Dallas investment fund plans to renovate newly purchased Irving office building

An Irving office building leased by Stream Realty Partners since 2010 has been sold to a Dallas-based real estate private equity fund.

Reserve Capital Partners, in partnership with Trinity Investors, purchased Crestview Tower at 105 Decker Court from Austin-based CapRidge Partners. The new owner has hired Dallas architectural firm Entos Design to completely reimagine the building’s entry, lobby, fitness center, tenant lounge, and outdoor patio. Reserve Capital’s construction team will oversee the multi-million-dollar renovation featuring design elements such as wood-slatted accent walls and ceilings, modern pendant lighting, and stylized directional wall graphics. Furniture, artwork, carpets, and wallpapers will boast warm, earth-tone colors. The project is expected to take approximately four months once plans are finalized. Financing for the project was provided by Southside Bank Senior Vice President for Commercial Real Estate Jonathan Ferrell.

Reserve Capital will retain Stream, a national commercial real estate firm offering an integrated platform of services, to lease the 12-story building in the booming Las Colinas submarket. Executive Vice President and Partner Tim Terrell and Managing Director Rhett Miller of Stream Dallas serve as the leasing agents.

Crestview Tower was designed to house the headquarters of firms seeking inspiring workspaces. Building amenities include a conference center, on-site property management, 24-hour security, keycard access, fiber internet, and day porters.

Tenants appreciate being within walking distance from 50,000 square feet of retail shops and local and chain restaurants. High-end residential units and hotels also are nearby. The property sits right off State Highway 114 and offers commuters easy access to SH 183 and 161 as well as interstates 35E and 635. Three major transportation hubs–Dallas Fort Worth International Airport, Dallas Love Field Airport, and Addison Airport–are 10 minutes, 15 minutes, and 23 minutes away, respectively.

Crestview Tower is currently 78% leased. The office building has several speculative suites available with high-end finishes and access to full amenities. Rentable office spaces range from 943 square feet to 8,447 square feet. 

Silver Star Properties announces new leasing activity in Dallas

Silver Star Properties REIT, Inc. has recently announced two leasing transactions in Dallas, Texas:

  1. Cook Financial Services renewed 2,004 square feet at 12655 North Central Expressway. In the transaction, Michael Bowles with Avison Young represented the tenant and Alex Houston represented the landlord, Silver Star Properties REIT, Inc. 
  2. Pediatrix renewed 3,882 square feet at 12655 North Central Expressway. In the transaction, Pediatrix represented itself and Allison Fannin and Caleb Ninemire represented the landlord, Silver Star Properties REIT, Inc. 

Extra Space purchases self-storage facility in Dallas

JLL Capital Markets has closed the sale of Greenville Self Storage, a 741-unit, climate-controlled self-storage facility in Dallas, Texas.

JLL marketed the property on behalf of the seller, Wentworth Property Company, LLC. Extra Space Storage purchased the asset.

Completed in 2019, Greenville Self Storage totals over 83,000 square feet, which includes 2,100 square feet of retail space. The four-story, Class A facility offers drive-up units, security and personalized access. CubeSmart was previously managing the property, which is currently over 90% occupied.

The property is located at 7557 Greenville Ave. next to Royal Oaks Country Club at the intersection of Walnut Hill Lane and Greenville Avenue in North Central Dallas. The site provides convenient access to Central Expressway and LBJ Freeway, two of the city’s primary thoroughfares, and is visible to more than 30,000 vehicles per day. The area surrounding the property is home to more than 173,000 residents within a three-mile radius, which provides a stable long-term demand base.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien.

Arlington-based Dodson Commercial Real Estate rebrands to ‘Street Realty’ and relocates HQ to Fort Worth

Dodson Commercial Real Estate, a 39-year-old commercial real estate development firm based in Arlington, Texas, has rebranded to ‘Street Realty’ and will soon relocate its headquarters to Fort Worth, as part of its planned brand evolution in line with the vision of its new executive team led by Ryan Dodson and Alex Bryant. The ‘new’ Street Realty offices, along with Street’s 15+ employees, will be located in a newly acquired building at 3909 Hulen Street in Fort Worth.

With a focus on quality, organic growth, and conservative underwriting, the new Street Realty is well-positioned to take advantage of Tarrant County’s tremendous growth, so its rationale for rebranding to Street Realty and relocating to Fort Worth, where it plans to further expand its forward-thinking real estate services.

Street has multiple projects currently in-the-works throughout the region, including:

According to Ryan Dodson, whose father, Jerry Dodson, originally founded the firm in 1984, the rebranding effort was driven by the company’s growth, wide variety of projects, and continued expansion of services.

The company originally started as an Arlington-based property manager and developer. Once Ryan joined the company in 2002, it expanded services and established a decades-long track record of successful residential and commercial projects, including notable redevelopment projects in Downtown Arlington such as 404 Border, Block 300, and Urban Union. In the more recent years, the company has become active throughout Fort Worth, including projects in South Main Village, Magnolia Village, The Foundry District, and Clearfork. Dodson’s projects include notable customers such as The Bearded Lady, Nickel City, Salsa Limon, Fort Worth ENT, Fort Worth Locals, Panther City Salon, and more.

Alex Bryant joined the company in 2020 and brought with him years of commercial brokerage experience, where, under the Dodson CRE umbrella, he successfully launched a third-party services team. Bryant’s development experience includes the 2022 completion of the notable Texas Wesleyan student housing project, The Rosedale, which garnered community-wide praise and filled a much-needed demand for modern on-campus student housing at the University.

After joining forces in 2020, Dodson and Bryant ramped up their focus on urban projects with the development of The 701, a 68,000-square-foot mixed-use project in Magnolia Village, w

Hartman announces new leasing transactions in North Texas

Hartman has recently announced two leasing transactions in Texas:

  1. 20/20 Communications, Inc. renewed 2,228 square feet at 1333 Corporate Drive in Irving. In the transaction, 20/20 represented themselves and Allison Fannin represented the landlord, Hartman Income REIT. 
  2. Carey Asset Management renewed 3,313 square feet at 12221 Merit Drive in Dallas. In the transaction, Carey Asset Management represented itself and Alex Houston represented the landlord, Hartman Income REIT. 

CBRE changes Dallas HQ plans with new building still on hold

Earlier this month, CBRE announced plans to relocate its Dallas HQ from 2100 McKinney Ave. to the building next door that once housed its now-obsolete flexible workspace concept, Hana, in Dallas’ Klyde Warren Park.

According to CoStar News, CBRE will move into the space at 2121 N. Pearl St. in the coming months and will occupy 67,000 square feet in the building.

It was reported that CBRE had originally planned to build a new tower in Uptown Dallas, but plans remain on hold due to the current cost of undertaking planned projects.

“We still believe it’s one of the best office sites in America,” CBRE CEO Bob Sulentic told the Dallas Morning News. “And that site is going to get built. It’s a 700,000-square-foot office building, and it doesn’t make sense right now. But we still need to have a global headquarters.”

The new building was expected to be developed by Dallas-based Trammell Crow Co., CBRE’s U.S. development arm, and the project will be reconsidered when office market conditions are right, CBRE told CoStar News.

For now, CBRE’s Dallas advisory and Trammell Crow Co. employees will continue to work out of its existing office at 2100 McKinney Ave.

CBRE confirmed their global HQ will likely be housed at 2401 McKinney Ave. in the future, as construction of a new building will take several years once a decision is made to break ground.