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Dallas-Fort Worth-Arlington

Dallas' 440-unit Mosaic paints a new picture with sale 

(11/21/2014 6:44:00 AM)

DALLAS - Downtown Dallas’ largest loft apartments — the 440-unit Mosaic — has a new owner. 

The two-building rental community, at Akard St. and Bryan St., has been for sale for several months. The Mosaic cost more than $90 million to develop in 2006 and 2007. The new owner says it plans a multimillion-dollar renovation.

The former office buildings — a 21-story building constructed in 1952 and a 31-story tower added in 1962 — previously housed Fidelity Union Life Insurance Co.

“Mosaic is a huge milestone for Olympus Property,” co-founder Anthony Wonderly said. “The Mosaic is our first high-rise and located close to our corporate headquarters.”

Olympus Property purchased the project from Chicago real estate investors who acquired the buildings in 2010.

Read more at the Dallas Morning News.

Farmers Branch: Duke's spicy deal for two HQ's in 93,000 SF 

(11/21/2014)

FARMERS BRANCH - Duke Realty Corp. will soon begin work on a new project for two tenants: Advanced Spice & Trading and Valdez Corp.

The Indianapolis-based developer plans to build a 93,000-sf, build-to-suit industrial building on 5.5 acres in Valwood Park for the two companies to distribute spices and seasoning to customers. Both companies currently operate from Carrollton.

The new facility will serve as the new corporate headquarters for both companies. Advanced Spice will set up shop in 55,100 sf and Valdez will occupy the remaining 37,900 sf.

Along with the tract, Duke Realty also owns an additional 217 acres throughout Dallas-Fort Worth, including South Dallas, North Dallas and DFW International Airport. The developer has the ability to build 4.4 million sf of industrial and office space.

Read more at the Dallas Business Journal.

345,000-SF industrial center to 'Park' in Grand Prairie 

(11/21/2014)

GRAND PRAIRIE - Avera Companies is building a 345,150-sf distribution complex at the northwest corner of SH 161 and January Lane, south of I-30.

Park 161 Distribution Center will be on 18.8 acres and is scheduled to open in early 2015.

Avera has more than 800,000 sf of properties in the Dallas-Fort Worth area.

Read more at the Dallas Morning News.

Bedford revs to 80,000-SF Harley-Davidson dealership 

(11/20/2014 7:00:00 AM)

BEDFORD - Adam Smith's Texas Harley — one of the largest Harley-Davidson dealerships in the nation — has begun construction on its new Texas Harley store in the 1800 block of Airport Fwy.

The new 80,000-sf flagship store and will consolidate the dealership's three-building setup.

The expansion will consolidate the dealership's sales, service area and administrative offices under one roof in a new two-story building.

Along with the new space, Texas Harley will have 35,000 sf under roof for outside event space for the store's weekly social events that range from community fundraisers to live concerts.

Smith, who has owned Texas Harley-Davidson since 2011, also owns Texoma Harley-Davidson.

Adam Smith's Texas Harley-Davidson is already among the top ten Harley dealerships in the United States in terms of service, finance and sales volume. The flagship store is set to open fall 2015.

Adoptable dogs from the Bedford Animal Shelter were at the event in Harley gear. A fearful black chihuahua had been hiding on the lot for several months. After being rescued and dressed in Harley gear, he was ready to be adopted.

The facility's signage will include "You'll never ride alone" in true Texaas Harley-Davidson fashion.

A grand finale of 150-foot-high orange and black explosives was used to "break ground," along with a custom-made shovel topped with Harley handlebars for Smith.

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

Listen to Podcast 236 for more Small Towns, Big Deals.

Flower Mound's Lakeside DFW 76 percent leased 

(11/20/2014)

FLOWER MOUND - Realty Capital Management LLC, developer of the Lakeside DFW mixed-use development, has leased 76 percent of the project’s first phase.

Phase I consists of six buildings with 50,000 sf of commercial space on the ground floor, plus a 45,000-sf movie theater.

Tenants who have signed leases include Cavaro Prime Brazilian Steakhouse, Paradise Bistro and Coffee Co., Taverna del Lago, Bottle & Bottega, Elite Pups Luxury Dog Daycare & Spa, Majestic Nail Spa, The Lodge Barbershop, Amber Michelle Salon, Engel & Volkers and State Farm Insurance.

Phase I is set for completion early 2015, with businesses opening throughout the first half of 2015.

Lakeside DFW is located at the intersection of FM 2499 and Lakeside Pkwy.

Read more at Texas Real Estate Business.

Dollar-Flowers bloom in 680,000-SF Garland property 

(11/19/2014 7:00:00 AM)

GARLAND - Dollar-Flowers Realty Partners has purchased the former Navistar International Corp. manufacturing facility and warehouse at 4030 Forest Lane.

The property totals 681,354 sf of space on about 50 acres. It had been vacant since early 2013 when Navistar closed the facility and laid off 900 workers.

The property includes heavy power, modern lighting, about 35 acres of concrete paving and frontage along Forest Lane, which Dollar-Flowers hopes will appeal to industrial tenants in Dallas-Fort Worth.

Read more at the Dallas Business Journal.

Ulta cosmetics eye 670,000 SF in Dallas' Mountain Creek 

(11/19/2014 6:43:00 AM)

DALLAS - Ulta Inc. will build a 670,000-sf distribution center in the Mountain Creek Business Park on the north side of I-20 at Mountain Creek Pkwy.

The $18 million distribution center development will ultimately employ 450 workers starting in 2016, according to documents filed with the City of Dallas’ Economic Development Committee.

Construction will start on the building before the end of the year, with completion in late 2015.

Ulta is projecting that the new facility will generate almost $14 million in taxable sales from e-commerce transactions in the first year of operation.

Ulta is the second major cosmetics firm to locate a distribution center in the I-20 corridor. L’Oreal recently opened a 513,000-sf warehouse on Dallas Ave. and Telephone Rd., south of I-20.

Read more at the Dallas Morning News.

For more on L’Oreal’s new facility, see previous story New $18M face in Dallas walks the L'Oreal of Paris runway.

Dallas County OKs $1.9M abatement for Proctor & Gamble 

(11/19/2014)

WILMER - Dallas County has approved a tax abatement worth about $1.9 million for Procter & Gamble’s new distribution facility.

The $50 million facility near I-45 and Mars Rd. is currently under construction and is set to open in early 2015.

The county will rebate 75 percent of the site’s real property taxes, plus 50 percent of the taxes collected from the business personal property held in the site. Those rebates are estimated to total about $191,000 each year. That amount will be abated annually for ten years.

The facility is expected to add more than $100 million to the tax rolls. During the abatement period, the county expects to collect about $130,000 in new revenue each year.

Procter & Gamble has also promised to create at least 390 jobs at the facility with an average salary of $29,500.

Read more at the Dallas Morning News.

For more on the new facility, see previous story Proctor & Gamble wrapping up Wilmer project, hiring 500.

Dallas buildings in Oak Lawn and on North Central sold 

(11/19/2014)

DALLAS - Caddo Holdings LLC has sold two office properties to Westdale Real Estate Investment & Management Co.

The first is the 3500 Oak Lawn Ave. building at Lemmon Ave. — a 101,541-sf building constructed in 1980.

The second is 4245 N. Central Expy. — an 87,292-sf building that was built in 1986 near Fitzhugh Ave.

Caddo acquired both properties in February 2013.

Westdale is a Dallas-based private investor with large holdings of apartments and commercial buildings.

Read more at the Dallas Morning News.

For more about Caddo's purchase of 3500 Oak Lawnand 4245 N. Central Expy., see previous story Caddo Holdings acquires two Dallas offices.

McKinney Moviehouse coming to Craig Ranch 

(11/19/2014)

McKINNEY - Moviehouse & Eatery will build its fourth facility in the Craig Ranch development located on the north side of SH 121.

The Austin-based company has contracted to purchase a 6.5-acre tract of land on SH 121 at Exchange Pkwy. The development is planned for a ten-screen Moviehouse & Eatery, which would start construction spring 2015 and open in early 2016.

The 2,200-acre Craig Ranch is one of the Dallas area’s largest and most successful residential and mixed-use communities.

Moviehouse & Eatery is also building a location in Flower Mound and has opened a theater in Keller.

Read more at the Dallas Morning News.

For more on the Keller location, see previous story Moviehouse & Eatery opens 42,000-SF Keller cinema.

Keller: Moviehouse & Eatery opens 42,000-SF cinema 

(11/19/2014)

KELLER - Austin-based Moviehouse & Eatery has opened a 42,000-sf location at 250 Rufe Snow Dr.

The cinema features eight dine-in theaters with 900 plush recliners, wall-to-wall screens and auditoriums utilizing the latest technology available for digital projection and surround sound.

As a dine-in theater, full food and beverage service is offered to patrons in each auditorium.

The lobby of the theater features a lounge area and offers a full-service bar featuring a menu of craft cocktails.

“Moviehouse & Eatery is excited to bring a premier theater experience at a value price point for residents of Keller and the surrounding area,” said Manager Chris Rowand.

Moviehouse & Eatery is part of Keller Town Center with Keller Independent School District Natatorium and The City of Keller City Hall.

Read more at PRWeb.

Pacific Union adds 30,000 SF to Farmers Branch office 

(11/19/2014)

FARMERS BRANCH - Pacific Union has expanded its lease at 1603 LBJ Fwy. by 29,473 sf. The Irving-based company now has 88,220 sf at Browning Place II in Mercer Crossing.

The expansion will give Pacific Union the ability to hire 200 additional workers for the office.

In Sept. 2012, Pacific Union signed its corporate lease in Irving for 49,000 sf of office space at a building on Freeport Pkwy.

When the company expanded in 2013, Pacific Union said it planned to hire employees to support the company's growing loan servicing and origination business.

Read more at the Dallas Business Journal.

Telect Inc. to lay off 116 in Plano 

(11/19/2014)

PLANO - Telect Inc. will close its production facility at 1801 10th St., leaving 116 employees out of work.

Telect plans to lay off the employees at its metals fabrication and systems development center between Jan. 11 and May 31, according to a Nov. 11 letter it filed with the Texas Workforce Commission under the Workers Adjustment and Retraining Notification Act.

The eliminations are expected to be permanent.

Telect is headquartered in Liberty Lake, Washington, and has manufacturing facilities in Guadalajara, Mexico. The company designs, manufactures and integrates copper, fiber, power and rack network infrastructure equipment, according to its web site.

Read more at the Dallas Business Journal.

Caiman Energy II inks 26,000 SF at Dallas' Sterling Plaza 

(11/19/2014)

DALLAS - Caiman Energy II has signed a renewal and expansion lease for 25,829 sf at Sterling Plaza.

Located at 5949 Sherry Ln. in the Preston Center submarket, Sterling Plaza is a 313,609-sf, 19-story office high-rise that was constructed in 1984.

Sterling Plaza is currently 91.7 percent leased to a tenant roster that includes Sammons Enterprises, The Point Group and Stratford Group, among others.

Read more at CoStar Group.

TSTC Technology degree about $8,000 in Red Oak 

(11/18/2014)

RED OAK, ELLIS COUNTY - The $10 million, 102,000-sf Texas State Technical College (TSTC) Industrial Technology Center has opened behind Red Oak High School after nine months of construction.

The facility will allow people to get a technical degree for about $8,000, and tuition is not paid until the students have successfully found a job that pays more than minimum wage, based on the skills they’ve learned.

Currently, the Red Oak campus has 133 students already enrolled.

“Ellis County is growing similar to the way Denton and Collin County are growing on the north side of Dallas and Tarrant. The south side of the Metroplex region is now going to begin growing at a very similar rate and it’s for all the right reasons. It is the opportunity for young men and women to come here and begin living their American Dream,” said Sen. Brian Birdwell.

Read more at the Waxahachie Daily Light.

See previous story TSTC tech savvy $10M Red Oak center underway.

Dallas' $56M Cantabria at Turtle Creek units delivering 

(11/18/2014)

DALLAS - Cantabria at Turtle Creek, a luxury 249-unit apartment development, has begun delivering units with approximately 20 percent of the units leased.

Construction is expected to be completed in first quarter 2015. Associated Estates Realty Corporation (AERC), who is developing the community at 2728 Hood St, projects total cost of capital to be $56.8 million, as of Oct. 28.

Cantabria at Turtle Creek will offer one- and two-bedroom units ranging from 661 sf to 1,616 sf.

Average rent per unit for Cantabria at Turtle Creek is $2,286, according to AERC's 3Q 2014 Earnings Release and Supplemental Financial Information. The average rent is based on projected stabilized rents, which can be updated to reflect market rents and rents achieved.

Stabilization is expected in 2Q 2015, with AERC defines as the earlier of the attainment of 93 percent of physical occupancy or one year after the completion of construction.

Read more at the Securities and Exchange Commission. Full details relating to all of the Company's developments can be found on page 12.

For more about the project, check out Cantabria at Turtle Creek.

FedEx Ground sorts 300,000-SF 'package' to Alliance 

(11/18/2014)

FORT WORTH - FedEx Ground is building a new distribution center at AllianceTexas that will employ about 375 workers.

The new 300,000-sf distribution center, expected to open in August 2015, will be located near the company's Southwest Regional Sort Hub at Alliance Airport.

FedEx Ground currently has six facilities in the area and employs over 2,800 people. At Alliance, FedEx has about 600,000 sf and employs more than 800 workers.

According to the Memphis-based company, the new facility is part of a nationwide network expansion to boost daily package volume capacity and further enhance the speed and service capabilities of the FedEx Ground network.

Since 2005, the company has opened 11 new hubs featuring advanced material-handling systems and expanded or relocated more than 500 local facilities.

FedEx Ground is not the only FedEx division to expand in the area. FedEx Office & Print Services Inc. broke ground earlier this year in Plano for a new 265,000-sf corporate campus.

Read more at the Fort Worth Business Press.

For more on FedEx Office & Print Services’ new headquarters, see previous story FedEx's consolidating HQ ship with 265,000 SF in Plano.

Arlington's 311-room Sheraton Hotel sold 

(11/18/2014)

ARLINGTON - The 311-room Sheraton Hotel that is next door to the Arlington Convention Center and Globe Life Park has been sold.

Urbana Varro, a Plano-based commercial real estate firm, purchased the hotel, which was valued at $17.8 million by the Tarrant Appraisal District.

The new owners plan to renovate the property, which was built in the 1980s.

“The Sheraton Arlington Hotel will provide us with exposure in the thriving Dallas market and will be a great addition to our growing portfolio,” said Jeremy Soder, chief marketing officer for Urbana Varro.

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

The law calls on 50,000 SF of Pyramids' office in Dallas 

(11/17/2014 6:30:00 AM)

DALLAS - Shackelford, Melton, McKinley & Norton LLP has leased more than 50,000 sf at the Pyramids at Park Lane project located at Park Lane and N. Central Expy., across from NorthPark Center.

The Dallas-based firm, which specializes in serving auto sales firms, banks and entertainment, also has an office in Nashville and plans to expand to California.

It currently employs 41 attorneys and plans to add ten more, according to founding partner John Shackelford.

The 15-year-old legal firm signed a lease for more than 15 years with options to renew and expand its office space.

Read more at the Dallas Morning News.

REI sets up camp at Southlake's Park Village 

(11/17/2014)

SOUTHLAKE - Outdoor equipment and clothing retailer REI has become the first tenant to open in Park Village, a new commercial development at the intersection of Southlake Blvd. and Carroll Ave.

The company has hired between 40 and 50 employees, most of which are part time, to work at the 22,000-sf store.

The Southlake store represents REI’s third location in Dallas-Fort Worth and ninth location in Texas.

The company is also planning to relocate its Dallas store at 4515 I-635 to anchor the shopping center on Northwest Hwy. owned by Half Price Books. That 34,000-sf location is scheduled to open in spring 2015.

Read more at Community Impact Newspaper and Racked Dallas.

For more on REI’s new Dallas location, see previous story Dallas REI climbs into Half Price Books' shopping center.

Fort Worth: Forest Park Medical Center opens $95M hospital 

(11/14/2014 7:30:00 AM)

FORT WORTH - The $95 million Forest Park Medical Center Fort Worth has opened to patients, creating 175 jobs and becoming the latest entrant in North Texas' highly competitive hospital market.

The 54-bed acute care hospital at 5400 Clearfork Main St. is 70 percent physician-owned, according to CEO Jim Davis.

The Fort Worth hospital is the fourth facility developed in North Texas by Neal Richards Group under the Forest Park umbrella since the company was founded in 2009.

The others are the flagship in Dallas and smaller facilities in Southlake and Frisco. Forest Park also has hospitals in San Antonio and Austin.

Here are some key facts and figures for Forest Park Medical Center Fort Worth:

•  $95.5 million project cost
•  54 private inpatient rooms, including family suites
•  150,000-sf surgical specialty care hospital
•  Six intensive care rooms
•  12 operating suites
•  75 local physician partners invested to-date
•  150 physicians with privileges
•  175 employees

The new Forest Park hospital is part of a $5 billion hospital-building wave in North Texas to replace aging facilities and meet the demands of a growing population.

Read more at the Dallas Business Journal.

Fall 2014 North Texas college enrollments 

(11/14/2014 7:29:00 AM)

NORTH TEXAS - The Dallas Business Journal has published enrollment statistics for North Texas universities and colleges for fall 2014.

Below is a snapshot of the schools, ranked by fall 2014 total enrollment.

North Texas College and University Enrollment Fall 2014
School Fall 2014
Total
Enrollment
Fall 2014
Undergraduate
Enrollment
Avg. SAT
Score
(Composite)
University of North Texas 36,216 27,183 1,109
University of Texas at Arlington 34,899 15,519 1,058
The University of Texas at Dallas 23,095 11,630 1,256
Texas Woman's University 15,069 6,795 940
Texas A&M University­ Commerce 12,132 5,379 977
Southern Methodist University 11,272 6,193 1,308
Texas Christian University 10,033 8,338 1,774
Dallas Baptist University 5,445 2,397 1,124
Texas Wesleyan University 2,606 1,424 991
University of Dallas 2,548 1,313 1,214
UT Southwestern Medical Center 2,310 N/A N/A
UNT Health Science Center 2,100 N/A N/A
Southwestern Assemblies of God University 1,984 1,445 1,500
Amberton University 1,381 136 N/A
DeVry University - Irving Campus 1,347 392 N/A
Parker University 1,005 153 N/A
Dallas Christian College 311 235 1,393


Researched by Erin Amburgey-Sood of the Dallas Business Journal.

Read more on page 14 of the Dallas Business Journal.

275,000-SF Paradise office project to Prosper 

(11/14/2014 6:00:00 AM)

PROSPER - A 275,000-sf office building is headed to the northwest corner of the Dallas North Tollway and US 380.

Construction on the project will start in 2015. The new office project is next door to where Texas Health Resources is building an advanced outpatient facility.

Developer Jack Matthews is developing Matthews Paradise in a partnership with developer Mitch Paradise.

Texas Health Resources recently bought 10.5 acres for the medical project, which is still in design work, according to Paradise. “We think building an office project next door is appropriate,” Paradise said.

Read more at the Dallas Morning News.

Industrial portfolio sold in Bryan, Fort Worth 

(11/13/2014 7:10:00 AM)

FORT WORTH, BRYAN - A two-property industrial portfolio with property in Fort Worth and Bryan has been sold.

In Fort Worth, a 48,000-sf industrial property at 7200 Jack Newell Blvd. was purchased. It consists of four buildings on eight acres and was built in 2001.

In Bryan, a 26,000-sf industrial building at 2801 N. Earl Rudder Fwy. was sold.

The Bryan property, which was built in 2007, sits on 29 acres and was listed for sale at $4.7 million by Lee & Associates, who sold both properties on behalf of the seller.

Both properties are manufacturing facilities with outside storage and long-term leases.

Triple Net Acquisitions purchased the properties.

Read more at Lee & Associates.

New retailers unveiled at Dallas' Preston Hollow Village 

(11/12/2014 7:55:00 AM)

DALLAS -  The developer behind Preston Hollow Village, at the northwest corner of Walnut Hill Lane and North Central Expy., has unveiled its new retailers. Plans are to develop more than 500 apartments.

The majority of the new retailers at the 42-acre mixed-use development will be new to Dallas, said Leon Backes, CEO of Provident Realty Advisors, which is developing Preston Hollow Village in partnership with Kroenke Holdings.

Backes said 50 percent of the retail space in the initial phase is now already leased.

The initial phase included 75,000 sf of retail and restaurant space, a 60,000-sf office building and a 14,000-sf Trader Joe's grocery store.

The retailers that have signed onto the project begin opening by the end of this year. Here's a look at the tenants coming into Preston Hollow Village:

•  Blue Sushi Sake Grill
•  Frost Bank
•  Eighteen Eight Fine Men's Salon
•  Modmarket
•  Orangetheory Fitness
•  Pakpao Thai
•  Tangerine Salon
•  VertsKebap

The development group plans to break ground on its next phase of development, which will include three seven-story apartment buildings totaling 512 apartments by early 2015.

Read more at the Dallas Business Journal.

MetroStudy: DFW No. 2 in home starts 2015; Houston No. 1 

(11/12/2014 7:45:00 AM)

DALLAS-FORT WORTH - The Metroplex should be the second busiest home building market in the country in 2015.

MetroStudy Inc. predicts that only Houston will have more single-family home starts in 2015 in a comparison of the country’s top building markets.

DFW home starts are forecast to top 28,000 units in 2015, compared with the Houston area’s more than 37,000 starts.

“Most of the other starts leaders in 2015 will be markets where builders can secure the raw material — labor, land, and materials — to start new projects,” MetroStudy reports.

“Builders in Dallas are pushing their capacity as well, as they assemble more lots and struggle to find enough skilled workers to keep up with demand.”

Read more at the Dallas Morning News.

North Texas preowned home sales soared in October 

(11/12/2014 7:42:00 AM)

DALLAS-FORT WORTH - Sales of preowned homes in North Texas jumped by 13 percent in October — the biggest annual sales gain in more than a year.

Real estate agents in the area sold 7,859 homes in October, according to the latest data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Condominium and townhouse sales were even stronger, running 17 percent higher than in October 2013.

Median sales prices for preowned homes sold in the area by property agents were 7 percent higher than a year ago.

With the strong sales, the supply of houses on the market continues to lag 2013 levels. There was only a 2.7-month supply of homes listed for sale in the multiple listing service for the more than two dozen counties in North Texas.

Read more at the Dallas Morning News.

Mansfield: The Oaks Preserve(s) 157 acres for homes 

(11/12/2014)

MANSFIELD - Eyeing second quarter 2015 for the initial delivery of lots, MKP Development LLC has closed on a 157-acre tract and immediately jumped into preparing the raw land for the city's newest luxury development, The Oaks Preserve.

MKP is eyeing second quarter 2015 for the initial delivery of the lots. The land is located at the corner of W. Broad St. and Lillian Rd.

The 100-lot The Oaks Preserve community will feature 40 acres of trails, habitat sanctuary and equestrian center.

The Oaks Preserve will be laid out with one- to two-acre lots: 44 in Phase One — 16 are earmarked as a gated enclave — and 56 in Phase Two.

"Residential demand in the area is the market driver for the immediate construction," said Wayne Burgdorf.

Summit Custom Homes Inc. and Innovation Builders Inc. have been selected as the home builders for Phase One. Six additional custom home builders are lined up for construction in the gated enclave, which will feature larger lots and exclusive amenities.

Read more at the Fort Worth Business Press.

466,000-SF Victory Center office to Dallas' Victory Park 

(11/12/2014)

DALLAS - A joint venture expects to break ground in mid-2015 on Victory Center, a 466,000-sf office tower in Uptown’s Victory Park project.

Houston-based developer Hines is teaming up with Cousins Properties Inc. to develop the 23-story glass high-rise, which will be the largest office project in the 75-acre development.

The new tower is expected for be completed in 2017 on Victory Ave., southwest of the American Airlines Center.

After losing momentum during the recession, Victory Park is currently bustling with new apartment construction and an overall of the project’s street-level retail space.

“Victory Center will be an excellent addition to the thriving Uptown Dallas office market, and we couldn’t be more excited to be a part of the transformation occurring at Victory Park,” said Larry Gellerstedt, president and CEO of Cousins.

Read more at the Dallas Morning News.

Former Dallas auto shop sold in Cedars neighborhood 

(11/12/2014)

DALLAS - Another building in Dallas’ historic Cedars neighborhood has been purchased for renovations.

The one-story building at 1610 S. Ervay St. was purchased by investor Zad Roumaya in partnership with B3 Commercial Management LLC.

The owners plan to convert the 37,848-sf former automobile service center on 2.4 acres into a business complex for small and start-up businesses. It was originally built in 1945.

The commercial building — which once was occupied by Yellow Cab — is just across the street from a group of buildings being sold to Claude Albritton III — cofounder of the popular McKinney Avenue Contemporary Gallery.

The Cedars neighborhood just south of downtown Dallas is emerging as the latest urban real estate market to see widespread investment and redevelopment.

Several historic buildings are set for renovation and new apartment and townhouse projects are in the works.

Read more at the Dallas Morning News.

Fort Worth: PinStack to strike with 50,000 SF in Alliance 

(11/12/2014)

FORT WORTH - Entertainment venue PinStack is headed to AllianceTexas, as the mixed-use development has announced the recreation attraction will come to Heritage Trace Pkwy. and Hillwood Pkwy.

Set to open in early 2016, PinStack’s second location will be a 50,000-sf venue featuring full-sized bowling lanes and indoor games, as well as dining and private party options.

Hillwood Properties, developer of the 18,000-acre AllianceTexas development, confirmed the deal after reaching an agreement with Dallas-based Entertainment Properties Group Inc.

Also part of the PinStack package will be a full-service restaurant serving a chef-inspired menu, as well as a full bar offering custom craft cocktails and extensive beer and wine selections.

PinStack’s first location will open soon in west Plano.

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

For information on PinStack’s Plano location, see previous story PinStack bowls 'em over in West Plano.

Whole Foods plans first Irving store 

(11/11/2014)

IRVING - Whole Foods Market has announced plans to open its first store in Irving. The 45,000-sf store will anchor a new 85,000-sf shopping center at the southwest corner of President George Bush Turnpike (SH 161) and N. MacArthur Blvd. in Las Colinas.

Construction on the 12-acre shopping center will begin this month and the store is scheduled to open by fall 2016.

Whole Foods has been aggressively expanding its North Texas store count in recent years and now has ten stores in the Dallas area. Another five stores, including this one announced today, are in the works.

Here are the opening dates for previously announced stores in development:

•  Uptown Dallas at McKinney Ave. and Routh St. in summer 2015
•  Frisco in the Forum at Wade Park at the Dallas North Tollway and Lebanon Rd. in fall 2015
•  Fort Worth at Bryant Irvin Rd. and Arborlawn Dr. spring 2016
•  Richardson in the CityLine development at Plano Rd. and Renner Rd. in spring 2016
•  Irving at SH 161 and MacArthur in fall 2016

Read more at the Dallas Morning News.

WinCo Foods brings value bulk foods to North Richland Hills 

(11/11/2014)

NORTH RICHLAND HILLS - WinCo Foods has opened its new store at 5152 Rufe Snow Dr.

The 82,600-sf store will initially employ approximately 160 individuals, 150 of whom have been hired locally.

The store features a "Wall of Values" at the entry, which displays a wide variety of high volume products with particularly good pricing. The main sales floor of each store encompasses large fresh produce, bulk foods, meat, deli, seafood and bakery service departments.

WinCo Foods is an employee owned company founded in 1967 in Boise, Idaho that now operates 98 stores across the U.S.

Read more at Perishable News.

$48M Alexan Riveredge' 309 units to overlook Trinity River 

(11/11/2014)

DALLAS - Trammell Crow Residential has released plans for Alexan Riveredge, a 309-unit apartment building the developer plans to build on the banks of the Trinity River near downtown.

The five-story building is planned for a 2.5-acre tract on Turtle Creek Blvd. just west of Riverfront Blvd.

The Dallas Design District Tax Increment Finance District has agreed to give the developer up to $7.8 million in incentives to build the project, which is expected to start in 2015.

The project is expected to cost almost $48 million and is just one of a handful of new apartment projects Trammell Crow Residential has in the works in urban Dallas neighborhoods.

Read more at the Dallas Morning News.

NTREIS: Collin County 3Q 2014 housing sales by ZIP 

(11/11/2014)

COLLIN COUNTY - North Texas Real Estate Information Systems (NTREIS) has released its Economic & Market Watch Report for third quarter 2014 of 53 counties it covers. Here's a look at Collin County.

Below are the top eight zip codes in Collin County, ranked by the number of closed sales during 3Q 2014.

Top Performing Zip Codes by Closed Sales
  Median Sales
Price
% of Orig.
Price Rec'd
Days on Market Closed Sales
Zip Code 3Q
2014
Y-O-Y
Chg.
3Q
2014
Y-O-Y
Chg.
3Q
2014
Y-O-Y
Chg.
3Q
2014
Y-O-Y
Chg.
75070 $250,000 11.5% 98.8% 0.6% 33 23.8% 699 -3.5%
75035 $278,850 9.4% 98.8% 0.4% 30 -5.0% 403 3.6%
75071 $250,000 12.3% 97.7% 0.3% 43 29.9% 353 6.0%
75002 $225,900 15.6% 99.1% 0.3% 27 2.2% 319 11.9%
75098 $195,000 15.2% 97.8% 0.2% 35 10.4% 286 16.3%
75013 $390,000 10.7% 96.7% -0.3% 47 11.2% 217 -7.7%
75025 $295,000 12.2% 99.0% 0.6% 23 6.7% 215 -18.9%
75023 $211,525 11.9% 99.3% 0.8% 21 -6.8% 198 -14.7%

Source: North Texas Real Estate Information Systems

See NTREIS Economic & Market Watch Report 3Q 2014 for more information.

For more stats, check out Housing under DFW Market Data Sources.

Funded: Allen's 740-unit Dolce Living at Bella Terra 

(11/10/2014 9:00:00 AM)

ALLEN - DLC Residential has received funding to start construction of a 740-unit apartment community planned near the intersection of Watters Rd. and W. McDermott Drive.

The Florida-based developer will build the Dolce Living at Bella Terra apartments. The first phase will have 374 units and a second phase is planned with 366 units.

The apartments will average 946 sf and are in three- and four-story buildings.

Dekel Capital and Mountain Capital Partners provided joint venture equity to fund the project, and the firms provided funding for apartment developments in Houston and San Antonio for a total of $18.5 million.

Read more at the Dallas Morning News.

JV buys Plano's Legends at Ridgeview Ranch 

(11/10/2014)

PLANO - Olympus Property and Artemis Real Estate Partners have acquired Legends at Ridgeview Ranch, a 480-unit apartment complex at 2300 Kathryn Lane.

Legends at Ridgeview Ranch offers one-, two- and three-bedroom apartments ranging in size from 692 sf to 1,846 sf and in price from $784 to $1,840.

The Class A property was built in 1999. It sits on 34 acres along the Ridgeview Ranch Golf Course near Legacy Business Park.

The joint venture plans to spend about $2 million to complete an interior renovation and to enhance common areas.

Read more at PRNewswire.

Toyota 'Going Places' with $350M Plano HQ 

(11/10/2014)

PLANO - Toyota has filed plans with the City of Plano that plot the layout of its $350 million headquarters in Legacy Park.

The document does not indicate building sizes or heights, but shows at least 11 structures that occupy most of the 100-acre site near Legacy Dr. and SH 121. Included on the site will be an office complex, warehouses and several parking garages.

Toyota announced in May that it is moving its current headquarters in Torrance, Calif., to Plano over the next two years. As many as 4,000 employees may make the move to Texas.

Read more at the Dallas Morning News.

For more on Toyota’s move, see previous story Toyota's relocation drives incentive agreement with Plano.

The Trails at Fossil Creek footprint grows in Fort Worth 

(11/10/2014)

FORT WORTH - Serene Homes has broken ground on the third phase of construction on Trails of Fossil Creek, a residential housing development near SH 287 and I-35W.

The Trails of Fossil Creek’s master-planned community includes five phases, and it has already delivered over 500 residential lots in its first two phases.

The homes will be priced from the $140,000s to $160,000s and will come in one- and two-story layouts with three- and four-bedroom options. The homes will range from 1,464 sf to 2,926 sf.

There are 467 home lots available over 93 acres.

Source: Serene Homes

Fort Worth's historic Hunter Plaza $29M wall-breaking 

(11/10/2014)

FORT WORTH - Construction has begun on a $29 million redevelopment project that will transform Hunter Plaza.

The 11-story property will be redeveloped into a mixed-use, mixed-income building, comprised of market rate and affordable apartments.

The new Hunter Plaza will have 164 one- and two-bedroom loft-style units ranging in size from 550 sf to 850 sf, and 10,000 sf of ground-floor retail.

The renovation and restoration process will preserve the existing façade of the classic 1950s apartment hotel, and interior elements, including the main lobby, corridors and the original unique doorframes.

The renovated apartment units will feature exposed concrete columns and ceilings, and large operable windows.

In keeping with the City of Fort Worth’s plans to create walkable corridors downtown, an enhanced, well-lit pedestrian streetscape will connect Hunter Plaza with Sundance Square.

The project is scheduled for completion in December 2015, with pre-leasing opportunities opening in October 2015.

Read more at GlobeSt.com.

Report: DFW home prices up 6.7 percent in 3Q 2014 

(11/10/2014)

DALLAS-FORT WORTH - DFW home prices are up 6.7 percent in a new third quarter 2014 nationwide comparison from the National Association of Realtors.

The DFW price gain was significantly larger than the 4.9 percent average increase in the 172 U.S. markets surveyed.

DFW median home sales prices were at an all-time high of $193,500, according to the report.

North Texas home price increases this year have continued at a high level, while residential appreciation in many areas of the country has slowed.

A year ago, U.S. median home prices were up at an annual rate of 12.5 percent and DFW prices were almost 10 percent ahead of where they were in 3Q 2012.

More than a dozen U.S. home markets saw annual home price increases of 10 percent or more during 3Q 2014, with the largest gains in Daytona Beach, Fla. (25.2 percent) and Toledo, Ohio (22.3 percent).

In Texas, the greatest big-city price gains were in Austin (9.3 percent) and Houston (8.5 percent).

The supply of houses for sale in North Texas remains near all-time lows. Currently, there is only a 2.5-month inventory of homes listed for sale with real estate agents in North Texas.

That compares with a nationwide average supply during 3Q 2014 of 5.4 months.

Read more at the Dallas Morning News.

Big play buy! 30 acres, 700,000 SF in Dallas Design District 

(11/7/2014 9:00:00 AM)

DALLAS - A group of investors has purchased a large portion of Dallas Design District.

Led by Dunhill Partners, and including oilman Tim Headington and the owners of Highland Park Village, the partnership has bought more than 30 acres and roughly 700,000 sf of buildings along Oak Lawn Ave., Hi Line Dr. and Stemmons Fwy.

The acquisition includes the 7.5-acre Decorative Center complex at Oak Lawn and Hi Line and the 18-acre Dallas Design Center on Stemmons Fwy., as well as a dozen retail and showroom buildings along Oak Lawn Ave. and Hi Line.

Dunhill plans to pick up where the previous owners left off in executing the vision for the neighborhood, which sits northwest of downtown Dallas.

The previous owners, Houston-based Lionstone Investments and Dallas-based PegasusAblon, had been holding the property since purchasing them in 2007 as part of a larger investment strategy.

Plans for future development include adding more apartments to the neighborhood.

Read more at the Dallas Business Journal.

Chips are down; Frisco physicist sells 62 acres 

(11/7/2014 8:30:00 AM)

FRISCO - Jerald "Jerry" Hutson, the West Texas-born physicist and self-proclaimed electronics prodigy, moved his microchip manufacturing company to Frisco nearly four decades ago. But the chip manufacturing market and the city have changed.

Now, the 84-year-old has shut down the manufacturing facility of Hutson Industries Inc. — once the city's largest employers — south of Main St. on Preston Rd. as homes and businesses have crept northward of DFW to the Red River.

By early next year, a real estate deal is expected to close with Plano-based Megatel Homes Inc., which has plans for a $130 million residential development on the tract with 260 single-family homes and retail stores alongside Preston Rd.

Other than the sprawling Brinkman Ranch, this is the last large undeveloped parcel of land off Preston Rd. in Frisco.

For Megatel, the location's proximity to a number of retailers, businesses and other homes was perfect. The company expects to tear down the industrial facility after closing on the property and build 260 single-family residences.

Read more at the Dallas Business Journal.

DeSoto 'specs' 1.6M-SF distribution hub 

(11/7/2014 7:45:00 AM)

DeSOTO - A 96-acre tract is now owned by an affiliate of New York City-based KTR Capital Partners. The company plans to develop a 1.6 million-sf speculative distribution hub.

Located in the heart of the South Dallas submarket, the parcel is equidistant from I-20 and I-35 and within a mile of the intersection of these two interstates.

The new distribution hub will be configured to handle bulk movement with 200-foot truck bays and an abundance of excess trailer storage.

The land deal was an excellent opportunity to capture the build-to-suit business eyeing South Dallas for its distribution proximity, said Mace McClatchy, KTR's vice president of investments.

“We are excited to work with the City of DeSoto and the DeSoto Economic Development Corporation in preparing the site and local infrastructure to attract a sophisticated, logistics-focused customer interested in building a new facility developed in a timely fashion,” said Mace McClatchy, Vice President of Investments for KTR.

KTR’s development and construction teams began site work in October 2014, consisting of improvements to Polk St., which borders the length of the site on the west, and an interim grading plan which allows increased speed to market for a build-to-suit facility.

Read more at Focus Daily News and the Dallas Business Journal.

Dallas SoftLayer cloud to 125,000 SF with 250 jobs 

(11/7/2014 6:29:00 AM)

DALLAS - Cloud infrastructure provider SoftLayer has leased 125,000 sf at Stanford Corporate Center at 14001 N. Dallas Pkwy.

The expansion will double the size of SoftLayer’s corporate headquarters from 63,000 sf. SoftLayer plans to consolidate its offices into its new Dallas headquarters in February 2015. The property previously housed Encana Oil & Gas roughly two years ago.

At the beginning of the year, SoftLayer employed 250 people at its Dallas office, but COO Francisco Romero expects that number to grow to about 500 employees.

In Dallas, SoftLayer expects to hire workers to fill 250 new jobs by the end of 2015.

The company’s aggressive growth plan is fueled by a $1.2 billion investment by IBM, who purchased the company in 2013.

SoftLayer's expansion matches the cloud infrastructure industry, which has grown tremendously in the past few years as traditional IT shifts to the cloud.

Read more at the Dallas Business Journal.

BAE contract canceled; Fort Worth laying off 190 

(11/7/2014)

FORT WORTH - BAE Systems will shut down a development operation at Alliance Airport and lay off about 190 workers after South Korea canceled a contract to upgrade more than 130 F-16 fighter jets with new electronics.

The British defense manufacturer had received a $140 million contract for development work in May, and the value of the full contract had been estimated at $1.3 billion.

The upgrade would have put new central mission computers, radar, communication, sensors, navigation and weapons targeting systems on the fighters.

Workers were notified of the layoffs Nov. 6, BAE spokesman Neil Franz said. The company said it plans to offer severance packages to eligible employees who are regularly scheduled to work more than 20 hours a week.

South Korea backed out after the U.S. government indicated that the program’s cost, being negotiated between the governments, would increase to as much as $2.1 billion to $2.4 billion. That would include expenses and services beyond the BAE work, including infrastructure and training.

In May, the first two South Korean F-16s had arrived in Fort Worth and were sitting in the BAE hangar near the Alliance Airport control tower to be worked on. The company had hired about 200 workers and expected to have 300 in north Fort Worth by the end of the year.

In September, South Korea reached an agreement to pay about $7 billion for 40 F-35s — the country’s biggest-ever weapons purchase.

On Nov. 6, BAE said it is “evaluating all current opportunities to upgrade F-16s for international customers to determine, in light of this decision, whether we will pursue these opportunities.”

Read more at the Fort Worth Star-Telegram.

Landmark Dallas Crescent $65M makeover 

(11/7/2014)

DALLAS - Starting early next year, the landmark Crescent complex in Uptown will get almost $65 million in upgrades.

The Crescent’s owners plan to open the complex up to the area by tearing down fences, installing eye-catching display windows and replacing yards of hot concrete with landscaping and pedestrian areas around the buildings.

One of the most visible changes will be the construction of a one-acre park at McKinney and Pearl.

The Palomino restaurant on Cedar Springs will be enlarged, with a new outdoor seating area that dominates the north side of the building, and bright glass storefronts will be added to the exterior of the Stanley Korshak store and adjoining buildings that line the street.

The owners will spend $30 million to remodel the office and retail portion of the Crescent.

The Rosewood Crescent Hotel is expected to announce plans soon for a $35 million upgrade of the hotel, spa and club. The changes come on top of $15 million just spent to upgrade mechanical systems at the Crescent.

Read more at the Dallas Morning News.

70,000-SF Centennial Storage sells in Frisco 

(11/6/2014)

FRISCO - The 69,126-sf Centennial Storage at 12300 College Pkwy. has been sold.

The facility rests on approximately 4.8 acres and consists of 541 units, of which 259 are climate controlled (46 percent). The property is comprised of eight single-story buildings that were built in 2004.

The deal also included a separate, adjacent one-acre parcel of vacant land on which the buyer may construct additional units in order to accommodate the rising demand of the Frisco self-storage market.

Current amenities include 24-hour video surveillance, personalized keypad entry and exit gates, wide concrete driveways, fire sprinklers, perimeter lighting, garage-style roll up doors, standing seam metal roofs, a fortress-style perimeter and an on-site manager's residence.

A publicly-traded REIT purchased the property from a private investor.

Source: Marcus & Millichap Real Estate Investment Services

370-Unit Linda Vista takes bow to Performance buy in Dallas 

(11/5/2014)

DALLAS - Performance Properties LLC has purchased the 370-unit Linda Vista Apartments at 13450 Maham Rd. in Far North Dallas.

Linda Vista is an 18-building apartment community that was built in 1980 and is almost fully leased.

The community offers efficiency, one- and two-bedroom units that range in size from 420 sf to 909 sf and in rent from $485 to $745, according to umovefree.com.

Linda Vista is Performance Properties’ second purchase in the neighborhood since last year. It plans to remodel the buildings’ exteriors and common areas, as well as upgrades to the individual rental units.

The firm also bought the Vista Buena Apartments at 13350 Maham Rd. and is spending $1 million to improve the property.

Read more at the Dallas Morning News.

200,000-SF Las Colinas Highlands fling to Cawley 

(11/5/2014)

IRVING - The 200,000-sf Las Colinas Highlands at the southwest corner of SH 161 and SH 114 has been sold.

Dallas investment firm Cawley Partners bought the seven-story office property.

“Las Colinas Highlands is a great building in a hot market,” CEO Bill Cawley said in a statement. “Being just minutes to DFW Airport and close to all the amenities Las Colinas has to offer, this building is in a prime location for companies.”

The purchase is Cawley’s third recent acquisition. The company bought the Overlook at Las Colinas in Irving and Toll Hill Office Park in Dallas.

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

Dallas Turtle Creek tower sells for estimated $75 million 

(11/5/2014)

DALLAS - KBS Realty Advisors has purchased 3811 Turtle Creek, an almost 300,000-sf building at Turtle Creek Blvd. and Blackburn St.

The 21-story building is more than 80 percent leased with major tenants including Eagle Materials, Prosperity Bank, Gables Residential and Wilson & Associates.

It was expected to sell for close to $75 million.

KBS plans to spend millions on upgrades for the pink granite tower.

The Oak Lawn building is just one of 4 million sf of prominent office properties KBS now owns in the area, including Preston Commons and Sterling Plaza in North Dallas, Providence Towers in Farmers Branch and Tower on Lake Carolyn in Las Colinas.

Read more at the Dallas Morning News.

Plano's 152,000-SF Towne Square attracts buyer 

(11/5/2014)

PLANO - The Towne Square Shopping Center at the corner of Parker Rd. and Alma Dr. has been sold.

The 151,982-sf neighborhood shopping center is about 53 percent occupied with tenants including Dollar General, Rent-a-Center and Inwood National Bank.

Norman J. Hoppenstein of Dallas purchased the four-building property. The new owner plans to make upgrades to the property and market the vacant space to new tenants.

Read more at the Dallas Morning News.

Fresh Market to Dallas grocery market with 24,000 SF 

(11/5/2014)

DALLAS - The Fresh Market will open its first Dallas store on Dec. 3 in the Arboretum Village shopping center at 7331 Gaston Ave.

At 24,000 sf, the store is larger than a Trader Joe’s but smaller than Whole Foods Market. Both competitors have opened new stores in the East Dallas area in recent years.

The store will feature a bakery that makes 30 bread and 14 pie varieties daily, full-service meat and seafood counters and ready-to-serve entrees.

The cheese department will have more than 200 imported and domestic cheeses and produce has 400 items, including a large organic selection.

The North Carolina-based grocery chain entered Texas with four Houston stores. For its new Arboretum Village store, Fresh Market said it has hired 90 people.

Two more Fresh Market stores are under development in Southlake and Turtle Creek Village in Dallas.

Read more at the Dallas Morning News.

Underway: $85M Medical City Dallas expansion 

(11/5/2014)

DALLAS - Medical City Hospital has broken ground on a $85 million expansion.

The project includes a seven-story, 220,000-sf vertical expansion above the existing emergency department and hospital drop-off location. This is where 65 percent of the patients are admitted into the hospital.

Along with the vertical expansion, Medical City will also get nearly 68,600 sf of phased interior renovations with multiple departments on the campus, including oncology, surgery, stem cell, cardiac diagnostic operations and the emergency department.

The project is expected to be completed in 2016.

Read more at the Dallas Business Journal.

Nebraska Furniture stocking two million SF at The Colony 

(11/4/2014 9:00:00 AM)

THE COLONY - Nebraska Furniture Mart (NFM) reached another milestone when it recently began stocking the 1.3 million-sf home-furnishing warehouse at the southeast corner of the Sam Rayburn Tollway and Plano Pkwy.

The $156.8 million project will also include 564,000 sf of retail space, the 1.3 million-sf warehouse and pickup area, an 800,000-sf five-story parking garage, a data center and a central utility plant.

The project is expected to be completed Dec. 1. The store is on pace to open spring 2015.

The warehouse in The Colony will support the 564,000-sf Nebraska Furniture Mart of Texas showroom and will take more than five months to fill.

When completed, the new store will be fully staffed with 2,300 workers. NFM’s workforce will have more than doubled from where it was in 2011 when it announced plans for its first Texas store.

NFM is also developing Grandscape, a 433-acre, $1.5 billion mixed-use development surrounding the new store. It recently announced retail tenants including Hampton Inn & Suites, Homewood Suites, Cheddar's Casual Cafe, Hard Eight BBQ, Mi Cocina and Rock & Brews.

NFM’s store alone is project to attract about 8 million shoppers each year to Grandscape.

Read more about NFM’s newest store at ENR and Furniture Today.

For more on Grandscape, check out the Dallas Business Journal and Grandscape.

Grow Texas: Dallas by the numbers 

(11/4/2014)

DALLAS - As of 2014, Dallas's population is 1,207,202 people. Since 2000, the population has grown by 1.2 percent.

The median home cost in Dallas is $201,700. Homes have appreciated 11.1 percent in the last year.

Compared to the rest of the country, Dallas's cost of living is 6.3 percent higher than the U.S. average.

Dallas public schools spend $9,756 per student. The U.S. average is $12,435. There are about 15.6 students per teacher in Dallas.

The unemployment rate in Dallas is 5.1 percent. The U.S. average is 6.30 percent.

JUST THE FACTS

Median resident age: 31.8 years
Household Size: 2.6
Est. Household Income: $58,431
Median Home Price: $201,700
Homes Owned: 38.9%
Home Appreciation: 11.1%
Households: 21.8%
Married Population: 43.8%
Single Population: 56.2%
College Education: 33.4%
Commute Time: 25 mins.

SOURCE: www.city-data.com

Read more at the San Antonio Business Journal.

Fort Worth's 50,000-SF Marine Creek Business Park sells 

(11/4/2014)

FORT WORTH - Marine Creek Business Park, a 50,050-sf office property located at 3501-3529 North West Loop 820, has been sold.

The one-story office showroom building was built in 1982 on 3.5 acres and was renovated in 2009.

At the time of listing, the property was approximately 92 percent finished out with office and retail space, and it was 95 percent leased with staggered lease expirations from its long-standing tenants.

Source: Marcus & Millichap Real Estate Investment Services

DFW: $47M finances The Bluffs at Iron Horse, Stone Villas 

(11/3/2014 9:00:00 AM)

NORTH RICHLAND HILLS, FORT WORTH - Dallas-based Oxford Enterprises Inc., a privately held real estate investment firm, has received $46.7 million in financing for the purchase of two North Texas apartment properties.

The apartment complexes — The Bluffs at Iron Horse in North Richland Hills and Stone Villas in northwest Fort Worth — total 886 homes and were purchased by the new owner in two separate transactions.

Oxford financed The Bluffs with a $34.7 million loan through M&T Realty Capital Corp. The company financed Stone Villas with a $12 million loan through M&T Bank.

The Bluffs at Iron Horse, a 490-unit community located at 6100 Browning Dr. in North Richland Hills, offers one-, two- and three-bedroom units ranging from 667 sf to 1,295 sf.

Stone Villas is a 396-unit community located at 1501 Westpark View Dr. in Fort Worth and offers one-, two-, and three-bedroom units that range from 669 sf to 1,308 sf.

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

CoStar DFW trend: industrial vacancy decreases to 6.9% 

(11/3/2014)

DALLAS-FORT WORTH - The DFW industrial market ended third quarter 2014 with a vacancy rate of 6.9 percent, according to CoStar Group DFW industrial market 3Q 2014.

The vacancy rate was down over 2Q 2014, with net absorption totaling positive 2,855,366 sf in 3Q 2014. That compares to positive 3,160,325 sf in 2Q 2014.

Tenants moving into large blocks of space in 2014 include

— Williams-Sonoma Inc. moving into 821,502 sf at Williams-Sonoma Inc.;
— Whirlpool Corporation moving into 725,709 sf at Carter Distribution Center; and
— Cargill moving into 562,500 sf at Westport 20.

Rental rates ended third quarter at $5.25, an increase over 2Q 2014.

A total of 13 buildings was delivered to the market in 3Q 2014 totaling 2,135,306 sf, with 15,716,306 sf still under construction at the end of the quarter.

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 7.5 percent, with net absorption positive 64.7 million sf in 3Q 2014. Average rental rates increased to $5.47, and 206 buildings delivered to the market totaling almost 30.9 million sf.

Read more at CoStar Group.

Upgraded Dallas Love Field tickets pricey real estate 

(10/31/2014 9:13:00 AM)

DALLAS - The completion of a half-billion-dollar modernization project at Dallas Love Field may be almost complete, but is just beginning to drive development in the surrounding neighborhood.

Viceroy Investments — which owns the 244-room Wyndham hotel on Mockingbird Lane across from Love Field — has made major upgrades to the property, which will be rebranded as a DoubleTree by Hilton early in 2015.

Just to the west of the airport at Maple Ave., a drainage project will enable development of a 37-acre mixed-use project.

Balcones Realty Partners is planning to build an apartment project called West Love on the site. Construction is expected to begin early in 2015 and will eventually bring 1,100 apartments to the community.

Expansions at nearby Parkland Memorial Hospital and UT Southwestern Medical Center are an even bigger driver for real estate development and investment, according to Balcones’ Jorge Ramirez.

“If you take a one-mile radius of our property, there is over $3 billion of construction either just completed or underway,” Ramirez said.

Apartment developers either have completed or are still building more than 2,500 new rental units in the area between Love Field and Parkland. Encore Multi-Family just completed Encore 6162, a four-story, 233-unit project at 6162 Maple St.

Read more at the Dallas Morning News.

Frisco future: Dallas Cowboys score Omni hotel near HQ 

(10/31/2014)

FRISCO - Omni Hotels & Resorts and the Dallas Cowboys have announced plans to bring a full-service luxury hotel to the team’s headquarters project in Frisco.

The upscale hotel, set to open in 2017, will be a cornerstone for the private development surrounding the Cowboys headquarters and a training facility that will be shared with the City of Frisco and Frisco ISD.

The Omni Frisco Hotel — the city’s first luxury hotel — will be built adjacent to the publicly owned 12,000-seat multi-use event center. The 300-room hotel will include meeting space, a ballroom and a rooftop pool overlooking a plaza area that will be a focal point for the Cowboys development.

The hotel will be part of the 66 acres of private development surrounding those facilities at Warren Pkwy. and the Dallas North Tollway. The site will also include retail, restaurants and office space.

City, school and team leaders broke ground on the multi-use event center in August. It is expected to open in summer 2016. The hotel is expected to break ground in spring 2015.

City and school officials are putting up $115 million to construct the multi-use event center and team headquarters, with any remaining costs paid by the Dallas Cowboys.

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

Forty-three green acres is Liberty's place at DFW airport 

(10/31/2014)

IRVING - Liberty Property Trust has purchased 43 acres at Valley View Lane and Frye Rd., just south of Dallas-Fort Worth International Airport.

There is a potential to build 750,000 sf of industrial space on the property, according to Liberty.

“This is a great time to enter the Southwest market and this parcel offers excellent accessibility,” said Mike Heise, vice president and city manager for Liberty’s Dallas region. “The market is strong and the acquisition provides a new platform for development.”

Liberty owns more than 1.8 million sf of industrial space in the Dallas area.

Based in Malvern, Pennsylvania, Liberty has 105 million sf of office, distribution and light manufacturing properties in the U.S. and Britain.

Read more at the Dallas Morning News.

Texas Family Fitness sizes up in 45,000 SF in Plano 

(10/31/2014)

PLANO - Texas Family Fitness has leased about 45,000-sf at the Plano Towne Square shopping center.

The space will be remodeled, with more than $500,000 to be spent to update the club’s interior and exterior.

"This new Plano location will take the family aspect of Texas Family Fitness to the next level. The large space allows the company to build a Kid’s Club spanning more than 3,000 sf, showcasing its commitment to its patrons priorities and promoting a healthy lifestyle for the whole family,” said Dan Avnery of NAI Robert Lynn Retail Division.

“The new facility will be on the east side and complement the west Plano location, which just broke 11,000 active members,” said Trevor Rogers, owner of Texas Family Fitness.

Read more at GlobeSt.com.

Flower Mound's first hotel in River Walk 

(10/30/2014 9:00:00 AM)

FLOWER MOUND - The Flower Mound Town Council has approved plans for a 140-room hotel as part of River Walk, a 158-acre development bound by FM 1171, Morris Rd. and FM 2499.

The hotel, along with Texas Health Presbyterian Hospital Flower Mound, will anchor the development.

Rainier Medical Investments and DePalma Hotels & Resorts are planning a five-story, 140-room hotel by Marriott, Hilton, Hyatt or Starwood. It is expected to comprise 100,000 sf, 6,000 of which will be dedicated to meeting and conference room space.

Groundbreaking for the five-story hotel is planned for first quarter 2015, with completion coming early 2016.

The hotel is also expected to include a restaurant and bar, exercise room, indoor pool and an outdoor area with fire pits facing the River Walk. It will have a parking garage equipped with 400 to 600 spaces.

Read more at the Dallas Business Journal.

TriMarsh buys 3rd retail: 122,000-SF Arlington Park Square 

(10/29/2014 10:00:00 AM)

ARLINGTON - The 121,942-sf Arlington Park Square retail center at 3701 S. Cooper St. has been sold to TriMarsh Properties.

The retail center was built in 1996 in the South Arlington retail submarket.

Since August, TriMarsh has purchased more than 400,000 sf of retail space in the I-20 corridor. Recent purchases include the Emerald Square shopping center in Grand Prairie and Hulen Pointe shopping center in southern Fort Worth.

The company now owns seven North Texas shopping centers.

Read more at the Dallas Morning News.

For more on TriMarsh’s recent buys, see previous stories Grand Prairie's 148,000-SF Emerald Square to sparkle and Sold: Fort Worth's 174,000-SF Hulen Pointe Shopping Center.

Self-storage hauls 350,000 SF to Garland, McKinney, Mesquite 

(10/29/2014)

GARLAND, McKINNEY, MESQUITE - Platinum Storage will open one and start construction on three self-storage facilities totaling 347,250 sf.

In McKinney, 9233 Westridge Blvd., 55,250 sf of self-storage and 13,000 sf of boat/RV storage opens this month. The property in on nearly five acres.

In Garland, development starts this month on an 85,000-sf facility at 3417 Broadway Blvd. The asset will be situated on nearly four acres.

Another Garland property, located at 2900 Centerville Rd., will total 107,000 sf situated on nearly 16 acres. Develpment is scheduled for February 2015.

The Mesquite facility at 1350 N. Beltline Rd. will be comprised of 87,000 sf of storage situated on nearly four acres. The project is scheduled to break ground in January 2015.

Based in Rockwall, developer Ron Valk owns Platinum Storage.

Read more at Inside-Self Storage.

Listen to Podcast 233 for this story and more.

Grapevine's 925 Main Street sold, renamed the Resort 

(10/29/2014)

GRAPEVINE - The 251-unit 925 Main Street community has been sold and will be rebranded as The Resort at 925 Main.

The Resort at 925 Main offers one- and two-bedroom floor plans with up to a total of 1,592 sf. Units include gourmet kitchens, granite countertops, soaking tubs and 12-foot ceilings.

The apartment community is located within walking distance of historic downtown Grapevine and is just minutes away from DFW Airport.

Grapevine’s new state-of-the-art Community Activities Center is located next door and is scheduled to open in early 2015, and Dallas Area Rapid Transit has announced plans to open a new station nearby.

Irving-based Paramount Investments purchased the urban-style loft development.

Read more at PRWeb.

Plano fall season housing update in 60-second video 

(10/29/2014)

PLANO - The fall season is starting to affect the housing market in Plano.

Prudential Texas Properties reports that demand and home values have been trending downward in recent weeks, but not enough to create any cause for concern over the strength of the market.

Altos Research reports the demand for homes in Plano have eased since the start of September, which is actually good news for the community that experienced a high level of competition for available homes in the spring season.

Altos uses a unique figure called the Market Action Index to measure the local conditions to determine whether they are trending up in favor of sellers or down in favor of buyers based on a neutral value of 30.

During the height of the real estate season, the index was marked around 51, well into seller’s territory. As of October 10, the index was marked at 44.04, still a very strong seller’s market.

Home values are moving downward because of the lessening demand for homes. The median single-family home in Plano was valued at $341,319 after consistent downward movement that began in May when the median value was around $380,000.

There were about 625 available Plano homes as of the second week in October, much higher than it was at the start of the spring buying season in March.

The average time a home is spending on the market has increased fairly substantially since August with the average property spending about 67 days on market.

For a 60-second video update on Plano, check out Prudential Texas Properties.

Read more at PRWeb.

Rosewood's Heritage Creekside mixed-use to kick off in Plano 

(10/29/2014)

PLANO - Rosewood Property Co. will break ground before the end of the year on its Heritage Creekside project, just west of North Central Expy. at the George Bush Turnpike.

The high-density project will span 156 acres and will start with a 320-unit apartment project and three restaurants that back up to Pittman Creek, according to Rosewood President Bill Flaherty.

“And there will be homes,” Flaherty said. “That’s the most attractive area for residential.”

At the west end of the development along Custer Rd. and Plano Pkwy., Rosewood plans to build an office campus with six 20-story buildings, bringing up to 2.5 million sf of office space.

“We can also do a 15-story hotel,” Flaherty said. Up to up 1,300 apartment units, a few hundred townhouses and homes and shopping space will be included in the development.

“This is a new neighborhood, it isn’t just a project,” said Scott Polikov with Gateway Planning Group, which worked with Rosewood to design Heritage Creekside. “This is an urban neighborhood.”

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

166,000-SF Platinum Park ready to shine in Plano 

(10/29/2014)

PLANO - Stream Realty Partners will break ground in November on a speculative 166,000-sf office building called Platinum Park.

Stream is seeking tenants for the five-story building that will be located at the southwest corner of Tennyson Pkwy. and Communications Dr. in West Plano’s Legacy Business Park.

Stream has plans for a phase two, according to spokesman Matt Wieser.

Below are other properties in the works in West Plano.

Developer Granite Properties has broken ground on 12-story office building in its Granite Park project on the Dallas North Tollway.

Cawley Partners is building a four-story, 175,000-sf office building in Legacy Business Park.

Lincoln Property Co. is building a three-building, 240,000-sf office project on the north side of Tennyson Pkwy. west of Preston Rd.

Read more at the Dallas Morning News.

For more on Granite Park, see previous story 306,000-SF Granite Park Five underway in Plano. For more on Cawley Partners' project, see previous story Underway: Plano Legacy Center kicks off 175,000-SF office.

Lewisville adding 81,000-SF Lakeside II office 

(10/28/2014)

LEWISVILLE - Myers & Crow Co. is building the Lakeside II Office Center at 2900 Lake Vista Dr. near the southwest corner of SH 121 and Stemmons Fwy.

The two-story, 81,000-sf office project faces a small lake in the Lakeside business park.

“We have been building there for 15 years,” developer Marc Myers said. “It’s the only site we had left.”

More than a half dozen office buildings have already been built in the park.

Read more at the Dallas Morning News.

Cargill beefs up with 96,000-SF Fort Worth buy 

(10/27/2014)

FORT WORTH - Westmount Realty Capital has sold 1401-1424 Northpark Dr. to one of its tenants, Cargill Meat Solutions Corp.

Built in 1978, the 96,400-sf single-building property is currently 100 percent leased to four tenants.

Northpark is configured with overall office finish of 5 percent and includes additional trailer parking to accommodate approximately 15 trucks.

Westmount had owned the property since 2012.

Read more at GlobeSt.com.

Tarleton humanities $13M addition opens in Stephenville 

(10/27/2014)

STEPHENVILLE - Tarleton State University has completed a 34,000-sf addition to the campus’ O.A. Grant Humanities Building.

The $13.6 million expansion and renovation project was completed ahead of the fall 2014 term, and was covered by Permanent University Funds granted to Tarleton. The Grant building is located near the main south entry into the campus, at the corner of Lillian St. and Washington St.

The expansion project included renovating more than 12,000 sf of existing space and adding two floors, bringing the entire facility up to three floors.

Originally constructed in 1973, the 40-year-old building was rehabilitated to keep up-to-date with current educational needs and trends, and features collaborative learning spaces for use by students from all across the university.

Read more at the Stephenville Empire-Tribune.

Denton County makes a break for 40,700-SF Government Center 

(10/27/2014)

LEWISVILLE, DENTON COUNTY - The 40,700-sf Denton County Precinct 3 Government Center has broken ground at Valley Pkwy. and Civic Circle. Construction is slated for completion in 360 days.

The two-story building will house offices for the Precinct 3 Commissioner, Precinct 3 Justice of the Peace, Precinct 3 Constable as well as the Texas Department of Public Safety, county clerk and tax assessor/collector offices for southern Denton County, veterans services and an adult probation office.

After the first phase is complete, the existing Lee Walker Government Center will be torn down and replaced with a new one-story facility housing offices for the health department, WIC and juvenile probation, according to Commissioner Bobbie Mitchell.

The buildings will be funded by a $495 million bond package approved by voters across Denton County, $395 million of which is designated for roads and the remainder for county facilities.

Mitchell said plans are underway to build a government facility in Flower Mound to house Precinct 4 Commissioner Andy Eads and his staff.

Read more at the Cross Timbers Gazette.

52,000-SF 4228 North Central Expressway sold in Dallas 

(10/27/2014)

DALLAS - Caddo Holdings has purchased 4228 North Central Expy., a 52,000-sf office building.

Caddo plans to spend more than $1 million in upgrades on the property, which was developed in 2000.

“The quality of the building and strong demographics around the intersections of Knox-Henderson, Fitzhugh and Central attracted us to this property,” said Caddo President Tim Slaughter.

With its latest purchase, Caddo has acquired nine buildings with 950,000 sf since the company was formed in 2009.

Read more at the Dallas Morning News.

Forecast predicts DFW among top markets in 2015 

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

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

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

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

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

Read more at the Dallas Morning News.

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

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

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

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

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

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

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

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

Read more at the Fort Worth Business Press.

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

(10/24/2014)

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

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

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

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

Read more at the Dallas Morning News.

Dallas' 236,000-SF Corner Shopping Center sold 

(10/24/2014)

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

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

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

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

Read more at the Dallas Morning News.

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

Turtle Creek tower's new shell, new owner 

(10/23/2014)

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

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

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

Read more at the Dallas Morning News.

Former meatpacking site in Fort Worth Stockyards sold 

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

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

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

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

Read more at the Fort Worth Business Press.

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

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

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

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

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

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

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

Read more at the Dallas Morning News.

Dallas' Park Lane Apartments acquired by Paladin 

(10/22/2014)

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

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

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

Read more at GlobeSt.com.

PMRG: Dallas office market 3Q 2014 

(10/21/2014)

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

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

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

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

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

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

*Includes all DFW submarkets.

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

Historic Dallas candy factory sold for lofts housing 

(10/21/2014)

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

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

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

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

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

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

Bell rings up sale: 316-unit Fort Worth apartments 

(10/21/2014)

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

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

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

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

Read more at the Fort Worth Business Press.

Copaken Brooks buys 228,000 SF in two Addison buildings 

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

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

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

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

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

Read more at the Dallas Business Journal.

New shopping center coming at McKinney’s Craig Ranch 

(10/20/2014)

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

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

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

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

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

253,000-SF Downtown Dallas Belo Building sold 

(10/20/2014)

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

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

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

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

Read more at the Dallas Morning News.

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

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

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

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

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

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

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

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

Red Tail buys 462,618 SF in Richardson, Carrollton 

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

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

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

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

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

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

Read more at the Dallas Business Journal.

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

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

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

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

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

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

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

$185M Waterside project starting in Fort Worth 

(10/17/2014)

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

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

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

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

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

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

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

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

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

(10/17/2014)

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

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

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

Read more at the Dallas Business Journal.

Avanti seeding Flower Mound $15M senior living 

(10/17/2014)

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

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

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

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

Read more at the Dallas Morning News.

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