Lakewood Tower is situated on over 3.5 acres

Deal Ticker

August Real Estate Expands East Dallas Portfolio With Lakewood Tower Purchase

Plus Buff City Soap to open Casa Linda location, Presidium plans $60 million Frisco multifamily, and M2G Ventures announces Industrial redevelopment in Grand Prairie.

August Real Estate is building up its East Dallas portfolio with the recent purchase of Lakewood Tower on Gaston Avenue. Previously, the family-run real estate firm redeveloped Deep Ellum’s landmark Cotton Gin Building and 333 1st Avenue near Fair Park.

Already 90 percent leased, the Lakewood office building is nine stories and 120,000 square feet. It is home to companies such as Wells Fargo, Briggs Freeman, and Baylor Scott & White.

“As Dallas natives with a local investment strategy, we’re committed to the improvement and longevity of Lakewood and East Dallas more broadly,” said Evan August, August Real Estate Co. co-founder. “Lakewood Tower is an excellent opportunity to expand our portfolio while contributing to the area’s growth through thoughtful building improvements over time.”

The firm plans to expand amenity offerings and elevate the finishes at the building.

August Real Estate Co. purchased Lakewood Tower from a partnership controlled by Caddo Holdings. A Caddo affiliate will retain ownership of the adjacent four-story building, which is the newest location for the Caddo Office Reimagined brand, a flexible workspace concept focusing on private office suites.

Goodwin Advisors’ Evan Stone represented Caddo Holdings in the sale. Veritex Bank will provide the acquisition financing for August Real Estate Co. sourced by Adam Mengacci with Hamilton Realty Finance.

HOSPITALITY

Best Western Plus Grand Prairie

A 70-room Best Western in Grand Prairie has sold. Allan Miller, Chris Gomes, and Skyler Cooper with Marcus & Millichap’s Texas Division represented the buyer and seller.

INDUSTRIAL

SiteOne Landscape Supply leased 337,931 square feet at 1200 West Wintergreen Road in Hutchins. Matt Dornak with Stream Realty Partners represented the landlord, Cabot Properties. Cushman & Wakefield represented the tenant.

Fountain Parkway was acquired as a single-tenant facility with the original tenant ARA Industries and was transformed into a multi-tenant facility over time.

Westmount Realty Capital sold one of its legacy assets, Fountain Parkway, a 301,399-square-foot warehouse, and manufacturing facility spanning approximately 14 acres in the Great Southwest Industrial Park in Grand Prairie. Reed Parker and Adam Graham of DFW Lee & Associates represented the seller in the sale transaction.

Building 4 at McKinney Trade Center is expected to start construction this December. The $8.5 million build will total 171,398 square feet. Pross design group will lead the design.

M2G Ventures has purchased a 141,658-square-foot property at 3500 Avenue E and announced the construction of 3101 Pinewood, a 100,100-square-foot urban industrial redevelopment located within the Great Southwest Industrial submarket in Grand Prairie. The redevelopments are expected to deliver soon, with Pinewood wrapping up by late September 2021 and Avenue E beginning construction in November 2021. Cameron Deptula and David Guinn of Davidson Bogel Real Estate represented M2G Ventures in the acquisition of Avenue E. Stephen Williamson, and Adam Graham of Lee & Associates represented M2G Ventures in the acquisition of Pinewood.

Boxout leased 64,981 square feet at Eagle Distribution Center in Fort Worth. CBRE represented the landlord, PR III/Crow. Ryan Boozer and Lena Pierce with Stream Realty Partners represented the tenant.

Superior Relocation Services leased 40,500 square feet at 1169-1171 13th in Grand Prairie. Coby Hodgkiss with Mercer Compay represented the tenant.

Homeward Bound purchased 35,532 square feet at 2535 Lone Star Dr. from Lakker Ding. Evan Webb with Mercer Company represented the seller.

Mont Mart USA leased 30,120 square feet at 2401 Centennial Dr. in Arlington. Corby Hodgkiss and Harrison Putt with Mercer Company represented the tenant.

Cruz Granite leased 22,980 square feet at 8107 Chancellor Row in Dallas. Jason Moser with Stream Realty Partners represented the landlord, JLK.

Chapald-BC purchased a 21,600-square-foot property at 2113 109th in Grand Prairie. Corby Hodgkiss with Mercer Company represented the buyer.

LGCY Power leased 16,380 square feet at 1516 Central Park Drive in Hurst. George Jennings and Hogan Harrison with Holt Lunsford Commercial represented the tenant. Brent Carlton and Forrest Cook with Stream represented the landlord, 1516 Central.

MULTIFAMILY

Presidium has filed a building permit to start construction on Frisco Square, a 368-unit multifamily at Church Road and Cotton Gin Road. Construction on the $60 million projects is expected to begin in November and finish in 2024. O’Brien Architects is leading design.

Legacy Square, a 363-unit multifamily headed to 6948 Custer Road in Plano, will begin construction this November. High Street Residential is developing the $60 million project, and GFF is leading design.

Capstar Real Estate Services has filed a building permit to construct a 337-unit multifamily at 3751 North Central Expressway in McKinney. The $40 million project will begin in November. GDA Architects will lead the design.

OFFICE

Vesgro Corp. of Plano has purchased a 113,406-square-foot property n 4.7 acres at 6001 Campus Circle Dr. for its new manufacturing location. SkyWalker Property Partners sold the property in Irving’s Las Colinas Business Park. Zane Marcell, Chris Stout, and Melissa Holland of JLL represented the seller of record, Tech the Halls. The buyer’s broker was Brett Lewis of Lee & Associates DFW.

Midway Centre
Midway Centre

Midway Centre, a 63,592 square foot office building located at 13465 Midway Road in Dallas, has sold. Clear Call Properties sold the building to Twinrose Investments. Mark Meyer with Meyer Commercial brokered the sale with Cullen Dickey of Dickey Property Co. Steve Heldenfels of JLL arranged the acquisition financing with John Klein of Inwood National Bank.

Doma Holdings leased 8,852 square feet at 700 Highlander in Arlington. Marshall Mays, Geoff Shelton, and Matt Carthey with Holt Lunsford Commercial represented the landlord, 700 Highlander Partners. Calvin Hull with JLL represented the tenant.

TRC Environmental renewed its lease of 6,945 square feet at 700 Highlander in Arlington.    Marshall Mays, Geoff Shelton, and Matt Carthey with Holt Lunsford Commercial represented the landlord, 700 Highlander Partners. Kristen Dragon with CBRE represented the tenant.

Lamar National Bank started in 1981 in Paris, Texas. It is expanding into DFW with a new office in Frisco.

Lamar National Bank is expanding into the Frisco Market with its newest location in the Hall Park business campus on the Dallas North Tollway. The financial firm is leasing 5,590 square feet at 6801 Gaylord Pkwy. The new office is set to open in Fall 2021. Lamar National Bank’s existing locations are in Paris, Reno, Celina, and Northlake. Kristin Grammar with NewGate Commercial Real Estate represented the bank in the lease transaction.

Seltzer & Daly renewed its lease of 5,429 square feet at Quorum West in Fort Worth. Jake Neal and Matt Carthey represented the owner, Hickman Investments.

Sparrow Capital Partners leased 5,246 square feet at Liberty Plaza I in Addison. Hold Lundsford represented the landlord, FSP Liberty Plaza Limited Partnership. Rhett Miller and Shannon Jenkins with Stream Realty Partners represented the tenant.

FNR Solutions renewed 2,246 square feet at 1055 South Sherman St. in Richardson. Lynna Smith represented the landlord, Hartman Income REIT.

Bond Ellis Eppich Schafer Jones leased 1,694 square feet at Chase Bank Building in Fort Worth. Matt Carthey with Holt Lunsford Commercial represented the tenant. Robert Gamblin with Sundance Plaza Properties represented the landlord.

JSA Heating and Air leased 1,092 square feet at 100 Post and Paddock in Grand Prairie. Corby Hodgkiss with Mercer Company represented the landlord, G.P. Post & Paddock.

RETAIL

The Parks Living Trust purchased the 33,105 square foot shopping center, known as Caladium Village, located in Dallas at 3920–3950 Rosemeade Parkway. Eric Deuillet of Structure Commercial negotiated the sale.

San Antonio-based Las Palapas has leased a former Dairy Queen site for its first DFW location. The Mexican restaurant leased 4,056 square feet at 455 Keller Pkwy. in Keller. David Zoller and Corbin Tanenbaum with Weitzman handled negotiations for the landlord. David Sacher and Josh Beliak with SHOP Companies represented Las Palapas.

Hawaiin Bros is headed to Rowlett with a planned 2,500-square-foot eatery at 3101 Lakeview Pkwy. Construction will begin in September and be complete by the end of the year.

Cork & Pig Tavern will open in a 4,219-square-foot location adjacent to Shops of Southlake’s new Mesero, a specialty Mexican restaurant that opens at Shops of Southlake this fall. The chef-driven eatery is a unique blend of wood-fired meats, gourmet salads, and an array of signature entrees. Michelle Caplan and Maggie Hansen with Weitzman handled negotiations as exclusive leasing agents for the center. Darin Botelho, vice president of retail with Gables Urban, and Gretchen Miller with Weitzman represented the restaurant.

Buff City Soap is opening another DFW location at the Casa Linda Shopping Plaza in Dallas. The soap company has filed a permit to build-out 2,450-square-feet of retail space at the shopping center located at 9440 Garland Road Suite 186. Construction should begin in September and complete by the end of November.

Newsletter

Sign up now to get breaking commercial real estate news and industry reports from the D CEO editors, plus on-the-ground insights from nearly 100 contributing editors across all sectors.

Comments