M2G Ventures venture further into South Stemmons submarket this week, acquiring eight buildings for an additional 207,000 square feet in its portfolio. M2G’s uses a strategic value-add approach to bring Class B properties up to Class A standards, maximizing asset value.
The transaction includes Commonwealth Business Park, a six-building, light industrial park located at the gateway between the East Brookhollow and Dallas Design District/North Trinity submarkets. With immediate access to I-35E, the assets enjoy market momentum from neighboring Community Beer Co.’s new brewery and taproom and Pegasus Park.
“We have seen monumental growth in the first quarter of this year, and M2G Venture’s acquisitions in West Brookhollow are the latest examples of our portfolio’s expansion of high-quality institutional assets,” said Jessica Miller Essl, co-founder of M2G Ventures. “The premier asset in the acquisitions is the 113,000 square foot Commonwealth Business Park which we will redevelop with a full rebrand, total project renovations, storefront upgrades, environmental graphics, and enhanced landscaping. In addition, we have closed on two buildings along Woodall Street totaling 95,000 square feet near Commonwealth, one block from our recently completed trophy asset, Proto Park. One of the Woodall buildings is home to Scout Design, a company we are particularly excited to add to our portfolio of high-quality tenants.”
Weitzman named retail leasing agent for Plaza of the Americas
The iconic mixed-use project Plaza of the Americas, located in downtown Dallas at San Jacinto Street, has named Weitzman its retail leasing agency. The plaza hosts two, 25-story buildings across 1 million square feet, featuring both a retail component and the 416-room Marriott City Center Hotel.
The retail space in Plaza of the Americas includes several restaurants, including Freshii, Social Chicken, Salata, McDonald’s, Broadway Pizza, and others, as well as shops and services. And if the property’s amenities weren’t enough, its primary location makes it one of the most visible and accessible properties in downtown Dallas.
From Michael Kaplan, one of Weitzman’s project’s retail leasing agents: “The Weitzman leasing team is working with both traditional retailers and restaurant users, who can benefit from a highly visible, beautiful location surrounded by some of downtown’s most popular destinations such as the Dallas Arts District and Klyde Warren Park, as well as the population of downtown workers, residents, and visitors,” he said.
NexMetro adds to its Texas Collection of Purpose-Built Homes in Fort Worth
With demand for housing rising in North Texas, NexMetro Communities announced this week the opening of its third Fort Worth area community Avilla Trails. The new build-to-rent community features 230 homes across 27-acres. Avilla Trails joins the family of NexMetro communities in North Texas: Avilla Fossil Creek in Fort Worth, Avilla Reserve in Justin, and soon Avilla Boat Club also in Fort Worth.
“Demand for single-family rental homes remains incredibly strong as consumers seek this unique lifestyle experience that combines the best of a single-story detached home and mortgage-free, maintenance-free leased living,” said Ryan Griffis managing director of NexMetro Communities in Dallas/Fort Worth. “NexMetro believes in the viability and desirability of the Fort Worth market and plans to continue meeting the needs of those in various stages of life by providing additional built-to-rent homes in Central Texas.”
Conveniently located off Grandbury Road and Altamesa Boulevard near Chisholm Trail Parkway, Avilla Trails provides direct access to downtown Fort Worth. And, strategically placed near six other interstates, the neighborhood provides easy access to a myriad of employment hubs that continue to draw new residents to the area.
The Link at Uptown signs anchor tenant
Global investment bank Houlihan Lokey has signed a 74,805-square-foot lease at The Link at Uptown. It will occupy the top three floors, joining announced tenants Shearman & Sterling and PMG. An early 2023 move-in date is anticipated, according to a release.
Travis Ewert with Colliers and Jihane Boury with CBRE represented the tenant. JLL’s Blake Shipley and Thirty-Four Commercial’s Sarah Kennington and Bryce Jackson represented the landlord, Kaizen Development Partners.
“We are deeply thankful for the opportunity we were given to earn Houlihan Lokey’s trust” said Nick Summerville, Managing Partner at Kaizen Development Partners. “The company has a prestigious reputation and we believe the environment we’ve created at The Link will support them in recruiting and retaining the top talent that makes them a leader in their industry.”