Deal Ticker

CBRE Investment Management Acquires Massive North Texas Industrial Park

Plus: Land purchased across from the Belmont Hotel to be developed into multifamily apartments, Green Light Social to open second DFW location, and more.

All commercial real estate deals can be sent to Bianca R. Montes at [email protected].

A fund sponsored by CBRE Investment Management – formerly known as CBRE Global Investors – has acquired a 952,764-square-foot logistics park located outside of Fort Worth in Haltom City. Known as 820 Exchange, the property consists of four newly constructed Class A logistics assets that are currently 72 percent leased to three tenants.

This investment is consistent with the firm’s recent creation of a globally aligned sector-specific logistics team and commitment to scale logistics efforts. Other recent acquisitions as part of this focus include a development site in Tracy, California to build a state-of-the-art logistics center in partnership with Trammell Crow Co., and a portfolio of logistics assets in Atlanta, Baltimore, and Chicago via a joint venture with Duke Realty Corporation.

“This particular asset is one of the newest developments in a land-constrained submarket; the premier in-fill location offers interstate frontage and immediate access to major consumer and labor populations in the surrounding area,” said Mary Lang, Head of Americas Direct Logistics Strategies and Portfolio Manager for CBRE Investment Management.

INDUSTRIAL

Plano-based Samitrod sold 11.23 acres at 300 North Loop 12 in Irving. The buyer, Johnson Development Associates, Inc. of Spartanburg, SC, plans to develop a 170,000-square-foot cross-dock warehouse. Dan Spika of Henry S. Miller represented the seller.

LSC Communications MCL renewed 82,093 square feet at Patriot Drive II in Coppell. Jeremy Kelly and Sarah Ozanne with Stream Realty Partners represented the landlord, JP Morgan Asset Management.

321 N. Rogers Rd., Irving, TX
321 N. Rogers Road in Irving

Southern California Tyler Family Real Estate has added to its Dallas-Fort Worth portfolio, buying a fully leased, multi-tenant 28,000 square foot industrial building at 321 N. Rogers Road in Irving. Jason Finch and Noah Dodge of Bradford Commercial Real Estate represented the buyer. Jason Moser and Jamie Jennings of Stream Realty Partners represented the seller, LFH Rogers, the seller.

Whitebox Real Estate, LLC recently represented

Builders’ Insulation of Texas leased 16,000 square feet at 916 Avenue M in Grand Prairie. Ben Crancer and Brendan Zrwoka of Whitebox Real Estate represented the Tenant, Builders’ Insulation of Texas, and Michael Stanzel of NAI Robert Lynn represented the landlord.

Southern Appliances leased 12,000 square feet at Berry Business Center in Fort Worth. Jeff Rein and Matt Blackburn with Stream Realty Partners represented the landlord. Calvin Wong with Engvest Group/EXP Commercial represented the tenant.

Monarch Metal leased 11,956 square feet at 1330 Post & Paddock Street in Grand Prairie. Ben Crancer and Brendan Zrowka with Whitebox Real Estate represented Monarch Metal and Tobey Stoffregen of LPC represented the landlord.

LAND

Larkspur Capital purchased nearly 9 acres in West Dallas to develop into a 146-unit multifamily. Located on Fort Worth Avenue in West Dallas across from the Belmont Hotel, the firm says the rental community will feature green space with walking trails, dog runs, and pocket parks, as well as a clubhouse and pool. Lane Kommer with Henry S. Miller facilitated the sale of 5.83 acres. Jake Milner and Scott Lake of Davidson & Bogel Real Estate sold an additional parcel making up most of the remaining acreage for a total of 8.6 acres being developed.

Cedar Valley
Cedar Valley

HSM Cedar Valley recently purchased 6.3 acres of land in Lancaster for future industrial development. The property, Cedar Valley Industrial Land, is comprised of lots 2A, 4, and 5 on Cedar Valley Road. Mark Smith for HSM Equity Partners will develop the land. A 48,500-square-foot spec building is planned on 3.4 acres with the remaining acreage set aside for build-to-suit. Huntley Luna and Nick Robinson with Henry S. Miller’s Industrial Division brokered the transaction. Brett Hess with Hi View Real Estate represented the seller, WW Legacy.

An undisclosed buyer has purchased 1.45 acres at 500 S. Buckner Boulevard in Dallas. Brian Sladek and Colin Cannon of RESOLUT RE represented the buyer. Logan Garrett of Hi View RE represented the seller.

MULTIFAMILY

Marcus & Millichap has sold five multifamily properties with a total of 1,109 units in DFW. The assets sold during a two-week period in September 2021 for approximately $113 million. Al Silva and Ford Braly represented the buyers and sellers.

The properties are:

      • Copper Creek II, 236 units built in Fort Worth in 1979
      • The Woodlands, 346 units built in Fort Worth in 1985
      • Cedar Point of Arlington, 272 units built in Arlington in 1977
      • Westwood, 187 units built in Dallas in 1969
      • Milagro, 68 units built in Fort Worth in 1968

CBRE announced the sale of three multifamily properties in Dallas-Fort Worth: Biltmore Apartments in Arlington; Park Lane Apartments in Arlington; and Cedars Apartments in Cedar Hill. Legacy REI and Casa REI purchased the properties from Macdonald Realty. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Dallas Multifamily team represented the seller in lease negotiations.

The properties account for a total of 466 multifamily units across DFW:

      • Biltmore Apartments – 186-unit property located at 2300 Misty Ridge Circle in Arlington, Texas
      • Park Lane Apartments – 248-unit property located at 3100 E. Park Row Dr. in Arlington, Texas
      • Cedars Apartments – 32-unit property located at 315 Cedar St. in Cedar Hill, Texas

Crescent Communities has sold two multifamily communities in Dallas: NOVEL Bishop Arts and NOVEL Deep Ellum. Both developments represent Crescent Communities’ strategic interest and growth in the Dallas market. NOVEL Bishop Arts sold to Barvin in July 2021, and NOVEL Deep Ellum sold to Equity Residential in August 2021.

Riverside Park, a 136-unit apartment community located at 1521 E Royal Lane in Farmers Branch, sold. Greystone ISG’s Zach Thomas and Mark Allen brokered the transaction.

Oak Creek, a 109-unit apartment community located at 2710 W. Walnut St. in Garland, has sold. Mark Allen of Greystone ISG brokered the transaction.

OFFICE

MMC Group renewed 13,549 square feet at Crestview Tower in Irving. Rhett Miller, Tim Terrell, and Shannon Jenkins with Stream Realty Partners represented the landlord, CP II Crestview L.P. Swearingen Realty represented the tenant.

TeamSupport leased 5,228 square feet at Pinnacle Tower in Dallas. J.J. Leonard, Chase Lopez, and Kristin Millington with Stream Realty Partners represented the landlord, 5005 LBJ Tower LLC. Cushman & Wakefield represented the tenant.

Proof
Proof

PROOF, the historic adaptive reuse project in Fort Worth is now 100 percent leased with the recent addition of General Public – a branding company formerly known as Evangalist. General Public joins Bowlounge, Witherite Law Group, Trinity REIS, and GSBS Architects in the 40,665-square-foot space originally built in 1926.

930 S. Kimball Ave. in Southlake
930 S. Kimball Ave. in Southlake

Auto Fintech Company Lender Compliance Technologies has signed a lease for their new corporate headquarters at Champion Crossing at 930 S. Kimball Ave. in Southlake. CBRE’s Noreen Mehdi Weathers represented the tenant in leasing negotiations with the landlord Denmiss, LLC. Debra Perryman with Silver Oak Commercial Realty represented the landlord. LCT will occupy the space in October 2021.

Fairway Independent Mortgage Corporation leased 2,763 square feet at 1333 Corporate Drive in Irving. Chad Littleton with Morrow Hill represented the tenant and Allison Fannin represented the landlord, Hartman Income REIT.

Osman Centinkaya, an individual renewed 2,261 square feet at 12850 Hillcrest Rd in Dallas. Lynna Smith represented the landlord, Hartman Income REIT.

Excel Performance Medical Center renewed 2,195 square feet at 12850 Hillcrest Rd in Dallas. Lynna Smith represented the landlord, Hartman Income REIT.

RESIDENTIAL

Ground has been broken for Baker Farms, a new residential community offering 270 homesites in Cleburne. The community will feature homes built by Impression Homes and Sandlin Homes, and prices will start in the low $300,000s for an average home of 2,500 square feet. Lot delivery is scheduled for the third quarter of 2022, and home construction will begin in the fourth quarter.

RETAIL

Green Light Social
Green Light Social

Green Light Social will open its second location in Dallas this fall. The new bar and nightclub will be nearly three times bigger than its Austin counterpart, complete with a cocktail lounge and patio bar, a DJ-driven dance club, and a 25 and up membership-only speakeasy called the Ruby Room, named after Dallas’ infamous Jack Ruby.

Andy Anderson at Restaurant Properties Group represented Jill Bresnan, the seller of a free-standing restaurant building at 960 W. FM 544 in Wylie.  The property is being redeveloped for a new restaurant concept.  CBRE represented CEMT Properties, the purchaser.

North Texas Veterinary Clinic has relocated its practice to a new facility consisting of 5,994 square feet at 110 Wall Price Road in Keller. Jimmy Pham with Concept Commercial Realty represented both the tenant and landlord.

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