'80s project crosses finish line as Dallas’ Hall Arts towers open: The week in D-FW real estate

Headlines and trends in the North Texas market  [Steve Brown's Real Estate update] 12/06/2019 Prefer the online view? It's [here.]( (Steve Brown) THE GRAND OPENING ’80s project comes to fruition as Dallas’ Hall Arts towers open By [Steve Brown](mailto:stevebrown@dallasnews.com?subject=Email%20from%20Newsletter%20top%20column) | Real Estate Editor This week’s grand opening of downtown Dallas’ Hall Arts Hotel comes three decades after the first groundbreaking on the Ross Avenue block. It was back in the 1980s that a Chicago developer started work on the high-rise project in the Arts District. Before that, it had been the side of a Cadillac dealership. When a real estate crash killed the project, the prime block across from the Meyerson Symphony Center sat mostly vacant for years. Dallas developer Craig Hall bought the property in 1995. He’s built three buildings on the old office skyscraper site. Hall said the two 50-story offices first planned for the corner of Ross and Leonard Street would have been a mistake. "In my view it would have been a horrible thing for the Arts District," Hall said. "They would have dwarfed everything else and were dark buildings." Hall said the 183-room luxury hotel and 28-story condo tower next door will make the neighborhood more of a 24-hour location. "The Arts District is a wonderful, wonderful place but it is our hope we can get more people walking on the streets," he said. "Having the hotel we hope will be a major step in that direction." Hall opened the 18-story KPMG Plaza office tower on the west side of the block in 2015. When the condo tower opens in the spring, the high-profile downtown site will be completely occupied by new construction. "This is the end of a long journey," Hall said. "We knew it was a long-term venture." Bookmark: [Steve Brown's daily coverage of D-FW real estate news](. ADVERTISEMENT Cities with larger numbers of retirees will be the most effected.(Zillow) CHART OF THE WEEK [Boomer home sales will boost housing supply in D-FW and U.S.]( A persistent shortage of affordable homes for sale has hammered housing markets across the country and in North Texas. But [a new forecast]( points to a wave of home inventory that will be hitting the market here in the coming years as aging homeowners sell out. Housing analysts with home marketing firm Zillow are calling it a "silver tsunami" as baby boomers put their homes up for sale during the next couple of decades. Premier Place is on North Central Expressway near SMU. (JLL) DEAL OF THE WEEK [Chicago investor doubles down on North Dallas market with tower buy]( A North Dallas high-rise has changed hands. Square footage: 458,000 square feet. Location: North Central Expressway near Mockingbird Lane. Background: [The 20-story Premier Place office tower]( is next door to the popular Mockingbird Station development. It’s just east of SMU. The green glass building has been owned by CBRE Global Investors since 2013. Now the high-profile property has sold to a partnership that includes Chicago-based investor GlenStar Properties. GlenStar is the same firm that just redeveloped the nearby Energy Square office campus. FIVE STORIES 1: Another [new high-rise project]( is in the works for Dallas’ Uptown neighborhood. 2: Construction begins on new [upperclassmen housing]( at SMU. 3: A [Chicago developer]( expands to D-FW with a Mesquite project. 4: One of Dallas’ [largest estates]( has just sold. 5: An [East Texas bayou ranch]( on the market is complete with alligators. FEATURED PROPERTY SALES JRV Heating & Cooling LLC of Melissa has purchased a 5,077-square-foot office building at 720 East Main Street in Allen. Scott Axelrod of Henry S. Miller Brokerage brokered the sale. Joe Jeter Sales acquired a 6,075-square-foot property at 7840 Carr St. in Dallas. Dan Cook of Cushman & Wakefield brokered the sale with Rick Callahan of Callahan Properties. FEATURED PROPERTY LEASES McLane Co. leased 157,500 square feet of industrial space at 4721 Mountain Creek Pkwy. in Dallas. Kurt Griffin, Nathan Orbin and Ann Jaggars of Cushman & Wakefield negotiated the lease with Michael Quint of Newmark Knight Frank. Deluxe Corp. leased 58,505 square feet of industrial space at 4301 Patriot Drive in Grapevine. Jim Graham Jr, Jim Damiani, Tyler Howarth, Ryan Bohrer, Andrew Commers and John Wolf of Newmark Knight Frank negotiated the lease with NAI Robert Lynn. China-based Han’s Laser Smart Equipment Group has leased a 44,685-square-foot commercial space in Carrollton for its North America Southwest Headquarters. The new location will have 75 workers. Chad Albert of NAI Robert Lynn negotiated the lease. ABOUT THIS NEWSLETTER We've revamped this weekly real estate newsletter and we'd like your feedback. 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