Suburban Dallas/Fort Worth Multifamily Asset Sold

FOR IMMEDIATE RELEASE
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Gina Relva, Public Relations Director925-953-1716

Suburban Dallas/Fort Worth Multifamily Asset Sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Julian at South Pointe, a newly constructed, 225-unit multifamily asset in Mansfield, Texas. The property was built on 9.74 acres in 2019.

“The Julian at South Pointe is located in a high-growth submarket near great schools, five-star dining experiences, high-end shopping options, and a wide variety of beautiful ponds, trails, and parks,” said Drew Kile, IPA senior managing director. IPA’s Kile, Will Balthrope, executive managing director, and Joey Tumminello, director, represented the seller, Carleton Companies and M.R. Development Corp., and procured the buyer, Short Real Estate.

“The limited supply of new units coming to Mansfield over the next 12 months puts the new owner in an advantageous position,” added Tumminello.

The Howard Hughes Corporation® selects JLL to market Monarch City

Transformational development site approved for multi-housing, office, retail or hospitality use

JLL Capital Markets announced today that it has been named by The Howard Hughes Corporation® to market for sale Monarch City, a 230-acre transformational development site in the Dallas Fort Worth-area community of Allen, Texas.

Monarch City comprises 230 contiguous acres bounded by the Central Expressway (U.S. Route 75) and the Sam Rayburn Tollway (State Highway 121) in a Planned Development District (PD-139). PD-139 allows for a flexible form-based mix of development types and the site has been master planned for up to approximately 10 million square feet of multi-family housing, office, retail and hospitality use. The multi-family housing component has been approved for up to 4,000 units with no maximum density requirements while the office space will have customizable options from large campus layouts to smaller build-to-suit and speculative opportunities to accommodate the full range of tenants, again without any maximum density restrictions. Monarch City will be anchored by a central park and network of pocket parks throughout, including water features, a trail system, and amenities for activities and events.

Allen, Texas, has emerged as one of the fastest-growing cities in the DFW Metroplex, growing more than 27.1% since 2010. The affluent community features one of the top-rated school districts in the State of Texas, award-winning 62-mile parks and trail system, and is known as a top employment node for telecommunications companies. The amenity-rich area offers residents and tenants convenient access to nearby Watters Creek, Allen Premium Outlets, Fairview Town Center, The Village at Allen and Texas Health Presbyterian Hospital, among others.

The JLL Capital Markets team representing the seller is led by Managing Director Michael Swaldi and Director Jonathan Carrier. Read more at www.us.jll.com.

SHB Development Concludes Construction on Premium Office Space in Far North Dallas

Stream to lease 17230 N. Dallas Parkway on behalf of SHB Development

DALLAS (February 25, 2020)SHB Development, a commercial real estate development, sales, and leasing company, and Stream Realty Partners (Stream), a full-service national real estate investment, development, and services company, are pleased to announce construction on 17230 N. Dallas Parkway will come to completion in April of 2020.

“With construction underway, our team is confident Stream will be an invaluable partner in the success of this project,” said Lino Andreani, partner of SHB Development. “Their expertise and vision will help bring this project to fruition, and ensure the building is delivered to the ideal tenant.”

The two-story, Class A office building, will contain 48,000 square feet of office space with a best-in-class amenity base. The building offers smaller organizations the opportunity to occupy the entire space, encouraging team collaboration and a sense of community. With 14-foot slab-to-slab heights, highly efficient rectangular floor plates, and generous window lines that provide natural light, 17230 N. Dallas Parkway delivers a modern and efficient office experience in one of DFW’s newest office buildings.

Located in the lower tollway submarket, this property is on the east side of the Dallas North Tollway just west of Bent Tree Country Club. The property’s location provides tenants the opportunity for premium signage with incredible tollway visibility. In addition to its close proximity to Love Field, DFW and Addison airports, the property allows for quick access to numerous restaurants and retail options. The area features additional neighborhood amenities such as Village on the Parkway, Restaurant Row, Prestonwood Town Center, Galleria Dallas, Addison Circle, and Vitruvian Park.

“Far North Dallas has a high demand for premium office space, and this building offers a highly sought-after, contemporary space for companies to flourish,” said Rhett Miller, vice president of Stream’s Dallas office division. “Optimally positioned to provide access to the most active areas of DFW, the property is sure to attract a variety of tenants.”

Rhett Miller and J.J. Leonard of Stream’s Dallas team will lease the property on behalf of SHB Development.

About Stream Realty Partners

Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 850 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego, and Washington, D.C. Stream completes more than $2.9 billion in real estate transactions annually and is an active investor and developer across the nation.

Visitwww.streamrealty.com.

Fort Worth under consideration for electric vehicle assembly facility

Fort Worth is among the sites under consideration for an assembly facility and engineering technical center for a major manufacturer of electric vehicles. Vancouver-based ElectraMeccanica has identified seven states as finalists and sent an initial request for proposals to the chief economic development entities in Phoenix, Denver, Orlando or Central Florida, Raleigh-Durham, North Carolina, Spartanburg, South Carolina, and Nashville, as well as Fort Worth. The leading location and backup sites are expected to be announced in the third quarter of 2020. ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles, has engaged BDO USA’s Site Selection & Business Incentives Practice, to lead the company’s search for an assembly facility and engineering technical center in the United States, the company announced Feb. 17. ElectraMeccanica says they intend to begin commercial production and delivery of its single-seat, three-wheeled SOLO EV during 2020 with its contract manufacturing partner and strategic investor, Zongshen Industrial Group, in Chongqing, China. In conjunction with the proposed new ElectraMeccanica U.S. facility, Zongshen will continue to manufacture SOLO EVs for the global market, while also supplying knock-down kits for assembly in the United States. Click to read more at www.fortworthbusiness.com.

Avison Young Dallas 2020 Expectations

Dallas fundamentals remain solid. While no longer performing at the breakneck pace of 2016 and 2017, the market as a whole is still witnessing near-record levels in regards to construction, absorption and sales. Underlying threats that will need to be addressed include flight-to-quality patterns that are putting large supplies of 1970s and 1980s product at risk of being obsolete if not renovated, along with notable cost-of-living increases
that threaten to make corporate relocations less appealing. In the near term, however, Dallas is likely to remain one of the strongest performing metros in the U.S. Click to read more at www.rednews.com.

Topgolf confirms details of ‘family fun’ complex planned on I-35

Dallas-based Topgolf will place a new venue in Waco that features a one-story complex filled with climate-controlled hitting bays, its signature ball-tracing games, food service, and yard games to create a “backyard” feel, Topgolf officials announced Wednesday. Waco’s Topgolf should open by fall this year near New Road and Interstate 35, between the Harley Davidson dealership and Central Texas Marketplace. Plano-based Cinemark has announced it will place there a 14-screen theater as part of NewQuest Properties’ Cottonwood Creek Market development. Topgolf has become a popular attraction in larger metropolitan areas, offering high-tech driving ranges, seat-side food and drink service, big-screen TVs and electronic scoring spread over the towering, three-story venues. It has almost 60 locations across the United States and abroad, attracting 20 million guests annually, according to Wednesday’s press release announcing the company’s plans in Waco. Click to read more at www.wacotrib.com.