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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
C&W Wins Leasing of Uptown Trophy Tower; SoCal Investor Grabs 622-Unit Dallas Portfolio21 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 Tower16 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.
Harwood to Break Ground on Class AA Uptown Tower9 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 Cityplace2 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 Building26 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 Richardson18 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.
“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