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CCBP Collin County Real Deals: August-September Report

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

 Kaizen Development Partners, in partnership with McKinney Economic Development Corporation (MEDC) has announced plans for a new 200,000-square-foot spec office project in the District 121 mixed-use development located at the northeast corner of TX-121 and Alma Drive in McKinney. Development on the eight story, fully-amenitized, Class A office project is expected to begin Q1 2021.

JLL, which will handle leasing of the project, announced the plans on Aug. 19.

“It’s truly a privilege to be able to help catalyze a mixed-use development of this nature in a premier community,” said Derrick Evers, Managing Partner/CEO, Kaizen Development Partners. “The vision that the City of McKinney has is clearly centered around quality and innovation, which are some of the foundational elements for all our developments. We believe the fundamentals of ‘Visibility, Access, Amenities, and Value’ could make our development one of the most sought-after locations for tenants.”

“Kaizen is a world-class developer and we are excited to have them as a partner and stakeholder in our community,” George Fuller, Mayor, City of McKinney. “Located adjacent to Craig Ranch, District 121 will be a destination retail, corporate, and restaurant, mixed-use development in McKinney, and the office space that Kaizen brings to the table sets the highest standard. It is with this caliber of partnerships that District 121 is assured to be a great success in our community.”

“The City of McKinney’s vision has finally come to fruition for a true mixed-use environment,” said David H. Craig, Chairman/CEO, Craig International. “As the developers of District 121, we were pleased to hear that Kaizen Development Partners, City of McKinney, and the McKinney Economic Development Corporation have successfully agreed to this partnership.  District 121 will have a number of restaurants with patios overlooking a large park that will serve the pent-up demand in the City, Craig Ranch, as well as the existing, adjacent urban residential.” 

JLL’s Blake Shipley and Chis Doggett are leading the marketing and leasing efforts for the project. The architect is Perkins & Will led by Justin Parscale and Ron Stelmarski.

The project will offer immediate access to the central park and retail offerings at District 121. Hub 121, west of Alma, will provide additional walkable retail and restaurants.

“The MEDC is excited to be partnering with Kaizen Development Partners in bringing their newest office building to the District 121 mixed-use development in McKinney,” said Peter Tokar III, President and CEO, McKinney Economic Development Corporation. “We greatly appreciate their investment in the first purely speculative office building in McKinney. We believe as they do that their new office building represents the shifting trend in the office market that places value not only on the location of the building but also on the community in which it resides and the quality of place it provides.” 

The project is expected to deliver Q2 2022. Kaizen Development Partners can accommodate growth and additional demand from users with additional phases within District 121.

For additional information, please contact Blake Shipley at +1 214 438 6118 or blake.shipley@am.jll.com, or Chris Doggett at +1 214 438 6390 or chris.doggett@am.jll.com.

Jackson-Shaw, a national real estate development company, reports that it has leased to a fourth tenant at Parc Northeast, the 434,640-square-foot, four-building, Class A urban industrial development in Richardson.

Newline Interactive Inc., a manufacturer of award-winning interactive displays, intuitive software, and other interactive innovations that help businesses collaborate and schools improve student engagement has leased 48,160 square feet in Building 3, which is approximately 88,829 square feet. This fourth lease brings the overall park occupancy to 50%.

Space remaining is a combined 219,581 available square feet within Building 1, 2 and 3.

GID is the project’s equity partner, MYCON is the general contractor for the project, with GSR-Andrade as the project’s architect, Kimley Horn as the civil engineering firm and Veritex Community Bank as construction financier.

New Ashton Woods Community in McKinney

Ashton Woods, one of the nation’s largest private homebuilders, announced its new Meridian at Southgate community in McKinney. Boasting 47-acres of residential and private open space, Meridian at Southgate offers homeowners 40- and 50-foot homesites and a choice of 12 versatile floorplans in one of what Money Magazine says are top cities to live in the country.

The development is located between historic downtown McKinney shopping and restaurant district and just one mile from the crossroads of US-75 and TX-121.

Floorplans range from 1,829 to 3,075 square-feet, three or four bedrooms, two or more baths and two or three-car garages.

Prices start in the low $300,000s.

www.ashtonwoods.com/dallas

One Bethany Westthe 200,000-square-foot, Class A office property located at 950 West Bethany Drive in Allen, is over 40% pre-leased, JLL announced in June. Over the last three weeks, the firm secured over 45,000 square feet of new office lease agreements.

“It’s a privilege, to continue our collective vision of bringing employers of the highest regard to the City of Allen and more specifically to our campus at One Bethany,” said Kaizen Development Partners’ Derrick Evers. “We believe we are delivering a type of product that is very much needed and the market is fortunately proving our investment thesis to be right.”

JLL’s Blake Shipley and Chris Doggett are leading the marketing and leasing efforts for One Bethany West and One Bethany at Watters Creek on behalf of the property ownership group.

“We’re thrilled with the momentum that has built at One Bethany West” said Shipley. “Leasing activity like this is a rarity for a project that’s still under construction, even in an optimum economic environment. For us, to be 40% leased before delivery is terrific news and indicative of the demand for premium office product One Bethany West will deliver.”

Upon its completion, One Bethany West will also offer 10,000-square-feet of spec suites and a combined 100,000-square-foot contiguous block of space on the fourth through seventh floors. On-site amenities including a tenant lounge, conference center, fitness center, men’s and women’s locker rooms with shower facilities, an outdoor putting green and a golf simulator.

One Bethany West gives tenants and guests immediate access to the new Watters Creek Convention Center and Delta Hotels by Marriott Dallas Allen. The property is located across from Watters Creek at Montgomery Farms, which offers over 60 popular restaurants, retail and shopping options.

One Bethany West is the third of five Class A office buildings constructed by Kaizen within the past three years on the One Bethany at Watters Creek campus. The two remaining development sites are currently available for potential build-to-suits or pre-leasing, and could be tailored in size from 200,000 to 300,000 square feet.

Marcus & Millichap (NYSE: MMI) has sold Packaging Corporation of America, a 168,725-square foot industrial property located in Carrollton. Adam Abushagur, industrial specialist and senior vice president investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Abushagur. Packaging Corporation of America is located at 1015 Hayden Drive in Carrollton on 6.87 acres of land. It was built in 1979.

Younger Partners’ Ben McCutchin brokered a 103-acre sale on FM 455, east of FM 1385 in Pilot Point. McCutchin represented the buyer, Gene McCutchin. Davidson Bogel Real Estate’s Grant Brodeur represented the sellers, Ron Berlin and Eric Berlin. The farmland was purchased to hold for investment. Both the buyer and the sellers are well-known landowners and investors in the northern suburbs of Dallas-Fort Worth.

Goodman Distribution, Inc. leased 29,995 sf at Gateway East Business Center, 4009 Distribution Drive, in Garland. Ryan Wolcott, Matt Dornak, and Drew Feagin with Stream Realty Partners represented the landlord, Barings. Seth Koschak with Stream represented the tenant.

Zee Agency dba Allstate Insurance leased 1,291 square feet at 1200 Commerce Dr. in Plano. The landlord was represented by Byron McCoy at Younger Partners.

X Media Tech leased 2,850 square feet at 1200 Commerce Dr in Plano. Younger Partners’ Byron McCoy handled the lease transaction.

BITTANO Boutique has leased 900 sf of retail space at 4350 Lovers Lane, University Park, from Northside Lovers Lane Ltd. Kyle Espie, senior associate of Bradford Commercial Real Estate Services, represented the tenant in the direct deal.  Benton Rutledge of Concord Capital Partners represented the landlord.

Marcus & Millichap (NYSE: MMI),  has announced the sale of Kiddie Academy, a net-leased property located in Frisco,, according to Tim A. Speck, division manager in the firm’s Dallas office.

Ron Hebert, Ryan Wolf and Vincent Knipp, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Wolf and Knipp.

“We were able to get the Seller the premium price that they wanted through our local reach and understanding of the Frisco market” Wolf commented. He added, “We were able to get the deal sold in a very rapidly changing environment that required strong coordination between buyer and seller. In the end we were able to achieve a record cap rate in relation to the lease of the term”.

Kiddie Academy is located at 3188 Legacy Dr in Frisco. 

Marcus & Millichap (NYSE: MMI) has announced the sale of Anchor Fabrication, three industrial properties totaling 53,254-square feet located in Garland, according to Tim A. Speck, division manager in the firm’s Dallas office.

Adam Abushagur, senior vice president investments and Sam Martin, associate, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also procured by Abushagur and Martin.

“We had prepared a pricing analysis for the seller prior to them receiving an off-market offer,” said Martin. “When the off-market deal fell through, the seller ultimately moved forward with us and secured a buyer we were confident would close,” she said.

“We conveyed the value-add opportunity for the buyer to re-tenant each of the buildings at market rents and sell separately,” said Abushagur.

Anchor Fabrication is located at 3841 Cavalier Drive, 3851 Cavalier Drive, and 3903 Cavalier Drive in Garland,.  The subject buildings are situated on a combined 2.72 acres and were built from 1969-1991.

Marcus & Millichap (NYSE: MMI) has announced the sale of Casa Bella, a 176-unit apartment property located in Dallas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Nick Fluellen and Bard Hoover, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, an individual/personal trust, was also secured and represented by Fluellen and Hoover.

“We were able to secure an offer for 6% higher than what the seller was willing to take a pre-emptive offer at,” commented Hoover. He added, “We brought a lot of competition that pushed the value higher than even we expected”.

Casa Bella is located at 2970 Peavy Road in Dallas. 

Corky’s Gaming Bistro, LLC has purchased 13,088 square feetof retail space formerly known as Furr’s located at 1900 N. Central Expressway in Plano. Perren Gasc and Austin Schenkel with DBA Commercial Real Estate represented the buyer. Andrew Shaw, CCIM with NAI Robert Lynn represented the seller.

Burke’s Outlet has leased 20,000 square feetof retail spacelocated in Traders Square at 301 E. Highway 243 in Canton. Bryan Cornelius and Jim Dunn with Venture Commercial represented the tenant. Andrew Shaw, CCIM and Tom Heraty with NAI Robert Lynn represented the landlord.

Black Rifle Coffee Company has leased 2,200 square feet of retail space located at 901 N. Central Expressway in Plano. Jennifer Frank and Kornel Romada with Segovia Retail Group, LLC represented the tenant. Andrew Shaw, CCIM and Dan Avnery with NAI Robert Lynn represented the landlord.

Millennium Packaging LP has leased 21,840 sf of warehouse space in Mountain Creek Business Park, Building 7, 4940 N. Merrifield Rd., Dallas, from HPA Real Estate LP. Jason Finch, market director of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord. Elizabeth Jones and Chris Stout of JLL represented the tenant.

Instabul Grand Bazaar Inc. has leased 5,249 sf of flex space in Park Forest Business Center, 11601 Plano Rd., Dallas, from Tyler Family Real Estate Investments LLC. Jason Finch, market director of Bradford Commercial Real Estate Services; Brian Pafford, executive vice president and managing partner; and Noah Dodge, broker associate, represented the landlord. Kerem Gorgulu of URE Dallas LLC represented the tenant.

Garcia Home Health Agency has leased 4,400 sf of flex space in Park Forest Business Center, Building 3, 10610 Metric Dr., Dallas, from Tyler Family Real Estate Investments LLC. Jason Finch, market director of Bradford Commercial Real Estate Services; Brian Pafford, executive vice president and managing partner; and Noah Dodge, broker associate, represented the landlord in the direct deal.

Dll Asbestos Trust has leased 8,521 sf of office space in Merit Tower, 12222 Merit Dr., Dallas, from LLL Four Forest LLC. Jared Laake, vice president of Bradford Commercial Real Estate Services, represented the landlord. Brenda Ridnour of Pickens Ridnour LP represented the tenant.

TRUE Space Inc. has leased 1,120 sf of office space in Merit Tower, 12222 Merit Dr., Dallas, from LLL Four Forest LLC. Jared Laake, vice president of Bradford Commercial Real Estate Services, represented the landlord. Gary Krajecki of PalmerHouse Properties represented the tenant.

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