Category: North Texas Deals & Announcements

Bell Partners Acquires 619-Unit Package in Austin

Posted on by Sarah

Bell Partners Inc., an apartment investment and management company, has acquired Lenox Springs and Lenox Meadows, two adjacent properties in Austin, Texas, comprising a combined 619 units. The properties, acquired on behalf of the firm’s Fund VII investors, will be operated with the existing Bell Southpark community to create a three-phase, 949-unit multifamily community.

All three communities are adjacent to each other and are located less than 10 miles south of downtown Austin, providing convenient access to Austin’s major employment. In recent years, Austin has attracted several major technology employers, earning the moniker Silicon Hills. The area serves as an employee base for companies such as Apple, Dell, IBM and Google. In addition, Tesla is opening an assembly plant in the area that will create an estimated 5,000 jobs.

The property is within walking distance to Southpark Meadows shopping center, featuring more than 100 retailers, restaurants, and services. Additionally, the community is within a walking distance of a 344-acre public park which includes fishing access, sports fields, playground equipment and six miles of hiking trails.

The phased community features modern, new-development amenities: Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The property features resort-style pools, grills and fireplace features, fitness and wellness studios, and available green space.

Skincare Company Signs 10-Year Lease in Uptown Dallas

Posted on by Sarah

Bradford Commercial Real Estate Services’ new client, Skin Pharm TX LLC, has committed to a 10-year lease in a premier 13-story high rise to open its first cosmetic dermatology clinic in Texas and third in the nation.

The skincare company, with a growing celebrity following, will open a well-appointed clinic Monday on the sixth floor of 3131 Turtle Creek Blvd. Jared Laake, vice president of Dallas-based Bradford Commercial Real Estate Services, is representing Skin Pharm in its hunt to expand the brand’s presence in the U.S.

The 3,655-square-foot clinic will feature six examination rooms, all with commanding views of Turtle Creek and Dallas’ dynamic central business district. With the help of Nashville-based designer Lori Paranjape, the space feels elevated, comfortable and cool. MAPP Construction of Dallas was the general contractor.

The 145,896-square-foot class A project is located at the apex of Uptown and Turtle Creek, which along with neighboring Oak Lawn, are among the most affluent enclaves in Dallas’ center city. Trey Smith of Cushman & Wakefield of Texas Inc. represented the landlord, STRS Ohio TX Real Estate Investments Inc.

Two physician assistants with backgrounds in cosmetic dermatology have been hired as providers for the Dallas clinic, which will offer a full-treatment menu in addition to Skin Pharm’s entire line of medical-grade skincare products – best-sellers include Youth Serum, Clarifying Pads and Clay Time. Along with features in a number of notable outlets (SHAPE, Glamour and Byrdie), Skin Pharm has an impressive celebrity following, which includes country music star Kelsea Ballernini, actress Katie Stevens, American model Taylor Hill and reality TV star Lauren Lane.

Manhattan Wins ASA North Texas Chapter “Platinum $1 Billion +” Award for Construction of Globe Life Field

Posted on by Sarah

ARLINGTON, TEXAS – Manhattan Construction Company has been honored by the American Subcontractors Association (ASA) North Texas Chapter with the “Platinum $1 Billion + Award” for construction of Globe Life Field in Arlington, Texas. ASA North Texas is an industry organization that advocates for the subcontractor and supplier community, promoting fair business practices and providing professional education and networking opportunities throughout the construction industry. The ASA awards program recognizes outstanding projects in the commercial and industrial construction industry. The awards were presented during the organization’s event Friday, June 4, 2021, at Live! By Loews in Arlington, Texas.

“Manhattan Construction is greatly honored any time that our specialty trade partners honor us with their association award. This one means so much to our team,” Greg McClure, Manhattan Construction Company, Senior Vice President.

Built by Manhattan Construction Company and its trade partners, Globe Life Field is a new multi-purpose entertainment and sports facility for the Texas Rangers Baseball Club and the City of Arlington. The new 40,000-seat retractable-roof facility was built on a fast-track schedule.

From October 2017 to March 2020, Manhattan Construction team members and its trade partners spent more than 6 million work hours constructing the 1.8- million-square-foot ballpark.

Globe Life Field is a concrete and steel structure wrapped in glass, architectural precast, stone, and metal panels. The seven floors of the facility include multiple concourses, suites, restaurants, clubs, kitchens and concessions, retail areas, office spaces, and broadcast areas, in addition to baseball operations and clubhouses.

Approximately 130 Manhattan team members worked on the stadium, including superintendents, project managers, project engineers, carpenters, laborers, and operators. All told, about 11,000 people worked on-site throughout the project’s life, including team members with Manhattan’s 110 trade partner companies.

As a tribute to those who worked on the Globe Life Field project, Manhattan Construction Company created TEAMWORK magazine. The stories in this publication provide a window into the behind-the-scenes feats of collaboration that show how important our partners were in building this tremendous structure.

Lewisville’s 90-Acre Resort-Style Complex Hebron 121 Bought by East Coast Investor

Posted on by Sarah

Hebron 121 Station in Lewisville, one of Dallas-Fort Worth’s largest privately owned luxury multifamily developments, has been sold, seller Huffines Communities announced last month.

EastSky, a multifamily investor with properties primarily on the East Coast, purchased the 90-acre “resort-style” complex from brothers Donald and Phillip Huffines, co-owners of Huffines Communities, for an undisclosed amount. The development includes 1,429 units and more than 2,000 residents and is near Interstate 35E at State Highway 121, as well as Denton County Transit Authority’s Hebron Station on the A-train line.

The Huffines, Lewisville natives, began the massive project when they purchased the land in 2007, building the development out over 10-plus years and five phases.

The first phase of 250 units opened in 2011, but the property now includes both apartments and townhomes with upscale amenities including four pools, sand beaches, fountains, entertainment lounges, an on-site restaurant and convenience store and a swim-up bar.

The last phase finished about two years ago and, with some of the leasing challenges brought on by the COVID-19 pandemic behind them, the Huffines decided to put it on the market.

“We just decided it was time,” Phillip Huffines said. Click to read more at www.dentonrc.com.

Newly Constructed Class A Industrial Facility in Fort Worth Trades Hands

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CBRE announced the sale of Interstate Crossing, a newly constructed, 1,023,488 sq. ft. Class A+ distribution facility in Fort Worth, Texas.

CBRE’s Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners represented the seller, Hunt Southwest Real Estate Development, LLC, in the transaction. A publicly traded REIT purchased the long-term leased fulfillment center for an undisclosed purchase price.

Located at 1851 NE Loop 820, Interstate Crossing’s Class A+ physical specifications, along with its strategic location along Interstate 820 and Interstate 35W, have positioned it well to compete with other top-tier industrial buildings in the market. The facility features 40’ clear heights, 100% HVAC in the office and warehouse, ample trailer and auto parking with expansion options, and 195’ truck courts.

“Beyond its state-of-the-art construction, Interstate Crossing drew heavy interest from the capital markets based on its best-in-class tenancy and its infill location within one of the largest and most active industrial markets in the nation. The sale of Interstate Crossing, originally developed as a speculative project, resulted in a significant and positive outcome for our stakeholders, the Lamar Hunt Family,” said Hunt Southwest President T. Preston Herold.

Located within the North Fort Worth submarket, Interstate Crossing is near high population growth and vast labor pools. The location along Interstate 820 and Interstate 35W is undergoing major infrastructure investments over the next two years, which will drive industrial demand in the area into the future.

According to CBRE’s U.S. Industrial & Logistics Figures for Q1 2021, the industrial market shows no signs of slowing down. Companies are leasing space at a historically robust pace to accommodate the large increase in e-commerce sales. Nearly 100 million sq. ft. was absorbed in Q1, the third highest mark on record.

Construction Underway on 469-Unit Residential Development in Dallas Area

Posted on by Sarah

Moss Construction and Landmark Rehab Group have been awarded a $60 million contract for the Watterscape Urban Residential project located in Allen, Texas.

“Landmark has worked with Dalcor Companies on multifamily projects since 2012. We are excited to continue this relationship and build a Class A wrap-style property,” said David Guth, President of Landmark. He added, “The project is a rare opportunity to infill an existing development that currently has restaurants and bars, a movie theater, retail stores, and access to a park and trailhead that connects 78 miles of trails.”

Designed by JHP Architects, the 379,265 square-foot project sits on seven acres of land and will include 469 units with 13 different floorplans. The property will feature an attached 5-level parking garage, leasing office, clubhouse, business and collaboration center, high-end fitness center, gaming center, and 4 courtyards offering places to relax and meet with friends. The property is close to more than 250 retail and food establishments.

The project, developed by Dalcor Companies, broke ground on April 5, 2021 and is expected to be complete in December 2022.