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USAA Real Estate, Red Tail Acquisitions Increase Dallas-Fort Worth Industrial Portfolios

11 Sep 2014, 7:54 pm

By Liviu Oltean, Associate Editor

The Dalport Trade Center

USAA Real Estate Co. has just completed the acquisition of a Class A bulk distribution portfolio comprising I-85, a 744,000-square-foot warehouse, and the 758,922-square-foot Dalport Trade Center. The former is located in Union City, Ga., while the latter is in Wilmer, Texas, within the South Dallas submarket.

Developed in 2008 by First Industrial, the Dalport Trade Center is a cross-docked facility that features 200-foot-deep truck courts, trailer and auto parking, and five points of controlled ingress and egress. It is located near Interstate 45 and Beltline Road, giving it easy access to the Dallas-Fort Worth Metroplex. In addition, the warehouse is proximate to the Union Pacific Intermodal and the FedEx Ground hubs.

“This Class A warehouse/distribution portfolio provides RealCo an outstanding opportunity  to create value for our investors by bringing to bear our deep experience in industrial and our asset management capabilities, within two fundamentally strong and active markets. We anticipate continued healthy and sustained demand,” said Len O’Donnell, president & CEO of USAA Real Estate Co.

In related news, Red Tail Acquisitions, a California-based real estate investment firm, recently acquired a six-property, 16-building industrial portfolio. The assets, totaling 462,618 square feet, were purchased from AEW Capital Management LP, which was represented by HFF LP.

The Dallas-Fort Worth assets are:

  • 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson
  • 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrolton

Currently, the properties are 87 percent leased to 41 tenants, including Now Specialties Inc., Optex Systems Inc. and Laboratory Corporation of America.

“This acquisition not only represents an exciting opportunity for Red Tail Acquisitions to expand its DFW holdings but is also a prime example of the types of investments we hope to make throughout Texas,” said executive vice president Sean Miller.

Image courtesy of Lee & Associates 



Dallas-Based Corgan Chosen as Lead Architect for Plano HQ

4 Sep 2014, 4:54 am

By Liviu Oltean, Associate Editor

In April 2014, Plano rejoiced at having been selected as Toyota’s new home for its North American headquarters. The deal would entail a $300 million investment on Toyota’s part and an influx of approximately 4,000 jobs. At the time, there were two important questions regarding the project: Who would be the developer and who would be the architect of the 1 million to 1.5 million-square-foot campus?

In July 2014, KDC Real Estate Development & Investments was chosen as developer for the project, as reported by CPE. Now Toyota has selected Dallas-based Corgan as lead architect for the impressive headquarters campus in the Dallas-Fort Worth Metroplex.

“After a search that included some of the finest architectural firms in the world, we are thrilled to welcome Corgan as designers of our North American headquarters in Plano, Texas,” said Doug Beebe, corporate manager of administrative services at Toyota. “Corgan is a world-class firm that has designed many beautiful corporate campuses and other projects, both here in the Dallas-Fort Worth Metroplex and around the world. We are looking forward to seeing the design elements of this campus that Corgan will deliver to provide a collaborative and innovative workspace.”

Dallas-based Corgan seems to have grabbed the attention of the Japanese automakers through its work on the corporate headquarters for State Farm, Southwest Airlines, Bulova, Blue Cross Blue Shield and Fossil, as well as through the company’s attention to green development: Ninety of its projects are LEED registered and 47 are LEED certified.

“We are inspired by the challenge to create a facility that will bring Toyota team members and associates from across the U.S. together in one building for the first time. It will be an honor for us at Corgan to help welcome Toyota to North Texas by creating a home for them where they will immediately feel comfortable and empowered to do their best work,” said Corgan President & CEO Bob Morris.



Dallas Cowboys Break Ground on New Frisco HQs

28 Aug 2014, 8:24 am

By Liviu Oltean, Associate Editor

Dallas Cowboys on the AT&T Stadium in 2009

In August 2013, the city of Frisco and the Frisco Independent School District announced a partnership with the Dallas Cowboys for a mixed-use development that would incorporate the Dallas Cowboys’ new headquarters and training grounds in Frisco.

As a result of this partnership, representatives of the three entities recently helped with the groundbreaking of a 91-acre, master-planned development. Located at the northeast corner of Warren Parkway and the Dallas North Tollway, the site will include not only a stadium, outdoor practice fields and ancillary structures, parking facilities and various onsite infrastructure improvements but also extensive office, retail and hospitality.

The stadium will be developed to seat at least 12,000 people and will be designed to emulate other standard NFL practice facilities, featuring a design associated with other  Class A multi-use event centers in the Dallas/Fort Worth area. Tentatively, it will also include at least two pairs of matching 50-person locker rooms, a master scoreboard with full video replay capabilities, a quality sound system and an NFL-approved playing field.

O’Brien Architects has been chosen as lead designer of the mixed-use development, while Gensler, which has vast experience in sports facilities design, will serve as the architect and interior designer for the Cowboys headquarters and the adjoining event center.

As we reported in March, 2014, the Dallas Cowboys are expected to relocate from Irving to the new complex in time for the 2016 NFL football season. Their new facility will house the team’s entire football operation, including administrative offices, coaches’ offices and the Dallas Cowboys Cheerleaders.

“As you could imagine, we’ve caught the energy of Frisco. We’ve got it. We’ve got the Frisco Flu,” said owner & general manager Jerry Jones. “We’ve got it and we sit down and say, ‘Boy that’s a lot more than we thought we were going to do.’ But this isn’t a dress rehearsal and we only have one time to go around. So let’s do it the right way.”

Image Courtesy of Wikipedia, User Mahanga 

 



Frisco Square Set to be Home to New Luxury Community

21 Aug 2014, 3:34 am

By Liviu Oltean, Associate Editor

Behringer and PegasusAblon announced plans to joint venture on the development of The Ablon at Frisco Square, a 275-unit luxury, multifamily community that will be located in Frisco Square. The asset will be developed by PegasusAblon, the joint venture’s general partner.

“We welcome the opportunity to work with Behringer to develop The Ablon at Frisco Square,” said Michael Ablon, principal of PegasusAblon. “Growth in the technology and healthcare sectors, as well as the continued expansion of entertainment venues and other amenities, is attracting new residents to Frisco. With this development, we are focusing once again on creating a luxurious community that caters to the lifestyles of affluent young professionals.”

The amenities of the multifamily community include a clubhouse with a kitchen, fireplace and television; a pool surrounded by cabanas and an outdoor kitchen; and a 24-hour fitness center. No matter what the floor size, all of the apartments will feature granite countertops, hardwood flooring, stainless-steel appliances, surround-sound speakers and Wi-Fi.

The first floor will also encompass apartments, but their design will be slightly different than that of the others – they will feature 14-foot ceilings so as to blend architecturally with neighboring mixed-use developments. In addition, to cater to a seamless transition, an outdoor plaza will function as an extension of the public park in front of the Frisco City Hall.

“We are proud to be a significant investor in Frisco Square, which comprises key assets in the portfolio of Behringer Harvard Opportunity REIT, Inc. We believe further development at Frisco Square will stimulate economic growth for the city of Frisco while ultimately contributing to the upside potential of all of our holdings at Frisco Square,” said Michael O’Hanlon, CEO of Behringer’s opportunity platform.



Hines Acquires Chesapeake Plaza in Fort Worth

14 Aug 2014, 6:16 pm

By Liviu Oltean, Associate Editor

Hines entered the Fort Worth market with the acquisition of Chesapeake Plaza, a 409,977-square-foot, 20-story, Class A office building.  The financial terms of the transaction were not disclosed.

Chesapeake Plaza is Renamed as Pier 1 Imports Building

“I’m very pleased to add this iconic building to the investment portfolio of Hines US Office Valued Added Venture III,” said David Congdon, senior managing director for the company. “We are bullish on Fort Worth’s steadily growing economy and believe Hines’ management team will add considerable value to this investment and Pier 1 Imports’ occupancy. And in recognition of Pier 1 Imports’ long term commitment, we are very pleased to announce the building will now be known as Pier 1 Imports Building.”

The asset was developed in 2004 to serve as the headquarters for Pier 1 Imports, which sold the office tower to Chesapeake Energy Corp. in March 2008. Designed by Duda/Paine Architects, Chesapeake Plaza is considered to be one of Fort Worth’s top-tier office properties due to its high quality standards and location – it has been developed on 14 acres of land along the Trinity River in Fort Worth’s CBD and is in the vicinity of the hotels and restaurants of Sundance Square and the retail and residential units of the West 7th District.

The officer tower will continue to be Pier 1 Imports’ headquarters; the company is currently leasing 313,000 square feet of office space there.

“We are delighted about this new affiliation with Hines and look forward to a long partnership,” said Alex Smith, president & CEO of Pier 1 Imports. “Pier 1 Imports has been associated with Fort Worth for more than 50 years, and our associates are committed to our community. We are pleased that this deal helps to ensure our well-beloved company will remain in Fort Worth for many years to come.”

 







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