CanTex Capital, a Dallas-based commercial real estate investment company focused on infill industrial assets, has acquired the 880,000-square-foot Sylvania Industrial Park at 3201 N. Sylvania Avenue in Fort Worth. The campus is the largest crane-served and rail-served facility in North Texas. NAI Robert Lynn‘s Managing Principal and Fort Worth President Todd Hubbard represented the buyer in the transaction.
“We have had tremendous leasing activity and are currently working on multiple proposals for the vacancy,” Hubbard said. “With more companies onshoring manufacturing due to the supply chain issues, crane-served manufacturing space with access to rail anywhere in Fort Worth or Dallas is very difficult to find.”
CanTex Capital will renovate the the facility with extensive capital improvements.
“There is strong demand for rail and crane served facilities with outside storage, but these class B properties rarely receive capital improvements,” said Sam Cheema, COO and principal of CanTex Capital. “Our team is excited to not only modernize the facility but to add some new amenities found in class A business parks.”
One of the major components of the upgrades will be increasing energy efficiency throughout the buildings, Cheema said.
Office
Billingsley Co. and Adolfson & Peterson Construction have broken ground on a five-story, 250,000-square-foot office building a block off the Dallas North Tollway International Business Park, a 300-acre corporate campus in Plano.
GFF Architects is the planning architect for the project, and Trevor Franke and Gini Rounsaville with JLL are overseeing leasing for Billingsley. AP will manage construction of the tilt-wall facility, as well as a three-level, 180,000-square-foot parking garage and various landscaping and paving.
Bradford Commercial Real Estate Services has finalized three long-term renewals for the 87,411-square-foot Arlington Downs Tower located at 2225 E. Randol Mill Road. Erik Blais and Richmond Collinsworth, first vice presidents of the Dallas-based brokerage firm, leased the project for the owner, Arlington Downs Tower. The three renewals for the six-story tower, which is at 84 percent occupancy, include Parks Group’s 1,719 square feet, Albee Law Firm’s 1,478 square feet, and R/F Financial Group’s 1,288 square feet.
Industrial
Illinois-based CenterPoint Properties has snagged its first property in North Texas with the acquisition of a 330,000-square-foot facility in Irving. The project, which sits on 18 acres at 2201 Chemsearch Blvd., has been leased to a Dallas company that will use it for its headquarters, distribution, fulfillment, and storage. Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the transaction.
Heavenly Sleep Shoppe has leased 12,010 square feet of industrial space at 991 Haltom Road, Fort Worth, from MG Real Estate. Nick Talley, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord in the direct deal.
Multifamily
High Street Residential, a subsidiary of Trammell Crow Co., and JV Partner Principal Real Estate Investors have broken ground on Legacy Square, a a 363-unit multifamily development in Plano just west of U.S. Highway 75.
The project is set to deliver its first units in late 2022 with final completion set for June 2023.
GFF Architects has been commissioned to design the project, while Andres Construction has been appointed the general contractor. Construction financing was provided by Principal Real Estate Investors.
HLC Equity has purchased the 250,000-square-foot Elan City Centre, a 330-unit Class A multifamily community located at the intersection of Interstate 635 and the Dallas North Tollway in Farmers Branch. The property will soon be rebranded to Layers Galleria and will be operated by HLC Equity’s proprietary Layers brand.
The transaction was brokered by Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill, and Asher Hall of the Institutional Property Advisors of Dallas. The average unit size at the property is 771 square feet.
The Multifamily Group has brokered the sale of the 60-unit Shadowood Apartments at 120 S. Jupiter Road in Garland. Managing Partner Jon Krebbs represented the seller and procured the buyer. The average unit size at the property is 799 square feet.
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