El Fenix’ Mike Karns readies for his next big real estate move in Uptown

It didn’t take CEO Mike Karns long to decide he wanted to acquire Advancial Tower — a 17-story high-rise office tower at 1845 Woodall Rodgers Freeway in Dallas — and move his Dallas-based Firebird Restaurant Group LLC headquarters to the building.

After all, it’s a terrific location and the building has ground-floor space that was originally used for restaurant concepts in its heyday.

“We viewed this as a great opportunity to put some Firebird concepts in there and be closer to the El Fenix and Meso Maya brands,” Karns told the Dallas Business Journal in a recent interview.

“We like where this sits in the city and it frees up our other location on Akard for redevelopment and that’s available to put into play immediately,” he added.


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Texas Health to build $37M drug and alcohol North Texas treatment facility

Texas Health Resources plans to construct a $37 million, 80-bed treatment center for drug and alcohol addiction in Mansfield — the first facility of its type for the health system.

Health system leaders will break ground at 9 a.m. Wednesday on Texas Health Residential Treatment Center at 240 North Miller Road in Mansfield.

The facility is slated to open in May 2017. It’s the first stand-alone, long-term addiction treatment center for Arlington-based Texas Health.


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Stream Data Centers to develop new Legacy-area data center in Plano

Dallas-based data center provider Stream Data Centers has snapped up 16 acres of land to develop a new data center development within Legacy Business Park in Plano. The developer plans to build a 210,000-square-foot data center that will have the ability to withstand sustained 185-mph winds. Stream is seeking LEED Silver certification for the project. This continues Stream Data Centers’ expansion in the Lone Star state, and adds to the company’s portfolio, said Rob Kennedy, co-managing director of Stream Data Centers.”This facility will provide enterprise users with an attractive wholesale option in one of the area’s fastest growing markets,” he said in a statement.

Dallas-Fort Worth is the No. 2 data center market in the country based on the megawatt absorption in 2015, according to JLL’s latest Data Center Perspective. JLL’s Bo Bond told me he expects to see a lot of data center development this year. Get more of Bond’s insight in tomorrow’s issue of the Dallas Business Journal. This new Legacy Business Park data center will be Stream’s second in the immediate vicinity and fourth development in North Texas in the past four years.

Stream Data Centers plans to begin construction on the site in the second quarter of 2016, with occupancy slated for early 2017.


[Dallas Business Journal]


Venture Commercial Brokers Colony Sale

DALLAS–Venture Commercial Real Estate’s investment sales team has completed the sale of a 7,400-square-foot single-tenant net-leased property located along the State Highway 121 corridor in The Colony.

“We are pleased to have found the right buyer who will benefit from the explosive development along State Highway 121 in The Colony,” senior vice president Don Miller told GlobeSt.com. “With the recent announcement of JP Morgan Chase’s 800,000-square-foot campus at the Tollway and 121, the influx of corporations, retailers, restaurants and entertainment venues continues to establish this corridor as a premier destination in DFW.”

Methodist Urgent Care occupies the building located at 5151 SH 121, in front of Top Golf and across from Nebraska Furniture Mart’s Grandscape development.

John ZikosJonathan CooperChristopher M. Gibbons and Don Miller of Venture’s investment sales team represented the developer, NDC HoldingsLeonard Mazzone of New York-based Hamilton Mundy Real Estate Advisorsrepresented the buyer, an out-of-state investor.



Modern Building

Stanton Road Capital Acquires Richardson Bldg.

By Anna Caplan | Dallas/Fort Worth

RICHARDSON, TX–Stanton Road Capital LLC through its affiliate, SRC Waterview Owner LP, announces the acquisition of 3400 Waterview Parkway, a 202,695-square-foot class A office building located in Richardson.

More commonly known as The Points at Waterview, the property was 94 percent leased at the time of acquisition. The acquisition represents SRC’s sixth investment in Texas since 2014.

“We are pleased with our recent Richardson acquisition, as it has expanded our Texas portfolio into one of the strongest submarkets in Dallas,” Tim Ronan, founder and managing partner of SRC, told GlobeSt.com. “With efficient 50,000-square-foot floor plates, and the ability to provide higher-density tenants with a parking ratio of 7/1,000 square feet, we believe the property is well-positioned from a tenant retention and leasing perspective.” [GlobeSt]


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Binswanger Brokers Mesquite Industrial Lease [GlobeSt]

By Anna Caplan | Dallas/Fort Worth

DALLAS—Philadelphia, PA-based Binswanger has brokered a lease from LIT Industrial LP for 300,283 square feet at 951 Town East Blvd. in Mesquite on behalf of We Pack Logistics LP.

Skyline Business Park Building 1 is a rail-served, 457,076-square-foot warehouse/distribution facility on 27.7 acres. Key features include standing seam roof with R-10 insulation, ESFR sprinkler system, 75 dock-high doors, 4,848 square feet of office space, and parking for 215 cars and 43 trailers.

This property is strategically located at Chase Road and Skyline Drive, adjacent to the Union Pacific Railroad Intermodal yard with access to I-635 and US-80. [GlobeSt]


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HFF Taps New Managing Director in Dallas

Adam Herrin

HFF has promoted Adam Herrin to managing director of the Dallas industrial investment sales group.

Over the course of his 10-year career incommercial real estate finance and sales, Herrin has primarily been responsible for individual and portfolio debt origination through the United States,

Specializing in institutional-grade assets and developments, Herrin has been involved in the closing of more than $4 billion in commercial real estate transactions, assisting with construction financing, bridge financing, revolving lines of credit and crossing asset portfolio loan facilities.

Herrin graduated from Rice University and is currently a member of the Urban Land Institute and The Real Estate Council.