DFW NAMED #3; THE DEAL SHEET
| Site Selection magazine picked DFW as America’s third-best market for new and expanded corporate facilities in 2009, largely because 135 companies selected DFW as the site for expansion and/or relocation. Among them: Advanced H2O, Alcon, Cisco, Coaire Corporation, Kohler, and Q-Edge. | |||
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We snapped this of Fort Worth on an overcast day last month (we know, we know, like that narrows it down). Site Selection’s annual ranking of top metropolitan markets is based on an analysis of new facilities and expansions that demonstrate a capital investment of at least $1M, creation of 50 or more jobs, and/or the leasing or building of at least 20k SF of new space. Fort Worth Chamber ED VP David Berzina says to be the top metro area in Texas and the South is a tribute to the superior product that we call the Metroplex. | |||
Sales Transactions Dallas-based Behringer Harvard purchased the first mortgage secured by 1650 Arch Street, a 553k SF, 27-story office tower in Center City Philadelphia for an undisclosed amount. “Since the departure of WolfBlock, the debt structure secured by 1650 Arch Street has presented challenges. Behringer VP of asset management Deidre Hardister says now that a Behringer Harvard entity controls the senior debt, it has the flexibility required to upgrade the property and invest capital to lease the vacant space. Behringer Harvard plans to make “significant capital improvements” to 1650 Arch Street this year, including lobby and exterior renovations and upgrades to the elevator and mechanical systems, she says. The property has 176k contiguous SF of office space available for lease. Behringer Harvard has about 2.5M rentable SF in downtown Philadelphia and is one of the largest office owners in Center City. The Philadelphia portfolio consists of four properties in Center City: 1650 Arch Street, The Wanamaker Building, Three Parkway, and United Plaza. All of these properties are owned by entities affiliated with Behringer Harvard REIT I. JLL has leasing responsibilities for 1650 Arch Street and Three Parkway, both of which will continue to be managed by Behringer Harvard. JLL VP Drew McGowan will lead leasing efforts for both buildings, with Tom Weitzel and Ron Cariola completing the leasing team. ***
Wallace Transport, Inc. sold a 4k SF former Washington Mutual Building at 101 North Garland Ave. in Garland to an undisclosed buyer. The Retail Connection’s Scott Rose and Jack Weir represented both parties.
Lease Transactions Texas Freightway Inc leased 91k SF of industrial space at 5101 Statesman Drive in Irving from CRP 2 Holdings EE. CBRE’s Corbin Crews negotiated the lease for the landlord. *** The Salvation Army leased 21k SF at the northeast corner of US Hwy 287 between Walnut Creek and Country Club in Mansfield from Mansfield Commons, LTD, The Commons at Walnut Creek. The Retail Connection’s David Levinson repped the landlord. CJ Dunn Commercial’s Cindy Dunn represented The Salvation Army. *** Tarrant County Hospital District renewed its 11k SF lease at 501 W. Main St. in Arlington for the JPS Health Center - Central Arlington. The downtown Arlington facility originally opened its doors in 2005. SCM Real Estate Services CEO Gary Walker and brokerage associate Renee Guy-Efimoff, represented the landlord. Grapevine attorney Richard E. Hill represented TCHD. *** Taco Bell of America, Inc. completed a ground lease of 18k SF of land at 3636 Forest Lane in Dallas from MPC Properties, Ltd. CBRE’s Bob Ginsburg negotiated the lease for the landlord. *** Walmart Stores East leased 45k SF of industrial space at 777 Freeport Pkwy in Coppell from Inland Logistics 2. CBRE’s Bob Scully negotiated the lease for the tenant. Bob also worked with Blake Lloyd for the tenant, CGI Technologies and Solutions, which leased 16k SF of office space at 2200 N Highway 121 in Bedford from Principle Equity Properties. *** Nokia Siemens Networks US leased 42k SF of office space at 6000 Connection Dr. in Irving from iSTAR CTL Connection - Irving LLC. CBRE’s Jack Fraker repped the tenant. *** Gilsa Products & Services Co leased 24k SF of office space at 8750 N Central Expressway in Dallas from Northpark Central. CBRE’s J.J. Leonard and Jay Bailey repped the landlord and CushWake’s Bob Edge, Mari Jones, and Diana Dunlap repped the tenant. *** CBRE’s Bill Lokey, Jr. and John Fancher repped landlord SP III 909 Lake Carolyn Parkway LP in two deals at 909 Lake Carolyn Pkwy in Irving:
*** Greater Dallas Council on Alcohol & Drug Abuse leased 8k SF of office space at 1349 Empire Central in Dallas from Woodview Office Tower Ltd. CBRE’s Burson Holman, Clay Gilbert and Jaclyn Fraker repped the landlord. Matt Florey and Keith Fischer represented the tenant. *** IBM leased 25k SF of office space at 2 Riverway in Houston from Two Riverway Holdings LLC. CBRE’s Steve Rigby repped the tenant. *** Tre and Marquee DBA Village Marquee Club signed a 7k SF lease in Highland Park Village in Dallas from Highland Park Village Partners, LP. The Retail Connection’s Jill Tiernan represented the tenant.
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Eyecrafters signed a 3k SF lease at The Parks at Arlington from Parks at Arlington, a Delaware LLC. The Retail Connection’s Andrew Sudderth repped the tenant.
Financing Valeo Fund is being introduced to investors in the US, Europe, and Latin America seeking to invest in the pending recovery in the U.S. commercial real estate market. The Fund intends to invest in U.S. commercial real estate assets that may be too large for individual investors and too small for institutional investors. Fred Hamm, former Keystone Group executive officer, is a Valeo Fund co-founder with Mike Lewis—most recently a top officer at Crescent Real Estate Equities, Steve Lipscomb—formerly national director of Archon Retail, and Jim Yoder—previously a managing director of Jones Lang LaSalle’s Investor Services Group. Valeo Fund intends to raise $150M in equity, which with moderate leverage will provide the Fund buying power in excess of $300M. The Fund will target US real estate assets in demand driven/supply constrained markets in the $15M to $55M range, focusing on specific product types, such as office, medical office, retail, and debt instruments secured by these classes of real estate.
Development NewQuest Properties and Kroger recently completed an agreement that will bring a new Kroger Signature store, which will include a fuel center, to a Fort Worth retail development to be called Shops at Timberland Crossing. Located at the northeast corner of Timberland Road and North Beach, the 90k SF signature store, which will be the first store of its kind that Kroger has built from the ground up in the Fort Worth area, will anchor the center that will consist of approximately 20 acres, including three pad sites and 21k SF of additional retail space. It is slated for a 2012 opening. Kroger currently has 30 Signature stores in the Dallas-Fort Worth market. |
