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Real Estate Commerical Real Deals: Mansfield site acquired for mixed-use project

Real Deals: Mansfield site acquired for mixed-use project

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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.

Realty Capital Management has purchased a 77-acre infill property in Mansfield with plans for a mixed-use project called Watson Branch. The mixed-use development will include 10,000 square feet of retail and restaurant space, 250 single-family homes, 190 active-adult multi-family units built by Greystar Development, 350 market rate multi-family units built by Trinsic Residential, and a 10-acre public park located along FM 157 and Mouser Way. The single-family homes will feature lot sizes ranging from 50-foot lots down to 22-foot townhome lots.

“The planning of this development has been no small task”, said Tim Coltart, Managing Director of Realty Capital, “with the land configuration, public infrastructure improvements, and number of uses; this development represents years of hard work and coordination.”

Realty Capital re-zoned the property in August 2019 after a series of City Council public hearings.

“As one of the last remaining infill sites in the city, this is a key development that will contribute to the revitalization of Downtown and improvement of the FM157 corridor. We are excited to have assembled a world class team of builders that will make Watson Branch a high quality, beautiful mixed-use development,” said Spencer Long, development partner at Realty Capital. “We are extremely grateful of the Mansfield staff and leadership for their time and efforts spent on this project.”

The Watson Branch community will be located at a newly constructed stop-lighted intersection along N. Main Street that will connect Mouser Way to Business 287.  The mixed-use community benefits from the expansive North Shore Trail System that runs through the entirety of the property, is zoned for children to attend school in the highly-rated Mansfield Independent School District, and is a three-minute drive from Downtown Mansfield.

RCM secured a loan from Louisiana-based First Guaranty Bank and partnered with Dallas-based Realty Capital Partners to finance the acquisition of the land.

Watson Branch is not the only project for Realty Capital.

In July, Realty Capital Management announced that it has partnered with South Florida real estate firm PointOne Holdings to develop a 266-unit multifamily community in downtown Mansfield.

Main Street Lofts is the second phase of an existing project that was re-zoned by Realty Capital in 2015. This phase will be built on an eight-acre site and will be comprised of four midrise buildings featuring exceptional amenities, including a fourth floor indoor/outdoor lounge, a resort-style pool, clubhouse with mezzanine area, and a state-of-the-art fitness center. The property will have direct access to an expanded trail system that connects under North Main Street to the Mansfield Town Park, which includes a 600-seat amphitheater, playgrounds, picnic areas, trails and sport courts. The community will be within a short walk from the recently revitalized Mansfield downtown which features new restaurants, bars, and a major renovation of the historic Farr Best Theatre.
“Having witnessed the exceptional growth of Mansfield and expansion of its Historic Downtown over the recent years, we could not be more excited to deliver a project in the heart of the city”, said Coltart. “With direct access to public trails, proximity to downtown, and the excellent public schools in the area, Main Street Lofts is truly one of best development sites in the D-FW metroplex. We are incredibly thankful that First United Bank and PointOne Holdings share our vision for this project, and we are excited to continue our partnership with the City of Mansfield.”
Realty Capital secured a loan from First United Bank for the development of the project. NRP Construction is the general contractor and JHP Architecture is the project architect.

Chisholm Trail retail

StreetLevel Investments announced Aug. 11 that the Shops at Chisholm Trail Ranch is open, 90% leased and ready to serve communities at the southeast corner of Chisholm Trail Parkway and McPherson Boulevard in Fort Worth.

Stores open to date include Ross, Marshalls, Old Navy, Ulta, Five Below, Famous Footwear, Tuesday Morning, Dollar Tree, Bath & Body Works, America’s Best, Aria Nail Bar, Pacific Dental, AT&T, Sprint, The Joint, Great Clips and Sport Clips. Restaurants currently open include Chick-fil-A, Whataburger, MOD Pizza, and Marble Slab/Great American Cookie.

Future scheduled openings include Spectrum, Chipotle, Care Now, Crumbl, Luxx Nails and Texas Health.

The long-awaited opening of Studio Movie Grill, the movie theater chain’s first Fort Worth location, is anticipated for a late-summer grand opening, which StreetLevel Investments executives are planning to celebrate with an official grand opening ceremony.

“The entrepreneurial spirit thrives here even during a pandemic,” said Anne Kuta, development director for StreetLevel Investments. “Spurred by the development of the Chisholm Trail Parkway, The Shops at Chisholm Trail Ranch has long been anticipated by area residents and the surrounding communities. We are thrilled to be providing them with much-needed options for shopping and entertainment. We encourage everyone to come shop safely by wearing a mask and help support businesses here during these challenging times.”

At 250,000 square feet, the retail power center includes 130,000 square feet of premium junior anchor retail, a 40,000-square-foot Studio Movie Grill theater, 80,000 square feet of convenience and service retail and multiple food and dining concepts.

Construction of The Shops at Chisholm Trail Ranch began January 2019. StreetLevel Investments developed the project with Arch-Con Corporation overseeing construction and Edge Realty Partners leasing the project. Keith Bjerke, president of Bjerke Management Solutions, is the program manager.

Haslet project

JLL announced Aug. 12 that it has arranged equity and construction financing and will lead leasing efforts for Intermodal Commerce Park, a to-be-built, Class A+ industrial project comprising three buildings totaling 1.4 million square feet in Haslet.

JLL worked on behalf of Gruene Real Estate Partners and Weber & Co. to arrange the joint venture equity partnership with a private real estate fund advised by Crow Holdings Capital and placed the five-year construction loan with First United Bank on behalf of the developer. Additionally, JLL was selected to lead the marketing and leasing effort for the master-planned development. Construction is set to be completed in July 2021.

Intermodal Commerce Park will be constructed on land located at the southern end of Intermodal Drive, which connects the 82-acre site to the nearby BNFS intermodal facility in Alliance, the nation’s largest inland port. The development site is approximately one mile east of Interstate 35W and at the southern end of the Alliance Airport.

Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature between 32- and 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking.

“With its formation, the Weber-Gruene Joint Venture will operate as one cohesive unit,” said Ken Kristofek, owner and president, Gruene Interests LLC. “We will function seamlessly, bringing together a diverse set of capabilities to the development process and enhance an already rich history of service and quality in Dallas-Fort Worth.”

The JLL Capital Markets team representing the developer was led by Dustin Volz, John Rose, Stephen Bailey and Wells Waller. The JLL Leasing team includes Managing Director George Curry, Executive Vice President Jamie Galati and Vice President Blake Rogers.

The need for warehouse space across the country has increased due to the COVID-19 pandemic and resulting shelter-in-place orders, accelerating e-commerce growth. JLL expects ecommerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate an additional one billion square feet.

London Baker adds location

A local Food Network-featured bakery is expanding to a second DFW location. The London Baker’s first 1,052 location is at Bright Realty’s Castle Hills Village Shops in the Castle Hills master-planned community in Lewisville. Its second location, a 1,638-square-foot bakery with special order items, to-go items from the fresh pastry case and dine-in seating, will open spring 2021 at The Realm at Castle Hills.  The location will be part of the first-floor retail at Valor at The Realm multi-family. The Realm at Castle Hills is located at 4440 TX-121 in Lewisville.

The London Baker’s proprietor Elizabeth Rowe opened her first Castle Hills location in March 2018. Her bakery is best known for its award-winning, edible works of art that have been featured on Food Network shows including Cake Wars, Halloween Wars, Dallas Cakes and Holiday Wars. The bakery also added the Food Network Challenge to its list of TV appearances this January.

Rowe’s elaborately sculpted cakes feature characters from Game of Thrones, Star Wars, Disney and more. Her portfolio of specialized intricate cake designs includes iconic football stadiums, motorcycles, dinosaurs and superheroes. In addition to the “commissioned” cakes, The London Baker offers cakes for all occasions in flavors such as classic vanilla, red velvet, wedding cake, cookies & cream, and lemon. Her Chocolate Stout Cake is described as a “spectacular boozy salted caramel crunch cake” baked with a chocolate and vanilla stout beer, a smooth salted caramel butter cream filling and crushed Heath toffee bar pieces decorated in a fudge chocolate frosting.

The London Baker isn’t the only Castle Hills business to open a second location this year. Chef Salvador Hernandez of The Lakes at Castle Hills private golf and country club will soon open El Patio, a 3,800-square-foot “Mex-Tex” concept featuring a blend of authentic Mexican cuisine and true Texas barbecue, at Offices at The Realm at Castle Hills. Construction on El Patio is currently nearing completion.

Britton Lankford and Dan Looney represented the landlord, Bright Realty, in The London Baker transaction. The tenant was represented by Robyn Heathcock, Keller Williams.

Freight Operations Services, LLC purchased a 2,700 square foot industrial building at 2725 West Hunter Ferrell Road, in Grand Prairie. SLG Commercial represented the buyer. Hanes Chatham with Stream Realty Partners represented the seller, J2K Property Management Investments Inc.

LEASES

Abundant Life Wellness Clinic has leased 4,009 square feet in Monterra Medical Park, 3100 N. Tarrant Parkway, near Medical City Alliance Hospital. Jeff Marek, Vice President at Vision Commercial, and Michael Gonzalez, Senior Director at Vision Commercial, represented the landlord. Keely Nezworski at Pineapple Properties LLC represented the tenant.

New hire, new division

Younger Partners has added Micah Ashford to lead a new retail acquisition platform. She is coming off a two-year hiatus from a 20-year career as a partner at Dunhill Partners, a leading commercial real estate firm in the Southwest that focuses on retail shopping centers.

“We immediately recognized the value that Micah brings us in this new venture,” says Younger Partners Co-Founder Moody Younger. “It was an easy decision for us.” Younger Partners Co-Founder Kathy Permenter added that retail is a specialty niche and having the experience and leadership of Micah makes for a great addition to the team.

Ashford’s role at Younger Partners will include directing acquisitions, financing, and dispositions. She will originate new property opportunities, negotiate partnerships and loan documents, as well as oversee the physical and financial due diligence on those acquisitions.

SALE

Marcus & Millichap (NYSE: MMI) has sold Mesa Park, a 12-unit apartment property located in Grand Prairie. Matt Aslan, 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 secured and represented Aslan, Fluellen and Hoover. Mesa Park is located at 2462 Fort Worth St. in Grand Prairie.

Marcus & Millichap has sold Mansfield Highlands, a 18,138-square foot retail property located in Mansfield. Philip Levy, an investment specialist 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 Levy and Chris Gainey, also an investment specialist in Marcus & Millichap’s Dallas/Fort Worth office. Mansfield Highlands is located at 26 East Debbie Lane.

Vision Commercial Real Estate has sold properties at 110 W. Henderson St. and 207 N. Mill St. in Cleburne – a total of more than 18,000 square feet of space – that now will be redeveloped by the Maddox Group. Philip Green, director at Vision Commercial, represented the seller and Cheri White at Coldwell Banker represented the buyer. The space is located in Downtown Cleburne Square and is across the street from the county court house.

LEASES

Carrier Enterprise LLC extended 66,721 square feet at Parc North – Building 4, 5051 N. Sylvania Avenue, in Fort Worth. Brett Carlton, Forrest Cook and Seth Koschak with Stream Realty Partners represented the landlord, EastGroup Properties L.P. CBRE Inc. represented the tenant.

Jeff Marek, Vice President at Vision Commercial, and Michael Gonzalez, Senior Director at Vision Commercial  recently completed lease negotiations at 3100 N. Tarrant Parkway in Fort Worth with Keely Nezworski at Pineapple Properties LLC. Abundant Life Wellness Clinic will be occupying suite 104 that compries 4,009 square feet. This property is in the Monterra Medical Park.  In the lease negotiations, Vision Commercial represented the landlord, and the tenant was represented by Pineapple Properties.

Bright Realty brokered the lease for a daycare in Murphy to be built by Murphy Equity Management, LTD. The Kiddie Academy franchisee plans to open the daycare in the summer of 2021. The site is located on the northwest quadrant of FM 544 and McCreary Road, adjacent to the landlord’s Maxwell Creek Plaza. Britton Lankford of Bright Realty represented the landlord, Bright Realty, in the transaction. Grant Gary with The Woodmont Company represented the tenant. 

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