Trammell Crow Breaks Ground On Office-To-Resi Conversion In Dallas: The DFW Deal Sheet

A Trammell Crow Co. subsidiary started work on a Class-A multifamily project that will replace three vacant office buildings along Interstate 635. 

High Street Residential broke ground on the 435-unit project at 5550 Lyndon B. Johnson Freeway in Dallas. Developed in partnership with Acram Group as co-general partner and with Parse Capital providing preferred equity, the project will transform a former office site into a mixed-income residential community. 

Structured as a Dallas Public Facility Corp. development, the more than 5-acre community will include 217 market-rate apartments and 218 affordable units. It is expected to be completed by the summer of 2028.

“This project demonstrates the power of public-private collaboration to deliver much-needed housing in a highly desirable area of Dallas,” Trammell Crow principal Kevin Hickman said in a statement. 

The project team includes WDG Architecture as the architect and OHT Partners as the general contractor. Bank OZK is the senior lender, while additional consultants include structural engineer Urban Structure; mechanical, electrical and plumbing engineer Schmidt & Stacy; civil engineer Kimley-Horn; landscape architect TBG Partners; and interior designer Ellie Aiello.

SALES

Craig International sold the nearly 37K SF District 121 restaurant and retail property at the northeast corner of State Highway 121 and Alma Road in McKinney. The purchase price and buyer weren’t disclosed, though the Dallas Business Journal reported that local doctor Abbas Mian’s District McKinney 121 LLC purchased the two-building property. Shop Cos.’ Tim Axilrod marketed the property and brokered the sale on behalf of Craig International.

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Marcus & Millichap oversaw the sale of a two-property multifamily portfolio in Dallas to a local investor through a Chapter 11 bankruptcy auction following a marketing and bidding process. The portfolio included the 229-unit Villas del Tesoro at 7963 Villa Cliff Drive and the 79-unit 46 Eleven Apartments at 4611 Samuell Blvd.

Marcus & Millichap’s Ford Braly and Al Silva were the court-approved agents to market the portfolio on behalf of KeyBank and others. They also procured the buyer, which secured the portfolio with a 10% nonrefundable deposit and has plans for a large renovation of the properties to improve performance and occupancy.

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Exxir sold a mixed-use portfolio in Dallas’ Bishop Arts District to Hines. The portfolio included four multifamily properties and nearly 41K SF of retail along North Bishop Avenue. JLL Capital Markets’ team representing the seller included Trey Morsbach, Bill Miller, Greg Toro, Adam Howells, Clint Coe, Caroline Novak and Erin Lazarus.

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Ascent Investment Partners acquired the nearly 37-acre Rockwall 36 property at the southeast corner of Interstate 30 and FM 549 in Rockwall. The commercially zoned site is Ascent’s third investment along the I-30 corridor in recent years. 

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Marcus & Millichap helped facilitate the sale of the nearly 20K SF medical office building at 919 Medical Drive in Allen to a private investor. The property was built in 2010 on 2 acres and was fully leased to Action Behavior Centers under a 10-year triple-net lease at the time of the deal. Marcus & Millichap’s Joseph Jaques and Ron Hebert marketed the property on behalf of the seller and procured the buyer, a private Texas investor. 

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CenterPoint Commercial Properties acquired a 12-acre retail development site at U.S. Highway 77 and Grove Creek Road in Waxahachie. CenterPoint plans to develop the retail property with a mix of national and regional retailers, restaurants and service-oriented businesses, incorporating pad sites, ground leases and build-to-suit opportunities. The acquisition financing was arranged by Ari Raskas and Matthew Sheard of CenterPoint Commercial Capital.

LEASES

American Completion Tools leased nearly 47K SF on 4.4 acres at 921 E. Waggoman St. in Fort Worth from Vision BPRE. LanCarte Commercial represented the tenant and landlord, with the firm’s Finn Wilson and Sarah LanCarte negotiating the lease transaction.

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Autonomous Solutions Inc. will more than double its office footprint with nearly 26K SF across the second and third floors of Hillwood Commons 1 within the Alliance Town Center in Fort Worth. ASI will have more than 100 employees across the expanded space. 

CONSTRUCTION AND DEVELOPMENT

The 127-unit affordable and workforce housing project The Parker opened at 800 Comal St. in Dallas’ Lake Cliff neighborhood. Developed by Savoy Equity Partners with an investment from the AIC CEI-Boulos Opportunity Fund, a joint venture between Allivate Impact Capital and CEI-Boulos Capital Management, the project is the largest component of a 263-unit transit-oriented, sustainability-focused initiative for the North Oak Cliff area.

Through a public-private partnership with the Dallas Public Facility Corp., 51% of the building’s units will be rent-restricted for 75 years.

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The Karahan Cos. and KDC are teaming up to develop around 11M SF of build-to-suit office space in the 2,545-acre Fields master-planned community in Frisco. The land for the office developments will primarily be along the Dallas North Tollway, Panther Creek Parkway, Highway 380 and PGA Parkway. Fields was co-developed and is owned in partnership with Karahan and Hunt Realty Investments, along with investors Chief Partners and Cross Tie Capital.

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Cadence McShane Construction Co. broke ground on the 201K SF Parkhill Middle School for the Richardson Independent School District. The three-story building is being built on the site of the Parkhill Junior High School at 16500 Shadybank Drive in Dallas. 

Cadence McShane will also complete extensive site improvements, including a track, a practice field, tennis courts and a courtyard plaza. The project is expected to be completed by the end of 2028. Stantec is the project’s architect of record. 

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Garfield Public/Private broke ground on a 169K SF hotel and convention center development for the city of Roanoke. The project at 600 S. Oak St. will include the 205-key The Cade Roanoke hotel, which will be part of Hilton’s Curio Collection, as well as around 20K SF of meeting space, a signature restaurant and an approximately 300-space parking garage. The convention center will feature a ballroom, a meeting room, a boardroom and a prefunction area. 

The project’s design was led by BOKA Powell as architect and Looney & Associates as interior designer. Other design team members include structural engineer Thornton Tomasetti, MEP engineer Blum & Associates, and civil engineer McAdams Co. Brasfield & Gorrie will construct the facilities as the design-build general contractor. Construction is expected to take less than two years.

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Holt Lunsford Commercial Investments will develop the nearly 515K SF Eagle Alliance Crossing industrial park on more than 50 acres in Fort Worth’s Alliance submarket. The five-building industrial park at 18344 FM 156 will feature a more than 229K SF cross-dock building with four shallow-bay buildings ranging from 29K SF to more than 162K SF. 

The site will also offer significant outside storage with up to 2.2 acres at Building 1 and up to 3.7 acres across the remaining buildings. Construction will begin before year-end, with completion targeted for the first quarter of 2028.

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Hall Group plans to begin work this fall on the 105-unit Terra Residences development in the 162-acre mixed-use Hall Park community in Frisco. Construction is expected to be completed in the fall of 2028. Architecture Demarest will serve as the project architect, with Faulkner Design Group leading the interior design and LMF Construction serving as the general contractor. 

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LGE Design Build completed construction of a two-building industrial campus for Project Service Group Inc. at 4101 Duncanville Road in Dallas. The 224K SF campus features a 195K SF tiltwall main building and a 29K SF preengineered metal building. 

The main building offers 30-foot clear heights and 36 dock doors and is configured to accommodate two tenants. The metal building features 26-foot clear heights and nine dock doors. LGE Design Build served as the general contractor.

FINANCING

Northmarq secured refinancing for the 403-unit The Standard at CityLine multifamily community at 1125 E. Renner Road in Richardson on behalf of Price Realty Corp. The Standard at CityLine was completed in 2015. The permanent fixed-rate financing through New York Life is structured on a five-year term. Northmarq’s Kevin Leamy arranged the financing on behalf of the borrower.

PEOPLE

Enterprise Bank & Trust promoted Jason Ebanks to market president – Dallas and A.J. Fazalbhai to market president – Metroplex Central. Ebanks and Fazalbhai will continue to lead their respective teams in executing strategies to increase Enterprise’s presence and impact throughout the state. 

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Foundry Commercial expanded its Dallas brokerage team with the addition of Dan Zeltser as senior vice president. Zeltser brings 15 years of commercial real estate experience and will focus primarily on tenant representation across the office and industrial sectors. He joins Foundry from Cresa.

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Chris Grabinski joined Stockdale Capital Partners as vice president of acquisitions, healthcare. Based in Dallas, Grabinski will focus on sourcing, underwriting and executing healthcare real estate investments as the firm works to expand its investment platform nationally. Grabinski was previously with MedProperties Realty Advisors.

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Colliers added Traci Devereaux as managing director of U.S. real estate management services. Based in Dallas, Devereaux will focus on new business development and expanding the firm’s property management presence across DFW. Devereaux brings more than 25 years of commercial real estate experience and joins Colliers from Holt Lunsford Commercial.

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Pond, Robinson & Associates appointed Jason Lind as chief commercial officer. Lind will lead the firm’s commercial strategy, business development and client growth initiatives. Lind brings more than 25 years of commercial real estate experience to the role and was most recently with Diamond Communications.