As of 2019, it has taken exactly 288 pages to tell the story of North Texas Commercial Real Estate. And that number is set to grow.
Silver embossed capital letters spell out the title on the textured forest green cover. The book tells the history of the region in the context of the people who helped shape it: great men like Trammell Crow, Henry S. Miller Jr., Roger Staubach, Ray L. Hunt and the Stemmons family. The book’s intent is summed up on page 5: “We strongly believe that those who seek to be successful in the future must respect the past.”
First published in 2008, the book showcases North Texas Commercial Real Estate Hall of Fame inductees, Michael F. McCauley Lifetime Achievement Award and Stemmons Service Award recipients, major projects that shaped DFW and a timeline outlining the region’s history.
On May 1, the third edition of The Book was laid out on the tables of the Arts District Mansion, a fitting setting for the 36th NTCAR Alumni Reunion and Hall of Fame event. With the region’s pivotal history in mind, Dallas’ commercial real estate community is writing a new chapter that will soon be added to its collection of stories.
That evening, Bill Vanderstraten and Scott Roman were inducted into the North Texas Commercial Real Estate Hall of Fame in partnership with the North Texas Commercial Real Estate Association (NTCAR). Additionally, the Michael F. McCauley Lifetime Achievement Award was presented to Jack Fraker and Robert Gurna. The award, first presented in 2006, recognizes those who, according to The Book, “have dedicated extraordinary time and effort to promoting integrity, honesty, mutual respect and professionalism throughout their careers in commercial real estate.”
Vanderstraten co-founded Chief Partners in 2007 with Trevor Rees Jones and the Rees Jones family. The commercial real estate investment firm currently boasts a portfolio of more than 80 individual investments through more than 30 operating partners, including the Fields development in Frisco and Clearfork, a mixed-use development in Fort Worth. The firm currently has $1.4 billion in assets under management. Since inception, the firm and its partners have completed 3.64 million feet of development and 3.43 million feet of value-add repositioning assets.
Though Vanderstraten sees himself as “more of a windshield guy than a rearview mirror guy,” the move prompted a walk down memory lane. For him, it’s a trip that includes four major stops: After graduating from SMU in 1982, he joined Harwood International (formerly SPG International). In 1997, he joined CarAmerica as market officer in Dallas, and later became the first Fund I partner at real estate private equity firm Thackeray Partners (now Greystar).
“I was fortunate to be present at the beginning of each location with four different sources of capital: foreign investment, publicly traded REITs, private equity and family offices,” Vanderstraten said. “I’d like to say it was by plan, but we were simply in the right place at the right time, and there was probably a little bit of divine intervention as well.”
He noted that all these stops were made possible thanks to help and encouragement from good friends. “That’s why I dedicate my time to helping SMU students get on the right career path,” he said. “I can’t give back to all my friends, but maybe I can help someone who is just starting out in their career. So, my advice to you all is to make time to help others. It will definitely pay off. It’s the best investment you can make and a legacy that will last forever.”
Roman grew up in Mississippi. He earned a Bachelor of Business Administration and a Master of Education from Baylor University and an MBA from SMU. He began his career at Henry S. Miller Co./Grub & Ellis before moving to The Stratford Group and Fisher & Company. He is known for his non-profit philanthropic work, including helping develop a 12,000 square foot retail building at St. Philip’s School and Community Center.
Roman founded 42 Real Estate, which focuses on a variety of endeavors, from industrial and land investment/development to urban redevelopment and pro bono projects. Known for his custom residential projects across the country, Roman’s clients include Dick’s Sporting Goods, Best Buy, 24-Hour Fitness, FedEx and Frito-Lay.
“Tonight’s award is proof that you don’t have to be a big-name developer to win,” Roman said. “I don’t know what they were thinking when they chose me, but I’m not as big a developer as a lot of the people who have received this award, but I’m grateful for it.”
Roman is known for redeveloping Deep Ellum, where he acquired 55 parcels of land and took a community-driven approach to restoring vintage buildings and implementing 42 murals by local artists. The company manages more than 15 properties in The Cedars and 16 in downtown Dallas. “I’m incredibly grateful to be in Dallas,” Roman says. “Dallas allows a poor boy from Mississippi to come in and make a call, and if you have a good idea and are willing to work hard, Dallas welcomes you.”
The association had previously announced that Fraker would receive its Michael F. McCauley Lifetime Achievement Award, and Gurna was surprised with the award on the night of the ceremony.
Fraker heads Newmark’s Industrial & Logistics Capital Markets practice and has represented some of the largest U.S. corporations, global investors, pension fund advisors, real estate investment trusts and corporate tenants throughout his career, including personally completing more than 1,800 industrial and logistics capital markets transactions around the world, totaling 1.5 billion square feet and $85 billion in transaction value. He has also advised on approximately 12,000 acres of development land and more than 300 office and industrial leases. “It’s all about the relationships in this industry,” Fraker says. “We’re in the people business, we’re in the real estate business, and I’m really fortunate to be in this business.”
A 2003 recipient of the Stemmons Service Award, Fraker is also recognized for her contributions to industry and charities. She has served on the ULI Board of Trustees, has served as a trustee and adjunct lecturer at SMU and the University of Texas Business School, and currently serves on the board of directors of Cristo Rey Dallas College Prep School. She also serves on the boards of Hunt Southwest, Cushman & Wakefield, USAA, the Dallas Metropolitan YMCA and Girls, Inc.
A two-time McCauley Award recipient, Gurna recently retired from his position as executive managing director of Younger Partners. His 60-year career includes serving as president of the investment and land division of Henry S. Miller Co. from 1994 to 2014 and as president and CEO of Newmarket Group Southwest. An SMU graduate, he is a recipient of the Bronze Star Medal with Oak Leaf Cluster for service as a U.S. Air Force officer.
Gurna’s accomplishments include co-founder, past president and director of the North Texas Land Council, past vice president and director of the Commercial Investment Division of the Greater Dallas Association of Realtors, and co-publisher of “The Book.”
He also is co-founder and chairman emeritus of the Hall of Fame event, which began in 1987. Despite his recent retirement, Gurna plans to continue volunteering and advising on causes that impact commercial real estate in North Texas.
The award was presented to Grana by Chris Teasdale of Colliers and Darrell Hermis of Henry S. Miller, who are co-founders of the hall of fame with Grana. “Through these endeavors, Robert not only left an indelible mark on the real estate industry, but he also wove himself into the fabric of the communities he served, touching and inspiring lives through his mentorship and leadership,” Hermis said.
Work is underway to create the fourth edition of The Book, which will feature the 2024 winners. The latest edition is scheduled to be released in 2024.
