Friday, August 19, 2022 Aug 19, 2022
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Real Estate Briefs

Harwood Acquires 169,000-Square-Foot Office Building

Plus: Phase two of Independent Financial's new headquarters in McKinney; Two massive industrial leases inked in Sunnyvale and Forney; and more.
By Carla McCanna |
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Courtesy The Luminary

Harwood International has acquired The Luminary — a 169,005-square-foot, Class-A office building. The seven-story building is located at the intersection of two main Dallas freeways, sitting between the Harwood District, Downtown Dallas, the Arts District, and Victory Park in Dallas.

The Luminary was completed in 2019, originally built by the anchor tenant, Corgan, and is currently 67 percent leased.

Harwood says future improvement plans for the space include adding a coffee bar, charging stations, an updated lobby and terrace, and the opportunity for tenant-catered events and experiences.

The executive vice president of Harwood International, David Roehm, led negotiations of the acquisition deal, accompanied by vice president of acquisitions, Christopher Cauthen.

Marking Harwood’s second value-add office acquisition in the past few years, Cauthen said: “We are thrilled to acquire an institutionally developed asset like The Luminary in the urban core of Dallas. We are seeing demand surge for creative space like that offered in The Luminary, which competes as the lowest-priced, Class A new construction in Dallas. The Luminary is authentically designed to meet the evolving office experience, and our best-in-class leasing and management teams are focused on identifying and catering to those needs.”

The Luminary was built “by creatives, for creatives,” according to the release, with features considered ideal for creative or tech firms primarily due to its location; along with highly recruitable areas and DART both in proximity, the office spaces is also in the heart of Dallas and surrounded by a multitude of Dallas amenities.

“We look forward to adding The Luminary to Harwood’s Dallas portfolio,” said Steven Hall, Harwood International’s vice president of asset management. “This acquisition expands our ability to accommodate the needs of any corporation moving to, or within, Dallas. We can offer new or existing construction, move-in ready suites, coworking, and access to Harwood’s 10 restaurants and future boutique hotel.”

Two Massive Leases Signed by Paladin Partners

Dallas-based commercial real estate company Paladin Partners inked two large leases this week. The two leases include more than 1.35 million square feet of industrial space and are located in Sunnyvale and Forney. 

According to a statement from Conrad Madsen, a co-founder and partner of Paladin Partners, these transactions are among the largest industrial leases signed in the Dallas-Fort Worth area this year.

The first of the two properties is located at 1285 Akron Way in Forney, and it totals 712,900 square feet of space. The long-term lease was signed by Hayes Co., which has been a long-term client of Paladin.

“They needed immediate space in the eastern sector to accommodate their continued growth,” said Greg Nelson, co-founder and partner at Paladin in the release. “Hunt Southwest, led by Preston Harold and the Cushman & Wakefield team, really delivered for our client, especially given the urgency of the requirement. The building was the perfect fit and was put together over a few weeks for immediate occupancy,” said Nelson.

Secondly, an undisclosed manufacturing company signed a lease for a 643,760-square-foot property at 100 & 200 Planters Road in Sunnyvale. “This long-term lease will consolidate a local-based manufacturer into a more advantageous area for labor, which really drove them to our project,” said Nelson. “Our ownership has been extremely excited to welcome them and their employment base at Sunnyvale,” Nelson said.

According to Nelson, the new project was recently developed by Barings as well as Eric Langford and Brian Flaherty. The space features 60,000 square feet of office space for the company’s headquarters, as well as climate-controlled warehouses, Nelson said.

Independent Financial Opens Phase 2 of New Corporate Headquarters in McKinney

Independent Financial’s $150 million headquarters campus has completed Phase Two of its development.

Following the initial phase of the project — a 10-acre site at State Highway 121 and Grand Ranch Parkway — which was completed in 2019, phase two is slated to be a “mirror image” of the original building but with a 20 percent increase in size.

According to the release, with more than half of Independent Financial’s employees already at the campus, the newest six-story, 198,000-square-foot building will more than double the company’s presence at McKinney Corporate Center Craig Ranch.

The added building doubles the space for its corporate headquarters but also the amenities available, said David Brooks, chairman and CEO of Independent Financial. “We are not just growing bigger, but also better, as we continue our focus on an improved customer experience in all our markets. This headquarters is central to our carrying out that mission,” he said.

Led by KDC, the project also coincides with the purchase of an additional 17 acres north and west of the headquarters in anticipation of company growth.

“The completion of the Independent Financial Phase 2 headquarters is a continuation of the company’s strong commitment of caring for its workforce by providing a healthy and engaging environment,” said Steve Van Amburgh, who is CEO of KDC. “The two incredible buildings allow the company to operate more efficiently while providing the modern experience people are seeking in today’s job market.”

New Class-A Industrial Flex Space to Come to Garland

In partnership with Reserve Capital Partners, the City of Garland broke ground on a new industrial project earlier this month that includes 200,000 square feet of commercial spec buildings on an 11.5-acre site.

Set to be completed by the first quarter of 2023, the development plan includes two Class-A industrial spaces: a 119,703-square-foot building, as well as a 74,983-square-foot building.

Each building will feature tilt wall construction, 40 dock-high loading doors, front-facing parking, and dock loading, a press release said. And the spaces are available for lease now with SRS Industrial.

Located at the intersection of Jupiter Road and Miller Road, the project sits in the heart of Garland, Texas’ industrial center with other nearby manufacturers, including Quest Windows, Kraft Foods, Ecolab, and more.

“The City is happy to partner on the new development and welcome future industrial users. New developments like this Class-A flex space complement the City’s larger redevelopment efforts and our robust manufacturing sector,” said Garland’s economic development director Ayako Schuster.

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