THE DEAL SHEET
| The John Bowles Company recently worked two large renewal leases, including 57k SF for Affirmative Insurance at 4450 Sojourn in Addison (below). The other is 64k for ABC Radio Networks at 13725 Montfort Dr. in Dallas. Both buildings are 100% leased. | |||
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“Both tenants looked at the numerous options in the market, but decided to renew when it was all said and done,” says John Bowles’s Michael Bowles, who repped the landlord in both deals. Cresa Partners’ Greg Langston represented Affirmative Insurance and JLL’s Steve Thelen and Doug Carignan repped ABC. | |||
Sales Transactions Midwest Portfolio Holdings II, LP, a joint venture in which Dallas-based Capital Senior Living Corporation holds a 15% partnership interest, entered into an agreement to sell three senior living communities in Indiana to Health Care REIT (HCN). Upon closing, the company will lease the communities from HCN. Currently Midwest manages the three communities in the joint venture under long-term management agreements. The deal is designed to provide benefits to CSLC’s shareholders while increasing revenue. The lease will be immediately accretive to cash flow. The three communities have 300 units, of which 198 units are assisted living and 102 units are memory care, with resident capacity of nearly 350. At the end of 2009, financial occupancy at the combined communities was 90%. The company anticipates receiving proceeds of approximately $1.3M and recognizing a pre-tax gain of $300k on the transaction. Fourth quarter 2009 annualized results of operations for the three communities resulted in approximately $12M of revenue and $4M of EBITDAR. The initial lease expense is approximately $3M and is subject to conditional annual escalation provisions. The triple net operating lease has an initial term of 15 years, with one 15-year renewal option. *** HCAH, LLC purchased a 12k SF building at 1100 N. Bowser Road in Richardson from Recognition Express. Hudson Peters Commercial’s Janice Peters represented the seller. Bremond Group’s Nobie Hendricks repped the buyer. *** A local investor purchased 18k SF of retail space at 3606 Greenville Ave in Dallas from Joseph T. Matassa Family LP. CBRE’s Jennifer Pierson and Beth Pierson represented the seller in the transaction. *** An undisclosed investor purchased a 209k SF office building at 1640 Dallas Parkway in Plano from CMC Commercial Realty. CBRE’s Gary Carr, Russell Ingrum, Jack Fraker, and Josh McArtor negotiated the sale on behalf of the seller. *** KAF Second Chance Treasures purchased a 19k SF industrial building at 7939 Heinen Dr. in Dallas from ThreeStar Properties LLC. CBRE’s Michael Chiocca negotiated the transaction for the seller. *** Dallas-based Component Capital Group purchased a 49k SF retail building on approximately 3.79 acres of land in Carrier Crossing at the southwest corner of South Carrier Parkway and Pioneer Parkway (Highway 303) in Grand Prairie. Plans are to repurpose the former Carnival grocery store into multi-tenant retail space. The Weitzman Group Investment Advisory Services EVP Greg McDonald handled negotiations on the deal. *** Alberto Flores MD purchased a 15k SF building at 1220 N. Main St. in Fort Worth with plans to occupy the first floor of the three-story building for his practice. SCM Real Estate is the exclusive listing, leasing, and management company for the property by California Seller Robinson Family Trust. SCM senior agent Theron Bryant represented the seller and KW Commercial Real Estate’s Tim Clark represented the buyer. *** Stream Realty’s Kyle Jacobs, Chad Hennings, and John H. Pope represented Total Sleep, Inc. of Irving, Texas in a 12,864 SF lease renewal and expansion at The Meridian, 1425 Greenway Drive. Hank Akin with Klabzuba Properties represented the landlord.
Lease Transactions Arledge Partners Group's Jeff Pappas and Susan Arledge represented The Soccer Corner on two leases:
*** J Sushi leased 3k SF in Denton Crossing West & East at 1400-1800 S. Loop 288 in Denton. The Retail Connection’s David Levinson and Jeff Denton represented both the tenant and the landlord, Inland Southwest Management, LLC. *** Anderson, Crenshaw & Associates LLC leased 9k SF of office space in North Central Plaza III at 12801 N. Central Expressway in Dallas. Bradford Commercial Real Estate Services SVPs Melanie Hughes and Sharon Friedberg represented the landlord. Newmark Knight Frank’s John Shaunfield and Kyle Jett repped the tenant. *** Bradford Commercial Real Estate Services broker associate Joe Santaularia represented tenants in two deals.
*** Genera Corporation renewed its lease of 112k SF of industrial space at 306 Airline Drive in Coppell from TIAA-CREF. CBRE’s Steve Trese negotiated for the landlord. Lee & Associates’ Conrad Madsen and Greg Nelson represented the tenant. *** Sarnova HC leased 65k SF of industrial space at 3221 E. Arkansas Lane in Arlington from Forum 303 Crossing LLC. CBRE’s Stan McClure and Steve Koldyke repped the landlord and CBRE’s Nathan Lawrence represented the tenant. *** Velo BDBI Support leased 66k SF of industrial space at 300 S. Kirby Street in Garland from Sandstone Kirby Street LP. CBRE’s Preston Pillsbury was the landlord broker. NAI Robert Lynn’s Bob Spletter represented the tenant. *** Biagi Brothers leased 55k SF of industrial space at 605 119th Street in Arlington from BHP Sale Builders Hardware. CBRE’s John Brewer and Steve Koldyke negotiated for the landlord. *** Viewcast.com leased 19k SF of office space at 3701 W. Plano Parkway in Plano from ANA Windsor House Apartments/Ana Spanish. CBRE’s Pat O'Keefe and David Liggitt repped the tenant. *** Hudson Advisors LLC leased 14k SF of office space at 2711 N. Central Expressway in Dallas from Dallas CPT Fee Owner LP. CBRE’s Warren Willey, Jordan Buis, Joe Cicardo, and Randy Ball negotiated for the tenant. *** Digital Copy leased 2k SF of office space and GSSW-REO LC leased 2k SF of office space at 500 North Akard in Dallas from California State Teachers Retirement System. CBRE’s Blaine Hale negotiated for the landlord. *** Holt Lunsford Commercial’s Chris Axley inked two deals at Jamex at 2871 Lake Vista Dr. in Lewisville.
*** Gnames Media Group LLP leased 1k SF of office space at Vineyard Centre II at 1452 Hughes Road in Grapevine. Hudson Peters Commercial’s Cincha Kostman brokered for the tenant with John Bowles Company’s Kristen Penrod representing the landlord.
Executives on the Move Lesli Anne Lehman joined Craig Ranch as The Residences at Grand Lodge director of sales and marketing. Prior to this, Lesli Anne was the owner and publisher of Southern Savvy magazine and has owned a number of upscale fitness centers. She has also led sales and marketing initiatives for other luxury development companies in Dallas including the launch of Penny Pritzker’s Classic Residence by Hyatt at Turtle Creek, a $250 million dollar luxury CCRC.
Community Service Dallas-based Archon Group hosted its 13th Annual Archon Presidents’ Day Golf Classic contributing $565k to Dallas CASA(Court Appointed Special Advocates), Archon’s corporate charity. This year’s tournament brings the company’s total CASA contributions to more than $6.5 million over 13 calendar years. The Archon President’s Day Golf Classic was conducted at the Tournament Players Course and the Cottonwood Course at the Four Seasons Resort and Club in Las Colinas. *** Dallas-based KAI Texas prez/COO Darren L. James was named the 2010 Dallas County Big Brothers Big Sisters Board of Directors chairman. He is also VP for the Community Council of Greater Dallas Board of Directors and a board member for the Dallas Center for Architecture Foundation and the Dallas Black Chamber of Commerce.
New Service Line Dallas-based TDIndustries is rolling out a new knowledge database for lifecycle solutions: the TD Lifecycle Intelligent Network System(TDLINKS). The first component, ServiceLINK, launched this week. The system is web-based and enables TD to store and track the life of a building, including mechanical systems, automation and controls, and the maintenance and operations and service histories of each customer down to the specific equipment level. Through this program, technicians have on-site access to real-time and historical data and can evaluate proper service building-by-building. It also links technicians; for example, one can capture an image of a faulty connection and share information with colleagues who can help troubleshoot a technical issue immediately. TDLINKS will enable TD’s contact center and dispatch operations to match the most appropriate technicians for emergency services based on the time of day, geographic location, and history of a building and its systems. Approximately 300 GPS systems have been installed in TD’s trucks and 275 handheld units are with technicians in the field. TD has been testing the TDLINKS platform since late Dec ‘09 with a full rollout to service customers this month. The eService portal will launch later this summer. |
