Here’s what’s new and next in North Texas real estate, from ground-up developments to company moves and expansions. Have a deal we should know about? Tell us here — and stay in the loop with our newsletter.
Three Firms Find New Homes in the Crescent
The Crescent in Uptown is attracting a lot of attention from businesses with what it calls its “move-in ready” approach.
Dallas’ Crescent Real Estate announced that three new companies have signed new leases representing more than 10,000 square feet of space, while six others expanded their leases, taking up more than 30,000 square feet of additional space.
“Securing new and expanding leases for these investment and financial companies helps bolster The Crescent’s reputation as the Financial Center of the Southwest.”
TONY CLICK
Newcomers include aircraft investments and solutions firm BBAM Aircraft Leasing and Management, alternative asset manager Cinctive Capital, and Dallas-based financial advisory firm Cain Capital.
Those taking up additional space are investment firm Harbert Fund Advisors, alternative investment firm Bluescape Group, financial services firm BTIG, real estate investment and development firm WindMass Capital, and West Texas National Bank. An unnamed financial firm also expanded its footprint, more than doubling it from 5,444 square feet to more than 14,700 square feet.
“Securing new and expanding leases for these investment and financial companies helps bolster The Crescent’s reputation as the Financial Center of the Southwest,” said Tony Click, VP of leasing for Crescent, in a statement.
PLUS
TREC Names ALC Class of 2022
⟫ TREC has named its Associate Leadership Council Class of 2022. Led by Chair Stephanie Laughlin of Jacob & Hefner Associates, the program for 27 to 37-year-old CRE professionals is designed to inspire and educate the industry’s future leaders.
Southern Dallas County City Slated for Chick-fil-A Hub
⟫ The city of Hutchins in southern Dallas County is set to be a hub for Chick-fil-A. The Atlanta-based company, in combination with California’s Bay Center Foods, has picked the city for the site of its third full-scale distribution and production center. Projected to open in 2023, the $325 million center is expected to create nearly 400 permanent jobs with an estimated annual payroll impact of more than $26 million.
Hot Celina Scoops Up Land
Photo: City of Celina
⟫ Celina ISD has scooped up new land as the city saw itself become one of the hottest homebuilding markets in the country last year with more than 1,500 new single-family projects. The 80-acre site in the northwestern part of the city sits near a planned 7,000-home development by Centurion American. According to real estate broker Rex Glendenning, Celina ISD currently has one high school, but has sites acquired for two more, and is in the process of acquiring a fourth site.
Dunhill Sells Design District Properties
⟫ Dunhill Partners has sold its Design District properties to fellow Dallas real estate investment firm HN Capital and New York’s McCourt Partners. Financial terms of the deal were not disclosed, but the transaction includes around 800,000 square feet of showroom, restaurant, and retail space across 40 acres, including the Dallas Decorative Center and the Dallas Design Center. The Virgin Hotel Dallas and the Dunhill Apartments were not part of the deal.
Omni PGA Frisco Resort Tops Out
Photo via SB Architects
⟫ As it looks to open in 2023, the developers behind the Omni PGA Frisco Resort have hit a milestone. Last week, Omni Resorts and Hotels held a ceremony to mark the completion of its concrete structure. Once finished, the resort will have 500 rooms, a dozen restaurants, and a Topgolf lounge. It’s also expected to create about 1,000 jobs. The resort is part of the 660-acre mixed-use site anchored by the PGA of America’s headquarters.
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R E A D N E X T
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That boom you heard in Dallas-Fort Worth the last decade? That was real estate activity. According to a new report from StorageCafe, the Dallas Metro ranks No. 1 in the U.S. for the most activity seen in all sectors of real estate over those 10 years. From residential permits to corporate relocations to retail to industrial and more, here's a look at what boomed most.
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With the acquisitions, DataBank’s reach now includes 27 metro markets—the largest geographic footprint of any data center operator in the U.S.
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Several large leases signed by social media and financial services users—whose identities were not disclosed—drove the swell of activity in Q4. That led to "incredibly strong" net leasing activity for the full year, CBRE says. That's now driving lots of new data center construction here, and may increase asking rates in 2022 and beyond. With "no end in sight" to the market growth, CBRE's Brant Bernet believes we're only in the "early innings" of an extra-inning game.
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In a recent survey, 73% of multifamily residents said they are interested in—or won’t rent an apartment without—sustainability and green initiatives being implemented at the property. The two companies are joining forces to help "shift the aspirational to become truly day-to-day operational."
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Cityfund lets people invest in real estate markets like stock, starting with launch cities Dallas, Austin, and Miami.
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The online marketplace—a "B2B version of the MLS"—lets single-family real estate investors buy and sell distressed, investable real estate. But the deals are exclusive, the company says. Entrepreneur and residential real estate expert Josh DeShong is launching in a sweet spot that's focused on saving time, money, and energy for investors.
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Apricus Realty Capital is a new boutique commercial real estate investment firm focused on the major Texas markets: Dallas-Fort Worth, Austin, and Houston. Led by a trio of local industry veterans, the company is already actively seeking multiple acquisitions after recently completing the raise of an initial GP capital fund.
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CapRock Partners co-founder Jon Pharris sees Dallas-Fort Worth as "a vital North American logistics hub," while his CEO has strong Texas roots and a background at Trammel Crow Company and Hillwood. The firm, a fast-growing investor and developer of industrial real estate, aims to add an estimated 10 million SF in new logistics facilities in 2022.
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Proptech Partnership: Dallas-Based Lincoln Property Invests in Commercial Real Estate Startup Dottid
Dottid Founder and CEO Kyle Waldrep aims to disrupt the commercial real estate industry with its SaaS proptech platform that solves everyday problems for all parties in a leasing transaction and more. The startup launched Dottid Industrial earlier this year in a significant product extension.
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The 'Bloomberg Terminal of Real Estate' Relocates to McKinney With Grant From MEDC’s Innovation Fund
Spatial Laser is joining the more than 20 tech companies that have expanded in or relocated to McKinney. The proptech startup uses a cloud solution to assist bulk buyers in quickly identifying real estate properties that have high rental returns with low risk.
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Looking to buy a home? Hold your horses. The SVP of Dallas-based One Technologies, which operates credit monitoring platform ScoreSense, shares his credit score insights for surviving in today's market.
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HomematchX, founded in January, recently launched its new platform to virtually streamline the real estate experience. And because the COVID-19 pandemic is changing the market, the team expects to thrive.
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RefineRE, which was founded in 2017, will now be able to extend its platform for corporate real estate occupiers with the acquisition of BenchCore.
