Steak Almost Done; The Deal Sheet
Don't even ask for A-1 sauce when Del Frisco's Grille, a new concept for the North Texas-based Del Frisco's Restaurant Group, opens in the renovated One McKinney Plaza later this year. | |||
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One McKinney Plaza (owned by Gaedeke Group) nabbed the 10-year lease for more than 8,000 SF on two levels. Del Frisco's Grille will occupy 5,000 SF on the first floor and more than 3,000 SF on the second, connected by an existing staircase that's being widened to enhance the effect. Each level will feature outdoor dining spaces of 1,300 SF. Total seating, indoors and out, will be 275. The new concept restaurant opens first in New York?s Rockefeller Center in August with plans to expand the Grille brand with a site-search in Chicago, Atlanta, Houston, Florida, and LA. The Weitzman Group SVP Earl Harris and VP Marc Marrocco repped Gaedeke. Del Frisco's Texas broker is Trinity Partners Commercial Real Estate partner Kevin McIntosh. | |||
SALES | |||
ALDI Food Market purchased almost 91k SF of land at McCreary Road and FM 544 in Wylie from GE Capital Franchise Finance Corp for an undisclosed amount. UCR?s Stan Lotridge represented ALDI in the transaction. Guy Grivas and Brian Glazer of the Weitzman Group represented GE Capital.
AHD Investments purchased a 19k SF industrial facility at 991 George Hopper Rd in Midlothian from Texas First Bank. Colliers International Dallas broker David Glasscock repped the seller. Colliers? Kelly Smith and Noel Hutcheson repped Oak Cliff Metals in its acquisition of almost four acres of industrial property at 8242 S Central Expressway in Dallas from American Standard, repped by CBRE's Chuck Finney and Pierce Owens. No prices were disclosed.
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SkyWalker Property Partners acquired 29 first-generation residential condos at Arthouse at So7 from a bank in late 2010 and now plans a significant capital improvement project to prime the investment for a return to the market. The asset was purchased for Hangover Opportunity Fund portfolio (a discretionary fund focused on value-add and distressed opportunities in Texas and surrounding states). To date, six units have been sold and work completed on model units, which showcase the one- and two-bedroom units (1,000 to 1,900 SF) with prices at $230k to $325k. SkyWalker Property Partners prez and managing partner Gary Walker says the goal is to sell the units in the next 24 months. The firm hired Williams Trew Real Estate Services to market the condos, which are at 2608 Museum Way on the western edge of downtown Fort Worth. | |||
NEW BUSINESS Henry S. Miller Brokerage SVP Daniel Harris was chosen by J&J Discount Outlets to represent the firm in its expansion throughout North Texas. J&J Discount, a successful chain of discount stores in the Northeast, is now bringing its business model to North Texas. DBA $1 Discount World, the firm recently signed the lease for its first North Texas location in Denton's Denton Center. As J&J's exclusive rep, Daniel negotiated lease terms for the store's nearly 4,000 SF. The space is located next to the center's anchor, Kroger Signature at the NWC of University Drive and North Carroll Boulevard. $1 Discount World plans to lease another five locations in the North Texas area through 2013. Daniel expects the second location's lease to be signed this month.
Construction on a new retail outlet mall on I-20 and Great Southwest Parkway in Grand Prairie started last month with plans to open in late 2012. Developer Paragon Outlet Partners says about 70% of the mall?s 400k SF of retail space has been leased. Already announced to anchor is Saks Fifth Avenue Off 5th Store and a Bloomingdale?s Outlet. The City of Grand Prairie has committed more than $8M in street and drainage improvements surrounding the property. Originally announced in 2008 as a $100M, 64-acre project, the mall was in a hold pattern after the original development company changed hands.
After acquiring the former Old Towne Square (now renamed Precinct Line Center) at 1432 Precinct Line Rd last August, SkyWalker Property Partners started redevelopment efforts last month after the last tenants vacated the property. The almost 34k SF center on 3.4 acres is being divided into pad sites. One site has already been sold for a new bank branch. The property was purchased through a note buy from a life insurance company after a foreclosure.
Behringer Harvard formed BH Capital to focus on small-balance debt instruments acquisition sold on the secondary market via individual transactions or portfolio sales. BH Capital's investment strategy is to acquire a blend of performing and non-performing loans secured by CRE and other types of commercial and industrial assets. BH Capital plans to acquire loans including sound, distressed, and failed entities. The company will create and manage a series of private,closed-end funds, which will be offered to accredited and institutional investors. The BH Capital management team includes CEO Michael McKinney, prez/COO Randy Hughes, EVP of loan acquisitions Daryl Bird, EVP of investment strategies Paul Jankovsky Jr, EVP of portfolio management Kevin DeLozier, and EVP of finance and reporting Bryan Crow.
C-III Capital Partners entered into a definitive agreement to acquire NAI Global, which will continue to operate as a separate company under its current management once the deal closes. Financial terms of the transaction were not disclosed, but the transaction is expected to close in Q3. | |||
LEASES Smashburger signed a 2k SF lease at a former OneStop location at the Dallas North Tollway and Park Boulevard. UCR?s J.D. Robertson and Darrell Hernandez represented the lessor, MC 6100 LP.
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Gulf Coast Western signed a long-term 13k SF lease at Pacific Center I & II in Dallas. Bradford Cos? Dave Besserer negotiated the lease for the tenant. JLL?s James Esquivel, Conor McCarthy, and Steve Everbach represented the landlord, KBS Realty Advisors. Gulf Coast Western will move its HQ from The Towers at Park Central VII in Dallas to the entire fifth floor of Pacific II, bringing occupancy of the two-building complex to 84%.
Colliers International Dallas worked two lease deals including:
*** The Medicus Firm expanded its Dallas-area operations by signing a new 10-year 15k SF lease at 3010 LBJ Frwy in Dallas. The move combines the firm's two existing locations. Newmark Knight Frank's Seth Weinstein and Kyle Pierson repped the tenant. Blake Shipley of CB Richard Ellis represented the owner.
Two Irving leases were inked including a 15k SF lease of industrial space at 8200 Tristar Dr to Landmark Healthcare and an almost 12k SF lease of office space at 7700 Bent Branch Dr to Cintas-RUS. | |||
NEW CONSTRUCTION | |||
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Work started on Fort Worth?s Will Rodgers Memorial Center Equestrian $32M construction and infrastructure improvement project for the new Equestrian Multi-Purpose Facility. Partial delivery of 132 new Priefert horse stalls was received and made available in time for use at two recent horse events. A total of 1,100 new premium stalls will be delivered in phases by the middle of August. | |||
PEOPLE ON THE MOVE SRS Real Estate Partners hired Michael Miller as first VP in the DFW office. With more than 14 years of experience, Michael will specialize in commercial/retail leasing, sales and development and will represent national and regional retailers in securing multiple site locations within the SRS Urban group. Michael began his real estate career with the Henry S. Miller Cos retail division in 1997.
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Here's Colliers International VP (and newly named Jewish Community Center of Dallas chairman of the board) Phil Rosenfeld with JCC prez Artie Allen and outgoing chairman of the board, Alan Shor (co-founder and prez of The Retail Connection). Mazel tov? |
