Monday, February 29, 2016

Richman Group Breaks Ground on $51M Multifamily Project in Dallas

Richman Ascension has broken ground on The Parc at White Rock, its first multifamily project in Dallas.

DALLAS — Richman Ascension, an affiliate of The Richman Group, has broken ground on its first multifamily project in Dallas. Named The Parc at White Rock, the $51 million development will span 291 units. The community will be a five-story complex with views of nearby White Rock Park.

Offering studios, one- and two-bedroom units ranging from 580 to 1,230 square feet, The Parc will include private balconies and quartz or granite countertops in select units, as well as wood plank flooring throughout.

A two-level clubhouse includes a clubroom, fitness center, media lounge, pool and four garden courtyards. The Parc is within walking distance of the White Rock DART station. The project is scheduled to open in fall 2016.

By Texas Real Estate

KDC, McCarthy Celebrate Topping Out of 1920 McKinney Office Tower

1920 McKinney is a 12-story, 150,000-square-foot office building
under construction in Uptown Dallas.

  
DALLAS — KDC and McCarthy Building Cos. have celebrated the topping out of 1920 McKinney, a 12-story, 150,000-square-foot office building in Uptown Dallas.

Located at 1920 McKinney Ave. at Harwood Street, the Class A office building features six stories of office space on top of a six-story parking structure with 8,500 square feet of ground-floor retail and restaurant space.Located one block from Klyde Warren Park, the tower will feature a ratio of three parking spots for every 1,000 square feet of office space.

Construction on 1920 McKinney began in September 2014. BOKA Powell is the project architect, JLL is leasing the office space and The Retail Connection is responsible for ground-floor retail leasing. The project is scheduled for completion in April.

By Texas Real Estate

GBT to Develop Second Sprouts Location in Frisco

GBT Realty Corp. will develop the second Sprouts Farmers Market
in Frisco and the 40th in Texas.

FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million.

To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.

By Texas Real Estate Business

KWA Begins Construction on $200M Multifamily Project in Metro Dallas

ARLINGTON, TEXAS — KWA Construction has broken ground on Phase I of Arlington Commons, the largest multifamily redevelopment project in Arlington’s history. Designed by JHP Architecture/Urban Design, the 1,300-unit development will be located at 425 E. Lamar Blvd. near Globe Life Park.

Developer The Nehemiah Co. expects the $200 million project to be completed in 2026. General contractor KWA Construction recently began demolition at the site. Phase I of the four-phase development will occupy 5.6 acres of the 22.2-acre site and consist of a four-story, 353-unit apartment complex and garage. Phase I will also include a 1,589-square-foot leasing office, 869-square-foot clubhouse, 1,173-square-foot fitness center and 2,100-square-foot lounge and conference area.

The redevelopment has garnered $10.5 million in economic incentives from the Arlington City Council. Floor plans will consist of one- and two-bedroom units ranging from 777 to 1,281 square feet, with private balconies or patios available.

Amenities at Arlington Commons will include a swimming pool, fountains, fire pit and outdoor kitchen. KWA Construction expects to complete Phase I in the next two years.


Link to full article

By Haisten Willis of Texas Real Estate Business

Thursday, February 25, 2016

KDC to Develop 150,000 SF Office Building in Dallas

kdc-west-mockingbird-lane-dallas

DALLAS — KDC plans to develop a multi-story office building within the $200 million West Love mixed-use project near Dallas Love Field Airport. Located at 2345 W. Mockingbird Lane, KDC’s 150,000-square-foot office building will include structured parking along with views of Love Field and downtown Dallas. The office building is a key element in the mixed-use plan for West Love, located on 37 acres between Maple Avenue and Forest Park Road. In addition to the office building, West Love’s initial phase includes two Starwood hotels, 368 apartment homes and 65,000 square feet of retail and restaurant space. A later phase will include an additional 750 apartments. West Love will be a pedestrian-friendly community with extensive landscaping. Starwood Hotels & Resorts Worldwide, Atlantic Hotels Group and Civitas Capital Group are developing the 224-room, dual-branded Aloft and Element hotel project, now under construction and slated for completion in December. Highridge Partners and affiliates will develop the apartments and retail spaces, which are expected to be completed in mid-2017. 

REBusinessOnline

Tuesday, February 23, 2016

Construction starting on new Victory Park retail and restaurants

Redevelopment of the uncompleted garage will add retail and restaurants. (Victory Park)
Redevelopment of the uncompleted garage will add retail and restaurants.

An unfinished block at the heart of Dallas’ Victory Park development is about to see new construction.

The partially-built garage and retail at Olive Street and Victory Park Lane has been a blemish on the neighborhood since work stopped there in 2008. Plans to build a luxury hotel and condos on top of the garage fell through when the recession hit.

Now, Victory Park’s largest owner – Florida-based Estein & Associates – is about to start work to finish the garage and include more retail and restaurant to the project.


By Steve Brown of The Dallas Morning News

New 'food hall' expected to open at Dallas Farmers Market


The southeast end of downtown Dallas is expected to go from food desert to food court overnight with the anticipated openings of a dozen new Dallas Farmers Market restaurants and shops.

But if you've driven by the farmers market anytime lately, construction looks far from finished. 

A statement assures most of the restaurant inside a redone building called The Market, formerly known as Shed 2, begin serving food Dec. 11. The Market is but one piece of a $65 million project that includes a redone Shed 1 -- now called the Shed -- and coming-soon apartments and a parking garage. 

Link to full article

By Sarah Biaskovich of The Dallas Morning News

Gateway residential community project to transform Forney

The Gateway Cedars Apartments are part of a larger project that will include single-family homes, shops and offices

Developers have kicked off construction on a major residential community just east of Dallas, hoping to hitch a ride on demand for moderately priced new homes.
The 1,850-home Gateway Parks project on U.S. Highway 80 in Forney is the biggest section yet in a larger development in the works for more than a decade.
The 2,000-acre community will contain everything from apartments and shopping centers to offices and single-family homes. It’s being built by an investment company owned by Dallas’ Hunt family.
By Steve Brown of The Dallas Morning News

Big law firm to move Uptown

The Union project will have iffuce space, apartments, restaurants and stores, including a Tom Thumb supermarket.

One of Dallas' most prominent law firms is trading its downtown office for a new building in Uptown.

One of Dallas' most prominent law firms is trading its downtown office digs for a new building in Uptown.

The move by Vinson & Elkins will allow developers to kick off the biggest planned project in the booming area north of downtown.

Vinson & Elkins will be the lead business tenant in The Union, a two-tower, $200 million office, residential and retail development on Cedar Springs Road.


By Steve Brown of The Dallas Morning News

Monday, February 22, 2016

FBI raids residential lender's Grapevine offices as hedge fund accusations turn into criminal probe

FBI raids United Development Funding in Grapevine, major housing financier. (NBC5)
The FBI raided United Development Funding in Grapevine, a major housing financier. (NBC5)

FBI agents raided the Grapevine offices of United Development Funding on Thursday, elevating a Dallas hedge fund’s accusations into a criminal investigation.

The real estate investment trust has previously disclosed a Securities and Exchange Commission investigation dating back to April 2014. In recent months, though, Kyle Bass and his Hayman Capital Management hedge fund have been loudly shorting UDF shares and launched UDFexposed.com to trumpet concerns that it's running a “Ponzi-like” real estate investment scheme.

FBI spokeswoman Allison Mahan confirmed that agents were at UDF’s offices at 9 a.m. and were still there late in the afternoon. She declined to provide other details of a criminal search warrant, but video of the scene by NBC 5 showed boxes being removed from the building.


By Maria Halkias of The Dallas Morning News

Harwood Park rendering called too much too soon




Public should have a say before amenities chosen, some board members say

The Dallas Park and Recreation Board got its first look Thursday at Harwood Park, one of four new downtown parks in various stages of planning while city officials await the funding to finish planting green space in the city center. And some board members said they wished they'd seen it sooner - much sooner.

The rendering, prepared by Ten Eyck  Landscape Architects and Quimby/McCoy Preservation Architecture, was labeled "refined concept masterplan." 

Park and Recreation Director Wills Winters told the board the Harwood plan is in the early stages and will be fleshed out and presented to the board later this year.


By Robert Wilonsky of The Dallas Morning News

Exclusive: Manufacturer relocates growing headquarters, operations to Allen

A growing manufacturer of nutritional supplements — Purus Labs and Formulife Inc. — has decided to move its growing headquarters and North Texas operations from Dallas to Allen to better accommodate its business needs.

"We definitely outgrew our current place of business after we started manufacturing there in 2009," founder and CEO Brandon Smith told the Dallas Business Journal in an exclusive interview. "We were the main tenant there and there was no more space to eat up.

Allen's Watters Creek is one of the shopping destinations in the North Texas city that's attracting corporate clientele to the city.

"We began looking around and we were courted by a number of different cities in North Texas; we looked everywhere, but the City of Allen was way more accommodating and way more motivated to have our company be part of the city," Smith added.

Link to full article

By Candace Carlisle of Dallas Business Journal

Behind Sunoco's headquarters relocation to Dallas' North Central Expressway corridor

When Sunoco LP (NYSE: SUN) began looking for a new operational headquarters location in Dallas following the acquisition of the company by Dallas-based Energy Transfer Partners (NYSE: ETP), the energy company wanted to be in close proximity to its new parent company and offer a good lifestyle for executives.

Those needs quickly led the energy company to a newly built office building at The Shops at Park Lane, said Jeff Shields, a communications manager for Sunoco, who still operates in Philadelphia.

Sunoco LP will set up shop in the entire office portion of the building at 8020 Park Lane, which will total 120,923 square feet of space.

"That area is really a great area because it's close to transportation and highways, great schools and is an attractive neighborhood," Shields told the Dallas Business Journal."The whole development is really a great complex and this will be attractive for our employees and prospective employees as well."


By Candace Carlisle of Dallas Business Journal

Exclusive: JPMorgan Chase CEO talks new campus, North Texas business climate

JPMorgan Chase & Co. (NYSE: JPM) plans to grow its consumer and business-to-business operations in North Texas, CEO Jamie Dimon told the Dallas Business Journal.

Though JPMorgan Chase announced last year it would eliminate 300 of its roughly 5,600 branches nationwide, Dimon said that the company is not cutting down its retail presence in the Dallas-Fort Worth area. In fact, he said the company, which has 242 branches in North Texas, will expand its wealth management business and add mortgage and small business loan officers in the region.

JPMorgan Chase CEO Jamie Dimon

“We [serve] real estate, corporations, middle-market companies, growth companies, technology companies … we bank just about everything there is,” Dimon said. “The breadth and scope is enormous.”


By Korri Kezar of Dallas Business Journal

Exclusive: HCA’s $96M purchase of Forest Park Frisco set for judge's approval

HCA North Texas is buying Forest Park Medical Center’s hospital in Frisco, shown here, to pull the upscale property out of bankruptcy.

HCA North Texas’ $96 million acquisition of Forest Park Medical Center’s Frisco hospital is expected to be approved by a bankruptcy court judge Friday. Will HCA buy more Forest Park facilities?

Link to full article

By Bill Hethcock of Dallas Business Journal

Highland Homes to become employee-owned amongst 600 workers

Plano-based Highland Homes Inc. has converted the builder to an employee stock ownership plan, which will make the builder 100 percent employee owned.

Highland Homes employs more than 600 people, who will now have the opportunity to own a part of the company.

Windsong Ranch in Prosper is one of the growing master-planned communities underway in North Texas.

"We made this move to ensure Highland's long-term future and to maintain the unique culture of our commitment to homeowners and employees," said Co-founder Rod Sanders, in a prepared statement.

Link to full article

By Candace Carlisle of Dallas Business Journal

Texas Health Surgery Center Renews Medical Office Lease in Dallas

DALLAS — Texas Health Surgery Center has renewed its lease of 8,285 square feet and expanded to another 5,546 square feet at Preston Plaza in Dallas. An affiliate of Caddo Holdings LLC owns Preston Plaza, a retail center.

Kyle Jacobs of Rubicon Representation LLC represented the tenant. Heather Shover and Sean Dalton at Younger Partners represented the landlord.


By Texas Real Estate Business

Bright Realty Sells Two Acres in Metro Dallas

LEWISVILLE, TEXAS — Bright Realty has sold a two-acre pad site in the Castle Hills area just off State Highway 121 in Lewisville. The pad site is located at the southeast corner of Josey Lane and Windhaven Parkway.

The corner will be anchored by an ALDI grocery store and is adjacent to Nebraska Furniture Mart and The Realm, a planned 1.5 million-square-foot mixed-use Bright Realty development. An unnamed buyer purchased the pad site. Bright Realty was self-represented in the sale by Tim McNutt and Britton Lankford.


By Texas Real Estate Business

Dougherty Mortgage Closes $3.5M Loan for Carpenters Cove Apartments

Carpenters Cove Apartments is a 164-unit multifamily property in Dallas.

DALLAS — Dougherty Mortgage LLC has closed a $3.5 million Fannie Mae loan for the refinancing of Carpenters Cove Apartments, a 164-unit, market-rate multifamily apartment property located in Dallas.

Property amenities include laundry facilities and a children’s playground. Dougherty’s Vienna, Va., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Dallas Carpenters Cover Apartments Ltd.

By Texas Real Estate Business

KBS REIT Signs 15,600 SF in Office Leases in Metro Dallas

Richardson Office Portfolio is a four-building office campus in Richardson.

RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed three leasing deals at its Richardson Office Portfolio totaling 15,688 square feet. Shea & McMurdie Financial and Stuart Gurnea are new tenants occupying the properties, and Treliant Risk Advisors is an existing tenant that recently renewed its lease.

Shea & McMurdie Financial, a consultancy offering tax planning and other financial services, signed a 3,082-square-foot lease. Stuart Gurnea, an insurance agent, signed a 1,026-square-foot lease, and Treliant Risk Advisors, a compliance, risk management and strategic advisory firm for the financial services industry, has renewed its 11,580-square-foot lease.

The Richardson Office Portfolio is a four-building office campus located on 43 acres near the intersection of US-75 Central Expressway and President George Bush Turnpike. Mark Jordan and Laura Maczka of Sooner National Property Management LP represented KBS Strategic Opportunity REIT in the lease transactions.

By Texas Real Estate Business

CBRE Brokers Sale of 297-Unit Multifamily Community in Metro Dallas

Terraces on the Parkway is a 297-unit multifamily community in Grand Prairie.

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has brokered the sale of Terraces on the Parkway, a 297-unit multifamily community in the Dallas suburb of Grand Prairie. EB Real Estate Group purchased the asset from Terraces on the Parkway LP for an undisclosed price.

Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller. The 263,555-square-foot asset, located at 1109 N. Carrier Parkway, was built in 1972. The complex includes 20 two-story residential buildings and offers efficiency, one-, two- and three-bedroom options.

The community was 97 percent occupied at closing. Tenants have access to two pools with outdoor kitchens, a fitness center, updated resident center, dog park and soccer field. Interiors include black-on-black appliances, faux-wood flooring, faux granite countertops, glass tile kitchen backsplashes and two-inch blinds. Monument Real Estate Services will manage the property.


By Texas Real Estate Business

FBI raids UDF office in Grapevine on heels of "Ponzi scheme" allegations

Grapevine-based real estate investment firm United Development Funding (UDF) was raided by the FBI on Thursday in the wake of allegations brought against the company by Dallas hedge fund manager Kyle Bass, who accused the company of operating a $1-billion "Ponzi-like scheme".

FBI spokeswoman Allison Mahan confirmed the raid saying, "The FBI is lawfully present and conducting law enforcement activity," at UDF's corporate office at 1301 Municipal Way in Grapevine. Mahan declined to comment further about the open investigation, which is being conducted by the U.S. Attorney's office.

Grapevine-based real estate investment firm United Development Funding was raided by the FBI on Thursday in the wake of allegations brought against the company by Dallas hedge fund manager Kyle Bass, who accused the company of operating a $1-billion "Ponzi-like scheme."



By Candace Carlisle of Dallas Business Journal

Location, Location, Location Key To Industrial Facility Appeal

DALLAS—Niagara Bottling took advantage of the key distribution location and recently leased a large industrial space, totaling 630,000 square feet.

Link to full article

By Lisa Brown of GlobeSt.com

Adaptive Re-Use Properties Financed For Self Storage

GARLAND, TX—The borrower plans to develop 100% of the vacant space of the former Wal-Mart into self-storage space coupled with a sports entertainment tenant taking the balance of the space.

Link to full article 

By Lisa Brown of GlobeSt.com

Thursday, February 18, 2016

Manufacturer relocates growing headquarters, operations to Allen


A growing manufacturer of nutritional supplements — Purus Labs and Formulife Inc. — has decided to move its growing headquarters and North Texas operations from Dallas to Allen to better accommodate its business needs.

"We definitely outgrew our current place of business after we started manufacturing there in 2009," founder and CEO Brandon Smith told the Dallas Business Journal in an exclusive interview. "We were the main tenant there and there was no more space to eat up.

"We began looking around and we were courted by a number of different cities in North Texas; we looked everywhere, but the City of Allen was way more accommodating and way more motivated to have our company be part of the city," Smith added.

Purus Labs and Formulife has signed a lease for 45,000 square feet of space in Allen Station II, which sits along North Central Expressway near the Village at Allen. This more than doubles its North Texas operations, where it currently operates in 17,000 square feet of space on Pagemill Road on the eastern edge of Dallas.

With the expansion, Purus Labs and Formulife — which designs and manufactures high-end nutritional products — plans to expand its production capacity with new product lines and additional equipment. The company also plans to add to its 65-employee workforce with the expansion.

"We want to mechanize all the lines," Smith told me. "We're just super blessed right now that the supplement business is booming. We just got into GNC and they started us in a segment and we knocked it out of the park.
"I'm super glad that we started this process eight months ago. I'm not sure if our current facility would be able to sustain our growth," he added. "We are already operating seven days a week."

By the end of the year, Smith said he expects to add another 10 to 20 employees. The Allen Economic DevelopmentCorp. gave the company a per employee economic incentive for their year-end workforce as part of the deal.

Link to full article here 

By Candace Carlisle of Dallas Business Journal 

Friday, February 12, 2016

Sunoco LP Moving Corporate HQ From Philly to Dallas


One of the country’s oldest petroleum companies, Sunoco LP, has quietly become the newest corporate headquarters win for Dallas. Through its parent, Energy Transfer, Sunoco has leased nearly 121,000 square feet along North Central Expressway and is relocating here from its longtime home in Philadelphia.
Sunoco was acquired by Kelcy Warren’s Energy Transfer in 2012. It has leased all of 8020 Park Lane, which brokers say is the first multitenant office building developed along North Central Expressway in more than 15 years.
8020 Park Lane in Dallas
The Cushman & Wakefield team of Trey Smith, Ward Eastman, and Johnny Johnson represented the landlord, Northwood Investors. They say the building was generating “tremendous activity” and that multiple deals were in the works when the Sunoco opportunity came along. A lease was inked last August, just three months after construction was complete. Along with four floors of office space, 8020 Park Lane has street-level retail, with tenants like J Crew and DXL.Sunoco began taking occupancy last month and has quickly established a prominent presence in Dallas, says Dan Harris, who, along with Cushman & Wakefield colleagues Randy Cooper and Craig Wilson, represented the tenant in its search.
Harris said Sunoco’s headquarters move speaks to the continued growth and overall health of the region. “It was a great win for Dallas to get this level of absorption in the heart of the city, with so many relocations establishing a presence in other submarkets, like Legacy,” he said. “Everything The Shops at Park Lane provides was a factor in making it the optimal location. Its walkability and the retail and other amenities in and around the development make it truly unique.”
By Cristina Perez for D Real Estate Daily

Exclusive: Toyota to expand its temporary Plano footprint

Toyota North America is looking to expand its Plano footprint beyond its temporary office in Legacy Business Park as construction on the Japanese automaker's $350 million corporate campus continues.

"Everybody that we needed and planned on moving successfully by the end of 2015 has moved. In 2016, the company is open to the possibility of some additional folks joining us here in the Plano area," Douglas Beebe, general manager of real estate and facilities for Toyota Motor North America, told theDallas Business Journal in an exclusive interview.

Dallas-based KDC and Austin Commercial have topped out on the first building of Toyota North America's new corporate campus in Plano.
AERIAL PHOTOGRAPHY INC.

"We are setting up the processes, services and ability for them to operate as a business function on a physical campus before we move to a permanent campus in 2017," he added.

A group of real estate executives have begun meeting with various landlords and companies looking to sublease space in Plano to lease additional space for Toyota North America options.

This additional office — which could range from 20,000 square feet to 120,000 square feet of office space — will help Toyota operate until its new $350 million, 100-acre corporate campus is complete.

See full article here

By Candace Carlisle for Dallas Business Journal

Revere Capital Relocates Headquarters from Connecticut to Dallas

DALLAS — Revere Capital has relocated its headquarters from Rowayton, Conn., to Dallas. Revere Capital originates and acquires senior mortgages, second mortgages, mezzanine and debtor-in-possession loans throughout the United States. Revere also underwrites investments in all commercial property asset types and corporate loans, heavy equipment, airplanes and art lending. Revere Capital has a staff of 17 and is located at 2000 McKinney Ave. Clark Briner founded Revere Capital following his work as an investment banker with Deutsche Bank in New York City and at Macfarlan Capital Partners, an institutional private equity real estate firm. He has served as an owner, lender, operator, sponsor and equity partner in commercial real estate. - See more at: http://rebusinessonline.com/revere-capital-relocates-headquarters-from-connecticut-to-dallas/#sthash.3Us4nJm9.dpuf

By Haisten Willis for REBusiness Online

Texas Health to build $37M drug and alcohol North Texas treatment facility

Health system leaders will break ground at 9 a.m. Wednesday on Texas Health Residential Treatment Center at 240 North Miller Road in Mansfield.

Mansfield facility
A rendering of the $37 million Texas Health Residential Treatment Center to be built in Mansfield

The facility is slated to open in May 2017. It’s the first stand-alone, long-term addiction treatment center for Arlington-based Texas Health.

The facility will offer long-term treatment for adults and adolescents with addiction treatment services centered on a wellness approach, according to a news release from Texas Health. Services will range from massage, a fitness center, indoor basketball court, yoga studio and a movie theater.

Texas Health Residential Treatment Center also will offer limo service to and from Dallas Fort Worth International Airport for out-of-town clients.

“We will help clients achieve sobriety through working their 12 steps, but we will do so with wellness at the center of their stay so patients can get better – mind, body and spirit,” Ramona Osburn, senior vice president of Behavioral Health Services for Texas Health Resources, said in a statement. “We feel this will allow our clients to really focus on recovery.”

The 100,000-square-foot center will have four residence halls, divided by age groups: adolescents from 12-17 years old; young adults from 18-25; women; and general population of 25 and older.


See full article here

By Bill Hethcock for Dallas Business Journal

3 reasons DFW's housing market will be spared from energy slump

As North Texas executives ponder the impact of the energy slump on the region, Dallas-based Residential Strategies' Ted Wilson said he doesn't expect North Texas' housing market to see much of a fallout from declining oil and gas prices.

"If you look at the Toyota move there's a total of 4,000 employees with 75 percent coming to North Texas," Wilson told me. "Whether it's something new or existing, what they are doing is still up in the air, but if they want to buy a new house in April 2017 they would need to get a home started in spring to December of this year.
Four planned neighborhoods are being built by six home builders at Windsong Ranch in Prosper.
For more: http://www.bizjournals.com/dallas/print-edition/2015/06/12/luxury-lures-buyers-to-1-2-billion-windsong-ranch.html

"That's our logical time frame and that's our hope that we are going to start to see a succession of a steady stream of projects for awhile," he added.

Along with Toyota's new North American campus within the $2 billion Legacy West project in West Plano, Liberty Mutual Insurance, J.P. Morgan Chase and FedEx Office have also set up major headquarters or regional hubs within the 255-acre mixed-use development surrounding J.C. Penney's Plano headquarters.

From signing on the dotted line for a new home to being ready to move into that home it takes buyers about seven months, said Wilson, who overseeing the North Texas housing research firm.

The negotiations and finding the right neighborhood often takes another two or three months, he said, and the more expensive a home the longer it takes to finalizes the details of the new home.

Housing inventory in Dallas-Fort Worth has remained tight with roughly 1.6 months of inventory on the market, which doesn't give buyers many options, he said.


See full article here

By Candace Carlisle for Dallas Business Journal

Provident Realty gets big corporate interest in $500M Preston Hollow Village

As Dallas-based development firm Provident Realty Advisors begins the next phase of North Dallas' Preston Hollow Village mixed-use development, CEO Leon Backes said he's getting some big corporate interest on the parcel fronting North Central Expressway.

The tract sits north of the new Trader Joe's grocery store at the northwest corner of Walnut Hill Lane and North Central Expressway and could accommodate a headquarters or big office operation, said Backes, who recently gave the Dallas Business Journal a tour of Preston Hollow Village, which has landed some new retail and office tenants.
Preston Hollow Village could include some office towers to bring a big corporate tenant to this part of North Dallas.

"We were pleasantly surprised with the response we got with the smaller office building we built at Preston Hollow Village and there has been increased interest in the Central Expressway corridor," he told the DBJ."I think this could be a good addition to the rest of the development and could be a way to get more daytime population into the project for restaurants."

So far, Preston Hollow Village has seen some hefty leasing activity on office and retail space in the mixed-use development, which is expected to cost $500 million at build out.

The office portion of Preston Hollow Village is already 84 percent leased after being completed last year, with Pediatric Associates slated to open in June and a Ross Perot Jr. affiliated company — Access Healthcare — recently moving into its new office on the property.

Link to full article here

By Candace Carlisle for Dallas Business Journal

Americanstar Mattress Opens North Texas Showroom, Distribution Center in Arlington

americanstar-mattress-1185-West-Corporate-Drive-Arlington-texas
The California-based company has leased as-is space at 1185 W. Corporate Drive in Arlington.

ARLINGTON, TEXAS — Americanstar Mattress LLC has entered the north Texas market, inking a 25,230-square-foot lease for showroom and distribution space in the Great Southwest Industrial District. The California-based company has leased as-is space at 1185 W. Corporate Drive in Arlington. Will Dillard of Dallas-based Bradford Commercial Real Estate Services represented the tenant, who also has a distribution center in Houston. Americanstar’s first location in the region is accessible to I-30 and TX 360. The rear-load structure has a 24-foot clear height and four loading docks. Bill Bexley of JSC Realty Investment Services Inc. represented Avenue J Partnership Ltd., landlord of the fully leased, 50,265-square-foot industrial building. - See more at: http://rebusinessonline.com/americanstar-mattress-opens-north-texas-showroom-distribution-center-in-arlington/#sthash.t2fCGSR1.dpuf

By Haisten Willis for REBusiness Online

Tuesday, February 09, 2016

Exclusive: Palatial 'The Gate' development in Frisco expected to cost upwards of $1B


An aerial view of The Gate in Frisco, which is a 41-acre palatial mixed-use development near the Dallas Cowboys headquarters in Frisco.
Invest Group Overseas CEO Anas Kozbari has been putting the finishing touches on plans for The Gate, a 41-acre mixed-use development in Frisco near the Dallas Cowboys' headquarters along the Dallas North Tollway.

As those plans take shape, Kozbari said the investment by the Dubai-based group will likely increase to nearly $1 billion.

"When you get to the real truth of it, it becomes clearer than ever before," Kozbari told the Dallas Business Journal in an exclusive interview over an espresso at the Crescent Court hotel. "We are still working on the number, but it's in the bracket of almost $1 billion."

Invest Group Overseas was approved last month to start moving forward with putting the finishing touches on the infrastructure design. The team has been working on the final touches of the initial phase, which Kozbari said could get underway by end of the third quarter.

The first phase, roughly 350 apartments, will be constructed at Lebanon Road and the new John Hickman Parkway in Frisco. Invest Group Overseas plans to build two more phases of apartments, along with a two-tower luxury condo development and about 40 two-story townhomes.

Other plans include adding a number of office building fronting the Dallas North Tollway and a luxury hotel at the marquee corner of the Dallas North Tollway and John Hickman Parkway with an ornate gate-like entrance, which will help identify The Gate.

Consultants with Invest Group Overseas are reviewing two proposals by hotel operators for the 140- to 150-key hotel with a Turkish bath and fully outfitted spa.

"We have to make a decision on the hotel by this summer," the 49-year-old Kozbari told me. "This is the monument of the project; it's eye-catching and the location of the hotel gives it that monumental location."

Gensler's Dallas office is overseeing design of The Gate. Halff Associates designed the infrastructure. The developer recently hired Dallas-based Scheef & Stone LLP to oversee the legal portion of the project in primarily a consultant role.

Kozbari said the team is waiting for approval of the design of the waterway before starting on the infrastructure. The restaurant and retail portion of The Gate could get underway by the end of the year.

Link to full article here

By Candace Carlisle for Dallas Business Journal

JC Penney looking to sell its 1.8M SF Plano headquarters in a money-saving real estate deal


Plano-based retail giant J.C. Penney Company Inc. (NYSE: JCP) plans to sell its North Texas campus with a partial leaseback of its three-story, 1.8 million-square-foot Class A headquarters in a real estate deal, which is expected to reduce outstanding debt and help the retailer manage its expenses.

The deal would be similarly structured to State Farm Insurance's proposed sale-leaseback deal of its massive, newly completed regional hub, which could be sold for upwards of $800 million.

J.C. Penney wanted to hit this hot North Texas real estate market, and the deal will help the retailer deal with about 650,000 contiguous surplus square feet in the building near the Dallas North Tollway and the Sam Rayburn Tollway in Plano.
"With the tremendous growth and development currently taking place within Plano and North Texas, there's no better time to take advantage of this lucrative market by pursuing a sale of our home office real estate," said CEO Marvin Ellison, in a prepared statement.

"Even as we continue to deliver positive financial results across all aspects of our business, including delivering year-over-year gross margin increase in the fourth quarter, this presents an ideal opportunity to reduce outstanding debt and create long-term savings for the company," he added.

Ellison recently spoke at the Dallas Business Journal's Book of Lists reception at the George W. Bush Presidential Center in January. The sit-down interview is featured in today's print edition of the DBJ.

Based upon both J.C. Penney's campus and the opportunity for a new owner to lease about 650,000 square feet of office space immediately, real estate sources estimate the campus could be sold for an estimated $360 million.

Legacy Business Park in Plano is one of the hottest real estate markets in the world, and this deal is expected to garner global attention, especially with J.C. Penney's now-proximity to Toyota's new North American campus site.

Mayor Harry LaRosiliere said city council wasn't surprised that J.C. Penney put its campus on the market and the retailer had been talking about doing it for some time in closed conversations with city staff.

“From a business standpoint, this will give them the ability to leverage their assets better,” he said. “I find it extremely exciting to have more available space in the center of the universe. There continues to be interest from companies wanting to come to the area and having the available footprint means we can bring more people here."

If a deal goes through, J.C. Penney expects the new lease to offset its expected reduction in maintenance costs, interest expense and property taxes. The company also expects to pay down debt with the proceeds of a potential sale.
CBRE's capital markets group has been selected to market the 24-year-old campus.

This real estate decision comes on the heels of J.C. Penney putting 240 acres into a joint venture in 2014 with a team of developers called Team Legacy, which include master developer Fehmi Karahan, Dallas-based KDC and Dallas-based Columbus Realty.

Link to full article and video here

By Candace Carlisle for Dallas Business Journal