JLL (NYSE: JLL) announced in mid-September that it has agreed to acquire Peloton Commercial Real Estate, a market-leading leasing and property management firm based in North Texas.
The acquisition of the Dallas and Houston offices accelerates the growth of JLL’s Agency Leasing and Property Management businesses. More than 130 Peloton professionals will join JLL. The acquisition is scheduled to close shortly, subject to customary closing conditions.
Peloton Co-Founding Partners Joel Pustmueller and T.D. Briggs will join JLL’s Jeff Eckert in leading the integration of the teams and driving growth across the region.
Pustmueller and Briggs will focus on Dallas-Fort Worth and Houston, and Eckert will focus on Austin and San Antonio in addition to Dallas-Fort Worth.
Peloton Property Management Partner John Myers will assume regional leadership of Property Management for Dallas-Fort Worth. Pustmueller, Briggs and Myers will report to David Carroll, JLL’s Market Director for the South Central Region.
“This is a momentous step in our journey to become a market-leading player in Texas,” said Carroll. “With the exceptional growth we have seen in those markets, Peloton’s position as a leading provider of leasing and property management services will greatly enhance our business capabilities and breadth of services.
“Just as importantly, we look forward to working with a team of professionals that share JLL’s strong commitment to collaboration and culture,” he said.
“Like JLL, Peloton has a history and culture of providing energetic, client-focused real estate solutions,” said Pustmueller. “We have always respected our JLL counterparts and view this as a unique opportunity to combine our teams in order to serve our clients at an even higher level.”
Founded by Briggs and Pustmueller in 2002, Peloton has grown into a multi-faceted firm that manages or leases more than 25 million square feet on behalf of clients.
JLL’s more than 400 Agency Leasing professionals in the U.S. provide leasing services for some of the world’s largest companies across a portfolio of more than 3,200 buildings totaling 550 million square feet. In 2018 alone, JLL completed more than 4,300 transactions totaling $16.3 billion dollars in lease value.
JLL recently closed on the purchase of Dallas-based investment sales and finance firm Holliday Fenoglio Fowler.
Hebron 121 Station Phase V wraps construction
Construction has wrapped on Phase V of Hebron 121 Station, a $300 million resort-style community in Lewisville.
KWA Construction, a leading general contractor specializing in multifamily developments in Texas, was selected by developer Huffines Communities to build Phase V after completing Phases III and IV of the project.
“Huffines Communities is a trusted developer known for producing award-winning projects across the state,” said Brian Webster, president of KWA Construction. “Our repeat partnership with the Huffines team is a testament to our proficiency, integrity and status as one of the top multifamily builders in North Texas.”
The latest $35.5 million phase incorporates the innovative Big House concept created by multifamily architect Humphreys & Partners Architects L.P.
The design introduces a modern solution to multifamily housing by integrating private parking garages into the building, providing tenants with direct access to their units. The Big House design also offers enclosed private stairs for upper units, walkout patios and balconies.
“The Big House design concept is spreading to multifamily communities across the nation and establishes units that are single-home-like in appearance, but still contain coveted apartment amenities, ” said Webster.
Phase V of Hebron 121 Station spans 301,931-square feet and consists of 35 three-story, wood-framed buildings – 22 Big House apartments and 13 townhomes – that hold 272 multifamily units. Additional amenities include a swimming pool and a dog park.
Overall, the luxurious development spans more than 90 acres and includes 1,700 units, a restaurant and a state-of-the-art fitness center. Hebron 121 Station is located at 880 Union Station Parkway, just across Interstate 35E from Vista Ridge Mall and north of Sam Rayburn Tollway.
Restaurant for The Realm
Bright Realty brokered the lease for the first restaurant in its The Realm at Castle Hills development in Lewisville. Phase I of the project, Offices at The Realm, is a nine-story Class AA office building consisting of 235,000 square feet of office space and an additional 16,000 square feet of ground floor restaurant and retail space.
The first restaurant, El Patio, is a 3,800-square-foot casual concept from Chef Salvador Hernandez at The Lakes at Castle Hills private golf and country club. It will feature what the chef calls “Mex-Tex,” a blend of authentic Mexican cuisine and true Texas barbecue. Construction in this first phase of The Realm is complete October 2019 and El Patio plans to open in spring 2020.
“Chef Salvador has made a name for himself in the Castle Hills community and his fans want more of his unique recipes and cocktails,” said Britton Lankford, Bright Realty senior vice president, who represented the landlord in the transaction along with Bright Realty’s Nick Miller.
“This is the ideal tenant for The Realm as it will be both a casual dining option for our daytime office tenants, including our 30,000 square-foot co-working tenant Venture X, as well as a weekend and evening destination for those living in Castle Hills and the surrounding area.”
The Realm at Castle Hills is a 324-acre, mixed-use lifestyle destination that includes office, dining, retail, entertainment and multi-family developments.