Month: May 2017

We want to thank all of our staff, partners, and clients for helping us mark this fifth anniversary. There is more to come! CHEERS!

Over Memorial Day weekend, Younger Partners team members gathered to remember the true meaning of Memorial Day by honoring military and first responders who gave all for our safety and freedom at the Carry the Load walk in Dallas. You can learn more about Carry the Load here.

The Younger Partners team. You can still contribute to the cause here.

The Younger Partners team joined NTCAR on Friday morning for a broker bus tour of office space in Las Colinas.

Here’s the YP gang with Granite’s Robert Jimenez (in blue).

Younger Partners leases 122 West, which fronts John Carpenter Freeway. Space available ranges from 1,500 to 87,000 contiguous square feet. Kathy & Sean will be happy to help you find the best fit for your client 214-294-4400. Since it was the last time we’ll see the Byron Nelson played at nearby Four Seasons in Las Colinas, a golf theme was pretty appropriate.

You may have already seen the incredible news coverage on five male dancers from DISD’s Booker T. Washington High School for the Performing and Visual Arts have been accepted into the prestigious Julliard School in NYC. Among those five is Todd Baker, the son of our very own Renee Baker. Here they are at last night’s Booker T. 40th anniversary celebration.

Here is just a sampling of the news coverage:

Dallas Morning News

Fort Worth Star Telegram

Fox 4

Congrats to Todd and his entire family from Younger Partners. Break a leg!

Kathy Permenter was among many CRE women supporting New Friends New Life yesterday at a fundraiser luncheon. NFNL is a non-profit that works to restore and empower formerly trafficked girls and sexually exploited women and their children. The organization’s goal is to help women overcome backgrounds of abuse, addiction, poverty, and limited opportunities by providing access to education, job training, interim financial assistance and spiritual support. Kudos ladies!

Younger Partners is pleased to once again support Carry The Load. We have a team fundraising now. We invite you to join our walk team or contribute to this great cause by signing up on our team page here.  And, check out the fun we had last year honoring these heroes.

As usual, the NTCAR Hall of Fame Induction and Reunion brought out the icons of Dallas-Fort Worth commercial real estate. We caught up with good friends and colleagues to celebrate 2017’s newest inductees and lifetime achievement winner.

Snapping a photo of the past winners and the new inductees is always tricky business because these CRE leaders love to catch up with one another and seldom stand still anyway. YP’s Kathy Permenter and Robert Grunnah (near the middle on the left side of the handrail) serve on the Hall of Fame committee.

Here’s the newest NTCAR Hall of Fame 2017 Inductees: John Scovell of Woodbine Development Corp. and Transwestern’s Jack Huff on each side of the 2017 Michael McAuley Lifetime Achievement Award winner, John Crawford of Downtown Dallas Inc.

Kathy with fellow Hall of Fame committee member, Darrell Hurmis of Henry S. Miller.

YP’s David Hinson, Carter T. Crow and Moody Younger.

Looking dapper, YP’s Robert Grunnah preps for his part of the event.

YP’s Kathy Permenter with CRE icon Wayne Swearingen and his wife

The YP gang found a hall-of-famer (NTCAR and the NFL) with JLL’s Roger Staubach (center)

YP’s Nan Li, Renzo Cella and Josh Remington

Schmoozing before the event

YP’s Lew Wood, John St. Clair and Transwestern’s Jeff Givens

And, the evening isn’t complete without at least one selfie. Here’s YP’s Tanja Ivandic and Tonie Auer

Pictured: YP’s Carter T. Crow, developers Brian Flaherty and Eric Langford, and YP’s Byron McCoy. Not pictured: YP’s Trae Anderson

The Dallas Business Journal dug a little deeper behind the sale of the former Raytheon campus with this news report.

Here’s our news release:

Construction starts this summer on the Jupiter Miller Business Center, which will take the place of the former Raytheon campus on Jupiter Road in Garland. It was a deal that took months to complete complicated by various issues including two sellers – one of which is the iconic defense contractor. On the horizon: an 800,000-square-foot two-building industrial distribution center.

The forward-looking buyers, a partnership of Dallas-based developers Langford Property Co.’s Eric Langford and Flaherty Development’s Brian Flaherty, plan to build an industrial development covering 40 acres of the 70-acre property. Delivery is scheduled for 2018. The developers have hired Bob Moore Construction as the general contractor for the project.

Younger Partners’ Carter Crow, Byron McCoy, and Trae Anderson represented one of the sellers, Lexington, in the transaction. JLL’s Craig Phelps and Brad Selner represented the other seller, Raytheon.

The deal had many moving parts that required expertise to make the transaction occur, Langford says. “The existing facilities had both office and industrial people working together,” he says. “It was built on an old airport site, so that added to some issues.”

The property included eight buildings. One building had two separate owners, but shared a common wall and roof.  So, it couldn’t be sold by one without the other, McCoy says.  “There’s no question this deal had a lot of hair on it” Langford adds. “But, for an adaptive re-use, taking an office/manufacturing park that has outlived its usefulness and repurposing it into modern industrial is something Brian and I have done and we felt good about breathing new life into this site.”

“Land is becoming more valuable than the improvements; even after remediation, demolition, etc., these close-in, urban sites are becoming few and far between in the Dallas area,” Langford says.

North Dallas is becoming barren of large, industrial tracts that are desired by developers building manufacturing/distribution facilities, Flaherty adds.

“This location is great because of the good employment base, available hotel rooms, restaurants, daycare facilities, and all the things employees need. For the user, there are likely suppliers nearby, too,” he says.

The remediation challenges are not new to the development duo; they partnered on a project at 1111 W. Bardin Rd in Arlington that repurposed the former National Semiconductor property. That project will have 1.25 million square feet across three buildings. It had similar issues to the Raytheon site. For Langford and Flaherty, the clean-up and redevelopment is a niche they’ve comfortably navigated together. Flaherty also redeveloped the former Forum 303 (later Festival Marketplace) at Texas 360 and Pioneer Parkway in Arlington. He demolished the shopping center and turned it into the Pioneer 360 Business Center filled with warehouse and distribution facilities before flipping it to an institutional buyer.

Both the Arlington and Garland projects will be higher-finish industrial buildings that may be ideal for manufacturers because they will be designed to be more flexible state-of-the-art buildings, especially compared to nearby facilities are that are 20 years old or older.

The construction process includes asbestos abatement before the buildings can be demolished. Once remediation is done, construction will start this summer. The first part of the project along Jupiter Road will feature 800,000 square feet of modern manufacturing and distribution buildings on 40 acres of the 70-acre property, Langford says. The project should be completed by early summer 2018. More development along the property is likely to follow as the market demands it, he says.

“The infill location should appeal to users looking for a ready workforce,” McCoy says.

“Eric and Brian have the formula down for redevelopment projects like this,” says Crow. “They can overcome obstacles – and even anticipate them – to create fabulous urban infill projects and take obsolete sites and transform them into state-of-the-art redevelopment gems.”

“Dallas has continued to fill with industrial users and the most popular areas like Garland, Great Southwest, and Carrollton are all fairly full,” Flaherty says. “There’s space in South Dallas, but

companies also want to be close to the Metroplex’s great transportation network, a nearby labor base, and access to a DART line. Labor is huge component of a business.”

Younger Partners team members care about the community and giving back is a big part of our company culture. Michael Ytem rode a 36-mile route on April 22 as part of the Children’s Health Red Balloon Run and Ride to benefit Children’s Medical Center Plano. You can relive his route here.

Great job Michael!

Here’s the Younger Partners team Sunday morning at the Rise and Shine 5K/Walk to benefit the Rise School of Dallas. The non-profit provides the highest quality of early childhood education services to children with Down Syndrome and other developmental disabilities and to children without disabilities in an inclusive classroom setting with master’s level educators and on-staff speech, occupational, physical, and music therapists.