Marcus & Millichap closes sale of 5,200-square-foot net-leased property in Dallas area

Marcus & Millichap recently brokered the sale of QuikTrip, a 5,200-square-foot net-leased property in Wylie, Texas.

Senior Managing Directors Austin Weisenbeck and Sean R. Sharko and Senior Associate Timothy Nichols, all investment specialists in Marcus & Millichap’s Chicago Oak Brook office, along with Associate Luke Sullivan, investment specialist in the Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Tim Speck, Regional Manager, Broker of Record of Texas, assisted in closing this transaction.

QuikTrip is located at 3459 FM 544 in Wylie. The area is included in the Dallas Metropolitan Statistical Area and has witnessed remarkable growth, with the population surging by an impressive 864% since the year 2000.

This property is surrounded by numerous retailers, including a highly frequented ALDI, and is amidst various new retail developments. The absolute triple-net lease incorporates rental increases every five years during the base term, along with a corporate guarantee.

Newmark represents DrinkPAK in two new industrial leases in Fort Worth, totaling 2.9 million square feet

Newmark announces that DrinkPAK, a canned beverage manufacturer headquartered in California has closed on two industrial leases totaling 2.9 million square feet in its expansion to Fort Worth, nearly tripling the company’s real estate footprint. These leases represent the largest new industrial occupier leasing commitment completed in a single market across the U.S. this year and are projected to create 1,000 full-time jobs in the area by 2026. Additionally, the city has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.

Newmark Executive Managing Director Patrick DuRoss, SIOR, Vice Chairman John DeGrinis, SIOR, Senior Managing Director Jeff Abraham, SIOR, and Associate Director Javier Galvan, in cooperation with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and Associate Adam Faulk Jr. represented the tenant in the transaction. Newmark has played a pivotal role in aiding DrinkPAK’s expansion since 2020, securing multiple leases totaling over 1.5 million square feet in the North Los Angeles region.

As part of DrinkPAK’s $452 million investment plan to develop the advanced manufacturing assets for the production, warehousing and distribution of various alcoholic and non-alcoholic beverages, the project is expected to bring significant investment to the local community and reaffirm Fort Worth’s ongoing dedication to fostering the growth of industrial-using jobs. Encompassing approximately 1.5 million and 1.4 million square feet, the sites are located, respectively, at Trammell Crow’s development at 25001 Eagle Parkway and at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Companies and Clarion Partners.

Founded in 2020, DrinkPAK is the most technologically advanced manufacturer of canned beverages in the world, providing full-service support for procurement, batching, processing, filling, packaging, warehousing and distribution for both large, complex organizations and high-growth emerging brands.

STRIVE arranges sale in Katy

STRIVE, a commercial real estate investment sales firm based in Dallas, recently announced the sale of Uncle Julio’s in Katy. The 10,299-square-foot restaurant was built in 2015.

Located on Katy Fwy, the restaurant is visible to over 216,600 vehicles per day with a surrounding average household income of $110,516. Surrounding national retailers include Sam’s Club, Best Buy, BJ’s Restaurant & Brew House, Olive Garden, The Home Depot, Ross, Conn’s, Target, Kohl’s, Petsmart, and many more.

Jackson Brewer and Jake Dutson of STRIVE exclusively represented the seller and sourced the buyer, both Houston area investors. Additional terms of the sale were not disclosed.

New ownership and leasing team leads to a flurry of office leases at 5601 Executive Drive in Las Colinas

Cushman & Wakefield announced that, representing Novel Office, the firm’s Dallas Agency Leasing team led by Cynthia Cowen and Rodney Helm has closed office-leasing transactions of nearly 50,000 square feet at 5601 Executive Drive in Las Colinas.

Novel acquired the eight-story, 166,592-square-foot building in 2022 and immediately renovated the property, adding a new 50-seat conference center, a new 10-seat boardroom, and a new tenant lounge, all designed to increase productivity and convenience. At the same time, Novel selected Cowen and Helm to lead leasing efforts.

Subsequently, leasing efforts at 5601 Executive Drive have yielded nearly 50,000 square feet of transactions, with new tenants accounting for approximately 45,000 square feet.

New tenants include HireWorks, with 2,894 square feet; International Association of Venue Managers, with 2,658 square feet; Yates Construction, with 6,978 square feet; along with eight more credit tenants.

In addition to recent renovations, 5601 Executive Drive’s features and amenities include: new spec suites, glass-wall options and customizable spaces for full and partial floors, complimentary 2D/3D space planning, best-in-market rates, and a 4/1,000-square-foot parking ratio.

New industrial park in Fort Worth fully leased; building sells to Dot Foods

Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced that it sold a 218,000-square-foot industrial warehouse to Dot Foods and fully leased an additional 267,000-square-foot warehouse to Giti Tire USA at a new two-building industrial park in Fort Worth, Texas. Both transactions were finalized before completion of construction, which began in Q2 2022.

OmniCable, which was acquired by Dot Foods in 2019, will occupy Building 2 at the industrial center located at 2201 Stonemont Way off Harmon Road in North Fort Worth. OmniCable approached Stonemont to purchase the building during construction and will use the facility for its expansion into Texas, which is expected to become a key focus market for the company given the continued population and jobs boom occurring across the state.

Stonemont also leased the larger Building 1 to Giti Tire USA, which will move into the facility in November. Giti is a global tire manufacturing and distribution company headquartered in Singapore. Similar to OmniCable, Giti signed a lease for the warehouse well before construction was completed. 

According to CBRE, the Dallas-Fort Worth industrial market saw its 52nd consecutive quarter of positive net absorption in Q3 of this year, with developers delivering more than eight million square feet of new product. The pre-leased rate for development under construction also increased last quarter, from 17.4% to 21.2%. The CBRE report shows the majority of leasing interest comes from 3PLs, manufacturing and wholesale trade users.

Blaine Kelly with CBRE Atlanta represented OmniCable and Dot Foods in the purchase of Building 2. Becky Thompson with Lee & Associates represented Stonemont in the transactions. Clay Balch and David Eseke of Cushman & Wakefield Dallas and Andrew Morrow and Luke Rivera of Cushman & Wakefield Los Angeles represented Giti Tire USA.

Newmark facilitates sale of 2.2 million-square-foot mixed-use corporate campus in Dallas-Fort Worth

Newmark announced the sale of CityLine, a 2.2 million-square-foot mixed-use property comprised of four purpose-built office buildings, occupied by State Farm, 120,000 square feet of retail space and a 42,000-square-foot medical office building in Richardson, Texas.

Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, in cooperation with Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairman Ken White and Divisional Head of International Capital Markets Alex Foshay represented the seller, Mirae Asset Global Investments. Newmark Vice Chairman David Milestone and Directors Josh Francis and Henry Cassiday provided debt capital markets advisory in executing the sale.

The property, located at 1150, 1201, 1250, 1251 and 1415 State Street and 3661 N. Plano Road, in the City of Richardson, at the intersection of US-75 and President George Bush Turnpike, was thoughtfully developed to embody a live-work-play environment. The four office buildings, constructed in 2016, are the focal point of the master-planned, 186-acre suburban development located at the connection of two major Dart Rail Lines. Consisting of eight luxury apartment complexes, 30 restaurants and bars, a 148-key Aloft hotel and 21 acres of green space and walking trails, the project is the pinnacle of contemporary walkability and desirable amenities.

Dallas-Fort Worth office-using employment continues to remain near historical high at the end of August 2023. The metroplex reported 1.28 million office workers, an increase of 67.6% compared to 2010, and an increase of 21.5% compared to 2019 employment levels, according to Newmark Research. The continued strength and growth in the market’s office employment reflect an enduring appetite for office assets. The Dallas-Fort Worth office market’s long-term outlook remains positive and competitive given the market’s strong economic fundamentals, such as a diversified labor pool and continued office-using jobs growth.