Four Seasons for Sale; The Deal Sheet
| We told you in January that U.S. Bank filed to foreclose on Four Seasons Resort and Club at Las Colinas, home of the PGA’s EDS Byron Nelson Championship. Wednesday, Jones Lang Hotels placed an ad in the Wall Street Journal announcing its auction sale for April 16 at 11:30am. (Late enough to get a round in?) | |||
 | |||
| The JLL folks were tightlipped, but its fair to assume the lenders for the 400-acre hotel, spa, and golf club in Irving are seeking repayment of their $183M loan. California-based BentleyForbes, a national commercial real estate investment and operations company, went on a buying spree in 2006 and 2007, acquiring properties across the nation, including the Four Seasons. PKF Consulting managing director Hank Wolpert tells us that he doesn’t think the property will ever go to an actual auction. “This is just too high of a profile/quality asset and ownership group ... something will be worked out, perhaps last-minute, to stop or delay the auction,” he tells us. “Worst case scenario, they’ll file for Chapter 11 to gain time/support for a workout. In any event, this exceptional asset will always attract strong interest from very qualified parties from many arenas of the industry.” | |||
| Sales Transactions
KBS REIT II purchased three buildings totaling 284k SF of Class A industrial/flex space at Plano Business Park in Plano. The complex is 94% leased to seven tenants including Plano Data, Value Added Communications, ASKO Appliances and Cates Control Solutions. CBRE’s Jack Fraker and Josh McArtor represented the seller. KBS Capital Advisors negotiated for KBS REIT II. KBS-affiliated companies currently own 39 commercial office and industrial properties in Texas totaling more than 9.5M SF. Occupying a 20-acre site at the intersection of Shiloh Road and Plano Parkway, four miles east of Highway 75 and two miles north of the George Bush Turnpike, the complex was developed by IDI in 2001.
Lease Transactions Guaranty Insurance Services renewed its lease at Plano Corporate Centere for 12k SF. Colliers International’s Mary Stoner repped the tenant and KBS Realty Advisors’ Justin Miller repped the landlord. *** SAS Institute renewed its lease at Millennium Tower for 15k SF. CushWake’s Mari Jones and Matt Heidelbaugh repped the tenant; KBS Realty Advisors’ Kim Brooks and Matt Didyk repped the landlord. *** Bradford Commercial Real Estate Services filled 152k SF for a pair of DFW building owners. Tenet HealthSystem Medical Inc. renewed an 82k SF warehouse at 1150 Hayden Dr. in Carrollton and Insight Merchandising leased 70k SF of industrial space in Heritage Business Park II at 1000 S. Nolen Dr. in Grapevine. Bradford VP Brian Pafford secured the Tenet renewal for Acquiport DFWIP Inc. JLL’s Rob Kingsbury and Steve Thelen represented Tenet, a longtime tenant at the Carrollton building. Pafford said negotiations added five years to Tenet's lease term for the San Francisco-based owner. The Heritage Business Park lease is a case of Insight Merchandising opting for a more permanent arrangement with A&B after nearly one year of leasing space on a month-to-month basis that it originally secured through a sublease, says Bradford’s VP Michael W. Spain. He and Bradford SVP Todd Lambeth hold the Heritage Business Park assignment for A&B Properties Inc. of Honolulu. Lee & Associates D/FW’s Ken Wesson and Donnie Rohde represented Insight Merchandising, which was occupying the last available space in Heritage Business Park II, one of seven buildings in the park.
***
National Bolt & Industrial Supply Co. Inc. renewed 20k SF of industrial space at 391 N. Beach St. in Fort Worth from Tarrant County L.P. Bradford market director Nick Talley and EVP Karen Simon repped the landlord. NAI Robert Lynn Co.’s Todd Hubbard repped the tenant.
***
United Commtel leased 6k SF of office space in Forum at Belt Line, Building 3, 4006 Belt Line Rd in Addison from ARI Forum LLC. Bradford SVPs Melanie Hughes and Sharon Friedberg repped the landlord. Newmark Knight Frank’s Kyle Jett repped the tenant.
***
Unity Capital Holdings LP leased 6k SF of office space in Renaissance Tower, 1201 Elm St., Dallas, from Binyan Realty. Bradford SVPs Melanie Hughes and Sharon Friedberg repped the tenant. CBRE’s Chris Hipps repped the landlord.
***
Rhino Medical, a long term tenant at the Bank of America building in Arlington, renewed its current lease with expansion plans to occupy over 2k SF. SCM Real Estate handles the leasing and management of the seven-story, Class A building located at 2000 E. Lamar Blvd. Recent building renovations in 2009 include a new high energy efficient roof. SCM Real Estate Services senior leasing agent Theron Bryant represented the landlord. ***
Hunt Wallace & Associates extended its 5k SF lease at the GEICO Building at 4201 Spring Valley Road. Legacy Realty Group’s Bob Lazenby represented the tenant and ION Management, Inc.’s Diane Liggett represented the landlord. Development Innovative Developers, Inc. completed construction of Victory Investment Strategies at 501 N. Nolan River Road in Cleburne. The 4k SF wood-framed building is owned by Joel and Elizabeth Victory. The IDI team included PM Casey Herrell and construction superintendent Don Cox. Michael Jones was the architect, and Brad Jones of First Financial Bank provided financing. *** The newly constructed 13-story Houston office property Three Eldridge Place in the Behringer Harvard REIT I, Inc. portfolio earned LEED Core and Shell Gold certification. The certification effort was supported by architect Gensler, general contractor E.E. Reed Construction, and consultants DBR Engineering Consultants and AIR Engineering. The CBRE team of John Pruitt, Jessica Ochoa, and Kristal Rabel is managing lease-up of the property. Execs on the Move
David P. McNeil joined Cencor Realty Services as a VP in its asset management division. He's responsible for the asset management of a portfolio of shopping centers in the DFW area. Prior to joining Cencor, he was president of Shafer Property Company, where he was involved in all aspects of its retail and mixed-use portfolio, including site acquisition, development, project leasing and asset sales. Honors for People The Trinity Trust Foundation prez and CEO Dr. Gail Thomas was granted honorary membership to the American Institute of Architects. Honorary membership is one of the highest honors that the AIA can bestow on anyone outside the profession. Gail’s efforts to improve cities and her support of the arts and architecture were keys to her election. She was one of three to lead the development of the Balanced Vision Plan for the Trinity River Corridor Project. The Trinity Trust’s mission is to raise private funds to implement the Balanced Vision Plan and to coordinate with the city of Dallas and other organizations in the effort to build public support, secure public funding, and build the projects. Honors for Companies The EPA awarded Transwestern a 2010 Energy Star Sustained Excellence Award, and Jones Lang LaSalle was awarded an Energy Star Partner of the Year Award for its success in integrating Energy Start tools and resources. Key accomplishments include 100% participation across JLL's investor-owned and retail mall portfolios, and expanding the reach of benchmarking activity to encompass 15% of corporate client properties. Other 2010 awards include the Energy Star Award for Sustained Excellence to CB Richard Ellis and USAA Real Estate Company. |
