Employee-owned contractor readies to build Plano ISD’s new performance center

McCarthy Building Companies Inc., an employee-owned general contracting firm, has been selected to build the latest addition to Plano Independent School District holdings — a new fine arts center.

The new performance center is part of a larger $94.3 million investment being made by the school district in fine arts-related projects.

The company expects to begin construction in summer 2018 on the planned 90,000-square-foot educational facility along Alma Road between 15th Street and West Park Boulevard in east Plano.

Click to read more at Dallas Business Journal.

StreetLights, Westdale hit high note with Deep Ellum’s first high-rise tower

Dallas-based StreetLights Residential and Dallas-based Westdale Real Estate Investment and Management have completed construction on the tallest building in Deep Ellum, which brings new luxury living options to the historic neighborhood.

The 17-story, 337-unit luxury apartment tower at 3131 Main St. near Hall and Main streets in Deep Ellum gives the historic Dallas neighborhood its first high-rise community.

The idea behind the two-year-old project was to create an authentic community reflecting the Deep Ellum neighborhood, said StreetLights CEO Doug Chesnut.

Click to read more at Dallas Business Journal.

Equity from Hong Kong, Honolulu help investor land Irving office tower

An Irving office tower in Las Colinas has sold to a new investor with the help of equity from Hong Kong and Honolulu, giving the limited liability company a stable, in-place cash flow.

Canal Centre Investors LLC, which includes equity from a 1031 exchange from a property sale in Hawaii, acquired Canal Centre for an undisclosed sum. The 10-story, 237,894-square-foot office tower is located at 400 E. Las Colinas Blvd. in Irving.

According to the Dallas Central Appraisal District, the building was last valued at $32.6 million. The property also includes an adjacent six-story parking garage.

Click to read more at Dallas Business Journal. 

Lee & Associates Negotiates a 21,923 square foot Industrial Lease Transaction

Dallas, TX — 12/1/17 — DFW Lee & Associates, one of the largest privately owned national real estate firms, has completed a new lease transaction for a 21,923 square foot industrial space located at 1461 S Belt Line Rd, Coppell, TX 75019.

Corbin Blount of Lee & Associates Dallas/ Fort Worth represented the tenant, Trelleborg Wheel Systems America, and the landlord, Columbia Texas Beltline Industrial, LLC was represented by Michael Peinado and Gil Stroube of Lincoln Property Company.

Trelleborg Wheel Systems operation is part of the Trelleborg Group. It is a global supplier of tires and complete wheels for agricultural and forestry machines, fork-lift trucks and other material-handling equipment. The company provides highly specialized solutions, to create added value for customers.

Lee & Associates is the largest broker-owned firm in North America with 57 locations across the United States. With more than 850 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.  Lee & Associates Dallas/Fort Worth was established in 2006 and is focused on the vibrant and rapidly growing DFW Metroplex. We provide superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.  For the latest news from Lee & Associates, visit leedallas.com or follow us on FacebookLinkedIn,  and Link our company blog.

Developer lands $67M loan for massive $380M project

The development group behind the massive $380 million redevelopment in downtown Dallas — called The Drever — at 1401 Elm St. has landed a nearly $67 million bridge loan, as expected, from a big capital group on the East Coast.

Real estate sources told the Dallas Business Journal a development group led by longtime developer Maxwell Drever had a loan keyed up to help financially after a lender claims the group defaulted on a $55 million loan. That lender, GCP Income Opportunities I LLC, appointed a new trustee readying the project for the Dec. 5 foreclosure auction.

Click to read more at Dallas Business Journal. 

New York City-based investment group snaps up a Craig Ranch community

An affiliate of New York City-based GFI Capital Resources Group Inc. has acquired a recently-built apartment community at Craig Ranch, a 2,200-acre, master-planned community in McKinney.

Terms of the deal were undisclosed. The 277-unit community, Venue Craig Ranch, at 4651 S. Custer Road in McKinney sits within State Highway 121 near Legacy Business Park. At the time, the community was 87-percent occupied.

Click to read more at Dallas Business Journal.