Granite Properties breaks ground on 23Springs signing a lease and closing construction financing with Bank OZK. They will occupy four floors totaling 110,029 SF of the Class-AA, 26-floor development in Uptown. Construction will start in June with delivery slated for March 2025. Bank OZK was represented on the lease transaction by Robert Blount of JLL and Granite was represented by Robert Jimenez and Burson Holman of Granite Properties.
Industrial
Indianapolis-based Scannell Properties broke ground on a new 335,000-square-foot warehouse called 820 Crossing in Haltom City. Located on the corner of Loop 820 and Highway 377, the Class-A warehouse will be leased by Stream Realty Partners. Stream senior vice presidents Forrest Cook and Sarah Ozanne, as well as vice president Jeff Rein will oversee leasing on the project.
“We are excited to kick off another Class-A industrial development project in DFW,” said Charles Knowlton, senior development associate at Scannell Properties. “The strong in-fill location of 820 Crossing will be a great addition to our 2.8M square feet currently under construction in the Metroplex.”
Lee & Associates DFW negotiated an industrial sale transaction of 31,217 square feet at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton, SIOR of Lee & Associates DFW sourced the opportunity off-market for the buyer, CanTex Capital.
Land
Lee & Associates Dallas Fort Worth land a sale of 2 acres of land in an off-market transaction for Hopewell Development (“Hopewell”). Lee & Associates’ Alex Wilson, Nathan Denton, and Reid Bassinger represented the Calgary-based development company.
Office
Acram Group recently acquired Spectrum Center from Granite Properties. The two 614,000 square foot Class A office buildings stand at 12-stories tall in North Dallas. The acquisition financing on this transaction was provided by Rialto Capital Management. JLL Capital Markets, America’s team led by Jim Curtin and Ryan Pollack advised the buyer. The seller, Granite Properties, was advised by Todd Savage of JLL Capital Markets, Americas.
Matt Cassin, managing principal of Acram Group, commented, “This property presents a very promising investment opportunity with an attractive cost basis, highly visible location at the corner of Dallas North Tollway and Beltline Road, and great physical attributes that provide the ability to truly transform the property into one of the lower tollway’s most desirable office properties. Our robust capital plan will include a large-scale indoor and outdoor re-imaging of Spectrum Center to include lobby upgrades, new modern outdoor spaces and provide an updated and enhanced amenity program for the property to cater to the changing needs of today’s office tenant.” Cassin added, “We are truly excited to be partnering with OHA on another transaction.”
Boxer Property announces their multi-year lease expansion with Refugee Services of Texas for 6,576 square feet at La Gran Plaza in Fort Worth. Boxer Leasing Agent, Freddy Carrillo, negotiated the renewal with Evelyn Freeman Operations Coordinator with Refugee Services of Texas.
