Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Destino, a 192-unit apartment property in Grand Prairie, Texas. MBP Capital traded the asset for an undisclosed sum to a buyer represented by Capital Vision Management LLC. “Dallas-Fort Worth, the nation’s fourth-largest metropolitan area, offers competitive advantages for businesses, and consequently multifamily assets in Grand Prairie have historically experienced exceptional occupancy and rent growth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello, Grant Raymond, Asher Hall and Al Silva, senior managing director in Marcus & Millichap’s Fort Worth, office represented the seller and procured the buyer. “The Destino has achieved strong revenue growth in the trailing 12 months through improved operations and the implementation of a value-add program,” said Tumminello. The Destino is 17 miles from the Dallas-Fort Worth International Airport, and 20 miles from the Dallas and Fort Worth central business districts. The property is surrounded by major employers such as Lockheed Martin, General Motors, Poly-America, American Airlines and the Great Southwest Industrial Park. The Arlington Entertainment District, Texas Live!, Globe Life Park, AT&T Stadium, Six Flags, and Lone Star Park are all nearby. “Optimally located in the epicenter of the Metroplex, The Destino gives the new owner an opportunity to continue the proven success of the interior upgrade program begun by previous ownership,” said Silva. Built in 2000 on 11 acres, the three-story, garden-style community has many amenities including covered parking, detached garages and a resort-style pool.

VanTrust Real Estate LLC, a full-service commercial real estate development company, recently broke ground on a 75-acre Fort Worth Logistics Hub in south Fort Worth consisting of Two Phases. Phase One is a 670,941-square-foot speculative logistics project which will be delivered in July 2021. Phase Two will follow closely behind with is a 606,480 square foot building. Located just off Interstate 35 on Risinger Road and south of Interstate 20, the Logistics Hub provides excellent highway access and visibility.
“South Fort Worth offers an abundance of resources, making the market highly competitive in North Texas,” said Bill Baumgardner, executive vice president at VanTrust and head of the company’s Texas office. “With its great connectivity to major interstates and access to an unmatched labor force, south Fort Worth is one of the area’s most prominent logistic locations.” Dallas-Fort Worth, the largest metro area in the South, continues to be the nation’s premier industrial destination. So far in 2020, nearly 15 million square feet of industrial space was absorbed throughout the region. The South Fort Worth submarket is a key market and continues to grow with over 74 million square feet comprising 9% of the total market. The submarket vacancy rate of 5.2% continues to be one of the lowest in the Metroplex, according to CBRE. Click to read more at www.fortworthbusiness.com.

One of the plan’s first priorities is to create a new community park, which will have free programming for children, adults and seniors.

Community members are one step closer to seeing a park at Fair Park after Dallas City Council approved the park’s master plan at a meeting Wednesday. The historic 277-acre park is best known as being the home of the State Fair of Texas from late September to October, but the city wants to attract events and community members from across North Texas year-round. Plus, the revitalization hopes to bring amenities within walking distance that the South Dallas community around Fair Park can enjoy. In 2018, the city approved the management of the park by private firm Spectra and nonprofit Fair Park First for $34.5 million. Those entities would manage the park for the first 10 years of a 20-year management agreement. The Parks and Recreation Board approved the master plan this year in June and it was approved Wednesday by City Council. The Fair Park Master Plan and Community plan aims to create a year-round destination and preserve the park’s legacy while bringing entertainment, culture and a welcoming place of opportunity for neighboring communities, according to the master plan presentation. Fair Park First says the revitalization will meet “the needs and interests of the current institutions at Fair Park, surrounding neighborhoods and park users from the DFW Metroplex.” Click to read more at www.wfaa.com.