Category: North Texas

North Texas’ Commercial Real Estate is in Hyper-Growth Mode

Posted on by Sarah

Thanks to the influx of people moving to the area and pent-up demand from last year’s pause in multifamily construction, Dallas’s commercial real estate is in a hyper-growth mode with many construction projects underway. Despite this generally positive state of affairs, it’s evident that our industry as a whole is experiencing macroeconomic influences on construction costs.

While I personally thought there may have been a temporary pause or even a reduction in construction costs due to COVID-19, and the resulting delay in construction starts in Q2 of 2020, this has not happened.

Volatile Costs Rattle Developers

The main headline throughout 2021 has been the parabolic rise and subsequent fall in the price of lumber, with prices escalating to a high of more than 300 percent of what they were in April 2020.

Then in mid-July, we saw lumber prices crash so much so that it started to give hope to developers and builders. Although lumber certainly is consuming the headlines, it is not the only area of concern. Collectively, the cost of building supplies has increased by close to 13 percent over the past year, according to Bisnow. Click to read more at www.dmagazine.com.

Stream Realty Partners Expands Occupier Business; Launches Program Management Service Offering

Posted on by Sarah

DALLAS and FORT WORTH, Texas, Sept. 23, 2021 /PRNewswire/ — Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today the expansion of its national occupier platform by launching Program Management Services. Joe Iatauro, an 18-year industry veteran, has been recruited to lead the new service as Executive Managing Director.

Stream’s enhanced offering is designed to align an occupier’s full spectrum of business needs with their real estate. This offering will encompass services, including, but not limited to, supply chain, business and economic incentives, development, design and construction, technology, security and loss prevention, FF&E, material handling, and racking, that provide flexibility to occupier business growth and achieve greater financial returns.

Under Iatauro’s leadership, the group will complement Stream’s leasing, site selection, investment sales and property management services, with a priority focus on the industrial sector. With specialty expertise in food processing, cold storage, manufacturing and distribution facilities, future expansion plans include retail and office. Click to read more at www.inforney.com.

Bradford Secures Two Office Leases for One Lake Park Office Building

Posted on by Sarah

International firm Kroll Inc. and MaxDecisions Inc. are relocating and expanding their offices in North Texas, snapping up the remaining space in the class A One Lake Park in Richardson’s Telecom Corridor.

Kroll and MaxDecisions have leased 11,896 sf and 3,154 sf, respectively, on the first floor of 2140 One Lake Park Blvd. The new deals restore the mid-rise’s historical 100% occupancy after one year of downtime due to the pandemic.

“We were in the early stages of marketing the spaces when COVID hit. Once tours picked up again, we quickly had commitments in hand for the vacancies,” says Melanie Hughes, senior vice president of Bradford Commercial Real Estate Services. She and Elizabeth Hooper, market director, lease the 192,213-sf office building for Lennox International Inc., an owner/occupant.

Kroll is eyeing a September move-in. The firm has retained ARCO/ Murray, a national design and construction firm, to build out its new office, which has views of the lake and walking trails on Lennox’s multi-building campus. Alexandra Boury and Greg Langston of Avison Young represented Kroll, formerly Duff & Phelps, in the long-term lease negotiations.

MaxDecisions has just relocated its headquarters from nearby Plano to One Lake Park. Hughes and Hooper negotiated a direct deal with the IT firm, which also has offices in Oregon, Utah and California. The company is an analytical provider for the financial services industry.

The eight-story One Lake Park features such high-end amenities as an Aramark Corp.-operated, 120-seat restaurant, fitness center with personal trainers, structured parking and 24/7 manned security. The dining facility and gym are scheduled to come back online on Sept. 1 in tandem with Kroll’s move-in.

“Lennox is a Fortune 500 company so the infrastructure and amenities are top of the line,” Hughes says. “As a result, One Lake Park attracts leading tenants in their respective industries.”

Kroll is relocating its Addison team and keeping the Uptown office intact. The company provides diverse services to 61% of the Fortune 100 companies, including valuation, investigations, corporate finance, cyber risk, security, restructuring and regulatory compliance. The advisory firm employs nearly 5,000 professionals in 30 countries and territories around the world.

PS Business Parks, Inc. Announces Acquisition of Port America in Texas

Posted on by Sarah

GLENDALE, Calif.–(BUSINESS WIRE)–Sep 1, 2021–PS Business Parks, Inc. (NYSE:PSB) announced today that it has completed the acquisition of Port America, a 717,735 square foot multi-tenant industrial park located in Dallas, Texas, for a total purchase price of $123.0 million.

Port America consists of 15 buildings with an average customer size of 8,000 square feet and was approximately 96% occupied at closing. The park is strategically located immediately adjacent to DFW International Airport on fee simple land. The park is uniquely positioned to provide institutional quality industrial space to small- and medium-size users seeking a premium location, 26-foot clear heights, ample dock loading, and access to key freeways serving DFW Airport and the Dallas Metroplex. The park is complementary to PSB’s existing Dallas, Texas, industrial and flex portfolio totaling 3.0 million square feet.

“Port America fits perfectly with our small bay industrial investment strategy. The combination of dock-served suites averaging 8,000 square feet, fee simple land in an irreplaceable location, and our best in class local operating platform should result in strong long-term growth for our stockholders,” said Mac Chandler, President and CEO of the Company. Click to read more at www.galvnews.com.