Wednesday, April 29, 2015

Dallas’ landmark Meadows Building is up for grabs

The Meadows Building was the tallest between downtown Dallas and Oklahoma when it opened in 1955. (Cushman & Wakefield)
A Dallas landmark has just hit the market.
The 60-year-old Meadows Building on North Central Expressway is one of the city’s iconic properties.
Built by oilman Algur Meadows, the building was the talk of the town in 1955 when the “skyscraper” opened its doors overlooking Dallas’ new superhighway.
The Meadows Building was hailed at opening as the finest new Dallas office address. (Dallas Morning News archive)
The Meadows Building was hailed at opening as the finest new Dallas office address. (Dallas Morning News archive)
For years the tower served as the northern gateway to the city and was the tallest structure between downtown Dallas and the Oklahoma border.
The 9-story office building at North Central and Milton Street was one of Dallas’ first suburban office towers and set the tone for other freeway real estate developments.
The building still looks pretty much as it did in the middle of the last century.
Each side of the Meadows Building is different – facades constructed of pink marble, red brick and blue terra cotta tile. The green marble lobby has bubble light fixtures in the ceiling.
Designed by Dallas architect J.N. MacCammon, the building cost $4 million to construct. The building also held a cafeteria and the exclusive Texas Club for building tenants and other members.
It once boasted “the largest hanging garden in the world,” according to news reports.
The familiar script roof sign and landscaped plaza on the south side give the Meadows Building the property the flavor of a classic Miami Beach hotel.
Now the California investor that has owned the property since 2003 has decided to sell the historic high-rise.
Cushman & Wakefield has been hired to peddle this one-of-a-kind property.
“Built in an era when smoking was good for you and a martini at lunch was common, The Meadows Building has remained a preferred location for area office tenants for 60 years,” Cushman & Wakefield says in a promotion for the building.
About 120 tenants occupy the 167,000-square-foot Meadows Building. It’s more than 90 percent leased.
With its location next door to DART’s Lovers Lane commuter rail station, the building is in a prime spot for redevelopment. It’s the perfect size for small office tenants or for conversion into a boutique hotel and retail project.
The three-building Energy Square office tower complex next door is also for sale and being marketed by HFF as a separate purchase.
Meadows Building article from the December 1955 Dallas Morning News.
Meadows Building article from the December 1955 Dallas Morning News.

Steve Brown, The Dallas Morning News

D-FW is one of the top property investment markets for 2015

Investors surveyed by CBRE ranked D-FW as the second hottest property market in the country, tied with New York City.
Investors surveyed by CBRE ranked D-FW as the second hottest property market in the country, tied with New York City.
Dallas-Fort Worth as the second most attractive market in the country – behind only San Francisco and tied with New York, according to a new survey of real estate investors.
“While investors are sometimes hesitant about investing in Texas due to local tendencies to overbuild the market, Dallas-Fort Worth’s sustained economic and demographic growth is very hard to ignore,” according to the new report by commercial real estate firm CBRE.
Austin also made the top 10 investment market list in the poll of property investors taken in January and February.
Half of the investors surveyed said they plan to step up their real estate purchases of industrial, office and multifamily buildings this year.
“Dallas continues to bolster domestic and international interest as one of the most business-friendly environments in the United States,” said CBRE’s Josh McArtor. “From Fortune 500 corporations to startup companies, Dallas provides world-class infrastructure, no state income tax and a central time zone location to conduct a profitable enterprise.”
Steve Brown, The Dallas Morning 

New development will add office building on tollway in West Plano

 Heady Investments and Red Spur Ltd will build a 7-story, 200,000-square-foot speculative office building on the Dallas North Tollway near Liberty Mutual Insurance’s new Plano campus. (Heady Investments)

Heady Investments and Red Spur Ltd will build a 7-story, 200,000-square-foot speculative office building on the Dallas North Tollway near Liberty Mutual Insurance’s new Plano campus. (Heady Investments)
The fast-paced West Plano development market is about to get another major project.
Heady Investments is teaming up with Red Spur Ltd to build a 7-story, 200,000-square-foot speculative office building on the Dallas North Tollway at Headquarters Drive.
The building will be constructed at the north end of Legacy Town Center  and will be across the street from another office building Heady built two years ago.
Designed by ANPH Architects, the granite and glass building will start construction later this year.
“We are receiving numerous call from brokers asking for proposals for full floor to a 100 percent of the building confirming demand is there for the development,” developer Randy Heady said.
The planned office project is just across the tollway from where Liberty Mutual Insurance is building a new operations center with more than 4,000 workers.
It’s in the same area where Toyota Motor Co. and FedEx Office are building their new headquarters.
With thousands of jobs coming to the Legacy business park in West Plano, developers are scrambling to get new office projects out of the ground. Along with Heady Investment’s building, other office developments are in the works by Gaedeke Group and Granite Properties.
Heady Investment’s building is across the tollway from the 34-acre Legacy West urban village, which is under construction with apartments, shopping and a high-rise Renaissance Hotel.
Mark Lewis and Sayres Heady of Randy Heady & Co. will lease the building.
It’s the third project Heady has done on the tollway near State Highway 121.
Further north in Frisco, Heady is building another office development on the tollway and south of Gaylord Parkway.
Steve Brown, The Dallas Morning News

Plano approves millions of dollars in incentives for new Liberty Mutual campus

Construction crews have already started preparing the site for the new Liberty Mutual Insurance campus in Plano. (G.J. McCarthy/The Dallas Morning News)
Construction crews have already started preparing the site for the new Liberty Mutual Insurance campus in Plano. (G.J. McCarthy/The Dallas Morning News)
Plano’s city council on Monday night approved millions of dollars in incentives for the construction of Liberty Mutual Insurance’s new Legacy business park office campus, which will house 4,000 or more workers.
The entire process took less than 15 minutes.
“You can go fast anytime we have 4,000 jobs coming,” said Mayor Harry LaRosiliere after the unanimous council approvals.
The deal includes a $5.2 million in cash grants to the Boston-based insurance company plus 10-year tax abatements on half of the value of the $325 million office complex the company plans to build near the southwest corner of the Dallas North Tollway and State Highway 121.
“We just welcomed Liberty Mutual to Plano and 4,000 jobs to our community,” LaRosiliere said.
Developer KDC is building the more than 900,000-square-foot high-rise office project in the Legacy West development. It’s in the same area where Toyota Motor and FedEx Office are building new corporate campuses.
The first workers should start moving into the Liberty Mutual property in 2017.
Steve Brown, The Dallas Morning News

Construction kicks off on Addison office project

Cawley Partners has broken ground on a 200,000-square-foot office project in Addison. (Cawley)
Cawley Partners has broken ground on a 200,000-square-foot office project in Addison. (Cawley)
Developers have started construction on a new Addison office project.
The Tollway Center building is being constructed on the west side of the Dallas North Tollway, south of Quorum Drive.
Cawley Partners is building the 200,000-square-foot, 6-story building on one of the last, large development sites on the tollway in Addison.
Architect BOKA Powell designed the building and Hill & Wilkinson is the general contractor.
USAA Real Estate is funding the project.
Addison-based investment firm Behringer has leased about 70,000 square feet of office space in the new building. Commercial real estate firm JLL negotiated the lease.
The building will be finished late next year.
Steve Brown, The Dallas Morning News

Downtown Dallas’ historic Statler Hilton hotel will soon fly Hilton flag again

Hilton Worldwide will once again be operating hotel rooms in Dallas' historic Statler-Hilton.  ( Kye R. Lee / The Dallas Morning News )
Hilton Worldwide will once again be operating hotel rooms in Dallas’ historic Statler-Hilton. ( Kye R. Lee / The Dallas Morning News )
Downtown Dallas’ historic Statler-Hilton hotel will soon be flying the Hilton flag again.
Centurion American Development Group and Hilton Worldwide said Tuesday that Hilton will represent a new luxury hotel in the building after it is converted into a mixed-use project.
The 19-story Commerce Street landmark has been empty for more than a decade. It opened as a Hilton hotel but operated in later years as the Dallas Grand.
Centurion American is redeveloping the building into hotel rooms, apartments, retail, entertainment and other uses. The renovated building will be called the Statler Hotel and Residences.
Centurion American CEO Mehrdad Moayedi said getting the Hilton label on the new hotel is a boost for the project.
“It’s very important to have Hilton there businesswise,” Moayedi said. “It will be a four-star quality hotel.”
Hilton will market the hotel portion of the project when it’s finished as one of its Curio hotels – a new chain of historic and luxury hotels.
“Known as the first modern American hotel, the Statler not only made hospitality and Dallas history, it is a vital chapter of Hilton Worldwide’s story,” Hilton’s Dianna Vaughan said in a statement. “We are so excited to see the redevelopment of this magnificent property and welcome it back to our family.’”
The thousand-room hotel was one of the largest in the world when it was started.
Originally the property was to be the Hotel Statler.
During the construction of the $15 million project, the Statler and Hilton hotel chains merged.
“At the time Conrad Hilton bought Statler for $111 million it was the largest real estate transaction ever done in the U.S.,” said Centurion American partner Frank Zaccanelli, “We are going to put a small museum about the hotel in the lobby.”
Centurion American $175 million project will convert the 59-year-old Statler Hilton into 161 hotel rooms on the lower five floors and 219 residences on the top 11 floors. The project also includes meeting space, retail and office space, four restaurants and a hotel lounge.
Dallas architect Merriman & Associates is planning the redo to keep the building’s mid-century modern style.
“We are trying to take it back to the same design it had before,” Moayedi said. “We are focusing on restoring the exterior right now – a $10 million contract.”
Plano-based Aimbridge Hospitality has been chosen to manage the hotel.
The project is set to open in the fall of 2016.
“For the last 12 months we’ve been cleaning the building out,” Zaccanelli said.
Centurion purchased the Statler Hilton last year and the City of Dallas is providing $46.5 million in financing incentives to redevelop the historic property.
“The Statler was one of the most glamorous hotels in the world when it first opened in 1956, and we plan to restore its position as a destination for not only travelers coming to Dallas but also as a place to live and work,” Moayedi said.
Steve Brown, The Dallas Morning News

California’s Farmer Bros. coffee company moving HQ to North Texas

Farmer Bros. has been in business since 1912. (Farmer Bros.)
Farmer Bros. has been in business since 1912. (Farmer Bros.)
Another California company is headed to North Texas.
Farmer Bros. Co. – a 103-year-old coffee company that is based in Torrance, Calif. – said Tuesday that it’s moving its headquarters to Denton County.
Farmer Bros. will relocate to a new half-million-square-foot office and distribution center on Interstate 35W near Texas Motor Speedway.
About 300 people will work in the new business complex. The company plans to bring more than two dozen executive and profession workers with it when it starts moving this year from California.
Farmer Bros.’ new $40 million headquarters will open in 2016 in Northlake. Northlake and Denton County are providing economic incentives to help pay for the move.
“We are extremely pleased with the support and assistance of the town of Northlake and Denton County along with the effort and spirit of cooperation we experienced working with the officials representing those jurisdictions,” Mike Keown, president and CEO of Farmer Bros., said in a statement. “We are working to finalize our plans for relocation, and securing eligibility for incentives represents an important step in our process.”
Farmer Bros. has annual sales of more than a half billion dollars for coffee, tea and culinary products. It’s clients include more 60,000 food and beverage outlets. The company has about 1,800 employees.
Farmer Bros. said it will close its long-time facilities in Torrance.
The company also considered moving to Oklahoma City before picking the D-FW area.
“We will relocate our company headquarters to a state-of-the-art facility in a location central to our nation-wide customer base, and provide incremental manufacturing capacity to support future growth,” Keown said when the company in February disclosed its intention to move from California.
Farmer Bros. said the move to a new headquarters in Texas will result in $12 million to $15 million in annual savings.
Steve Brown, The Dallas Morning News

Friday, April 24, 2015

Downtown building redo will bring dramatic changes


 1/4 
Contributed/Gensler


The new owners of an empty downtown Dallas office tower are giving the building a dramatic design reboot.
The 400 S. Record building — formerly the Belo Building — is being gutted for new office space.
And the redo of the 1980s high-rise by architect Gensler will bring big changes to the lower levels of the tower.
“We love the design of the building and the shape,” said Thomas Hartland-Mackie, whose family business bought the 17-story granite and glass tower located near the Dallas Omni Hotel. “We want the building to be engaged more with the street.
“We are taking some of the walls out [on the lower levels] and adding some glass,” Hartland-Mackie said. “We are going to build a canopy that extends from street to street.”
On top of the high-rise, a glass atrium will be removed to create a rooftop garden.
Hartland-Mackie, whose grandfather founded the worldwide firm City Electric Supply, plans to occupy about half of the tower with some of his family’s businesses. The rest of the building will be rented to other tenants.
He said it hasn’t been decided how much of the Mackie business, which has major operations in Florida and England, will be moving to downtown Dallas.
“We are still working on that,” Hartland-Mackie said. “It isn’t all of our business.
“I’ve been living in Dallas now for the past 10 years — Dallas is home,” he said. “We’ve been officing in Uptown for six or seven years.”
Hartland-Mackie said the revitalization underway downtown and the location of the 30-year-old tower between Union Station and the Omni Hotel prompted him to do the deal.
“You have parks on either side of the building,” he said. “You have these dramatic sweeping views of downtown Dallas.”
Work crews are already gutting the insides of the 235,000-square-foot building, which previously housed operations for media company Belo Corp. Belo was the parent company of The Dallas Morning News until Belo was split into two companies. The building was sold after Belo was purchased by Virginia-based Gannett Co., which vacated the property.
The most visible change to the building will be construction of a restaurant, which will stretch along the Young Street side of the tower.
“It will sort of float in the second-story height of the lobby,” Hartland-Mackie said.
Dallas restaurateur Sharon Hage is working with the owners on a concept and operator for the restaurant, he said.
The metal grid canopy will extend to the sidewalk on all sides of the building. It will be similar to the one surrounding the Winspear Opera House in the downtown Arts District.
Along with the lower-level improvements, renovations will add a conference facility and fitness center.
Commercial real estate firm Cushman & Wakefield has been hired to market the office space to prospective tenants.
“It’s going to be a jewel box of a building,” said Cushman & Wakefield’s J.J. Leonard. “They are making it into a showplace for their offices and other businesses.
“We are already getting interest in it,” Leonard said. “Boutique law firms, small accounting firms and even entrepreneurial high-tech firms will want it.”
Construction should be finished by mid-2016.
“This building has been under the radar downtown for a long time — I think it’s going to surprise people,” said Cushman & Wakefield’s Rena Chappell.
Steve Brown/Dallas Morning News

Wednesday, April 22, 2015

Foreign Investment in Dallas

It’s not for a lack of trying on our part. We routinely market offerings internationally and have had some success. For example, we arranged the sale of 1700 Pacific, a 1.3 million square foot building in downtown Dallas, to Canada-based Olymbec last year. But besides that transaction, and compared to other markets like Houston, foreign investment in Dallas has been tepid at best. Given the size of our office market, foreign investment is shamefully underrepresented—but why?
Foreign investors prefer large investments with a typical minimum threshold of $100 million. With the exception of a few suburban projects, the only properties capable of meeting foreign investors’ minimum investment threshold criteria are in the central business district. Our inventory of properties valued at $100 million or more is very limited.
Foreign investors like office buildings with few, large tenants that have international brand appeal. They prefer few tenants because it makes for easier management. They like tenants with international brands because they know and understand those businesses and credit is easy to underwrite. In Houston and other core markets, it is not uncommon for buildings to have tenants that are 400,000 square feet and larger. In Dallas, those tenants are for the most part entrenched in suburban campus facilities that they own.
There are several other reasons why foreign investment in Dallas has lagged. But before I lose your interest altogether (I know I have maybe two more minutes of your time), let me tell you why I think that is likely to change soon.
1. The relocation of Toyota’s headquarters to DFW is a blockbuster endorsement. Not only does it place North Texas on the international stage, we are also likely to see vendors from international companies relocate here to be in proximity to Toyota.
2. Investment activity in Houston has cooled off for now. Dollars allocated for acquisitions in Houston are transitioning to Dallas.
3. Overall, there are more international investors seeking real estate investments in the United States. They are crowding each other and driving down yields in the traditional core office markets.
4. Advisors are contacting us to alert us about Dallas coming onto the radar screen of more of their international investors. This is always a precursor to increased activity.
I’m hopeful that this trend finally materializes in Dallas, and I’m getting ready. I already speak Spanish and my favorite sushi chef teaches me Japanese. I also have scripted my Dallas story and tour: It includes trips to BBQ venues, Western wear outlets, NorthPark, and the Apple store. Sold!
John Alvarado reporting for D Real Estate Daily

Why 13,000 insurance industry jobs are headed to North Texas

Any way you slice it, 13,000 jobs is substantial. That’s how many combined insurance industry positions are being created in Plano and Richardson by Boston-based Liberty Mutual and Illinois-based State Farm. Both companies are in the process of moving major operations into North Texas.
In this week’s cover story, I focused on Liberty Mutual’s plan to bring 5,000 jobs to Plano, and on the company’s existing presence in the Lone Star state.
So, why are big companies like State Farm and Liberty Mutual choosing North Texas?
Because that’s where the workforce is, said Roger Meiners, chairman of the Department of Economics in the College of Business at the University of Texas at Arlington.
“For a large employer they want a big city,” Meiners said. “They could go to Amarillo — it would be cheaper — but it’s too small, and nobody wants to live there. You don’t have enough people to draw on. A company that’s going to be hiring a lot of people wants to be in a big labor pool.”
It’s a good thing, it seems, to be in a big pond.  
 Dallas Business Journal

Stonelake will build $250M urban residential district in West Dallas


The $250 million project will bring apartments and single-family homes to West Dallas.
Stonelake Capital Partners announced Thursday that it plans to develop a $250 million urban residential district in West Dallas called Trinity Green.
The Dallas-based private equity firm closed on the purchase of 25 acres at 1000 Singleton Blvd. in December. It is at the intersection of Singleton Boulevard and Sylvan Avenue.
According to Stonelake, Trinity Green will include a mixture of for-sale and for-rent residential properties. It will feature streets that will be lined with street trees and street lamps all built around a 1-acre urban green.
“Trinity Green is located at the intersection of the Margaret Hunt Hill Bridge and the new Sylvan Avenue Bridge, offering its residents unmatched accessibility to all of Dallas’s major job and entertainment centers," said Coleman Brown, Stonelake vice president. "Trinity Green is minutes from Uptown, Downtown, the Medical and Design Districts and the Bishop Arts District, and within walking distance to restaurants in Trinity Groves.”
The Dallas Business Journal recently named 1000 Singleton as the winner of the best land transaction in the Best Real Estate Deals 2015.
Stonelake said it is developing a four-story, 371-unit, Class-A multifamily project in partnership with Streetlights Residential on six-acres and plans to break ground this summer.
Stonelake also recently closed on the sale of five acres to David Weekley Homes on which it will develop three-story single-family residences.
Stonelake plans to improve area's roadways and will build a one-acre linear park, the company said in a release. It said it plans to develop the remaining 14 acres in future phases.
The first units at Trinity Green will be delivered in the fall of 2016.
Dallas Business Journal


New Life for Old Downtown Dallas Highrises




DALLAS (Dallas Morning News) – The nearly 60-year-old, 22-story Mercantile Commerce office tower — vacant for 25 years — is about to begin a new life as a hotel.

So is its 18-story neighbor at 1700 Commerce, which opened in 1923 as the Allen Building.

Lewisville-based NewcrestImage is redeveloping the buildings into three downtown hotels with more than 400 rooms.

Work has already begun on the smaller building, which will become a 176-room Hampton Inn & Suites hotel, part of the Hilton brand. It is scheduled to open in first quarter 2016.

Construction will start in about 60 days at Mercantile Commerce, once the home of Mercantile National Bank.

New office tower will replace Uptown’s landmark Old Warsaw restaurant

 1/2 
Contributed/Gensler
A 14-story office tower will replace Dallas' landmark Old Warsaw restaurant on Maple Avenue next to the Crescent.
A new Uptown office tower is going up on the site of one of Dallas’ oldest restaurants.
The 14-story building will replace the decades-old Old Warsaw restaurant and two other buildings on Maple Avenue next to the Crescent.
Construction of the sleek, metal and glass tower will start in early 2016, according to M. Terry Enterprises and Holt Lunsford Holdings, the two firms building the high-rise.
“We decided this is where we wanted to be,” said Mike Terry, who heads the family-owned investment firm. “We looked at locations in Preston Center and all over Uptown and Oak Lawn.
“All of a sudden we found out this property was available and we decided this is where we want to be,” Terry said. “We felt like this was a special, unique location.”
The Old Warsaw restaurant has been in business since 1948. It originally was located on Cedar Springs Road near Oak Lawn Avenue and moved to the current location in the early 1970s.
The restaurant specializes in French Continental cuisine and has been a Dallas favorite for generations.
Terry and developer Holt Lunsford bought the building from Old Warsaw owner Al Heidari. As part of the purchase agreement, the restaurant may stay in the building until the end of this year.
The developers also purchased two small adjoining properties and have just over an acre for the new high-rise.
Architect Gensler designed the 125,000-square-foot building which steps back on the upper levels and will have landscaping and retail on the street level. Parking for the project will be in an underground garage.
The developers held an architectural competition before picking the Gensler design.
“We didn’t want to steal any of the Crescent’s thunder or be a copy cat,” Terry said. “”We think we have landed on something that will complement the Crescent and the area.”
The office tower is being planned to cater to small, exclusive businesses and will have outdoor terraces on the upper levels. The building will be priced to rent at costs comparable to other top-tier Uptown buildings and the Old Parkland campus in Oak Lawn, Lunsford said.
“We think this site is the Tenderloin of Uptown,” Lunsford said. “We want to be very particular about who is in this building.
“The reason we kept it to this size is to attract the people we want and not to have to play to the entire lease market.”
The office tower will have a private lounge area for the tenants and their guests, he said.
“We want a real collegial feel,” Lunsford said. “We are having what we call the library with a fireplace and wet bar.
“The purpose is to create an environment where our tenants can invite their friends and have social events.”
A small separate building will house a 7,500-square-foot restaurant. The developers have hired JLL and Stablemade Retail Group to find an operator for the space.
“This project is going to change the Uptown skyline,” Lunsford said.
With development sites in short supply north of downtown, builders have been looking at every square inch of property for new projects.
Real estate broker Newt Walker said he approached the owner of Old Warsaw about selling late last year.
“Most people saw the Old Warsaw but I saw the dirt under it,” Walker said. “It is an institution, and it wasn’t on the market.
“We got there at the right time and they decided to sell.”
Walker said Old Warsaw’s owner has other properties on Maple Avenue and may relocate the storied eatery.
“I have watched Uptown undergo major transformations,” Old Warsaw Heidari said in a statement. “This was an opportune time to sell.”
The new tower will take 18 to 24 months to build.
It’s one of a handful of new office projects on the way in Uptown.

Developer Rosewood Property ready to start Plano mixed-use project

More than 300 apartments are planned in the first phase of the Heritage Creekside development. (Rosewood)
More than 300 apartments are planned in the first phase of the Heritage Creekside development. (Rosewood)
Developer Rosewood Property Co. is breaking ground before the end of the month on the first phase of its new mixed-use development in Plano.
Rosewood is building its Heritage Creekside development on 156-acres of vacant land on Bush Turnpike between Alma and Custer roads.
Construction will start on April 28 on more than 300 apartments in the first phase of the project.
The rental community on Pittman Creek will also include restaurant space. Developer Carbon Thompson Realty will build the apartments.
Other parts of the development are planned for more apartments, homes, retail, a hotel and office towers.
Steve Brown, The Dallas Morning News

Apartments near SMU switching to condos

The Shelby on SMU Boulevard has 55 units. (Marquis Group)
The Shelby on SMU Boulevard has 55 units. (Marquis Group)
Developers plan to convert a high-density apartment project just east of Southern Methodist University to condo ownership.
The 55-unit Shelby apartments on SMU Boulevard near North Central Expressway will be sold starting at $185,000. The 5-story apartment project opened in 2008.
The rental community has been popular with SMU students.
Owner Marquis Group is opening models to sell the apartments this weekend.
“With just 55 homes available, the development represents an amazing opportunity to own in one of the hottest markets in the country,” Brent Halvorson, vice president of Marquis Group, said in a statement.
The urban-style apartment project – which includes groundfloor retail space – was built on the site of a garage once used by automotive designer and racer Carroll Shelby.
While homes are in short supply in the Dallas area, this is one of the few cases where apartments are being converted to ownership.
“I am honestly not aware of anything in this cycle that has converted to condo,” said Greg Willett with Carrollton-based apartment analyst MPF Research. “We’ve seen it in some other markets but this is the first time I’ve seen it here in a long, long time.
“Most of the new apartments that have been built are not for that exit strategy.”
Steve Brown, The Dallas Morning News

Huge I-20 warehouse deal would fill a large new building

Trammell Crow Co. just finished the 823,379-square-foot Crow Penn Distribution Center on I-20. (Steve Brown)
Trammell Crow Co. just finished the 823,379-square-foot Crow Penn Distribution Center on I-20. (Steve Brown)
One of the largest speculative warehouses in the Interstate 20 corridor in southern Dallas County is close to landing a major tenant. Chicago-based publishing, logistics and information firm R.R. Donnelley & Sons Co. is close to a deal to rent the 823,379-square-foot building under construction on Beckleymeade Avenue at I-20, real estate brokers who are tracking the deal say. The building developed by Trammell Crow Co. and Prudential Real Estate Investors is one of the biggest warehouse projects in that area. Called Trammell Crow Penn Distribution Center, the warehouse was just completed. Crow just landed another major tenant – retailer Amazon.com – for its other large warehouse project under construction on I-20. Amazon plans to lease 500,000 square feet in Crow’s 2-building project at I-20 and J.J. Lemmon Road. The Amazon facility will employ about 500 workers. Crow, Clarion Partners and Rosewood Property Co. are building the JJ Lemmon Distribution Center. Another large speculative warehouse along I-20 in Lancaster was just leased to logistics firm NFI. That building is in the ProLogis 20/35 business park.
Steve Brown, The Dallas Morning News

David Weekley will build homes in West Dallas near Trinity Groves

Along with David Weekley's single-family homes, construction will also start this summer of 371 apartments in the Trinity Green project. (Stonelake Capital)
Along with David Weekley’s single-family homes, construction will also start this summer of 371 apartments in the Trinity Green project. (Stonelake Capital)
David Weekley Homes will build a single-family home community in West Dallas near the Trinity Groves restaurant complex.
Houston-based Weekely has purchased five acres from Stonelake Capital Partners in its Trinity Green development on Singleton Boulevard near Sylvan Avenue.
The 25-acre Trinity Green project will include apartments and homes.
Stonelake Capital and Dallas’ StreetLights Residential plan to start construction this summer on a 371-unit apartment community at Trinity Green.
Weekley will build high-density, 3-story homes near a 1-acre park in the project.
Weekley is also building urban home projects just east of downtown Dallas, in Oak Lawn and in the Cedars neighborhood south of Interstate 30.
Stonelake Capital – working with StreetLights Residential – bought the former industrial site on Singleton last year from Austin Industries.
Steve Brown, The Dallas Morning News