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Miller-Valentine to Open Affordable Housing Community in Fort Worth

24 Mar 2014, 3:09 pm

By Amalia Otet, Associate Editor

Miller-Valentine Group announced development of a new affordable rental community in northern Fort Worth.

Dubbed Silversage Point at Western Center Apartments, the 120-unit multifamily complex is located at 1800 Western Center Blvd., on the southwest corner of Western Center Boulevard and Watauga Smithfield Road. It offers a mix of one-, two- and three-bedroom garden-style apartment homes, with sustainable design and stylish interiors. The units feature fully equipped gourmet kitchens, brand-new energy-efficient appliances, full-size washer/dryer connections, central heat and air conditioning, exceptional closet space, a patio or balcony with extra storage and an intercom entry system.

Community amenities include a modern business center; a community room with kitchen, clothes care center and fitness center; a swimming pool, playground and outdoor picnic area; walking trails; a pet-friendly environment; 24-hour emergency maintenance service; and on-site management staff.

Silversage Point at Western Center Apartments is targeted for families who desire high-quality, affordable rental housing and will begin accepting applications in May of 2014. Rents start at $670, according to the developer’s website.

“After being in business for over 50 years, Miller-Valentine Group is still honored to bring high-quality housing at affordable prices to those who need it most,” said Terry Callahan, vice president of residential property management, in a written statement. “It is our privilege to touch and enhance the quality of living and give our residents peace of mind while living at Silversage Point at Western Center Apartments.”

Founded in 1963, Miller-Valentine Group offers total real estate solutions in the areas of design/build construction, development, management and financing for both the residential and commercial markets. It also provides renovation, brokerage and leasing services for the commercial sector. Combined, its divisions provide customers with more than 13,000 residential housing units and over 50 million square feet of commercial space.

Rendering of Silversage Point at Western Center Apartments via YourNextPlacetoLive.com.

LPC, Daiwa House Team Up to Build Fort Worth Apartments

17 Mar 2014, 4:49 am

By Amalia Otet, Associate Editor

Lincoln Property Co. (LPC) has entered into a strategic partnership with Daiwa House Industry Co., Ltd. of Osaka, Japan, to develop and manage U.S. apartments.

The joint venture’s first collaboration will be the Berkeley Project, a two-phase rental apartment community near Fort Worth’s cultural district, which will eventually feature 716 multi-family units.

Phase I of the project included the development of 406 apartment units, which have been in operation since 2008. LPC estimated total project costs to reach $78 million, as previously reported by Commercial Property Executive. As part of the newly formulated agreement, Daiwa House will purchase Berkeley I from LPC, with plans to kick off the second phase of the development, a 310-unit apartment community dubbed Berkeley II, in April 2014.

Plans call for a three-story, low-rise residential complex offering a mix of one- and two-bedroom apartments. Units will range in size from 671 to 1,386 square feet. Common amenities include a swimming pool, dog park, business center, sports gym and BBQ corner. Additionally, the gated community is designed to score high in terms of safety and security. Construction is expected to be complete in 2015.

According to Daiwa House, Berkeley Apartments will be specifically targeted at Generation Y – people born between 1975 and 1989 – particularly “Texas-based upper-income professionals, teaching staff and students from neighboring Texas Christian University and those working in the medical field.”

Through its U.S. subsidiary Daiwa House California, Daiwa House plans to purchase and develop $1.5 billion worth of rental properties in the U.S. over the next three years. Moreover, the firm plans to further expand its U.S. footprint and invest in the distribution warehouse and subdivision housing market, according to The Dallas Morning News.

Headquartered in Dallas, LPC is a leading real estate company focused on creating quality residential communities. LPC currently operates in more than 200 U.S. cities as well as 10 countries in Europe.

Founded in 1955, Daiwa House is a housing, real estate and construction company specialized in the development of single-family houses, rental housing, condominiums, commercial facilities and general business-use buildings.

The Berkeley Luxury Apartment Homes via official website

Mill Creek, AEW JV Acquires 352-Unit Lakewood Garden Community

10 Mar 2014, 8:08 pm

By Amalia Otet, Associate Editor

Mill Creek Residential and its joint venture partner AEW Capital Management L.P. have completed the acquisition of Lakewood on the Trail, a 352-unit  garden-style community in the highly sought-after Lakewood area of Dallas.

Mill Creek has purchased more than 2,000 apartment homes across the country since 2012, as part of the company’s “buy where we build” strategy. AEW, headquartered in Boston, acquired the property on behalf of one of its institutional clients.

“Mill Creek’s acquisition philosophy is to acquire high-quality communities with redevelopment potential in irreplaceable locations in markets where we’re actively developing new communities,” said Wes Dickerson, managing director of acquisitions, in a statement for the press. “Lakewood on the Trail is an ideal reflection of this strategy, and will soon have a sister community in Avenue H Apartments, a new Mill Creek community under development in Dallas’s Knox neighborhood that will deliver in the summer of 2014.”

The newly acquired multi-family property is located at 101 N. Brookside Drive, on the Santa Fe/White Rock Lake Trail, just minutes away from Downtown Dallas. It also enjoys close proximity to Lakewood Country Club, one of the city’s premier golfing destinations; the Lakewood Village Shopping Center; and White Rock Lake. And it provides easy access to Interstate-30 and the Central Expressway (US-75).

Lakewood on the Trail offers a mix of one- and two-bedroom apartment homes, complemented by amenities such as a fitness center, a clubhouse, three pools and spas, an outdoor kitchen and covered parking. Interiors feature crown molding, designer paint, individual washer and dryer units and vaulted ceilings.

The new ownership plans to add value by enhancing community amenities and implementing several unit upgrades, including granite counters, custom cabinetry and wood plank flooring.

With 14 offices across the United States, Mill Creek is expanding its footprint in many of the nation’s top-performing apartment markets, including Seattle, the San Francisco Bay area, Atlanta, South Florida, Austin, Houston, Washington, D.C., New York and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.

AEW is one of the world’s leading real estate investment advisors. It and its affiliates manage more than $37 billion worth of capital invested in $50.8 billion in property and securities in North America, Europe and Asia.

Photo credit: Mill Creek Residential official website

Lincoln Property Tapped to Develop Dallas Cowboys’ World HQs

3 Mar 2014, 6:36 am

By Amalia Otet, Associate Editor

Dallas-based Lincoln Property Co. has been tapped to master plan, develop and lease the new Dallas Cowboys World Headquarters in Frisco.

To be located at the northwest corner of Warren Parkway and Dallas North Tollway, the facility is part of a 90-acre mixed-use development that will eventually integrate a plurality of uses, including office, lifestyle, retail, hospitality and residential. Lincoln will also handle the marketing and leasing of the additional components once they are completed.

The mixed-use complex will be anchored by the Dallas Cowboys World Headquarters and a publicly owned multi-use event center. The city center will be used by the city of Frisco and Frisco Independent School District (FISD) to host various activities, including athletic competitions, graduations and other special events and programs.

O’Brien Architects has been selected as the designer for the master plan of the mixed-use development. Gensler, which has vast experience in sports facilities design, will serve as the architect and interior designer for the Cowboys headquarters and the adjoining event center.

The project development team also includes Manhattan Construction as primary builder and Rex Real Estate, which played the key third-party role in the real estate portion of the deal between the city of Frisco, the Frisco Community Development Corp., Blue Star Land and the Dallas Cowboys.

“We’re ecstatic about the team of contractors and consultants assembled to carry out our vision,” said Mayor Maher Maso in a statement for the press. “When we partnered with FISD and the Dallas Cowboys, we vowed to build a unique, innovative development that will generate tourism and enhance our residents’ quality of life. We’re confident these professionals are the right team to create the model facility we all envision.”

The Dallas Cowboys are expected to relocate from Irving to the new complex in time for the 2016 NFL football season. The state-of-the-art facility will house the Cowboys’ entire football operation, including administrative offices, coaches’ offices and the Dallas Cowboys Cheerleaders.

Meanwhile, LPC Realty Advisors, an advisory affiliate of Lincoln Property Co., has acquired Two Addison Circle, a 198,691-square-foot, Class AA office property in the North Dallas suburb of Addison. The property was jointly marketed by HFF and CBRE on behalf of the seller, Brookfield Property Group. LPC bought the asset on behalf of a public pension fund client. The purchase price has not been disclosed.

Built in 2009, the six-story building is located at the entrance to Addison Circle, a 70-acre mixed-use development along the North Dallas Tollway close to the President George Bush Turnpike and LBJ Freeway. The property was 89 percent occupied at the time of closing, according to HFF. Tenants include USAA and Gehan Homes.

Photo credit: Two Addison Circle via Lincoln Property Company

KDC to Break Ground on New State Farm Office Building at CityLine

24 Feb 2014, 6:25 am

By Amalia Otet, Associate Editor

KDC plans to kick off construction of a new 500,000-square-foot office property at its $1.5 billion State Farm-anchored mixed-use project in Richardson. Dubbed CityLine, the 186-acre transit-oriented development will eventually include as much as 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.

The recently announced facility will be the fourth CityLine building to be fully occupied by Bloomington, Ill.-based State Farm, bringing the insurer’s total footprint at the complex to 2 million square feet.

Randy Cooper and Craig Wilson with Cassidy Turley represented State Farm. Financing is being provided by a syndicate of lenders led by JPMorgan Chase, according to official statements.

Project specifics include a 12-story office building sitting atop a five-level parking structure and approximately 30,000 square feet of ground-floor retail space. The outfit will be located at the northeast corner of State Street and Plano Road, directly across Plano Road from the other three buildings leased by State Farm, currently under construction.

The fourth building is expected to break ground later this year, with a completion date set for mid-2016.

State Farm says it will start using the CityLine facilities beginning in late 2014, with moves occurring throughout 2015.

“We work hard to make Richardson a business-friendly community, and that combined with our access to highly skilled workers and major transportation hubs is what makes us the most sought-after location for office development in the Metroplex today,” said Richardson Mayor Laura Maczka. “CityLine is going to be a phenomenal addition to attract quality development, and this latest announcement by KDC and State Farm has us very excited about the long-term impacts CityLine will make on our local and regional economy.”

The 2.3 million-square-foot initial phase of CityLine, which debuted in July 2013 as reported by Commercial Property Executive, will integrate a plurality of uses, including residential, retail and hospitality. Completion is slated for 2015.

The focal point will be CityLine Plaza, a centrally located urban square featuring recreational amenities. Designed by the office of James Burnett, the landscape architect of Dallas’ signature Klyde Warren Park, the property will feature approximately 92,000 square feet of retail, along with open space for outdoor concerts and festivals, shaded gathering spots for meetings or meals, and walkways for pedestrians.

Additionally, the first phase will include a 150-key service hotel, 532 New Urbanism multi-family residential units, a 17,000-square-foot wellness and fitness facility, and a 41,000-square-foot boutique office building.

“CityLine will be a regional attraction with a unique level of access throughout the Metroplex,” said Richardson Chamber of Commerce President & CEO Bill Sproull. “Its location provides it direct access to the President George Bush Turnpike, Central Expressway and DART Bush Turnpike Station. Its proximity to I-635, DFW International Airport and Love Field also helps position the State Farm campus and CityLine development to benefit from the best Richardson’s transportation corridors have to offer.”

Corgan is the State Farm office architect and Omniplan is the CityLine retail architect and master planner. Kimley-Horn is the civil engineer and OJB is the landscape architect.

Rendering of the CityLine Development courtesy of KDC via its official website.

Cheddar’s Becomes First Office Tenant at Cypress Waters

17 Feb 2014, 6:52 am

By Amalia Otet, Associate Editor

Billingsley Co. announced plans to break ground on a new office building at Cypress Waters, its 1,000-acre master-planned development that straddles Dallas and Irving. The new compound will serve as the Cheddar’s Casual Café corporate headquarters.

To be located on Ranch Trail and Interstate Highway 635 in Irving, the single-story building will offer 31,450 square feet of build-to-suit office space. Construction is expected to be complete in late May, and Cheddar’s will have the ability to further expand the footage to accommodate future growth, according to Citybizlist.

“Billingsley takes pride in our established history of delivering superior spaces and services. We were able to meet a very tight move-in schedule and are happy to show off our speed to market,” commented Marijke Lantz, senior vice president of investments and build-to-suit.“It’s exciting to see the office zone of Cypress Waters take shape. We are thrilled to have Cheddar’s as our first office tenant.”

Jim Montgomery and William Mason of Swearingen Realty Group LLC represented Irving-based Cheddar’s Restaurants.

“As Cheddar’s continues to expand nationwide and our support center increases to support 150 restaurants in 28 states, it was clear we needed a headquarters that could accommodate our growing team,” said Rick Payne, Cheddar’s senior vice president of administration & purchasing, in a statement for the press. “Our new space at Cypress Waters will offer an open, collaborative design flow, a test kitchen for R&D and a training wing.”

Several projects are currently underway at the Cypress Waters complex, including a 188,440-square-foot, three-story speculative office building at 8951 Cypress Waters Blvd., as previously reported by Commercial Property Executive.

At full build-out, Cypress Waters will include as much as 4 million square feet of office space, 45,000 square feet of retail space, more than 10,000 residences, as well as three schools and a lakeside town center.

Rendering of Cypress Waters via Billingsley Co. official website

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

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