Bestow, a provider of digital platforms for the life insurance industry, is moving out of its downtown headquarters at St Paul Place to Deep Ellum’s newest office tower. The fast-growing agency has leased a 42,000-square-foot office lease at The Stack, a 16-story office building that recently opened in the Deep Ellum area of Dallas.
Jonathan Abelmann, co-founder and president of Bestow, says he and co-founder Melbourne O’Banion were drawn to the new site “it’s a unique, flourishing and central location with convenient access to really attractive amenities for our team.”
ALT+CO negotiated the new lease with Bestow.
Houston-based Hines developed the Stack in partnership with Dallas’ Westdale Real Estate Investment and Management and Ivanhoé Cambridge. The building consists of 210,000 square feet of office space and 15,000 square feet of retail space. Houston-based Hines plans to relocate its Dallas office to an 11,000-square-foot space within the building.
INDUSTRIAL
Veale Ranch, A 3,800-acre cattle ranch that sprawls across the border of Tarrant and Parker counties, has sold—marking it one of the biggest land deals in North Texas this year. Dallas-based community developer PMB Capital purchased the property. Frisco-based Rex Real Estate brokered the Veale Ranch sale with Taylor Baird of PMB Capital Partners, leading negotiations for the purchaser.
Wallbox, a leading electric vehicle (EV) charging solutions provider, is bringing its first U.S. plant to Arlington. According to a news release, the 130,000 square foot high-tech plant will have enough capacity to fully support Wallbox’s expansion plans in North America for the next decade. Production is expected to start as early as June 2022. Wallbox expects to manufacture a total of 290,000 units annually in this facility by 2027 and reach its full capacity of 500,000 units by 2030.
Litex Industries has leased a 119,995-square-foot office/warehouse at 4400 Diplomacy Road Fort Worth from a private investor. Michael W. Spain and Kevin Santaularia of Bradford Commercial Real Estate Services represented the landlord. Ryan Boozer, Sarah Ozanne, and Charles Brewer of Stream Realty Partners represented the tenant.
Leon Capital purchased an 81,178 square foot industrial building at 3601 Conway Avenue in Fort Worth. James Mantzuranis and Adam Jones with Stream Realty Partners represented the buyer. Seth Koschak and Forrest Cook with Stream Realty Partners represented the seller, Wayne L. Corbell, and Bonnie Corbell.
Prickly Pear Skin Care has leased 67,095 square feet at North Quarter 35—owned by M2G Ventures. The four-building, 645,000-square-foot Class A industrial development is located in the Alliance submarket along I-35 in one of the nation’s top-performing industrial markets. Seth Koschak, Forrest Cook, and Brett Carlton with Stream Realty Partners oversee the leasing and marketing efforts at North Quarter 35.
Parker Squared leased 24,847 square feet at 2001 Saint Louis and 301 West Arlington Avenue in Fort Worth. Forrest Cook and Jeff Rein with Stream Realty Partners represented the landlord, Consilium St. Louis.
SitePro Rentals purchased a 15,436 square foot industrial building at 5701 Denton Highway in Haltom City. Ryan Boozer and Lena Pierce with Stream Realty Partners represented the buyer. Seth Koschak and Forrest Cook with Stream Realty Partners represented the seller, Alterra Property Group.
Penn Virginia Operating Co. renewed 10,848 square feet at Sheridan Square in Kingsport. Jerry Petzoldt with TCI Group represented the landlord, A.G. Commercial G.P. Dan Harris with Stream Realty Partners represented the tenant.
Adjust U has leased 7,222 square feet of flex office space at 831 Greenview Dr. in Grand Prairie from Garvon Inc. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant. Chris Bly of Capstone Commercial represented the landlord.
An undisclosed buyer has purchased 1.59 acres at the SWC of Ovilla Road & Hickory Creek Drive in Red Oak. Brian Sladek of RESOLUT RE represented the Buyer.
MULTIFAMILY
TruAmerica Multifamily doubled its portfolio in Texas with the acquisition of The Heights and Mission Ranch apartments. The two Dallas-area properties, acquired in separate transactions, total more than 500 apartment homes and represent the Los Angeles-based value add multifamily investment firm’s third and fourth investments in Texas since entering the market in December 2020. Mission Ranch Apartments is a 295-unit Class-B apartment homes. The Heights is a 35-acre property of 162 single-family townhomes and 84 apartments.
The 218-bed Midtown Urban at 1121 UTA Blvd. near the University of Texas at Arlington and 165-bed Liberty Lofts at 3517 S. University Dr. near Texas Christian University in Fort Worth have sold. Bridgeview Multifamily is anticipating a three- to five-year hold of the portfolio. The transaction was negotiated directly with the seller for both properties.
The 31-story Christopher at The Union has sold. Dallas-based L&B Realty Advisors bought the 309-unit building from RED Development. Eastdil Secured’s Phoebe Brent and Ryan Reid marketed the building for sale.
OFFICE
Saint Ann Court (Harwood No. 6) in the Harwood District is now 98 percent leased. O’Melveny & Myers and a global investment management firm will both open their first offices in Dallas while Nicolaides Fink Thorpe Michaelides Sullivan and a private real estate investment firm will expand their Dallas footprint.
- O’Melveny & Myers occupies 25,120 square feet on the 17th floor. Lynn Williams, Phil Puckett, and Harlan Davis from Dallas CBRE, along with Jeff Welch and Lynn Williams from Los Angeles CBRE, negotiated the deal with Hannah Mesh and Kelly Whaley of Harwood International.
- Nicolaides Fink Thorpe Michaelides Sullivan is a local and growing law firm with five offices nationwide. The firm occupies 4,321 square on the 12th floor. The lease was negotiated by Brooke Armstrong and Maggie Birnbach of JLL and Hannah Mesh and Kelly Whaley of Harwood International.
AppSpace renewed its 10,296 square foot lease at Pinnacle Tower in Dallas. J.J. Leonard, Chase Lopez, and Kristin Millington with Stream Realty Partners represented the landlord, 5005 LBJ Tower. NAI Robert Lynn represented the tenant.
Priscilla Lozano and Kevin O’Hanlon have acquired the 2,500-square-foot Atelier Building on 1.91 acres at 209 W. 8th St. in Fort Worth, from BWHC Properties. Nick Talley of Bradford Commercial Real Estate Services represented the seller in the direct deal.
Altura Consulting (Moonlight Consulting) leased 4,457 square feet at 14110 N. Dallas Pkwy in Dallas. Noah Burns represented the landlord, Hartman Income REIT.
RETAIL
Tierra Encantada, the Spanish immersion and early education leader, has signed a ten-year lease for the 10,133-square-foot building located at 14450 Marsh Lane in Addison. JLL’s Rob Franks, Lynette Dumalag, and Walker Dyess represented the tenant. Chris Flesner and Paul von Gontard with Resolute RE represented the landlord. The building, located in a suburb north of Dallas, will begin construction in the coming months and will be filled with a full commercial kitchen and classrooms designed for kids aged 6 months to 6 years.
Children are Heroes Learning Center has leased 4,784 square feet for a Daycare business at 1006 Hampshire Lane in Richardson. Jimmy Pham of Concept Commercial Realty represented the Landlord.
Lone Spur Café, offering ‘cowboy-style food, great cowboy service, and genuine cowboy charm,’ has leased a 3,800-square-foot freestanding restaurant building at Golden Triangle Mall, at the northeast corner of IH-35E and Loop 288, for its first location in Denton, for one of its first locations in Texas. Lynn Van Amburgh with Weitzman handled negotiations as exclusive leasing agent for the mall. Derek Anthony with The Woodmont Company represented the restaurant.
