Deal Ticker

State-Owned Industrial Property Along U.S. 75 Corridor Exchanges Hands

Plus: JPMorgan Chase to move out of namesake tower; luxury multifamily on Ross Avenue sells; and more.

Dallas-based Preston Forrest Capital is shifting its commercial real estate focus to industrial. The firm has purchased a 518,700-square-foot industrial property at 1400 W. FM 1417 in Sherman for an undisclosed price.

The property sits on 70 acres and is located 40 miles north of Dallas-Fort Worth, west of U.S. Highway 87. This is now the largest industrial property acquired to date for Preston Forrest Capital. 

The facility is 100 percent occupied and serves as a regional distribution hub for CertainTeed Corporation, an international building products manufacturer. The building is located at Progress Park, a 3,300-acre business park that currently houses Tyson Foods, Sunny Delight, Texas Instruments, FedEx, and other companies. Before becoming a distribution warehouse, the building was an insulation manufacturing and distribution center. 

Stan McClure of CBRE represented the seller, The State of Texas Permanent School Fund, and General Land Office. 

“This acquisition is directly in line with our firm’s strategy as we continue to invest in growing markets with strong fundamentals,” company president Dru Landrum said in a statement. “While we are active in other asset classes, our main focus right now is expanding our industrial holdings in Texas through acquisition and development.”

Preston Forest manages a portfolio of $50 million of assets under management.

INDUSTRIAL

Landmark Companies filed a state permit to construct a 470,000-square-foot industrial shell building on Clay Road in Sunnyvale. Construction on the $22.5 million project will begin in mid-August and conclude in April 2022. Ware Malcomb will lead the design.  

Panda High Plains purchased 458,810 square feet of industrial space at 8600 N. Central Freeway in Wichita Falls. Nathan Denton, Reid Bassinger, and Trey Fricke of DFW Lee & Associates represented the seller, 8600 Central Venture, and Michelle and Tod Hudson of Hudson Peters Commercial represented the buyer.

RSI North America leased 391,985 square feet at Carter Distribution Center in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM. Grant Pruitt and Jade Scott with Whitebox Real Estate represented the tenant.

Johnson Cherry Creek leased 214,649 square feet at Penn Distribution Center in Dallas. CBRE represented the landlord, TA Realty. Ridley Culp with Stream Realty Partners represented the tenant. 

Alpha Furniture leased 160,120 square feet at GSW Distribution Center 20 in Arlington. Lee & Associates represented the landlord, GRM Document Storage. Luke Davis and Charles Brewer with Stream Realty Partners represented the tenant. 

A 143,771 square feet on 10-acres in a prime infill location of Plano.

CanTex Capital closed on the acquisition of a 143,771-square-foot, five-building industrial campus in Plano. Patrick Hunt and Cullen Finnegan of Trinity Southwest Commercial Real Estate represented the purchaser in the transaction. The seller was represented by Dave Peterson and Mark Miller of NAI Robert Lynn. 

USA Top Resources Corporation leased 67,200 square feet at 1720 Hayden Drive in Carrollton. Eric Crutchfield and Mac Hall with Stream Realty Partners represented the landlord, DRA. Younger Partners represented the tenant. 

Intertractor America Corporation leased 48,070 square feet at 2803-2831 Dairy Milk Lane in Dallas. Ryan Boozer, Mac Hall, Luke Davis, and Charles Brewer with Stream Realty Partners represented the landlord and the tenant. 

SCL Cold Chain signed a 47,921 square foot lease at 9001 Sterling Street in Irving. Agents Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Brookfield Properties. Tom Hubbard with NAI Robert Lynn represented the tenant.

E&H Industries signed a 47,200 square foot lease at 2805 Market Street in Garland. Agents Josh Barnes and Ben Wallace with Holt Lunsford Commercial represented the landlord, TA Realty. Bob Hagewood with Stream Realty Partners represented the tenant.

Overwraps Packaging signed a 40,712 square foot lease with landlord Dogwood Industrial Properties at 2130 – 2160 French Settlement in Dallas.  Agents Canon Shoults and Keaton Brice with Holt Lunsford Commercial completed the transaction.

Customform Transportation Systems renewed its 34,450 square foot lease at 2755 Miller Park North in Garland. Agents Josh Barnes and Ben Wallace with Holt Lunsford Commercial represented the landlord, TA Realty. Robin Weber with Weber Commercial represented the tenant.

G.D.M.I. signed a 26,700 square foot lease at 10605 Boomer Circle in Dallas. Agents Josh Barnes and Ben Wallace with Holt Lunsford Commercial represented the landlord, Alpha Industrial. Marshall Cooper with Cooper Commercial Inc. represented the tenant.

Ferguson Enterprises renewed its 22,350 SF lease at 700 -710 107th Street in Arlington. Agents Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Humphreys Capital. Brian Gilchrist with CBRE represented the tenant.

TJ Inspection renewed its 22,332 SF lease at 655 N Glenville Drive in Richardson. Agents Josh Barnes and Ben Wallace with Holt Lunsford Commercial represented the landlord, ATCAP Partners.

Pike’s Peak of Texas renewed its 20,667 square foot lease at 1123 Conveyor Lane in Dallas. Agents Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Hines. Matt Middendorf with Middendorf Commercial represented the tenant.

Rocore Southwest renewed its 20,160 SF lease at 4020 La Reunion Parkway in Dallas. Agent John Gorman with Holt Lunsford Commercial represented the landlord, PRIM Turnpike Portfolio. Travis Sapaugh with CBRE represented the tenant.

MULTIFAMILY 

Olympus at Ross exchanges hands.

Olympus at Ross, a 368-unit multifamily complex in Dallas, has sold. Kile and Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware, and Grant Raymond with IPA represented the seller, Olympus Property, and procured the buyer, American Landmark. 

First Texas and TriPointe plan to build about 185 single-family homes priced from $300,000 to $400,000 in The Oaks of North Grove subdivision at North Grove Blvd and FM 813. Younger Partners’ David Hinson brokered the deal between Buyer, Carrollton-based Bluebonnet Capital Partners and the seller, a private family.

TB Rivercrest filed a state permit to construct a 9,560-square-foot multifamily apartment building at 204 Athenia Drive in Fort Worth. Construction on the $1,577,400 project will begin in September and conclude in September 2023. Hensley Lamkin Rachel is the listed design firm. 

Crossings Apartments

With 151 units averaging 806 square feet, Crossings Apartments at 526 W. Walnut Parkway in Garland has sold. Jon Krebbs with The Multifamily Group represented the seller and procured the buyer. 

OFFICE

JPMorgan Chase has plans to move out of its namesake tower for a new address in downtown Dallas, according to sources. Chase will move out of Chase Tower at 2200 Ross Ave. to the Hunt Headquarters building on North Akard Street.

CDI Gateway filed a state permit to construct a 44,000-square-foot office warehouse at 8137 Gateway Drive in Argyle. Construction on the $1.2 million project will begin on Aug. 1 and conclude in June 2025. Bates Martin Architects will lead the design.  

200 Bailey Ave., a three-story, 43,729-square-foot office building, has sold.

Transwestern Real Estate Services announces the sale of 200 Bailey Avenue, a three-story, 43,729-square-foot office building. Kyle Poulson and Gibson Duwe with Transwestern facilitated the transaction on behalf of the seller. 

American Fire Protection Group renewed 37,252 square feet at Northgate Business Park II in Dallas. Ryan Wolcott and Adam Jones with Stream Realty Partners represented the landlord, DRA Advisors. Landry Commercial represented the tenant. 

Headington Energy Partners filed a state permit to construct an 18,703-square-foot single-story office building at 1501 North Hardin Boulevard in McKinney. Construction on the $3 million project will begin in September and conclude in late September 2022. Parkhill is the listed design firm. 

Landpoint Holdings leased 6,811 square feet at Overton Centre in Fort Worth. Matt Carthey with Holt Lunsford Commercial represented the landlord, FLDR/TLCOverton Centre. Jake Neal and David Cason with Holt Lunsford Commercial represented the tenant.

FST leased 3,984 square feet at 1333 Corporate Drive in Irving. Allison Fannin represented the landlord, Hartman Income REIT. 

King & Fisher Law Group leased 2,945 square feet at 12221 Merit Drive in Dallas. Matt Perry-Miller with Laughlin Commercial represented the tenant, and Michael Bowles represented the landlord, Hartman Income REIT. 

Stubbs Engineering leased 1,504 square feet at Livestock Exchange Building in Fort Worth. Matt Carthey and Jake Neal with Holt Lunsford Commercial represented the owner, Hickman Investments.

RETAIL

McKinney Crossing, a 21,902-square-foot site at Highway 380 and Highway 5 in McKinney, has sold. SHOP Companies Investment Sales team marketed the property.

The Toasted Yolk Cafe

The Toasted Yolk Cafe leased 4,056 square feet at Gateway Plaza in Southlake. David Levinson with The Retail Connection represented the landlord, RPAI. Paul Vernon with Henry S Miller represented the tenant.

CBD Pros USA leased 1,650 square feet at 3040 W. Camp Wisdom Road in Grand Prairie. Colin Cannon and Mai Nguyen of RESOLUT RE represented the landlord. Jeff Lewin of SF Waranch Company represented the tenant. 

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