This Week’s Dallas-Fort Worth Deal Sheet (May 5, 2020)

Dallas-Fort Worth lease deals are still closing in the wake of the coronavirus, with the Park Forest Business Center in northeast Dallas securing four new leases for the site near Plano Road.

Courtesy of Bradford Commercial Real Estate Services

Park Forest Business Center in Dallas.

Bradford Commercial Real Estate Services’ Jason Finch, Brian Pafford and Noah Dodge announced the procurement of multiple leases for the center, totaling more than 11K SF inside the 200K SF business center.

The three-building center signed Electric Distribution & Design Systems Inc. and Reztec Ventures LLC as tenants, while also inking lease renewals with Just Energy Texas Corp. and Bold Roofing Co.

“While COVID-19 has caused several deals that were working to be placed on hold, we continued to aggressively market the property and are now seeing the results,” Finch said in a press statement.

The project is 80.8% leased with two more tenants reportedly close to securing space inside the business center. 

EXECS

AllianceTexas developer Hillwood promoted Mercedes Bolen to vice president of external affairs and community relations. Bolen will oversee the firm’s public partnerships and other associated organizations while also handling workforce development and transportation program initiatives. 

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Healthcare real estate investment firm Caddis named Lance Hardenburg CEO. Hardenburg joined Caddis in 2017 as executive vice president and general counsel. 

The firm’s former CEO, Jason Signor, stepped down to pursue new opportunities.

Courtesy of Hines

570 Country Club Road in Wylie, Texas.

SALES/ACQUISITIONS 

Trez Capital, in partnership with Hines, acquired a 101K SF self-storage facility in Wylie, Texas. The 11-building property comes with 760 units and 75 RV parking spaces.

The site is at 570 Country Club Road near the intersection of Highway 544 and Woodbridge Parkway in Wylie. 

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Japanese investment group Reavans offloaded a five-property portfolio with 354 apartment units in Oak Lawn, the Dallas Medical District and Knox-Henderson. 

The buyer is Wedgewood Inc.’s David Wehrly, who was in the market looking for assets in strong DFW locations for strategic value-add plays. The purchaser was represented by Rowan Multifamily Advisors. 

The five-building portfolio comprises the following properties: 4710 Lake Apartments, Bailiwick, Villas on Gilbert, Tree Top and Gramercy Park. 

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The Homes of Persimmon apartment complex has sold for an undisclosed amount. 

Located at 3425 Simpson Stuart Road in Dallas, the 180-unit property was sold with the help of Colliers International’s Mark Allen and Colliers affordable housing group members John Nguyen and Connor Canale. 

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Flint Group Packaging Inks North America Corp. has sold the 39K SF industrial property at 9259 King Arthur Drive in Dallas to LCG King Arthur LLC. The seller chose Newmark Knight Frank’s Cole Collins and Gary Lindsey to handle negotiations with involvement from First American Title Insurance Co. 

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Black Creek Group has closed on two Class-A industrial buildings at 1050 and 1150 Luna Road in the Valwood Crossroads industrial development in Carrollton. The seller, Core5 Industrial, offloaded more than 618K SF constructed as recently as 2019. The seller’s broker is JLL’s Dustin Volz. 

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Spring Creek Apartments in Richardson, Texas, sold. The seller obtained substantial value through a three-year hold period, according to Rowan Multifamily Advisors, which brokered the deal. The 72-unit garden-style apartment community has one- and two-bedroom units. An undisclosed California purchaser acquired the property. 

CONSTRUCTION 

Cadence McShane Construction Co. announced the completion of four activity centers in Richardson and Dallas for the Richardson Independent School District. The centers, which were all designed by HKS, are at the L.V. Berkner, Lake Highlands, Richardson and J.J. Pearce high schools.

Courtesy of UNT

UNT’s facility at HALL Park in Frisco, Texas.

LEASES

HALL Park in Frisco renewed and expanded the University of North Texas lease to 56K SF inside 2811 and 3011 Internet Blvd.

HALL Group’s Kim Butler, Brad Gibson and Cynthia Cowen represented the landlord, while Newmark Knight Frank’s James Cooksey and Garrison Efird represented UNT. 

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A 110K SF building at 5525 LBJ Freeway in Midtown Dallas is now under a management and leasing contract with Transwestern. The six-story, Class-B property is being handled by Transwestern’s Chris Lipscomb, Matt Hurlbut and Brooke Sutherland.

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Corradi USA Inc. has leased more than 67K SF at Frankford Distribution Center II from landlord Texas Dugan Limited Partnership. 

The property is at 1433 West Frankford Road in Carrollton. Newmark Knight Frank’s Bob Luttrell handled negotiations for the tenant, while Duke Realty Services handled negotiations for the landlord. 

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Tenant Pella leased 42K SF at the Northfield Distribution Center at 506 East Dallas Road in Grapevine from East Group Properties LP. Newmark Knight Frank’s Garrett Gibbons and Lucas Kay represented the tenant, while NAI Robert Lynn handled negotiations for the landlord.