effort to meet demand.

In total, developers completed 6,228 apartments in third quarter 2014, and 16,193 apartments in the past 12 months, according Carrollton-based MPF Research.

Demand is keeping pace with construction. North Texas renters leased 5,860 additional apartments during 3Q 2014, and 15,961 apartments in the past year. The region's occupancy rate has reached a 13-year record high of 94.7 percent.

For the first time, North Texas' average rents have breached the $900 per month milestone, with average rent reaching $903 per month in 3Q 2014. The region's annual rent has grown nearly 3.5 percent.

The new apartments being delivered in the Dallas urban core are commanding monthly rents of $1,800 to $2,000. For downtown Fort Worth, the average rent is $1,600.

Nationally, apartment occupancy has reached 95.1 percent, with a 4 percent growth in annual rental rates, according to Dallas-based Axiometrics Inc.'s preliminary 3Q 2014 data.

Read more at the Dallas Business Journal.

Fort Worth: TCC lands Alliance in aviation education 

(9/30/2014 6:59:00 AM)

FORT WORTH - Tarrant County College (TCC) has opened a 163,500-sf aviation center at 2301 Horizon Dr. in the AllianceTexas development.

TCC invested approximately $20 million for its purchase, design and renovation and the cost of furnishing and moving programs from the Northwest Campus.

The Northwest Campus Center of Excellence for Aviation, Transportation and Logistics reflects the district’s desire to educate future pilots, aircraft mechanics and logistics professionals, which manage and track goods in and out of the state.

Bell Helicopter set the stage for the new facility by selling the district its 161,000-sf military programs facility in 2013.

The district paid about $5.2 million to purchase 20 acres at the airport, which now features the aviation and logistics learning center. More than 900 students are enrolled in the district’s aviation program this semester.

Read more at Tarrant County College and the Fort Worth Business Press.

72,000-SF senior living facility underway in Allen 

(9/30/2014)

ALLEN - Construction has begun on a 72,000-sf senior center near SH 5 and Bethany Dr.

The two-story center will offer 32 assisted-living units and 36 memory care units. The complex, which is being developed by Mesquite©\based Christian Care Centers, will also include 22 independent living cottages.

Completion is scheduled for August 2015. Once completed, Christian Care Centers will operate the facility.

The community is located on approximately five acres adjacent to, and donated by, the Greenville Oaks Church of Christ at 703 S. Greenville Ave.

Source: Adolfson & Peterson Construction

Underway: Plano Legacy Center kicks off 175,000-SF office 

(9/29/2014 9:00:00 AM)

PLANO - Cawley Partners has broken ground on Legacy Center, a four-story, 175,000-sf office building in Legacy Business Park.

Rents will start at $27.50 per sf, according to developer Bill Cawley.

The speculative office development is being built on 12 acres at the northwest corner of Legacy Dr. and Hedgcoxe Rd., east of the Dallas North Tollway.

The office development is scheduled for completion in August 2015 and will be priced lower than other recent projects in West Plano.

The announcement of Cawley Partner’s Plano project comes just a week after developer Granite Properties said it would start the next office tower in its Granite Park project on the Dallas North Tollway south of SH 121 in Plano. The 12-story, 306,000-sf Granite Park Five will be finished late next year.

Read more at the Dallas Morning News.

For more on Granite Park Five, see previous story 306,000-SF Granite Park Five underway in Plano.

Richardson: 360-unit Jefferson Center opens near CityLine 

(9/29/2014)

RICHARDSON - Jefferson Center, a 360-unit apartment community near the CityLine development, has been completed.

The one-, two- and three-bedroom homes range from 650 sf to 1,500 sf.

The new 30-acre apartment community gives residents a resort-style pool, two clubrooms, a coffee bar, grilling and cabana areas, beach volleyball courts, a dog park, playgrounds, and event lawn with an outdoor movie theater.

Jefferson Center was developed by Irving-based apartment builder JPI. It is one of a number of projects underway near State Farm Insurance's new regional hub in Richardson that will help provide housing for the company's workers.

Read more at the Dallas Business Journal.

Will Rogers Memorial Center $15M headed to Cowtown 

(9/29/2014)

FORT WORTH - Plans are in the making to launch construction in early 2015 on a $15.1 million renovation at the Will Rogers Memorial Center.

The project would ease pedestrian flow between the north and south ends of the complex.

The Fort Worth Stock Show, which calls Will Rogers home for its annual one-month run, is kicking in $6.5 million — or 43 percent — of the project cost.

The project will likely take until December 2015 to complete, just ahead of the 2016 Stock Show, according to Kirk Slaughter, Fort Worth’s public events director.

The project will extend Tower Dr. from the south side of Burnett-Tandy Dr., through the section of the building connecting Cattle Barns 1 and 2 that today houses the milking parlor, and to the parking areas south of the barns.

The milking parlor will move into Cattle Barn 2.

The promenade between the cattle barns will be covered, creating a shaded pedestrian walkway that will make it easy for exhibitors to move freely between the north and south sides of the Will Rogers complex. The walkway also could be used as space for major events.

Read more at the Fort Worth Business Press.

Fort Worth: Texas Wesleyan buys two shopping centers 

(9/29/2014)

FORT WORTH - Texas Wesleyan University has purchased two shopping centers on E. Rosedale St. across from its Southeast Fort Worth campus.

The centers, in the 3000 and 3100 blocks of E. Rosedale, include more than 20,000 sf and are mostly vacant. The Texas Wesleyan University Bookstore and a Subway sandwich shop are tenants in one of the buildings.

The university will pursue restaurant and retail tenants, according to Frederick G. Slabach, Texas Wesleyan’s president.

“We’ve already received significant interest by food service providers,” Slabach said.

The seller, Tsc Poly Retail LLC, began assembling the property 12 years ago. The shopping centers, which comprise several lots, are about 25 percent occupied.

Officials expect business interest in the area will continue to pick up, as the city completes a major reconstruction of E. Rosedale, now underway into the campus. Texas Wesleyan also is overhauling the entryways to the school with the help of the city.

The $1.8 million in street improvements are a public-private partnership between Texas Wesleyan, the City of Fort Worth, Tarrant County and the North Central Texas Council of Governments.

Read more at the Fort Worth Business Press.

Plano's sweet Preserve(s) for $41M 

(9/26/2014 8:15:00 AM)

PLANO - The Preserve at Arbor Hills (The Preserve), a 330-unit apartment complex located at 7001 West Parker Rd., has been sold for $41 million.

The Preserve’s 330 units range in size from 692 to 1,415 sf, with 310,072 sf of rentable area in four two-story and 13 three-story stucco buildings. The complexes one-, two- and three-bedroom floor plans range in rent from $905 to $1,785.

The 15-acre property, which was built in 1998, was 97 percent leased at the time of sale. The Preserve overlooks the Arbor Hills Nature Preserve, a 200-acre park featuring vast areas for walking, jogging, hiking, and other outdoor activities.

The Preserve was purchased by Canada-based Pure Mutli-Family REIT from a subsidiary of Sunstone U.S. Opportunity Realty Trust.

Read more at Pure Multi-Family REIT and at Multi-Housing News.

DFW foreclosures down 24 percent from Oct. 2013 

(9/24/2014 6:50:00 AM)

DALLAS-FORT WORTH - DFW home foreclosure filings for October are down by almost 25 percent year-over-year, according to Foreclosure Listing Service.

Lenders have scheduled more than 1,500 homes for forced sale, compared to about 2000 properties in October 2013.

The decline in home foreclosure postings for next month continues a long trend of fewer problem residential loans.

So far in 2014, home foreclosure filings for North Texas are running more than a third behind where they were for the first ten months of 2013, according to the Addison-based firm.

DFW home foreclosures peaked in 2010 when almost 64,000 homes were posted for forced sale. Through the first ten months of 2014, 15,564 homes have been scheduled for foreclosure.

Not all homes scheduled for foreclosure each month actually sell at auction. Many times the foreclosure is delayed while the borrower and lenders negotiate or reach other agreements.

For October’s foreclosure auction, the biggest decline in filings was in Denton County where 31 percent fewer postings were recorded than in October 2013. Filings in Collin County were down 30 percent, and were 24 percent lower in Tarrant County and 20 percent less in Dallas County.

Read more at the Dallas Morning News.

Richardson: 800,000-SF Galatyn Park sold 

(9/24/2014 6:45:00 AM)

RICHARDSON - A California investor has bought one of the biggest office blocks in Richardson’s Telecom Corridor.

Spear Street Capital has bought the 800,000-sf, four-building Galatyn Park office complex located just east of North Central Expy.

The buildings — which are currently leased to State Farm Insurance and Bank of America — were constructed between 1997 and 2000.

State Farm will begin moving out of the complex in 2015 when it relocates to its new campus at the CityLine complex on President George Bush Turnpike. Its leases expire starting in 2016.

The new owner plans to invest “significant capital” to remodel the buildings, add amenities and set up a shuttle service between the property and CityLine, according to Cassidy Turley, which has been hired to lease the property along with Peloton Commercial Real Estate.

The California-based firm was founded in 2001 and has invested more than $3 billion in real estate nationwide.

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

Dallas' Lone Star Lofts a quick hit with tenants 

(9/24/2014)

DALLAS-FORT WORTH - The historic Lone Star Lofts in downtown Dallas have only been open a few months, and the apartment project is already mostly leased.

“We’re 72 percent occupied and 81 percent leased — almost done with construction,” said developer Ted Hamilton.

Built in 1924 and 1931, the landmark former utility buildings are located on Harwood St. near the Farmers Market.

Hamilton Partners and Central Dallas Development Corp. spent about $30 million converting the vacant office buildings into 123 apartments. The apartments average about 940 sf and start at near $1,000 a month.

Read more at the Dallas Morning News.

Economic forecast panel sees risks ahead for Texas' growth 

(9/24/2014)

TEXAS - A panel of three Dallas-area CEOs and an economist say consumer changes, demographic shifts and other factors could slow Texas’ fast growth pace.

“The Texas economy grew really robustly this year through August,” said Mine Yücel, director of research for the Federal Reserve Bank of Dallas. “Employment was up 3.5 percent from 2013, compared with 1.8 percent for the nation and average historical growth rate of 2 percent for Texas.”

Yücel spoke to about 250 people gathered for the 2015 Economic Forecast in Dallas. She was joined by Fluor Corp. CEO David Seaton, Kimberly-Clark Corp. CEO Thomas J. Falk, and J.C. Penney Co. CEO Mike Ullman.

Yücel expects Texas’ 3.5 percent job growth to continue through the rest of the year for about 400,000 total jobs, but that high demand has led to labor shortages, especially in energy and construction.

Fluor’s Seaton feels “the pinch” from the labor shortage and he thinks comprehensive U.S. immigration reform would help alleviate some of that pressure. Fluor is one of the world’s largest engineering and construction services companies.

Kimberly-Clark’s Falk and J.C. Penney’s Ullman both see big changes in the middle-class consumer.

The middle class — the nation’s middle two income quartiles — is “what I spend the most time thinking about,” Ullman said. “We always say that middle consumer has too little time, too little money and too many kids.”

Falk sees two big demographic shifts affecting his Irving-based consumer packaged goods company: There are more Latino and Asian consumers; and flat wages and lower household income is leaving middle-class consumers with less money to spend.

The Dallas forum was the first of McCombs’ Texas Enterprise Speaker Series four economic forecasts. The others will take place in October in Austin, Houston and San Antonio.

Read more at the Dallas Morning News.

Mansfield's 40,000-SF Matlock Center sold 

(9/24/2014)

MANSFIELD - Matlock Center, a 40,027-sf shopping center shadow-anchored by a Walmart Neighborhood Market, has been sold.

The property, which is located at the intersection of Matlock Rd. and Debbie Lane, was 90 percent leased at the time of sale to tenants including Subway, Pizza Hut, Great Clips, Liberty Tax Service, Advance America and No Frills Grill.

A Dallas-based investor sold Matlock Center to an Arlington entity.

Read more at Texas Real Estate Business.

101,000 SF catches the eye of Hoya Vision in Irving 

(9/22/2014 12:15:00 PM)

IRVING - Lewisville-based Hoya Vision Care has leased a 101,817-sf industrial space in the Trade Center IX building at 755 Regent Blvd.

The space will help Hoya move its distribution center from Santa Clara, California to North Texas.

The company will start operations from the new facility in October.

The building, located near Dallas-Fort Worth International Airport, is owned by Trammell Crow Co., Clarion Partners and Rosewood Property Co.

HOYA Vision Care is a U.S. firm owned by Hoya Corp. of Japan.

Read more at the Dallas Morning News.

TAMU sells 163 DFW acres to home builder 

(9/22/2014 11:15:00 AM)

DALLAS - The Texas A&M University System has sold 163 acres of farmland north of Campbell Rd. on Coit Rd. in North Dallas.

The tract is adjacent to the Texas A&M AgriLife Research and Extension Center. The sale of the acreage is expected to help Texas A&M AgriLife kick off plans for a new state-of-the-art research center on the school’s remaining 80 acres in northern Dallas County.

Dallas-based Centurion American Development purchased the land with plans to bring hundreds of homes to the area.

Centurion Development's proposed plan for the tract includes 720 single-family homes and 180 townhomes, according to the city's planning and zoning department.

Read more at the Dallas Business Journal.

Sprouts adds 25,000-SF Arlington store, plans for more 

(9/22/2014)

ARLINGTON - Sprouts Farmers Market has opened its first Arlington store at 5711 W. I-20.

The 25,000-sf store is the grocer’s second Tarrant County store to open in the past month. It opened in Hurst on Aug. 6.

The store employs 130 people. Sprouts plans to continue adding three to five stores per year in DFW, according to Eric Stover, Sprouts divisional vice president.

The Phoenix-based grocer now has 189 stores and more than $2.5 billion in annual sales.

Read more at the Fort Worth Star-Telegram and at the Fort Worth Business Press.

Eastman completes plasticizer expansion in Texas City 

(9/21/2014)

TEXAS CITY - Eastman Chemical Co. has completed a capacity expansion of its Eastman 168 non-phthalate plasticizers at its manufacturing facility. The expansion increased overall capacity by about 15 percent.

The firm projects global demand for DEHT at 500,000 tons in 2014 and sees continued demand for non-phthalate plasticizers.

Eastman expects the market to need its next phase of capacity expansion by mid-2016, which would take the firm’s full capacity to more than 200,000 tons.

Eastman said non-phthalate plasticizers are broadly used in products like toys, childcare items, food contact materials and medical devices. They also are used to provide flexibility to polyvinyl chloride in a variety of applications.

The firm serves the building and construction, health and wellness, and a wide range of consumer product industries.

Eastman is a global chemical company that serves customers in about 100 countries and reported revenues of $9.4 billion in 2013. The firm is headquartered in Kingsport with 14,000 employees worldwide.

Read more at Rubber News.

PwC Analyst: DFW office market gives reason to cheer 

(9/19/2014 8:00:00 AM)

DALLAS-FORT WORTH - DFW real estate developers and investors have reason to cheer as the region's office market continues to expand, according to PricewaterhouseCoopers U.S. Real Estate Practice Leader R. Byron Carlock Jr.

"This is the year for office market improvement; there's been a lot of absorption and landlords are trying to raise rents again," said Carlock.

"Tenants are ready for a new generation of space," he added. "The users are now having to consider space and space aesthetics in the war for good talent."

PricewaterhouseCoopers recently released its third quarter 2014 Real Estate Investment Survey, which surveys commercial real estate investors on their outlook for markets throughout the United States.

Dallas was ranked firmly in the expansion phase of the real estate cycle, according to the survey.

As a result of a growing number of tenants in North Texas, he said, there's been a run on high-quality real estate by growing DFW companies. And developers are joining the action, constructing build-to-suit corporate offices and going vertical on multitenant office buildings.

"The attractiveness of Dallas will continue — not only for business migration, but inbound population growth as employers expand," Carlock said.

Read more at the Dallas Business Journal.

Sanyo Energy recharges with HQ move to The Colony 

(9/19/2014)

THE COLONY, DENTON COUNTY - Sanyo Energy U.S.A. Corp., a rechargeable battery manufacturer and supplier, is relocating and expanding its Dallas-Fort Worth headquarters within the region.

The Frisco-based company plans to relocate its headquarters into a new 30,000-sf build-to-suit building on Plano Pkwy. in Austin Ranch, near SH 121.

Construction on the new building is scheduled to begin immediately, with an expectation the property will be ready for the tenant by July 2015.

This moves Sanyo — and the company's upwards of 100 employees — from its current location in 29,842 sf of office space within Hall Office Park at 2600 Network Blvd. in Frisco.

The Colony Economic Development Corp. expects to give in excess of $200,000 for the move in cash incentives.

Sanyo Energy decided to consider a build-to-suit headquarters based on the rising rental rates due to growing tenant demand by relocating and expanding companies, said Dean Collins, an associate director in Cushman & Wakefield's Dallas office.

"Tenants have a unique opportunity to consider build-to-suits because interest rates are currently low and pricing is very competitive versus existing product," said Collins.

Read more at the Dallas Business Journal.

WinCo buys Garland tract for growing North Texas presence 

(9/19/2014)

GARLAND - WinCo Foods LLC has purchased a 12-acre tract at 1122 W. Centerville Rd.

The grocer plans to build an 85,000-sf store at the northeast quadrant at the northeast quadrant of Centerville and I-635. The store is scheduled for completion by spring 2015.

The Idaho-based grocer — known for going head-to-head with Walmart — began expanding in Dallas-Fort Worth in the past year, by opening its first two stores in McKinney and Fort Worth. Winco Foods plans to open a North Richland Hills and Lewisville location as well.

This 12-acre parcel of land in Garland gives WinCo an opportunity for growth and further visibility to North Texas residents, said McGregor Converse, a senior vice president at Dallas-based Venture Commercial.

Read more at the Dallas Business Journal.

Texas Health Southwest breaks ground on $40M MOB 

(9/19/2014)

FORT WORTH - A $40 million expansion of Texas Health Harris Methodist Hospital Southwest Fort Worth is now underway. The expansion will add the second of two medical office buildings to the campus a 6100 Harris Pkwy.

The five-story facility will feature an endoscopy and outpatient surgery center including an observation deck between operating rooms for families and other visitors. Also planned are three floors of physician office space for future growth and a five-story parking garage.

The projected opening date is fall 2015.

Texas Health Harris Methodist Hospital Southwest Fort Worth is a 220-bed acute care, full-service facility providing care for residents of southwest Tarrant County. Its services include surgical and imaging services, a 24-hour emergency department, orthopedics and sports therapy, adult critical care, and a Level III neonatal intensive care unit.

Read more at the Fort Worth Business Press.

Whole new flavors in Denton Highland Village Whole Foods 

(9/18/2014)

HIGHLAND VILLAGE, DENTON COUNTY - Whole Foods Market has opened its first Denton County location at The Shops at Highland Village, at the corner of FM 407 and FM 2499.

The 38,000-sf store boasts more than 1,500 local products.

The location has Whole Foods’ first cornbread station, with various sweet and savory flavors available. It also has a sushi station with made-to-order rolls, an olive bar, an in-store smokehouse and a pizza oven.

The store also has a bar area, where customers can enjoy local beers and other drinks.

Read more at the Denton Record-Chronicle.

Listen to Podcast 227 for this story and more.

Work starts on 150,000-SF Uptown office in Dallas 

(9/18/2014)

DALLAS - Construction has begun on a 12-story Uptown office building at 1920 McKinney Ave. Invesco Real Estate and KDC officially kicked off the office tower, which will sit kitty-corner to Crescent's new $225 million high-rise.

The 150,000-sf project will consist of a six-story Class A office building atop a six-story parking garage with ground floor retail space for an 8,000-sf restaurant.

The building has a parking ratio of three parking spaces for every 1,000 sf of space.

Invesco and KDC reportedly have signed an undisclosed anchor office tenant, which signed a lease for a full floor, or 22,350 sf of office space.

The project is expected to be completed spring 2016.

Read more at the Dallas Business Journal.

Brentwood Stair apartment complex sells in Fort Worth 

(9/18/2014)

FORT WORTH - The Brentwood, a 292-unit apartment complex at 8300 Brentwood Stair Rd., has been sold.

Built in 1984, The Brentwood underwent $2 million in renovations, including both interior and exterior upgrades, between 2011 and 2013.

The transaction closed just 45 days after an agreement was reached between buyer, a private investor, and the seller, a Texas LLC. The buyer assumed an existing Fannie Mae loan to complete the transaction.

Source: Marcus & Millichap Real Estate Investment Services

McKinney's Eldorado grabs 208-unit apartment complex 

(9/17/2014 10:08:00 AM)

McKINNEY - The 208-unit Parkview Legends Apartments at 1701 Park Central has been sold.

Built in 1999, the community offers one-, two- and three-bedroom units ranging in size from 650 sf to 1,370 sf and in price from $794 to $1,310.

The acquisition was financed with a $14.2 million mortgage, according to Collin County deed records.

Eldorado McKinney LLC purchased the complex, which is near US Hwy. 75 and Eldorado Pkwy.

Read more at the Dallas Morning News.

Wood Partners to start 226-unit Alta Yorktown in West Dallas 

(9/17/2014)

DALLAS - Wood Partners is ready to begin a 226-unit apartment project named Alta Yorktown in West Dallas, between Yorktown St. and I-30.

Next door to the Sylvan/Thirty mixed-use project that is nearing completion, the rental community will consist of three four-story buildings.

Wood Partners’ Alta Yorktown project is just the latest development that’s transforming the area west of downtown Dallas.

Sylvan/Thirty, which formally opened in August, contains more than 200 apartments and almost 50,000 sf of retail space. Wood Partners built the apartments in the complex.

Trammell Crow Residential is planning to build more than 300 apartments and retail space on a nearby block at Fort Worth Ave. and West Commerce St.

Wood Partner’s Alta West Commerce apartments will have an additional 252 units.

Read more at the Dallas Morning News.

Dallas' 290,000-SF High Point Centre snapped up 

(9/17/2014)

DALLAS - The 290,000-sf High Point Centre at 12225 Greenville Ave. has been sold.

The property, which was constructed in 1999, is valued at nearly $7.4 million, according to the Dallas Central Appraisal District. High Point Centre includes 189,346 rentable sf of Class A office space.

Buyer Leobardo Trevino of Highpoint Ricchi LLC plans to spend $5 million on common areas and cosmetic upgrades to the newly purchased property, which sits on 6.2 acres.

With the construction on the eastern side of LBJ Expy. finished, Trevino said he expects to land a number of tenants as he moves forward with the capital investment in the building.

"We look forward to leasing the vacancies and already have three prospects interested in the spaces," Trevino said.

Read more at the Dallas Business Journal.

Metlife building legacy with 215,000-SF Plano office buy 

(9/17/2014)

PLANO - The 215,499-sf Plaza at Legacy office building at 5465 Legacy Dr. has been sold.

Plaza at Legacy was built in 2001 and originally housed Computer Associates International. It was sold by Hines, who purchased the property in 2012.

The seven-story building was purchased by Metlife Core Property Holdings — a unit of Metropolitan Life Insurance.

Plaza at Legacy is located in Legacy Business Park, which is considered to be one of the hottest office markets in the United States.

Toyota Motor Co. is moving its North American headquarters with 4,000 jobs to a location further west on Legacy Dr.

Read more at the Dallas Morning News.

Little Elm ISD opens unique $18M STEM school 

(9/17/2014)

THE COLONY, DENTON COUNTY - Little Elm Independent School District has opened up its latest addition — an $18 million STEM (Science, Technology, Engineering and Math) academy — with the new school year.

The 90,000-sf school has a number of flexible learning spaces with grades set up as houses with open centers for school-wide meetings and small group discussions.

The Prestwick STEM academy is the first of its kind in Texas, and is serving students from kindergarten through eighth grade.

The academy sits at the southeast corner of Denton County at 3101 Stonefield Dr. The district encompasses 40 square miles.

The parents within the school district like the layout of the school, which gives them the ability to see their children learning throughout the building, Acting Superintendent of Schools Matthew Gutierrez said.

Along with an open facility, Little Elm ISD issues students laptops and Google ChromeBooks as they progress through their education. The school district plans to hold a dedication ceremony on September 21 to mark the opening of the school.

Read more at the Dallas Business Journal.

Locked and loaded: Fort Worth police gun range in sight 

(9/17/2014)

FORT WORTH - The City of Fort Worth is set to open the first phase of its new police and fire training center at 505 W. Felix St. on November 1.

The police gun range and related offices and classrooms are expected to open as part of the first phase. The facility will include 50- and 100-yard ranges.

The second phase, which is expected to open April 2015, will include police and fire administration and headquarters, tactical villages, drive track, fire village and dive tank.

The project’s contractor has also informed the city that it’s “far enough along” that Fort Worth can now release some of the contingency funds it’s held in reserve for the project to other potential uses, according to Mark Rauscher, the city’s program manager over the 76-acre project.

Read more at the Fort Worth Business Press.

Fort Worth: 560,000-SF warehouse portfolio sold 

(9/16/2014 8:30:00 AM)

FORT WORTH - TPG Capital, a Fort Worth-based private equity firm, has acquired eight warehouses, mostly in Arlington’s Great Southwest Industrial District, totaling more than 560,000 sf on 35 acres, according to deed records.

The properties are:

•  841 Great Southwest Pkwy.
•  720 107th St.
•  809 110th St.
•  3400 E. Randol Mill Rd.
•  400 International Pkwy.
•  4401 Cambridge Rd. in CentrePort
•  514 Great Southwest Pkwy.
•  399 Great Southwest Pkwy.

The property was sold by ProLogis, a Maryland real estate investment trust that owns warehouse and distribution facilities worldwide. TPG bought the property this summer under the names Lightning Propco I, Lightning Propco II and Lightning Propco III.

Read more at the Fort Worth Star-Telegram.

'Primetime' Cowboy sells 109-acre Prosper estate 

(9/16/2014)

PROSPER - Former Dallas Cowboys player Deion Sanders has sold his 30,000-sf mansion and the 109-acre property it sits on to Southlake-based Bloomfield Homes and Dallas-based Margaux Development Co.

Bloomfield Homes plans to market Sanders' mansion at 1280 North Preston Rd. as well as build more than 100 single-family homes on 82 acres of the 109-acre property.

Margaux Development, led by Donald Silverman, will develop the remainder of the property into a $30 million grocery-anchored development.

The Kroger-anchored 250,000-sf shopping center already has wound through Proper's zoning process and Silverman is working through conceptual drawings with the project's architect.

Silverman says he expects break ground on the project in January or February 2015, with an expectation of completing the project in early 2016.

Bloomfield Homes plans to build 100 to 130 new homes on the property, depending on the size of tracts sold — homebuyers can buy nine-acre lots to 24-acre lots.

Bloomfield also plans to sell Sanders' home — although the builder hasn't determined a price yet. Sanders' home previously was marketed for $21 million.

Read more at the Dallas Business Journal.

$100M Dallas’ Cityplace living, shopping, eating 

(9/15/2014 7:00:00 AM)

DALLAS - The first tenants have moved into the newest tower in Dallas’ Cityplace development — a 21-story apartment and retail tower named 3700M for its location at 3700 McKinney Ave.

The $100 million project includes 37,000 sf of retail and restaurant space and 380 apartments.

3700M offers one- and two-bedroom units ranging in size from 562 sf to 1,475 sf and in price from $1,433 to $3,298.

Though the project won’t be completed for another month, the first 50 tenants have moved in, making the project 22 percent leased.

3700M has a lounge on the seventh floor with views of the downtown skyline and tenants can reserve a large private reception room and dining/boardroom on the same floor.

“There’s an amenity race going on with all these buildings,” Truitt acknowledged. “But we are also going to compete by offering our tenants service.”

Read more at the Dallas Morning News.

Grand Prairie: Schilli earthmover stays in place 

(9/15/2014)

GRAND PRAIRIE - Schilli Distribution Services signed a three-year lease extension for 72,450 sf at 1213 W. North Carrier Pkwy.

The single-story, 243,365-sf industrial building was built in 1980 on more than 15 acres in the Oakridge Business Center.

Schilli Distribution Services provides worldwide distribution and logistics service for the world leader in earthmoving machinery and diesel engine manufacturing.

Other tenants in the building include N.A.W.F. Co., Inc., International Paper Co. and Overhead Door Corp.

Source: CoStar Group

Joint venture jumps into 811-room Hyatt at DFW Airport 

(9/15/2014)

IRVING - The 811-room Hyatt Regency DFW International Airport Hotel has been sold.

The 100,000-sf hotel is located immediately adjacent to Terminal C of the airport and boasts 92,000 sf of meeting space, a 24-hour fitness center and an infinity pool.

The hotel was purchased by a joint venture between New York City-based AllianceBernstein and New Jersey-based Fulcrum Hospitality.

Read more at CoStar Group.

KDC underway on second $1.6B Richardson project 

(9/12/2014 6:58:00 AM)

RICHARDSON - Developer KDC has started construction on the next phase of its $1.6 billion CityLine project in Richardson.

Work has started on the east side of Plano Rd. where KDC is building a fourth, 500,000-sf office tower for State Farm Insurance.

The office tower is scheduled to be completed in mid-2016.

Additional retail space and apartments are also planned in the same area at the southeast corner of Plano Rd. and Bush Turnpike.

Construction is getting closer to completion on the first three 21-story, 15-story and 13-story State Farm office buildings on the south side of Bush Turnpike next to DART’s commuter rail station.

State Farm will take possession of one of the buildings at the end 2014, and thousands of workers will start relocating to the buildings in early 2015.

When completed, the $1.5 billion, 186-acre CityLine project is planned to contain about 6 million sf of office space, two hotels, 3,925 multi-family residential units, 300,000 sf of grocery, restaurant, entertainment and retail space and three parks.

Read more at the Dallas Morning News.

306,000-SF Granite Park Five underway in Plano 

(9/12/2014)

PLANO - Granite Properties has broken ground on Granite Park Five, a 306,000-sf office tower in its Granite Park development on the Dallas North Tollway.

The 12-story office building will be finished in late 2015.

The tower will be about the same size as the Granite Park IV tower, which opened June 2014 on the east side of the tollway, just south of SH 121.

“There is unprecedented growth in the north Plano market,” said Granite Properties chief operating officer Greg Fuller. “We’re already negotiating with several prospects for space at Granite Park Five.”

Granite also recently opened a 300-room Hilton hotel in the development.

Read more at the Dallas Morning News.

For more on the Granite Park Hilton, see previous story Plano: 263,000-SF Granite Park Hilton debut set.

Lawyers lock down 145,000 SF in Dallas' Chase Tower 

(9/12/2014)

DALLAS - Local law firm Locke Lord has signed a lease that will move the firm to new offices within downtown’s Chase Tower at 2200 Ross Ave.

For 26 years, Locke Lord has occupied the same space, but will now move to 145,000 sf of new space on higher floors in the 55-story tower.

The 15-year lease will move the law firm’s main offices to floors 24-28, and the back-office operations will move to the fourth floor.

Locke Lord was convinced to stay in part because Chase Tower owner Hines is about to begin renovations on the lobby and is currently constructing a fitness center in the rotunda building.

The significance of the Locke Lord deal is even larger since the firm announced it will merge operations with Boston-based Edwards Wildman Palmer. The combined companies by early next year will become Locke Lord Edwards, the largest law firm based in Dallas.

Read more at the Dallas Morning News.

Dallas: SMU $25M gift drives 40,000-SF Simmons building 

(9/12/2014)

DALLAS - Southern Methodist University has broken ground on the new Harold Clark Simmons Hall, the second building for the Annette Caldwell Simmons School of Education and Human Development.

The 40,000-sf facility on Airline Dr. is named for Simmons after the university received a $25 million gift from Annette Caldwell Simmons and the late Harold C. Simmons.

The three-story building will include classrooms, labs, offices and conferences rooms. Construction is scheduled for completion by late 2015.

Read more at the Dallas Business Journal.

Allen: 30,000-SF Allentown Office Building sold 

(9/12/2014)

ALLEN - The 29,979-sf Allentown Office Building at 100 Allen Pkwy. has been sold.

The two-story property was built in 1985 on 3.6 acres and was 80 percent occupied at the time of sale.

Read more at Texas Real Estate Business.

Cleburne's Northridge Court sold 

(9/12/2014)

CLEBURNE - The 86-unit Northridge Court apartment complex at 101 W. Henderson St. has been sold.

Northridge Court consists of 14 buildings spread across two parcels of land. The property has sustained a mid-90 percent occupancy range due in part to its location near many of Cleburne’s economic drivers.

Constructed in 1967, the property’s average unit size is 874 sf and is made up of nearly 70 percent two-bedroom floor plans.

Source: Marcus & Millichap Real Estate Investment Services

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