A stretch of retail property owned by Dallas' Lobello family recently sold. Carol Vig

Deal Ticker

Dallas’ Lobello Family Sells Preston Center Property

Plus massive Trammell Crow industrial development sells; the FDIC moves into 163,000 square feet at Plaza of the Americas; and more.

A stretch of property in Preston Center has exchanged hands. Stockdale Investment Group, a local family-owned and operated real estate venture acquired the property anchored by a 4,000-square-foot Verizon.

Along with the Verizon store, the property consists of seven tenants with a total of 15,000 square feet.

The Northwest Highway property was purchased from the Lobello family, who rose to real estate and development power in the 1950s when Sam Lobello became one of the original landowners and builders of Preston Center. The Lobello family was represented by Taylor LeMaster and Mike Cagle with Inroads Realty, while Alex Johnson with Stockdale Investment Group represented the purchaser. Stockdale will own, manage and lease the property and plans to continue to operate the retail center as is.

“We have had our eye on this property because of its legacy location within one of Dallas’ most premier retail centers,” said Joe Pastora, managing partner at Stockdale Investment Group. “This acquisition reflects our core strategy of purchasing legacy properties in irreplaceable locations.”

Last year, Stockdale also acquired the 200,000-square-foot Preston Forest Shopping Center at the southeast corner of Preston Road and Forest Lane. The company also owns the Shops of Highland Park retail center on Oak Lawn Avenue and retail properties in the Knox Street shopping district along Lovers Lane.

INDUSTRIAL

Passport Park

Trammell Crow at Passport Park, a four-building business park totaling 2,050,474 square feet of Class A+ industrial space under construction in Irving, has sold. Located at 2600, 2650, 2700, 2800 Rental Car Drive, the site is already 97 percent pre-leased. Ryan Thornton, Randy Baird, Jonathan Bryan, and Eliza Bachhuber with CBRE National Partners represented the developers Trammell Crow Company and CBRE Global Investors in the transaction. A publicly traded REIT purchased the park for an undisclosed purchase price.

Andes Coil Processors

Andes Coil Processors, a three-building, 110,400-square foot industrial property located in Lewisville, has sold. Marcus & Millichap’s Adam Abushagur represented the seller and buyer.

Harvest Roasting leased 35,707 square feet at Trinity 161 Trade Center in Grand Prairie. Matt Dornak and Luke Davis with Stream Realty Partners represented the landlord, LINK. Sarah Ozanne with Stream Realty Partners represented the tenant.

Maccaferri leased 24,950 square feet at 2626 Skyway Drive in Grand Prairie. Mac Hall with Stream Realty Partners represented the tenant.

Infinite Electronics expanded by 17,466 square feet at CreekView 121 in Lewisville for a total of 175,216 square feet. Bob Hagewood and Eric Crutchfield with Stream Realty Partners represented the landlord, EastGroup Properties. Brad Struck with ESRP represented the tenant.

E & T Plastics of Texas renewed their 16,840 square foot lease at 1174 Security Drive in Dallas. Agents Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Hines. Matt Elliott with NAI Robert Lynn represented the tenant.

Serendipity Wines signed a 15,522 square foot lease at 1154 Security Drive in Dallas. Agents Canon Shoults and Maddy Canty with Holt Lunsford Commercial represented the landlord, Hines. Charlie Richman with J Small Investments represented the tenant.

Enterprise Plumbing renewed 15,493 square feet at International Corporate Park III in Richardson. Ryan Wolcott and James Mantzuranis with Stream Realty Partners represented the landlord, Entrada Partners. Lee & Associates represented the tenant.

K & M Elevator renewed its lease of 9,000 square feet at Riverbend Business Park, Fort Worth, 76118.  Jake Neal and George Jennings with Holt Lunsford Commercial represented the landlord, Riverbend Business Park.  Asa Atkinson with Carr Commercial represented the tenant.

LAND

An undisclosed buyer has purchased 1.13 acres at the SWC Virginia Parkway & Hardin Boulevard in McKinney. Chris Flesner of RESOLUT RE represented the Buyer. Brandon Trimble of The Retail Connection represented the seller.

MULTIFAMILY

Lantower West Love Dallas filed a state permit to construct a 459,517-square-foot, five-story private rental multifamily facility at 2275 Hawes in Dallas. Construction on the $68 million project will begin in December and conclude in December 2023. WDG Architects will lead the design.

BVFD Arlington Owner filed a state permit to construct a 392,301-square-foot multifamily development at 5900 U.S. 287 Highway in Arlington. Construction on the $26,013,052 will start in November and conclude in May 2023. Danielian Associates will lead the design.
Camp Wisdom filed a state permit to construct a 192,840-square-foot, 198-unit apartment complex at 7401 Camp Wisdom Road in Dallas. Construction on the $16,008,775 project will begin in November and conclude in May 2023. Arrive Architect Group is the listed design firm.
Keystone at Castle Hills
Keystone at Castle Hills

Keystone at Castle Hills, a 690-unit multifamily community located at 4600 N. Josey Lane in Carrolton, has sold. Miami-based Starwood Capital Group purchased the property from Acre Valley Real Estate Capital. Danny Baker, Nita Stewart, Chandler Sims, and Kevin O’Boyle with CBRE Capital Markets’ Dallas Multifamily team represented the seller.

CityLine Park, a 435-unit newly developed apartment community in Richardson, was acquired by Bell Partners. The property, acquired on behalf of the firm’s Fund VII investors, will be renamed Bell CityLine and marks the 23rd community-owned or managed by Bell Partners in Texas.

OFFICE

Plaza of the Americas

The Federal Deposit Insurance Corp. (FDIC) has signed a 163,000-square-foot office lease at Plaza of the Americas, a mixed-use development in the Dallas Arts District. Keith Lavey, Victoria Abbasi, Charles Dilks, Matt Johnston, Kurt Stout, Connor Faught, Travis Ewert, and Mary Stoner with Colliers International represented the tenant in the lease negotiations. Kim Brooks, Justin Miller, Paul Wittorf, and Laney Underwood of Transwestern represented the landlord, a partnership between M-M Properties Inc and a fund managed by New York-based Clarion Partners.

One Panorama Center

Multiview, a national B2B marketing agency, has renewed its 82,093-square-foot lease for its headquarters at 7701 Las Colinas Ridge in One Panorama Center. Transwestern’s Nathan Durham represented the building’s owner, Regent Properties, in the transaction.

Airport Freeway Plaza

Goodwill Industries of Fort Worth has purchased the 32,256-square-foot Airport Freeway Plaza office complex on 2.28 acres at 4200-4304 Airport Freeway in Fort Worth, from Lakeland West Capital 37. Erik Blais of Bradford Commercial Real Estate Services represented the seller. Sandra Chapman of Quine & Associates represented the buyer.

1600 North Collins Blvd

Alliance Architects has renewed and expanded its space at 1600 North Collins Blvd. in Richardson. The new site will be 11,809 square feet. Grant Pruitt and Brendan Zrowka of Whitebox Real Estate represented Alliance Architects, and Art Kline of Thompson Realty represented the landlord.

Lockwood Andrews Newman leased 7,240 square feet at Summit Office Park in Fort Worth. Geoff Shelton and Jake Neal with Holt Lunsford Commercial represented the owners, Pennybacker Capital. Derrell Curry and Ric Kanatzar with Savills represented the tenant.

Greysteel Holdings leased 6,095 square feet at Comerica Bank Tower in Dallas. J.J. Leonard, Matt Wieser, and Rhett Miller with Stream Realty Partners represented the landlord, TriGate Capital. Avison Young represented the tenant.

Hazen & Sawyer leased 4,204 square feet at First Cash Plaza in Fort Worth.  Geoff Shelton, Matt Carthey, and Jake Neal with Holt Lunsford Commercial represented the landlord, Cash America Management. Curtis Dean with CD Commercial represented the tenant.

Norma Melamed and Jeffrey Glass (Individuals) renewed 2,987 square feet at 12850 Hillcrest Road in Dallas. Lynna Smith represented the landlord, Hartman Income REIT.

MGA Healthcare Texas leased 2,320 square feet at Summit Office Park in Fort Worth. Geoff Shelton and Jake Neal with Holt Lunsford Commercial represented the owners, Pennybacker Capital. Blake Lloyd with CBRE represented the tenant.

RETAIL

Eagle Mountain Self Storage, a 68,200-square foot self-storage facility located in Azle, has sold. Brandon Karr and Danny Cunningham, investment specialists in Marcus & Millichap’s Fort Worth office represented the buyer and seller.

Movement Climbing Gym has leased 9,000 square feet at The Hill.

Lovefield SRG Holding purchased 2720 W. Mockingbird Lane in Dallas. The 5,650-square-foot retail building is adjacent to Dallas Love Field Airport and the Southwestern Medical District. Patrick Hunt and Cullen Finnegan of Trinity Southwest Commercial Real Estate represented the seller in the transaction. Jamie Field of Clay Stapp Co represented the tenant.

Drunken Noodles at Malai Kitchen

Malai Kitchen is set to open a fourth location this Fall inside Preston Center Shopping Center at 6130 Luther Lane inside the former Bartaco site. The Preston Center Malai Kitchen will offer an estimated 3,000 square feet of interior dining with seating for 115 guests. Malai was represented by The Retail Connection and Ramsbottom Partners (LL) was represented by Segovia Partners.

Wing Stop has extended its lease and expanded to 2,615 square feet, adding 1,215 square feet of retail space in Terrell Corners, 101 Sam Walton Way in Terrell. Paul Richer of Bradford Commercial Real Estate Services represented the landlord, Welsh Irrevocable Trust I, in the direct deal.

Ridgewood Village

La Michoacana Plus Ice Cream Parlor, offering ice cream, specialty paletas, Aguas Frescas, and other treats based on the flavors of Mexico, has leased 2,347 square feet of retail space in Ridgewood Village, a shopping center located at 2930 S. First Street, for a new location. Gretchen Miller and Stephen Wise with Weitzman handled negotiations as exclusive leasing agents for the center. Dynasty R.E. Inc. represented the retailer.

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