Lennar Homes has purchased 49 acres in Euless with plans for a new 200-home residential community.
The land, an area designated Riverwalk, is located at the northwest corner of Texas 183 and U.S. 360, adjacent to Dallas/Fort Worth International Airport, and is zoned for single family residential, multi-family and commercial use. The property was part of a larger tract purchased two years ago by investor Stratford Land.
In Riverwalk, Miami-based Lennar will debut a new line of homes that feature higher quality details and amenities in addition to a more upmarket architectural design. The houses will be priced starting in the low $300,000s.
“We are pleased to have the opportunity to capitalize on the improving home buying market in DFW by initiating the residential community in Riverwalk,” said Greg Urech, director of land operations for Lennar. “The homes Lennar plans to build in Riverwalk demonstrate our plan to enhance the value of our brand and become one of the top builders in North Texas.” Lennar’s acquisition includes about 200 home sites in its first phase, with the option to double the number in the near future. Groundbreaking on the first houses is scheduled to begin by summer with a model home projected to open in the first quarter of 2014. “Stratford is excited to have Lennar, one of the most recognized builders in the nation for both size and financial strength, building a flagship community in Riverwalk,” said Steve Sanders, Stratford Land’s senior investment manager for Texas. “Lennar’s residential construction plans are beneficial for the city of Euless, providing an appealing selection of home styles for local buyers, and we are proud to have them as Riverwalk’s builder.” Stratford Land is a private Dallas-based investment company. Real estate broker Andrew Prine negotiated Stratford Land’s property sale to Lennar.
D/FW purchase
Dallas-based Invesco Real Estate has purchased three Class A industrial buildings – Trade Center I, II and IV – in the Dallas/Fort Worth International Airport area totaling 1.4 million square feet. Terms of the deal were undisclosed. CBRE coordinated the sale on behalf of Bentall Kennedy and the Trammell Crow Co. At the time of sale to Dallas-based Invesco Real Estate, Trade Center II and IV were 92 percent leased to four tenants and Trade Center I was vacant. “Invesco Real Estate has purchased three high-quality assets adjacent to D/FW Airport. Historically, the D/FW Airport has been the main economic driver for North Texas and will continue to be one of the most attractive destinations for North Texas industrial users,” said Josh McArtor, executive vice president with CBRE. The three properties are located at 2700 Regent Blvd. (Trade Center I) and 2520-2525 Esters Blvd. (Trade Center II and IV) in a master-planned business park with access to Texas 114 and 121 and Interstate 635. Of the nine industrial submarkets in the Dallas-Fort Worth metro area, the D/FW Airport submarket experienced some healthy leasing activity in 2012 with 1.2 million square feet of positive net absorption. Constructed between 2004 and 2008, the buildings feature modern specifications such as 30-foot to 34-foot clear heights, large truck court depths, ESFR sprinkler systems and high-quality showroom and office areas. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni with CBRE represented the sellers in the transaction.
Possum Kingdom RE
Williams Trew Sotheby’s International Realty, one of the largest residential real estate firms in Fort Worth, has expanded its services to Possum Kingdom Lake with the appointment of two new associates – Kathy Lanpher and Lisa Neal. Both Lanpher and Neal are veteran real estate agents and residents of Possum Kingdom Lake, which is located 90 miles west of Fort Worth in Palo Pinto County. “Possum Kingdom Lake and its surrounding areas are a high-growth, dynamic collection of communities, so it was imperative for us to appoint well-versed, local, experienced associates to service the region,” said Martha Williams, president of Williams Trew Sotheby’s International Realty. “Both Lanpher and Neal have an established record of excellence, having served the Possum Kingdom Lake residential real estate market for many years combined.” Williams Trew is in the process of selecting a site for its office in the Possum Kingdom Lake region.
Training day
Fort Worth city officials broke ground Feb. 12 on the city’s new Public Safety Training Center. Mayor Betsy Price, District 9 Councilman Joel Burns, Fire Chief Rudy Jackson and Police Chief Jeff Halstead took part in the ceremony at 505 W. Felix St., a 76-acre parcel that once housed operations for the federal government’s General Services Administration. The city purchased the site in 2011, and construction will begin shortly to convert it into the new headquarters and training center for both Fort Worth Fire and Police departments. The cost of the project is estimated at $97.5 million with completion expected in late 2014. The new center will have numerous indoor and outdoor training environments, including classrooms and office space, indoor firing ranges and associated facilities, multiple indoor tactical training areas, an emergency vehicle operators course, storage facilities, a Class A live fire training structure, and parking. Due to timing constraints, Fort Worth chose the design-build delivery method whereby a single team is selected to design and build this new facility. The two steps involve a Request for Qualifications (RFQ) followed by an RFP (Request for Proposals). The city selected the design-build team led by The Cornell FW Company LLC. Their architectural/engineering members include a joint venture between Komatsu Architects and Brinkley-Sargent Architects, while on the construction side, a joint venture was assembled between Thos. S. Byrne LLC and The Ridgemont Company.
Third tower planned
TLC Urban plans to build a third tower and adjacent parking garage in its Overton Centre complex at International Plaza in Southwest Fort Worth. The new tower, which will have between 100,000 and 180,000 square feet of Class A office space, can be available as early as the third quarter of 2014 for a new lead tenant, according to the firm. “We feel that Southwest Fort Worth is going to see tremendous growth in the near future and we are excited to be part of it,” said TLC Urban’s managing partner, Tony Landrum. “Overton Centre is in a prime location with its proximity to the new Chisholm Trial Parkway, high-end retail and extensive housing. Tenants will be pleased with the improvements the project will see in the coming months.” Overton Centre is currently leased and managed on-site by Holt Lunsford Commercial. TLC Urban purchased Overton Centre in May 2012 and is finishing capital improvements such as renovated lobbies, common areas, restrooms and interior elevator cabs and full modernization of all elevators in Towers I and II. The buildings are located at 4100, 4150 and 4160 International Plaza, comprise 447,917 square feet and are 93 percent leased. With deli and plaza improvements forthcoming, the complex also offers a fitness and aerobic center with locker rooms, a 50-seat auditorium/conference center, parking and dual electrical service from two substations.
Baylor business
The Baylor University Board of Regents at its February meeting approved public fundraising for a new 275,000-square-foot business school building that will expand the school’s size and reach by nearly 40 percent. The architectural design for the building features a highly corporate and sustainable business environment, including a centerpiece atrium that will showcase some of the school’s signature classrooms, such as the Southwest Securities Financial Markets Center. The design also includes a 350-seat auditorium and a variety of classroom spaces that will incorporate the latest technology for collaborative learning, innovation and problem solving. Regents heard a report on plans related to the building and viewed the architectural renderings before approving fundraising. The project is estimated to cost $100 million. The architect for the potential new Baylor business school building is Overland Partners from San Antonio. Regents also approved two other projects: a $12 million refurbishment of South Russell Hall beginning this summer – the first of several major renovations of Baylor residence halls – and a $1.75 million build-out at the Baylor Research and Innovation Collaborative.
Selling Shoppes
Marcus & Millichap Real Estate Investment Services has sold The Shoppes at Brownstone, an 8,110-square-foot retail property located in Arlington, according to Bill G. Jordan, regional manager of the firm’s Fort Worth office. Chris Gainey and Philip Levy, investment specialists in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, Pennington Family LP Inc. The purchaser was Mercer Lacy LLC. The Shoppes at Brownstone is located at 2410 W. Abram St. The center is 100 percent occupied, and all current leases are gross. Tenants include Sugar Bee Sweets, Patty’s Pantry, Oro Fino Custom Jewelry, Healthy Solutions, Derma Spa and Zen Salon. This is a densely populated area with 103,091 people within three miles of the property and traffic counts exceeding 10,330 vehicles per day.
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