Scorecard: Winter 2015

Look at the top five office, industrial, and retail DFW leases in the past three months.



The region continues to benefit from strong job and population growth, solid market fundamentals, and a diverse economic base. Even with new construction that’s underway, vacancies are tightening as tenants continue to move in and expand. Here we look at the top five office, industrial, and retail leases of the past three months, with data provided by Xceligent Inc.

On-the-Ground Insights

Office:

“Dallas is becoming one of the most attractive markets in the country for millennials. This means continued growth in the office markets—as long as the buildings get built where millennials want to work.” —Susan Arledge, Managing Director, E Smith Realty Partners

“Dallas will continue to see an influx of technology companies, and landlords trying to cater to their needs. Investors will also continue to have a large target on Dallas.” Sarah Hinkley, Principal, Peloton Commercial Real Estate

Industrial:

“DFW is the most sought-after markets for companies to expand into, and local businesses are also wanting to upgrade their image and expand their footprint, too. I don’t see a slowdown anytime soon.” —Rick Medinis, NAI Robert Lynn

Retail:

“Numerous new retail projects will deliver over the next 12-18 months. Development seems to be tenant-driven, with very little spec space. Grocery, fitness, and sporting goods all continue to be active.” —Daniel Taylor, Senior Vice President, CBRE

LARGEST OFFICE LEASES

1. OneSource Virtual

SIZE: 217,169 s.f. at Cypress Waters

TENANT REP: David Wetherington with Colliers International

LANDLORD: Billingsley Co., represented in-house by Marijke Lantz

DETAILS: OneSource Virtual is the latest tenant to sign on for space Billingsley Co’s bustling Cypress Waters development off Interstate 635 in Dallas and Irving.

 

2. Matador Resources

SIZE: 102,000 s.f. at One Lincoln Center

TENANT REPS: Steve Thelen, Jeff Staubach, and Jeremy McGown of JLL

LANDLORD: Teachers Insurance & Annuity Association of America, represented by Matt Schendle and Meredith Durham of Cushman & Wakefield

DETAILS: Matador Resources is an independent energy company involved in the exploration, development, production, and acquisition of oil and natural gas resources in the United States.

 

3. Vinson & Elkins

SIZE: 80,000 s.f. at The Union in Uptown

TENANT REPS: Phil Puckett and Harlan Davis of CBRE

LANDLORD: RED Development, represented in-house by Paul Rowsey IV and by John Brownlee and Sarah Hinkley of Peloton Commercial Real Estate 

DETAILS: One of the nation’s largest law firms, Vinson & Elkins will occupy the top three floors of this 800,000 square-foot, mixed-use development when the project opens in 2017.

 

4. Match

SIZE: 73,110 s.f. in NorthPark Central at 8750 N. Central Expwy.

TENANT REPS: Jeff Staubach and Kimarie Ankenbrand of JLL

LANDLORD: Cornerstone Real Estate Advisers, represented by Fletcher Cordell and Duane Henley of Transwestern

DETAILS: About 350 employees of the world’s largest online dating service will move to the company’s new headquarters near The Shops at Park Lane in August.

 

5. Weaver

SIZE: 60,000 s.f. at The Union in Uptown

TENANT REP: Scott Morse of Citadel Partners

LANDLORD: RED Development, represented in-house by Paul Rowsey IV and by John Brownlee and Sarah Hinkley of Peloton Commercial Real Estate

DETAILS: It was a big quarter for The Union, which, in addition to the V&E deal (above), also secured a two-floor lease from the North Texas accounting firm Weaver.

 

LARGEST INDUSTRIAL LEASES

1. Farmer Bros. Coffee

SIZE: 537,000 s.f. in Northlake

TENANT REPS: Gary Lindsey and Terry Reitz of Newmark Grubb Knight Frank

LEASING AGENTS: Cannon Green and Bob Hagewood of Stream Realty Partners

DETAILS: This $40 million campus for Farmer Brothers Coffee includes 70,000-s.f. corporate headquarters, state of the art roasting plant, and distribution center. The company’s relocation from California will bring more than 350 new jobs to the region.

 

2. Ashley Furniture

SIZE: 442,035 s.f. in Mesquite Distribution Center

TENANT REP: Steve Berger and Dave Anderson with CBRE

LANDLORD REP: Terry Darrow with JLL

DETAILS: The Wisconsin-based home furnishings giant is opening a new distribution operation in North Texas, at this Prologis development in Mesquite. The landlord recently upgraded to all LED lighting throughout.

 

3. Southwest Moulding Co.

SIZE: 367,262 s.f. at 501 Danieldale Road in DeSoto

TENANT REPS: Michael Swaldi and Nathan Orbin with JLL

LEASING AGENTS: Terry Darrow and Kurt Griffin with JLL

DETAILS: Established in Dallas in 1952, the tenant is a leader in moulding and specialty millwork products throughout Texas, Oklahoma, and bordering states. The property owner is US Real Estate LP.

 

4. C&S Wholesale Grocers Inc.

SIZE: 355,577 s.f. at 777 Freeport in Coppell

TENANT REP: Dave Anderson with CBRE

LANDLORD: IIT Freeport DC LP, represented by Chris Teesdale of Colliers International

DETAILS: This is a new lease from C&S Wholesale, a leading supply chain company in the food industry and the largest wholesale grocer in the United States.

 

5. Daimler Trucks North America

SIZE: 272,000 s.f. at RiverPoint Commerce Center in Grand Prairie

TENANT REP: Bob Scully of CBRE

LEASING AGENTS: Cannon Green and Matt Dornak of Stream Realty Partners

DETAILS: Daimler Trucks North America’s lease of 271,177 square feet brings RiverPoint Commerce Center, a speculative 603,000 s.f. joint-venture between JP Morgan Asset Management and Stream Realty Partners, to 62 percent leased.

 

LARGEST RETAIL LEASES

1. Floor & Decor Outlets of America

SIZE: 72,597 square feet

LOCATION: Sam Rayburn Tollway and S. Colony Blvd. in The Colony

TENANT REP: Daniel Taylor of CBRE|UCR

LANDLORD: Colony 5 Partners LLC

 

2. Gander Mountain Co.

SIZE: 60,031 square feet

LOCATION: Eldorado Parkway and the Dallas North Tollway in Frisco 

TENANT REP: Daniel Taylor of CBRE|UCR

LANDLORD: Eldorado Marketplace Associates LLC

DETAILS: Gander Mountain is the nation’s largest retail network of specialty stores for shooting sports, hunting, fishing, camping, and other outdoor activities.

 

3. Burlington

SIZE: 60,000 square feet

LOCATION: Ridgmar Town Square in Fort Worth

TENANT REP: John Graul of Burlington Coat Factory

LEASING AGENT: Scott Rose of The Retail Connection

DETAILS: This new store from leading national retailer Burlington creates as many as 100 new jobs in Fort Worth.

 

4. Dick’s Sporting Goods

SIZE: 50,000 square feet

LOCATION: Glade Parks in Euless

TENANT REPS: Greg Bracchi and Megan Nabholtz Trimble of EDGE Realty Partners

LEASING AGENTS: Steve Ewing and Josh Flores with EDGE Realty Partners

LANDLORD: North Rock Real Estate

DETAILS: The new 193-acre Glade Parks center is on the west side of State Highway 121 at Cheek-Sparger and Glade roads.

 

5. Texas Family Fitness

SIZE: 45,000 square feet

LOCATION: Towne Square Shopping Center in Plano

TENANT REP: Dan Avnery of NAI Robert Lynn

LANDLORD: Norman Hopperstein