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DALLAS-Shea Commercial LLC has parceled out five North Texas projects to two metroplex firms and backed out of a quartet of third-party leasing assignments. With the strategy shift, Shea principal Peter Meyer has returned to the Scottsdale, AZ headquarters, but he’s far from being done with Dallas/Fort Worth development.

“It was done to get it all under one roof,” Meyer tells GlobeSt.com, adding similar outsourcing deals have been inked in Denver, Las Vegas and Phoenix. He explains the change not only is cost effective, but it puts development partners beside architects to expedite decisionmaking for future projects, specifically Shea’s plan to ramp up mixed-use developments in select markets.

With Meyer back in Scottsdale, the 2.5-year-old Dallas office was relocated to Plano and the local team reduced to three, all of whom have been given different roles with sales now being outsourced. Meyer says he will be back in town every Tuesday and Wednesday to keep tabs on the projects and mine new ones, two of which will be rolling out in October.

Dallas-based GVA Cawley picked up all but one of Shea’s condo developments. The nine-building, 57,500-sf Valley View Ranch Office Park at the intersection of MacArthur Boulevard and Ranch Trail Drive in Irving has been handed to Magellan Commercial Realty Inc., led by Phil Baker. “With their local presence and local knowledge, they were a good fit for Valley View,” Meyer says about the Irving firm.

But it was GVA Cawley’s metroplex-wide knowledge that won the lion’s share of the split. GVA Cawley president John Conger has named senior director Richard Buford as point man for the assignment. The package consists of the 71,000-sf Craig Ranch Professional Building at 685 TPC Dr. in McKinney; 65,000-sf, 10-building Las Colinas Office Suites at 7415-57 Las Colinas Blvd. in Irving; 62,000-sf, five-building Royal Creek Office Suites at 8604-8722 Greenville Ave. in Dallas; and 38,200-sf, seven-building Sundown Ranch along Kyser Way in Frisco.

“Our culture just seemed to match theirs,” Conger says. “They thought an alliance with our real estate firm would give them tremendous exposure.” Part of the deal includes scouting for additional development sites for Shea.

When Shea turned over the reins, GVA Cawley’s package was 15% to 50% sold or presold. Buford says the objective is to be sold out within 18 months. The oldest development, Royal Creek, delivered eight months ago. Las Colinas Office Suites’ keys will start to turn in 20 days while Craig Ranch and Sundown Ranch are 30 days from completion, according to Buford. Shell condos go from $180 per sf to $185 per sf.

Meyer says Dallas/Fort Worth will continue to be a hub for office condo development rather than high-rise, mixed-use space as it’s planning for its newest territory, New York City. “We still think the Dallas Market is under-served for office condos,” he says.

GVA Cawley separately negotiated pacts with two private owners and Vigor Properties of Dallas to take over Shea’s 120,000 sf of leasing assignments in the region: Starwood Professional Village in Frisco, Custer Commons Office Park in Richardson and 15th Street Professional Park and Communications Parkway Medical Plaza, both in Plano.

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