X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Majestic Realty Co., poised to begin spec development in North Texas, has backfilled its top local slot within weeks of its lead man in town heading to a competitor’s camp.

The back-to-back corporate shuffle puts Al Sorrels in as vice president and development of director for Majestic and Mark Cashman in as senior vice president for Koll Development Co. Sorrels is picking up the reins to a 290,000-sf development in Coppell and 170-acre plan in nearby Lewisville.

Sorrels tells GlobeSt.com that infrastructure work will get under way within 180 days for a 300,000-sf to 400,000-sf first phase of office/warehouse product in Majestic Airport Center, the newly christened name for 170 acres fronting Texas 121 at the southern edge of Lewisville. Majestic, based in the City of Industry, CA, recently bought the land from Univesco Inc. of Plano and a local private seller.

Majestic Airport Center’s first wave will be two buildings of traditional office/warehouse space unlike a two-building spec development, Park West Commerce Center, set to rise on 20 acres at the northwest corner of Belt Line Road and Airline Drive. The project, being developed in a joint venture with Milwaukee-headquartered Northwestern Mutual Life Insurance Co., will be shallow-bay product that will come to market for $4.95 per sf with $10 per sf in a tenant-improvement allowance. Sorrels, previously a principal with Dallas-based Holt Lunsford Commercial, says Park West will break ground within 60 days, setting up a play for a December delivery.

Dallas-based Cadence McShane is Park West’s general contractor. Hardy McCullah/MLM Architects Inc. designed the complex, set to rise as 137,000-sf and 153,000-sf structures.

“Majestic has an aggressive plan for Texas,” Sorrels says. “We are looking for more land in this area and in Houston.” To help with the drive, Sorrels expects to have another leasing and junior developer on board before the year ends.

Meanwhile at Koll, Cashman becomes the fifth senior vice president in the local ranks. “I pursued him pretty hard to come to work for us,” says Tobin C. Grove, Koll’s president. He’s not ready to discuss the projects as yet, but he did say Koll has “several new industrial ventures” working in the US that Cashman will be overseeing. “We were looking for someone to supplement our development activities,” Grove says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.