MCKINNEY, TEXAS — KDC will develop a 100,000-square-foot office campus in the northern Dallas metro of McKinney for SRS Distribution Inc., a wholesale provider of roofing and building products. The campus will be situated on 4.2 acres within Hub 121, a 22-acre mixed-use development. According to the incentive agreement signed with the McKinney Economic Development Corp., the move will aim to create more than 150 new jobs over the next 10 years.
BASTROP, TEXAS — The Beck Group, an architecture and construction firm with offices around the country, has topped off Ascension Seton Bastrop Hospital, a 40,000-square-foot medical center in Bastrop, about 35 miles east of Austin. Situated on 32 acres adjacent to Highway 71, the property will offer a full emergency center with inpatient beds on the first floor and medical office space on the second floor. Completion is slated for June.
HOUSTON — The Finial Group has negotiated a 15,750-square-foot industrial lease at 15250 West Drive in Houston. Doc Perrier and Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The tenant is food supplier Las Delicias Import LLC.
CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial intermediary. Under the terms of the agreement, HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. Based on the closing price of JLL stock of $163.02 on March 18, the cash and stock consideration to be received by HFF shareholders at closing is valued at $49.16 per HFF share. When finalized, existing JLL shareholders are expected to represent 87 percent of shareholders, and existing HFF shareholders will make up the other 13 percent. The transaction has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the third quarter of this year. Two years ago, JLL unveiled Beyond, its global strategic vision to drive long-term and sustainable growth. As …
ADDISON, TEXAS — Denver-based EverWest Real Estate Investors has arranged a $63 million loan for the refinancing of The Colonnade, a 1 million-square-foot office complex in the northern Dallas metro of Addison. The Class A property, which is owned by New York-based Fortis Property Group, was built in phases between 1983 and 1998, with $32.5 million in renovations completed between 2015 and 2017. The Colonnade’s tenants roster includes Hilton, United Surgical Partners and Zurich American Insurance. Property amenities include a fitness center with locker rooms, a retail store, conference center and an eight-story parking garage. Tom McCahill, Joe Chickey and Zi Chong of EverWest placed the five-year loan through UBS.
HOUSTON — Florida-based investment firm American Landmark has acquired Haven at Lakes of 610, a 282-unit multifamily community in Houston. Built in 2018, the property offers one- and two-bedroom units with granite countertops, washer/dryer connections and kitchen islands. Amenities include a pool with a sundeck, resident clubhouse and a business center, along with a dog-washing station, fire pits and a package locker system set to be added as part of a $1.4 million capital improvement program. American Landmark acquired the property, its seventh acquisition in the Houston area, from a joint venture between Guefen Development and The Rainier Cos., and will also rebrand the community as Aspire at 610.
MAGNOLIA, TEXAS — Bellomy & Co. has brokered the sale of Bear Branch Boat & RV Storage, a facility situated on 6.1 acres in Magnolia, about 45 miles northwest of Houston. The property, which was 98 percent occupied at the time of sale, features 256 enclosed and partially opened boat and RV units totaling 96,810 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the buyer, Houston-based Copra Holdings LLC. Craig Rice of CSD Realty represented the locally based seller.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated an industrial lease at Meachum Crossing, a 183,832-square-foot industrial facility in Fort Worth. Meachum Crossing features 30- to 32-foot clear heights, 31 overhead dock doors, 22 trailer parking spaces and an ESFR sprinkler system. Donnie Rohde and Matt Carthey of Holt Lunsford represented the landlord, Mapletree, in the lease negotiations. Bob Scully of CBRE represented the tenant, ITW Food Equipment.
FORT WORTH, TEXAS — Team ProMark, a supplier of licensed sports merchandise, has relocated its headquarters from Colorado to Fort Worth, signing a 24,506-square foot office/warehouse lease at 5001 North Freeway. Nick Talley of Bradford Commercial Real Estate Services represented Team ProMark, which will occupy roughly half the space at the property for seven years, in the lease negotiations. Jeff Givens and Todd Hawpe of Transwestern represented the landlord, 5001 North Freeway LLC.
DALLAS — StreetLights Residential has opened The Christopher, a 309-unit apartment community located within The Union, a mixed-use development by RED Development in Uptown Dallas. Rents for units, which feature decorative tile backsplashes, custom cabinetry, private balconies and built-in washers and dryers, start at $2,270 per month. The Christopher offers private alcoholic beverage and coffee bars, a pool, fitness center and lounge space. The opening of the 31-story residential tower marks Phase II of The Union, following the opening of the office component last October.
