THE DEAL SHEET
United Commercial Realty and Houston-based moodyrambin retail partnered to form UCR moodyrambin to create a stronger geographic footprint across the state. That requires a mighty big pair of boots. | |||
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Things (and the guys) are looking up. Here's UCR?s Jean Smith, moodyrambin?s Ed James and Lance Gilliam, and UCR?s Mickey Ashmore. The move expands UCR?s territory to Houston, beyond existing offices in Austin, Dallas and San Antonio. The partnership expands the moodyrambin retail platform by adding asset and property management, investment sales and urban retail services to its tenant and property rep and consulting services. Integration of the two teams will begin immediately. Lance and Ed will continue to manage the Houston office, while Mickey and Jean will continue to oversee activities in Dallas. UCR also sold the 37k SF parcel of land formerly occupied by the Hard Rock Caf at 2619 McKinney Ave in Dallas to XL Capital. The seller, Landes HR Properties, originally purchased the land and building in April 2007. The building was subsequently demolished after the caf relocated to the Victory project. UCR?s Jack Gosnell and Newt Walker of the Newt Walker Co repped the buyer. | |||
MORE MERGERS CASE Commercial Real Estate partners acquired Minker Trahant & Associates with the leadership team of Richard Minker and Tyler Trahant (and their associates). The addition gives CASE an immediate expansion in tenant rep and self-storage brokerage. Richard, CEO of his former firm has more than 31 years of experience in tenant rep, project leasing, and self-storage brokerage. Tyler, who was prez, will now serve as the managing director and city leader for the Fort Worth office. | |||
LEASES | |||
Jones Lang LaSalle completed three transactions totaling 302k SF:
The State of Texas renewed almost 11k SF of light industrial space at 2511 Dalworth St in Grand Prairie. Bradford Commercial Real Estate Services SVP Brian Pafford represented the landlord, Tarrant County in the direct deal.
Lee & Associates completed a 92k SF industrial lease at 15124 Grand River in Fort Worth. Trey Fricke, Mark Graybill and Donnie Rohde represented the landlord, Exeter Property Co. Jeff Patman represented the tenant, Streamline Packaging. Mark and Donnie also repped Riex Co in a 60k SF industrial lease at 4300 Diplomacy Rd in Fort Worth. Cannon Green repped the landlord, RREEF.
Just Fitness 4 U leased almost 22k SF of anchor space in Spring Creek Marketplace at 6205 Coit Rd in Plano for its fifth DFW location. The Weitzman Group's Marc Marrocco, Perren Gasc and Beau Barkerding repped the tenant.
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Devcon inked a 23k SF lease at Freeport Corporate Center in Las Colinas. Glacier Commercial's Debra Perryman and LeeAnn Brown repped the tenant. Colliers EVP Kevin Brookmole and VP Kari Pearce repped the landlord. Terminal Reality signed a 37k SF lease, also in Freeport Corporate Center. Colliers managing director of asset services Scott McGarity repped the landlord. JLL?s Paul Whitman and Doug Carignan repped the tenant. Both deals were completed within 60 days of the Colliers International Dallas team being awarded the leasing and management of the Freeport Corporate Center building.
South Win leased 59k SF of office/warehouse space at 630 106th St in Arlington. NAI Robert Lynn?s Todd Hubbard represented the landlord, Twenty First. Allen Gump of Colliers International represented the tenant.
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Alere Wellology renewed almost 12k SF of Class-A office space in 9400 NCX at 9400 N. Central Expressway. Bradford Commercial Real Estate Services SVPs Sharon Friedberg and Melanie Hughes represented the landlord, Rosemont Realty. Patrick McCaffrey of CRESA Partners represented the tenant.
Well Done Equipment leased 36k SF of office/warehouse space at 1400 Everman Pkwy in Fort Worth. NAI Robert Lynn?s Michael Newsome represented the tenant. Ryan Wood of Conti Warehouses represented the landlord.
BBVA Compass leased 33k SF of office-warehouse space at 1841 Monetary Ln in Carrollton. Cushman & Wakefield of Texas? Jean Russo represented the building owner, RREEF. JLL?s Michael Haggar represented BBVA Compass.
Yardi Systems leased 45k SF of office space at 4040 Royal Ln in Irving. CBRE SVPs Mike Kay, Steve Rigby, Peter Danna, Baron Aldrine and VP Mike Cleary represented Yardi. Hudson Peters Commercial's Michelle Hudson and Cincha Kostman represented the landlord, Richland Investments.
Shaw Industries (a subsidiary of Berkshire Hathaway) inked a long-term lease with for 264k SF in Point West VI, a Duke Realty-owned and managed warehouse/distribution building at 400 Dividend Dr in Coppell. Shaw will be consolidating operations from two other DFW-area facilities and expanding its total leased space, making this location the company's second largest regional distribution hub in the country. Colliers International EVPs Tom Pearson and Chris Teesdale represented Shaw Industries. Duke Realty VP of leasing Randy Wood represented ownership. | |||
FINANCING Red Capital Partners provided a $10M bridge loan with a 36-month term to StongeGate Senior Living to refinance existing debt and allow the sponsor to pursue long-term financing options, most likely through FHA Section 232/223(f). The corresponding permanent loan will be provided by affiliate entity Red Mortgage Capital. The property, Providence Park at Tyler, was built in 2008.
HFF secured $128M in financing for an eight-property, 2,407-unit multi-housing portfolio in the metropolitan areas of Atlanta, Raleigh, Dallas and Houston. Working exclusively on behalf of MAA, HFF placed the 10-year, 5.08% fixed-rate loan with New York Life Insurance Co. Loan proceeds are paying off an existing facility. The HFF team representing MAA was led by senior managing director Kevin MacKenzie. | |||
NEW ASSIGNMENTS | |||
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Dallas Independent School District selected Cadence McShane Construction Co to complete the new 106k SF Seagoville North Elementary School on a 14-acre site at 1906 Seagoville Rd in Seagoville. The facility will be constructed as an environmentally sustainable school and will include numerous green features and sustainable building products. Architect for the project is PageSoutherlandPage. The project should be complete in May.
Jones Lang LaSalle was awarded a real estate services contract for Bell Helicopter?s 8M SF global portfolio. Todd Burnette, managing director for corporate solutions; Steve Ramseur, markets corporate solutions; John Gates, president of brokerage; and Roger Staubach, director and executive chairman of the JLL board led the team?s efforts for the bid. JLL already completed a new 36k SF office lease for the firm's finance department at Airport Centre in Bedford in addition to several other lease renewals. The firm's project and development services group is also completing four projects totaling more than $9M in Texas. The firm is also supporting Bell Helicopter?s facility projects internationally. | |||
PEOPLE ON THE MOVE The Real Estate Council named Robin Minick the new foundation director. She will lead the foundation's community initiatives, manage the foundation's board of directors and committees, and assist with fundraising efforts. As part of the community initiatives process, Robin will supervise the grant request process, deploy the pro bono professional services of membership, and evaluate the success of initiatives. She will also work with the Young Guns.
Warrior Group appointed Susan Johnson as chief development officer, responsible for the business development and marketing departments. She has more than 20 years of experience in strategic development, sales, marketing, IT and operations and will be responsible for developing Warrior Group's corporate business development strategy along with its market segment-specific strategies. She will also oversee all branding, advertising and marketing initiatives for the company.
Daniel Rudd, Billy Vahrenkamp and Jennifer Bentley joined the Dallas office of Colliers International specializing in tenant rep. The trio comes from Grubb & Ellis. Daniel will serve as EVP in the office division with a focus on the DFW corporate office users. He had been a SVP in the office group at Grubb & Ellis Co for three years. Billy will also join the firm as SVP in the office division. He was an associate vice president at Grubb & Ellis. Jennifer joins Colliers as a client services specialist as part of the Rudd-Vahrenkamp team in the office division. | |||
KUDOS Kiewit, Mass Electric Construction Company (MECC), and KSWRP donated $50k to Irving Cares, an organization which provides temporary assistance to Irving families in need. Kiewit and MECC matched $25k raised by the 2011 KSWRP Charity Golf Tournament. KSWRP is the contractor building the DART Orange Line that will connect the Green Line in Dallas to North Irving. Kiewit is the lead on the joint venture project and MECC is one of the project?s major subcontractors.
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Kimberly-Clark Corp and its world HQ building in Irving have been selected to participate in the EPA's ENERGY STAR National Building Competition: Battle of the Buildings to help improve the energy efficiency of commercial buildings and protect the environment. In the spirit of popular weight-loss competitions, Kimberly-Clark will battle it out against hundreds of other teams from buildings across the country to work off the waste through improvements in energy efficiency. The competition includes 245 teams from 26 different types of commercial buildings. Of the initial pool of 245 competitors, a small group of buildings will be selected as finalists in July.
Corgan was named the Design Firm of the Year by Engineering News-Record (ENR) Texas & Louisiana based on a variety of factors including revenue information, major projects awarded, growth in recent years, sustainability initiatives, corporate and community responsibility and other industry recognitions.
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Dallas BOMA's TOBY awards honor the best of the best in commercial buildings. These Dallas winners are going to compete in international at the end of the month. For corporate facility is Hunt Corporate HQ owned by Hunt Consolidated, Inc. For industrial office park is Turnpike Distribution Center, owned by Principal Real Estate Investors. For renovated building is Two Forest Plaza(pictured), owned by Parmenter Realty Partners. Buildings under 100k SF is Rochelle Park, owned by Parmenter Realty Partners; buildings 100k to 249k SF is Interchange Office Center, owned by CB Richard Ellis Investors; buildings 250k to 499k SF is The Point at Las Colinas, owned by CB Richard Ellis Investors; and buildings 500k SF to 1M SF is Urban Towers, owned by CBREI Strategic Partners. Good luck! | |||
SALES
CWA Patriot Land Partners, an entity formed and operated by Charlie Anderson, completed the acquisition of about 560 acres on US 67, which includes all of the future development land without the Patriot Estates subdivision across from the TXI RailPort Development, which is anchored by Target Stores, Toys R Us, American National Power, Oncor and QuikTrip Stores.
First Market Properties sold 80% occupied Canterbury Lane Apartments, a 320-unit garden apartment community in Tampa to Jasmine Investments for $4.1M. The transaction took place within three months of FMP taking possession of the property by deed in lieu of foreclosure, having purchased the property's distressed mortgage at a deep discount. Its rent roll is growing, building code problems have been addressed, and collections are virtually 100%, says FMP VP Aaron Kurlansky.
Prime Pack purchased a 36k SF building at 4213 Mint Way in Dallas.NAI Robert Lynn?s Matt Elliott and Craig Jones represented the buyer.
Harmony Public Schools purchased a 66k SF building at 12005 Forestgate Dr in Dallas. NAI Robert Lynn?s Stephen Cooper and Rick Medinis represented the seller, Mountain West Industrial Properties.
DOcean Investments acquired 2.47 acres in Lewisville?s Riverview Industrial Development at the SEC of Riverview Drive and Jubilee Lane, south of East SH 121. The tract is zoned heavy industrial and is surrounded by existing industrial developments. DOcean Investments purchased the building from West Dixon Holdings with plans to develop an industrial facility that will be ready in 2012. Assisting in market analysis, property assessment and contract negotiations for the transaction was EVP Dan Spika of Henry S. Miller Brokerage. |
