The new Pegasus Park includes a redeveloped 600,000-square-foot, 18-story office tower.

Commercial Real Estate

Deal Ticker: UT Southwestern Leases Space at Visionary Project Pegasus Park

Plus Trammell Crow Co. plans new Allen multifamily project, Stanton Road Capital continues Dallas office expansion, and more.

Share your top deals by emailing Real Estate Editor Bianca R. Montes at [email protected].

The University of Texas Southwestern Medical Center has signed a 180,000-square-foot lease at visionary project Pegasus Park. UT Southwestern will occupy six floors in the tower building.

Located at 3000 Pegasus Park Drive, Pegasus Park is developed as a life sciences hub for North Texas. The campus spans 23 acres and consists of more than 750,000 square feet across multiple buildings, including an 18-story office tower. Pegasus Park will be a mixed-use collaborative ecosystem and office campus designed to bolster local biotech, social impact, and corporate innovation. Construction is underway to transform the former oil industry campus into a future-focused center. Pegasus Park campus is scheduled to open in mid-2021.

INDUSTRIAL

M2G Ventures has purchased the 1.2 million-square-foot industrial distribution facility and corporate store formerly owned by Tuesday Morning with Pennybacker Capital. The agreement also includes Tuesday Morning’s 105,000 square-foot headquarters, allowing the retailer to exit bankruptcy. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership on this transaction.

JKB River Oaks purchased a 6,150 square foot industrial building at 7800 Camp Bowie Road in Fort Worth. Troy Morgan, CCIM of Structure Commercial, negotiated the sale.

MKP Development purchased 16 acres at 1675 N. Main Street in Mansfield. Troy Morgan, CCIM of Structure Commercial, negotiated the sale.

MULTIFAMILY

Construction on The Montgomery at Watters Creek should begin next month. The 11-story property will host 370 units, totaling 316,325 rentable square feet at 1208 Montgomery Blvd. in Allen. According to state filings, the project is valued at $51.7 million. Trammell Crow Co. is the developer. JHP Architecture is the listed design firm.

A permit has been filed to build The Preserve at Spring Creek, an assisted living facility at 2055 Arapaho Road in Garland. Construction on the $17.8 million project is anticipated to begin the April. Jeffrey DeMure + Associates Architects Planners is the listed design firm.

OFFICE
Esters114
Esters 114 Business Center, a two-building Class “A” office park totaling 176,700 square feet.
Stanton Road Capital

Investment management firm Stanton Road Capital has purchased Esters 114 Business Center, a two-building Class A office park totaling 176,000 square feet in Irving. The acquisition is SRC’s sixth office investment in Dallas since mid-2014. Clint Madison and John Fancher of Cushman & Wakefield will handle leasing for Esters 114 Business Center. Cushman & Wakefield will also handle property management. Newmark’s Chris Murphy, Robert Hill, Gary Carr, and John Alvarado represented the seller.

Story Business Center, completed in 1986 and renovated in 2008, is leased to a cross-section of professional services for diverse commercial sectors. Its largest tenant is Tire Profiles, which leases 16,377 square feet for its headquarters and design teams.

Sequin Court Plaza, a 65,460 square foot business center at 3010 Story Road in Irving, has sold. Jason Finch and Michael W. Spain with Bradford Commercial Real Estate Services represented the buyer. The seller is Americo Story, which owned the complex for about three years.

Direct Holdings leased 3,811 square feet at 12221 Merit Drive in Dallas for 7.5 years. Bruce Sifford with Direct Property Services, Inc represented the tenant. Jessica Cyphers and Ben Veler represented the landlord, Hartman Income REIT.

Krueger Law Group renewed 3,580 square feet at 8111 LBJ Freeway in Dallas for 5 years. Jessica Cyphers represented the landlord, Hartman Income REIT.

CMC Real Properties purchased a 2,364 square foot medical office building at 1900 Matlock Road, Bldg. 3 in Mansfield. Court Powell of Structure Commercial negotiated the purchase.

Brunus Landing purchased a 2,364 square foot medical office building at 1900 Matlock Road, Bldg. 6 in Mansfield. Court Powell of Structure Commercial negotiated the purchase.

RETAIL

Locke Supply Co has leased 47,830 square feet at a former Supermarket located at 3164 5th St, in Wichita Falls. Scott Rose of Structure Commercial represented the tenant, and Brian Sladek and Chris Flesner of RESOLUT RE represented the landlord.

Texas Oncology
Texas Oncology is located at 191 Walls Drive in Cleburne
Marcus & Millichap

Texas Oncology, a 7,345-square-foot investment property located at 191 Walls Drive in Cleburne, has sold. Alex Sacks, Brett Rodgers, Frank M. Roti, and Garret Wolfe with Marcus & Millichap represented the buyer and seller with Tim Speck’s assistance.

Creative Corner Learning Center leased 6,962 square feet of retail space at 209 Harwood Road in Bedford. Jake Burns and Eric Deuillet of Structure Commercial negotiated the lease.

The Nice Neighbor purchased a 6,354 square foot freestanding retail building at 4000 Airport Freeway in Fort Worth.  Troy Morgan and Rob Exline of Structure Commercial represented the buyer, and Nathan Vasseur of Vasseur CRE represented the Seller.

NEO International leased 4,380 square feet of retail space at 1801 Royal Lane in Farmers Branch. Troy Morgan, CCIM of Structure Commercial, negotiated the lease.

LNPC purchased the 4,067 square foot freestanding restaurant at 12675 Josey Lane in Farmers Branch.  Eric Deuillet and Don Wass of Structure Commercial negotiated the sale.

Tone Shop Guitars has leased 3,451 square feet at 3220 W Southlake Boulevard in Southlake. Gavin Fite of RESOLUT RE represented the tenant. Keith Conlon, Allie Beth Allman, and James Keoughan of Allie Beth Allman & Associates represented the landlord.

Fit Body Boot Camp has leased 2,996 square feet at Shops at Woodbridge, 7900 Woodbridge Pkwy. in Sachse. Brian Sladek and Chris Flesner of RESOLUT RE represented the landlord. Samuel Hartley of RESOLUT RE represented the tenant.

Construction on a Raising Cane’s at 12320 Lake June Road in Balch Springs is expected to begin in late March. CSRS, Inc. is the listed design firm for the $2 million project.

Sharetea leased 1,500 square feet at Warren Plaza Center, 9351 Warren Parkway in Frisco. David Levinson and Paul Cooke III with The Retail Connection represented the landlord, Encore Retail Development Company. Sam Hung with Structure Management represented the tenant.

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