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From DFW Airport To City Of Allen, 121 Corridor Is Booming Dallas-Ft. Worth
August 01, 2018 Kerry Curry, Bisnow Dallas-Fort Worth.
Whether near the Dallas/Fort Worth International Airport or farther northeast near McKinney, the 121 Corridor is a hotbed for development. The 35-mile stretch from the northern edges of DFW Airport to U.S. 75 has drawn car dealerships, hotels, restaurants, corporate offices, industrial and multifamily along its borders.
At the western section of that 35-mile stretch, the Dallas/Fort Worth International Airport controls 17,000 acres with 6,000 of that earmarked for commercial development uses. Of the acreage identified for commercial development, about 2,400 acres have been developed to date, leaving about 3,600 acres remaining, DFW Airport Vice President of Community Development John Terrell said. Terrell is speaking at Bisnow’s Road to Riches! The 121 Corridor event Aug. 23. Amazon recently opened a 2.4M SF fulfillment center on airport property in Coppell along the 121 Corridor, bringing Amazon's space on airport property to nearly 4.5M SF, including fulfillment, distribution and air cargo operations, Terrell said. “The location of the airport in the heart of the Metroplex with easy accessibility to anywhere and having the logistics center not just for trucks but for air is very enticing to many industrial users, hotels and other developments,” Terrell said. The DFW Airport submarket had 5.4M SF of industrial product under construction during Q2, the most of any submarket, according to Cushman & Wakefield’s Q2 industrial statistics. Passport Business Park, a 598-acre property at the south end of the airport, is the newest development on airport property. Roads and utility infrastructure are being built and installed on the eastern half of Passport Business Park and should be completed by year-end. Nearly 3M SF of industrial buildings are under construction simultaneously with an expected completion shortly after roads and infrastructure are finished. About 1.5M SF of the construction is for an unidentified user with the remainder speculative space. All is being developed by Bandera Ventures, a Dallas real estate developer founded in 2003 by three former senior executives of Trammell Crow. The airport is in negotiation for land leases that would allow for the construction of an additional seven or eight buildings with construction beginning sometime after Jan. 1.
It is not just industrial booming — all types of development have been attracted to the corridor. On the north side of the airport, new development where 121 and State Highway 114 converge will include the addition of two new luxury dealerships in Grapevine, Terrell said. The northern edge of airport property already is home to Grubbs Infiniti, Park Place Jaguar Land Rover and Audi Grapevine. Terrell declined to identify the dealerships because leases haven’t been finalized. The corridor is also scheduled to become the future home of an electronics fulfillment company, which had been shopping the market under the name Project Electrode. The company, expected to lease space near 121 and Main Street in Grapevine, will be shipping high-end electronics by air. That company also hasn’t been identified because of lease negotiations. Further up the 121 Corridor, just northeast of the 121/North Dallas Tollway intersection, Miami-based developer ZOM Living is building The Kinstead, a 376-unit garden-style apartment complex with the first units scheduled to open in the first quarter. The northeastern portion of the corridor is attracting a tremendous amount of developer interest because of a combination of road improvements, job growth, good schools and available land. Toyota and State Farm are among the major, still-new employers in the region. The Warren Buffett-backed Grandscape — a $1.5B, 433-acre mixed-use development in The Colony where Nebraska Furniture Mart opened in 2015 — still has plenty of land available for development. “All that synergy makes the region attractive to us,” ZOM Vice President Jason Haun said.
Mark Bulmash, senior vice president of development overseeing the central region for Howard Hughes Corp., said his company is also bullish on the corridor. Howard Hughes Corp. controls about 270 acres at the southeast quandrant of 121 and U.S. 75, the far eastern edge of the corridor. Its project, called Monarch City, is expected to be a 9M SF mixed-use development with corporate office users, hotels, restaurants and urban living, all surrounding a central park that will provide open space for workers, residents and visitors. There is no timeline for development, but JLL is shopping the market trying to nail down Monarch City's first big corporate user. “There is a great quality of life out there,” Bulmash said. “Allen keeps getting mentioned in Money and Forbes as one of the best places to live.” “You see all this stuff that has happened up at Legacy and Frisco and Richardson. It is all moving toward us along the highway, and we have this iconic site — a gateway into Allen and into the northeast Dallas area."
Hunt Realty Announces Purchase of 2,500 Acre Headquarters Ranch in Frisco; Plans to Develop Site into Mixed-Use Master Planned Development
DALLAS, Aug. 7, 2018 /PRNewswire/ -- Hunt Realty Investments, Inc. (Hunt Realty) announced today it has closed on the purchase of the Headquarters Ranch from the Estate of Bert Fields, Jr. The 2,544 acre site is located on the northern edge of Frisco with significant frontage along the Dallas North Tollway, Preston Road, and Highway 380 and is the largest, contiguous land assemblage in Frisco.
Hunt Realty led the off-market acquisition and purchased the site along with its lead investment partner, Chief Partners, L.P. Other investors include CrossTie Capital, Ltd., The Karahan Companies and the Estate of Bert Fields, Jr.
"We are fortunate to have the opportunity to purchase such a coveted piece of land that has been under the stewardship of Bert Fields," said Chris Kleinert, President of Hunt Realty Investments, Inc. "We see extraordinary development potential for the site, alongside our capital partners, and look forward to creating the next exciting chapter in the history of Frisco," Kleinert added.
Hunt Realty will master develop the large, mixed-use planned development, alongside the Karahan Companies, led by Fehmi Karahan. Anticipated development uses will include commercial, office, retail, single-family and multifamily residential, and education, amongst other potential uses.
Bill Vanderstraaten, President of Chief Partners said, "For years, the Rees-Jones family has enjoyed a close relationship with the Hunt family, and we are very happy to be partnering with them on this opportunity."
"The Fields land presents a rare opportunity for the City of Frisco and teaming up with the Hunt and Rees-Jones families presents a great opportunity for me," said Fehmi Karahan. "I look forward to working with the team and the City of Frisco on this iconic tract. Despite its prime high-growth location, it is as though this jewel has been preserved for something extraordinary, and that's what we hope to create," Karahan said.
"We're honored to be collaborating with such an esteemed, internationally renowned group of partners and investors," said Mayor Jeff Cheney. "To be able to work with a team of this caliber, is an exceptional opportunity for the City of Frisco. It's not every day we get to help master plan more than 2,500 acres holistically. We're also grateful to the Fields estate and its stewardship of the land featuring elevation changes, rolling terrain and creek corridors. It's some of the most beautiful, unique landscape in our city - and now it will serve as a stunning gateway to our community for future generations. We can't wait to see the team begin shaping this landscape into a dynamic destination for residents, visitors and businesses."
Development is expected to begin in 2019.
About Hunt Realty Investments, Inc. Hunt Realty Investments serves as the centralized real estate investment and development company for the Ray L. Hunt family of companies and has been active in the real estate development, acquisition, ownership and investment business for over 40 years. For more information, please visit www.huntrealty.com.
About Chief Partners, L.P. Chief Partners L.P. was founded in 2007 by Bill Vanderstraaten in partnership with Trevor Rees-Jones to serve as the commercial real estate investment arm of the Rees-Jones family office. For more information, please visit www.chiefpartnerslp.com.
About The Karahan Companies The Karahan Companies is a fully integrated group of real estate development, property management, and investment operation with a wide range of capabilities and resources through a worldwide network of investment and strategic partners. The Karahan Companies has been actively involved in Dallas-Fort Worth Real Estate since 1982, including its role as master developer of both The Shops at Legacy and — most recently — the 245-acre Legacy West office, residential and retail development. For more information, please visit www.karahaninc.com.
August 13, 2018 Catie Dixon, Managing Editor Despite YOY Drop, Dallas Still National Leader In Industrial Foreign Investment
Dallas is second in the U.S. for foreign investment into industrial real estate in the first five months of 2018, despite a reduction in volume. Foreign investment into the U.S. has increased in a big way — foreign buyers dropped $6.6B in the sector in the first five months of this year, a giant leap from the $5.5B spent in all of 2017, Avison Young's Mid-Year Foreign Investment Snapshot shows. Columbus, Ohio, has led the country in sales volume this year, with $415M transacted through May. (That is a huge increase from last year, when only $32M sold to foreign money.) Dallas came in second with $241M, a slower pace than last year. In 2017, foreign investors bought $617M worth of Dallas industrial product. Still, Dallas is riding the waves of strong absorption, new construction, growth in e-commerce and corporate supply chain activity, and large portfolio sales that are bolstering the sector nationwide, Avison Young said. Canada has been the country investing the most in U.S. industrial, but China is set to take its crown. Chinese investors have led the pack so far this year, with $4.1B in sales volume through May 31, far outpacing Canada's $1B, according to Avison Young.
Post by From Bisnow - Real Estate on Nov 14, 2018 9:45:49 GMT -6
Dallas No. 1, While Other Texas Markets Strong in Real Estate Investment Potential HOUSTON – (Realty News Report) – With Dallas-Fort Worth ranked No. 1 in the nation, Houston is a real estate market on the rise and “has it all” as cited in the investment market rankings of Emerging Trends in Real Estate 2019 by PwC and the Urban Land Institute. Houston posted No. 37 of 79 U.S. cities, which is a big improvement from the city’s No. 60 ranking last year. Seems there may be more confidence in the Houston market since the energy industry has rebounded. Low zoning, available capital, low cost of living and an above-average local economic outlook marked Houston as attractive for development. The city is in the top 20 for investment in the office sector and matches San Francisco as the third highest metro area for real estate investment sales from outside the U.S. “The main concern about Houston is that the city could experience disruptions in international trade due to the impact of recent tariffs, although this is not yet visible in the metrics,” said Robert Kramp, director of research and analysis at CBRE’s Texas-Oklahoma division. “International trade through the Port of Houston has steadily expanded during the recent economic recovery, with a reported six percent growth for the first half of 2018.” Texas’ three other markets rocked the list with Dallas/Fort Worth taking the top spot, up from No. 5 in 2018. The report cites the Metroplex’s young highly skilled workforce and robust business startup activity as key measures. “Investors regard DFW as a metro with strong future economic potential and also the liquidity of gateway markets, such as New York City, San Francisco, Boston and Los Angeles,” said Kramp. In terms of overall real estate prospects, Austin ranked No. 6, down from No. 2 in 2018. Investors like Austin’s projected population growth in 2019-expected to be three times higher than the rest of the nation. The city’s homebuilding prospects jumped to No. 3, from No. 25 this year, because of demand and the work flex-space trend. San Antonio ranked No. 20, down from No. 18, because of rising costs of housing accompanying a nationwide increase in construction costs. The Alamo City’s development and redevelopment opportunities ranked No. 3 citing the need for more modern facilities. Frost Tower, under construction in downtown San Antonio and 63 percent preleased, is the first new office building since 1989 and will deliver 462,000 SF to the market in March 2019. The Top Ten markets in the 2019 Emerging Trends report: (1) Dallas-Fort Worth. (2) Brooklyn. (3) Raleigh-Durham. (4) Orlando. (5) Nashville. (6) Austin. (7) Boston. (8) Denver. (9) Charlotte. (10) Tampa. Nov. 13, 2018 Realty News Report Copyright 2018