Category: North Texas Deals & Announcements

Cresa represents Careismatic Brands in its new 1,014,254-square-foot industrial lease in Dallas

Posted on by Mia Goulart

Cresa’s Jim Hazard, SIOR and Brad Struck, SIOR, represented California-based Careismatic Brands in its 1,014,254-square-foot, full building lease at I-20 Logistics Park located at 35550 LBJ Freeway in Dallas. This is a consolidation of multiple warehouses across the country.

The new distribution facility features 40-foot clear ceiling height, 170 dock-high doors and trailer parking for 246. Most notably, the logistics park has direct access to I-20 and is conveniently accessible to I-35E, I-45 and the second-largest FedEx Ground facility in the U.S.

Careismatic Brands is a leading designer, marketer and distributor of high-quality uniforms, footwear, and accessories to retailers distributing its products globally into more than 50 countries. Careismatic Brands manages operations through its centralized distribution center in Dallas, with a global sourcing model. 

The developer, Ares, and Archway Properties, was represented by KBC’s Nathan Lawrence and Krista Raymond. 

Silver Star Properties completes sale of 17.2 acres in Fort Worth

Posted on by Mia Goulart

Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX. Inc. announces the disposition of 17.2 acres of land located at 820 North Business Park in Fort Worth.

The 820 North Business Park property, also known as Longhorn Business Park, was initially purchased by Silver Star Properties in 2009. Following the purchase, Silver Star Properties held the land for 10 years before selling two of the nine parcels totaling 9.9 acres in 2019 to Champion Realty Advisors.

In 2020, Silver Star Properties completed plans to develop two traditional warehouse/flex buildings on the remaining seven parcels of land to meet the increasing demand for logistics in the DFW area. Primely located just off Interstate 820 and conveniently positioned two miles from the Fort Worth Meacham Airport, the property poses significant potential for return once complete.

$63 million in financing secured for multifamily development in Dallas-Fort Worth area

Posted on by Mia Goulart

Anthem Development, a Dallas-based multifamily developer and Nova Capital, a Los Angeles-based real estate capital advisory firm, successfully closed on a $63 million of joint venture equity and debt for the acquisition and development of Lofts iThirty, a planned 340-unit luxury multifamily property located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, Texas, one of the most active submarkets in the Dallas-Fort Worth metroplex. 

Nova Capital was exclusively engaged on behalf of the sponsor, Anthem Development, a Beck Ventures Company, to arrange financing for the development of the project, which is set to break ground this month with completion scheduled for 2025. The firm ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management and a debt facility with Bank OZK.

Lofts iThirty will feature five, four-story buildings with community amenities including two resort style pools, pet spa, pet park, game room, coffee bar, remote work lounge, outdoor kitchens, two 24-hour fitness centers totaling over 3,500 square feet, elevator access, and climate-controlled corridors and more. 

The community is conveniently located adjacent to Interstate 30, providing residents with convenient access to neighboring communities. Additionally, Lofts iThirty is designed to be pedestrian-friendly and is within walking distance of a variety of shopping, dining, and entertainment options, and will offer short commutes to major employers. 

EastGroup Properties begins construction on Phase II of Basswood 35

Posted on by Mia Goulart

EastGroup Properties has begun construction on the second phase of Basswood 35, a Class A industrial development in Fort Worth. Located at Basswood Boulevard and I-35 W, Phase II will consist of three buildings totaling over 351,000 square feet. The 61.45-acre, master planned development will consist of seven buildings totaling 882,000 square feet at full build out. NAI Robert Lynn Managing Principal and Fort Worth President Todd Hubbard, Principal and Executive Vice President Michael Newsome, Executive Vice President Jeff Jackson, and Transaction Manager Joe McLiney will represent EastGroup in the leasing of this project.

Phase I, two buildings totaling 237,400 square feet, was 100% pre-leased to four tenants prior to shell delivery.

Located in the North Fort Worth industrial submarket, Basswood 35 Phase II includes three new buildings measuring 89,741, 130,750 and 130,750 square feet. The buildings flexible design includes rear load and front load configurations, with multiple store front entries to accommodate users ranging from approximately 20,000 to 130,000 square feet. On the remaining land in the industrial park, EastGroup plans to construct a 96,000-square-foot rear load and 197,400-square-foot cross dock building as part of its third phase.

Method Architects will handle design, Talley Riggins will serve as general contractor, and civil engineering will be handled by Halff. Construction is scheduled to be completed by end of Q4 of 2023.

The NRP Group breaks ground on mixed-income apartment community in Dallas-Fort Worth

Posted on by Mia Goulart

The NRP Group, a vertically integrated, award-winning developer, builder and manager of multifamily housing, has officially broken ground on Ascent at Mountain Creek, a 324-unit mixed-income multifamily community located just 15 minutes outside of Downtown Dallas. Fifty percent of the units will be reserved for individuals and families earning 80% or less than the Area Median Income.

Located at 4868 S. Merrifield Road, Ascent at Mountain Creek will comprise 14 three-story, wood-frame residential buildings offering a mix of one-, two- and three-bedroom apartments. As a result of the increased resident demand for larger units to accommodate growing work-from-home preferences, den floor plans for one- and two-bedroom units will also be available. In-unit features will include quartz countertops, backlit mirrors, stainless steel appliances and walk-in closets. Community amenities will include a resort-style pool, dog park, fitness center and resident lounge that can double as workspace for remote workers. 

Located at the intersection of Highway 408 and 1-20, Ascent at Mountain Creek will offer residents easy access to bustling downtown Dallas and is in close proximity to ample retail and dining options. The community is also surrounded by rolling hills, lush forests, and hiking trails, a rarity in the Dallas-Fort Worth market, with Mountain Creek Lake less than 10 miles away. Residents will also be a 10-minute drive from a variety of healthcare, grocery, retail, and recreational offerings, including Methodist Charlton Medical Center, Target, Home Depot, Epic Waters Waterpark, Grand Oaks Golf Club, and more.

Within Ascent at Mountain Creek’s immediate vicinity is a host of employment opportunities for working professionals. Mountain Creek Business Park, a 450-acre industrial park, is home to a wide range of reputable companies, including Nestle, Ulta Beauty, and Chewy, among others. The community is also a short distance away from Dallas Baptist University, complete with 4,480 enrolled students and 132 full-time employees. 

Early lease-up of the community is expected to occur in October 2023, with a completion date slated for September 2024.

Versal announces sale of Mack Road Shops & Storage in Amarillo

Posted on by Mia Goulart

Versal announces the sale of Mack Road Shops & Storage in Amarillo, Texas. The property has 72 units and 12 parking spots, totaling 36,000 NRSF.

Bill Bellomy, Michael Johnson, Logan Foster, and Hugh Horne or Versal represented Second Generation Properties LLC, the The team also procured the Valle de Oro, Texas based buyers, Kent and Ramy Jisha.

Versal is an Austin and Los Angeles based commercial real estate firm with a team exclusively focused on the self-storage industry.