Texas Rangers, Cordish Cos and Arlington Celebrate Groundbreaking of Luxury Residential Community

Slated to open in 2024, One Rangers Way will create an exciting first opportunity to live steps away from Globe Life Field, Choctaw Stadium
and AT&T Stadium

State-of-the-art residential building will offer an upscale living experience with over 43,000 SF of amenities and services on par with the finest residential and condo buildings in the country.

Interested renters can visit www.OneRangersWay.com or email info@onerangersway.com for more information

ARLINGTON, Texas, Oct. 27, 2022 /PRNewswire/ — The Texas Rangers and The Cordish Companies gathered yesterday to celebrate the groundbreaking of One Rangers Way, a luxury residential community in the heart of the Arlington Entertainment District. The Rangers and Cordish were joined by Arlington Mayor Jim Ross, Arlington City Council, and community and business leaders from the City of Arlington and Tarrant County to recognize this exciting milestone. One Rangers Way continues the incredible momentum of new development in the Entertainment District that began with the opening of Texas Live! in 2018. The project continues the next phase of over $1 billion of new development currently under construction in the Entertainment District that includes the forthcoming Loews Arlington Hotel & Convention Center, National Medal of Honor Museum and Spark Coworking. Click to read at www.prnewswire.com.

Vanguard Real Estate Advisors Announces Sale of Build-to-rent Development Site Near Dallas

Vanguard Real Estate Advisors, a Dallas-based real estate advisory and capital markets firm, announces the sale of an 11-acre build-to-rent (BTR) development site in Melissa, Texas. Jordan Cortez, Mason John, and Haley Birmingham of Vanguard REA represented the Purchaser, Legacy Partners, who plans to construct a luxury 133-unit build-to-rent community. Legacy Partners is a privately-owned real estate firm that develops, manages, and acquires multifamily and BTR communities in core markets throughout the United States.

The Site is ideally located in the heart of Melissa with frontage along State Highway 5, approximately three miles NE of the Highway 75 and Highway 121 intersection. Melissa is a dynamic suburban community in Collin County just 40 miles north of Dallas with excellent connectivity to greater DFW.

CBRE Sells 202-Unit Multifamily Property in Texas

CBRE negotiated the sale of Belle Grove at Custer, a 202-unit value-add multifamily community at 800 Custer Road in Richardson, Texas. ClearWorth Capital purchased the asset from RealSource for an undisclosed price.

Chris Deuillet, William Hubbard and Jaxx Davis with CBRE Capital Markets’ Investment Properties in Dallas represented the seller.

Belle Grove at Custer is located within minutes of Richardson’s Telecom Corridor, which consists of over 25 million square feet of office space and more than 130,000 jobs. Prior ownership had been in place since 2005 and implemented upgrades to approximately 127 units as well as the property’s two resort-style pools, two outdoor kitchens and workout facility. The new owners will continue to make renovations to all units, which already have features including in-unit laundry connections.

The transaction was completed in part to the buyer’s familiarity with the DFW multifamily market.

The property was 94% occupied at the time of sale.

JLL Capital Markets Sells 568,632 SF Industrial Building in Texas

JLL Capital Markets has closed the sale of HWY 114 Distribution Center, a newly completed Class-A industrial building totaling 568,632 square feet in Roanoke, Texas.

JLL represented the seller, Provident Realty Advisors, in the sale to Cohen Asset Management.

Delivered in 2021, the cross-dock building features 119 dock doors, 36’ clear heights and 229 parking spaces. HWY 114 is 100% leased to UNIS, a third-party logistics provider based out of Buena Park, Calif. with over 12 million square feet and 45 locations across 16 major U.S. markets.

Positioned on 68.6 acres at 1230 W Highway 114, the property is strategically located two miles east of the intersection of Interstate 35 and State Highway 114 in the North Fort Worth (Alliance) Industrial submarket. The area benefits from its accessibility to major highways, including Interstates 35 and 820 and State Highways 81 and 114.

As a result, tenants can reach the 25 million residents of the Texas Triangle, the area between Dallas-Fort Worth, Austin, San Antonio and Houston, within five hours. Furthermore, HWY 114 Distribution Center is 14 minutes from Dallas-Fort Worth International Airport and 10 minutes from Fort Worth Alliance Airport.

Led by John Bunten and his team, the Provident Industrial Portfolio currently consists of twelve projects totaling 1,535 acres for speculative and build-to-suit warehouse developments across the southern United States. PRA has an interest in an additional 347 acres in South Carolina, Tennessee and Texas.

The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analyst Matthew Barge.

Thanks to Office, DFW to Hit Third Consecutive Quarter of Positive Net Absorption

Dallas-Fort Worth is proving itself to be one of the hottest markets in all areas of CRE. And right now, the numbers are pointing toward a third consecutive quarter of positive net absorption for the first time since 2018.

That’s according to CBRE’s DFW Q2 Office Market Report. In fact, Dallas’ numbers are trending up in nearly every regard.

The Bureau of Labor Statistics, as of May 2022, reported the national unemployment rate as 3.6%, maintaining the same level in April 2022. DFW’s unemployment rate during the same period was 3.3%, and Dallas has increased its number of non-farm jobs by 7.7% — nearly 300,000 — year-over-year.

Vacancy continued to drop and stood at 24.4%, down by 70 basis points from Q1 2022, marking yet another decline in vacancy and the longest streak since 2019, Deliveries were up 76.1% from 327,400 square feet to 576,550 square feet in Q2 2022 due to the recent completion of The Epic — Phase II and the PGA of America HQ. Click to read more at www.rednews.com.

Leading Commercial Real Estate Financial Firm Lument Signs 22,000-SF Office Lease in Dallas

CBRE announced that Lument, a leading commercial real estate finance firm, has leased 22,725 square feet of office space at Plaza of the Americas at 700 N. Pearl Street in downtown Dallas. Lument will occupy a full floor in one of the two-buildings that make up the 1.1 million-square-foot property.

Jihane Boury and Clay Vaughn with CBRE in Dallas represented Lument in lease negotiations. Transwestern’s Kim Brooks, Justin Miller and Laney Delin represented the building owners. M-M Properties, in partnership with Clarion Real Estate, a global real estate investment manager, owns the two Class A towers that comprise Plaza of the Americas.

Lument made the decision to move its current offices from 2525 McKinnon Avenue to Plaza of the Americas because of the proximity to its parent company, ORIX Corporation USA, which is just a few blocks away. Other factors included the overall central location in Dallas, the ability to modernize their space and the high concentration of amenities within the building.

Based in New York, Lument is a nationally recognized leader in multifamily and seniors housing finance. Lument is a subsidiary of ORIX Corporation USA, which unified three of its legacy real estate brands—Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group—under a single banner in October 2020. Lument’s Dallas office currently has approximately 120 employees.

Located in the Dallas Arts District, Plaza of the Americas is a premier mixed-use development with two 25-story office towers, a Marriott hotel with 40,000 square feet of event space, and a 13-story glass atrium that features more than 20 retail and restaurant options and an indoor urban garden. The project features onsite parking, fitness center, conference facility, connectivity to transit at the adjacent DART Pearl/Arts District Station with additional parking and retail options accessible via skybridges to adjacent buildings.