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Morningstar dawns west of Fort Worth

🕐 4 min read

Fort Worth Business obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.

Morningstar promises 2,117 single-family homes on a 737-acre development west of Fort Worth.

Construction of the master-planned community, spearheaded by Fort Worth developers Tim Fleet and Kim Gill, is expected to begin in April. They plan not only new homes, but hike and bike trails along Mary’s Creek and four lakes connected to waterfalls in a development just west of Walsh Ranch, the 7,200-acre residential development bridging interstates 20 and 30.

When complete in the next decade, Morningstar is expected to generate more than $850 million in value to the region and will be served by the Aledo Independent School District, according to the developers.

Utilities work already has begun, with paving set to begin in December and construction planned to begin in March.

JLL TO MARKET

UPGRADED SOLANA

The Blackstone Group and its affiliate Equity Office Partners have selected commercial real estate firm JLL to market the Solana office park in northeast Tarrant County.

The 233-acre corporate campus is located along State Highway 114 in both Southlake and Westlake. The campus features three Class A office properties totaling almost 2 million square feet.

The Blackstone Group and Equity Office purchased the 30-year-old development in 2013 out of foreclosure. Earlier this year, they began a capital improvement plan in excess of $65 million.

The capital improvements include new structured parking garages at The Vista at Solana and The Terrace at Solana that will raise the parking ratios at both buildings. The Terrace at Solana has increased its parking ratio to five per 1,000 square feet with the opportunity for future expansion that would eventually bring it to seven per 1,000 square feet. The Vista at Solana now has a ratio of seven per 1,000 square feet.

JLL’s Managing Director Jeff Eckert, Senior Vice President Jay Bailey and Vice President Blake Shipley in the firm’s Dallas office will team with JLL’s Senior Vice President Frank Taylor and Associate Meredith Miner in Fort Worth to lease and market the campus.

“The capital improvements are near completion and have already made a major impact; they’ve truly created a cutting-edge campus experience,” said Eckert. “We expect that the new look and feel will attract Fortune companies who want to relocate their operations to and within the Metroplex.”

According to JLL, Solana currently has the largest available contiguous Class A blocks for lease in the Dallas-Fort Worth area. They include 381,000 square feet at The Vista and 715,000 square feet at The Terrace. The property has three parcels of land totaling 111.9 acres that are ready for built-to-suit development, according to JLL.

Solana also has a newly renovated 38,000-square-foot Larry North Fitness Center, Marriott hotel and conference center, 10,000-square-foot day care center and numerous restaurants. – Robert Francis

DAISO LEASES IRVING SPACE

Daiso California LLC has leased 9,600 square feet of retail space in MacArthur Park, 7505 N. MacArthur Blvd. in Irving, from MacArthur Park LP. Daiso, a Japan-based private-label products manufacturer, is planning 50 retail stores in Texas, with Dallas-Fort Worth and Houston at the forefront of the rollout. Heather Nguyen and John Nguyen of NewQuest Properties represented the tenant. Michael Hale of Edens represented the landlord.

MILLER AGENT CLOSES DEALS

Scott Axelrod of Henry S. Miller Brokerage’s industrial division has closed three deals totaling more than 118,800 square feet in the Dallas-Fort Worth area. They are:

• An industrial building in Chico. The 34,000-square-foot building sits on 1.6 acres at 305 N. State Highway 101.

• A 6.8-acre property at Ranch Road in Sachse that Axelrod helped find for Mustang Creek Estates, a client seeking to build a new senior living complex. Mustang Creek has locations in Allen, Keller and Frisco and a Burleson location is under construction. Tom Grunnah of Novus and Chris Lander of Netzel represented the seller.

• CityPoint Church, expanding at 15 Prestige Circle in Allen. CityPoint Church moved to the location about a year ago and is now leasing an additional 6,420 square feet for expansion.

SALES

Greysteel has arranged the sale of Townhome Apartments, a 14-unit garden-style community in DeSoto, to Cove Townhomes LLC.

Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel’s multifamily investment team represented the seller, a local private investor.

LEASES

Gypsy Scoops has leased 1,307 square feet at 2905 Race St. in Fort Worth to open the ice cream company’s first storefront location. Will Northern of Northern Realty Group represented the tenant.

Bermex Inc., which reads meters for the city of Fort Worth, has leased 1,437 square feet at 2913 Race St. Will Northern of Northern Realty Group represented the tenant.

OilGS Custom Software Inc., which creates custom accounting software for oil and gas companies, has leased 1,670 square feet at 3007 Race St., Suite 200. Will Northern of Northern Realty Group represented the tenant.

ASAP Consultants, a staffing agency, has leased 4,690 square feet at 3009 Race St. in Fort Worth. Will Northern of Northern Realty Group represented the tenant.

Send real estate news to lgraham@bizpress.net

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