NewsTalk Texas

Dallas-Fort Worth-Arlington

Irving: 193,000-SF Greenway Tower goes to New Yorker 

(2/27/2015 7:40:00 AM)

IRVING - The ten-story Greenway Tower at 1231 Greenway Dr. has been sold to New York-based investor HighBrook Investment.

The 193,000-sf office tower is located near SH 114 and was built in 1981. Tenants include Optimal Solutions Integration LLC, America Cash Express and Foru International.

HighBrook owns the 122 W. John Carpenter Fwy. building in Las Colinas and TriWest Plaza on LBJ Fwy. in Dallas.

California-based Libitzky Property Companies and Sunwest Real Estate Group of Dallas just acquired the ten-story Canal Centre office building in the Las Colinas Urban Center.

Read more at the Dallas Morning News.

Stream flows to Northlake with 945,000-SF project 

(2/26/2015 8:01:00 AM)

NORTHLAKE, DENTON COUNTY - Stream Realty Partners has broken ground on Northport 35 Business Center, a three building, 945,035-sf industrial project.

Northport 35 Business Center is located near the intersection of I-35W and SH 114. The campus is located near the Union Pacific and BNSF rail lines, Alliance Airport and the BNSF intermodal facility.

The development will be ready late this year. The Denton County project is being built in partnership with Clarion Partners.

Read more at the Dallas Morning News.

Save your toys! Big Toy Self-Storage Waxahachie brings $2.5M 


WAXAHACHIE - A Big Toy Self-Storage, a 40,725-sf self-storage facility located at 1832 FM 66, has been sold for $2.5 million.

The property consists of six buildings constructed in 2003 on approximately 5.78 acres of land. The facility is comprised of 60 climate-controlled units, 106 covered boat/RV parking spaces, 218 drive-up units and one vacant retail/office space that is connected to the storage leasing office.

The facility features amenities including wide concrete driveways, video surveillance, personalized key pad entry/exit gates, garage-style roll-up doors and a dumping station for boats and RV's.

Source: Marcus & Millichap

DFW homeownership rate among lowest in U.S. 


DALLAS-FORT WORTH - North Texas is among the major U.S. cities with the lowest percentage of homeowners, according to a new report by the Department of Commerce’s Census Bureau.

Only 56.3 percent of DFW residents were homeowners in fourth quarter 2014, compared to a nationwide homeownership rate of 64 percent.

DFW’s homeownership rate has fallen sharply since a peak of 65.2 percent in mid-2010, according to the Census Bureau.

DFW ranked as the eighth lowest homeownership market among the 75 major metro areas included in the census survey. Los Angeles had the lowest homeownership at 47.6 percent, and Richmond had the highest ratio of homeowners — 75.5 percent.

DFW also had the lowest homeownership of the Texas cities included in the census report.

The highest homeownership rate was in San Antonio with 71.3 percent.

North Texas has the fastest growing apartment market in the country with about 30,000 rental units under construction.

The DFW area also has one of the fastest growing populations, fueled by thousands of people moving to the area each year. Many of those new residents chose to be renters.

Read more at the Dallas Morning News.

See the U.S. Census Bureau for the full report.

Flower Mound opens 400,000-SF door to MI Windows 

(2/25/2015 8:15:00 AM)

FLOWER MOUND - MI Windows & Doors has signed a long-term deal for 401,600 sf of distribution space at a soon-to-be finished facility at 1900 Lakeside Parkway.

As part of the economic incentive deal, the company plans to bring in 300 employees for the first five years and to hire a minimum of 500 workers in the next decade.

The move from Carrollton to an expanded facility in Flower Mound is a natural move for the business and gives MI Windows and Doors the ability to offer expanded services, CEO Matt DeSoto said.

MI Windows & Doors, a subsidiary of MIWD Holding Co. LLC, is one of the nation's largest supplies of vinyl, aluminum and composite windows and doors. The company also has manufacturing offices in Prescott Valley, Ariz. and Pennsylvania, as well as a facility in Carrollton.

The deal gives MI Windows & Doors, which Flower Mound expects to bring in $5 million in business personal property, a $50,000 relocation reimbursement grant and a 75 percent tax abatement for ten years.

The company plans to transition its Texas operations to the new facility this summer.

Read more at the Dallas Business Journal.

Las Colinas: 238,000-SF Canal Centre office sells 


LAS COLINAS - The ten-story Canal Centre office building at 400 E. Las Colinas Blvd. has been purchased by California-based Libitzky Property Companies and Sunwest Real Estate Group of Dallas.

The 238,051-sf building in the Las Colinas Urban center was purchased from LaSalle Investment Management.

Canal Centre was built in the 1980s and recently remodeled.

“Canal Centre offered investors a favorable balance of long-term, in-place leases and multiple compelling opportunities for future income growth,” according to CBRE’s Eric Mackey. “Its location within a steadily improving submarket is also advantageous.”

Libitzky Property and Sunwest now have nine properties with 1.1 million sf of office space in the Dallas area.

Read more at the Dallas Morning News.

Fort Worth Eyeworks Group's vision of new 60,000-SF office 


FORT WORTH - Construction has begun on a 60,000-sf building at the southeast corner of W. Seventh St. and University Dr.

Eyeworks Group and Regions Bank will operate new locations when the five-story office building opens in summer 2016.

“This new building and the expansion of Eyeworks Group is a reflection of the growth we’ve seen in Fort Worth,” said Dr. Robert Chu Jr., managing director of Eyeworks Group.

The new location will be Eyeworks’ third Fort Worth-area facility and will offer specialty optical retail, patient care and Lasik vision correction. The new location will mean new job openings, Chu said.

Eyeworks Group will occupy 15,000 sf, with Regions Bank filling 13,000 sf. The remaining space has not been leased. The building also will offer 129 parking spaces in a five-level parking garage.

The building will stand at one of the city’s busiest intersections. The tract is part of the historic Van Zandt addition, which housed a residential neighborhood before it was flooded in 1922 and 1949.

Read more at the Fort Worth Business Press.

7,200-Acre Walsh land brands West Fort Worth 

(2/24/2015 9:00:00 AM)

FORT WORTH - A 7,200-acre master-planned community that will bring 15,000 homes to West Fort Worth is expected to get underway in late 2015.

The $6 billion community called Walsh will be developed east of I-20 and I-30 by the Walsh family and Dallas-based Republic Property group.

Plans for the master-planned community will also include a variety of projects, including millions of sf of office, retail, restaurant and medical facilities. The development could include a business park, or could include a corporate campus on a particular 194-acre triangular piece of land for a corporate campus.

The land totals 11.4 square miles and has been the location of the F. Howard Walsh Family ranching operations for the last 70 years.

About two-thirds of the master-planned community sits in Aledo ISD. An overpass — Walsh Ranch Parkway — is being put in to access the community. The development group plans to start on 1,700 acres initially, which will bring about 3,000 homes to the region in the next decade.

The first homes are set to be finished by the end of 2016.

Read more at the Dallas Business Journal.

DFW rents at all-time high in January 2015 


DALLAS-FORT WORTH - In January, effective rents in the area were more than 5 percent higher than a year ago, according to a new report from Axiometrics Inc.

The rent hikes in the Fort Worth area were even larger — 6.4 percent on an annualized basis.

DFW led the country last year with almost 140,000 new jobs — a record annual employment gain for North Texas. Population in the area is rising more than 100,000 a year, fueling demand for apartments.

In the Dallas area, average rents were just under $1,000 a month. In Fort Worth, renters are paying an average of $891.70. Those are record highs for both markets.

Almost 13,000 new apartments opened their doors in North Texas in 2014. Another 15,901 rental units are scheduled for completion in 2015.

“Given the bump up in supply, we’ll likely continue to see rent growth and occupancy moderate, as both metropolitan districts absorb the new units,” said Stephanie McCleskey, Axiometrics’ vice president of research.

Dallas’ rent increases are less than other major U.S. markets, including San Francisco, up 12.5 percent, Denver, 11.7 percent, and Atlanta, 8 percent.

Read more at the Dallas Morning News.

Portion of Brinkmann Ranch land sold for housing in Frisco 


FRISCO - Plano-based home builder John Landon has bought part of the 3,500-acre Brinkmann Ranch — one of the largest undeveloped properties in Frisco.

Landon bought more than 250 acres on the east side of the ranch on Coit Rd. and plans to begin construction soon on the new neighborhood.

Landon also has an option to buy more property at Brinkmann Ranch.

Landon Homes is an independent builder that sells houses in a half dozen locations in Frisco, Plano, McKinney and Little Elm. The company’s houses are priced at more than $300,000.

For years, the sprawling property located between Preston Rd. and Coit Rd. has been one of the most sought after development sites in Collin County.

Read more at the Dallas Morning News.

North Dallas Westin Hotel attracts New York buyer 


DALLAS - The 536-room Westin Dallas Park Center on LBJ Fwy. near N. Central Expy. has been sold.

New York-based AWH Partners bought the hotel with plans to spend more than $20 million to remodel and update the hotel, which was built in 1982.

The 20-story hotel has 42,000 sf of meeting space, fitness center and outdoor pool.

“Growing our presence in major markets like Dallas is very much in line with our overall strategy of occupying strong markets by investing in large hotels with big meeting space that offer an opportunity for value-add through renovation,” said Bernard Michael, principal of AWH Partners. “We are extremely pleased with the outlook for this investment.”

AWH Partners is a five-year-old company that owns almost two dozen hotels across the country.

Read more at the Dallas Morning News.

Bradford leaves mark on Uptown Dallas' Citymark tower 


DALLAS - The Citymark tower at 3100 McKinnon St. has been sold.

Bradford Commercial Real Estate Services purchased the 11-story Uptown office tower, which is located near the entrance to the Dallas North Tollway.

Hines Real Estate Investment Trust sold the 218,926-sf building, which is about 74 percent leased. The purchase includes a half-acre of land for future development.

Citymark’s largest tenant is Balfour Beatty Construction. Citymark was built in the 1980s and had been owned by Hines since 2009.

Read more at the Dallas Morning News.

Arlington: Gander Mountain takes a $13 million hike 


ARLINGTON - Gander Mountain, a 52,000-sf retail space on I-20, has been purchased.

The $13 million sale was arranged by CBRE Group Inc.

Located on a key artery, 459 East I-20 is easily accessible, just east of Fort Worth and due west of south Dallas.

The property is located in close proximity to a number of retailers and restaurants, including The Parks at Arlington mall, Old Navy, Red Robin and an AMC movie theater.


Richardson's $500M massive project next door to State Farm 

(2/19/2015 10:00:00 AM)

RICHARDSON - Developers are kicking off construction on a $500 million mixed-use project that — combined with the $1.5 billion CityLine next door that includes State Farm Insurance’s new campus — will add thousands of jobs and a flood of residents along N. Central Expy.

The two projects are separated by DART’s commuter rail line and station at Bush Turnpike. They will be connected by new roads and walkways.

Trammell Crow Residential will start construction next month on the first phase of a 1,250-unit apartment development west of the DART station.

The first phase includes 351 apartments in a five-story building with ground-floor retail and a parking garage. Its new Alexan CityLine project in Richardson will include about 10,000 sf of retail space. The first phase is scheduled for completion in summer 2016.

The developer plans to begin a second phase to the apartments in about six months, said Crow Residential’s Steve Bancroft.

BC Station Partners also has sold a development site at the northeast corner of North Central and Renner Rd. to Transwestern, which is planning to construct a 450,000-sf office tower and a hotel on the property.

BC Station Partners is keeping a high-rise office campus location at the corner of Central and Bush Turnpike for future construction.

Based on zoning the developers received last year from the City of Richardson, more than 1.3 million sf of office space can be built on the property. That’s almost as much space as State Farm Insurance is constructing next door.

Together, the CityLine and BC Station projects represent one of the largest commercial real estate developments underway in North Texas.

Read more at the Dallas Morning News.

Experts: Downtown Dallas office leasing most since 1980s 

(2/19/2015 9:00:00 AM)

DALLAS - There was more office leasing in downtown Dallas than in any of the area’s suburban districts in 2014, the first time in more than 20 years that downtown has been the top office leasing market in North Texas.

Downtown property owners and economic development officials see the surge in office demand as payoff for years of reinvestment in the central business district.

The downtown turnaround is bringing more residents and retail shoppers back to the city’s core, stakeholders say.

“With the continued success and growth of Uptown, the whole financial district has been affirmed and repositioned,” said Johnny Johnson, of DTZ. “New owners are coming in and making significant investments — and not just in office but in retail and residential.”

Net leasing in downtown totaled almost 830,000 sf, according to data from Cushman & Wakefield Inc. The central business district saw a bigger jump in office tenants than along LBJ Fwy. (760,000 sf), the Telecom Corridor (620,000 sf), Las Colinas (550,000 sf), or West Plano and Frisco (530,000 sf).

In 2014, more than 80 businesses either entered new office leases downtown or renewed their current leases, said Phil Puckett, executive vice president with CBRE.

“There were over 1 million sf of new tenants,” Puckett said. “I think it’s one of the best years I’ve ever seen in the central business district.”

Puckett said the largest office leases downtown in 2014 were by Santander Consumer USA Inc. (375,000 sf), Omnitrac (325,000 sf), EnLink Midstream Partners (157,000 sf) and Invesco (50,000 sf).

Read more at the Dallas Morning News.

For more, see 4Q 2014 reports from CBRE, Cushman & Wakefield and DTZ.

Grapevine's 925 Main Street sold for $44 million 


GRAPEVINE - The Class A, 251-unit 925 Main Street has been sold. The buyer acquired a $43.7 million loan to facilitate the purchase.

The property is comprised of two three-story and one four-story residential buildings. The property offers one- and two-bedroom units ranging from 766 sf to 1,552 sf and in rent from $1,450 to $3,142.

925 Main Street is situated on a 5.5-acre lot and was built in 2008. It has eight ground-floor retail spaces totaling 19,664 sf.

A partnership names 925 Main LP purchased the property.


250 Affordable units headed to Southeast Fort Worth? 


FORT WORTH - A 250-unit apartment complex is planned for S. Race St. and Crimson Lane.

Race Place LP will develop the Stallion Pointe Apartments at the site. It will offer 225 affordable-rate apartments and 25 market-rate. It will have one-, two- and three-bedroom units across the 21.6-acre site.

Amenities will include a clubhouse with community area and kitchenette, exercise room, community pool, children's playground and a gazebo/grill community gathering area, gated and secured access with security cameras, and street and parking lighting.

Read more at the Fort Worth Business Press.

Ridgeline grabs MOBs in Fort Worth, Houston 


FORT WORTH, HOUSTON - Dallas-based Ridgeline Capital Partners has acquired two medical office buildings in Fort Worth and Houston.

In Fort Worth, the investor purchased the Midtown Medical building, which was built in 2013. The four-story, 60,000-sf Class A building is situated in the Fort Worth medical district within one mile of all of Tarrant County’s five major hospitals.

The property, located at 900 Jerome St., is 96 percent leased by eight medical practices including anchor North Texas Specialty Physicians, an Independent Physician Association founded in 1995 and comprised of nearly 650 physicians.

The property is situated in a densely populated infill area adjacent to hotels and restaurants, with access just off I-30 and the new Chisholm Trail.

In Houston, Ridgline purchased The Patients MOB, which was built in 2007. The two-story, 48,000-sf Class A building connects to the CHI St. Luke’s Patients Medical Center hospital.

The building, located at 4500 East Sam Houston Pkwy. South, is 73 percent occupied by eight established medical practices.

Tenants include anchor CHI St. Luke’s, Occupational Medical Care, and East Houston Orthopedics. Ridgeline will rebrand the building and construct spec suites and has hired Transwestern to lease and manage the building.

Read more at Health Care Real Estate Insights.

Flower Mound: 276,000-SF Parkview Commerce Center set 


FLOWER MOUND - A new Class A, 276,054-sf industrial complex has broken ground at the southeast corner of Spinks Rd. and Gerault Rd.

The Parkview Commerce Center will consist of:

•  Building 1 (1001 Spinks Rd.): 84,760 sf, 24-foot-high clear, 30 dock high doors, two ramped doors
•  Building 2 (901 Spinks Rd.): 50,590 sf, 24-foot-high clear, 16 dock high doors, one ramped door
•  Building 3 (900 Gerault Rd.): 140,704 sf, 30-foot-high clear, 31 dock high doors, two ramped doors.

“The Flower Mound area is growing rapidly, and its proximity to the Dallas-Fort Worth International Airport benefits businesses relocating to the North Texas region,” says Doug Talley, president of MYCON, the project’s general contractor. “The new Parkview Commerce Center will provide needed industrial space for office or warehouse use with these three Class A buildings."

Parkview Commerce Center is being developed by EastGroup Properties and is slated for completion in summer 2015.


Southlake Hospital sells for $128M 


SOUTHLAKE - Southlake Hospital, a 70-bed acute care hospital at 421 E. SH 114, sold for $128 million. 

The 142,000-sf hospital sits on 10.6 acres. It is currently 100 percent leased to Forest Park Medical Center at Southlake.

The hospital features 12 fully integrated operating suites and a full-services diagnostic center. Services provided include oncology, general surgery, specialized surgeries including pediatric, spine and orthopedic surgeries, gastroenterology, women’s health, urology, neurosurgery and digital imaging.

Griffin-American Healthcare REIT III purchased Southlake Hospital from South Texas Medical Development.


Denton 480-unit The Timber Links green with sale 

(2/18/2015 7:00:00 AM)

DENTON - The Timber Links, a 480-unit apartment community at 5201 Par Dr., has been purchased by The Bascom Group LLC and Oaktree Capital Management.

Built in 2004, Timber Links consists of 41 buildings on 58.9 acres. The asset is comprised of 33 percent one-bedroom units and 67 percent two-bedroom units.

Timber Links is nearby The University of North Texas, Texas Women’s University and the Denton Regional Medical Center.

“Timber Links is a high-quality community…We have a renovation planned for the property that will allow it to compete with other best-in-class assets,” says Tony Ferrell, director of portfolio operations for The Bascom Group.

“We feel good about our cost basis for a 2004 vintage asset in a growing submarket,” James D. D'Argenio, principal at The Bascom Group. “We also see the underlying value in the 80 acres underneath the apartments and [nine-hole] golf course that came with the sale.”


Taylor apartment tower changes hands in Uptown Dallas 


DALLAS - The 17-story Taylor apartment building on Carlisle St. near Bowen St. has been sold.

Rents in the building average more than $2,300 a month and are as high as $9,620 for the largest unit.

The 308-unit project has resident lounges, a fitness center, lobby bar, rooftop terraces and its own dog park.

The complex was built and sold by Dallas-based StreetLights Residential. The Taylor was purchased by Heitman LLC.

Read more at the Dallas Morning News.

Burleson: Family Toyota opens 54,000-SF dealership 


BURLESON - Family Toyota in Burleson — the first Toyota dealership in the city — has officially opened.

The new dealership, located at 801 S. Burleson Blvd., will bring 70 jobs to the local economy.

The 53,565-sf dealership occupies a 13-acre site and was built as a LEED facility featuring recycled materials, LED lighting and improved employee conditions.

“The first Toyota dealership in Burleson presents a great opportunity to truly reach the local community while also providing jobs to boost the local economy,” said Marty Collins, president and general manger of Gulf States Toyota.

Read more at the Dallas Morning News.

Trader Joe's twice: two stores set to hit DFW 


DALLAS, SOUTHLAKE - Two Trader Joe’s grocery stores are set to open this week in North Texas.

Trader Joe’s will open a location in Preston Hollow Village at Walnut Hill and N. Central Expy. The store is located at 7039 Walnut Hill Lane. The 42-acre Preston Hollow Village at Walnut Hill Lane and North Central Expressway will contain shopping, office space and apartments.

The grocer will also open a store in Southlake at 1492 E. Southlake Blvd. The company spent $600,000 to complete interior build-out of the existing two-story building, according to state filings.

Trader Joe’s entered the North Texas market in 2012 with a Fort Worth location. With the opening of the two new stores, the grocer now has seven locations in DFW.

Read more at the Dallas Morning News.

Uptown Dallas: 210 luxe digs to State-Thomas neighborhood 


DALLAS - Work will begin Feb. 25 on a six-story apartment development on Boll St., just north of Woodall Rodgers Fwy.

Developer Alamo Manhattan Corp. is building the 210-unit development in the State-Thomas neighborhood. The initial apartment homes are expected to be completed in third quarter 2016.

“We consider State Thomas to be Dallas’s best urban neighborhood,” said developer Matt Segrest. “The area is evolving into Dallas’ version of New York’s Upper East Side.”

“It is an upscale enclave with median annual income that is $10,000 higher than the rest of Uptown,” Segrest said. “We are designing to that demographic. Our project will be a worthy addition to this exceptional area.”

Alamo is currently constructing a 208-unit apartment block near Cedar Springs Rd. and Turtle Creek called Routh Street Flats.

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

Liberty rings in 199,000 SF in Coppell 


COPPELL - Liberty Park at Amberpoint has been completed, bringing 198,802 sf to the city’s corporate landscape.

The Class A structure, at 330 S. Royal Lane, features 225 vehicle parking spaces, a 185-foot truck court with 55 available trailer positions and a 28-foot ceiling height, among other amenities.

Liberty Park at Amberpoint is Liberty Property Trust’s first development in North Texas, according to Vice President Mike Heise.

Read more at the Fort Worth Business Press.

The List: DFW North Texas major employers 2015 


DALLAS-FORT WORTH - The Dallas Business Journal has released its 2015 Book of Lists, which includes a ranking of the 50 largest employers in North Texas. The top 15 employers are shown below. The data were originally published July 2014.

Largest North Texas Employers
Name Local
Wal-Mart Stores Inc. 52,700 Retailer
American Airlines Group Inc. 23,700 Airlines/Aviation
Baylor Health Care System 22,000 Hospital & Health Care
Dallas Independent School District 20,793 Education
Texas Health Resources 16,205 Hospital & Health Care
Bank of America 15,400 Banking
City of Dallas 13,000 Government Administration
JPMorgan Chase Bank N.A 13,000 Banking
Texas Instruments Inc. 13,000 Semiconductors
Lockheed Martin Aeronautics Co. 12,600 Aviation & Aerospace
UT Southwestern Medical Center 11,645 Hospital & Health Care
HCA North Texas Division 11,612 Hospital & Health Care
Fort Worth Independent School District 10,000 Education
Target 8,671 Retailer
Southwest Airlines Co. 8,345 Airlines/Aviation

tag: DBJ 2015 Major Employers Top 50 List, Dallas-Fort Worth Market Research

Book of Lists at the Dallas Business Journal.

Hawaiian Falls ready to hire 1,000+ for 2015 season 


DALLAS-FORT WORTH - Hawaiian Falls water parks is starting its hiring process for summer jobs and expects to hire more than 1,000 workers at its North Texas parks for the 2015 season.

Seasonal positions include activities director, camp counselor, team splash, groups coordinator, emergency medical technician, lifeguards, ride attendants and dispatchers, cash control, cashier/ticket sales, ticket takers, cooks, dishwashers, food prep, runners, cabana waiters, locker attendants, maintenance, grounds control, housekeeping, bathroom and trash attendants.

Candidates must complete an application on the website for consideration and will not be taken at the parks, by mail or drop-offs. Candidates will then need to attend one of the job fairs for a short orientation about Hawaiian Falls and interview on the spot.

For questions, please email or call 972.999.1265. Below is the information for the job fairs for each North Texas location.

•  Hawaiian Falls Garland – The Heights Church, 201 W. Renner Rd. & US 75, Richardson 75080
March 3, Tuesday, 5 p.m. - 8 p.m. and March 7, Saturday, 9 a.m. - Noon.

•  Hawaiian Falls The Colony - Horizons Church, 6600 Paige Rd., The Colony 75056
March 3, Tuesday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. – 2 p.m.

•  Hawaiian Falls Mansfield – First Baptist Church, 1800 E. Broad St., Mansfield 76063
March 2, Monday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 1 p.m.

•  Hawaiian Falls Roanoke - Roanoke Recreation Center, 501 Roanoke Rd., Roanoke 76262
March 5, Thursday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 2 p.m.

•  Hawaiian Falls White Settlement - Aloha Event Center, 8905 Clifford St, White Settlement 76108
March 2, Monday, 5 p.m. - 8 p.m. and March 7, Saturday, 10 a.m. - 2 p.m.

Read more at the Fort Worth Star-Telegram.

Grand Prairie addition: Avera 345,000-SF distribution center 

(2/16/2015 8:00:00 AM)

GRAND PRAIRIE - Work is set to begin on a 345,150-sf distribution center at the northwest corner of SH 161 and January Lane.

Houston-based developer Avera Cos. will develop the project, called Park 161, on nearly 19 acres within 12 miles of DFW International Airport, with access to I-20 and I-30.

Park 161 reflects Avera’s continued expansion within Dallas-Fort Worth. Avera owns more than 800,000 sf of space in North Texas.

Avera isn't the only developer looking to build more distribution space in North Texas. In 2014, DFW developers had upwards of 20 million sf of distribution and industrial space under construction to appease tenants.

Read more at the Dallas Business Journal.

Southwest adds ten nonstop destinations from Love Field 


DALLAS - Southwest Airlines has announced ten new nonstop destinations for Dallas Love Field that will launch in April.

Dallas-based Southwest also announced plans to add more flights to Fort Lauderdale, Florida, Oakland, California, and Santa Ana/Orange County.

The announcement brings the total number of Southwest flights at Love Field to 166 per day.

The new destinations are

•  Columbus, Ohio
•  Indianapolis, Indiana
•  Memphis, Tennessee
•  Milwaukee, Wisconsin
•  Panama City Beach, Florida
•  Portland, Oregon
•  Sacramento, California
•  San Jose, California
•  Seattle/Tacoma, Washington
•  Charleston, South Carolina

The Charleston route will fly nonstop starting on April 11 and will operate only on Saturdays. Daily flights to Panama City Beach will be seasonal. All other flights are daily and launch on April 8.

Southwest acquired two more gates at Love Field so it could add the destinations. The gates will be subleased to Southwest by United Airlines.

This marks a total of 27 new destinations Southwest has added since the Wright Amendment flight restrictions were lifted.

In a separate expansion, Southwest will begin nonstop flights from Santa Ana/Orange County, Seattle/Tacoma and to Chicago Midway airports on June 28.

Read more at the Dallas Business Journal.

Dallas: 186,000-SF Hillcrest Oaks office sells 


DALLAS - Quadrant Investment Properties has purchased the two-building Hillcrest Oaks office project in North Dallas.

The 186,457-sf project was built in the 1980s by Trammell Crow Co. on LBJ Fwy., near Hillcrest Rd.

“Hillcrest Oaks provides a great opportunity to redevelop a project with good bones in a transitioning submarket,” Chad Cook, founder of Quadrant, said.

“With the LBJ project almost complete, tenants are returning to this area to take advantage of the competitive rates and amenities our buildings offer.”

With LBJ Fwy. construction more than half completed, the area along the thoroughfare has been seeing increased business leasing and investment.

Quadrant Investment Properties, which was formed in 2012, just purchased the 19-story Centrum office and retail building in Oak Lawn. The company invests in office and industrial properties.

Read more at the Dallas Morning News.

Top eight North Texas cities by home sales Jan. 2015 

(2/13/2015 8:45:00 AM)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems has released home sales facts for January 2015. 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 decreased to $175,000, down 5.4 percent from December 2014.
• Existing single-family home sales decreased 35.8 percent from December 2014, with 3,958 units sold.
• Condos decreased in price to $143,500, down 20.0 percent from December 2014.
• Existing condo sales decreased 40.3 percent in from December 2014, with 265 units sold.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Jan. 2015
Price Chg.
Jan. 2014
Units Sold
Jan. 2015
Sale Chg.
NTREIS* (single-family) $175,000 9.7% 3,958 -7.3%
NTREIS (condo) $143,500 1.1% 265 -12.5%
Region Cities**        
Fort Worth $154,450 11.9% 484 -3.6%
Dallas $269,450 17.2% 398 -5.5%
Arlington $145,000 10.8% 165 -7.8%
Plano $249,950 4.1% 144 -4.6%
Garland $135,250 8.2% 104 -8.8%
Frisco $329,000 17.5% 101 -19.8%
Abilene*** $124,925 5.0% 88 39.7%
Grand Prairie $154,900 14.8% 71 -15.5%
Carrollton $217,400 19.9% 70 2.9%

*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold more than 70 units during January 2015.
***Abilene is part of the over 50 counties NTREIS covers.

See the full report from NTREIS.

Got data? See for yourself the amazing NTREIS data you might be missing.

Tier REIT buys 200,000 SF in Dallas' Preston Center 


DALLAS - The 5950 Sherry Lane office building has quietly changed hands.

Addison-based Tier REIT Inc. purchased the building which is in Preston Center. The nine-story 5950 Sherry Lane was built in 1999 and contains almost 200,000 sf.

The building is located on the east side of the Dallas North Tollway and Sherry Lane.

Preston Center is one of Dallas’ hottest office markets, with low vacancy rates and some of the highest rents in the city.

Read more at the Dallas Morning News.

Dallas' 240,000-SF Granite Tower draws California investor 


DALLAS - The ten-story Granite Tower on Valley View Lane at LBJ Fwy. has been purchased by California-based Buchanan Street Partners.

The 240,000-sf Granite tower was built in 1999.

Construction to expand the freeway has been underway for several years and until recently slowed office leasing and investment in the area, but building buyers and office tenants are returning to the market now that the expansion is more than half complete.

Last year the LBJ Fwy. corridor had more suburban net office leasing than any other Dallas-area business district.

Read more at the Dallas Morning News.

Flower Mound: EastGroup starts 276,000-SF industrial complex 


FLOWER MOUND - EastGroup Properties Inc. has begun construction on three Class A industrial buildings at the southeast corner of Spinks Rd. and Gerault Rd.

The buildings will collectively be called Parkview Commerce Center and will total 276,054 sf. The project is expected to cost $19.6 million to build.

Plans for the project include creating an intricate glazing design with curtain wall features, with LED lighting, canopies and sun shades. The project will include ramped doors for multiple users.

Construction is slated to be complete this summer.

Jackson, Mississippi-based EastGroup has about 20 developments throughout the United States under construction. The Flower Mound project is one of EastGroup's largest developments underway.

Read more at the Dallas Business Journal.

Plano's Legacy West draws Dallas buyer for 11-acre tract 


PLANO - An 11-acre tract near Toyota’s new North American headquarters has been sold.

Gaedeke Group purchased the land with plans to build an office building within the $2 billion Legacy West project.

The tract is at the corner of Legacy Dr. and SH 121.

CEO Sabine Gaedeke Stener said her firm is finalizing plans to deliver a Class AA multitenant office building at the end of 2016. Toyota plans to open its new North American campus in 2018.

The new building is expected to give companies another leasing option in the Legacy Business Park market, while being located near some major corporate hubs.

Read more at the Dallas Business Journal.

New owner for 400,000-SF Centrum high-rise in Dallas 


DALLAS - The 19-story Centrum office, residential and retail tower on Cedar Springs Rd. at Oak Lawn Ave. has changed hands.

The Centrum has almost 400,000 sf of office and retail space with residential on top.

The 28-year-old high-rise was purchased by Dallas-based Quadrant Investment Properties. Quadrant also recently purchased the 186,000-sf Hillcrest Oaks office project in North Dallas.

Read more at the Dallas Morning News.

$12M Hampton Inn and Suites to Nebraska Furniture Mart 


THE COLONY - A 115-room, six-story Hampton Inn and Suites has broken ground at the Grandscape development. Nebraska Furniture Mart is spending $1.5 billion to anchor and develop Grandscape, which will stretch across 433 acres.

Carrollton-based Atlantic Hotels Group is developing the Hampton Inn and Suites and is set to complete construction in early 2016.

The $12 million hotel is part of the first phase of Grandscape and will be accompanied by another Hilton hotel-brand hotel, a 126-room Homewood Suites.

Other businesses slated to join the development include restaurants Mi Cocina, Cheddars, Hard Eight BBQ and Rock & Brews.

Read more at the Dallas Business Journal.

For more on the Grandscape development, check out previous stories from NewsTalk Texas.

50,000-SF Pinstack bowling, rock climbing, ropes Plano 


PLANO - Pinstack has opened a 50,000-sf bowling alley and entertainment center at 6205 Dallas Pkwy.

The facility includes 28 lanes, a full-service restaurant, a coffee bar, an arcade room with more than 100 games, a rock climbing wall and a ropes course.

Pinstack is the first of its kind in North Texas, though crews are expected to begin construction soon on a second location in Alliance Town Center in Fort Worth.

Read more at the Dallas Morning News.

Apex Tool Group to cut 261 Garland jobs in 2015 


GARLAND - Apex Tool Group will cut 261 jobs in Garland by the end of 2015, according to notice sent to the Texas Workforce Commission.

The layoffs will happen in waves starting in April as the company closes the facility located at 3000 Kingsley Rd., according to a Worker Adjustment and Retraining Act Notification letter.

Apex will offer severance benefits and transition programs for its employees.

The operations will be consolidated into Apex's Sumter, South Carolina facility. Apex will add 150 to 200 new jobs in Sumter by the end of 2015, according to the South Carolina Chamber of Commerce.

Read more at the Dallas Business Journal.

See the Texas Workforce Commission for more employment stats.

Stream's 73,000-SF Richardson data flow to new owner 


RICHARDSON - A financial services firm has purchased the 73,320-sf Stream Private Data Center.

The center, which is located at 1811 E. Renner Rd., is just east of State Farm Insurance’s new corporate campus.

The project — just south of Bush Turnpike — was built in 2012 by Dallas-based Stream Realty. Collin County tax records show that the building was purchased by an affiliate of Omaha-based TD Ameritrade.

Stream Data Centers has been hired to continue managing the property. The firm has data center projects in the Dallas, Houston, San Antonio, Minneapolis and Denver.

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

Mineral Wells: Baker Hughes cutting 110 jobs 


MINERAL WELLS, PALO PINTO COUNTY - Baker Hughes Inc. has announced closure of its plant at 525 Treadway Dr., resulting in 101 job cuts. The cuts were effective February 5, 2015.

Baker Hughes will lay off 7,000 workers worldwide as it deals with slumping oil prices and completes its $35 billion acquisition of Houston-based Halliburton Co.

These companies employ the workers who operate the drilling rigs and hydraulic fracking equipment so they are hit first when drilling declines.

Oil rigs have been falling by the hundreds in Texas.

Read more at the Dallas Business Journal.

It's on the house: 336-Unit SkyHouse Dallas 

(2/10/2015 7:45:00 AM)

DALLAS - The 336-unit SkyHouse Dallas apartment tower has opened its doors to residents on Houston St., adjacent to the House of Blues.

The luxury tower at 2320 N. Houston St. is the first of two luxury towers in the neighborhood.

SkyHouse Dallas’ website indicates that the tower includes one-, two- and three-bedroom units with high-end finishes and floor-to-ceiling windows. Units range from 573 sf to 1,418 sf and from $1,365 to $3,425.

Atlanta-based Novare Group and Batson-Cook Development Co. hope the Victory Park tower will bring in young renters and Generation Y professionals working in downtown Dallas and Uptown.

Read more at the Dallas Business Journal. Check out SkyHouse Dallas for more information on the project.

Metrostudy: DFW housing finishes 2014 on strong note 

(2/10/2015 6:45:00 AM)

DALLAS-FORT WORTH - The housing market ended 2014 on a strong note with starts during fourth quarter 2014 jumping over 20 percent, according to Metrostudy.

Annual new home starts pace rose to 24,000 homes during 2014, 13 percent higher than 2013 and 76 percent above the low in 2011.

The increased starts rate were driven by strong sales during 4Q 2014 with interest rates falling and builders slightly increasing their spec inventory heading into the spring selling season.

Higher lot prices in the submarkets driving the early years of the recovery have pushed buyers to the next location. New home closings jumped 10 percent in 2014 to 21,900 homes.

Completions exceeded closings by 800 homes during the year causing finished inventory to grow 26 percent. However, inventory continues to remain near a historically low level.

The top four submarkets — North Fort Worth, Frisco, McKinney and Denton County — accounted for 32 percent of the starts in the region.

Lot deliveries exceeded starts in 2014 for the first time since 2007. Even with the increased deliveries, lot supply fell below 24 months for the overall market.

Read more at Metrostudy.

East Dallas bank starts on Live Oak; Swiss Ave. units next 

(2/9/2015 9:00:00 AM)

DALLAS - Construction on Bank of Texas’ new Live Oak Ave. building has begun, clearing the way for the development of an apartment community next door.

The construction will free up land for Encore Multi-Family to build a 253-unit apartment community next door on Swiss Ave. That site is currently occupied by an existing bank building, which will be removed.

The six-story apartment block will be at the corner of Swiss Ave. and Peak St., and will offer units averaging just under 800 sf.

The multifamily project will be ready in late 2016.

Read more at the Dallas Morning News.

Texas Health $25M expansion in Mid-Cities 

(2/9/2015 7:00:00 AM)

HURST-EULESS-BEDFORD - Texas Health Resources has announced that it will break ground on a $25 million expansion at its Mid-Cities hospital at 1600 Hospital Pkwy. in Bedford.

Texas Health Harris Methodist Hospital Hurst-Euless-Bedford (HEB) will add a three-story expansion to the hospital’s existing tower.

It will add 18 high-acuity ICU beds, a new dedicated interventional radiology suite, an expansion room for future patient care needs.

“High-acuity care using universal beds means patients don’t have to be transferred multiple times to different levels of care, since the level of care changes rather than the patient’s location,” said Dr. Gary L. Jones, pulmonologist and critical care medicine physician on the medical staff at Texas HEB.

The current 14-bed ICU treats almost 4,000 patients a year. That unit will be refurbished into a short stay unit after the upgrade is complete.

Four of the 18 ICU beds will be for bariatric care and include ceiling lifts to help move the patient from his or her bed to the bathroom. There will also be two isolation rooms for patients with contagious or infectious diseases.

Read more at D Magazine.

Waxahachie: 60,000-SF senior-living center set 


WAXAHACHIE, ELLIS COUNTY - Spurred by the December opening of the new Baylor Scott & White hospital in Waxahachie, construction is underway on a 121-bed senior-living center and rehabilitation facility at a nearby 7.6-acre site.

The 60,000-sf center is being developed by The Javelin Group of Dallas and will be operated by Legend Health care of San Antonio.

The center, which is expected to open in early 2016, is anticipated to create roughly 100 new jobs.

Located off Hwy. 77 and north of Hwy. 287 about seven blocks southeast of the hospital, the facility will be in the heart of a high-growth area surrounded by shops, restaurants and new residential neighborhoods.

It will feature a courtyard design with predominately-private resident rooms and will feature an observation suite, a large therapy gym, multiple dining areas, activity rooms and common living areas.

Legend Health care will provide a variety of post-acute care options including inpatient skilled nursing care, therapy and rehabilitation services, hospice and palliative care and outpatient therapy services.


A&M-Commerce opens 42,000-SF University Center at Dallas 


DALLAS - Texas A&M University-Commerce has opened University Center at Dallas, its downtown educational facility at Pacific Place. The university has 42,000 sf on three floors at 1910 Pacific Ave.

About 1,300 students take classes in Universities Center, most of them through A&M-Commerce. MBA degrees, accounting, finance and visual communications offerings are among the most popular programs, O'Neal said.

The goal of the expansion is to better serve the educational needs of those who live and work in downtown Dallas, said Dr. Berri O'Neal, executive director of the Universities Center at Dallas.

The center gives multiple universities a place to offer courses in downtown Dallas without building a full campus in the city.

Universities Center is the only place to get an MBA in downtown Dallas, O'Neal said. A number of factors in addition to the downtown Dallas location set the Texas A&M-Commerce MBA program apart, she said.

Texas A&M-Commerce also has a visual communications program with 130 students enrolled now in upper-level classes.

Read more at the Dallas Business Journal.

Invesco grabs 1,700 apartments at Plano's Legacy Town Center 


PLANO - Investors have made one of the largest buys ever of high-end North Texas apartments.

Almost 1,700 apartments in the Legacy Town Center development in West Plano have been purchased by Invesco Real Estate.

The apartments, east of the Dallas North Tollway and north of Legacy Dr., were sold by a partnership of builder Columbus Realty and GE Asset Management.

Built between 2007 and 2012, the apartments are just north of the popular Shops at Legacy retail and restaurant project.

“We have made a strategic play, and despite all the activity announced in Frisco, we believe Legacy is the bull’s-eye and where we wanted to focus,” said Invesco Managing Director Greg Kraus.

Invesco is also a partner with Columbus Realty and Karahan Cos. in the development of the new Legacy West urban village, which has more than 600 apartments, a shopping center and office space. Construction starts this week on the $300 million development at the northwest corner of the tollway and Legacy Dr.

Read more at the Dallas Morning News.

tag: CBRE Multifamily 3Q 2014 MarketView, DFW Market Data Sources, see the Multifamily category

Dallas' 206,000-SF AT&T Pinnacle Park sold 


DALLAS - The 206,040-sf office building housing operations for Dallas-based AT&T Inc. has been sold. The previous owner paid $29.4 million for the property in 2010, according to the Dallas Morning News.

AT&T Pinnacle Park is located near the south side of I-30 at Cockrell Hill Rd., west of downtown Dallas.

The building houses operations for the telecom company's customer service center for U-verse, voice-over-Internet protocol telephone services and Internet protocol television services.

The buyer, The Aztec Fund, was attracted to AT&T Pinnacle Park because of its stable and predictable cash flow, as well as the quality of the tenant.

"Its location within Pinnacle Business Park also offers superior regional accessibility and proximity to recently completed and ongoing new mixed-use development in West Dallas," said Eric Mackey, CBRE senior vice president.

Read more at the Dallas Business Journal.

tag: DFW Office MarketView 4Q 2014 (PDF) CBRE; One 'stat' shopping at DFW Market Data Sources (office, industrial, multifamily, retail stats)

'Sundancing' for clothes at H&M in downtown Fort Worth 

(2/5/2015 6:10:00 AM)

FORT WORTH - Hennes & Mauritz, the global fashion retailer, has decided to open a 31,000-sf store in Fort Worth’s Sundance Square. The store will be in the Palace Theater Building.

Looking at the list of retailers already in Sundance Square, the H&M will be the largest. Other national chains include Ann Taylor Loft, Jos. A. Bank and one of RadioShack’s new concept stores.

H&M moved into the North Texas market with its first store in 2011 at NorthPark Center in Dallas. It now has six stores in Dallas, but none in Fort Worth.

Sundance Square is a 35-block mixed use development that incorporates both older buildings and skyscrapers with brick-lined streets.

The store will stock women’s, men’s and children’s apparel for newborn to age eight.

Since H&M opened the doors to its first U.S. store in New York 15 years ago, it has expanded to 363 locations across the country.

Read more at the Dallas Morning News.

HCL plus 300 jobs coming to Frisco Hall Office Park 


FRISCO - HCL Technologies, a global IT services company, has opened a major facility in the Hall Office Park. The firm will start out with 300 employees at 2401 Internet Blvd.

Plans include adding 200 more workers to the facility in the future.

The operation will house engineers and IT professionals that serve HCL’s customers, which in North Texas include Dean Foods, Entergy, Dr Pepper Snapple Group, Energy Future Holdings and Oncor.

Founded in India, HCL’s U.S. headquarters is in Sunnyvale, Calif. The company has work centers in North Carolina, Washington, Michigan and New York. HCL has more than 9,000 employees in the U.S. and added more than 1,400 jobs here last year.

Read more at the Dallas Morning News.

Sewell to open German-brand in North Texas, Houston 


GRAPEVINE, McKINNEY, HOUSTON - Sewell Automotive Cos. will open four new German-brand car dealerships in Texas over the next two years.

In one of the biggest expansions in Sewell’s 104-year history, the four franchises will push the Dallas-based company’s holdings to 18 dealerships in Texas.

BMW of Grapevine will be next to Sewell Cadillac in the 1000 block of E. SH 114 and will open in spring 2016, according to Carl Sewell, chairman of the company.

Audi of McKinney will be built on an 11-acre site at SH 121 and Stacy Rd.

Sewell will also open Audi and Mercedes-Benz dealerships in the Houston area.

Though plans for the dealerships are still being finalized, the BMW store in Grapevine would be about 300,000 sf and include a four-story parking garage.

Luxury vehicles are expected to account for 2 million of the total 16.9 million new-vehicle sales this year in the U.S. and generate 20.6 percent of the industry’s net revenue, according to

Read more at the Dallas Morning News and Community Impact Newspaper.

Piedmont buys Dallas Park Place; sells 120,000 SF in Plano  

(2/4/2015 6:45:00 AM)

DALLAS, PLANO - Piedmont Office Realty Trust Inc. has announced that it completed two capital markets transactions the last two weeks of January.

Piedmont acquired Park Place on Turtle Creek, a Class A property located at 2911 Turtle Creek Blvd. in the Uptown/Turtle Creek submarket. The 177,169-sf property includes a 14-story office building, an adjoining five-level parking structure, and is currently 88 percent occupied.

Piedmont also sold 3900 Dallas Parkway, a 120,107-sf, five-story property located in Plano.

These transactions, together with Piedmont's existing assets, brings the Dallas area portfolio to approximately 2 million sf.

Read more at NASDAQ.

CoStar: DFW office market 4Q 2014 


DALLAS-FORT WORTH - The DFW Office market ended fourth quarter 2014 with a vacancy rate of 14.3 percent.

The vacancy rate was down from 3Q 2014, with net absorption totaling positive 1,092,496 sf. That compares to positive 2,224,253 sf in 3Q 2014. Vacant sublease space increased, ending the quarter at 2,537,065 sf.

Tenants moving into large blocks of space in 2014 include Education Service Center moving into 136,717 sf at 1451 S. Cherry Ln.; US Health moving into 67,596 sf at 300 Burnett St.; and Mitel Technologies moving into 52,834 sf at Granite Park Four.

Rental rates ended 4Q 2014 at $21.62, an increase over the previous quarter. There were 27 buildings delivered to the market in 4Q 2014 totaling 991,598 sf, with 7,750,552 sf still under construction at the end of the year.

This trend is compared to the U.S. National Office vacancy rate, which decreased to 10.9 percent from 3Q 2014, with net absorption positive 37.5 million sf in 4Q 2014. Average rental rates increased to $22.65, and 194 buildings were delivered to the market totaling almost 15.9 million sf.

Read more at CoStar Group.

Richardson preserves nature with 58-acre $11M buy 


RICHARDSON - The Richardson City Council has finalized a deal to buy a 58-acre tract near the new CityLine development that will double the size of the city's Spring Creek Nature Area.

The city paid the seller — Galatyn Properties Ltd. — $11 million to acquire the four parcels, which previously had development plans for 2,267 apartments.

With the acquisition closed, Richardson has begun the long-term planning for the park's future nature area enhancements, which will include expanding the existing hike-and-bike system on the expanded acreage.

As part of the agreement, Galatyn will move its plans to develop the 2,267 apartment homes to other parcels of the group's holding closer to the light rail station. The city reduced the maximum number of authorized apartments to 1,850.

Richardson plans to provide utility infrastructure improvements, property tax and agricultural rollback tax rebates on the parcels where Galatyn plans to develop the apartments.

City Manager Dan Johnson said this deal supports Richardson's long-term vision for strategic development of adjacent urban centers. The property's history dates back to the Caddo Indians and the early pioneers that settled the region.

Read more at the Dallas Business Journal.

Northeast Tarrant County opens 42,000-SF courthouse in Hurst 


HURST - The new 42,000-sf Northeast Tarrant County Courthouse has been completed.

The courthouse came at a cost of $12.8 million, replacing the former two-story building that served the area for 40 years.

The courthouse is located at 645 Grapevine Hwy. It serves the communities of Grapevine, Southlake, Colleyville, Euless, Keller and Bedford.

The courthouse is home to Precinct three offices, including the constable, county clerk, justice of the peace and the county commissioner.

In addition, it has an office for the Tax Assessor-Collector (where individuals can renew their motor vehicle registration), a community room and a branch of the Tarrant County Credit Union.

Read more at Community Impact Newspaper.

GDC lands 778,000 SF to modify aircraft for VIPs at Alliance 


FORT WORTH - GDC Technics has leased a 778,000-sf hangar at Alliance Airport.

The Alliance hangar will be GDC’s third location, joining San Antonio and Munich, Germany. The new facility gives GDC the ability to work on seven large aircraft at one, compared to just four at the San Antonio location.

GDC Technics works on several Boeing aircraft from the Boeing 737 to the Boeing 777. It also modifies the Airbus fleet, including the Airbus A340-500. The company modifies the jets for dignitaries, heads of state and VIPs, adding conference rooms, wireless internet and other technology.

They expect to start operations within 90 to 120 days.

The company plans to hire 100 people a year for the next several years, employing up to 600 people by 2020, according to Mohammed Alzeer, the general partner for GDC Technics. That includes engineers, technicians, aircraft maintenance and other specialties.

The 25-year lease has been approved by the Fort Worth City Council. GDC Technics will pay $336,050 annually for the first five years and rent will escalate every five years after that. The final five years of the lease will be $546,081 per year.

Read more at the Dallas Business Journal.

Main Event selects North Fort Worth as part of expansion 


FORT WORTH - Main Event Entertainment has chosen a tract along I-35 between N. Tarrant Pkwy. and Heritage Trace Pkwy. for its sixth North Texas location.

Construction is scheduled to begin in the spring, with plans to open later in 2015.

With centers ranging from 48,000 sf to 75,000 sf, each location features more than 20 bowling lanes, a multi-level laser tag arena and a gravity ropes course suspended over a gallery with more than 100 interactive and virtual games.

“Our expansion in our home market of Dallas-Fort Worth is an important part of our growth plans, which include eight new center openings by June of 2016,” said CEO Charlie Keegan in a news release.

Read more at the Fort Worth Business Press.

Lewisville office, apartments, retail run to Castle Hills 


LEWISVILLE - The Castle Hills development is entering a new phase of development with the start of construction on thousands of apartments, more retail space and an office park.

Bright Realty is breaking ground on a 20-acre, 423-unit urban-style apartment project that will be on Castle Hills Dr. south of SH 121. The new apartments and other suburban Dallas residential developments are bringing a lifestyle now preferred by the majority of young office workers.

The $75 million development is across the street from where Bright plans to build several hundred thousand sf of shopping and entertainment venues.

Construction has started on a 150-acre office and business park at SH 121 and Carrollton Pkwy. The Crown Centre Office Park is planned for as much as 3 million sf of construction. The first office building will have more than 200,000 sf.

Castle Hills is just up the Sam Rayburn Tollway from where Nebraska Furniture Mart is about to open its almost 2 million-sf store and distribution center next year at SH 121 and Plano Pkwy.

Toyota Motor Corp.’s $350 million North American headquarters campus is also under construction nearby, on 121 at Legacy Dr. It will bring almost 4,000 new professional workers to the area.

The 2,600-acre community is about 60 percent built out, according to Chris Bright, CEO of Castle Hills developer Bright Realty.

Read more at the Dallas Morning News.

tags: DFW Market Data Sources (Housing, Industrial, Multifamily, Office, Retail)

Dallas demo double rubble paves way for Sam's Club project 


DALLAS - A vacant 12-story office building on N. Central Expy. in Dallas has been imploded to make way for a new multimillion-dollar Sam's Club-anchored development.

The implosion of the building on the former Affiliated Computer Services campus, which sits north of Blackburn St. was perfectly executed, according to Mark Loizeaux, president for Baltimore-based Control Demolition Inc., who oversaw the building implosion.

The demolition is expected to cost $1.5 million, according to a source close to the project.

The company plans to clear the site of about 7,500 tons of concrete and steel before filling the hole left by the building with dirt and readying it for development.

Trammell Crow Co., is expected to begin construction after the site is ready for development in May. Trammell Crow Co. originally bought the building in August 2012.

Read more at the Dallas Business Journal.

Georgia Signature on integrator's 120,000-SF Irving HQ 


IRVING - NEC Corporation of America (NEC) has leased 119,611 sf at Royal Ridge V, located at 3929 W. John Carpenter Fwy.

The ten-year lease will commence on December 1, 2015. NEC will relocate its U.S. headquarters to Royal Ridge V.

NEC is a leading technology integrator of advanced IT and communications solutions, including, IT, communications, managed services and biometrics solutions. Signature Office REIT Inc. owns the building.

Read more at PRNewswire.

Majestic industrial space to Hutchins, Lewisville 


HUTCHINS, LEWISVILLE - Developer Majestic Realty Co. is starting three new warehouse projects — one in southern Dallas County and two near Dallas-Fort Worth International Airport.

Majestic is building the PointSouth Logistics & Commerce Centre near the southeast corner of I-20 and I-45 in Hutchins. The office, warehouse and distribution building will have 249,500 sf.

It is the first phase of a 1.7 million-sf project located near FedEx Ground’s shipping hub and the Union Pacific Intermodal Terminal.

Majestic has also started two speculative buildings in Lewisville in its Majestic Airport Center DFW project, located at SH 121 and Valley Pkwy.

The industrial projects at Spinks Rd. and Ace Lane will have 250,000-sf and 330,000-sf buildings. They are the third phase of the 2.4 million-sf business park.

Commercial real estate is seeing increased leasing activity from mid-size and smaller industrial tenants, according to Majestic’s Al Sorrels.

“We all like to make the big deals obviously, however in the last 12 months a majority of absorption has been due to transactions in the 50,000–200,000-sf range,” Sorrels said.

Read more at the Dallas Morning News.

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 


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
Dec. 2013
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 


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 


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 


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 


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 


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 


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 


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 


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.

Simon says buy for Fort Worth's University Park Village 


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.

Quorum of three office buildings sold in Addison 


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.

Texas Health opens $20 million Willow Park center 


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
4Q 2014
Total Net
Total Net
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 


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 


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 


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 


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 


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 


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 


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 


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.
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 


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 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 


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 


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.

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