National real estate investment firm Centennial is adding to its portfolio of retail and mixed-used properties with the purchase of The Shops at Willow Bend, in partnership with Dallas-based developer Cawley Partners and New York City-based asset manager Waterfall Asset Management.
“We believe the best real estate is where suburban malls like The Shops at Willow Bend sit today,” says Steven Levin, founder and CEO of Centennial. “With an experienced team and proven playbook for how to transform these complicated assets into tomorrow’s most relevant and dominant mixed-use destinations, we are excited to get started on our transformative vision for The Shops at Willow Bend and for Fairlane Town Center, which Centennial and its partners also took ownership of today.”
Developed in 2001 by Taubman Partners, The Shops at Willow Bend is located on the northwest corner of Park Boulevard and the Dallas North Tollway in Plano. Current tenants include Crayola Experience, Equinox, and Crate & Barrel.
Newmark Acquires Open Realty
Dallas-based retail advisory firm Open Realty was purchased by Newmark this week.
Open Realty is led by Mark Masinter, who heads the firm’s strategy and business development; Johnny Siegel, who spearheads tenant advisory services and asset management; and Steve Merkle, who co-leads tenant advisory. All three will assume leadership roles within Newmark’s retail division. Masinter and Siegel join Newmark as Chairman of Global Retail and President of Global Retail, respectively; Merkle joins as Vice Chairman.
“With over 35 years of experience growing brands, executing roll-out strategies, developing and investing in real estate, both domestic and international, we are honored to have garnered the trust and respect of the very best retail clients and institutional investors in the world at Open Realty,” Masinter said in a statement. “Integrating with the Newmark platform—building on the company’s vision and articulating that vision to the retail, restaurant, entertainment, and real estate communities—is an exciting, standard-setting venture. We couldn’t be more bullish on the future of retail.”
Newpark Dallas District in south Downtown Dallas
Hoque Global and Lanoha Real Estate Company announced its plans this week for phase one of Newpark Dallas District: an urban district prioritizing technology and education. The development plans include a 38-story tower and spans 20 acres of land in south Downtown Dallas on vacant parking lots behind Dallas City Hall. The first phase of the Newpark Dallas District will feature 268 mixed-income multifamily units and 245 hotel rooms, with costs estimated to be close to $400 million.
“The One Newpark development will set the tone for development on the southern side of Downtown Dallas,” said Jason Lanoha of Lanoha Real Estate Company. “The area has tremendous potential to transform into a vibrant mixed-use district that will redefine how Dallas grows for the next generation with major improvements happening all around the site, including the convention center, I-30, and multi-modal transit.”
Ross Tower’s New Tenant
Audit, tax, and advisory services firm Grant Thornton announced this week that it is moving its Dallas offices from Comerica Bank Tower to Ross Tower. Beginning in 2023, the firm will lease an entire floor spanning approximately 24,600 square feet. According to Doreen Griffith, the managing partner of Grant Thornton’s Dallas office: “We chose Ross Tower because of its prime location, amenities, and accessibility, as well as its excellent parking. Moreover, our new office will allow our 400+ area professionals to embrace our hybrid model of work. It will now be easy for our people to come into the office for meaningful collaboration and key client engagements when it makes sense for them to do so. Our beautiful, modern space will be a terrific place for our colleagues to work, socialize and further strengthen their teams.”
Breaking Ground at SMU
SMU’s Cox School of Business will be getting a $140 million update. The school announced its plans for renovations and expansions to the business school. The expansions will increase the school’s physical footprint by about 30 percent. New and renovated spaces are designed to encourage collaboration among the faculty, staff, and students to provide students with unique networking and learning opportunities, according to the release.