Demolition of aging mall makes way for $500M initial phase of Dallas Midtown corporate magnet

It’s been five years since Scott Beck and the Dallas-based family-owned company Beck Ventures acquired the majority of Valley View Center with the idea of transforming the aging shopping mall into a corporate destination.

The dream is on its way to becoming a closer reality with Beck and his business partners beginning the demolition of the North Dallas shopping center to make way for the initial $500 million phase — which is part of a much larger, $4 billion mixed-use development proposed by Beck Ventures.

Click to read more at Dallas Business Journal.

Exclusive: How the developer behind Dallas’ first Virgin Hotel raised $7M in a day

When Dallas developer Bill Hutchinson noticed the building cost skyrocketing on the 16-story Virgin Hotel, he tapped a stream of regular investors into Dunhill Partners and raised an additional $7 million in a day. The $108 million Dallas hotel development will bring the country’s fourth Virgin Hotels-branded hotel to the United States after major gateway cities, including New York, San Francisco and Chicago.

Click to read more at Dallas Business Journal.

Building boom from the 1980s still rippling through DFW lease expirations

Office rents in Dallas-Fort Worth have continued to climb annually by 10.2 percent, placing it as the No. 3 market for office rental growth on JLL’s list of top 30 global business centers.

“Dallas is doing well and we will continue to see rents continue to rise,” Brooke Armstrong, a senior vice president at JLL’s Dallas office, told the Dallas Business Journal.“We are seeing a little bit of a pushback from tenants looking up and seeing $10 or more increases per square foot if they stay in their buildings and they are looking at options. But this is part of the cost of doing business and Dallas is very affordable compared to the rest of the country.”

Click to read more at Dallas Business Journal.

Growing e-commerce business makes DFW No. 2 U.S. market

The rapidly growing e-commerce business in Dallas-Fort Worth has placed the region as a top performing market for industrial real estate in the United States, according to JLL’s recently released U.S. Industrial Outlook report.

North Texas ranks No. 2 in the United States with nearly 6.5 million square feet of industrial real estate absorbed, or leased, in the first quarter of 2017. This puts the region only behind Philadelphia, which absorbed nearly 8.2 million square feet.

Click to read more at Dallas Business Journal.

How Fort Worth plans to reel in more large corporate relocations

When it comes to attracting large corporate relocations, Fort Worth wants to top the list.

To get there, city leaders and a consultancy are creating an economic development strategic plan — the first-ever plan of its type in the city, Robert Sturns, director of economic development, told the Dallas Business Journal in an interview this morning.

Click to read more at Dallas Business Journal.

Raising the roof: E-commerce facilities getting bigger in Dallas

As Dallas-Fort Worth becomes a major U.S. hub for e-commerce distributors and logistics warehouses, North Texas developers are building even bigger — and taller — facilities to better accommodate the movement of goods.

That’s because its relatively cheap for developers to build higher rather than acquire more land for a sprawling facility, said Steve Berger, a senior vice president in CBRE’s Dallas office.

Click to read more at Dallas Business Journal.