THE DEAL SHEET
| The decision to renew 205k SF at Heritage Business Park was one year in the making, a turtle’s pace for a company named Rapid Aircraft Parts Inventory & Distribution. But eventually, the firm opted to stay put (deal particulars were not disclosed) in the 1.3 million SF warehouse/distribution development near DFW Intl. Airport. | |
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A tenant at the business park in Grapevine (801 Industrial Blvd) since ’04, Rapid Aircraft Parts’ long-term renewal kept the park's occupancy at 80%. Bradford Commercial Real Estate prez Kevin Santaularia, VP Michael Spain, and SVP Todd Lambeth repped the owner, Honolulu-based A&B Properties. CBRE's John Roper repped the tenant. Rapid Aircraft Parts had several relocation options for its regional distribution center, but Kevin says the owner got very aggressive, which shows ownership is doing what takes to keep tenants and attract new ones. | |
Lease Transactions
Ross Stores renewed its lease of 30k SF of retail space at 7700 N MacArthur Road in Irving from Farmers New World Life Insurance Company. CBRE's Bob Ginsburg repped the landlord. *** Probuild South leased 117k SF of industrial space at 8701 Sterling in Irving from Colbalt Industrial REIT II. CBRE's Bob Scully negotiated on behalf of the tenant. ***
Superior Floors renewed its 24k SF industrial lease at 101 Wrangler Dr in Coppell from Buckhead Coppell Industrial. CBRE's Adam Hammack and Steve Trese negotiated on behalf of the landlord. ***
Canon Business Solutions, a wholly-owned subsidiary of Canon USA, signed a 5k SF office lease at 150 Westpark Way in Euless. The firm began occupying its new space in December. The new office is part of the company's nationwide expansion. SCM Real Estate Services senior broker Darrel Higginbotham led negotiations, with JLL’s Will James repping Canon. *** Bob Ginsburg of CB Richard Ellis negotiated leases:
*** Eve Beauty Supply leased 5k SF of retail space at 707 N. Highway 67 in Cedar Hill from KRG Cedar Hill Plaza LP. CBRE's Jeff Kittleson and David Copeland negotiated on behalf of the landlord. *** Ignio Enterprises (Sylvan Learning Center) leased 2k SF of retail space at 2851 Cross Timbers Road in Flower Mound from Plaza at Towne Center. CBRE's David Copeland repped the tenant. *** Peak Energy Corp leased 5k SF of office space at 1800 Preston Park Blvd in Plano from A&B Properties. Rick Rensi and Dennis Barnes of CBRE negotiated the lease on behalf of the landlord. *** CBRE’s Steve Rigby, Peter Danna, Baron Aldrine, and Mike Kay negotiated the lease on behalf of tenants in the following deals:
*** Verizon Data Services expanded its lease by 6k SF to a total 27k SF and extended its lease for an additional 36 months in Gateway II at 2901 Gateway Drive. Mickey Meyer-Sturgis repped the landlord, Richland Investments. JLL’s Andy Leatherman repped the tenant. *** LMI Enterprises leased 8k SF of office space at 6304 Fallwater in The Colony from Jackson-Shaw/Cascades Fall Water. CBRE’s Burson Holman and Adam Hammack repped the landlord. *** American Diabetes Association renewed its lease for 6k SF of office space at 4100 Alpha Road in Farmers Branch from Daltex Centre LP. CBRE’ s Chris Mickey and Jerry Cobb, Jr. repped the tenant. *** Satterfield & Pontikes Construction leased 4k SF of office space at 6220 N Beltline Road in Irving from BREOF AIP Dallas LP. CBRE’s Michael Chiocca and John Fancher negotiated the lease on behalf of the landlord. JLL’s Campbell Henry repped the tenant. *** Nokia Siemens Networks leased 57k SF of office space at Glenridge Highlands One at 5555 Glenridge Connector in Atlanta, Ga., with Glenridge Atlanta LLC. CBRE’s Jack Fraker negotiated the blend-and-extend on behalf of the tenant. *** Hall Financial Group director of leasing Jean C. Farris handled negotiations on behalf of owner and landlord, Hall Financial Group, for three companies which signed leases at Hall Office Park in Frisco:
Sales Transactions
Trigate Capital purchased a three-office-building portfolio totaling 320k SF in the Quorum District of Far North Dallas from GE Capital. CBRE’s Gary Carr, Russell Ingrum, and Eric Mackey negotiated on behalf of the seller. ***
Midwest Portfolio Holdings, LP, which holds an 11% partnership interest in a joint venture with Capital Senior Living Corporation (CSLC), entered into an agreement to sell five senior living communities to Health Care REIT, Inc. Upon closing the transaction, the CSLC will lease the communities from HCN. The company currently manages the five communities in the joint venture under long-term management agreements. The properties being leased have approximately 295 units and a combined resident capacity of nearly 390 and include four assisted living communities in Nebraska and one assisted living community in Iowa. The CSLC anticipates receiving proceeds from Midwest I of approximately $3 million, compared to its contribution of approximately $2.7 million. *** Grubb & Ellis Apartment REIT, Inc. signed a letter of intent to acquire Bella Ruscello Luxury Apartment Homes, a 216-unit multifamily community in Duncanville. Located at 250 E. Highway 67, Bella Ruscello was built in 2008 on 10.6 acres and is approximately 97.4% leased. Financials were not disclosed. *** Southwestern Bell Telephone purchased 4.03 acres of land at 901 W. Mayfield Road in Arlington from William & Pauline Croslin. Peter Danna of CB Richard Ellis negotiated the sale on behalf of the buyer. *** Shore-to-Shore Properties purchased a 254-unit student housing apartment complex in Norman, Okla., from a jv of American Campus Communities and an affiliate of Fidelity Real Estate Group. CBRE’s Ryan Reid and William Forrest negotiated on behalf of the seller.
Executives on the Move Allison Whitehead joined Integra Realty Resources as an analyst. She graduated from Texas A&M in 2008 with a Bachelor of Business Administration in Marketing and earned her Masters of Real Estate at the Mays Business School at A&M in 2009. | |
