Regent Properties has acquired the Trammell Crow Center, a 50-story, 1.2 million-square-foot office tower located at 2001 Ross Ave. in Downtown Dallas. The terms of the deal were not disclosed, but the Dallas Morning News reports that the skyscraper may have fetched a hefty price tag of upwards of $600 million.
Regent purchased the skyscraper from a group of institutional investors advised by J.P. Morgan Global Alternatives. The sale includes a retail building and parking garage across the street, according to the release.
“We are delighted to complete this transaction and are proud to own a long-standing fixture of the Dallas skyline,” said Eric Fleiss, CEO of Regent Properties. “Last year we set an objective to invest more than $2 billion in high-quality office real estate across Texas and the Sunbelt regions. The purchase of this iconic asset, during a period of market dislocation, reflects our view that sustained demand for these best-in-class office towers will continue.”
Office
Meadow Park Tower, a 16-story high-rise at North Central Expressway and Meadow Road, was acquired by Dallas-based Bradford Cos. Built in 1987, the more than 260,000-square-foot office building sale was brokered by Colliers International.
Industrial
McCormack Commercial, a Houston-based commercial real estate firm, has broken ground on a new industrial park in North Fort Worth. When fully developed, Meacham Commerce Center will total 1,311,911 square feet over four buildings situated on approximately 80 acres. The property will be leased by Matt Carthey and George Jennings of Holt Lunsford.
Retail
H-E-B Partners joined the mayor of McKinney George Fuller and other local officials to break ground on the new 118,000-square-foot H-E-B store, which is located on the northeast corner of Custer Road and Eldorado Parkway. The new store is slated to open in late 2023. It will be the company’s third store currently under construction in DFW.
Disney Investment Group (DIG) has brokered the sale of Lake Forest Marketplace in McKinney. Lake Forest Marketplace is a 37,500 square foot shopping center located at the southwest corner of Hwy. 380 and Lake Forest Drive Lake Forest Marketplace is 100% leased with 14 existing tenants including Pet Supplies Plus, Mod Pizza, Athletico, Floyds 99 Barbershop, Jersey Mike’s Subs, UPS Store, Aqua Tots, Anamia’s Tex Mex, among others. David Disney and Adam Crockett of DIG exclusively represented the seller and procured the private buyer.
EFG Companies has expanded to 38,134 square feet in Las Colinas at 122 W. John Carpenter Fwy. and will occupy the building’s entire top 6th floor. Garrison Efird and Jim Cooksey with Newmark represented the tenant.
Popshelf has leased 12,048 square feet of retail space in Pleasant Run Towne Crossing in Cedar Hill. David Levinson and Thad Beckner of The Retail Connection represented the landlord, Kite Realty. The tenant was advised by Gretchen Miller and Scott Smith of Weitzman.
The Hertz Corp. has leased 2,300 square feet of retail space at Luna Crossing in Plano. David Levinson and Paul Cooke III of The Retail Connection represented the landlord, Crow Holdings, and the tenant in the transaction.
Mixed-Use
California-based builder Legacy Partners have secured funding for a new retail and apartment project in Lewisville. The 296-unit Merit mixed-use project is being constructed on Interstate 35E, and is scheduled to open in mid-2023. The rental community will include apartments ranging from 630 to 1,500 square feet. Dallas-based JHP Architecture is the designer for Merit. The project is being built by Provident General Contractors.
Land
Lee & Associates Dallas Fort Worth announced the sale of 33 acres of land in an off-market transaction for Hopewell Development. The 33-acre parcel is located at 2451 S Beltline Road in Irving, with the advantage of location and access to the DFW transportation system including Highway 30, Interstate 161, 183, and more. Lee & Associates’ Alex Wilson, Nathan Denton, and Reid Bassinger represented the Calgary-based development company in their second land acquisition in the DFW metroplex. The Lee & Associates team represented Hopewell in early 2021 on their purchase of 21 acres in the Alliance submarket for a project currently under construction, Champion’s Circle.
