Transwestern Development ramps up its Texas industrial business with high-profile hire

One of Texas’ best-known commercial property firms is beefing up its industrial business with the hiring of a new regional partner from a competitor. Denton Walker is joining Transwestern Development Co. as a regional partner after more than 30 years with developer Trammell Crow Co. At Transwestern, Walker plans to significantly expand the firm’s logistics and industrial building operations across all of Texas’ major markets. “It’s the most exciting opportunity in my career in terms of the times we are in,” Walker said. “It was the right time and the right company and the right product type. “I think industrial is a great opportunity for me,” Walker said. “It also includes the Southwest region — I’m overseeing Houston, Austin, San Antonio, and Dallas.” Transwestern currently has more than 4 million square feet of logistics projects in the pipeline in Dallas, Houston, and Austin. Texas is one of the country’s biggest warehouse and industrial markets. Click to read more at www.dallasnews.com.

Cedar Hill, Taj Hospitality Break Ground on Hotel & Convention Center Project

On Thursday, October 3, the City of Cedar Hill broke ground on a Hotel and Convention Center project that will bring 136 hotel rooms, convention center space, adding enhanced commercial and entertainment amenities to the City. The project will be constructed on the eastern side of Hillside Village shopping center and will include an approximate 136-room Aloft hotel and adjacent convention facility to include an 8,000 square foot
ballroom, 4,000 square feet of flexible meeting space, and various support spaces. The project is being designed to interact closely with existing retail
activity and provide a foundation for an enhanced entertainment presence in the area. The anticipated total value of the facility is approximately $25
million and is projected to open for business in the summer of 2021. “This is a project that has long been anticipated, and we’re excited to add a
hotel/convention center to the high-end retail and entertainment offerings at Hillside Village in Cedar Hill,” says Mayor Stephen Mason. Click to read more at www.rednews.com.

CRE Opinion: North Texas Land Absorption Report

The North Central Texas land market has seen no significant influence modifying its prior three years of sales and absorption activity, with the exception of increasing values and scarcity of inventory in most developable submarkets. In reviewing last year’s North Texas Land Absorption report, only a few minor observations have changed. For many years, our Investments/Land Group, a division of Younger Partners, has produced a report designed to assist investors in deciding the viability of acquiring for investment undeveloped land for medium and long-term positive returns. Since our 2018 report was distributed, DFW has experienced continued active growth in virtually every commercial and residential product type. Transaction volume held steady for both user and investment product. Absorption of developed, undeveloped (land without access to infrastructure permitting immediate use), and underutilized land progressed at a comparable rate to 2018. Click to read more at www.dmagazine.com.

North Texas Set Records With Big Commercial Property Buys in 2019

North Texas was at the top of the shopping list for commercial property buyers in 2019.

With days left before the end of the year, investors are scrambling to get deals closed and figure out where the Dallas-Fort Worth real estate market is headed in 2020. So far this year, the D-FW area has seen close to $20 billion in commercial property sales, and more transactions are set to finish in the final weeks of 2019. “If you look at the top sales year-to-date in major markets, Manhattan is number one total commercial real estate sales, Los Angeles is number two, San Francisco is number three and Dallas is number four,” said Ted Jones, chief economist with Stewart Title. “Dallas is a phenomenal market.” The biggest North Texas commercial property buy so far in 2019 was the $584 million sale of energy firm Pioneer Natural Resources’ new headquarters in Irving. The office campus was acquired by a partnership of domestic and international investors. And with a sales price of about $700 per square foot, downtown Dallas’ new 1900 Pearl office tower set a new office price record for D-FW. The Arts District high-rise was bought by the State Teachers Retirement System of Ohio for $180 million. Click to read more at www.dallasnews.com.

Sneak Peek: $1 Billion Project Planned For The North Side of Downtown Dallas

Developers have taken the wraps off a major new high-rise project planned on the northern edge of downtown Dallas. Called the Field St. District, the massive mixed-use development is planned for a two-block, 6-acre property on Woodall Rodgers Freeway. One of the largest vacant properties downtown, the huge building site was purchased this summer by Kaizen Development Partners and Woods Capital. Since then, the new owners have been working on preliminary building plans for the property, which is zoned for up to 5 million square feet. The initial construction plans call for a combination of office space, retail space and apartment units. Kaizen and Woods Capital formed a partnership with Dundon Capital Partners for the more than $1 billion project. Dallas architect HKS designed the buildings. Kaizen Development CEO Derrick N. Evers said he hopes that site work for the construction can start by late next year. The Field St. District is in a corner of downtown that is already seeing significant construction. Click to read more at www.dallasnews.com.

Keeping It In A Family

Amid the many qualities that define the state of Texas, some of the most celebrated are history, pride and family. Though you’ll often find all three
in any given Texan, their combined connection to a single piece of property is much more rare today than in decades past. That’s why the sale of the 1,500-acre Pecan Plantation in Granbury is making headlines. “It’s really a family legacy deal,” says Bernie Uechtritz, founder of Icon Global Group, which is marketing and selling the property. His is a familiar name in the real estate world, having gained considerable fame for his 2016 sale of the W.T. Waggoner Ranch, which was listed at $725 million, to billionaire Stan Kroenke. “We’ve been really busy, really blessed,” Uechtritz says, “But you know what they say: you’re only as good as your next deal, not your last.” The challenges of the Waggoner Ranch deal are similar to those of Pecan plantation. Both were acquired by a single family, worked by that family and, when it came time for sale, ideally held together by another family. Click to read more at www.rednews.com.