Zion Oil & Gas, Inc. renewed 8,774 square feet at 12655 North Central Expressway in Dallas, TX. Bill Bell with Republic Realty Advisors represented the tenant and Michael Bowles represented the landlord, Hartman Income REIT.
Category: North Texas Deals & Announcements
Monarch Alternative Capital Purchases New Class A Office Building in Legacy, Texas
Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, has acquired a newly constructed Class A office building and adjacent developable land parcel in the thriving Dallas submarket of Legacy, Texas. Under Monarch’s ownership, the building has been rebranded as Apex at Legacy. The branding efforts also include a plan to finalize the amenity offering of the property. The Apex at Legacy acquisition, Monarch’s sixth office building purchase in 2021, illustrates the firm’s strategy of investing in Class A properties in growing metropolitan areas that have seen real estate activity accelerate through COVID-19. Monarch’s experience as a committed owner and operator of properties is key to creating value for all stakeholders of the asset.
The Apex at Legacy is a Class A podium parked office building that offers excellent views, tollway frontage, and walkability. With construction completed in May 2021, the building is one of the only properties in the market currently that offers move-in ready, headquarter quality space for companies looking to relocate and grow in Legacy. Additionally, the property offers expansion opportunities due to the adjacent development site that can provide a built-to-suit solution for a tenant’s growth plans.
The property consists of both a newly constructed Class A office building and a 2.1 acre adjacent development parcel. The 209,081 square foot office building is located at 5801 Headquarters Drive in Plano, Texas. The building is comprised of seven floors of office space above a six-story garage with 798 parking spaces.
In addition to the core attributes of the building, Monarch believes that the Dallas metropolitan area and the Legacy submarket provide for one of the most attractive locations for office space in the United States. Dallas is one of the fastest-growing large metropolitan areas within the United States. The majority of this growth has occurred along the Dallas Toll Road, creating the emergence of Legacy as the region’s premier office submarket for corporate relocation and expansion. The Apex at Legacy has immediate access to the Dallas Toll Road and the Sam Rayburn Tollway, which provides tenants with an easily accessible location for employees in the surrounding residential areas and direct access to the Dallas Fort Worth airport for business travel.
Legacy Project Breaks Ground on East Rosedale Corridor This Month
‘The Rosedale’ Will Contribute to the Renaissance of East Fort Worth and Provide Texas Wesleyan Students with a Modern Living Community for Years to Come.
FORT WORTH, Texas (July 1, 2021) — Texas Wesleyan University, in partnership with Panteras Development Partners and Miyama USA Texas, announced today plans to officially break ground on ‘The Rosedale’ — a sophisticated, 48,721 SF student residential apartment building on the corner of East Rosedale and Collard on July 20, 2021, at 10 a.m. The exciting legacy project features a three-story building with one and two-bedroom apartments, private-secured parking, and numerous other exciting amenities designed with the Texas Wesleyan student and beloved faculty and staff in mind. The project will serve more than 100 students and is a $10.5 million investment in the East side of Fort Worth. The endeavor is in line with the efforts to revitalize the area through The Rosedale Renaissance, a $22 million project spearheaded by Texas Wesleyan, the City of Fort Worth, and Tarrant County for the campus and the Polytechnic neighborhood.
The Rosedale, anticipated for completion on July 1, 2022, is designed with high-end details and modern amenities to fit the student lifestyle. This includes a lounge with large-screen televisions, a weight room, a gym, study rooms, a conference room, and a rooftop patio, plus an onsite, gate-secured parking lot with 101 available spots.
When asked about this addition to East Fort Worth and what this will mean for campus life at Texas Wesleyan, University President Fred Slabach said, “The addition of The Rosedale, steps from the heart of the Texas Wesleyan campus, is the latest example of the commitment we’ve made to immerse our students in the community we’ve called home since 1890. A key component of our new Engage 2025 strategic plan is enhancing diversity, inclusion, student life, civic responsibility, and economic opportunity empowering our students’ success while revitalizing our campus and neighborhood. The Rosedale fulfills that vision by allowing our students to learn, work and live within our East Fort Worth neighborhood, enabling them to plant long-lasting roots and build strong relationships that our community will benefit from for generations to come.”
A considerable amount of time and intentional effort has gone into crafting a housing solution best suited for the neighborhood and the university’s current and future students. Owner and operator Miyama USA Texas and student housing developer Pantera Development Partners have taken an innovative approach to the project by working closely with the University’s Division of Student Affairs who hosted two meetings last year with graduates, undergraduates, and staff to hear the voices of the people who would be most affected by this project. The development team has continued to share progress and updates with the students and staff.
”The Rosedale project has been a true collaboration between Texas Wesleyan and our development teams. We believe that the investment in the campus and prioritizing their needs for the space will ensure that it becomes a vital part of the university for the students and facility for years to come,” Alex Bryant, co-founder, and Managing Partner of Panteras Development Partners, said about working with Texas Wesleyan.
Miyama USA Texas has a long history of investing in communities across DFW. They bring years of experience working with leading-edge student housing, developing housing for the University of North Texas in Denton in the 1990s. Their unique approach ushered growth for the growing school. The team at Miyama USA Texas is making a long-term investment in Texas Wesleyan, choosing to stay on and manage it rather than build and sell. This unique approach will help ensure the project is successful and can evolve in the years to come.
“Our investment approach has been to always hold the assets for a long term and manage our own assets so that we can hear voices of our residents directly and continue to improve our service,” said Sawako Miyama, President/COO Miyama USA Texas.
She continued, “We especially look at the Rosedale project as a long-term partnership with Texas Wesleyan University, so it is vital for the success of this project to root ourselves more deeply in this community so that we can contribute to the future growth of the University.“
Texas Wesleyan, Miyama USA, Texas, and Panteras Development Partners will celebrate the project’s official launch with a special groundbreaking ceremony on July 20, 2021, at 10 am.
For more information or to set up interviews with Miyama USA Texas or Texas Wesleyan, contact Holland Sanders at holland@hollandcollective.co.
The Rosedale At A Glance
Project Overview:
● Address: 3228 E Rosedale St, Fort Worth, TX 76105
● Building Info:
○ 48,721 Gross S.F.
○ 59 Units Total (18 – 1 Bedroom & 41 – 2 Bedroom Units)
● Amenity List:
○ Lounge
○ Gym/Weight room
○ Study Lab
○ Conference Room
○ Rooftop Patio
○ Package Locker
○ On-site Parking with Covered Parking Available
○ On-Site Storage Room
● Parking Count and Rates:
○ 101 Parking Spaces Provided
● Estimated Delivery by:
○ July 1, 2022
Construction Begins on Vari’s New Global HQ in Dallas-Fort Worth Area
Vari, a Texas-based workspace innovation company, and Adolfson & Peterson Construction (AP), a top national construction management firm and general contractor, recently broke ground on VariSpace Coppell in Coppell, Texas. The 180,000-SF office building, located at 450 North Freeport Parkway, will serve as Vari’s new global headquarters as well as a multi-tenant campus.
VariSpace is a space-as-a-service offering from Vari, and VariSpace Coppell is the company’s third location in DFW, following the success of VariSpace Las Colinas and VariSpace Southlake. All VariSpace locations offer first-class amenities, flexible space solutions in Class A buildings and are outfitted with Vari workspace products.
“With the state of traditional office space in limbo, more and more North Texas companies are realizing the value of flexible workspace concepts like VariSpace Coppell,” said Granger Hassmann, Vice President of Preconstruction and Estimating for AP. “Vari’s bold vision is just the type of innovative spirit AP embraces, and we’re excited to partner with BOKA Powell and Corgan to help Vari execute on its mission in DFW.”
“With this groundbreaking, we’re moving forward with the development of our new global headquarters,” said Jason McCann, Co-Founder and CEO of Vari. “VariSpace Coppell will be one of the most innovative buildings in North Texas and will showcase our flexible workspace design and the future of workspace. Coppell has been our home since Vari first started in 2012, and it is the perfect location for our future growth.”
The tilt-wall building will sit on a 10-acre site with surface parking and feature 120,000 rentable square feet of flexible office space with large exterior balconies that will allow companies and tenants to tailor areas to meet their specific needs. The building will also incorporate an open lobby concept with large, open staircases and touch-free building applications. Building amenities include a fitness facility and grab-and-go food services.
BOKA Powell designed the core, shell and site. Corgan designed the building’s interiors.
“As part of a four-year journey with Vari to create a “proof of concept” for the idea of “building-as-service,” BOKA Powell is honored to be the architect for the new VariSpace Coppell project,” said Andrew Bennett, Design Principal at BOKA Powell. “The architecture of the new building represents that “disruptor” attitude by taking a simple efficient building box and stretching in two directions. Simple moves, yet identifiable as a brand – a purpose-built building for a company with a purpose.”
“VariSpace Coppell continues the evolution of the workplace as a service,” said Lindsay Wilson, President of Corgan. “This project turns the physical space into an amenity itself, arriving precisely at a moment where the adaptability of the workplace is being redefined. It’s hard to describe the environment the Vari team creates for collaboration and curiosity on their projects. It is a true partnership with everyone involved.”
Notable projects by AP Gulf States include PGA of America’s new headquarters in Frisco; the Arlington ISD Arts and Athletics Complex in Arlington; several education facilities for the University of Texas and Fort Worth ISD; and Park Cities Presbyterian Church in Dallas. In addition, AP’s Midland-based West Texas office is currently working on Texas Tech’s Health Science Center project and Potter County’s District Courts Building in Amarillo, while the Central Texas office is working with Northside ISD on several projects.
Maverick Commercial Mortgage Originates $6.15M Loan on Fort Worth Mobile Home Park
Benjamin L. Kadish, President of Maverick Commercial Mortgage, Inc. announces the closing of a first mortgage loan for Leisure Living Manufactured Housing Community located in Fort Worth, Texas. Leisure Living is a 124 site community. It is located in a quiet and country setting. All home sites have phones, cable TV, and internet access by subscription. There are large mature trees and rolling hills. The streets are all lit and there are covered mailboxes. Additional amenities include 2-car off-street parking, clubhouse with living room, dining area, and kitchen, on-site management, boat / RV storage, and a swimming pool.
The ten-year, non-recourse loan has a fixed interest rate and amortizes over a 30-year schedule. Proceeds from the loan were used to pay off the first mortgage lender, paid for closing costs and returned equity to the borrowing entity. The loan was funded by a national lender that Maverick Commercial Mortgage has closed numerous loans with. Property management is handled by the management affiliate of American Dream Communities. Maverick Commercial Mortgage, Inc. continues to close loans for multiple female property owners, making this the fourth property financed for a woman-owned LLC over the last 14 months, in Illinois and around the country.
About Maverick Commercial Mortgage, Inc.
Maverick Commercial Mortgage, Inc., arranges a wide variety of commercial real estate loans ranging from $2,000,000 to $50,000,000 for its middle-market real estate developer and investor clients.
Where Does Texas Office Vacancy Stand Halfway Into 2021?
Similar to other major metros across the country, Texas’s biggest cities witnessed significant disruption in-office use during the pandemic. But now that we’re halfway into 2021, the trend should finally be reversing, right? While Texas cities are growing in population at a much faster rate than other major metros across the country, the alarming downtown office vacancies witnessed at the peak of the pandemic are still stubbornly hanging on — or in some cases, getting worse.
According to recent office market reports from NAI Partners, we have a look at the latest vacancy figures for three of the biggest markets in Texas: Austin, Houston and San Antonio.
Houston
Texas’s biggest city led the nation in overall office vacancy towards the end of 2020 at a staggering 25.5%, and the glut continued well through the first half of 2021. There was a slight improvement in the first quarter of the year with the overall office vacancy rate in Houston dropping to 23.9% in February. However, trend appears to be heading back in the wrong direction as the most recent office vacancy rate stood at 24.7% for May, according to an NAI Partners report.
Leasing activity is also way down compared to the same time last year. There were just 4.469 million square feet of leasing activity between January and May 2021, compared to 9.857 million square feet during the same period of 2020, or roughly half as much volume. Absorption and deliveries are also way down, indicating that the office situation in Houston may not see any dramatic improvements anytime soon.
Austin
While Houston’s office vacancy continues to hover around a quarter of its supply, the situation in Austin is slightly better, though still not exactly strong. According to NAI Partners numbers, the total office vacancy in Austin as of May 2021 stood at 15.4%, up from 10.2% during the same period a year prior. New office product continues to be wrapped up as developers have delivered another 2.287 million square feet of office space to the city this year so far.
Leasing activity is not as lopsided as what has been happening in Houston, however, as Austin continues to draw interest from both established and emerging tech businesses. Between January and May 2021, the city witnessed 2.189 square feet of leasing activity while there were 2.809 square feet of office space leased during the same period in 2020. Net absorption is down and the gross average asking rent has remained stagnant over the last year.
San Antonio
Of Texas’s five biggest cities, the office vacancy in San Antonio is the lowest, though this doesn’t mean that the office market is outperforming those in other large Texas markets. As of May 2021, the overall office vacancy for San Antonio was 11% — not so bad when comparing to Houston’s nearly 25%. However, when comparing to the 10.1% from the same period a year prior, it doesn’t necessarily suggest that the situation is improving.
When we look at other indicators, the health of the San Antonio office market does appear to be in a slump. Leasing activity is down significantly, however. Between January and May 2021, the city saw nearly 885,000 square feet of office leases take place. The year prior? A solid 2.725 million square feet of office leases. While office leases are down in a big way, product deliveries have more or less remained unchanged between the first half of 2021 versus the first half of 2020.