DALLAS, Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two multifamily properties totaling 710 units in suburban North Dallas. The properties are Jefferson Eastshore, a 286-unit asset in Irving, and Jefferson Boardwalk, a 424-unit property in Farmers Branch. “Multifamily housing demand is outpacing new supply in Irving-Las Colinas,” said Drew Kile, senior managing director, IPA. “Average occupancy has exceeded all other Metroplex submarkets that have experienced an influx of new supply.” Kile and IPA’s Will Balthrope, Joey Tumminello, and Grant Raymond represented the seller, JPI, and identified the buyer, an affiliate of Lone Star Funds. “As of this time last year, average occupancy in Las Colinas/Coppell was 95.3 percent, and the area continues to be one of the most stable in the Metroplex,” added Tumminello. Located on Lake Carolyn in Irving, Jefferson Eastshore is close to Northwest Highway and Riverside Drive. Access to Interstate 35 and the newly expanded Texas State Highway 114 is nearby and the Las Colinas Entertainment District, Toyota Music Factory, Irving Convention Center and Urban Center Dallas Area Rapid Transit station are within walking distance. Irving is home to over 2,000 corporations and the corporate headquarters of 400 companies. There are seven Fortune 500 firms in Irving-Las Colinas, including ExxonMobil, Kimberly-Clark, and the Fluor Corp. Built in 2019 on over three acres, Jefferson Eastshore’s average unit size is just over 900 square feet and 80 units have lakefront views. Jefferson Boardwalk is a garden-style multifamily asset built in 2018 on 15.1 acres close to Irving-Las Colinas in Farmers Branch, which is home to over 4,000 corporations and more than 250 corporate headquarters. Dallas-Fort Worth International Airport and Dallas Love Field are within a short drive of the property and Cypress Waters, a 1,000-acre master-planned community with offices, retail and apartments is five minutes away. “Farmers Branch has grown substantially in the past few years, and apartment occupancy has averaged 95.2 percent in the trailing four quarters,” added Raymond. “Low-density new construction assets like Jefferson Boardwalk with surface parking are rare and hard to replicate in this submarket.” “IPA’s ability to cover every major Texas metro allows us to identify investment opportunities throughout the state and match private and institutional buyers with assets that meet their investment criteria,” noted Balthrope.

HDA Architects recently completed a 205,000-square-foot corporate headquarters and beverage distribution center for Fisher59 in Denton, Texas. “This new building was a labor of love and HDA’s team was tremendous to work with,” said Jody Fisher, shared services manager with Fisher59. The exterior design utilizes warm paint colors, stone and metal to give the building an inviting, modern look. The 21,000-square-foot, two-story office space has an industrial feel with concrete floors, exposed structure, a combination of reclaimed wood planks and walnut wood panels at the bar and reception desk and digital printed beer-themed accent walls. The sales area features an open office feel including several small collaborative meetings rooms and office with glass facades to feel connected with the open office and allow natural light to fill the space.

Amazon, currently the largest occupier of industrial space in North Texas, will add to that footprint when they move into 1-million-square-foot fulfillment center in the DFW metro. Seefried Industrial Properties will construct the new, $80 million facility. Located in the Forney Gateway development in Forney, Texas, the property will have convenient access to US 80. It also promises to create as many as 500 positions for new associates working to pick, pack and ship bulky or larger-sized customer items such as patio furniture, outdoor equipment or rugs. “We’re excited to be expanding our network of operations in Forney,” said Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are grateful for the strong support we’ve received from local and state leaders as we broaden our footprint around the Dallas-Fort Worth metroplex. We look forward to creating over 500 jobs for the local Forney community.” Amazon is also planning a new 200,000 square-foot delivery station in Forney, which is anticipated to launch later this year. Delivery stations power the last mile of Amazon’s order fulfillment process. Packages are transported to delivery stations from Amazon fulfillment and sortation centers, and then loaded into vehicles for delivery to customers. The delivery station will create over 100 full- and part-time jobs. “Bringing a transcendent company such as Amazon to Forney is a huge step for our community,” said Mary Penn, Mayor of Forney. “One of my biggest priorities has been to create more jobs and bring economic opportunity to our citizens. Now more than ever, this is a crucial time for economic growth and I feel confident Amazon will bring that to the city of Forney. I’m grateful to Amazon, city council and staff for making this possible.”

JLL arranged equity and construction financing and will lead leasing efforts for Intermodal Commerce Park, a to-be-built, Class A+ industrial project comprising three buildings totaling 1.4 million square feet in the Dallas-Fort Worth area community of Haslet, Texas. JLL worked on behalf of Gruene Real Estate Partners and Weber & Co. to arrange the joint venture equity partnership with a private real estate fund advised by Crow Holdings Capital and placed the five-year construction loan with First United Bank on behalf of the developer. Additionally, JLL was selected to lead the marketing and leasing effort for the master-planned development. Construction is set to be completed in July 2021. Intermodal Commerce Park will be constructed on a land site located at the southern end of Intermodal Drive, which connects the 82-acre site to the nearby BNSF intermodal facility in Alliance, the nation’s largest inland port. The development site is approximately one mile east of Interstate 35W and at the southern end of the Alliance Airport, an auxiliary cargo-handling, destination-relieving DFW Airport. The location allows easy access to the Texas Triangle, the area between DFW, Houston and San Antonio, allowing tenants to reach more than 25 million people in a matter of hours. Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature between 32- and 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking. “With its formation, the Weber-Gruene Joint Venture will operate as one cohesive unit,” said Ken Kristofek, owner and president, Gruene Interests, LLC. “We will function seamlessly, bringing together a diverse set of capabilities to the development process and enhance an already rich history of service and quality in Dallas-Fort Worth.” The JLL capital markets team representing the developer was led by Dustin Volz, John Rose, Stephen Bailey and Wells Waller. The JLL leasing team includes managing director George Curry, executive vice president Jamie Galati and vice president Blake Rogers. The need for warehouse space across the country has increased due to the COVID-19 pandemic and resulting shelter-in-place orders, accelerating e-commerce growth. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate an additional one billion square feet.

A once-dated office building at the northeast corner of the Dallas North Tollway and Belt Line Road has recently completed $4 million in renovations and a new name. Triten Real Estate Partners has rebranded the six-story, 90,000 square foot office building at 15110 North Dallas Parkway as The Commons. Formerly known as Tollway Place, The Commons has been completely repositioned and transformed into a Class A, boutique jewel box and boasts amenities that enrich the daily professional experience by featuring updates to all common areas, tech-forward office space, beautifully designed communal lounges and workspaces and state-of-the-art conferencing space. “Rebranding this building The Commons represents the Triten approach to redevelopment,” said Ty Lee, partner at Triten Real Estate Dallas. We saw an opportunity to create a relevant and modern work community with well-located real estate.” In addition to the new name and interior upgrades, The Commons is now home to a new location for upscale taqueria chain, Velvet Taco. Addison’s first Velvet Taco, found directly outside of The Commons front entrance, features a beautiful outdoor greenspace that not only enhances the site’s curb appeal, but also provides employees at The Commons a fun and delicious lunch alternative with outdoor seating and benches. The addition of Velvet Taco, in arguably the most desirable intersection within the Lower Tollway submarket, aids in creating a more walkable environment for area employees with its proximity to Village on the Parkway. Represented by CBRE senior vice presidents, Ben Davis and Shannon Brown, The Commons currently offers spec suites ranging between 2,000 and 4,000 square feet. The largest block of contiguous available space is 13,000 square feet. “The Commons boasts a unique offering for this part of town. The combination of excellent walkability, boutique floor plates and newly delivered amenities make this a desirable office for a company focused on employee retention or recruitment,” said Davis. “Addison has a great selection of restaurants and amenities. The added benefit at The Commons is you can walk to them.” Future additions to The Commons include a 100-foot-tall mural by internationally known mural artist, J.M. Rizzi, well-known for his energetic compositions of simple forms, line and ecstatic color. The mural will span the entire length of the central portion of the building and will add a unique and artistic landmark element that will heighten the newly established presence of The Commons.