Sylvan Thirty Victory; The Deal Sheet
More than four years in the works, co-developers Oaxaca Interests and Wood Partners finally got the building permit issued; construction will kick off on the 49k SF grocery-anchored mixed-use Sylvan Thirty in late February.
Oaxaca Interests prez Brent Jackson tells us Cox Farms Market and other tenants should begin to open for business this fall with 201 studio apartments scheduled for move-in at the beginning of 2014. At the intersection of Sylvan and Fort Worth avenues (at 1818 Sylvan), the project is at the crossroad of West Dallas and North Oak Cliff, just north of Kessler Park. Brent assembled nine parcels of land(starting in 2008). The retail portion will feature smaller footprints for retailers with a food focus. Brent tells us he'll have third-party management, but Oaxaca will take space there.
The design team includes Hocker Design Group, Hodges & Associates Architecture, and Lake/Flato Architects. Brent says this is an important project for the community and he's followed some guidelines to keep it focused on the neighborhood: keeping it multi-modal with I-30 just a block away and a Coombs Creek trail coming to the site. Other important factors: sustainability, the inclusion of business incubators, the promotion of local organic food, and community outreach with plazas and open space. Outside of work, Brent and his wife have three dogs and traveled to Kenya last summer to volunteer at an orphanage there. He also ran in a half-marathon last month in Dallas. Suddenly, we feel lazy.
Sales
Neal Richards Group, in association with Forest Park Medical Center and SRP Medical Investments, sold the 70k SF Class-A Forest Park Pavilion to Healthcare Trust of America. The sale is the first of five MOBs, which will be developed by NRG.
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Local investment partnership Covenant Denison Holdings and GE Commercial Finance Business Property prez Tom Johnson purchased a 140k SF building at 4615 South US 75 in Denison. The building is leased by CIGNA. Transwestern SVP Steve Williamson repped the buyer.
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UCR Investment Sales closed on two retail properties totaling 203k SF with a combined sale price of $37M. Among the sales: the 90k SF Carrier Towne Crossing at South Carrier Parkway and I-20 in Grand Prairie and the almost 114k SF Southwest Crossing at 200 Southwest Loop 820 in Fort Worth. The centers were part of a five-property portfolio sold for Retail Properties of America.
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Bright Realty's Britton Lankford repped the seller in the disposition of 1.4 acres on the northwest quadrant of FM 544 and McCreary Road in Murphy for Elevate Church. Service Realty's John Muzyka repped the buyer.
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Red River Asset Management purchased the 239k SF 12404 Park Central from Oaktree Capital for an undisclosed amount. Red River also secured a seven-year extension from the largest tenant, 74k SF MEplusYOU. Jackson Cooksey SVP John Beach repped the tenant. Red River is working with Merriman Associates/Architects to update the lobby and add a 3,000-gallon aquarium and living plant walls. John Alvarado (now with CBRE, but with JLL during the deal-making) repped the seller. Lincoln Property Co will manage the building and Peloton's Grant Sumner will continue to handle leasing. American National Insurance Co provided the financing, which was arranged through Angelic Real Estate's Gabriel Silverstein and Louis D'Lando.
New Business
Felcor Lodging Trust plans to rebrand, renovate, and reposition eight Holiday Inn properties (nationwide, including one in Houston) to Wyndham Hotels and Resorts effective March 1. The project includes a $100M guaranty from Wyndham Worldwide Corp with an annual guaranty of $21.5M. Wanna hear more about what Felcor has in store? Come hear itschairman Tom Corcoran (pictured) at our Dallas Hotel Investment Summit tomorrow morning at the Westin Galleria. He'll be among the star-studded panel with reps from Omni Hotels and AImbridge Hospitality, among others. Save your space here.
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Medical Center of Plano will break ground in May on a $66M expansion and renovation at 3901 W 15th St in Plano. The project includes two additional floors with more than 56k SF above the emergency department; 68 new beds for critical/progressive care patients in the neurosciences unit; and renovation of public areas including the south lobby and cafeteria. Perkins+Will is the architect. Completion is targeted for late 2014.
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Denton County selected Satterfield & Pontikes Construction as the GC for the first phase of the Denton County jail expansion and renovation. The $26.7M project will include 87k SF of new construction in a four-story building. HDR is providing architecture services. The project is scheduled for a 2014 opening.
Leases
EMBCC renewed its 40k SF lease at Two Energy Square. Lincoln Property Co worked the deal and a spokesman whispered to us that soon there will be a new restaurant announcement coming for One Energy Square on Greenville.
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Whole Earth Provision Co inked a new 22k SF lease at Southlake Town Center.
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Concho Supply inked a 20k SF industrial renewal at 325 Beach St in Fort Worth fromTarrant County Properties. Colliers International's Philip Rosenfeld and Matt Thompson repped the landlord. Ridnour Co's Jerry Ridnour repped the tenant. Philip and Matt also repped the landlord, Studio Moulding, in a 12k SF lease to the JM Fry Co at 920 Ave N in Grand Prairie. ProTerra Properties' Chris Bly repped the tenant.
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ClubCorp renewed its 66k SF lease in Triwest Plaza at 3030 LBJ Freeway in North Dallas. The long-term lease includes the fourth, fifth, and sixth floors. Cushman & Wakefield's Dean Collins, Mark Collins, and Kirk Collins repped the tenant along with Cassidy Turley's Greg Biggs and Randy Cooper. Peloton's Russ Johnson, Trevor Franke, and Aarica Mims repped the landlord, HB Triwest Plaza, an affiliate of HighBrook Investment Management.
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JLL worked eight leases totaling almost 248k SF including:
- EmCare's additional 27k SF expansion onto the 12th and 13th floors of Galleria North 1 Tower at 13737 Noel Rd in Dallas bringing the lease to 110k SF. JLL managing director Carl Ewert and SVP Brooke Armstrong repped the tenant. Cassidy Turley senior managing director Trey Smith and principal Chris Taylor repped the landlord, FSP Galleria North.
- American Messaging renewed its almost 16k SF lease at 1720 Lakepointe Dr in Lewisville. JLL EVP Russell Cosby and SVP Doug Carignan repped the tenant. Case Commercial senior leasing director Buddy Tompkins and leasing director Seth Thatcher repped the landlord, GI Corporate Pointe.
- Turnkey Project Services leased 95k SF at Riverpark 300 at 15000 Grand River Rd in Fort Worth. JLL SVP Michael Swaldi and VP Nathan Orbin repped the tenant. Seefried Properties SVP Jonathan Stites repped the landlord.
- Illes Food Ingredients leased almost 74k SF at Prologis Valwood I at 2022 McKenzie Dr in Carrollton. JLL managing director Tom McCarthy and Nathan repped the tenant. Prologis exec Mitch Pruitt repped the landlord.
- Hudson Global Resources inked an almost 11k SF lease in Republic Center at 325 N Saint Paul St in Dallas. JLL SVP Sandie Matejek and VP Blake Shipley repped the landlord, Four Point Star Operating Co. CLW Real Estate Services group associate Brad Saulson and Henry S Miller prez Daniel Arnold repped the tenant.
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Sprouts Farmers Market signed leases for two more North Texas locations with almost 33k SF at Tarrant Commons Center in Keller and 26k SF at Custer Marketplace in McKinney. UCR's Jean Smith and Karla Smith repped Sprouts. UCR's Stan Lotridge also repped Capital One in a 42k SF pad site lease in the TImbercreek Shopping Center in Dallas.
People on the Move
Cassidy Turley executive managing director Frank McCafferty will now lead the firm's occupier services team in Texas overseeing office and industrial tenant rep efforts.
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Skyler Baty joined IA Interior Architects as biz dev manager. She will be responsible for overall client services and relationship management. Previously, she was the biz dev manager for Merriman Associates/Architects.
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Jay Bailey joined Jones Lang LaSalle as SVP in its Dallas landlord leasing group. He will focus on new business development and leasing. He comes to JLL from Cassidy Turley, where he was a managing director. (He's also a Baylor alum; Sic 'em!)
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Good Fulton & Farrell promoted Traci Webster to principal and shareholder. She was director of interiors and worked on the Perot Museum of Nature and Science and Capital One. Maria Gomez was promoted from associate principal to studio director. David Dumas was named an associate principal.
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JQ promoted John Hoenig to partner and Murali Kariyarveedu, Carlo Taddei, and Jamie Buchanan were all promoted to principals.
Did you happen to see the new installation of Icelandic artist Steinuun Thoransindottir (easy for you to say) yesterday at the future spot of the Hall Arts Center? The temporary exhibit (called Borders) features 26 life-sized figures and was recently in Seattle and on Park Avenue in NY before that. It's here till Hall Arts Center gets started. We're gonna have to swing by there this week to check it out. Share pics if you have 'em: tonie@bisnow.com.
