Tuesday, November 24, 2015

6 Reasons Everyone is Moving To Dallas-Fort Worth

A booming economy, as evidenced by corporations moving to North Texas and lower unemployment has led to a demand for more housing. Our infographic outlines these reasons – and more – that make it seem like everyone is moving to The Metroplex.
6 reasons everyone is moving to dallas

Tuesday, November 10, 2015

Vanguard Brokers Weatherford Deal

The 113-unit community was constructed in 1977 and is strategically positioned along Santa Fe Drive adjacent to the Town Creek Hike & Bike Trail.

FORT WORTH--Vanguard Real Estate Advisors, a Fort Worth-based real estate advisory firm, has brokered the sale of Saddle Ridge Apartments, located west of Fort Worth in Weatherford.

The Vanguard disposition team was led by Jordan Cortez who marketed the asset on behalf of an entity controlled by the Oviedo, FL-based seller, Bowman Investment Group LLC. The property was purchased by Mercury Metroplex Real Estate IV LLC and was their second multifamily acquisition in Weatherford this year.

"This is the second time I have sold this asset, each time it was marketed there was significant interest from the investment community due to the irreplaceable location and strength of the Weatherford multifamily market," Cortez, managing principal of Vanguard Real Estate Advisors, told GlobeSt.com.

The 113-unit community was constructed in 1977 and is strategically positioned along Santa Fe Drive adjacent to the Town Creek Hike & Bike Trail.

“Saddle Ridge represented an excellent opportunity for the purchaser to acquire one of the best located multifamily communities in the submarket that at closing was 100 percent occupied,” Cortez says.

Anna Caplan/GlobeSt.com

E Smith Realty adds Cresa site selection group to Hall of Famer's team

Dallas-based commercial real estate brokerage firm E Smith Realty Partners has partnered up with the Susan Arledge-led Cresa Dallas office, which will broaden the scope of services of the two real estate firms.

"I felt like the full-service platform for professional real estate companies was the wave of the future," Arledge, managing director of Cresa's Dallas office, told the Dallas Business Journal.

Former Cowboys running back and NFL Hall of Famer Emmitt Smith opened real estate service and brokerage firm E Smith Realty Partners in August 2013.
Former Cowboys running back and NFL Hall of Famer Emmitt Smith opened real estate service and brokerage firm E Smith Realty Partners in August 2013.


Candace Carlisle/Dallas Business Journal

Irving-based developer gets $35M to redo historic downtown Dallas building

Irving-based development firm NewcrestImage has landed $35.65 million in financing to redevelop a vacant office building into a new dual-branded AC Hotel and Residence Inn in downtown Dallas.

The redevelopment of the 22-story, 180,000-square-foot Mercantile Commerce Building will bring 206 rooms to the city's central business district.

This is one of the last redevelopment opportunities left in downtown Dallas.
This is one of the last redevelopment opportunities left in downtown Dallas.


Candace Carlisle/Dallas Business Journal

Monday, November 09, 2015

Land deal closes on $1.6B Wade Park development in Frisco's $5B Mile

The 175-acre tract behind Atlanta-based Thomas Land Development's $1.6 billion vision for a mixed-use development at the Dallas North Tollway near Lebanon Road within Frisco's much-touted "$5 Billion Mile" has officially traded hands.

Terms of the land sale were undisclosed. Jim Newman of Newman Real Estate sold the land on behalf of the Wade Family estate.

The $1.6 billion development known as Wade Park is underway in Frisco. Ultimately, the project will bring in a number of live-work-play options to the northern suburb.
The $1.6 billion development known as Wade Park is underway in Frisco.

Newman, who has sold and developed land in Frisco for three decades, said no other development comes close to quality and depth of the proposed Wade Park project, which includes Whole Foods, Hotel ZaZa, iPic Theatres, Pinstripes Bowling and other restaurants, entertainment, office and residential plans.
Candace Carlisle/Dallas Business Journal

McCarthy to Build New Healthcare Facility in Metro Dallas

Children's-Health-Andrews-Institute-Rendering-Front-entrance
Located on the southwest corner of Preston Road and Quincy Lane, the facility will house the new Children’s Health Andrews Institute, the first institute of its kind in Texas, offering pediatric orthopaedic and sports medicine care, as well as pediatric-focused injury prevention, rehabilitation and therapy.

PLANO, TEXAS — McCarthy Building Cos. has been awarded a new facility that will house the Children’s Health Andrews Institute for Orthopaedics and Sports Medicine on the Children’s Health Plano campus. McCarthy partnered with design architect Page on the development, which broke ground on Nov. 6. Located on the southwest corner of Preston Road and Quincy Lane, the facility will house the new Children’s Health Andrews Institute, the first institute of its kind in Texas, offering pediatric orthopaedic and sports medicine care, as well as pediatric-focused injury prevention, rehabilitation and therapy. When completed in 2017, the four-story, 185,000-square-foot building will include four operating rooms, an imaging center, physical therapy space and orthopaedic and other pediatric clinics. The institute will also feature indoor and outdoor athletic performance facilities, including a half-size football field and running track. A new five-level parking structure accommodating 1,000 cars will connect to the building.

Haisten Willis/ReBusinessOnline

Newly Formed TCRG Buys 680K SF in 45 Days

Wood says the property has 70,000 square feet of office space and approximately 280,000 square feet of warehouse.

FORT WORTH—TCRG Properties LLC, a real estate investment company recently formed by Bobby Patton, has closed on its second large industrial deal in the last 45 days.

The Fort Worth-based firm has acquired some 680,000 square feet over that period of time, including 1400 Everman Parkway in Fort Worth, a 351,600-square-foot multi-tenant office/warehouse asset sold by Conti Warehouses. According to Ryan Wood, with TCRG, the property has 70,000 square feet of office space and approximately 280,000 square feet of warehouse.

“We were able to acquire a highly occupied asset in a sub-market with very little vacancy,” Wood told GlobeSt.com. “Conti Warehouses had done a great job maintaining the property and had made several significant upgrades in recent years. The location, size, and value we saw in property fit perfectly within our strategy for the portfolio.”

The previous purchase was an off-market deal of about 300,000-plus square feet, Wood says.

Patton, a Fort Worth native, is a partner of Guggenheim Baseball Management, and part owner of the Los Angeles Dodgers. He principally operates oil and gas properties in Texas and Kansas and has additional investments in many other sectors, including ranching and insurance.

Wood says of TCRG that it is “aggressively pursuing large individual properties and portfolios, with a focus on the DFW market.”

Anna Caplan/GlobeSt.com

Irving's Williams Square trades for $330M, likely biggest deal of 2015

One of North Texas' most iconic office towers has traded hands for a record $330 million and will likely be the biggest commercial real estate deal of 2015.

The buyers — Apollo Global Real Estate of New York and Vanderbilt Partners of Chicago — have bought The Towers at Williams Square, a four-building, 1.4 million-square-foot office tower complex.

Williams Square from the northwest over the canal system.
Williams Square from the northwest over the canal system.


Candace Carlisle/Dallas Business Journal

Friday, November 06, 2015

An exclusive inside look at Quadrant's $20M redo of The Centrum in Dallas

It's been nearly a year since Dallas-based Quadrant Investment Properties acquired The Centrum, an iconic Oak Lawn office and retail building, and unveiled plans to deploy a major renovation of the 1986-era property.

Now, those plans to spend more than $20 million in upgrades to The Centrum have begun to take 
shape, said Chad Cook, founder of Quadrant Investment Properties LLC, who gave the Dallas Business Journal an exclusive tour of the building's upgrades and plans.

A Dallas-based real estate investment firm is repositioning The Centrum, a 392,473-square-foot office and retail complex at 3102 Oak Lawn Ave. in Dallas
A Dallas-based real estate investment firm is repositioning The Centrum, a 392. 473-square-foot office and retail complex at 3102 Oak Lawn Ave. in Dallas


Candace Carlisle/Dallas Business Journal



Westmount Realty Capital Acquires Apartment Community in Metro Dallas

Colonnade Apartments is a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie.

GRAND PRAIRIE, TEXAS — Westmount Realty Capital has acquired the Colonnade Apartments, a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie. Westmount is rebranding the apartment community as Westmount at the Colonnade.

The project, constructed in 2001, consists of 192 units on an 11-acre site, for an average of 17 units per acre. Westmount at the Colonnade is located adjacent to Highway 360.

The Colonnade is a mixture of two- and three-story buildings. Floor plans range from one-bedroom units of 772 square feet to three-bedroom units up to 1,258 square feet.

The complex includes 382 parking spaces, 9-foot ceilings with crown molding, a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap. 

Haisten Willis/Texas Real Estate Business

ShowBiz Cinemas to Open Entertainment Center in South Fort Worth

ShowBiz-Cinemas
Located near the intersection of Chisholm Trail Parkway and McPherson, the entertainment center will include 10 cinema auditoriums, 14 bowling lanes and a game room.

FORT WORTH, TEXAS — StreetLevel Investments and ShowBiz Cinemas will open a 65,000-square-foot entertainment complex in the spring of 2017. Located near the intersection of Chisholm Trail Parkway and McPherson, the entertainment center will include 10 cinema auditoriums, 14 bowling lanes and a game room. The auditoriums will feature 70-foot wall-to-wall and floor-to-ceiling screens, surround sound and leather reclining chairs. Showbiz Cinema will also offer special events and provide party facilities for sporting events, college programs, local school programs and community gatherings. 

Haisten Willis/Texas Real Estate Business

Marcus & Millichap Arranges Sale of 68-Unit Apartment Building in Fort Worth

bellagio
Bellagio Townhomes is a 68-unit apartment property located in Fort Worth. 

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Bellagio Townhomes, a 68-unit apartment property located in Fort Worth. Robert Denninger and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, another limited liability company. Bellagio Townhomes is located at 3064 Las Vegas Trail, less than two miles east of West Loop 820 South. Built in 1968 and renovated in 2013, the asset is located on 3.2 acres and consists of 10 two-story buildings. Bellagio Townhomes offers five floor plans, with 24 one-bedroom/one-bath units spanning 730 square feet, 10 two-bedroom/one-bath units of 950 square feet, eight two-bedroom/two-bath units of 1,050 square feet, 12 three-bedroom/two-bath units of 1,273 square feet and 14 three-bedroom/two-and-one-half bath units of 1,250 square feet.

Haisten Willis/Texas Real Estate Business 

NAI Robert Lynn Will Lease Trinity 161

Co-developers Dallas-based Somervell Commercial Realty (SCR) and Mexico-based SOHO Realty Partners recently closed on the 15 acres of land.

DALLAS--The NAI Robert Lynn Industrial Division was recently awarded the leasing assignment for Trinity 161 Trade Center, a 266,450-square-foot industrial facility in Grand Prairie.

Co-developers Dallas-based Somervell Commercial Realty (SCR) and Mexico-based SOHO Realty Partners recently closed on 15 acres of land located at 3100 State Highway 161 and Trinity Blvd., and will break ground the first week of November. NAI Robert Lynn Industrial Division principal and executive vice president Michael Stanzel, Great Southwest market director Patrick Embry and managing partner for industrial leasing John Leinbaugh will lease the building.

“Somervell Commercial Realty and SOHO Realty Partners are great to work with,” Stanzel told GlobeSt.com. “Trinity 161 Trade Center is the perfect addition to the south DFW Airport industrial market, adding much needed rear-load product that is divisible to 21,000 square feet to accommodate the small-to-medium sized user, and it’s an ideal location near I-30, I-20 and Highways 183, 161 and 360.”

Located along the highway frontage road with easy entry and exit, the property includes 390 car parks and can accommodate nearly 25 percent of build-to-suit office space. Company signage on the property will be highly visible from State Highway 161.

Anna Caplan/GlobeSt.com

Venture Commercial Names a New Partner

Cooper joined Venture in 2002 and has more than 15 years of experience in retail, investment sales and tenant representation.

DALLAS--Venture Commercial Real Estate has named Jonathan Cooper as a new partner in the retail brokerage firm.

Cooper joined Venture in 2002 and has more than 15 years of experience in retail, investment sales and tenant representation, with a focus on site selection and market entries for national retailers, as well as acquisition for institutional buyers.

His tenant rep clients include WinCo Foods, LA Fitness, Casual Male Retai Group/DestinationXL and Eureka! Restaurants. Significant retail transactions include a 433-acre land assemblage for Nebraska Furniture Mart, as well as the sale of trophy assets Preston Royal Village in Dallas and Shoppes at Bellemead in Shreveport, LA.

“Jonathan has been instrumental in establishing and representing our unique culture here at Venture Commercial,” says managing partner Mike Geisler. “It is a great moment in our company’s history to add him to the leadership of this firm.”

Cooper joins Venture’s partner team which includes Bryan Cornelius, Geisler, Larry Leon, Clay Mote, Ken Reimer and John Zikos.

Anna Caplan/GolbeSt.com

Wednesday, November 04, 2015

Colorado company buying Dallas medical services firm for $135M

Envision Healthcare Holdings Inc. said it's buying Questcare Medical Services of Dallas for about $135 million.

Questcare employs 800 clinical providers in more than 50 facilities in Texas, Oklahoma and Colorado. The purchase also includes QRx Medical Management, LLC, which provides financial and administrative services.

An American Medical Response vehicle in Denver. AMR is a unit of Envision Healthcare.
An American Medical Response vehicle in Denver. AMR is a unit of Envision Healthcare.


Ben Miller/Dallas Business Journal

Voters approve $1.6B bond plan for Dallas Independent School District

Dallas voters on Tuesday approved the Dallas Independent School District's $1.6 billion bond construction program, the largest bond issue in the district's history.

Included in the bond package are nine new or replacement schools, 326 new classrooms, technology upgrades, improved libraries, bigger cafeterias, science labs and more specialty schools, the Dallas Morning News reported.

Dallas ISD voters backed a $1.6 billion bond package.
Dallas ISD voters backed a $1.6 billion bond package.


Lance Murray/Dallas Business Journal

Fort Worth's Chisholm Trail Ranch lands ShowBiz Cinemas as first retailer

The massive 600-acre Chisholm Trail Ranch has landed its first retailer in the midst of residential construction: Dallas-based ShowBiz Cinemas.

The theater company plans to open a 65,000-square-foot entertainment complex near the intersection of Chisholm Trail Parkway and McPherson Boulevard within the master-planned community in Fort Worth.


The new ShowBiz Cinemas concept is slated to open in spring 2017 to take advantage of the summer blockbuster season. 
The new ShowBiz Cinemas concept is slated to open in spring 2017 to take advantage of the summer blockbuster season


Candace Carlisle/Dallas Business Journal

Economist Perryman: Dallas shines as ‘economic center of the Sunbelt’

The U.S. economic recovery, as lackluster as it may sometimes appear, is not fixing to fizzle out, renowned Texas economist Ray Perryman told Dallas-Fort Worth business leaders Wednesday.

The nation is 68 months into a recovery, and the good news is, “recoveries don’t die of old age,” Perryman said at a Dallas Regional Chamber breakfast at the Adolphus Hotel in downtown Dallas.

Texas' economy is challenged by the oil industry industry downturn but bolstered by diversification.
Texas' economy is challenged by the oil industry industry downturn but bolstered by deversification


Bill Hethcock/Dallas Business Journal

DUNHILL PARTNERS ACQUIRES ROBERTSON'S CREEK IN SUBURBAN DALLAS-FORT WORTH

Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and Ulta Beauty anchor Robertson’s Creek.

Flower Mound, Texas — Dunhill Partners has acquired Robertson’s Creek, a 336,402-square-foot power center located in the Dallas-Fort Worth suburb of Flower Mound.

Doug Hazelbaker and Ryan Shore of HFF worked on behalf of the seller, a partnership between TFG Crown Partners LP and Ball Ventures LLC, in the transaction. Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and Ulta Beauty anchor the 97 percent occupied property. Other tenants at the center include Kirkland’s, Lane Bryant, UFC Gym, Pure Barre, Which Wich, Red Robin, Verizon Wireless and Five Below. 

Shopping Center Business

MARCUS & MILLICHAP ARRANGES SALE OF 42,004-SQUARE-FOOT RETAIL PROPERTY IN FORT WORTH

Woodmont Plaza North is a 42,004-square-foot retail property located in Fort Worth.


Fort Worth, Texas — Marcus & Millichap has arranged the sale of Woodmont Plaza North, a 42,004-square-foot retail property located in Fort Worth.

Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a private investor. The property is a multi-tenant retail center that is 91 percent occupied. Tenants include EZ Money Payday Loans, Schlotzsky’s Deli, Krispy Catfish, Evolution Games, Agape Church, Maya’s Furniture & More, Century 21, Supercuts, H & R Block, Little Caesar’s, Eddie Bermea State Farm and Cousin’s Barbecue. The center was built in 1982 and sits on 4.1 acres.

Shopping Center Business

Hart Commercial Moves HQ to Dallas

Usrey brings more than 20 years of experience in transaction management, research, business development and analytical support to the Hart team.

DALLAS--Hart Commercial will relocate its headquarters from Miami, FL. to Dallas, and has made two key hires as well.

Maschera Usrey will become vice president of leasing and Carlos Frias is vice president of investment sales.

The firm launched in 2014 and has offices in Miami and Orange County, CA.  Hart specializes in commercial leasing, investment sales and providing consulting services to owners of real estate in the industrial, office and retail markets.

"Establishing our headquarters in Dallas allows our team to take advantage of a market that will see continued growth for the next few years," Tanya Little, CEO of Hart Commercial, told GlobeSt.com. "In addition, our Dallas team can utilize our national resources to ensure successful outcomes for our clients."

Usrey brings more than 20 years of experience in transaction management, research, business development and analytical support to the Hart team. She has worked with major clients such as AAA, Chevron, Dell/Perot Systems, Flour Corp. and Publicis.  She has also worked on leasing assignments throughout the Dallas/Fort Worth area, including: One Dallas Centre, Citymark, Canal Plaza, Las Colinas Towers I & II, Prestonwood Creek and The Quadrangle. Prior to joining Hart Commercial, Maschera was a broker with Cushman & Wakefield where she specialized in sublease transactions, landlord representation and tenant representation.

Frias has extensive experience in business development and commercial loan originations across all asset classes. He previously worked for CHF Real Estate Corp. as a principal and mortgage broker and was vice president of loan originations at BMC Capital. Frias combines his capital markets and real estate experience to help clients find the right buyer, whether it’s a single asset or large portfolio.

Anna Caplan/GlobeSt.com

Office Landlords Gain Leverage With Tenants, Says Cushman & Wakefield

Source: Cushman & Wakefield

Demand for office space decelerated slightly in the third quarter of 2015, but remained high enough to result in one of the strongest quarters of the current expansion, according to Cushman & Wakefield’s latest U.S. Office Snapshot report.

The U.S. office market absorbed 17.3 million square feet of office space during the third quarter, which was down 10 percent from the level recorded in the second quarter.

Still, demand remained strong enough to offset the limited amount of new office product deliveries, which in turn helped the vacancy rate inch downward from 14.4 percent in the second quarter to 14.2 percent in the third quarter.

“As vacancy dips below equilibrium in most markets, the construction pipeline is ramping up,” notes the report. Approximately 95.1 million square feet of new office space was under construction at the end of September.

Office Rents on the Rise

The weighted average rental growth rate increased in the third quarter, posting a year-over-year jump of 4.7 percent. About 90 percent of all U.S. markets are experiencing positive rental growth, and more than 40 percent have seen year-over-year growth above 5 percent, according to Cushman & Wakefield.

Meanwhile, Real Capital Analytics (RCA) reports that office investment sales from January to August totaled $94.6 billion, up 27.6 percent from the same period a year ago.

Private capital sources remain the dominant buyers when it comes to market share. Meanwhile, foreign investment in U.S. real estate is setting records, up 73 percent from 2014, which was also a record-setting year.

Office sales activity in central business districts is strong, up 13 percent year-to-date from 2014, and suburban office transactions have risen 43 percent, according to RCA.

Navigating Headwinds

Although the global economy faces challenges, Cushman & Wakefield emphasizes that it isn’t the main cause of a deceleration in U.S. GDP, which rose at annualized rate of 1.5 percent in the third quarter, down from 3.9 percent in the second quarter, based on an advance estimate provided by the Bureau of Economic Analysis.

During the third quarter, inventories surged, which businesses are still working through. However, most other economic data looks encouraging, Cushman & Wakefield reports.

Consumer confidence climbed in September to its highest level since the beginning of the year, auto sales are soaring and housing is contributing more to economic growth.

“In other words, the American consumer is taking the global turmoil in stride, and spending remains solid,” according to the Cushman & Wakefield report. “Office-using job growth has slowed in recent months, but job openings remain in record territory.”

Of the 5.4 million job openings nationwide available in August, nearly 25 percent were in office-using industries. Since job openings are an indicator of job creation, this statistic is a good sign for future office space demand, points out Cushman & Wakefield.

Near-Term Outlook

The U.S. economic expansion, now in its sixth year, is forecast to continue through 2015. It’s worth noting that the Federal Reserve earlier this fall delayed a decision on whether to raise interest rates for the first time in almost a decade amid growing uncertainty about the overall health of the global economy, and China in particular.

“Economic growth is the most important factor in determining the trajectory of the office sector,” according to Cushman & Wakefield. “Job growth indicators (in the United States) remain robust for office-using industries, and strong leasing activity combined with lagging new construction will keep upward pressure on rental rates.”


Haisten Willis/ReBusiness Online

Greysteel Arranges Sale of Orchard Hills Apartment Complex

Orchard Hills is a 50-unit multifamily community in Garland.

GARLAND, TEXAS — Greysteel has arranged the sale of Orchard Hills, a 50-unit multifamily community in Garland. Greysteel’s Texas multifamily investment sales team of Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss represented Meadows Denison Investments LLC in the sale of Orchard Hills to Oyster Rock LLC.

Located along West Kingsley Road, Orchard Hills is a garden-style community featuring 24 one-bedroom units and 26 two-bedroom, two-bathroom units. The property offers residents a blend of urban amenities and outdoor activities with a playground, 1.6 miles of trails, a disc golf course, baseball and soccer fields, as well as swimming and recreation at Audubon Park.

Haisten Willis/Texas Real Estate Business

Somervell, Soho to Break Ground on Industrial Facility in Metro Dallas

Trinity 161 Trade Center will be a 266,450-square-foot
industrial facility in Grand Prairie.

GRAND PRAIRIE, TEXAS — Co-developers Somervell Commercial Realty and SOHO Realty Partners are set to begin construction on Trinity 161 Trade Center, a 266,450-sqaure-foot industrial facility in Grand Prairie.

The pair recently closed on 15 acres located at 3100 State Highway 161 and Trinity Boulevard. Michael Stanzel, Patrick Embry and John Leinbaugh of NAI Robert Lynn will lease the building.

Located along the highway frontage road, the property includes 390 car parks. Company signage on the property will be visible from State Highway 161.

Haisten Willis/Texas Real Estate Business

Mohr Capital Begins Construction on 430,188 SF Industrial Property

The Class A industrial development will total 430,188 square feet.

GRAND PRAIRIE, TEXAS — Mohr Capital, a privately held real estate investment firm headquartered in Dallas, has broken ground on a Class A industrial development totaling 430,188 square feet on 20.7 acres, located in Grand Prairie on Bardin Road.

Mohr’s development team has designed the project to accommodate tenants from 100,000 square feet up to 430,188 square feet. Cannon Green and Blake Kendrick of Stream Realty Partner’s Dallas office, along with Sarah Ozanne, senior associate, will oversee the leasing of the project. Other members of the development team include Lisa Swift of GSO Architects, Jared Bratz of RLG Consulting Engineers and Will Pender of Rogers-O’Brien Construction.

The project is expected to deliver in the second quarter of 2016.

Haisten Willis/Texas Real Estate Business

Performance Properties Buys 230-Unit Apartment Complex in North Dallas

Las Terrazas is located at 14018 Brookgreen Dr. in Dallas.

DALLAS — Performance Properties has acquired the 230-unit Las Terrazas apartment complex. The 98 percent leased property is located at 14018 Brookgreen Dr. With the acquisition, Performance now controls 35 acres within blocks of the High Five stacked interchange bisected by the Cottonwood Trail, a city-maintained hiking and biking amenity.


The buyer plans to spend $1.3 million to update Las Terrazas, focusing on the exteriors of the 21 buildings to create an entirely new look for the late 1960s-era complex set on 9.8 acres. Work will start immediately on new roofs, stairwells, landings and landscaping. It will take nine months to one year to complete the renovation.



Amenities include a courtyard with barbecue areas, swimming pool, playground, four laundry facilities and clubhouse with a fitness room, business center and community room. Las Terrazas is also located near a bus stop, a light rail station and the Cottonwood Trail. Las Terrazas contains 98 two-bedroom, two-bath units and the balance consists of efficiencies and one-bedroom, one-bath floor plans.



Units average 745 square feet and rents average $627 per month. Todd White and David McQuaid of Performance Properties represented the investment group in the acquisition of Las Terrazas. Taylor Snoddy and Philip Wiegand of Transwestern Dallas represented the New Jersey-based seller, LTPH LLC.

Haisten Willis/Texas Real Estate Business

Olympus Property Acquires Alexan Arts Apartment Complex in Dallas

Alexan Arts is a Class A mid-rise apartment community in Fort Worth.

FORT WORTH, TEXAS — Olympus Property has acquired Alexan Arts, a Class A mid-rise apartment community situated on over 3.5 acres and including 368 units.

Built in 2015, Alexan Arts offers amenities including a clubhouse with social lounge, swimming pool with outdoor grills and TVs, poolside cabanas, three fireside lounges and a fitness center. Situated in the Dallas Arts District, the property is positioned near the Dallas central business district.

Floor plans include quartz countertops, stainless steel appliances, 10-foot ceilings, tile backsplash, private balconies and optional Sonos audio system and private yard upgrades. Alexan Arts is the third property to be added to Olympus Property's fifth fund, WW Olympus Property V LLC.

Haisten Willis/Texas Real Estate Business

Raytheon Wraps Up CityLine Campus Construction

RICHARDSON (Adolfson Peterson Construction) – Adolfson & Peterson Construction has completed construction on Raytheon’s new corporate campus at CityLine.

The project, which began in June 2014, is one of the first major components of CityLine to be completed to date.

Developed by KDC and designed by HKS Architects, the new office complex includes three campus-style buildings totaling just under 500,000 sf.


Real Estate Center 

HRI takes command of Mayflower

DALLAS (GlobeSt.com) – ​​HRI Properties is redeveloping a historic nine-story, 360,970-sf office building at 411 North Akard St. as Mayflower Apartments.

The property, which HRI just acquired, 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 the California Teachers' State Retirement System (CalTSRS), which was the seller.

Mayflower will have 215 Class-A units, 11,567 sf of ground-floor retail space and 216 parking s​paces on the first three floors. Amenities will include a fitness center, rooftop pool, outdoor kitchen, community room and an onsite property management office.

CalTSRS will retain the building's 750-space underground parking garage.  


Real Estate Center

Skin deep: Galderma expanding with $22 million R&D

FORT WORTH (Fort Worth Star-Telegram) – Locally based dermatological pharmaceuticals company Galderma Laboratories will expand with a $22 million research and development center.

The 100,000-sf expansion will be adjacent to its headquarters at the northeast corner of Texas Longhorn Way and Heritage Pkwy., on the west side of I-35W just north of Alliance Airport. The research and development center, slated to open in 2017, will conduct clinical research and hire life ​sciences professionals including research associates, physicians and biologists. ​

Galderma current employs 300 workers in the city, but the expansion will add as many as 350 positions.In July, the city council approved a ten-year, $635,000 tax incentive for the company. Galderma is also seeking a grant from the Texas Enterprise Fund.

The company was considering several locations including Princeton, N.J., Boston and San Francisco before settling on this location. 


Real Estate Center

Regional Contributions to Texas' Home Sales Recovery from the Great Recession

Texas regional home sales have recovered from the onslaught of the Great Recession, ​with Texas' larger local regions leading the recovery followed by smaller regions. After two years of exceptionally strong home sales expansion in 2012 and 2013, the state's home sales market experienced much slower and moderate growth rate in 2014.

Dr. Ali Anari/Real Estate Center 

American Airlines seeks $25 million in incentives for new Fort Worth headquarters

American Airlines is asking the Fort Worth City Council for a 15-year, $21.25 million tax incentive to build the $350 million corporate campus it plans on 300 acres west of Texas 360 next to American’s training and operations centers.

American (Nasdaq: AAL) also is asking the city to recommend the headquarters project for the Texas Enterprise Zone program. If approved, that state program could give the airline an additional $3.75 million in refunds on state sales and use taxes.

American Airlines is seeking $25 in incentives for its headquarters project just off State Highway 360 in Fort Worth, near the American Airlines Flight Academy.


Bill Hethcock/Dallas Business Journal

Land deal closes on $1.6B Wade Park development in Frisco's $5B Mile

The 175-acre tract behind Atlanta-based Thomas Land Development's $1.6 billion vision for a mixed-use development at the Dallas North Tollway near Lebanon Road within Frisco's much-touted "$5 Billion Mile" has officially traded hands.

Terms of the land sale were undisclosed. Jim Newman of Newman Real Estate sold the land on behalf of the Wade Family estate.

The $1.6 billion development known as Wade Park is underway in Frisco. Ultimately, the project will bring in a number of live-work-play options to the northern suburb.
The $1.6 billion development known as Wade Park is underway in Frisco.


Candace Carlisle/Dallas Business Journal

Olympus Property Acquires Alexan Arts Apartment Complex in Dallas

Alexan-arts
Alexan Arts is a Class A mid-rise apartment community situated on over 3.5 acres and including 368 units.  

FORT WORTH, TEXAS — Olympus Property has acquired Alexan Arts, a Class A mid-rise apartment community situated on over 3.5 acres and including 368 units. Built in 2015, Alexan Arts offers amenities including a clubhouse with social lounge, swimming pool with outdoor grills and TVs, poolside cabanas, three fireside lounges and a fitness center. Situated in the Dallas Arts District, the property is positioned near the Dallas central business district. Floor plans include quartz countertops, stainless steel appliances, 10-foot ceilings, tile backsplash, private balconies and optional Sonos audio system and private yard upgrades. Alexan Arts is the third property to be added to Olympus Property’s fifth fund, WW Olympus Property V LLC. 

Haisten Willis/Texas Real Estate Business

Robertson's Creek is Sold

Completed in 2007, the 97-percent-leased Robertson’s Creek is home to anchors Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and ULTA Beauty.

DALLAS—HFF has closed the sale of Robertson’s Creek, a 336,402-square-foot core power center in Flower Mound.

HFF arranged the sale of the property on behalf of the seller, a partnership between TFG Crown Partners LP and Ball Ventures LLCDunhill Partners purchased the asset for an undisclosed amount. HFF was unable to provide further details about the transaction.

Completed in 2007, the 97-percent-leased Robertson’s Creek is home to anchors Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and ULTA Beauty. The center’s in-line shop and outparcel pad tenants include Kirkland’s, Lane Bryant, UFC Gym, Pure Barre, Which Wich, Red Robin, Verizon Wireless and Five Below. JCPenney shadow-anchors the center.

Situated on 39.05 acres at 5801-5861 Long Prairie Road, Robertson’s Creek is in the epicenter of Flower Mound, an affluent community is less than 30 miles northwest of downtown Dallas and less than 33 miles northeast of downtown Fort Worth.

Senior managing director Doug Hazelbaker and managing director Ryan Shore led the HFF investment sales team representing the seller.

Anna Caplan/GlobeSt.com

Tuesday, November 03, 2015

Texas ranks in the Top 5 for best business climates

Site Selection selected Texas for having one of the business climates in the nation, according to the November 2015 issue of the magazine.

Georgia ranked No. 1 followed by North Carolina, Kentucky, Louisiana and Texas to round out the top five spots. States were ranked in part on a survey of corporate real estate executives and in part on an index made up of seven criteria, including new facilities per capita in 2014, total new projects in 2015 and state tax burdens.

Site Selection magazine ranked Texas the fifth-best business climate in the nation.
Site Selection magazine ranked Texas the fifth-best business climate in the nation.


James Aldridge/San Antonio Business Journal

Real Estate Investing: Why Dallas Is a Great Place to Start

With plenty of growth and a booming job market, Dallas is a great place for real estate investment.

With plenty of growth and a booming job market, Dallas is a great place for real estate investment.

For budding real estate investors, there are few markets as ripe for the picking as Dallas/Fort Worth. With hundreds of neighborhoods and communities to choose from, an ever-growing population, and lots of demand, you can’t find a much better area than this.
Are you looking to venture into the world of real estate investing? Here are just a few reasons you should look to Dallas first:

  • Lots of job growth – In the last year, DFW has added more than 100,000 jobs to the local economy, a near 4 percent increase from July 2014 to July 2015; the national average job growth is just 2.1 percent. If this trend continues over the next few years, this will create an even higher demand for local real estate, particularly in residential communities.
  • Home prices are up – According to a recent piece in The Dallas Morning News, DFW home prices rose sharply in 2015, particularly in areas like Oak Cliff and Fairview. While this does mean you may pay a bit more up front, it also means you can likely sell for a higher price, especially if you make some thoughtful upgrades to the property first.
  • Supply is low and demand is high – In 30 of the 45 residential districts tracked by The Dallas Morning News, there is less than a two-month supply of houses listed with real estate agents—a whopping one-third less than what is typical. In areas like Richardson, The Colony, Hurst and Bedford, there’s less than a one month’s supply. This makes demand extremely high, with buyers scrambling to find properties and making much more aggressive offers at the outset.
  • Rents are up – According to Zillow, rent rates in DFW have risen 5.5 percent since 2014, bringing the average monthly rent to a hefty $1,465. That means renters are spending nearly 30 percent of their income on rent alone. These rising rents, coupled with low vacancy rates, make it the ideal investment market. As more and more renters feel the need to move, investors can capitalize on this trend and sell buyers their first home.
  • The population is growing – Recent U.S. Census data reveals that Dallas is one of the fastest-growing cities in the country. Between 2013 and 2014, the area saw a population increase of more than 20,000 people, or 1.6 percent. Venture out west to Fort Worth, and you’ll see even more growth; in the same time period, the city’s population rose by 2.3 percent, jumping from 794,000 to 812,000 in just one year.
Joanna England/CandysDirt.com

What SBA's record year for loans means for small business

The Small Business Administration backed a record $23.6 billion in loans to small businesses through its flagship 7(a) program in fiscal 2015, which ended Sept. 30.
That’s up 23 percent from year ago. Demand for 7(a) loans continued to grow in October — through Oct 23, SBA lending this year was ahead of last year’s record-setting pace.

SBA-backed 7(a) loans are attractive to some small businesses because of their long terms, which mean lower monthly payments.


Kent Hoover/Dallas Business Journal

Dallas developer, Mexican investor team up on new Grand Prairie facility

Dallas-based development firm Somervell Commercial Realty and Mexican-based Soho Realty Partners has teamed up on a new development in Grand Prairie that will bring some new industrial and office real estate to the State Highway 161 corridor.

The new 266,450-square-foot industrial facility, called Trinity 161 Trade Center, will sit on 15 acres of land at 3100 State Highway 161 and Trinity Boulevard and could attract a distribution or light industrial tenant, said Developer Jesse Pruitt, who is overseeing the development as owner of Somervell Commercial Realty.

The new facility will bring some much-needed industrial space to the tight North Texas market.
The new facility will bring some much-needed industrial space to the tight North Texas market.


Candace Carlisle/Dallas Business Journal

Bank of America agrees to $335 million settlement in mortgage case

Bank of America Corp. (NYSE:BAC) will pay $335 million in a settlement for a lawsuit that it misled investors regarding its mortgage-related activity.

Charlotte, North Carolina-based BofA was heavily involved in mortgages before the 2008 financial crisis and was caught up with others in risky subprime mortgages from its Countrywide purchase.

Bank of America Corp. (NYSE:BAC) will pay $335 million in a settlement for a lawsuit that it misled investors regarding its mortgage-related activity.
Bank of America Corp. (NYSE:BAC) will pay $335 million in a settlement for a lawsuit.


Patrick O'Grady/Dallas Business Journal

Performance Properties Buys 230-Unit Apartment Complex in North Dallas

Las-Terrazas-14018-Brookgreen-Drive-Dallas
The 98 percent leased property is located at 14018 Brookgreen Dr.

DALLAS — Performance Properties has acquired the 230-unit Las Terrazas apartment complex. The 98 percent leased property is located at 14018 Brookgreen Dr. With the acquisition, Performance now controls 35 acres within blocks of the High Five stacked interchange bisected by the Cottonwood Trail, a city-maintained hiking and biking amenity. The buyer plans to spend $1.3 million to update Las Terrazas, focusing on the exteriors of the 21 buildings to create an entirely new look for the late 1960s-era complex set on 9.8 acres. Work will start immediately on new roofs, stairwells, landings and landscaping. It will take nine months to one year to complete the renovation. Amenities include a courtyard with barbecue areas, swimming pool, playground, four laundry facilities and clubhouse with a fitness room, business center and community room. Las Terrazas is also located near a bus stop, a light rail station and the Cottonwood Trail. Las Terrazas contains 98 two-bedroom, two-bath units and the balance consists of efficiencies and one-bedroom, one-bath floor plans. Units average 745 square feet and rents average $627 per month. Todd White and David McQuaid of Performance Properties represented the investment group in the acquisition of Las Terrazas. Taylor Snoddy and Philip Wiegand of Transwestern Dallas represented the New Jersey-based seller, LTPH LLC.

Haisten Willis/ReBusiness Online

Monday, November 02, 2015

Exclusive: Lender’s failure triggered Forest Park’s closure in Dallas

The shutdown of Forest Park Medical Center’s flagship hospital in Dallas on Friday and its failure to pay employees was triggered by a lender backing out of an expected loan, and there’s no telling when the facility will reopen.

Those were a couple of the answers I gleaned from a Saturday afternoon conversation with Todd Furniss, chairman of the management company for the physician-owned Forest Park system.

Forest Park, known for its top-of-the-line medical equipment, its gourmet food, and upscale touches in patient rooms and throughout, has closed its Dallas hospital indefinitely.
Forest Park, known for its top-of-the-line medical equipment


Bill Hethcock/Dallas Business Journal

Del Taco to close 8 DFW locations, lay off more than 200 people in Texas

Del Taco Restaurants Inc., the parent company of the Del Taco chain plans to close 12 underperforming locations in Texas, including eight restaurants in DFW, the company announced Monday. The move will put more than 200 people out of work.

In a letter sent to the Texas Workforce Commission under the Worker Adjustment and Retraining Notification Act (WARN Act), the Lake Forest, California-based Del Taco said that 218 layoffs will occur at the 12 Texas restaurants. In North Texas, the company will lay off 143 people at restaurants in Dallas, Denton, Little Elm, McKinney, Frisco and Plano.

Del Taco plans to close 12 restaurants in Texas, including eight in North Texas. (Photo by Mike Kalasnick. Used under Creative Commons license.)
Del Taco plans to close 12 restaurants in Texas

Lance Murray/Dallas Business Journal

Developer Scott Beck looks to bring new ideas to $4B Dallas Midtown development

Dallas developer Scott Beck could bring some new ideas — ranging from bringing new interim retail concepts to creating a four-acre tree farm turned park — to his $4 billion Dallas Midtown mixed-use development in North Dallas, but redoing the project's roadways isn't something he's even considering.

"We've gone through a two-year process with the city of Dallas, the Planning and Zoning Commission and City Council to approve the overall district plan," Beck, CEO of Dallas-based Beck Ventures, told the Dallas Business Journal after last week's public meeting with Dallas' peer urban design review panel, which critiqued the street grid. "This was approved a long time ago."

The $4 billion project will include a pedestrian friendly esplanade that will connect residents and shoppers with other parts of the mixed-use development.
The $4 billion project will include a pedestrian friendly esplanade


Candace Carlisle/Dallas Business Journal


Exclusive: Forest Park’s Dallas hospital misses payroll, closes its doors

Forest Park Medical Center’s hospital in Dallas missed payroll on Friday, then closed the doors of its flagship facility in the latest setback for the once proud luxury health care system.

A Forest Park worker who came to one of the hospital's entrances shortly after 8 p.m. Friday told the Dallas Business Journal that the hospital closed as of 5 p.m. that day.

Employees of Forest Park Medical Center in Dallas missed their paychecks Friday because of what hospital management called an unexpected funding issue.
Employees of Forest Park Medical Center in Dallas missed their paychecks Friday


Bill Hethcock/Dallas Business Journal