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Stream Realty-Clarion JV Breaks Ground for 940K SF Industrial Project

26 Mar 2015, 8:55 pm

By Liviu Oltean, Associate Editor

Rendering of the largest building at the Northport 35 Business Center

Stream Realty Partners and Clarion Partners will add more than 940,000 square feet of industrial space to the Dallas real estate market in the fourth quarter. The partnership recently broke ground on Northport 35 Business Center, a three-building industrial project in Northlake, Texas.

The project will rise on a 61-acre tract located at 4250-4251 Dale Earnhardt Way, a few miles from Alliance Airport and the Union Pacific and BNSF rail lines. Upon its completion, future tenants will receive financial incentives from the town of Northlake in the form of a 75 percent tax grant for business personal property tax and 50 percent tax grant for real property taxes.

As Commercial Property Executive has reported, the DFW Metroplex experienced its 17th consecutive quarter of positive net absorption in fourth quarter 2014. Consistent with an emerging trend in the market, developers have started to shift their attention from tenants interested in big-box spaces to smaller tenants, which would explain why Stream Realty and Clarion have opted to develop buildings ranging in size from 658,782 to 202,522 to 83,731 square feet.

“The tax benefits available to our future tenants and proximity to the fastest-growing area of the DFW Metroplex are the key components to our business plan,” said Cannon Green, managing director & partner in Stream’s Dallas office, in an official statement. “The town of Northlake has been exceptional to work with in getting this project started. Interest in the project has been substantial, and we expect it to increase as we move deeper into 2015.”

Image courtesy of Stream Realty Partners via official website.



Amstar Places Bet on Dallas’ Industrial Market

6 Mar 2015, 5:53 am

By Liviu Oltean, Associate Editor

DFW North Distribution Center

Is it time to move from built-to-suit and pre-leased industrial projects to speculative ones in Dallas? Denver-based Amstar certainly thinks so!

The firm announced the execution of a 10-year lease with MI Windows & Doors at the DFW North Distribution Center in Flower Mound, a speculative project started in 2014 with development partner Huntington Industrial Partners.

Slated for completion sometime in the first quarter of 2015, DFW North Distribution Center is a class A, 401,600-square-foot bulk warehouse facility that features a cross-docking configuration, a 32-foot clear height and extensive trailer parking. It will be fully occupied by MI Windows and Doors, one of the largest suppliers of vinyl and aluminum windows and doors.

This is the second Amstar & Huntington speculative project to be fully leased before completion in Dallas—Riverpark 1000, a 145,579-square-foot light industrial building, has also found a tenant.

“The leasing of DFW North Distribution Center to MI Windows and Doors prior to the building’s completion reinforces our conviction in the strength of the Dallas industrial market,” said Amstar Managing Director Tricia Noble in an official statement.

 

Rendering courtesy of Amstar 



Equity Office, 5G Studio Collaborative to Redesign Solana Business Park’s 230-Acre Campus

6 Mar 2015, 5:47 am

By Liviu Oltean, Associate Editor

Solana Business Park

Equity Office, a Blackstone Group affiliate, recently partnered with architecture firm 5G Studio Collaborative for the renovation of Solana Business Park’s 230-acre campus. The company plans to invest more than $50 million to reposition the 14-building office complex as a premier project in the Dallas-Fort Worth area.

Completed in 1989 as a joint venture between Los Angeles-based Maguire Thomas Partners and IBM Corp., the 1.8 million-square-foot office complex was acquired by Blackstone for $180 million in August 2014. Right from the get-go, the project was considered unique. A New York Times article published in 1989 described Solana as an out-of-the-ordinary office complex. “The first sign that Solana is not like other suburban office parks is the three 100-foot-tall pylons – one magenta, one purple, one yellow – that stand in the rolling Texas prairie like pieces of a gargantuan building toy left in a thousand-acre backyard.”

According to an official press statement, Turner Construction will serve as a contractor for the project, while DTZ will handle leasing and management.  The planned improvements include increased structured parking; an improved way finding system; extensive interior and exterior renovations; enhanced landscaping; and significant upgrades to the retail components of the office complex. The first official designs will be released sometime in the first quarter of 2015.

“Solana has so many assets that appeal to the corporate community,” said Stephen Park, a 5G Studio architect & co-lead on the Solana redevelopment. “Our design vision responds to the rural Texas setting of Solana, respects the original architecture, and connects with what businesses and their employees want in a work environment.”

Image courtesy of Equity Office



New Active Adult Community Coming to Frisco

19 Feb 2015, 5:19 am

By Liviu Oltean, Associate Editor

The city council of Frisco unanimously approved the issuance of $70 million in tax-exempt bonds for the development of WholeLife Frisco™, an active adult community. The approval followed a public TEFRA hearing (Tax Equity and Fiscal Responsibility Act), a prerequisite for tax-exempt private-activity bonds.

The active adult community will be developed by WholeLife Cos. in two phases. Phase I will include 176 individual cottage- or bungalow-style residences and a clubhouse, to be constructed on a 122-acre tract southwest of the Witt Road/King Road intersection.

The new homes will average 1,800 square feet and will feature such amenities as two-car garages, open floor plans, gourmet kitchens, extensive landscaping and expansive closets and storage areas. Residents will have access to The WholeLife Club, a private facility that will include a modern fitness center, a resort-style pool and various other entertainment areas.

According to the company’s official website, it is currently working on two other projects: the 156-unit WholeLife Cibolo Canyons community in San Antonio and the 104-unit WholeLife Chattanooga community in Chattanooga.



SkyHouse Dallas Opens Doors with Rooftop Cocktail Party

12 Feb 2015, 9:20 pm

By Liviu Oltean, Associate Editor

Skyhouse Dallas – West View

A rooftop cocktail party to be held on Feb. 19 will mark the official opening of SkyHouse Dallas, a 24-story luxury tower located in the Victory Park neighborhood. Developed by Atlanta-based Novare Group and Batson-Cook Development Co., the tower is part of the SkyHouse® multifamily program, with projects in three states representing an investment of almost $400 million.

SkyHouse Dallas features studio, one-, two- and three-bedroom apartments. The residences have open floor plans, with nine-foot ceilings, floor-to-ceiling windows with upgraded solar shades, hardwood flooring in the kitchens, granite countertops, stainless-steel appliances and spa-style baths with ceramic-tile floors. Community amenities include a rooftop pool, a poolside terrace with outdoor TVs and fireplace, a fitness center, a private library, a coffee lounge and an on-site dog park.

According to an official statement, the tower was designed for Generation Y professionals who want a live-work-play environment. “This is a demographically driven program targeting younger renters who desire convenient, transit-linked and efficient residences. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year, and Batson-Cook expects many in this demographic to find SkyHouse an ideal place to call home,” according to Director of Investments Mark Stewart.

Image courtesy of  Simpson Property Group via official website 







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