Toronto-based Cadillac Fairview in partnership with Dallas-based Compatriot Capital has acquired a 50% interest in Dallas-based developer.
KDC will continue developing corporate office facilities across the U.S., while also focusing on the development and acquisition of high-quality, mixed-use projects. Coinciding with the partnership, Cadillac Fairview, Compatriot Capital and KDC have closed on their initial $800 million U.S. commercial office and mixed-use fund. The fund marks new ground for KDC and will serve as a long-term investment vehicle for the partners, bolstering their combined portfolio of Class A office and mixed-use properties.
“For more than 30 years, the KDC team has been focused on developing commercial office buildings and custom corporate homes for some truly great companies in the U.S.,” said KDC CEO Steve Van Amburgh. “As we look to the future, now is the best time to take the next step and elevate our growth model with two dynamic partners: Cadillac Fairview and Compatriot Capital.”
Compatriot Capital is a wholly-owned subsidiary of Sammons Enterprises, Inc. Cadillac Fairview is the global real estate arm of the Ontario Teachers’ Pension Plan, which has over $200 billion of assets. Click to read more at www.fortworthbusiness.com.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village of Rowlett, a 249-unit, transit-oriented, mixed-use residential and retail development in Rowlett, Texas.
“Rowlett is the eighth-fastest growing city in the country, and Village of Rowlett is one of the city’s just five Class A multifamily assets,” said Drew Kile, IPA senior managing director. Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond represented the seller, Catalyst Urban Development, and procured the buyer, Buchanan Street Partners. “Built in 2018, the property has been resilient through years of high supply and as deliveries leveled off, the location has proven to be the best in the submarket,” added Tumminello. “The market placed a premium on that aspect of the opportunity and the advantages it can provide long term.”
Located on President George Bush Turnpike in Rowlett’s downtown district, Village of Rowlett is within walking distance of a Dallas Area Rapid Transit station and 20 minutes from Downtown Dallas. Major employers in the Dallas-Fort Worth area include JPMorgan Chase, Uber Technologies, Allstate Insurance, Keurig Dr. Pepper and Reata Pharmaceuticals. The property has 16,588 square feet of retail, 13 live-work units, and 27 townhomes. Select units have 20-foot vaulted ceilings, covered patios and enclosed yards. Outdoor amenities include a swimming pool with sun deck, a pet park, and an urban community garden.
“IPA covers every submarket in the Metroplex and all markets in Texas with one multifamily team and this was an important factor in the completion of this closing,” added Balthrope.
LUBBOCK, Texas — A new national corporation is planting roots in Lubbock, and it called the Hub City an ideal place to invest.
Continental Realty Corporation is based in Baltimore, Maryland, and spent $18.25 million to buy the South Plains Crossing shopping center, which includes Hobby Lobby and Spec’s.
“The business-friendly environment, the entrepreneurship, the job and population growth that we’re seeing in Lubbock specifically … check all the criteria that we look for,” Senior Vice President of Acquisitions for Continental Realty Corporation Josh Dinstein said.
This was the first time the company invested in the Lone Star state, but it said it hopes it’s not the last. The 12-acre, 150,000 square foot property is just the first of what could be a number of investments in West Texas.
“It’s sort of overlooked … but Lubbock has a ton to offer. It’s got the university, it’s got the research, it’s got the commercial business, and there are just tons of people moving there,” Dinstein said. Click to read more at www.everythinglubbock.com.
Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets, announced today the completion of construction on three high-profile distribution centers in Metro Dallas while simultaneously unveiling plans for three additional Class A speculative buildings set to get underway in the coming weeks. Totaling 1.1 million square feet, the six buildings reflect accelerated growth and activity for Stonemont in the DFW Metroplex and coincide with the opening of the firm’s new Dallas office.
Stonemont and its development partners successfully delivered a new 202,000-square-foot state-of-the-art last-mile distribution center for a large e-commerce user at the intersection of Airport Drive and Industrial Boulevard in McKinney. The build-to-suit project will allow the user to improve efficiency and delivery services for a wide swath of the northern Metroplex and is expected to spur job creation and additional economic development opportunities in the surrounding area.
Stonemont also expects to complete their second project in McKinney, Texas, McKinney Airport Center (MAC), by the end of June 2021, which features two speculative industrial buildings totaling 107,300 and 123,885 square feet, respectively. The development can accommodate a broad array of users ranging from 6,000 to full building occupancy, helping to address an existing market void for facilities that offer smaller and more flexible footprints with dock-high delivery doors and walk-in pedestrian office space. Located at the intersection of Harry McKillop Boulevard and Airport Drive, MAC offers direct access to McKinney National Airport and features multiple suites, 24 dock doors, 28’-30’ clear height with wide bays, and over 230 parking spaces. MAC has finalized its first tenant, InovaAir, at 13,987 square feet and has signed a 51,000-square-foot lease with an environmentally focused film, bag and resin manufacturer. Stonemont is also currently in negotiation for 66,000 additional square feet with another prospective tenant at the center. Click to read more at www.ajot.com.
Spend enough time with Dallas urbanists during happy hour, and eventually, the conversation will drift toward discussing why our transit system does not work like a coastal city or how we can decarbonize our grid to reduce greenhouse gas (GHG) emissions to meet Dallas’ Comprehensive Environmental and Climate Action Plan (CECAP) goals, or how we make a dent in our rapidly rising housing costs, and the conversation inevitably arrives, in some form or fashion, at the same place:
Are these goals even possible with the current land use? Is our city dense enough? Will the suburbs reach Oklahoma at this rate?
The last one is spoken in jest, but only slightly so.
And for a good reason. We have ambitious goals like the CECAP calling for a reduction in our share of single-occupancy vehicle travel from 88 percent to almost 60 percent and 35 percent of new housing located within a transit-oriented development (TOD) community by 2050.
DART’s investment in its bus system, the Automated Bus Consortium, and D2 provide a major boost to our mobility ambitions, and the city’s strategic mobility plan includes excellent strategies like a citywide mobility hub network tied to an increased bicycle and pedestrian network. Click to read more at www.dmagazine.com.
In June, a group of public and private stakeholders approved a new framework plan to build a $130 million performing arts center at the Hall Park development in Frisco. The new venue would not only bring a large, world-class concert hall to the fast-growing Texas city, but it’s reflective of the investment and interest in Frisco and would become yet another major cultural amenity in a city increasingly known for its recreational and amusement offerings.
The plan for the performing arts center is just a drop in the bucket when compared to the investment in Frisco over the last decade. For instance, The Fields mega-development, which will deliver an expansive office park, thousands of new residences, hotels and more on a 2,500-acre site is anticipated to cost upwards of $10 billion. And the development already has a major tenant lined up as the future home of the PGA of America.
What’s happening in Frisco is something that other municipalities could only dream of — the city’s population has bloomed from 110,000 in 2010 to roughly 210,000 today. Frisco is frequently cited as the fastest growing city in the country and it’s also home to the 91-acre Dallas Cowboys’ headquarters dubbed The Star, the NCAA Division I football stadium Toyota Stadium, Comerica Center arena, Dr. Pepper Ballpark, the National Soccer Hall of Fame, the National Videogame Museum, and more.
All of this in a city of just over 200,000 residents. But there’s more on the way.
According to Jason Ford, CEcD and President of the Frisco Economic Development Corporation, his organization is currently working on upwards of 50 prospects at the moment. Ford says that there’s been a tremendous amount of interest in Frisco from corporate heads but the city is also doing the work to be as business-friendly as possible in order to win over as many of these prospects as possible.