JLL secures sale of North Texas industrial asset

Market demand drives industrial acquisition in Richardson, Texas

Dallas, November 9, 2017 – JLL announced today the firm has successfully negotiated the sale of an 82,445 square foot industrial asset. The property is located at 1301 Apollo Road in Richardson, Texas near US Highway 75.
 
JLL Craig Phelps represented the buyer, Baker Triangle, in the transaction. NAI Robert Lynn’s Kimberly Mathis, Michael Stanzel and John Simons represented the seller, The Richardson Trident Company.
 
Dallas’ industrial market remains below its historic vacancy numbers at 7.3% in 2017 with 12.9 million square feet of absorption through Q3,according to JLL Research.
 

McKinney’s Craig Ranch gears up for new $120M corporate magnet

The McKinney Corporate Center at Craig Ranch will soon get a new $120 million corporate magnet, which includes a restaurant park, urban-style residences, retail and a hotel, with the help of a new developer to the project.

The 22-acre mixed-use development, called Hub 121, has been envisioned for Craig Ranch since its inception, and could bring additional businesses to the sprawling master-planned community, said developer David Craig.

“This is a tremendous addition for Craig Ranch, and corporate America tells us it wants eateries and drinkeries within walking distance to headquarter locations,” Craig said in a prepared statement.

Click to read more at Dallas Business Journal. 

$150M flagship hotel for Texas Live! gets underway in Arlington

A new $150 million flagship hotel — Live! by Loews — and convention center at Texas Live! officially got underway on Wednesday in Arlington. The facility will bring hundreds of hotel rooms within walking distance of Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium.

The 14-story, 302-room hotel is part of a $4 billion vision being developed by The Cordish Cos., and is expected to bring $100 million per year in economic impacts to Arlington and Tarrant County during its first 40 years.

The dream of bringing a luxury resort convention hotel to Arlington became a reality with the official groundbreaking ceremony on Wednesday, said Mayor Jeff Williams.

Click to read more at Dallas Business Journal. 

Shanghai-based software firm moves North American office in DFW

A Shanghai-based hospitality software firm plans to relocate its North American offices from Frisco to North Dallas.

DerbySoft Inc. has signed a new 6,760-square-foot office lease at 14800 Landmark Blvd. in Dallas for the corporate office.

The space will help the company meet the needs of a growing client base, said Steve Thelen, a managing director in JLL’s Dallas office.

“Their new corporate office provides flexibility for strategic growth, in addition to abundant amenities and easy accessibility for their established employees in DFW,” he added.

Click to read more at Dallas Business Journal.

Duke Realty to Develop 875,000 SF Build-to-Suit Distribution Facility for Wayfair

Home goods retailer will use new facility located south of Dallas for warehouse and product distribution/fulfillment.

The Dallas office of Duke Realty Corporation, the leading U.S. domestic-focused industrial property REIT (Real Estate Investment Trust), announces that it has executed a long-term lease agreement for an 874,566-square-foot, build-to-suit distribution facility with Wayfair, one of the world’s largest online destinations for the home. Construction on the building, which is being built on 47.15 acres with frontage on I-35 north of Wintergreen Road and south of I-20 in Lancaster, TX on Duke Realty’s Interchange 35 site, began November 1.

“Wayfair is a valued customer with warehouse operations in several Duke Realty buildings around the country. We are excited to continue our partnership with them by delivering a new, state-of-the-art facility in South Dallas,” said Jeff Thornton, Senior Vice President of Duke Realty’s Texas operations. “This new facility will provide excellent interstate access and incorporate modern features that are designed to enhance storage, distribution and fulfillment capabilities.”

Wayfair’s new facility, which will be visible from I-35, will incorporate 36′ clear height, more than 14,000 square feet of office space, 187 trailer storage stalls and 250 automobile parking space. As part of the building construction project, West Drive on the north side of the building, will be expanded by two additional lanes.

“We appreciate the support we received from the City of Lancaster on this transaction and their willingness to work with our development group to ensure that we will be able to deliver Wayfair’s new building on time,” added Thornton.

John Brewer, Ben Phillips, John Lasher and Jon Varholak with Transwestern Commercial Services represented Wayfair in the transaction, while Duke Realty was represented by Matt Hyman who serves as Senior Leasing Representative for Duke Realty.

About Duke Realty

In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 15 million square feet of industrial properties and has strategic land positions available for 3.0 million square feet of future industrial development. Duke Realty’s local offices are located at14241 N. Dallas Parkway, Suite 1000.

On a nationwide basis, Duke Realty Corporation owns and operates approximately 144 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube

MIMCO Acquires North Park Plaza in Dallas-Fort Worth

North Richland Hills, Texas: October 30, 2017 – MIMCO, a commercial real estate investment firm, which owns over 7.5-million square feet of real estate in Texas, announced the acquisition of North Park Plaza, a 55,000-square foot shopping center in the Dallas/Fort Worth suburb of North Richland Hills, Texas at the intersection of Rufe Snow Drive and Mid Cities Boulevard.

                “We are excited to continue to grow our presence in the Metroplex and look forward to the opportunity this property presents us.” says Troy Marcus, MIMCO’s President of Central Texas.  MIMCO’s DFW portfolio is made up of approximately 1-million square feet of shopping centers.

North Park Plaza is anchored by Big Lots among twelve other tenants.

For leasing inquiries please reach out to McGee Sauls (512) 599-5777 or msauls@mimcoinc.com .