Category: North Texas Deals & Announcements

Hartman announces new leasing transactions in North Texas

Posted on by Mia Goulart

Hartman has recently announced two leasing transactions in Texas:

  1. 20/20 Communications, Inc. renewed 2,228 square feet at 1333 Corporate Drive in Irving. In the transaction, 20/20 represented themselves and Allison Fannin represented the landlord, Hartman Income REIT. 
  2. Carey Asset Management renewed 3,313 square feet at 12221 Merit Drive in Dallas. In the transaction, Carey Asset Management represented itself and Alex Houston represented the landlord, Hartman Income REIT. 
  • 1333 Corporate Drive, Irving
  • 12221 Merit Drive, Dallas

CBRE changes Dallas HQ plans with new building still on hold

Posted on by Mia Goulart

Earlier this month, CBRE announced plans to relocate its Dallas HQ from 2100 McKinney Ave. to the building next door that once housed its now-obsolete flexible workspace concept, Hana, in Dallas’ Klyde Warren Park.

According to CoStar News, CBRE will move into the space at 2121 N. Pearl St. in the coming months and will occupy 67,000 square feet in the building.

It was reported that CBRE had originally planned to build a new tower in Uptown Dallas, but plans remain on hold due to the current cost of undertaking planned projects.

“We still believe it’s one of the best office sites in America,” CBRE CEO Bob Sulentic told the Dallas Morning News. “And that site is going to get built. It’s a 700,000-square-foot office building, and it doesn’t make sense right now. But we still need to have a global headquarters.”

The new building was expected to be developed by Dallas-based Trammell Crow Co., CBRE’s U.S. development arm, and the project will be reconsidered when office market conditions are right, CBRE told CoStar News.

For now, CBRE’s Dallas advisory and Trammell Crow Co. employees will continue to work out of its existing office at 2100 McKinney Ave.

CBRE confirmed their global HQ will likely be housed at 2401 McKinney Ave. in the future, as construction of a new building will take several years once a decision is made to break ground.  

Revantage, a Blackstone portfolio company, to lease space at Stream Realty Partners’ The QUAD in Uptown Dallas

Posted on by Mia Goulart

Revantage, a Blackstone Real Estate portfolio company, will soon call Stream Realty Partners’ The QUAD home as it expands its employee base in Dallas.

Revantage, which provides corporate services to Blackstone’s real estate portfolio, expects to occupy approximately 32,000 square feet on the third floor of the 12-story, Class AA office tower at 2699 Howell St. The space will accommodate the company’s current Dallas employee base with additional capacity to hire local talent in support of its strategic growth plan. Revantage will maintain its current headquarters and presence in Chicago’s Willis Tower and maintains other office locations around the world including in Europe and Asia.

Stream Senior Vice President Ryan Evanich and Vice President Marissa Parkin represented Stream, the owner of The QUAD, in the transaction. Jon McNeil, Torrey Littlejohn, and Christy Rhea of JLL represented the tenant.

Stream, a national commercial real estate firm offering an integrated platform of services, is developing the 345,425-square-foot office building and surrounding 18,500-square-foot retail area heralded as the dawning of “A Different Dallas.” The QUAD is expected to deliver in March 2024. Revantage anticipates moving employees in during the first half of 2024.

The QUAD will set a new standard in Dallas with an integrated “smart” building end-user interface. Pathogen-reducing technologies such as hospital-grade air filtration and outside air circulation on office floors are 50% higher than industry standards. Tenants such as Revantage will appreciate the tower’s full-service fitness studio, top-floor outdoor terrace with expansive views, a club lounge and conference center, an acre of outdoor space, a bike valet, and dedicated underground parking. The building is also steps away from popular Uptown restaurants, hotels, entertainment venues, and multifamily complexes.

Revantage is the third tenant, and largest thus far, to sign on at The QUAD. Stream previously announced that Two Hands, a community-focused eatery based in Australian café culture, will occupy one of the five free-standing retail spaces surrounding the office tower. Chicago Title, the largest title insurer and provider of real estate-related products and services in the world, was the first office tenant to sign on at The QUAD and will occupy 20,000 square feet.

Firehouse Subs signs three leases in Dallas-Fort Worth metroplex

Posted on by Mia Goulart

The Woodmont Company, a national real estate firm specializing in the development, acquisition, management, leasing and sale of retail properties, announced that it has secured three leases for Firehouse Subs in the Dallas-Fort Worth metroplex. 

The new leases include 1,649 square feet at Victory at Heritage Trace in Fort Worth, Texas; 1,300 square feet at Victory at Forney in Forney, Texas; and 1,200 square feet at Braewood Shopping Center in Coppell, Texas.

Grant Gary and Kendall Graff of The Woodmont Company represented Firehouse Subs in the three leasing transactions. 

Sale of suburban Dallas retail center with Sprouts anchor close

Posted on by Mia Goulart

JLL Capital Markets announced today that it has closed the sale of Twin Creeks Marketplace, a 43,134-square-foot, grocery-anchored retail center located in the Dallas suburb of Allen, Texas.

JLL represented the seller, and an undisclosed investor acquired the asset.

Built in 2016, the 100-percent-occupied Twin Creeks Marketplace is anchored by a Sprouts, which comprises 69% of the total rentable area and boasts an annual visitor count of 265,400. Additional notable tenants include Starbucks, Verizon, ATI Physical Therapy and Advancial.

Situated at 1259 – 1271 West Exchange Pkwy., Twin Creeks Marketplace is less than a three-minute drive from U.S. 75, one of the largest north-south thoroughfares in DFW, and is within proximity to the Sam Rayburn Tollway. The center caters to the surrounding affluent consumer base in Allen with an average household income of $163,230. The immediate area features 1,400,000 square feet of Class A office space, 12,290 Class A multi-housing units, 1,600 hotel keys and 15 schools. Additionally, within five miles of the property is a 327,000 population.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard and Adam Howells, Senior Director Caroline Binning and Analysts Pauli Kerr and Cole Sutter.

Caddis Construction breaks ground on new medical office building in Frisco

Posted on by Mia Goulart

Caddis Partners® hosted a groundbreaking to commemorate Frisco Medical Pavilion II. Shovels hit the ground Friday, February 10 in a celebration attended by Caddis executives and other project stakeholders. The new medical office building provides an opportunity to create personalized patient care in the fast-growing vibrant community of Frisco. 

The project will be a 60,000-square-foot medical office building in the highly visible location of 12850 Dallas Parkway. It has an estimated delivery of early 2024 and is experiencing a surge in healthcare demand from users across specialties. The medical pavilion is just north of Texas Health Frisco, a full-service hospital which opened in December of 2019. 

Once complete, Frisco Medical Pavilion II will be a Class A medical office building featuring a state-of-the-art lobby, elevator cabs with gurney capacity, 20,000-square-foot floor plates and the capability for an ambulatory surgical center on the first floor. Exterior features will include an approximately 15,000-square-foot outdoor wellness area, exterior building signage opportunities along the Dallas North Tollway, covered patient drop-off and on-site parking with a 5-to-1,000 ratio. The property is being well received by local medical businesses and several suites have already been secured.

Located in one of the highest-income cities in North Texas as well as one of the fastest-growing cities in the U.S., the property features more than 250 retail and dining options within a three-mile radius. Transwestern Real Estate Services (TRS) handles leasing for the project.

The general contractor for the project is Richardson, Texas-based Novel Builders, the architect is Dallas-based Grace Hebert Curtis Architects and civil engineering services is provided by Hart Gaugler + Associates.