A chocolate factory is coming to Rockwall, the old Raytheon plant on Dallas’ Lemmon Avenue will become a Porsche dealership, and a few companies are moving into new places.
All told, the last several weeks have been active ones in Dallas’ commercial real estate scene, with 2024 ending with a blitz of new activity.
Here are some of the highlights from Dallas-Forth Worth’s industrial, office, and residential scene.
Dallas-based Precision Investments recently closed on five D-FW shopping centers. Dan Avnery, the firm’s managing partner, said the firm paid a total of $21.725 million for the properties in total.
The transactions closed recently, and properties include:
- 380 Marketplace: 30,000 sf shopping center located at 2414 W. University Drive in McKinney
- Village at Valley Ranch: 26,000 sf shopping center located at 9400 N MacArthur Boulevard, Irving
- Green Oaks Plaza: 18,200 sf shopping center located at 2425 SE Green Oaks Boulevard., Arlington
- Crossroads Center: 13,500 sf shopping center located at 10045 N MacArthur Boulevard, Irving
- Red Oak Village: 43,000 sf shopping center located at 205 S. Main Street in Red Oak
They plan to resell all five properties within the next five years.
Precision Investments has purchased 12 properties in D-FW over the last several years, Avnery said.
The Dallas City Council has approved amended plans for Hoque Global’s massive mixed-use development in southern Dallas.
The amended agreement gives the Dallas real estate firm up to nearly $36 million in city subsidies — up $1.75 million from the original agreement. Hoque will now construct a wastewater line that the city originally planned to build.
The firm will also increase its contribution to the project by $2 million, bringing its total investment to $62 million. The developer will also add 50 home sites to the development. The agreement also extends some of Hoque’s project deadlines.
At full build-out, the development may hold hundreds of single-family homes, 1,500 apartments, 1.5 million square feet of commercial space and more than 50 acres of open green space on undeveloped land near the intersection of Interstate 20 and Lancaster Road.
The Dallas City Planning and Zoning Commission approved plans for nearly 600 home lots, two commercial lots totaling nearly 39 acres, and 33 common areas earlier this year.
Dallas City Council also approved a $49 million subsidy for the West End Lofts project, a mixed-use, mixed-income and transit-oriented development in downtown’s historic West End district earlier this month.
CBRE arranged the sale of Dallas Infill Logistics Portfolio, 12 light industrial in-fill properties across Dallas-Fort Worth. The total more than 1.3 million square feet of industrial space in Arlington, Grand Prairie, Plano, Garland and Dallas, Texas.
Dallas-based Bleecker Partners purchased the properties. The purchase price was not disclosed.
Jonathan Bryan, Randy Baird, Ryan Thornton, Nathan Wynne, Eliza Bachhuber and Elliott Dow with CBRE National Partners arranged the transaction on behalf of the seller. The sale was announced by CBRE late last month.
- Founders Properties, a Minnesota-based private real estate investment management firm, acquired Centerport 1, a 122,259 square-foot infill distribution facility in Fort Worth last month. The building is located at 4401 Cambridge Road in Fort Worth within the CentrePort Business Park, a 1,300-acre master-planned business park.
- Fort Worth-based M2G Ventures sold a 241,004-square-foot, 9.73-acre parcel to WareSpace, a Maryland company that provides micro warehouse space. The property is part of the former Tuesday Morning distribution center, which M2G acquired in December 2020. M2G is still marketing the remaining 859,000 square feet on 37 acres at 14303, 14601, 14639 Inwood Road and 4400-4404 S. Beltwood Parkway in Farmers Branch.
- Dallas-based Younger Partners sold 116 acres in Anna to Rockhill Capital and Investments. Frisco-based Rockhill plans to sell parcels for 325 single-family homes, a planned multifamily development and future commercial uses. Financial terms were not disclosed. Rockhill has already sold 82 acres to homebuilder Taylor Morrison, and construction is expected to begin in the second quarter of 2025.
- Centurion American has acquired an additional 75 acres of land adjoining their 3,200-acre Legacy Hills master-planned golf course community. The property is located at the northeast corner of Legacy Drive and Celina Parkway. The land will be an extension of its Legacy Hills Development and provide new single-family and townhome lots for builders.
- Penguin Packaging Solutions leased 102,497 square feet at Town East Logistics in Mesquite. James Mantzuranis and Adam Jones with Stream Realty Partners represented the landlord, Leon Capital.
- United Fine Arts Services leased 63,858 square feet at 4335 North Beltwood Parkway in Farmers Branch.
- Law firm Burleson, Pate & Gibson renewed 11,388 square feet at Founders Square, 900 Jackson St. in Dallas.
- Landsea Homes announced it has signed a 14,725-square-foot long-term lease at Tower 1320 in Irving, Texas, which will serve as the company’s Dallas-Fort Worth division headquarters, at 1320 Greenway Drive. The company-wide headquarters remains in Uptown.
- Real estate investment firm Compatriot Capital signed a full-floor lease at The Douglas in Preston Center. Compatriot will occupy 13,000 square feet in mid-2025 — nearly double its current office space, according to building owner Granite Properties.
- National law firm Wilson Elser announced that attorneys and staff at its Dallas office have moved to a new location in the 50-story Santander Tower. Wilson Elser’s Dallas office was previously in the Bank of America Plaza at 901 Main Street.
- Chicago-based AMLI Residential purchased the eight-acre former Midway Square Shopping Center. The firm plans to demolish it and incorporate it into its AMLI Treehouse project. At full-build out, the development will include 570 luxury apartments, 30 luxury rental townhomes, 56 for-sale townhomes, 3.7 acres of green space and 12,500 square feet of stand-alone retail. The Dallas Business Journal reports AMLI could begin demolishing the shopping center as soon as the first quarter of 2025. AMLI Treehouse could welcome its first residents in the first half of 2026.
- Dallas real estate developer Creation announced it would start on two projects: 635 Exchange in Dallas and Triad 820 north of Fort Worth. Creation, in partnership with PGIM Real Estate, closed last week on a 36-acre parcel at the intersection of I-35E and I-635 in Dallas, the site of a former City of Dallas landfill. The site will become 635 Exchange, a three-building logistics hub spanning approximately 600,000 square feet.
- Creation is also expected to break ground this week on a three-building, 137,000-square-foot logistics center on nine acres along Anderson Boulevard in Haltom City. The project is being developed in partnership with a real estate fund advised by Crow Holdings Capital, Creation said.
- Los Angeles-based real estate investment firm Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, acquired Frisco Medical Village, a nearly 38,000 square feet, class A outpatient facility in Frisco. The deal closed on Nov. 26.
- Houston-based Lovett Industrial broke ground on 21 Logistics Park, a 27-acre urban infill development. The company will build two Class A logistics facilities covering a total of 339,280 square feet in Coppell and Lewisville.
- Ryan Companies has completed a 23-story office building within the Legacy West mixed-use development. Ryan LLC., a global tax services and software provider, plans to occupy about half of the building as its new headquarters, and JLL is leasing the remaining space.
- A nearly 3,000 square foot medical office building at 4700 Dexter has sold. Debi Carter with Capstone Commercial represented the Seller and Jimmy Pham with Concept Commercial Realty represented the buyer.
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