Chicago!
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| 225 turned out this morning to our Bisnow Breakfast on Workouts and Restructuring at the Chicago HQ of Jenner & Block law firm on the top floor of a brand new 45-story building it just moved into. Consensus of the experts: As loan workouts start to involve more properties that have some cash flow and are closer in value to the amount of the loans, we'll start to see more litigation (including lender liability claims) and bankruptcies as borrowers are more likely to fight to preserve their assets. | |||
| Sales Transactions Argent Property Co. sold its newly completed 82k SF Rexel Worldwide warehouse to a private party for an undisclosed amount. The property, which will be fully occupied by Rexel, is located at Frankford Rd. and Commodore Dr. in Frankford Trade Center. Colliers International's Joe Garrett and Tom Pearson brokered the sale. *** Main Street Partners & Associates purchased a 193-unit multi-housing community at 311 S. Industrial Blvd. in Euless, from Blue Valley Apartments. CBRE's Chris Deuillet and Nita Stewart negotiated for the seller. *** CB Realty Trust purchased 265k SF of office space at multiple locations in Raleigh, N.C., from Duke Construction Ltd. Partnership. CBRE's Jack Fraker, Josh McArtor, Russell Ingrum, and Gary Carr negotiated for the seller. *** Ace Manor Property Management, Ltd purchased a 10k SF industrial office/warehouse facility at 507 Bennett Lane in Lewisville. The buyer, Ace Manor Property Management was represented by Colliers International's Matt Thompson with Henry S. Miller Brokerage EVP Dan Spika representing the seller. | |||
Lease Transactions Metavante Corp. renewed 36k SF of industrial space at 1617 Crosby Road in Carrollton from RCI Valwood. Bradford Commercial Real Estate Services VP Brian Pafford and market director Jason Miller represented the landlord. Transwestern Dallas represented the tenant. *** Bark to Basics subleased 17k SF of warehouse space in Marsh Business Park West, 1215 Marsh Lane in Carrollton, from SeaCal Addison. Bradford Commercial Real Estate Services SVP Susan Singer and market director Jason Miller represented the landlord. Karbank Real Estate Co. represented the tenant. *** SCISISTUFF renewed 15k SF of industrial space in Heritage Business Park VI, 800 Industrial Blvd. in Grapevine, from A&B Properties Inc. Bradford Commercial Real Estate Services VP Michael Spain and SVP Todd Lambeth represented the landlord. NAI Robert Lynn Co. represented the tenant. *** Regal Corp. renewed 12k SF of light industrial space at 605 Avenue R in Grand Prairie from DCT-TX 2004 RN Portfolio. Bradford Commercial Real Estate Services VPs Michael Spain and Jim Ferris repped the landlord. *** The Arkenstone Ltd. leased 10k SF of flex industrial space in Arapaho Business Park, 1300 E. Arapaho Road in Richardson from Charter Arapaho LP. Bradford Commercial Real Estate Services broker associate Chris Larzalere worked with Fobare Commercial's Chris Doggett on the transaction. *** Solara Healthcare and Solara Surgical Partners leased 11k SF at Champion Crossing, a six-building office park in Southlake, at the intersection of North Kimball Avenue and Continental Boulevard. Glacier Commercial's Steve Shrum represented Champion Crossing, a development of Dallas-based Champion Partners. Transwestern's Sanders Thompson represented Solara. *** The Retail Connection's Dennis Leibovitz repped three restaurant deals including:
*** Flextronics International leased 19k SF of office space at 2304 Tarpley Road in Carrollton from Equitable DFW II H LP. CBRE's Burson Holman and Jay Bailey negotiated for the landlord. NAI Robert Lynn's Mark Miller represented the tenant. *** TGGT Holdings LLC leased 24k SF of office space at 12377 Merit Drive in Dallas from YPI Park Central Properties. CBRE's Celeste Fowden, Burson Holman, and Blake Shipley repped the landlord. JLL's Steve Thelen, Jeff Staubach and Kacy Jones repped the tenant. *** New Millennium Title Group leased 10k SF of office space at 6100 Tennyson Parkway in Plano from ARI Tennyson LP. CBRE's Rick Rensi and Clay Gilbert repped the landlord. The tenant was repped by the Stone Group. *** Federated Mutual Insurance Company leased 10k SF of office space at 2200 Highway 121 in Bedford from Principle Equity Properties. CBRE's Bryan Graham negotiated on behalf of the tenant. *** CBRE's Dennis Barnes and Clay Gilbert repped the landlord in two deals including:
*** First American Title Company leased 2k SF of office space at 909 Lake Carolyn Parkway in Irving from SP III 909 Lake Carolyn Parkway LP. CBRE's Bill Lokey, Jr. and John Fancher repped the landlord. CushWake's Matt Heidelbaugh and Mari Jones repped the tenant. *** Data Dallas Corporation leased 19k SF of office space at 1111 West Mockingbird Lane, for its HQ. The Weitzman Group Corporate Services Division's Larry Denisoff handled negotiations. *** National Presort Inc. leased a 100k SF office/warehouse at 14901 Trinity Blvd. in Fort Worth from BCED Investments LLC. Bradford Commercial Real Estate Services SVP Todd Lambeth represented the landlord. Fortune Realty Advisors' Art Daboub repped the tenant. *** Empower Group Inc. leased 16k SF of warehouse space in Twin Creeks Business Center, Building 300 at 1305 N. Waters Road in Allen from Twin Creeks Warehouse Venture. Bradford Commercial Real Estate Services SVP Susan Singer and market director Chris Stout represented the landlord. Keller Williams Elite Park Cities represented the tenant. *** SS Fuelco Inc. leased 11k SF of warehouse/distribution space in Venture Business Court, 2707 Realty Road in Carrollton from Acquiport DFWIP. Bradford Commercial Real Estate Services VP Brian Pafford represented the landlord. *** National Presort Inc. leased a 101k SF class A office/warehouse in CentrePort Business Park after searching nearly eight months for a new HQ and operations hub. Finish-out construction is underway at the mail-sorting company's new home at 14901 Trinity Blvd. in Fort Worth. When the work's done, National Presort will relocate its HQ and sorting operations from 3901 La Reunion Parkway in Dallas. Bradford Commercial Real Estate Services SVP Todd Lambeth credited the caliber of the building, its fully air-conditioned warehouse and location with winning the long-term lease for his client, BCED Investments of California. The building is outfitted with a cafeteria, locker rooms, guard room, 364 parking spaces and sits on a 7.6-acre tract close to several freeways and the DFW Airport. Fortune Realty Advisors' Art Daboub repped the tenant. Development North American Development Group, on behalf of a shopping center investment fund, acquired 22 acres at the southeast corner of F.M. 423 and Lebanon Road in Frisco for the development of a Tom Thumb Supermarket anchored retail center, which will include a 70k SF Tom Thumb Supermarket with gas bar, approximately 24k SF of in-line space and five outparcel pad sites. Construction of the project, which will be one of Tom Thumb's first new stores in several years, is scheduled to commence this fall with contemplated completion of early summer 2011. The transaction was handled principal to principal with no brokers being involved. *** Behringer Harvard reached an agreement with Cinemark Holdings, Inc. to construct a 12-screen theatre at Frisco Square. In August 2007, Behringer Harvard Opportunity REIT I, Inc. invested in a joint venture with Fairways Frisco that included the acquisition and planned development of a 48-acre portion of Frisco Square, a 147-acre, master-planned development at the intersection of the Dallas North Tollway and Frisco's Main Street. The Frisco Square development currently provides 396 apartment homes, and 114 of these apartments are located within this 48-acre parcel of Frisco Square. The parcel also includes more than 100k SF of office space and nearly 69k SF of retail, as well as land available for further development. The site selected for construction of the Cinemark theatre is on Frisco Square Boulevard one-half block west of Frisco City Hall. Cinemark leased 52k SF for the theater. The Retail Connection's Jim Weir, Jack Weir and Jordan Cluff brokered for the landlord. *** Elk River Real Estate and Y Street Ventures formed a new company offering brokerage, asset and property management services as well as advisory services to owners and investors in various sectors of commercial real estate. The new organization, VERUS Real Estate Advisors, is led by the former CEO of Sammons Enterprises and founder of Y Street Ventures, Bob Korba. Prior to Elk River, Sparky Pearson was a founding partner with Staubach Capital Partners, where he was responsible for more than $8 billion in real estate transactions. Bob is currently the chairman of Sammons Enterprises and a director of Guggenheim Partners, Isecuretrac and Vinson Process Control Company. | |||
Execs on the Move Ron Rodriguez joined Grubb & Ellis Securities, Inc. as a regional VP. In his new role, he's responsible for raising equity in the states of New Mexico, Oklahoma and Texas for programs including Grubb & Ellis Apartment REIT, Inc. and Grubb & Ellis Healthcare REIT II, Inc., both publicly registered non-traded real estate investment trusts. Ron joins Grubb & Ellis Securities from Ohio National Financial Services, where he served as an external wholesaler. Contracts Awarded KAI Texas will serve as architect and mechanical/electrical/plumbing (MEP) engineer on the city of Dallas' new Highland Hills Branch Library, which is being designed to achieve LEED Gold. The new 18k SF library will replace an existing library built nearby in the 1960s. The new $4.5M library will be located on a four-acre site at 6200 Bonnie View Road in Dallas. Honors Linbeck Group was among 15 companies to receive Aon Build America Awards, an annual ranking of the nation's most significant construction projects, from the Associated General Contractors of America. Linbeck was named both the Construction Management New and the Grand Award winner for its work on the new Dallas Winspear Opera House. Other winners in the Texas Division include McCarthy Building Companies for construction of that Dallas' AT&T Performance Arts Center Wyly Theatre; and San Antonio-based Zachry Construction Corporation won a Merit Award for its work on the San Antonio River Improvement project. Financing Behringer Harvard recently closed a $150M Freddie Mac secured credit facility for Behringer Harvard Multifamily REIT I, Inc. It'll help facilitate the ongoing acquisitions, capital improvement, and general corporate activities of the REIT. NorthMarq Capital served as seller and servicer for Freddie Mac, which is the lender for this credit facility. The term of the facility is seven years. |
