GLENN HEIGHTS, TEXAS — The Vitorino Group has negotiated the sale of a Family Dollar store just south of Dallas. The property is situated on a hard corner lot in Glenn Heights. James Mangum of the Vitorino Group sourced the unnamed buyer. The seller, an entity based in the Northeast, originally purchased the asset from the developer five years ago. The buyer resides in Houston and secured local bank financing.
In 2016, uncertainty in the oil and gas industry has made a major impact on the Fort Worth commercial real estate market. While each submarket is affected differently, the need for relocations and renovations will lead to a rising demand for quality office and retail spaces across the area. Development of Fort Worth real estate is expected to remain strong in 2016, with growing opportunities that create a strong and healthy market. Office Opportunity Downtown Fort Worth has become a hub for major players in the oil and gas industry, such as Holland Services, Forestar Oil & Gas and FTS International. Within the last 180 days, these tenants have put over 125,000 square feet of office space up on the market for sublease. However, the rest of the office sector has been consistently absorbing large blocks of space, proving healthy despite oil and gas concerns. We have seen at least six transactions totaling over 385,000 square feet within the last six months. Transactions included Charles Schwab’s 130,000-square-foot lease at Circle T in Westlake, and Teague Nall & Perkins’ 42,000-square-foot lease of the former Everest College building at the Mercantile Center in Fort Worth. The consistently strong demand for quality office …
DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.
DALLAS — Jamba Inc., a health and wellness brand, has leased 25,000 square feet of space in Hall Office Park. The 16-building, 2.2 million-square-foot office park is located in Frisco. The company will relocate its headquarters from Emeryville, Calif. The new “Jamba Whirl’d Center” will be situated within an eight-story, Class A office building located at 3001 Dallas Parkway. The new Jamba headquarters will include 19,000 square feet of office and meeting space, as well as a 6,000-square-foot test kitchen and storefront. The center will house the company’s operations, business development, sales and marketing, finance, supply chain, technology and human resources divisions. Cushman & Wakefield’s Robbie Baty and Bill McClung brokered the lease on behalf of Jamba Juice and negotiated municipal and state incentives, securing grants from both the city of Frisco and the Texas Enterprise Fund. Hall Group’s Kim Butler, Brad Gibson and Tammy Nellis completed the lease on behalf of Hall Office Park.
FORT WORTH, TEXAS — Criterion Property Cos. has begun construction on The Scenic Residences at River East, a multifamily development in the River East neighborhood of Fort Worth. The Scenic will be a 276-unit, Class A property adjacent to Riverside Park. The development will overlook both the Trinity River and downtown Fort Worth. The Scenic will comprise studio, one- and two-bedroom units and also offer two-story townhomes. Amenities will include a pool with sundeck, indoor/outdoor pavilion, grilling kitchen, pet park, fenced yards for most first-floor units, community gardening plots, pocket parks and a trail system.
OKLAHOMA CITY — Harborview Capital Partners has arranged an $11.6 million acquisition loan for a 304-unit multifamily property in Oklahoma City. Jeff Fuchs of Harborview negotiated the transaction. The five-year loan, provided by a regional lender, features a one-month LIBOR-based interest rate and two years of interest-only payments. The property totals 172,368 square feet and consists of 19 two-story, garden-style residential buildings situated on 10.7 acres. Amenities include two pools, over 400 parking spaces, two laundry facilities and a clubhouse.
FRISCO, TEXAS — The Dallas Cowboys have unveiled plans for a 200,000-square-foot retail block at The Star in Frisco, a $1.5 billion, 91-acre mixed-use development that will include the NFL team’s new headquarters. In addition to the retail space and corporate headquarters, The Star in Frisco will feature the Cowboys’ training complex, a 12,000-seat multi-use event center and an Omni hotel. “The retail area will allow visitors to enjoy The Star whether there’s an event happening or simply a Friday night out with friends and family,” says Jerry Jones Jr., executive vice president and chief sales and marketing officer for the Dallas Cowboys. Storefronts will line The Star Boulevard, Winning Drive and Cowboys Way at The Star, and will provide shoppers and diners with a Dallas Cowboys brand experience. The restaurants that will be opening locations at The Star include City Works, Dee Lincoln Prime, Liberty Burger, Mi Cocina, Neighborhood Services, Nestlé Toll House Café by Chip and Tupelo Honey Café. The retail space will be located south of the Cowboys’ headquarters and The Ford Center, which will house the event center and the team’s training complex. Neighborhood Services will be located inside the Omni hotel. Next Step Dance, a …
FORT WORTH, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened a 96-unit assisted living and memory care community known as Heartis Eagle Mountain at 3141 Dalhart Drive in Fort Worth. The 61,125-square-foot community includes 54 assisted living units (61 beds) and a dedicated 35-bed memory care unit. The residence features a secure courtyard and walking paths. Located on a 4.3-acre site, the community is about one mile from Eagle Mountain Lake with access to U.S. Highway 287 and I-35W. Heartis Eagle Mountain is owned by a Caddis affiliate and managed by Eugene, Ore.-based Good Neighbor Care. Good Neighbor Care has more than two decades of seniors housing management experience in Texas and several other states. Heartis Eagle Mountain offers amenities including game and activity rooms, a beauty/barber shop, dining room, common areas, daily social and recreational activities, licensed nursing services, landscaped grounds and a 24-hour emergency call system. Austin-based Katus LLC was the architect for the project.
ROUND ROCK, TEXAS — Leon Capital Group has begun construction on its first self-storage construction project. The 105,987-square-foot development, which is located at 215 N. A.W. Grimes Blvd. in Round Rock, will be owned and operated by Leon Capital Group and managed by CubeSmart, a national owner and operator of self-storage facilities across the U.S. The Round Rock facility is the third investment for Leon Capital Group’s self-storage platform, which operates out of the company’s Austin office. The company is set to break ground on two additional Austin-area self-storage developments by the end of this year. Construction on the Round Rock self-storage development is slated for completion in late December. Embree Construction Group Inc. is the general contractor for the project.
DALLAS — Graham Johnston of Henry S. Miller’s investments/land division has arranged the sale of two apartment properties in Dallas known as Shadow Apartments and Bennett Place. Rick Scheurer of CMS Strategic Partners sold the properties to an undisclosed buyer. The Shadow Apartments spans 8,000 square feet at 4322 Bowser Ave. in Uptown Dallas, and Bennett Place includes 10,500 square feet at 1417 Bennett Ave. in east Dallas.
