Avison Young has been retained by Thistle Creek Capital as advisor and broker for the sale of 211 North Ervay, a repositioning and adaptive reuse opportunity in Downtown Dallas.

Avison Young Principal Mike B. Kennedy, Principal and Head of U.S. Investment Sales James Nelson, Principal U.S. Investment Sales Erik Edeen and Senior Vice President Sullivan Johnston are leading marketing efforts for the offering.

With strategic proximity to transit, arts and entertainment venues, and direct access to major downtown employment centers, the 184,793-square-foot, 18-story tower at 211 N. Ervay Street offers a rare opportunity to acquire a structure with significant redevelopment flexibility and existing entitlements. Originally constructed in 1958 as an office building and comprehensively renovated in 2014, the property is zoned CA-1, allowing for a wide range of uses including multifamily, hotel, hybrid hotel-apartments, and next generation office concepts. A portion of the ground level is long-term leased to 7-Eleven,

The offering is enhanced by the potential for substantial development incentives, including Historic Tax Credits and Low-Income Housing Tax Credits (LIHTC). These incentives could provide a powerful capital-stack advantage for investors pursuing adaptive reuse strategies (combined potential tax credits in excess of $30 million).

Michael Christensen, Partner at Thistle Creek Capital, commented, “211 North Ervay represents exactly the kind of urban asset we believe in—great bones, irreplaceable location, and multiple paths to long-term value creation. With the Convention Center expansion and continued downtown revitalization, we believe the property is in position for transformative redevelopment.”

211 N Ervay is just blocks from the Kay Bailey Hutchison Convention Center, which is undergoing a $3.7 billion expansion project, further strengthening demand for residential, hospitality, and mixed-use investment in the urban core. Downtown Dallas continues to attract significant public and private infrastructure investment.

Colliers closed the sale of an industrial property at 134 Wilson Road in Humble, Texas.

The seller, Humble Machine Works Inc. and related entities, was represented by Tom Condon, Jr. of Colliers; and Ross James and David Claros of Newmark represented the buyer in the transaction. Closing was coordinated by Jessica Grealish and her team at Alamo Title Company – Houston. 

The asset comprises ±51,951 square feet of office and warehouse space sitting on a ±4.56-acre lot. The site includes multiple buildings constructed between 1960 and 2009 that together offer a variety of configurations and clear-height ranges.  

This property delivers heavy power infrastructure, multiple overhead grade-level doors, extensive yard space, and secure fencing, which are features that support a wide range of uses. 

When using the 200% identification rule in a 1031 exchange, you can identify any number of properties only if their aggregate fair market value does not exceed 200% of the value of the real property you sold. As a simple example, if your relinquished property sold for $1 million, you could identify multiple properties totaling up to $2 million in value.

The 200% rule is helpful when you cannot use the 3-property rule. For example, if you utilize a Delaware Statutory Trust (DST) that is comprised of more than three properties, you negate the use of the 3-property rule. In a 1031 exchange utilizing the 200% rule, precision is not optional, it is required. From identification deadlines to matching property values, the IRS expects the numbers to line up. But what happens if your replacement property ends up higher than the amount you identified? Does this overage jeopardize your 1031 exchange?

1031 Identification Rules and Why They Matter

When you identify replacement property in a 1031 exchange, you are essentially telling the IRS, “This is what I plan to buy with my exchange proceeds.”

Under the 200% rule, you can identify properties totaling up to twice the value of the property you sold. But if you identified a very specific dollar amount for your DST, for example, that exact figure is what the IRS recognizes as “like-kind” property. Anything beyond that amount may not qualify as like-kind property.

• Consider this scenario: An investor identified a DST at $1,000,000, but when it came time to invest, the actual amount was $2,000,000, which ismore than what was identified. The real question is: Does this overage put the exchange at risk?

The amount above the identified amount could technically be treated as boot. That amount is not eligible for like-kind treatment if it was not identified on your Replacement Property Identification Form. Your identified amount sets the boundaries and exceeding it, even slightly, technically creates boot.

Boot is the IRS term for cash or non–like-kind property received in an exchange. If your exchange also results in a gain, you may need to recognize that gain up to the value of the boot. In other words, this overage could create a partially taxable exchange.

Advisor’s Perspective

From a tax advisor’s point of view, the concern is not the overage itself, but the precedent. What you identify sets the ceiling for like-kind property. If the numbers do not match, the IRS could take issue, especially in an audit.

That is why keeping your CPA informed, even about small discrepancies, is a smart move. Better to report it correctly than to risk questions later.

Final Thoughts

When using the 200% rule in a 1031 exchange, even the smallest numbers need to add up. Precision in identification is not just paperwork; it is your best protection against unintended tax consequences.

A small difference on a seven-figure transaction is unlikely to sink a 1031 exchange, but technically, it can open the door to some “boot” and a partially taxable exchange. The safest approach is to keep your financial advisor and CPA in the loop and make sure you properly identified on your Replacement Property Identification Form.

Jeff Peterson is a Minnesota attorney and former adjunct professor of tax law. He serves as President of Commercial Partners Exchange Company, LLC, where he facilitates forward, reverse, and build-to-suit 1031 exchanges nationwide. Jeff regularly collaborates with attorneys, accountants, and real estate professionals on exchange strategies. Reach him at 612-643-1031 JeffP@CPEC1031.com or on the web at www.cpec1031.com.

Trammell Crow Company and joint venture partner PGIM broke ground on Lake Vista Technology Park, a three-building, 316,333-square-foot industrial park near Dallas Fort Worth International Airport in Lewisville, Texas.

The development is expected to deliver by the fourth quarter of 2026. Comerica Bank is providing construction financing for the project.
 
Situated on approximately 20 acres at the southwest corner of Interstate 35 West and State Highway 121, Lake Vista Technology Park will feature three buildings available for lease:

• Building 1: 122,820-SF rear-load facility with 32-foot clear height and 200-foot depth
• Building 2: 126,693-SF rear-load facility with 32-foot clear height and 270-foot depth
• Building 3: 66,820-SF rear-load facility with 32-foot clear height and 160-foot depth

Lake Vista will feature elevated front entries with glass across the front of each building, heavy landscaping on the perimeter of the site, and access to the Lake Vista jogging trail. TCC is pursuing LEED certification for all three buildings. Lake Vista Technology Park will replace two vacant office buildings and two parking garages along Lake Vista Drive, which will be demolished prior to vertical construction.
 
Alliance Architects is serving as the project’s architect, Peinado Construction is the general contractor, Halff is the civil engineer, Studio Green Spot is the landscape architect, and SSI is the geotechnical engineer. Steve Trese and Wilson Brown of CBRE are marketing and leasing the project.

CenterSquare acquired the Metropolitan Infill portfolio, a two-building, 86,388-square-foot Service Industrial portfolio in the Carrollton and Addison submarkets of Dallas.

The portfolio was acquired on behalf of a Midwest public fund investor.

The 100% occupied portfolio offers aggregate construction, suites averaging approximately 5,400 square feet, 12’-16’ clear heights, and a mix of dock-high and grade-level loading.

The portfolio is in infill, densely populated submarkets of Dallas, adjacent to major thoroughfares, affluent rooftops and demand drivers including Addison Airport. The business plan focuses on bringing rents up to market levels and enhancing the appeal of the properties with exterior upgrades.

This transaction is CenterSquare’s first Service Industrial acquisition in the Dallas MSA, bringing our total Service Industrial portfolio to almost 1.8 million square feet. The investment represents the expansion of an existing Separately Managed Account relationship with a core plus risk profile focused on building an enduring, high-quality portfolio of properties in strong growth markets that generate cash flow and appreciate over time.

Forward-thinking companies have stopped playing defense with their real estate portfolios and started playing offense. The winners in 2026 will be those who turn their physical spaces into powerful drivers of employee engagement, innovation and business growth. JLL’s 2026 Corporate Real Estate Trends to Watch piece outlines five priorities that global occupiers must act on in 2026 and beyond to stay ahead.

“The pace of change in corporate real estate has never been greater, and transformation must be continuous, not a one-off initiative,” said Neil Murray, Global CEO, Real Estate Management Services, JLL. “In 2026, the most successful organizations will not only optimize real estate costs but also leverage high-quality data to integrate people, technology and sustainability, turning their physical footprints into a driver of competitive advantage.”

Focus on “elastic portfolios” for efficient yet dynamic CRE strategies 

Reducing operating costs and portfolio optimization top the list of corporate real estate objectives, yet talent and workforce expansion are critical considerations that are often overlooked. Globally, office utilization averages just 54% versus targets of 79%, underscoring the need for CRE strategies to shift from static, long-term leases to dynamic “elastic portfolios” that span all asset types that are right for organizational strategies and business needs. In 2026, organizations must treat portfolio optimization like a technology platform – one that can continuously pivot to support market entries, talent acquisitions and capital redeployment.

Evolve from mandates to curated, experience-centric workplaces

As 52% of organizations now require employees to be in the office three to four days a week, there’s a growing focus on making workplaces truly “commute-worthy.” With work-life balance now outranking salary as the top retention driver (65%), flexibility in location and hours has become a need and not a perk.

“Across APAC markets, there is a clear correlation between workplace quality and attendance patterns,” said Susheel Koul, Chief Executive Officer, Real Estate Management Services, APAC, JLL. “The organizations achieving consistent office utilization have moved past generic space planning to create locations that genuinely support how their specific workforce operates. Success comes from strategic alignment between space design, company culture, and measurable business outcomes.”

Advance AI capabilities from experiment to intelligent infrastructure, driving performance

AI exploration has skyrocketed from under 5% of CRE teams planning pilots in 2023 to 92% in 2025; however, most are still in the experimental phase. The bottleneck is not a lack of ambition but rather foundational, with 54% citing compatibility issues with legacy infrastructure as the top barrier. Despite this, several workplace technologies have surpassed an 80% adoption rate.

With operational pressures rising and richer data streams now available, AI is becoming essential for resilience and cost control.

“We’re seeing a fundamental shift in how organizations view AI investment in EMEA and beyond,” said Sue Asprey Price, CEO, Work Dynamics, EMEA and Head of Portfolio Services, JLL. “The early adopters have moved beyond pilot projects to embed AI as core business infrastructure. In the year ahead, organizations that strengthen data foundations before scaling AI initiatives will achieve the essential AI shift from experimentation to enterprise infrastructure.”

Design facilities management models that simultaneously optimize operations and enhance employee wellbeing

Facilities management (FM) is at a turning point as organizations navigate rising operating costs alongside increasing expectations for employee wellbeing and safety. 84% of FM leaders cite costs as their top concern, with wellbeing and safety close behind. This shapes how companies evaluate FM partners. Today, 78% of organizations prioritize providers who understand their business, not just those offering the lowest price. By 2026, FM leaders must harness technology to automate routine tasks; foster a safety-first culture and balance cost efficiency with human experience to measure safety, satisfaction and sustainability and not just cost per square foot.

Align energy performance and human experience for shared value creation

As energy costs rise and tenant expectations evolve, 62% of organizations now cite energy performance as a top sustainability driver. Looking ahead, occupiers should prioritize upgrades that combine energy efficiency, smart technology and design improvements to enhance both performance and employee wellbeing. In 2026, organizations that integrate these upgrades with broader experience improvements will capture a “twin premium,” achieving measurable savings while creating workplaces that attract and retain top talent.

“These five trends are interconnected drivers of a seismic shift that signal the days of treating corporate real estate as a cost center are over,” said Sanjay Rishi, CEO, Work Dynamics, Americas and Head of Industries, JLL. “By aligning portfolio decisions with employee wellbeing and business agility, CRE leaders are creating workplace experiences that drive both operational efficiency and talent loyalty. The result is real estate that actively contributes to business growth rather than simply supporting it.”