Friday, June 27, 2014

Lewisville office complex is under contract to Canada buyer



Canadian investor City Office REIT Inc. is buying a Lewisville office building.

The Vancouver-based real estate firm said its paying $28.4 million to purchase  Lake Vista Pointe, a 163,000 square foot office property at 2911 Lake Vista Drive.

The building is fully leased to Ally Financial Inc. It’s now owned by Frontier Equity.

City Office said it plans to close the purchase next month.

“The Dallas-Fort Worth market offers favorable economic trends for owners of office properties,” City Office CEO James Farrar said in a statement. “It is forecasted by Moody’s Economy.com to rank first in both population and job growth between 2012 and 2017.”

City Office REIT owns or has an interest in 2.1 million square feet of office properties in Norht America.
The Lewisville purchase is the company’s first Texas purchase. It owns properties in Colorado, Florida, Idaho and Pennsylvania.

Steve Brown- Dallas News

Far North Dallas seniors project expanding with 4-story building


 

A Far North Dallas senior housing community is expanding with new construction.

Tradition Senior Living LP said Thursday that it’s started work on a 4-story addition to its Tradition-Prestonwood community on Arapaho Road at Prestonwood Boulevard.

The 2.8-acre development will have 75 assisted living and 38 memory care apartments and will total 138,000 square feet.

Tradition Senior Living CEO Jonathan Perlman said the building will be ready in May of next year.
The first 215-unit independent living building in the Prestonwood project opened in 2010.

Tradition Senior Living is also building a 7.5-acre seniors housing project on Lovers Lane near Greenville Avenue in Dallas.

Steve Brown- Dallas Morning News

Kislak Purchases Fairways Apartments

“Dallas/Fort Worth has a strong economy and the
anticipated population and employment
 growth is expected to generate long-term
high demand for apartments,” Bartelmo says.



DALLAS–Florida-based The Kislak Organization has purchased the Fairways Apartments. The 348-unit multifamily garden-style apartment community is located inGrand Prairie. The sale price was undisclosed. 

“Dallas/Fort Worth has a strong economy and the anticipated population and employment growth is expected to generate long-term high demand for apartments,” says Thomas Bartelmo, president and CEO of Kislak.

The Fairways includes one- and two-bedroom units with amenities like wood-burning fireplaces, walk-in closets and private patios/balconies. Common amenities for the residents include two resort-style pools, a fitness center, BBQ area, golf course views and a controlled-access gate.

Kislak plans to upgrade the clubhouse and recreational facilities. With this purchase, Kislak now owns more than 2,000 units across the country. This is the company’s second purchase in Texas.


“We purchased Arbors of Las Colinas in Irving, Texas, in 2005, and based on our success there, our acquisitions team has been working to expand our presence in the market. The Fairways is a perfect fit for our strategy of repositioning and enhancing properties, and a terrific addition to the Kislak portfolio,” Bartelmo says. 

Katie Hinderer- Globest.com

What the Republican National Convention would do for N. Texas hotels

178443682
If the RNC chooses Dallas, it would need about 16,000
hotel rooms to accommodate esteemed guests.

If Dallas beats Cleveland in the race to land the Republican National Convention, the event would mean big bucks for the North Texas hotel industry.

The RNC would need about 16,000 hotel rooms to accommodate its guests.

“We can handle it,” said Cecile Fernandez, executive director of the Hotel Association of North Texas. “We’ve hosted these large-scale events before, and we can do it again.”

Currently, there are about 75,000 hotel rooms in Dallas-Fort Worth, according to the association, 5,000 of which are concentrated in downtown Dallas.

Seventy percent of the needed rooms are with two miles of the American Airlines Center and 80 percent are within 15 minutes, Fernandez said.

This wouldn’t be North Texas’ first time hosting a major national event. It hosted the NBA Finals in 2011 and 2006, and Super Bowl XLV in 2011. Dallas hosted the GOP convention in 1984.

The Dallas, Plano and Irving areas, alone, generate $10.2 billion in travel spending in annual revenue, without a major national event. During the 2011, when DFW hosted the NBA Finals, the area generated $10.6 billion.

In 2013, it hosted 31 citywide conventions and drew more than 50,000 guests to events including the Christian celebration MegaFest and Mary Kay’s annual convention. It drew 100,000 guests during the USA Volleyball Girls’ National Championships.


As far as how much money the RNC could generate for hotels is yet to be determined, as rates across the brands vary. But what is known is that 85 percent of the 16,000 rooms needed are at hotels that have a Three-Diamond rating. Twenty-one hotels within the proposed area have a Four- to Five-Diamond rating.

Danielle Abril-Dallas Business Journal

New report: D-FW office leasing totals 2 million square feet so far in 2014

The Frost Tower under construction
 in Uptown is part of the 5 million
square feet of office space being
built in North Texas. 
(Steve Brown)

Dallas-Fort Worth office leasing increased in the second quarter.

But the real gains won’t come until later this year when new buildings are completed.

Net office leasing totaled almost 2 million square feet in the first half of 2014, according to the latest numbers from commercial real estate firm Cushman & Wakefield of Texas. That’s up from about 1.2 million square feet of net leasing in the first six months of last year.

The biggest increases in office demand were in Richardson’s Telecom Corridor, in West Plan and Frisco and along LBJ Freeway in North Dallas.

“We are seeing substantial expansion of businesses,” said Rick Hughes, Cushman & Wakefield’s executive vice president. “We are working on many projects that are bringing new jobs to Dallas.
“We don’t see anything in the market to slow things.”

Companies that occupied significant blocks of office space in the second quarter included Santander Consumer Finance, Perkins Coie, Lockton Cos, Liberty Mutual, Kohl’s, Nationstar Mortgage, Conifer Solutions, Ernst & Young, Time Warner Cable and Trend HR.

About 18.4 percent of D-FW office space is now empty.

Rents on first class office space rose by more than 5 percent in the second quarter and are now almost back to the record high recorded in 2009, Cushman & Wakefield said.

Just more than 5 million square feet of office buildings were under construction in June, compared with about 4 million square feet a year earlier.

With several projects opening their doors in the second half of this year, net leasing numbers will sharply climb.


“We don’t put it in our leasing numbers until they actually occupy the space,” Hughes said. “We have a ton of stuff in the pipeline that will show up later in the year.”

Steve Brown- Dallas News

Thursday, June 26, 2014

August groundbreaking set for huge Frisco project


The first phase of the Wade Park project
will open in 2015. (Thomas Land and Development)
A groundbreaking is set for a massive Frisco mixed-use development on the Dallas North Tollway.

The 110-acre Wade Park project will start in August, builder Thomas Land & Development said Thursday.

The developer said it’s also lining up an entertainment venue and other anchors for the project, which will have retail, office, hotel and residential space.

“We have assembled an impressive team to head up development and leasing, and they are securing the best partners to make Wade Park a true destination in one of the most desirable and fastest growing communities in the country” developer Stan Thomas said in a statement.

Atlanta-based Greenstone Properties is joining the Wade Park project with plans to build two 14-story office buildings and 250,000 square feet of office space along the project’s Main Street.

Four additional office buildings in a campus complex are also part of the plan.

Dallas’ United Commercial Realty and Utah-based B2 and Co. have been hired to market the 600,000 square feet of retail planned in Wade Park.

The first phase of Wade Park is scheduled to open in Fall 2015.

The high-density mixed-use project is just north on the tollway from where work started this week on the $1 billion Dallas Cowboys complex.

That development is also planned to contain a combination of retail, office, residential and the headquarters and practice facilities for the football team.


Thomas Land & Development earlier this year purchased the Wade Park property from a longtime Frisco family.

Steve Brown- Dallas News

East Dallas church being redeveloped into new prep school


St

The former St. Luke Methodist Church campus has been sold to Reconciliation Academy, which plans to redevelop the 96,000-square-foot church into a preparatory school.

Terms of the deal for 6211 E. Grand Avenue were undisclosed.

"We had several developers interested in tearing down the church and building either apartments or townhomes, but the neighborhood would not support it," said Lane Kommer, an associate in Henry S. Miller Brokerage's land division, in a written statement. "It really came down to finding the right user."

That new property owner was found in Reconciliation Academy, who plans to retain the building's architectural details and redevelop it with a new community-centric purpose. And the new campus gives the academy room to grow, said Leonard Brannon, CEO and superintendent of Reconciliation Academy.

"The first year we are doubling our student population and offering classes from prekindergarten to fifth grade," Brannon said, in a written statement. "The future is bright for CityScape. We predict CityScape will serve more than 700 children and offer classes up to the ninth grade."
The academy plans to open the new school, which is known as CityScape East Grand Preparatory, in August.

Reconciliation Academy plans to remodel all four floors of the building and move walls to make room for classrooms and offices. The school will convert the church's existing auditorium into a multipurpose room for gym and auditorium uses. The initial renovation will total 43,000 square feet.

The school recently began enrolling for the 2014-15 school year.

Candace Carlisle- Dallas Business Journal

Wednesday, June 25, 2014

New industrial park coming in southwest Dallas



International industrial building developer Prologis is working on plans for a new business park in southwest Dallas.

The project is planned on one of the last large vacant tracts in the Mountain Creek development on the north side of Interstate 20.

Prologis last year bought 94 acres at Mountain Creek Parkway and Merrifield Road. The property includes the original marketing center building for the Mountain Creek development.

It’s across the street from the big Niagara Bottling and Jack-in-the-Box distribution centers.

Prologis plans to build roughly 1.6 million square feet of warehouse space in two buildings on the property, according to filings with the City of Dallas.

The developer also has room for additional construction at its Prologis 20/35 business park in Lancaster.

The two development sites will allow the developer to continue to chase major warehouse tenant requirements, such as the proposed Kimberly-Clark distribution center, which could total around 1 million square feet.

Kimberly-Clark is looking at locations along Interstates 20 and 45, property brokers say.


Steve Brown- Dallas News


$1.2B master-planned residential community set to open in Prosper


Windsong Commons Low Stone Columns sm

A much-anticipated $1.2 billion master-planned residential community in Prosper is preparing to open the initial phase of the 2,030-acre development near the Dallas North Tollway and State Highway 380 on Friday.

The opening of the first phase, named Windsong Ranch, couldn't come at a better time, with a rising demand for homes in the far North Dallas submarket because of big-time corporate moves such the world's largest automaker, Toyota Motor Co. (NYSE: TM), which is steering more than 4,000 jobs to West Plano within driving distance of Prosper.

The developer, Terra Verde Group, plans to open Windsong Ranch is on schedule Friday after a $5.1 million infrastructure project was completed that opened that portion of Prosper up to development.

The initial phase, which includes about 275 single-family homes, will market houses from the mid-$300,000s to $500,000s. Highland Homes, Drees Custom Homes and Darling Homes have their homes available for potential buyers.

Huntington Homes, David Weekley Homes and Chesmar Homes expect to open their model homes in the fall.

With a projected 10- to 15-year build-out of Windsong Ranch, the developer expects to construct 3,100 single-family residential lots, as well as 150 acres of mixed-use development and 550 acres of open space with native preserves, trails and parks. The development also includes a 50-acre Community Park.


Terra Verde Group bought the 2,030-acre tract from Forest City Enterprises Inc. for $29.8 million in June 2012.

Candace Carlisle- Dallas Business Journal 

Advalurem Buys Ownership Interest in Bella Madera



DALLAS–Advalurem Group has bought an owner interest Bella Madera in Lewisville, TX in an off-market transaction. An unnamed regional merchant builder sold the 612-unit, class A apartment community for an undisclosed sum.

Advalurem Group’s local partner, Block Real Estate Services, was offered the opportunity after closing on a different deal. Value was added to the deal by the assumption of an existing long-term loan that was restricted from early repayment.

“The off-market nature of the transaction and the requirement to assume the existing loan resulted in a favorable basis, which will go toward generating compelling risk-adjusted returns,” Advalurem Group Principal and Founder, Gabriel Pozo tells GlobeSt.com

The garden-style apartment community was built in 2009 and is currently 91% occupied. Amenities include a clubhouse, fitness center, business center, tanning studio,  and resort-style pool.

Bella Madera “offers a resort-style renter experience and caters to the single, professionals and couples who desire a convenient location to live, work and play,” Pozo says.

New York-based Advalurem Group specialized in providing equity for middle-market commercial real estate across all property types.

Katie Hinderer- Globest.com

Tuesday, June 24, 2014

Exclusive: A sneak peek at JLL's latest Dallas office data


uptown construction

Dallas-Fort Worth's real estate market has seen some big increases in leasing activity and rental growth; in particular, the "tight" submarkets like Uptown and Preston Center.

Or that's the story from the preliminary numbers complied by JLL's research experts Walter Bialas and Steve Triolet.

"All the submarkets besides Stemmons is seeing growth and upward pressure on rents," Triolet told the Dallas Business Journal in an exclusive interview and preview of their statistics. "The key question is, 'How long will this last?' Especially with the new construction underway."

Uptown and Preston Center are bordering the invisible vacancy line of 10 percent that has developers deciding to bring new office towers to the market, he told me. For the second quarter of the year, Preston Center had an 8.3 percent vacancy rate, with Uptown's vacancy hitting 10.4 percent, according to JLL research.

Richardson and far North Dallas were following on the heels of those two submarkets with vacancy rates of 14.9 percent and 15.9 percent, respectively.
Overall, Dallas' lease rates have escalated, with an average lease rate in Dallas of $22.29 per square foot through the second quarter of 2014, according to the research. That is driven by the market's leasing activity. Year-to-date, Dallas absorbed 722,804 square feet of office space.

One of the submarkets with the highest vacancy rate is the Stemmons submarket, which took a big hit when Santander Consumer USA Inc. (NYSE: SC) decided to move its headquarters and nearly 1,400 employees into Thanksgiving Tower in downtown Dallas.

Right now, the Stemmons submarket is 27 percent vacant. That could change after the October lifting of the Wright amendment at Dallas Love Field, which sits in the submarket, Bialas said. But that may take a few years.

"The changes of the removal of the Wright amendment will bring about some big changes in the next five years, not the next year or two," Bialas told the Business Journal. "It will take longer than that."

Historically, Dallas has violated the imaginary 10 percent rule, building new buildings before a submarket has hit the threshold, Bialas said.

"We have some submarkets with historic low vacancy rates, which is why there's so much construction going on right now," he told me. "But even with new space being delivered by developers, there's not a lot of big blocks of space available for companies coming into the market."

Candace Carlisle- Dallas Business Journal


Case-Shiller: Dallas-area home prices up 9.3 percent in April



Dallas-area home prices rose at the smallest rate in seven months in April.

But prices were still up 9.3 percent in the latest Standard & Poor’s/Case-Shiller Home Price Index.

Nationwide home prices rose by 10.8 percent from a year ago in the monthly measure of residential values in 20 major U.S. markets.

“Although home prices rose in April, the annual gains weakened,” S&P’s David M. Blitzer said in the report. “Overall, prices are rising month-to-month but at a slower rate.”

Even with the slower price gains, Dallas-area home prices are now at a record high in the Case-Shiller report.

Dallas-area prices are up about 8 percent from where they were before the recession in 2006. And prices are up by more than 20 percent from the worst of the recession in early 2009.

Blitzer said “prices are being supported by cash sales, low inventories and declining foreclosure and REO sales.”

In April, the biggest year-over-year gains were in Las Vegas, up 18.8 percent, and San Francisco, up 18.2 percent.

North Texas home price gains have slowed in 2014 after more than a year of double-digit increase.


Through the first five months of the year, median home sales prices were up 7 percent from the same period in 2013, according to data from local real estate agent sales.
Steve Brown- Dallas News

Uptown Dallas property owners pitching modern Flatiron Building for key tract

Owners of the retail and office building at Cedar
Springs Road and Olive Street
 are looking at highrise plans. 
(Steve Brown)

It’s a property with one of the most strategic locations in Uptown.

The more than half acre site is at the crossroads of Cedar Springs Road, Olive Street and McKinnon Street – just a block from the Crescent.

Across the street, construction is about to begin on Crescent Real Estate’s 20-story McKinney & Olive tower.

The triangular tract is now occupied by a strip shopping center and a small office building.

“With land trading at above $300 per square foot in the Uptown area, we’ve decided to explore all vertical options,” said David Pemberton, who represents the partnership that has owned the property for more than 20 years. “We’re in discussions with office tenants, boutique hotels and residential and restaurant uses.

“We feel that a high-end Flatiron-designed building would be a iconic  addition to the Uptown area,” he said.

Pemberton said the 95,000-square-foot tower could cater to small companies that want a more exclusive office address.


An architect’s drawing displayed on the development site shows a modern version of New York’s landmark Flatiron Building, which also is perched on a triangle of land.

Steve Brown- Dallas News

Downtown Dallas’ landmark Fountain Place tower sells for close to $200 million

An iconic downtown Dallas skyscraper has changed hands.

The 60-story Fountain Place tower with its green glass “rocket” design is a standout on the city’s skyline.

Atlanta-based Goddard Investment Group LLC said Tuesday that it has completed its purchase of the 1.2 million-square-foot Ross Avenue office tower.

The new owners say they plan to renovate the highrise, which was built in 1986. The work will include refurbishing the lobby and elevators and upgrades to the namesake exterior fountains.

Goddard also said it will build a parking garage on the vacant lot to the north of the tower.

“Our vision for the property is to expand and refresh the public areas, making them consistent with the striking design of the tower’s exterior facade,” Robert C. Goddard III, chairman and CEO of Goddard Investment Group, said in a statement “With our investment, this will be a truly irreplaceable building that offers all the amenities, accessibility and prestige expected from a top-tier Uptown or Arts District building.”

Goddard officials declined interviews to discuss their purchase.

Real estate brokers say that the Atlanta firm partnered with an arm of Metropolitan Life Insurance to make the buy.

The deal was expected to total close to $200 million.

J.P. Morgan Asset Management has owned the skyscraper since 2011. HFF was hired to market the building.

The building – designed by I.M Pei –  is 88 percent occupied with tenants including Tenet Healthcare, Wells Fargo Bank, Bracewell & Guiliani, Hunton & Williams and the General Services Administration.

Cassidy Turley has been hired to lease the property.

Goddard Investment Group is a privately held commercial real estate firm that also owns the 22-story St. Paul Place office tower on Ross Avenue.

Fountain Place is the latest in a string of downtown towers to recently change hands.


Rising rental rates and a steady lease-up of Dallas office buildings is fueling investor demand.

Steve Brown- Dallas News

Monday, June 23, 2014

Developers eyeing Uptown Dallas landmark

Built in the 1920s, Dallas' Maple
 Terrace has long been a local
landmark. 
(DMN files)

A cherished Dallas landmark is attracting attention from developers who covet the building’s Uptown site.

The 90-year-old Maple Terrace apartment building was one of Dallas’ first luxury residential buildings. The highrise was designed by noted British architect Alfred Bossom, who was also the architect for downtown Dallas’ Magnolia Building.

Since 2010 the 80-unit rental building has been owned by investor Exxir Corp.

But real estate brokers say builders are looking at the choice property at Maple and Wolf Street with an eye toward building hundreds of new apartment units.

Exxir representatives confirm they’ve been contacted by interested buyers but say that the Maple Terrace hasn’t sold.

Brokers say one of the firms that’s been looking at the property is Gables Residential, one of Uptown’s largest apartment builders and owners. Gables is developing the Whole Foods Market and apartment building on McKinney Avenue.

A previous plan to remodel the landmark building into condos and build an additional 170 units in a new 16-story tower was killed during the recession.

Since then, Exxir has made repairs to the 7-story building and continued to operate it as apartments.

Despite the building’s storied past – over the years it played home to a string of celebrities including Judy Garland and Greer Garson – the property has no historic designations.

Look for a lot of push back from preservationists if buyers propose to knock down the Maple Terrace.

Steve Brown- Dallas News

Friday, June 20, 2014

Historic building gets a new lease on life in Dallas Farmers Market


Liberty State Bank Building copy

After being saved from demolition, the historic Liberty State Bank Building will reopen after it was disassembled and relocated to the Dallas Farmers Market.

The two-story Italianate masonry building at 2226 Elm Street in downtown Dallas was originally constructed in 1899, and will move forward as a landmark in an evolving neighborhood.

The historic building is scheduled to reopen Friday at its new location at 600 S. Harwood St., after it was moved to make way for the expansion of César Chávez Boulevard and Pearl Expressway in downtown Dallas.

Wildcat Management, Ruibal's Plants of Texas and architect Craig Melde stepped up to preserve and relocate the building, with Melde purchasing the building for $3 last summer.

The total project cost $2 million. The disassembly and relocation of the building was around $400,000, which was more expensive than initially anticipated, said Tanya Ragan, the president of the Farmers Market Stakeholder's Association and owner of Wildcat Management.

"It was basically a big jigsaw puzzle that was number, archived and put back together in the same spot," Ragan told the Dallas Business Journal."The amount of detail was very time consuming and expensive. If you put an old photo and new photo side-by-side, it is pretty incredible."


The Liberty State Bank Building will get a new life with two new tenants, Green Door Public House, which is a restaurant and bar, and V12 Yoga Studio.

Candace Carlisle- Dallas Business Journal

Thanksgiving Tower makeover hopes to banish the blahs


Groundfloor retail space and transparent glass will
give the tower more street life. 
(UCR)

Many 1980s commercial buildings suffer from an appalling lack of street presence.

That’s certainly the case with downtown Dallas’ Thanksgiving Tower, which has about as much curb appeal as a power plant.

Dark glass walls slam down to the street. The entryways on Elm Street and Pacific Avenue are framed in funereal granite blocks.

Fortunately some changes are in works.

New owners are blowing out the lower level of the skyscraper, adding retail space and transparent glass that will open up the building to the streetscape.

The City of Dallas is kicking in $6 million in tax increment finance district funds to help pay for the tower renovations, which are expected to total about $100 million.

About 16,000 square feet of retail space will be added to the ground floor of Thanksgiving Tower, according to leasing proposals from United Commercial Realty.


The Pacific Avenue side of the building which fronts ThanksGiving Square will have large outdoor seating areas

Outdoor dining and seating areas will be added.(UCR)

Like many 1980s buildings, Thanksgiving Tower doesn't have a lot of curb appeal. (Google Streetview)

Steve Brown- Dallas News

Thursday, June 19, 2014

Prologis sells multiple Dallas-area industrial buildings to investor TPG



Industrial real estate developer and investor Prologis has sold a big package of U.S. warehouse properties – including a dozen in North Texas.

Prologis sold 59 of its industrial buildings around the country to Dallas-based investment firm TPG.

The investment group paid a reported $375 million for the 7.5 million square feet of warehouse located in Columbus, Chicago, Cincinnati, Dallas, Denver, El Paso, Los Angeles, Portland and Seattle.

Prologis did not release a detailed inventory of the properties sold.


But Dallas County deed records show that the buildings are located in the Pinnacle Park development west of downtown, in Farmers Branch, Carrollton, Addison and Richardson.

Steve Brown- Dallas News

New Uptown tower raises the bar for design and project cost

Construction is kicking off on the most expensive Uptown development in more than a decade.

Crescent Real Estate Holdings’ $225 million office and retail project at McKinney Avenue and Olive Street attracted a crowd for its start Thursday morning.

The 530,000-square-foot, 20-story McKinney & Olive development is on one of the last large empty blocks located just north of downtown Dallas.

While the office tower is the most prominent part of the project, it’s the lower floor retail and restaurant center and almost one-acre outdoor public space that will set the project apart from other buildings in the area.

Acclaimed international architect Cesar Pelli and his team spent time getting to know the neighborhood and visiting buildings along McKinney Avenue before coming up with the design.

“We think this is a very pedestrian area and we want to celebrate that,” Pelli said. “When you drive by, this is going to catch your eye.”

The lower two levels along McKinney and Olive will be clad in transparent glass to open the project up. The parking garage at the corner of Olive and Cedar Springs Road will also  be wrapped with shop and restaurant space on the ground floor.

Pelli said the design of the building will contribute to the feel and appeal of the area.

“Uptown represents the future of all Dallas, he said.

With more than three acres to build, Crescent chose to devote a large portion of the block to pedestrian and retail features rather than maximizing construction with more high-rise space.

“We wanted to create a public open space that would be incredibly inviting,” Pelli Clarke Pelli Architects’ principal Greg Jones said. “Twenty to 25 percent of this site is not built on and is non revenue generating.

“It’s a linear park in the middle of a city.”

The idea of mixing top-class office space with retail and outdoor spaces seems to be resonating with tenants for the development.

Prominent Dallas law firm Gardere Wynne Sewell LLP has leased four floors in the tower and Crescent Real Estate CEO John Goff said more office deals are in the works.

‘The interest level has really accelerated,” Goff said. “We hit the market at a good time, and I feel very comfortable at our ability to fill it up.”

Tenants will pay a premium to locate in the new glass tower. Rents in the building will be in the mid to upper $40s per square foot – some of the highest ever in Uptown And twice the cost of some downtown buildings.

Goff said the actual start of construction on the project should increase the pace of leasing.

“The market always questions whether a development is real – is it really going to come out of the ground?” he said.

Along with Pelli Clarke Pelli, Kendall/Heaton Associates is executive architect for the building and Beck Group will be general contractor.

The Office of James Burnett – which designed the Klyde Warren Park – is doing the building’s park space.

The tower will take about two years to build.

Steve Brown- Dallas News

Wednesday, June 18, 2014

Forecast: Dallas-area office market expansion to continue through 2017



The Dallas area office market now has the “highest rent growth expectation in 16 years,” according to a new report from accounting giant PricewaterhouseCoopers LLP.

PwC’s second quarter real estate investor survey predicts that the  Dallas office market will have four years of continued expansion. The positive outlook for the local office market stretches through 2017, according to the new report.

Office rents are up by more than 4 percent area wide this year, according to the report. But the cost of office space is rising even faster in some hot business districts, including West Plano, Uptown and Preston Center.

“As this market moves through the expansion phase of the cycle, substantial planned new supply may negatively impact market conditions,” the report warns. “Estimates total more than 5 million square feet of new office stock entering this market in the next two years.


“Still, given the current strength of the Dallas office market, survey participants foresee rising property values of as much as 10 percent in the next 12 months.”

Steve Brown- Dallas News

Wednesday, June 11, 2014

Billingsley Co. forms new construction company to build 3,000 new DFW apartments


Cypress Waters  JLD 7901

Dallas-based development firm Billingsley Co. has formed a new corporate affiliate, Billinglsey Construction Inc., to develop more than 3,000 apartments in Dallas-Fort Worth in the next two years.

Creating a construction arm in-house makes perfect sense for the longtime Dallas development firm as it expands its long-term hold strategy for its multifamily properties, said Lucy Billingsley, a partner at the Dallas-based firm.

"We have wanted to bring our construction in house for some time, but waited to get a great leader," said Billingsley, who added Billingsley Co. plans to developer more than 22,000 apartments between Cypress Waters and Austin Ranch, which are two large projects in various stages of development.

The firm has named Brian Maynor as the leader of Billingsley Construction Inc., who will oversee Billingsley's apartment construction in North Texas.
Maynor, who has more than 14 years of construction experience, has worked for large developers such as JPI and Alliance Residential. He plans to recruit a team of 15 to 25 employees for the new office and field work.

Right now, Billingsley is underway on 106 new townhomes for the 1,000-acre Cypress Waters development, which are expected to be finished by the end of the year.

The developer has also started on the initial phase of a 2,000-unit Lake District community in Austin Ranch. The initial phase of 525 apartments is scheduled for completion in October.

Candace Carlisle- Dallas Business Journal

Dallas-based real estate fund targets $800 million in new buys



Velocis Fund last year bought the McKinney Place office tower in Dallas' Uptown neighborhood.(DMN files)

A successful Dallas-based commercial real estate investor is raising money to make more purchases.

Four-year-old Velocis Fund LP is raising $300 million for its new real estate investment fund that will be used to buy office, medical office and retail properties in major U.S. markets.

The new fund expects to acquire around $800 million in properties, most priced between $20 million and $70 million, managing principal Fred Hamm said Tuesday.

Velocis hopes to buy two dozen or more properties over the next three years.

The investor’s first fund, which is about three-quarters spent, has purchased about $305 million in real estate.


Some of the local acquisitions include the 8-story, 150,000-square-foot McKinney Place office building in Uptown. And Velocis bought a 108,000-square-foot shopping center in Colleyville.

Steve Brown- Dallas News

Tuesday, June 10, 2014

Looks like $34 million redo of old Plaza Hotel in Cedars will have to wait till 2016



Back in January we asked about those long-ago plans to convert the old Sheraton Ramada Plaza Hotel in the Cedars into a 220-room Holiday Inn & Suites, and were told: Soon, soon. Turns out, not as soon as the Dallas City Council had once hoped.

Today at noon the Cedars TIF District Board of Directors will discuss pushing the $34-million project’s July 31, 2015, move-in deadline to July 31, 2016. Same goes for the “commercial/retail structure(s)” planned for the parking lot, as well as the infrastructure improvements along Akard and Griffin Streets, for which the developers will receive $2.3 million from the TIF by way of reimbursement. But developer TEOF Hotel LLC — otherwise known as John Greenan, the executive director of Central Dallas Community Development Corporation, which developed CityWalk@Akard — will be reimbursed up to $1 million “for expenditures related to the Project’s public infrastructure” on a “monthly draw schedule,” subject, of course, to whether there are enough dollars bills in the TIF.

As Greenan put it in January, “this deal is complicated even by my generous standards,” in large part due to its financing, which includes $11 million in a federal Section 108 loan still awaiting final approval in D.C.

“Assuming no hiccups, we’ll start the abatement and demo as soon as the 108 approval comes through,” Greenan says via email.

Also of note: The Plaza will no longer be a Holiday Inn. Greenan says the new flag will be announced within the week.

Per the agenda below, the city is stipulating that the developer/owner of the hotel “must submit evidence that the hotel flag is an Ascend Collection Hotel or the equivalent,” as determined by Karl Zavitkovsky, head of the Office of Economic Development. Ascend, according to The Google Machine, is the proud parent of Comfort Inn, Rodeway Inn and EconoLodge, among other “historic, boutique and unique hotels that offer guests an authentic, local experience.”

Says Greenan, “The design, with the typical minor changes, will stay the same as we’ve had out there for quite a while — including the redo of the Akard Street bridge, the giant umbrella, and the village of shipping containers at the corner of Akard and Griffith.”

Robert Wilonsky- Dallas News

More than $1.5 billion in projects in the pipeline in Dallas’ Uptown district

If you’re counting cranes, more of them are perched over construction sites in Dallas’ Uptown neighborhood than anywhere else in North Texas
.
Sure, all the buzz about Toyota Motor’s move has got the folks up in Plano excited, but if you want to see an honest to gosh building boom, drive to Uptown.

In the area stretching between Victory Park and CityPlace, the number of projects just keeps growing.

This week, construction crews broke ground on a 23-story apartment tower off McKinney Avenue. The residential high-rise will front on Maple Avenue next door to the Federal Reserve Bank of Dallas. The project is developer StreetLights Residential’s second high-rise apartment building in Uptown and will open late next year.

The 212-unit high-rise is one of five apartment towers being built in Uptown. At least a couple more are in the works.

Forget low-rises

With the best building sites now selling for more than $250 per square foot, you won’t see low-rise apartments started in Uptown.

Developers are scrambling to find enough building sites. There’s even a nine-story apartment block being built on top of the parking garage at 1900 Cedar Springs Road, at Harwood Street.

On June 19, ground will be broken on the vacant block next door, between Olive and Harwood streets, for a 20-story office tower.

Crescent Real Estate is starting work there on the 530,000-square-foot high-rise, called McKinney & Olive and designed by award-winning architects Pelli Clarke Pelli.

The $225 million Crescent office project has already signed a major lease with law firm Gardere Wynne Sewell LLP, which will move from downtown when the building opens in 2016.

On the corner opposite Crescent’s new building, survey crews were busy this week preparing for another office project. This one is being developed by KDC, the same firm building the huge State Farm Insurance campus in Richardson.

Groundbreakings

There’s still more groundbreakings scheduled in Uptown.

Houston-based developer Hines has announced plans for a 23-story office tower in Victory Park.

And RED Development of Phoenix wants to start work early next year on its $200 million Akard Place, at Field Street and Cedar Springs Road. The project would include a 16-story office tower and 20-story apartment building that StreetLights Residential will build.

Developer Harwood International is building its 22-story Frost Bank Tower on McKinnon Street near the entrance to Dallas North Tollway. Just north of that site, Harwood plans to start its 33-story Bleu Ciel condo tower later this year.

No fear factor

All together, more than $1.5 billion in current, planned and proposed developments are in the pipeline for Uptown. That’s about the same amount of money that it will cost to build the massive CityLine development in Richardson anchored by State Farm.

“I’ve never seen a market this hot,” said longtime Dallas property broker Newt Walker, who has sold dozens of Uptown properties over the years. “There’s so much going on down here that it’s like there is no fear factor anymore.”

Trammell Crow Co. just paid an eyepopping price — over $250 per square foot, brokers say — for the Chase motor bank at the entrance to Uptown at Pearl Street and Woodall Rodgers. Sneaked photos being displayed on real estate blogs show two sleek towers planned for the tract.

The biggest limit on development in Uptown is going to be a lack of affordable building sites.

Look for the high price tags there to push development to nearby Oak Lawn and the Dallas Design District.


Steve Brown- Dallas News

New Condo Project to Transform Dallas Skyline


Ble Ciel will feature terraces of
 nearly 7,500 square feet
DALLAS—Dallas residents now have the opportunity to “own a piece of the sky” as Dallas-based global developer and investor Harwood International will break ground on Bleu Ciel this fall. The new luxury high-rise condominium tower located in the heart of Dallas’ fast-growing district of Harwood will include 158 luxury residences. Each sky-rise home offers “Above All Else” views expanded by floor-to-ceiling glass with outdoor fireplaces. Bleu Ciel presents sky-rise living with outdoor living. Residences will include enormous terraces reaching nearly 7,500 square feet.

“Dallas is ready for another iconic architectural masterpiece to follow buildings by major international architects from the UK, Italy, and Holland,” says Gabriel Barbier-Mueller, Founder and CEO of Harwood International. “Bleu Ciel is located at the highest vantage point overlooking Uptown and Downtown Dallas and is Dallas’ first high-rise designed by a French architect.”

Barbier-Mueller tells GlobeSt.com that choosing the right architect wasn’t difficult. “We’ve knownJean-Michel Wilmotte for many years and he’s a great contribution to Paris, Venice, and other areas around the world. We felt that this site was perfect for Jean-Michel’s beacon of light and Above-All-Else design and amenities. Be it in Paris, Saint-Tropez, London, or Qatar, Jean-Michel’s style and architectural elegance elevates a building to new heights.”

Bleu Ciel is designed in collaboration with Jean-Michel Wilmotte and HDF, LLCWilmotte & Associés SA has a major presence in public buildings, retail, office, corporate headquarters, high-end residential buildings, and luxury hotels. Wilmotte is recognized for his eclectic approach to architectural design and application of high quality materials and detailing. Notable projects include the Ferrari Sporting Management Center, Maranello-Fiorano; La Réserve, Ramatuelle; LVMH’s headquarters, Paris; Mandarin Oriental Hotel, Paris; and Musée d'Orsay, Paris. In 2014 Wilmotte & Associes SA ranked 74 in the World Architecture 100, Building Design magazine’s compendium of the world’s biggest practices, thus cementing its reputation as one of the most important global architecture practices.

Bleu Ciel is located in Harwood, the ‘Walk to Life’ neighborhood with a Walk Score of 92 that offers a wealth of progressive culture, independent spirit and calming nature, all within 18 city blocks. Bleu Ciel residents will be within walking distance to the city’s most notable attractions including a mix of boutiques, restaurants and entertainment destinations such as the Katy Trail, American Airlines Center, The Ann & Gabriel Barbier-Mueller Museum: The Samurai Collection, The Ritz-Carlton Hotel, Klyde Warren Park, Perot Museum of Nature and Science, the Design District and the Arts District.

“Wilmotte & Associés S.A. and Harwood International are equally proud to enhance such a prominent site with this beacon of architecture,” says Barbier-Mueller.  “This sky-rise will offer residents unrivaled 360 degree views from the spacious terraces which will be among the largest in the U.S.”

Standing adjacent to Harwood’s 31-story Azure condominium tower, which opened in 2007, Bleu Ciel residences will feature floor plans offering two and three bedroom homes. Priced from the high $600,000s, these residences will range in size from 1,300 to more than 7,000 square feet. The interiors will feature designer appointed luxury finishes and premium appliances.

“Dallas has experienced the highest growth rate in the U.S. and continues to attract international and domestic newcomers who expect a world-class lifestyle,” says Barbier-Mueller. “This international lifestyle also appeals to the growing number of Dallasites who wish to experience the Walk to Life and the billion dollar cultural ‘art-chitecture’ monuments within a short stroll of Bleu Ciel.”

The ground level of Bleu Ciel will feature over 12,000 square feet of unique amenities, including an urban grocery, restaurant, juice bar, and a bike shop. The podium gardens and retail level plaza will be nestled within curated environments designed by world-renowned landscape architect Sadafumi Uchiyama of the Portland Japanese Garden.


Barbier-Mueller says the largest obstacle to the project was: “Digging out 100,000 cubic yards of rock excavation material to make room for the five levels of private garages within the underground parking garage for residents of Bleu Ciel. This will allow Bleu Ciel to rise 33 stories to accommodate two junior Olympic pools, spa, fitness center, grocery store, and other luxurious amenities for its 158 residences.”

 Kristian Seemeyer GlobeSt.com

Monday, June 09, 2014

Groundbreaking today for Uptown Dallas apartment tower



Construction is starting today on the next high-rise apartment tower in Dallas’ booming Uptown district.
StreetLights Residential is building the 23-story Uptown Plaza tower on Maple Avenue just south of McKinney Avenue.

The 212-unit residential building will be next door to the Federal Reserve Bank of Dallas.

“The project’s proximity to both Uptown and downtown Dallas provides an ideal location,” StreetLights’ CEO Doug Chesnut said in a statement.  “The landscape of Dallas’ urban core has changed dramatically over the past few years, and we are excited to be a part of this positive change and growth as we begin work on another urban infill project.”

Gromatzky Dupree & Associates designed the tower, which will have the first units ready late next year.
This is StreetLights’ second high-rise residential project. The developer just finished its 17-story Taylor apartment tower on Carlisle Street.

The developer is also building a new rental community in Frisco.

With the start of the Uptown Plaza building, there are now four rental residential towers under construction in the area just north of downtown Dallas.


All together these projects include about 1,200 apartments. And another couple of high-rise rental developments are in the works in Uptown.

Steve Brown- Dallas News

International investor buys Dallas-area office buildings

Three Dallas-area office buildings have sold to an international real estate investor.

Investcorp said Monday that it has purchased two Uptown office building and one in Allen.

The Uptown buildings are the 3400 Carlisle Street and 2811 McKinney Avenue, which were purchased from Caddo Holdings of Dallas.

The 5-story 3400 Carlisle building is at Lemmon Avenue and the 3-story 2811 McKinney building is near the Quadrangle.

The One Allen Center is a 150,509-square-foot, 5-story office building at North Central Expressway and Bethany Drive.

HFF LP marketed the buildings for sale.

Investcorp bought the Dallas office buildings along with a Florida apartment community for $105 million.
It says the properties average 95 percent occupied.

“The properties are all located in regions with solid, growing economies and we believe they are well positioned to add value for Investcorp,” principal Brian Kelley said in a statement.

Investcorp is an $11 billion, international investment firm with offices in New York, London, the Kingdom of Bahrain, Saudi Arabia and Abu Dhabi.

The company represents clients in the Middle East, Europe and North America.

Steve Brown- Dallas news

Friday, June 06, 2014

D-FW home prices outpace nation in first quarter report


 

Dallas-Fort Worth home prices grew faster than the nationwide rate in a new survey by the National Association of Realtors.

During the first quarter, D-FW home prices were up 9 percent from a year earlier, the Realtors said Monday. That’s slightly better than the 8.6 percent national home price gain.

In the survey of 170 U.S. home markets, the biggest price increases were in South Bend, Ind., up 26.8 percent, and Naples, Fla., up 26.6 percent. Thirty-seven cities had double-digit percentage price gains.

The greatest home price declines from first quarter 2013 were in Cumberland, W.V., down 18.6 percent, and Springfield, Ill., down 15.1 percent.

All of Texas’ big-city home markets had strong first quarter price gains. The largest was in the Houston area – up 12.8 percent from a year ago.

While tight housing markets in many parts of the country are driving prices, there’s been a slowing in the rate of home appreciation, according to Realtors’ chief economist Lawrence Yun.

“The cooling rate of price growth is needed to preserve favorable housing affordability conditions in the future, but we still need more new-home construction to fully alleviate the inventory shortages in much of the country,” Yun said in a statement. “Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”

North Texas median home sales prices are up about 7 percent so far this year, according to the latest data from real estate agents’ multiple listing service.


Sales in the D-FW area are slightly lower this year because of the short supply of houses for sale.

Steve Brown- Dallas News

Dallas and New England investors partner to buy Maple Avenue office tower at foreclosure

A New England-based real estate investor teamed up with Dallas’ Champion Partners to buy an Oak Lawn office tower.

Building Land and Technology of Stamford, Conn. and Champion acquired the 3500 Maple tower in a foreclosure auction.

The 18-story, 376,000-square-foot high rise next to Reverchon Park was sold at foreclosure by lenders represented by U.S. National Bank Association. The building had been facing foreclosure since 2012.
The reflective glass office tower sold for $64.2 million – about $10 million more than the debt on the building.

It’s rare for a property to sell for more than is owed at foreclosure auction.

More than a half dozen outside buyers competed with the lender to purchase the building Tuesday on the Dallas County Courthouse steps.

Officials with Dallas-based Champion Partners on Wednesday confirmed the acquisition of the building but declined to discuss details of the transaction.

Real estate brokers say that the high-rise – one of the largest in Oak Lawn – is about 60 percent leased.
The 29-year-old building was acquired in 2005 by a tenant in common investment group that later defaulted on the debt.

Building Land and Technology is a 32-year-old, private investment firm whose holdings include both commercial and residential real estate. The 3500 Maple building is the company’s first large purchase in North Texas.

Champion Partners is 23-year-old Dallas real estate firm that has developed properties and made opportunistic acquisitions. The firm in recent years has purchased office buildings in Richardson’s Telecom Corridor and in North Dallas.
 Steve Brown- Dallas News

Thursday, June 05, 2014

New report: D-FW top U.S. market for shopping and retail construction



Traditionally North Texas has been one of the country’s fastest growing retail development markets because, well, we love to shop.

But the last few years, that’s not been so much.

The recession hit the shopping center development market harder than probably any commercial building sector and it’s been slower to come back than, say, the apartment market where building is booming.

So that’s why it’s such a surprise to see a new study by CBRE Group that shows that the Dallas-Fort Worth area is the top retail construction market in the country.

About 2.6 million square feet of shopping, retail and entertainment space was under construction here at the start of the year, the commercial real estate firm reports.

That’s slightly more than Las Vegas and New York City, the number two and three building markets on their list.

Of course retail construction in North Texas is less than half of what it was back in the early 2000s when so many large shopping center projects were under construction.

But current additions of new supermarkets, restaurants, theaters and such add up to a fair amount of new space. And renovations of older centers including Turtle Creek Village in Dallas and Plaza on the Parkway in Addison are included in the mix.

Plus, CBRE Group estimates that about 97 percent of what’s being built in the D-FW area is already leased.
While the U.S. arguably invented the shopping center, these days we are lagging behind in the worldwide push to add more places for people to spend their money.

CBRE Group’s global retail report shows that out of the 10 top retail construction markets, eight are in China. None are in the U.S.

Steve Brown- Dallas News

Wednesday, June 04, 2014

Dallas' Statler Hilton gets $43.5M in city incentives for massive redevelopment


Statler Hilton Centurion copy

It's finalized. The historic Statler Hilton received $43.5 million in tax increment financing funds Wednesday to help the massive $175 million redevelopment take shape.

"I was betting on it and I thought it would (pass City Council) and it did," said John Crawford, president and CEO of Downtown Dallas Inc., which recently held its annual luncheon Tuesday. "We are thrilled it got passed. It's another step for us in the right direction and another older building being redeveloped in downtown Dallas."

The City Council approval was contingent on the sale of the Statler Hilton, which is expected to take place in the next few weeks at nearly the same time the deal for 1600 Pacific is expected to close.

Developer Mehrdad Moayedi, president of Carrollton-based Centurion American Development Group, told the city he plans to redevelop the historic building adjacent to Main Street Garden into a mixed-use development, which will include hotel and residential real estate, Crawford told the Dallas Business Journal.

With the hotel, Centurion also bought the building designed by George Dahl next to the Statler Hilton that once housed the Dallas Public Library. Dallas-based Merriman Associates Architects is the architect of the redevelopment.

Moayedi previously detailed his plans for redevelopment to include turning the aging hotel, adjacent library and two nearby parking lots into residential, a hotel, restaurant and retail space, office space, a theater, a ballroom and a hotel lounge.

If the group succeeds, it will be Centurion's second development in Dallas to make a comeback.
In the past year, Moayedi has been working on the Residences at the Stoneleigh, which is a $220 million luxury residential tower Centurion bought from foreclosure for $4.55 million in 2010.

The developer is applying for state and federal historic tax credits on the development. The project will remove more than 669,000 square feet of vacant space from downtown's vacant building inventory.

Once the Statler Hilton deal closes, Centurion plans to begin construction by the end of the year, with an anticipated completion date of October 2017.

Candace Carlisle-Dallas Business Journal

$85M redevelopment near Dallas City Hall ‘ready to go’

500 S
The long-awaited construction on the $85 million redevelopment of the historic building at 500 S. Ervay St., a 103-year-old building adjacent to Dallas City Hall, is nearly ready to get underway.
"By next week, the building will be 100 percent abated," developer Mike Sarimsakci told the Dallas Business Journal."We have all the construction approvals from the city and they are ready to be picked up when I get back to Dallas next week."

On Friday morning, Sarimsakci was in Istanbul finalizing the details of the massive redevelopment in Dallas with his Turkish investors. He leads Alterra 500 South Ervay LLC, a limited liability company of Alterra International, which owns the property.

The redevelopment plans for the property include a 270-room Marriott-branded hotel, 238 residences managed by Dallas-based Pinnacle and about 20,000 square feet of restaurant and retail space. Plano-based Aimbridge Hospitality is expected to manage the hotel.

Plans for the property's amenities include three Alterra-operated restaurants -- a Greek restaurant, American bistro and European cafe -- as well as a pool bar.
Dallas-based Merriman Architects Associates is the project architect. AMX Cos. is the project's general contractor.

The cost of the redevelopment has escalated as the developer has become more entrenched in the project.

In October 2012, the redevelopment was expected to cost $55 million and the hotel flags changed from a Hilton-branded hotel to a Marriott-branded property. Within weeks, the developer held a "groundbreaking ceremony," to mark the beginning of the abatement process to ready the property for construction.
Over the years, the 103-year-old building has served as a warehouse, a merchandise showroom and office space. It also inspired other proposed developments.

In 2006, Bismo Development Co. planned to redevelop the building into 321 residential units and retail space. But that never happened, and the company abandoned its original conversion plans

Construction on the redevelopment project is scheduled to begin in mid-May.

Candace Carlisle- Dallas Business Journal

Tuesday, June 03, 2014

D-FW warehouse construction tops pre-recession building volumes

Developers have ramped up warehouse building in North Texas to a new high point.

At the end of the first quarter, about 16.5 million square feet of new industrial buildings were in the construction pipeline in the Dallas-Fort Worth area, Cushman & Wakefield of Texas reported Wednesday.

That’s more than a million square feet ahead of where construction in the market was in 2007 before the recession hit.

“We’re looking at about 12 million square feet of speculative warehouse space under construction,” said Jay Lucas, Cushman & Wakefield senior director. “The big question is, does all of it make sense?

“In the next three to six months we’ll see.”

During the recession, warehouse building in North Texas ground to almost a halt.

But as the economy has recovered, major companies have been snapping up large blocks of empty distribution space.

The largest volume of warehouse building in the Dallas area is in the Interstate 20 corridor, where developers are putting up about 3.4 million square feet of industrial space.

Even with all the new construction, industrial building vacancy in D-FW averaged only 8.4 percent at the end of March, according to Cushman & Wakefield.

So far this year, net warehouse leasing has totaled about 3 million square feet in the area — up from 2.4 million square feet a year ago.

“The market is wild,” Lucas said. “All the companies are looking for bigger spaces.”

Steve Brown- Dallas News

Jackson-Shaw starts work on large business park near D/FW Airport

Rendering Bldg 3

Submitted art
Jackson-Shaw has begun work on a 30-acre, 511,500-square-foot building at Royal Lane in Irving, which is expected to be completed by the end of this year.
Dallas-based developer Jackson-Shaw has begun the initial phase of a business park near Dallas/Fort Worth International Airport that will total 70 acres and more than 1 million square feet of space upon completion.

The tract, named Parc Royal, is one of the last remaining parcels of land near the airport.

Jackson-Shaw has begun work on a 30-acre, 511,500-square-foot building at Royal Lane in Irving, which is expected to be completed by the end of this year. The developer also plans to build a 641,500-square-foot building on 40 acres adjacent to the initial site.

The Dallas/Fort Worth International Airport continues to be a significant economic driver and vacancies in the surrounding area are at a 30-year low, said Jason Nunley, vice president of development for Jackson-Shaw.

The new business park is near Parc 114, a 52-acre master-planned business park thatJackson-Shaw completed in 2012.

Jackson-Shaw is partnering with Boston-based GID Investment Advisor LLC for the project. Texas Capital Bank is financing the project. Mycon General Contractor Inc. is the general contractor.

Blake Kendrick of Stream Realty Partners is overseeing the leasing of the new business park
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Candace Carlisle- Dallas Business Journal