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Ohio investor takes Rowlett retail center

by Kianna Warburton

Ohio-based Phillips Edison & Co. has continued its expansion in the North Texas market with the acquisition of a 40,600-square-foot shopping center in Rowlett. The shopping center, known as Lake Pointe Market, is located at the intersection of Dalrock Road and Lakeview Parkway. It is currently almost fully occupied, with tenants including H&R Block, Bank of America, Supercuts, and OneMain Financial. This purchase marks the 12th shopping center acquisition for Phillips Edison in North Texas.

Another notable real estate transaction in the area involves ShainRealty Capital, which purchased Landmark at Courtyard Villas, a 256-unit apartment property near U.S. Highway 80 in Mesquite. This purchase was facilitated by Marcus & Millichap brokers Wes Racht, Nick Fluellen, and Bard Hoover.

California-based investor Calvera Partnership has made its first venture into the Dallas-Fort Worth market by acquiring Saddlehorn Vista Apartments, a 192-unit apartment community located west of downtown Fort Worth. The new owners have plans to upgrade and rebrand the property.

Ballpark Parking Partners LLC has recently purchased a two-building office showroom project in Arlington. The project, located at 801-803 Stadium Drive, spans 68,485 square feet. The sale was facilitated by CBRE Group brokers Thurston Witt and Johnny Dunn.

A 318-unit multifamily property called El Sol Del Lago in Northwest Dallas has been acquired by an unnamed investor. Graysteel brokers Doug Banerjee, Andrew Mueller, John Tallis, and Sterling Warren were involved in the sale. The new owner intends to undertake upgrades to the property.

Fort Worth-based Overwatch Fund has purchased Lavera at Lake Highlands, a 280-unit apartment property in Northeast Dallas. The property, located on Audelia Road, will undergo renovations under the new ownership. Overwatch Fund currently has 8,400 multi-family units under its ownership.

Village on the Green, an apartment community in Far North Dallas, has been acquired by investor Ashland Greene. The community, consisting of over 200 units, is part of a mixed-use development near the Galleria Dallas shopping mall.

Rise48 Equity, another investor, has purchased Creekside at North Lake, a 228-unit multifamily property in Northlake. The new owner plans to invest over $5 million in upgrades to the apartments, which will be renamed Rise Creekside.

Metro Companies has acquired a 36-acre industrial building site north of Fort Worth in Rhome. The property is located on State Highway 114. Alex Wilson, Nathan Denton, and Jeremy Mojica of Lee & Associates Dallas Fort Worth facilitated the sale.

In addition to these sales, the North Texas market has also seen significant lease activity. Pegasus Industries has leased a 171,398-square-foot industrial space in McKinney. The space is located at McKinney Trade Center on Wilmeth Road and is owned by ML Realty Partners LLC. The lease was handled by Brett Lewis, Ken Wesson, and Adam Graham of Lee & Associates Dallas/Fort Worth.

The City of Richardson has signed an 80,000-square-foot lease for temporary space at 2360 Campbell Creek Blvd. The space will be used for the city hall and library while renovations are underway. Citadel Partners negotiated the lease.

MHC Truck Leasing LLC has leased a 20,020-square-foot industrial building in Grand Prairie. The building is located on W Pioneer Pkwy and the lease was negotiated by Jarrett Huge and Alex Wilson of Lee & Associates.

Brunswick Group has leased 15,099 square feet of office space at 3811 Turtle Creek Boulevard in Dallas. The lease was negotiated by Jihane A. Boury at Savills with building owner KBS.

These are just a few examples of the recent sales and leases that have taken place in the North Texas real estate market. The region continues to attract investors and businesses alike, contributing to its overall growth and development.

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