Tarrant's Largest Sale; The Deal Sheet
| Frontier Equity purchased the 448k SF Overton Centre office complex in SW Fort Worth, making it the largest office purchase in Tarrant County this year, Holt Lunsford Commercial partner Matt Carthey tells us. He'll be responsible for leasing it. | |
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The building adds to Frontier's 5M SF portfolio of office and industrial product in the Texas market. Frontier Equity partners David Cartwright and Doug Lueders handled the transaction for the buyer. Frontier Equity was advised by B&C Capital's Brad Hannagan. Frontier Equity has also acquired City Warehouse, Pitman Atrium Tower, and Lake Vista Pointe. Overton Centre features two multi-level towers and one single-story data center located off International Plaza and I-20. Matt says SW Fort Worth will see tremendous growth over the next few years, and Overton Centre is in a prime location, with it's proximity to the future Southwest Parkway. Additionally, improvements are planned over the next 12 months. Sales Deerpath Co. sold a 20k SF office building at 3007 N. Skyway Cir. in Las Colinas to Gebouwen. Magellan Commercial's John Paul West and Brandon Rutledge brokered the sale with Cantrell Co.'s Thomas Hooke. *** Irving Investor Lys Holdings purchased a former Target building at 4343 Gannon Lane in Dallas with plans to redevelop for multiple tenants. SRS Real Estate Partners' Mark Reeder and Ryan Johnson repped Target. The Weitzman Group's Steve Gray and Texas Premier Real Estate's Sergio Rodriguez repped the buyer. *** A private buyer purchased a former 162k SF Macy's at Six Flags Mall in Arlington for redevelopment. Located on the north side of Six Flags Mall fronting Galleria Drive, the vacant anchor store includes approximately 14 acres. Cushman & Wakefield's Dallas capital markets group led by Stephannie Mower along with retail investment sales specialists Brandon Beeson and Will Walters brokered the transaction for the seller, Messina Properties. “This deal was virtually a land play, which are challenging in this market,†Brandon says. “The location near the Ballpark at Arlington, Six Flags Over Texas, the new Cowboys Stadium and the planned convention center expansion increased investor interest.†The trio of Cushman folks also sold the 7k SF Chapel Hill Office Park at 262 E. Southlake Blvd. in Southlake, repping seller, Stephen Swann. A private buyer purchased the 2007-vintage Class A property. It's 100% leased with long-term tenants. *** | |
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| The 9k SF Golden Beach Marketplace shopping center at 4516 Golden Triangle Blvd. was sold to an undisclosed buyer, Marcus & Millichap senior associate Tommy Tucker tells us. Tommy had the exclusive listing to market the property on behalf of the seller, a Dallas LLC. “The marketing process generated six offers, with all bidders being from Texas,†he says. “The center is shadow-anchored by a well-performing Alberstons grocery store and was 100% occupied at the time of sale.†The project was built in 2004 with almost zero tenant rollover until 2013, he adds. *** A former Chevron Gas & Convenience Station on 40k SF of land at the SEC of Midway Road and Hebron Parkway was sold by W.P.L.I, to 544 Center. The buyer was repped by Jordan Realty Advisors'Shane Jordan with Henry S. Miller Brokerage EVP Dan Spika repping the seller. The buyer plans to redevelop the property. *** TIG's Tom Smolik negotiated the purchase of the 121k SF office/warehouse with approximately 5.67 acres of land at 10777 Shady Trail in Dallas for the buyer. CBRE represented the seller. *** A local investor purchased a warehouse facility at 2650 Andjon Dr. Capstone Commercial's Larry Robbins and Eric Morgan represented the seller. Mike Smith Company's Mike Smith represented the purchaser. | |
Financing | |
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| Taking advantage of a renovated retail center in one of Fort Worth's best submarkets, HFF senior managing director Doug Hazelbaker tells us Wells Fargo Bank sold the first mortgage loan sale secured by the 270k SF Village at Camp Bowie in Fort Worth for an undisclosed amount. HFF's Dallas and Chicago worked the sale of the loan for the six-building retail and office development. The Village at Camp Bowie is situated on a 19-acre site on the north and south sides of Camp Bowie Boulevard (US Route 377), one-half mile south of I-30 in western Fort Worth. The property was renovated from 2004 to 2007 and is 76% leased to tenants including Frost Bank, Starbucks, Sprint, Edward Jones and State Farm. Working with Doug on the deal was fellow senior managing director Jim Batjer and managing director Bill Mitchell, repping the seller. The loan sale was launched May 20th with 92 firms expressing interest and 20 firms bidding. Western Real Estate Equities, LLC purchased the loan on June 30. *** Earlier this summer we told you about the Caddo Holdings acquisition of the 174k SF Class B Lakewood Tower. Now, more details: MCA arranged the equity investment with MCA senior director Hook Harmeling responsible for arranging the transaction with a private equity source. | |
Leases National Distribution Centers renewed 243k SF (or more than half of Regency I's Class A office/warehouse space) in the Upper Great Southwest Industrial District. Bradford Commercial Real Estate Services SVP Michael Spain and prez Kevin Santaularia represented Teachers State Retirement Systems of Ohio, owner of the fully leased 406k SF Regency I at 1029 Post and Paddock Rd. in Grand Prairie. Cushman & Wakefield of Texas' Jean Russo represented the tenant. *** The Retail Connection worked three leases, with David Levinson repping the landlord in two of the transactions.
*** Roadtex Transportation Corp. leased 24k SF of distribution warehouse space in Dallas and Houston. The newest Roadtex terminal is a 12k SF Houston distribution facility. Roadtex will move from its current location in Garland to 12k SF in west Dallas at 10534 King William Dr. in the Interstate Distribution I industrial center. Roadtex was represented by Henry S. Miller Brokerage's Michael Herzstein. Eastgroup Properties, landlord for Interstate Distribution Center I in Houston, was represented by Lee & Associates' Adam Graham. Post Oak Distribution Center 2 in Dallas was represented by ProLogis' Adam Loew. *** LRK Partners leased an 8k SF Class A office space at Building One of Hall Office Park at 6801 Gaylord Pkwy in Frisco. It'll house a new company specializing in staffing contract and permanent medical and IT personnel. Henry S. Miller Brokerage's Jim Turano repped the tenant. Hall Office Park was repped by Hall Financial Group's Tammy Lomonaco. *** NEI Inc. renewed its almost 83k SF lease at Plano Tech Center at 3501 E. Plano Pkwy. Transwestern's Henry Knapek and Emily Candee represented the landlord, Bay Pacific Phoenix Corporate Center. Jackson Cooksey's Trace Elrod represented NEI. | |
Kudos | |
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| LBJ Express (with a “before†pic of the existing 635/LBJ) and North Tarrant Express were named “2010 Projects of the Year†by the American Road & Transportation Builders Association. Both highways are being developed by Cintra US, the Dallas Police and Fire Pension System, and Meridiam Infrastructure. The awards were announced recently at the association's 22nd Annual Public Private Partnerships in Transportation Conference in Washington, DC. The LBJ Express is a project of the LBJ Infrastructure Group and the North Tarrant Express is a project of the NTE Mobility Partners. Both will feature re-development and expansion of major traffic corridors that are designed to help reduce travel delays, enhance safety, provide mobility choices, and help reduce the carbon footprint often associated with idling traffic. | |
New Business Todd Jones launched Lone Star Realty Advisors in Irving. The CRE firm offers brokerage services including landlord representation, tenant rep, and acquisitions and dispositions. Todd spent nine years with Fults/ONCOR International, where he served as a specialist in industrial and office sales and leasing, and was later promoted to VP. He completed approximately 150 transactions with Fults with a total value at more than $100M. *** Lake Forest McKinney Investors selected Grubb & Ellis Co. SVP Chris Wright, VP Heather Densmore-Shover, and senior associate Sean Dalton as the leasing agents of the newly constructed 115k SF Class A Valliance Plaza office building in McKinney. People in the News Stacy Meeley joined Benson Hlavaty Architects as both an interior designer and biz dev director. Prior to Benson Hlavaty, Stacy worked at Corgan Associates. She is an active member of TREC and currently serves on the Young Guns Core Committee. *** With nearly 24 years of experience, Jeff Plauché joined Cencor Realty Services as an asset management division VP. At Cencor, Jeff is responsible for the asset management of a portfolio of shopping centers in the DFW area. Prior to Cencor, he was VP and director of leasing for RREEF Management Co. in Dallas, where he was responsible for all leasing activity for 21 retail properties totaling approximately 3M SF. *** Thom Ridnour was named to the newly created position of director of leasing for Younan Properties. In this new role, Thom will be responsible for Younan's leasing and marketing strategies for the 6.5M SF of office space owned and managed by Younan in Dallas. Thom has more than two decades of experience in negotiating, leasing and managing commercial property, acquisitions,development, and oversight for both large urban and suburban properties in multiple cities. He has held executive positions in the commercial real estate industry including serving as SVP and Dallas operations leader for Trizec Properties, SVP for Transwestern, where he managed construction and redevelopment of Republic Center, and as EVP for Clayco. |
