Putting the D in Development: CRE Cos Focus on Dallas-area for New Projects

“We are blessed and fortunate to be doing business in one of the most
desirable counties in the nation for relocation, development and acquisition!” says David Craig, Chairman and CEO of Craig International, which focuses its development in Collin County.

Perhaps the company’s most anticipated project is District 121, located along the 121 Corridor in McKinney.

“It was zoned for gas stations, fast food, small offices in the rear,” Craig
says. “We could not let that happen to this special location and the city came aboard and shared our vision for a more urban mixed use project that was of the highest quality.”

When it’s complete, the 18-acre project next to Craig Ranch will include
upscale restaurants, such as Bob’s Steak and Chop House, Mi Cocina, 400
and Zero Gradi, Common Table and more, an 8-story Class A office building,
a 102-room boutique hotel called Hotel Denizen and a .72-acre park. Click here to read more at www.rednews.com.

BW Energy USA Management Inc. to Move Headquarters to 9753 Katy Freeway in Memorial City

MetroNational announced BW Energy USA Management Inc. will move its headquarters to 9753 Katy Freeway in Memorial City. The 190,000 square-foot, contemporary nine-story Class A office building recently celebrated its topping out construction milestone in August and is slated for completion in Q2 2023.

BW Energy USA Management Inc., the Houston-based oil and gas company, has leased a 68,000 square-foot office space, occupying the top three floors at 9753 Katy Freeway. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, and Griff Bandy of Partners represented the tenant, who is slated for move-in September 2023.

As the newest addition to Memorial City’s evolving 10 million square-foot campus, 9753 Katy Freeway is adjacent to the reimagined Lawn at Memorial City and new luxury high-rise, The McKinley.

“BW Energy is excited to move into such an amenity-rich, first-in-class, office tower and area of town,” said Griff Bandy at Partners. “This building provides great access to Beltway 8 and I-10 for all employees and customers.”

MetroNational owns and will manage 9753 Katy Freeway. The architect of record is Kirksey. 9753 Katy Freeway is being built to MetroNational’s highest standards, tracking LEED® Silver and WELL™ Building Standards.

Cove Capital Investments Acquires Value-Add Multifamily Community in Growing Dallas Fort-Worth, Texas Neighborhood for Its Cove Multifamily 59 DST

The acquisition represents another Texas multifamily purchase by Cove Capital as it continues to build a portfolio of debt-free multifamily offerings for accredited investors seeking Delaware Statutory Trust 1031 Exchange or Direct-Cash real estate Investments.

LOS ANGELES, Sept. 16, 2022 /PRNewswire/ — Cove Capital Investments, LLC, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area.

Cove Capital a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors announced it has acquired a value-add multifamily asset for its Cove Dallas 59 DST.

Cove Capital a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors announced it has acquired a value-add multifamily asset for its Cove Dallas 59 DST. Click to read more at www.prnewswire.com.

New Dallas Initiative Brings Minority Developers to the Forefront

A new Dallas initiative aims to bring minority real estate developers to the forefront. On Wednesday, Innovan Neighborhoods launched the Community Developers Roundtable to address gaps in affordable housing and community development.

It was an opportunity South Dallas native Jason Brown didn’t want to miss – to be in a room with other developers who look like him and have similar stories.

Brown is President and CEO of Dallas City Homes, a nonprofit community development organization. He credits an encounter years ago for leading him down this path.

“I’m in this position now because of someone that came to my career day back in middle school who was just talking about their involvement in commercial real estate and their niche in the market,” he said.

Molto Properties Breaks Ground on Speculative Industrial Development in Grand Prairie

On behalf of Molto Properties, CBRE announced construction has started on two speculative distribution buildings at GSW Commerce Center at 161, a Class A+ logistics park in DFW’s Great Southwest/Arlington (GSW) industrial submarket. Both rear load buildings are the initial phase of development and will total 464,495 square feet. They are expected to deliver in Summer 2023.

The industrial park is situated south of DFW airport and offers tenants highly desirable visibility on President George Bush Tollway (PGBT) and provides convenient access to robust transportation routes in I-30, SH-183, and I-20 just minutes away. More than half of the DFW metroplex — a total of 3.8 million people — can be reached within a 30-minute drive. The GSW submarket, the second-largest industrial submarket in the metroplex, contains approximately 115.5 million square feet of total inventory and encompasses approximately 13.1% of the overall market supply.

Located between E. Rock Island Rd. and E. Shady Grove Rd. in Grand Prairie, the first phase of construction offers two rear load buildings ranging in size from 211,940 to 252,555 square feet, 36-foot clear heights, 180 feet truck court aprons, ESFR sprinklers, dock high doors, grade level ramps, and a combined 116 trailer parking spaces and 410 standard parking spaces. The design and layout of the property includes three points of ingress and egress along Highway 161 and two points along E. Rock Island Road. It can accommodate a variety of industrial user demands including bulk distribution, shallow-bay or office/showroom. GSW Commerce Center will ultimately consist of multiple phases spanning across 145 acres total. Phase I and subsequent phases, which will be announced in more detail in Q4 2022, will total approximately two million square feet across multiple buildings in a diverse building configuration.

CBRE’s Brian Gilchrist, Steve Koldyke and Kacy Jones oversee the marketing and leasing of the business park on behalf of the developer.

OfficeMax Signs Long-term Lease at Hartman’s Cooper Street Plaza in Arlington

Bizmart dba OfficeMax has signed a long-term, 21,500 square foot lease renewal at 4601 Cooper Street in Arlington. Beginning August 2022, the American office supplies chain store will renew its lease in the Arlington Cooper Street Plaza retail shopping center operated by Hartman Income REIT Management, Inc., a commercial real estate operator of its portfolio and owned by its affiliate, Hartman Short Term Income Properties XX, Inc. headquartered in Houston.

OfficeMax’s 21,500-square-foot warehouse retail store serves as a co-anchor tenant with Home Depot, UPS, and Mattress Firm at the high-trafficked retail plaza. The office supplies store will renew its space in the second largest building of the retail plaza. Additionally, the new lease agreement will feature placement of monument logo signage on the northwest corner of the property facing I-20.

Hartman’s Cooper Street Plaza is a conveniently located retail center just one light south of Ronald Regan Memorial Highway. The property sees an average count of 150,000 vehicles per day while residing within three square miles of a population of 121,939. In the past three months, Cooper Street has welcomed two additional well-known tenants to its mix, Black Rifle Coffee Company and State Farm Insurance.

In the leasing transaction, Claudia Hutchinson with Realty Ventures represented OfficeMax and Richard Maloof represented Hartman, the landlord.