Friday, October 30, 2015

Developer Craig Hall unveils his latest addition to Hall Arts complex in Dallas Arts District

At an event Wednesday evening, developer Craig Hall unveiled plans for his next phase of his Hall Arts complex within the Dallas Arts District, which includes an exclusive luxury condo high-rise with an attached boutique hotel.

Hall, chairman and CEO of Hall Financial Group, alluded to his plans to begin development work the next phase of Hall Arts in an interview with the Dallas Business Journal in September shortly after completing the initial phase of Hall Arts: KPMG Plaza.

The second phase of Hall Arts includes this condo and hotel tower adjacent to KPMG Plaza.
The second phase of Hall Arts includes this condo and hotel tower adjacent to KPMG Plaza.


Candace Carlisle/Dallas Business Journal

Downtown Dallas gets $30M boost to develop 4 new city parks

Dallas Mayor Mike Rawlings announced Thursday that the City of Dallas parks department would get a $30 million boost to develop four priority parks in downtown Dallas: Pacific Plaza, Carpenter Plaza, West End Plaza and Harwood Park.

If developed, these parks could add incremental value to neighboring real estate and development surrounding the green spaces. In the past three years, Dallas has focused on developing new green spaces in the city’s urban core, creating Klyde Warren Park, Main Street Garden Park and Belo Garden Park.

The City of Dallas received $30 million to help bring more parks to downtown Dallas, including four priority parks.


Candace Carlisle/Dallas Business Journal

Construction Begins on Seniors Housing Property in Fort Worth

doster
The property will include 94 beds, 69,355 square feet and will provide transitional care (short-stay rehabilitation and therapy) and assisted living.

FORT WORTH, TEXAS — The Nashville office of Doster Construction Co., along with Mainstreet, broke ground Oct. 8 on a $19.3 million seniors housing property in Fort Worth. This is the first project between Doster and Mainstreet, a national real estate developer located in Carmel, Ind. The property will include 94 beds, 69,355 square feet and will provide transitional care (short-stay rehabilitation and therapy) and assisted living. The project is expected to be complete by October 2016. As a transitional care center, the property will offer hospitality-oriented care with amenities such as a therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa, on-site chef and more.

Haisten Willis/ReBusiness Online

Gables bringing waterfront restaurants to Irving with massive Water Street project

Construction on the massive Water Street mixed-use development in Irving on Lake Carolyn is underway, with an official groundbreaking slated in mid-November after years of being delayed.

But good things come to those that wait, said Katy Slade, who oversees development in Dallas-Fort Worth on behalf of Atlanta-based Gables Residential.

The massive Water Street project will bring waterside dining along Lake Carolyn in Irving.


Candace Carlisle/Dallas Business Journal

Lee & Associates Negotiates 34,776 SF Industrial Lease in Dallas

DALLAS — Lee & Associates has negotiated a lease transaction for a 34,776-square-foot industrial space located at 10515-10537 Miller Road in Dallas.

Ken Wesson of Lee & Associates represented the tenant, Shearer Supply. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Colony Financial.


Haisten Willis/Texas Real Estate Business

BH Properties Signs Tenant to 310,000 SF Industrial Lease in Fort Worth

Chain Link Services LP leased 310,000 square feet at 1000 Terminal Road.

FORT WORTH, TEXAS — BH Properties has completed its first major lease within a former Radio Shack industrial portfolio in Fort Worth that the firm acquired in June. Chain Link Services LP leased 310,000 square feet at 1000 Terminal Road, or about half of the 628,000-square-foot industrial building, which is situated on more than 23 acres.

George Curry and Jamie Galati of JLL’s Fort Worth office, along with Chris Stout of JLL’s Dallas office, represented BH Properties in the lease transaction. Jeff Givens in Transwestern’s Fort Worth office represented Chain Link Services, which serves chain restaurants and convenience stores in the procurement of materials and equipment to run food service-oriented businesses.

Chain Link Services plans to enter the Terminal Road facility in phases starting in January. Chain Link Services already occupies 128,400 square feet at 4675 Railhead Road and another 60,000 square feet at a separate Fort Worth facility. BH Properties originally acquired the assets out of a bankruptcy liquidation earlier this year.

Haisten Willis/Texas Real Estate Business

IPA Arranges Sale of 312-Unit Multifamily Complex in Metro Dallas

Amesbury Court is a 312-unit multifamily community in Haltom City.

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Apartments at Amesbury Court, a 312-unit multifamily community in Haltom City. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller and procured the buyer, Hamilton Zanze, in the transaction.

The property is located at 4699 Fossil Vista Drive at its intersection with North Beach Street. Amesbury Court feature nine- and 10-foot ceilings with crown moldings, full-size washer/dryers, patios or balconies and maple cabinetry. Select units include travertine wood-burning fireplaces with mantels and French doors.

Community amenities at Amesbury Court include controlled gate access entry, two pools, 104 detached garages, 87 carport parking spaces, a fitness center, multi-purpose sport courts, a business center and on-site car care.

Haisten Willis/Texas Real Estate Business

Two Dallas-Area Class A Buildings Sold

The Belvedere is a nine-story office building at 14881 Quorum Drive in Addison.

DALLAS—HFF has closed the sale of and arranged acquisition financing for The Meridian and The Belvedere, two class A office buildings totaling 241,539 square feet in Addison and Irving, TX.

HFF marketed the properties on behalf of the seller, Klabzuba RealtyCREA Investments purchased the two buildings for an undisclosed amount free and clear of debt.  Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank.

The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community immediately adjacent to DFW International Airport in Irving. The six-story property is 90% leased and features 100,359 square feet of space.

Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the Far North Dallas market along the Dallas North Tollway, offering access to all of the city’s commercial centers including DFW International Airport, Love Field, Legacy Business Park and Preston Center.  The 141,180-square-foot, nine-story building is 79.8% leased.

“These transactions represent successful round trips that generated attractive returns to our investors,” said Klabzuba executive vice president Clint Corn.  “We remain committed to proactively recycling our capital into urban infill opportunities in major Texas markets.”

Based in Fort Worth, Klabzuba Realty owns real estate throughout Texas and other states with over one million square feet of rentable space.

CREA Investments is a privately held real estate investment firm that leverages over 150 years of combined experience into transactions that exceed its partner’s expectations.

David Phillips/GlobeSt.com

Home of the Day: Resort-Style Ranch in Preston Hollow

Home of the Day is presented by the Dallas Business Journal with Briggs Freeman Sotheby's International Realty. This is your invitation to view some of Dallas's most-luxurious properties. Come inside and take a look around. Click on the gallery image to view today's featured property.

Preston Hollow
4432 Walnut Hill Lane, Dallas, TX 75229 | $2,100,000


This single story renovated ranch rests on a heavily treed and gated 1.67-acre lot near one of the most prestigious areas of Preston Hollow. This resort-styled property offers a 6,900+/- square foot home, a lighted tennis court, cabana, pool, two bedroom guest quarters and a large pond with fountain.
Click here to view the full article.

Todd Terry/Dallas Business Journal

DIG Brokers Four for $80 Million

DALLAS—Disney Investment Group (DIG) has been busy. The Dallas-based boutique firm just closed on the sale of four retail properties across the U.S., totaling $80 million, including one power center and three single-tenant/net-leased assets, GlobeSt.com has exclusively learned.

Anna Caplan/GlobeSt.com

HRI Properties Unveils Mayflower Apartments

DALLAS--HRI Properties has acquired and will redevelop 411 North Akard Street in Dallas as Mayflower Apartments. An affiliate of the California Teachers’ State Retirement System (CalTSRS) was the seller.

Capital One announced that it has provided a $24-million secured term loan and a $9.6-million bridge loan for the historic nine-story, 360,970-square-foot office building.

The property was built by the Mayflower Investment Co. in 1965, and is listed on the National Register of Historic Places for its architectural significance. It was purchased in 2012 by CalTSRS, which will retain the building’s 750-space underground parking garage as part of the transaction.

“We are very excited to be supporting HRI Properties as it redevelops this exceptional building,” says Tim Smith, vice president, Capital One Bank. “We have a long history of working with the company and we are confident that this extraordinary property is in good hands.”

The building will offer 215 class A units, 11,567 square feet of ground-floor retail space and 216 parking spaces on the first three floors. Amenities will include a fitness center, rooftop pool, outdoor kitchen, community room, and an onsite property management office.

“We are excited to move forward with financing for this one-of-a-kind mixed-use building,” says Tom Leonhard, president and chief operating officer, HRI Properties. “The building’s convenient downtown location and upscale apartment units, coupled with its extensive retail space, will make the Mayflower Apartments an appealing destination.”

The three-year floating-rate construction loan has one four-year extension. The two-year bridge loan is subject to sufficient commitment amounts from the historic tax credit investors under the Federal Historic Tax Credit and State Historic Tax Credit programs, as well as from the municipality under the TIF Grant for Affordable Housing.

Anna Caplan/GlobeSt.com

Growing U.S. housing market helps bolster DFW home prices

Home prices in the Dallas-Fort Worth area continued to rise in August by 8.9 percent year-over-year as jobs continue to flock to the region and the U.S. housing market gains strength, according to the S&P/Case-Shiller Home Price Index released Tuesday.

The home price gains in North Texas surpass the national year-over-year increase of 5.1 percent for the 20-city composite conducted by the research group. Along with rising home prices, other housing indicators are also showing strength, said David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.

The rising home prices in the U.S. and in Dallas-Fort Worth are driven in part by low inflation, said Blitzer.

Candace Carlisle/Dallas Business Journal

Dallas' Mohr Capital to expand newly acquired Denton industrial park

On the heels of beginning a new industrial development in Grand Prairie, Dallas-based privately held real estate investment firm Mohr Capital has bought and begun redeveloping a industrial facility in Denton with plans to add another building to the small business park.

The 235,419-square-foot office, research and development and manufacturing facility already has received a number of upgrades by Mohr Capital, which has begun construction on a new 187,400-square-foot warehouse and distribution center on the property.

An aerial of the site in Denton, where Mohr Capital is adding a second building to the small industrial park.


Candace Carlisle/Dallas Business Jounal

Cowtown's Chisholm Trail Ranch underway

FORT WORTH (Fort Worth Business Press) – Arizona-based firm the Walton Group of Companies has broken ground on the 600-acre ​Chisholm Trail Ranch, a master-planned community with a mix of residential and commercial.​​

The development​ is the first such project along the $1.4 billion Chisholm Trail Pkwy., which opened in May 2014.

​Located a​t the intersection of Chisholm Trail Pkwy. and McPherson Blvd., Chisholm Trail Ranch is part of the Crowley Independent School District. The community will have around 1,100 single-family homes served by a new elementary school. The school is part of the development's first phase.

Walton will oversee horizontal infrastructure improvements serving the residential parcels within the community. The land was purchased from Stratford Land and Legacy Capital. Legacy will execute the project's commercial component. 


Real Estate Center

North Texas office duo changes hands

DALLAS (HFF) – ​​HFF has closed the sale of and arranged acquisition financing for The Meridian and The Belvedere​​​, two Class-A office buildings in Irving a​nd Addison.

Measuring 100,359 sf, the Meridian is at 1425 Greenway Dr. in the Las Colinas master-planned business and residential community adjacent to DFW International Airport in Irving. The six-story property is 90 percent leased.

The Belvedere, a 141,180-sf, nine-story building at 14881 Quorum Dr. in Addison along the Dallas North Tollway, is 79.8 percent leased. It offers access to all of the city's commercial centers including DFW International Airport, Love Field, Legacy Business Park and Preston Center.

HFF marketed the properties on behalf of the seller, Klabzuba Realty. CREA Investments was the buyer. 


Real Estate Center

The Boulder Group Arranges $6.2M Sale of Urgent Care Center in Irving

Family ER + Urgent Care is located at 8200 N. MacArthur Blvd. in Irving.

IRVING, TEXAS — The Boulder Group has arranged the $6.2 million sale of a single-tenant Family ER + Urgent Care property located at 8200 N. MacArthur Blvd. in Irving. The newly constructed, 10,200-square-foot building is located along North MacArthur Boulevard near I-635 (LBJ Freeway).

Family ER + Urgent Care are freestanding emergency and urgent care centers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser, a joint venture utilizing a 1031 exchange, in the transaction.

A Texas-based developer was the seller. The Family ER + Urgent Care lease is for 20 years and expires Jan. 31, 2035. The triple-net lease features 5 percent rental escalations every three years.

Haisten Willis/ReBusiness Online

ARA Newmark Arranges Sale of 702-Unit Multifamily Portfolio in Plano

Avalon at Chase Oaks is a 326-unit property in Plano.

PLANO, TEXAS — ARA Newmark has arranged the sale of two Class A apartment communities in Plano: Avalon at Chase Oaks, a 326-unit property, and Thornbury at Chase Oaks, a 376-unit property.

ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy, Brian O’Boyle, Jr. and Richard Furr led the marketing efforts for the two multifamily communities on behalf of Berkshire Group, a real estate investment management company headquartered in Boston. Frisco, Texas-based CAF Capital, a private equity real estate firm specializing in the acquisition, redevelopment, repositioning and subsequent sale of institutional quality multifamily real estate, acquired the communities for an undisclosed price.

The properties were 96 percent occupied at the time of sale. Constructed in 1992 and 1996, respectively, Avalon at Chase Oaks and Thornbury at Chase Oaks back up to The Courses at Watters Creek golf course and are within a mile of each other. Plano is home to corporate and regional headquarters for JC Penney, Cinemark Holdings, Rent-A-Center, Dr. Pepper Snapple Group, Frito-Lay, Intel Security and Alliance Data Systems.

Haisten Willis/ReBusiness Online

HFF Arranges Sale, Financing of Two Class A Office Buildings in Metro Dallas

Belvedere
Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the far north Dallas market along the Dallas North Tollway.

ADDISON AND IRVING, TEXAS — HFF has arranged the sale of and financing for The Meridian and The Belvedere, two Class A office buildings totaling 241,539 square feet in Addison and Irving. HFF marketed the properties on behalf of the seller, Klabzuba Realty. CREA Investments purchased the two buildings for an undisclosed amount free and clear of debt. Additionally, HFF secured floating-rate acquisition financing on behalf of the new owner through a regional bank. The Meridian is located at 1425 Greenway Drive in the Las Colinas master-planned business and residential community. The six-story property is 90 percent leased and spans 100,359 square feet. Situated at 14881 Quorum Drive in Addison, The Belvedere is located in the far north Dallas market along the Dallas North Tollway. The 141,180-square-foot, nine-story building is 80 percent leased.

Haisten Willis/ReBusiness Online

Dallas home prices rise 8.9 percent in new Case-Shiller report

Dallas area home prices are still rising at twice their long term average rates. (Steve Brown)
Dallas area home prices are still rising at twice their long term average rates. (Steve Brown)

Click here to view the full article.

Steve Brown/The Dallas Morning News

Dallas Office Finances SA Multifamily Complex

DALLAS—Brackenridge at Midtown, a 282-unit, class A garden-style multifamily community in San Antonio has received $30.6 million in financing, secured by HFF’s Dallas office.

HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property. HFF declined to offer more details about the transaction.

Brackenridge at Midtown has one-, two- and three-bedroom units ranging between 594 square feet to 1,458 square feet. Completed in 2014, property amenities include a resort-style swimming pool with tanning deck, grilling areas, fire pit, horseshoe pit, pet park, clubhouse, state-of-the-art fitness center, dedicated yoga/Pilates fitness room, entertainment kitchen, gaming lounge and private garages.

Situated on 9.9 acres, the property is located at 223 Brackenridge Ave., about a block from Brackenridge Park and approximately two miles from downtown San Antonio’s River Walk. The property is 91 percent leased.

Senior managing director John Brownlee and associate director Michael Cosby led the HFF debt placement team representing the borrower.

Anna Caplan/GlobeSt.com

JLL Brokers Century Legacy Village Sale

The property is located at the corner of Spring Creek Parkway and Windcrest Drive, near Legacy Town Center.

DALLAS--JLL Capital Markets has brokered the sale of Century Legacy Village, a class A 328-unit luxury apartment community in Plano.

A Dallas-based private real estate fund managed by Crow Holdings Capital–Real Estate and BK Real Estate Funds purchased the property from Atlanta-based Centennial Holding Co. 

Managing director Jeff Price, senior vice president Bill Simmons and associate Alisan Rutland led the JLL team on the transaction.  JLL executive vice president Mark Brandenburg secured financing for the acquisition.

“Three-story garden-style projects with average units in excess of 1,000 square foot are highly sought after in the Plano/Frisco market, as most new projects are urban-style wrap projects with smaller average unit sizes,” Price told GlobeSt.com.

The property is located at the corner of Spring Creek Parkway and Windcrest Drive, near Legacy Town Center, which is known for its premier mix of retail, dining and entertainment options.

Century Legacy Village offers six one-bedroom floor plans, six two-bedroom floorplans and three two-bedroom floor plans that all feature oversized walk-in closets, built-in wine racks and nine-foot ceilings with crown moldings.  Select units feature private fenced-in backyards, direct access garages and a kitchen island with built-in storage.

Best-in-class amenities include a resort-style pool, dog park with pet-washing station, 24-hour cardio theater, attached and detached garages, business center and valet trash service.

Anna Caplan/GlobeSt.com

Forest Ridge Apartments Sell in Arlington

The property at 2508 Forest Point Drive has undergone a face-life to its leasing office, clubhouse and pool area.

ARLINGTON, TX--Transwestern’s Dallas-based multifamily investment services group has brokered the sale of Forest Ridge Apartments, a 660-unit community in Arlington.

Transwestern principal Taylor Snoddy, vice president Philip Wiegand and vice president James Roberts represented the sellers, affiliates of Harbor Group International, and the buyer in the transaction. S2 Capital acquired the property for an undisclosed amount and has planned extensive interior and exterior renovations.

“Today buyers are less focused on going in cap rates than anytime that I have been in the business,” Snoddy told GlobeSt.com. “It’s more a function of what rents are achievable in the submarket and where yields will be when they get there.”

Located at 2508 Forest Point Drive the property has been well maintained, and the community’s leasing office, clubhouse and pool area recently underwent an expansive face-lift.  It also features a dog park, two spas, lounge, fitness center, sundeck, picnic area and business center.

Anna Caplan/GlobeSt.com

Davis Commercial Arranges Sale of Historic Theater in Dallas

heights-theater
Cabaniss aims to transform the theater, which was recently granted landmark status, into a go-to venue for cultural arts events.

DALLAS — Ashley Casterlin of Davis Commercial Real Estate represented Edwin Cabaniss, owner of the Kessler Theater in Dallas, in the purchase of the historic Heights Theater at 339 W. 19th St. in Dallas. Star Massing of Boulevard Realty represented the sellers, Sharon and Gus Kopriva. Cabaniss aims to transform the theater, which was recently granted landmark status, into a go-to venue for cultural arts events. With a mid-2016 opening planned, the theater will host events such as concerts, weddings and art openings.

Haisten Willis/ReBusiness Online

DIG Brokers Four For $80 Million

DALLAS—Disney Investment Group (DIG) has been busy. The Dallas-based boutique firm just closed on the sale of four retail properties across the U.S., totaling $80 million, including one power center and three single-tenant/net-leased assets, GlobeSt.com has exclusively learned.

Anna Caplan/GlobeSt.com

Cabot, Stream Break Ground on Trinity Crossing Industrial Development

GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm located in Boston, and Stream Realty Partners, a national real estate services, development and investment firm, have begun construction on Trinity Crossing, a 322,853-square-foot industrial development in Grand Prairie.

The two-building, master-planned development is located at the intersection of Roy Orr and Trinity boulevards on an 18.4-acre site. A 144,187-square-foot rear-load building and a 178,655-square-foot front-load building will accommodate tenants from 35,000 to 175,000 square feet.

Cannon Green of Stream’s Dallas industrial team will oversee the development of the project. Green will team with Luke Davis, also with Stream, to market and lease the project. Steve Riordan of Stream’s construction division will manage the project through completion. The project is expected to deliver in the second quarter of 2016.


Haisten Willis/ReBusiness Online

Acquire Completes Funding for DoubleTree by Hilton DFW Airport

DoubleTree by Hilton DFW Airport is a 282-room, eight-story hotel located adjacent to Dallas-Fort Worth

 DALLAS — Acquire Real Estate, a real estate crowd investing platform, has closed its investing fund for part ownership of the DoubleTree by Hilton DFW Airport, a 282-room, eight-story hotel located adjacent to Dallas/Fort Worth International Airport.

The project attracted investors from across the country that contributed between $5,000 and $75,000. Acquire Real Estate provided $262,500 in funding for the hotel. Investors are projected to receive average annual returns above 20 percent paid quarterly over a seven- to 10-year term.

The property is located less than two miles from Dallas/Fort Worth International Airport. Hotel amenities include 17,000 square feet of function space, a full-service business center and airport shuttle services. The Buccini/Pollin Group purchased the property in January 2015 for an undisclosed amount.


Haisten Willis/ReBusiness Online

CBRE Arranges Relocation of CareReview’s Headquarters in Arlington

CareReview is relocating to Brookhollow Two
at 2221 E. Lamar Blvd. in Arlington.

ARLINGTON, TEXAS — CBRE has arranged the headquarters relocation of CareReview from Arlington Downs Tower, located at 2225 E. Randol Mill Road, to Brookhollow Two at 2221 E. Lamar Blvd. in Arlington.

The third-party insurance review company’s new headquarters spans 10,695 square feet and will more than double its current space. Richmond Collinsworth of Bradford Cos. represented the tenant, and Bryan Graham of CBRE represented the landlord, Brookhollow II Holdings.

Haisten Willis/ReBusiness Online

JV Acquires Leasehold of DFW Assets

DALLAS--Airfield Properties LLC, a local joint venture between Dallas-based Menyon Capital Partners LLC, TVO Capital Management LLC and Ravinia Capital Group LLC, has acquired the leasehold interest in a three-building, DFW Airport office portfolio from The Dallas-Fort Worth Airport Board.

Anna Caplan/GlobeSt.com

E Smith's Hazard Gets SIOR Designation

DALLAS--E Smith Realty Partners has added another SIOR designate to its mix.

Anna Caplan/GlobeSt.com

Slowing job growth cooling DFW's hot real estate market?

RICHARDSON (Dallas Morning News) – North Texas' booming real estate market is likely to slow down in 2016 due to slower job growth, said the Real Estate Center's chief economist.

Dr. Jim Gaines made his 2016 predictions at the annual forecast session of the MetroTex Association of Realtors last week.

He said 2015 is on track to be a record year for their businesses, as North Texas home sales are up about 6 percent from this time last year, and median home prices through the first nine months are 11 percent higher. The Dallas-Fort Worth area is one of the top five U.S. home building markets.

However, Gaines said he expects prolonged lower oil prices and job cuts in the energy industry will result in slower growth in Texas.

"We are still going to grow next year," he said, "but at a slower rate."

Although the potential for higher interest rates in 2016 isn't a significant concern, Gaines pointed out that home affordability may be a bigger issue in DFW, given that home price increases have been outpacing wage gains.

Additionally, home construction in DFW is still less than 60 percent of the volume before the recession. Constraints on home construction caused by labor shortages and higher land costs are a problem across the nation. 


Real Estate Center

Texas home prices up 9 percent in September

COLLEGE STATION (Real Estate Center) – Latest Multiple Listing Service (MLS) data show Texas home sales had a 9 percent year-over-year increase last month while the median price was up 5.9 percent.

According to September 2015 Texas MLS data (as of 11:30 a.m. today), 26,710 homes were sold last month, nearly 2,150 more than a year ago but about 2,040 fewer than in August.

The median price was $196,300 compared with $185,400 a year ago and $203,000 in August.

Months' inventory was at 3.6 months. Real Estate Center economists consider 6.5 months a balanced market.


Real Estate Center

Brinker shares punished despite higher revenue in first quarter 2016

Despite lower comparable sales at its restaurant concepts, Brinker International (NYSE: EAT) posted slightly higher revenue and income in first quarter fiscal year 2016.

The company, which owns the Chili’s Grill & Bar and Maggiano’s Little Italy concepts, posted a 0.5 percent net loss in comparable restaurant sales at all Chili’s locations system wide and a 1.7 percent dip at Maggiano’s.

Chili's Grill & Bar saw an 8.8 percent sales increase for the quarter.
Chili's Grill & Bar saw an 8.8 percent sales increase for the quarter.


Korri Kezar/Dallas Business Journal

Hotel, office building part of $100M expansion at The Shops at Willow Bend

Plano retail hub The Shops at Willow Bend is getting a $100 million facelift that will transform the property in a multi-use development.

Starwood Retail Partners, which bought the shops in October 2014, announced Tuesday it will add new shops and restaurants, a class-A office tower and a hotel.


The Shops at Willow Bend's new entrance. 
The Shops at Willow Bend's new entrance.

BBG Appoints Dagnall as Managing Director

DALLAS--Butler Burgher Group (BBG) is expanding its assessment services capabilities, with the appointment of former CBRE executive Richard Dagnall as senior managing director in the Houston office.

Anna Caplan/GlobeSt.com

Mohr Breaks Ground on Grand Prairie Project

GRAND PRAIRIE, TX--Mohr Capital has broken ground on a class A, industrial development totaling 430,188 square feet on 20.7 acres, located on Bardin Road in Grand Prairie.

Anna Caplan/GlobeSt.com

Exclusive: Serial entrepreneur makes foray into real estate with $60M project in Plano

Serial entrepreneur Abid Abedi is elated to get underway soon on his first big real estate development — a $60 million townhouse project in Plano. But don't call him a developer anytime soon.

"I usually create so many intangible assets and this is my first tangible project and I can't wait to see it come out of the ground," Abedi, a native of India who has launched about a dozen businesses, primarily in the technology services and staffing fields, told the Dallas Business Journal in an exclusive interview.

Serial entrepreneur Abid Abedi is about to get underway on his first big commercial real estate project.

Candace Carlisle/Dallas Business Journal

Bizspace Property Spotlight: McKinney & Olive Achieves New Heights in Uptown

McKinney & Olive Achieves New Heights in Uptown
With less than a year to go before construction and finish-out are completed

Click here to view the full article.

John Zogg and Joseph Pitchford/Dallas Business Journal

Grandbridge Arranges $18.8M Loan for Apartment Community in Irving

Newport Apartments is a 308-unit apartment complex in Irving.

IRVING, TEXAS — Grandbridge’s Blake Willeford has arranged $18.8 million in financing for Newport Apartments, a 308-unit apartment complex in Irving. The loan, arranged through a debt fund REIT, included financing for the acquisition as well as capital for improvements to enhance the property.

The transaction was structured with a two-year, interest-only term. The asset, built in 1981, includes 200 renovated units with faux wood flooring, black appliances and brush nickel plumbing and lighting fixtures.

The borrower, PPA Group, plans to renovate the remaining 108 units and make exterior improvements including masonry dumpster enclosures, replacing wood with wrought iron on select balconies/patios, adding an outdoor kitchen and adding a dog park.

  
Texas Real Estate Business



Steadfast Apartment REIT Purchases 315-Unit Apartment Community

Lakeside at Coppell is a 315-unit apartment community located in Coppell.
COPPELL, TEXAS — Steadfast Apartment REIT has acquired Lakeside at Coppell, a 315-unit apartment community located in Coppell. Constructed in 1999 on 35 acres, Lakeside at Coppell includes 45 two-story apartment buildings boasting one-, two-, three- and four-bedroom configurations.

Layouts average 1,221 square feet and amenities include attached garages, washer-dryer connections, granite countertops and stainless steel appliances. Lakeside at Coppell was 96.2 percent occupied as of Oct. 6, and has average in-place rents of $1,698.

On-site amenities include a clubhouse, swimming pool, basketball court, sand volleyball court, tennis court, jogging trail, health club, billiards room, business center, playground and community garden.

Texas Real Estate Business


Regency Centers Announces Phase II of CityLine Market in Metro Dallas

The Phase II portion is 100 percent pre-leased and will include a 12,900-square-foot CVS/Pharmacy and new restaurants.


RICHARDSON, TEXAS — Regency Centers Corp., an owner, operator and developer of grocery-anchored shopping centers, has closed on the land for Phase II of its CityLine Market development in Richardson. The Phase II portion is 100 percent pre-leased and will include a 12,900-square-foot CVS/Pharmacy and new restaurants encompassing 9,000 square feet.

The newest restaurants to join CityLine Market include Super Chix, Pho is for Lovers and Piada Italian Street Food. Super Chix’s menu includes chicken sandwiches, fries and frozen custard. Pho is For Lovers serves Vietnamese food including beef pho, tofu summer rolls and banh mi sandwiches.

Piada serves Italian street food. CityLine Market is anchored by Whole Foods Market, contains nearly 102,000 square feet of retail and will serve as the cornerstone of the CityLine mixed-use development. The center is 98 percent leased. The construction of Phase II is expected to start late this year.

Texas Real Estate Business

ClubCorp's 25 percent revenue hike fails to impress investors

ClubCorp Holdings Inc. (NYSE: MYCC) announced Thursday a 24.9 percent increase in revenue, but a decrease in net income during third quarter 2015.

The Dallas company, which owns and operates more than 200 golf, country, business, sports and alumni clubs in 26 states, logged $255.36 million in total revenue, including $189.71 million in club revenue and $65.1 million in food and beverage sales.

ClubCorp owns and operates more than 200 golf, country, business, sports and alumni clubs in 26 states.
ClubCorp owns and operates more than 200 golf, country, business, sports and alumni clubs

Korri Kezar/Dallas Business Journal

Shake Shack to Open First Dallas Location in 2016

Shake-Shack-Crescent
Shake Shack at The Crescent will be located near a corner park.

DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.

Haisten Willis/ReBusiness Online

Developers Mine Suburbs for Multifamily Projects

PLANO, TX—Developers are eying the Telecom Corridor north of downtown for multifamily developments, including one local real estate investor Abid Abedi, who will break ground this week on 19 acres at the northwest corner of Plano Parkway and Independence Parkway in Plano.

Anna Caplan/GlobeSt.com

Alliance Architects Completes Final Design Services for Plano Data Center

Tech-Services-Center-II-Main-Entry
The facility is located at 1117 E. 15th St., adjacent to Plano City Hall.

PLANO, TEXAS — Alliance Architects has completed Phase II of a renovation project for the City of Plano’s Technology Services Data Center. The facility is located at 1117 E. 15th St., adjacent to Plano City Hall. The facility was originally designed and built to house city hall and the city’s main fire station. The Technology Services Data Center is a Tier 3 data center and administration office that stores, secures and processes information for Plano’s government offices. The project features offices, open support spaces, a training room, conference rooms, an employee break room and a public service area. Sustainable finishes are used throughout the building. Alliance Architects team members included Charlie, Reagan, Chris Bruck, Zac Bartz, Barb Caires, Keith Petersen and Aaron Trecartin. Turner Construction provided general construction services. 

Haisten Willis/ReBusiness Online

IKEA proposes 293,000-square-foot store in Grand Prairie

Swedish home furnishings retailer IKEA submitted plans Tuesday plans for its second North Texas store in Grand Prairie.

The proposed 293,000-square-foot store and 1,250 parking spaces would be constructed on 32 acres on the east side of State Highway 161 and Mayfield Road. The tract of land is currently undeveloped, and IKEA expects it will receive city incentives for building utilities and infrastructure, which would aid further building in the area.

A rendering of the proposed IKEA in Grand Prairie.
A rendering of the proposed IKEA in Grand Prairie.


Korri Kezar/Dallas Business Journal

High-profile $75M luxury tower in Uptown hits level playing field

It's not exactly a topping out, but after digging a hole to a 65-foot depth and building a below-grade, seven-level parking garage for a $75 million, 20-story luxury residential and retail tower at the former Hard Rock site in Uptown, developer Rick Cavenaugh is grateful to be back to grade.

"We started pouring the first half of the slab today and by next week everything goes up from there," Cavenaugh, president of Illinois-based development firm Stoneleigh Cos. LLC, told the Dallas Business Journal.

Construction crews are pouring the concrete atop the seven-level, below-grade parking garage at One Uptown.
Construction crews are pouring the concrete atop the seven-level.


Candace Carlisle/Dallas Business Journal

Cityspace Real Estate Purchases Flex Building in Arlington

ARLINGTON, TEXAS — Cityspace Real Estate, Inc. has purchased a 28,862-square-foot flex building in Arlington from Praktek Associates Brookhollow Associates. Zane Marcell and Hahn Franklin-Mitchell of Younger Partners represented the seller.

Texas Real Estate Business

NAI Robert Lynn Arranges Sale of Office Building in Dallas Design District


JQ's new offices at 100 Glass St. are being renovated
and will provide more than double the space. 

DALLAS — NAI Robert Lynn represented JQ, a Texas-based structural and civil engineering firm, in the company’s move to the Dallas Design District. Last month, Commerce Street Partners and Commerce Street 2104 Partners, the real estate affiliates of JQ, sold their offices at 2105 Commerce St., a 13,500-square-foot building.

JQ’s new offices at 100 Glass St. are being renovated and will provide more than double the space. The 31,000-square-foot building is located at the southeast corner of Levee and Glass streets. Merriman Associates/Architects Inc. is designing the interior of JQ’s new headquarters building.

Nearly 100 employees will be moving to the new location before the end of the year. Sam Hocker and Jayson Montoya of the NAI Robert Lynn office division represented JQ in the sale of the firm’s downtown holdings and the purchase of 100 Glass St.

Texas Real Estate Business

Entrepreneur's $60 million development debut

PLANO (Dallas Business Journal) – Entrepreneur Abid Abedi will begin construction on a $60 million townhouse project early next year.

Development of the 182 new single-family townhouses on 19 acres at the northwest corner of Plano Pkwy. and Independence Pkwy. has been a decade in the making.

Abedi acquired the tract from networking technology firm Alcatel-Lucent in 2005 after a deal with another homebuilder fell through.

The investor and his brokers from Novus Realty Advisors lobbied to change the zoning, and city council recently approved Abedi's project, which will bring 182 two-story townhomes ranging from the $300,000s to the $350,000s.

Locally based Megatel Homes Inc. will build the homes. The company will start construction in first quarter 2016.  


Real Estate Center

Grand Prairie making room for Ikea

GRAND PRAIRIE (Dallas Morning News) – Swedish furniture company Ikea has submitted plans to the city to open a store ​in fall 2017.

The 293,000-sf store will be on 32 acres north of I-20 along the east side of SH 161 and Mayfield Rd. The property selected is raw land.

Ikea will ask for economic development funds only for road, utility and other infrastructure work. It expects to be a large source of future local sales and property taxes.

The store will employ 300, and the construction phase will require 500 workers.

It will display some of its 10,000 items in 50 room settings and three model home interiors. The store will also have a restaurant with seating for 350. Family-friendly features include a supervised children's play area, baby care rooms and preferred parking. 


Real Estate Center

North Texas home sales up 16 percent in September

DALLAS (Dallas Morning News) – ​​​North Texas home sales jumped 16 percent last month as agents​​ sold 9,053 preowned houses. Total sales for the first three quarters of 2015 came to almost 74,000​.

According to data from the Real Estate Center and the North Texas Real Estate Information Systems, median prices were up 9 percent from September 2014. So far this year, median prices are at more than $200,000 — u​​p 11 percent from last year. Houses are selling at an average of 98 percent of the asking price in the area.

In the over two dozen Dallas-Fort Worth counties, less than 21,000 preowned houses were listed for sa​​le at the end of September. The 2.6-month supply is less than half of what is considered a normal market.

In the third quarter, North Texas home builders started more than 8,000 homes,​​ a nearly 22 percent increase from the same time last year, according to Dallas' Residential Strategies Inc. Builders sold 6,811 new houses in the third quarter, 16 percent more than in third quarter 2014.  


Real Estate Center

Thursday, October 29, 2015

Harwood International to Develop New Office Tower in Dallas

Harwood-2850-office-tower
Designed by Dallas-based HDF, the Class A office tower features 22 floors totaling 228,000 square feet. 

DALLAS —Harwood International has announced it will develop a new office tower known as 2850. Designed by Dallas-based HDF, the Class A office tower features 22 floors totaling 228,000 square feet. It will be the ninth development in the master-planned district of Harwood. The ground level of the building will include over 12,000 square feet of retail and restaurant space with adjacent gardens and outdoor seating. The gardens are continued on the ninth level with 20,000 square feet of green roof terraces. The building is topped off with 11,000 square feet of office space and two roof gardens. The 18-block district of Harwood has building rights to over 12 million square feet of condominium, office, retail, and multifamily developments.

Haisten Willis/ReBusiness Online

NAI Robert Lynn Arranges 10,950 SF Medical Office Lease in Dallas

DALLAS — Children’s Medical Center of Dallas has leased 10,950 square feet of medical office space located at 2620 N. Stemmons Freeway in Dallas. John Lancaster of NAI Robert Lynn represented the landlord, Pollock Realty LP, and Douglas Hinckley represented Children’s Medical Center in the transaction.

Texas Real Estate Business

Austin Investor Buys 308-Unit Value-Add Multifamily Community

Newport is a 308-unit multifamily community in Irving.
  
IRVING, TEXAS — CBRE Capital Markets’ Investment Properties has arranged the sale of Newport, a 308-unit multifamily community in the north Dallas suburb of Irving. The PPA Group, based in Austin, purchased the asset from Shreveport, La.-based Fortis Co. for an undisclosed price.

Chris Deuillet of CBRE’s Dallas office represented the seller. The 238,784-square-foot asset, located at 3466 N. Beltline Road, was built in 1981. The Class B complex includes one- and two-bedroom units with an average size of 775 square feet. Newport was 96 percent occupied at closing.

Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. Other capital improvements were completed on the exterior and in common areas between 2010 and 2012. The buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.

Texas Real Estate Business

Ventures Development Begins Construction on South 400 Apartments

The 2.1-acre parcel is located at the corner of Jennings
and Broadway avenues in Fort Worth.

FORT WORTH, TEXAS — Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth. The 2.1-acre parcel is located at the corner of Jennings and Broadway avenues across the street from the Broadway Baptist Church.

In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation.

VDG has engaged the multifamily division of Stream Realty Partners to manage the five-story, 209-unit community, which will also include 2,600 square feet of ground-floor retail space and four live/work studio lofts. South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.

Texas Real Estate Business

Lincoln Property Co. Debuts Legacy VI, VII Office Campus in Plano

Legacy VI and VII include 245,508 square feet of speculative office
and tech center space on a 24-acre, three-building campus.

PLANO, TEXAS — Lincoln Property Co. has debuted its latest Plano properties, named Legacy VI and VII. Built by Bob Moore Construction, Legacy VI and VII include 245,508 square feet of speculative office and tech center space on a 24-acre, three-building campus.

Legacy VI includes two 60,428-square-foot flex/tech centers. Legacy VII is a 124,652-squre-foot, two-story office building. The building’s corners and main entrances include spandrel glass curtain wall windows. The lobby is finished with glass, steel, wood and tile. All three buildings were constructed with tilt-up construction. The campus also includes 1,463 parking spaces spanning 582,522 square feet.

Texas Real Estate Business

Crescent Tops Out McKinney & Olive Office Tower in Dallas

The office tower is located at the corner of McKinney Avenue
and Olive Street in Uptown Dallas.

DALLAS — On Oct. 5, The Beck Group celebrated the topping out of Crescent Real Estate Holdings’ McKinney & Olive office tower, located at the corner of McKinney Avenue and Olive Street in Uptown Dallas. The Beck Group is constructing the building, while Crescent is the developer.

The 530,000-square-foot project is the tallest office building in Uptown Dallas at 20 stories. The building is the first in Dallas to be designed by architect Cesar Pelli. The project will include a blend of office, retail and restaurants and a one-acre public outdoor piazza, with landscaping for customers and the Uptown community.

The building is designed so that corner offices have an unobstructed view of Uptown and downtown Dallas. Once open in 2016, the building will feature 10-foot ceilings, an outdoor landscaped garden on the fifth floor, a fitness center designed by Canyon Ranch and a conference center.

Texas Real Estate Business

Alliance Architects to Design New Office Building in Plano

AAI-APCON
Situated along President George Bush Turnpike, the three-story building features 58,000 square feet of Class A office space.  

PLANO, TEXAS —Alliance Architects Inc. has been selected to design a new regional office facility for APCON, a provider of network monitoring solutions. APCON is relocating to a new facility in Plano. Situated along President George Bush Turnpike, the three-story building features 58,000 square feet of Class A office space. APCON will occupy a significant portion of the building and the additional space will be available for other tenants. Building amenities will include a gym, elevated terrace and a ground-level outdoor patio. The building was designed using metal, stone, concrete and glass materials. These materials are utilized in the two-story atrium and continue throughout offices, technology labs, conference rooms and gathering spaces. Alliance Architects’ team members include Chad Michel, Barb Caires, Zach Weldy, Joseph Amos, Scott Franckowiak, Jordan Raymond and Kelsey Kupish. Hill & Wilkinson is providing general construction services.

Haisten Willis/ReBusiness Online