Friday, September 19, 2014

Developer confirms Dr Pepper’s big West Dallas warehouse lease

Dr Pepper Snapple's new distribution building is under construction in the Pinnacle Park project.(Steve Brown)
The developer of a new West Dallas industrial complex has confirmed that it’s already leased the first, large building.
Chicago-based First Industrial Realty Trust said today that its signed a long-term leased for the 377,000-square-foot First Pinnacle building going up on Cockrell Hill Road south of Interstate 30.
First Industrial said the building is rented to “a leading company in the food and beverage industry.”
Yesterday, I reported that the building is being leased to Dr Pepper Snapple Group.
The warehouse will be ready early next year.
“Our site was well-suited for our customer’s requirements for a single-tenant facility with a secure truck court offering efficient highway access,” David Harker, First Industrial’s executive vice president, said in a statement. “We are pleased to earn their business and help serve their supply chain needs.”
Seth Kelly of CBRE Group negotiated the big industrial lease with Terry Darrow and Nathan Orbin of JLL

New Uptown Dallas office tower will open in early 2016

The 1920 McKinney tower is being built at Harwood and McKinney. (BOKA Powell)
Developers are ready to start construction on Uptown’s next office tower.
The 11-story 1920 McKinney office and retail project is being built at the corner of McKinney Avenue and Harwood Street by Invesco Real Estate and KDC.
Construction signs are already up on the vacant block for the building that will be ready in early 2016. Work will start on the project before the end of the month.
The new 150,000-square-foot tower was designed by Dallas architects BOKA Powell – the same firm that did some of Victory Park’s projects.
Commercial real estate firm JLL is leasing the office space and The Retail Connection is hunting tenants for about 8,500 square feet of restaurant and retail space planned on the ground floor.
Real estate brokers say that the developer and Invesco are negotiating a lease with the Employees Retirement Fund of the City of Dallas to occupy a chunk of the planned office space.
The office tower is just a block from Klyde Warren Park and occupies one of the last vacant construction sites along McKinney.
It’s just across the street from where Crescent Real Estate has started construction on its 20-storyMcKinney & Olive tower.

Construction on downtown Dallas tower tops out

KPMG Plaza will open in April. (Steve Brown)
Hall Financail has topped out its new downtown Dallas office tower.
The KPMG Plaza is under construction in the Arts District between Ross Avenue and Flora Street.
The 18-story, 500,000-square-foot office high-rise will open in April.
Major tenants in the building include accounting firm KPMG and Dallas law firm Jackson Walker LP.
The building was designed by Dallas architect HKS. Turner Construction is the general contractor.
KPMG Plaza is the tallest multi-tenant office project built in downtown.

Major mixed-use project in the works for Singleton Boulevard west of downtown

The first phase of Trinity Village is planned for about 300 apartments. (StreetLights Residential)
An old industrial property west of downtown Dallas is set to become the next urban housing location.
Developer StreetLights Residential and Stonelake Capital Partners are planning hundreds of apartments, retail and homes on a 25-acre tract on Singleton Boulevard just west of Sylvan Avenue.
The project is one of the largest planned in West Dallas – an area seeing increasing redevelopment.
StreetLights Residential and its partner intend to turn the former Austin Industries complex at 1000 Singleton into Trinity Village. The first phase will include about 300 apartments in 4-story buildings.
A park and for-sale homes are also planned in the project, which is located between Singleton and Duluth Street.
“We are excited to invest in this dynamic neighborhood,” said Streetlights CEO Doug Chesnut.
Chesnut said that his firm hopes to deliver the first apartments in mid 2016.
Trinity Village is located just west of the popular Trinity Groves restaurant complex and the Margaret Hunt Hill Bridge.
StreetLights Residential is a Dallas-based apartment builder, which has projects in Uptown, Frisco and Austin.
Its partner in the West Dallas development – Stonelake Capital – is a private real estate investment firm with offices in Dallas, Austin and Houston.
“We are excited to invest in the West Dallas neighborhood,” Kenneth Aboussie, managing partner of Stonelake said in a statement. “Trinity Village will be an urban residential district with a mixture of apartment homes and single-family homes where residents will have the ability to walk to retail and entertainment venues and easily access major employment centers.”
Trinity Village is the latest in a string of high-profile mixed-use developments in the works in West Dallas.
Other developers including Columbus Realty Partners, Henry S. Miller Co., Wood Partners and Trammell Crow Residential are working on apartment projects in the neighborhood
 

North Dallas rental community sold to investors

The Advenir at Foxmoor apartments were built in the 1970s. (IPA)
A large North Dallas apartment community has sold to a local buyer.
The Advenir at Foxmoor is a 495-unit rental community located on North Central Expressway near Royal Lane.
Built in the 1970s, the 11-acre apartment community has been owned since 2008 by Miami-based investment group Advenir Inc.
Now the property has been purchased by a company controlled by Knightvest Capital and Management of Dallas.
Will Balthrope and Drew Kile of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. Terms of the transaction were not disclosed.
“This property offers a prime location with direct access to dynamic retail, recreation and employment opportunities along Central Expressway,” Balthrope said in a statement.
The acquisition was made with a $23 million loan from NXT Capital, Dallas County deed records show.

Deal in works to sell Dallas Design District buildings

The pending sale involves more than a dozen Dallas Design District buildings. (Steve Brown)
A Dallas retail and commercial real estate investor and developer is in talks to buy a big chunk of the Dallas Design District.
Dunhill Partners is negotiations to acquire multiple buildings in the district northwest of downtown, real estate brokers say.
The properties have been for sale for several months by Houston-based Lionstone Group which acquired the real estate in 2007.
The more that a dozen retail and showroom buildings are located along Oak Lawn Avenue, Hi Line Drive and Stemmons Freeway.
The acquisition includes the 7.5-acre Decorative Center complex at Oak Lawn and Hi Line and the Dallas Design Center on Stemmons.
Commercial property firm JLL has been marketing the properties for sale.
Most of the former warehouses had been renovated into wholesale showrooms, artist’s studios, retail and office space.
Dunhill Partners’ holdings include multiple shopping centers in Texas.
In the Dallas area, Dunhill owns Southlake Marketplace in Southlake and the Shops at Central Park in Bedford.

MetLife buys Legacy business park office building in Plano

The Plaza at Legacy was built in 2001. (Hines)
An institutional investor has purchased a large office complex in West Plano.
MetLife Core Property Holdings – a unit of Metropolitan Life Insurance – bought the Plaza at Legacy at 5465 Legacy Drive, Collin County deed records show.
The 7-story, 215,499-square-foot office project was sold by Houston-based Hines and J.P. Morgan Asset Management.
Hines bought the building in 2012. It was built in 2001 and originally housed Computer Associates International.
The building was marketed for sale by CBRE Group’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill.
The property is fully leased to tenants including CA Technologies, Brierley+Partners and Owens Corning.
Earlier this year Hines sold an adjacent vacant development site in a separate transaction to Cawley Partners.
The surrounding Legacy business park is considered to be one  of the hottest office markets in the country.
Toyota Motor Co. is moving its North American headquarters with 4,000 jobs to a location further west on Legacy Drive.
Earlier this year Hines sold an adjacent vacant development site next to the Plaza at Legacy in a separate transaction to Cawley Partners.

Austin investor World Class Capital buys Uptown site

Real estate brokers say the new owner is planning a high-rise for the property on McKinney Avenue and Cedar Springs Road. (Steve Brown)
An Austin real estate investor and developer has acquired an Uptown building site.
World Class Capital – the same company that owns downtown Dallas’ 34-story KPMG Centre – bought triangular block at McKinney Avenue and Akard Street, Dallas County deed records show.
World Class has had the property under contract to purchase for several months.
Real estate brokers say the new owner is looking at the property for a high-rise residential project.
In 2001 developers proposed a 10-story condo tower for the site, but never went ahead with plans.
The 1-story commercial building on the bock at 1899 McKinney previously housed a nightclub.
World Class Capital is an opportunistic real estate investor headed by businessman Nate Paul. The company makes purchases of office, retail, industrial and apartment properties.
It purchased the KPMG Centre tower in March.

Deal in works to sell Dallas Design District buildings

The pending sale involves more than a dozen Dallas Design District buildings. (Steve Brown)
A Dallas retail and commercial real estate investor and developer is in talks to buy a big chunk of the Dallas Design District.
Dunhill Partners is negotiations to acquire multiple buildings in the district northwest of downtown, real estate brokers say.
The properties have been for sale for several months by Houston-based Lionstone Group which acquired the real estate in 2007.
The more that a dozen retail and showroom buildings are located along Oak Lawn Avenue, Hi Line Drive and Stemmons Freeway.
The acquisition includes the 7.5-acre Decorative Center complex at Oak Lawn and Hi Line and the Dallas Design Center on Stemmons.
Commercial property firm JLL has been marketing the properties for sale.
Most of the former warehouses had been renovated into wholesale showrooms, artist’s studios, retail and office space.
Dunhill Partners’ holdings include multiple shopping centers in Texas.
In the Dallas area, Dunhill owns Southlake Marketplace in Southlake and the Shops at Central Park in Bedford.

Developer shopping Design District tract for new tower

The vacant property is at the north end of Hi Line Drive. (Steve Brown)
One of the few vacant development sites in Dallas’ Design District is in play.
The parking lot at the north end of Hi Line Drive is adjacent to the Trinity Strand Trail and Turtle Creek.
Several apartment developers have taken a run at the potential building site.
Property brokers say that Houston-based PM Realty is in talk to acquire the property for construction of a large apartment project.
Its just a few blocks from PM Realty’s 24-story 1400 Hi Line apartment tower, which leased ahead of schedule and at higher than expected rents.
Brokers say that PM Realty is considering another residential tower for the site it’s shopping at the other end of Hi Line.
The tract is adjacent to two other apartment communities plus popular restaurants.
The Design District and adjacent Trinity Industrial District are seeing widespread interest from builders and investors.
Trammell Crow Residential is planning a more than 300-unit apartment project on the banks of the Trinity River.
And investor and developer Dunhill Partners is in talks to buy more than a dozen Design District showroom, retail and office buildings.

Dallas North Tollway office tower project up for grabs

Spectrum Center was built in 1983 and recently remodeled. (Granite)
One of the biggest office projects along the Dallas North Tollway is up for grabs.
The almost 600,000-square-foot Spectrum Center development is at the northwest corner of the tollway and Belt Line Road and has been owned since 2010 by Granite Properties.
The developer and investor spent $6 million in upgrades to the twin, 12-story towers, which was built in 1983.
Now the buildings are being marketed for sale by HFF.
Spectrum Center is almost 85 percent leased with tenants including Wells Fargo, Humana and Principal Life Insurance.
Granite has put Spectrum Center on the market at the same time the commercial property company is breaking ground on a new office tower in Plano.

Buckner Retirement looking at major expansion with acquisition

Buckner Retirement's properties include a planned project in North Dallas. (Buckner)
Dallas-based Buckner Retirement Services Inc. is working on a plan to buy or affiliate with another retirement housing firm.
Buckner said Thursday that its going after Sears Methodist Retirement System Inc., an Abilene-based firm that’s been in bankruptcy since June.
If the two companies join, it would make them “the largest not-for-profit senior living provider in Texas and among the largest 20 in the United States,” Buckner said.
The deal would include acquisition of seven of Sears’ 11 senior communities.
Sears Methodist Retirement has been in business since 1966 and provides housing for more than than 1,500 residents.
The combined companies would have an annual budget of more than $150 million, according to Buckner.
“Sears has strong brand recognition in Texas and complements our mission and culture,” Charlie Wilson, Buckner senior vice president, said in a statement.
Buckner has senior living communities in Austin, Beaumont, Burnet, Dallas, Houston, Longview and San Angelo.
A new project in North Dallas planned to open in 2018.
Sears Methodist has facilities in Abilene, Amarillo and in Tyler.

Developer buys Texas A&M property in Far North Dallas with plans for hundreds of new homes

The 900-home residential community will surround the Texas A&M center on Coit Road.
A developer has completed its purchase of one of the largest undeveloped properties in Far North Dallas.
Centurion American Development plans to build hundreds of houses and townhouses on the 163-acre property it purchased from Texas A&M University.
The land is surrounds to the Texas A&M Agrilife Research and Extension Center on Coit Road just north of Campbell Road.
Centurion plans to build 720 single-family homes and 180 townhouses, according to filings with the City of Dallas.
Texas A&M has owned the property for decades, using it as a research and extension service center.
John Pippard of the Pippard Co. brokered the sale by the Board of Regents of the Texas A&M University System.
Centurion American has been in business since the 1990s and has developed thousands of homesites in residential communities in Texas.

Multifamily on Deck for Trinity Village

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The 300 apartments in Trinity Village will deliver in summer 2016.
DALLAS--StreetLights Residential and Stonelake Capital Partners have announced plans to build a Class A 300-unit apartment home community located at 1000 Singleton Blvd. near the southwest corner of Singleton Boulevard and Sylvan Avenue in West Dallas.
“StreetLights is proud to announce our first apartment development in West Dallas and we are excited to invest in this dynamic neighborhood,” said StreetLights’ CEO Doug Chesnut. "As with all projects, we are taking into account the needs and aesthetic of the neighborhood.”
The new residential development will be the first phase of Trinity Village, a 25-acre urban residential district to be developed by Stonelake. Trinity Village is within walking distance to Trinity Groves, which includes restaurants, retail and entertainment venues. Currently, the Trinity Village property is being used for industrial purposes, primarily for trailer and 18-wheeler parking and repair.
“Trinity Village will be an urban residential district with a mixture of apartment homes and single-family homes where residents will have the ability to walk to retail and entertainment venues and easily access major employment centers in Uptown, Downtown and the Medical Center via the newly constructed Margaret Hunt Hill and Sylvan Avenue bridges," said Kenneth Aboussie, managing partner of Stonelake. "We are excited to revitalize this decades-old industrial property into a vibrant district where people will want to live by creating a sense of place that is respectful to the heritage of West Dallas.”
The first units of the apartment homes are expected to deliver in the summer of 2016.
By Anna CaplanDallas/Fort Worth