California’s The Real Estate Group will be breaking ground this month on CORE45, a Class A 1.6 million-square-foot industrial property located at 1690-1700 E. Pleasant Run Road in Wilmer. Threecore, a client of Dallas-based Stream Realty Partners, will design the building alongside sister firm CESO. It is expected to be delivered by Q1 of 2023 and will be accommodating tenants seeking square footage from 300,000 to 1.6 million.
“The increasing demand and limited supply of industrial space in South Dallas and [DFW] as a whole make this a much-needed development that will be functional for tenants seeking 300,000 square feet or more,” Stream Dallas Managing Director Matt Dornak said. “We could not be more excited to partner with TRG and Grandview on this development and help bring more tenants to Wilmer, a city that continues to be an attractive location for major companies looking to move to Dallas-Fort Worth.”
Grandview Partners will provide the funding for CORE45. Stream Dallas Managing Director Matt Dornak, Vice President Luke Davis, and Associate Ridley Culp will oversee the leasing efforts at CORE45.
Building one of CORE45 will offer 616,068 square feet, 110 dock doors, 151 trailer parks, and 306 employee parking spaces. The second building will feature 1,027,068 square feet with 186 dock doors, 252 trailer parks, and 594 employee parking spaces. Both facilities will feature build-to-suit office space, cross-dock configurations, and 40-foot clear heights.
RETAIL and HOSPITALITY
Marcus & Millichap has arranged the sale of a five-property, 603-room hotel portfolio located in Texas and New Mexico. The portfolio was developed by ICON Lodging. Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office, and Allan Miller, senior vice president investments in the firm’s Austin office, represented the seller, ICON Lodging, and procured the buyer, MCR Hotels, which now has a portfolio of more than 140 properties.
Properties include:
- A dual-branded, Home2Suites and Tru by Hilton with a total of 173 rooms in Euless
- Fairfield Inn & Suites Fort Worth Downtown/Convention Center with 120 rooms in Fort Worth
- TownePlace Suites by Marriott Fort Worth University Area/Medical Center with 128 rooms in Fort Worth
- Hampton Inn & Suites in Colleyville, with 91 rooms
- Hampton Inn Santa Fe South with a 91-room asset in Santa Fe
Younger Partners Investments has acquired the 96,948-square-foot retail center The Shops at Prosper Trail located at the Northeast corner of Preston Road and Prosper Trail in Prosper. Younger Partners will handle property management and leasing at the shops, which has just one 1,493-square-foot vacancy.
Younger Partners’ Micah Ashford, Moody Younger, and Kathy Permenter represented YPI, an investment platform designed to acquire retail properties, in the acquisition. JLL’s Adam Howells represented the seller, MQ Development Company, and financing was arranged by Adam Mengacci with Hamilton Realty Finance. YPI’s legal representation was Mark Sloan of Holland & Knight.
OFFICE
OliveMill Holdings, a Dallas-based firm recently founded in partnership with Hunt Realty Investments, has acquired the 18-story, 240,000-square-foot office building located at 2801 North Central Expy. in Dallas. Angelo Gordon is an equity partner in the transaction. OliveMill will oversee the property’s management and operations.
In addition to this latest acquisition, OliveMill represented Hunt Realty on the lease of JPMorgan Chase and Dallas Petroleum Club at 1900 Akard Street.
Newmark has orchestrated a new 126,596-square-foot office/lab lease at 121 Corporate Center in Coppell to Nashville-based PathGroup, a provider of anatomic and digital pathology and clinical and molecular lab services. It will be the group’s first location in DFW. Newmark Executive Managing Directors Nathan Durham and Duane Henley represented the landlord, Cabot and Link Logistics Real Estate on behalf of Blackstone. Cushman & Wakefield’s Dean Collins, Mark Collins, Jason Dodson, Michael Sessa, and Jack Keenan represented PathGroup.
Realty Capital Management has arranged the sale of the two-story, 21,779-square-foot Lakeside Professional Office located at 870 International Parkway in Flower Mound to J&A Frith Properties, which exercised a 1031 exchange to acquire the property. Stephen Swann with Belfort Assets represented the buyer on the transaction. Mark Boone with Realty Capital Management represented the seller.
MULTIFAMILY
Marcus & Millichap has sold the 40-building, 484-unit apartment complex Meadow Ridge located at 3101 W Normandale St. in Fort Worth. Al Silva, senior managing director of investments in Marcus & Millichap’s Fort Worth office, represented the seller, Madera Residential, and procured the buyer, a Dallas-based private investment company.
Marcus & Millichap has sold the 43-unit apartment property The Moderne, located at 2721 Wingate Street in Fort Worth. Al Silva with Marcus & Millichap’s Fort Worth office had the exclusive listing to market the property on behalf of the seller, a Dallas-based developer. The buyer, a Chicago-based private investor, was also secured by Silva.
To be included in our weekly Deal Ticker round-up, send your deal announcements to real estate editor Brandon Call at [email protected].
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