Author: Sarah

Stream Realty Partners Breaks Ground On 3.4-Million-SF Industrial Development In Mesquite’s Trinity Pointe

Posted on by Sarah

DALLAS – June 14, 2022 – Stream Realty Partners has officially broken ground on a 3.4-million-square-foot, multi-building development in one of the nation’s most robust industrial submarkets.

20 East at 12955 FM 2932 in Mesquite is expected to deliver in two phases. The first phase will include 1.8 million square feet across three buildings, with the second phase adding three buildings totaling 1.6 million square feet. Stream, a national real estate services, development, and investment company, is developing, leasing, and managing the industrial park.

The development offers build-to-suit potential and building expandability. Modern amenities and features will include heavy trailer storage and car parking, the ability to fully secure the park, and a building variety that meets the growing demand in the area.

20 East’s location is prime for productivity, with access directly off Interstate 20 and FM 2932. The development, part of Mesquite’s growing master-planned business corridor called Trinity Pointe, is close to Interstates 635, 30, 45, and 35, offering ideal logistics to prospective tenants. Located east of downtown Dallas, Mesquite offers some of the most sought-after labor in Dallas-Fort Worth.

“Mesquite and Stream Realty Partners have a longstanding and valued relationship, and we are excited for them to build the largest industrial park in Kaufman County,” said Mesquite Mayor Daniel Aleman, Jr. “The 20 East at Trinity Pointe business park will bring many opportunities for job growth and additional commercial development to this area.”

Phase one of the project will include three warehouses that sit on 192 acres of land. Buildings can be leased in whole or part and offer build-to-suit office space. Building one boasts 294,063 square feet, 36-foot clear height, and a rear-loading configuration. Buildings two and three will be 1,009,360 square feet and 485,550 square feet, respectively. Both offer 40-foot clear height and cross-dock loading configurations. Phase two of the project includes a planned speculative three-building layout with 1.6 million square feet on 92 acres or build-to-suit opportunities.

“Stream could not be more excited to bring 20 East to the City of Mesquite,” said Matt Dornak, Managing Director at Stream Dallas. “This development will provide both the eastern side of the Metroplex and the Interstate 20 corridor with much-needed industrial space attracting tenants in the logistics and distribution space. Mesquite’s pro-business position, growing population base, and access to labor make it a great city to partner with.”

20 East is developed and owned by Stream Realty Partners. Bringing over 170 years of combined experience, the Industrial Development Services division at Stream sources and executes development opportunities across a growing platform and offers a full suite of development-related services. Stream’s Investment Management Platform leverages expertise from Stream’s 14 local offices to make investment decisions based on real-time supply and demand fundamentals. Stream actively owns 38 investments of 17.5 million square feet and approximately $2.2 billion in assets under management. Dornak and Ridley Culp, a Senior Associate, will manage the leasing of 20 East. For leasing information, contact Stream Dallas at 214.267.0400.

Newmark Announces Sale and Financing of 673,150-Square-Foot Office Complex in North Dallas

Posted on by Sarah

The Class A office property—Element Towers—is highly visible and prominently located along LBJ Freeway, just east of I-35

Dallas, TX (June 14, 2022) — Newmark announces the sale of Element Towers, a recently renovated, 673,150-square-foot office property in Dallas, Texas. Newmark Vice Chairmen Gary Carr, Chris Murphy, Robert Hill and Director Chase Tagen represented the seller. Newmark Vice Chairman David Milestone, Senior Managing Director Brett Green and Director Josh Francis facilitated the financing for the buyer.

Prominently located at 3010 and 3030 LBJ Freeway, Element Towers comprises two Class A office towers with adjacent parking garages on seven acres along the south side of LBJ Freeway (I-635). The building lobbies were recently renovated, and each tower includes a fitness center with locker rooms and showers, a conference facility and a full-serve café with dining area. Element Towers is 68 percent leased to a diverse base of tenants that generate a strong in-place cash flow.

“This sale reflects the continued strong demand for value-add office investment opportunities in Dallas-Fort Worth—demand that will soon exceed pre-pandemic levels,” said Carr. “With DFW among the nation’s top corporate relocation destinations, investors are eager to capitalize on the metroplex’s unparalleled growth and business-friendly environment.”

Surrounded by some of Dallas’ premier residential communities, Element Towers is convenient to the Galleria, Las Colinas and many of Dallas’ high-growth suburban communities to the north. With a high visibility location and direct access to LBJ Freeway, the property is within 15 minutes of Dallas/Fort Worth International Airport and Dallas Love Field.

Financial Institution Sets Sights on Montgomery County

Posted on by Sarah

CONROE, TX, June 9, 2022 – It’s no secret the economy and demographics of Montgomery County offer entrepreneurs favorable opportunities to succeed but finding a suitable location from which to launch a viable business can be a challenge.

That was the challenge for a financial institution serving east Texas with a variety of banking and financial locations. The company worked with commercial realtor MHW Brokerage Services to identify a suitable location in order to launch their initial expansion into Montgomery County.

“Finding the right size property in the right location at the right price was a challenge in Conroe’s competitive market,” said Ron Brown, a veteran commercial real estate associate with MHW Brokerage Services. “Our solution was to acquire a bigger property and create a mixed-use site anchored by the financial institution and bring in other tenants or sell off the remainder of this great site.”

As much as 1.5 acres of the 8.5-acre site, which is located at the intersection of Texas Hwy. 105 and FM 3083, will be developed by the financial institution for their operation, said Brown. Remaining space or land will be made available to other clients seeking opportunity in Montgomery County.

“Considering traffic counts and ease of access, it’s the last great corner in Conroe,” said Brown. “We are already fielding calls of interest from several quality companies looking for locations including a well-known multi-location restaurant based in Montgomery County.”

Acquisition of the Conroe site will be the first of multiple sites for the financial institution to open in Montgomery County, according to Brown. Construction is set to begin in early 2023 with subsequent locations eyed in Magnolia, Porter and other possible venues.

“Knowledge of the area and years of commercial real estate experience enable us to come up with innovative solutions for our clients,” said Jody Czajkoski, co-founder of MHW Real Estate and mayor of Conroe. “Strong ties to the community and a successful track record help create opportunities where none seem to exist.”

Brown, along with new MHW associate Randy Sanders, was able to broker the arrangement with the financial institution which closed this week. Negotiations are already underway on the remaining larger parcels.

Professionalism and the ability to understand the needs of your clients are key to the success in any business,” said Czajkoski. “That’s especially true in commercial real estate today in Texas.”

MHW Brokerage Services, LLC is a Conroe-based, commercial real estate brokerage company active throughout Montgomery, Harris and Walker Counties. For more information, Ron Brown at 936-689-7228 or email ron@mhwre.com; or Randy Sanders at 936-539-8942 or email randy@mhwre.com.

Prologis Closes $26 Billion Acquisition of Indianapolis-based Duke Realty Corporation

Posted on by Sarah

Prologis and Indianapolis-based Duke Realty Corporation have completed their $26 billion merger agreement. In this major deal, Prologis will acquire Duke Realty in an all-stock transaction.

Both companies announced today that their boards of directors have unanimously approved the transaction.

“We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Prologis co-founder, chief executive officer and chairman Hamid Moghadam, in a written statement. “(Prologis) has built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”

How big is this acquistion? Proglois now acquires 153 million square feet of operating proproperties in 19 major U.S. logisics locations and 11 million square feet of developments in progress, about $1.6 billion in total expected investment.

Prologis is also acquiring 1,228 acres of land owned and under option with a build-out of about 21 million square feet.

“This transaction is a testament to Duke Realty’s world-class portfolio of industrial properties, long-proven success and sustainable value creation we’ve delivered over the years,” said Duke Realty chairman and chief executive officer Jim Connor, in a written statement. “We are confident that this transaction – including the meaningful opportunity it provides for shareholders to participate in the growth and upside from the combined portfolio — is in the best long-term interest of Duke Realty shareholders.”

Following personal dialogue between the executive teams of both companies, Prologis first sent a letter to Duke Realty on Nov. 29, 2021, regarding a potential transaction. On May 3, 2022, Prologis modestly increased the proposed exchange ratio – representing a 34% premium to Duke Realty’s stock price at the time– in a final attempt to engage privately to reach agreement on a mutually beneficial transaction. Duke Realty rejected the Prologis proposal that same evening.

The negotiations are now over, and the acquisition will move forward.