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Tuesday, August 4, 2020

Real Deals: Florida developer buys 23 acres in Grand Prairie

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FLORIDA DEVELOPER BUYS

23 ACRES IN GRAND PRAIRIE

Vanguard Real Estate Advisors, a Dallas-based advisory and capital markets firm, announced the sale of a 23-acre multifamily development site located along Bardin Road just east of Great Southwest Parkway in Grand Prairie.

Vanguard REA represented the seller and sourced the purchaser, LUXE at Grand Prairie LLC, which is controlled by LUXE Residential, a national developer based in South Florida. LUXE plans to build a 318-unit Class A multifamily community.

“Having representing the seller on the initial acquisition on the original 34-acre parcel, we understood there was significant demand for multifamily development sites in the submarket, which helped focus our marketing efforts on the eastern 23-acre portion of the site to the multifamily development community. The site went through a rigorous rezoning process to change the intended use from light industrial to multifamily. Our firm is now assisting in marketing the remaining adjacent 11 acres for various commercial uses.” said Jordan Cortez, managing principal, who represented the seller.

JLL ACQUIRES HFF

IN $2 BILLION DEAL

Chicago-based real estate services provider Jones Lang LaSalle Inc. will acquire Dallas-based capital markets services provider HFF Inc in a cash-and-stock deal valued at about $2 billion.

HFF is one of the largest commercial real estate capital markets intermediaries in the United States. Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, achieving record revenue in 2018 of more than $650 million. Mark Gibson, CEO of HFF, will join JLL as CEO for Capital Markets Americas and co-chairman of its Global Capital Markets Board.

“Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth. The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities,” said Christian Ulbrich, Global CEO of JLL. “We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders.”

The transaction will allow JLL to rapidly scale its U.S. capital markets presence, accelerate growth of its debt advisory business in Europe and the Asia Pacific region and drive increased operating efficiency globally, according to the companies.

JP Morgan is financial adviser for JLL, and Sidley Austin LLP is legal counsel. Morgan Stanley & Co. LLC is exclusive financial adviser for HFF and Dechert LLP is legal counsel.

LEASE

Children’s Hope Residential Services Inc. has renewed 4,198 square feet of office space in Arlington Downs Tower, 2225 E. Randol Mill Road in Arlington. Erik Blais and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord, Arlington Downs Tower, in the direct deal.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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