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.

AECOM Moves Headquarters from Los Angeles to Dallas

Posted on by Sarah

Industrial giant AECOM is moving its headquarters from Los Angeles to Dallas. The firm’s CEO Troy Rudd and select corporate leaders will move into the company’s existing Dallas office at 13355 Noel Road, where more than 1,200 AECOM professionals work. The engineering firm has 47,000 employees worldwide, and its professional services business had revenue of $13.2 billion in 2020. AECOM is the sixth Fortune 500 company to relocate its headquarters to DFW in the past six years.

The engineering firm already has several projects in DFW. It has been selected by Trinity Metro to conduct the environmental assessment and preliminary engineering for the TEXRail extension project in Fort Worth. It also will provide program management services for the first phase of the $3.5 billion Dallas Independent School District 2020 Bond Program. AECOM also worked on the environmental impact statement for the proposed 240-mile high-speed rail project that will run between Dallas and Houston

INDUSTRIAL
Productiv leased 213,392 square feet at DFW Trade Center V in DFW Airport. Jeremy Kelly and Sarah Ozanne with Stream Realty Partners represented the landlord, JP Morgan Asset Management. Ryan Boozer and Sarah Ozanne with Stream Realty Partners represented the tenant.

K&M Tire renewed 201,600 square feet at Arlington Tech Center in Arlington. Matt Dornak, Ryan Boozer, Luke Davis, and Lena Pierce with Stream Realty Partners represented the landlord and the tenant.

Fidelity Paper and Supply signed a new 107,082-square-foot lease at 310 SW 14th St. within Heller Industrial Park in Grand Prairie. Transwestern’s John Brewer and Riley Maxwell represented the landlord. Cameron Rogers with Rubicon Representation represented the tenant. Click to read more at www.dmagazine.com.

Coats Rose Represents Lender in $115 Million Integrated Acquisition and Development Loan

Posted on by Sarah

DALLAS – August 10, 2021 – Coats Rose attorneys Tim Green and Josh Bethke represented the lender in a $115,000,000 land acquisition and development loan for 3,000-acres in Celina, Texas. The loan provides acquisition and development financing and is integrated and secured in part with special revenue assessment bonds and contract revenue bonds to be issued by the city and a municipal management district encompassing the project.

Green specializes in public finance throughout Texas, including particularly the creation of special purpose districts to finance public infrastructure. He has been involved in the development of thousands of acres of land for residential and commercial purposes, and the issuance of over $15 billion of tax-exempt bonds for the financing of public infrastructure.

Bethke has a public finance practice focused on the creation and administration of special purpose districts throughout Texas, particularly in the Dallas/Fort Worth area. representing clients before various governmental entities, including Texas Commission on Environmental Quality, cities, counties, and various regional service providers. Click to read more at www.coatsrose.com.