NewsTalk Texas

Dallas-Fort Worth-Arlington

DFW Airport: 1.05 million-SF warehouse opens in Coppell 

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

COPPELL - Hillwood Investment Properties has opened Logistics Center I — a 1.05 million-sf warehouse at 2701 W. Bethel Rd.

The industrial project is described as the “largest nonterminal building ever constructed at the airport.”

Hillwood said it plans to break ground later in 2015 on Logistics Center II, a slightly larger warehouse next door.

Read more at the Dallas Morning News.

Alexan West in hotbed of construction in West Dallas 

(1/30/2015)

DALLAS - Trammell Crow Residential has broken ground on Alexan West, a 340-unit apartment property in West Dallas.

The project will include retail space and will be three stories tall, according to Crow’s Steve Bancroft. It will replace the Mission Motel and other commercial buildings on the property.

The Alexan West project is across the street from Alta Yorktown, which is being developed by Wood Partners.

There are more than 1,500 new apartment units in the works for the West Dallas area along Fort Worth Ave., W. Commerce St. and Singleton Blvd.

Read more at the Dallas Morning News.

tag: DFW multifamily data

Grand Prairie: 345,000 SF to former Wildlife Park 

(1/29/2015 8:00:00 AM)

GRAND PRAIRIE - Work has begun on a 345,000-sf industrial building at Wildlife Commerce Park.

Developer Crow Holdings Industrial has fully leased the first building in the park, which totals 315,000 sf, to Milgard Manufacturing, AT&T and Millennium Packaging.

Crow started work on the development last year on the former site of the International Wildlife Park, which closed in the 1990s.

Read more at the Dallas Morning News.

Dec. 2014 Dallas Love Field passengers 'Wright' wrong 

(1/28/2015 7:19:00 AM)

DALLAS - More than a million passengers got on or off flights at Dallas Love Field in December — a 46.5 percent increase from December 2013.

The City of Dallas reported that the airport handled 1,041,733 passengers, compared with 711,082 in December 2013, an increase of 330,651.

The elimination of the Wright Amendment in October helped spur the sharp increase in traffic at Love Field.

Since then, Southwest Airlines has expanded its schedule from 118 daily departures to 153, including four that began in early January. Virgin America Inc. has moved its operations from Dallas-Fort Worth International Airport and now offers 13 daily departures.

Delta Air Lines Inc. has also replaced 50-seat regional jets with 110-seat mainline jets for its five daily departures to Atlanta.

Dallas Love Field Total Passengers
Carrier Enplaned Deplaned Dec. 2014
Total
Dec. 2013
Total
Y-O-Y
Chg.
Virgin America 33,712 33,884 67,596 0 0%
Delta Airlines 10,819 10,677 21,496 9,700 121.6%
Seaport Airlines 196 207 403 355 13.5%
Skywest Airlines 0 0 0 4,047 -100%
Southwest Airlines 471,147 465,739 936,886 688,290 36.1%
United Airlines 7,789 7,563 15,352 8,690 76.7%
Total passengers 523,663 518,070 1,041,733 711,082 46.5%


Source: City of Dallas

Read more at the Dallas Morning News and the City of Dallas.

102-Year-old buy: Dallas' 131,000-SF Landmark Center sold 

(1/28/2015)

DALLAS - The 102-year-old Landmark Center at 1801 N. Lamar St. has been sold.

The six-story, 131,800-sf red brick commercial building housed a General Electric warehouse and distribution center for more than half a century.

In the late 1970s, it was converted into office and retail space. For years, the building housed the FBI’s Dallas regional office.

Landmark Center is now more than 90 percent leased, with tenants including Ambit Energy, Square One Advertising, Uber and Scorpion Design.

A partnership between Foundry Capital Partners and Argosy Real Estate purchased Landmark Center. The new owners plan to renovate the lobby and make other changes to the building.

Read more at the Dallas Morning News.

'Cosmopolitan' living in style at One Dallas Center 

(1/28/2015)

DALLAS - The redevelopment of the 15th through 30th floors of the One Dallas Center office tower at 350 N. St. Paul St. has been completed.

The 15 stories of high-rise apartments will bring 276 apartments to downtown Dallas at a time when the neighborhoods occupancy rate is more than 95 percent and city boosters are trying to create more vibrancy by adding more residential options.

A partnership between Dallas-based Todd Interests and Dallas-based StreetLights Residential completed the project over the past 18 months.

About 35 percent of the building is leased to residents — primarily young professionals — in the few weeks it has been open, according to Todd Interests CEO Shawn Todd.

One Dallas Center's average apartment size is 827 sf with apartments ranging from studio to three-bedroom homes. The prices range from $1,300 to $4,000 per month.

Read more at the Dallas Morning News.

tag: DFW Multifamily Data, DFW apartments

McKinney's Craig Ranch sites for 1,000 homes 

(1/28/2015)

McKINNEY - The 2,200-acre Craig Ranch is starting work on more than 1,000 homesites due to strong demand for housing in the area.

The homesites will be the final phases of residential development in the 15-year-old project just north of SH 121.

“We are pretty much done on the residential side,” developer David Craig said. “The demand for homes has been incredible.” Craig bought the first land for the community in 2000.

Since then, builders have finished 2,359 houses and more than 1,000 apartments at Craig Ranch, plus retail and commercial space.

The development has about 9,000 residents. Plans call for another 1,434 houses and more than 3,000 additional apartments.

Home builders Ashton Woods Homes, Beazer Homes, Darling Homes, David Weekley Homes, Megatel and Landon Homes are lined up for the next generation of sites at Craig Ranch, which will be delivered over the next 28 months.

Read more at the Dallas Morning News.

Carrollton furniture firm to build 70,000-SF complex 

(1/27/2015)

CARROLLTON - Workplace Resource Group (WRG) is expanding with a 70,000-sf industrial project.

Developer Billingsley Co. will build a new showroom and distribution complex for the Carrollton-based firm on about six acres on Rosemeade Pkwy. between Marsh Lane and Midway Rd.

The building will be ready late in 2015.

WRG, which distributes office and commercial furniture and fixtures, currently operates out of a showroom in Carrollton at Stemmons Fwy. and Frankford Rd.

Read more at the Dallas Morning News.

Sold! 338,000-SF Weatherford Ridge Shopping Center 

(1/27/2015)

WEATHERFORD - The 388,000-sf Weatherford Ridge Shopping Center has been purchased by a Dallas-based investor.

Dunhill Partners, the new owner of the Dallas Design District, bought the center, which is located at I-20 and Main St.

The retail center, which include retailers such as JCPenney, Belk, Bed Bath & Beyond and TJ Maxx, was bought from The Retail Connection LP of Dallas and an affiliate of North American Development Group, which finished developing the center in 2006.

Read more at the Dallas Business Journal.

DFW foreclosures lowest point in years 

(1/26/2015)

DALLAS-FORT WORTH - The number of DFW homes threatened with foreclosure in February has dropped to the lowest level in more than a decade.

Only 1,233 homes in the four-county area have been scheduled for forced sale at February’s county auctions by lenders, a drop of almost 29 percent from February 2013 and 78 percent lower than four years ago, according to data from Foreclosure Listing Service Inc.

DFW Area Feb. 2015
Foreclosure Postings
County Properties Chg. over
Feb. 2014
Dallas 552 -26%
Tarrant 446 -27%
Collin 116 -37%
Denton 119 -34%
DFW area 1,233 -29%


Home foreclosure filings are down by more than 25 percent so far in 2015 in North Texas.

Last year lenders scheduled foreclosures for than 18,500 DFW homes — 26 percent less than 2013 totals. Home foreclosure filings in North Texas were at the lowest level since 2001.

Read more at the Dallas Morning News.

Christie Lites shines on Dallas' Mercer Business Park 

(1/26/2015)

DALLAS, FARMERS BRANCH - Christie Lites has leased 50,000 sf of warehouse space in Mercer Business Park, which is under construction at LBJ Fwy. and I-35E.

The Canadian company, which provides lighting for trade shows and music concerts, has 14 locations across North America.

Christie Lites lease will move into the space later in 2015.

“Christie Lites was looking for new, efficient space that offered great highway access to all venues in Dallas-Fort Worth,” said George Billingsley, Billingsley Co. partner. “They will occupy the southeast corner of our first building at Mercer Business Park.”

Mercer Business Park is a 225-acre project located in Dallas and Farmers Branch. Developer Billingsley Co. has completed one warehouse in the business park and is building a second.

Read more at the Dallas Morning News.

For more on Mercer Business Park, see previous stories from NewsTalk Texas.

Dallas start: 226-unit Alta Yorktown near Trinity Groves 

(1/23/2015)

DALLAS - Wood Partners has begun work on a 226-unit apartment community near Trinity Groves.

Alta Yorktown will include studio, one-, two- and three-bedroom wireless apartments averaging 827 sf. The developer said the monthly rents are expected to average at just more than $1,300.

The project is about a mile west of downtown Dallas next to the Trinity Groves restaurant and entertainment district.

Leasing is expected to begin in fourth quarter 2015, with construction completed in 2Q 2016.

The developer's property management division, Wood Residential Services, will manage the apartment community at 660 Yorktown St.

Read more at the Dallas Business Journal.

Quorum of three office buildings sold in Addison 

(1/22/2015)

ADDISON - 5000 Quorum Drive, Quorum Place and Quorum North have all been sold to New York-based DRA Advisors. The three office buildings total almost 500,000 sf.

All three buildings are located on the west side of the Dallas North Tollway in the Quorum business park.

They were constructed in the 1980s and are more than 77 percent leased, according to HFF who marketed the buildings for sale for Harbert Management Corp.

Read more at the Dallas Morning News.

Simon says buy for Fort Worth's University Park Village 

(1/22/2015)

FORT WORTH - The 173,220-sf University Park Village shopping center at 1612 S. University Dr. has been sold.

Completed in 1986, University Park Village is just south of I-30 in the West Fort Worth retail submarket.

Current tenants include Ann Taylor, Anthropologie, Apple, Athleta, Banana Republic, Chico's, Free People, J. Crew, Lululemon Athletica, Madewell, Michael Kors, Pottery Barn, Talbots, Vera Bradley, White House | Black Market and Williams-Sonoma.

Simon Property Group acquired the shopping development, as well as a mall in New Jersey, for an aggregate purchase price of $1.09 billion.

Read more at CoStar Group.

Texas Health opens $20 million Willow Park center 

(1/22/2015)

WILLOW PARK, PARKER COUNTY - The $20 million Texas Health Outpatient Center Willow Park has officially opened its doors.

The 60,000-sf outpatient center is located at I-20 and Crown Pointe Blvd. on eight acres.

It will also offer cardiac rehab, hand, physical and sports therapy, laboratory services, outpatient behavioral health services, chronic disease management, a fitness center and a three-story medical office building for both primary care physicians and specialists.

The Center will offer a 24/7 emergency room and an advanced imaging center, with Xray, CT, Ultrasound, MRI, screening mammography and bone density assessment capabilities.

Services will include cardiac rehabilitation, behavioral health, physical therapy, laboratory services, advanced imaging and a chronic disease management program.

The outpatient center will be the first part of an integrated health campus that will grow, with plans for a surgery center and expansion of space for more physicians and medical services.

Read more at the Fort Worth Star-Telegram.

CBRE: DFW Office MarketView 4Q 2014 

(1/21/2015 7:00:00 AM)

DALLAS-FORT WORTH - The North Texas office market experienced its 18th consecutive quarter of favorable leasing fundamentals in fourth quarter 2014 and appears poised for a strong first half of 2015, according to CBRE.

Fourth quarter 2014 had nearly double the deliveries of 3Q 2014. Preleasing among delivered construction is currently 40.4 percent, with the remaining speculative space contributing to overall market vacancy.

The 4Q saw an increase in new completions and a slightly slowed pace of new construction starts. The under construction pipeline remained above 7.1 million sf over the quarter, driven by activity in suburban markets.

Gross asking rents continued to experience growth, with the overall market average rising moderately to $20.68 per sf in 4Q 2014 from $20.41 per sf in 3Q 2014 on a gross basis.

Class A rates increased at an especially strong pace, rising from $26.44 per sf to $26.61 per sf for the same timeframe.

Below are 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
4Q 2014
Total Net
Absorption
2014
Total Net
Absorption
North Fort Worth 1,286,830 3.4 $18.58 3,728 -4,612
South Fort Worth 6,789,325 7.8 $19.88 33,342 13,589
Preston Center 3,860,276 9.4 $32.08 -46,254 -63,188
Southwest Dallas 1,665,033 10.0 $15.52 22,208 70,590
Uptown/Turtle Creek 10,371,340 12.4 $33.75 23,635 -16,069
East Dallas 3,817,856 14.0 $15.51 62,763 185,506
Dallas Total 183,499,602 18.9 $21.07 278,004 2,799,618
Fort Worth Total 35,091,998 16.1 $19.36 65,492 480,383
DFW Total 218,591,600 18.4 $20.68 343,496 3,280,001


Source: CBRE Research

See CBRE's Office Report. Registration is free.

Hilton Garden Inn Dallas Market Center sold 

(1/21/2015)

DALLAS - The 240-room, eight-story Hilton Garden Inn Dallas Market Center at 2325 N. Stemmons Fwy. has been sold.

The hotel is near the Market Center, Love Field and the medical district. The property received a lobby renovation in January 2014 and a full property renovation is slated for fall 2015.

The hotel was purchased by Pillar Hotels & Resorts and an affiliate of Dallas-based Highland Capital Management. Pillar Hotels & Resorts will manage the hotel.

The property was sold by an affiliate of Songy Highroads.

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

Bowman's bullseye buy with Rockwall Commons 

(1/21/2015)

ROCKWALL - A Florida investor has purchased an office building at Rockwall Commons, a mixed-use project located at 1309 Ridge Rd.

Rockwall Commons was built in 2008 and is fully leased. It includes 31,200 sf of office space, 13,557 sf of retail and restaurant space and apartments.

Bowman Investment Group purchased the office portion of the project from Tabani Group.

Read more at the Dallas Morning News.

$25M Avondale affordable housing heads to Fort Worth 

(1/21/2015)

FORT WORTH - A 160-unit affordable housing development called Avondale Apartments will begin construction in spring 2015.

The project will be located at Avondale Haslet Rd. and Route 287. It is valued at $25.2 million.

The development will have amenities such as a swimming pool, outdoor grill, play areas, landscaped walkways and seating areas.

Residents will also have the use of a clubhouse with kitchenette, lounge, activity rooms and a community services area offering free computer training, health nutrition programs and social activities.

One-, two- and three-bedrooms units will be available. Each unit comes with dishwashers and garbage disposals, plus connections for washers and dryers.

AMTEX is developing Avondale Apartments. The project received $15 million in 9 percent tax credits awarded by Texas Department of Housing & Community Affairs.

The Fort Worth Housing Authority will provide rental assistance to 25 households, and additional funding is provided by Hudson Housing Capital LLC and Community Bank of Texas.

Read more at Multi-Housing News.

Weitzman: 2015 DFW Retail Survey & Forecast 

(1/20/2015 9:20:00 AM)

DALLAS-FORT WORTH - Shopping center vacancies in North Texas have fallen below 10 percent for the first time in a decade.

The decline in vacant shop space is due to strong expansions by grocers and a lack of new construction, according to the Weitzman Group.

Shopping center and retail building additions in 2014 totaled 2 million sf, about half the long-term annual construction average for the area and up only slightly from 2013’s building total.

“Walmart accounted for almost half the new space built last year — 708,000 sf,” said Bob Young, Weitzman managing director. “Almost all those new properties are completely full.”

Weitzman Group is predicting that about 3 million sf of DFW retail space will open in 2015 — the boost thanks to the huge new Nebraska Furniture Mart in The Colony.

With an overall vacancy rate in North Texas of 9.5 percent, the amount of empty shopping center space has fallen significantly since the worst of the recession in 2010, when more than 14 percent of the retail building market was vacant.

Net retail leasing in DFW totaled about 2.3 million sf last year, mostly from retailers moving into new buildings as they opened. More than half of the additional retail leasing was in community shopping centers dominated by the grocery stores.

Big-box shopping centers that appeal to major national retail chains saw only about 605,000 sf of net leasing, and regional shopping malls suffered a net decline in stores.

Read more at the Dallas Morning News.

See the full report from The Weitzman Group and Cencor Realty Services for more.

tags: DFW retail, DFW retail data

Breaking down Frisco's $5 billion mile 

(1/20/2015 8:00:00 AM)

FRISCO - Four projects under construction along the Dallas North Tollway have created what Frisco Mayor Maher Maso called the “$5 Billion Mile” from Warren Pkwy. to Lebanon Rd.

The Star, a 91-acre complex anchored by a training facility and headquarters for the Dallas Cowboys, instigated much of the development in the area, according to Maso. It has also helped the city attract investors from around the globe.

Here is a look at projects in Frisco’s “$5 Billion Mile:”

Frisco Station ($1.7 billion):

A 242-acre mixed-use project that is a collaboration between landowner The Rudman Partnership, VanTrust Real Estate, which will oversee office development, and Hillwood, which will serve as the master developer and develop all non-office space.

Plans call for 4 million sf of office space, 2,400 multifamily residences, restaurant and entertainment venues, medical and wellness facilities, and open spaces and parks.

Wade Park ($1.6 billion):

A 175-acre mixed-use project from Thomas Land Development that is slated to include 600,000 sf of retail space, up to 6 million sf of office space, more than 500 hotel rooms and 1,300 residential units.

Groundbreaking for the project took place in August, and Whole Foods, iPic Theatre, and Pinstripes have already signed on as tenants.

The Gate ($700 million):

Developed by Invest Group Overseas, the project could ultimately include 4 million sf of office space, 250 hotel rooms, 2,400 multifamily units, 73 single-family homes, nearly 200,000 sf of retail and restaurant space and 415,000 sf of medical office space.

The Star ($1 billion):

A 91-acre project anchored by the Dallas Cowboys world headquarters, 12,000-seat events center and training facility. The Star will include 1.7 million sf plus two hotels totaling 480 rooms and 4,500 potential jobs created.

Read more at Dallas-Fort Worth Real Estate Review.

Texas income mapped down to the neighborhood level 

(1/20/2015)

TEXAS - The Austin Business Journal has released a Texas-wide map that examines median household.

The data come from the U.S. Census Bureau’s American Community Survey. The incomes are broken up by Census block groups, which are smaller than a Census tract.

Tracts typically contain two to four block groups. Each block group has between 250 and 550 households, providing information on a neighborhood-level scale.

The map, embedded below the article, colors each of Texas 15,811 Census block groups from light green to dark green based on median household income. Clicking within a block group will pop open a window showing its median household income statistics.

The average median annual household income for all census block groups across Texas is roughly $55,200.

Check out the map at the Austin Business Journal.

AllenPlace office park's $26 million first phase going up 

(1/16/2015 10:00:00 AM)

ALLEN - Construction has begun on the first phase of AllenPlace, a master-planned 22.5-acre, 700,000-sf office park along the east side of North Central Expy. between Millennium Dr. and Butler Dr.

KONE, a leader in the elevator and escalator industry, announced last fall it would be the lead tenant with over 200 company employees for the $26 million first phase of AllenPlace.

The groundbreaking launches 250,000 sf of new construction, including a 102,000-sf office building in which 77,000 sf is available for lease by tenants other than KONE.

In addition to office space, KONE’s commitment includes light manufacturing and test facilities in the first phase of development, according to Site Selection Group Senior Vice President Jeff W. Patman, who represented KONE in their site selection.

“We are very pleased to see construction of Class A office space underway to help KONE expand and grow in Allen, and to fill a critical need for more high-end office space in our community,” said Dan Bowman, AEDC executive director/CEO. 

Sentinel Capital is developing AllenPlace in partnership with the Allen Economic Development Corporation.

Read more at BusinessWire.

Irving's Stonehill Terrace rolling after sale 

(1/16/2015)

IRVING - The 301-unit Stonehill Terrace at 3101 W. Northgate Dr. has been sold.

Urban Stonehill Apartments LP purchased the property, financed by an $11 million loan.

The community offers one- and two-bedroom units ranging from 777 sf to 1,148 sf. Some units are upgraded with vaulted ceilings and a fireplace.

Read more at Texas Real Estate Business.

Richardson sale: Yahoo!-anchored Cardinal Technology Park 

(1/16/2015)

RICHARDSON - Adler Kawa Real Estate Advisors has purchased Cardinal Technology Center, a 545,000-sf office and industrial park in the 1700 block of N. Plano Parkway.

The nine-building campus is 88 percent occupied by tenants that include Yahoo!, CVS/Caremark and Inogen.

The Miami-based investor purchased the 30-acre property at below replacement value, according to President and CEO Matthew Adler.

Read more at the Dallas Business Journal. (AKA Cardinal Park)

Take a chair please! Nebraska Furniture Mart filling up 

(1/15/2015 7:00:00 AM)

THE COLONY - Workers will begin stocking the centerpiece of Nebraska Furniture Mart's $1.5 billion, 433-acre Grandscape development — the 560,000-sf retail showroom — with appliances, furniture and electronics.

This work marks the end of construction on the 1.9 million-sf furniture showroom and distribution center — the size of 13 football fields — which will anchor the much larger development at the southeast corner of the Sam Rayburn Tollway and Plano Pkwy. in The Colony.

The showroom is expected to open to customers by this spring, with Nebraska Furniture Mart organizing their development tenant mix for the rest of the massive project.

Thus far, the following tenants have been confirmed: Hampton Inn & Suites, Homewood Suites, Cheddar's Casual Cafe, Hard Eight BBQ, Mi Cocina and Rock & Brews.

Nebraska Furniture Mart expects its Texas showroom to be one of the largest grossing retail stores on the planet.

Read more at the Dallas Business Journal. Preview the Mart at NBCDFW.

Portacool heats up Wilmer with 200,000-SF lease 

(1/15/2015)

WILMER, DALLAS COUNTY - Cooling system company Portacool has rented a 209,664-sf warehouse space at 201 S. I-45 for its new North American distribution center. The facility is in DalPort Trade Center.

The company plans to ship about 20,000 units of portable evaporative cooling equipment this year, with about 1,000 units arriving at the facility each week. The operations will begin this month, with the facility becoming fully operational in February.

When the 20-dock distribution hub is fully operational the company plans to employ ten full-time workers, with up to 14 employees needed during the busy season.

Portacool is based in Center, Texas.

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

tag: DFW industrial, DFW industrial data

North Texas home sales Dec. 2014 

(1/15/2015)

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

•  The median price of existing single-family homes increased to $185,000, up 2.8 percent from November 2014.
•  Existing single-family home sales increased 11.6 percent from November 2014, with 5,856 units sold.
•  Condos increased in price to $179,900, up 24.1 percent from November 2014.
•  Existing condo sales increased 18.4 percent from November 2014, for a total of 418 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Dec. 2014
Price Chg.
Dec. 2013
Units Sold
Dec. 2014 
Sale Chg.
Dec. 
2013
NTREIS* (single-family) $185,000 8.9% 5,856 2.8%
NTREIS(condo) $179,900 7.7% 418 2.2%
Region Cities**        
Fort Worth $165,000 10.7% 706 7.5%
Dallas $279,900 15.3% 653 8.1%
Arlington $149,900 9.8% 259 -9.1%
Plano $269,000 7.0% 209 -9.9%
Frisco $319,000 18.1% 167 7.7%
Garland $130,000 4.0% 144 2.9%
Carrollton $225,450 28.8% 104 1.0%


*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold more than 100 units during December 2014.

See the full report from NTREIS.

tag: Dallas-Fort Worth data, housing, apartment

Rockstreet cruises to Dallas' Brazos Apartments 

(1/15/2015)

DALLAS - The 286-unit Brazos Apartments at 4341 Horizon Way has been sold.

The 12-acre property was built in 1998 and was 94 percent occupied at the time of sale. It offers one-, two- and three-bedroom units ranging from 660 sf to 1,454 sf and in price from $850 to $1,405.

The property was purchased by Rockstreet Partners in partnership with B/K Real Estate Funds. The new owners will implement significant interior and exterior capital improvements.

The interior improvements will result in apartments on par with newly constructed ones, but the renovated apartments will be available at a more modest rental rate than the new ones, giving them a competitive advantage, according to Rockstreet.

Rockstreet Partners Principal John Turner said the region's strong economy will cause increased demand for high quality, late vintage apartment properties and the firm is pleased to expand its portfolio in this part of Dallas.

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

North Texas industrial construction nearly doubled in 2014 

(1/14/2015 6:46:00 AM)

DALLAS-FORT WORTH - The North Texas industrial market just closed its biggest construction year in more than a decade.

At the end of 2014, 15.3 million sf of warehouse space was under construction, according to JLL.

Ongoing construction is up from 8.8 million sf at the end of 2013 and just 1 million sf at year-end 2012.

Only 5.8 percent of DFW industrial building space is empty, about the same vacancy rate as a year ago. Net warehouse leasing last year totaled 12.9 million sf, thanks to expanding and relocating industrial tenants.

Ulta Inc., the retailer of cosmetic and salon products, has agreed to an almost 700,000-sf warehouse lease on I-20 in the Mountain Creek business park.

The biggest building to open last year was Procter & Gamble’s 1.4 million-sf warehouse in Wilmer.

Of the warehouse space that’s being built in North Texas, the largest chunk of construction is in southern Dallas County along I-20 and I-45. Almost 7 million sf of warehouse building was underway in that market at the end of 2014, according to JLL.

Read more at the Dallas Morning News.

tags: DFW industrial, DFW industrial data

Transplace Texas' short trip to new Frisco HQ 

(1/14/2015)

FRISCO - Transportation management firm Transplace Texas LP has expanded and consolidated its headquarters at 3010 Gaylord Pkwy. in Hall Office Park.

Transplace rented 33,000-sf of office space, replacing the two smaller office locations it previously held in the office park.

“As we continue to grow our customer base, the ongoing expansion of our headquarters is the next logical step in our growth,” said Tom Sanderson, CEO of Transplace.

The Frisco Economic Development Corp. provided financial incentives to Transplace to secure the headquarters deal.

Read more at the Dallas Morning News.

Topgolf lands new HQ in North Dallas 

(1/14/2015)

DALLAS - Topgolf International has announced that it will relocate its headquarters this summer to NorthPark Central tower across from NorthPark Center mall on US 75.

Topgolf is currently located at 1717 McKinney Ave. in Uptown, and the new location is at 8750 North Central Expy. The golf firm is almost doubling its space in the move to 36,221 sf.

About 120 Topgolf employees will make the move, which is expected to occur on June 1.

“It was very important for us to find a flexible space that would allow us to enhance our company culture and promote collaboration among our associates,” a spokesperson for the firm said.

Topgolf has seven golf entertainment and event venue locations in Texas. The company plans to expand by ten locations a year for the next three years.

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

Toyota set to break ground on $350M HQ 

(1/14/2015)

PLANO - Toyota Motor's headquarters will hold a ceremonial groundbreaking on Jan. 20, with actual groundbreaking occurring in first quarter 2015, according to CEO Jim Lentz.

The campus will be built in Legacy Business Park, just south of SH 121. The $350 million campus is expected to be completed in 2017.

The Japan-based automaker is leaving Torrance, Calif., after 57 years for a new office campus in West Plano, where it will be able to consolidate all of its divisions – now spread among California, Kentucky and New York.

The new headquarters will be home to 4,000 employees when completed.

Read more at the Dallas Morning News.

Dallas' $1.3B Parkland Hospital sets August opening 

(1/14/2015)

DALLAS - Hospital officials have set an anticipated August 20, 2015, move-in date for the $1.3 billion Parkland Hospital.

Construction on the 862-bed, 17-story structure began in 2010. It will replace the Parkland Memorial Hospital that opened in 1954 across Harry Hines Blvd. from the existing structure.

A hospital forecast projects that more than 500 patients will be moved from the current hospital to the new Parkland.

The transition of patients into the 2.1 million-sf facility will occur over three days, concluding August 22, the hospital announced.

About 80 percent of Parkland's inpatient admissions come directly through Parkland's Emergency Department. Transitioning patients over a three-day window is in the safest interest of patients and their families given the unpredictable emergency department volume, according to Dr. Fred Cerise, Parkland’s president and CEO.

Read more at the Dallas Business Journal.

Irving Regent Center I & II sell to Minnesota investor 

(1/13/2015)

IRVING - A Minneapolis, Minnesota-based investor has purchased Regent Center I & II at 4800 Regent Blvd.

Founders Properties purchased the two-story offices, which contain more than 150,000 sf and are fully leased to tenants including DeVry University, Pulte Group, Staples Inc. and Aramark Education Services Inc.

CBRE Capital Markets financed the purchase with a $13.7 million non-recourse loan from Woodmen of the World Life Insurance Society.

The office campus is near LBJ Fwy. and Dallas-Fort Worth International Airport.

Read more at the Dallas Morning News.

tags: DFW Market Data Sources, DFW office news

Stream adding spec office space in Plano, Irving 

(1/13/2015)

PLANO, IRVING - Commercial real estate firm Stream Realty Partners has started the new year with groundbreakings for two North Texas office buildings — one in West Plano and another in Irving.

Stream Realty is building the speculative office projects in two of the busiest office leasing markets in DFW.

The largest of the buildings is a 166,000-sf under construction in Legacy Business Park near the Dallas North Tollway (DNT).

“We broke ground on the first phase of the Platinum Park development and have begun designs on phase two,” said Stream regional managing partner Chris Jackson. The five-story office project is under construction on the west side of the DNT at the southwest corner of Tennyson Pkwy. and Communications Dr.

The Irving project is called Connection Park and is just south of LBJ Fwy., near Freeport Pkwy. The 141,000-sf building is part of a 300,000-sf office park Stream plans to develop on the site.

“The demand for offices with higher density parking and more efficient floor plates is huge in that market,” Jackson said. “The vacancy rates for that product are low.”

Read more at the Dallas Morning News.

tags: office Dallas-Fort Worth-Arlington Market Data Sources.

North Texas home sales set new record in 2014 

(1/13/2015)

DALLAS-FORT WORTH - North Texas Real Estate agents sold a record number of houses in 2014. More than 90,000 preowned single-family homes changed hands last year through the multiple listing service.

It was only a 1 percent increase in total sales from 2013, but that was enough to make it an all-time high for home sales in the area, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

North Texas home sales in 2014 were about 5 percent higher than before the recession in 2006. Sales have grown by more than 40 percent from the bottom of the housing market slump in 2010 when only 83,832 houses sold.

Median home sales prices in North Texas at the end of the year were almost 40 percent above where they were in early 2010 when the recession had reduced residential values.

Housing analysts and real estate agents say that recent declines in home finance costs helped boost sales in the final months of 2014.

“The mortgage rates have really come down again, below 4 percent generally available,” said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University.

“Buyers for existing homes are jumping on board, especially if they think rates will start going back up in the coming months.”

In December, only 16,518 houses were listed for sale with real estate agents in the more than two dozen North Texas counties the Real Estate Center tracks for its monthly report.

YTD Dec. 2014 NTREIS MLS Area Housing Activity Report
Property Type Sales Chg.
Y-O-Y
Avg.
Price
Chg.
Y-O-Y
Single-family 90,028 1% $241,711 7%
Condos and townhomes 6,035 5% $209,188 4%
Farms and ranches 897 10% $375,759 2%


See condos, single-family home data at NTREIS MLS Area Housing Activity Report.

DFW Areas are available in the NTREIS report. Be sure to copy the report from the link. It will no longer be available from NTREIS next month.

Source: Dallas Morning News.

tags: DFW housing, DFW housing data

Argyle saddles up 5T Ranch with $67M residential project 

(1/13/2015)

ARGYLE, DENTON COUNTY - The development of a $67.5 million residential development at 406 Country Club Rd. has been announced.

Developer James R. Harris Partners will build 5T Ranch on the 55.2-acre tract. The luxury neighborhood will offer 90 custom single-family homes in the area between the conservation district and the town center district.

Construction is expected to begin spring 2015, according to Justin Welborn, managing partner of 5T Ranch.

Surrounding the homesites will be 18.6 acres of parkland that will include three soccer fields, two tee-ball fields, a shaded playground, a covered play structure and a picnic area.

The project will generate about $1 million in additional annual revenue to the Argyle school district, with about 59 more students expected when all of the homes are purchased.

Combined impact fee income for the town of Argyle and Argyle Water Supply District from the development will be a minimum of $968,670, according to Welborn.

Read more at the Fort Worth Business Press.

CBRE: DFW industrial report 4Q 2014 

(1/13/2015)

DALLAS-FORT WORTH - In fourth quarter 2014, North Texas’ industrial market posted a positive net absorption. It was the 17th straight quarter in which absorption was positive, according to CBRE.

Net absorption was 2.3 million sf, down from 3.8 million sf in 3Q 2013.

The industrial market experienced its first vacancy in two years. Both the direct and total vacancy rates rose to 6.8 percent and 6.9 percent, respectively. The rate increased primarily due to vacant delivered construction.

Deliveries totaled six million sf in 4Q 2014, a 20 percent increase from 3Q 2014’s five million-sf output. It was the largest amount delivered in DFW since 4Q 2001.

DFW Industrial Market Statistics 4Q 2014
Market Rentable
Area SF
Vacancy
Rate
4Q Net
Absorption
(SF)
2014 Total
Absorption
(SF)
DFW Airport 66,272,613 5.5% 304,275 1,557,296
East Dallas 36,448,540 8.0% 409 64,060
Northeast Dallas    97,424,731 7.9% 1,191,002 3,641,410
Northwest Dallas 101,555,819 7.6% 93,963 349,392
South Dallas 50,262,629 10.2% 167,964 3,537,359
South Stemmons 121,157,920 7.8% 122,260 -1,653,307
Great SW / Arlington 93,924,618 5.1% 698,355 3,680,745
North Fort Worth 71,555,527 5.6% 219,914 1,573,894
South Fort Worth 72,391,096 4.6% -512,931 110,764
Dallas totals 473,122,252 7.8% 1,879,873 7,496,210
Fort Worth totals 237,871,241 5.1% 405,338 5,365,403
Market totals 710,993,493 6.9% 2,285,211 12,861,613


Source: CBRE Research

See CBRE's full report.

tag: DFW industrial news

Turnpike West's 260,000-SF warehouse to I-30 west of Dallas 

(1/12/2015)

DALLAS - Construction will begin this month on Turnpike West, a 259,672-sf warehouse project on I-30 at 1910 Chalk Hill Rd.

Developer Holt Lunsford is building the project, which is located just north of the Pinnacle Park business park.

The project will start January 21.

Read more at the Dallas Morning News.

Former Dallas 'Bomb Factory' exploding onto music scene 

(1/12/2015)

DALLAS - Construction is underway on converting a historic Deep Ellum building known as the Bomb Factory into a working live music venue that will be the largest in the neighborhood.

The 48,000-sf venue on Canton St. outside of downtown Dallas is expected to open in March after more than a year of development planning.

The early 20th century building was originally used as an automotive plant and then an ammunition factory during World War II. In the following decades, the building was subdivided to accommodate smaller tenants and has primarily been vacant since the early 2000s.

The entire historic Deep Ellum neighborhood has been undergoing a transformation in recent years as landlords and developers invest capital in aging buildings to update them for a new generation of young professionals and artists.

After the project is completed in March, the Bomb Factory will have the ability to entertain nearly 3,000 people.

Read more at the Dallas Business Journal.

Dallas: New vision for 284-unit Villas on Fair Oaks 

(1/12/2015)

DALLAS - The Villas on Fair Oaks, a 284-unit apartment community at 7222 Fair Oaks Ave., near Greenville Ave. and Park Lane in east Dallas, has been sold.

The community is located in the Vickery Meadow area of Dallas. It offers one- and two-bedroom units ranging from 640 sf to 1,000 sf and from $500 to $650.

The community was 48 percent occupied at the time of sale.

The Villas on Fair Oaks was built in 1997 and will be remodeled by Vizao TTH Partners II LP, who purchased the community. It will be rebranded as Valenceo @ Midtown.

Torrance, Calif.-based CCC&R Investment Group was the seller.

Read more at the Dallas Business Journal.

Prosper's Windsong Ranch adds 101-acre buy 

(1/12/2015)

PROSPER - United Commercial Development has purchased 101 acres at the northwest corner of US 380 and FM 423 — near the entrance to the Windsong Ranch community.

The tract will be used for retail and restaurant construction, according to Matthew Kiran and Rex Glendenning of REX Real Estate.

The tract is across from 46 acres at the northeast corner of the intersection that UCD purchased last year for a Kroger-anchored shopping center development.

Windsong Ranch is a 2,000-acre master-planned development that will have more than 3,000 homes.

Read more at the Dallas Morning News.

tag: Windsong Ranch, Prosper

Plano ready for first phase of $2B Legacy West project 

(1/12/2015)

PLANO - The Plano City Planning and Zoning Commission has approved the first phase of the Legacy West development on the Dallas North Tollway.

The first 35.4-acre phase of the $2 billion project will start in February, according to developer Fehmi Karahan.

Included in the first phase will be 784 luxury apartments, 280,000 sf of retail and 260,000 sf of office space. It also includes a 300-room, $82 million Renaissance Hotel that will be built on Legacy Dr. just west of the tollway.

All of this development is in the same area where Toyota Motor Corp. will build its new North American headquarters campus.

Read more at the Dallas Morning News.

Rainier reels in Fort Worth MOB property 

(1/12/2015)

FORT WORTH - Rainier Realty Investments has acquired an 18-acre site at 7100 Oakmont Blvd. The property currently consists of a 120,000-sf building, pad sites and ground leases under two medical office buildings, and was formerly occupied by Baylor All Saints Medical Center.

Rainier said it intends to redevelop the site for mixed use, including restaurant and retail frontage as well as other office, medical and specialty uses.

"This site is one of very few campus opportunities in the region offering such visibility and access within a major market," said Rob Jones, a principal at the Dallas-based real estate investment firm.

The property sits less than ten miles from the city's downtown and has access to the nearby Chisholm Trail Pkwy.

Source: Commercial Property Executive

Richardson Aloft Hotel, Whole Foods beeline to CityLine 

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

RICHARDSON - Developer KDC has broken ground on two more building projects at its $1.5 billion CityLine development.

Work has started on the 66,000-sf CityLine retail center at the northeast corner of Renner Rd. and Plano Rd. The shopping center will be anchored by a 40,000-sf Whole Foods Market grocery store.

Whole Foods plans to open its new CityLine store in early 2016.

Across the street, construction has kicked off on a 150-room Aloft Hotel, which will be adjacent to State Farm Insurance’s new office campus.

The hotel is next door to a 532-unit apartment community KDC and JLB Partners are building in the project.

Read more at the Dallas Morning News.

tag: CityLine

DFW home starts continued to surge in 4Q 2014 

(1/9/2015 7:46:00 AM)

DALLAS-FORT WORTH - A jump in fourth quarter home starts made 2014 the best year for home construction in North Texas since the recession.

Builders started 30 percent more houses in fourth quarter 2014 compared with 4Q 2013, according to a new report by Residential Strategies Inc.

For all of 2014, 25,902 homes were started in North Texas, a 91 percent increase in home construction since 2011.

New home sales were 11 percent higher in the final months of last year. In 2014, North Texas home builders sold 21,792 homes — an increase of 12 percent over 2013 levels.

The number of new houses on the market for DFW consumers to choose from remains very low. At the end of 2014 there were only 3,376 finished vacant houses in North Texas, only about a two-month supply.

Even with the rebound in home building during the last few years, new home starts in North Texas remain almost 50 percent behind where they were in 2006 before the recession hit. Builders started more than 48,000 houses in the region at the peak of the market.

Read more at the Dallas Morning News.

tag: housing DFW, housing data

Plano's 386-unit Aura One90 underway near 'Good Neighbor' 

(1/9/2015 7:41:00 AM)

PLANO - Trinsic Residential Group is building Aura One90, an 11.7-acre apartment project on the north side of the Bush Turnpike at the DART commuter rail line in Plano.

Construction started on the new rental community across the street from State Farm Insurance’s CityLine project which is in Richardson.

The two-, three- and four-story apartment buildings will have a combination of flats and townhouse-style rental units.

The 386-unit project is a short walk under the Bush Turnpike to DART’s rail station and State Farm’s office buildings in the CityLine project.

“Aura One90 will be an outstanding luxury living option for working professionals who want to have walkable access to CityLine, which has promise to become one of the metro’s premiere new urban centers,” Trinsic’s Adam Brown said.

“The location on SH 190 also affords residents a quick commute to downtown Dallas and the many other major employers in the North Dallas area.”

Trinsic’s apartment development is one of three large rental communities being built in or near the CityLine project. More than 1,200 apartments will soon be available near the development at Plano Rd. and the Bush Turnpike.

Read more at the Dallas Morning News.

Dallas' historic Adolphus Tower sold for office, restaurants 

(1/9/2015)

DALLAS - The 27-story Adolphus Tower on Main St. has been sold with plans to redevelop the building into first-class offices and restaurant space.

The 181,000-sf, 60-year-old office tower is about 70 percent leased to a variety of businesses and retailers. Major tenants include Which Wich’s corporate headquarters, the State of Texas, the Berry Law Firm, the Mathis & Donheiser Law Firm and consulting firm Litzler, Segner, Shaw & McKenney.

The new owners plan to give the high-rise a fresh exterior and rebuild the ground floor for restaurant and retail tenants. Construction will start within three months.

FAQ Capital bought the tower from a partnership set up by Henry S. Miller Co., which had owned the building since 2005.

It was touted as “the most modern office building in the Southwest” when it opened in January 1955.

Read more at the Dallas Morning News.

High demand drives sale of Uptown Dallas' McKinney Place 

(1/9/2015)

DALLAS - The 13-story McKinney Place tower at 3131 McKinney Ave. has been sold.

Built in 1984, the 150,000-sf office building is more than 90 percent occupied.

Invesco Real Estate bought the building from Velocis Fund, which acquired the property in early 2013.

Demand for office building investments is high in Uptown, which has some of the highest rents in the city.

Invesco is already a major player in central Dallas, with its ownership of downtown’s Plaza of the Americas complex. It is also a partner in an 11-story office tower under construction at 1920 McKinney.

Read more at the Dallas Morning News.

DTZ: Dallas No. 4 in U.S. in office leasing in 2014 

(1/9/2015)

DALLAS - Dallas ranked fourth nationally with 4 million sf of net office leasing in 2014, according to commercial real estate firm DTZ (formerly Cassidy Turley).

Dallas landed behind only New York City, Houston and San Diego.

Along with strong leasing, Dallas was also one of the country’s fastest growing office rent cost markets with an average 5.5 percent increase in rates in 2014, according to DTZ.

“If one annualizes the second half of 2014, the office sector has been absorbing space at nearly twice its historical average,” said DTZ economist Kevin Thorpe. “Fundamentals still vary greatly by location, but the latest demand metrics can no longer be characterized as subpar. This is robust.”

Nationwide there was 105 million sf of office space under construction — up 76 percent from 2013. About 6 million sf is under construction in the Dallas area.

Total office leasing for the U.S. in 2014 was the highest since 2006 and rose 47 percent in fourth quarter 2014.

Read more at the Dallas Morning News.

$20M Pinnacle Bank Place development to Downtown Fort Worth 

(1/8/2015 7:15:00 AM)

FORT WORTH - Pinnacle Bank and the City of Fort Worth's Local Development Corp. have reached a development agreement to build a five-story, 160,000-sf mixed-use building on Lancaster Ave. near the Fort Worth Omni Hotel.

The retail, office and apartment building has been named Pinnacle Bank Place after the bank committed $16.5 million in a loan to construct the project, which will cost about $19.7 million to develop.

Plans include developing the upper four floors of the building into 130 apartments and using the ground floor for retail space and apartment management offices.

In the retail space of the building, Pinnacle Bank plans to operate a full-service, street-level branch with offices that will house its executive office.

The bank has signed a 50-year lease for the drive-thru of the bank on the first floor of the garage, which will include parking for residents and tenants of Pinnacle Bank Place.

Construction of the building is expected to be complete first quarter 2016.

Read more at the Dallas Business Journal.

916,000-SF Park District slated for Uptown Dallas 

(1/8/2015)

DALLAS - Trammell Crow Co. and joint venture partner MetLife Inc. have unveiled plans for a new development called Park District, which will total 916,000 sf of office, residential, retail and park plaza.

The development will sit on a three-acre parcel between Pearl St. and Olive St., adjacent to Klyde Warren Park.

The new project will include a Class A office tower, a residential tower, ground-floor retail and below-grade parking, as well as a plaza.

The 19-story Park District Tower will sit on Pearl St. with about 502,000 sf of Class A office space and 9,000 sf of retail at the base of the tower. 

High Street Residential will develop the 32-story Residences at Park District, which will sit on Olive St.

The tower will total about 255 residential homes with 13,000 sf of retail space fronting Klyde Warren Park.

Construction is expected to start on the towers this year.

Read more at the Dallas Business Journal.

More purple and white: Tarleton lands 80 acres near Crowley 

(1/8/2015)

CROWLEY, TARRANT COUNTY - Tarleton State University has announced that it will build a branch one mile north of FM 1187 along the Chisholm Trail Pkwy.

Tarleton, which is part of the Texas A&M System, accepted a “transformational gift” of 80 acres from the Walton Group of Companies.

In Fort Worth, Texas A&M/Tarleton currently leases space in the Hickman Building on Camp Bowie Blvd. and the Schaffer Building on Enderly Place.

Tarleton State University President F. Dominic Dottavio said he was glad the Fort Worth has “room in its heart for another purple and white university.”

"This is a terrific opportunity. We've got TCC (Tarrant County College) in our yard and now we've got Tarleton State University. What that means for the children and adults of Crowley is that they can stay home and go all the way through an undergraduate institution for around $10,000, which is fantastic," said CISD Superintendent Dr. Dan Powell.

Texas A&M will ask the state legislature for $55 million this spring to construct a 125,000-sf building on the site for classrooms, student services and administration. The first of many buildings, it will serve up to 1,500 students.

Read more at the Crowley Star.

Listen to Podcast 240 for this story and more.

Richardson: State Farm on Lookout for Project Black Flag 

(1/7/2015 8:00:00 AM)

RICHARDSON - A 23-acre land deal for State Farm Insurance's new data center has closed after months of planning the details of the multimillion-dollar center with the city.

The new one-story, 129,180-sf data center — known as Project Black Flag — is planned to sit on a nearly 15-acre site at the 1402 E. Lookout Dr. at the northeast corner of Lookout Dr. and Plano Rd.

The data center will help keep data for State Farm's massive regional office campus at Plano Rd. and the President George Bush Turnpike, and is designed to accommodate 130 workers.

State Farm's new regional hub totals 2 million sf of office space spanning four towers.

At completion, State Farm plans to bring about 8,000 employees into the new Richardson campus.

Read more at the Dallas Business Journal.

tag: DFW office

North Texas leads U.S. in apartment leasing 

(1/7/2015 7:30:00 AM)

DALLAS-FORT WORTH - North Texas led the country in apartment rentals in 2014, and rents and occupancy levels in local apartments rose at a feverish pace.

Net apartment leasing in North Texas totaled 15,226 units, according to year-end data from MPF Research Inc.

Rental activity in fourth quarter 2014 was about 15 percent higher than 4Q 2013.

Local vacancy levels are at a 13-year low, with only about 5 percent of rental units empty.

Average apartment rents in DFW area grew by a record 4.9 percent in 2014, slightly higher than the nationwide increase of 4.7 percent.

“Annual increases above 4 percent are rare in this market,” said MPF Research vice president Greg Willett. “Because we’re such a construction hot spot, the flow of new product moving through initial lease-up normally holds rent growth below the national norm.”

Average apartment rents in the DFW area are now $919 a month. Apartments in Dallas’ more popular, close-in urban markets go for even more — averaging $1,700 to $1,800 for recently built rental communities.

Developers completed 15,575 North Texas apartments last year.

At the end of 4Q 2014, 30,196 units were still under construction in the area, the largest DFW apartment building volume since 1999.

Read more at the Dallas Morning News.

Tag: DFW apartment news; Multifamily under Dallas-Fort Worth-Arlington Market Data Sources

Arizona firm buys Richardson's 312-Unit Sweetwater Ranch 

(1/7/2015)

RICHARDSON - REM Finance Inc., an Arizona-based investment firm, recently acquired Sweetwater Ranch at 540 Buckingham Rd.

The 312-unit, 277,296-sf apartment property was built in 1994 near the intersection of I-635 and the Central Expressway a short distance from the Telecom Corridor.

Source: CoStar Group

CNL's time is right for former Fossil HQ in Richardson 

(1/6/2015 8:00:00 AM)

RICHARDSON - CNL Commercial Real Estate Inc. has acquired the former Fossil Watch Headquarters near I-75 and Campbell Rd.

The property includes a 190,000-sf office building and a 130,000-sf warehouse building.

The Richardson submarket has become a "hotbed" of activity over the past year with the relocation of State Farm's two million-sf campus, a 115,000-sf relocation for Kohl's and Raytheon's corporate relocation.

CNL bought the property through a joint venture investment with CenterSquare Investment Management.

CNL intends to immediately convert the existing warehouse into a 400-space covered parking facility, thereby increasing the parking ratio from three per thousand to more than seven per thousand.

CNL will also renovate the existing single user office building into a multitenant building with new common areas suited for creative office space.

Read more at GlobeNewswire.

tag: DFW industrial news, DFW industrial data

2015 DFW home foreclosure filings down almost 20 percent 

(1/6/2015 6:52:00 AM)

DALLAS-FORT WORTH - January foreclosure filings are down almost 20 percent from a year ago, according to the latest data from Foreclosure Listing Service.

Lenders have scheduled 1,676 properties for forced sale in the four-county area, the Addison-based foreclosure tracking firm reports.

January’s foreclosure filings were up from December and were the highest one-month total since early in 2014. However, the rate of foreclosures is still dramatically lower than in recent years.

For all of 2014, home foreclosure filings in the DFW area were down 26 percent to the lowest level in 13 years.

Looking at January’s postings, the biggest declines from 2014 levels were in Denton County (down 31 percent) and Tarrant County (down 20 percent).

Foreclosure filings were down 18 percent in Collin County from January 2014 and down 16 percent in Dallas County.

Read more at the Dallas Morning News.

tag: DFW foreclosure

Buckeye investor buys Villages of Addison 

(1/6/2015)

ADDISON - Villages of Addison, a 264-unit luxury apartment community at 17671 Addison Rd., has been sold.

Built in the 1990s, the property was previously known as Alara Villages of Addison.

The Villages of Addison offer one- and two-bedroom units from 698 sf to 1,168 sf with prices ranging from $1,097 to $1,560.

The Villages of Addison was purchased by The Connor Group, an Ohio-based firm.

Read more at the Dallas Morning News.

tag: DFW apartments

Fort Worth's 777 Main sells for $167 million 

(1/6/2015)

FORT WORTH - The 980,000-sf 777 Main office tower in downtown has been sold at a gross price of $167 million.

Cousins Properties sold the 40-story tower after purchasing it for $160 million in September 2013.

The Class A tower is near the city's iconic Sundance Square development and is in the city's central business district.

It is 95 percent leased to tenants including Jacobs Engineering, Frac Tech Services and Frost Bank.

Read more at the MarketWatch and the Dallas Business Journal.

DFW office vacancy rate falls to 16%; rents up 

(1/5/2015 7:00:00 AM)

DALLAS-FORT WORTH - DFW office building vacancies have fallen to the lowest level in more than a decade.

Just over 16 percent of the area’s office space was empty at the end of 2014, according to Cushman & Wakefield Inc.

Average vacancy rates are less than 9 percent in North Dallas, the commercial real estate firm found.

Expanding and relocating office tenants rented almost 5 million sf office space in 2014 — the highest net leasing in more than 15 years.

Most of the office leasing has been in Richardson’s Telecom Corridor, Las Colinas in Irving and in Far North Dallas along the Dallas North Tollway.

More than 6 million sf of office space is under construction in North Texas, the largest volume since the 1990s.

Almost half of the construction is in the CityLine development in Richardson where State Farm Insurance and Raytheon are building large corporate campuses.

Read more at the Dallas Morning News.

For more on office and other sectors, check out Dallas-Fort Worth-Arlington Market Data Sources.

Boston runs to 325-unit Aura Medical District buy in Dallas 

(1/5/2015)

DALLAS - The 325-unit Aura Medical District apartment community at 4730 Fairmount St. has been sold.

The property, which opened in 2014, will be renamed Berkshire Medical District.

Aura Medical District offers one- and two-bedroom units that range from 682 sf to 1,136 sf as well as townhomes ranging from 1,260 sf to 1,279 sf.

Dallas-based apartment developer Trinsic Residential Group sold the community to Berkshire Group, a Boston-based investor.

Read more at the Dallas Morning News.

Fresh Market adds 25,000-SF store in Southlake 

(1/5/2015)

SOUTHLAKE - A month after opening its first North Texas store, The Fresh Market plans to open a 25,000-sf location on January 14.

The grocer will open at 1001 E. Southlake Blvd. Grand opening activities include chef demonstrations, samplings, drawings for gift cards and reusable shopping bags.

The company recently opened its first DFW location at 7331 Gaston Ave. in the Arboretum Village.

The North Carolina-based company currently has five stores in Texas, with four in Houston. The Fresh Market operates 168 stores in 27 states.

Read more at The Packer.

$11 Million sweeps up Windscape units in Grand Prairie 

(12/23/2014)

GRAND PRAIRIE - Pure Multi-Family REIT sold the Class B Windscape Apartment Homes for gross proceeds of $10.5 million.

Windscape is comprised of 154 residential units, situated on 8.5 acres and was built in 1985. Pure Multi acquired Windscape in July 2012 for $8.4 million.

Read more at Newswire

Owned before WW II, 25 acres sold for West Dallas project 

(12/22/2014 8:00:00 AM)

DALLAS - A $200 million mixed-use development near Trinity Groves in West Dallas is one step closer to being realized after a Dallas-based group closed on a 25-acre tract along Singleton Blvd.

Stonelake Capital Partners purchased the property for a residential-anchored development at 1000 Singleton Blvd. at the southwest corner of Singleton Blvd. and Sylvan Ave.

Stonelake purchased the property from Austin International Ventures, which had owned the property since before World War II.

Plans for the initial phase of the development, which is being called Trinity Village, includes 300 apartment homes, a number of single-family homes and commercial real estate for neighborhood service retailers.

Dallas-based StreetLights Residential is working with Stonelake on the development.

Read more at the Dallas Business Journal.

DFW: Minyard buying 4 Thumbs, 8 Albertsons 

(12/22/2014 7:44:00 AM)

DALLAS-FORT WORTH - Carrollton-based Minyard Food Stores is stocking up after agreeing to buy eight Albertsons and four Tom Thumb stores in North Texas.

The move comes as Albertsons and Safeway reached agreements to sell 168 stores in eight states, including Texas, as part of review by the Federal Trade Commission of the chains' merger.

Safeway is the parent company of Tom Thumb stores in North Texas.

The 12 stores will be converted into Minyard Sun Fresh Market stores, and roughly 1,200 Albertsons and Tom Thumb employees will be hired by Minyard.

Here are the affected Albertsons stores:

•  3630 Forest Lane, Dallas
•  6464 E. Mockingbird Lane, Dallas
•  4349 W. Northwest Hwy., Dallas
•  3524 McKinney Ave., Dallas
•  10203 E. Northwest Hwy., Dallas
•  7007 Arapaho Rd., Dallas
•  1108 N. Hwy. 377, Roanoke
•  8505 Lakeview Pkwy., Rowlett

Tom Thumbs purchases include:

•  3300 Harwood Rd., Bedford
•  4000 William D. Tate Ave., Grapevine
•  4836 W. Park Blvd., Plano
•  3001 Hardin Blvd., McKinney

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

tag: DFW retail

Topping out 300-unit Turtle Creek in Dallas Uptown 

(12/22/2014)

DALLAS - JLB Partners has topped out construction on its apartment tower under construction in Uptown.

The 18-story high-rise is being built at Cedar Springs Rd. and the Katy Trail, just up the hill from Turtle Creek.

The luxury residential tower will have about 300 apartments.

JLB Partners is building the apartment community in partnership with a unit of Sammons Enterprises. It will open next year.

Read more at the Dallas Morning News.

tag: Turtle Creek

$800M Horseshoe project opening up downtown Dallas 

(12/22/2014)

DALLAS - Big changes are coming to the Dallas Horseshoe in early 2015.

The $798 million project will rebuild the junction of I-35E and I-30 just west of downtown Dallas with new bridges, ramps, frontage roads and more lanes.

"Come first quarter, you'll start seeing some new things with the roadway," said Katrina Keyes, a spokesman for Pegasus Link Constructors, the contractor for the project.

A new flyover ramp will open from northbound I-35E to eastbound I-30 that will allow for better traffic flow in early 2015.

New frontage roads on both I-35E and I-30 heading into downtown will allow local traffic to separate from through traffic, and exits for key downtown streets will be placed farther back.

One of the biggest things will be the Margaret McDermott Bridge, a 300-foot suspension bridge for pedestrians and bicycle traffic. The bridge will actually be on either side of I-30.

Pedestrians will have dedicated sidewalks on both sides of I-35E going over the Trinity River, too.

The idea is to open downtown Dallas up to pedestrians, especially with so many residential apartments and condominiums being built in Uptown Dallas.

Read more at the Dallas Business Journal.

Dallas' 535-unit Gramercy on the Park sold 

(12/22/2014)

DALLAS - Gramercy on the Park, a 535-unit apartment community, has been sold to CBRE Global Investors.

The Class A project, located at 4755 Gramercy Oaks Dr., was completed in 2011 and is 94 percent leased.

Rents in Gramercy on the Park average more than $1,200 per month. The community offers one- and two-bedroom units.

Billingsley Co. sold the property.

Read more at the Dallas Morning News.

Post World War I-style brownstones rock in Southlake 

(12/19/2014 7:45:00 AM)

SOUTHLAKE - The second phase of new upscale housing is beginning to take shape in Southlake Town Square starting with 31 new brownstones built in a “post-World War I” style in the Garden District development.

The Garden District is the residential component of the Southlake Town Square mixed-use development.

The new brownstones are a continuation of the first phase of brownstones, which began in 2006 and consist of 43 units.

The second phase of brownstones will total 31 units. There will be 19 units on Meeting St. and nine on Park Ridge Blvd. In addition, three custom brownstones do not yet have a specific plan.

The brownstones on Meeting St. will range from 2,391 sf to 3,920 sf. The brownstones on Park Ridge will range from 4,934 sf to 5,041 sf.

The starting price of a brownstone is $975,000.

The homes on Park Ridge Boulevard are built on a grade that allows them to have a first floor five-car garage and three floors of living space, which includes five bedrooms, five full- and one half-bathrooms and an optional elevator.

The first residents are expected to move into the development by late summer of 2015.

Read more at Community Impact Newspaper.

tag: housing

Oakmont sells 1.3M-SF industrial portfolio near DFW airport 

(12/19/2014)

DALLAS-FORT WORTH - Atlanta-based Oakmont Industrial Group has sold its 1.3 million-sf industrial portfolio near Dallas-Fort Worth International Airport.

Two of the Class A warehouses are just north and just south of DFW International Airport, with another warehouse building in the Great Southwest market in Arlington. The properties include high-density dock doors and ample trailer storage.

The industrial deal is part of a larger trend of investors looking to buy real estate in DFW.

Real estate sources say big box tenants are driving the demand for industrial and warehouse real estate in North Texas, which is seen as one of the country's top distribution markets.

Read more at the Dallas Business Journal.

Census: Fort Worth fastest growing city in U.S. 

(12/18/2014 8:00:00 AM)

FORT WORTH - Fort Worth came in as the top big city in the nation for population growth between 2000 and 2013, boasting a 42.3 percent increase, according to the U.S. Census Bureau.

It dwarfed Austin, which came in third, by nearly 15 percent, and had more than double the gain of San Antonio, which came in fourth. Dallas took 24th with 2.8 percent.

The data shows a mass migration to Texas and North Texas specifically.

The region is an attractive job hub, being home to 18 Fortune 500 companies across a variety of sectors. Toyota's move is expected to bring and hire more than 3,000 workers.

"Dallas and Fort Worth have been leaders in the job gain category," said KC Sanjay, a senior real estate economist with Axiometrics. "Where there are jobs, naturally you pull in people from all over."

Most of those packing their bags for DFW are from California, according to Chuck Ehmann, a real estate economist with Axiometrics. Omnitracs and Active Networks, both headquartered in San Diego, have announced moves to Dallas.

Companies and individuals are also migrating from Florida and the Midwest.

When they arrive in North Texas, most migrants ages 36 and older are settling in suburbs to take advantage of better school districts. However, ages 22 to 35 tend to settle closer to the cities' urban cores, such as in Dallas' downtown and Oak Lawn neighborhoods, to be closer to work.

Read more at the Dallas Business Journal.

Tag: Texas housing

North Texas home sales Nov. 2014 

(12/18/2014)

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

•  The median price of existing single-family homes increased to $184,900, up 2.8 percent from October 2014.
•  Existing single-family home sales decreased 27.8 percent from October, with 4,970 units sold.
•  Condos decreased in price to $147,900, down 1.3 percent from October 2014.
•  Existing condo sales decreased 30 percent in November, with 333 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014 
Sale Chg.
Nov. 2013
NTREIS* (single-family) $184,900 12.1% 4,970 -8.9%
NTREIS(condo) $147,900 -1.3% 333 1.8%
Region Cities**        
Fort Worth $165,000 13.8% 582 -7.6%
Dallas $265,000 17.3% 492 -8.9%
Arlington $142,450 11.9% 214 -7.0%
Plano $275,000 19.6% 214 -1.4%
Frisco $300,000 3.8% 151 -1.9%
Garland $139,500 12.5% 131 -4.4%
Grand Prairie $163,000 22.6% 107 8.1%


*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold at least 100 units during November 2014.

See the full report from NTREIS.

tag: Dallas-Fort Worth data, housing, apartment

$82M Renaissance Hotel presence to Plano's Legacy 

(12/17/2014 10:00:00 AM)

PLANO - A 300-room high-rise hotel is coming to Plano’s Legacy West development.

The City of Plano has approved incentives for the construction of the $82 million Renaissance Hotel project, which will be built in the new Legacy West development on the Dallas North Tollway.

The hotel project has the backing of the family that owns the hugely successful Sam Moon retail firm. The project will also include 26,200 sf of conference space.

Plano City Council approved a $4 million economic grant to support the new hotel which is to be located in the same area where Toyota is building its new North American headquarters.

The hotel is part of the 240-acre Legacy West development which will kick off in February with the construction of retail, apartments and office space.

The Renaissance will be the second new full-service hotel planned for West Plano.

In August a 299-room Hilton opened in the Granite Park project at the southeast corner of the Dallas North Tollway and SH 121.

Read more at the Dallas Morning News.

West Plano Village people coming 

(12/17/2014 8:15:00 AM)

PLANO - West Plano Village is expected to see its first residents in February 2015, followed by shoppers in spring 2015.

The mixed-use development will ultimately be comprised of 90,000 sf of retail, 60,000 sf of office and 264 apartment units. The project is along the Dallas North Tollway and Parker Rd.

The development is anchored by the European-style eatZi’s restaurant that opened in 2013, and is complemented by shadow anchor Cinemark West Plano.

The list of restaurants includes Princi Italia, Pakpao, Mi Dia from Scratch and Kona Grill.

With the residential portion of the development opening first, preleasing began in October.

Read more at Community Impact Newspaper.

Wichita Fall's United Regional to undergo $28M expansion 

(12/17/2014 8:13:00 AM)

WICHITA FALLS - United Regional Health Care System will undergo a $27.7 million renovation and expansion at the emergency department at 1617 Eleventh St.

The renovation includes upgrading 20,200 sf and adding another 25,670 sf. The project is expected to be completed in 2016.

United Regional is the region’s largest health care provider and delivers comprehensive medical care to a nine-county service area.

The care provider was named one of Truven’s Top 100 Hospitals in 2013 and 2014 and was awarded Truven’s Everest Award for performance improvement in 2013 and 2014.

United Regional has the area’s only Level II Trauma Center and Primary Stroke Center. With 350 beds, it is the only full-service hospital for the Wichita Falls community of 100,000 people.

The nonprofit hospital delivers $23.5 million in charity care annually.

Read more at the Fort Worth Business Press and Citybizlist.

Dallas 2015: retail plus 182-unit Knox Heights planned 

(12/17/2014)

DALLAS - A six-story mixed-use project in Dallas’ Knox St. neighborhood is planned by Trammell Crow Co. and Northwestern Mutual Real Estate.

The project, called Knox Heights, will include 182 apartments and ground floor retail space. The development site is now occupied by old apartments and commercial buildings.

Construction will start on the project in 2015, which is located on McKinney Ave., just north of Knox St.

Crow’s project is in the same neighborhood where Sarofim Realty Advisors and Lincoln Property are building their new retail and apartment building.

It’s also just around the corner from construction of Mill Creek Residential Trust’s 208-unit, six-story apartment building.

Read more at the Dallas Morning News.

Frisco boom largest in North Texas 

(12/16/2014)

FRISCO - With more than $5 billion in developments in the works, Frisco is arguably the most dynamic real estate market in Texas.

Ahead of Uptown, Plano, Richardson — Frisco has more huge developments these days than any other property market. Even if only half of them get built, the one-time railroad town will be ground zero for the biggest commercial real estate boom ever in North Texas.

“Just about every tract of land from SH 121 to Main St. along the Dallas North Tollway (DNT) is having plans made or is under development,” said Jim Gandy, CEO of the Frisco Economic Development Corp.

Hillwood Properties, VanTrust Real Estate and the Rudman Partnership are teaming up to build Frisco Station surrounding the Dallas Cowboys’ new headquarters at the DNT and Warren Pkwy.

The Cowboys’ 91-acre Star mixed-use project is already under construction next door to Frisco Station.

Thomas Land & Development is building its $1.6 billion Wade Park mixed-use complex on 175 just across the DNT on Lebanon Rd.

If you had to pick a point in time when the game changed for Frisco, it would be back in 1996, when developer General Growth Properties bought 130 acres at the northwest corner of Preston Rd. and SH 121 for a new shopping mall.

Some 18 years later, there is now 4.5 million sf of retail space within a mile of Frisco’s Stonebriar Center mall.

The other real estate milestone came in 1997, when developer Craig Hall broke ground on his 162-acre Frisco office park. Hall Office Park now has 2.2 million sf of office space that houses 180 companies with some 8,000 workers.

Hall Financial just finished its 16th building in the Frisco office park.

Read more at the Dallas Morning News.

For more on what is happening in Frisco, check out other stories from NewsTalk Texas.

MPF highlights DFW multifamily 3Q 2014 

(12/16/2014)

DALLAS-FORT WORTH - Apartment completions have picked up significantly in DFW, but substantial growth in the economy and other drivers have spurred absorption enough to mute the effect of the elevated supply, according to the latest report from MPF Research.

Demand for new lease-ups has been strong, and middle-market demand remains strong as well.

Such demand has prevented significant occupancy declines, giving apartment operators confidence to continue pushing rents. In particular, middle- and lower-tier market segments in the Dallas metro have exceeded rent growth expectations.

What changed this quarter? Strong apartment absorption outpaced high levels of new supply. In turn, occupancy rose to 94.7 percent, a 13-year high for the region. Meanwhile, same-store rental rates jumped 1.4 percent quarter-over-quarter.

3Q 2014 DFW Apartment Trends*
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$903 94.7% 101,500 jobs 19,540 units 15,961 units 16,193 units


*Properties sampled 2,552; Units sampled 567,123; Submarkets 36

Find the report at MPF Research. Be sure to check out the Submarket Map with Zip Codes.

tag: Dallas-Fort Worth apartment

Allen's 70,000-SF Cornerstone Crossing sells 

(12/16/2014)

ALLEN - The 70,145-sf Cornerstone Crossing at 1300 N. Central Expy. has been sold. The 14-year-old building sits on 5.5. acres at the corner of N. Central Expy. and Exchange Pkwy.

The Class B building is 100 percent leased to tenants including Amphenol Fiber Systems and Cosmic Jump.

Austin-based Davis/Parmer Investments L.P. purchased the office and warehouse building from Cornerstone Crossing TIC Owners.

Read more at the Dallas Business Journal and at Citybizlist.

Nurtur Health feels good with Farmers Branch office 

(12/16/2014)

FARMERS BRANCH - Nurtur Health, Inc. has signed a 23,893-sf lease at 4001 McEwen Rd.

The 95,192-sf office building was constructed in 1981 in the West LBJ Fwy. submarket.

The building, along with 4101 and 4099 McEwen Rd., comprise the Centre Office Park campus, which is serviced by the DART bus and positioned 15 minutes from DFW Airport.

Read more at CoStar Group.

Harbor docks 3,100 units in DFW, Houston 

(12/16/2014)

DALLAS-FORT WORTH - Harbor Group International, a Virginia-based real estate investment firm, has purchased ten North Texas properties as part of a larger 12-property buy.

The acquisition also includes two properties in Houston and totals 3,100 units. The new owner plans to spend $10 million to upgrade the apartments.

Below are the properties purchased in Dallas-Fort Worth, their addresses, and the amount financed for each property (if applicable):

•  330-unit Abbey at Vista Ridge — 4747 N. Josey Lane (Carrollton)
•  364-unit Carrington Park — 3001 Communication Pky. (Plano), $36.3 million
•  180-unit Fieldcrest — 350 E. Vista Ridge Mall Dr. (Lewisville)
•  216-unit Fossil Hill — 5700 N. Beach St. (Fort Worth), $12 million
•  320-unit Sunset Oaks — 3550 Timberglen Rd. (Dallas), $19.7 million
•  216-unit Tall Timbers — 501 Sycamore Ln. (Euless), $3.4 million
•  238-unit Briarcrest — 1330 MacArthur Dr. (Carrollton), $17.2 million
•  224-unit Huntington Glen — 2900 Harwood Rd. (Bedford), $11.3 million
•  244-unit Villas at Waterchase — 165 N. Old Orchard Ln. (Lewisville), $4 million

The apartment communities were acquired from Canada-based England Group.

Read more at CoStar Group, Dallas Morning News and the Dallas Business Journal.

tag: Texas apartments

Dallas: Turtle Creek's 380,000-SF project next to Mansion 

(12/15/2014 6:42:00 AM)

DALLAS - Prescott Group has purchased a 5.5-acre property next door to the Mansion on Turtle Creek where it plans to build a 14-story, 380,000-sf office and retail project.

The development — called 2727 Turtle Creek — is just the latest in a series of new deals in the Oak Lawn market.

The new owners will tear down an eight-story building constructed in the 1980s. A six-story office building that dates to the 1950s will be stripped back to the beams and included in the new construction.

A ground-floor restaurant space and conference center are planned, and the project will use the existing 1,100-space parking garage on the north side of the property.

Prescott plans to start construction next year and have the building ready by the end of 2016.

Read more at the Dallas Morning News.

For more on what's going on in the Oak Lawn market, check out other stories from NewsTalk Texas.

Frisco: $1 billion twinkles around Cowboy 'Star'  

(12/15/2014)

FRISCO - A development team that includes the Perot family’s Hillwood Properties and auto sales giant Van Tuyl are joining forces to build Frisco Station, a more than $1 billion development.

The almost 250-acre project will wrap around the Dallas Cowboy’s new headquarters and retail complex under construction at the Dallas North Tollway and Warren Pkwy.

The overall project will have more than 4 million sf of office space, 2,400 apartments, shops, restaurants and civic facilities. A large greenbelt and park will cut through the middle of the community.

Jim Gandy, president of the Frisco Economic Development Corp., said the two projects together will ultimately employ almost 19,000 people.

Frisco Station will include a combination of corporate office towers, shopping and entertainment plazas, mid-rise apartments, medical facilities and other buildings that will surround the Cowboy’s new “Star” project on three sides.

Hillwood and the Van Tuyl family’s VanTrust Real Estate are partnering with the Rudman family, which has owned the site for more than 50 years.

Read more at the Dallas Morning News.

For more on the Dallas Cowboys' "Star" project, see previous story Cowboys score $115M Frisco facility.

Irving's Four Seasons spring to 'Well Being' in 185,000 SF 

(12/15/2014)

IRVING - The Four Seasons Resort and Club in Dallas at Las Colinas plans to develop a $3.5 million sports facility and spa totaling 185,000 sf on the resort grounds in Irving.

The luxury fitness center and spa — dubbed Well & Being — will become the recreational centerpiece of the Las Colinas hotel, with workout classes and specialized spa concepts, including acupuncture, shiatsu and other healing therapies.

Construction is underway on the new facilities with its debut in late spring 2015.

Earlier this year, the 431-room resort and club sold for an estimated $150 million to Blackstone Real Estate Advisors after lenders foreclosed on the property. The previous owners defaulted on a $175 million loan on the hotel.

Read more at the Dallas Business Journal.

For more on the sale of the resort, see previous story Las Colinas' Four Seasons Resort sold for $150M.

Arlington's Park Row East sells for $6 million 

(12/12/2014)

ARLINGTON - The 205-unit Park Row East at 3201 E. Park Row Dr. has be sold to Darcorp Properties. Clear Real Estate and The PPA Group sold it for slightly more than $6.285 million, or approximately $31,000 per unit.

Built in 1972, the multifamily community is spread across 28 buildings in the Outer Arlington Multifamily submarket.

Source: CoStar.com

311-Unit Union at Carrollton Square sold to Olympus 

(12/12/2014)

CARROLLTON - Olympus Property has purchased the 311-unit Union at Carrollton Square in downtown.

The five-acre, transit-oriented project is adjacent to downtown Carrollton’s DART light rail station. It offers one- and two-bedroom units ranging from 580 sf to 1,182 sf.

Opened in 2013 and 2014, the project includes 4,700 sf of ground level retail space.

Olympus — which is based in North Texas and San Francisco — just bought the 440-unit Mosaic loft apartment project at Akard St. and Bryan St. in downtown Dallas. That project was expected to sell for near $80 million.

Founded in 1992, Olympus owns and manages more than 9,000 apartments in nine states.

Read more at the Dallas Morning News.

For more on the Mosaic loft purchase, see previous story Dallas' 440-unit Mosaic paints a new picture with sale.

tag: Dallas apartment, apartment
 

Dallas: 330-Unit Elan City Centre acquired 

(12/11/2014 7:28:00 AM)

DALLAS - Elan City Centre, a 330-unit, Class A multifamily community in North Dallas has been purchased. The buyer is Newport Beach, Calif., MIG Real Estate.

Elan City Centre consists of four three-story buildings with one- and two-bedroom floor plans, 12 townhome units and a two-story parking structure.

Elan City Centre is located at 13301 Galleria Place, with access to I-635, the Dallas North Tollway, President George Bush Turnpike and US 75.

The multifamily community is within walking distance of shopping, dining and entertainment venues within the nearby Galleria Mall. The neighboring Valley View Center, currently undergoing a major redevelopment, will provide a variety of additional venues.

Elan City Centre is the company’s sixth investment in Texas multifamily properties.

Read more at GlobeSt.com.

Canadian firm buys Dallas Turtle Creek land for tower 

(12/11/2014)

DALLAS - Great Gulf Homes has purchased property on the west side of Fairmount St. at Turtle Creek Blvd. where it plans to build an apartment project.

The building site is located right across the street from where the Toronto-based firm intends to construct a 22-story, 60-unit condominium building at 2505 Turtle Creek Blvd.

Great Gulf is one of North America’s biggest builders of residential towers. The company has said it wants to do more than one project in the Dallas area.

Read more at the Dallas Morning News.

348,000-SF Mesquite Market East sells to Fidelis 

(12/10/2014 6:45:00 AM)

MESQUITE, FRISCO - Fidelis Realty Partners has purchased the Market East Shopping Center on Town East Blvd.

The property totals about 348,000 sf of retail and includes about 12 acres that the firm can develop.

Earlier this fall, the firm also bought Eldorado Marketplace in Frisco, a 163,000-sf shopping center in Frisco.

Fidelis now has about 50 retail centers in Texas, primarily in Houston.

Read more at the Dallas Business Journal.

For more on the Eldorado sale, see previous story Snapping up Frisco's 162,000-SF Eldorado Market Place.

Irving buy: Parc 114 near DFW airport 

(12/10/2014)

IRVING - Houston-based developer Hines has purchased the 52-acre Parc 114 business park in partnership with AEW Capital Management.

Parc 114 includes six industrial buildings and more than 18 acres of development land at the north end of Dallas-Fort Worth International airport on Belt Line Rd.

“The tenant base in the project is unmatched and provides a foundation to expand the project with two additional buildings,” said Blake Kendrick, managing director for Stream Realty.

The two new buildings with 191,262 sf are scheduled to open in mid-2015.

The current buildings are fully leased to Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens.

Read more at Dallas Morning News

Being sold: Historic Hartford Building in Dallas 

(12/10/2014)

DALLAS - Olympic Property Partners is acquiring the historic Hartford Building at Bryan St. and Harwood St.

The 14-story office tower — opened in 1959 — was the first downtown high-rise built by legendary developer Trammell Crow.

Olympic has plans to upgrade the office space in the property.

The old high-rise is just across the street from the One Dallas Center tower, which has been remodeled into first-class office space and apartments.

Read more at the Dallas Morning News.

Dallas 22-story Frost Tower thaws for spring opening 

(12/10/2014)

DALLAS - Harwood International has topped out construction on Frost Tower, the 167,000-sf tower at the corner of McKinnon St. and Wolf St.

The 22-story office building is scheduled to open spring 2015.

Frost Tower is already fully leased to tenants including Frost Bank, Polsinelli, and Rochon Family Office.

Read more at the Dallas Morning News.
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EnLink Midstream flows to 158,000-SF Dallas office 

(12/10/2014)

DALLAS - EnLink Midstream has leased 157,658 sf at 1722 Routh St. in downtown. EnLink Midstream plans to relocate its corporate headquarters to the new location by summer 2016.

The firm was established through the merger of Crosstex Energy and the U.S. midstream assets of Devon Energy.

Also known as One Arts Plaza, the 18-story property is located in the Dallas Arts District and consists of 530,236 sf of retail and office space.

EnLink will occupy the former headquarters space of 7-Eleven, which will be relocating to a new office space in Cypress Waters.

Read more at CoStar Group.

For more on 7-Eleven’s move, see previous story Irving thanks heaven for 7-Eleven HQ.
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