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Commercial Real Estate

Deal Ticker: M2G Ventures Ends Year With Rapid Pre-Leasing of Historic Fort Worth Building

Plus D.R. Horton plans $150 million development, Plano tech firm Edge Communications downsizes office footprint, and more.
Share your top deals by emailing Real Estate Editor Bianca R. Montes at [email protected].

M2G Ventures wrapped up the year with the transformation of PROOF, a 40,665-square-foot building at 901 W. Vickery Blvd. in Fort Worth. Despite the whirlwind of 2020, this coveted mixed-use project is 72 percent preleased, landing a corporate relocation, a boutique bowling concept, and one of the largest female-owned personal injury law firms in the country.

Built in 1926, Proof’s first life began when Adkins-Polk Whole Grocers built it to serve the growing population of Fort Worth. As the city transformed throughout the years, so did the purpose of the building. In 2010, the building was sold to Firestone & Robertson Distilling, signaling the space’s true second life.

Bowlounge, a retro-style bowling alley, has leased space in the recently renovated PROOF Building in Fort Worth.

Signed tenants include Bowlounge, a retro-style bowling alley, occupying 15,000 square feet; Witherite Law Group, a personal injury firm, occupying 7,000 square feet; and recently announced Trinity Real Estate Investment Services (Trinity REIS) who will occupy 6,500 square feet dubbing the redevelopment as an elevated, creative office and mixed-use destination.

“We’re thrilled to end this year with a big accomplishment through the renovation of PROOF,” said Jessica Miller Essl, co-president of M2G Ventures. “Our goal was to showcase the building’s 94 years of milestones while repurposing the design to create a modern-day mixed-use location. We’ve been able to exceed our expectations for this legacy asset, and that’s a tall order.”

Litex Industries leased 50,400-square-feet in north Grand Prairie for overflow storage of various products. John Brewer and Riley Maxwell of Transwestern represented landlord Prologis in the leasing. Ryan Boozer and Charles Brewer of Stream Realty Partners represented Litex.

Motion Industries renewed its lease for 32,000-square-foot with Gyant Bethlehem at 2589 NE 33rd Street in Fort Worth. Transwestern’s Jeff Givens and Todd Hawpe represented the landlord.

An affiliate of Astra Development sold 145 acres of land on Denton’s north side to home builder D.R. Horton. The deal, which recently closed, will establish a new neighborhood development at the northeast corner of Stuart Road and Long Road called Stuart Ridge. Upon full build-out, Stuart Ridge is projected to be valued at more than $150 million. The shovel-ready project is platted for 561 single-family lots just north of Loop 288. In working with the City of Denton, Astra Development has obtained the approval of construction plans and a final plat for 163 lots in the first development phase. Davey Davis represented Astra Development in the deal with D.R. Horton. Kimley-Horn & Associates serves as the land planner and civil engineer for the project.

Local homebuilder Olerio Homes purchased an entire block of houses (both sides of the 4500 block of March Avenue) in Northwest Dallas with plans to build a new neighborhood of luxury residences.

S2 Capital is continuing expansion throughout Dallas-Fort Worth with the recent acquisition of the Windridge Apartments in Grand Prairie. The Dallas-based firm plans to spend the next 24 months and $7 million upgrading this property, and then it will reopen as The Kace Apartments at 2301 Ave. H. Berkadia represented the seller in this transaction

7920 Belt Line Road
7920 Belt Line Road

Colliers International’s Capital Markets Team of Creighton Stark and Chris Boyd facilitated the sale of 7920 Belt Line Road, an 11-story multi-tenant office tower located at the southwest corner of Belt Line Road and Coit Road in Dallas. The 190,830 square-foot building was sold by Pillar Commercial and Blue Vista Capital Management to Uhalt Investments for an undisclosed amount. The sale included an adjacent medical pad site for potential future development.

Lakeland West Capital has sold a second-generation medical office building developed in 1986 and renovated in 2006. The S-shaped structure features a portico and expansive barrel-vaulted ceiling with skylights. The property abuts Arlington Highlands, a regional open-air center with one million square feet of lifestyle retail, restaurants, and entertainment venues.

Lakeland West Capital has sold a vacant multi-tenant office project building on 4.85 acres at 701 E. Interstate 20. Erik Blais of Bradford Commercial Real Estate Services represented the seller of record, Lakeland West Capital 32 of Waco, Texas. DUB C LP, a Fort Worth-based investment group, won the deed with an all-cash offer, 25-day inspection, and 15-day close. Ryan Matthews and Cannon Camp of JLL represented the buyer.

Plano tech firm Edge Communications is downsizing its offices in Legacy business park as its workforce works remotely. The company cut the footprint of its offices in Legacy business park by about a third with a new lease (from 30,000 square feet to 21,o00 square feet. Mike Wyatt and Robbie Baty with Cushman & Wakefield negotiated the new office lease with Justin Miller of Transwestern Property Co.

Women’s Specialists of Plano, PLLC signed a new 8,704-square-foot lease with Remedy Medical Partners located at 3801 W. 15th Street in Plano. Transwestern’s Chris Lipscomb and Laney Underwood represented the landlord.

Louisiana-based banking firm B1 Bank is expanding its North Texas footprint with a new operation in Frisco.

b1BANK leased 6,609-square-feet of office space at Hall Park, 3010 Gaylord Parkway in Frisco. Kristin Grammar, with NewGate Development, represented the Tenant. Kim Butler, with Hall Park, represented the Landlord.

Advantage Storage, a 95,825-square-foot self-storage facility at 1040 West Sublett Road in Arlington, has sold. Brett R. Hatcher and Gabriel Coe with Marcus & Millichap’s Columbus office represented the seller. Marcus & Millichap’s Tim Speck assisted in closing this transaction.

Spec’s Wine, Spirits & Finer Foods on the northwest corner of Lakeview Pkwy and Dalrock Road in Rowlett has sold. STRIVE’s Adam Gottschalk represented the seller and the buyer, both Dallas investors.

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