Draper and Kramer, Incorporated has added to its national portfolio of multifamily properties with the purchase of Adriatica Senior Living, a 121-unit, amenity-rich rental community for active seniors in McKinney, Texas, a suburb located 30 miles north of Dallas. Terms of the transaction were not disclosed. Located at 375 Adriatica Parkway, Adriatica Senior Living offers large one- and two-bedroom units with luxury finishes. The community is part of Adriatica Village, a mixed-use development modeled after a Croatian fishing village with Mediterranean-style buildings, quaint cobblestone streets and a mix of boutiques, restaurants and entertainment within walking distance of residences. Draper and Kramer also owns and manages a neighboring multifamily property within Adriatica Village, St. Paul’s Square, which it acquired in 2019. “With our current presence not only in the Dallas market but also in Adriatica Village itself, this acquisition was a natural addition to our portfolio and aligns with our strategic focus on high-quality assets in growth markets,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. Built in 2017, Adriatica Senior Living offers units ranging from 806 to 1,370 square feet. Apartments feature open plans with nine-foot ceilings, plank-style flooring in living rooms, plush designer carpet in bedrooms, built-in bookshelves, crown molding and private patios or balconies. Gourmet kitchens have granite countertops and stainless-steel appliances. Select units also have deep soaking Roman tubs with a separate shower, kitchen pantries, linen closets and double sinks. All residences offer a connection for a full-size, in-unit washer/dryer. Common area amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and game room. In addition, there is a private covered garage for all residents. As part of the acquisition, Draper and Kramer will assume management of Adriatica Senior Living. One of the largest property management firms in Chicago, Draper and Kramer has a residential management portfolio of more than 8,000 rental units across Chicago, Dallas, St. Louis and San Antonio. The Dallas-Fort Worth-Arlington metropolitan area grew by 1.2 million people between 2010 and 2019, more than any other U.S. metro area, according to the U.S. Census Bureau. “With baby boomers retiring by the millions each year, luxury senior rental housing remains a smart investment,” Puzon said. “Adriatica Senior Living is a Class A property, offering beautiful finishes and rich amenities as well as a walkable lifestyle not always easy to find in the suburbs. We think its attractiveness, plus the synergies we will realize in owning and managing both it and St. Paul’s Square, will make this a very solid investment.” Adriatica Senior Living is Draper and Kramer’s fifth acquisition in Texas, where in addition to St. Paul’s Square, the company also owns and manages Crest at Las Colinas Station, a 374-unit luxury rental community in Irving, a northwest suburb of Dallas, as well as two luxury multifamily properties in the popular Stone Oak area of San Antonio: The View at Encino Commons, a 324-unit rental community, and Sonterra Blue, a 342-unit apartment property.

JLL’s capital markets team has closed the sale of an 83,140-square-foot, multi-tenant, value-add light industrial building at 1501 N. Plano Road in the northern Dallas suburb of Richardson, Texas. JLL worked on behalf of the seller, Prattco Creekway Industrial. Berkeley Partners purchased the asset for an undisclosed sum. The one-story building was completed in 1984 and features four loading docks, two drive-in doors, nearly 40 percent office finish and ample parking. The property is home to a mix of nationally and locally based companies with an average remaining lease term of slightly less than four years. Located in Richardson, the property is within the epicenter of the Richardson Industrial submarket, Dallas’ largest and most active suburban submarket. Properties in this submarket benefit from a strong user demand for light industrial space and minimal vacancy. The building is at the intersection of Plano Road and E. Collins Boulevard with frontage and direct access to major Dallas arterials, including State Highway 75, President George Bush Turnpike and Interstate 635. The JLL capital markets investment advisory team representing the seller was led senior director Stephen Bailey, director Zane Marcell and analysts Zach Riebe and Erin Lazarus.

M2G Ventures, a North Texas-based real estate investment and development company, has inked deals with a corporate relocation, a boutique bowling concept, and one of the largest female-owned personal injury law firms in the country at PROOF, 901 W. Vickery Boulevard in Fort Worth. Built in 1926, Proof’s first life began when Adkins-Polk Whole Grocers built it to serve the growing population of Fort Worth. As the city transformed through the years, so did the purpose of the building. In 2010, the building was sold to Firestone & Robertson Distilling, signaling the true second life to the space. Within its walls, the famed TX Whiskey was imbibed by the masses, and Proof was further endeared to Fort Worth. Cut to today, the project has been redeveloped to house corporate headquarters, entertainment users, and flagship locations. The new leases bring the 40,665-square-foot mixed-use project to 72 percent released. Signed tenants include Bowlounge, a retro-style bowling alley, occupying 15,000 square feet; Witherite Law Group, personal injury firm, occupying 7,000 square feet and recently announced Trinity Real Estate Investment Services, who will occupy 6,500 square feet. M2G Ventures anticipates the remainder of the 12,000+ square feet of available space to fill up quickly as the new year approaches. “We’re thrilled to end this year with a big accomplishment through the renovation of PROOF,” said Jessica Miller Essl, co-president of M2G Ventures. “Our goal was to showcase the building’s 94 years of milestones while repurposing the design to create a modern-day mixed-use location. We’ve been able to exceed our expectations for this legacy asset and that’s a tall order.” Throughout the renovation, M2G has made intentional and curated decisions to revive the deep history of the building by using modern touches to highlight key architectural details of its unique time capsule. The interior is a beautiful combination of earth tones and textures of brick, wood, stone and metal with lofty ceilings and wide-open windows. The exterior showcases prominent modern-day Brooklyn and mid-century Chicago styles of massive bricks, large original fire doors and expansive open-air patio space. Repurposed artifacts also serve as art and fixtures both in and outside to balance the history and modernity inviting visitors to once again use this one-of-a-kind space.

STREAM Capital Partners arranged the sale of a property under a long-term lease to Gamma Aerospace, a key supply chain partner to many leading original equipment manufacturers. The 126,189-square-foot building is located in Mansfield, Texas, a suburb in the Dallas-Ft. Worth metro. The property sold to a private group at a record high price per square foot for the submarket. Jeff Lizzo and Daniel Macks of STREAM Capital Partners represented the seller and buyer in the transaction. “The industrial market in Texas is extremely strong, particularly in the Dallas-Ft. Worth market, where more and more companies are looking to locate,” Macks said. “This is a long-term positive for the market and for Dallas-Ft. Worth in general.” “This was an attractive deal for the buyer because they get a long-term absolute triple net lease with a quality credit tenant,” said Lizzo. “Likewise, the seller was able to monetize this asset at an attractive valuation to pursue other investment opportunities. It was a great deal for buyer and seller.”

Looking to expand its hub in the Southwest Region, Florida-based Structured Cable Products Inc. has leased 53,496 square feet at Turnpike Distribution Center in Dallas to end a six-month search for significantly more space in the Interstate 30 corridor. The company is in the process of moving into Turnpike 11, located at 3665 La Reunion Parkway, Dallas, where it’s leased more than 44 percent of the project. Structured Cable is picking up nearly 22,000 square feet of extra operating space with its relocation from Arlington. Brock Wilson, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services, and Joe Santaularia, first vice president, represented Structured Cable Products in the site search and long-term lease negotiations. John Gorman of Holt Lunsford Commercial represented the landlord, Dallas Industrial TT LLC. The 1980s-era structure, totaling 120,466 square feet, was renovated in 2019. “We looked all over. This distribution center fit perfectly with our client’s requirements,” Wilson said. “The landlord was extremely easy to work with and gave concessions to further incentivize the deal.” The site search had focused on industrial buildings with clear heights ranging from 24 feet to 32 feet, an end cap position and ample dock doors. “This project hit all three of Structured Cable’s requirements,” Wilson said, citing the ability to stack pallets four high. Structured Cable is a leading global manufacturer and supplier of low-voltage cables and accessories for the commercial and residential markets. It also has manufacturing and distribution facilities in Florida, California and The Netherlands, which services the EMEA region.