The Deal Sheet
| Younan Properties selected Transwestern as the exclusive leasing agent for Class-A office office towers in downtown Dallas: KPMG Centre and Patriot Tower. | |
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| Transwestern managing director Duane Henley and principal Kim Brooks will lead efforts. Younan leasing director Thom Ridnoursays ?Transwestern was selected because of its innovation, local market expertise, ability to close deals, and familiarity with the buildings." The 849k SF, 34-story KPMG Centre (pictured) is at 717 North Harwood St. The Patriot Tower, designed by I.M. Pei & Partners, is a 646k SF, 30-story building with a diamond shape rising 448 feet. | |
FINANCING State of Texas Real Estate Fund plans to raise $150M for commercial property acquisitions in Texas. STXRE will primarily target high-quality distressed office, industrial, and raw land in Austin, Dallas, Houston, and San Antonio. STXRE managing directors Mark Jordan and Kevin White bring their experience to the endeavor. Mark is owner of JP Realty Partners and Sooner National Property Management. He has completed $700M in real estate transactions and has more than 20 years of Texas real estate experience. Kevin is CEO of KGW Real Estate and KGW Capital Management and has managed more than $300M in international client investments and has 14 years of Texas real estate experience. The focus is on distressed properties with a goal to improve occupancy and sell within two to three years. ?This is a pure capital gain play and that successful formula is the reason for our IRR performance in the past. We expect that STXRE will deliver to investors an IRR of 20% to 22% after expenses,? Mark says. GROUNDBREAKING | |
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| Last month, Balfour Beatty Construction broke ground on the $60MForest Park Medical Center in Frisco. At the corner of the Dallas North Tollway and Main Street, the BOKA Powell-designed facilities will be built to LEED Silver and include a 128k SF general acute care hospital, a 90k SF multi-tenant building with medical office, retail, and restaurant uses, and a 600-car parking garage. The design-build project is scheduled for spring 2012 completion. The project?s managing partner is Vibrant Healthcare and the real estate development company is Neal Richards Group | |
SALES Centric Capital Partners purchased 4.8 acres of land on the northwest corner of Montfort Road and Town Center Boulevard across from Prestonwood Town Center in Dallas. SRS Real Estate Partners EVPs Mark Newman and Mark Reeder repped seller Archon Group. Centric Capital Partners intends to develop the land into four pad sites, which will be put up for sale or lease. *** Asbury Automotive Group sold the former Saturn of Lewisvillelocation in Lewisville to Baum Auto Sales. The four-acre lot includes a 19k SF building and is located at 1515 South Stemmons Frwy. The purchaser intends to operate an automotive sales facility. SRS Real Estate Partners brokers Mark Newman and Ryan Johnson repped Asbury Automotive Group. *** Texas Appliance Supply purchased a 71k SF retail building at 840 Airport Frwy in Hurst from Syms Corp. The Weitzman Group'sRichard Polishuk and Christopher Walker repped the seller. William C. Jennings Co's Doug Jennings represented the purchaser. Texas Appliance Supply will occupy about 26k SF of the building, giving the company its third location in Tarrant County. The remaining 45k SF will be available for lease. *** Invesco purchased 485k SF of industrial facilities (Trade Center III & V) at 2450 & 2580 Esters Blvd in Irving from Bentall Kennedy. CBRE's Jack Fraker, Josh McArtor, Russell Ingrum and Gary Carr represented the seller. *** Bliss Harmony purchased 171k SF of industrial space at 4301 Empire Rd in Fort Worth from SVF Texas Empire. CBRE's John Brewer and Steve Koldyke represented the seller during the transaction. Banner Commercial's Tom Walrich represented the buyer. *** Big Shopping Centers USA purchased almost 209k SF of retail space at 2750 SH 121 in Euless from Vineyard Village. CBRE'sChris Gerard and Chris Cozby represented the seller during the transaction. | |
| LEASES | |
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| AutoNation leased 25 acres to Cardwell Brothers Automotive in Irving. The site, which includes two buildings totaling 56k SF, is located at 1251 East Airport Frwy at the intersection of Hwy 183 and Carl Road. The lease comes with an option to purchase the property within the first year of occupancy. SRS Real Estate Partners VP Ryan Johnson and Cypress Equities AutoGroup VPJacqueline Blake represented AutoNation. Aldrich Group's John Aldrich represented Cardwell Brothers Automotive. *** Custom Assembly expanded its lease to 69k SF at 8101 Tristar in Irving. Stream Realty Partners' Blake Kendrick and Seth Koschaknegotiated the lease. *** Weatherford International inked a 40k SF industrial lease at 3021 Wichita Ct in Fort Worth. Lee & Associates?s Donnie Rohde, Mark Graybill, and Becky Thompson represented the landlord. *** The McGraw-Hill Cos leased 40k SF of industrial space at 4646 Bronze Way in Dallas from Texas Bronze Way. CBRE's Ann Huntington, Seth Kelly, Nathan Lawrence, Ryan Keiser andTravis Sapaugh represented the tenant. *** High Tech Institute leased 45k SF of office space at 4250 N Beltline Rd in Irving from Univera Partners. CBRE's Jerry Cobb represented the tenant. *** Westwood Holdings Group renewed its 26k SF office lease at 200 Crescent Ct. The firm has leased at The Crescent since 1990. JLL?sPaul Whitman and Brad Selner negotiated the lease on behalf of Westwood Holdings Group. Crescent Real Estate Equities? Tony Click represented the landlord. *** | |
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| Andy Austin and Patrick Halstin, restaurant veterans and founders of Halstin Group, signed a 10-year lease for 5,000 SF to launchPrivate Social, a casual-upscale concept from their new partner andTop Chef celebrity, Tiffany Derry of Beaumont. Halstin Group also has leased 1,300 SF on the seventh floor of the office tower for its HQ. It will have a 32-seat private dining room for events and meetings. The preliminary space plan also calls for a 54-seat main dining room, 32-seat social dining area, 12-seat bar, and patio dining. The partners' architect is Jim Rimelspach, celebrity chef restaurant designer with Wilson Associates. The Weitzman Group's Marc Marrocco negotiated for Gaedeke. Halstin Group was represented by SRS Real Estate Partners VP Jason Puig. Gaedeke leasing VPBelinda Dabliz negotiated with the tenant for the HQ lease. Gaedeke Group has two additional new specialty spaces at One McKinney Plaza. The firm invested more than $5M into the 264k SF One McKinney Plaza's renovation (soon to be unveiled), resulting in the expansion and extension of the main entrance and lobby and the reimaging of street-level space at the corner of Hall Street and McKinney Avenue. | |
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| Universal Recycling Technologies leased the remaining 20k SF in a 101k SF warehouse taking what had been dead storage space and giving it new life in the Northpoint Trade Center. The national recycling organization now occupies almost 101k SF with the quick-moving deal (the company is just in the first year of its lease), says Bradford Commercial Real Estate Services SVP and managing partner Todd Lambeth, who repped the landlord, Bel Air Industrial. Todd says the deal was completed in less than 30 days. CBRE'sTim Vogds represented the tenant, which signed a lease that runs co-terminus with its existing long-term pact at 731 Eight Twenty Blvd in Fort Worth. | |
KUDOS Carlo Silvestri, principal and VP of Wier & Associates, was named a Top 20 Under 40 Professional by ENR Texas & Louisiana(formerly Texas Construction magazine). An independent panel of judges selected the winners from a group of 53 individuals nominated from the A/E/C industry. Carlo is featured along with all other winners in the debut issue of ENR Texas & Louisiana released Feb. 14. Wier & Associates was also recently featured on Texas Construction's 2010 Top Design Firms list in its October issue. Based upon in-state revenue from 2009, Wier & Associates ranked No. 58 of the top 95 design firms in the state. *** Transwestern was named as one of the Best Companies to Work for in Texas for the fifth consecutive year by Texas Monthly, the Texas Association of Business, Texas State Council of the Society for Human Resource Management, and Best Companies Group. The list is made up of 100 companies. PEOPLE IN THE NEWS Ben McCutchin joined Henry S. Miller Brokerage?s DFW land and ranch division as a 40-year veteran in the buying and selling of multiple North Texas properties. Prior to joining Henry S. Miller Brokerage, Ben represented his family and a variety of clients in the acquisition and disposition of land, ranches, and shopping centers. Ben and family were key players in the sale of Pepper Square Shopping Center to the Miller family in the early 1990s. Pepper Square is a 270k SF power retail center located at the southeast corner of Preston Road and Beltline Road in Dallas. He will specialize in the buying and selling of land with a focus on ranch properties. *** Jay O'Jibway joined the Fort Worth office of Transwestern to specialize in office leasing and sales representation. A long-time Fort Worth resident, Jay has years of experience in the real estate, insurance, and financial industries and will be working with Transwestern principal Kirk Kelly. *** Joe Cavagnaro joined CASE Commercial Real Estate Partners as senior managing director of development services. He will launch a development division. Formerly a director of real estate services forThe Mark Cuban Cos, his current oversight of Mark Cuban?s 175-acre Wonderview venture will coincide with ongoing new business efforts that CASE already lends to the project. *** Granite Properties promoted William Brown to chief investment officer and William Hendrickson to director of investments. Bill will oversee investment activity including acquisitions, dispositions, and financial structuring. A Granite team member for nearly 18 years, Bill started out with the company as an analyst. Will will (not a typo) focus on acquisitions and dispositions in Texas, Georgia, and Colorado. Will has been with Granite since 2003 when he joined as an investment analyst. *** Westmount Realty Finance hired Daniel Dodson as national director of sales to lead the firm's plans to expand and diversify its investor base by tapping the broker/dealer capital marketplace initiative. In this role, Daniel will be responsible for developing and managing relationships directly with independent brokers/dealers. He'll also help bring several real estate investments funds to market this year. |
