Baltimore, MD – A joint venture organized by Alex. Brown Realty (ABR) and Sentinel Capital, LLC has acquired an 11.232 acre development site in Allen, Texas, located approximately 25 miles north of the Dallas CBD. The joint venture plans to develop a three-building, 246,212 sf mixed-use development on the site. Upon completion, ABR Chesapeake Fund IV, a real estate fund sponsored by ABR, expects to invest approximately $7.2 million in the venture.
Located in the Millennium Office/Industrial Park in Allen, the site is one block east of US-75, a major north/south interstate connecting Allen to downtown Dallas. AllenPlace is projected to include a 102,084 sf office building with parking garage, 121,852 sf industrial building, and 22,276 sf test-lab building.
The project is currently 69% preleased to KONE, a global leader in the elevator and escalator industry. KONE will occupy 100% of the industrial and test-lab building and 25% of the office building. The site will serve as an international hub for KONE’s design, engineering, testing and technology and is expected to bring 240 jobs to Allen. Construction began in mid-November 2014 with phased completion beginning in October through December 2015.
“The Dallas economy and the City of Allen’s pro-business environment and incentives are really driving the Allen market,” Tom Burton, ABR’s chief investment officer. “We like Allen’s strong fundamentals and the in-place cash flow from KONE allows us to mitigate development risk. This is our first joint venture with Sentinel and we look forward to leveraging their experience in the Texas market to achieve favorable returns for our investors.”
Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Sentinel Capital, LLC, is a Houston-based firm owned by Dusty Wolf, COO of Centra Partners, and Greg Nelson of Triad Real Estate Consulting Group (Triad). Centra manages over 7,700 apartment units, approximately 1.5 million sf of office, 500,000 sf of industrial and 200,000 sf of retail space. Centra’s services include management operations, leasing, accounting, construction, investment brokerage and asset management. Triad has provided consulting underwriting analysis on over $1 billion of commercial investment during the past 10 years. Triad’s services include brokerage and investment analysis, acquisitions, development of client specific investment plans, marketing strategies for commercial assets, and site selection.