Saturday, July 2, 2022 Jul 2, 2022
78° F Dallas, TX
Real Estate Briefs

Caterpillar Relocating Global Headquarters from Chicago to Irving

Plus: Jackson-Shaw adding to its Chisolm Business Park; Newmark sells Element Towers on LBJ; and more.
By Carla McCanna |
Image
Courtesy Caterpillar Inc.

The world’s largest construction and mining equipment manufacturer, Caterpillar Inc., announced this week that it will be moving its global headquarters to Irving, Texas.

According to a press release, the company saw $51 billion in revenue in 2021, making Caterpillar an international leader in the industrial industry. Known for its construction and mining equipment, diesel and natural gas engines, gas turbines, and locomotives, the company has also had a longstanding presence across Texas since the 1960s.

“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” said Jim Umpleby, chairman and CEO at Caterpillar. 

The company said in the release that the transition out of its current offices in Deerfield, Illinois will begin this year.

According to Beth Bowman, president and CEO of Irving-Las Colinas Chamber of Commerce and the director of Irving Economic Development, there are currently 24 Fortune 500 companies located across North Texas. And 10 of those have roots down in Irving-Las Colinas.

“On behalf of the Irving-Las Colinas community, we are truly excited to welcome Caterpillar’s global headquarters home to Irving Las Colinas,” Bowman said. “This move will mean new job opportunities coming into our region for our community, as well as for North Texans.”

Bowman said companies are choosing to relocate to Irving and the North Texas area because of their convenient central location, favorable tax structure, an environment that welcomes new businesses, and the area’s access to millions of talented employees.

“What excites me about Caterpillar moving its global headquarters to Irving Las Colinas is the confirmation of what we already knew. We are a great community and built for business.

That’s why we have been called ‘the headquarters of headquarters’ in Texas,” Bowman said.

“One thing our community offers is a variety of choices coupled with superior lifestyle options. Right here in Irving- Las Colinas, we have it all. And we have it all together.

The focus now, Bowman said, is “on making sure the Caterpillar global headquarters team feels welcome in our community. We’re so excited to have them. This will be a transition for them, and our goal is to make sure it’s smooth and effortless.”

Chisholm 20 Business Park Coming to Benbrook Texas

Adding to its over 62 million square feet of development, national real estate development company, Jackson-Shaw announced its newest expansion last week: Chisholm 20, a 917,374-square-foot business park in Benbrook, Texas.

Located on the northeast corner of Interstate 20 and Winscott Road, Jackson-Shaw broke ground last week on the four-building Class A business park. And completion is expected in the third quarter of 2023.

Development plans display flexibility in the design for catering to multiple tenants, 60-foot-long speed bays for efficient storage, 32 to 36-foot clearing heights, and an appreciable amount of trailer storage, according to press releases.

The most substantial building at Chisholm 20, building two, will reach 377,844 square feet, with the other three buildings each at 284,580 square feet, 174,137 square feet, and 80,773 square feet, respectively.

 “Chisholm 20 will be a best-in-class project in a strategic location with incredible visibility and direct access to Interstate 20, making it the ideal location for logistics and e-commerce tenants,” said Jackson-Shaw vice president of development, Miles Terry. “South Fort Worth is one of the most active submarkets in DFW with close proximity to labor and rooftops. The construction of the $1.4 billion Chisholm Trail Parkway in 2014 has served as a catalyst for tremendous growth, and we’re uniquely positioned right in the middle of it.”

Newmark Announces Sale and Financing of Over 600,000-Square-Foot Office Complex

According to a recent announcement from Newmark, the recently renovated Element Towers has been sold.

Located at 3010 and 3030 LBJ Freeway, Element Towers is a 673,150-square-foot office property that consists of two Class A office towers on seven acres of land. Amenities to the property include recent renovations to each building’s lobby, fitness centers, conference facilities, a café, and access to various surrounding suburban communities and the Galleria.

“This sale reflects the continues strong demand for value-add office investment opportunities in Dallas-Fort Worth—demand that will soon exceed pre-pandemic levels,” said Newmark’s vice chairmen Gary Carr. “With DFW among the nation’s top corporate relocation destinations, investors are eager to capitalize on the metroplex’s unparalleled growth and business-friendly environment.”

According to a release, 68 percent of Element Towers is leased out to tenants from a variety of industries and has been generating a solid in-place revenue stream.

Shaquille O’Neal Relocates to Dallas

NBA hall of famer and notable TV personality Shaquille O’Neal (‘Shaq’) has officially put roots down in Dallas, Texas, with Rogers Healy and Associates Real Estate at the helm of the deal.

With the help of Rogers Healy real estate agent Zac Gideo, and his team, Shaq recently purchased an updated yet traditional home in Collin County, according to the firm.

The athlete’s new home sits on a .228-acre lot. And it boasts amenities such as soaring ceilings, a large master bedroom, spa-like bathrooms, top-of-the-line kitchen appliances, and a surrounding backyard with a large pool and waterfall, the firm said in a release.

As the largest independently owned real estate brokerage in North Texas, Rogers Healy and Associates has worked with a handful of other high-profile clients, and the team accredits this experience to the success of this deal.

Describing the experience as “seamless and unforgettable,” Gideo said, “I found him the perfect home, and most of the process was done virtually – facetime calls, videos of the property, etc. My experience and professionalism of the market, coupled with my abilities in virtual tours, helped visualize and accelerate the process.”

Stream Realty Partners Breaks Ground On Large Industrial Development in Mesquite

Stream Realty Partners broke ground last week on 20 East, a 3.4 million-square-foot six-building development in Mesquite, Texas. The development is the latest to join Mesquite’s Trinity Pointe business park, located east of downtown Dallas directly off Interstate 20 and FM 2932.

20 East will be completed in two phases: the first includes three warehouses set to sit on 192 acres, and the second has a planned speculative three-building layout totaling 1.6 million square feet across 92 acres.

“Stream could not be more excited to bring 20 East to the City of Mesquite,” said Matt Dornak, managing director at Stream Dallas. “This development will provide both the eastern side of the Metroplex and the Interstate 20 corridor with much-needed industrial space attracting tenants in the logistics and distribution space. Mesquite’s pro-business position, growing population base, and access to labor make it a great city to partner with.”

Along with undertaking the development, Stream is also leasing and managing the project, according to a news release.

“Mesquite and Stream Realty Partners have a longstanding and valued relationship, and we are excited for them to build the largest industrial park in Kaufman County,” said Mesquite Mayor Daniel Aleman, Jr., in a statement. “The 20 East at Trinity Pointe business park will bring many opportunities for job growth and additional commercial development to this area.”

Related Articles

Image
Commercial Real Estate

Deadline Extended: D CEO’s Commercial Real Estate Awards

The program honors North Texas’ top projects, transactions, dealmakers, and industry leaders.
Image
Commercial Real Estate

Nominate Now: D CEO’s 2021 Commercial Real Estate Awards

A new category has been added to this year's program—which honors projects, deals, and industry executives—for emerging leaders under 40.
Image
Awards

Nominate Now: D CEO’s 2022 Commercial Real Estate Awards

A new category was added this year to highlight hospitality projects in the region.