Real Deals: Clearfork, Mike's in MansfieldMay 6, 2013
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Ribboncutting at Clearfork
The Clearfork development in southwest Fort Worth is moving forward following the April 26 opening of the Clearfork Main Street bridge and continuing progress on the Chisholm Trail Parkway.
Cassco Development Co. said it has partnered with Rosewood Property Co. to move forward with the development of Clearfork, an urban village located on 270 acres of the legendary Edwards Ranch.
Located on the banks of the Clear Fork of the Trinity River between Hulen Street and Bryant Irvin Road, Clearfork can accommodate up to two million square feet of office space, more than one million square feet of retail space and 2,500 multifamily units, according to Cassco officials.
“We are pleased to have the opportunity to partner with an exceptional family on historic land. It is rare to have a greenfield site in an urban core, particularly one that has been carefully protected by six generations,” said Bill Flaherty, president of Dallas-based Rosewood Property in a news release.
Cassco and Rosewood are working with several other firms on Clearfork’s first phase. StreetLights Residential, known for projects such as the Kenzie at the Domain in Austin, will plan, design and oversee the construction of the multifamily project. Woodbine Development Corp., creator of Kierland Commons in Scottsdale and the Hill Country Hyatt in San Antonio, will oversee the retail portion of the project, while UCR Urban, which has been involved with the leasing of Southlake Town Square since its inception and has leased University Park Village in Fort Worth for the last 10 years, will handle retail leasing.
The development team will continue the master planning collaboration with Trinity Works, a Fort Worth real estate development firm known for bringing world-class expertise to nontraditional real estate projects.
The first phase of the residential development will include 398 units comprised of townhomes, urban efficiencies, contemporary lofts and upscale apartments. Construction is anticipated to begin in September with delivery of the first units at year-end 2014 and completion slated for fall of 2015.
According to Woodbine, the retail component will be a mix of retail, entertainment and green spaces with a blend of national, regional and local retailers.
“Clearfork has been part of our family for six generations,” said Crawford Edwards, president of Cassco Development Co. “We feel a deep responsibility to honor the past and future generations by creating a development that respects and honors the land.”
For information, go to www.edwards-ranch1848.com.
Horton sees profit
Fort Worth-based D.R. Horton Inc. reported a 173 percent jump in quarterly profit for its second fiscal quarter ended March 31, reflecting the increasing strength of the housing market.
Net income increased to $111 million, or 32 cents per share, in the second quarter from $40.6 million, or 13 cents per share, a year earlier.
Revenue rose 49 percent to $1.39 billion.
Homes closed in the quarter increased 33 percent to 5,643, compared to 4,240 homes in the year-ago quarter.
“The spring selling season is off to a strong start at D.R. Horton, with robust demand driving higher sales volumes and favorable pricing, which is reflected in the 14 percent increase in our average selling price,” said Donald R. Horton, chairman, in a statement. “We are in an excellent position to continue to meet increased sales demand and aggregate market share with 15,800 homes in inventory and 175,000 lots owned or controlled under option contracts, of which 58,000 lots are fully developed.”
Mike’s in Mansfield
Jersey Mike’s Subs opens its doors at Mansfield Crossing Shopping Center in Mansfield. Jersey Mike’s Subs will be occupying a 1,575-square-foot space in the center. Cynthia Bailey of WindStar Properties represented the landlord, Mansfield Matlock Partners L.P. The tenant was represented by Mitch Traub of The Retail Connection L.P.
Deals and such…
Probe Technology Services Inc. has purchased 15,000 square feet of office/warehouse space located at 8744 Forum Way South in Fort Worth. Michael Newsome of NAI Robert Lynn represented the seller. … Cowart Properties LLC has purchased 39,750 square feet of office/warehouse space located at 1201 & 1225 Forum Way South in Fort Worth. Michael Newsome of NAI Robert Lynn represented the buyer and Noel Hutcheson of Colliers represented the seller. … Low T Center Mansfield JV LLC has leased 2,275 square feet of retail space located at 1601 E. Debbie Lane in Mansfield. Jon McDaniel of NAI Robert Lynn represented the landlord and Beagley Realty represented the tenant. … Burleson’s Vision City has renewed its lease 1,400 square feet of retail space located at 1030 E. Highway 377 in Granbury. Jon McDaniel and Kornel Romada of NAI Robert Lynn represented the landlord. … Smart Start Inc. has leased 64,000 square feet of office/warehouse space located at 500 E. Dallas Road in Grapevine. Rick Medinis of NAI Robert Lynn represented the landlord and Jeremy Kelly of Stream represented the tenant. …Ponce Contractors Inc. has leased 12,100 square feet of office/warehouse space located at 3501 State Highway 157 in Euless. Colt Power of NAI Robert Lynn represented the tenant and Todd Hubbard of NAI Robert Lynn represented the landlord. … The Seed Company (The Wycliff Seed Company) has leased 4,500 square feet of office space located at 3030 Matlock Road in Arlington. John Lancaster of NAI Robert Lynn represented the landlord and Jason Brecheen of Swearingen Realty Group represented the tenant. … Maxitech Inc. has leased 12,075 square feet of office/warehouse space located at 7404 Sand St. in Fort Worth. Michael Newsome of NAI Robert Lynn represented the tenant and George Jennings of Holt Lunsford represented the landlord. … Snap-On Tools has leased 2,500 square feet of office space located at 3500 William D. Tate Ave. in Grapevine. Colt Power of NAI Robert Lynn represented the tenant and Renee Efimoff of SCM Real Estate represented the landlord.
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