THE DEAL SHEET
| Demonstrating that seniors just wanna have fun (bring on the Wii and Salsa lessons), Capital Senior Living Corp added four new seniors living communities to its portfolio for $53M. | |
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| The four new properties include three in Indiana and one in Ohio in Q2. The acquisition will be financed with about $37M of 10-year fixed-rate debt that is non-recourse. According to the company's Q2 report, resident and healthcare revenue increased by about $16M or 34.1% from Q2 '10, largely because of the conversion of four Spring Meadows communities previously owned in JVs to leased communities and the addition of 12 new leased communities from another transaction. The company grew from 58 leased communities in Q2 '10 to 74 in the Q2 ?11. The company currently operates 81 seniors living communities in 23 states. Pictured is Meadow Lakes Retirement Community in North Richland Hills. | |
NEW BUSINESS Preston Town Trails GP selected Grubb & Ellis associate VP Simon Figg and associate Noreen Mehdi to market for sale or lease the office condos of East Preston Trails, a 44k SF office property including 36 units. At 17000 Preston Rd, the landlord made capital improvements including a new standing seam metal roof and HVAC system.
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| The building that is home to the House of Blues at 2200 Lamar St in Dallas is for sale with a listing price of $18.5M. On more than an acre of land, the 62k SF House of Blues still has more than 10 years left on its 15-year lease (through 2021) with 9% rent bumps every fifth year. Owned by Live Nation, the House of Blues has invested more than $11.6M in tenant improvements on the property and is the No. 2 producing operation in the company. Marcus & Millichap?s Paul Kerber and David Weinberg (out of the Detroit office) have the listing. | |
LEASES Lucas Group renewed its 10k SF lease a year before its expiration on the sixth floor at Providence Towers at 5001 Spring Valley Rd. Stream Realty Partners' Stephen Johnston repped the tenant. The building is owned by KBS Realty Advisors. ***
Nissan North America leased almost 26k SF of industrial space at 6641 N Beltline Rd in Irving from Orix JS Parc 114. CB Richard Ellis?Ann Huntington represented the tenant.
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Waterjet Works leased 14k SF of industrial space at 2621 Nova in Dallas from Remington Development Co. CB Richard Ellis? Steve Berger represented the tenant.
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Warrantech Corp renewed a 12-year 68k SF lease at Airport Centre in Bedford. Stream Realty Partners' Kyle Jacobs and John Pope repped the tenant. The landlord was repped by Principle Equity of Houston. Tom Smolik of TIG was the leasing agent.
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Manara Academy signed a 30k SF office/flex lease at 8201 Tristar Dr in Irving. Lee & Associates? Mark Graybill represented the landlord, Denkmann Associates and Michelle Hudson repped the tenant. | |
SALES | |
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| California-based Bridge-National Partners purchased the Interurban Building, 1500 Jackson St, at auction for $11.5M, according to news reports. Keycorp Capital posted the building for foreclosure last month when the owners defaulted on the loan.
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SSAE Development purchased almost 40 acres of industrial land in Denton. Stan McClure and Jay Lorch of CB Richard Ellis represented the purchaser.
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Rosebriar Properties acquired 30 acres in Prosper for $6.2M from Hillcrest Bank. At the northwest corner of US 380 and Custer Road in Prosper, Rosebriar plans to hold the property for future retail development.
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Realty Capital sold an office building at 260 Miron Dr in Southlake to Mike and Nicole Tesoriero, owners of Southlake Style magazine. This is the second building sold at Miron Grove Office Park in three months. The seller, RCC Miron Office, was represented by Mark Boone with Realty Capital Corp.
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Kurian Holdings purchased at 20k SF industrial building at 10847 Sanden Dr in Dallas from Sanden Box Properties. Lee & Associates?George Tanghongs and Brett Lewis repped the seller. Hudson Peters Commercial's Debi Carter repped the buyer.
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| A local, private investor purchased the fully occupied Birchman Apartments off Camp Bowie Boulevard in Fort Worth for an undisclosed amount from a local real estate investor. Marcus & Millichap Real Estate Investment Services? Mason Green and Vincent Knipp repped both the seller and the buyer. | |
FINANCING HFF secured $30M in financing for the Sheraton Salt Lake City, a 362-room, full-service hotel in downtown Salt Lake City. Working exclusively for Driftwood Hospitality Management and a global real estate private equity fund, HFF placed the three-year, 4.4% fixed-rate loan with C-III Capital Partners. Proceeds were used to refinance the property. The HFF team repping the borrower was led by managing director Mark Remington, director John Bourret, and senior managing director Mona Carlton.
PEOPLE ON THE MOVE Ryan Dale was promoted to VP of leasing, healthcare advisory for PM Realty Group. Since joining PMRG in November 2008, Ryan has been involved in the negotiation of medical office leases, resulting in the placement of approximately 100 physicians representing over $25M in total lease value. | |
KUDOS | |
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| TxDOT received the 2011 American Transportation Awards competition in the on-time large project category for the western region for its on-time completion of the $225M SH 161 western extension project. The 11.5-mile SH 161 western extension project included the construction of 10 lanes of freeway, six lanes of frontage road, almost 11,000 feet of roadway and 17,000 feet of bridge. The contractor, Williams Brothers Construction, completed the project five months ahead of schedule. The annual awards are co-sponsored by the American Association of State Highway and Transportation Officials, AAA and the US Chamber of Commerce. As a regional winner, the SH 161 project will be considered for the national list of top 10 projects, which will then compete for the national grand prize and the People's Choice Awards.
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Financial Industry Computer Systems was recognized byMortgage Technology magazine as one of the industry?s Top 50 Mortgage Service Providers in four areas: continued advancement of technology and services, viable revenue model and value proposition to customers, exceptional customer service, and a unique impact on the mortgage industry. FICS was honored for its launch of Rules OnDemand, a business rules module for its loan origination system, Loan Producer, which provides users with the tools necessary to create customized rules that can be used to automate loan product selection, loan eligibility, loan validation, custom underwriting conditions, PMI pricing, interest-rate pricing, and workflow.
THIS AND THAT
Proceeds from Integrated Design Group's 21st Century Data Center Symposium will fund a scholarship through the American Council of Engineering Cos. The local chapter, the Dallas Council of Engineering Cos, will select an eligible graduating high school senior in April. The Dallas CEC will select three seniors from DISD to each receive a $2,000 scholarship upon documentation of enrollment in at least nine credit hours in engineering curriculum at an accredited college. |
