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LPC, Daiwa House Team Up to Build Fort Worth Apartments17 Mar 2014, 4:49 am
By Amalia Otet, Associate Editor
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 Community10 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 HQs3 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 CityLine24 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 Waters17 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 Building10 Feb 2014, 6:27 am
By Amalia Otet, Associate Editor
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 Dallas3 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 Complex27 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 Properties20 Jan 2014, 4:23 am
By Amalia Otet, Associate Editor
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 Galleria30 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