Multibillion-dollar alternative investment firm NexPoint proposed plans for a 200-acre, 4 million-square-foot life sciences development in Plano at the old campus of Electronic Data Systems. Dubbed TxS District (Technology x Science), the project centers around the 91-acre main campus and an additional 109 acres in the nearby Legacy neighborhood.
Consisting of four phases of construction, the campus’ first and second phase would include 970,000 square feet of lab and office space alongside 120,000 square feet of amenity space. Initial site plans also include a public park, an amphitheater, and connectivity to the nearby Legacy retail development.
NexPoint—which purchased the main campus in 2018 and neighboring land acreage since then—is looking to achieve the campus through a public-private partnership. “Not only would this project be a major economic catalyst for the region, but it would also establish North Texas as a leader in life sciences,” said James Dondero, NexPoint founder and principal.
Global firm CRB is the collaborating architecture, engineering, and construction provider on the project. JLL is engaged in discussions with NexPoint to become the project’s leasing agent.
“The TxS project would be unique in its ability to support life science companies at any point in the process: discovery, early-stage development, and commercialization,” JLL’s Matt Daniels said. “With cutting-edge research facilities and new federal policies promoting the repatriation of drug manufacturing, and a tight labor market in coastal life science hubs, Plano is poised to become a top choice for companies seeking expansion and solutions.”
Flowserve Agrees to Acquire Velan for $245 Million
In an all cash transaction, Dallas-based flow control product provider Flowserve has agreed to acquire Velan, an industrial valve manufacturer, for $245 million. The deal is made up of $209 million of issued and outstanding Velan equity and $36.3 million of outstanding gross debts. Flowserve will also take on $31.4 million of Velan’s cash on hand.
Velan, which has 1,650 employees in nine countries, reported 12-month revenue ending November 2022 of $380 million. Once the transaction is completed, Velan will become part of Flowserve’s Flow Control Division. Within two years after close, Flowserve expects to gain $20 million of run rate cost synergies.
“We are excited about the opportunity to add Velan and its talented team to the Flowserve family,” Scott Rowe, Flowserve’s president and CEO, said. “With its strong positioning in the nuclear, cryogenic, industrial, and defense markets, and highly complementary product portfolio, the addition of Velan furthers our diversification, decarbonization and digitization strategy.”
M Crowd’s Mi Cocina Expands into Houston
In May 2022, M Crowd Restaurant Group’s CEO Edgar Guevara told D CEO that Mi Cocina was surveying a Houston expansion. Now, with 22 Mi Cocina locations across Texas and Oklahoma—and a 23rd coming to McKinney this spring—M Crowd is officially expanding its prized Tex-Mex venue to Houston.
Set to open this October, the new restaurant will create 80 to 100 new jobs.
Since March 2018, when Guevara took over as the CEO of M Crowd Restaurant Group, the business has seen revenue growth of $1 million to $1.5 million a year. Looking ahead, Guevara said he is aiming to open two Mi Cocina’s a year—and enter more national markets.
“Once we get good at two a year, we can do more,” Guevara says. “I think our product would do really well [in Houston]. And our real estate model also says Denver and Atlanta are ripe for development. There are smaller towns, too, but our model is to try to build four or five in Houston, establish a great operator there, then move on to another large market.”
New $125 Million Plant-based Manufacturing Facility Opens in Midlothian
Minneapolis-based and publicly traded plant-based manufacturing company SunOpta is opening a new $125 million, 285,000-square-foot manufacturing facility in Midlothian. The new plant will create about 175 new jobs.
The facility will manufacture the company’s entire suite of plant-based milks and creamers, along with tea and other products. The new facility—the largest in the company’s portfolio—will serve as a driving force for the company in its aim to double its plant-based business by 2025, as it has nearly $200 million in new investments in its plant-based production capacity.
The plant has capacity to expand to 400,000 square feet.
The plant footprint will reduce more than 15 million freight miles annually and the company says the plant will reduce carbon emissions by 59 million pounds. In addition, the facility is equipped with water reuse equipment that can save up to 20 million gallons of water a year, an energy-efficient HVAC system that reduces energy consumption by 45 percent, LED lights and water heaters that reduce power usage by 95 percent, and offices and labs constructed with at least 40 percent recyclable materials.
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