GSA KICKS THINGS OFF
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| The GSA became the first tenant at Parc 114 by inking a 15-year lease for 30k SF. The spec building, which broke ground last month, is the only new industrial construction project in the DFW Airport market and is set for a December completion. The multi-phased flex-warehouse development is designed for small to mid-sized users under the supervision of Jackson-Shaw development VP Jason Nunley. Built by MYCON General Contractors; architect is GSR Andrade. Stream Realty's Bob Hagewood, Blake Kendrick, and Chris Jackson are exclusive leasing reps. The JV of Jackson-Shaw and ORIX Real Estate Capital will ultimately consist of nine buildings containing nearly 600k SF on land bordering DFW Airport. | |
| Lease Transactions | |
Bradford Commercial Real Estate Services completed a quartet of class A office deals for Los Angeles-based owner YPI Central Expressway in the Central Expressway submarket with three of the four renewals in NCP III at 12801 N. Central Expressway:
Also renewing was Central Texas Commercial College Inc. for 9k SF at 9400 N. Central Expressway. Transwestern's Sanders Thompson and Josh Kenz brokered for the tenant. *** Tenet Healthcare and Wells Fargo Bank, N.A. expanded their leases in Fountain Place. Tenet Healthcare moved its corporate HQ into Fountain Place in October and expanded its lease by 11k SF for a total of 176k SF. Wells Fargo Bank inked two expansions to its lease for a combined 7k SF, bringing its total to 100k SF at Fountain Place. Crescent Real Estate Holdings LLC's director of leasing Kirby White repped the landlord, Crescent Fountain Place, L.P., in both transactions while CBRE's Phil Puckett and Chris Herrmann represented Tenet Healthcare. Wells Fargo was represented by its lease negotiator, Bob Williams. *** Phillips Land Company signed a 3k SF lease at 213 East College St. in downtown Grapevine from First United Bank and Trust, which was repped by The Aldrich Group's John Aldrich. Stream Realty Partners' Russell Webb brokered for the tenant. *** Capstar Commercial Real Estate Services inked a slew (our technical term) of deals including:
*** Hall Office Park in Frisco inked two new leases with former director of leasing Jean C. Farris handling negotiations for the landlord, Hall Financial Group, in both cases.
*** Stream Realty Partners, L.P., Retail Division inked more than 100k SF of new deals at the San Pedro Crossing Shopping Center. The shopping center was 57% occupied with the bankruptcy of anchor tenants Linens ‘N' Things and Circuit City when Stream assumed the leasing assignment in April 2009. The leasing team generated written letters-of-intent from Toys “R†Us / Babies “R†Us, Ross Dress for Less, TJ Maxx, Best Buy, Shoe Carnival, Regency Beauty and Debi's Bridal. Less than one year after being awarded the assignment, the shopping center is 100% committed with the following new tenants.
*** CBRE inked 50k of lease transactions in Irving in three separate deals with CBRE's Bill Lokey, Jr. and John Fancher repping the landlord in all three deals
*** Chipotle Mexican Grill, Inc. leased 2k SF at 6100 Long Prairie in Flower Mound from Highlands 501 Inc. CBRE's Jeff Kittleson and David Copeland repped the landlord. *** CCSI Technology Solutions (Compucom) leased 60k SF at 851 Middlefield Road in Toronto, Ontario, from Middlefield Properties. CBRE's Michelle Donaldson, John Woolsey, and Phil Puckett brokered for the tenant. *** HQ Global Workplaces LLC leased 20k SF at 39555 Orchard Hill Place in Novi, Mich., from The Northwestern Mutual Insurance Co. CBRE's Steve Rigby, Peter Danna, Baron Aldrine, and Mike Kay repped the tenant. *** SOURCECORP BPS, Inc. leased 23k SF at 1900 Oakdale Avenue in San Francisco from Lolita & Pranjiwan Lodhia. CBRE's Jordan Buis,Warren Willey, Searcy Ferguson, and John Woolsey repped the tenant. *** The Retail Connection negotiated six leases totaling 47k SF.
*** Kohl's signed a long-term lease for a 102k SF office building in San Antonio to open a customer service and operations center in Texas.Stephen C. Hall, managing director of the San Antonio office of Dallas-based GVA Cawley, negotiated the lease for Myers & Crow's Westover Office Center I, a LEED Silver, two-story building in a corporate campus setting at 10000 Rogers Road in Westover Hills corporate park. | |
Sales Transactions Centric Capital Partners acquired a Chick-Fil-A at 350 E. Stacy Road in Allen from Piedmont Stacy Partners LP. The 5k SF building sits on approximately 1.72 acres of land and is located directly across the street from the 1M SF Village at Fairview mixed use development. The property was purchased for long term investment purposes. *** SNG Realty, LP acquired an 8k SF medical office building in southeast Fort Worth at 6450 Brentwood Stair Road at the southwest quadrant of East Loop 820 and Interstate 30. SNG Realty plans to market the building as leasable medical office space. Henry S. Miller Brokerage EVP Jim Turano repped the buyer. Lee & Associates'Becky Thompson repped the seller, out-of-state California investors. *** Dodson Capital, LLC purchased 300 E. Abram St. in downtown Arlington at the corner of Abram and Elm streets. For the last several years, the building has been vacant. Dodson Capital managing partner Ryan Dodson plans to re-develop the 11k SF building for restaurants and retail. SCM Real Estate Services' Keegan Drake represented Dodson Capital. The sellers, Hopp & Davis Ltd., represented themselves. *** Aldi (Florida) LLC purchased a 6k SF freestanding retail building at 4705 Cortez Road in Brandenton, Fla., from Lone Star/Hudson Advisors. CBRE's Joe Cicardo negotiated for the seller. Joe also repped the same owner in GFS Stores LLC's purchase of a 6k SF freestanding retail building at 3723 US Highway 98N in Lakeland, Fla. | |
Construction
Hilton Hotels started construction of a new Home2 Suites hotel in Irving at 4700 Plaza Dr. just north of DFW International Airport. Kriya Management Group of Irving is the developer of the extended stay facility with 86 suites, which is scheduled to open in 2011. This will be the Memphis-based Home2's first facility in North Texas. Openings The Women's Center, part of the 118k SF Texas Regional Medical Center, $45M complex at 231 S. Collins Road in Sunnyvale, opened this spring delivering the first baby there March 15. The center includes eight labor, delivery and recovery rooms; a 10-bed nursery; nine postpartum rooms; and a room for C-sections. TRMC-Sunnyvale (which opened last year) is the town's first hospital. Its total service area is home to nearly 550k residents in Dallas, Rockwall, Kaufman and Hunt counties. The Women's Center is owned by a partnership consisting primarily of physicians. Arlington-based Ascension Group Architects designed the hospital. Rogers-O'Brien Construction was the general contractor. People in the News Chris Hipps joined Transwestern as managing director and will lead new business development for the firm's central region agency leasing team. While serving as a player/coach, Chris has goals of increasing Transwestern's landlord leasing and property management portfolio as well as coaching the firm's leasing agents. Before joining Transwestern, he was a senior VP in CBRE's agency leasing group in Dallas. *** Robert Nieporte joined KAI Texas as senior project architect. A project architect and project leader for 14 years, he has led other firms in the design for a number of sectors: aviation, health care, commercial, hospitality, industrial and educational. Most recently, he served as a project architect and associate at HKS, Inc. *** Gaedeke Group regional manager and green programs officer Dan S. Yates officially started a one-year term as president of the Dallas chapter of the Building Owners and Managers Association. Among this year's initiatives is the newly launched Dallas BOMA Career Task Force, an outreach program for local universities and colleges to promote the real estate profession and the association. *** Tom Lynn was named president of the NAI Robert Lynn office division and assumed full responsibility for the group. In a down year for commercial real estate, the revenue of the division grew 20% in 2009 versus 2008's results. In 2009 the NAI Robert Lynn Office Division completed 136 transactions. Tom's immediate plans for the division include hiring an experienced agent to run the owner representation side of the business as well as hiring two new agents as soon as possible. *** Leo A Daly named VP Patricia Miller the new managing principal of the Dallas office of international architecture, planning, engineering, interior design and program management firm. She will retain her previous role as corporate director of hospitality. In her new role, she will oversee the office's architecture and design practice as well as its business development, operational and marketing efforts. She will continue to apply her hospitality experience to manage and increase business opportunities for the firm in that market sector, both nationally and internationally. She recently won two hotel projects in Mecca, Saudi Arabia for the firm, which are among 26 hotels being built by the H.E. Sheikh Abdul Rahman Fakieh, chairman of Jabal Omar Development Company. *** Transwestern chairman/founder Robert Duncan was elected to the Texas Business Hall of Fame, which recognizes the accomplishments of business leaders who perpetuate entrepreneurial spirit, integrity, and community leadership. Financing The Dallas HFF office secured $5.4M in financing for Grande Pointe Apartments, a 244-unit multi-housing community in Jacksonville, Fla. Working on behalf of Dawn Properties, Inc., HFF associate director Travis Anderson placed the two-year, adjustable-rate loan with Mutual of Omaha Bank. Grande Pointe Apartments is located at 5800 University Blvd. West close to Interstate 95 and less than five miles from Jacksonville's CBD. Originally built in 1972, the property was renovated in 2009 and is currently undergoing lease-up. The property has 23 buildings. | |
New Business Beck Technology was awarded a task order under their Nationwide Building Information Modeling IDIQ contract with the GSA to conduct a feasibility study for the US Department of Housing and Urban Development, which is currently housed in the Robert C. Weaver Federal Building in Washington, DC. Constructed in 1968, the building consists of over 1.3M SF and houses more than 3,500 personnel. The Federal Building is owned by the GSA and was recently placed on the National Register of Historic Places. Beck Technology has teamed with HOK Architects and Purdy McGuire Mechanical & Electrical Engineers to conduct the study with a focus on providing the GSA information evaluating the viability of a potential renovation and/or modernization. The team will be required to prepare a Feasibility Study and Macro Program of Requirements through an objective and analytical evaluation of existing building information, client needs and assessment, and possible alternatives. Beck Technology will utilize DProfiler and other Building Information Modeling (BIM) software to conduct the study and to capture pricing information, proforma and realty analysis, energy analysis, and visualization of the project. *** Prime Income Asset Management completed construction and lease up of the Savoy of Garland in Texas and Sugar Mill Apartments in Baton Rouge. Savoy of Garland is a newly developed property offering 144 units. Sugar Mill in Baton Rouge includes 166 units. Both were completed last summer and are currently over 90% leased. *** Granite Properties entered into an agreement with Acquient Security Consulting, a Safeguard Security Holdings subsidiary, to contract for at its new Uptown project in Dallas. Granite and Gables Residential are co-developing the $200M, 2.2-acre mixed-use development in Uptown comprised of two high-rise towers. Park Seventeen includes 362k SF of office space developed by Granite in one tower and 292 luxury Gables apartments in the other. *** In an expansion of its recycling initiatives, Gaedeke Group implemented an e-waste disposal program for its seven-building,1.2M SF portfolio in DFW. Gaedeke used Earth Day to introduce the program throughout the Texas portfolio. The firm contracted with two e-waste disposal companies in the Metroplex to pick up discarded electronics from bins on an as-needed basis. Estimates are that nearly 70% of the tenant base has taken advantage of the e-waste program since its launch. |
