Darwin Realty/CORFAC International Brokers Industrial Lease in Dallas Area

Darwin Realty/CORFAC International Associate Mandy Lewandowski represented third party logistics provider Betters Trucks Last Mile, LLC in its lease of a 30,826 square foot space in Norcross, GA, and a 40,000 square foot lease in Arlington, TX. The growing trucking company is based in Chicago and expanding across the country. For both transactions, she worked in conjunction with CORFAC International network brokers in out-of-state offices.

“As its name indicates, this company is looking to be the best in last-mile delivery services in many cities throughout the country,” Lewandowski says. “We were able to find ideal spaces for them in two of the fastest-growing industrial markets in the southeast.”

In Arlington, Lewandowski worked with Bradford Commercial Real Estate/CORFAC International’s Joe Santaularia to find a new space for Better Trucks, which leased a 40,000 square foot space at 3701 E. Randol Mill Road, Suite 200. Located in Dallas’s Great Southwest industrial submarket, it has easy access to I-30, SH-360 and TX-161. The building has 3,186 square feet of office space, 28-foot clear height ceilings, and a 200-foot shared truck court. Cushman & Wakefield’s David Eseke and Clay Balch represented the building owner, Prologis.

In Norcross, the tenant sublet 30,826 square feet at 6510 Jimmy Carter Boulevard, Suite D. Better Trucks is subleasing from Northeaster Swimming Pool Distributors, Inc. The building is southeast of Alpharetta and has 3,320 square feet of office, fenced outdoor storage, seven dock doors, one drive-in door, and motion sensor T-5 lighting. The sublessor was represented by King Industrial Realty, Inc./CORFAC International’s Anthony Cicio and Wilson Covington.

First Look: Victory Park’s Newest Luxury Multifamily Garners Sky-High Rents

Creatively fitting a towering multifamily in a neighborhood like Victory Park required deep thought by international developer Hines and their team of architects and designers. The infill development of a former parking lot on the northeast corner of Nowitzki Way and Victory Park Lane, The Victor is now the tallest building in Dallas’ Uptown—and it’s garnering some of the highest rents in the area at about $370 a square foot.

Typically, such a building would be long and rectangular, much like the high-rises you see in downtown Dallas. But such a design would crowd the neighborhood’s urban fabric, Munoz + Albin Principal Jorge Munoz tells me as we walk along Nowitzki Way to tour the site.

Comprised of 344 luxury residences and adjacent to the American Airlines Center, the 40-story tower blends beautifully into the neighborhood. To do so, designers broke the masing of the tower into two distinct shapes to accentuate its verticality: a thin floating glass volume on the east and a masonry volume on the west. Click to read more at www.dmagazine.com.

Suburban Commercial Real Estate Boom Continues Full Steam Ahead as Dallas Office Market Struggles

In June, a group of public and private stakeholders approved a new framework plan to build a $130 million performing arts center at the Hall Park development in Frisco. The new venue would not only bring a large, world-class concert hall to the fast-growing Texas city, but it’s reflective of the investment and interest in Frisco and would become yet another major cultural amenity in a city increasingly known for its recreational and amusement offerings.

The plan for the performing arts center is just a drop in the bucket when compared to the investment in Frisco over the last decade. For instance, The Fields mega-development, which will deliver an expansive office park, thousands of new residences, hotels and more on a 2,500-acre site is anticipated to cost upwards of $10 billion. And the development already has a major tenant lined up as the future home of the PGA of America.

What’s happening in Frisco is something that other municipalities could only dream of — the city’s population has bloomed from 110,000 in 2010 to roughly 210,000 today. Frisco is frequently cited as the fastest growing city in the country and it’s also home to the 91-acre Dallas Cowboys’ headquarters dubbed The Star, the NCAA Division I football stadium Toyota Stadium, Comerica Center arena, Dr. Pepper Ballpark, the National Soccer Hall of Fame, the National Videogame Museum, and more. Click to read more at www.rednews.com.

Adolfson & Peterson Construction Breaks Ground on $40 Million Recreation Center

Adolfson & Peterson Construction (AP), a national construction management firm and general contractor, and the city of Allen broke ground on the Stephen G. Terrell Recreation Center – a two-story, 150,000-square-foot facility located at 1680 West Exchange Parkway in Allen, Texas.

Allen Mayor Ken Fulk, former Mayor Stephen G. Terrell, City Manager Eric Ellwanger, the Allen City Council and Board, officials with various city departments, and representatives from AP and Barker Rinker Seacat Architecture (BRS) participated in the ceremonial groundbreaking at the site of the new building.

“We have a long, established history of working with local Texas governments to build municipal recreation projects that meet community needs and stay within budget,” said Will Pender, Regional President for AP. “We collaborated closely with the City of Allen throughout the preconstruction and estimating process to make the most out of taxpayer dollars while also ensuring the project is built in a safe, timely manner. We’re very excited to see this project come to fruition.”

On June 8, Allen City Council approved $40.4 million to begin construction, culminating five years of collaboration between the city and its residents. AP and BRS recently joined efforts for design and construction purposes. Project planning began in May 2016 when Allen voters approved $27 million in bond funding for Parks and Recreation capital projects, including $16 million proposed for a future park and recreation center.

“From beautiful parks and trails to top-notch facilities, amenities like this are what set Allen apart and make it one of the best places to live in the nation,” said former Allen Mayor Stephen Terrell. “I’m grateful to have represented this fine city for nearly three decades, and I am deeply honored to see that legacy live on through this project.”

Slated to open in early 2023, the recreation center’s amenities were strategically selected by Allen residents through public meetings, workshops and online surveys. Amenities include two gymnasiums with three recreation courts and up to eight competitive play courts, an indoor walk/jog track with both flat and inclined stair options, weights and cardio areas for independent fitness, and group fitness areas for aerobics, dance and spin classes.

Various indoor play spaces, an outdoor fitness deck, a community space with classrooms and collaborative areas, a children’s watch area and a catering kitchen will allow additional spaces for the community to engage in a wide range of fitness and recreational activities. The facility will also include parking areas and driveways to accommodate Allen residents and their guests.

BRS was selected as the architect of record to work with the community in the fall of 2018. The Denver-based firm has a local office in nearby Grapevine and was chosen due to its extensive expertise and deep understanding of innovations in multi-generational recreation and community center design. BRS has completed dozens of recreation and community centers in Texas and hundreds across the country, each unique to its place and environment. BRS leveraged this experience by leading the initial public meetings to select the project amenities and developed the building’s concept while working in collaboration with the city’s steering committee and leadership team, culminating in a full architectural design focused on the community’s character that is “Authentically Allen.”

AP has provided construction management services to several municipalities and governmental entities throughout Texas. Current and past projects include the city of Dallas’ North Dallas Government Center, the Marq for the city of Southlake, the Town of Little Elm for the city of Little Elm, Rockwall County Jail for the city of Rockwall, the Garland Audubon Recreation Center for the city of Garland, and the Potter County District Courts Building in Amarillo. Nationally, AP has completed more than 2.2 million square feet of construction work for municipalities and governmental entities since 2016.

Partnership Acquires 50% Stake in Dallas-Based Developer KDC with Eye Toward Acquisitions

Toronto-based Cadillac Fairview in partnership with Dallas-based Compatriot Capital has acquired a 50% interest in Dallas-based developer.

KDC will continue developing corporate office facilities across the U.S., while also focusing on the development and acquisition of high-quality, mixed-use projects. Coinciding with the partnership, Cadillac Fairview, Compatriot Capital and KDC have closed on their initial $800 million U.S. commercial office and mixed-use fund. The fund marks new ground for KDC and will serve as a long-term investment vehicle for the partners, bolstering their combined portfolio of Class A office and mixed-use properties.

“For more than 30 years, the KDC team has been focused on developing commercial office buildings and custom corporate homes for some truly great companies in the U.S.,” said KDC CEO Steve Van Amburgh. “As we look to the future, now is the best time to take the next step and elevate our growth model with two dynamic partners: Cadillac Fairview and Compatriot Capital.”

Compatriot Capital is a wholly-owned subsidiary of Sammons Enterprises, Inc. Cadillac Fairview is the global real estate arm of the Ontario Teachers’ Pension Plan, which has over $200 billion of assets. Click to read more at www.fortworthbusiness.com.

Institutional Property Advisors Finalizes Multifamily Sale in Suburban Dallas

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village of Rowlett, a 249-unit, transit-oriented, mixed-use residential and retail development in Rowlett, Texas.

“Rowlett is the eighth-fastest growing city in the country, and Village of Rowlett is one of the city’s just five Class A multifamily assets,” said Drew Kile, IPA senior managing director. Kile and IPA’s Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond represented the seller, Catalyst Urban Development, and procured the buyer, Buchanan Street Partners. “Built in 2018, the property has been resilient through years of high supply and as deliveries leveled off, the location has proven to be the best in the submarket,” added Tumminello. “The market placed a premium on that aspect of the opportunity and the advantages it can provide long term.”

Located on President George Bush Turnpike in Rowlett’s downtown district, Village of Rowlett is within walking distance of a Dallas Area Rapid Transit station and 20 minutes from Downtown Dallas. Major employers in the Dallas-Fort Worth area include JPMorgan Chase, Uber Technologies, Allstate Insurance, Keurig Dr. Pepper and Reata Pharmaceuticals. The property has 16,588 square feet of retail, 13 live-work units, and 27 townhomes. Select units have 20-foot vaulted ceilings, covered patios and enclosed yards. Outdoor amenities include a swimming pool with sun deck, a pet park, and an urban community garden.

“IPA covers every submarket in the Metroplex and all markets in Texas with one multifamily team and this was an important factor in the completion of this closing,” added Balthrope.