Piedmont Office Realty Trust, Inc. has secured a lease renewal through 2028 with a national pharmaceutical retailer for approximately 164,000 square feet at 750 W. John Carpenter Freeway in Irving, Texas. This renewal addresses Piedmont’s largest 2022 expiration with positive economic metrics and currently leaves only 5% in scheduled expirations in the company’s portfolio for the remainder of 2022.

750 W. John Carpenter Freeway is located in the heart of Irving with direct visibility from State Highway 114. Piedmont is commencing renovations at the project including a lobby redesign, a tenant amenity lounge, enhanced food service offerings and expanded outdoor collaboration space. The property also provides tenants with a 100-person conference center and an on-site fitness facility in addition to a tenant shuttle for direct access to the Toyota Music Factory and other nearby food and retail amenities.

Dilweg, a leading real estate investment firm with 5.5 million square feet of assets under management in the Southeast, announces its first acquisition in Texas, increasing its reach across the Sunbelt. Dilweg has acquired 11 buildings commonly known as Royal Tech Business Park in Irving, Texas, which it plans to rename Royal Tech Commons as part of an overall creative repositioning strategy. Centrally located in Irving, TX, between Dallas and Fort Worth, Royal Tech Commons consists of 11 single-story buildings totaling approximately 622,000 square feet, which feature office, lab and warehouse space, plus a 9.2 acre vacant land parcel adjacent to I-635.

Royal Tech Commons sits within Irving’s prestigious Las Colinas community. The property has surface parking and customizable suites ranging from 1,000–75,000 square feet. In addition, Royal Tech Commons has direct access to Dart’s bus route service. Current notable tenants include Wells Fargo Bank, TekSystems Global Services, Coinmach Service Corp and Whataburger Restaurant Corp.

As part of the repositioning planned for the property, Dilweg plans to implement numerous capital improvements as part of a strategic rebranding campaign that will include new outdoor amenity spaces, modern building signage, contemporary wayfinding throughout, new landscaping, roof replacements, HVAC improvements and parking lot upgrades.

JLL’s Chris Wright and Russ Johnson represent Dilweg for future leasing efforts. CBRE’s Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Dewey and Russell Ingrum represented the seller.

Berkadia announces it has arranged the financing of a three-property portfolio totaling 840 units in Dallas, Texas: Mustang Villas Apartments, Prestonwood Apartment Homes and Bella Vista. Managing Director Brad Williamson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Director Matt Robbins, assisted by Senior Analyst Abigail Beauchamp of Berkadia Boca Raton, secured the financing on behalf of Eagle Property Capital, a private equity real estate firm based in Miami, Florida.

For the 246-unit Mustang Villas and 194-unit Prestonwood, Wells Fargo provided a four-year loan, with a one-year extension option, with a 70 percent loan-to-value ratio. Fannie Mae provided the 10-year, fixed-rate loan with eight years of interest-only and a 65 percent of loan-to-value ratio for Bella Vista, which has 400 units.

Built in 1974 and located in the Grapevine submarket, Mustang Villas Apartments consists of 246 units offering one-, two- and three-bedroom apartments ranging from 530 square feet to 1,310 square feet. Amenities include a business center, community room, barbeque and picnic area, playground and sports court. The apartment homes are conveniently located just five minutes away from Dallas-Fort Worth International Airport, and near other prominent employment, educational, and retail destinations, including Grapevine Mills Mall and Historic Downtown Grapevine, to name a few.

Built in 1979 and located in the Richardson submarket, Prestonwood Apartment Homes consists of 194 units offering one- and two-bedroom apartments ranging between 788 square feet and 1,222 square feet. This Class-B value-add multifamily complex has a wide range of amenities, including a swimming pool, sauna, storage space, laundry, business center, barbeque and picnic area, fitness center and playground. Situated northwest of Dallas, Prestonwood Apartment Homes is located few minutes away from Medical City Dallas Hospital and Texas Health Presbyterian Hospital, and just 24 minutes from downtown Dallas which offers access to top employers including Fossil Co., State Farm, Blue Cross & Blue Shield of Texas and more.

Bella Vista, another Class-B value-add multifamily apartment complex, built just a few years later in 1981, is located in the Carrollton submarket of Dallas. It consists of 400 units offering one- and two-bedroom apartments ranging from 600 square feet to 1,189 square feet. Much like Prestonwood, amenities include a swimming pool, sports court, storage space, laundry, barbeque and picnic area and fitness center. Bella Vista has an unparalleled location within the Dallas North Platinum Corridor, one of DFW’s most dynamic employment nodes, offering access to top tech employers in the area and DFW Airport and Downtown in less than 25 minutes.

All three properties are located in the suburbs north of Dallas, providing easy access to Downtown Dallas and Fort-Worth for various employment and education opportunities. Together, the properties add up to 880 apartments, resulting in significant economies of scale.

Friedman Real Estate recently sold a 530,000-square-foot shopping mall located in Sherman, Texas. The property is slated to be redeveloped and repurposed for mixed-use. Friedman’s Steven Silverman advised the purchaser in the transaction.

Steven Silverman has transacted on more than $500 million worth of commercial real estate, spanning more than 20 million square feet nationwide. Steven specializes in the acquisition and disposition of investment-grade real estate assets and is also a well-recognized expert in stabilized, value-add and distressed property auction sales.

JLL Capital Markets has arranged financing for the development of The QUAD, a mixed-use development totaling more than 487,000 square feet of office and retail in Uptown Dallas.

JLL worked on behalf of the borrower, Stream Realty Partners, to secure the construction loan through MSD Partners, L.P.

Stream acquired the 3.8-acre site in 2019 and has secured approvals to accommodate additional height and density requirements. As such, the redevelopment will include the existing 131,000-square-foot office building alongside a brand new 335,000-square-foot creative office tower and five standalone retail bungalows totaling 14,800 square feet that will work together in concert to create a highly amenitized urban core destination.

Boasting a 90+ WalkScore, The QUAD has an unrivaled Uptown location between Cedar Springs Road and McKinney Avenue and is within walking distance to more than 150 restaurants and bars, 25,000 multi-housing units, performing arts venues and urban green spaces such as Klyde Warren Park and the Katy Trail. Planted among a strong and growing demographic base, The QUAD provides an opportunity for office and retail tenants alike to cement themselves in a location that has proven valuable to a desired demographic base. The project’s smart tech and world class digital art installation, along with its location, will serve as a marketing tool for office tenants to assist in the recruitment and motivation of the nation’s top talent while generating daily activation for the retail tenants.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Colby Mueck and Jim Curtin, Managing Director De’On Collins and analysts Rex Cruz and Kristi Leonard.

Regent Properties announced the acquisition of Trammell Crow Center, a 50-story, 1.2 million-square-foot, Class-A office tower located at 2001 Ross Ave. Regent purchased the property from institutional investors advised by J.P. Morgan Global Alternatives. Terms of the transaction were not disclosed.

Trammell Crow Center is among the tallest buildings in Dallas, offering panoramic views of the city’s Arts District and the wider Dallas-Fort Worth metropolitan area. In recent years, the project has benefited from a comprehensive renovation and capital investments in excess of $180 million to modernize the asset, improve curb appeal and create a dynamic, mixed-use destination. Notable additions include the development of a 2,000-space parking garage, a 10,000-square-foot athletic club, a 10,000 square-foot conference center, a new tenant lounge, outdoor gathering areas and 32,000 square feet of urban, walkable retail space programmed with a mixture of food and beverage offerings.

The purchase of Trammell Crow Center also includes the adjacent full-city block situated at 2000 Ross Ave., which is improved with a 2,000-space structured parking garage including extensive ground-floor retail and a development site that can accommodate a new residential or office tower. The block also includes Dallas’ first JW Marriott hotel, which is not included in the transaction.

Buoyed by a strong labor force and steady stream of corporate relocations, Dallas-Fort Worth was one of the country’s top-three net office leasing markets in the fourth quarter of 2021, recording more than one million square feet of new office leasing, per Transwestern. Texas’s 5.1% job growth outpaced the U.S. national average of 4.5% in 2021, according to the Texas Workforce Commission, while the Federal Reserve Bank of Dallas confirmed that Texas is just one of four states to surpass pre-pandemic employment levels.