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Granite Properties Gets $73M in Financing for Uptown Office Building

10 Feb 2014, 6:27 am

By Amalia Otet, Associate Editor

Granite Properties has obtained $73 million in financing for 17Seventeen McKinney, a 19-story, Class AA office property in Dallas.

Working on behalf of the owner, HFF secured a seven-year, fixed-rate loan through Regions Bank. Loan proceeds will be used to replace the original construction debt on the property, according to official statements.

The 369,014-square-foot signature tower is located at 1717 McKinney Ave., within close proximity to Dallas’ new Clyde Warren Park in the Uptown/Turtle Creek submarket. It shares a full city block with Gables at Park 17, a newly developed residential tower featuring 292 luxury apartment units. Both designed by Dallas-based Good Fulton & Farrell Architects, the properties sit atop a mixed-use podium with retail and restaurant space, a variety of vegetation and secured parking. Additional amenities include a state-of-the-art fitness center and outdoor pool in a park-like setting, a conference room, a 1,519-square-foot balcony on the 17th floor with breathtaking views, and on-site property management.

Completed in 2010, the office project was awarded LEED Gold certification by the U.S. Green Building Council.

17Seventeen McKinney is currently 95 percent occupied and boasts a diverse tenant base including Regions Bank, Huitt-Zollars, Red Bull North America, Top Golf, Clarion, American Airlines and Bain & Co.

The HFF team representing the borrower was led by senior managing director Trey Morsbach and associate director Jim Curtin.

Since its inception in 1991, Plano-based Granite has acquired and developed more than 20 million square feet of real estate and currently owns and manages an extensive portfolio, including more than 10 million square feet of office, industrial and retail properties in several states.

In Fort Worth news, the Star-Telegram reports that the city council unanimously approved a five-year tax abatement for the construction of a multi-family development to be located at 2521 Frazier Ave. in the Berry/University Neighborhood Empowerment Zone.

The complex is the second phase of a larger residential project kicked off in 2006 by Lincoln Properties. Dubbed Berkeley Apartments, the project included the phased development of 716 units, 406 units in Phase I and 310 units in Phase II, for a total investment of $78 million.

Ten percent of the units in each complex are reserved for persons with incomes at or below 80 percent of the Area Median Income.

The property owner reportedly agreed to invest an estimated $33.7 million to construct the new apartment complex.

Photo credits: 17Seventeen McKinney via Granite Properties

Billingsley Co. Moves Ahead on 1,000-Acre Master-Planned Development in North Dallas

3 Feb 2014, 5:18 am

By Amalia Otet, Associate Editor

Construction is marching ahead as planned for Billingsley Co.’s 1,000-acre master-planned development in North Dallas. Dubbed Cypress Waters, the property is conveniently located within five minutes of the DFW International Airport and near heavily sought-after demographic areas such as Coppell, Southlake and Irving.

Centered around a serene 362-acre lake, Cypress Waters will eventually become a high-density community of as much as 4 million square feet of office space, 45,000 square feet of retail, more than 10,000 residences and three schools.

The residential component of the development was launched last year with the opening of three neighborhoods containing 676 units. The Neighborhoods of Cypress Waters offers one-, two- and three- bedroom apartments and townhomes ranging from 700 to 1,300 square feet.

Work is currently underway on three speculative office buildings that will be an integral part of the corporate campus at Cypress Waters, as reported by Citybizlist. Build-to-suit office opportunities range from 50,000 to 1 million square feet in single- and multi-story buildings and include flexible designs within the Cypress Waters architectural guidelines. Three-story tilt wall panels have already been lifted into place at 8951 Cypress Waters Blvd. for what will be a 188,440-square-foot, three-story office structure.

“This is a spectacular location with access reaching across the Metroplex to Fort Worth and Arlington via the George Bush Turnpike and Plano and and McKinney via SH 121,” said Lucy Burns, partner, in a statement for the press. “We are right on top of DFW International Airport and have toured corporations from across the country and across the Metroplex. Our speed to market will permit tenants to be in occupancy this summer. With the road coming online and parks scheduled to be complete by the end of the second quarter, you can really start to experience how the office campus will have grand outdoor spaces in addition to the retail amenities. More to come on all fronts very soon!”

Additionally, the developers said there are several infrastructure improvement projects underway, including Cypress Waters Boulevard, which will serve as the main entrance to the office park from IH 635. Book-ended by grand sculptures and lined with three parks, the four-lane thoroughfare will connect the retail, office and multifamily components of the development and will terminate at Cypress Waters’ future town center.

Rendering of the Cypress Waters Master-Planned Development in Irving, Texas ,via the Billingsley Co.

Developers Bring $45M Dream Hotel to Uptown Dallas; Westmount Aquires 270-Unit Suburban M-F Complex

27 Jan 2014, 5:13 am

By Amalia Otet, Associate Editor

Hyphen Construction Group Inc., a hospitality-focused general contracting firm based in Addison, has been tapped by McKinney Hotel Developers LLC to build the new Dream Dallas Hotel. The project, which bears a $45 million price tag, will break ground this summer and is scheduled for completion in December 2015. Hyphen will be involved in all phases of the development, including architecture, design, purchasing and construction.

To be located in the heart of the Uptown district, at 3207 McKinney Ave., the boutique hotel will feature 128 rooms, a 6,000-square-foot ground-level restaurant, as well as a lofted pool deck with adjacent lounge overlooking the city skyline.

“Dream Hotels have a history of success because we only work with the best, like legendary Strategic/Tao Group, Serafina Restaurant Group, Addison Hospitality and celebrity chef Geoffrey Zakarian,” said Brendan McNamara, senior vice president of brand development and design at Hampshire Hotels, which owns the Dream brand. “Hyphen Construction Group has earned a reputation that puts them into some elite status for construction companies. They share our passion for perfection and have proven that they have expertise to turn the Dream concept into reality.”

In 2011, Hampshire Hotels Management entered into an agreement with Wyndham Hotel Group, the world’s largest hotel company, which granted Wyndham exclusive rights to franchise and manage the Dream brand globally, according to a CultureMap story.

Currently, there are five Dream hotels around the world, including two in New York City; one in South Beach, Fla.; one in in Bangkok, Thailand; and one Cochin, India.

In multifamily news, Westmount Realty Capital LLC has acquired Alta Vista Ridge Apartments, a 270-unit Class A garden-style community in the Dallas suburb of Lewisville, from Wood Partners. The three-story asset will be rebranded as “Westmount at Vista Ridge.”

Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital, as reported by Citybizlist. Dallas-based Knightvest Management has made an equity investment and was also selected as property manager.

Built in 2006-07, the 291,240-square-foot complex offers a mix of one-, two- and three-bedroom units with hardwood floors, efficient appliances, large walk-in closets and washer and dryer in the home. It is conveniently located at 2241 South Business Highway 121, near DFW Airport and the Highway 121 Office Corridor. Residents enjoy easy access to a plurality of shopping and dining options at the nearby Grapevine Mills Mall and Vista Ridge Mall. Recreational amenities are available from the 8,000-acre Lake Grapevine and 29,000-acre Lake Lewisville.

The new owners plan to give the property an extensive makeover, to include interior improvements and amenity upgrades. With a start date set for the first quarter of this year, renovations are expected to be complete in 18 months.

Photo credits: Rendering of the Dream Dallas Hotel courtesy of Hyphen Construction via Hotels News Resource; Westmount at Vista Ridge via Westmount Realty Capital LLC official website

HFF Secures $105.8M in Financing for Thanksgiving Tower; US Commercial Sells Texas Properties

20 Jan 2014, 4:23 am

By Amalia Otet, Associate Editor

HFF arranged $105.8 million in acquisition financing for Thanksgiving Tower, a 1.37 million-square-foot, 50-story office building in the heart of downtown Dallas.

Working on behalf of Woods Capital Management, HFF secured a three-year, floating-rate loan through Ares Commercial Real Estate Corp., a specialty finance company that provides principal lending, mortgage banking and servicing of commercial real estate loans.

Loan proceeds will be used to cover an extensive rehabilitation program that will include infrastructure upgrades as well as the addition of premier amenities to the trophy office property. Additionally, the project is expected to play a major part in the revitalization of downtown Dallas’ Main Street District.

Thanksgiving Tower is conveniently located at 1601 Elm St., at the intersection of Ervay and Elm streets, within walking distance of the DART light rail. It includes a 745-space, six-level, subterranean parking garage and the Tower Club restaurant on the 48th floor.

With an occupancy rate of approximately 74 percent, the property is leased to tenants such as Santander Consumer USA, Gardere Wynne Sewell, Looper Reed McGraw and Petro Hunt.

The HFF team representing the borrower was led by managing director Steve Heldenfels and senior managing directors Trey Morsbach and Brian Carlton.

Dallas-based Woods Capital, which was founded in 2007 by Jonas Woods, has completed more than $4 billion in real estate acquisition and/or development transactions including office, residential, industrial, retail and mixed-use properties.

In other news, US Commercial LLC, a real estate advisory firm based in Ladera Ranch, Calif., announced the disposition of two properties located in Dallas and Houston on behalf of its tenant-in-common (TIC) investors for an aggregate price of $71.5 million.

The Dallas property, Preston Center Pavilion and Square, is a 230,842-square-foot urban infill shopping center situated in the Park Cities neighborhood at the intersection of Northwest Highway, Preston Road and the Dallas North Tollway. Current tenants include DSW Shoe Warehouse, Marshalls, Gold’s Gym, CVS Pharmacy, Office Depot, Pei Wei and Chipotle. HFF represented the seller and also procured the buyer, a private real estate fund advised by Crow Holdings Capital Partners L.L.C. The transaction involved the assumption of the existing CMBS mortgage, HFF said in a statement.

The other property, Briar Forest Crossing, is a 94,000-square-foot office building located just off the Sam Houston Parkway and Briar Forest in Houston’s thriving Westchase District. HHF represented the seller and procured the buyer for the property, TSVF I Briar Forest LP, an affiliate of Austin-based CapRidge Partners.

Wheelock Street Capital Acquires 547-Room Dallas/Addison Marriott Quorum by the Galleria

30 Dec 2013, 5:54 am

By Gabriel Circiog, Associate Editor

Wheelock Street Capital recently announced that an affiliate has acquired the Dallas/Addison Marriott Quorum by the Galleria hotel. The 547-key hotel, located in the Addison/Galleria submarket in Dallas, was acquired from affiliates of Host Hotels & Resorts, a publicly traded REIT.

Wheelock has announced it will franchise the newly acquired asset as a Marriott hotel, with Dallas-based third-party operator Aimbridge Hospitality engaged to manage it.

Located at 14901 Dallas Parkway, the hotel was built in 1982 and features more than 20,000 square feet of flexible meeting space, the Addison Grill restaurant, Starbucks, indoor and outdoor pools, a large fitness center, a concierge lounge, a business center and a structured parking garage. The hotel is situated in Addison on the Dallas North Tollway, the major north-south thoroughfare that connects downtown Dallas with the Galleria, Addison and Plano. Strategically positioned in the center of a 23 million-square-foot office market, the hotel is close to major employers such as Bank of America, Dresser and USAA. The submarket also features the Galleria Mall, the 1.7 million-square-foot shopping destination, located less than 2 miles from the property.

Talking about the transaction, Patrick Campbell, a principal of Wheelock Street Capital, in a statement said: “We are pleased to add another sizable hotel asset to our hospitality platform and are excited to increase our exposure to the fundamentally strong and growing Texas economy.  With fresh capital invested in the asset and Aimbridge running day-to-day operations, we believe the hotel has significant upside.”

Photo Credits: www.marriott.com

C&W Wins Leasing of Uptown Trophy Tower; SoCal Investor Grabs 622-Unit Dallas Portfolio

21 Dec 2013, 6:45 am

By Amalia Otet, Associate Editor

Miami-based Parmenter Realty Partners has selected Cushman & Wakefield of Texas Inc. to provide leasing services for The Tower at Cityplace, a recently acquired 1.3 million-square-foot, Class A office building located in Dallas’ Uptown submarket.

“It is an honor to be selected by Parmenter Realty Partners, one of the best owners and operators of Class A office projects not just in the Dallas area but throughout the entire country,” said Mark Dickenson, head of investor services in C&W’s Dallas office. “The Tower at Cityplace is a world-class office property that is perfectly positioned in the Uptown market to benefit from Parmenter’s new sponsorship supported by C&W’s market reach and expertise.”

With an address of 2711 N. Haskell Ave., the 42-story structure is situated less than one mile north of downtown and offers direct access to the DART rail.

The new ownership group plans to give the property an extensive makeover that will include the development of an adjacent urban mixed-use project that will surround the tower. When complete, the new wing will feature more than 600,000 square feet of restaurants, shops and residential dwellings.

The Tower at Cityplace is currently 70 percent occupied and hosts a diverse tenant base including Dean Foods, Hudson Advisors and Headington Cos.

In multi-family news, Southern California-based Green Street Partners acquired a three-property portfolio in Dallas totaling 622 units. The purchase marks the company’s entry into the North Texas market.

Sam Pettigrew, partner of Dallas-based Cantrell Co. & Partners, represented the sellers, HB Clubview NW L.L.C. and HS Cluster L.L.C., and brokered the sale. Anthony Tarter of Arbor Commercial in Dallas arranged the financing for the 1031 Exchange buyer, as reported by Citybizlist.

The properties are located near Bachman Lake Park in northwest Dallas and include the 206-unit Clusters Apartments at 3130 Webb Chapel Extension; 192-unit Clubview Gardens Apartments at 3333 Webb Chapel Extension; and 224-unit Northwest Crossing Apartments at 9680 Timberline Drive.

The investment group plans to shell out $2 million to remodel and reposition the three assets.

The communities were 95 percent leased at the time of closing.

Photo credits: Cushman & Wakefield

Invesco Inks 42,750 SF-Lease at Trammell Crow Center; Gaedeke Group Acquires Addison Trophy Tower

16 Dec 2013, 6:20 am

By Amalia Otet, Associate Editor

Invesco, an independent global investment management firm headquartered in Atlanta, announced plans to relocate its Dallas real estate advisory business from North Dallas, where it has been for many years, to Trammell Crow Center downtown.

The company inked a deal to take more than 42,750 square feet on floors 33 and 34 of the Class A, LEED Silver-certified building in fall 2014.

Trammell Crow Center is located at 2001 Ross Ave., in the heart of the Arts District. Designed by Richard Keating of SOM and developed by Trammell Crow Co., the signature 50-story skyscraper features 1.1 million square feet of premier office space and the best view corridors in the city, including Uptown and Turtle Creek. On-site amenities include the Crow Collection of Asian Art, lobby banking, the Trammell Crow Center Café by Murphy’s Deli, Starbucks, a sundry shop, an ATM, a lobby concierge, an on-site auto detailing service and a dry cleaners.

“Corporate interest in downtown Dallas, specifically in the Arts District, has seen an increase in 2013, with KPMG Plaza at Hall Arts being the first office project in the Central Business District to break ground in eight years,” noted Jeff Ellerman, vice chairman with CBRE Group Inc., who represented Invesco in the transaction. “We are also seeing that vacancy in the core is at a near five-year low. The last time we saw vacancy at this rate was in the first quarter of 2009.”

Ramsey March and Sarah Erickson with Stream Realty Partners represented Trammell Crow Center in the transaction.

“As one of the world’s largest and most prestigious investment advisors, Invesco’s presence at Trammell Crow Center will not only benefit the building itself but the Ross Avenue business district at large,” said Ramsey March, managing director of Stream Realty Partners in Dallas. “We are experiencing a wave of activity on our remaining 110,000-square-foot block of space and anticipate more announcements in the coming months.”

In other news, Citybizlist reported that Gaedeke Group L.L.C. acquired Millennium Tower, a 351,683- square-foot Class A-plus office building in Addison, from KBS Realty Advisors in an all-cash transaction.

Situated within the Middle Tollway Corridor at 15455 N. Dallas Parkway, the property includes a 14-story building and an adjacent seven-story parking garage boasting immediate access to the Dallas North Tollway at its intersection with Arapaho Road.

Building amenities include a full-service deli, a state-of-the-art fitness center, advanced security systems with on-site courtesy officers, on-site management and engineering staff by Gaedeke Group, and a bank center in the lobby.

Millennium Tower is anchored by Dresser Inc., a subsidiary of General Electric Co., which occupies 44,115 square feet, or 12.5 percent of the property. By January, 2014 occupancy is expected to reach 97.8 percent.

Photo credits: Trammell Crow Center via official website;
Millennium Tower courtesy of Gaedeke Group

Harwood to Break Ground on Class AA Uptown Tower

9 Dec 2013, 9:00 pm

By Amalia Otet, Associate Editor

Global real estate developer and investor Harwood International plans to break ground on Frost Tower, a 22-story build-to-suit office project in Uptown Dallas. The naming tenant, Frost Bank, is Texas’ premier banking, investments and insurance company, with more than $21 billion in assets.

The Class AA high-rise will feature approximately 167,251 square feet of office space, including two penthouses with private balconies and more than 9,000 square feet of mixed retail and landscaped Japanese-inspired garden along the lower level.

Frost Tower will be the seventh phase within the district of Harwood, a $3 billion master-planned community that encompasses more than 17 city blocks in the heart of Uptown Dallas. The mixed-use development currently showcases more than 1 million square feet of Class AA office, residential, retail and restaurant space, with approximately 5,000 parking garage spaces as well as 6.5 acres of landscaped gardens, elaborate green roofs and public green spaces.

Frost Bank, a long-term tenant of the district, will expand its footprint and take over approximately 57,000 square feet of space in the new building. According to the developer, six typical floors of office are currently available for lease, as well as two penthouse floors consisting of 9,466 square feet on level 22 and 11,301 square feet on level 21, each with a private terrace. Each floor is 13,119 square feet and allows every tenant elevator visibility and high-rise views of the Dallas skyline.

Up to now, Harwood International has completed six phases of the 17-phase Harwood District – including the Rolex, a local landmark and Uptown’s first office building; 2728, a 10-story, 178,384-square-foot office building that houses the Marie Gabrielle Garden, an award-winning, 1.5 acre European-style rooftop pocket park with benches, a reflection pond and several small private gardens; 2828, a 20-story, Class AA office building that contains 220,661 square feet of space; Saint Ann Court, a 26-story building offering 314,361 rentable square feet; Azure, a 31-story condominium residence tower featuring 156 apartment homes; and several parks and gardens. At full build-out, Harwood District is expected to include more than 7 million square feet of condominium, office and retail space.

Harwood International is a global real estate developer and value-add investor with offices and projects in select niche markets in Beverly Hills, Dallas, Sunnyvale’s Gold Coast, Geneva, London’s West End, Paris and Zurich’s Golden Triangle.

Rendering of Frost Tower via Harwood International.

HFF Secures $100M in Acquisition Financing for Tower at Cityplace

2 Dec 2013, 3:50 pm

By Amalia Otet, Associate Editor

HFF secured $100 million in financing for The Tower at Cityplace, a 42-story, 1.3 million-square-foot office building in Dallas’ Uptown Market.

Miami-based Parmenter Realty Partners acquired the Class A office tower from Dallas CPT Fee Owner L.P., as earlier reported by Commercial Property Executive.

Working on behalf of the borrower, HFF secured the loan for the purchase through GE Capital Real Estate. Loan proceeds were used to acquire the asset with a future funding component for leasing and capital expenditures.

Located at 2711 N. Haskell Ave., less than a mile north of downtown Dallas and visible from the North Central Expressway, The Tower at Cityplace was 69 percent leased at the time of the sale. Major tenants include Dean Foods, Lone Star/Hudson Advisors, AON Service Corp. and Headington Oil.

The property showcases amenities such as extensive dining options, a 35,000-square-foot Larry North Fitness Center and Spa, 55,000 square feet of meeting space, a 300-seat amphitheater, covered parking and direct access to the DART rail and McKinney Avenue Trolley service. Additionally, Parmenter Realty Partners plans to reposition the property, adding an urban mixed-use component to the Cityplace development that will eventually feature more than 600,000 square feet of restaurants, shops and residential dwellings.

The HFF team representing Parmenter was led by senior managing director John Brownlee and associate director Jim Curtin.

In other news, contract packaging and fulfillment company AmeriPac has leased 162,500 square feet of industrial space at 1011 N. 28th Ave. in Irving.

Cassidy Turley’s Blake Anderson and David Eseke negotiated the lease between AmeriPac and the landlord, Industrial Properties Texas, a subsidiary of GE Capital Real Estate, which was represented by Gregg Hamill.

In the past four years, AmeriPac has grown from a 10,000-square-foot warehouse in Grand Prairie to a 42,000-square-foot outfit in Fort Worth.

“When AmeriPac approached us, they required a space that could accommodate the company’s rapidly expanding business and needed a way to divest a 10-year lease obligation,” said Anderson, SIOR, managing director of Cassidy Turley’s industrial team, in a statement. “Our solution included multiple parties with interest in subleasing AmeriPac’s existing facility and simultaneously identifying and negotiating a new lease with a substantial amount of tenant improvements that met AmeriPac’s warehouse needs.”

The new facility is located just south of Lyndon B. Johnson Freeway and features 30-foot clear heights, an ESFR sprinkler system and 47 dock-high doors.

Photo credits: The Tower at Cityplace

Parmenter Acquires Tower at Cityplace; KBS Grabs Uptown Office Building

26 Nov 2013, 2:12 am

By Amalia Otet, Associate Editor

Miami-based Parmenter Realty Partners completed the acquisition of The Tower at Cityplace, a 42-story, 1.3 million-square-foot office building at 2711 North Haskell Ave., less than a mile north of downtown Dallas and the Arts District Uptown. The purchase price was not disclosed.

“Uptown’s vacancy rate currently stands at 11 percent and is projected to be single digit by the end of the year,” said Spence Sowa, senior vice president of acquisitions at Parmenter Realty, in a written statement. “With limited new construction in the surrounding submarkets and an increasing demand for a live-work-play environment, The Tower at Cityplace is strategically positioned to take advantage of the growing market trend.”

Built in 1988, the Class A property features a wide range of amenities, including a 35,000-square-foot fitness center and spa, a full-service conference center with amphitheater and a covered walkway to upscale restaurants and cafes. Additionally, The Tower at Cityplace offers superior parking ratios to competing buildings and the only direct access to the DART rail in Uptown.

The tower’s new owner plans to add value by implementing a series of upgrades, including the renovation of the building’s common areas, as well as the addition of a mixed-use component that will eventually feature more than 600,000 square feet of restaurants, shops and residential dwellings.

Financing for the deal was provided by GE Capital. The seller, an entity identified as Dallas Cpt Fee Owner L.P., according to PropertyShark.com records, was represented by Andrew Levy, Todd Savage and Elizabeth Malone at HFF L.P.

The building was the company’s 10th investment in Fund IV. With this acquisition, Parmenter Realty now owns and operates 3.5 million square feet of office space in the Dallas market.

Meanwhile, KBS Realty of Newport Beach, Calif., has purchased Highland Park Place, a 164,011-square-foot Class A office building in Dallas’ Preston Center submarket, for $31.4 million. The seller, Chicago-based Heitman, was represented by CBRE’s Gary Carr, John Alvarado and Eric Mackey, who also structured the transaction.

“Highland Park Place presented investors with an exceptional opportunity to establish a presence in Dallas’ coveted Uptown submarket, which contains a limited supply of Class A office properties,” said Carr, vice chairman of CBRE. “This offering checked all of the boxes with respect to what investors are looking for today – a stable, in-place cash flow coupled with compelling upside potential.”

Located at 4514 Cole Ave. in Uptown’s Knox- Henderson District, Highland Park Place consists of a 17-story office tower and an adjoined seven-level parking garage. It has recently undergone a major renovation project and now features a refurbished lobby, updated restrooms and tenant corridors, as well as upgraded landscaping.

The property was 84 percent occupied at the time of the sale. Major tenants include the Law Office of Frank L. Branson and the corporate headquarters for Dickey’s Barbecue Pit.

Photo credits: The Tower at Cityplace via Business Wire; Highland Park Place via CBRE Group Inc.

KDC Kicks Off Construction of AdvoCare Facility in Richardson

18 Nov 2013, 9:43 pm

By Amalia Otet, Associate Editor

Dallas-based KDC has kicked off construction of a 260,000-square-foot office and warehouse facility in Richardson for AdvoCare International, a premier health and wellness company.

To be located at 2800 Telecom Parkway, on a 35-acre tract currently owned by AdvoCare, the facility will be used for light manufacturing and product assembly.

Plans call for 235,000 square feet of single-story warehouse space and 25,000 square feet of two-story office space. Among other premier amenities, the property will feature surface parking and campus-style landscaping.

More than 100 employees are expected to flock to the new facility, while approximately 150 employees will continue to be based at the corporate headquarters, at 2801 Summit Ave. in Plano.

“We are pleased to welcome AdvoCare to Richardson, and to see its new facility added to our vibrant Telecom Corridor area,” said Richardson Mayor Laura Maczka in a statement. “AdvoCare is a fast-growing health and wellness company, and we look forward to seeing it grow at its new location. We know AdvoCare will find the Telecom Corridor® area a dynamic location with a synergistic business community, which boasts many of the nation’s, and world’s, leading companies in high-tech, healthcare and financial services.”

The project is scheduled for completion in July 2014.

KDC has several projects on its rolls within the Richardson market, including the recently announced $1.5 billion, 186-acre mixed-use project at the Bush Turnpike and North Central Expressway. Dubbed CityLine, the transit-oriented development will eventually include approximately 6 million square feet of office space; two hotels; 3,925 multi-family residential units; 300,000 square feet of grocery, restaurant, entertainment and retail space; and three parks.

KDC broke ground on the project in July and announced insurance giant State Farm would lease 1.5 million square feet in three Class A office towers. The State Farm campus will consist of 13-story, 15-story and 21-story towers. Each tower will sit on top of a five-level parking structure and feature ground-floor retail space.

The $600 million, 2.3 million-square-foot initial phase of CityLine is slated for completion in early 2015 and will integrate a plurality of uses, including retail, office, hospitality and residential.

Rendering of the new AdvoCare facility in Richardson via KDC

Hanover Launches New Luxury Multifamily in Uptown

12 Nov 2013, 6:25 am

By Amalia Otet, Associate Editor

Houston-based The Hanover Co. has opened a new luxury apartment community in Uptown Dallas.

Dubbed Hanover Cityplace Apartments, the residential complex is ideally located at the crossroads of the West Village, Cityplace and Knox Henderson districts, within close proximity to lifestyle hubs like Victory Park, Klyde Warren Park and the Dallas Arts District. It also offers direct access to the North Central Expressway.

“We are just delighted to have launched this apartment community. To be able to contribute to the landscape of such an energetic and active area is very satisfying,” said Micah Hart, regional manager for The Hanover Co., which heads management of the Cityplace Apartments. “We recognize the overall importance of this area to the economic composure of the city of Dallas and are very excited to help take its residential offerings to the next level.”

Located at 4030 N. Central Expressway, two blocks north of the DART Cityplace Rail Station, Hanover Cityplace features a mix of one- and two-bedroom apartment homes ranging in size from 700 square feet to more than 1,400 square feet. The units showcase high-end finishes including high ceilings, wood-style flooring and custom color accents. Each unit has a fully equipped kitchen with custom cabinetry, stainless steel appliances, granite countertops, luxurious mosaics and breakfast bars. Select homes feature private terraces, computer desk niches and built-in bookshelves.

Additionally, the community offers top-notch amenities such as a resort-style pool with sun shelf, outdoor grills, trellis-covered dining areas and an intimate fireplace, private garage parking, two private theaters with surround sound and gaming capabilities, a business lounge with 27-inch iMac computers, as well as a state-of-the-art fitness center.

With more than three decades of experience, The Hanover Co. is focused on the acquisition, development and management of high-quality multifamily residential properties, including garden-style, mixed-use, high-density wood-frame and high-rise projects. To date, Hanover’s portfolio totals nearly 38,000 units across the country and more than $7.5 billion in project costs.

Its properties are located in U.S. markets including San Francisco, Los Angeles, San Diego, Dallas, Austin, Houston, Washington, D.C., Baltimore, Philadelphia and Boston.

Photo credits: Hanover Cityplace official website

New Gables Community to Sit Atop Whole Foods Market

5 Nov 2013, 5:21 am

By Amalia Otet, Associate Editor

Gables Residential has kicked off construction of its newest Dallas development, a mixed-use project at the intersection of McKinney Avenue and Routh Street in the Uptown district.

Plans call for a retail-residential complex to be anchored by Whole Foods Market. The residential component will feature 239 housing units, including 222 apartment homes in an eight-story high-rise and 17 three-story townhome-style apartments. As the sole retail tenant of the complex, Whole Foods Market will occupy 39,500 square feet on the main floor of the building.

“Gables is pleased to begin construction on our exciting new development, which is designed to complement the neighborhood,” said Sue Ansel, CEO of Gables. “We believe our community, with the addition of the Whole Foods Market, will enhance the amenity offering in the Uptown area. We are excited Whole Foods Market chose Gables to showcase their next store within the Dallas city limits.”

Sitting on approximately three acres, the complex is located on McKinney Avenue, one block from The Crescent and two blocks from the Ritz-Carlton, within close proximity to fine dining and shopping destinations. In addition, the community is a quarter mile from Downtown Dallas, Klyde Warren Park and the Arts District.

The concrete high-rise will feature high-end finishes and amenities, along with garage parking incorporating separate garages for Whole Foods Market and residents. The townhomes will have internal garages and will showcase Queen Anne Victorian-style architecture to complement the rest of the buildings in the State-Thomas Historic District.

In an effort to give back to the community, Gables will be adding open space, brick crosswalks and several other enhancements for the neighborhood. Additionally, the REIT donated $85,000 worth of mature trees to the nearby Griggs Park renovation, according to company statements.

The community is slated to be complete in early 2015.

Meanwhile, Cassidy Turley has been tapped to lease and manage two high-profile North Texas office buildings: Park Center in Plano and Greenhill Park in Addison.

The five-story, 236,604-square-foot Park Center tower (pictured below) is located at 2400 North Dallas Parkway, just north of the President George Bush Turnpike. The second building, Greenhill Office Park–a 12-story, 272,482-square-foot, multi-building office complex–is located at 14131 Midway Road, just north of LBJ Freeway.

The buildings are owned by TA Associates Realty and Cornerstone Real Estate Advisers, respectively.

Rendering of McKinney Routh Mixed-Use Development courtesy of Gables Residential via PRWeb

TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel

27 Oct 2013, 4:55 am

By Amalia Otet, Associate Editor

Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on an 823,379-square-foot speculative industrial project in Southern Dallas County.

Dubbed Trammell Crow Penn Distribution Center, the Class A facility will be located on a 47-acre tract along Interstate 20 in south Dallas and will seek LEED certification.

Scott Krikorian, managing director & head of Trammell Crow’s Dallas/Fort Worth Business Unit, credited two groups in bringing the development to fruition: Partner Prudential Real Estate Investors, with which it has created two other industrial projects in the I-20 corridor, and the city of Dallas, which he said has “paved the way to provide economic growth to the I-20 southern Dallas corridor.” He added: “The location has a strong demand for bulk warehouse space over 500,000 square feet. The intersection of I-35 and I-20 has proven to be the epicenter of logistics, with product moving from Mexico into the region and then distributed locally or nationally via I-20 and I-35.”

The project is expected to be complete in May 2014.

In hospitality news, Starwood Hotels & Resorts Worldwide Inc. partnered with the city of McKinney and the McKinney Community Development Corp. (MCDC) to deliver McKinney’s first upscale, full-service hotel under the Sheraton brand.

To be located at the corner of Highway 75 and the Sam Rayburn Tollway, the $38 million Sheraton McKinney Hotel will be developed by Champ Beck Development, a joint venture between Champ Hospitality and The Beck Group.

The 186-key outfit will be connected to a 20,000-square-foot events center, with both expected to open in February 2015. Amenities will include a full-service restaurant and lounge, a state-of-the-art fitness center, as well as the brand’s signature Link@SheratonSM experienced with Microsoft®, a relaxed space with complimentary wireless broadband.

The project will be backed by mixed financing, with funds coming from the city of McKinney, private equity and bank financing. According to official statements, the city will pay for the cost of the conference center, which the city will own once it is open.

“We have created a unique and innovative financing plan that provides the city with the opportunity to recoup a portion of its investment upon sale and provides a city-owned conference center,” said Jason Gray, McKinney city manager, in a release. “In addition to the positive economic impact from having a high-quality, full-service hotel, the McKinney Economic Development Corp. owns an additional 50 acres that can be developed on the site.”

“The hotel is a critical component in making the entire area successful. That’s really the payoff to the community,” he added.

Photo credits: The Beck Group

TDI Breaks Ground on Las Colinas Luxury M-F, Opens High-End Community in Allen

22 Oct 2013, 3:12 am

By Amalia Otet, Associate Editor

TDI Real Estate has broken ground on Jefferson Las Colinas, a 386-unit luxury multi-family community in Irving.

Located near the intersection of Northwest Highway and Las Colinas Boulevard, the high-end community will offer one-, two- or three-bedroom floor plans ranging from 572 to more than 1,400 square feet. Units will feature granite countertops, designer appliances, 10-foot ceilings and full-size washers and dryers. Common amenities include a resort-style pool, business center and conference room, Wi-Fi hotspots, a coffee bar and a modern fitness center.

“This is a high-profile location and the ideal setting for this project,” said Matt Brendel, TDI vice president & area partner. “These homes will have extraordinary access to highways as well as the DART light-rail system, which provides easy access to Plano, Richardson, Downtown Dallas and will reach D/FW airport by 2014.”

Financing for the project was provided by Texas Capital Bank, and PCCP LLC was the mezzanine lender, according to the Irvine-based developer.

Additionally, TDI recently completed construction on the first apartment homes of a 444-unit luxury apartment community in Allen.

Dubbed Jefferson Creekside, the upscale rental complex is located near the intersection of Custer Road and Highway 121, north of Dallas, in close proximity to major employment centers in or around Legacy, Granite and Hall office parks as well as fine shopping and entertainment destinations such as the Allen Premium Outlets and Rowlett Creek Trail.

Jefferson Creekside features a mix of one-, two- and three-bedroom apartment homes ranging in size from 650 to more than 1,400 square feet. The community boasts exclusive amenities including high-end finishes, a resort-style swimming pool with aquatic sunning ledge and tanning spa, a business center and conference room, Wi-Fi hotspots, an open-air cinema, a coffee bar and a state-of-the-art fitness center.

The construction loan was provided by Texas Capital Bank; Behringer Harvard Multifamily REIT I Inc. was the mezzanine lender, and Catlyn Capital provided the equity, according to official statements.

As a leader in the development of Class A multi-family housing, TDI currently has more than 2,100 units under development in Texas and Arizona and has asset management responsibilities for 4,800 units nationwide.

Photo credits: Jefferson Creekside official website

Wood Partners Breaks Ground on $36M Apartment Project; Walmart Opens Distribution Center in Fort Worth

14 Oct 2013, 12:04 am

By Amalia Otet, Associate Editor

Wood Partners has broken ground on Alta Maple Station, a $36.3 million luxury apartment project in downtown Dallas.

Consisting of a 212,632-square-foot building with a structured parking garage, the multifamily complex will be located on a 3.5-acre tract at 5522 Maple Ave., in close proximity to a Dallas Area Rapid Transit light-rail station.

“We are very excited about this project,” said Ryan Miller, development associate for Wood Partners in Dallas, in a written statement. “Not only is Alta Maple Station a transit-oriented development but the entire area is under transformation led by the $2.5 billion investment in the Dallas Medical District, which will generate more than 5,000 new jobs.”

Designed by Dallas-based Good, Fulton & Farrell Architects, the four-story apartment community will feature 249 units, with granite countertops, dark wood cabinets, stainless steel appliances and upgraded lighting and plumbing fixtures. Common amenities include a resort-style pool, a modern fitness center, a media lounge and a cyber cafe.

Completion is set for 2015. Pre-leasing is expected to start in late 2014. “Alta Maple Station will provide a lower-cost alternative to Dallas Uptown rents while remaining just minutes away from both Uptown and the central business district,” Miller added.

Wood Partners will serve as its own general contractor.

In commercial news, Walmart added two new distribution centers to its portfolio, including one in Fort Worth. As part of a next-generation fulfillment network aimed at providing a seamless shopping experience, the new facilities will allow the company to deliver U.S. customer orders faster and at a lower cost.

Located at 5300 Westport Parkway in north Fort Worth, the 800,000-square-foot fulfillment center is expected to bring 275 full-time jobs to the area, and already began shipping orders last week.

In addition to the Texas facility, the retail giant next year plans to open a new distribution center in Bethlehem, Pa., that at 1.2 million-square-feet will be its largest one so far. Commercial Property Executive reported last week that the large-scale distribution facility will employ more than 350 full-time positions.

The Bethlehem facility will be fully operated by Walmart, whereas the Fort Worth center will be operated by Brentwood, Tenn.-based OHL, a global supply-chain management solutions company.

Combined, the two outfits will house hundreds of thousands of items, ranging from electronics to toys, apparel, fitness equipment, sporting goods and more.

Photo credits: Walmart.com

RPG Debuts Master-Planned Community in Celina; Landmark Acquires Richardson M-F

3 Oct 2013, 5:44 pm

By Amalia Otet, Associate Editor

Dallas-based Republic Property Group marked a major milestone with the recent opening of Light Farms, a 908-acre master-planned community in Celina.

Light Farms has officially opened the doors of its information center, one of two resident-focused buildings. It also includes a state-of-the-art fitness facility created from early 19th century barn frames that were reclaimed from Upstate New York and reconstructed on site with a traditional barn-raising ceremony.

The first phase of the project includes four neighborhoods containing 267 sites and model homes from six of the area’s most respected builders – American Legend Homes, Darling Homes, Drees Custom Homes, Highland Homes, LionsGate Homes and Shaddock Homes – with prices starting in the $240,000 range.

Upon completion, Light Farms will be home to approximately 3,000 residents.

“We feel incredibly fortunate to serve as the stewards for this phenomenal acreage that will eventually be directly served by the Dallas North Tollway,” said Tony Ruggeri, co-president of Republic Property Group. “In this role, we have gone to great lengths to ensure a pristine community for generations to come by supporting sustainable building methods, preserving 132 acres for green space and creating pocket parks, micro gardens and a $13 million greenbelt with three miles of hike and bike trails.”

Republic Group has seen to the implementation of a strong on-site homeowner’s association that will facilitate residents’ access to a wide array of amenities, including multiple playgrounds, picnic areas, an event lawn, a tennis center with four hard courts and a lakeside aquatic complex with four pools. Additionally, the HOA will handle maintenance of the common areas, alarm monitoring and front yard care.

In other suburban news, Richmond, Va.-based Landmark Apartment Trust of America Inc. (LATA) expanded its Texas footprint by acquiring Landmark at Preston Wood, a 194-unit apartment community in Richardson. With this acquisition, LATA’s portfolio now contains 14 multi-family assets in the Dallas-Fort Worth market.

Along with the Richardson complex, the company also bought Landmark at Lyncrest Reserve, a 260-unit apartment community in Nashville, Tenn. The two properties, which are currently 94 percent occupied, according to company statements, were purchased in two separate transactions for an aggregate price of $33.5 million.

Located at 333 Preston Wood Drive, Landmark at Preston Wood was built in 1979. Formerly known as Mission Preston Wood, the rental apartment community features one-, two- and three-bedroom units with spacious floor plans, large walk-in closets and fully equipped kitchens. Common amenities include a fitness center, pool/spa, playground and picnic area with barbecue grills.

Photo credits: Light Farms Facebook page

Parallel Capital Partners Acquires Class AA Business Complex in Irving

26 Sep 2013, 4:39 am

By Amalia Otet, Associate Editor

San Diego-based Parallel Capital Partners Inc. completed the acquisition of Urban Towers, a Class AA business center in Irving, in a deal that marks the company’s re-entrance into the Dallas market. The acquiring entity, a partnership between Parallel Capital Partners and Angelo, Gordon & Co., bought the 850,000-square-foot complex from CB Richard Ellis Strategic Partners U.S.

“In the last 12 months alone, we have acquired $400 million of properties, including Urban Towers, and have been carefully monitoring the Dallas region for an opportunity like this – a top-quality, recently renovated complex located in the heart of a vibrant mixed-use environment with unrivaled amenities,” said Matt Root, CEO of Parallel Capital Partners.

The concrete-and-steel, mirrored glass outfit sits on an 11.2-acre tract in Las Colinas Urban Center and consists of two high-profile high-rise office towers. The site offers frontage on Highway 114 to the west, Las Colinas Boulevard to the east and Fuller Drive to the north. North Tower is 22 stories plus basement, and East Tower is 17 stories plus basement, including a 7,041-square-foot penthouse.

Built in 1982 and 1984, the buildings have been owned by CBRE since 2006. The acquisition includes a five- and a seven-story parking structure, and there are plans for a third office tower and parking garage.

Urban Towers holds an Energy Star rating of 91 and is LEED Silver certified. Anchored by the Fortune 500 company Celanese Corp., the property is currently 88 percent occupied. Amenities include a fitness center, a deli and coffee shop, a medical clinic, conference facilities and more.

Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE, while Parallel Capital represented itself. All property management and leasing will be overseen by Cushman & Wakefield of Texas Inc., according to company statements.

Meanwhile, in multi-family news, Dallas-based American Communities purchased three apartment complexes in North Texas for an undisclosed sum. Two of the properties, Cornerstone Ranch and Laurel Ridge, are located in Plano, and a third one, Islands West, is located in Irving.

American Communities closed on the three properties in early August. The real estate firm plans to add value by implementing extensive building improvements as well as unit interior upgrades. The three properties will be rebranded under the Bel Air moniker following renovations.

Photo credits: Parallel Capital Partners website

TDI Kicks Off Luxury M-F Development in Richardson; Renovated Lincoln Plaza Renamed Ross Tower

20 Sep 2013, 3:19 pm

By Amalia Otet, Associate Editor

TDI Real Estate, a leader in the development of Class A multi-family housing, has broken ground on Jefferson Center, a 360-unit luxury apartment community in the fast-growing Richardson market, north of Dallas.

Behringer Harvard Multifamily REIT I Inc. provided mezzanine financing, according to company statements, and Catlyn Capital Corp. provided equity. Senior financing for construction of the property will be provided by Texas Capital Bancshares Inc.

“We are pleased that this transaction represents our third development project with TDI,” said Mark Alfieri, president & COO of Behringer Harvard Multifamily REIT I Inc. “Market fundamentals are robust in the Dallas-Fort Worth Metroplex, and this community will address a growing demand for luxury apartments fueled by the expansion of professional employment options in the Richardson submarket and other areas north of Dallas.”

To be located on a 30-acre tract near the intersection of President George Bush Turnpike and Custer Parkway and less than a mile northeast of the University of Texas at Dallas, the luxury complex is expected to be complete by the end of 2014.

Jefferson Center will offer a mix of one-, two- and three-bedroom units ranging from 650 to more than 1,500 square feet. The apartment homes will feature granite countertops, designer appliances, nine-foot ceilings, garages and full-size washers and dryers. Common amenities include a resort-style pool, grilling and cabana areas, a coffee bar and a state-of-the-art fitness center.

In commercial news, The Lionstone Group announced that Dallas’ Lincoln Plaza (pictured at right) would be renamed Ross Tower to better reflect its prime downtown location at the corner of Ross Avenue and Akard Street. The developers recently completed a $25 million overhaul of the property, which resulted in improved tenant services.

Additionally, the ownership is redeveloping neighboring 411 N. Akard to provide more parking for Ross Tower tenants.

In an effort to reposition the 45-story high-rise, Ross Tower’s state pension fund owner selected the Lionstone Group in October 2012 to serve as investment advisor for the property. The Lionstone Group tapped PegasusAblon to provide agency leasing and lead new improvements, along with Transwestern Property Co. to handle property management for both Ross Tower and the newly acquired 411 Akard building.

Photo credits: The Lionstone Group via PRNewswire

Behringer Harvard, Trammell Crow Kick Off Upscale M-F Project

30 Aug 2013, 4:14 pm

By Amalia Otet, Associate Editor

Behringer Harvard Multifamily REIT I, Inc. and Trammell Crow Residential broke ground on The Alexan, a 365-unit apartment community situated on Goat Hill northwest of downtown Dallas. The Crow Family is a co-investor in the project, for which Behringer Harvard is general partner and Trammell Crow Residential is serving as developer.

The project will offer 365 units ranging in size from 436 to 1,865 square feet. Approximately 69 percent will be studios and one-bedroom apartments, and 31 percent will be two-bedroom apartments.

Units will feature granite countertops with designer backsplashes, stainless steel appliances, 42-inch hardwood cabinetry, nine-foot ceilings, eight-foot entry doors, oversized bathtubs with tile surrounds and full-size washers and dryers.

Community amenities will include two swimming pools, ground-floor retail space, outdoor patio space, a fitness center, cyber cafe, dog park, business center, game room, controlled-access parking and direct access to the Katy Trail.

In office leasing news, ISN Software Corp. will become the largest tenant at One McKinney Plaza (pictured at right) after expanding to 70,000 square feet in the Uptown tower. ISN Software will take an additional 37,000 square feet on the third and fourth floors of the LEED-certified building and occupy the new space in 2014.

Located at 3232 McKinney Ave., the 15-story 263,921-square-foot asset is owned, leased and managed by Dallas-based Gaedeke Group. Craig Wilson and Randy Cooper of Cassidy Turley represented ISN in the deal.

Photo credits: Gaedeke Group

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