DALLAS — M Financial Group, an Oregon-based financial services firm, has signed a 52,000-square-foot office lease at The Quad, a 364,000-square-foot office and retail development in Uptown Dallas. Stream Realty Partners is developing The Quad and targeting a March 2024 completion. Ryan Evanich and Marissa Parkin of Stream Realty Partners represented ownership in the lease negotiations. Dean Collins, Mark Collins and Doug Deurwaarder of Cushman & Wakefield represented M Financial Group. Other office users that have committed to The Quad include Blackstone affiliate Revantage (32,000 square feet) and Chicago Title (20,000 square feet).
DALLAS — Lee & Associates has negotiated the sale of a 50,138-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the building at 11126 Shady Trail was built on 2.8 acres in 1978 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Boston-based investment firm Longpoint Realty Partners, in the transaction. Vaquero Ventures Management sold the building for an undisclosed price.
KYLE, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for two retail buildings totaling 14,135 square feet in the Central Texas city of Kyle. The newly constructed buildings are situated adjacent to one another within the Kyle Crossing mixed-use development. C.W. Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged the debt on behalf of the borrower, Door Capital Partners. Tenants at the buildings include Chipotle Mexican Grill, Crumbl Cookies, Heartland Dental and Black Rock Coffee.
DALLAS — Locally based investment firm Apricus Realty Capital has purchased an 8,800-square-foot industrial outdoor storage facility located at 11600 C.F. Hawn Freeway in southeast Dallas. The two-building, four-acre site serves as a crane rental and maintenance facility. Matt Haley and Cort Martin represented Apricus Realty Capital in the transaction on an internal basis. The seller and sales price were not disclosed.
MANSFIELD, TEXAS — High Street Logistics Properties has acquired Mansfield Urban Industrial Park, a three-building, 267,622-square-foot complex located on the southern outskirts of Fort Worth. Completed in summer 2022, the development was 89 percent leased at the time of sale to a tenant roster with a weighted average remaining lease term of 4.6 years. Building features include 18- to 28-foot clear heights, ESFR sprinkler systems and speculative office space. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark represented the seller, Dallas-based developer Longbow Interests, in the transaction.
FORT WORTH, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the $14.8 million sale of Westcliff Shopping Center, a 134,750-square-foot retail center in Fort Worth. Grocer Albertsons anchors the center, which was 86 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Florida-based REIT CTO Realty Growth (NYSE: CTO), in the transaction. The duo also procured the buyer, Partners Capital, the investment platform of Partners Real Estate, in conjunction with Partners’ internal agent Jess Dickie. Independent Financial provided acquisition financing. LanCarte Commercial leases the center.
HOUSTON — Johnson Controls, a provider of HVAC systems and equipment, has signed a 43,000-square-foot industrial lease in southwest Houston. The tenant is taking space at The Business Center at Five Corners, a five-building, 550,000-square-foot development by Levey Group. Joseph Smith, Nathan Wynne and Savannah Smith of CBRE represented Levey Group in the lease negotiations. Boomer White, also with CBRE, represented the tenant. The Business Center at Five Corners is now fully leased.
ROWLETT, TEXAS — Locally based investment firm Standridge Cos. has sold Expo Center, a 28,119-square-foot shopping center located in Rowlett, roughly 20 miles northeast of Dallas. Situated on 3.4 acres, the property was fully leased at the time of sale to tenants such as Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. Jared Aubrey and Michael Austry of CBRE represented Standridge Cos. in the transaction. The buyer was a local private investment group that requested anonymity.
DALLAS — Lee & Associates has negotiated the sale of a 26,000-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the single-tenant building at 2925 Merrell Road was built on 2.5 acres in 1965, renovated in 2015 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Motor Sports, in the transaction. UPS Supply Chain Solutions sold the building for an undisclosed price.
The effects of sweeping macroeconomic forces in recent years are now manifesting themselves in industrial projects in Dallas-Fort Worth (DFW). And while the market still enjoys healthy fundamentals and tenant demand, the product being delivered now comes with a new look, functionality and set of requirements from end users. To some degree, this paradigm shift in how industrial properties are conceived, designed and constructed stems from major economic factors and trends that are beyond the ability of architects, contractors and developers to control. To start with the obvious, interest rates are now five times what they were 18 months ago. When hikes of that magnitude are enacted so expeditiously, real estate professionals of all walks are impacted, even if it’s in an indirect manner. “Demand for industrial space is there; if developers are building, the rents are probably there to cover those costs,” says Mike Williams, vice president of preconstruction at Dallas-based Talley Riggins Construction Group. “But for developers that are trying to form a team to get enough equity to get a loan — those deals aren’t working anymore with these rates. So paying extra close attention to who your clients are and their funding sources has been the …