Category: North Texas Deals & Announcements

Anthem breaks ground on multifamily community in Garland

Posted on by Mia Goulart

Anthem Development, a Beck Ventures Company, broke ground on the first phase of redevelopment for the new Transit-Oriented District surrounding Dallas Area Rapid Transit’s (DART) Lake Ray Hubbard Station in Garland. This first phase includes the development of Lofts iThirty, a 340-unit, $64 million Class-A multifamily project located at 6302 Greenbelt Parkway. The initial opening of Lofts iThirty is scheduled for Q4 of 2024.

Anthem’s rezoning effort, in conjunction with DART, Wal-Mart, Kimley Horn, and the City of Garland, took over 18-months and the first phase of this mixed-use project was permitted last month. The rezoning project was awarded by the American Planners Association for its innovative approach. The final study ultimately calls for the redevelopment of the DART station, as well as two adjacent retail & hospitality pad sites that are currently being marketed.

Lofts iThirty will feature five, four-story buildings with amenities including two resort style pools, pet spa, park, game room, coffee bar, remote-work sky-lounge, outdoor kitchens, elevator access, climate-controlled corridors, and two 24-hour fitness centers totaling over 3,500 square feet. The community is conveniently located adjacent to Interstate 30, less than 15 minutes from Downtown Dallas. Additionally, Lofts iThirty was designed to be pedestrian-friendly and sits across from Duck Creek Trail, as well as a variety of shopping, dining, & entertainment options, and will offer short commutes to major employers.

Anthem exclusively engaged Nova Capital to arrange financing for the development of the project with Bank OZK, and ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management.

Entertainment company signs 25,000-square-foot lease at retail center in Fairview

Posted on by Mia Goulart

The Woodmont Company is pleased to announce the lease agreement between Larks Entertainment and Fairview Town Center. This deal, brokered by The Woodmont Company on behalf of Larks Entertainment, brings an exciting 25,000 square-foot entertainment center, cocktail bar, and chef-inspired restaurant to the heart of Fairview.

Larks Entertainment, known for its commitment to delivering unforgettable entertainment experiences, is set to redefine leisure and recreation in Fairview. This entertainment venue will be located at 351 Town Place, Fairview, Texas, and is poised to become a prime destination for individuals and families alike.

With a projected opening date of December 2023, Larks Entertainment aims to bring an unparalleled level of fun, excitement, and nostalgia to the area. Combining the charm of classic games with cutting-edge attractions, Larks Entertainment offers an extraordinary atmosphere where shuffleboard reigns supreme and a wide range of entertainment options cater to all ages.

In addition to the Fairview location, Larks Entertainment has ambitious plans for expansion. The company is proud to announce the opening of new venues in Nashville and Kansas City in 2024, further solidifying its presence in the entertainment industry. Moreover, Larks Entertainment is actively pursuing franchising opportunities, with negotiations underway for locations in Florida, Massachusetts, Georgia, Ohio, Texas, and California.

In the lease negotiations, Joseph Williams represented the tenant, Larks Entertainment, while Walt Davis of Lincoln Property Company represented the landlord.

Marcus & Millichap arranges sale of triple net lease BioLife in Dallas

Posted on by Mia Goulart

Marcus & Millichap announced the sale a 14,150-square foot net lease property located in Harker Heights, Texas.

Senior Managing Directors Austin Weisenbeck, and Sean R. Sharko, and Associate Daniel Chumbley had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investment group, was secured and represented by Weisenbeck and Sharko. Tim Speck assisted in closing this transaction.

Situated at 875 W Central Texas Expressway in Harker Heights, Texas, this 14,150-square foot BioLife property stands prominently positioned conveniently off U.S. Highway 190, where a substantial flow of 53,619 vehicles per day passes. The property boasts a triple net lease with 14 years remaining and a Takeda Pharmaceuticals guarantee.

Colliers closes $16.5 million Fannie Mae loan for The Chandler in Grand Prairie

Posted on by Mia Goulart

The Colliers Dallas debt and structured finance team of Robert Siddall, William Givens, Shawn Givens, and Ken Higgins closed a $16.5 million Fannie Mae loan for the acquisition financing of The Chandler in Grand Prairie, Texas, with their long-term client David Lilley and Reap Capital LLC. 

The market-rate property features 164 units. The loan was arranged through Colliers Mortgage and carries a five-year term and 35-year amortization.

519,905-square-foot industrial park in Fort Worth sells to Westcore

Posted on by Mia Goulart

Stream Realty Partners brokered the sale of a 519,905-square-foot industrial park in Fort Worth to a San Diego-based industrial real estate acquisition, development, and asset management firm.

Westcore purchased Railhead Business Station, a four-building campus at 401, 500, 600, and 800 Railhead Road, from a global real estate investment management firm. The project was fully leased to 11 tenants at the time of the sale. The price was undisclosed.

Stream, a national commercial real estate firm offering an integrated platform of services, represented the seller in the transaction. Seth Koschak and Matteson Hamilton, executive managing directors and partners of Stream’s Industrial Capital Markets group–along with Senior Vice President Forrest Cook, Vice President Jeff Rein, Senior Analyst Lee Belland III, Financial Analyst Trey Mahla, and Senior Production Coordinator Haili Rumsey–were involved in the sale. Westcore represented itself.

Railhead Business Station, in the highly coveted infill submarket of Meacham/Fossil Creek in North Fort Worth, is just a few miles north of the Central Business District. The multi-tenant buildings possess a roster of regional and national tenants. Additionally, the project provides immediate access to Interstates 820 and 35W and sits in an enterprise zone offering triple freeport tax abatements.

Suburban DFW retail center trades to Phillips Edison

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Lake Pointe Market, a 40,589-square-foot retail center located in the DFW suburb of Rowlett, Texas.

JLL represented the seller, Main Street Investment Company, and procured the buyer, Phillips Edison.

Lake Pointe Market benefits from its shadow anchor, Tom Thumb, which serves as the top performing location in the region. The center is currently 97% leased to a diverse tenant mix, including PetCo, DCP Equity Partners, Burger Island, OneMain Financial, Bank of America, Verizon and SuperCuts, bringing in approximately 740,000 annual visits.

Situated at 6702 Dalrock Road, the property is located at a premier intersection in Rowlett and is positioned directly between I-30 and President George Bush Turnpike. Within a three-mile radius of the property is an average household income of $125,096 and $2.1 billion in spending power, and within a five-mile radius is a population of approximately 134,836 and approximately 20 schools. Additionally, Lake Pointe Market is just 22 miles from Downtown Dallas.

The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Chris Gerard and Analyst Megan Babovec.