Dallas developer buys commercial land at Eastchase Parkway for hotels, shopping center

An 18.5-acre tract on the northeast corner of Interstate 30 and Eastchase Parkway once owned by DeBartolo Development of Tampa, Fla., has been bought by Dallas-based Victory Real Estate Group.

Kris Ramji, chief operating officer at Victory Real Estate, said his company plans two 100-room hotels, three to five 1-acre pad sites and a 40,000-square-foot shopping center. Construction could begin in about six months, he said. The project will be called Victory at Eastchase.

The company also has 22 acres at Heritage Trace Parkway and Interstate 35W under contract, where it plans a similar development, Ramji said. He declined to comment further on that project until the land deal closes.

The Eastchase property “was a very quick look and close,” Ramji said. The land was sold by Prudential Real Estate Investors in Chicago on behalf of DeBartolo Development, according to deed records.

Victory Real Estate has been involved in several commercial projects in Texas and New Mexico, and is developing land on the northeast corner of Tarrant Parkway and Park Vista, according to its website.

DeBartolo Development bought the property nine years ago and said it has several national retailers lined up for the site. One building was completed and is now used by Verizon Wireless.

Construction starts on Northlake Highlands development

Realty Capital Management of Irving has started building the first phase of 222 luxury homes in The Highlands development in Northlake.

The 363-acre project is on Farm Road 407 just west of I-35W. The homes will be built on 1-acre lots. Phase One will include the development of 100 acres with 68 home sites and Northlake’s first public park, a 50-acre park that will have more than 2 miles of hike-and-bike trails, the developer said.

RCP announced the project in September. It will be completed in three phases. Home builders include Noble Classic Custom Homes, Providential Custom Homes and Bannister Custom Homes. Home prices will range from the low $400,000s to the high $600,000s.

Tim Coltart, RCP’s managing director, said the project took 14 months of planning. The project is receiving $4.3 million in infrastructure reimbursements from the Highlands Public Improvement District.

Fort Worth firm buys Brownsville shopping center

Morris Capital Partners of Fort Worth has bought the 96,713-square-foot Morrison Crossing shopping center in Brownsville in partnership with the Clower Co. of Corpus Christi.

“The Clower Group is a fourth-generation real estate company and has a lot of experience and established relationships in the Valley region of South Texas,” said Bill Morris, principal of Morris Capital Partners.

Morris Capital, founded in 2010, owns 10 shopping centers in five states totaling over 1 million square feet, including Custer Park Shopping Center in Plano.

Transactions

1100 Everman Parkway, Fort Worth

Weyerhaeuser NR Co. sold 68.8 acres to Everman Industrial of Fort Worth. Jeff Givens, Jack Huff, Kyle Poulson and Tracy Georges of Transwestern represented the buyer.

685 John B. Sias Parkway, Fort Worth

Ben Hogan Golf Equipment Co. has leased 33,307 square feet of office/warehouse space. Michael Newsome of NAI Robert Lynn represented the tenant. Ryan Wood of Conti Warehouses represented the landlord in house.

6500 Airport Freeway, Haltom City

Acme Brick Co. has sold a 5,025-square-foot industrial building to Pool Development. Sarah LanCarte of Transwestern represented the seller.

2555 Blue Mound Road, Haslet

B&C Wyatt Properties sold an 8,000-square-foot industrial building on 5 acres to Hong Tim Rajavong and Keo James Thammavong. Todd Hawpe and Sarah LanCarte of Transwestern negotiated the deal.

4015-19 Rufe Snow Drive, North Richland Hills

Sergio Carreles leased 3,021 square feet of office space from James and Mary Lou Brown. Sarah LanCarte of Transwestern represented the landlord.

This story was originally published January 5, 2015 at 10:34 AM with the headline "Dallas developer buys commercial land at Eastchase Parkway for hotels, shopping center."