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Overtenanted Frisco Retail Center to Branch Out

26 Jun 2015, 8:12 pm

By Liviu Oltean, Associate Editor

Back in 2011, when Whitestone REIT announced that it had closed on the Shops at Starwood in Frisco, the Class A, 55,385-square-foot retail center was 98 percent leased. With a multitude of tenants never a problem, the center now stands at full occupancy.

Shops at Starwood in Frisco

Shops at Starwood in Frisco

No wonder the adjacent 2.73-acre parcel is now making headlines. According to the Dallas Business Journal, Whitestone will add 24,000 square feet of restaurant and retail space and 8,600 square feet of office space to the center. Completion has been slated for the first quarter of 2016.

Seeing that the retail center is located at 6959 Lebanon Road— only half a mile from upscale neighborhoods such as Starwood, Chapel Creek and Stonebriar Park— and that the retail market in Dallas started off the year with a bang, Whitestone’s decision comes as no surprise. Recent CBRE research data showed that the Dallas market experienced the highest net absorption rate for the first quarter in the last 10  years, and it also reached an all-time high in terms of retail occupancy at 92.4 percent.



On the Hunt for Commercial Assets in Texas

23 Jun 2015, 6:03 pm

By Liviu Oltean, Associate Editor

The legacy left behind in Texas by H.L. Hunt and his family is about to increase even further, seeing as Hunt Midwest Enterprises, Inc. and Unity Hunt Inc., the parent company for the Lamar Hunt family’s holdings, announced the launch of a new development and investment company.

Dubbed Hunt Southwest Real Estate Development L.L.C., the new firm is based in Dallas and is the family’s second real estate enterprise—the first being Hunt Midwest, which was founded in 1985. The family ranked 13th on Forbes’ 2014 America’s Richest Families list, with a total net worth of $15 billion.

Ora Reynolds, President and CEO of Hunt Midwest

Ora Reynolds, President and CEO of Hunt Midwest

According to a press statement, the new firm will focus on investment opportunities and commercial real estate development throughout Texas. At the helm of the company is Ora Reynolds, president & CEO of Hunt Midwest, and veteran Preston Herold, a real estate broker and Certified Commercial Investment Member (CCIM).

“The development and investment climate is ripe for a wide range of new projects — including multifamily, senior housing, industrial and office — and we will be focused on those opportunities where we can both apply our development expertise and invest capital,” Herold said. “I am honored to work on behalf of the Lamar Hunt family, and I look forward to raising Hunt Southwest’s commercial real estate profile in Dallas and throughout the state of Texas.”



ONE Group Puts STK on the Menu

18 Jun 2015, 9:34 pm

By Anca Gagiuc, Associate Editor

A culinary concept that has already found a following in places as diverse as New York City, London, Milan, and Los Angeles is on its way to Texas. The ONE Group Hospitality announced an agreement with World Class Capital Group to open an STK Rebel in Austin and an STK in Dallas. Both locations are scheduled to open in 2016.

STK Las Vegas

STK Las Vegas

Whereas STK is a unique representation of the American steakhouse, STK Rebel targets a broader national and international market. Location-specific dishes will make up one third of each restaurant’s menu.

“Austin and Dallas are both booming cities, and particularly given the prime locations with indoor and rooftop space we have secured, we’re extremely excited about entering these markets,” said Jonathan Segal, CEO of The ONE Group.

STK Rebel Austin will open at 305 East 3rd St., the former location of the Melting Pot. The venue, which will serve lunch and dinner, is divided into 7,000 square feet of interior space and a 4,000-square-foot rooftop deck. The restaurant will be open for lunch and dinner.

STK Dallas will be located at 1899 McKinney Ave. in one of the city’s hippest dining areas. The dinner-only restaurant will spread over 14,000 square feet that includes a patio and a 6,500-square foot rooftop lounge.

Photo courtesy of The One Group



Fortune 100 Best Companies to Work For Nominee Settling in Nicely in Plano and Irving

18 Jun 2015, 1:53 am

By Liviu Oltean, Associate Editor

Not even a year after announcing plans to relocate its corporate headquarters from Tulsa to the Dallas-Fort Worth Metroplex, Fortune 100 Best Companies to Work For nominee Hilti North America is ready to settle in at its new home in Plano. The firm decided last year to move to Texas in order to be closer to a broader base of customers and to have access to a larger pool of talent.

Trammell Crow Legacy Tower

Trammell Crow Legacy Tower

But Hilti North America will hold not one, but two grand openings this week – one for its new headquarters at Trammell Crow Co. and Principal Real Estate Investors’ Legacy Towers development in Plano and one for a new research-and-development facility. The latter was announced only a couple of months ago. The new facility will open in Building 4 of Jackson-Shaw’s Parc Royal development in Irving.

“What makes Hilti unique in our industry is our direct contact with customers and the ability to provide immediate access to outstanding products, services and software. With $26 billion in construction in Dallas, relocating our test lab, and repair service and distribution operations, within the Metroplex strengthens our ability to enhance our coverage in this marketplace and throughout Texas,” said Cary Evert, Hilti North America president & CEO, back in October.

Hilti North America was commended by Fortune magazine for its family-like culture, friendly environment and for giving employees the possibility to grow personally and professionally through its various programs.

Image courtesy of Trammell Crow Co. 



Ross Perot’s Legacy West – A Dream No More?

3 Jun 2015, 2:27 pm

Platinum Tower Rendering

By Liviu Oltean, Associate Editor

 

Back in the 1980s, Ross Perot envisioned a community unlike any other. According to his plan, acres upon acres of land north of Dallas, with limited or no infrastructure, were to become a massive business hub. Thirty-five years later, that far-fetched vision of his is on the brink of becoming reality as Legacy West, a 170-acre, master-planned business park in Plano, is bustling with activity.

And with each relocation and new development, national and international companies, small and large alike, are building upon that vision: Toyota’s massive 2.1-million-square-foot headquarters; FedEx’s 265,000-square-foot corporate campus; and Gaedeke Group’s recently announced 14-story, 327,856-square-foot office tower.

Stream Realty will continue to contribute to Perot’s vision. The company plans to add a new office tower next to its five-story, 166,000-square-foot Platinum Park tower in Legacy West. The new project will rise on the hard corner of Tennyson Parkway and the North Dallas Tollway. Dubbed Platinum Tower, the high-rise will feature both office and retail components and will include about 270,000 square feet of space. Stream Realty plans to break ground for the project at the end of the year.

 

Courtesy rendering







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